Perion Reports Fourth Quarter and Full-Year 2018 Results
Company Generates Full-Year Net Income of $8.1 Million, Achieves Full-Year Adjusted EBITDA Guidance of $29.6
Million; Continued Focus on Profitability and Cash Generation Drives Successful Long-Term Debt Reduction Execution
Perion Network Ltd. (NASDAQ: PERI), a global innovator in delivering synchronized digital marketing solutions for brands that
are relentlessly focused on deeper consumer relationships, announced today its financial results for the fourth quarter and 12
months ended December 31, 2018.
Financial Highlights*
(In millions, except per share data)
|
|
Three months ended |
|
|
Year ended |
|
|
December 31, |
|
|
December 31, |
|
|
2017
|
|
2018 |
|
|
2017 |
|
2018 |
Advertising revenues |
|
$ |
|
43.0 |
|
$ |
|
|
37.3 |
|
|
$ |
|
134.5 |
|
$ |
|
|
126.0 |
Search and other revenues |
|
$ |
|
34.3 |
|
$ |
|
|
34.7 |
|
|
$ |
|
139.5 |
|
$ |
|
|
126.8 |
Total Revenues |
|
$ |
|
77.3 |
|
$ |
|
|
72.0 |
|
|
$ |
|
274.0 |
|
$ |
|
|
252.8 |
GAAP Net Income (Loss) |
|
$ |
|
(37.3) |
|
$ |
|
|
4.9 |
|
|
$ |
|
(72.8) |
|
$ |
|
|
8.1 |
Non-GAAP Net Income |
|
$ |
|
6.4 |
|
$ |
|
|
5.8 |
|
|
$ |
|
17.4 |
|
$ |
|
|
17.8 |
Adjusted EBITDA |
|
$ |
|
11.9 |
|
$ |
|
|
11.5 |
|
|
$ |
|
28.9 |
|
$ |
|
|
29.6 |
Net cash provided by operating activities |
|
$ |
|
7.2 |
|
$ |
|
|
4.3 |
|
|
$ |
|
36.0 |
|
$ |
|
|
32.8 |
GAAP Diluted Earnings (Loss) Per Share |
|
$ |
|
(1.44) |
|
$ |
|
|
0.19 |
|
|
$ |
|
(2.81) |
|
$ |
|
|
0.31 |
Non-GAAP Diluted Earnings Per Share |
|
$ |
|
0.24 |
|
$ |
|
|
0.21 |
|
|
$ |
|
0.72 |
|
$ |
|
|
0.65 |
* Reconciliation of GAAP to Non-GAAP measures follows.
Doron Gerstel, Perion’s CEO stated, “We enter 2019 with a significantly strengthened financial position as a result of the
successful completion of the first phase of our three-phase turnaround strategy. We have reduced Perion’s operating expenses by 21%
from $108.4 million in 2017 to $86.0 million in 2018 and in so doing, we have extended the runway to continue the investments in
technology that are necessary to reposition Perion for long-term growth. In addition, we have also successfully consolidated our
debt facilities by extending the maturity date, redistributing principal payments of the loan to improve Perion’s financial
flexibility and to more efficiently manage our growing cash position. Over the past 24 months, we have reduced the previous debt by
48% from $77.7 million to $40.5 million, and our current cash position exceeds debt for the second consecutive quarter since
2015.”
“Encouraged by the feedback and interest we have received from customers on Undertone’s new Synchronized Digital Branding
solution, which we introduced in early 2018, we have made the strategic decision to allocate additional R&D resources to
further enhance Undertone’s core technology in 2019,” added Mr. Gerstel. “The goal of these investments is to further differentiate
our offering and better meet the needs of our clients which will position us to capture a larger share of advertisers spend.”
“We have also reaffirmed our strategic decision to not degrade the quality of Undertone’s premium offerings by filling a
short-term gap with lower value ad units,” continued Mr. Gerstel. “This decision will preserve the superior results we deliver to
our clients and with it, maintain our high margins – even though it has and will continue to impact our top-line results in the
near-term. We are managing our business for earnings and are prepared to see this transition through as we leverage our strong cash
generation to strengthen our product offering and position Undertone for new growth opportunities.”
