Perion Network Ltd. (NASDAQ:PERI) Q1 2021 Results Conference Call May 4, 2021 8:30 AM ET Company Participants Doron Gerstel - CEO Maoz Sigron - CFO Dan Aks - President, Undertone Conference Call Participants Laura Martin - Needham John Egbert - Stifel Jason Helfstein - Oppenheimer Eric Martinuzzi - Lake Street Jeff Martin - Roth Capital Partners Chris McGinnis - Sidoti & Company John Nobile - Taglich Brothers Operator Welcome to the Perion Network First Quarter of 2021 Earnings Conference Call. TodayÂ's con ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date o ...

Perion Network Ltd. (NASDAQ:PERI) Q4 2020 Earnings Conference Call February 9, 2021 8:30 AM ET Company Participants Doron Gerstel - Chief Executive Officer Maoz Sigron - Chief Financial Officer Conference Call Participants Jason Helfstein - Oppenheimer Eric Martinuzzi - Lake Street Laura Martin - Needham Jeff Martin - ROTH Capital Partners Chris McGinnis - Sidoti & Company Operator Welcome to the Perion Network’s Fourth Quarter and Full Year 2020 Earnings Conference Call. Today’s conference is being recorde ...

Financial Data and Key Metrics Changes - Total revenues increased by 27% year-over-year to $83.4 million, with advertising revenue growing by 76% and search revenue increasing by 3% [6][16] - Adjusted EBITDA rose by 15% year-over-year to $8.7 million, representing 10% of revenue, compared to 12% in the previous year [9][18] - Net income for Q3 2020 was $2.1 million or $0.08 per diluted share, down from $2.9 million or $0.11 per diluted share in Q3 2019 [18] Business Line Data and Key Metrics Changes - The advertising division saw a 76% increase in revenue, primarily driven by a 200% growth in Connected TV (CTV) [6][16] - The search business experienced a 3% growth due to an increase in monetized queries delivered to Microsoft Bing [8][16] - Customer acquisition costs increased to $49.9 million, or 60% of revenue, compared to 52% in the previous year, largely due to acquisitions [17] Market Data and Key Metrics Changes - The demand for CTV advertising has surged, attributed to changing consumer behaviors during the pandemic [7][12] - The company is positioned to benefit from the shift towards unified IDs as third-party cookies decline, enhancing its competitive edge [25] Company Strategy and Development Direction - The company is focused on a diversification strategy across three pillars: search, social, and display/video advertising, aiming for sustainable double-digit growth [11][13] - The integration of acquisitions like Content IQ and Pub Ocean is expected to enhance capabilities in content recommendation and audience capture [66] - The strategic roadmap includes developing a full-funnel experience to meet the evolving needs of marketers [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustainable and profitable double-digit annual revenue growth, supported by a strong operational model and market trends [11][21] - The company raised its revenue guidance for the second half of 2020 to between $164 million and $174 million, with adjusted EBITDA expected to be between $16 million and $18 million [21] Other Important Information - Cash flow from operating activities was $6.6 million, impacted by working capital changes related to acquisitions [19] - The company has a total debt of $22.9 million as of September 30, 2020, down from $16.7 million at the end of 2019 [19] Q&A Session Summary Question: Performance of Content IQ and Pub Ocean - Management indicated that both acquisitions are performing better than expected, contributing positively to overall growth [25] Question: Unified IDs and Opportunities - The company is developing its own unified ID to prepare for a cookie-less future, leveraging its owned and operated sites [25] Question: Microsoft Contract Renewal - Management expressed growing confidence in the ongoing negotiations for the Microsoft contract, indicating they are in an advanced stage [36] Question: Capture and Convince Technology - This strategy is integrated across all business units, focusing on capturing new users and providing full-funnel attribution [32] Question: Advertising Segment Growth - Management expects significant growth in the advertising segment driven by technology development and a comprehensive solution that meets market demands [65] Question: Integration of Pub Ocean and CIQ - The integration is progressing well, enhancing capabilities in audience capture and content recommendation [66] Question: Tax Rate Commentary - The higher tax rate in the quarter is attributed to deferred tax and acquisition-related movements, with expectations to normalize around 20% going forward [68]

1 DATA-DRIVEN AD TECH SOLUTIONS FOR BRANDS & PUBLISHERS COMPANY DECK October 2020 | --- | --- | --- | --- | |-------------|-------|-------|----------------| | | | | | | | | | | | | | | | | | | | | | | | | | | BIG | | | $333B | | ADDRESSABLE | | | | | MARKET | | | Global Digital | Source: eMarketer.com 6/2020 Perion 2 ADDRESSABLE MARKET | --- | |-------| | | | | | | | | | $526B | HUGE TOMORROW Source: eMarketer.com 6/2020 Perion 3 | --- | --- | --- | |------------------------------------------|-------|------ ...

1 DATA-DRIVEN AD TECH SOLUTIONS FOR BRANDS & PUBLISHERS COMPANY DECK August 2020 | --- | --- | --- | --- | |-------------|-------|-------|----------------| | | | | | | | | | | | | | | | | | | | | | | | | | | BIG | | | $333B | | ADDRESSABLE | | | | | MARKET | | | Global Digital | Source: eMarketer.com 6/2020 Perion 2 ADDRESSABLE MARKET | --- | |-------| | | | | | | | | | $526B | HUGE TOMORROW Source: eMarketer.com 6/2020 Perion 3 | --- | --- | --- | |------------------------------------------|-------|------- ...

