{
  "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": 61,
  "pageCount": 127,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 15,
  "notes": "Uses a red arrow to visually connect the Q1 2022 data point to the text disclosure.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/61",
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      "kind": "chart",
      "text": "Search Advertising Growth ($M)",
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      "kind": "chart",
      "text": "Q1 2023 Search Advertising Revenues ($M)",
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      "kind": "paragraph",
      "text": "Spruce Point finds more alarming evidence of misstatement related to PERI's reporting of daily commercial searches, which is fundamental to their revenue generating ability. In the recent quarter, it reported 26.3m searches, an increase of 49%. However, in the prior period it reported 18.1m searches. The growth should be 45%, not 49%",
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      "kind": "source-note",
      "text": "Source: Perion earnings announcements",
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      "kind": "table",
      "text": "Q1 2022 Disclosure, Average Daily Search",
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      "kind": "title",
      "text": "Advertising Search Data Doesn't Make Sense",
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      "matchId": "05d4dbdf-9084-4453-be22-dccdf6c360de",
      "evidence": "Highlights mathematical inconsistency in reported metrics to suggest misstatement.",
      "confidence": 0.95
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      "beatId": "31d83761-6e14-4d29-a0aa-1ff8a80344ff",
      "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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      "confidence": 0.8,
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      "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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