[
 {
  "id": "Taboola-2022-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 831.5,
   "revenue": 1401.2
  },
  "value": 59.3,
  "sources": [
   "C-S06"
  ]
 },
 {
  "id": "Taboola-2022-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 569.6,
   "revenue": 1401.2
  },
  "value": 40.7,
  "sources": [
   "C-S06"
  ]
 },
 {
  "id": "Taboola-2022-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 156.7,
   "ex_tac": 569.6
  },
  "value": 27.5,
  "sources": [
   "C-S06"
  ]
 },
 {
  "id": "Taboola-2022-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 1401.2,
   "tac": 831.5
  },
  "value": 569.7,
  "sources": [
   "C-S06"
  ]
 },
 {
  "id": "Taboola-2023-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 903.9,
   "revenue": 1439.7
  },
  "value": 62.8,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2023-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 535.8,
   "revenue": 1439.7
  },
  "value": 37.2,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2023-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 98.7,
   "ex_tac": 535.8
  },
  "value": 18.4,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2023-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 1439.7,
   "tac": 903.9
  },
  "value": 535.8,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2024-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 1101.6,
   "revenue": 1766.2
  },
  "value": 62.4,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2024-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 667.5,
   "revenue": 1766.2
  },
  "value": 37.8,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2024-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 200.9,
   "ex_tac": 667.5
  },
  "value": 30.1,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2024-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 1766.2,
   "tac": 1101.6
  },
  "value": 664.6,
  "sources": [
   "C-S04"
  ]
 },
 {
  "id": "Taboola-2025-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 1214.9,
   "revenue": 1912
  },
  "value": 63.5,
  "sources": [
   "C-S04",
   "C-S01"
  ]
 },
 {
  "id": "Taboola-2025-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 713.5,
   "revenue": 1912
  },
  "value": 37.3,
  "sources": [
   "C-S04",
   "C-S01"
  ]
 },
 {
  "id": "Taboola-2025-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 215.5,
   "ex_tac": 713.5
  },
  "value": 30.2,
  "sources": [
   "C-S04",
   "C-S01"
  ]
 },
 {
  "id": "Taboola-2025-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 1912,
   "tac": 1214.9
  },
  "value": 697.1,
  "sources": [
   "C-S04",
   "C-S01"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2022-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 757.3,
   "revenue": 992.1
  },
  "value": 76.3,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2022-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 234.8,
   "revenue": 992.1
  },
  "value": 23.7,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2022-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 992.1,
   "tac": 757.3
  },
  "value": 234.8,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2023-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 708.4,
   "revenue": 935.8
  },
  "value": 75.7,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2023-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 227.4,
   "revenue": 935.8
  },
  "value": 24.3,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2023-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 28.5,
   "ex_tac": 227.4
  },
