{
  "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": 3,
  "pageCount": 127,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a comparison table to establish credibility by showing past successful short calls.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/3",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-58801594b94c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-58801594b94c#slide-3",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Spruce Point has a track record of calls that identified anomalies related to capital raising, capex spending, suspicious acquisitions, and abnormal revenue per employee in businesses that appear commoditized. We observe the same issues with Perion Networks.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "000998c8-5e56-43fc-8c8e-7ddd4133cd2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.93
      },
      "kind": "disclaimer",
      "text": "The recommendations shown above are not intended to be exhaustive or represent investment returns following Spruce Point's research campaigns. A full list of all recommendations made over the past twelve months can be found on our website.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce792551-5fbb-4cdf-973f-488946e40230",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Max Decline Since Report: -100%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8633-5e43543e0eb6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.27
      },
      "kind": "table",
      "text": "Comparison table of Caesarstone, LivePerson, and ZST Digital Networks across metrics like ticker, decline, EV, positioning, criticisms, and outcomes.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e076d541-1776-41cc-b9af-0bc000b226d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "Spruce Point Has A Track Record In Companies With Similar Red Flags To PERI",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "720b5466-813d-4458-ae36-f55c4c2a6cc4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: Precedent transactions",
      "slug": "precedent-transactions",
      "agent": "architect",
      "layer": "slide",
      "matchId": "c80f4efa-06f1-4720-a0c4-3ad25e0e1c07",
      "evidence": "Comparison table of Caesarstone, LivePerson, and ZST Digital Networks across metrics like ticker, decline, EV, positioning, criticisms, and outcomes.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "evidence-matrix",
      "slug": null,
      "matchId": "e6993be3-79fc-4826-ac51-a36bf887a1fb",
      "evidence": "Uses a table to compare historical precedents against current thesis points.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}