Innovid Corp. Financial Statements — CTV Stock

Income Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	56	69	90	127	140
+ Sales & Services Revenue	56	69	90	127	140
- Cost of Revenue	11	12	18	30	34
+ Cost of Goods & Services	11	12	18	30	34
Gross Profit	46	56	73	97	106
+ Other Operating Income	- -	- -	- -	- -	- -
- Operating Expenses	52	55	78	127	125
+ Selling, General & Admin	37	37	53	89	85
+ Research & Development	15	18	24	31	27
+ Other Operating Expense	- -	1	1	6	13
Operating Income (Loss)	-6	1	-6	-30	-18
- Non-Operating (Income) Loss	- -	1	4	-13	11
+ Interest Expense, Net	- -	1	4	- -	- -
+ Interest Expense	- -	1	4	- -	- -
- Interest Income	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	-13	11
Pretax Income	-6	- -	-10	-16	-30
- Income Tax Expense (Benefit)	1	1	1	2	2
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-7	-1	-11	-18	-32
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-7	-1	-11	-18	-32
- Minority Interest	- -	- -	- -	- -	- -
Net Income, GAAP	-7	-1	-11	-18	-32
- Preferred Dividends	2	7	77	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-9	-8	-89	-18	-32
Basic Weighted Avg Shares	119	119	27	131	139
Basic EPS, GAAP	-0.08	-0.07	-3.31	-0.14	-0.23
Basic EPS from Cont Ops	-0.06	-0.01	-0.43	-0.14	-0.23
Diluted Weighted Avg Shares	119	119	27	131	139
Diluted EPS, GAAP	-0.08	-0.07	-3.31	-0.14	-0.23
Diluted EPS from Cont Ops	-0.06	-0.01	-0.43	-0.14	-0.23
EBITDA	-6	2	-5	-24	-5
EBITDA Margin (%)	-9.96	2.69	-5.75	-18.56	-3.9
EBITA	-6	1	-6	-30	-18
EBIT	-6	1	-6	-30	-18
Gross Margin (%)	81.22	82.11	80.4	76.25	75.83
Operating Margin (%)	-10.73	1.63	-6.48	-23.4	-13.19
Profit Margin (%)	-13.02	-1.18	-12.71	-14.48	-22.81
Sales per Employee	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -
Depreciation Expense	- -	1	1	6	13

Balance Sheet	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	40	52	195	94	102
+ Cash, Cash Equivalents & STI	12	16	157	48	50
+ Cash & Cash Equivalents	12	16	157	38	50
+ ST Investments	- -	- -	- -	10	- -
+ Accounts & Notes Receiv	26	35	35	44	46
+ Accounts Receivable, Net	26	35	35	44	46
+ Notes Receivable, Net	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -
+ Other ST Assets	2	1	3	3	5
+ Misc ST Assets	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -
Total Noncurrent Assets	8	8	10	166	148
+ Property, Plant & Equip, Net	2	2	5	17	20
+ Property, Plant & Equip	3	4	7	21	30
- Accumulated Depreciation	1	2	2	4	10
+ LT Investments & Receivables	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -
+ Other LT Assets	6	6	5	149	128
+ Total Intangible Assets	5	5	5	147	127
+ Goodwill	5	5	5	117	102
+ Other Intangible Assets	- -	- -	- -	30	24
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ Misc LT Assets	1	1	1	2	2
Total Assets	47	59	206	260	250
+ Payables & Accruals	8	9	15	18	23
+ Accounts Payable	2	2	5	3	3
+ Accrued Taxes	- -	- -	- -	1	3
+ Interest & Dividends Payable	- -	- -	- -	- -	- -
+ Other Payables & Accruals	5	7	10	14	17
+ ST Debt	- -	2	6	2	1
+ ST Borrowings	- -	2	6	- -	- -
+ ST Finance Leases	- -	- -	- -	2	1
+ Other ST Liabilities	1	- -	- -	1	2
+ Deferred Revenue	- -	- -	- -	- -	2
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Misc ST Liabilities	1	- -	- -	- -	- -
Total Current Liabilities	9	11	22	21	25
+ LT Debt	- -	9	1	22	21
+ LT Borrowings	- -	8	- -	20	20
+ LT Finance Leases	- -	1	1	2	1
+ Other LT Liabilities	81	89	21	11	8
+ Accrued Liabilities	1	2	2	4	4
+ Pension Liabilities	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Misc LT Liabilities	80	87	19	7	4
Total Noncurrent Liabilities	81	98	22	32	28
Total Liabilities	90	109	44	54	54
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -
+ Share Capital & APIC	3	- -	294	357	379
+ Common Stock	- -	- -	- -	- -	- -
+ Additional Paid in Capital	3	- -	294	357	379
- Treasury Stock	2	2	- -	- -	- -
+ Retained Earnings	-44	-48	-132	-151	-183
+ Other Equity	- -	- -	- -	- -	- -
Equity Before Minority Interest	-43	-50	161	206	196
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -
Total Equity	-43	-50	161	206	196
Total Liabilities & Equity	47	59	206	260	250
Shares Outstanding	119	119	119	134	141
Capital Leases - Total	- -	2	1	4	2
Net Debt	-12	-7	-151	-18	-30
Net Debt to Equity	27.21	13.3	-93.45	-8.52	-15.1
Tangible Common Equity Ratio	-112.23	-98.99	77.97	52.38	56.18
Current Ratio	4.59	4.68	8.94	4.43	3.99
Cash Conversion Cycle	- -	99.39	71	62.82	84.2
Number of Employees	- -	- -	- -	- -	- -

