Latest news with #DOOH
Al Bawaba
3 days ago
- Business
- Al Bawaba
Flyby and noon Partner to Bring AdTech Innovation to Last-Mile Delivery
noon, the region's leading digital ecosystem of services and products, has partnered with Flyby to introduce a new mobile digital Out-of-Home (DOOH) medium in the last-mile delivery space. The collaboration brings data-driven, real-time digital advertising to noon's delivery fleet, giving advertisers new ways to reach consumers on the part of the rollout, Flyby's Smart Delivery Box will be deployed across noon's fleet — including noon Minutes and noon Food delivery bikes — turning these moving assets into a powerful, data-driven advertising platform. noon ads, already a leader in digital retail media, will now expand its offering to give advertisers a new way to reach audiences in high-impact urban partnership marks a significant step forward in Out-of-Home (OOH) advertising, positioning Flyby's mobile digital OOH solution as an addition to existing DOOH solutions. Unlike traditional Out-of-Home media, Flyby's Smart Delivery Boxes move through high-density urban areas, delivering hyper-localised ad placements at the right time, in the right Kamran, CEO, Flyby: 'We designed the Smart Delivery Box to create new value in last-mile delivery. With noon, we're proving that last-mile infrastructure can set a new standard for mobility and advertising in the region.'Fouad Aoun, GM of New Ventures, noon: 'We're constantly seeking innovative ways to bring value to our brands and sellers. Flyby's Smart Delivery Boxes allow us to expand our media network while ensuring that our advertisers get real-time, highly targeted exposure in ways that haven't been possible before.'Flyby's Smart Delivery Box has attracted growing interest across the region from aggregators and advertisers alike. Brands and media buyers looking for dynamic, data-backed audience engagement will benefit from this collaboration, which leverages noon's extensive reach and Flyby's innovative combining noon's deep advertiser relationships with Flyby's cutting-edge AdTech, brands now have access to:Advertising Where Static OOH Can't Reach: Mobile digital ads on noon's fleet capture urban audiences Reach: Advertisers can target by location, date, and time, ensuring relevance and Insights: Brands receive reports on exposure and impressions, Seamless Creative Execution: Advertisers don't need to worry about production or execution complexities. noon and Flyby offer end-to-end creative support — from adapting assets to digital formats to deploying them on the mutually beneficial model not only enhances the impact of noon ads' media offering but also reinforces noon's vision of digitising its fleet and unlocking new revenue streams while providing advertisers with an unmatched level of flexibility and efficiency in their campaigns. As Flyby and noon continue to push the boundaries of innovation, a new era where delivery fleets become a key pillar in the advertising economy has started. Advertisers and brands interested in future rollout phases are encouraged to register their interest before regional availability is fully committed.
Zawya
4 days ago
- Business
- Zawya
Flyby and noon partner to bring adtech innovation to last-mile delivery
Dubai, UAE – noon, the region's leading digital ecosystem of services and products, has partnered with Flyby to introduce a new mobile digital Out-of-Home (DOOH) medium in the last-mile delivery space. The collaboration brings data-driven, real-time digital advertising to noon's delivery fleet, giving advertisers new ways to reach consumers on the move. As part of the rollout, Flyby's Smart Delivery Box will be deployed across noon's fleet — including noon Minutes and noon Food delivery bikes — turning these moving assets into a powerful, data-driven advertising platform. noon ads, already a leader in digital retail media, will now expand its offering to give advertisers a new way to reach audiences in high-impact urban environments. This partnership marks a significant step forward in Out-of-Home (OOH) advertising, positioning Flyby's mobile digital OOH solution as an addition to existing DOOH solutions. Unlike traditional Out-of-Home media, Flyby's Smart Delivery Boxes move through high-density urban areas, delivering hyper-localised ad placements at the right time, in the right place. Cheyenne Kamran, CEO, Flyby: 'We designed the Smart Delivery Box to create new value in last-mile delivery. With noon, we're proving that last-mile infrastructure can set a new standard for mobility and advertising in the region.' Fouad Aoun, GM of New Ventures, noon: 'We're constantly seeking innovative ways to bring value to our brands and sellers. Flyby's Smart Delivery Boxes allow us to expand our media network while ensuring that our advertisers get real-time, highly targeted exposure in ways that haven't been possible before.' Flyby's Smart Delivery Box has attracted growing interest across the region from aggregators and advertisers alike. Brands and media buyers looking for dynamic, data-backed audience engagement will benefit from this collaboration, which leverages noon's extensive reach and Flyby's innovative technology. By combining noon's deep advertiser relationships with Flyby's cutting-edge AdTech, brands now have access to: Advertising Where Static OOH Can't Reach: Mobile digital ads on noon's fleet capture urban audiences dynamically. Hyper-Targeted Reach: Advertisers can target by location, date, and time, ensuring relevance and efficiency. Data-Driven Insights: Brands receive reports on exposure and impressions, Seamless Creative Execution: Advertisers don't need to worry about production or execution complexities. noon and Flyby offer end-to-end creative support — from adapting assets