Financial Data and Key Metrics Changes - In Q2 2020, revenues decreased by 5% from $63.6 million in Q2 2019 to $60.3 million, with advertising revenue down 12% primarily due to COVID-19 impacts [21][24] - Net loss for Q2 2020 was $2.2 million or $0.08 per diluted share, compared to net income of $2.9 million or $0.11 per diluted share in Q2 2019 [23][24] - Adjusted EBITDA in Q2 2020 was $2.5 million, down from $7.4 million in Q2 2019 [24] Business Line Data and Key Metrics Changes - Advertising revenue was $18.7 million, while search and other revenues were $41.7 million, with advertising contributing 31% to total revenue [21][22] - Customer acquisition costs in media buy were $36.8 million or 61% of revenue, up from $33.2 million or 52% in Q2 2019, primarily due to the acquisition of Content IQ [23] Market Data and Key Metrics Changes - Digital ad spending is expected to decline by approximately $20 billion, representing a 20% drop from 2019, with a potential rebound in the second half of the year [5] - The advertising business was negatively impacted by a 25% to 35% reduction in ad spending across sectors, particularly travel and automobile [9] Company Strategy and Development Direction - The company aims to drive top-line growth and profitability through innovation and accretive M&A without raising additional capital [6][27] - The acquisition of Pub Ocean is part of the company's strategy to enhance its advertising business unit and is expected to generate an incremental $25 million in revenue and $5 million in adjusted EBITDA over the next 12 months [16][20] Management's Comments on Operating Environment and Future Outlook - Management believes the worst of COVID-19's impact is behind them, providing guidance for the second half of 2020 with expected revenues between $150 million to $160 million and adjusted EBITDA of $11 million to $13 million [28] - The company is optimistic about improving business indicators and market trends in early Q3 [9][28] Other Important Information - The integration of Content IQ has been completed smoothly, and the company is working on enhancing the integration of CodeFuel's signals into the Content IQ and Pub Ocean platforms [13][14] - The partnership with Microsoft has expanded, covering more products and geographies, which is expected to drive new revenue streams [11] Q&A Session Summary Question: Comparison of Pub Ocean and CIQ - Management described Pub Ocean and CIQ as complementary, with CIQ lacking content recommendation capabilities that Pub Ocean provides [31] Question: Revenue Monetization from Pub Ocean - The majority of Pub Ocean's revenue is generated from its own sites, approximately 80% [32] Question: Trends in Advertising Business - Management noted that while travel and automobile sectors significantly impacted revenue, other sectors are beginning to increase their ad spend [39] Question: Future of the Search Business - The search business has shown resilience, with growth driven by new products and a strong partnership with Microsoft Bing [34][45] Question: Industry Trends and CPM - Management indicated that CPM trends have been negatively affected, with advertisers shifting from high-impact ad units to lower-cost options during budget cuts [46] Question: Future Outlook Post-Acquisitions - Management expects significant integration benefits from the acquisitions of Content IQ and Pub Ocean, enhancing their capabilities in the advertising space [48]

1 DATA-DRIVEN AD TECH SOLUTIONS FOR BRANDS & PUBLISHERS COMPANY DECK May 2020 | --- | --- | --- | --- | |-------------|-------|-------|----------------| | | | | | | | | | | | | | | | | | | | | | | | | | | BIG | | | $333B | | ADDRESSABLE | | | | | MARKET | | | Global Digital | Source: eMarketer.com 4/2019 Perion 2 ADDRESSABLE MARKET | --- | --- | |-------|-------| | | | | | | | | | | | | | | | HUGE TOMORROW Source: eMarketer.com 4/2019 Perion 3 THE GIANTS ARE CONSOLIDATING THE WORLD Facebook, Google and Amaz ...

Perion Network Ltd. (NASDAQ:PERI) Q1 2020 Results Earnings Conference Call May 6, 2020 8:30 AM ET Company Participants Doron Gerstel - Chief Executive Officer Maoz Sigron - Chief Financial Officer Conference Call Participants Eric Martinuzzi - Lake Street Investments Austin Moldow - Canaccord Chris McGinnis - Sidoti & Company John Nobile - Taglich Brothers Shawn Boyd - Next Mark Capital Operator Good day and welcome to the Perion First Quarter and Annual 2020 Earnings Conference Call. Today's conference is ...

Perion Network Ltd. (NASDAQ:PERI) Q4 2019 Earnings Conference Call February 12, 2020 8:30 AM ET Company Participants Doron Gerstel - Chief Executive Officer Maoz Sigron - Chief Financial Officer Conference Call Participants Eric Martinuzzi - Lake Street Austin Moldow - Canaccord Chris McGinnis - Sidoti & Company John Nobile - Taglich Brothers Operator Good day and welcome to the Perion Fourth Quarter and [Annual] 2019 Earnings Conference Call. Today's conference is being recorded. The press release detailin ...