Mr. Gerstel concluded, “Under fresh leadership in our CodeFuel business, we are finding new revenue opportunities for our
industry-leading platform, while maintaining and in fact deepening a strong and strategically important relationship with
Microsoft’s Bing. CodeFuel continues to generate significant cash flow, enabling us to invest even further in our advertisement
business. This business has been resilient, and our strong relationship with Bing suggests continued strength and cash generation
for the foreseeable future.”
Financial Comparison for the Fourth Quarter of 2018:
Revenues: Revenues decreased by 7%, from $77.3 million in the fourth quarter of 2017 to $72.0 million in the fourth
quarter of 2018. This decrease was primarily a result of a 13% decrease in Advertising revenues due to insufficient programmatic
inventory to meet our demand for our high-impact ad units. Search revenues were increased by 1% in the fourth quarter of 2018
mainly due to higher Revenue-Per-Mille and the number of searches, despite churn of our legacy products.
Customer Acquisition Costs and Media Buy (“CAC”): CAC in the fourth quarter of 2018 were $36.6 million, or 51% of
revenues, as compared to $35.1 million, or 45% of revenues in the fourth quarter of 2017. In Search and other revenues,
the increase as a percentage of revenues is primarily due to the churn of our legacy products, while in Advertising, the
increase is mainly attributed to product mix and the effect of header bidding and Chrome’s ad blocker.
Net Income (Loss): On a GAAP basis, net income in the fourth quarter of 2018 was $4.9 million, as compared to a net loss
of $(37.3) million in the fourth quarter of 2017.
Non-GAAP Net Income: In the fourth quarter of 2018, non-GAAP net income was $5.8 million, or 8.1% of revenues, compared
to the $6.4 million, or 8.2% of revenues, in the fourth quarter of 2017.
Adjusted EBITDA: In the fourth quarter of 2018, Adjusted EBITDA was $11.5 million, or 16% of revenues, compared to $11.9
million, or 15% of revenues, in the fourth quarter of 2017.
Cash and Cash Flow from Operations: As of December 31, 2018, cash and cash equivalents and short-term deposit were $43.1
million. Cash provided by operations in the fourth quarter of 2018 was $4.3 million, compared to $7.2 million in the fourth quarter
of 2017.
Short-term Debt, Long-term Debt and Convertible Debt: As of December 31, 2018, total debt was $40.5 million, compared to
$60.7 million at December 31, 2017.
Perion satisfies all the financial covenants associated with its public debt.
Financial Comparison for the full year of 2018:
Revenues: Revenues decreased by 8%, from $274.0 million in 2017 to $252.8 million in 2018. This decrease was primarily a
result of Search and other revenues declining 9% due to churn of our legacy products and the 2017 network cleanup, along with a 6%
decrease in our Advertising revenues due to insufficient programmatic inventory to meet our demand for our programmatic high-impact
ad units.
Customer Acquisition Costs and Media Buy ("CAC"): CAC in 2018 were $128.4 million, or 51% of revenues, as compared to
$130.9 million, or 48% of revenues, in 2017. In Search and other revenues, the increase as a percentage of revenues is
primarily due to the churn of our legacy products, while in Advertising, the increase is mainly attributed to product mix and
due to the effect of header bidding and Chrome ad blocker.
Net Income: On a GAAP basis, the full-year net income in 2018 was $8.1 million, as compared to a net loss of $(72.8)
million in 2017.
Non-GAAP Net Income: In 2018, non-GAAP net income was $17.8 million, or 7.0% of revenues, compared to $17.4 million, or
6.4% of revenues, in 2017.
Adjusted EBITDA: In 2018, Adjusted EBITDA was $29.6 million, or 12% of revenues, compared to $28.9 million, or 11% of
revenues, in 2017.
Cash and Cash Flow from Operations: As of December 31, 2018, cash, cash equivalents and short-term deposits were $43.1
million. Cash provided by operations in 2018 decreased by 9%, from $36.0 million in 2017 to $32.8 million in 2018.
2019 Guidance:
Management expects to generate Adjusted EBITDA of $22 million to $24 million for the full year of 2019.