to digital formats to deploying them on the fleet. This mutually beneficial model not only enhances the impact of noon ads' media offering but also reinforces noon's vision of digitising its fleet and unlocking new revenue streams while providing advertisers with an unmatched level of flexibility and efficiency in their campaigns. As Flyby and noon continue to push the boundaries of innovation, a new era where delivery fleets become a key pillar in the advertising economy has started. Advertisers and brands interested in future rollout phases are encouraged to register their interest before regional availability is fully committed. About Flyby Flyby is an AdTech company transforming last-mile delivery into a dynamic advertising channel. Its Smart Delivery Boxes combine digital moving OOH advertising with real-time telematics and AI-powered rider safety monitoring. With an R&D centre in Munich and operations in Dubai and Abu Dhabi, Flyby is driving innovation in mobility, advertising, and road safety. Learn more at About was founded with the objective of fostering an ecosystem of regionally based digital companies to secure the region's digital landscape's future. noon's mission is to provide customers and companies in the Middle East region with outstanding value and support. On December 12th, 2017, noon launched its consumer platform in the Kingdom of Saudi Arabia and the United Arab Emirates. noon debuted in Egypt in February 2019 and has since evolved to become the largest online shopping destination in the Middle East. Primarily a digital e-commerce platform powered by in-house technological talent, noon has swiftly developed strong native capabilities throughout its marketplace, fulfillment, logistics, and payment systems. Learn more at Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, expectations or predictions of future financial or business performance, conditions relating to the company, and the effects of new leadership on the company's success. Actual results could differ materially from those projected or forecast in the forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, including technological advances, regulatory changes, and market conditions. For Media Requests: Flyby: press@ Noon: pr@
Business Wire
13-05-2025
- Business
- Business Wire
Perion Reports First Quarter 2025 Results, Raising Full Year 2025 Outlook
NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)-- Perion Network Ltd. (NASDAQ and TASE: PERI), a leader in advanced technology solving for the complexities of modern advertising, today reported its financial results for the first quarter ended March 31, 2025. 'Our strong start to the year is indicative that we have the right strategy to serve a customer base that can keep expanding as we go. Our key growth engines DOOH, CTV and Retail Media, delivered year-over-year improvement,' commented Tal Jacobson, Perion's CEO. 'With our strengthened leadership team in place, we are focused on better capturing growth opportunities and market share while enhancing our Perion One platform offering. I believe that 2025 will be a year of transformation for Perion, and we are gradually adding the necessary components to our existing capabilities through responsible acquisitions and focusing our R&D efforts on AI-enabled solutions.' Mr. Jacobson continued, 'Earlier today, we announced the acquisition of Greenbids. An advanced AI-first company that delivers real outcomes to top-tier brands. Through leveraging Greenbids' custom algorithmic capabilities, we expand our total addressable market, especially within the walled gardens, and better position ourselves to gain deeper access to performance advertising budgets. As the trusted partner for some of the most well-known consumer brands and advertising agencies in the world, we believe the Perion One platform will generate significant opportunities for greater customer retention, longer duration contracts, larger-scale customers, increased recurring revenue per customer, and ultimately a more efficient business structure.' Business & Financial Highlights Retail Media 1 revenue increased 33% year-over-year to $19.8 million, representing 22% of revenue compared to 9% last year. CTV revenue increased 31% year-over-year to $10.7 million, representing 12% of revenue compared to 5% last year. DOOH revenue increased 80% year-over-year to $17.4 million, representing 19% of revenue compared to 6% last year. Launched integration partnership with The Trade Desk, fostering deeper interoperability across the industry. Announced results for our Next-Gen AI-Powered Chatbot that Drives Double-Digit Engagement Lift Expanded share repurchase authorization to $125 million and initiated an accelerated repurchase program to support capital return strategy and enhance shareholder value. 1 Retail Media revenue includes all media channels, such as CTV, DOOH, video and others 2 Percent of revenue may not add up due to rounding Expand First Quarter 2025 Financial Highlights In millions, except per share data Three months ended March 31, 2025 2024 % Advertising Solutions Revenue $ 69.7 $ 75.8 (8%) Search Advertising Revenue $ 19.6 $ 82.0 (76%) Total Revenue $ 89.3 $ 157.8 (43%) Contribution ex-TAC (Revenue ex-TAC) 1 $ 39.7 $ 60.2 (34%) GAAP Net Income (loss) $ (8.3) $ 11.8 (171%) Non-GAAP Net Income 1 $ 5.4 $ 22.6 (76%) Adjusted EBITDA 1 $ 1.8 $ 20.3 (91%) Adjusted EBITDA to Contribution ex-TAC 1 5% 34% Net Cash from Operations $ (7.1) $ 6.9 (202%) Adjusted Free Cash Flow 1 $ (7.4) $ 6.5 (215%) GAAP Diluted EPS $ (0.19) $ 0.24 (179%) Non-GAAP Diluted EPS 1 $ 0.11 $ 0.44 (75%) Expand Financial Outlook for Full-Year 2025 2 'As a result of the organic growth we delivered in the first quarter, along with the highly synergistic acquisition of Greenbids, we are