The Company will announce its fourth quarter
2022 financial results on February 8, 2023 and will participate in
the 25th Annual Needham Growth Conference on January 11 in New
York
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 fourth quarter of 2022.
$ million
Actual Q4 2021
Preliminary Q4 2022
YoY
Actual FY 2021
Preliminary FY 2022
YoY
Revenue
158
205
30%
478.5
636
33%
Adjusted EBITDA(1)
28.9
47
63%
69.6
131
88%
Adjusted EBITDA to Rev
18%
23%
15%
21%
Adjusted EBITDA to Rev EX TAC
45%
53%
37%
46%
(1) Adjusted EBITDA is a non-GAAP measure. See a reconciliation
table below
“The strong business momentum we have experienced during the
first three quarters of 2022 continued into the fourth quarter,
said Doron Gerstel, Perion’s CEO. “Our extraordinary fourth-quarter
results demonstrate that our business model is a powerful growth
engine, driven by our proprietary iHub (“Intelligent hub”), which
connects Perion’s supply and the demand assets. By that, we benefit
from maximum operational efficiency, and simultaneously maximize
economic value for our customers. We are encouraged by our ability
to gain market share by significantly increasing the number of
publishers adopting our monetization platform to 260, a 25%
increase year-over-year.”
Conference Call Details
Perion will release its financial results for the fourth quarter
of 2022, on Wednesday, February 8, 2023, 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. Registration link:
-
https://incommconferencing.zoom.us/webinar/register/WN_vJ4RsH17Ru26T5usdgVv9A
- Toll Free: 1-877-407-0779
- Toll/International: 1-201-389-0914
25th Annual Needham Growth Conference
Perion will participate in the 25th Annual Needham Growth
Conference on January 10-11 in New York. Maoz Sigron, Perion’s CFO
will participate in a fire-side chat and will be available for
one-on-one meetings with attending investors on that day.
The fire-side chat will take place on January 11th at 9:30AM
Eastern Time. A live webcast will be available on the company’s
website and can be accessed by clicking
https://wsw.com/webcast/needham128/peri/2256336
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 December
31, 2022
GAAP Income from Operations
$ 40,400
Share based compensation
3,100
Other expenses related to M&A
100
Amortization of acquired intangible
assets
3,000
Depreciation
400
Adjusted EBITDA
$ 47,000
Forward Looking Statements
The information in this press release is based on preliminary
unaudited estimated results because our financial closing
procedures for the three months ended December 31, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230104005458/en/
Dudi Musler VP Investor Relations +972 54 787 6785
dudim@perion.com
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