Innovid Reports Q4 and Fiscal Year 2023 Financial Results
- Exceeded revenue and Adjusted EBITDA guidance for Q4 and full year 2023
- Q4 revenue grew to $38.6 million, up 15% YoY
- Q4 net loss improved to $1.7 million
- Adjusted EBITDA doubled to $8.3 million, with a 21% margin
- Operating cash flow of $12.4 million and free cash flow of $1.4 million in 2023
- CTV accounted for 52% of all video impressions served in Q4 2023
- Financial guidance for Q1 and full year 2024 anticipates continued growth
- Revenue expected to be between $154 million and $162 million in FY 2024
- None.
Insights
The reported figures indicate a positive trajectory for Innovid Corp., with a 15% year-over-year growth in Q4 revenue and a significant improvement in net loss from $3.4 million to $1.7 million. The doubling of Adjusted EBITDA to $8.3 million is particularly noteworthy, as it suggests operational efficiency and profitability enhancements. The EBITDA margin expansion from the prior year's quarter indicates a robust cost management strategy and operational leverage.
From a liquidity perspective, the increase in cash and cash equivalents to $49.6 million provides the company with a solid financial cushion to support ongoing operations and strategic initiatives. The positive free cash flow of $1.4 million for the full year, compared to a significant cash burn in the previous year, is a critical indicator of the company's improved cash management and operational stability.
Investors should note the 10% to 16% projected revenue growth for FY 2024, which, while optimistic, may hinge on the company's ability to capitalize on the growth of CTV advertising and the shift of live sports rights to streaming platforms. However, given the competitive nature of the advertising technology market, it is essential to monitor how Innovid maintains its market share against competitors and adapts to industry changes.
The 15% increase in Q4 revenue, particularly the 14% rise in CTV revenue from Ad Serving and Personalization, aligns with the broader industry trend of shifting advertising budgets towards CTV. As advertisers seek more targeted and measurable ad campaigns, Innovid's technology platform appears to be well-positioned to benefit from this shift.
The 52% of video impressions served on CTV underscores the growing dominance of CTV as a medium for video advertising. This shift is further supported by strategic customer wins, such as Nexstar and Philips, suggesting confidence in Innovid's offerings. However, the industry is subject to rapid technological changes and the entry of new competitors, which could affect Innovid's market position.
Collaborations, like the one with Disney Advertising for a real-time creative optimization dashboard, highlight Innovid's commitment to innovation and the potential for new revenue streams through partnerships. The ability to measure outcomes and optimize advertising in real-time is a competitive advantage that can attract more clients looking for sophisticated advertising solutions.
The financial results of Innovid reflect broader economic trends, including the continued growth of the digital advertising market. The company's operating cash flow improvement to $12.4 million is an encouraging sign of financial health and suggests effective management of operational expenses.
However, the net loss of $31.9 million for the full year raises questions about the sustainability of growth and the path to profitability. While the company has made strides in reducing losses and increasing Adjusted EBITDA, it is important to assess whether these improvements are due to one-time cost savings or represent a sustainable trend.
The projected revenue growth for 2024 indicates optimism about the company's future performance, but it is essential to consider the potential impact of macroeconomic factors, such as advertising budget cuts during economic downturns, which could affect Innovid's revenue growth. The company's ability to maintain growth in a potentially challenging economic environment will be critical for long-term success.
- Company exceeds both revenue and Adjusted EBITDA guidance for Q4 and full year 2023
- Q4 revenue grew to
$38.6 million 15% year-over-year - Q4 net loss improved to
$1.7 million $8.3 million 21% Adjusted EBITDA margin* - Full-year 2023 operating cash flow of
$12.4 million $1.4 million
"We're very proud to close out a transformational year at Innovid and exit 2023 with solid business momentum. We exceeded our revenue and Adjusted EBITDA guidance, demonstrated sequential improvement each quarter, and generated positive free cash flow for the year," said Zvika Netter, Co-Founder and CEO. "We continue to sit in an excellent position as more CTV ad-supported platforms gain momentum and live sports rights shift to streaming. We remain dedicated to driving accelerated and profitable growth in our business and have a strong conviction in our massive market opportunity."
