Fourth Quarter Revenues $84.5 Million And
Annual Revenues $312.8 Million
Perion Network Ltd. (NASDAQ:PERI), a global technology leader in
high-quality advertising solutions for brands and publishers,
announced today its financial results for the fourth quarter and
year ended December 31, 2016.
Fourth Quarter and Full Year Financial
Highlights*(In thousands, except per share data)
|
|
|
Three months ended |
|
|
Year ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
Revenues |
|
|
$ |
67,607 |
|
|
|
$ |
84,542 |
|
|
$ |
220,950 |
|
|
|
$ |
312,794 |
GAAP Net Income (loss) |
|
|
$ |
(16,765 |
) |
|
|
$ |
319 |
|
|
$ |
(68,657 |
) |
|
|
$ |
201 |
Non-GAAP Net Income |
|
|
$ |
9,219 |
|
|
|
$ |
6,518 |
|
|
$ |
44,703 |
|
|
|
$ |
27,693 |
Adjusted EBITDA |
|
|
$ |
11,986 |
|
|
|
$ |
13,524 |
|
|
$ |
59,299 |
|
|
|
$ |
45,435 |
GAAP Diluted Earnings (Loss) Per Share from continuing
operation |
|
|
$ |
0.07 |
|
|
|
$ |
0.00 |
|
|
$ |
(0.58 |
) |
|
|
$ |
0.04 |
Non-GAAP Diluted Earnings Per Share |
|
|
$ |
0.13 |
|
|
|
$ |
0.08 |
|
|
$ |
0.59 |
|
|
|
$ |
0.36 |
*
Reconciliation of GAAP to Non-GAAP measures follows. |
Yacov Kaufman, Perion’s CFO and interim CEO
commented, “Perion delivered on its strategy set out in the
beginning of the year, to diversify its business, expand its
long-term growth opportunity and leverage its strong and stable
cash flows. For the first time, advertising represented more
than half our revenues, powering 25% year over year revenue growth
this past quarter. Together with this growth, we generated an
Adjusted EBITDA margin of 16%, and cash from operations, in the
fourth quarter alone, was over $12.1 million.”
“As we announced in January, our new CEO Doron
Gerstel will be joining the company in April,” added Mr. Kaufman.
“During our first quarter earnings call, Doron will discuss his
strategy for taking Perion to the next stage. I want to thank
Josef Mandelbaum for his contribution, which culminated in the
strong conclusion to the year and positioned Perion to achieve the
next phase of its growth and value creation. The board and
employees of Perion have great confidence that Doron Gerstel is the
right person to help Perion scale and become a more significant
player in the ad-tech space, creating sustainable and incremental
value for the company and its shareholders.”
Financial Comparison for the Fourth
Quarter of 2016:
Revenues: Revenues increased by
25%, from $67.6 million in the fourth quarter of 2015 to $84.5
million in the fourth quarter of 2016, as a result of the Undertone
acquisition in the latter part of Q4 2015, and organic growth of
that business. The growth from Undertone was partially offset by a
14% decline in Perion’s search and consumer app business.
Customer Acquisition Costs and Media Buy
(“CAC”): In the fourth quarter of 2016, CAC was $38.1
million, or 45% of revenues, as compared to $30.8 million, or 46%
of revenues in the fourth quarter of 2015. The increase in the
nominal costs was primarily due to the media buy costs associated
with the Undertone business acquired at the end of November 2015.
As a percentage of revenues, these costs have marginally decreased,
as they represent a lower relative cost in the Undertone
business.
Net Income (loss): On a GAAP
basis, net income in the fourth quarter of 2016 was $0.3 million,
as compared to a net loss of ($16.8) million in the fourth quarter
of 2015. The loss in the fourth quarter of 2015 was due to a
loss of ($21.6) million from operations that were discontinued in
2016.
Non-GAAP Net Income: In the
fourth quarter of 2016, non-GAAP net income was $6.5 million, or 8%
of revenues, compared to the $9.2 million, or 14% of revenues, in
the fourth quarter of 2015.
Adjusted EBITDA: In the fourth
quarter of 2016, Adjusted EBITDA was $13.5 million, or 16% of
revenues, increasing sequentially and year over year, compared to
$12.0 million, or 18% of revenues, in the fourth quarter of 2015.
While Adjusted EBITDA increased, the decline in non-GAAP Net Income
was due primarily to the increase in the company’s effective tax
rate, with the increasing profits of Undertone’s U.S. operations,
as well as the financial expenses associated with the Undertone
operations.
