{
  "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",
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  "pageNumber": 48,
  "pageCount": 127,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 156,
  "notes": "The slide uses red boxes and a red arrow to visually emphasize the negative trend in revenue per search per day.",
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      "kind": "callout",
      "text": "PERI’s revenue per search per day is down 45% since 2019. However, the magnitude of the decline in Q1 2023, which fell 35% and 21% QoQ and YoY, is particularly disturbing and not adequately explained by management. RPM fell by 22%.",
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      "kind": "callout",
      "text": "PERI's revenue per search per day is down 45% since 2019. However, the magnitude of the decline in Q1 2023, which fell 35% and 21% QoQ and YoY, is particularly disturbing and not adequately explained by management. RPM fell by 22%.",
      "attrs": null,
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      "text": "revenue per search per day: -45%",
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      "kind": "source-note",
      "text": "Source: Perion earnings announcements",
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      "kind": "table",
      "text": "PERI’s Advertising Search Business Results",
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      "kind": "title",
      "text": "Alarming Search Trends",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
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      "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)",
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