<SEC-DOCUMENT>0001178913-24-001228.txt : 20240408
<SEC-HEADER>0001178913-24-001228.hdr.sgml : 20240408
<ACCEPTANCE-DATETIME>20240408060251
ACCESSION NUMBER:		0001178913-24-001228
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240408
FILED AS OF DATE:		20240408
DATE AS OF CHANGE:		20240408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Perion Network Ltd.
		CENTRAL INDEX KEY:			0001338940
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51694
		FILM NUMBER:		24827997

	BUSINESS ADDRESS:	
		STREET 1:		AZRIELI CENTER 1, BUILDING A, 4TH FLOOR
		STREET 2:		26 HAROKMIM ST.
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885849
		BUSINESS PHONE:		972-73-398-1572

	MAIL ADDRESS:	
		STREET 1:		AZRIELI CENTER 1, BUILDING A, 4TH FLOOR
		STREET 2:		26 HAROKMIM ST.
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885849

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Perion Networks Ltd.
		DATE OF NAME CHANGE:	20111108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IncrediMail Ltd.
		DATE OF NAME CHANGE:	20050916
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2431255.htm
<DESCRIPTION>6-K
<TEXT>
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            <div style="text-align: center; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">UNITED STATES</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C. 20549</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">FORM 6-K</div>
          </div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">Report of Foreign Private Issuer</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16</div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">under the Securities Exchange Act of 1934</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif;">For the month of April 2024</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif;">Commission File Number: 000-51694</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
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            <div style="text-align: center; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;"><u>Perion Network Ltd.</u></div>
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif;">(Translation of registrant's name into English)</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">1 Azrieli Center, Building A, 4th Floor</div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">26 HaRokmim Street, Holon, Israel 5885849</div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif;">(Address of principal executive offices)</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="line-height: 1.25; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> &#160; &#160; Form 40-F&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">Explanatory Note</div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', serif;">On April 8, 2024, Perion Network Ltd. (the &#8220;<font style="font-weight: bold;">Registrant</font>&#8221;
            or &#8220;<font style="font-weight: bold;">Perion</font>&#8221;) issued a press release titled &#8220;Perion Network Announces Preliminary Q1 2024 Financial Results&#8221;. A copy of this press release is
            furnished as&#160;<a href="exhibit_99-1.htm"><font style="color: #0000FF;"><u>Exhibit 99.1</u></font></a>&#160;herewith.</div>
          <div style="line-height: 1.25">&#160;</div>
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          <div style="line-height: 1.25; font-family: 'Times New Roman', serif;">&#160;</div>
          <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-weight: bold;">Signature</div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
            behalf by the undersigned, thereunto duly authorized.</div>
          <div style="line-height: 1.25">&#160;</div>
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                  <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                </td>
                <td style="width: 50%; vertical-align: middle;">
                  <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">PERION NETWORK LTD.</div>
                  <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
                  <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">By:&#160;<u>/s/&#160;<font style="font-style: italic;">Maoz Sigron</font></u></div>
                  <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">Name: Maoz Sigron</div>
                  <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">Title:&#160;&#160; Chief Financial Officer</div>
                </td>
              </tr>

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          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25; font-family: 'Times New Roman', serif;">Date: April 8, 2024</div>
          <div>&#160;
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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        <img src="image00001.jpg"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
      <font style="font-size: 11pt;">Perion Network Announces Preliminary Q1 2024 Financial Results</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">Updates Full Year 2024 Guidance and Increases Buyback Program from $50 million to $75 Million</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">Expects to Announce Q1 2024 Financial Results on May 8</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Segoe UI Semilight', sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">NEW YORK &amp; TEL AVIV &#8211; Apr. 8, 2024</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;<font style="font-weight: bold;">&#8211;</font>&#160;<u>Perion Network Ltd.</u> (NASDAQ &amp; TASE:&#160;<u>PERI</u>), a technology leader in connecting advertisers to consumers across all major
        digital channels, announced today preliminary financial results for Q1 2024 and updated its full year 2024 guidance.</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In the first quarter of 2024, Perion experienced a decline in Search Advertising activity, attributable to changes in advertising pricing and mechanisms
        implemented by Microsoft Bing in its Search Distribution marketplace. These adjustments led to a reduction in Revenue Per Thousand Impressions (RPM) for both Perion and other Microsoft Bing distribution partners. These changes contributed to
        decreased search volume.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">As a result of the Microsoft Bing modifications, Perion expects Q1 2024 revenue and adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of $157 million and $20 million,
