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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Perion Network Ltd | NASDAQ:PERI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.101 | 0.82% | 12.441 | 12.35 | 12.53 | 12.55 | 12.3101 | 12.35 | 293,142 | 01:00:00 |
|
PERION NETWORK LTD.
By: /s/ Maoz Sigron
Name: Maoz Sigron
Title: Chief Financial Officer
|
● |
Retail Media1 revenue increased 112% year-over-year to $13.0 million, representing 13% of Display Advertising revenue compared to 7% last year
|
● |
CTV revenue2 increased 39% year-over-year to $7.9 million, representing 8% of Display Advertising revenue compared to 7% last year
|
● |
Video revenue decreased 16% year-over-year, driven by shifting inventory from video to display to gain higher profit, representing 32% of Display Advertising revenue, compared to 44% last year
|
● |
The number of Average Daily Searches increased by 86% year-over-year to 31.3 million. The number of Search Advertising publishers increased by 16% year-over-year to 164
|
In millions,
except per share data |
Three months ended
|
Nine months ended
|
||||||||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||||||||
|
2023
|
2022
|
%
|
2023
|
2022
|
%
|
||||||||||||||||
Display Advertising Revenue
|
$
|
99.2
|
$
|
86.8
|
+14%
|
|
$
|
278.5
|
$
|
236.9
|
+18%
|
|||||||||||
Search Advertising Revenue
|
$
|
86.1
|
$
|
71.8
|
+20%
|
$
|
230.5
|
$
|
193.7
|
+19%
|
||||||||||||
Total Revenue
|
$
|
185.3
|
$
|
158.6
|
+17%
|
$
|
509.0
|
$
|
430.6
|
+18%
|
||||||||||||
Contribution ex-TAC (Revenue ex-TAC)1
|
$
|
77.3
|
$
|
65.0
|
+19%
|
$
|
219.6
|
$
|
180.0
|
+22%
|
||||||||||||
GAAP Net Income
|
$
|
32.8
|
$
|
25.6
|
+28%
|
$
|
78.0
|
$
|
60.5
|
+29%
|
||||||||||||
Non-GAAP Net Income1
|
$
|
42.4
|
$
|
29.9
|
+42%
|
$
|
114.4
|
$
|
75.1
|
+52%
|
||||||||||||
Adjusted EBITDA1
|
$
|
42.7
|
$
|
33.0
|
+29%
|
$
|
115.2
|
$
|
84.1
|
+37%
|
||||||||||||
Adjusted EBITDA to Revenue ex-TAC
|
55
|
%
|
51
|
%
|
52
|
%
|
47
|
%
|
||||||||||||||
Net Cash from Operations
|
$
|
40.1
|
$
|
34.7
|
+16%
|
$
|
105.2
|
$
|
83.9
|
+25%
|
||||||||||||
GAAP Diluted EPS
|
$
|
0.65
|
$
|
0.53
|
+23%
|
$
|
1.57
|
$
|
1.27
|
+24%
|
||||||||||||
Non-GAAP Diluted EPS1
|
$
|
0.84
|
$
|
0.61
|
+38%
|
$
|
2.28
|
$
|
1.56
|
+46%
|
In millions
|
2022
|
2023 Guidance
|
YoY
Growth %3
|
Revenue
|
$640.3
|
$730-$750
|
16%
|
Adjusted EBITDA
|
$132.4
|
$167+
|
26%
|
Adjusted EBITDA to Revenue
|
21%
|
23%3
|
|
Adjusted EBITDA to Contribution ex-TAC
|
49%
|
54%3
|
● |
Registration link:
|
● |
Toll Free: 1-877-407-0779
|
● |
Toll/International: 1-201-389-0914
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Revenue
|
||||||||||||||||
Display Advertising
|
$
|
99,193
|
$
|
86,779
|
$
|
278,450
|
$
|
236,933
|
||||||||
Search Advertising
|
86,112
|
71,836
|
230,475
|
193,653
|
||||||||||||
Total Revenue
|
185,305
|
158,615
|
508,925
|
430,586
|
||||||||||||
Costs and Expenses
|
||||||||||||||||
Cost of revenue
|
9,805
|
7,540
|
26,953
|
21,014
|
||||||||||||
Traffic acquisition costs and media buy
|
107,981
|
93,625
|
289,338
|
250,555
|
||||||||||||
Research and development
|
7,763
|
7,766
|
24,352
|
25,135
|
||||||||||||
Selling and marketing
|
14,171
|
12,591
|
42,983
|
39,884
|
||||||||||||
General and administrative
|
7,712
|
1 7,609
|
21,668
|
1 19,743
|
|
|||||||||||
Change in fair value of contingent consideration
|
1,982
|
1 (3,816
|
)
|
16,584
|
1 (3,816
|
)
|
||||||||||
Depreciation and amortization
|
3,425
|
3,704
|
10,191
|
10,097
|
||||||||||||
Total Costs and Expenses
|
152,839
|
129,019
|
432,069
|
362,612
