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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": 86,
  "pageCount": 127,
  "prevPage": 85,
  "nextPage": 87,
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  "notes": "The slide uses a direct quote from the CEO to contrast against the company's reported operational savings figures.",
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      "text": "At a minimum, this indicates that iHub has not been driving accelerated cost savings since inception. Furthermore, this savings doesn't reconcile with another claim made by the CEO that iHub contributed 40% (or approximately $25m of 2022 EBITDA contribution).",
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      "text": "EBITDA contribution: $25m",
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      "text": "In early 2022, Perion claimed that iHub is driving $6.0m of operational media / TAC cost savings and made a similar $6.3m operational savings claim in early 2023. At a minimum, this indicates that iHub has not been driving accelerated cost savings since inception. Furthermore, this savings doesn't reconcile with another claim made by the CEO that iHub contributed 40% (or approximately $25m of 2022 EBITDA contribution).(1)",
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      "kind": "quote",
      "text": "In its first year, iHub contributes 40% of our year-over-year EBITDA growth and more importantly, our ability to capture signals from all channels to a central hub, as you can see it on your screen and analyze them is the main factor behind SORT superior performance over other conventional targeting methods.",
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      "kind": "quote",
      "text": "\"In its first year, iHub contributes 40% of our year-over-year EBITDA growth and more importantly, our ability to capture signals from all channels to a central hub, as you can see it on your screen and analyze them is the main factor behind SORT superior performance over other conventional targeting methods.\" — CEO Gerstel, Q3 2022 Nov 9, 2022",
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      "kind": "source-note",
      "text": "Source: Perion earning presentations (1) 40% x ($132.4m – $69.6m) = $25.1m",
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      "kind": "table",
      "text": "iHub 2021 Year End Presentation vs iHub Q1 2023 Presentation comparison",
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      "kind": "title",
      "text": "Scrutinizing iHub Savings Claims",
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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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