Gerstel concluded, “Our efforts to strengthen Perion’s financial position and streamline our operations in 2018 have provided us
with the necessary foundation to advance investments in growth. We expect 2019 to be a year of continued transition as we
prioritize margins and profitability over sales while introducing new offerings that will be the catalyst for future growth.”
Conference Call:
Perion management will host a conference call to discuss the results today at 10 a.m. ET. Details are as follows:
- Conference ID: 5632003
- Dial-in number from within the United States: 1-800-263-0877
- Dial-in number from Israel: 1-809-212-883
- Dial-in number (other international): 1-646-828-8143
- Playback available until February 20, 2019 by calling 1-844-512-2921 (United States) or
1-412-317-6671 (international). Please use PIN code 5632003 for the replay.
- Link to the live webcast accessible at
https://www.perion.com/ir-info/
About Perion Network Ltd.
Perion is a global technology company that delivers advertising solutions to brands and publishers. Perion is committed to
providing data-driven 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 discontinued operations, accretion of acquisition related contingent
consideration, impairment of goodwill, amortization and impairment 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 bonds were 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 Statements
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. 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, 2017
filed with the SEC on March 27, 2018. Perion does not assume any obligation to update these forward-looking statements.
PERION NETWORK LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS: UNAUDITED
In thousands (except share and per share data)
|
|
Three months ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
Unaudited |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
43,029 |
|
$ |
37,251 |
|
$ |
134,481 |
|
$ |
125,977 |
|
Search and other |
|
|
34,251 |
|
|
34,711 |
|
|
139,505 |
|
|
126,868 |
Total Revenues |
|
|
77,280 |
|
|
71,962 |
|
|
273,986 |
|
|
252,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
6,838 |
|
|
6,416 |
|
|
24,659 |
|
|
23,757 |
|
Customer acquisition costs and media buy |
|
|
35,092 |
|
|
36,553 |
|
|
130,885 |
|
|
128,351 |
|
Research and development |
|
|
4,406 |
|
|
4,321 |
|
|
17,189 |
|
|
18,884 |
|
Selling and marketing |
|
|
14,309 |
|
|
10,501 |
|
|
52,742 |
|
|
38,918 |
|
General and administrative |
|
|
5,369 |
|
|
3,398 |
|
|
21,911 |
|
|
16,450 |
|
Depreciation and amortization |
|
|
3,294 |
|
|
2,629 |
|
|
16,591 |
|
|
9,719 |
|
Impairment charges |
|
|
41,820 |
|
|
- |
|
|
85,667 |
|
|
- |
|
Restructuring costs |
|
|
- |
|
|
- |
|
|
- |
|
|
2,075 |
Total Costs and Expenses |
|
|
111,128 |
|
|
63,818 |
|
|
349,644 |
|
|
238,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations |
|
|
(33,848) |
|
|
8,144 |
|
|
(75,658) |
|
|
14,691 |
Financial expense, net |
|
|
1,756 |
|
|
753 |
|
|
5,922 |
|
|
3,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before Taxes on income |
|
|
(35,604) |
|
|
7,391 |
|
|
(81,580) |
|
|
10,897 |
Taxes on income (Tax benefit) |
|
|
1,673 |
|
|
2,504 |
|
|
(8,826) |
|
|
2,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(37,277) |
|
$ |
4,887 |
|
$ |
(72,754) |
|
$ |
8,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss) per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.44) |
