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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.48% | 12.65 | 12.57 | 12.75 | 12.81 | 12.33 | 12.60 | 662,052 | 22:46:37 |
|
PERION NETWORK LTD.
|
|
|
|
|
|
|
|
By:
|
/s/
Maoz Sigron
|
|
|
|
Name: Maoz Sigron
|
|
|
|
Title: Chief Financial Officer
|
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Advertising revenues
|
$
|
31.7
|
$
|
26.2
|
$
|
91.4
|
$
|
88.7
|
||||||||
Search and other revenues
|
$
|
33.3
|
$
|
31.0
|
$
|
105.3
|
$
|
92.2
|
||||||||
Total Revenues
|
$
|
65.0
|
$
|
57.2
|
$
|
196.7
|
$
|
180.9
|
||||||||
GAAP Net Income (Loss)
|
$
|
2.6
|
$
|
2.2
|
$
|
(35.5
|
)
|
$
|
3.2
|
|||||||
Non-GAAP Net Income
|
$
|
4.1
|
$
|
4.3
|
$
|
11.1
|
$
|
12.0
|
||||||||
Adjusted EBITDA
|
$
|
6.5
|
$
|
6.7
|
$
|
17.0
|
$
|
18.1
|
||||||||
Net cash provided by operating activity
|
$
|
17.1
|
$
|
11.0
|
$
|
28.9
|
$
|
28.5
|
||||||||
GAAP Diluted Earnings (Loss) Per Share
|
$
|
0.10
|
$
|
0.08
|
$
|
(1.37
|
)
|
$
|
0.13
|
|||||||
Non-GAAP Diluted Earnings Per Share
|
$
|
0.16
|
$
|
0.16
|
$
|
0.42
|
$
|
0.44
|
· |
Conference ID: 5787919
|
· |
Dial-in number from within the United States: 1-888-394-8218
|
· |
Dial-in number from Israel: 1-809-212-883
|
· |
Dial-in number (other international): 1-323-701-0225
|
· |
Playback available until November 8, 2018 by calling 1-844-512-2921 (United States) or 1-412-317-6671 (international). Please use PIN code 5787919 for the replay.
|
· |
Link to the live webcast accessible at
https://www.perion.com/ir-info/
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
Revenues:
|
||||||||||||||||
Advertising
|
$
|
31,755
|
$
|
26,224
|
$
|
91,452
|
$
|
88,725
|
||||||||
Search and other
|
33,287
|
30,957
|
105,254
|
92,158
|
||||||||||||
Total Revenues
|
65,042
|
57,181
|
196,706
|
180,883
|
||||||||||||
Costs and Expenses:
|
||||||||||||||||
Cost of revenues
|
6,014
|
5,474
|
17,821
|
17,341
|
||||||||||||
Customer acquisition costs and media buy
|
31,955
|
28,808
|
95,793
|
91,798
|
||||||||||||
Research and development
|
3,816
|
4,341
|
12,783
|
14,563
|
||||||||||||
Selling and marketing
|
11,969
|
8,635
|
38,434
|
28,417
|
||||||||||||
General and administrative
|
5,353
|
3,883
|
16,541
|
13,050
|
||||||||||||
Depreciation and amortization
|
3,388
|
2,528
|
13,297
|
7,090
|
||||||||||||
Impairment charges
|
-
|
-
|
43,847
|
-
|
||||||||||||
Restructuring costs
|
-
|
-
|
-
|
2,075
|
||||||||||||
Total Costs and Expenses
|
62,495
|
53,669
|
238,516
|
174,334
|
||||||||||||
Income (Loss) from Operations
|
2,547
|
3,512
|
(41,810
|
)
|
6,549
|
|||||||||||
Financial expense, net
|
644
|
1,236
|
4,166
|
3,042
|
||||||||||||
Income (Loss) before Taxes on income
|
1,903
|
2,276
|
(45,976
|
)
|
3,507
|
|||||||||||
Tax benefit (taxes on income)
|
710
|
(84
|
)
|
10,499
|
(272
|
)
|
||||||||||
Net Income (Loss)
|
$
|
2,613
|
$
|
2,192
|
$
|
(35,477
|
)
|
$
|
3,235
|
|||||||
Net Earnings (Loss) per Share - Basic and Diluted
|
$
|
0.10
|
$
|
0.08
|
$
|
(1.37
|
)
|
$
|
0.13
|
|||||||
