- Perion Network Ltd (NASDAQ:PERI) reported fourth-quarter FY21 revenue growth of 34% year-on-year to $158 million, beating the consensus of $144.96 million.
- Display Advertising revenues rose 46% Y/Y to $100.2 million, fueled by the proforma basis growth of 87% in video and CTV.
- Search Advertising revenue increased 16% Y/Y to $57.8 million, due to 17.5 million of average daily monetizable search queries compared to 15.7 million in the Q4 of 2020 and 43% Y/Y increase in publishers to its network.
- Non-GAAP EPS of $0.62 beat the consensus of $0.39.
- The Adjusted EBITDA/Revenue Ex TAC expanded to 45% from 35% last year. The adjusted EBITDA margin expanded 530 bps to 18.3%.
- Perion Network generated $28.8 million in operating cash flow and held $321.6 million in cash and equivalents.
- Doron Gerstel, Perion's CEO, commented, "Record fourth quarter and full-year outstanding financial performance are a direct result of Perion's diversification strategy and our ability to connect all our assets into a single intelligent hub, demonstrating Perion's sustainable and predictable business model."
- The company noted its expanded relationship with Microsoft Corp (NASDAQ:MSFT) Bing drove the increase in search advertising revenue and significant incremental EBITDA.
- Outlook: Perion raised the FY22 revenue outlook from $590 million - $610 million to $610 million - $630 million, above the consensus of $596.3 million.
- Price Action: PERI shares traded higher by 9.39% at $23.99 in the premarket session on the last check Wednesday.
