Perion Network Increases Second Half 2020 Financial Guidance and Announces Third Quarter Reporting Date
October 07 2020 - 6:00AM
Business Wire
Improved Outlook Driven by Faster Recovery of
Advertising Business;
Company to Announce Third Quarter Financial
Results on October 28, 2020
Perion Network Ltd. (NASDAQ: PERI), a global technology company
that delivers its Synchronized Digital Branding solution across the
three main pillars of digital advertising - ad search, social media
and display / video advertising – today increased its revenue and
Adjusted EBITDA guidance for the second half of 2020. The improved
outlook is driven by a faster recovery of the Company’s advertising
business.
“We experienced encouraging trends within our advertising
segment during the third quarter which has enhanced our visibility
and bolstered our 2020 outlook,” commented Doron Gerstel, Perion’s
CEO. “We look forward to announcing our third quarter financial
results later this month and providing the investment community a
comprehensive update on our operations.”
($M)
H1 2020
Prior Guidance
Revised Guidance
Actual
H2 2020
Full Year 2020
H2 2020
Full Year 2020
Revenue
$126.4
$150-$160
$276-$286
$164-$174
$290-$300
Adjusted EBITDA
$8.7
$11-$13
$19-$21
$16-$18
$25-$27
Third Quarter Results and Conference Call
Perion will release its financial results for the third quarter
and nine months ended September 30, 2020, on Wednesday, October 28,
2020, prior to the opening of the financial markets. Perion
management will host a conference call to discuss the results at
8:30 a.m. ET that day. Details are as follows:
- Conference ID: 3939260
- Dial-in number from within the United States:
1-800-289-0438
- Dial-in number from Israel: 1809 212 883
- Dial-in number (other international): 1-323-794-2423
- Playback available until Wednesday, November 4, 2020 by calling
1-844-512-2921 (United States) or 1-412-317-6671 (international).
Please use PIN code 3939260 for the replay.
- Link to the live webcast accessible at
https://www.perion.com/ir-info/
About Perion Network Ltd. Perion is a global technology
company that provides agencies, brands and publishers with
innovative solutions that cover the three main pillars of digital
advertising. From its data-driven Synchronized Digital Branding
platform and high-impact ad formats in the display domain; to its
powerful social media platform; to its branded search network,
Perion is well-positioned to capitalize on any changes in
marketers’ allocation of digital advertising spend. More
information about Perion can be found at www.perion.com.
Non-GAAP measures Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization ("Adjusted EBITDA") is defined
as operating income excluding stock-based compensation expenses,
depreciation, restructuring costs, acquisition related items
consisting of amortization of intangible assets and goodwill and
intangible asset impairments, acquisition related expenses, gains
and losses recognized on changes in the fair value of contingent
consideration arrangements and certain accounting entries under the
business combination accounting rules that require us to recognize
a legal performance obligation related to revenue arrangements of
an acquired entity based on its fair value at the date of
acquisition. The purpose of such adjustments is to give an
indication of our performance exclusive of non-cash charges and
other items that are considered by management to be outside of our
core operating results. These non-GAAP measures are among the
primary factors management uses in planning for and forecasting
future periods. Furthermore, the non-GAAP measures are regularly
used internally to understand, manage and evaluate our business and
make operating decisions, and we believe that they are useful to
investors as a consistent and comparable measure of the ongoing
performance of our business. However, our non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for comparable GAAP measures, and should be read only in
conjunction with our consolidated financial statements prepared in
accordance with GAAP. Additionally, these non-GAAP financial
measures may differ materially from the non-GAAP financial measures
used by other companies. A reconciliation of guidance from a GAAP
to Non-GAAP basis is not available due to the unpredictability and
uncertainty associated with future events that would be reported in
GAAP results and would require adjustments between GAAP and
Non-GAAP financial measures, including the impact of future
possible business acquisitions. Accordingly, a reconciliation of
the guidance based on Non-GAAP financial measures to corresponding
GAAP financial measures for future periods is not available without
unreasonable effort.
Forward Looking Statements This press release contains
historical information and forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995
with respect to the business, financial condition and results of
operations of Perion. The words “will”, “believe,” “expect,”
“intend,” “plan,” “should” and similar expressions are intended to
identify forward-looking statements. Such statements reflect the
current views, assumptions and expectations of Perion with respect
to future events and are subject to risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Perion to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, or financial information,
including, among others, the failure to realize the anticipated
benefits of companies and businesses we acquired and may acquire in
the future, risks entailed in integrating the companies and
businesses we acquire, including employee retention and customer
acceptance; the risk that such transactions will divert management
and other resources from the ongoing operations of the business or
otherwise disrupt the conduct of those businesses, potential
litigation associated with such transactions, and general risks
associated with the business of Perion including intense and
frequent changes in the markets in which the businesses operate and
in general economic and business conditions, loss of key customers,
unpredictable sales cycles, competitive pressures, market
acceptance of new products, inability to meet efficiency and cost
reduction objectives, changes in business strategy and various
other factors, whether referenced or not referenced in this press
release. Various other risks and uncertainties may affect Perion
and its results of operations, as described in reports filed by
Perion with the Securities and Exchange Commission from time to
time, including its annual report on Form 20-F for the year ended
December 31, 2019 filed with the SEC on March 16, 2020. Perion does
not assume any obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20201007005419/en/
Perion Network Ltd. Rami Rozen, VP of Investor Relations
+972 (52) 5694441 ramir@perion.com Source: Perion Network Ltd.
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