# EDGAR Filing Document

**Accession Number:** 0001840502
**File Stem:** 0001140361-23-009299
**Filing Date:** 2023-3
**Character Count:** 35686
**Document Hash:** 686a48a519c51edcb43db73deea302f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-009299.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001140361-23-009299

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Taboola.com Ltd.
- **CENTRAL INDEX KEY:** 0001840502
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40566
- **FILM NUMBER:** 23689855

**BUSINESS ADDRESS:**
- **STREET 1:** 16 MADISON SQUARE WEST, 7TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 206-7663

**MAIL ADDRESS:**
- **STREET 1:** 16 MADISON SQUARE WEST, 7TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(D) OF THE

#### SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):

#### March 1, 2023
**TABOOLA.COM LTD.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Israel**<br>| **001-40566**<br>| **Not applicable**<br>|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |

---

#### 16 Madison Square West

#### 7th Floor

#### New York, NY 10010
(Address of principal executive offices, including zip code)

#### 212-206-7633
(Registrant's telephone number, including area code)

#### N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Ordinary shares, no par value | TBLA<br>| The Nasdaq Global Market |
| Warrants to purchase ordinary shares<br>| TBLAW<br>| The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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On March 1, 2023, Taboola.com Ltd. (the "***Company***" or "***Taboola***") made an investor presentation available which provides an overview of the Company's recently closed 30-year commerical relationship with Yahoo and is being made available in connection with Taboola's Yahoo Information Session being held on March 1, 2023 at 10:00 a.m. ET. A copy of the investor presentation is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information furnished with this Form 8-K, including Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statement and Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit No.** | Description |

---

[99.1](brhc10048919_ex99-1.htm) Investor Presentation dated March 1, 2023 <br> 104 Cover page of this Current Report on Form 8-K formatted in Inline XBRL

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **TABOOLA.COM LTD.** | **TABOOLA.COM LTD.** | **TABOOLA.COM LTD.** |
|  | By: | /s/ Stephen Walker | /s/ Stephen Walker |
|  |  | Name: | Stephen Walker |
|  |  | Title: | Chief Financial Officer |
| Date: March 1, 2023 |  |  |  |

---

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## Exhibit 99.1

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**Exhibit 99.1**<br>

![](brhc10048919_ex99-1slide1.jpg)

Yahoo! + TaboolaInvestor Presentation March 1, 2023

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![](brhc10048919_ex99-1slide2.jpg)

Forward-Looking Statements Disclaimer Certain statements in this presentation are forward-looking statements. Forward-looking statements generally relate to future events, including Taboola.com Ltd.'s (the "Company's") expectations for the Company's partnership with Yahoo described in this presentation and future financial or operating performance of the Company. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. Examples of such forward-looking statements include, but are not limited to, projections or estimates regarding the Company's stand-alone future financial or operating performance and potential contributions and impacts the Yahoo partnership may have on the Company's future financial or operating performance. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Uncertainties and risk factors that could affect the Company's future performance and cause results to differ from the forward-looking statements in this presentation include, but are not limited to: the Company's ability to transition to and fully launch the native advertising service with Yahoo on the currently anticipated schedule or at all; market acceptance of the new service and the Company's ability to attract new or existing Yahoo advertisers to the new service; risks that existing Yahoo advertisers may terminate their contracts as a result of the partnership with the Company and not migrate to the Company's service; costs related to the introduction and operation of the new service; the timing and amount of any margin, profitability, cash flow or other financial contributions of the new service; the ability to generate or achieve the financial results, including the increase in Adjusted EBITDA and Free Cash Flow in 2024 to the levels assumed in this presentation or at all; the risk that the new service results in a decline in the Company's financial performance during the preparation and roll out of the new service and beyond; the 30-year term as an exclusive native publisher partner with Yahoo, which can be subject to early termination in accordance with the governing agreements and/or applicable law; ability to achieve the increase in revenue, Adjusted EBITDA and Free Cash Flow to the levels assumed in this presentation or at all; ability to transform the Company into an alternative to the walled gardens in the Open Web; ability to expand beyond traditional advertising to include additional value-added services to create future growth; expectations regarding the impact of the Yahoo partnership materializing in H2 2023 and continuing into 2024, which materially depends on the degree to which our onboarding and ramp up are successful; the intense competition in the digital advertising space, including with competitors who have significantly more resources; ability to grow and scale the Company's ad and content platform through new relationships with advertisers; ability to maintain relationships with current advertiser partners; ability to make continued investments in the Company's AI-powered technology platform; the need to attract, train and retain highly-skilled technical workforce to support the Yahoo partnership; changes in the regulation of, or market practice with respect to, "third party cookies" and its impact on digital advertising; continued engagement by users who interact with the Company's platform on various digital properties; the impact of the COVID-19 or other possible future pandemics; changes in laws and regulations related to privacy, data protection, advertising regulation, competition and other areas related to digital advertising; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2021 under Item 3.D. "Information About the Company - Risk Factors" and in the Company's subsequent filings with the Securities and Exchange Commission. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no duty to update these forward-looking statements except as may be required by law. Non-GAAP Financial Measures This presentation includes certain metrics of Adjusted EBITDA, ex-TAC Gross Profit and Free Cash Flow which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes non-GAAP financial measures provide useful information to management and investors regarding future financial and business trends relating to the Company. The Company believes that the use of these measures provides an additional tool for investors to use in evaluating operating results and trends and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which items are excluded or included in calculating them. Please refer to the Appendix at the end of this presentation for explanation and information regarding reconciliation to GAAP.

