Repeat pull from proven relationships plus room left

Perion Network Ltd. (PERI) — this company's answers

The model's full reasoning — Q2 2023 call → NOThe question asks whether management describes that existing counterparties (customers, accounts, partners, members, or programs) are currently, on their own initiative, taking or committing to meaningfully more from the company than they previously did, AND that these relationships remain lightly penetrated. Let me analyze the transcript for evidence of both halves: 1. Real expansion behavior already occurring in the recent period across more than an isolated account - driven by counterparties' own choice after direct experience: - Search Advertising: "Average Daily Searches during the quarter grew by 68% year-over-year to $28.6 million. This was driven by a 28% year-over-year increase in the number of Search Advertising publisher to 159 and by increased traffic from existing publisher." - This mentions "increased traffic from existing publisher" - so existing publishers are growing their usage. - Retail Media: "Our Retail Media business continued to accelerate growing 63% year-over-year" - and Tal mentions "once you connect your systems to the retail data, it's within the house. So, you can create more and more campaign, and that continues to grow" - suggesting existing retail customers are expanding campaigns. - CTV: "CTV revenue more than doubled compared with the second quarter of 2022" - but this doesn't specifically say existing customers expanding. 2. Management conveying that substantial room remains inside these same relationships: - On Search: Tal says "We work at full speed ahead to add more and more publishers. We don't see any slow in the amount of publishers we're adding." - This is about adding new publishers, not necessarily existing ones expanding. - On Retail Media: Tal says "Retail Media, I think, the name of the game there is data. So, once you connect your systems to the retail data, it's within the house. So, you can create more and more campaign, and that continues to grow." - This suggests existing retail customers can create more campaigns, implying room to grow within existing relationships. - On SORT: "SORT revenue increased by 84% year-over-year" - and Tal says "we're using that as a secret sauce, to gain more and more advertising budgets and run campaigns through that" - suggesting existing campaigns are expanding.

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