Q2 2024 Perion Network Ltd Earnings Call Transcript
Key Points
- Perion Network Ltd (PERI) made significant advancements in its technologies, securing key integrations and partnerships to enhance its solutions.
- The company's programmatic digital out-of-home business grew by 41% year over year, outpacing market expectations.
- Perion's CTV business experienced a 42% year-over-year growth, more than doubling the market growth rate.
- Retail media vertical delivered consistent growth, increasing 75% year over year, significantly outperforming market growth estimates.
- Perion's strong balance sheet and cash position allow for continued organic investments in technology and execution of its M&A strategy.
- Revenue for the second quarter was $108.7 million, a decrease of 39% year over year, primarily impacted by declines in search and standard open web video and display.
- Adjusted EBITDA decreased by 81% year over year, resulting in a 7% adjusted EBITDA margin.
- The company reported a GAAP net loss of $6.2 million for the quarter.
- Second-quarter search advertising revenue decreased by 57% year over year due to changes in Microsoft's advertising pricing mechanisms.
- Operating cash flow for the second quarter was negative $20.5 million, impacted by a delay in Microsoft collection and a one-time contingent consideration payment.
Hello, everybody, and welcome to the Perion Network second-quarter 2024 earnings conference call. Today's conference is being recorded. The press release detailing the financial results is available on the company's website at www.perion.com.
Before we begin, I'd like to read the following Safe Harbor statement. Today's discussion includes forward-looking statements. These statements reflect the company's current views with respect to future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including those discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20-F that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements anticipated or implied by these forward-looking statements. The company does not undertake to update any forward-looking statements to reflect future events or circumstances.
As in prior quarters, the results reported today will be
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
