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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": 78,
  "pageCount": 127,
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      "kind": "callout",
      "text": "Spruce Point believes that investors should take the CEO’s claims that SORT® will be a major contributor to revenue and EBITDA with a grain of salt. It is currently being given away for free. We believe that converting users accustomed to paying nothing into customers paying something is an uphill battle.",
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      "text": "Spruce Point believes that investors should take the CEO's claims that SORT® will be a major contributor to revenue and EBITDA with a grain of salt. It is currently being given away for free. We believe that converting users accustomed to paying nothing into customers paying something is an uphill battle.",
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      "kind": "quote",
      "text": "“Our SORT business has been rapidly growing as a result of privacy trends, I mentioned before.” — Perion CEO (Q3 2022); “This is why we believe SORT will continue to be a major contributor to revenue and EBITDA.” — Perion CEO (Q1 2023); “Another thing we added into the cost, we’re not charging for it, it’s built into the cost... We’re offering different solution for targeting. It’s called SORT. At this point, we are not charging for it. We are offering it to our customers.” — Perion CEO (Needham Conference, May 17, 2023)",
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      "text": "Source: Perion Earnings Presentations and Needham Conference",
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      "text": "Date and SORT Statement table",
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      "kind": "title",
      "text": "SORT®: A Free Product To Become A Big Financial Performance Driver?",
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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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      "evidence": "The deck presents a series of logical and coherent arguments to build a case against PERI.",
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