Financial Comparison for the Full-Year
of 2016:
Revenues: Revenues increased
42%, from $221.0 million in 2015 to $312.8 million in 2016, as a
result of the acquisition of Undertone in late 2015, partially
offset by a modest decline in Perion’s legacy search and consumer
app business.
Customer Acquisition Costs and Media Buy
(“CAC”): CAC in 2016 was $140.2 million, or 45% of
revenues, as compared to $91.2 million, or 41% of revenues in 2015.
The increase was primarily due to the media buy costs in the
Undertone business acquired in the fourth quarter of 2015. The
increase of CAC as a percentage of revenues was due to the CAC
associated with new revenues in the search business, partially
offsetting the decline in remnant cost-free revenue.
Net Income (loss): On a GAAP
basis, 2016 net income was $0.2 million, inclusive of ($2.6)
million in losses from discontinued operations, as compared to a
net loss of ($68.7) million, inclusive of a ($72.8) million net
impairment charges, and ($27.0) million in losses from discontinued
operations, in 2015.
Non-GAAP Net Income: 2016
non-GAAP net income was $27.7 million, or 9% of revenues, compared
to $44.7 million, or 20% of revenues, in 2015. The decrease was
primarily attributable to the decline in remnant cost-free search
revenues, partially offset by an increase in profits from
Undertone
Adjusted EBITDA: 2016 Adjusted
EBITDA was $45.4 million, or 15% of revenues, compared to $59.3
million, or 27% of revenues, in 2015.
Cash and Cash Flow from
Operations: As of December 31, 2016, cash, cash
equivalents and short-term deposits, were $32.4 million. Cash
provided by operations in the fourth quarter of 2016 was $12.1
million, and $30.5 million for the entire year.
Perion currently satisfies all the financial
covenants associated with its debt.
Conference Call:
Perion will host a conference call to discuss
the results today, March 7, 2017, at 10 a.m. ET. Details are as
follows:
- Conference ID: 1383778
- Dial-in number from within the United States:
1-888-599-8667
- Dial-in number from Israel: 1-809-258-350
- Dial-in number (other international): 1-913-312-0836
- Playback available until March 14, 2017 by calling
1-844-512-2921 (United States) or1-412-317-6671 (international).
Please use PIN code 1383778 for the replay.
- Link to the live webcast accessible at
http://www.perion.com/ir-events
About Perion Network Ltd.
Perion is a global technology company that
delivers high-quality advertising solutions to brands and
publishers. Perion is committed to providing outstanding
execution, from high-impact ad formats to branded search and a
unified social and mobile programmatic platform. More information
about Perion may be found at www.perion.com, and follow Perion on
Twitter@perionnetwork.
Non-GAAP measures
Non-GAAP financial measures, consist of GAAP
financial measures adjusted to exclude acquisition related
expenses, share-based compensation expenses, restructuring costs,
loss from discontinue operations, accretion of acquisition related
contingent consideration, amortization of acquired intangible
assets and the related taxes thereon, non-recurring tax expenses,
as well as 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.
Additionally, in September 2014, the Company issued convertible
bonds denominated in New Israeli Shekels and at the same time
entered into a derivative arrangement (SWAP) that economically
exchanges the convertible bonds as if they were denominated in US
dollars, when the bond was issued. The Company excludes from its
GAAP financial measures the fair value revaluations of both, the
convertible bonds and the related derivative instrument, and by
doing so, the non-GAAP measures reflect the Company’s results as if
the convertible bonds were originally issued and denominated in US
dollars, which is the Company’s functional currency. 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 between results on a GAAP
and non-GAAP basis is provided in the last table of this press
release.
Forward Looking StatementsThis
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 the
Company with the Securities and Exchange Commission from time to
time, including its annual report on Form 20-F for the year ended
December 31, 2016 filed with the SEC on March 7, 2017. Perion does
not assume any obligation to update these forward-looking
statements.
