{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-58801594b94c", "slug": "9551be67f14d", "title": "Perion Network Ltd. (PERI)", "subtitle": "Spruce Point Capital Management · 2023-05", "author": "Spruce Point Capital Management", "date": "2023-05-23 00:00:00", "pageCount": 127, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Perion Network Ltd.", "targetTicker": "PERI", "document": { "id": "019dd923-622c-750b-8b99-58801594b94c", "slug": "9551be67f14d", "title": "Perion Network Ltd. 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Cover is unusually memorable — a CRT showing 'Stock Promotion' in a search bar with a rat and cockroaches in the office, leaning into the 'pump-and-dump' rhetoric. The 'word salad evolution' slide (p.10) tracking how Perion's self-description quietly dropped 'Microsoft Bing' is a particularly clean before/after specimen. Stake size not disclosed beyond generic short-position language. Author identified only as the firm — Spruce Point is associated with founder Ben Axler but no individual signatory appears on the deck.", "kpisCited": [ { "detail": "$1.49m vs $0.53m ad-tech peer average — nearly 3x outlier, on par with Microsoft/Google/Apple", "metric": "Revenue per average employee" }, { "detail": "$0.31m vs $0.07m peer average", "metric": "EBITDA per average employee" }, { "detail": "$233m generated vs only $108m used, leaving >$100m excess", "metric": "Cumulative operating cash flow Q1'20 - Q1'23" }, { "detail": "Just $2.2m on >$1.5bn cumulative revenue", "metric": "Total capex since 2020" }, { "detail": "$231m raised despite $436m cash on hand and no debt", "metric": "Equity raised since 2021" }, { "detail": "$401m of $900m four-year target after 2 years — running below plan", "metric": "Microsoft Bing partnership revenue delivered" }, { "detail": "35% of revenue, contract expires 2024", "metric": "Microsoft Bing share of total revenue" }, { "detail": "Down -21% YoY and -35% QoQ after Yandex removal", "metric": "Q1 2023 advertising revenue per search per day" }, { "detail": "Collapsed from 9.5% (2019) to under 1% (2023)", "metric": "Insider ownership" }, { "detail": "Fell from 'hundreds' to 180 then to 99 by year-end 2022 despite 'spectacular' growth", "metric": "Vidazoo publisher count" }, { "detail": "Declined from $48.9m initial to $32.6m in Q1 2023, contradicting outperformance narrative", "metric": "Vidazoo earn-out fair value" }, { "detail": "0.10%, roughly 4x below industry average", "metric": "Audit fee as % of sales" }, { "detail": "0.6% vs 10% for industry peers", "metric": "PP&E to tangible assets" }, { "detail": "4.5x-5.5x 2023E EBITDA of $145-$155m yields $20.06-$23.97 implied share price", "metric": "Spruce Point downside valuation" } ], "closingAsk": "Reiterate Strong Sell on PERI with 25-40% ($19.10-$23.85/share) potential downside risk.", "extraction": { "at": "2026-04-22 21:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": 185.84833, "promptVersion": null }, "scqaReward": "Spruce Point estimates 25-40% downside to $19.10-$23.85 per share via multiple compression (4.5x-5.5x EBITDA versus current 7.7x), as the Microsoft Bing 2024 renewal risk and accounting concerns surface.", "thesisTypes": [ "fraud_exposure", "management_change" ], "top3Reasons": [ "PERI's $1.5m revenue per employee rivals Apple and Microsoft — implausible for an ad-tech rollup", "CEO and audit chair both worked at Lumenis during an SEC revenue-inflation fraud scandal", "Microsoft Bing partnership (35% of revenue) impaired by Yandex loss, renewal due 2024" ], "scqaSituation": "Perion Network is an Israeli ad-tech roll-up built around CodeFuel search arbitrage and a four-year Microsoft Bing partnership representing 35% of revenue, with shares up more than 5x since the 2020 deal renewal.", "thesisSummary": "Spruce Point issues a Strong Sell on Perion Network (PERI), arguing the Israeli ad-tech company's miraculous financials — $1.5m of revenue and $0.3m of EBITDA per employee, on par with Microsoft, Google and Apple — are too good to be true. After CEO Doron Gerstel took control in 2017, Perion loosened its clawback policy, raised $231m of equity it never deployed despite $436m of cash, and made three suspicious acquisitions (Content IQ, Pub Ocean, Vidazoo) sharing the same auditor and exhibiting opaque earn-out math. Both the CEO and audit chair previously worked at Lumenis during an SEC inflation-of-revenue scandal. The $900m Microsoft Bing partnership (35% of revenue) is running below plan and now impaired by the loss of Yandex, while insider ownership has collapsed from 9.5% to under 1%. 