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![](brhc10048919_ex99-1slide3.jpg)

Taboola & Partnership Overview Fireside Chat with Integration Summary Audience Q&A Adam Singolda 01 02 03 04 05 Monica Mijaleski Yahoo CFO, Taboola Director Eldad Maniv President & COO Steve Walker CFO Rick Hoss Moderated by Moderated by Presented by Presented by Presented by Agenda Lunch & Demo Stations TO FOLLOW Jim Lanzone Yahoo's CEO Head of Investor Relations Founder & CEO

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![](brhc10048919_ex99-1slide4.jpg)

Taboola & Yahoo partnership Doubling and tripling our partnership Building a "must buy" advertising company in the open web

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![](brhc10048919_ex99-1slide5.jpg)

Information Overload

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![](brhc10048919_ex99-1slide6.jpg)

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![](brhc10048919_ex99-1slide7.jpg)

RECOMMENDATION ENGINES ARE EVERYWHERE

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![](brhc10048919_ex99-1slide8.jpg)

RECOMMENDATION ENGINES ARE EVERYWHERE

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![](brhc10048919_ex99-1slide9.jpg)

RECOMMENDATION ENGINES ARE EVERYWHERE

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![](brhc10048919_ex99-1slide10.jpg)

RECOMMENDATION ENGINES ARE EVERYWHERE

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![](brhc10048919_ex99-1slide11.jpg)

Powering Recommendations For The Open Web Helping People Discover Things They May Like

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![](brhc10048919_ex99-1slide12.jpg)

Open Web = Huge Market $70B1 (1) Company estimate Open Web = Sites, Apps, CTV

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![](brhc10048919_ex99-1slide13.jpg)

Video Platforms 17% Shopping Platforms 15% Social Platforms 23% Search Platforms 16% Source: Hootsuite, Digital 2021 Report, January 2021. Percentages do not sum to 100% due to rounding 25% Portion of time people spend reading editorial content on the open Web

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![](brhc10048919_ex99-1slide14.jpg)

Privacy Matters

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![](brhc10048919_ex99-1slide15.jpg)

Walled Gardens Open Web Easy To Buy Fragmented SOCIAL SEARCH

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![](brhc10048919_ex99-1slide16.jpg)

Done Wrong...