Cash Flow Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-7	-1	-11	-18	-32
+ Depreciation & Amortization	- -	1	1	6	13
+ Non-Cash Items	- -	1	7	-1	31
+ Stock-Based Compensation	- -	1	3	14	20
+ Deferred Income Taxes	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	15
+ Other Non-Cash Adj	- -	- -	4	-15	-3
+ Chg in Non-Cash Work Cap	-2	-5	1	2	- -
+ (Inc) Dec in Accts Receiv	-5	-8	-1	-4	-3
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-1	- -	-2	1	-3
+ Inc (Dec) in Accts Payable	3	3	4	5	6
+ Inc (Dec) in Other	- -	- -	- -	-1	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Operating Activities	-9	-4	-2	-12	12
+ Change in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-2	-1	-1	- -	-1
+ Acq of Fixed Prod Assets	-2	-1	-1	- -	-1
+ Acq of Intangible Assets	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	-10	10
+ Dec in LT Investment	- -	- -	- -	- -	10
+ Inc in LT Investment	- -	- -	- -	-10	- -
+ Net Cash From Acq & Div	-4	- -	- -	-99	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-4	- -	- -	-99	- -
+ Cash for JVs	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	-3	-10	-10
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Investing Activities	-6	-1	-4	-119	- -
+ Dividends Paid	- -	- -	- -	- -	- -
+ Net Cash From Debt	-6	9	-3	14	- -
+ Cash From Debt	- -	16	- -	14	35
+ Repayments of Debt	-6	-7	-3	- -	-35
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -
+ Other Financing Activities	30	- -	150	-2	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Financing Activities	24	9	147	12	1
Effect of Foreign Exchange Rates	- -	- -	- -	- -	-1
Net Changes in Cash	9	4	141	-119	13
Capital Expenditures	-2	-1	-1	- -	-1
EBITDA	-6	2	-5	-24	-5
EBITDA Margin (%)	-9.96	2.69	-5.75	-18.56	-3.9
Net Cash Paid for Acquisitions	4	- -	- -	99	- -
Free Cash Flow	-11	-5	-3	-12	12
Free Cash Flow to Firm	- -	-7	- -	- -	- -
Free Cash Flow to Equity	- -	-3	-83	2	12
Free Cash Flow per Basic Share	-0.09	-0.04	-0.11	-0.09	0.08
Price/Free Cash Flow	-411.46	-956.4	-95.01	-20.19	15.84
Cash Flow to Net Income	1.22	5.12	0.21	0.63	-0.39

Innovid Corp.

Income Statement

Balance Sheet

Cash Flow Statement