Perion (PERI +10.8%) expects 2014 revenue of $460M-$470M, EBITDA of $125M-$130M, and net income of $103M-$108M. Between them, Perion and reverse merger partner ClientConnect (i.e. Conduit's toolbar unit) had 2013 revenue of $430.1M, EBITDA of $122.3M, and net income of $106.8M.
Ahead of the Jan. 2 closing of the ClientConnect deal, Perion's Q4 sales soundly beat estimates on the back of a 61% Y/Y increase in search-related revenue to $10M (lifted by deals with Yahoo, Bing, and Ask.com). Sales of all other products/services rose 12% to $6.8M.
Customer acquisition costs rose 50% Y/Y in Q4 to $14.6M , slightly outpacing rev. growth of 47%. Google accounted for 38% of 2013 revenue.
Q4 results, PR