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![](brhc10048919_ex99-1slide17.jpg)

Taboola = Bringing The Power Of Walled Gardens To The Open Web Paid Organic Paid Organic Organic Paid Paid Paid

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![](brhc10048919_ex99-1slide18.jpg)

Taboola & Yahoo partnership Doubling and tripling our partnership Building a "must buy" advertising company in the open web

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![](brhc10048919_ex99-1slide19.jpg)

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![](brhc10048919_ex99-1slide20.jpg)

Thousands of native advertisers Contextual Segments Exclusive native across Yahoo sites (nearly 900M users)

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![](brhc10048919_ex99-1slide21.jpg)

Yahoo Supply Unlocks Premium Access To Users Across Verticals Y! is the 5th largest internet property in the US: 84% of US Internet Population visits a Y! Property on a monthly Basis.1 (1) Comscore Media Metrix® Multi-Platform, Total Audience and % Reach, Top 100 properties, Total Unique Visitors/Viewers, December 2022, U.S. (2) Comscore Media Metrix® Multi-Platform, Business/Finance News category, Total Audience, December 2022, U.S. (3) Comscore Media Metrix® Multi-Platform, News/Information category, Total Audience, December 2022, U.S. (4) Comscore Media Metrix® Multi-Platform, Services - e-mail category, Total Audience, December 2022, U.S. (5) Comscore Media Metrix® Multi-Platform, Sports category, Total Audience, December 2022, U.S. News property in the US3 Email Property in the US4 Sports Property in the US5 Business/Finance News Property in the US2 #1 #1 #2 #2

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![](brhc10048919_ex99-1slide22.jpg)

Becoming A "Must Buy" For Advertisers ADVERTISERS

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![](brhc10048919_ex99-1slide23.jpg)

$224B $114B $37B $2.8B ~$4.5B ~$4.6B ~$7.7B <=$1B Others (1) Estimated 2022 Results if Yahoo were to be included in full year results, plus uplift. See appendix for assumptions.(2) FY 2022 figures as presented in each company's respective Form 10-K (except as noted) are as follows: Amazon: "Advertising Services Net Sales" $37,739M ; Alphabet: "Google Advertising Revenue" $224,473M; Meta: "Family of Apps Revenue" $114,450; The Trade Desk: "Gross Spend" $7,741M; SNAP: Revenue, $4,601M; Pinterest: Revenue, $2,802M; Twitter - Taboola Estimate Becoming The Largest Ad Company In the Open Web 2022 Advertising Results2 $2.5B1 Only Open Web company with scale serving both publishers and advertisers

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![](brhc10048919_ex99-1slide24.jpg)

More Publisher Partners More Users Reached More Frequently More Data Generated Higher Yield Better Targeting Drives Better Results for Advertisers GROWTH WITH A BUILT-IN NETWORK EFFECT = Win even more publishers = Make advertisers successful Scale Matters In Our Industry

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![](brhc10048919_ex99-1slide25.jpg)

Taboola & Yahoo partnership Doubling and tripling our partnership Building a "must buy" advertising company in the open web

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![](brhc10048919_ex99-1slide26.jpg)

Innovative formats & experiences - Stories, Video, Carousels, and more Taboola Feed Explore More Video Reel Taboola Stories (Beta) Designed to engage and monetize Next Up

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![](brhc10048919_ex99-1slide27.jpg)

Building Contextual Segments Reaching targeted audiences based on relevant articles and topics

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![](brhc10048919_ex99-1slide28.jpg)

Header Bidding Into Display Taboola's incremental CPC demand increases the performance of existing display placements Simple Prebid wrapper integration

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![](brhc10048919_ex99-1slide29.jpg)

Yahoo is already Connexity's #1 partner in 20221 Additional opportunities to explore: Creating bespoke eCommerce content Integrating deeper into Yahoo's Commerce Opportunities Circulating traffic from content to commerce Supercharge eCommerce: Connecting High Intent Content and Retailers (1) Company Data

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![](brhc10048919_ex99-1slide30.jpg)

The Force is with us 2024 Expectations: $200M+ Adj. EBITDA1 $100M+ Free Cash Flow1 Assuming Yahoo is fully live mid-2024 (1) Non-GAAP Measures; see appendix for explanation and information regarding reconciliation to GAAP.

