#1Perion Q3 2023 Investor Presentation | November 1, 2023#2Forward Looking Statements This presentation 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 "will," "believe," "expect," "intend," "plan," "should", "estimate" 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 current war between Israel and Hamas and any worsening of the situation in Israel (such as further mobilizations), 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, unpredictable sales cycles, competitive pressures, market acceptance of new products, changes in applicable laws and regulations as well as industry self-regulation, data breaches, cyber-attacks and other similar incidents, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced or not referenced in this presentation. 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. Investors should read this presentation together with our respective quarterly press release furnished to the SEC. Non-GAAP Measures Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude certain items. This presentation includes certain non-GAAP measures, including Contribution ex-TAC, non-GAAP Operating Expenses and Cost of Revenue, Adjusted EBITDA, non-GAAP net income and non-GAAP diluted earning per share. 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. Non-GAAP Operating Expenses and Cost of Revenue is defined as Total Costs and Expenses excluding traffic acquisition costs and media buy, depreciation, amortization of acquired intangible assets, stock-based compensation expenses, retention and other acquisition-related expenses and gains and losses recognized with respect to changes in fair value of contingent consideration. 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. Non-GAAP net income and non-GAAP diluted earnings per share are defined as net income and net earnings per share excluding stock-based compensation expenses, retention and other acquisition- related expenses, revaluation of acquisition-related contingent consideration, amortization of acquired intangible assets and the related taxes thereon, non-recurring expenses, foreign exchange gains and losses associated with ASC-842, as well as gains and losses recognized with respect to changes in fair value of contingent consideration. 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 presentation. A reconciliation between results on a GAAP and non-GAAP basis is provided in the appendix to this presentation. 2#3Tal Jacobson CEO Maoz Sigron CFO 3#4===== Q3 2023 Continued profitable growth through diversification and focus on technology and innovation#5Revenue Continuous Top and Bottom-Line Growth $185.3M +17% Y YOY Contribution ex-TAC¹ $77.3M +19% YOY 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. Adjusted EBITDA $42.7M +29% YoY 5#6200.0 Consistent Growth Q3 2023 Adjusted EBITDA ($M) ↑ 29% YOY 42.7 Q3 2023 Revenue ($M) 24% CAGR Q3'21-23 158.6 ↑ 17% YOY Growth 185.3 56% CAGR Q3'21-23 150.0 121.0 100.0 50.0 0.0 Q3-21 03-22 Q3-22 Q3-23 1 Adjusted EBITDA is a non-GAAP metric. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. 