{
  "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": 50,
  "pageCount": 127,
  "prevPage": 49,
  "nextPage": 51,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 60,
  "notes": "The slide uses color-coded cells in the 'Search Description' and 'MSFT Bing Referenced' rows to visually highlight inconsistencies.",
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      "kind": "callout",
      "text": "Spruce Point believes Perion should provide more consistent disclosure related to its search advertising business in its earnings releases.",
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      "text": "Search Description",
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      "kind": "paragraph",
      "text": "Spruce Point believes Perion should provide more consistent disclosure related to its search advertising business in its earnings releases. In the table below, we analyze the discussion provided on a quarterly basis since 2021.",
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      "kind": "source-note",
      "text": "(1) Press release also references, “a higher percentage of transactional searches” without a stated number. Note: A.D.S. = average daily search. Source: Perion earnings announcements, 6-K and 20-F filings with the SEC",
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      "kind": "table",
      "text": "Quarterly / Annual Reporting of Advertising Search Revenue In Perion Earnings Press Releases / 20-F Annual Report",
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      "kind": "title",
      "text": "Perion Provides Inconsistent Disclosure Related To Its Search Advertising Business",
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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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