      respectively. For the full year 2024, the Company currently expects revenue and adjusted EBITDA<sup style="color: #222222; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of $590-$610 million and $78- $82 million, respectively. The decrease is mainly attributed to Search Advertising, and
      to a limited extent to the web video activity. The rest of the business indicators remain positive.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#8220;Our relationship with Microsoft remains strong and both organizations continue to explore more opportunities to collaborate on a variety of digital
      advertising solutions,&#8221; commented Tal Jacobson, Perion&#8217;s CEO. "Our strategy was, and continues to be, grounded in a fundamental principle of making sure our solutions are diversified in terms of technologies, channels and partners, while focusing on
      the needs of our customers, brands and retailers across the digital advertising domain. We continue to expand and strengthen our solutions and technologies by leveraging our cash flow generation and strong cash balance of almost half a billion USD to
      acquire companies that are complementary and additive to our growth.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">A key driver of our long-term success is our focus on expanding our Display Advertising activity, whose growth drivers include AI-driven CTV, Retail Media
      and Digital out-of-home (DOOH). These growth drivers continued to deliver meaningful growth in the first quarter and are expected to increasingly contribute to our results in 2024.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Mr. Jacobson concluded, &#8220;Management and our Board of Directors are confident that Perion is competitively well positioned for continued success within the
      digital advertising landscape, and thus approved an increase to our buyback program from $50 million to up to $75 million, capitalizing on our strong cash position.&#8221;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">1 See footnote 2 below</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Q1 2024 Preliminary Results <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>:</div>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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          <td style="width: 42.86%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Segoe UI Semilight', sans-serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">In millions</font></div>
          </td>
          <td style="width: 19.41%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Q1 2023 Actual</div>
          </td>
          <td style="width: 20.15%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Q1 2024 Preliminary Results</div>
          </td>
          <td style="width: 17.58%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YoY</div>
          </td>
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          <td style="width: 42.86%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Revenue</div>
          </td>
          <td style="width: 19.41%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$145.2</div>
          </td>
          <td style="width: 20.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$157.0</div>
          </td>
          <td style="width: 17.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">+8%</div>
          </td>
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          <td style="width: 42.86%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 19.41%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$31.3</div>
          </td>
          <td style="width: 20.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$20.0</div>
          </td>
          <td style="width: 17.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">-36%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.86%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Adjusted EBITDA to Revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 19.41%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">22%</div>
          </td>
          <td style="width: 20.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">13%</div>
          </td>
          <td style="width: 17.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 42.86%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Adjusted EBITDA to Contribution<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> ex-TAC</div>
          </td>
          <td style="width: 19.41%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">48%</div>
          </td>
          <td style="width: 20.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">33%</div>
          </td>
          <td style="width: 17.58%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
        </tr>

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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Updated Full Year 2024 Guidance<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>:</div>
    </div>
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          <td style="width: 39.42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Segoe UI Semilight', sans-serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">In millions</font></div>
          </td>
          <td style="width: 16.58%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">FY 2023 Actual</div>
          </td>
          <td style="width: 15.23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Prior 2024 Guidance</div>
          </td>
          <td style="width: 15.74%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Updated 2024 Guidance</div>
          </td>
          <td style="width: 13.03%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">YoY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.42%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Revenue</div>
          </td>
          <td style="width: 16.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$743.2</div>
          </td>
          <td style="width: 15.23%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$860-$880</div>
          </td>
          <td style="width: 15.74%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$590-$610</div>
          </td>
          <td style="width: 13.03%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">-19%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.42%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 16.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$169.1</div>
          </td>
          <td style="width: 15.23%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$178-$182</div>
          </td>