17.6 33.0 Q3-21 Q3-22 Q3-23 6#7Growing Where Technology Matters Most $50.00 Connected TV Ad Spending US, 2023-2027 Billions % Change $40.00 $40.90 40.0% $36.86 $33.06 $29.29 30.0% $30.00 $25.09 Retail Media Ad Spending US, 2023-2027 Billions % Change $106.12 $84.97 $68.14 $55.31 23.0% $45.15 24.9% 24.7% 23.2% 22.5% $20.00 21.2% 16.8% $10.00 12.9% 10.0% 11.5% 11.0% $0.00 2023 2024 2025 2026 2027 148%Ⓡ ↑ 21.2% YTD-23 CTV Revenue, YoY Expected 2023 CTV US Market growth 1 Source: eMarketer, March 2023 19.7% 2023 2024 2025 2026 2027 181% P ↑ 19.7% YTD-23 Revenue, YoY Expected 2023 Retail Media US Market growth' 7#8Technology-Driven Growth 8#91 Perion's Advertiser Solution Suite 2 AD Engaging, dynamic, high-impact creative Strategic use of advanced data, targeting and > audience segmentation AIF ¡Hub SORTⓇ AIT 3 Relevantly distributed across premium publishers & channels for CTV, display, video, social, DOOH & audio 4 Measure results across campaigns, channels and screens ব 9#10High Impact Live CTV Ads that break through Solves commercial avoidance Runs during Sports with the ad alongside the game Technology identifies a lull in the action Canvas around the ad designed per advertiser needs AT&T fiber FIFA FIFA TV 10#11High Impact Live CTV Unmissable moment - Unmissable advertising Home Run Sponsorship Stay-live experience after Home Runs in New York Yankees baseball games in CTV/OTT Branding inside the broadcast, right after the most exciting moment in the game FANDUEL N DET 1 NYY 1 2-1 BRIESME 06 3. DOMINGUEZ 0-1 SCAN TO DOWNLOAD 11#12Fidelity INVESTMENTS @ LEXUS Notable Q3 CTV Clients COMCAST ▲ DELTA Metro TRADE Goldwyn Mayer MARK MGM Kroger FANDUEL HALEON Mercedes-Benz mazda® A AT&T ESPA Boar's Head ACURA DRAFT KINGS OAKLEY 12#13Introducing WAVE Generative Al Dynamic Audio Delivery Weekly Ads Location, Audience, Weather, Audio Content Generative Al Audio Engine Albertsons Hass Avocados large 989 1 FREE MILK up to 1 Cheerios Sweet Co Avocados Mexico 4$10 for when you buy 4 AMERICAN BEAUTY SPAGHETTI Starkist 88 > NYC, NY Parent Morning LA, CA Road Trip Playlist Morning WAVE By Perion Delivery via Podcasts, Radio, Music Services 98¢ 4 for Honey Nut $10 Cheerios LOWER CHOLESTEROL く Measurement & Attribution B 13#14WAVE - Addressing a Growing Audio Market ↑$6.79B US Digital Audio Ad Spending Source: eMarketer, March 2023 US Digital Audio Services Ad Spending, 2023-2027 Billions, % Change Digital audio services ad spending, $B - % Change $9.74 10 $8.96 $8.22 $7.51 8 $6.79 6 2 7.5% 14.00% 12.00% 10.5% 9.5% 9.0% 10.00% 8.7% 0 2023 2024 2025 2023 2024 2025 2026 2026 2027 2027 8.00% 6.00% 14#15Wave for Retail - More Impact at Every Touchpoint Albertsons 66 - When your team brought us the AI script and voice, we were blown away. It was very hard to detect that it was an actual Al voice right down to the nuances of how certain products are pronounced, and the annunciation - to see the machine actually learning those dialogue differences was super important to us. Tony Colvin, Director - Paid Media, Albertsons Companies WAVE Dynamic