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![](brhc10048919_ex99-1slide31.jpg)

Taboola & Partnership Overview Fireside Chat with Integration Summary Audience Q&A Adam Singolda 01 02 03 04 05 Monica Mijaleski Eldad Maniv President & COO Steve Walker CFO Rick Hoss Moderated by Moderated by Presented by Presented by Presented by Agenda Jim Lanzone Yahoo's CEO Yahoo CFO, Taboola Director Head of Investor Relations Founder & CEO

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![](brhc10048919_ex99-1slide32.jpg)

Fireside Chat Adam Singolda Taboola CEO Monica Mijaleski Yahoo CFO Taboola Director Yahoo CEO Jim Lanzone

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![](brhc10048919_ex99-1slide33.jpg)

Partnership Overview Fireside Chat with Integration Summary Audience Q&A Adam Singolda 01 02 03 04 05 Monica Mijaleski Eldad Maniv President & COO Steve Walker CFO Rick Hoss Moderated by Moderated by Presented by Presented by Presented by Agenda Yahoo's CEO Jim Lanzone Yahoo CFO, Taboola Director Head of Investor Relations Founder & CEO

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![](brhc10048919_ex99-1slide34.jpg)

Executing the Integration While Maintaining a Perfect Mix of Demand and Supply

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![](brhc10048919_ex99-1slide35.jpg)

Tech Advertisers Supply People Yahoo + Taboola:Integration Overview Multiple complex integration paths:

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![](brhc10048919_ex99-1slide36.jpg)

Feature Parity Format Parity Data & Cookie Sync Targeting Reporting Campaign Continuity Platform Migration Policy Alignment Hit performance Goals 1,000's of Placements A/B Testing and UI Optimization Reporting and insights Staffing Requirements Operational support Yahoo + Taboola:Integration Overview Multiple complex integration paths: Tech Advertisers Supply People

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![](brhc10048919_ex99-1slide37.jpg)

Native API Data Reco Engine Yahoo Native Platform Native Demand Serving Native Demand Recommendations Yahoo Supply Advertisers Technology Supply Omni Channel Buyers Native-Only Buyers Yahoo DSP

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![](brhc10048919_ex99-1slide38.jpg)

Native API Data Reco Engine Native Demand Serving Native Demand Recommendations Yahoo Supply Ads Console Data Reco Engine Serving Native demand Taboola platform Recommendations Open Web Supply Advertisers Technology Supply Omni Channel Buyers Native-Only Buyers Yahoo Native Platform Yahoo DSP

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![](brhc10048919_ex99-1slide39.jpg)

Native API Data Reco Engine Native Demand Serving Native Demand Ads Console Data Reco Engine Serving Native demand Taboola platform Recommendations Open Web Supply Recommendations Yahoo Supply Advertisers Technology Supply Omni Channel Buyers Native-Only Buyers Yahoo Native Platform Yahoo DSP

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![](brhc10048919_ex99-1slide40.jpg)

Advertisers Technology Supply Native API Data Reco Engine Native Demand Recommendations Serving Yahoo Supply Native demand User & page data Initial Integration Recos Omni Channel Buyers Ads Console Data Reco Engine Serving Native demand Taboola platform Recommendations Open Web Supply Native-Only Buyers Native Demand Yahoo Native Platform Yahoo DSP

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![](brhc10048919_ex99-1slide41.jpg)

Advertisers Technology Supply Example Initiatives Targeting Parity Feature Parity S2S Connection & Data Sync Targeting Parity Algo Optimization Content Moderation A/B Testing Infrastructure Feature Parity Ad Policy Parity Reporting Parity UX Implementation & Optimization Feature Parity

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![](brhc10048919_ex99-1slide42.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ads Console Data Reco Engine Serving Native demand Taboola platform Yahoo DSP Data Advertisers Technology Supply Native demand User & targeting data Open Web Supply Recommendations Omni Channel Buyers Yahoo Supply

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![](brhc10048919_ex99-1slide43.jpg)

Advertisers Technology Supply Example Initiatives Customer Migration: Taboola Onboarding Campaign History & Reporting New Open Web Supply Client-side Supply Integration Omni-channel sales support Client-side Integration Targeting Parity Feature Parity S2S Connection & Data Sync Targeting Parity Algo Optimization Content Moderation A/B Testing Infrastructure Feature Parity Ad Policy Parity Reporting Parity UX Implementation & Optimization Feature Parity

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![](brhc10048919_ex99-1slide44.jpg)

Advertisers Technology Supply Integration Staffing Sales & Account Managers to service and optimize our larger base & provide Native support to Y! sales. Finance & Operational support: billing, reporting, collections, etc. Customer Support teams to onboard, implement, and provide ongoing support to advertiser customers. Engineering personnel required to develop, build, and support integration efforts. Algo resources focused on Y! Supply and it's unique placements & formats. Professional Services personnel to implement and optimize 5,000+ placements across Y! Supply Content Moderation resources to support additional scale Technical Support for Y! Specific product/UX customization Dramatically increasing our scale requires additional headcount.

