Good day, everyone, and thank you for standing by. My name is RJ, and I will be your conference operator today. At this time, I would like to welcome everyone to the Nexxen Second Quarter Earnings Call. This call is being recorded, and a replay of today's call will be made available on Nexxen's Investor Relations website. I will now hand the call over to Billy Eckert, Vice President of Investor Relations, for introductions and the reading of the safe harbor statement. Billy, please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Nexxen's second quarter earnings call. During today's call, we will discuss our financial and operating results for the three and six months ended June 30, 2025, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexxen's Chief Executive Officer; and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release, which you can access on our IR website at investors.nexon.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, financial outlook, partnerships and anticipated benefits related to those partnerships, anticipated benefits related to the company's intended growth and platform investments, forward-looking views on macroeconomic and industry conditions, as well as any other statements concerning the expected development, performance and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business or unexpected changes in macroeconomic or industry conditions. More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20-F. Nexxen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details, including definitions of non-IFRS items and reconciliations of IFRS to non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexxen. Ofer, please go ahead.

Thanks, Billy. In Q2, we delivered strong results that also reflected growth in data and tech licensing revenue, underscoring the strength of our diversified platform offering. We have continued to execute against our core strategy, making meaningful advancements across CTV, data, AI and our end-to-end tech platform that further position us for long-term growth and market share gains. In CTV, we renewed and expanded our strategic partnership with VIDAA, securing exclusive access to inventory for our customers while creating significant long-term monetization potential for Nexxen starting in 2026. The agreement also extends our exclusive global access to BDAS ACR data, strengthening our long-term TV data footprint and capabilities, accelerating our shift into tech and data licensing and reinforcing our position as a leading ad tech data provider. We have also made important strides on our AI strategy, particularly with the Nexxen data platform, integrating transformative capabilities into Nexxen Discovery, which are already enabling customers to better harness the full power of our platform. With strong momentum and ongoing innovation, we are confident in our ability to build on our tech, data, CTV and AI leadership and create impressive value for our customers across the ecosystem. In Q2, we introduced nexAI, a suite of AI-powered assistance and features designed to enhance efficiency and results across planning, activation, optimization and monetization. NexAI combines proprietary data, machine learning and generative AI to deliver even more powerful cutting-edge capabilities. We have been innovating quickly, already releasing an AI assistant within the Nexxen DXP and generative AI-powered solution within the Nexxen data platform, including the nexAI Discovery Assistant. Since launch, nexAI has been adopted by over 100 combined users, including some of our largest agency and brand customers with early feedback signaling productivity gains, improved outcomes and more time for high-value strategic initiatives like winning new business. By streamlining insights and automating reporting, nexAI is delivering what customers need most: faster access to actionable data and better returns. It's accelerating the benefits of our integrated tech and data stack, and we expect it will continue driving even stronger results, deeper engagement and broader adoption over time. We plan to roll out enhanced AI-driven SSP functionality and broader platform integration later in 2025 and in 2026, which we expect will further enhance usability, performance and Nexxen's overall value proposition. Our AI teams are now focused on both driving customer-facing investments that fuel performance and revenues and internal efficiencies that accelerate the development cycle