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  "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",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 24,
  "pageCount": 127,
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  "nextPage": 25,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 36,
  "notes": "The table highlights a discrepancy between cash raised and cash used, implying the company may be hiding financial issues.",
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      "kind": "callout",
      "text": "A worst-case potential scenario is that Perion’s cash flow is not what it appears and that the cash is needed to cover its tracks.",
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      "kind": "metric",
      "text": "cash flow: $231m",
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      "kind": "paragraph",
      "text": "We believe that Perion's financing activities are a major red flag. The Company conducted two large equity issuances raising approximately $231m of cash in 2021. However, given the cash flow it claims to have generated (and capital raised from options) totaling $252m, it could have more than fully financed the $108m of total capital needs. A worst-case potential scenario is that Perion's cash flow is not what it appears and that the cash is needed to cover its tracks.",
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      "kind": "source-note",
      "text": "Source: Perion financials and stock offerings (Jan 2021 and Dec 2021)",
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      "kind": "table",
      "text": "Sources and Uses of Cash table showing Equity Issuance, Options Exercises, Cash from operations, Debt Repayment, Capex, Acquisitions, and Contingent Payments from 2020-2023.",
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      "kind": "title",
      "text": "In The Face of Miraculous Results, Why Did Perion Raise Capital For No Clear Purpose Or Use?",
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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.",
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