raising our full year 2025 revenue and adjusted EBITDA guidance. We are well-positioned to deliver improved, profitable results in 2025, driving greater long-term value for our shareholders,' Mr. Jacobson concluded. Based on current expectations, the Company is increasing its full-year 2025 outlook ranges: Revenue of $430 to $450 million Adjusted EBITDA 1 of $44 to $46 million Adjusted EBITDA 1 to contribution ex-TAC 1 of 22% at the midpoint 1 Contribution ex-TAC, non-GAAP Net Income, Adjusted EBITDA, adjusted Free Cash Flow and non-GAAP Diluted EPS are non-GAAP measures. See below reconciliation of GAAP to non-GAAP measures 2 Perion has not provided an outlook for GAAP Income from operations or reconciliation of Adjusted EBITDA guidance to GAAP Income from operations, the closest corresponding GAAP measure, because it does not provide guidance for certain of the reconciling items on a consistent basis due to the variability and complexity of these items, including but not limited to the measures and effects of stock-based compensation expenses directly impacted by unpredictable fluctuation in the share price and amortization in connection with future acquisitions. Hence, we are unable to quantify these amounts without unreasonable efforts Expand Share Repurchase program In March 2025, Perion's Board of Directors authorized a $50 million expansion of the previously authorized share repurchase program of $75 million of its outstanding shares, to a total of $125 million. During the first quarter of 2025, the company repurchased a total of 0.8 million shares at a total amount of $6.5 million. During the first quarter of 2025, the Company adopted an accelerated plan to further enhance the program's execution and shareholder return. Following the end of the first quarter and through May 12, the Company repurchased an additional 3 million shares at a total amount of over $26 million. As of May 12, 2025, the Company repurchased a total of 9 million shares, at a total amount of $79.3 million. Financial Comparison for the First Quarter of 2025 Revenue: Revenue decreased by 43% to $89.3 million in the first quarter of 2025 from $157.8 million in the first quarter of 2024. Advertising Solutions revenue decreased 8% year-over-year, accounting for 78% of total revenue, primarily due to a 28% decrease in our Web channel, partially offset by 80% increase in Digital Out of Home revenue and a 31% year-over-year increase in CTV revenue. Search Advertising revenue decreased by 76% year-over-year, accounting for 22% of revenue, following the previously announced changes implemented by Microsoft Bing in 2024. Traffic Acquisition Costs and Media Buy ('TAC'): TAC amounted to $49.7 million, or 56% of revenue, in the first quarter of 2025, compared with $97.6 million, or 62% of revenue, in the first quarter of 2024. The margin expansion was primarily due to changes in the product mix following the reduction in the Search business. GAAP Net Income: GAAP net income decreased by 171% to a loss of $8.3 million in the first quarter of 2025, compared with a GAAP net income of $11.8 million in the first quarter of 2024. GAAP net loss in the first quarter of 2025 includes $1.3 million restructuring costs resulting from the Perion One unification strategy. Non-GAAP Net Income: Non-GAAP net income was $5.4 million, or 6% of revenue, in the first quarter of 2025, compared with $22.6 million, or 14% of revenue, in the first quarter of 2024. A reconciliation of GAAP to non-GAAP net income is included in this press release. Adjusted EBITDA: Adjusted EBITDA was $1.8 million, or 2% of revenue (and 5% of Contribution ex-TAC) in the first quarter of 2025, compared with $20.3 million, or 13% of revenue (and 34% of Contribution ex-TAC) in the first quarter of 2024. A reconciliation of GAAP income from operations to Adjusted EBITDA is included in this press release. Cash Flow from Operations: Net cash used in operating activities in the first quarter of 2025 was $7.1 million, compared with $6.9 million that were generated in the first quarter of 2024. Operating cash flow was affected by the shift of approximately $8 million in customer collection from March 2025 to April 2025. Net cash: As of March 31, 2025, cash and cash equivalents, short-term bank deposits and marketable securities amounted to $358.5 million, compared with $373.3 million as of December 31, 2024. Conference Call Perion's management will host a conference call to discuss the results at 8:30 a.m. ET today: Registration link: A replay of the call and a transcript will be available within approximately 24 hours of the live event on Perion's website. Today, Tal Jacobson, Perion's CEO, shared an open letter with investors, clients, and employees. It is available on the Perion Website at: About Perion Network Ltd. Perion connects advertisers with consumers through technology across all major digital channels. Our cross-channel creative and technological strategies enable brands to maintain a powerful presence across the entire consumer journey, online and offline. Perion is dedicated to building an advertiser-centric universe, providing significant benefits to brands and publishers. For more information, visit Perion's website at Non-GAAP Measures Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude certain items. This press release includes certain non-GAAP measures, including Contribution ex-TAC and Adjusted EBITDA. Contribution ex-TAC presents revenue reduced by traffic acquisition costs and media buy, reflecting a portion of our revenue that must be directly passed to publishers or advertisers and presents our revenue excluding such items. We believe Contribution ex-TAC is a useful measure in assessing the performance of the Company because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs and media buy related to revenue reported on a gross basis. