Business
Perion Reports Revenues of $60.3 Million for the Second Quarter 2020
Company advances long-term growth strategy amidst Q2 volatility; Accretive strategic acquisition of Pub Ocean in Q3; Improved visibility and strong
About this update from Perion Network Ltd
[{"type":"text","content":"\nCompany advances long-term growth strategy amidst Q2 volatility;\nAccretive strategic acquisition of Pub Ocean in Q3;\nImproved visibility and strong indicators for accelerating growth lead to H2 2020 Revenues and Adjusted EBITDA guidance\n\n TEL AVIV & NEW YORK--(BUSINESS WIRE)--\n \n\n\nQ2 2020 Highlights:\n\n\n\nTotal Revenues of $60.3 million, declined 5% year-over-year;\n\n\nGAAP Net Loss of $2.2 million, compared to Net Income of $2.9 million in the same period last year;\n\n\nNon-GAAP Net Income of $1.9 million, compared to $4.5 million in the same period last year;\n\n\nGAAP Loss Per Share of $0.08, compared to Earnings Per Share of $0.11 in the same period last year;\n\n\nAdjusted EBITDA of $2.5 million, compared to $7.4 million in the same period last year;\n\n\nNet Cash provided from operations was $0.2 million inclusive of approximately $2 million decrease due to working capital needs in connection with the acquisition of CIQ;\n\n\nNet Cash decreased from $45.0 million as of 12/31/19 to $35.4 million.\n\n\n\nPerion Network Ltd. (NASDAQ: PERI), a global technology company that delivers its Synchronized Digital Branding solution across the three main pillars of digital advertising - ad search, social media and display / video advertising – announced today its financial results for the second quarter and six months ended June 30, 2020.\n\n\nFinancial Highlights*\n\n\n(In millions, except per share data)\n\n\n\n\n \n\n\n\nThree months ended\n\n\n\n \n\n\n\nSix months ended\n\n\n\n \n\n\n\n\n\n \n\n\n\nJune 30,\n\n\n\n \n\n\n\nJune 30,\n\n\n\n \n\n\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n\n\nAdvertising revenues\n\n\n\n$\n\n\n\n18.7\n\n\n\n \n\n\n\n$\n\n\n\n21.3\n\n\n\n \n\n\n\n-12%\n\n\n\n \n\n\n\n$\n\n\n\n42.4\n\n\n\n \n\n\n\n$\n\n\n\n39.9\n\n\n\n \n\n\n\n+6%\n\n\n\n \n\n\n\n\n\nSearch and other revenues\n\n\n\n$\n\n\n\n41.7\n\n\n\n \n\n\n\n$\n\n\n\n42.3\n\n\n\n \n\n\n\n-1%\n\n\n\n \n\n\n\n$\n\n\n\n84.0\n\n\n\n \n\n\n\n$\n\n\n\n77.5\n\n\n\n \n\n\n\n+8%\n\n\n\n \n\n\n\n\n\nTotal Revenues\n\n\n\n$\n\n\n\n60.3\n\n\n\n \n\n\n\n$\n\n\n\n63.6\n\n\n\n \n\n\n\n-5%\n\n\n\n \n\n\n\n$\n\n\n\n126.4\n\n\n\n \n\n\n\n$\n\n\n\n117.4\n\n\n\n \n\n\n\n+8%\n\n\n\n \n\n\n\n\n\nGAAP Net Income (Loss)\n\n\n\n$\n\n\n\n(2.2)\n\n\n\n \n\n\n\n$\n\n\n...