Form 20-F ☒ Form 40-F ☐
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Exhibit No.
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Description
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101
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Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets, (ii) Interim Consolidated Statements of Income (Loss), (iii) Interim Consolidated Statements of Comprehensive Income (Loss); (iv) Interim Consolidated Statements of Changes in Shareholders' Equity, (v) Interim Consolidated Statements of Cash Flows, and (vi) the Notes to Interim Consolidated Financial Statements
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PERION NETWORK LTD.
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By:
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/s/ Maoz Sigron
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Name:
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Maoz Sigron
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Title:
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Chief Financial Officer
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Page | |
F-1 | |
F-2 | |
F-3 | |
F-4 | |
F-5 | |
F-7 |
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June 30,
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December 31,
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2022
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2021
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||||||
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(Unaudited)
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(Audited)
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$
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$
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||||
Restricted cash
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Short-term bank deposits
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Accounts receivable (net of allowance of $
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Prepaid expenses and other current assets
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Total Current Assets
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Long-Term Assets:
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||||||||
Property and equipment, net
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Operating lease right-of-use assets
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Intangible assets, net
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Goodwill
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Deferred taxes
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Other assets
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Total Long-Term Assets
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Total Assets
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$
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$
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current Liabilities:
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||||||||
Accounts payable
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$
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$
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||||
Accrued expenses and other liabilities
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||||||
Short-term operating lease liability
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Deferred revenues
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Short-term payment obligation related to acquisitions
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Total Current Liabilities
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||||||
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||||||||
Long-Term Liabilities:
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||||||||
Payment obligation related to acquisition
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Long-term operating lease liability
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Other long-term liabilities
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Total Long-Term Liabilities
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Total Liabilities
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Commitments and Contingencies
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||||||||
Shareholders' equity:
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||||||||
Ordinary shares of ILS
December 31, 2021 respectively; Outstanding:
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||||||
Additional paid-in capital
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||||||
Treasury shares at cost (
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(
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)
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(
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)
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||||
Accumulated other comprehensive loss
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(
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)
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(
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)
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||||
Retained earnings (accumulated deficit)
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(
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)
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|||||
Total Shareholders' Equity
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||||||
Total Liabilities and Shareholders' Equity
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$
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$
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Six months ended
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||||||||
June 30,
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||||||||
2022
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2021
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|||||||
(Unaudited)
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(Unaudited)
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|||||||
Revenues:
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Display Advertising
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$
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$
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Search Advertising
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Total Revenues
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Costs and Expenses:
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Cost of revenues
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Traffic acquisition costs and media buy
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Research and development
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Selling and marketing
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General and administrative
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Depreciation and amortization
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Total Costs and Expenses
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Income from Operations
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Financial expense (income), net
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(
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)
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|||||
Income before Taxes on income
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||||||
Taxes on income
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Net Income
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$
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$
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||||
Net Earnings per Share
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||||||||
Basic
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$
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$
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Diluted
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$
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$
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||||
Weighted average number of shares
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||||||||
Basic
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||||||
Diluted
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U.S. dollars in thousands
Six months ended June 30, |
||||||||
2022 |
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2021 |
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(Unaudited) |
(Unaudited) |
|||||||
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||||||||
Net Income |
$ |
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$ |
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|||
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||||||||
Other comprehensive loss: |
||||||||
Change in foreign currency translation |
( |
) |
( |
) |
||||
Cash Flow Hedge: |
||||||||
Unrealized gain (loss) from cash-flow hedges, net of taxes |
( |
) |
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|||||
Less: reclassification adjustment for net losses included in net income |
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||||||
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Net change |
( |
) |
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|||||
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Other comprehensive loss: |
( |
) |
( |
) | ||||
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||||||||
Comprehensive Income |
$ |
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$ |
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The accompanying notes are an integral part of the interim consolidated financial statements.
