{
  "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",
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  "pageNumber": 79,
  "pageCount": 127,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 35,
  "notes": "The slide uses a table to perform a forensic audit of reported customer figures, pointing out mathematical inconsistencies.",
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      "kind": "callout",
      "text": "Spruce Point has major concerns with PERI's highly promoted new SORT® product. Based on our analysis, the customer count is not adding-up. Is Perion failing to disclose lost customers?",
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      "kind": "metric",
      "text": "SORT Customers: 157",
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      "text": "Spruce Point has major concerns with PERI's highly promoted new SORT® product. Based on our analysis, the customer count is not adding-up. Is Perion failing to disclose lost customers? Furthermore, it appears that the product is falling below expectations.",
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      "kind": "source-note",
      "text": "Source: Perion Earnings Presentations and Conference Calls. (1) Per a recent press release. Note that just because a company leveraged SORT doesn't mean they were a customer or paid for it.",
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      "text": "Table showing quarterly customer counts, campaign numbers, and spending metrics from Q1 2022 to Q1 2023.",
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      "kind": "title",
      "text": "SORT® Customer Count Reporting Not Adding-Up",
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      "arcName": "Overcoming the Monster",
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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.",
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