{
  "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": 40,
  "pageCount": 127,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a table to contrast the CEO's compensation timeline with his resignation date to imply opportunistic behavior.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/40",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-58801594b94c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-58801594b94c#slide-40",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes the timing of CEO Gerstel’s announced departure on February 8, 2023 is alarming and that his successor, who led CodeFuel the search business, is foreshadowing issues.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8635-dd33e800d119",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point believes the timing of CEO Gerstel's announced departure on February 8, 2023 is alarming and that his successor, who led CodeFuel the search business, is foreshadowing issues.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "775b5b2e-0ca2-4214-a3db-482c96dde0ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Perion 20-F filings (1) Perion press release",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c0ab2d7-8d2d-4e45-8290-04fdc3c1b30c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "table",
      "text": "CEO Incentives table detailing Initial Options, RSUs, Performance Based Options, and 2022 Grant.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f3c56a8-d238-4b00-811a-0d2aa7a170cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Is The CEO Now Leaving Because Most of His Upside Has Been Realized?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bf6e209-a84d-449f-91f6-18f9853937f5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "26ad70fe-653f-4b91-b933-15b79c087d76",
      "evidence": "Contrasts CEO departure timing with recent 2022 equity grants to suggest misalignment.",
      "confidence": 0.85
    }
  ],
  "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
    },
    {
      "to": 46,
      "from": 28,
      "beatId": "be2f5fa5-5c24-4708-a4c1-76cde4daf5c6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The deck preempts potential rebuttals by addressing potential counterarguments and criticisms.",
      "position": 2,
      "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
}