Common shares
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Additional
paid-in
capital
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Accumulated
other
comprehensive
income (loss)
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Retained
earnings
(accumulated
deficit)
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Treasury
shares
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Total
shareholders’
equity
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|||||||||||||||||||||||
Number of
Shares
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$
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$
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$
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$
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$
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$
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||||||||||||||||||||||
Balance as of December 31, 2020 (audited)
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(
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)
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(
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)
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|||||||||||||||||||
Issuance of shares - Offering (*)
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-
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-
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-
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|||||||||||||||||||||
Stock-based compensation
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-
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-
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-
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-
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-
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|||||||||||||||||||||
Proceeds from exercise of stock-based compensation
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-
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-
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-
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Other comprehensive loss
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-
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-
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-
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(
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)
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-
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-
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(
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)
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|||||||||||||||||||
Net Income
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-
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-
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-
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-
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-
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|||||||||||||||||||||
Balance as of June 30, 2021 (unaudited)
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|
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(
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)
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(
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)
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|||||||||||||||||||
Issuance of shares - Offering (*)
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-
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-
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-
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Stock-based compensation
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-
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-
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-
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-
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-
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|||||||||||||||||||||
Proceeds from exercise of stock-based compensation
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-
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-
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-
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|||||||||||||||||||||
Other comprehensive loss
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-
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-
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-
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(
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)
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-
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-
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(
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)
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|||||||||||||||||||
Net Income
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-
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-
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-
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-
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-
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|||||||||||||||||||||
Balance as of December 31, 2021 (audited)
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|
|
|
(
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)
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(
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)
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(
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)
|
|
||||||||||||||||||
Stock-based compensation
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-
|
-
|
|
-
|
-
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-
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|||||||||||||||||||||
Proceeds from exercise of stock-based compensation
|
|
|
|
-
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-
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-
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|||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
(
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)
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-
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-
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(
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)
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|||||||||||||||||||
Net Income
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-
|
-
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-
|
-
|
|
-
|
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|||||||||||||||||||||
Balance as of June 30, 2022 (unaudited)
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|
|
|
(
|
)
|
|
(
|
)
|
|
|
Six months ended
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|||||||
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June 30,
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|||||||
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2022
|
2021
|
||||||
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(Unaudited)
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(Unaudited)
|
||||||
Cash flows from operating activities:
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||||||||
Net Income
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$
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$
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||||
Adjustments required to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
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||||||
Stock-based compensation expense
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||||||
Foreign currency translation
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(
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)
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(
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)
|
||||
Accrued interest, net
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(
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)
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(
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)
|
||||
Deferred taxes, net
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(
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)
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|||||
Accrued severance pay, net
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||||||
Gain from sale of property and equipment
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(
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)
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(
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)
|
||||
Net changes in operating assets and liabilities
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||||||||
Accounts receivable, net
|
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||||||
Prepaid expenses and other current assets
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(
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)
|
(
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)
|
||||
Other assets
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||||||
Operating Lease right-of-use assets
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|
||||||
Operating Lease liabilities
|
(
|
)
|
(
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)
|
||||
Accounts payable
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(
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)
|
|
|||||
Accrued expenses and other liabilities
|
(
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)
|
(
|
)
|
||||
Deferred revenues
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(
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)
|
(
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)
|
||||
Payment obligation related to acquisition
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(
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)
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|
|||||
Net cash provided by operating activities
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$
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|
$
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|
||||
|
||||||||
Cash flows from investing activities:
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||||||||
Purchases of property and equipment
|
(
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)
|
(
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)
|
||||
Proceeds from sale of property and equipment
|
|
|
||||||
Short-term deposits, net
|
(
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)
|
(
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)
|
||||
Cash paid in connection with acquisitions, net of cash acquired
|
(
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)
|
(
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)
|
||||
Net cash used in investing activities
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$
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(
|
)
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$
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(
|
)
|
||
|
||||||||
Cash flows from financing activities:
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||||||||
Proceeds from follow-on offering, net
|
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||||||
Proceeds from exercise of stock-based compensation
|
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|
||||||
Payments of contingent consideration
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(
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)
|
|
|||||
Repayment of long-term loans
|
|
(
|
)
|
|||||
Net cash provided by (used in) financing activities
|
$
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(
|
)
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$
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|
|||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
(
|
)
|
(
|
)
|
||||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
(
|
)
|
|
|||||
Cash and cash equivalents and restricted cash at beginning of period
|
|
|
||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
|
$
|
|
U.S. dollars in thousands
Six months ended
|
||||||||
June 30,
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||||||||
2022
|
2021
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheet
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
|
$
|
|
||||
Supplemental Disclosure of Cash Flow Activities:
|
||||||||
Cash paid during the period for:
|
||||||||
Income taxes
|
$
|
|
$
|
|
||||
Interest
|
$
|
|
$
|
|
||||
Non-cash investing and financing activities:
|
||||||||
Purchase of property and equipment on credit
|
$
|
|
$
|
|
NOTE 1: |
GENERAL
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NOTE 2: |
SIGNIFICANT ACCOUNTING POLICIES
|
a. |
Basis of presentation of the Financial Statements
|
b. |
There have been no changes to the significant accounting policies described in the Annual Report that have had a material impact on the unaudited interim consolidated financial statements and related notes.