|
PERION NETWORK LTD. AND ITS
SUBSIDIARIES |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS: |
|
|
|
|
In thousands
(except share and per share data) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Year ended |
|
December 31, |
|
|
December 31, |
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
UNAUDITED |
|
|
AUDITED |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Search
and other |
$ |
47,290 |
|
|
$ |
40,488 |
|
|
$ |
188,897 |
|
|
$ |
172,683 |
|
Advertising |
|
20,317 |
|
|
|
44,054 |
|
|
|
32,053 |
|
|
|
140,111 |
|
Total
Revenues |
|
67,607 |
|
|
|
84,542 |
|
|
|
220,950 |
|
|
|
312,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
3,371 |
|
|
|
4,577 |
|
|
|
7,877 |
|
|
|
16,515 |
|
Customer
acquisition costs and media buy |
|
30,799 |
|
|
|
38,145 |
|
|
|
91,194 |
|
|
|
140,210 |
|
Research
and development |
|
5,767 |
|
|
|
6,393 |
|
|
|
21,692 |
|
|
|
26,528 |
|
Selling
and marketing |
|
8,867 |
|
|
|
15,420 |
|
|
|
22,886 |
|
|
|
58,572 |
|
General
and administrative |
|
13,747 |
|
|
|
8,342 |
|
|
|
31,064 |
|
|
|
32,916 |
|
Depreciation and amortization |
|
5,168 |
|
|
|
6,174 |
|
|
|
11,422 |
|
|
|
25,977 |
|
Impairment, net of change in fair value of contingent
consideration |
|
1,063 |
|
|
|
- |
|
|
|
72,785 |
|
|
|
- |
|
Restructuring costs |
|
1,052 |
|
|
|
- |
|
|
|
1,052 |
|
|
|
728 |
|
Total Costs and
Expenses |
|
69,834 |
|
|
|
79,051 |
|
|
|
259,972 |
|
|
|
301,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
from Operations |
|
(2,227 |
) |
|
|
5,491 |
|
|
|
(39,022 |
) |
|
|
11,348 |
|
Financial expense,
net |
|
(203 |
) |
|
|
1,882 |
|
|
|
1,939 |
|
|
|
8,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
before Taxes on Income |
|
(2,024 |
) |
|
|
3,609 |
|
|
|
(40,961 |
) |
|
|
3,060 |
|
Taxes on income |
|
(6,887 |
) |
|
|
3,290 |
|
|
|
697 |
|
|
|
212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) from Continuing Operations |
|
4,863 |
|
|
|
319 |
|
|
|
(41,658 |
) |
|
|
2,848 |
|
Net income (Loss) from
discontinued operations |
|
(21,628 |
) |
|
|
- |
|
|
|
(26,999 |
) |
|
|
(2,647 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
$ |
(16,765 |
) |
|
$ |
319 |
|
|
$ |
(68,657 |
) |
|
$ |
201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
(Loss) per Share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.07 |
|
|
$ |
0.00 |
*) |
|
$ |
(0.58 |
) |
|
$ |
0.04 |
|
Discontinued operations |
$ |
(0.30 |
) |
|
$ |
- |
|
|
$ |
(0.38 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
(Loss) per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.07 |
|
|
$ |
0.00 |
*) |
|
$ |
(0.58 |
) |
|
$ |
0.04 |
|
Discontinued operations |
$ |
(0.30 |
) |
|
$ |
- |
|
|
$ |
(0.38 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares continuing and discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
72,685,789 |
|
|
|
77,163,670 |
|
|
|
71,300,432 |
|
|
|
76,560,454 |
|
Diluted |
|
72,685,789 |
|
|
|
77,540,690 |
|
|
|
71,300,432 |
|
|
|
76,673,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*) less than $0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PERION NETWORK LTD. AND ITS SUBSIDIARIES |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS:
UNAUDITED |
In
thousands |
|
December 31, |
|
2015 |
|
|
2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
17,519 |
|
|
$ |
23,962 |
|
Short-term bank deposit |
|
42,442 |
|
|
|
8,414 |
|
Accounts
receivable, net |
|
66,662 |
|
|
|
71,346 |
|
Prepaid
expenses and other current assets |
|
17,396 |
|
|
|
10,036 |
|
Total Current Assets |
|