|
$ |
0.19 |
|
$ |
(2.81) |
|
$ |
0.31 |
Diluted |
|
$ |
(1.44) |
|
$ |
0.19 |
|
$ |
(2.81) |
|
$ |
0.31 |
Weighted average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,850,023 |
|
|
25,850,187 |
|
|
25,849,724 |
|
|
25,850,067 |
|
Diluted |
|
|
25,850,023 |
|
|
26,850,977 |
|
|
25,849,724 |
|
|
26,855,225 |
CONDENSED CONSOLIDATED BALANCE SHEETS: UNAUDITED
In thousands
|
|
December 31, |
|
December 31, |
|
|
2017 |
|
2018 |
|
|
Audited |
|
Unaudited |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
31,567 |
|
$ |
39,109 |
|
Short-term bank deposit |
|
5,913 |
|
|
4,000 |
|
Accounts receivable, net |
|
62,830 |
|
|
55,557 |
|
Prepaid expenses and other current assets |
|
13,955 |
|
|
5,227 |
|
Total Current Assets |
|
114,265 |
|
|
103,893 |
|
|
|
|
|
|
Property and equipment, net |
|
17,476 |
|
|
15,649 |
Goodwill and intangible assets, net |
|
136,360 |
|
|
131,547 |
Deferred taxes |
|
4,798 |
|
|
4,414 |
Other assets |
|
1,128 |
|
|
943 |
|
|
|
|
|
|
|
Total Assets |
$ |
274,027 |
|
$ |
256,446 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
39,180 |
|
$ |
38,208 |
|
Accrued expenses and other liabilities |
|
17,784 |
|
|
17,240 |
|
Short-term loans and current maturities of long-term and convertible debt |
|
13,989 |
|
|
16,059 |
|
Deferred revenues |
|
5,271 |
|
|
3,794 |
|
Payment obligation related to acquisitions |
|
5,146 |
|
|
1,813 |
|
Total Current Liabilities |
|
81,370 |
|
|
77,114 |
Long-Term Liabilities: |
|
|
|
|
|
|
Long-term debt, net of current maturities |
|
30,026 |
|
|
16,667 |
|
Convertible debt, net of current maturities |
|
16,693 |
|
|
7,726 |
|
Other long-term liabilities |
|
7,606 |
|
|
6,158 |
Total Liabilities |
|
135,695 |
|
|
107,665 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Ordinary shares |
|
211 |
|
|
211 |
|
Additional paid-in capital |
|
236,975 |
|
|
239,693 |
|
Treasury shares at cost |
|
(1,002) |
|
|
(1,002) |
|
Accumulated other comprehensive gain |
|
532 |
|
|
142 |
|
Accumulated deficit |
|
(98,384) |
|
|
(90,263) |
Total Shareholders' Equity |
|
138,332 |
|
|
148,781 |
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ |
274,027 |
|
$ |
256,446 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands
|
Three months ended
December 31,
|
|
Year ended
December 31,
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
Unaudited |
|
Unaudited |
|
Audited |
|
Unaudited |
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
(37,277) |
|
$ |
4,887 |
|
$ |
(72,754) |
|
$ |
8,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,294 |
|
|
2,629 |
|
|
16,591 |
|
|
9,719 |
|
Impairment of goodwill and intangible assets |
|
41,820 |
|
|
- |
|
|
85,667 |
|
|
- |
|
Stock based compensation expense |
|
445 |
|
|
596 |
|
|
2,112 |
|
|
2,718 |
|
Accretion of payment obligation related to acquisition |
|
(18) |
|
|
- |
|
|
43 |
|
|
- |
|
Foreign currency translation |
|
6 |
|
|
(9) |
|
|
83 |
|
|
3 |
|
Accrued interest, net |
|
136 |
|
|
648 |
|
|
475 |
|
|
1,005 |
|
Deferred taxes, net |
|
3,038 |
|
|
244 |
|
|
(8,877) |
|
|
335 |
|
Accrued severance pay, net |
|
960 |
|
|
(34) |
|
|
801 |
|
|
(783) |
|
Fair value revaluation - convertible debt |
|
1,017 |
|
|
(844) |
|
|
3,785 |
|
|
(1,585) |
|
Restructuring costs related to impairment of
property and equipment
|
|
- |
|
|
- |
|
|
- |
|
|
462 |
|
Net changes in operating assets and liabilities |
|
(6,260) |
|
|
(3,775) |
