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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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  "presentationDate": "2023-05-23 00:00:00",
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  "notes": "The slide uses a before-after comparison to highlight the discrepancy between rising revenue targets and deteriorating performance/increased risk.",
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      "text": "Nothing in this presentation should be regarded as a representation by any person that this estimates will be achieved and the Company undertakes no duty to update its estimate",
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      "kind": "callout",
      "text": "Read the fine print. Significantly more warnings!",
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      "text": "Spruce Point finds more evidence that the Microsoft / Bing partnership is falling behind target.",
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      "text": "Aug 2021 Presentation",
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      "text": "revenue: $900m",
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      "kind": "paragraph",
      "text": "Spruce Point finds more evidence that the Microsoft / Bing partnership is falling behind target. PERI boosted its total revenue assumption over the four-year deal from $800 to $900m but added significantly more risk factors to the bottom of its presentation slide. In 2021 and 2022, PERI reported that 35% ($177m) and 37% ($224m) of revenue came from Microsoft, or a total of $401m of revenue. We would have expected at least $450m of revenue now that the partnership is 50% towards completion.",
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      "text": "Nothing in this presentation should be regarded as a representation by any person that this estimates will be achieved and the Company undertakes no duty to update its estimate — Perion earnings announcements",
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      "text": "Source: Perion earnings announcements",
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      "kind": "title",
      "text": "Microsoft Deal Falling Behind?",
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