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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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  "pageNumber": 124,
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  "notes": "The slide highlights skepticism regarding PERI's financial reporting, suggesting its valuation premium is driven by inflated revenue results.",
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      "text": "As demonstrated, investors should be extremely skeptical of PERI's financial reporting and the sustainability of its recent financial performance. We are particularly alarmed by the high potential of revenue inflation through aggressive use of gross revenue recognition in light of: 1) PERI's abnormal revenue per employee metrics, 2) Recent obfuscation of its revenue recognition disclosure and, 3) Its auditor raising it as a critical matter. On the surface, PERI's revenue multiple appears in-line with its small cap advertising technology peers. However, it likely trades at a premium because of inflated revenue results.",
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      "text": "On the surface, PERI's revenue multiple appears in-line with its small cap advertising technology peers. However, it likely trades at a premium because of inflated revenue results.",
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      "text": "EV / Sales: 1.6x",
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      "text": "Source: Bloomberg, Wall Street Research and Spruce Point Estimates. Note: PERI adjusted to include earn-out liabilities on the balance sheet",
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      "kind": "title",
      "text": "PERI's Valuation Relative To Small-Cap Advertising Technology Peers",
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