144,019 |
|
|
|
113,758 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
12,714 |
|
|
|
14,205 |
|
Goodwill and intangible
assets, net |
|
269,765 |
|
|
|
234,755 |
|
Deferred taxes |
|
12,344 |
|
|
|
4,117 |
|
Other assets |
|
3,456 |
|
|
|
1,617 |
|
|
|
|
|
|
|
Total
Assets |
$ |
442,298 |
|
|
$ |
368,452 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
40,388 |
|
|
$ |
38,293 |
|
Accrued
expenses and other liabilities |
|
22,857 |
|
|
|
17,466 |
|
Short-term loans and current maturities of long-term and
convertible debt |
|
23,756 |
|
|
|
17,944 |
|
Deferred
revenues |
|
7,731 |
|
|
|
5,354 |
|
Payment
obligation related to acquisitions |
|
11,893 |
|
|
|
7,653 |
|
Total Current Liabilities |
|
106,625 |
|
|
|
86,710 |
|
Long-Term
Liabilities: |
|
|
|
|
|
Long-term
debt, net of current maturities |
|
46,920 |
|
|
|
37,928 |
|
Convertible debt, net of current maturities |
|
28,371 |
|
|
|
21,862 |
|
Payment
obligation related to acquisition |
|
37,231 |
|
|
|
- |
|
Deferred
taxes |
|
19,456 |
|
|
|
8,087 |
|
Other
long-term liabilities |
|
3,858 |
|
|
|
5,721 |
|
Total
Liabilities |
|
242,461 |
|
|
|
160,308 |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
Ordinary
shares |
|
206 |
|
|
|
210 |
|
Additional paid-in capital |
|
227,258 |
|
|
|
234,831 |
|
Treasury
shares at cost |
|
(1,002 |
) |
|
|
(1,002 |
) |
Accumulated other comprehensive loss |
|
(794 |
) |
|
|
(265 |
) |
Accumulated deficit |
|
(25,831 |
) |
|
|
(25,630 |
) |
Total
Shareholders' Equity |
|
199,837 |
|
|
|
208,144 |
|
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity |
$ |
442,298 |
|
|
$ |
368,452 |
|
|
|
|
|
|
|
PERION NETWORK LTD. AND ITS
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS: UNAUDITED |
In
thousands |
|
Year ended December 31, |
|
2015 |
|
|
2016 |
|
Operating
activities: |
|
|
|
|
|
Net loss |
$ |
(68,657 |
) |
|
$ |
201 |
|
Loss from
discontinued operations, net |
|
(26,999 |
) |
|
|
(2,647 |
) |
Net income (loss) from
continuing operations |
|
(41,658 |
) |
|
|
2,848 |
|
|
|
|
|
|
|
Adjustments required to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
11,422 |
|
|
|
25,977 |
|
Impairment of goodwill and intangible assets |
|
79,349 |
|
|
|
- |
|
Stock
based compensation expense |
|
6,738 |
|
|
|
6,844 |
|
Restructuring costs related to impairment of property and
equipment |
|
124 |
|
|
|
254 |
|
Issuance
of ordinary shares related to employees' retention |
|
63 |
|
|
|
- |
|
Foreign
currency translation |
|
(347 |
) |
|
|
980 |
|
Accrued
interest, net |
|
37 |
|
|
|
406 |
|
Deferred
taxes, net |
|
(8,973 |
) |
|
|
(3,268 |
) |
Change in
payment obligation related to acquisitions |
|
(5,937 |
) |
|
|
983 |
|
Change in
payment obligation related to acquisition |
|
311 |
|
|
|
320 |
|
Fair
value revaluation - convertible debt |
|
175 |
|
|
|
1,350 |
|
Net
changes in operating assets and liabilities |
|
(17,532 |
) |
|
|
(2,910 |
) |
Net cash provided by
continuing operating activities |
|
23,772 |
|
|
|
33,784 |
|
Net cash used in
discontinued activities |
|
(6,203 |
) |
|
|
(3,329 |
) |
Net cash
provided by operating activities |
$ |
17,569 |
|
|
$ |
30,455 |
|
Investing
activities: |
|
|
|
|
|
Purchases
of property and equipment |
$ |
(2,005 |
) |
|
$ |
(1,353 |
) |
Capitalization of development costs |
|
(4,005 |
) |
|
|
(4,591 |
) |
Change in
restricted cash, net |
|
50 |
|
|
|
647 |
|
Investments in short-term deposits, net |
|
(27,442 |
) |
|
|
34,028 |
|
Cash paid
for acquisition, net of cash acquired |
|
(87,044 |
) |
|
|
- |
|
Net cash