Fourth Quarter 2023 Financial Summary
- Revenue increased to
$38.6 million 15% . - CTV revenue, from Ad Serving and Personalization, increased to
$14.2 million 14% year-over-year. - Measurement contributed
$8.6 million 14% year-over-year, representing22% of revenue. - Net loss was
$1.7 million $3.4 million - Adjusted EBITDA* more than doubled to
$8.3 million $3.0 million 21% Adjusted EBITDA margin*. - Operating cash flow was
$4.3 million $1.5 million - Free cash flow* was
$2.2 million $6.9 million $4.7 million - Cash and cash equivalents as of December 31, 2023 increased from the prior quarter by
$1.9 million $49.6 million
Full Year 2023 Financial Summary
- Revenue increased to
$140 million 10% . - CTV revenue, from Ad Serving and Personalization, increased to
$53.2 million 9% year-over-year. - Measurement contributed
$31.8 million 23% of revenue. - Net loss was
$31.9 million $18.4 million - Adjusted EBITDA* increased to
$19.4 million $1.2 million 14% Adjusted EBITDA margin*. - Operating cash flow was
$12.4 million $11.6 million - Free cash flow* of
$1.4 million $23.4 million $22.0 million
Recent Business Highlights
- CTV accounted for
52% of all video impressions served in Q4 2023. - Significant customer wins and expansions in the fourth quarter included Nexstar, PetSmart, Philips, and Rain the Growth Agency.
- At Disney's Global Tech and Data Showcase, Disney Advertising introduced a dashboard powered by Innovid technology and outcomes measurement for real-time creative optimization.
Financial Outlook
Innovid anticipates continued revenue growth and margin expansion in 2024 as reflected in the following financial guidance for Q1 and full year 2024:
- Q1 2024 revenue in a range between
$34 million $36 million 11% and18% . - Q1 2024 Adjusted EBITDA* in a range between
$3.0 million $4.0 million - FY 2024 revenue in a range between
$154 million $162 million 10% to16% . - FY 2024 Adjusted EBITDA* in a range between
$22 million $28 million
*See Use of Non-GAAP Financial Information and Reconciliation of GAAP to Non-GAAP Financial Measures table.
Conference Call
The Company will host a conference call and webcast to discuss fourth quarter and full year 2023 financial results today at 8:30 a.m. Eastern Time. Hosting the call will be Zvika Netter, Co-founder and Chief Executive Officer and Anthony Callini, Chief Financial Officer. The conference call will be available via webcast at investors.innovid.com. To participate via telephone, please dial 877-407-3211 (toll free) or 201-389-0862, and click here for international dial-ins.
Following the call, a replay of the webcast will be available for 90 days on the Innovid Investor Relations website.
Non-GAAP Measures and Certain Operational Metrics
Innovid prepares audited consolidated financial statements in accordance with
We use Adjusted EBITDA, Adjusted EBITDA margin percent and Free Cash Flow as measures of operational efficiency to understand and evaluate our core business operations. We believe that these non-GAAP financial measures are also useful to investors for period-to-period comparisons of our core business as well as comparisons to peers as similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate businesses in our industry. We believe these figures provide an understanding and evaluation of our trends when comparing our operating results, on a consistent basis, by excluding items that we do not believe are indicative of our core operating performance. However, these non-GAAP financial measures should not take the place of GAAP financial measures in evaluating our business.
These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:
- They do not reflect changes in, or cash requirements for, our working capital needs.
- Adjusted EBITDA does not reflect our capital expenditures or future requirements for capital expenditures or contractual commitments.
- They do not reflect costs of acquiring and integrating businesses, which will continue to be a part of our growth strategy.
