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Perion Perion Delivers Record Revenues , Up 45 % Year - Over - Year ; GAAP Net Income Up 399 % for the Third Quarter of 2021 October 26 , 2021 Display Advertising revenues growth of 82 % driven by high - impact video and CTV performance ; Management increases guidance for 2021 and 2022 TEL AVIV , Israel & NEW YORK -- ( BUSINESS WIRE ) -- Oct . 26 , 2021-- Perion Network Ltd. ( NASDAQ : PERI ) , a global advertising technology company that delivers a holistic solution across the three main pillars of digital advertising - ad search , social media , and display / video / CTV advertising - today announced financial results for the third quarter ended September 30 , 2021 . Doron Gerstel , Perion's CEO , commented , " During the first nine months of the year our display advertising generated more than $ 165 million of revenues , exceeding the $ 149 million generated for all of 2020. Driven by the capabilities of our iHub to create unprecedented advertising efficiencies , our average deal size expanded by 30 % , as budgets moved to our breakthrough high - impact , creatively led formats especially for Video and CTV . In recognition of the growing demand for video advertising , we made the accretive acquisition of Vidazoo , a leading video tech platform . By combining Perion's proven , high - impact video suite and Vidazoo's unique online video player , we can offer a proprietary , end - to - end video solution that extends the efficiency of our iHub , and that meets the needs of publishers for simple , highly scalable , plug - and - play video solutions . " Third Quarter 2021 Highlights ● Display advertising revenues growth of 82 % ( or 73 % on pro forma basis ) , driven by accelerating adoption of Perion's video and CTV solutions , leading to an increase of average client spend by 30 % and a 12 % increase in number of clients ; • Search advertising revenues growth of 14 % , primarily driven by an increased number of monetized searches ; • EBITDA margin of 37 % excluding traffic acquisitions costs compared to 26 % during the third quarter of 2020 , partially resulted from the implementation of Perion's iHub that provides higher costs efficiencies ; • Net cash provided by operating activities of $ 14.2 million ; Perion had $ 156.2 million in cash and zero debt as of September 30 , 2021 ; • Video and CTV grew by 245 % year - over - year , representing 20 % of the Display advertising revenues . Third Quarter 2021 Financial Highlights * ( In millions , except per share data ) Display Advertising revenues Search Advertising revenues Total Revenues GAAP Net Income Non - GAAP Net Income Adjusted EBITDA Adjusted EBITDA / Revenue Ex TAC Net cash provided by operating activities GAAP Diluted Earnings Per Share Non - GAAP Diluted Earnings Per Share $ $ $ $ $ $ $ $ $ Three months ended September 30 , 2020 2021 Nine months ended September 30 , 2020 2021 $ $ 80.3 $ 129.5 $ 209.8 1.2 12.8 17.4 20 % % 69.0 $ 37.9 + 82 % 165.1 52.0 $ 45.5 + 14 % $ 155.4 121.0 $ 83.4 + 45 % $ 320.5 10.6 $ 2.1 + 399 % $ 21.0 15.4 $ 5.9 + 159 % $ 34.7 17.6 $ 8.7 + 101 % 40.7 $ 37 % 26 % 42 % 32 % 6.6 + 115 % $ 42.3 $ 0.08 + 250 % $ 0.57 $ 0.04 0.21 + 90 % $ 0.93 $ 0.45 $ $ $ 9.2 14.2 $ 0.28 $ 0.40 $ % + 106 % + 20 % + 53 % + 1,618 % + 170 % + 133 % 60 % + 358 % + 1,325 % + 107 % * Reconciliation of GAAP to Non - GAAP measures follows . Mr. Gerstel continued , " Perion is firing on all cylinders . Our diversified revenue streams coming from both sides of the open web and the synergies derived from our ability to connect all of our operating assets to a central iHub increases our confidence in over - delivering on our commitment to become an Ad Tech unique market leader . As a result , we have increased our 2021 and 2022 guidance . " Financial Comparison for the Third Quarter of 2021 Revenues : Revenues increased by 45 % from $ 83.4 million in the third quarter of 2020 to $ 121 million in the third quarter of 2021. This growth was led by an 82 % ( or 73 % on a pro forma basis ) increase in Display Advertising revenues , primarily from growth of 245 % in video and CTV , a 30 % increase in average revenues per client , and a 12 % increase in the number of clients . Search revenues increased by 14 % , primarily due to 14.7 million of average daily monetizable search queries compared to 12.8 million in the third quarter of 2020 , as well as the addition of 17 publishers to our network .