{
  "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": 73,
  "pageCount": 127,
  "prevPage": 72,
  "nextPage": 74,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a dual-axis chart (price and volume) with annotated callouts to link insider activity to financial performance.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/73",
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  "components": [
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      "kind": "callout",
      "text": "Q3 2020 The last time PERI reported operating cash flow under $20m",
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      "kind": "callout",
      "text": "Nov 2022 10b5-1 programs enacted by CFO and Undertone President disclosed recently in May 2023",
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    {
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      "kind": "callout",
      "text": "Just a reminder that insiders recently disclosed a stock selling program dating back to Nov 2022 when the stock was in the low $20s, and that the last time PERI reported operating cash flow under $20m, the share price was single digits.",
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      "subkind": null,
      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Perion's Share Price",
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      "kind": "metric",
      "text": "Insider Ownership: 1.0%",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Just a reminder that insiders recently disclosed a stock selling program dating back to Nov 2022 when the stock was in the low $20s, and that the last time PERI reported operating cash flow under $20m, the share price was single digits. The recent quarterly operating cash flow was $17.8m.",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "kind": "table",
      "text": "Insider Ownership: 9.5% 6.0% 2.8% 1.0%",
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      "kind": "title",
      "text": "And Just A Reminder.....",
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  "metrics": [],
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  "frameworks": [
    {
      "name": "fraud-exposure",
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      "matchId": "8604a463-a14e-4bda-a69b-cd016efe8553",
      "evidence": "Linking insider selling to poor financial performance metrics to imply malfeasance.",
      "confidence": 0.9
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      "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.",
      "position": 0,
      "confidence": 0.8,
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  "loops": [
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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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  "locked": true
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