Perion Network Ltd. (NASDAQ:PERI) Q1 2024 Results Conference Call May 8, 2024 8:30 AM ET
Company Participants
Tal Jacobson - Chief Executive Officer
Andreas Soupliotis - Founder and General Manager-HiveStack
Kenny Lau - Chief Product Officer
Maoz Sigron - Chief Financial Officer
Conference Call Participants
Max Michaelis - Lake Street Capital
Mark Kelley - Stifel
Laura Martin - Needham & Company.
Jeff Martin - Roth
Operator
[Abruptly started] Before we begin, I'd like to read the following Safe Harbor statement. Today's discussion includes forward-looking statements. These statements reflect the company's current views with respect to future events. These forward-looking statements involve known and unknown risks, uncertainties, and other factors including those discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20-F.
That may cause actual results, performance, or achievements to be materially different on any future results, performance, or achievements anticipated or implied by these forward-looking statements. The company does not undertake to update any forward-looking statements to reflect future events or circumstances.
As in prior quarters, the results reported today will be analyzed both on a GAAP and a non-GAAP basis. While mentioning EBITDA, we will be referring to adjusted EBITDA. We have provided a detailed reconciliation of non-GAAP measures to their comparable GAAP measures in our earnings release, which is available on our website and has also been filed on Form 6-K.
Hosting the call today are Tal Jacobson, Perion’s Chief Executive Officer, and Maoz Sigron, Perion's Chief Financial Officer.
I would now like to turn the call over to Tal Jacobson. Please go ahead.
Tal Jacobson
Good morning, and good afternoon, everyone. Thank you for joining us today. With me today at our New York office are HiveStack General Manager, Andreas Soupliotis, who leads our out of Home Advertising Technologies, and our Chief Product Officer, Kenny Lau, who leads our Advertising Solutions. Our CFO, Maoz Sigron, is joining us from our Israeli office. Today, we face our challenges heads on with a determined spirit to navigate forward.
As we previously announced, the first quarter of 2024 presented specific challenges, notably a decline in our search advertising activity that began during the first quarter and will be mostly reflected from our second quarter. This is largely due to recent changes in advertising pricing and mechanisms by Microsoft Bing. These changes led to reduction in revenue per 1,000 searches for both Perion and other Microsoft Bing distribution partners. Let's take a deeper look into what this means for us.