Audio ads Part of the full consumer journey More impactful. Personalized. Localized. Relevant. Shoppable. Already implemented by Albertsons, America's 2nd largest supermarket chain - as First Adopter 15#16Financial Results & Outlook#17Q3 2023 Financial Highlights Revenue Contribution ex-TAC (Revenue ex-TAC) 1 Adjusted EBITDA¹ GAAP Net Income $185.3M 17% YoY Growth $77.3M 19% YoY Growth 42% Margin $42.7M 29% YoY Growth 23% Margin $32.8M 28% YoY Growth 18% Margin Non-GAAP Diluted EPS¹ ↑ $0.84 38% YoY Growth 1 Non-GAAP metrics. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. 17#18Q3 2023 Revenue ($M) 24% CAGR Q3'21-23 121.0 158.6 17% ↑ rovoveth YOY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 185.3 2023 18#1920% CAGR Q3'21-23 ↑ 14% YOY Q3 2023 Display Advertising Revenue ($M) 69.0 86.8 99.2 Retail Medial revenue increased by 112% 13% of Display Advertising revenue vs. 7% last year CTV2 increased by 39% YoY 8% of Display Advertising revenue vs. 7% last year Video decreased by 16% YoY 32% of Display Advertising revenue vs. 44% last year Q3-21 Q3-22 Q3-23 1 Retail Media includes all media channels, such as, CTV, video and others 2 We use our updated methodology for measuring CTV, as set out in our press release for the quarter 19#20Q3 2023 Search Advertising Revenue ($M) 29% CAGR Q3'21-23 20% YOY Growth 52.0 71.8 86.1 ↑31.3 million daily searches An increase of 86% YoY Q3-21 Q3-22 Q3-23 ↑ 164 publishers An increase of 16% YoY 20#21Q3 2023 Contribution Ex-Tac 50 40 30 20 10 39% 41% 42% Improved Product mix through ongoing optimization Media buying optimization of our supply and demand assets through iHUB Incremental revenue with low variable cost Team 1 Q3-21 Team 2 Q3-22 Team 3 Q3-23 21#22Q3 2023 Adjusted EBITDA ($M) 56% CAGR Q3'21-23 Adjusted EBITDA/Contribution ex-TAC Adjusted EBITDA/Revenue Q1 Q2 29% YOY Growth 55% 23% 51% 42.7 21% 37% 33.0 15% 17.6 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 1 Adjusted EBITDA is a non-GAAP metric. Please see the Appendix to this presentation for a reconciliation of each to the nearest GAAP metric. 22#23Q3 2023 GAAP/ Non-GAAP Net Income ($M) 40 GAAP Net Income 76% CAGR Q3'21-23 28% ↑28 Growth Non-GAAP Net Income¹ 66% 50 CAGR Q3'21-23 32.8 40 42% 14 YOY Growth 42.4 30 20 10 10.6 25.6 30 20 15.4 10 29.9 0 0 Team 1 Team 2 Team 1 Team 2 Team 3 Team 3 Q3-21 Q3-22 Q3-23 Q3-21 Q3-22 Q3-23 1 Non-GAAP net income is a non-GAAP metric. Please see the Appendix to this presentation for a reconciliation to the nearest GAAP metric 23#24Continuous Growth in Efficiency and Productivity Cost Efficiency FTE Productivity 25% 20% $38.7K 19% $66.0K $84.1K $121.0M $158.6M $185.3M $17.6M $33.0M $42.7M Q3-21 Q3-22 Q3-23 Q3-21 Q3-22 Revenue % OPEX+COGS¹ ¡HUB as a shared infrastructure resource Q3-23 Adj. EBITDA Adj. EBITDA per FTE² Incremental revenue with low variable cost Offshoring our operations 1 Non-GAAP Operating Expenses and Cost of Revenue. Please see the Appendix to this presentation for a reconciliation to the nearest GAAP metric 2 FTE Includes sub-contractors 24 24#25Strong