- They do not reflect one-time, non-recurring, bonus costs and third-party costs associated with the SPAC merger transaction and regulatory filings.
- They do not reflect goodwill impairment.
- They do not reflect severance costs.
- They do not reflect income tax expense or the cash requirements to pay income taxes.
- They do not reflect our interest expense or the cash requirements necessary to service interest or principal payments on our debt.
- Although depreciation and amortization are non-cash charges related mainly to intangible assets and amortization of software development costs, certain assets being depreciated and amortized will have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.
Adjusted EBITDA is defined as net loss attributable to Innovid, excluding (1) depreciation, amortization and long-lived assets impairment, (2) goodwill impairment, (3) stock-based compensation, (4) finance (income) expenses, net, (5) transaction related expenses, (6) acquisition related expenses, (7) retention bonus expenses, (8) legal claims, (9) severance cost, (9) other, and (10) taxes on income.
We calculate Adjusted EBITDA margin percent as Adjusted EBITDA divided by total revenue.
We define Free Cash Flow as net cash provided by operating activities less capital expenditures and the impact of foreign exchange on cash. We sometimes refer to net cash provided by operating activities, the GAAP financial measure most directly comparable to free cash flow, as "operating cash flow."
Other companies in our industry may calculate the above described non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our US GAAP results and using the non-GAAP financial measures only supplementally.
Innovid has provided a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin percent to net (loss) income, the most directly comparable GAAP measure, for historical periods in the appendix hereto. We also have provided a reconciliation of Free Cash Flow to net cash provided by operating activities. We are not able to provide a reconciliation of the projected Adjusted EBITDA to expected net (loss) income attributable to Innovid for the first quarter of 2024 or the full-year 2024, without unreasonable effort. This is due to the unknown effect, timing, and potential significance of the effects of taxes on income in multiple jurisdictions, finance (income)/expenses including valuations, among others. These items have in the past, and may in the future, significantly affect GAAP results in a particular period.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1996. The Company's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "aim," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations regarding its future financial results, expected growth and future market opportunity. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results, including Innovid's ability to achieve and, if achieved, maintain profitability, decrease and/or changes in CTV audience viewership behavior, Innovid's failure to make the right investment decisions or to innovate and develop new solutions, inaccurate estimates or projections of future financial performance, Innovid's failure to manage growth effectively, the dependence of Innovid's revenues and business on the overall demand for advertising and a limited number of advertising agencies and advertisers, the actual or potential impacts of international conflicts and humanitarian crises on global markets, the rejection of digital advertising by consumers, future restrictions on Innovid's ability to collect, use and disclose data, market pressure resulting in a reduction of Innovid's revenues per impression, Innovid's failure to adequately scale its platform infrastructure, exposure to fines and liability if advertisers, publishers and data providers do not obtain necessary and requisite consents from consumers for Innovid to process their personal data, competition for employee talent, seasonal fluctuations in advertising activity, payment-related risks, interruptions or delays in services from third parties, errors, defects, or unintended performance problems in Innovid's platform, intense market competition, failure to comply with the terms of third party open source components, changes in tax laws or tax rulings, failure to maintain an effective system of internal controls over financial reporting, failure to comply with data privacy and data protection laws, infringement of third party intellectual property rights, difficulty in enforcing Innovid's own intellectual property rights, system failures, security breaches or cyberattacks, additional financing if required may not be available, the volatility of the price of Innovid's common stock and warrants, and other important factors discussed under the caption "Risk Factors" in Innovid's Annual Report on Form 10-K filed with the SEC on March 3, 2023, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investors Relations section of Innovid's website at investors.innovid.com. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the
