- Perion Network Ltd PERI reported first-quarter FY22 revenue growth of 40% year-on-year to $125.3 million, beating the consensus of $122 million.
- Display Advertising revenues rose 80% Y/Y to $68.6 million, primarily from growth of 341% in video and CTV.
- Search Advertising revenue increased 10% Y/Y to $56.7 million primarily due to 18.1 million average daily commercial searches compared to 17.7 million in Q1 of 2021 and the addition of 25 new publishers.
- Non-GAAP EPS of $0.44 beat the consensus of $0.28.
- Adjusted EBITDA margin expanded to 42% of revenue excluding traffic acquisitions costs compared to 25% last year. The margin expanded by 1,660 bps due to the continuous improvement of iHub.
- Perion Network generated $23.6 million in operating cash flow and held $342.5 million in cash and equivalents.
- Outlook: Perion raised the FY22 revenue outlook from $610 million - $630 million to $620 million - $640 million, versus the consensus of $622.9 million.
- Price Action: PERI shares traded higher by 6.05% at $24.00 in the premarket session on the last check Thursday.
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