|
||||||||||||
Income from Operations
|
32,466
|
29,596
|
76,856
|
67,974
|
||||||||||||
Financial income, net
|
6,103
|
1,019
|
14,689
|
2,526
|
||||||||||||
Income before Taxes on income
|
38,569
|
30,615
|
91,545
|
70,500
|
||||||||||||
Taxes on income
|
5,748
|
5,033
|
13,533
|
9,952
|
||||||||||||
Net Income
|
$
|
32,821
|
$
|
25,582
|
$
|
78,012
|
$
|
60,548
|
||||||||
Net Earnings per Share
|
||||||||||||||||
Basic
|
$
|
0.69
|
$
|
0.57
|
$
|
1.66
|
$
|
1.36
|
||||||||
Diluted
|
$
|
0.65
|
$
|
0.53
|
$
|
1.57
|
$
|
1.27
|
||||||||
Weighted average number of shares
|
||||||||||||||||
Basic
|
47,392,072
|
45,146,639
|
46,915,616
|
44,544,483
|
||||||||||||
Diluted
|
50,270,296
|
47,997,745
|
49,831,190
|
47,560,112
|
|
September 30,
|
December 31,
|
||||||
|
2023
|
2022
|
||||||
|
(Unaudited)
|
(Audited)
|
||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
197,853
|
$
|
176,226
|
||||
Restricted cash
|
1,327
|
1,295
|
||||||
Short-term bank deposits
|
253,950
|
253,400
|
||||||
Marketable securities
|
71,817
|
-
|
||||||
Accounts receivable, net
|
142,106
|
160,488
|
||||||
Prepaid expenses and other current assets
|
16,641
|
12,049
|
||||||
Total Current Assets
|
683,694
|
603,458
|
||||||
|
||||||||
Long-Term Assets
|
||||||||
Property and equipment, net
|
3,012
|
3,611
|
||||||
Operating lease right-of-use assets
|
7,400
|
10,130
|
||||||
Goodwill and intangible assets, net
|
238,218
|
247,191
|
||||||
Deferred taxes
|
7,651
|
5,779
|
||||||
Other assets
|
75
|
49
|
||||||
Total Long-Term Assets
|
256,356
|
266,760
|
||||||
Total Assets
|
$
|
940,050
|
$
|
870,218
|
||||
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
139,476
|
$
|
155,854
|
||||
Accrued expenses and other liabilities
|
33,759
|
37,869
|
||||||
Short-term operating lease liability
|
3,940
|
3,900
|
||||||
Deferred revenue
|
1,530
|
2,377
|
||||||
Short-term payment obligation related to acquisitions
|
71,464
|
34,608
|
||||||
Total Current Liabilities
|
250,169
|
234,608
|
||||||
|
||||||||
Long-Term Liabilities
|
||||||||
Payment obligation related to acquisition
|
-
|
33,113
|
||||||
Long-term operating lease liability
|
4,415
|
7,580
|
||||||
Other long-term liabilities
|
12,023
|
11,783
|
||||||
Total Long-Term Liabilities
|
16,438
|
52,476
|
||||||
Total Liabilities
|
266,607
|
287,084
|
||||||
|
||||||||
Shareholders' equity
|
||||||||
Ordinary shares
|
409
|
398
|
||||||
Additional paid-in capital
|
526,399
|
513,534
|
||||||
Treasury shares at cost
|
(1,002
|
)
|
(1,002
|
)
|
||||
Accumulated other comprehensive loss
|
(1,161
|
)
|
(582
|
)
|
||||
Retained earnings
|
148,798
|
70,786
|
||||||
Total Shareholders' Equity
|
673,443
|
583,134
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
940,050
|
$
|
870,218
|
|
Three months ended
|
Nine months ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Net Income
|
$
|
32,821
|
$
|
25,582
|
$
|
78,012
|
$
|
60,548
|
||||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
3,425
|
3,704
|
10,191
|
10,097
|
||||||||||||
Stock-based compensation expense
|
4,425
|
3,236
|
10,927
|
8,365
|
||||||||||||
Foreign currency translation
|
22
|
(64
|
)
|
9
|
(238
|
)
|
||||||||||
Accrued interest, net
|
(2,208
|
)
|
(825
|
)
|
(4,239
|
)
|
(2,006
|
)
|
||||||||
Deferred taxes, net
|
(1,257
|
)
|
1,575
|
(1,733
|
)
|
1,327
|
||||||||||
Accrued severance pay, net
|
(187
|
)
|
(831
|
)
|
(462
|
)
|
(328
|
)
|
||||||||
Gain from sale of property and equipment
|
(5
|
)
|
(5
|
)
|
(22
|
)
|
(10
|
)
|
||||||||
Net changes in operating assets and liabilities
|
3,059
|
2,300
|
12,563
|
6,194
|
