Company: PERI
Filing Date: 2025-03-25
Form Type: 20-F
Source: 0001178913-25-001021
Chunk: 177

Company: Perion Network Ltd.
Filing Date: 2025-03-25
Form: 20-F
Item: Item 18
Chunk 177
---
ANCIAL STATEMENTS
 U.S. dollars in thousands (except share and per share data)
 
    
NOTE   GOODWILL AND OTHER INTANGIBLE
 8:             ASSETS, NET         
------------------------------------

a.   Goodwill
-------------
 
The changes in the net carrying amount of goodwill in 2024 and 2023 were as follows:
 
   
           Balance                $195,527     
    as of January 1, 2023                      
-----------------------------------------------
Acquisition of Hivestack            $52,448    
Balance                            $247,975    
as of December 31, 2023                        
Measurement period adjustment         $(889   )
Balance                            $247,086    
as of December 31, 2024                        

Goodwill has been recorded as a result of prior acquisitions and represents excess of consideration over the net fair value of the assets of the businesses acquired. As of December 31, 2024, the Company has two reporting units - Advertising Solutions 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.
 
 During 2024, the Company experienced a significant decline in its stock price. In response, and as part of the Company’s annual impairment test, the Company performed a quantitative goodwill impairment test as of December 31, 2024, which indicated that the fair value of each reporting unit exceeded its carrying amount, and therefore, no impairment loss was recorded. The company used the income approach to measure the fair value of the reporting units. The significant assumptions used in the model mainly relate to the projected revenues and operating income in the forecasted years.
 
No goodwill impairment was incurred for the years ended December 31, 2024, 2023 and 2022.
 
   F - 31

PERION NETWORK LTD. AND ITS SUBSIDIARIES
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 U.S. dollars in thousands (except share and per share data)
 

NOTE   GOODWILL AND OTHER INTANGIBLE
 8:         ASSETS, NET (Cont.)     
------------------------------------

b.   Intangible assets, net
---------------------------
 
 The following is a summary of intangible assets as of December 31, 2024:
 
   
                                   December 31,           Write-off           Amortization           December 31,      
                                       2023