and support long-term margin expansion. We believe these investments will further support sustained increasingly profitable growth in the quarters and years ahead. Our AI opportunity is massive, and with unique tech and data infrastructure, Nexxen is well positioned to continue delivering smarter, faster AI-powered solutions for both sides of the industry. Our ability to renew and expand our unique strategic partnership with VIDAA is an important achievement that meaningfully strengthened our leadership and growth positioning within the global CTV ecosystem. Through the agreement, we extended our global ACR data exclusivity and secure exclusive ad monetization rights on VIDAA Media in North America through at least the end of 2029. This enabled Nexxen to deliver premium CTV inventory unavailable anywhere else while reinforcing our position as the data platform in ad tech. As one of the only platforms with exclusive global TV data access outside the OEM ecosystem, this renewal strengthens our open holistic approach and amplifies our data advantage. Since 2022, we have laid the foundation for long-term growth with VIDAA, establishing a leadership position in key international markets and Nexxen building the infrastructure to ingest and integrate VIDAA's ACR data into the Nexxen data platform. This updated agreement marks a shift from building the foundation to scaling commercial value during a time of rapid global expansion for VIDAA. For example, through its recent partnership with Baxter, VIDAA will significantly increase its European CTV footprint, enhancing Nexxen international growth opportunities. Together, we will now focus on scaling North American revenue, expanding international monetization, growing in-stream ad inventory and accelerating data syndication and measurement partnerships. To support these efforts, we are investing an additional $35 million in VIDAA to accelerate the North American CTV expansion and unlock increased growth across the world's largest advertising market. We expect this will drive greater data scale and monetizable ad inventory, enhancing the long-term value of our exclusive rights and overall investments. Our renewed and expanded partnership extends our growth runway, and we believe it unlocks great potential to bring tremendous value to both Nexxen and the industry. Additionally, we have continued attracting and onboarding top-tier commercial leaders from major industry players across the U.S. and international markets. These hires, alongside other recent additions, are gaining traction, and we believe will better position us for both near- and long-term revenue growth. We will continue to invest in bringing world-class talent to Nexxen, particularly within our commercial and media teams to support our expanding global footprint. We have also continued building momentum and visibility with Wall Street following our move to a single U.S. ordinary share listing. Since improving our structure, analyst coverage has grown 80%. Investor interest is rising, and we have been added to the Russell 3000 Index. Our first U.S. Investor Day in May drew strong turnout, viewership and response from analysts, investors and banking partners, and we remain committed to active engagement across the capital markets. In Q2, we added 108 new actively spending first-time advertiser customers, including 43 enterprise self-service customers and 5 independent agencies, leveraging our self-service solution alongside 86 new supply partners. Our conviction in our strategy has never been stronger. Expanded partnerships with industry leaders like VIDAA and Hisense accelerate our CTV growth opportunities and reinforce our strategic role within the ecosystem. Our end-to-end model gives us an edge, and we will continue investing in enhancing and expanding platform capabilities to fuel further growth and sharpen our differentiation. We are also closely monitoring the Google AdTech antitrust case. Depending on outcomes and remedies, it could be a catalyst for Nexxen and other open Internet SSPs to achieve higher win rates and increased share gain potential. While the journey to category leadership takes time, Nexxen is well positioned for success with unmatched and growing capabilities and advantages. We are energized by the opportunities ahead and remain focused on innovating and executing to deliver long-term value to our customers, partners and shareholders. With that, I'm happy to turn the call over to Sagi.

