{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 55,
  "pageCount": 127,
  "prevPage": 54,
  "nextPage": 56,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "Uses a before/after comparison of presentation slides and a bar chart to show revenue growth.",
  "elementsJson": [
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    "callout_box",
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    "bar_chart_vertical",
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/55",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-58801594b94c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-58801594b94c#slide-55",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Notice that PERI included Yandex with Microsoft Bing in early 2021 after commencement of the new Microsoft deal. The inclusion of Yandex coincides with PERI increasing its total revenue from Microsoft by $100m over the four-year term of the agreement.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "componentId": "019dd953-1ac6-76d9-8636-bc43633085d7",
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      "bbox": {
        "h": 0.33,
        "w": 0.46,
        "x": 0.27,
        "y": 0.61
      },
      "kind": "chart",
      "text": "Search Advertising Revenues",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
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      "confidence": null,
      "componentId": "14b65f53-3fe2-4e48-a9d7-fca543b15620",
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        "w": 0.96,
        "x": 0.02,
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      },
      "kind": "image",
      "text": "Jan 2021 Presentation comparison",
      "attrs": null,
      "subkind": "screenshot",
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      "confidence": null,
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    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue: $100m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8636-c37b5682ce1f",
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      "bbox": {
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      "kind": "paragraph",
      "text": "Notice that PERI included Yandex with Microsoft Bing in early 2021 after commencement of the new Microsoft deal. The inclusion of Yandex coincides with PERI increasing its total revenue from Microsoft by $100m over the four-year term of the agreement. PERI listed \"Collaboration with additional leading search providers\" as the #2 growth driver.",
      "attrs": null,
      "subkind": "paragraph",
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      "componentId": "f0fa7547-89f6-4e5b-b2bf-c22184f575df",
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        "h": 0.02,
        "w": 0.22,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Perion earnings presentations",
      "attrs": null,
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      "componentId": "4d2d8d6f-a6ab-4d92-b4cd-d1ee9d654c5e",
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      "bbox": {
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        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Microsoft Bing / Yandex Coincided With A $100m Revenue Increase To Partnership Projections",
      "attrs": null,
      "subkind": "headline",
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  "metrics": [],
  "tools": [],
  "frameworks": [
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      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5553f27f-c4ae-4631-af82-8897b06b6ad9",
      "evidence": "Exposing the timing of revenue projection increases relative to partnership disclosures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
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      "to": 127,
      "from": 6,
      "beatId": "31d83761-6e14-4d29-a0aa-1ff8a80344ff",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
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  ],
  "loops": [
    {
      "to": 127,
      "from": 6,
      "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)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
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  "locked": true
}