{
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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 51,
  "pageCount": 127,
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  "notes": "Uses a chronological comparison of disclosure text to demonstrate inconsistency.",
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      "kind": "callout",
      "text": "Perion has not called out Microsoft Bing in relation to “monetizable searches” since the end of 2021. Recent explanations of search advertising revenue is attributable to average daily searches which are not referenced as monetizable ore commercial searches.",
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      "text": "Microsoft Bing Not Out In 2022, Searches Not Referenced As “Monetizable Searches”",
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      "text": "Microsoft Bing Not Out In Q1 2023, Searches Not Referenced As “Monetizable Searches”",
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      "text": "Microsoft Bing Called Out In 2021 For “Monetizable Searches”",
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      "kind": "paragraph",
      "text": "Search Advertising revenue. Search Advertising revenue increased by 31%, from $213.2 in 2021 to $279.6 in 2022, accounting for 44% of revenue in 2022. This increase is primarily due to a 21% increase in RPM and 11% increase in average daily searches.",
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      "kind": "paragraph",
      "text": "Revenue: Revenue increased by 16% to $145.2 million in the first quarter of 2023 from $125.3 million in the first quarter of 2022. Display Advertising Revenue increased by 16% year-over-year, accounting for 55% of total revenue. Growth was primarily due to a 26% increase in video revenue, 12% increase in CTV revenue, 93% increase in SORT customer spending and a 60% year-over-year increase in Retail media revenue. Search Advertising revenue increased by 15% year-over-year, accounting for 45% of revenue, primarily due to a 29% increase in the number of publishers and a 49% increase in average daily searches, offsetting a 22% decrease in RPM.",
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      "text": "Search Advertising revenue. Search Advertising revenue increased by 19% in 2021, from $179.4 million in 2020 to $213.2 million in 2021. This increase is result of higher numbers of daily monetizable searches that were delivered to Microsoft Bing and others as well as increased numbers of publishers.",
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      "kind": "source-note",
      "text": "Source: Perion earnings announcements 20-F filings",
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      "kind": "title",
      "text": "Perion Provides Inconsistent Disclosure Related To Its Search Advertising Business (cont'd)",
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      "arcName": "Overcoming the Monster",
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      "name": "Logic Chain",
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      "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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