Business
Perion Delivers Record Revenues, Up 45% Year-Over-Year; GAAP Net Income Up 399% for the Third Quarter of 2021
Display Advertising revenues growth of 82% driven by high-impact video and CTV performance; Management increases guidance for 2021 and 2022 TEL AVIV, Israel
About this update from Perion Network Ltd
[{"type":"text","content":"\nDisplay Advertising revenues growth of 82% driven by high-impact video and CTV performance; Management increases guidance for 2021 and 2022\n\n TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)--\nPerion Network Ltd. (NASDAQ: PERI), a global advertising technology company that delivers a holistic solution across the three main pillars of digital advertising – ad search, social media, and display / video / CTV advertising – today announced financial results for the third quarter ended September 30, 2021.\n\nDoron Gerstel, Perion’s CEO, commented, “During the first nine months of the year our display advertising generated more than $165 million of revenues, exceeding the $149 million generated for all of 2020. Driven by the capabilities of our iHub to create unprecedented advertising efficiencies, our average deal size expanded by 30%, as budgets moved to our breakthrough high-impact, creatively led formats especially for Video and CTV. In recognition of the growing demand for video advertising, we made the accretive acquisition of Vidazoo, a leading video tech platform. By combining Perion’s proven, high-impact video suite and Vidazoo’s unique online video player, we can offer a proprietary, end-to-end video solution that extends the efficiency of our iHub, and that meets the needs of publishers for simple, highly scalable, plug-and-play video solutions.”\n\nThird Quarter 2021 Highlights\n\n\nDisplay advertising revenues growth of 82% (or 73% on pro forma basis), driven by accelerating adoption of Perion’s video and CTV solutions, leading to an increase of average client spend by 30% and a 12% increase in number of clients;\n\n\n\nSearch advertising revenues growth of 14%, primarily driven by an increased number of monetized searches;\n\n\n\nEBITDA margin of 37% excluding traffic acquisitions costs compared to 26% during the third quarter of 2020, partially resulted from the implementation of Perion’s iHub that provides higher costs efficiencies;\n\n\n\nNet cash provided by operating activities of $14.2 million; Perion had $156.2 million in cash and zero debt as of September 30, 2021;\n\n\n\nVideo and CTV grew by 245% year-over-year, representing 20% of the Display advertising revenues.\n\n\nThird Quarter 2021 Financial Highlights*\n\n(In millions, except per share data)\n\n\n\n \n\n\n\nThree months ended\n\n\n\n \n\n\n\nNine months...