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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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      "kind": "callout",
      "text": "2022 Actual: 2020 Revenue went from $31.9m to $128.9m 2022A and 2020 Adj. EBITDA from $4.3m to $20.6m 2022A. Actual Margin: 15.9%",
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      "text": "Implied 2022E Revenue: $55m Adj. EBITDA $9-$10m Margin: 17.3%",
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      "kind": "callout",
      "text": "Notice carefully that Vidazoo's actual 2022 Adj. EBITDA margin fell below plan at 15.9% vs. 17.3%.",
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      "kind": "diagram",
      "text": "Inorganic Growth - Vidazoo Transaction metrics",
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      "text": "EBITDA margin: 15.9%",
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      "text": "For 2022, Perion guided that Vidazoo would produce $55m of revenue but it produced $128.9m of actual revenue. Furthermore, Perion projected Vidazoo would produce 2022E Adj. EBITDA of $9 - $10m vs. $20.6m actual. Notice carefully that Vidazoo’s actual 2022 Adj. EBITDA margin fell below plan at 15.9% vs. 17.3%.",
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      "text": "Source: Perion Year End Earning Presentation and Perion Deal Announcement",
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      "text": "Updated 2022E Guidance Including Vidazoo",
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      "kind": "table",
      "text": "Vidazoo 2020/2021 Financial Highlights",
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      "kind": "title",
      "text": "Vidazoo Massively Outperformed Expectations, But Margins Contracted",
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      "evidence": "Contrasting guidance vs actuals to highlight performance discrepancy",
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      "arcName": "Overcoming the Monster",
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