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Perion Announces Record Financial Results: Full Year Non-GAAP Revenues Of $104.6 Million, Up 71%, EBITDA Of $25.5 Million, Up 82%

Perion Network Ltd. (NASDAQ: PERI) today announced record financial results for the fourth quarter and full year ended December 31, 2013.

Full Year 2013 Perion non-GAAP Financial Highlights Include:
  • Revenues increased 71% year-over-year and were $104.6 million;
  • EBITDA increased 82% year-over-year reaching $25.5 million;
  • Net income increased 95%, reaching $20.1 million; and
  • Diluted earnings per share increased 56%, reaching $1.54.

Q4 2013 Perion non-GAAP Financial Highlights Include:
  • Revenues increased 47% year-over-year reaching $31.3 million;
  • EBITDA increased 56% year-over-year to $7.7 million;
  • Net income increased 77% year-over-year, reaching $6.4 million; and
  • Diluted earnings per share increased 53% year-over-year, reaching $0.49.

On January 2, 2014, Perion completed the acquisition of Conduit’s ClientConnect in an all-stock transaction. Select highlights of the pro-forma performance of ClientConnect as provided by Conduit are as follows:

Full Year 2013 ClientConnect non-GAAP Financial Highlights Include:
  • Revenues were $325.5 million;
  • EBITDA reached $96.8 million; and
  • Net income was $86.7 million

Q4 2013 ClientConnect non-GAAP Pro Forma Financial Highlights Include:
  • Revenues were $84.1 million;
  • EBITDA was $17.3 million; and
  • Net income reached $17.2 million.

Josef Mandelbaum, Perion’s CEO, commented: “This was a strong end to a record and transformational year for our company. We exceeded our guidance and delivered year over year non-GAAP revenue growth of 71% and non-GAAP net income doubled. More importantly, we completed a milestone acquisition uniquely positioning us as one of the clear industry leaders, enabling us to evolve as an even stronger company in the future. This future is focused on developers who are challenged to reach more customers, increase engagement and monetize their innovations on both the desktop and mobile platforms. Our Lifecycle Management Platform will address all these needs, and become the industry gold standard.”

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