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ('Adjusted EBITDA') is defined as income from operations excluding stock-based compensation expenses, restructuring costs, unusual legal costs, depreciation, amortization of acquired intangible assets and retention and other acquisition-related expenses. Adjusted free cash flow is defined as net cash provided by (or used in) operating activities less cash used for the purchase of property and equipment, but excluding the purchase of property and equipment related to our new corporate headquarter, as we do not view this expense as reflective of our normal on-going expenses. It is important to note that this expense is in fact cash expenditures. Non-GAAP net income and non-GAAP diluted earnings per share are defined as net income and net earnings per share excluding stock-based compensation expenses, restructuring costs, unusual legal costs, retention and other acquisition-related expenses, amortization of acquired intangible assets and the related taxes thereon as well as foreign exchange gains and losses associated with ASC-842. 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. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required for such presentation without unreasonable effort. Consequently, no reconciliation of the forward-looking non-GAAP financial measures is included in this press release. 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 Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe- harbor provisions 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,' 'estimate' 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. All statements other than statements of historical fact included in this press release are forward-looking statements. 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, but not limited to, political, economic and other developments (including the current war between Israel and Hamas and other armed groups in the region), 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, and general risks associated with the business of Perion including, the transformation in our strategy, intended to unify our business units under the Perion brand (Perion One), intense and frequent changes in the markets in which the businesses operate and in general economic and business conditions (including the fluctuation of our share price), loss of key customers or of other partners that are material to our business, the outcome of any pending or future proceedings against Perion, data breaches, cyber-attacks and other similar incidents, unpredictable sales cycles, competitive pressures, market acceptance of new products and of the Perion One strategy, changes in applicable laws and regulations as well as industry self-regulation, negative or unexpected tax consequences, 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. We urge you to consider those factors, together with the other risks and uncertainties described in our most recent Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (SEC) on March 25, 2025, and our other reports filed with the SEC, in evaluating our forward-looking statements and other risks and uncertainties that may affect Perion and its results of operations. Perion does not assume any obligation to update these forward-looking statements. PERION NETWORK LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS In thousands March 31, December 31, 2025 2024 (Unaudited) (Audited) ASSETS Current Assets Cash and cash equivalents $ 150,718 $ 156,228 Restricted cash 1,144 1,134 Short-term bank deposits 141,316 139,333 Marketable securities 66,448 77,774 Accounts receivable, net 151,527 164,358 Prepaid expenses and other current assets 19,551 22,638 Total Current Assets 530,704 561,465 Long-Term Assets Property and equipment, net 9,299 8,916 Operating lease right-of-use assets 19,354 20,209 Goodwill and intangible assets, net 313,089 316,003 Deferred taxes 5,209 8,517 Other assets 615 416 Total Long-Term Assets 347,566 354,061 Total Assets $ 878,270 $ 915,526 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 97,708 $ 122,005 Accrued expenses and other liabilities 29,473 32,848 Short-term operating lease liability 3,445 3,648 Deferred revenue 1,391 2,049 Short-term payment obligation related to acquisitions 1,762 1,300 Total Current Liabilities 133,779 161,850 Long-Term Liabilities Long-term operating lease liability 18,152 18,654 Other long-term liabilities 10,743 12,082 Total Long-Term Liabilities 28,895 30,736 Total Liabilities 162,674 192,586 Shareholders' equity Ordinary shares 388 391 Additional paid-in capital 528,255 527,149 Treasury shares at cost (1,002 ) (1,002 ) Accumulated other comprehensive loss (316 ) (215 ) Retained earnings 188,271 196,617 Total Shareholders' Equity 715,596 722,940 Total Liabilities and Shareholders' Equity $ 878,270 $ 915,526 Expand PERION NETWORK LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS In thousands Three months ended March 31, 2025 2024 (Unaudited) (Unaudited) Cash flows from operating activities Net Income (loss) $ (8,346 ) $ 11,768 Adjustments required to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,472 4,558 Stock-based compensation expense 7,587 5,419 Foreign currency translation 10 22 Accrued interest, net 2,914 1,738 Deferred taxes, net 3,318 (432 ) Accrued severance pay, net (998 ) (158 ) Restructuring costs 1,322 - Gain from sale of property and equipment (24 ) (8 ) Net changes in operating assets and liabilities (16,305 ) (16,010 ) Net cash provided (used in) by operating activities $ (7,050 ) $ 6,897 Cash flows from investing activities Purchases of property and equipment, net of sales (1,698 ) (439 ) Investment in marketable securities, net of sales 11,571 (1,935 ) Short-term deposits, net (1,983 ) (17,689 ) Net cash provided by (used in) investing activities $ 7,890 $ (20,063 ) Cash flows from financing activities Proceeds from exercise of stock-based compensation 17 259 Purchase of treasury stock (6,501 ) - Net cash provided by (used in) financing activities $ (6,484 ) $ 259 Effect of exchange rate changes on cash and cash equivalents and restricted cash 144 (79 ) Net decrease in cash and cash equivalents and restricted cash (5,500 ) (12,986 ) Cash and cash equivalents and restricted cash at beginning of period 157,362 188,948 Cash and cash equivalents and restricted cash at end of period $ 151,862 $ 175,962 Expand PERION NETWORK LTD. AND ITS SUBSIDIARIES In thousands (except share and per share data) Three months ended March 31, 2025 2024 (Unaudited) Revenue $ 89,342 $ 157,820 Traffic acquisition costs and media buy 49,681 97,619 Contribution ex-TAC $ 39,661 $ 60,201 Expand Three months ended March 31, 2025 2024 (Unaudited) GAAP Income (loss) from Operations $ (13,027 ) $ 8,505 Stock-based compensation expenses 7,587 5,419 Retention and other acquisition related expenses 1,878 1,796 Unusual legal costs 564 - Amortization of acquired intangible assets 2,914 4,086 Restructuring costs 1,322 - Depreciation 558 472 Adjusted EBITDA $ 1,796 $ 20,278 Expand PERION NETWORK LTD. AND ITS SUBSIDIARIES In thousands (except share and per share data) Three months ended March 31, 2025 2024 (Unaudited) GAAP Net Income (loss) $ (8,346 ) $ 11,768 Stock-based compensation expenses 7,587 5,419 Amortization of acquired intangible assets 2,914 4,086 Retention and other acquisition related expenses 1,878 1,796 Unusual legal costs 564 - Restructuring costs 1,322 - Foreign exchange losses (gains) associated with ASC-842 (361 ) (11 ) Taxes on the above items (188 ) (498 ) Non-GAAP Net Income $ 5,370 $ 22,560 Non-GAAP diluted earnings per share $ 0.11 $ 0.44 Shares used in computing non-GAAP diluted earnings per share 49,056,439 50,981,658 Expand Three months ended March 31, 2025 2024 (Unaudited) Net cash provided (used in) by operating activities $ (7,050 ) $ 6,897 Purchases of property and equipment, net of sales (1,698 ) (439 ) Free cash flow $ (8,748 ) $ 6,458 Purchase of property and equipment related to our new corporate headquarter office 1,337 - Adjusted free cash flow $ (7,411 ) $ 6,458 Expand
Yahoo
13-05-2025
- Business
- Yahoo
Perion Reports First Quarter 2025 Results, Raising Full Year 2025 Outlook
Key Growth Engines Continue to Deliver Strong Organic Performance with 80% Growth in Digital Out of Home, 31% in CTV and 33% in Retail Media NEW YORK & TEL AVIV, Israel, May 13, 2025--(BUSINESS WIRE)--Perion Network Ltd. (NASDAQ and TASE: PERI), a leader in advanced technology solving for the complexities of modern advertising, today reported its financial results for the first quarter ended March 31, 2025. "Our strong start to the year is indicative that we have the right strategy to serve a customer base that can keep expanding as we go. Our key growth engines DOOH, CTV and Retail Media, delivered year-over-year improvement," commented Tal Jacobson, Perion's CEO. "With our strengthened leadership team in place, we are focused on better capturing growth opportunities and market share while enhancing our Perion One platform offering. I believe that 2025 will be a year of transformation for Perion, and we are gradually adding the necessary components to our existing capabilities through responsible acquisitions and focusing our R&D efforts on AI-enabled solutions." Mr. Jacobson continued, "Earlier today, we announced the acquisition of Greenbids. An advanced AI-first company that delivers real outcomes to top-tier brands. Through leveraging Greenbids' custom algorithmic capabilities, we expand our total addressable market, especially within the walled gardens, and better position ourselves to gain deeper access to performance advertising budgets. As the trusted partner for some of the most well-known consumer brands and advertising agencies in the world, we believe the Perion One platform will generate significant opportunities for greater customer retention, longer duration contracts, larger-scale customers, increased recurring revenue per customer, and ultimately a more efficient business structure." Business & Financial Highlights Retail Media1 revenue increased 33% year-over-year to $19.8 million, representing 22% of revenue compared to 9% last year. CTV revenue increased 31% year-over-year to $10.7 million, representing 12% of revenue compared to 5% last year. DOOH revenue increased 80% year-over-year to $17.4 million, representing 19% of revenue compared to 6% last year. Launched integration partnership with The Trade Desk, fostering deeper interoperability across the industry. Announced results for our Next-Gen AI-Powered Chatbot that Drives Double-Digit Engagement Lift Expanded share repurchase authorization to $125 million and initiated an accelerated repurchase program to support capital return strategy and enhance shareholder value. Revenue and Trends by channel2 Channels Q1 2025 Revenue % of Revenue YoYGrowth DOOH 17.4$ 19% 80% CTV 10.7$ 12% 31% Web 41.3$ 46% (28%) Search 19.6$ 22% (76%) Other 0.3$ 0% (21%) 1 Retail Media revenue includes all media channels, such as CTV, DOOH, video and others 2 Percent of revenue may not add up due to rounding First Quarter 2025 Financial Highlights In millions, except per share data Three months ended March 31, 2025 2024 % Advertising Solutions Revenue $ 69.7 $ 75.8 (8%) Search Advertising Revenue $ 19.6 $ 82.0 (76%) Total Revenue $ 89.3 $ 157.8 (43%) Contribution ex-TAC (Revenue ex-TAC)1 $ 39.7 $ 60.2 (34%) GAAP Net Income (loss) $ (8.3) $ 11.8 (171%) Non-GAAP Net Income1 $ 5.4 $ 22.6 (76%) Adjusted EBITDA1 $ 1.8 $ 20.3 (91%) Adjusted