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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "notes": "The slide uses red boxes and arrows to highlight the deceleration in guidance increases compared to Q1 2022.",
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      "kind": "callout",
      "text": "Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it.",
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      "text": "revenue guidance increase: 0.7%",
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      "text": "Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it. The increase in the 2023 outlook provided in early May boosted the revenue range by just $5m and the EBITDA guidance was vague at just $155m+. In setting expectations in the prior Q1 2022 period, PERI boosted the revenue and EBITDA range by 1.6% and 11.1%, respectively. However, the recent guidance increase was just 0.7% and 2.6%, respectively to revenue and EBITDA.",
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      "text": "Source: Perion earnings reports and Spruce Point analysis",
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      "text": "Analysis of PERI's Financial Guidance",
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      "kind": "title",
      "text": "We Believe The Best Growth Is Behind Perion; The \"Raising Estimates\" Story Is Cracking....",
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