{
  "docId": "019dd923-622c-750b-8b99-58801594b94c",
  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 104,
  "pageCount": 127,
  "prevPage": 103,
  "nextPage": 105,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Uses red boxes and arrows to highlight specific line items in financial tables that contradict the company's narrative.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/104",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
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      "kind": "callout",
      "text": "How did accounts receivable just disappear without explanation? 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? Perion made no mention of any working capital adjustments.",
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      "kind": "callout",
      "text": "Fifty-one (51) employees, $3.5M of R&D expenses and only $4k of equipment, barely enough to cover a few laptop computers.",
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      "kind": "callout",
      "text": "How did accounts receivable just disappear without explanation? If they were written-off, is that evidence of phantom revenue booked but not collectable?",
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      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "kind": "metric",
      "text": "accounts receivable: $9m",
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      "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.",
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      "kind": "source-note",
      "text": "(1) Deal press release and 6-K filing",
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      "kind": "table",
      "text": "Unaudited Pro Forma Condensed Combined Statement of Operations and Balance Sheet",
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      "kind": "title",
      "text": "Content IQ Is Wildly Profitable With Almost No Assets And Vanishing Receivables",
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  "frameworks": [
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      "evidence": "The slide explicitly frames financial data to expose potential accounting fraud or manipulation.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Expose Contradiction",
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      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
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      "name": "Logic Chain",
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      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
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      "evidence": "The deck presents a series of logical and coherent arguments to build a case against PERI.",
      "position": 0,
      "objective": "To present a logical chain of evidence and reasoning to support the conclusion of significant downside risk to PERI's share price.",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
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  "locked": true
}