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Perion Perion's Strong and Sustained Momentum Continues , Reports 36 % Year - over - Year Revenues Growth in the First Quarter of 2021 ● Display and social advertising activity was main driver with 61 % year - over - year revenues growth , Company Increases Full - Year 2021 revenues guidance : midpoint represents 22 % annual growth Tel Aviv & New York - May 4 , 2021 - Perion Network Ltd. ( NASDAQ : PERI ) , a global advertising technology company that delivers holistic solutions across the three main pillars of digital advertising - ad search , social media and display / video / CTV advertising - announced today its financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights CTV solution served as a key factor for new customer acquisition and primary contributor to 11 % increase in average deal size ; Average daily searches increased 45 % year - over - year from 12.2 million in the first quarter of 2020 to a record 17.7 million this quarter ; Perion's Actionable Performance Monitoring ( APM ) SaaS system for social advertisement has already been chosen by 7 new customers since launched in January 2021 ; Net cash was $ 128.0 million compared to $ 52.0 million on December 31 , 2020 ; and Outstanding debt was fully repaid during the first quarter of 2021 . First Quarter 2021 Results Summary * ( In millions , except per share data ) Display and Social Advertising revenues Search Advertising and other revenues Total Revenues GAAP Net Income Non - GAAP Net Income Adjusted EBITDA Net cash provided by operating activities GAAP Diluted Earnings Per Share Non - GAAP Diluted Earnings Per Share LA SA $ $ $ LA LA VA $ $ $ LA LA LA LA $ $ $ 2021 Three months ended March 31 , 2020 LA LA LA LA LA LA LA LA LA 38.1 $ 51.7 $ 89.8 $ 3.3 $ 7.0 $ 8.8 $ 13.5 0.09 0.19 $ $ Exhibit 99.1 $ 23.7 42.3 66.1 1.3 5.0 6.2 2.5 0.05 0.17 % + 61 % + 22 % + 36 % + 148 % + 41 % + 41 % + 440 % + 80 % + 12 % * Reconciliation of GAAP to Non - GAAP measures follows . Doron Gerstel , Perion's CEO , commented , “ Our diversified cross - channel offering and our unique capability to generate revenues from both the demand and supply sides of the open internet , were key factors to the accelerating revenues growth which began in 2020. Our strong momentum continued in the first quarter as we achieved a 36 % increase in consolidated revenues , with Display and Social Advertising revenues increasing 61 % year - over - year . Importantly , we achieved this while maintaining our strong profitability metrics and positive cash generation . " Mr. Gerstel added " With continued momentum and strong adoption of our technology , we are raising our full - year revenues outlook to $ 400 million at the mid - point , representing second consecutive year with annual growth of more than 20 % . We are also reaffirming our strategy to deliver substantial value to our stakeholders and achieving our 2023 goal of $ 500 million in annual revenues sooner than originally anticipated . "