Perion Preliminary Results for the Third Quarter of 2022 Indicate Adjusted EBITDA of $31 Million, A Year-Over-Year Increase of 76%
October 06 2022 - 1:00AM
Business Wire
The Company will announce its third quarter
2022 financial results on November 9, 2022
Perion Network Ltd. (Nasdaq & TASE: PERI), a global
advertising technology company whose synergistic solutions are
delivered across the three primary channels of digital advertising
– search, social media and display / video / CTV advertising, today
announced preliminary results for the third quarter of 2022.
($m)
Q3 2021
Q3 2022 (preliminary)
YoY Growth
Revenue
121.0
158.0
31%
Adjusted EBITDA
17.6
31.0
76%
EBITDA to Rev Ex-TAC
37%
46%
“The real test of a strategy is what happens when the going gets
tough. Perion’s diversification strategy has demonstrated the level
of predictability and ongoing sustainability of our business,
driving strong revenue and EBITDA growth” said Doron Gerstel,
Perion’s CEO. “Our innovative technology allows us to gain market
share, as advertisers and publishers are looking for higher ROI at
these trying times. Our SORT™ technology – which is built on
multi-award-winning AI that leverages the powerful consumer privacy
trend, is gaining huge momentum and attracting world-class
advertisers like Mercedes.”
Conference Call Details
Perion will release its financial results for the third quarter
of 2022, on Wednesday, November 9, 2022, prior to the opening of
the financial markets. Doron Gerstel, CEO and Maoz Sigron, CFO will
host a conference call to discuss the results at 8:30 a.m. ET that
day. Call details:
Registration link:
-
https://incommconferencing.zoom.us/webinar/register/WN__Xf964JLR62r9JhUOeJvHg
- Toll Free: 1-877-407-0779
- Toll/International: 1-201-389-0914
About Perion Network Ltd.
Perion is a global advertising technology company whose
synergistic solutions are delivered across the three primary
channels of digital advertising – ad search, social media and
display / video / CTV advertising. These channels are brought
together by Perion’s intelligent Hub, which integrates the
company’s business assets from both sides of the open Web,
providing significant benefit to its brands and publisher
customers.
For more information, visit Perion's website at
www.Perion.com.
Non-GAAP measures
We have presented certain non-GAAP financial measures, including
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA") and Revenue after Traffic
Acquisition Costs (“Revenue ex-TAC”). 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. Revenue ex-TAC presents revenue reduced by
traffic acquisition costs, reflecting that a portion of our revenue
must be directly passed to publishers or advertisers and presents
our revenue excluding such items. 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.
The following table reconciles GAAP Income from Operations to
Adjusted EBITDA
(In thousands) (estimated and
unaudited):
Three Months Ended September
30, 2022
GAAP Income from Operations
$ 27,542
Share based compensation
3,534
Retention and other expenses related to
M&A
528
Changes in FV of Earnout contingent
consideration
(3,816)
Amortization of acquired intangible
assets
2,840
Depreciation
372
Adjusted EBITDA
$ 31,000
Forward Looking Statements
The information in this press release is based preliminary
unaudited estimated results because our financial closing
procedures for the three months ended September 30, 2022 are not
yet completed. Actual results are subject to change as we finalize
our financial results.
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, and our preliminary results also constitute 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, 2021 filed with the SEC on March 16, 2022. Perion does
not assume any obligation to update these forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221005005715/en/
Dudi Musler VP Investor Relations +972 54 787 6785
dudim@perion.com
Perion Network (NASDAQ:PERI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Perion Network (NASDAQ:PERI)
Historical Stock Chart
From Jul 2023 to Jul 2024