|
|
8,087 |
|
|
12,806 |
Net cash provided by operating activities |
$ |
7,161 |
|
$ |
4,342 |
|
$ |
36,013 |
|
$ |
32,801 |
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
$ |
(107) |
|
$ |
(629) |
|
$ |
(1,596) |
|
$ |
(1,979) |
|
Capitalization of development costs |
|
(1,319) |
|
|
(307) |
|
|
(5,756) |
|
|
(1,756) |
|
Change in restricted cash, net |
|
- |
|
|
(500) |
|
|
- |
|
|
(500) |
|
Short-term deposits, net |
|
(4,405) |
|
|
(4,000) |
|
|
2,501 |
|
|
1,913 |
|
Cash paid in connection with acquisitions |
|
- |
|
|
(1,666) |
|
|
- |
|
|
(3,333) |
Net cash used in investing activities |
$ |
(5,831) |
|
$ |
(7,102) |
|
$ |
(4,851) |
|
$ |
(5,655) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock options and restricted share units |
|
- |
|
|
- |
|
|
1 |
|
|
- |
|
Payment made in connection with acquisition |
|
(1,000) |
|
|
- |
|
|
(2,551) |
|
|
- |
|
Proceeds from long-term loans |
|
- |
|
|
25,000 |
|
|
5,000 |
|
|
25,000 |
|
Repayment of convertible debt |
|
- |
|
|
- |
|
|
(7,901) |
|
|
(8,167) |
|
Repayment of short-term loans |
|
- |
|
|
- |
|
|
(7,000) |
|
|
- |
|
Repayment of long-term loans |
|
(2,759) |
|
|
(24,036) |
|
|
(11,389) |
|
|
(36,509) |
Net cash provided by (used in) financing activities |
$ |
(3,759) |
|
$ |
964 |
|
$ |
(23,840) |
|
$ |
(19,676) |
Effect of exchange rate changes on cash and cash equivalents |
|
29 |
|
|
28 |
|
|
283 |
|
|
72 |
Net increase (decrease) in cash and cash equivalents |
|
(2,400) |
|
|
(1,768) |
|
|
7,605 |
|
|
7,542 |
Cash and cash equivalents at beginning of period |
|
33,967 |
|
|
40,877 |
|
|
23,962 |
|
|
31,567 |
Cash and cash equivalents at end of period |
$ |
31,567 |
|
$ |
39,109 |
|
$ |
31,567 |
|
$ |
39,109 |
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, |
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) |
$ |
(37,277) |
|
$ |
4,887 |
|
$ |
(72,754) |
|
$ |
8,121 |
|
Share based compensation |
|
446 |
|
|
596 |
|
|
2,112 |
|
|
2,718 |
|
Amortization of acquired intangible assets |
|
2,416 |
|
|
1,186 |
|
|
13,024 |
|
|
4,777 |
|
Restructuring costs |
|
- |
|
|
- |
|
|
- |
|
|
2,075 |
|
Non-recurring Legal fees |
|
206 |
|
|
125 |
|
|
206 |
|
|
351 |
|
Impairment of goodwill and intangible assets |
|
41,820 |
|
|
- |
|
|
85,667 |
|
|
- |
|
Fair value revaluation of convertible debt and related derivative |
|
538 |
|
|
(307) |
|
|
1,148 |
|
|
756 |
|
Accretion of payment obligation related to acquisition |
|
(18) |
|
|
- |
|
|
43 |
|
|
- |
|
Taxes on the above items |
|
(1,763) |
|
|
(684) |
|
|
(12,010) |
|
|
(997) |
Non-GAAP Net Income |
$ |
6,368 |
|
$ |
5,803 |
|
$ |
17,436 |
|
$ |
17,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income |
$ |
6,368 |
|
$ |
5,803 |
|
$ |
17,436 |
|
$ |
17,801 |
|
Taxes on income |
|
3,436 |
|
|
3,188 |
|
|
3,184 |
|
|
3,773 |
|
Financial expense, net |
|
1,236 |
|
|
1,060 |
|
|
4,731 |
|
|
3,038 |
|
Depreciation |
|
878 |
|
|
1,443 |
|
|
3,567 |
|
|
4,942 |
Adjusted EBITDA |
$ |
11,918 |
|
$ |
11,494 |
|
$ |
28,918 |
|
$ |
29,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share |
$ |
0.24 |
|
$ |
0.21 |
|
$ |
0.72 |
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP diluted earnings per share |
|
25,850,021 |
|
|
26,437,584 |
|
|
26,374,193 |
|
|
25,506,072 |
Perion Network Ltd.
Investor relations
Hila Valdman
+972 (73) 398-1000
investors@perion.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190213005294/en/