• Perion Network Ltd (NASDAQ:PERI) reported third-quarter FY21 revenue growth of 45% year-on-year to $121 million, beating the consensus of $108.96 million.
• Display and Social Advertising revenues rose 82% Y/Y to $69 million, fueled by the growth of 245% in video and CTV, a 30% increase in average revenues per client, and a 12% increase in the number of clients.
• Search Advertising and other revenues increased 14% Y/Y to $52 million, due to 14.7 million of average daily monetizable search queries compared to 12.8 million in the Q3 of 2020 and the addition of 17 publishers to its network.
• Non-GAAP EPS of $0.40 beat the analyst consensus of $0.17.
• The Adjusted EBITDA/Revenue Ex TAC expanded 1,100 bps to 37%. The adjusted EBITDA margin expanded 400 bps to 14.5%.
• Perion Network generated $14.2 million in operating cash flow and held $156.2 million in cash and equivalents.
• Outlook: Perion raised the FY21 revenue outlook from the previous $415 million- $430 million to $455 million - $465 million against the consensus of $438.3 million.
• It raised the FY22 revenue outlook from $490 million - $520 million to $580 million - $600 million versus the consensus of $559.8 million.
• Price action: PERI shares traded higher by 20.9% at $26.76 on the last check Tuesday.