Anthony Callini: Yes. No problem at all. Yes, I mean, obviously, it’s something that we give a lot of thought to as well. And I think we’ve said in the past that we see this business really being a 30-plus percent adjusted EBITDA margin business and continuing to march forward to that. You are right, we haven’t talked about 2024 guidance yet. But this is a scalable model and the underlying business is profitable. And as you combine the ad serving, CTV with the measurement, that’s kind of a nice combination. And as I mentioned before, once we see the market churn, I think, we’re going to be in a position to really grow in a nice way. And with that, you will see a larger and larger amount of that growth to kind of fall through to the bottom line. Again, it is a leverageable business model, nice, healthy margins from cost of revenues as a percentage of revenue. And so there is no reason why this shouldn’t be a healthy grower and 30-plus percent margin business.
Shyam Patil: Really helpful, thank you. And then just one last question, live sports has become increasingly available through streaming and CTV, and in more and more cases, more exclusively available through those channels. Could you speak about how Innovid may benefit from these trends? And do you view this as a significant driver for CTV viewership growth and maybe an accelerant of the cord-cutting phenomenon?
Zvika Netter: Absolutely. I mean this is – you nailed it. Sports and live sports are a massive driver of behavior, viewership behavior. And the more rights that are being bought by some of the streaming platforms and that include digital – kind of digital native like Apple, and Amazon, Google, through YouTube, as long as these are available also on streaming and definitely exclusively on streaming, that is a major driver to get more and more people. The first thing you want to get people is not to cut cable completely or something, it’s at least get them to start connecting to the WiFi, running the app, getting comfortable with using that, like moving from an analog phone to a smartphone. Once you are in that smart environment, you get installed more and more apps, and really – you are basically getting more users to adopt CTV, connected TV, as a main viewership platform.
So, that’s one thing. Clearly, sports is where a lot of brand advertising takes place. These are kind of lucrative spots. So, our focus is on those large brands. So, there are definitely spenders on that. So, that is also helpful. And also, the ability to better target in real-time, as you are going to an ad break instead of showing the same ad, like a Super Bowl situation to everybody, the ability to segment the audience, and from a publisher perspective, sell that segment for a higher CPM for the relevant – whether it’s auto intenders or families with kids or toddlers at home, you can imagine how you can generate more revenue by segmenting the audience and sending the right creative to the right household. And that is impossible to do with live broadcasting.
It’s absolutely possible to do in streaming. And if you think about it, it requires very unique technology because you are getting like 1 million or 10 million or 50 million hits literally at the same split second. So, this is an area where we heavily invested in, we were partners in the Olympics, and this is something that’s extremely exciting for us moving forward.
Shyam Patil: Great, thank you again.
Operator: Thank you. There are no further questions at this time. I would now like to turn the floor over to Zvika Netter for closing comments.