Weighted average number of shares
|
||||||||||||||||
Basic
|
25,850,023
|
25,850,188
|
25,849,622
|
25,850,188
|
||||||||||||
Diluted
|
26,793,807
|
26,420,782
|
25,849,622
|
26,516,145
|
December 31,
|
September 30,
|
|||||||
2017
|
2018
|
|||||||
Audited
|
Unaudited
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
31,567
|
$
|
40,876
|
||||
Short-term bank deposit
|
5,913
|
-
|
||||||
Accounts receivable, net
|
62,830
|
43,241
|
||||||
Prepaid expenses and other current assets
|
13,955
|
8,602
|
||||||
Total Current Assets
|
114,265
|
92,719
|
||||||
Property and equipment, net
|
17,476
|
16,172
|
||||||
Goodwill and intangible assets, net
|
136,360
|
132,747
|
||||||
Deferred taxes
|
4,798
|
4,666
|
||||||
Other assets
|
1,128
|
537
|
||||||
Total Assets
|
$
|
274,027
|
$
|
246,841
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
39,180
|
$
|
36,152
|
||||
Accrued expenses and other liabilities
|
17,784
|
13,793
|
||||||
Short-term loans and current maturities of long-term and convertible debt
|
13,989
|
13,484
|
||||||
Deferred revenues
|
5,271
|
3,935
|
||||||
Payment obligation related to acquisitions
|
5,146
|
3,479
|
||||||
Total Current Liabilities
|
81,370
|
70,843
|
||||||
Long-Term Liabilities:
|
||||||||
Long-term debt, net of current maturities
|
30,026
|
17,989
|
||||||
Convertible debt, net of current maturities
|
16,693
|
8,213
|
||||||
Other long-term liabilities
|
7,606
|
6,405
|
||||||
Total Liabilities
|
135,695
|
103,450
|
||||||
Shareholders' equity:
|
||||||||
Ordinary shares
|
211
|
211
|
||||||
Additional paid-in capital
|
236,976
|
239,094
|
||||||
Treasury shares at cost
|
(1,002
|
)
|
(1,002
|
)
|
||||
Accumulated other comprehensive gain
|
532
|
237
|
||||||
Accumulated deficit
|
(98,384
|
)
|
(95,149
|
)
|
||||
Total Shareholders' Equity
|
138,332
|
143,391
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
274,027
|
$
|
246,841
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
Operating activities:
|
||||||||||||||||
Net Income (Loss)
|
$
|
2,613
|
$
|
2,192
|
$
|
(35,477
|
)
|
$
|
3,235
|
|||||||
Adjustments required to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
3,388
|
2,528
|
13,297
|
7,090
|
||||||||||||
Impairment of goodwill and intangible assets
|
-
|
-
|
43,847
|
-
|
||||||||||||
Stock based compensation expense
|
548
|
638
|
1,667
|
2,121
|
||||||||||||
Foreign currency translation
|
67
|
-
|
77
|
12
|
||||||||||||
Accrued interest, net
|
122
|
134
|
339
|
357
|
||||||||||||
Deferred taxes, net
|
(1,163
|
)
|
100
|
(11,915
|
)
|
91
|
||||||||||
Change in payment obligation related to acquisition
|
33
|
-
|
61
|
-
|
||||||||||||
Fair value revaluation - convertible debt
|
(999
|
)
|
251
|
2,768
|
(741
|
)
|
||||||||||
Restructuring costs related to impairment of property and equipment
|
-
|
-
|
-
|
462
|
||||||||||||
Net changes in operating assets and liabilities
|
12,472
|
5,161
|
14,188
|
15,831
|
||||||||||||
Net cash provided by operating activities
|
$
|
17,081
|
$
|
11,004
|
$
|
28,852
|
$
|
28,458