  "value": 12.5,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2023-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 935.8,
   "tac": 708.4
  },
  "value": 227.4,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2024-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 653.7,
   "revenue": 889.9
  },
  "value": 73.5,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2024-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 236.1,
   "revenue": 889.9
  },
  "value": 26.5,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2024-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 37.3,
   "ex_tac": 236.1
  },
  "value": 15.8,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Outbrain (Teads Holding Co. lineage)-2024-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 889.9,
   "tac": 653.7
  },
  "value": 236.2,
  "sources": [
   "C-S15"
  ]
 },
 {
  "id": "Teads Holding Co.-2025-tac_pct",
  "formula": "TAC / gross revenue × 100",
  "inputs": {
   "tac": 770.8,
   "revenue": 1300.5
  },
  "value": 59.3,
  "sources": [
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "Teads Holding Co.-2025-extac_pct",
  "formula": "ex-TAC gross profit / gross revenue × 100",
  "inputs": {
   "ex_tac": 529.7,
   "revenue": 1300.5
  },
  "value": 40.7,
  "sources": [
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "Teads Holding Co.-2025-ebitda_pct_extac",
  "formula": "Adjusted EBITDA / ex-TAC gross profit × 100",
  "inputs": {
   "adj_ebitda": 93.4,
   "ex_tac": 529.7
  },
  "value": 17.6,
  "sources": [
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "Teads Holding Co.-2025-net_rev_proxy",
  "formula": "gross revenue − TAC (derived net-revenue proxy; not a reported line)",
  "inputs": {
   "revenue": 1300.5,
   "tac": 770.8
  },
  "value": 529.7,
  "sources": [
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "two_platform_2025_revenue",
  "formula": "Taboola FY2025 revenue + Teads Holding Co. FY2025 revenue",
  "inputs": {
   "taboola": 1912,
   "teads": 1300.5
  },
  "value": 3212.5,
  "sources": [
   "C-S04",
   "C-S01",
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "two_platform_2025_extac",
  "formula": "Taboola ex-TAC + Teads ex-TAC",
  "inputs": {
   "taboola": 713.5,
   "teads": 529.7
  },
  "value": 1243.2,
  "sources": [
   "C-S04",
   "C-S01",
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "two_platform_2025_tac",
  "formula": "Taboola TAC + Teads TAC",
  "inputs": {
   "taboola": 1214.9,
   "teads": 770.8
  },
  "value": 1985.7,
  "sources": [
   "C-S04",
   "C-S01",
   "C-S14",
   "C-S10"
  ]
 },
 {
  "id": "two_platform_2022_revenue",
  "formula": "Taboola FY2022 revenue + Outbrain FY2022 revenue",
  "inputs": {
   "taboola": 1401.2,
   "outbrain": 992.1
  },
  "value": 2393.3,
  "sources": [
   "C-S06",
   "C-S15"
  ]
 },
 {
  "id": "two_platform_2022_tac",
  "formula": "Taboola FY2022 TAC + Outbrain FY2022 TAC",
  "inputs": {
   "taboola": 831.5,
   "outbrain": 757.3
  },
  "value": 1588.8,
  "sources": [
   "C-S06",
   "C-S15"
  ]
 },
 {
  "id": "dml_ratio_Upper funnel",
  "formula": "DML median lift / RCT median lift",
  "inputs": {
   "dml": 83,
   "rct": 29
  },
  "value": 2.9,
  "sources": [
   "F-S03"
  ]
 },
 {
  "id": "psm_ratio_Upper funnel",
  "formula": "PSM median lift / RCT median lift",
  "inputs": {
   "psm": 173,
   "rct": 29
  },
  "value": 6,
  "sources": [
   "F-S03"
  ]
 },
 {
  "id": "dml_ratio_Middle funnel",
  "formula": "DML median lift / RCT median lift",
  "inputs": {
   "dml": 58,
   "rct": 18
  },
  "value": 3.2,
  "sources": [
   "F-S03"
  ]
 },
 {
  "id": "psm_ratio_Middle funnel",