provided by (used in) investing activities |
$ |
(120,446 |
) |
|
$ |
28,731 |
|
Financing
activities: |
|
|
|
|
|
Exercise
of stock options and restricted share units |
|
13 |
|
|
|
2 |
|
Payment
made in connection with acquisition |
|
(1,534 |
) |
|
|
(29,537 |
) |
Issuance
of shares in private placement, net |
|
10,020 |
|
|
|
- |
|
Proceeds
from short-term loans |
|
13,000 |
|
|
|
40,000 |
|
Repayment
of convertible debt |
|
- |
|
|
|
(7,620 |
) |
Repayment
of short-term loans |
|
- |
|
|
|
(46,000 |
) |
Repayment
of long-term loans |
|
(2,300 |
) |
|
|
(9,452 |
) |
Net cash
provided by (used in) financing activities |
$ |
19,199 |
|
|
$ |
(52,607 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
14 |
|
|
|
(136 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
(77,461 |
) |
|
|
9,772 |
|
Net cash used in
discontinued activities |
|
(6,203 |
) |
|
|
(3,329 |
) |
Cash and cash
equivalents at beginning of year |
|
101,183 |
|
|
|
17,519 |
|
Cash and cash
equivalents at end of year |
$ |
17,519 |
|
|
$ |
23,962 |
|
PERION NETWORK LTD. AND ITS SUBSIDIARIES |
|
RECONCILIATION OF GAAP TO NON-GAAP RESULTS:
UNAUDITED |
In
thousands (except share and per share data) |
|
Three months ended |
|
Year ended |
|
December 31, |
|
December 31, |
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) from continuing operations |
$ |
4,863 |
|
|
$ |
319 |
|
|
$ |
(41,658 |
) |
|
$ |
2,848 |
|
Acquisition related expenses |
|
4,565 |
|
|
|
- |
|
|
|
5,774 |
|
|
|
179 |
|
Valuation
adjustment on acquired deferred revenues |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
359 |
|
Share
based compensation |
|
1,815 |
|
|
|
1,859 |
|
|
|
6,738 |
|
|
|
6,844 |
|
Amortization of acquired intangible assets |
|
4,545 |
|
|
|
5,173 |
|
|
|
8,879 |
|
|
|
21,974 |
|
Restructuring costs |
|
1,052 |
|
|
|
- |
|
|
|
1,052 |
|
|
|
728 |
|
Impairment of acquired intangible assets |
|
1,063 |
|
|
|
- |
|
|
|
79,349 |
|
|
|
- |
|
Change in
fair value of contingent consideration related to acquisition |
|
- |
|
|
|
- |
|
|
|
(6,564 |
) |
|
|
- |
|
Settlement of legal claim |
|
550 |
|
|
|
- |
|
|
|
550 |
|
|
|
- |
|
Fair
value revaluation of convertible debt and related derivative |
|
(732 |
) |
|
|
274 |
|
|
|
(430 |
) |
|
|
408 |
|
Non-recurring tax benefit |
|
(7,053 |
) |
|
|
- |
|
|
|
(7,053 |
) |
|
|
- |
|
Accretion
of payment obligation related to acquisition |
|
132 |
|
|
|
33 |
|
|
|
489 |
|
|
|
1,303 |
|
Taxes
related to amortization of acquired intangible assets |
|
(1,581 |
) |
|
|
(1,140 |
) |
|
|
(2,423 |
) |
|
|
(6,950 |
) |
Non-GAAP net
income from continuing operations |
$ |
9,219 |
|
|
$ |
6,518 |
|
|
$ |
44,703 |
|
|
$ |
27,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income from continuing operations |
$ |
9,219 |
|
|
$ |
6,518 |
|
|
$ |
44,703 |
|
|
$ |
27,693 |
|
Taxes on
income |
|
1,747 |
|
|
|
4,430 |
|
|
|
10,173 |
|
|
|
7,162 |
|
Financial
expense, net |
|
397 |
|
|
|
1,575 |
|
|
|
1,880 |
|
|
|
6,577 |
|
Depreciation |
|
623 |
|
|
|
1,001 |
|
|
|
2,543 |
|
|
|
4,003 |
|
Adjusted
EBITDA |
$ |
11,986 |
|
|
$ |
13,524 |
|
|
$ |
59,299 |
|
|
$ |
45,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted earnings per share |
$ |
0.13 |
|
|
$ |
0.08 |
|
|
$ |
0.59 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted earnings per share |
|
72,903,613 |
|
|
|
77,540,690 |
|
|
|
75,757,287 |
|
|
|
76,673,803 |
|
Contact Information:
Perion Network Ltd.
Investor relations
Jeremy Stein
+972 (73) 398-1025
investors@perion.com
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