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Any investment involves substantial risks, including complete loss of capital. There can be no assurance that any statement, information, projection, estimate, or assumption made reference to directly or indirectly in this presentation will be realized or accurate. Any forecasts, estimates, and examples are for illustrative purposes only and should not be taken as limitations of the minimum or maximum possible loss, gain, or outcome. Any information contained in this report may include forward looking statements, expectations, pro forma analyses, estimates, and projections. You should assume these types of statements, expectations, pro forma analyses, estimates, and projections may turn out to be incorrect for reasons beyond Spruce Point Capital Management LLC's control. This is not investment or accounting advice nor should it be construed as such. Use of Spruce Point Capital Management LLC's research is at your own risk. You should do your own research and due diligence, with assistance from professional financial, legal and tax experts, before making any investment decision with respect to securities covered herein. All figures assumed to be in US Dollars, unless specified otherwise.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25cee305-2b5d-42fc-97bf-71a4dc5db464", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.69 }, "kind": "disclaimer", "text": "To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and does not omit to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer, or to any other person or entity that was breached by the transmission of information to Spruce Point Capital Management LLC. However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of PERI or other insiders of PERI that has not been publicly disclosed by PERI. Therefore, such information contained herein is presented \"as is,\" without warranty of any kind – whether express or implied. Spruce Point Capital Management LLC makes no other representations, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38a50e2a-73a0-40c2-98b5-2aa4914110be", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "This report's estimated fundamental value only represents a best efforts estimate of the potential fundamental valuation of a specific security, and is not expressed as, or implied as, assessments of the quality of a security, a summary of past performance, or an actionable investment strategy for an investor. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from Spruce Point Capital Management LLC. Spruce Point Capital Management LLC is not registered as a broker/dealer or accounting firm.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46a536ea-ee90-4481-a82b-0929ab4c0f2e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers and clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation Perion Network Ltd. (\"PERI\") and therefore stand to realize significant gains in the event that the price declines. Following publication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. Spruce Point is also long Integral Ad Science (IAS) and stands to benefit if its share price rises. All expressions of opinion are subject to change without notice, and Spruce Point Capital Management does not undertake to update this report or any information contained herein. 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"019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8633-ac283d363018", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.25, "y": 0.18 }, "kind": "list", "text": "Initial acquisition of Content IQ had just $4k of PP&E and $9m of receivables vanished\nMinimal cash paid upfront for technology acquisitions and at low valuations\nContingent earn-outs not adding-up and minimal payments made indicate failure", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "536b3de3-c856-43de-9c48-4599fbd4ae6d", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.74, "x": 0.25, "y": 0.82 }, "kind": "list", "text": "Content IQ acquisition shared the exact same auditor as PERI\nPERI’s audit partner associated with other pump-and-dump style stocks and its audit fee is 0.10% of sales, 4x below industry average\nPERI’s audit chair worked in finance and CEO Gerstel was COO at ESC Medical Systems (Lumenis Ltd) during an SEC review period. Two Lumenis executives were later charged with a fraud scheme to inflate revenues & financial metrics", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a961843-35ec-40a7-8bc2-3eeb65127346", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.24, "x": 0.08, "y": 0.18 }, "kind": "list", "text": "1. Suspicious Acquisitions Since 2020 With Large Outperformance\n2. Outlier Financial Results Point To Sales Inflation & Misstatements\n3. Senseless Capital Raising Despite Significant Excess Cash Flow\n4. Immaterial Capex With Abnormal Return On Assets\n5. Auditor Concerns; Audit Chair and CEO Connected To Scandal At Lumenis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "946d8e7d-4218-4181-b770-3f90d6a97e63", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.25, "y": 0.33 }, "kind": "list", "text": "$1.5m and $0.3m of revenue and EBITDA per employee are on par with tech giants\nGross vs. net revenue recognition becoming opaque and a critical audit matter\nMisstatements occurring in search data, customer counts, CTV, retail and video sales", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1de9a69-8d6a-4f60-ba29-913fc05a4087", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.25, "y": 0.5 }, "kind": "list", "text": "From 2020-Q1’23 PERI reportedly generated $233m of operating cash flow\nTotal uses of cash over the same time was $108m, leaving it with >$100m excess cash\nWhy did PERI raise $230m of equity but hasn’t used any of the proceeds?