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c. |
Use of estimates
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F - 7
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 2: |
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
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d. |
Revenue recognition
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e. |
Recent Accounting Pronouncements not yet adopted
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F - 8
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
June 30, 2022
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Fair value measurements using input type
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Level 1
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Level 2
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Level 3
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Total
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Liabilities:
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||||||||||||||||
Derivative liability
|
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||||||||||||||
Contingent consideration in connection to the acquisitions
|
|
|
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||||||||||||
Total financial liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
F - 9
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
December 31, 2021
|
||||||||||||||||
Fair value measurements using input type
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||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
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|||||||||||||
Assets:
|
||||||||||||||||
Derivative assets
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total financial assets
|
$
|
|
$
|
|
$
|
|
$
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||||||||
Liabilities:
|
||||||||||||||||
Contingent consideration in connection to the acquisitions
|
|
|
|
|
||||||||||||
Total financial liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair value as of December 31, 2021
|
$ |
|
||
Payments of contingent consideration
|
(
|
)
|
||
Revaluation of acquisition related contingent consideration
|
|
|||
Fair value as of June 30, 2022
|
$ |
|
F - 10
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 5: GOODWILL AND INTANGIBLE ASSETS, NET
a.Goodwill
The changes in the net carrying amount of goodwill in 2021 and six months ended June 30, 2022 were as follows:
Balance as of January 1, 2021 |
$ |
|
||
|
||||
Acquisition of Vidazoo |
$ |
|
||
|
||||
Balance as of December 31, 2021 |
$ |
|
||
|
||||
Balance as of June 30, 2022 |
$ |
|
Goodwill has been recorded as a result of prior acquisitions and represents excess of the consideration over the net fair value of the assets of the businesses acquired. As of June 30, 2022, the Company had two reporting units – Display Advertising and Search Advertising. The Company performs tests for impairment of goodwill at the reporting unit level at least annually, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As of June 30, 2022, the Company determined that there were no indicators of potential impairment with regards to its reporting units which required interim goodwill impairment analysis.
F - 11
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 5: GOODWILL AND INTANGIBLE ASSETS, NET (Cont.)
b. Intangible assets, net
The following is a summary of intangible assets as of June 30, 2022:
December 31, 2021 |
Amortization |
June 30, 2022 |
||||||||||
|
||||||||||||
Acquired technology |
$ |
|
$ |
|
$ |
|
||||||
Accumulated amortization |
( |
) |
( |
) |
( |
) |
||||||
Impairment |
( |
) |
|
( |
) |
|||||||
Acquired technology, net |
|
( |
) |
|
||||||||
|
||||||||||||
Customer relationships |
|
|
|
|||||||||
Accumulated amortization |
( |
) |
( |
) |
( |
) |
||||||
Impairment |
( |
) |
|
( |
) |
|||||||
Customer relationships, net |
|
( |
) |
|
||||||||
|
||||||||||||
Tradename and other |
|
|
|
|||||||||
Accumulated amortization |
( |
) |
( |
) |
( |
) |
||||||
Impairment |
( |
) |
|
( |
) |
|||||||
Tradename and other, net |
|
( |
) |
|
||||||||
|
||||||||||||
Intangible assets, net |
$ |
|
$ |
( |
) |
$ |
|
F - 12
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 5: GOODWILL AND INTANGIBLE ASSETS, NET (Cont.)