EBITDA to Contribution ex-TAC1 5% 34% Net Cash from Operations $ (7.1) $ 6.9 (202%) Adjusted Free Cash Flow1 $ (7.4) $ 6.5 (215%) GAAP Diluted EPS $ (0.19) $ 0.24 (179%) Non-GAAP Diluted EPS1 $ 0.11 $ 0.44 (75%) Financial Outlook for Full-Year 20252 "As a result of the organic growth we delivered in the first quarter, along with the highly synergistic acquisition of Greenbids, we are raising our full year 2025 revenue and adjusted EBITDA guidance. We are well-positioned to deliver improved, profitable results in 2025, driving greater long-term value for our shareholders," Mr. Jacobson concluded. Based on current expectations, the Company is increasing its full-year 2025 outlook ranges: Revenue of $430 to $450 million Adjusted EBITDA1 of $44 to $46 million Adjusted EBITDA1 to contribution ex-TAC1 of 22% at the midpoint 1 Contribution ex-TAC, non-GAAP Net Income, Adjusted EBITDA, adjusted Free Cash Flow and non-GAAP Diluted EPS are non-GAAP measures. See below reconciliation of GAAP to non-GAAP measures 2 Perion has not provided an outlook for GAAP Income from operations or reconciliation of Adjusted EBITDA guidance to GAAP Income from operations, the closest corresponding GAAP measure, because it does not provide guidance for certain of the reconciling items on a consistent basis due to the variability and complexity of these items, including but not limited to the measures and effects of stock-based compensation expenses directly impacted by unpredictable fluctuation in the share price and amortization in connection with future acquisitions. Hence, we are unable to quantify these amounts without unreasonable efforts Share Repurchase program In March 2025, Perion's Board of Directors authorized a $50 million expansion of the previously authorized share repurchase program of $75 million of its outstanding shares, to a total of $125 million. During the first quarter of 2025, the company repurchased a total of 0.8 million shares at a total amount of $6.5 million. During the first quarter of 2025, the Company adopted an accelerated plan to further enhance the program's execution and shareholder return. Following the end of the first quarter and through May 12, the Company repurchased an additional 3 million shares at a total amount of over $26 million. As of May 12, 2025, the Company repurchased a total of 9 million shares, at a total amount of $79.3 million. Financial Comparison for the First Quarter of 2025 Revenue: Revenue decreased by 43% to $89.3 million in the first quarter of 2025 from $157.8 million in the first quarter of 2024. Advertising Solutions revenue decreased 8% year-over-year, accounting for 78% of total revenue, primarily due to a 28% decrease in our Web channel, partially offset by 80% increase in Digital Out of Home revenue and a 31% year-over-year increase in CTV revenue. Search Advertising revenue decreased by 76% year-over-year, accounting for 22% of revenue, following the previously announced changes implemented by Microsoft Bing in 2024. Traffic Acquisition Costs and Media Buy ("TAC"): TAC amounted to $49.7 million, or 56% of revenue, in the first quarter of 2025, compared with $97.6 million, or 62% of revenue, in the first quarter of 2024. The margin expansion was primarily due to changes in the product mix following the reduction in the Search business. GAAP Net Income: GAAP net income decreased by 171% to a loss of $8.3 million in the first quarter of 2025, compared with a GAAP net income of $11.8 million in the first quarter of 2024. GAAP net loss in the first quarter of 2025 includes $1.3 million restructuring costs resulting from the Perion One unification strategy. Non-GAAP Net Income: Non-GAAP net income was $5.4 million, or 6% of revenue, in the first quarter of 2025, compared with $22.6 million, or 14% of revenue, in the first quarter of 2024. A reconciliation of GAAP to non-GAAP net income is included in this press release. Adjusted EBITDA: Adjusted EBITDA was $1.8 million, or 2% of revenue (and 5% of Contribution ex-TAC) in the first quarter of 2025, compared with $20.3 million, or 13% of revenue (and 34% of Contribution ex-TAC) in the first quarter of 2024. A reconciliation of GAAP income from operations to Adjusted EBITDA is included in this press release. Cash Flow from Operations: Net cash used in operating activities in the first quarter of 2025 was $7.1 million, compared with $6.9 million that were generated in the first quarter of 2024. Operating cash flow was affected by the shift of approximately $8 million in customer collection from March 2025 to April 2025. Net cash: As of March 31, 2025, cash and cash equivalents, short-term bank deposits and marketable securities amounted to $358.5 million, compared with $373.3 million as of December 31, 2024. Conference Call Perion's management will host a conference call to discuss the results at 8:30 a.m. ET today: Registration link: A replay of the call and a transcript will be available within approximately 24 hours of the live event on Perion's website. Today, Tal Jacobson, Perion's CEO, shared an open letter with investors, clients, and employees. It is available on the Perion Website at: About Perion Network Ltd. Perion connects advertisers with consumers through technology across all major digital channels. Our cross-channel creative and technological strategies enable brands to maintain a powerful presence across the entire consumer journey, online and offline. Perion is dedicated to building an advertiser-centric universe, providing significant benefits to brands and publishers. For more information, visit Perion's website at Non-GAAP Measures Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude certain items. This press release includes certain non-GAAP measures, including Contribution ex-TAC and Adjusted EBITDA. Contribution ex-TAC presents revenue reduced by traffic acquisition costs and media buy, reflecting a portion of our revenue that must be directly passed to publishers or advertisers and presents our revenue excluding such items. We believe Contribution ex-TAC is a useful measure in assessing the performance of the Company because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs and media buy related to revenue reported on a gross basis. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") is defined as income from operations excluding stock-based compensation expenses, restructuring costs, unusual legal costs, depreciation, amortization of acquired intangible assets and retention and other acquisition-related expenses. Adjusted free cash flow is defined as net cash provided by (or used in) operating activities less cash used for the purchase of property and equipment, but excluding the purchase of property and equipment related to our new corporate headquarter, as we do not view this expense as reflective of our normal on-going expenses. It is important to note that this expense is in fact cash expenditures. Non-GAAP net income and non-GAAP diluted earnings per share are defined as net income and net earnings per share excluding stock-based compensation expenses, restructuring costs, unusual legal costs, retention and other acquisition-related expenses, amortization of acquired intangible assets and the related taxes thereon as well as foreign exchange gains and losses associated with ASC-842. 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. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required for such presentation without unreasonable effort. Consequently, no reconciliation of the forward-looking non-GAAP financial measures is included in this press release. 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 Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe- harbor provisions 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," "estimate" 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. All statements other than statements of historical fact included in this press release are forward-looking statements. 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, but not limited to, political, economic and other developments (including the current war between Israel and Hamas and other armed groups in the region), 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, and general risks associated with the business of Perion including, the transformation in our strategy, intended to unify our business units under the Perion brand (Perion One), intense and frequent changes in the markets in which the businesses operate and in general economic and business conditions (including the fluctuation of our share price), loss of key customers or of other partners that are material to our business, the outcome of any pending or future proceedings against Perion, data breaches, cyber-attacks and other similar incidents, unpredictable sales cycles, competitive pressures, market acceptance of new products and of the Perion One strategy, changes in applicable laws and regulations as well as industry self-regulation, negative or unexpected tax consequences, 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. We urge you to consider those factors, together with the other risks and uncertainties described in our most recent Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (SEC) on March 25, 2025, and our other reports filed with the SEC, in evaluating our forward-looking statements and other risks and uncertainties that may affect Perion and its results of operations. Perion does not assume any obligation to update these forward-looking statements. PERION NETWORK LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS In thousands (except share and per share data) Three months ended March 31, 2025 2024 (Unaudited) (Unaudited) Revenue Advertising Solutions $ 69,705 $ 75,786 Search Advertising 19,637 82,034 Total Revenue 89,342 157,820 Costs and Expenses Cost of revenue 12,341 11,485 Traffic acquisition costs and media buy 49,681 97,619 Research and development 8,452 9,811 Selling and marketing 17,725 16,090 General and administrative 9,376 9,752 Depreciation and amortization 3,472 4,558 Restructuring costs and other charges 1,322 - Total Costs and Expenses 102,369 149,315 Income (loss) from Operations (13,027 ) 8,505 Financial income, net 3,407 5,486 Income (loss) before Taxes on income (9,620 ) 13,991 Taxes on income (tax benefit) (1,274 ) 2,223 Net Income (loss) $ (8,346 ) $ 11,768 Net Earnings (loss) per Share Basic $ (0.19 ) $ 0.24 Diluted $ (0.19 ) $ 0.24 Weighted average number of shares Basic 44,866,925 48,256,697 Diluted 44,866,925 49,541,695 PERION NETWORK LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS In thousands March 31, December 31, 2025 2024 (Unaudited) (Audited) ASSETS Current Assets Cash and cash equivalents $ 150,718 $ 156,228 Restricted cash 1,144 1,134 Short-term bank deposits 141,316 139,333 Marketable securities 66,448 77,774 Accounts receivable, net 151,527 164,358 Prepaid expenses and other current assets 19,551 22,638 Total Current Assets 530,704 561,465 Long-Term Assets Property and equipment, net 9,299 8,916 Operating lease right-of-use assets 19,354 20,209 Goodwill and intangible assets, net 313,089 316,003 Deferred taxes 5,209 8,517 Other assets 615 416 Total Long-Term Assets 347,566 354,061 Total Assets $ 878,270 $ 915,526 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 97,708 $ 122,005 Accrued expenses and other liabilities 29,473 32,848 Short-term operating lease liability 3,445 3,648 Deferred revenue 1,391 2,049 Short-term payment obligation related to acquisitions 1,762 1,300 Total Current Liabilities 133,779 161,850 Long-Term