About Innovid
Innovid (NYSE: CTV) powers advertising delivery, personalization, and measurement across linear, connected TV (CTV) and digital for the world's largest brands. Through a global infrastructure that enables cross-platform ad serving, data-driven creative, and measurement, Innovid offers its clients always-on intelligence to optimize advertising investment across channels, platforms, screens, and devices. Innovid is an independent platform that leads the market in converged TV innovation, through proprietary technology and exclusive partnerships designed to reimagine TV advertising. Headquartered in
Contacts
Investor Contact
Brinlea Johnson
IR@innovid.com
Media Contacts
Megan Garnett Coyle
megan@innovid.com
Caroline Yodice
cyodice@daddibrand.com
INNOVID, CORP. AND ITS SUBSIDIARIES | |||
CONSOLIDATED BALANCE SHEETS | |||
(In thousands, except stock and per stock data) | |||
December 31, | |||
2023 | 2022 | ||
ASSETS | |||
Cash and cash equivalents | $ 49,585 | $ 37,541 | |
Short-term bank deposits | 165 | 10,000 | |
Trade receivables, net (allowance for credit losses of | 46,420 | 43,653 | |
Prepaid expenses and other current assets | 5,450 | 2,640 | |
Total current assets | 101,620 | 93,834 | |
Long-term deposit | 264 | 277 | |
Long-term restricted deposits | 412 | 430 | |
Property and equipment, net | 18,419 | 14,322 | |
Goodwill | 102,473 | 116,976 | |
Operating lease right of use asset | 1,435 | 2,910 | |
Intangible assets, net | 24,318 | 29,918 | |
Other non-current assets | 1,014 | 938 | |
Total non-current assets | 148,335 | 165,771 | |
TOTAL ASSETS | $ 249,955 | $ 259,605 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Trade payables | $ 2,810 | $ 3,361 | |
Employees and payroll accruals | 14,060 | 10,165 | |
Lease liabilities - current portion | 1,200 | 2,186 | |
Accrued expenses and other current liabilities | 7,426 | 5,474 | |
Total current liabilities | 25,496 | 21,186 | |
Long-term debt | 20,000 | 20,000 | |
Lease liabilities - non-current portion | 634 | 1,636 | |
Other non-current liabilities | 7,528 | 6,554 | |
Warrants liability | 307 | 4,301 | |
Total non-current liabilities | 28,469 | 32,491 | |
TOTAL LIABILITIES | 53,965 | 53,677 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
STOCKHOLDERS' EQUITY: | |||
Common stock: | 13 | 13 | |
Additional paid-in capital | 378,774 | 356,801 | |
Accumulated deficit | (182,797) | (150,886) | |
TOTAL STOCKHOLDERS' EQUITY | 195,990 | 205,928 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 249,955 | $ 259,605 | |
INNOVID, CORP. AND ITS SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In thousands, except stock and per stock data) | |||||||
Three months ended December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(Unaudited) | (Unaudited) | ||||||
Revenues | $ 38,617 | $ 33,698 | $ 139,882 | $ 127,117 | |||
Cost of revenues (1) | 8,521 | 8,376 | 33,805 | 30,187 | |||
Research and development (1) | 6,399 | 6,842 | 26,878 | 31,118 | |||
Sales and marketing (1) | 11,299 | 11,869 | 45,571 | 50,266 | |||
General and administrative (1) | 10,759 | 8,688 | 39,086 | 39,144 | |||
Depreciation, amortization and long-lived assets impairment | 4,188 | 2,662 | 12,996 | 6,143 | |||
Goodwill impairment | — | — | 14,503 | — | |||
Operating loss | (2,549) | (4,739) | (32,957) | (29,741) | |||
Finance (income) expenses, net | (407) | (2,693) | (3,420) | (13,348) | |||
Loss before taxes | (2,142) | (2,046) | (29,537) | (16,393) | |||
Taxes on income | (484) | 1,383 | 2,374 | 2,017 | |||
Net loss | $ (1,658) | $ (3,429) | $ (31,911) | $ (18,410) | |||
Net loss per share attributable to common stockholders | |||||||
Basic and diluted | $ (0.01) | $ (0.03) | $ (0.23) | $ (0.14) | |||
