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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": 68,
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  "density": "dense",
  "nDataPoints": 15,
  "notes": "The slide uses a red flag icon to emphasize the 'alarming' nature of the data point at Q1'23.",
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      "kind": "callout",
      "text": "Alarming Divergence",
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      "text": "There is more evidence that PERI’s revenue growth story is cracking. In the recent quarter, revenue growth vastly exceeded accounts receivable growth. Even more alarming, Q1 2023 accounts receivables amounted to 92% of total revenue for the quarter.",
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      "text": "Accounts Receivable Growth vs. Revenue Growth (YoY)",
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      "text": "Receivables to Quarterly Sales Ratio: 92%",
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      "text": "There is more evidence that PERI's revenue growth story is cracking. In the recent quarter, revenue growth vastly exceeded accounts receivable growth. Even more alarming, Q1 2023 accounts receivables amounted to 92% of total revenue for the quarter.",
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      "kind": "source-note",
      "text": "Source: Perion earnings announcements",
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      "text": "Accounts Receivable Are Starting To Signal Issues",
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