{
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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": 62,
  "pageCount": 127,
  "prevPage": 61,
  "nextPage": 63,
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  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Uses red callout boxes to highlight mathematical discrepancies in company disclosures.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/62",
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      "kind": "callout",
      "text": "Increased number of publishers to 120 from 95",
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      "kind": "callout",
      "text": "Spruce Point warns that PERI's advertising publisher counts don't make sense. While they report new publishers, they are potentially failing to disclose lost publishers.",
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      "kind": "chart",
      "text": "Search Advertising Growth ($M)",
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      "kind": "chart",
      "text": "Daily Average num of Searches in Millions",
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      "kind": "metric",
      "text": "publisher count: 25",
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      "kind": "paragraph",
      "text": "Spruce Point warns that PERI's advertising publisher counts don't make sense. While they report new publishers, they are potentially failing to disclose lost publishers.",
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      "kind": "quote",
      "text": "\"Sales advertising and other revenue increased by 22% as a result of a higher number of daily monetizable search grades we deliver to Microsoft Bing and others. Our daily number of searches was 17.7 million compared to 12.2 million last year. In addition, we added 13 new publishers to our network during the quarter.\" — Perion Q1'21 earnings announcement",
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      "kind": "table",
      "text": "Publisher Additions table comparing Q1'21 and Q1'22",
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      "kind": "title",
      "text": "Advertising Search Publisher Reporting Also Not Adding-Up",
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      "evidence": "Highlights mathematical inconsistencies in company reporting to suggest non-disclosure of churn.",
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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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