Perion's Growth Engines Power Q4 and FY 2024 Results

Perion Network Ltd. (NASDAQ and TASE: PERI), a technology leader in connecting advertisers to consumers across all major digital channels, has reported its financial results for the fourth quarter and full year 2024. The company's growth engines, including Digital Out of Home (DOOH), Retail Media, and Connected TV (CTV), have driven its overall revenue and profitability, despite the decline in Search Advertising revenue.



Perion's CEO, Tal Jacobson, commented on the results, "Our growth engines continue to excel, with Digital Out of Home, Retail Media, and CTV growing 63%, 62%, and 19% year-over-year, respectively. This strong performance signals that our multi-channel strategy is gaining traction with advertisers who trust us to activate their messages across all screens and formats. DOOH, Retail Media, and CTV are leading today's industry trends, and we are committed to developing and introducing new innovative omni-channel solutions that position Perion at the forefront of these high-growth areas."

Perion's fourth quarter 2024 business highlights include:

* On a proforma basis, DOOH revenue increased 63% year-over-year to $19.1 million, representing 23% of Advertising Solutions revenue compared to 11% last year.
* Retail Media revenue increased 62% year-over-year to $21.0 million, representing 26% of Advertising Solutions revenue compared to 13% last year.
* CTV revenue increased 19% year-over-year to $9.5 million, representing 12% of Advertising Solutions revenue compared to 8% last year.
* Open Web Video revenue decreased 63% year-over-year, representing 14% of Advertising Solutions revenue, compared to 32% last year.
* Search Advertising revenue decreased 76% year-over-year to $20.9 million, representing 20% of total company revenue.

Perion's full-year 2024 guidance remains unchanged, with revenue expected to be between $490 million and $510 million, and adjusted EBITDA expected to be between $48 million and $52 million. The company's share repurchase program continues, with 1.6 million shares repurchased in the third quarter of 2024, bringing the total spend under the program to $33.5 million.

Perion's strategic initiatives, including the expansion into DOOH advertising through the acquisition of Hivestack, have proven effective in diversifying the company's revenue streams and mitigating the impact of declining Search Advertising revenue. The company's growth engines have contributed to its overall revenue and profitability, demonstrating Perion's ability to adapt and thrive in the ever-evolving digital advertising landscape.

As Perion continues to execute on its growth strategy, investors can expect the company to maintain its strong financial performance and continue to deliver value to shareholders. With its focus on innovation and strategic acquisitions, Perion is well-positioned to capitalize on the growing demand for targeted and engaging advertising solutions across various digital channels.