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Innovid (CTV) investor relations material

Innovid Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary12 Nov, 2024

Executive summary

  • Q3 2024 revenue grew 6% year-over-year to $38.3M, driven by CTV ad serving and personalization, with CTV impressions up 13% and now 58% of total video impressions.

  • Adjusted EBITDA increased 29% to $8.4M, with margin expanding to 22% from 18% last year, marking the ninth consecutive quarter of margin expansion.

  • Net income for Q3 2024 was $4.7M, a swing from a $2.7M loss in Q3 2023, reflecting improved operating leverage and a significant tax benefit.

  • Strategic partnerships expanded, including new deals with Netflix (impression verification partner), Nielsen (workflow integration), and LG Ad Solutions; Harmony initiative launched.

  • Board authorized a $20M stock repurchase program, reflecting confidence in long-term value and growth potential.

Financial highlights

  • Q3 2024 revenue: $38.3M, up 6% year-over-year; ad serving/personalization up 7%, measurement up 1%.

  • Adjusted EBITDA: $8.4M, up 29% year-over-year; margin at 22%.

  • Net income: $4.7M ($0.03/share) vs. net loss of $2.7M in Q3 2023.

  • Free cash flow: $3.7M in Q3; trailing 12-month FCF improved by $12.1M year-over-year.

  • Cash and equivalents: $34.6M at quarter-end; no debt outstanding or $20M long-term debt depending on source.

Outlook and guidance

  • Q4 2024 revenue expected between $37.5M and $39.5M; Adjusted EBITDA guidance: $8M–$10M.

  • FY 2024 revenue guidance: $150.5M–$152.5M (8% growth at midpoint); Adjusted EBITDA: $26.7M–$28.7M.

  • Revenue headwinds from political ad spend, muted cross-sell, and software-only mix expected to persist in Q4; normalization and reacceleration anticipated in 2025.

  • Long-term targets reaffirmed: 20%+ annual revenue growth, 30%+ adjusted EBITDA margin, and >60% FCF realization.

  • Seasonality expected, with Q4 typically the strongest due to holiday ad spending.

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Frequently asked questions

Innovid Corp. is a technology company that specializes in delivering and measuring connected TV (CTV) and video advertising across multiple platforms. The company provides an ad serving and creative management platform that helps brands and advertisers create, distribute, and optimize video campaigns. Innovid’s solutions are designed to enhance viewer engagement and provide detailed analytics for video performance, primarily focusing on the connected TV and digital advertising markets. The company is headquartered in New York, New York, and its shares are listed on the NYSE.

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