{
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  "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",
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  "pageNumber": 18,
  "pageCount": 127,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 105,
  "notes": "The slide highlights Perion as an outlier in the bottom row of the data table, using red highlighting to draw attention to the discrepancy.",
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      "kind": "callout",
      "text": "Perion's PP&E, operating lease assets, and capital expenditures in relation to its revenues are so far below the advertising technology industry average that it raises material concerns that either they are wildly underspending to develop and maintain their technology assets, or that their sales are inflated.",
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      "kind": "callout",
      "text": "Perion’s PP&E, operating lease assets, and capital expenditures in relation to its revenues are so far below the advertising technology industry average that it raises material concerns that either they are wildly underspending to develop and maintain their technology assets, or that their sales are inflated.",
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      "text": "Capex / Sales: 0.2%",
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      "kind": "source-note",
      "text": "Source: Perion financials and peer filings (1) Perion's PP&E includes capitalized software. Our analysis adjusts peer PP&E results to also include capitalized or developed software costs. Capex also includes acquisition of software development costs.",
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      "kind": "table",
      "text": "PP&E, Operating Lease, And Capex Benchmarking In The Advertising Technology Industry",
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      "kind": "title",
      "text": "PERI's Assets And Capital Spending Are Materially Below Industry Average",
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      "evidence": "The slide uses comparative data to suggest that the company's financial metrics are anomalous, implying potential accounting irregularities or inflated sales.",
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      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
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      "evidence": "The deck highlights several red flags and inconsistencies in PERI's financials and growth story.",
      "position": 1,
      "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",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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