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![](brhc10048919_ex99-1slide45.jpg)

Phased Integration Approach PHASE 0: CLOSE & PLAN The transaction closed 1/17/23 and our integration team is now hard at work on detailed discovery and planning technical and commercial integration efforts. PHASE 1: BUILD & TEST In 2023, our priority is building the technical infrastructure to allow the flow of Gemini ad spend through Taboola's platform. This phase is primarily development efforts and controlled testing on single-digit percentages of demand. PHASE 2: RAMP & TRANSITION Once our technical requirements are satisfied (including infrastructure and feature parity), we'll begin to gradually transition ad spend and supply from Gemini to Taboola. We expect this process to begin in 2H-2023. PHASE 3: OPTIMIZE & GROW Once migration is complete, we leverage our teams' expertise to pursue ongoing optimizations and growth opportunities to improve yield and grow the value of this partnership. 2H-2023 2024 and beyond…

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![](brhc10048919_ex99-1slide46.jpg)

Clear Path to a Successful Launch

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![](brhc10048919_ex99-1slide47.jpg)

Taboola & Partnership Overview Fireside Chat with Integration Summary Audience Q&A Adam Singolda 01 02 03 04 05 Monica Mijaleski Eldad Maniv President & COO Steve Walker CFO Rick Hoss Moderated by Moderated by Presented by Presented by Presented by Agenda Yahoo's CEO Jim Lanzone Yahoo CFO, Taboola Director Head of Investor Relations Founder & CEO

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![](brhc10048919_ex99-1slide48.jpg)

Phased Integration Approach PHASE 0: CLOSE & PLAN The transaction closed 1/17/23 and our integration team is now hard at work on detailed discovery and planning technical and commercial integration efforts. PHASE 1: BUILD & TEST In 2023, our priority is building the technical infrastructure to allow the flow of Gemini ad spend through Taboola's platform. This phase is primarily development efforts and controlled testing on single-digit percentages of demand. PHASE 2: RAMP & TRANSITION Once our technical requirements are satisfied (including infrastructure and feature parity), we'll begin to gradually transition ad spend and supply from Gemini to Taboola. We expect this process to begin in 2H-2023. PHASE 3: OPTIMIZE & GROW Once migration is complete, we leverage our teams' expertise to pursue ongoing optimizations and growth opportunities to improve yield and grow the value of this partnership. 2H-2023 2024 and beyond…

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![](brhc10048919_ex99-1slide49.jpg)

REVENUE IMPACT No Revenue COST IMPACT Minimal Cost (Existing Resources) No Revenue Ramping Cost (Hiring Starts) Ramping Revenue (Not In Guidance) Ramping Cost (Hiring Continues) Full Run Rate Revenue Steady State Cost (Hiring Continues) PHASE 0: CLOSE & PLAN PHASE 1: BUILD & TEST PHASE 2: RAMP & TRANSITION PHASE 3: OPTIMIZE & GROW 2H-2023 2024 and beyond… Phased Integration Approach Revenue & Cost Implications

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![](brhc10048919_ex99-1slide50.jpg)

PHASE 0: CLOSE & PLAN PHASE 1: BUILD & TEST PHASE 2: RAMP & TRANSITION PHASE 3: OPTIMIZE & GROW 2H-2023 2024 and beyond… Phased Integration Approach Revenue & Cost Implications REVENUE IMPACT1 (1) Revenue model is illustrative only. Ramping revenue in Phase 2 not reflected in guidance.

