{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 127,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The slide uses a table to contrast historical disclosure specificity with current ambiguity.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/20",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-58801594b94c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-58801594b94c#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "PERI made a suspicious change to its disclosures of rented servers. In the recently filed 20-F, it changed its historical disclosure from \"approximately 1,000\" to \"thousands\" which indicates a multiplicative increase of server rentals.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8634-aa7859595b89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "PERI made a suspicious change to its disclosures of rented servers. In the recently filed 20-F, it changed its historical disclosure from \"approximately 1,000\" to \"thousands\" which indicates a multiplicative increase of server rentals. Even more alarming, PERI stopped disclosing AWS as its rental partner but has previously warned that finding alternative partners could entail substantial costs. At the Needham conference on May 17th, the CEO said, \"the cost of cloud storage, we are trying to monetize carefully because of cost.\" We interpret this is a negative headwind.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23afad04-5586-4f6d-a789-6d17b588c3ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"the cost of cloud storage, we are trying to monetize carefully because of cost.\" — CEO of Perion Network Ltd. at the Needham conference on May 17th",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8634-af24ea00da16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: 20-F filings and Needham Conference",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c81a1cb4-31f5-4bc0-a41d-55fd31c4414b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.9,
        "x": 0.05,
        "y": 0.57
      },
      "kind": "table",
      "text": "Disclosures of Rented Servers table showing server counts and rental partners from 2016-2022",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "305bfbff-2f27-41c0-b5d4-6e54b1f0899a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "To Illustrate Our Concerns Around Technology Expenses, We Observe PERI Made An Alarming Change To Its Server Technology Disclosure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ceb6e10-2b15-4ea5-862d-7a62eb2eef6f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4ea45b72-7978-4c0b-92fb-cd2bc2ccc0d6",
      "evidence": "The slide explicitly frames a change in disclosure as 'suspicious' and 'alarming' to support an activist thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 127,
      "from": 6,
      "beatId": "31d83761-6e14-4d29-a0aa-1ff8a80344ff",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 127,
      "from": 6,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "e972ccdf-c217-46cb-9470-ba2f8b94de5a",
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}