Business
Perion Reports $1.3 Million in GAAP Net Income and $6.2 Million in Adjusted EBITDA for the First Quarter 2020
Company continues its 2019 momentum, driving 23% year over year topline growth; seasoned management team taking range of strategic steps to preserve cash and
About this update from Perion Network Ltd
[{"type":"text","content":"\nCompany continues its 2019 momentum, driving 23% year over year topline growth;\n\n\nseasoned management team taking range of strategic steps to preserve cash and leverage financial strength amidst COVID-19 uncertainty \n\n\nQ1 2020 Highlights:\n\n\n\nTotal Revenues of $66.1 million, increased 23% year-over-year;\n\n\nGAAP Net Income of $1.3 million, increased 8% year-over-year;\n\n\nNon-GAAP Net Income of $5.0 million, increased 53% year-over-year;\n\n\nGAAP Earnings Per Share of $0.05, no change year-over-year;\n\n\nAdjusted EBITDA of $6.2 million, increased 22% year-over-year;\n\n\nNet Cash provided from operations was $2.5 million; decreased 82% year-over-year;\n\n\nNet Cash decreased from $45.0 million to $39.5, inclusive of the $15.1 million paid at closing to acquire ContentIQ.\n\n\n TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)--\nPerion Network Ltd. (NASDAQ: PERI), a global technology company that delivers its Synchronized Digital Branding solution across the three main pillars of digital advertising - ad search, social media and display / video advertising – announced today its financial results for the first quarter ended March 31, 2020.\n\n\nFinancial Highlights*\n\n\n(In millions, except per share data)\n\n\n\n\n \n\n\n\nThree months ended\n\n\n\n \n\n\n\n\n\n \n\n\n\nMarch 31,\n\n\n\n \n\n\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n\n\nAdvertising revenues\n\n\n\n$\n\n\n\n23.7\n\n\n\n \n\n\n\n$\n\n\n\n18.6\n\n\n\n \n\n\n\n+28%\n\n\n\n \n\n\n\n\n\nSearch and other revenues\n\n\n\n$\n\n\n\n42.3\n\n\n\n \n\n\n\n$\n\n\n\n35.3\n\n\n\n \n\n\n\n+20%\n\n\n\n \n\n\n\n\n\nTotal Revenues\n\n\n\n$\n\n\n\n66.1\n\n\n\n \n\n\n\n$\n\n\n\n53.8\n\n\n\n \n\n\n\n+23%\n\n\n\n \n\n\n\n\n\nGAAP Net Income\n\n\n\n$\n\n\n\n1.3\n\n\n\n \n\n\n\n$\n\n\n\n1.2\n\n\n\n \n\n\n\n+8%\n\n\n\n \n\n\n\n\n\nNon-GAAP Net Income\n\n\n\n$\n\n\n\n5.0\n\n\n\n \n\n\n\n$\n\n\n\n3.3\n\n\n\n \n\n\n\n+53%\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n6.2\n\n\n\n \n\n\n\n$\n\n\n\n5.1\n\n\n\n \n\n\n\n+22%\n\n\n\n \n\n\n\n\n\nNet cash provided by operating activities\n\n\n\n$\n\n\n\n2.5\n\n\n\n \n\n\n\n$\n\n\n\n14.0\n\n\n\n \n\n\n\n-82%\n\n\n\n \n\n\n\n\n\nGAAP Diluted Earnings Per Share\n\n\n\n$\n\n\n\n0.05\n\n\n\n \n\n\n\n$\n\n\n\n0.05\n\n\n\n \n\n\n\n0%\n\n\n\n \n\n\n\n\n\nNon-GAAP Diluted Earnings Per Share\n\n\n\n$\n\n\n...