          <td style="width: 15.74%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">$78-$82</div>
          </td>
          <td style="width: 13.03%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">-53%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.42%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Adjusted EBITDA to Revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 16.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">23%</div>
          </td>
          <td style="width: 15.23%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">21%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
          <td style="width: 15.74%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">13%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
          <td style="width: 13.03%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.42%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Adjusted EBITDA to Contribution<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> ex-TAC</div>
          </td>
          <td style="width: 16.58%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">55%</div>
          </td>
          <td style="width: 15.23%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">51%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
          <td style="width: 15.74%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25;">30%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
          </td>
          <td style="width: 13.03%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">1 Contribution ex-TAC and Adjusted EBITDA are non-GAAP measures.&#160; See below reconciliation of GAAP to non-GAAP measures.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">2 We have not provided an outlook for GAAP Income from operations or reconciliation of Adjusted EBITDA guidance to GAAP Income from
        operations, the closest corresponding GAAP measure, because we do not provide guidance for certain of the reconciling items on a consistent basis due to the variability and complexity of these items, including but not limited to the measures and
        effects of our stock-based compensation expenses directly impacted by unpredictable fluctuation in our share price and amortization in connection with future acquisitions. Hence, we are unable to quantify these amounts without unreasonable efforts.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">3 Calculated at revenue and adjusted EBITDA guidance midpoint.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Share repurchases under the program will be made from time to time in open market purchases, private transactions or other transactions as permitted by
      securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other factors including but not limited to price, regulatory requirements and capital availability. The program does not
      require the purchase of any minimum dollar amount or number of shares and the program may be modified, suspended or discontinued at any time.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Q1 2024 Earning call</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Perion plans to release first quarter 2024 results prior to the opening of the financial markets on Wednesday, May 8, 2024.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Tal Jacobson, CEO, and Maoz Sigron, CFO, will host a conference call to discuss the results on that day at 8:30 a.m. ET.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25;">Earning Call details</div>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 4.5pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9679;</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div>Registration link:</div>
              <div>
                <div style="line-height: 1.25;">
                  <div style="line-height: 1.25;"><u>https://incommconferencing.zoom.us/webinar/register/WN_EqMzgjKySiuCBeC1sYyw_Q</u></div>
                </div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 4.5pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9679;</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div>Toll Free: 877-407-0779</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 4.5pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9679;</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div>Toll/International: +1 201-389-0914</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">About Perion Network Ltd.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Perion connects advertisers with consumers through technology across all major digital channels. These channels converge at Perion&#8217;s intelligent HUB
      (iHUB), which connects the company&#8217;s demand and supply assets, providing significant benefits to brands and publishers. For more information, visit Perion's website at <u>www.perion.com</u>.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Non-GAAP Measures</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude certain items. This press release includes certain non-GAAP measures,
      including Contribution ex-TAC and Adjusted EBITDA.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Contribution ex-TAC presents revenue reduced by traffic acquisition costs and media buy, reflecting a portion of our revenue that must be directly passed
      to publishers or advertisers and presents our revenue excluding such items. We believe Contribution ex-TAC is a useful measure in assessing the performance of the Company because it facilitates a consistent comparison against our core business
      without considering the impact of traffic acquisition costs and media buy related to revenue reported on a gross basis.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") is defined as income from operations excluding stock-based
      compensation expenses, depreciation, amortization of acquired intangible assets, retention and other acquisition-related expenses and gains and losses recognized with respect to changes in the fair value of contingent consideration.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management
      to be outside of our core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage
      and evaluate our business and make operating decisions, and we believe that they are useful to investors as a consistent and comparable measure of the ongoing performance of our business. However, our non-GAAP financial measures are not meant to be
      considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ
      materially from the non-GAAP financial measures used by other companies. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of