Balance Sheet & Cash Flow Financial Metric ($M) Q3-22 Q4-22 Q3-23 to Support Growth Plans Net cash¹ 390.4 429.6 523.6 Operating Cash Flow 34.7 38.2 40.1 1 As of end of period. Net cash includes cash and cash equivalents, short-term bank deposits and marketable securities 25 25#26Guidance In $ Millions 2022 2023 Guidance YoY Growth' Revenue $640.3 $730-$750 16% Adjusted EBITDA $132.4 $167+ 26% Adjusted EBITDA to Revenue 21% 23%¹ Adjusted EBITDA to Contribution ex-TAC 49% 54%¹ 1 Calculated at revenue guidance midpoint. Adjusted EBITDA year-over-year growth calculated based on $167 million. 26#27Thank You#28Appendix#29Balance Sheet Overview ($M) Condensed Consolidated Balance Sheets Current Assets Cash and cash equivalents Restricted cash 9/30/2023 31/12/2022 Current Liabilities 9/30/2023 31/12/2022 197.9 176.2 Accounts payable 139.5 155.9 Short-term bank deposit 1.3 254.0 1.3 253.4 Accrued expenses and other liabilities 33.8 37.9 Short-term operating lease liability 3.9 3.9 Marketable Securities 71.8 0.0 Deferred revenue 1.5 2.4 Accounts receivable, net 142.1 160.5 Short-term payment obligation related to acquisitions 71.5 34.6 Prepaid expenses and other current assets 16.6 12.0 250.2 234.6 683.7 603.5 Long-Term Assets Long-Term Liabilities Property and equipment, net 3.0 3.6 Payment obligation related to acquisitions 0.0 33.1 Operating lease right-of-use assets 7.4 10.1 Long-term operating lease liability 4.4 7.6 Goodwill and Intangible assets, net 238.2 247.2 Other long-term liabilities 12 11.8 Deferred taxes and Other assets 7.8 256.4 5.8 16.4 52.5 266.8 Total Shareholders' Equity 673.4 583.1 Total Assets 940.1 870.2 Total Liabilities and Shareholders' Equity 940.1 870.2 29 Numbers may not add due to rounding 29#30Income Statement ($M) 9 Months ended Consolidated Statements Of Operations - GAAP Q1-21 Q2-21 Display Advertising revenue 38.1 58.0 69.0 Q3-21 Q4-21 100.2 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 2021 2022 2023 68.6 81.6 86.8 123.8 79.9 99.4 99.2 165.1 236.9 278.5 Search Advertising revenue 51.7 51.6 52.0 57.8 56.7 65.1 71.8 85.9 65.3 79.1 86.1 155.4 193.7 230.5 Total Revenue 89.8 109.7 121.0 158.0 125.3 146.7 158.6 209.7 145.2 178.5 185.3 320.5 430.6 508.9 Cost of revenue 5.4 6.2 6.3 7.3 6.6 6.9 7.5 9.4 7.6 9.6 9.8 17.9 21.0 27.0 Traffic acquisition costs and media buy 54.9 66.2 73.6 93.3 71.0 86.0 93.6 122.0 79.9 101.5 108.0 194.7 250.6 289.3 Research and development 8.5 8.9 8.6 9.2 9.0 8.3 7.8 9.3 8.4 8.2 7.8 26.1 25.1 24.4 Selling and marketing 10.6 12.9 12.9 16.8 13.3 14.0 12.6 16.1 15.0 13.9 14.2 36.4 39.9 43.0 General and administrative 4.1 4.6 5.3 9.1 5.7 6.5 7.6 7.9 6.5 7.4 7.7 14.1 19.7 21.7 Changes in fair value of contingent consideration - (2.2) (3.8) 14.6 2.0 (3.8) 16.6 Depreciation and amortization 2.4 2.0 1.9 3.6 3.2 3.2 3.7 3.7 3.4 3.4 3.4 6.3 10.1 10.2 Total Costs and Expenses 86.0 100.8 108.6 137.2 108.8 124.8 129.0 168.5 % of Revenues 95.8% 91.9% 89.8% 86.8% 86.8% 85.1% 81.3% 80.4% 120.6 158.6 83.1% 88.9% 82.5% 152.8 295.4 362.6 432.1 92.2% 84.2% 84.9% Income from Operations 