Thank you, Ofer. In Q2, we generated contribution ex-TAC of $87.8 million, a Q2 record and a 6% increase year-over-year. Programmatic revenue also reached a Q2 record of $85 million, reflecting an 8% increase compared to Q2 2024. Growth was driven by strength in data product, self-service, tech licensing and desktop revenue alongside increases across our health, travel, education and automotive verticals. In contrast, we experienced an approximately $1.7 million year-over-year decline in contribution ex-TAC from our non-programmatic business line, a decrease in display, mobile and PMP revenue and reduced spending within our retail and government verticals. CTV revenue grew 1% year-over-year to $28.4 million, marking a Q2 record despite the advertising environment being impacted by macroeconomic uncertainty, largely due to tariffs, which constrained spend from certain partners. That said, we remain confident in our long-term CTV revenue growth opportunity given our robust integrated CTV tech and data capabilities and expanding CTV partnerships. Outside of CTV, desktop revenue increased 3% year-over-year in Q2. Mobile revenue declined 9% and overall video revenue reflected 68% of programmatic revenue compared to 74% in Q2 2024. Elsewhere in Q2, self-service contribution ex-TAC grew 4% year-over-year and contribution ex-TAC from data products increased 76%. On the opposite side, contribution ex-TAC from PMPs and display declined 6% and 4% year-over-year, respectively. We exceeded Wall Street's adjusted EBITDA expectations, generating $29.9 million in Q2, a 12% increase from Q2 2024. This growth was driven by higher contribution ex-TAC and strong cost discipline. As a result, our adjusted EBITDA margin increased to 34% of contribution ex-TAC from 32% in Q2 2024. We remain confident in our ability to expand our margins over time, particularly as we begin to increasingly realize benefits related to our AI initiatives later this year and into 2026 and beyond. In Q2, we generated $17.4 million in net cash from operating activities compared to $20.9 million in Q2 2024. As of June 30, we had $131.5 million in cash and cash equivalents, no long-term debt and $50 million undrawn and remaining on our renewed and extended revolving credit facility. We also reported non-IFRS diluted earnings per share of $0.29 in Q2 2025 compared to $0.18 in Q2 2024 on a post-reverse split basis. In Q2, we repurchased roughly 3.9 million ordinary shares, investing approximately $39.1 million. From March 2022 through the end of Q2 2025, we repurchased roughly 34.3% of our outstanding shares, investing approximately $229.3 million and as of July 31 had roughly $7.2 million remaining on our current share repurchase authorization. On capital allocation, our Board is actively evaluating the launch of a new buyback program following completion of our current program. And as announced in Q3, we will be increasing our investment in VIDAA. Additionally, we are exploring targeted M&A opportunities, which we expect would be smaller in size than Amobee that align with our goals to expand data, enhance AI capabilities, accelerate revenue within our core business lines or enter new high-growth markets. With that, I'll turn to our outlook. We are reaffirming our prior full year 2025 guidance. We continue to anticipate contribution ex-TAC of approximately $380 million, adjusted EBITDA of approximately $125 million and for programmatic revenue to represent roughly 90% of our full year 2025 revenue. Additionally, we continue to expect year-over-year growth in both CTV and data licensing revenue in 2025. While we're closely monitoring ongoing market uncertainty related to tariffs, evolving trade policies and geopolitical tension, trends observed so far in Q3 support our confidence in meeting our full year guidance. This confidence is based on the assumption that market conditions do not significantly worsen and that there are no material adverse changes in industry dynamics or customer spending behavior. Our diversified revenue base, deepening self-service enterprise relationships and continued expansion into tech and data licensing support contribution ex-TAC resiliency. Our end-to-end strategy also continues to enable strong growth opportunities, profitability and cash flow effectively position us to manage near-term market fluctuations while investing in high potential areas that position us for long-term value creation and market share gains. We are also beginning to realize benefits from our AI investments. NexAI is seeing strong and accelerating adoption, already delivering productivity and performance gains for major customers. As AI further integrates and scales across Nexxen, we believe it will become a meaningful driver of operational efficiency, higher adjusted EBITDA and margin expansion, especially in 2026 and beyond, and we will continue investing to generate increasing returns over time. Beginning in 2026, we anticipate generating increased contribution ex-TAC related to our expanded VIDAA partnership as Nexxen monetization of VIDAA CTV's inventory and ACR data is expected to ramp in North America and across other key international markets. As Ofer mentioned, we are also continuing to invest in further strengthening our sales and media teams to more fully capitalize on the growth opportunities ahead, including those enabled by our partnership with VIDAA. Despite a complex environment, we've executed well through the first half of the year and are focused on both delivering against our guidance and strengthening the business for accelerated growth and leadership beyond 2025. Our platform advantages, data differentiation, AI momentum, expanding global partnerships and ongoing investments in innovation provide a robust foundation for long-term growth and margin expansion. We also believe our opportunity in data and CTV remains vast and in early innings. As always, thank you to our shareholders, employees and partners for your continued support. Operator, we'll now take questions.