      the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required for such presentation without unreasonable effort. Consequently, no reconciliation of the forward-looking non-GAAP
      financial measures is included in this press release.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table reconciles Revenue to Contribution ex-TAC:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-indent: -6.45pt; margin-left: 8.7pt; line-height: 1.25; font-weight: bold;">(In thousands) (estimated and unaudited):</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Three Months Ended</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">March 31, 2024</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">March 31, 2023</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 2.5pt; line-height: 1.25; font-weight: bold;">Revenue</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">157,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">145,150</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; padding-bottom: 2px;">
            <div style="margin-left: 29.25pt; line-height: 1.25;">Traffic acquisition costs and media buy</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">97,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">79,875</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 2.5pt; line-height: 1.25; font-weight: bold;">Contribution ex-TAC</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">60,000</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div style="line-height: 1.25; font-weight: bold;">$</div>
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            <div style="line-height: 1.25; font-weight: bold;">65,275</div>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table reconciles GAAP Income from Operations to Adjusted EBITDA:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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            <div style="text-indent: -6.45pt; margin-left: 8.7pt; line-height: 1.25; font-weight: bold;">(In thousands) (estimated and unaudited):</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Three Months Ended</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">March 31, 2024</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">March 31, 2023</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 2.5pt; line-height: 1.25; font-weight: bold;">GAAP Income from Operations</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">8,250</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; font-weight: bold;">24,504</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%;">
            <div style="margin-left: 29.25pt; line-height: 1.25;">Share-based compensation</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">5,100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">3,402</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 29.25pt; line-height: 1.25;">Retention and other expenses related to M&amp;A</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">1,750</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%;">
            <div style="margin-left: 29.25pt; line-height: 1.25;">Amortization of acquired intangible assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">4,100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">2,963</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 29.25pt; line-height: 1.25;">Depreciation</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">800</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">398</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman',Times,serif; width: 76%; padding-bottom: 2px;">
            <div style="margin-left: 2.5pt; line-height: 1.25; font-weight: bold;">Adjusted EBITDA</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">20,000</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">31,274</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-family: 'Times New Roman',Times,serif; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Forward Looking Statements</div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of
      1995 with respect to the business, financial condition and results of operations of Perion. The words &#8220;will,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;should,&#8221; &#8220;estimate&#8221; and similar expressions are intended to identify forward-looking statements.
      Such statements reflect the current views, assumptions and expectations of Perion with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of Perion to be
      materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, or financial information, including, but not limited to, the failure to realize the anticipated benefits of
      companies and businesses we acquired and may acquire in the future, risks entailed in integrating the companies and businesses we acquire, including employee retention and customer acceptance; the risk that such transactions will divert management
      and other resources from the ongoing operations of the business or otherwise disrupt the conduct of those businesses, potential litigation associated with such transactions, and general risks associated with the business of Perion including intense
      and frequent changes in the markets in which the businesses operate and in general economic and business conditions, loss of key customers, data breaches, cyber-attacks and other similar incidents, unpredictable sales cycles, competitive pressures,
      market acceptance of new products, changes in applicable laws and regulations as well as industry self-regulation, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced
      or not referenced in this press release. Various other risks and uncertainties may affect Perion and its results of operations, as described in reports filed by Perion with the Securities and Exchange Commission from time to time, including its
      annual report on Form 20-F for the year ended December 31, 2022 filed with the SEC on March 15, 2023. Perion does not assume any obligation to update these forward-looking statements.</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">###</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Contact Information:</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Perion Network Ltd.</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Dudi Musler, VP of Investor Relations</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">+972 (54) 7876785</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">dudim@perion.com</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
