Adrian J Cotterill, Editor-in-Chief
Hivestack’s new owner Perion Network Ltd. (NASDAQ and TASE: PERI) announced its Q4 2023 and full year results ended December 31, 2023.
Tal Jacobson, Perion’s CEO said “Our fourth quarter and annual results showed notable growth in Search, CTV and Retail Media, further demonstrating the positive impact of our business diversification and continued focus on technology and innovation. In 2023, we generated industry-leading adjusted EBITDA to Contribution ex-TAC margins, giving us a solid foundation for 2024. As advertising budgets shifted between channels, we capitalized on these trends and delivered profitable growth well ahead of the digital advertising market for 2023. We also advanced our growth strategy with the acquisition of Hivestack, a leading innovative full-stack programmatic digital out-ofhome (DOOH) company with an extensive global footprint. The acquisition of Hivestack, alongside our existing offering, solidifies Perion’s differentiated offer to our customers. It’s a significant entry into the fast growing DOOH channel, which opens up new synergistic opportunities within our suite of solutions for brands and retailers. By adding critical touch points to the entire consumer journey across channels such as CTV, Audio, Out Of Home, including our products for Near-store and In-Store screens – we are
transforming our Retail Media suite into a pure multi-channel, full consumer journey solution.”
He added “Additionally, our strong cash flow from operations of $155 million for the full year of 2023, positions us well to execute additional acquisitions, further expanding our solutions and enhancing shareholder value”.
Fourth Quarter 2023 Business Highlights
● Retail Media revenue increased 196% year-over-year to $20.2 million, representing 17% of Display Advertising revenue compared to 6% last year
● CTV revenue increased 69% year-over-year to $14.4 million, representing 12% of Display
Advertising revenue compared to 7% last year
● Video revenue decreased 33% year-over-year, driven by shifting inventory from video to display to gain higher profit, representing 29% of Display Advertising revenue, compared to 42% last year
● The number of Average Daily Searches increased by 37% year-over-year to 30.2 million. The number of Search Advertising publishers increased by 4% year-over-year to 162
Full-Year 2023 Business Highlights
● Retail Media revenue increased 114% year-over-year to $49.7 million, representing 12% of Display Advertising revenue compared to 6% last year
● CTV revenue increased 56% year-over-year to $33.5 million, representing 8% of Display Advertising revenue compared to 6% last year
● Video revenue decreased 7% year-over-year, driven by shifting inventory from video to display to gain higher profit, representing 36% of Display Advertising revenue, compared to 43% last year
● The number of Average Daily Searches increased by 57% year-over-year to 29.1 million. The annual average number of Search Advertising publishers increased by 18% year-over-year to 160
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