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![](brhc10048919_ex99-1slide52.jpg)

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PHASE 0: CLOSE & PLAN PHASE 1: BUILD & TEST PHASE 2: RAMP & TRANSITION PHASE 3: OPTIMIZE & GROW 2H-2023 2024 and beyond… Phased Integration Approach Revenue & Cost Implications REVENUE IMPACT1 COST IMPACT1 INCREMENTAL INVESTMENT IN YAHOO IN 2023 IS APPROXIMATELY $30 MILLION (1) Revenue & cost models are illustrative only, not to scale. Ramping revenue in Phase 2 not reflected in guidance. Cost Impact in Phase 3 reflects expected normalization of "steady state" operating costs

![](brhc10048919_ex99-1slide71.jpg)

Small + Infrastructure Costs and Support Team Significant Costs Associated With Supporting Publisher account management team General & Administrative e.g., finance, collections Advertiser sales and account management Customer support Technical team to build and support infrastructure (significant short-term, small long-term)

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![](brhc10048919_ex99-1slide72.jpg)

2023 Is An Investment Year… But ROI Opportunity Is Huge (1) Reflects expected incremental full year annual run rate once integration is fully live, including certain assumptions and adjustments based on anticipated uplifts. See Appendix for explanation and information. (2) Non-GAAP measures. See Appendix for explanation and information regarding reconciliation to GAAP. Revenue $1B+ ADJ. EBITDA2 ~$150M $80M Free Cash Flow2 Incremental Annual Run Rate1 2023 Investment ~$30M

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![](brhc10048919_ex99-1slide55.jpg)

Expanding Ex-TAC Margins Point To Competitive Advantage ex-TAC Margin has increased significantly since 2015 Competitive landscape has not changed significantly in that time period Margins increase as competitive advantages increase (1) Non-GAAP measure. See Appendix for reconciliation to GAAP. Ex-TAC Margin1 By Year

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![](brhc10048919_ex99-1slide56.jpg)

Taboola's Differentiation Connexity will further increase competitive advantage Growth fuelled by a network effect Long-term yield increases Taboola's technology is resilient to the future disappearance of third-party cookies Platform advantage driven by Taboola's technology How we drive superior Financial Performance & Expanding Margins Yahoo positively impacts all of these points of differentiation 1 2 3 4 5

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![](brhc10048919_ex99-1slide57.jpg)

More Publisher Partners More Users Reached More Data Generated More advertisers More Successful Higher yield (Better Results for Advertisers and Publishers) Quantum Leap Forward in Scale - Accelerates the Network Effect 1

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![](brhc10048919_ex99-1slide73.jpg)

CTR and Conversions Click Through Rate, Conversion Rates CPC Cost Per Click Yahoo Supercharges Our Ability To Drive Yield Across Our Network 2 Algorithmic improvements drive better prediction of what users will engage with More advertisers on the platform and higher diversity of campaigns More data that provides more contextual signals enables more accurate targeting Better user experience increases the likelihood of engagement with the ad More advertisers on the platform increases auction density Better attribution measurement better reflects the value of conversions Automated bidding (SmartBid) optimizes bids dynamically

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![](brhc10048919_ex99-1slide59.jpg)

Taboola's strong yield performance despite 3rd party cookies being blocked in the industry for years: 3 Added Data Especially Important In Contextual World Yahoo reaches 84% of the US Internet Population every month1 Taboola has its own 1st party cookie - recommending personalized editorial content enables serving our own 1st party identifier Unique readership context - deep access to the context of the page, allowing advertisers to target context (vs. "3rd party cookie behavior") People click on Taboola recommendations tens of billions of times a year2 - re-hashing Taboola identifier across websites (1) Comscore Media Metrix® Multi-Platform, Total Audience and % Reach, Top 100 properties, Total Unique Visitors/Viewers, December 2022, U.S. (2) Source: Company data. Clicks represent total clicks on Taboola recommendations, including paid advertisements ("sponsored content") and editorial ("organic") content Apple started blocking 3rd party cookies in 2017 Firefox, Edge, etc are also blocking 3rd party cookies GDPR launched in 2018, CCPA 2019, IDFA April 2021

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![](brhc10048919_ex99-1slide60.jpg)

Homepage For You Newsroom Platform Advantage Driven By Investment In TechnologyYahoo Contextual Data will further enhance these tools 4 Driving Subscriptions Taboola News

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![](brhc10048919_ex99-1slide61.jpg)

Connexity Furthers our CompetitiveAdvantage 5 Strategic Value Additive to the Core Synergies ⅓ of Open Web Publisher Revenue will be E-Commerce1 and Taboola with Connexity is uniquely differentiated Significant expansion of our addressable TAM with long runway of growth Tremendous opportunity to leverage our scale, combined relationships and Connexity's e-commerce market maker capabilities (1) Company estimate.