  "formula": "PSM median lift / RCT median lift",
  "inputs": {
   "psm": 176,
   "rct": 18
  },
  "value": 9.8,
  "sources": [
   "F-S03"
  ]
 },
 {
  "id": "dml_ratio_Lower funnel",
  "formula": "DML median lift / RCT median lift",
  "inputs": {
   "dml": 24,
   "rct": 5
  },
  "value": 4.8,
  "sources": [
   "F-S03"
  ]
 },
 {
  "id": "psm_ratio_Lower funnel",
  "formula": "PSM median lift / RCT median lift",
  "inputs": {
   "psm": 64,
   "rct": 5
  },
  "value": 12.8,
  "sources": [
   "F-S03"
  ]
 },
 {
  "id": "recog_we_s1",
  "formula": "17 recognisers / 242 participants × 100",
  "inputs": {
   "recognisers": 17,
   "n": 242
  },
  "value": 7,
  "sources": [
   "D-S01"
  ]
 },
 {
  "id": "recog_we_s2",
  "formula": "11 / 60 × 100",
  "inputs": {
   "recognisers": 11,
   "n": 60
  },
  "value": 18.3,
  "sources": [
   "D-S01"
  ]
 },
 {
  "id": "guidance_mid_2026-02-25",
  "formula": "midpoint of guided range (low + high) / 2",
  "inputs": {
   "range_revenue": "1,993-2,054",
   "range_extac": "753-774"
  },
  "value": {
   "revenue_mid": 2023.5,
   "extac_mid": 763.5
  },
  "sources": [
   "L-S02"
  ]
 },
 {
  "id": "guidance_mid_2026-05-06",
  "formula": "midpoint of guided range (low + high) / 2",
  "inputs": {
   "range_revenue": "2,006-2,062",
   "range_extac": "760-781"
  },
  "value": {
   "revenue_mid": 2034,
   "extac_mid": 770.5
  },
  "sources": [
   "L-S03"
  ]
 },
 {
  "id": "guidance_mid_2026-08-05",
  "formula": "midpoint of guided range (low + high) / 2",
  "inputs": {
   "range_revenue": "1,930-1,956",
   "range_extac": "772-783"
  },
  "value": {
   "revenue_mid": 1943,
   "extac_mid": 777.5
  },
  "sources": [
   "L-S01"
  ]
 },
 {
  "id": "two_platform_gross_vs_meta",
  "formula": "(Taboola revenue + Teads revenue) / Meta advertising revenue × 100",
  "inputs": {
   "taboola": 1912,
   "teads": 1300.5,
   "meta": 196175
  },
  "value": 1.64,
  "sources": [
   "A-S17",
   "A-S18",
   "A-S12"
  ]
 },
 {
  "id": "two_platform_extac_vs_meta",
  "formula": "(Taboola ex-TAC + Teads ex-TAC) / Meta advertising revenue × 100",
  "inputs": {
   "taboola": 713.5,
   "teads": 529.7,
   "meta": 196175
  },
  "value": 0.63,
  "sources": [
   "A-S17",
   "A-S18",
   "A-S12"
  ]
 },
 {
  "id": "two_platform_gross_vs_us_internet",
  "formula": "(Taboola revenue + Teads revenue, global) / IAB/PwC US internet ad revenue × 100 (mixed geography, stated)",
  "inputs": {
   "taboola": 1912,
   "teads": 1300.5,
   "us_total": 294600
  },
  "value": 1.09,
  "sources": [
   "A-S17",
   "A-S18",
   "A-S03"
  ]
 },
 {
  "id": "emarketer_2025_implied",
  "formula": "2026 forecast / (1 + 13.1%)",
  "inputs": {
   "forecast_2026": 147.98,
   "growth": 0.131
  },
  "value": 130.84,
  "sources": [
   "A-S05"
  ]
 },
 {
  "id": "emarketer_vs_iab_display_2025",
  "formula": "implied eMarketer 2025 native display / IAB-PwC 2025 display × 100",
  "inputs": {
   "emarketer_2025": 130.84,
   "iab_display": 81.6
  },
  "value": 160.34,
  "sources": [
   "A-S05",
   "A-S03"
  ]
 },
 {
  "id": "iab_display_cagr_2021_2025",
  "formula": "(display 2025 / display 2021)^(1/4) − 1",
  "inputs": {
   "d2021": 56.7,
   "d2025": 81.6
  },
  "value": 9.5,
  "sources": [
   "A-S03"
  ]
 },
 {
  "id": "iab_video_cagr_2021_2025",
  "formula": "(video 2025 / video 2021)^(1/4) − 1",
  "inputs": {
   "v2021": 39.5,
   "v2025": 78
  },
  "value": 18.5,
  "sources": [
   "A-S03"
  ]
 },
 {
  "id": "iab_search_cagr_2021_2025",
  "formula": "(search 2025 / search 2021)^(1/4) − 1",
  "inputs": {
   "s2021": 78.3,
   "s2025": 114.2
  },
  "value": 9.9,
  "sources": [
   "A-S03"
  ]
 }
]