The following is a summary of intangible assets as of December 31, 2021:
December 31, 2020 |
Additions |
Amortization |
December 31, 2021 |
|||||||||||||
|
||||||||||||||||
Acquired technology |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Accumulated amortization |
( |
) |
|
( |
) |
( |
) | |||||||||
Impairment |
( |
) |
|
|
( |
) | ||||||||||
Acquired technology, net |
|
|
( |
) |
|
|||||||||||
|
||||||||||||||||
Customer relationships |
|
|
|
|
||||||||||||
Accumulated amortization |
( |
) |
|
( |
) |
( |
) | |||||||||
Impairment |
( |
) |
|
|
( |
) | ||||||||||
Customer relationships, net |
|
|
( |
) |
|
|||||||||||
|
||||||||||||||||
Tradename and other |
|
|
|
|
||||||||||||
Accumulated amortization |
( |
) |
|
( |
) |
( |
) | |||||||||
Impairment |
( |
) |
|
|
( |
) | ||||||||||
Tradename and other, net |
|
|
( |
) |
|
|||||||||||
|
||||||||||||||||
Intangible assets, net |
$ |
|
$ |
|
$ |
( |
) |
$ |
|
F - 13
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 6: SHORT-TERM AND LONG-TERM DEBT
On December 17, 2018, ClientConnect Ltd., a former Israeli subsidiary of Perion, which merged into Perion on June 30, 2020, executed a new loan facility, in the amount of $
On March 8, 2021, the Company early repaid the full amount of its loan facility with bank Mizrachi of a principal amount of $
NOTE 7: COMMITMENTS AND CONTINGENT LIABILITIES
Legal Matters
On December 22, 2015, Adtile Technologies Inc. filed a lawsuit against the Company and Intercept Interactive Inc. (“Intercept”), a subsidiary of Interactive Holding Corp., in the United States District Court for the District of Delaware. The lawsuit alleges various causes of action against Perion and Undertone related to Undertone’s alleged unauthorized use and misappropriation of Adtile’s proprietary information and trade secrets. Adtile is seeking injunctive relief and, unspecified monetary damages. On June 23, 2016, the court denied Adtile’s motion for a preliminary injunction. On June 24, 2016, the court (i) granted the Company’s motion to dismiss, and (ii) granted Intercept’s motion to stay the action and compel arbitration. In November 2017, the court dismissed the case for administrative reasons, since Adtile had not commenced arbitration proceedings. The Company is still unable to predict the outcome or range of possible loss as of the date of these financial statements, since to date Adtile had not commenced arbitration procedures. Regardless, the Company believes it has strong defenses against this lawsuit and intends to defend against it vigorously.
In addition, from time to time, the Company is party to other various legal proceedings, claims and litigation that arise in the ordinary course of business. It is the opinion of management that the ultimate outcome of these matters will not have a material adverse effect on the Company's financial position, results of operations or cash flows.
F - 14
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 8: SHAREHOLDERS' EQUITY
a.Ordinary shares
The ordinary shares of the Company entitle their holders to voting rights, the right to receive cash dividend and the right to a share in excess assets upon liquidation of the Company.
b.Stock Options, Restricted Share Units and Warrants
In 2003, the Company's Board of Directors approved the 2003 Equity Incentive Plan (the "Plan") for an initial term of
The contractual term of the stock options is generally no more than
As of June 30, 2022, there were
Weighted average
|
||||||||||||||||
Number of
options
|
Exercise
price
|
Remaining
contractual
term (in
years)
|
Aggregate
intrinsic
value
|
|||||||||||||
Outstanding at January 1, 2022
|
|
$
|
|
|
$
|
|
||||||||||
Granted
|
|
|
)
|
-
|
-
|
|||||||||||
Exercised
|
(
|
)
|
|
-
|
|
|||||||||||
Cancelled
|
(
|
)
|
|
-
|
-
|
|||||||||||
Outstanding at June 30, 2022
|
|
$
|
|
|
$
|
|
||||||||||
Exercisable at June 30, 2022
|
|
$
|
|
|
$
|
|
||||||||||
Vested and expected to vest at June 30, 2022
|
|
$
|
|
|
$
|
|
F - 15
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 8:SHAREHOLDERS' EQUITY (Cont.)
