Perion Network Names New CEO As Doron Gerstel Departs To 'Reenergize'; Clocks 33% Revenue Growth In Q4

Perion Network Ltd PERI reported fourth-quarter FY22 revenue growth of 33% year-on-year to $209.7 million, beating the consensus of $205 million.

• Display Advertising revenues rose 24% Y/Y to $123.8 million, primarily from video and CTV revenue growth.
• Search Advertising revenue increased 49% Y/Y to $85.9 million, primarily due to a 13% increase in average RPM and a 26% increase in average daily searches.
• Non-GAAP EPS of $0.90 beat the consensus of $0.59.
• Adjusted EBITDA margin expanded to 55% of revenue, excluding traffic acquisition costs, compared to 45% last year. 
• Perion Network generated $38.2 million in operating cash flow and held $429.6 million in cash and equivalents.
• CEO Transition: Perion named General Manager of CodeFuel, Perion's search advertising business, Tal Jacobson as CEO to succeed Doron Gerstel, effective August 1.
• Gerstel said, "Having been CEO of five different companies since 1999, I feel the need to take some time off to re-energize."

FY23 Outlook: Perion saw revenue of $720 million - $740 million versus the consensus of $730 million.

Price Action: PERI shares traded lower by 8.41% at $30.72 premarket on the last check Wednesday.

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