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![](brhc10048919_ex99-1slide62.jpg)

Taboola's Differentiation Connexity will further increase competitive advantage Growth fuelled by a network effect Long-term yield increases Taboola's technology is resilient to the future disappearance of third-party cookies Platform advantage driven by Taboola's technology 1 2 3 4 5 How we drive superior Financial Performance & Expanding Margins Yahoo positively impacts all of these points of differentiation

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Taboola & Partnership Overview Fireside Chat with Integration Summary Audience Q&A Adam Singolda 01 02 03 04 05 Monica Mijaleski Eldad Maniv President & COO Steve Walker CFO Rick Hoss Moderated by Moderated by Presented by Presented by Presented by Agenda Yahoo's CEO Jim Lanzone Yahoo CFO, Taboola Director Head of Investor Relations Founder & CEO

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Q&A Up Next: Lunch & Demo Stations Yahoo Native Supply: Desktop Inventory Yahoo Native Supply: Mobile & Apps Generative AI in Action @ Taboola

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Appendix & Reconciliations

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NON-GAAP INFORMATION Adjusted EBITDA We calculate Adjusted EBITDA as Net income (loss) before net financial expenses, income tax provision and depreciation and amortization, further adjusted to exclude share-based compensation and other noteworthy income and expense items such as certain M&A related costs. Although we provide projections for Adjusted EBITDA, we are not able to provide projections for projected net income, the most directly comparable GAAP measure. Certain elements of net income, including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide projections on net income or to reconcile our Adjusted EBITDA projections without unreasonable efforts. Consequently, no disclosure of projected net income is included. For the same reasons, we are unable to address the probable significance of the unavailable information. Free Cash Flow We calculate Free Cash Flow as Net cash provided by operating activities minus purchases of property, plant and equipment, including capitalized platform costs. Although we provide projections for Free Cash Flow, we are not able to provide projections for net cash provided by operating activities, the most directly comparable GAAP measure. Certain elements of net cash provided by operating activities, including taxes and timing of collections and payments, are not predictable therefore projecting an accurate forecast is difficult. As a result, it is impractical for us to provide projections on net cash provided by operating activities or to reconcile our Free Cash Flow projections without unreasonable efforts. Consequently, no disclosure of projected net cash provided by operating activities is included. For the same reasons, we are unable to address the probable significance of the unavailable information. FY 2022 Projections If Y! Were On Taboola Network For The Full Year For the same reasons described above, we are unable to provide reconciliations for the FY 2022 projections for Adjusted EBITDA and Free Cash Flow if Y! Were on the Taboola Network for the full year. 2024 and "Full Year Run Rate" Expectations for Adjusted EBITDA and Free Cash Flow For the same reasons described above, we are unable to provide reconciliations for the 2024 and Full Year Run Rate expectations for Adjusted EBITDA and Free Cash Flow.

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ASSUMPTIONS: IF Y! WERE ON TABOOLA NETWORK FOR FY 2022 All numbers are management estimates based on the following assumptions and sources: Revenue baseline is equal to the FY 2022 financials for TBLA (66% of combined Revenues) + FY 2022 expected financials for Yahoo Native supply\* that will be serviced by TBLA (34% of combined Revenues) Revenue uplift on Yahoo supply from improved yield due to the application of Taboola technology and data Revenue uplift on stand-alone Taboola supply from improved yield due to advertiser demand from Yahoo and additional data Operating expenses based on bottom up model of resources needed to support deal Assumes no ramp up time - numbers assume Yahoo is part of Taboola network from the beginning of 2022 and assumes uplifts and operating expenses start from the beginning of the year \* Yahoo Q1 to Q3 2022 actuals, plus Yahoo forecast for Q4 2022

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EX-TAC REVENUES MARGIN RECONCILIATION

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ADJUSTED EBITDA RECONCILIATION

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FREE CASH FLOW RECONCILIATION

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