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e54dd8c2-fedf-47d3-9681-de97a51178ff", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.74, "x": 0.25, "y": 0.67 }, "kind": "list", "text": "PERI’s asset-light model is world class if believable. R&D margin 3x below average\nTotal capex spent since 2020 of just $2.2m\nPP&E to tangible assets of 0.6% vs. 10% for industry peers", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea003529-15fc-4cf0-b95f-ea050dd6528c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Can PERI’s Numbers Be Trusted?: Five Things That Should Raise Suspicions That Its Financials Are “Too Good To Be True” And Don’t Pass The Smell Test", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a808914-c98c-45d6-b7f7-dfa5dabdd173", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2bc05857-a342-492b-b450-e1ef285aef4c", "evidence": "The slide systematically lists red flags to build a case for financial fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:17.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 127, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "Expose Contradiction", "beatId": "31d83761-6e14-4d29-a0aa-1ff8a80344ff", "matchId": "eb03b3c6-73a7-4056-a121-2c5caf0b1952", "beatType": null, "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 127, "from": 6, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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We find clues that indicate its partnership is falling below target, and may be more than just temporarily impaired due to the loss of a Yandex partnership. Management should explain the exact impact of losing Yandex on its search business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dffeb89f-00ea-41af-a308-38775104cdac", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "PERI's partnership with Microsoft is 35% of its total revenues. We find clues that indicate its partnership is falling below target, and may be more than just temporarily impaired due to the loss of a Yandex partnership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8633-87fa8c83dd9c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "list", "text": "1. Announce New Microsoft Partnership Deal: In November 2020, PERI announced a new four-year partnership with Microsoft. Since that time, PERI's stock price increased more than 5x.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b77f959-7839-49e5-843f-74858ff750ee", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.63 }, "kind": "list", "text": "3. Include Yandex In The Partnership: In February and March 2021, PERI promoted new monetization opportunities within apps while searching for ads as a growth driver for search advertising monetization. It added a highlight to its investor presentation to prominently call out Microsoft Bing / Yandex.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2875e9b2-cdc5-43b5-9886-6dd7ae1928f9", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.96, "x": 0.02, "y": 0.8 }, "kind": "list", "text": "4. Yandex Removed From CodeFuel Website, Results Decline Sharply: Between February - March 2023, Perion removed Yandex as a featured partner on its CodeFuel website. In Q1 2023, Perion's advertising revenue per search per day declined -21% and -35% YoY and QoQ. A reporting misstatement emerges in commercial search data. The newly appointed CEO is the GM of CodeFuel.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f49d130-3bd6-4866-a9fc-4dd30d6159e4", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.96, "x": 0.02, "y": 0.45 }, "kind": "list", "text": "2. Raise Total Revenue Estimates: Between January and August 2021, PERI raised its total estimate of revenue from the partnership from $800m to $900m, but significantly increased its risk factors. 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I am willing to hold on with them in public but let's not lie to ourselves.” — Laura Martin.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8634-2e5b099ba9d3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: In re CREDIT SUISSE – AOL SECURITIES LITIGATION, US District Court of Massachusetts. 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By far the #1 organic search topic is \"PERI Stock IR.\" Of the top ten organic search topics, six relate to Perion’s stock or investment. There is only one technology specific Perion search keyword \"Perion Cookies\" in the top ten. 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At the Needham conference on May 17th, the CEO said, \"the cost of cloud storage, we are trying to monetize carefully because of cost.\" We interpret this is a negative headwind.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:18.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23afad04-5586-4f6d-a789-6d17b588c3ad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"the cost of cloud storage, we are trying to monetize carefully because of cost.\" — CEO of Perion Network Ltd. at the Needham conference on May 17th", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8634-af24ea00da16", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: 20-F filings and Needham Conference", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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A worst-case potential scenario is that Perion's cash flow is not what it appears and that the cash is needed to cover its tracks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:17.