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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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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 63,
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  "notes": "The slide uses a red flag icon to emphasize the discrepancy. It specifically calls out the shift in reporting methodology from 'new publishers' to 'YoY growth' as a potential obfuscation tactic.",
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      "kind": "callout",
      "text": "Reported New Publishers To The Network WARNING: Notice the decline from 95 to 93 between Q1 and Q2 2021 would not have been clearly observed until the following year",
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      "kind": "callout",
      "text": "Notice PERI Stopped Disclosing New Network Publishers And Starting Reporting YoY Growth Since Q3 2022",
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      "kind": "callout",
      "text": "PERI reported “new publishers” to its advertising search network, but we believe it should report “net new” publishers.",
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      "text": "publisher count: 155",
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      "kind": "paragraph",
      "text": "PERI reported “new publishers” to its advertising search network, but we believe it should report “net new” publishers. We also warn that in the past three quarters, it stopped reporting new publishers, and instead cited the year-over-year growth of publishers in its quarterly presentation. Based on our analysis, we cannot reconcile its publisher count, but it certainly appears to us that overall publishers are now declining.",
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      "kind": "source-note",
      "text": "Source: Perion earnings announcements",
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      "text": "PERI Advertising Publisher Disclosure table with columns for quarters Q4 2020 to Q1 2023, rows for Publishers, % YoY Growth, Additions, and Discrepancy.",
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      "kind": "title",
      "text": "Publisher Reporting Not Adding-Up",
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