Your first question comes from the line of Matt Swanson of RBC Capital Markets.

Ofer, it was great to hear more about the nexAI product and the DSP assistant we discussed at Investor Day. Could you elaborate on the highlights of the Investor Day, particularly the potential power that will be realized once we have all three assistants fully implemented and the integrated stack in place? How will this contribute to the full stack differentiation?

Thank you, Matt. As we mentioned during the Investor Day and in this report, we have begun delivering the nexAI product to our clients, with over 100 already using it and providing us with excellent feedback. We are now progressing to the next phase of the nexAI, which involves integrating these capabilities into the SSP for the media side to establish a complete cycle. Naturally, the subsequent step will be to link all components with another nexAI element agent that will unify everything and allow agencies and clients to implement all their strategies seamlessly across the DSP, DMP, and SSP. I expect this integration to take place by the end of this year or early next year. We are currently following our plan, having released the initial products focused on the demand side and data side, which have been well received by our clients, and we are enhancing these offerings in preparation for the next steps on the SSP side.

And then, Sagi, this is another quarter where we saw the adjusted EBITDA upside greater than the revenue upside. Could you just kind of talk about where you're finding the efficiencies and cost savings that you continue to deliver additional adjusted EBITDA beyond the revenue outperformance?

Sure. I think that we have operational leverage. And as long as we are scaling the business and building it forward, we will see more and more efficiencies going forward. I think that we are seeing very, very initial internal efficiencies coming from our nexAI internal tools and the utilization of that. Going forward, it really depends on the level of onboarding and investment that we are going to put in different initiatives. I think that we reaffirm our guidance at around $125 million of adjusted EBITDA. It looks like the trend that we will bypass that, but we are trying to be cautious, and we may invest more in the second half in order to accelerate the growth in 2026. So I think we are on the right track around that. And as we said in the past, our adjusted EBITDA margin will grow year-over-year as we are moving forward.

Your next question comes from the line of Laura Martin of Needham.

So my first question is on Connected Television. Your connected television revenue grew 1% year-over-year in the quarter, which is pretty slow and the slowest in ad tech for this quarter. I would have thought that your exclusive deal with VIDAA would have given you sort of a competitive advantage in connected television. So my question is, why do you think connected television revenues are growing so slowly? And is the purpose of spending another $35 million on VIDAA primarily to drive measurement revenue? Or is it somehow supposed to be helping connected television revenue growth, but it just didn't happen to have that happen in the second quarter?

Thank you, Laura. First, in terms of CTV revenues, we've observed growth since the start of the year. The industry occasionally experiences trends where a surge of new media enters the market without a corresponding demand to absorb it, which impacts CPMs, as advertisers may accept lower rates to manage and monetize their media. We've seen this trend since the beginning of the year. Despite this, we achieved a modest increase compared to Q2 of last year, which was remarkable for us. This indicates that we are growing our base of advertisers and partners using our technology and media in the CTV space, suggesting potential for future growth. Regarding VIDAA, we consider ourselves a long-term player. When we invested in VIDAA in 2022, they were among the top five CTV manufacturers globally, and they have since risen to the second position. They continue to expand their capabilities to lead in the market, focusing internationally now and planning to expand their growth into the U.S. next year. We're already tapping into the heavy lifting we've done with ACR data for activation and measurement, which is proving beneficial. We anticipate significant growth in the second half of this year and into the next year. We're pleased with our investment, and we've consistently stated that building infrastructure, tools, and offerings is our priority before pushing into the market. We are seeing a positive response from clients and partners, and we are now increasing our investment to enhance VIDAA's presence in North America, which is crucial for both us and VIDAA. I hope that addresses your questions.

My second question is about your perspective on the concerns investors have regarding Google Search. It appears that Google is sending less traffic to the open Internet because it is directly answering queries. This has raised worries that the open Internet may lose users, viewers, and ad opportunities in the next five years, potentially putting open internet companies like ad tech firms at a disadvantage compared to closed platforms. Can you share your insights on the demand for the open Internet and your outlook for its future?

AI is transforming the industry and changing client behavior, myself included. When searching for information, tools like ChatGPT or computer co-pilots can be used effectively. I've noticed that the number of visitors to web pages has decreased, and the clicks per search have also declined. This is likely because people are receiving brief AI-generated summaries in their searches, reducing the need to click through results. Currently, there are two areas that seem less impacted: connected TV (CTV) and mobile in-app advertising. We have been focusing on CTV for some time and believe it will continue to grow. This relates to your question about VIDAA, as we are investing in relationships with major original equipment manufacturers (OEMs), which is crucial for enhancing our presence and revenue in CTV. The other area we are working on is mobile in-app advertising, where we have started to increase our efforts recently. We believe this sector will also grow and gain support from the market and advertisers. We are making significant moves to be competitive in this space.

Our next question comes from the line of Andrew Marok of Raymond James.

Maybe this ties into your answer from the CTV question earlier, but just wanted to ask about the confidence that you guys have in the second half of the year given your guidance. So like on contribution ex-TAC, you've got growth assumptions for about 14% year-over-year in the second half versus about 7% in the first half, but the comps from last year also get several points tougher as well. So if you could just talk about some of the things you're seeing that give you confidence to back your full year revenue guide.

