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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": 14,
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  "nDataPoints": 60,
  "notes": "Includes an annotation on the chart indicating a change in corporate policy/strategy.",
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      "kind": "callout",
      "text": "PERI's revenue per average employee has compounded at nearly 30% since 2019. This is a remarkable achievement that should draw skepticism and scrutiny. To put this measure into perspective, at $1.5m of revenue per employee, PERI trounces the advertising technology industry average at approximately $0.5m by almost 3x. Furthermore, its performance puts it in a rarefied league of the world's best technology companies such as Microsoft, Google and Apple.",
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      "kind": "callout",
      "text": "PERI’s revenue per average employee has compounded at nearly 30% since 2019. This is a remarkable achievement that should draw skepticism and scrutiny.",
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      "text": "PERI's Revenue Per Average Employee",
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      "kind": "legend",
      "text": "Start of acquisition spree and modification of Clawback Policy",
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      "text": "Revenue per average employee: $1.5m",
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      "kind": "source-note",
      "text": "Source: PERI and peer financials",
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      "text": "Source: PERI Financials",
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      "text": "Advertising and Large Cap Technology Benchmark Analysis",
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      "kind": "title",
      "text": "Astronomical Revenue Per Employee",
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      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
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      "objective": "To reveal the hidden risks and challenges facing PERI, which may not be immediately apparent.",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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