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe6d894b-5e4f-4994-8eee-a21556a80873", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Perion financials and stock offerings (Jan 2021 and Dec 2021)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "componentId": "6c15307e-2f55-4718-b66b-6bb8efb25185", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe its citation which emphasizes the need to \"preserve and increase our market competitiveness\" is a major red flag.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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(for instance, in certain cases involving a merger, a significant acquisition or significant private placement).\nThe increase in our current registered share capital would allow us to meet our future business and financial needs as they may arise. We may need to issue ordinary shares or other securities in connection with possible acquisition(s) or for equity-based awards for talents in order to preserve and increase our market competitiveness and expand our business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:27.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46460e50-2392-4955-a540-8deb58d6efdc", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe investors should be alarmed that at its upcoming annual meeting, PERI wants shareholder approval to increase its authorized shares by 20m (from 60m to 80m). PERI currently has 47m shares outstanding, and has issued ~2.3m shares in each of the past two years for employee programs. With $436m of unrestricted cash, no financial debt outstanding, and “robust” cash flow, why does PERI believe more stock authorization is necessary? We believe its citation which emphasizes the need to “preserve and increase our market competitiveness” is a major red flag.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:27.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a4c0255-e12f-4aa7-a090-a9013bb7d7e1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We may need to issue ordinary shares or other securities in connection with possible acquisition(s) or for equity-based awards for talents in order to preserve and increase our market competitiveness and expand our business. — Perion Network Ltd. 6-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:24:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8635-3dc6da78fcf2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Perion 6-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Fritz also had an accounting scandal and its stock fell 55% in one day, giving rise to various shareholder lawsuits.(1) Fritz had overstated gross and net revenue by $26m and $8m. 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Presently, Gerstel serves on the advisory board of Fritz, Inc., the third largest logistics provider in the US.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:22.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faed3cb6-c243-41a8-8361-c6f2d88a741f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.52, "y": 0.91 }, "kind": "source-note", "text": "Source: 10-Q/A, 8/12/96", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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{ "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.00175 }, "kind": "paragraph", "text": "Perion prominently featured Mr. Glover on its website under the \"Leadership\" page and he was a named executive in Perion's 20-F annual report filing, but in less than two years after joining as GM of CodeFuel in May 2017, Perion said in November 2018 he would transition to an advisory role.(1,2) We are not sure what is meant by an \"advisory role\" given that he still holds the title of VP of Strategic Partnerships and is tasked with mathematical impossibilities of creating three from two between Microsoft and Perion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, 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So what we are doing better very much has to do with our partners, Microsoft advertising. So Microsoft identified that there is the time and they are putting a lot of effort behind it, it has to do with new products that we launched during -- in this quarter, it's called Microsoft Trends. — Perion CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be5f-fd65f5e44e2c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Perion Q2 2022 Conference Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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That's the secret sauce.\" — CEO Needham Conf, May 17, 2023; \"Growth #5 and the one that I think is making the most impact on our business is our iHUB.\" — Q1 2023, May 3, 2022; \"From our perspective, our iHub sits in the center of the supply and the demand side of the market. This is an innovative model that no one else in the industry has.\" — Q2 2022, Aug 3, 2022; \"In its first year, iHub contributes 40% of our year-over-year EBITDA growth...