Thank you, Andrew, for your question. Over the past two years, we have been diligently working to integrate the companies we acquired, such as Amobee, and various business units. We have brought on several top managers to enhance our talent, knowledge, and capabilities. I believe we are starting to see the benefits of this effort. Additionally, we usually have a good understanding of market trends and discussions with companies, which gives us confidence that we can achieve our targets. We are constantly evaluating our progress to ensure we can meet these goals. The investments we've made in data-related technology, such as our data management platform, are helping us build relationships with more companies and generate revenue connected to data and technology. I believe that along with our regular media activities, we can achieve our targets, and at this point, we feel confident in our ability to do so.

Andrew, just to add to what Ofer said, I think Ofer mentioned that we are going now heavily on mobile apps monetization for our advertisers. So we are in a process of signing a couple of big partnerships with in-app and SDK networks, which will affect our ability to grow in the second half.

And then maybe one more, if I could. You've kind of been saying recently that M&A was a lower priority for capital allocation, but the language this quarter kind of suggests that you could be a bit more open to considering M&A than in the past. So is there anything specific changing there? Or is it the case that as you get more interactions with things like the Nexxen data platform and nexAI, the new adjacencies or opportunities are popping up?

Thank you, Andrew. To consider an acquisition or merger, it's essential to have a clear strategy and the capacity to integrate any previous acquisitions, which we believe we have managed effectively. Therefore, we feel prepared to explore new opportunities. We are not looking for heavy technology, as we already possess the necessary technology, but we are interested in acquisitions that could expand our client base or market coverage. We see potentially interesting opportunities in the market and are exploring them. It's important to note that we have already executed a buyback of nearly $0.25 billion in recent years, and we are now looking for alternative uses of capital that go beyond buybacks. This includes generating growth potential through acquisitions, an area in which we have experience. Our strategy involves both organic growth and smart acquisitions.

Your next question comes from the line of Jason Kreyer of Craig-Hallum.

Just wanted to ask for more detail on what you guys see in the opportunity with Google's antitrust loss, likely behavioral remedies being placed on them. And if you think there's an opportunity to perhaps invest more in kind of that open web SSP opportunity as some market share is likely vacated and there's probably more room for you guys to grab share there.

Thank you for the question, Jason. There are many assumptions and estimations regarding the timing and specifics of the remedies related to the DOJ claim against Google. I believe we will benefit from this situation, though it's difficult to predict how much. It's now clear that in the open Internet, there were instances where Nexxen and other competitors didn’t even have the opportunity to place bids, while certain media inventories were largely won by Google. Once the court rules on the behavioral claims and other remedies, we will certainly benefit. I want to clarify that this is not something we are relying on in our current plans, estimates, or forecasts. It would be an additional advantage, which is positive. Additionally, we are continually investing significantly in our Supply-Side Platform, enhancing our infrastructure and technological capabilities, and onboarding new publishers and inventory. We intend to continue these efforts, and once the claim is resolved, we expect to have access to a greater share of inventory that we currently aren’t entitled to. I hope that addresses your question.

Yes. And we need to remember one more additional point is the timeline. So as Sagi said, we know that probably something improving our terms and improving our chances to win more business will happen. To tell you that we know when exactly it will happen or we can plan on that, it's hard to say, and we believe that you need to be at your best in order to win more market share, and that's what we are trying to do.

Your next question comes from the line of Barton Crockett of Rosenblatt.

Let me see. One of the things that I just wanted to ask you guys about was on the SSP side of the business; there's been a little bit of noise, I think, injected into the conversation by one of the peers. PubMatic had suggested that there was some type of transition of a major DSP kind of approach that was meaningfully affecting them, causing a big step down in kind of revenue in the third quarter versus the second. And you talked about investing in your SSP business. I was just wondering if you're seeing any impacts from that change that was impacting one of your peers? And just in general, how you feel about the backdrop for that business right now?