3.9 8.9 12.4 20.8 16.5 21.9 29.6 % of Revenues 4.3% 8.1% 10.2% 13.2% 13.2% 14.9% 18.7% 41.2 19.6% 24.5 19.9 16.9% 11.1% 32.5 17.5% 25.1 68.0 76.9 7.8% 15.8% 15.1% Financial income (expense), net 0.2 (0.3) (0.5) 0.6 0.9 1.0 2.0 3.4 5.2 6.1 (0.1) 2.5 14.7 Income before Taxes on income 4.1 8.6 12.4 20.3 17.1 22.8 30.6 43.2 27.9 25.0 38.6 25.0 70.5 91.5 Taxes on income 0.8 1.5 1.7 2.6 1.6 3.3 5.0 4.5 4.1 3.6 5.7 4.0 10.0 13.5 Net Income 3.3 7.1 10.6 17.7 15.5 19.5 25.6 38.7 23.8 21.4 32.8 21.0 60.5 78.0 % of Revenues 3.7% 6.5% 8.8% 11.2% 12.4% 13.3% 16.1% 18.5% 16.4% 12.0% 17.7% 6.6% 14.1% 15.3% Net Earnings per Share - Basic 0.10 0.21 0.31 0.48 0.35 0.44 0.57 0.84 0.51 0.46 0.69 0.63 1.36 1.66 Net Earnings per Share - Diluted 0.09 0.19 0.28 0.44 0.33 0.41 0.53 0.79 0.48 0.43 0.65 0.57 1.27 1.57 No. of shares - Basic (M) 32.1 34.1 34.6 36.8 44.0 44.4 45.1 45.8 46.4 47.0 47.4 33.6 44.5 46.9 No. of shares - Diluted (M) 35.8 37.1 37.9 40.3 47.0 47.3 48.0 48.9 49.5 49.6 50.3 36.9 47.6 49.8 30 Numbers may not add due to rounding#31Cash Flow Overview ($M) 9 Months ended Condensed Consolidated Statements of Cash Flows Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 2021 2022 2023 Cash flows from operating activities Net Income 3.3 7.1 10.6 17.7 15.5 19.5 25.6 38.7 23.8 21.4 32.8 21.0 60.5 78.0 Adjustments required to reconcile net income to net cash 10.2 7.5 3.6 11.1 8.1 6.2 9.1 (0.5) (6.0) 26.0 7.3 21.3 23.4 27.2 Net cash provided by operating activities 13.5 14.6 14.2 28.8 23.6 25.7 34.7 38.2 17.8 47.4 40.1 42.3 83.9 105.2 Investing activities Deposits, marketable securities and other (43.4) Cash paid in connection with acquisitions, net of cash acquired 0.0 (3.4) (27.2) 22.9 0.0 (157.2) (32.7) (1.2) 31.3 (34.7) (49.4) 5.0 (28.2) (47.8) (2.6) (72.7) (35.0) (3.4) (6.2) 0.0 0.0 0.0 0.0 0.0 (3.4) (9.6) 0.0 Net cash provided by (used in) investing activities (43.4) (30.6) 22.9 (192.2) (36.1) (7.3) 31.3 (34.7) (49.4) 5.0 (28.2) (51.2) (12.1) (72.7) Financing activities Net cash provided by (used in) financing activities 54.3 2.2 1.1 171.5 0.9 (8.7) 3.1 1.4 (11.2) 0.1 0.2 57.6 (4.7) (10.9) Effect of exchange rate changes on cash and cash equivalents and restricted cash 0.0 0.0 0.0 0.0 0.0 (0.1) (0.1) 0.2 0.1 0.0 (0.1) 0.0 (0.3) 0.0 Net increase (decrease) in cash and cash equivalents and restricted cash 24.3 (13.8) 38.1 8.1 (11.6) 9.5 69.0 5.1 (42.8) 52.5 11.9 48.6 66.9 21.7 Cash and cash equivalents and restricted cash at beginning of period Cash and cash equivalents and restricted cash at end of period 48.9 73.2 59.4 97.4 105.5 94.0 103.4 172.4 177.5 134.7 187.2 48.9 105.5 177.5 73.2 59.4 97.4 105.5 94.0 103.4 172.4 177.5 134.7 187.2 199.2 97.4 172.4 199.2 Numbers may not add due to rounding 31#32Non-GAAP Reconciliations ($M) 9 Months ended Reconciliation of GAAP to Non-GAAP Measures Q1-21 Revenue Traffic acquisition costs and media buy Contribution Ex-TAC 89.8 (54.9) 34.9 109.7 (66.2) (73.6) 121.0 43.5 47.4 158.0 (93.3) 64.7 125.3 (71.0) (86.0) 54.3 60.7 146.7 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 209.7 145.2 