Resources For TV Channel Developers

DATE

Wednesday, March 4, 2026 at 9 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Ofer Druker
• Chief Financial Officer — Sagi Niri
• Head of Investor Relations — Billy Eckert

TAKEAWAYS

• Contribution ex-TAC — $97.8 million in Q4, down 7% year over year, or 1% decrease excluding political advertising impact.
• Programmatic Revenue — $94.3 million in Q4, declining 4% year over year but up 2% excluding political.
• CTV Revenue — $30.1 million in Q4, a decrease of 19% year over year or 12% excluding political, primarily affected by one DSP customer and other listed factors.
• Contribution ex-TAC from Data Products — Increased by 51% year over year in Q4.
• Desktop Video Revenue — Rose 21% year over year in Q4, while video overall comprised 72% of programmatic revenue.
• Self-Service Contribution ex-TAC — Declined by 5% year over year in Q4.
• PMPs and Display Contribution ex-TAC — Both decreased by 9% year over year in Q4.
• Mobile Video Revenue — Fell 9% year over year in Q4.
• Adjusted EBITDA — $33.9 million in Q4, reflecting a 35% margin as a percentage of contribution ex-TAC.
• Net Cash from Operating Activities — $37.7 million in Q4, down from $52.3 million in the year-ago quarter.
• Cash and Cash Equivalents — $133.3 million at period end with no long-term debt and $50 million undrawn under the revolving credit facility.
• Share Repurchases — 1,440,000 shares repurchased in Q4 for $10.8 million; since March 2022, 38.5% of shares repurchased for $258.2 million.
• Non-IFRS Diluted Earnings Per Share — $0.33 in Q4, compared to $0.48 in the prior-year quarter.
• Contribution ex-TAC Retention Rate — Declined to 92% in 2025 from 102% in 2024 due to discontinuing smaller customer relationships.
• Contribution ex-TAC per Active Customer — Reached approximately $563,000, up 7% year over year.
• Guidance for 2026 — Contribution ex-TAC expected between $375 million and $390 million (over 8% growth at midpoint); programmatic revenue between $370 million and $381 million…