{
  "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": 54,
  "pageCount": 127,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
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  "notes": "Uses a visual comparison of two lists to show the omission of Perion.",
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      "kind": "callout",
      "text": "We believe Perion is unlikely to win the global partner award if it didn't make the regional list.",
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      "kind": "image",
      "text": "Comparison of 2021 and 2022 regional finalist lists",
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      "kind": "paragraph",
      "text": "Perion promoted that it was named Microsoft’s “Global Supply Partner of the Year” with a press release in April 2022 and that it already was a regional winner.(1) However, based on Microsoft’s recent publication of Americas regional finalists, Perion didn’t make the list. We believe Perion is unlikely to win the global partner award if it didn’t make the regional list.",
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      "text": "(1) Perion press release\nSource: Microsoft (Jan 2022) and (Feb 2023)",
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      "kind": "title",
      "text": "Perion No Long An Award-Winning Microsoft Advertising Supply Partner?",
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      "evidence": "Exposing a contradiction in company claims vs public data",
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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",
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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.",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
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