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Radium, SNN, Tricky, et al.,

I mentioned this once before. Maybe, just maybe, our fearless leaders have grown some brains and will follow the PERI model: 33-40% cash down, the rest as earnouts providing the new entity performs as promised.

If this were to happen, and if the earnouts were paid from cash generated by operating activities, this will mitigate further dilution.

The problem is the second above sentence...the part about our fearless leaders growing some brains.

I pray to Money I eat my words on the above, but as things stand now, the top three ought to be totally embarrassed at the enormous pay packages they've taken for the busted IPO and performance of the stock over the past half year or so.

Is it a case of 'something is not going well for TRMR the company'? I pray it's just the market treating the stock with disrespect, and not the stock reflecting a very troubled company.

We will learn a lot more over the next two to three quarters. (I know, I stated the obvious.)

They started the blog on 20 June. I realize it's not TRMR, but it is germane to everyone invested in this sector. Unless, of course, one prefers to have their head buried in the sand.

https://www.perion.com/cornerwatch/the-future-according-to-someone-who-is-creating-it/

Magnite balance sheet's a train wreck with ca $786 million in debt. Nice to see they're such good stewards of our balance sheet. That is a pretty big boat for a company that doesn't have a pot to plss in.

About TRMR at Cannes...so nice to see them having fun at our expense on a "yacht" we paid for. But they deserve it, after all they've done for us, it's well earned.

It's likely a 'trade show boondoggle' is a more apt description.

Probably nothing more than a nice boat, hardly a yacht, would be another guess.

SNN, Radium, et al.,

I pray to Money our fearless leaders do proper due diligence; unlike the totally shoddy job they did when they bought R1. That one amazed me.

Should have added 'if mgt. comes through as projected, THAT should move the needle.'

The above is my bet. Pretty safe..."IF" they come through as projected for the second half of this year.

MGNI has the inside track on Disney, but anything can happen.

I still can't believe how cheap our stock is. Nothing seems to move the needle.

Whaddya bet the top three have the comp committee award them more options if we make an acquisition?

Meant to say "But that effect is mitigated if we use shares as partial payment for an acquisition as long as the price per share remains low."

True about buying back share issued at 19 for half that.

This is opportunistic, if we have a going concern which shows promise, which we all pray to Money we do.

But that effect is mitigated if we use shares as partial payment for an acquisition.

Thanks, Radium.

We can use a bit of decent news.

Beyond painful.

This is a bloodbath.

And it may get worse.

One thing we've going for us, a fortress balance sheet. My take: ride it out, if management has a clue, we'll be fine in a year. Or two. Or three. Or whenever. IF they have a clue.

We have the stupidest people on planet earth in charge at the Fed and our Executive Branch (the White House).

This is a head scratcher from where I sit. I bet I'm not alone.

I do not get it. I cannot believe we're this bad.

Matched today...so far...is a new low in store for us before market's close?

We need to give additional bonuses to the top three for a job well done.

Hey JSB,

I've not a clue. I am pretty sure there are a ton of entities out there, and several of them may have a good product and smart engineers, but they're too small to gain critical mass, so they're off the radars of people like me.

Drucker, and most everyone in the biz, know all the players. We have a huge advantage in the fact that we've a boatload of cash on the balance sheet, and we're printing it even faster (by a factor of 2X) than we're giving it the top three.

PERI are also looking to acquire, they have an almost equal amount of cash, are a fair bit smaller than TRMR and looking to grow rapidly, but they're much stricter and more disciplined in terms offered to targeted entities, which gives TRMR an advantage against PERI should they go after the same entity. I am pretty sure they're shopping the same sector.

Hey JSB,

What's good for the goose is good for the gander. We're looking to acquire entities to enhance our reach, and the price of those entities has undoubtedly dropped dramatically, while our cash pile is dropping by the amount they're using to buy back our shares (which, as discussed, is a back-door way of paying themselves boatloads of cash for something they either didn't do well, or haven't done at all), but adding to that is our FCF.

Rusty is correct. But only to a degree, or so I believe. If I recall correctly, the top three would receive all the options granted them which they worked so hard to earn if we're bought out. They wouldn't have to wait the additional two years (or however much time is left).

They could make a ton of quick bucks by selling us out. Look at how they think of us in terms of what they awarded themselves for a job not yet done.

To Fellow Investors,

PERI is well worth a hard look. It is on sale at current price levels. But that doesn't mean it can't get a lot cheaper given the state of the economy here and around the world.

While PERI is cheap, TRMR is definitely cheaper. Both of them may (or may not) get even cheaper. You are paying more for growth in PERI, and as of now, I still feel it's a pretty good bet to be in both.

TRMR is my second largest holding behind PERI. I have MUCH more faith in PERI mgt., but will be very happy if TRMR mgt. dashes my relatively new found skepticism and performs to the point they earn what they've paid themselves.

I hear poor Prince Harry is very upset about their treatment and wants an apology from his grandmother.

You can't make this up.

Stifel today:

Doron reiterated guidance, with confidence ("so far definitely so good, we're not seeing any slowdown").

He talked about the effectiveness of SORT; we now have 150 campaigns running, up from 100 since last discussed (during the Q1 CC), and the results, on average, are still 2X lift/performance over cookies, and 4X better than the reported performance of the Evil Empire (Google). He did not mention the goal of 1,000 campaigns running SORT by year end as he did during the CC, I hope he does during the next CC.

He mentioned the flywheel effect regarding SORT. I bring this up because I love the flywheel effect.

He also said we're looking to not only make an acquisition to enhance our CTV offering, but also to enhance our capabilities in retailers turned media companies, saying this is going to be huge in the next 5-10 years.

If you are invested in Perion, or considering investing in Perion, this audio presentation is well worth 30 minutes of your life.

I remain long and strong: These guys are very good.

Also, from a very competent poster (Jamie) in response to my post:

Good stuff Gdog. I also like how he said they told customers they’d pay for the impressions if they were inferior to cookies and so far they haven’t had to pay anyone. Bodes well for growing share.