|
||||||||
Investing activities:
|
||||||||||||||||
Purchases of property and equipment
|
$
|
(224
|
)
|
$
|
(1,302
|
)
|
$
|
(1,489
|
)
|
$
|
(1,350
|
)
|
||||
Capitalization of development costs
|
(1,656
|
)
|
(330
|
)
|
(4,437
|
)
|
(1,449
|
)
|
||||||||
Cash paid in connection with acquisitions
|
-
|
(1,667
|
)
|
-
|
(1,667
|
)
|
||||||||||
Short-term deposits, net
|
(5
|
)
|
-
|
6,906
|
5,913
|
|||||||||||
Net cash provided (used) by investing activities
|
$
|
(1,885
|
)
|
$
|
(3,299
|
)
|
$
|
980
|
$
|
1,447
|
||||||
Financing activities:
|
||||||||||||||||
Exercise of stock options and restricted share units
|
-
|
-
|
1
|
-
|
||||||||||||
Payment made in connection with acquisition
|
(1,000
|
)
|
-
|
(1,551
|
)
|
-
|
||||||||||
Proceeds from long-term loans
|
-
|
-
|
5,000
|
-
|
||||||||||||
Repayment of convertible debt
|
-
|
-
|
(7,901
|
)
|
(8,167
|
)
|
||||||||||
Repayment of short-term loans
|
-
|
-
|
(7,000
|
)
|
-
|
|||||||||||
Repayment of long-term loans
|
(1,216
|
)
|
(1,491
|
)
|
(8,630
|
)
|
(12,473
|
)
|
||||||||
Net cash used in financing activities
|
$
|
(2,216
|
)
|
$
|
(1,491
|
)
|
$
|
(20,081
|
)
|
$
|
(20,640
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
62
|
-
|
254
|
44
|
||||||||||||
Net increase in cash and cash equivalents
|
13,042
|
6,214
|
10,005
|
9,309
|
||||||||||||
Cash and cash equivalents at beginning of period
|
20,925
|
34,662
|
23,962
|
31,567
|
||||||||||||
Cash and cash equivalents at end of period
|
$
|
33,967
|
$
|
40,876
|
$
|
33,967
|
$
|
40,876
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
GAAP Net Income (Loss)
|
$
|
2,613
|
$
|
2,192
|
$
|
(35,477
|
)
|
$
|
3,235
|
|||||||
Share based compensation
|
547
|
638
|
1,666
|
2,121
|
||||||||||||
Amortization of acquired intangible assets
|
2,497
|
1,190
|
10,608
|
3,591
|
||||||||||||
Non-recurring Legal fees
|
-
|
-
|
-
|
226
|
||||||||||||
Restructuring costs
|
-
|
-
|
-
|
2,075
|
||||||||||||
Impairment of goodwill and intangible assets
|
-
|
-
|
43,847
|
-
|
||||||||||||
Fair value revaluation of convertible debt and related derivative
|
(803
|
)
|
269
|
610
|
1,063
|
|||||||||||
Accretion of payment obligation related to acquisition
|
34
|
-
|
61
|
-
|
||||||||||||
Taxes on the above items
|
(753
|
)
|
25
|
(10,247
|
)
|
(313
|
)
|
|||||||||
Non-GAAP Net Income
|
$
|
4,135
|
$
|
4,314
|
$
|
11,068
|
$
|
11,998
|
||||||||
Non-GAAP Net Income
|
$
|
4,135
|
$
|
4,314
|
$
|
11,068
|
$
|
11,998
|
||||||||
Taxes on income (tax benefit)
|
43
|
59
|
(252
|
)
|
585
|
|||||||||||
Financial expense, net
|
1,413
|
967
|
3,495
|
1,979
|
||||||||||||
Depreciation
|
891
|
1,338
|
2,689
|
3,499
|
||||||||||||
Adjusted EBITDA
|
$
|
6,482
|
$
|
6,678
|
$
|
17,000
|
$
|
18,061
|
||||||||
Non-GAAP diluted earnings per share
|
$
|
0.16
|
$
|
0.16
|
$
|
0.42
|
$
|
0.44
|
||||||||
Shares used in computing non-GAAP diluted earnings per share
|
25,939,850
|
26,420,621
|
26,262,385
|
26,213,492
|
1 Year Perion Network Chart |
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