Weighted-average number of shares used in computing net loss per share attributable to common stockholders | |||||||
Basic and diluted | 140,770,251 | 133,687,918 | 138,577,786 | 130,756,484 | |||
(1) | Exclusive of depreciation, amortization, long-lived assets and goodwill impairment presented separately. |
INNOVID, CORP. AND ITS SUBSIDIARIES | ||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||
(In thousands, except stock data) | ||||||
Common stock | Additional paid-in | Accumulated | Total stockholders' | |||
Number | Amount | |||||
Balance as of December 31, 2021 | 119,017,380 | $ 12 | $ 293,719 | $ (132,476) | $ 161,255 | |
Common stock and equity awards issued for acquisition of TVS | 11,549,465 | 1 | 47,151 | — | 47,152 | |
Stock-based compensation | — | — | 14,945 | — | 14,945 | |
Stock options exercised and RSUs vested | 3,315,569 | * | 986 | — | 986 | |
Net loss | — | — | — | (18,410) | (18,410) | |
Balance as of December 31, 2022 | 133,882,414 | $ 13 | $ 356,801 | $ (150,886) | $ 205,928 | |
Stock-based compensation | — | — | 21,179 | — | 21,179 | |
Stock options exercised and RSUs vested | 7,311,765 | * | 794 | — | 794 | |
Net loss | — | — | — | (31,911) | (31,911) | |
Balance as of December 31, 2023 | 141,194,179 | $ 13 | $ 378,774 | $ (182,797) | $ 195,990 | |
*Represents an amount less than |
INNOVID, CORP. AND ITS SUBSIDIARIES | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In thousands, except stock and per stock data) | |||
Year Ended December 31 | |||
2023 | 2022 | ||
Cash flows from operating activities: | |||
Net loss | $ (31,911) | $ (18,410) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation, amortization and long-lived assets impairment | 12,996 | 6,143 | |
Goodwill impairment | 14,503 | — | |
Stock-based compensation | 20,000 | 13,781 | |
Change in fair value of warrants | (3,994) | (14,671) | |
Loss on foreign exchange, net | 729 | — | |
Changes in operating assets and liabilities | |||
Trade receivables, net | (2,767) | (4,045) | |
Prepaid expenses and other assets | (2,872) | 755 | |
Operating lease right of use assets | 1,764 | 1,831 | |
Trade payables | (551) | (622) | |
Employees and payroll accruals | 3,895 | 1,710 | |
Operating lease liabilities | (2,277) | (2,335) | |
Accrued expenses and other liabilities | 2,925 | 4,302 | |
Net cash provided by / (used in) operating activities | 12,440 | (11,561) | |
Cash flows from investing activities: | |||
Acquisition of business, net of cash acquired | — | (99,097) | |
Internal use software capitalization | (9,630) | (9,961) | |
Purchase of property and equipment | (684) | (488) | |
Investment in short-term bank deposits | (165) | (10,000) | |
Withdrawal of short-term bank deposits | 10,000 | — | |
Other deposits | — | 120 | |
Net cash used in investing activities | (479) | (119,426) | |
Cash flows from financing activities: | |||
Proceeds from loans | 35,000 | 14,000 | |
Loan repayment | (35,000) | — | |
Payment of SPAC merger transaction costs | — | (3,185) | |
Proceeds from exercise of options | 794 | 985 | |
Net cash provided by financing activities | 794 | 11,800 | |
Effect of exchange rates on cash, cash equivalent and restricted cash | (729) | — | |
Increase (decrease) in cash, cash equivalents, and restricted cash | 12,026 | (119,187) | |
Cash, cash equivalents, and restricted cash, beginning of the period | 37,971 | 157,158 | |
Cash, cash equivalents, and restricted cash, end of the period | $ 49,997 | $ 37,971 | |
Supplemental disclosures: | |||
Income taxes paid, net of tax refunds | $ 1,508 | $ 785 | |
Interest paid | $ 1,451 | $ 675 | |
Non-cash transactions: | |||
Business combination consideration paid in stock | $ — | $ 47,152 | |
Reconciliation of cash, cash equivalents, and restricted cash | |||
Cash and cash equivalents | 49,585 | 37,541 | |
Long-term restricted deposits | 412 | 430 | |
Total cash, cash equivalents, and restricted cash | $ 49,997 | $ 37,971 | |
Key Metrics and Non-GAAP Financial Measures
In addition to our results determined in accordance with US GAAP, we believe that certain non-GAAP financial measures, including Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA margin percent and Free Cash Flow are useful in evaluating our business. The following table presents a reconciliation from net loss, which is the most directly comparable GAAP financial measure to Adjusted EBITDA and Adjusted EBITDA margin percent, non-GAAP financial measures as used by management.