178.5 185.3 (122.0) (79.9) (101.5) (108.0) 87.7 2021 2022 2023 158.6 (93.6) 65.0 320.5 430.6 65.3 77.0 77.3 508.9 (194.7) (250.6) (289.3) 125.8 180.0 219.6 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 2021 9 Months ended 2022 2023 GAAP Costs and Expenses Traffic acquisition costs and media buy Depreciation and amortization 86.0 100.8 108.6 137.2 108.8 124.8 129.0 168.5 120.6 158.6 152.8 295.4 362.6 432.1 (54.9) (66.2) (73.6) (93.3) (71.0) (86.0) (93.6) (122.0) (79.9) (101.5) (108.0) (194.7) (250.6) (289.3) (2.4) (2.0) (1.9) (3.6) (3.2) (3.2) (3.7) (3.7) (3.4) (3.4) (3.4) (6.3) (10.1) (10.2) Stock-based compensation expenses (0.8) (1.2) (1.7) (3.3) (2.4) (2.7) (3.2) (3.2) (3.4) (3.1) (4.4) (3.7) (8.4) (10.9) Retention and other acquisition-related expenses (1.8) (2.2) (1.6) (3.5) (0.6) (0.7) (0.3) (0.1) (0.3) (0.4) (5.5) (1.5) (0.7) Changes in fair value of contingent consideration 2.2 3.8 (14.6) (2.0) 3.8 (16.6) Non-GAAP Operating expenses and Cost of Revenue 26.1 29.2 29.8 35.7 31.6 32.2 32.0 39.5 33.9 35.7 34.6 85.2 95.8 104.4 Numbers may not add due to rounding 32#33Non-GAAP Reconciliations ($M) 9 Months ended Reconciliation of GAAP to Non-GAAP Results Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 2021 2022 2023 GAAP Income from Operations Stock-based compensation expenses 3.9 8.9 12.4 20.8 16.5 21.9 29.6 41.2 24.5 19.9 32.5 25.1 68.0 76.9 0.8 1.2 1.7 3.3 2.4 2.7 3.2 3.2 3.4 3.1 4.4 3.7 8.4 10.9 Retention and other acquisition-related expenses Changes in fair value of contingent consideration 1.8 2.2 1.6 3.5 0.6 0.7 0.3 0.1 0.3 0.4 5.5 1.5 0.7 - - - (2.2) - - (3.8) - - 14.6 2.0 - (3.8) 16.6 Amortization of acquired intangible assets Depreciation Adjusted EBITDA 1.3 1.4 1.4 2.8 2.8 2.8 3.3 3.0 3.0 3.0 3.0 4.1 8.9 9.0 1.0 0.6 0.6 0.8 0.4 0.4 0.4 0.8 0.4 0.4 0.4 2.2 1.2 1.2 8.8 14.3 17.6 28.9 22.7 28.5 33.0 48.2 31.3 41.2 42.7 40.7 84.1 115.2 GAAP Net Income Stock-based compensation expenses 3.3 7.1 10.6 17.7 15.5 19.5 25.6 38.7 23.8 21.4 32.8 21.0 60.5 78.0 0.8 1.2 1.7 3.3 2.4 2.7 3.2 3.2 3.4 3.1 4.4 3.7 8.4 10.9 Amortization of acquired intangible assets 1.3 1.4 1.4 2.8 2.8 2.8 3.3 3.0 3.0 3.0 3.0 4.1 8.9 9.0 Retention and other acquisition related expenses Changes in fair value of contingent consideration Foreign exchange gains (losses) associated with ASC-842 Revaluation of acquisition-related contingent consideration Taxes on the above items 1.8 2.2 1.6 3.5 0.6 0.7 0.3 0.1 0.3 0.4 5.5 1.5 0.7 - (2.2) (3.8) - 14.6 2.0 (3.8) 16.6 (0.3) 0.1 0.2 (0.2) (0.5) (0.1) (0.1) (0.1) (0.1) (0.2) (0.8) (0.3) 0.2 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.1 0.1 0.5 0.6 0.4 (0.1) 0.2 (0.1) (0.2) (0.4) (0.8) 1.1 (0.5) (0.3) (0.3) (0.3) 0.1 (0.1) (0.9) Non-GAAP Net Income from continuing operations 7.0 12.3 15.4 25.3 20.7 24.5 29.9 44.7 29.9 42.1 42.4 34.7 75.1 114.4 Non-GAAP diluted earnings per share 0.19 0.33 0.40 0.62 0.44 0.51 0.61 0.90 0.60 0.84 0.84 0.93 1.56 2.28 No. of shares - Diluted (M) 36.1 37.4 38.4 40.6 47.6 47.9 48.9 49.5 49.7 49.9 50.5 37.2 48.1 50.1 Numbers may not add due to rounding 33