{
  "docId": "019dd923-622c-750b-8b99-58801594b94c",
  "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": 19,
  "pageCount": 127,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 72,
  "notes": "The slide highlights Perion's outlier status (lowest R&D/Sales and lowest Stock Comp/Sales) using a red highlight row.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/19",
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  "components": [
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      "kind": "callout",
      "text": "This bolsters our concerns that either they are wildly underspending to develop and maintain their technology assets, or that their sales are inflated.",
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    {
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      "kind": "metric",
      "text": "Tech R&D Expense / Sales: 5.4%",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Perion's technology research and development expense through the income statement is also far below the advertising technology industry average. Furthermore, the amount of technology R&D stock-compensation expense relative to the total expense is very low. This bolsters our 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": "source-note",
      "text": "Source: Perion financials and peer filings",
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      "text": "Technology Research and Development Expenses Through The Income Statement",
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      "kind": "title",
      "text": "PERI's Technology R&D Spending Is Also Abnormally Below Industry Average",
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      "evidence": "Benchmarking Perion against a peer group of 11 companies across 5 financial metrics.",
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      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
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      "evidence": "The deck presents peer benchmarks to compare PERI's financial performance with its peers.",
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  "loops": [
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      "name": "Logic Chain",
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      "evidence": "The deck presents a series of logical and coherent arguments to build a case against PERI.",
      "position": 0,
      "objective": "To present a logical chain of evidence and reasoning to support the conclusion of significant downside risk to PERI's share price.",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the 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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