Weighted average
|
||||||||||||||||
Number of
options
|
Exercise
price
|
Remaining
contractual
term (in
years)
|
Aggregate
intrinsic
value
|
|||||||||||||
Outstanding at January 1, 2022
|
|
$
|
|
|
$
|
|
||||||||||
Granted
|
|
(
|
)
|
-
|
-
|
|||||||||||
Exercised
|
(
|
)
|
(
|
) |
-
|
|
||||||||||
Cancelled
|
(
|
)
|
(
|
)
|
-
|
-
|
||||||||||
Outstanding at June 30, 2022
|
|
$
|
|
|
$
|
|
||||||||||
Exercisable at June 30, 2022
|
|
$
|
|
|
$
|
|
||||||||||
Vested and expected to vest at June 30, 2022
|
|
$
|
|
|
$
|
|
The performance-based stock options’ vesting is contingent upon achieving specific financial targets of the Company, set at the grant date.
NOTE 9: INCOME TAXES
The Company had a tax expense of $
F - 16
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 10:EARNINGS PER SHARE
The table below presents the computation of basic and diluted net earnings per common share:
Six months ended June 30,
|
||||||||
2022
|
2021
|
|||||||
Numerator:
|
||||||||
Net income attributable to ordinary shares – basic and diluted
|
$
|
|
$
|
|
||||
Denominator:
|
||||||||
Number of ordinary shares outstanding during the year
|
|
|
||||||
Weighted average effect of dilutive securities:
|
||||||||
Employee options and restricted share units
|
|
|
||||||
Diluted number of ordinary shares outstanding
|
|
|
||||||
Basic net earnings per ordinary share
|
$
|
|
$
|
|
||||
Diluted net earnings per ordinary share
|
$
|
|
$
|
|
||||
Potential ordinary shares equivalents excluded because their effect would have been anti-dilutive
|
|
|
F - 17
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 11:MAJOR CUSTOMER
A substantial portion of the Company's revenue is derived from search fees and online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or in customer buying behavior would adversely affect the Company’s operating results.
The following table sets forth the customers that represent 10% or more of the Company’s total revenues in each of the periods presented below:
Six months ended June 30, |
||||||||
2022 |
2021 |
|||||||
Customer A |
|
% |
|
% |
NOTE 12:GEOGRAPHIC INFORMATION
The following table presents the total revenues for six months ended June 30, 2022 and 2021, allocated to the geographic areas in which they were generated:
Six months ended June 30, |
||||||||
2022 |
2021 |
|||||||
|
||||||||
North America (mainly U.S.) |
$ |
|
$ |
|
||||
Europe |
|
|
||||||
Other |
|
|
||||||
|
||||||||
$ |
|
$ |
|
The following table presents the locations of the Company’s long-lived assets as of June 30, 2022 and December 31, 2021:
June 30, |
December 31, |
|||||||
2022 |
2021 |
|||||||
|
||||||||
Israel |
$ |
|
$ |
|
||||
U.S. |
|
|
||||||
Europe |
|
|
||||||
|
||||||||
$ |
|
$ |
|
F - 18
1. |
The ability to monetize search traffic through our partnership with Microsoft Advertising (Bing), as reflected in the growth of our publisher network. This is particularly important given the growing shift to Direct Response units;
|
2. |
The ability to continuously expand our margin, demonstrating the effectiveness of our iHUB, which is further detailed below;
|
3. |
The ability to meet advertiser demand for higher user engagement with our high-impact Ad suite;
|
4. |
The ability to innovate in sectors that matter most to brands; this is manifest in SORT™ which is an effective and successful response to advertiser recognition that privacy matters; and
|
5. |
The ability to acquire and execute with strategic and operational discipline.
|
1.
|
Operational Savings – Shared Resources
|
2.
|
Traffic Acquisition Costs (TAC) Optimization
|
3.
|
Increased Customer Value
|
4.
|
Market Agility and Creative Firepower
|