Thank you for your question, Barton. I think that, first of all, we don't witness this phenomenon as was indicated by you right now or by our peers. Again, maybe they feel something that we don't, but we don't feel it. But you have to understand that we are built differently in many ways. What I mean by that, while most of the SSPs are relying on what we call open market or PMPs or relationships that they're building with clients in order to drive revenues, we have also our own DSP. We are end-to-end solutions. So we have a very talented sales team on the ground in the U.S. and in other places that are basically pitching clients and bringing their campaigns in. So we depend on our success on that. And the second thing is our enterprise solution, which is very robust and growing and successful that basically we offer to brands and agencies, mostly independent agencies to adapt our technology and our solution. And we incentivize them and provide them advantages if they are directing also part of their spend to us. So we are less affected by one DSP or another because we are basically having our own operation that brings the demand into the platform. And we are very diversified in general around, as you can see, CTV, display, mobile, and so on. So we're less affected, and we felt less exposure to the element that you mentioned in your question.

And then if I could just follow up a little bit on the earlier discussion about the second half outlook. So you guys have reiterated your guidance citing in part what you've been seeing so far in the third quarter. In the press release, you said that the second quarter CXT growth rate was, I think, 6%. Obviously, the back half has to accelerate. Are you seeing acceleration in the third quarter specifically? Is that what you're referring to when you say you're reiterating guidance based on what you've seen in the third quarter so far?

The fourth quarter is typically strong, and we expect to see growth. Normally, the acceleration begins at the end of summer and continues through the end of the year. Currently, we are observing familiar trends that have been consistent over the past two years. I won’t elaborate much further because the recent years have differed from previous ones. However, we feel confident that we are on the right path based on current behaviors and market trends. As I mentioned earlier, we are not solely reliant on one demand-side platform; we also have our own sales team and enterprise solutions. From the feedback we are receiving, we believe we are progressing in the right direction.

Your next question comes from the line of Matt Condon of Citizens.

My first one is just on the exclusive premium inventory that you're getting with the expanded partnership with VIDAA. Can you just talk about what size that opportunity could potentially be for you guys? And how should we think about that ramping in 2026? And then my second question is just on off-platform data licensing. It seems like that's going really well for you guys. Can you just remind us on how big an opportunity you guys believe that can be?

In response to your first question, we expect to leverage two types of media from our partnership with VIDAA. One involves in-stream ads tied to the TV channels managed by VIDAA, while the other consists of on-platform ads that reside in the operating system, allowing us and VIDAA to display advertisements to their clients. This presents a significant volume of impressions and opportunities that will grow over the next few years. I prefer not to specify numbers at this moment to avoid any misrepresentation, but I anticipate that early next year we will have clearer insights into the volumes, enabling us to provide more accurate forecasts. Overall, we are observing growth, with millions of TVs adding to our reach and offering a substantial number of impressions for ad placements. Regarding your second question about data and technology, we are beginning to see the results of our investments in innovation over the past few years. We recently received an award for our cookie-less data platform, the discovery tool, which reinforces our belief that data is a key differentiator in our industry. Our ability to effectively manage and utilize data on both the Demand-Side Platform (DSP) and Supply-Side Platform (SSP) gives us a significant competitive edge. The unique and exclusive data we possess makes us more appealing to clients seeking effective targeting, audience-building, and measurement solutions. We offer technology that can be licensed to create stronger partnerships, and we also have valuable data for licensing. Sometimes we license just the data or just the technology. We initiated this strategy this year, and while it’s still early, I envision considerable growth in the coming years. This growth could lead to licensing fees for our solutions and foster increased collaboration, directing more spending to our SSP and platform. We are dedicated to building this out, which is not only beneficial for our operations but also positions us as a profit center through data and platform sales, while encouraging other entities to partner with us to leverage these capabilities. Thank you. I appreciate everyone here. We've reached a point where we can essentially do two things. First, as mentioned in our earnings report, we feel that our strategy from the past few years is being validated. We're seeing other companies adopt a similar path to create an end-to-end solution. Just to remind you, we began this journey in 2019, asserting that the distinction between SSP and DSP would fade, leading to a single platform that advertisers could utilize. This is why our platform was designed this way, with an additional data platform. We believe this is the moment where our capabilities and strategy are being validated, and we feel confident about it. Second, regarding inquiries from Barton and others, we've invested significant money, resources, and focus over the years to develop our technology platforms and foster relationships with OEMs and CTV operating systems. This investment enhances our technology and strategy, while also establishing a potential profit center through licensing technology and data. We feel we are on the right path. I would also like to express my gratitude to all our shareholders, stakeholders, and employees who are diligently working to make this a reality. Thank you very much.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.