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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 115,
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  "notes": "Uses red arrows to highlight the decline in publisher counts over time.",
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      "text": "However, with 81 publishers having disappeared between 2021 and 2022, is PERI being too liberal in its eight-year customer relationship assumption?",
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      "text": "publisher count: 99",
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      "text": "Vidazoo's 2022 outperformance is remarkable given the number of publishers it worked with has fallen sharply. Programmatic advertisers only increased from 25 to 28. However, publisher counts have fallen sharply from hundreds, to 180 to 99 publishers at year end 2022. However, with 81 publishers having disappeared between 2021 and 2022, is PERI being too liberal in its eight-year customer relationship assumption? Perion has been amortizing Vidazoo's client relationships over eight years on an accelerated basis.",
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      "kind": "quote",
      "text": "\"The video advertising market is massive but highly concentrated among the largest publishers and broadcasters,\" said Doron Gerstel, Perion's CEO. \"Just as Shopify's platform enables thousands of stores to compete with Amazon and Walmart, Vidazoo empowers hundreds of video-hungry publishers with a simple, highly scalable, plug-and-play video solution.\" — Doron Gerstel, Perion CEO (Deal Press Release Oct 2021)",
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      "text": "Perion 20-F Reports and Perion Year End Earning Presentation",
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      "text": "Vidazoo Publisher Mentions and Amortization of Customer Relationships",
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      "kind": "title",
      "text": "Vidazoo Publisher Count Down Sharply Since Acquisition",
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