||||||||||||
Net cash provided by operating activities
|
$
|
40,095
|
$
|
34,672
|
$
|
105,246
|
$
|
83,949
|
||||||||
|
||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Purchases of property and equipment, net of sales
|
(152
|
)
|
(349
|
)
|
(503
|
)
|
(779
|
)
|
||||||||
Investment in marketable securities, net of sales
|
597
|
-
|
(71,598
|
)
|
-
|
|||||||||||
Short-term deposits, net
|
(28,650
|
)
|
31,600
|
(550
|
)
|
(1,800
|
)
|
|||||||||
Cash paid in connection with acquisitions, net of cash acquired
|
-
|
-
|
-
|
(9,570
|
)
|
|||||||||||
Net cash provided by (used in) investing activities
|
$
|
(28,205
|
)
|
$
|
31,251
|
$
|
(72,651
|
)
|
$
|
(12,149
|
)
|
|||||
|
||||||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Proceeds from exercise of stock-based compensation
|
150
|
3,147
|
2,338
|
4,441
|
||||||||||||
Payments of contingent consideration
|
-
|
-
|
(13,256
|
)
|
(9,091
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
$
|
150
|
$
|
3,147
|
$
|
(10,918
|
)
|
$
|
(4,650
|
)
|
||||||
|
||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
(103
|
)
|
(110
|
)
|
(18
|
)
|
(288
|
)
|
||||||||
Net increase in cash and cash equivalents and restricted cash
|
11,937
|
68,960
|
21,659
|
66,862
|
||||||||||||
Cash and cash equivalents and restricted cash at beginning of period
|
187,243
|
103,437
|
177,521
|
105,535
|
||||||||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
199,180
|
$
|
172,397
|
$
|
199,180
|
$
|
172,397
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenue
|
$
|
185,305
|
$
|
158,615
|
$
|
508,925
|
$
|
430,586
|
||||||||
Traffic acquisition costs and media buy
|
107,981
|
93,625
|
289,338
|
250,555
|
||||||||||||
Contribution ex-TAC
|
$
|
77,324
|
$
|
64,990
|
$
|
219,587
|
$
|
180,031
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
GAAP Income from Operations
|
$
|
32,466
|
$
|
29,596
|
$
|
76,856
|
$
|
67,974
|
||||||||
Stock-based compensation expenses
|
4,425
|
3,236
|
10,927
|
8,365
|
||||||||||||
Retention and other acquisition related expenses
|
401
|
288
|
658
|
1,518
|
||||||||||||
Change in fair value of contingent consideration
|
1,982
|
(3,816
|
)
|
16,584
|
(3,816
|
)
|
||||||||||
Amortization of acquired intangible assets
|
3,017
|
3,295
|
8,972
|
8,896
|
||||||||||||
Depreciation
|
408
|
409
|
1,219
|
1,201
|
||||||||||||
Adjusted EBITDA
|
$
|
42,699
|
$
|
33,008
|
$
|
115,216
|
$
|
84,138
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
GAAP Net Income
|
$
|
32,821
|
$
|
25,582
|
$
|
78,012
|
$
|
60,548
|
||||||||
Stock-based compensation expenses
|
4,425
|
3,236
|
10,927
|
8,365
|
||||||||||||
Amortization of acquired intangible assets
|
3,017
|
3,295
|
8,972
|
8,896
|
||||||||||||
Retention and other acquisition related expenses
|
401
|
288
|
658
|
1,518
|
||||||||||||
Change in fair value of contingent consideration
|
1,982
|
(3,816
|
)
|
16,584
|
(3,816
|
)
|
||||||||||
Foreign exchange gains associated with ASC-842
|
(83
|
)
|
(80
|
)
|
(280
|
)
|
(824
|
)
|
||||||||
Revaluation of acquisition related contingent consideration
|
149
|
342
|
441
|
602
|
||||||||||||
Taxes on the above items
|
(291
|
)
|
1,067
|
(865
|
)
|
(145
|
)
|
|||||||||
Non-GAAP Net Income
|
$
|
42,421
|
$
|
29,914
|
$
|
114,449
|
$
|
75,144
|
||||||||
Non-GAAP diluted earnings per share
|
$
|
0.84
|
$
|
0.61
|
$
|
2.28
|
$
|
1.56
|
||||||||
Shares used in computing non-GAAP diluted earnings per share
|
50,543,534
|
48,873,796
|
50,106,425
|
48,112,823
|
1 Year Perion Network Chart |
1 Month Perion Network Chart |
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