Liabilities Long-term operating lease liability 18,152 18,654 Other long-term liabilities 10,743 12,082 Total Long-Term Liabilities 28,895 30,736 Total Liabilities 162,674 192,586 Shareholders' equity Ordinary shares 388 391 Additional paid-in capital 528,255 527,149 Treasury shares at cost (1,002 ) (1,002 ) Accumulated other comprehensive loss (316 ) (215 ) Retained earnings 188,271 196,617 Total Shareholders' Equity 715,596 722,940 Total Liabilities and Shareholders' Equity $ 878,270 $ 915,526 PERION NETWORK LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS In thousands Three months ended March 31, 2025 2024 (Unaudited) (Unaudited) Cash flows from operating activities Net Income (loss) $ (8,346 ) $ 11,768 Adjustments required to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,472 4,558 Stock-based compensation expense 7,587 5,419 Foreign currency translation 10 22 Accrued interest, net 2,914 1,738 Deferred taxes, net 3,318 (432 ) Accrued severance pay, net (998 ) (158 ) Restructuring costs 1,322 - Gain from sale of property and equipment (24 ) (8 ) Net changes in operating assets and liabilities (16,305 ) (16,010 ) Net cash provided (used in) by operating activities $ (7,050 ) $ 6,897 Cash flows from investing activities Purchases of property and equipment, net of sales (1,698 ) (439 ) Investment in marketable securities, net of sales 11,571 (1,935 ) Short-term deposits, net (1,983 ) (17,689 ) Net cash provided by (used in) investing activities $ 7,890 $ (20,063 ) Cash flows from financing activities Proceeds from exercise of stock-based compensation 17 259 Purchase of treasury stock (6,501 ) - Net cash provided by (used in) financing activities $ (6,484 ) $ 259 Effect of exchange rate changes on cash and cash equivalents and restricted cash 144 (79 ) Net decrease in cash and cash equivalents and restricted cash (5,500 ) (12,986 ) Cash and cash equivalents and restricted cash at beginning of period 157,362 188,948 Cash and cash equivalents and restricted cash at end of period $ 151,862 $ 175,962 PERION NETWORK LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS In thousands (except share and per share data) Three months ended March 31, 2025 2024 (Unaudited) Revenue $ 89,342 $ 157,820 Traffic acquisition costs and media buy 49,681 97,619 Contribution ex-TAC $ 39,661 $ 60,201 Three months ended March 31, 2025 2024 (Unaudited) GAAP Income (loss) from Operations $ (13,027 ) $ 8,505 Stock-based compensation expenses 7,587 5,419 Retention and other acquisition related expenses 1,878 1,796 Unusual legal costs 564 - Amortization of acquired intangible assets 2,914 4,086 Restructuring costs 1,322 - Depreciation 558 472 Adjusted EBITDA $ 1,796 $ 20,278 PERION NETWORK LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS In thousands (except share and per share data) Three months ended March 31, 2025 2024 (Unaudited) GAAP Net Income (loss) $ (8,346 ) $ 11,768 Stock-based compensation expenses 7,587 5,419 Amortization of acquired intangible assets 2,914 4,086 Retention and other acquisition related expenses 1,878 1,796 Unusual legal costs 564 - Restructuring costs 1,322 - Foreign exchange losses (gains) associated with ASC-842 (361 ) (11 ) Taxes on the above items (188 ) (498 ) Non-GAAP Net Income $ 5,370 $ 22,560 Non-GAAP diluted earnings per share $ 0.11 $ 0.44 Shares used in computing non-GAAP diluted earnings per share 49,056,439 50,981,658 Three months ended March 31, 2025 2024 (Unaudited) Net cash provided (used in) by operating activities $ (7,050 ) $ 6,897 Purchases of property and equipment, net of sales (1,698 ) (439 ) Free cash flow $ (8,748 ) $ 6,458 Purchase of property and equipment related to our new corporate headquarter office 1,337 - Adjusted free cash flow $ (7,411 ) $ 6,458 View source version on Contacts Perion Network Musler, VP of Investor Relations+972 (54) 7876785dudim@
Fashion Value Chain
02-05-2025
- Business
- Fashion Value Chain
It's Spotlight Enters the DOOH Industry, Takes Over Digital Screens at CP.67 Mall, Mohali
Its Spotlight, a newly launched data-driven digital out-of-home (DOOH) advertising startup, has officially taken over the digital screens at CP.67 Mall, Mohali's biggest lifestyle and entertainment destination. It will exclusively manage and operate the mall's complete advertising inventory, including OOH, DOOH, ATL, and BTL, transforming how brands connect with high-footfall audiences. With this move, It's Spotlight introduces a bold, data-led approach to outdoor media that blends performance, interactivity, and real-time content delivery. Virkaran Singh (Left) & Dr. Deepinder Dhingra (Right) signing the agreement of terms for CP.67's advertising rights With a focus on making outdoor advertising measurable, accountable, and engaging, It's Spotlight brings a fresh perspective to the space. Its smart display offers brands a more effective way to connect with audiences, enabling real-time content updates, location-based relevance, and actionable engagement via QR codes. Virkaran and Deepinder pictured holding the 'It's Spotlight' signage Virkaran Singh, Director,It's Spotlight, said, 'Taking over the screens at CP67 marks a key step in redefining brand engagement in public spaces. With real-time analytics and QR tracking, we ensure full transparency and accountability, setting a new DOOH benchmark at high-footfall locations.' It's Spotlights AI-powered digital screens will give brands a new way to reach shoppers. Passersby can interact with displays through QR codes to explore offers, learn more about featured products, or redeem experiences, bringing a new level of convenience and immediacy to outdoor advertising. Following its CP.67 debut, It's Spotlight will roll out additional data-driven billboards across premier retail and transit hubs by Q3 2025.