Adjusted EBITDA and Adjusted EBITDA Margin Percent |
Three months ended | Year ended December 31, | ||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||
Net loss | $ (1,658) | $ (18,410) | |||||
Net loss margin percent | (4.0) % | (10.0) % | (22.8) % | (14.5) % | |||
Depreciation, amortization and long-lived assets impairment | 4,188 | 2,662 | 12,996 | 6,143 | |||
Goodwill impairment | — | — | 14,503 | — | |||
Stock-based compensation | 4,437 | 3,826 | 20,000 | 13,878 | |||
Finance income, net (a) | (407) | (2,693) | (3,420) | (13,348) | |||
Transaction related expenses (b) | — | — | — | 393 | |||
Acquisition related expenses (c) | — | — | — | 4,971 | |||
Retention bonus expenses (d) | 98 | 862 | 662 | 3,152 | |||
Legal claims | 580 | 407 | 1,656 | 1,506 | |||
Severance cost | 1,277 | 9 | 2,123 | 755 | |||
Other | 244 | — | 436 | 168 | |||
Taxes on income | (484) | 1,383 | 2,374 | 2,017 | |||
Adjusted EBITDA | $ 8,275 | $ 3,027 | $ 19,419 | $ 1,225 | |||
Adjusted EBITDA margin percent | 21.4 % | 9.0 % | 13.9 % | 1.0 % | |||
(a) | Finance income, net consists mostly of remeasurement related to revaluation of our warrants, remeasurement of our foreign subsidiary's monetary assets, liabilities and operating results, and our interest income and expense. |
(b) | Transaction related expenses consist of costs related to the SPAC merger transaction. |
(c) | Acquisition related expenses consists of professional fees associated with the acquisition of TVS. |
(d) | Retention bonus expenses consists of retention bonuses for TVS employees. |
Free Cash Flow |
We define Free Cash Flow as net cash provided by operating activities less capital expenditures and the impact of foreign exchange on cash. |
Three months ended December 31, | Year ended December 31, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net cash provided by operating activities | $ 4,274 | $ (1,472) | $ 12,440 | $ (11,561) | |||
Loss on foreign exchange, net | *) | *) | (729) | *) | |||
Capital expenditures | (2,124) | (3,192) | (10,314) | (10,449) | |||
Free Cash Flow | $ 2,150 | $ (4,664) | $ 1,397 | $ (22,010) | |||
*) foreign exchange impact on cash was immaterial. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/innovid-reports-q4-and-fiscal-year-2023-financial-results-302072230.html
SOURCE Innovid LLC
FAQ
What was Innovid Corp.'s ticker symbol mentioned in the press release?
What was the Q4 2023 revenue for Innovid Corp.?
How much did the Q4 net loss improve by compared to the same period in 2022?
What was the percentage increase in Adjusted EBITDA for Q4 2023 compared to the same period in 2022?
What is the full-year 2023 revenue for Innovid Corp.?
What is the financial guidance range for Q1 2024 revenue?
What percentage of video impressions served did CTV account for in Q4 2023?
Who will be hosting the conference call to discuss the financial results?