\" — Q3 2022, Nov 9, 2022; \"We are very proud. We are very proud of our iHub, the intelligent hub. 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PERI said CTV revenue grew 12% YoY, but that does not reconcile with the results presented the prior year, which would have suggested 86% growth. 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CEO Response: 333 word response too long to post.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:29.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3334de69-7f82-45b1-9ac1-77f0d9dff2d5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "CTV revenue growth: 12%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8639-0c2045b02b76", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Sorry, my other question was on CTV. I was really interested that the CTV revenue grew 12%, but overall video grew 26%, which is quite a slowdown in CTV. So could you actually speak to, in more detail, why is video revenue growing so much faster than CTV revenue in the first quarter?” — Analyst Martin", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac6-76d9-8639-0a1f3690f86e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.25, "x": 0.02, "y": 0.92 }, "kind": "source-note", "text": "Source: Perion earning presentations (1) Q1 2023 Conf Call (2) Q1 2022 Conf Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Retail Media revenue increased by 60%... 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Perion acquired all the shares of CIQ for a total consideration of $73.05 million, of which $15 million in cash was paid upon closing, with an additional maximum $11 million will be paid as a retention incentive. — Perion Network Ltd. 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By looking at the accrual for the contingent payment obligation, we see that both Content IQ and Pub Ocean have fallen below the initial valuation. Pub Ocean was settled for $9.1m in 2022, below the initial valuation and significantly below the $17m maximum payment level. Furthermore, we find a large revision to Vidazoo's initial earn-out valuation and troubles with Content IQ's reporting. 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If they were written-off, is that evidence of phantom revenue booked but not collectable? Was there a pre-existing relationship between Perion and Content IQ, and if receivables are being eliminated between them, why were no adjustments made to the revenue accounts? 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If they were written-off, is that evidence of phantom revenue booked but not collectable?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203b-7073-9f2f-6570d7884bbd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "accounts receivable: $9m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203b-7073-9f2f-6a484a2131cd", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "Content IQ was described as employing 51 people and generating $39m of revenues and $4m EBITDA for 2019. Yet, it recorded just $4 thousand dollars of property and equipment, or barely the cost of two laptops. In presenting the pro forma combined company, $9m of receivables disappeared without explanation, and no adjustments were made to revenue. This strikes us as suspicious.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:32.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67c7e69c-ad1a-4175-b5bc-22f622283c82", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.975 }, "kind": "source-note", "text": "(1) Deal press release and 6-K filing", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This is the same firm auditing PERI’s financials.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203b-7073-9f2f-838401a6fc37", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.97, "x": 0.015, "y": 0.18 }, "kind": "paragraph", "text": "Spruce Point has serious concerns that Content IQ’s financials were audited by Kost Forer out of Tel-Aviv despite Content IQ being US-incorporated. This is the same firm auditing PERI’s financials. Content IQ’s Founders Are NY-based and the firm was incorporated in New York, so why was the audit conducted from Israel? 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"In addition to promotion from low-tier stock promoters with a consensus “Buy” recommendation, PERI also has a thriving community of promoters in venues geared towards retail investors. PERI even goes so far as to promote articles from the Motely Fool on its IR website. We have canvased the landscape, and have not seen any in-depth forensic analysis of PERI’s reporting and technology claims. Our report should be of interest to this community.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:34.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b0fbd73-e232-41c5-b6fd-f72c9c0775d9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.27, "y": 0.67 }, "kind": "source-note", "text": "Source: Yahoo! Finance", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Given the opacity of PERI's financial disclosures, notably around revenue recognition and server costs, it is difficult to ascertain its \"true\" earnings. 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