{
  "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": 88,
  "pageCount": 127,
  "prevPage": 87,
  "nextPage": 89,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses a 'before-after' style comparison of revenue figures to expose a reporting hole.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/88",
  "deckHref": "/decks/019dd923-622c-750b-8b99-58801594b94c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-58801594b94c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-58801594b94c#slide-88",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "callout",
      "text": "CTV has been a major part of the PERI growth story, but we think the recent quarter exposed a major hole in reliability of the Company's reporting. PERI said CTV revenue grew 12% YoY, but that does not reconcile with the results presented the prior year, which would have suggested 86% growth. Management was asked about the 12% growth by an analyst on the call, and they did not correct or deny the 12% reported number.(1)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5b0641b-353b-42cd-93ab-7ef2e607dc99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "CTV has been a major part of the PERI growth story, but we think the recent quarter exposed a major hole in reliability of the Company’s reporting.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8639-043c1f51df5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.48,
        "y": 0.35
      },
      "kind": "diagram",
      "text": "Analyst Martin: Sorry, my other question was on CTV... CEO Response: 333 word response too long to post.",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3334de69-7f82-45b1-9ac1-77f0d9dff2d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "CTV revenue growth: 12%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8639-0c2045b02b76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Sorry, my other question was on CTV. I was really interested that the CTV revenue grew 12%, but overall video grew 26%, which is quite a slowdown in CTV. So could you actually speak to, in more detail, why is video revenue growing so much faster than CTV revenue in the first quarter?” — Analyst Martin",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8639-0a1f3690f86e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.25,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Perion earning presentations (1) Q1 2023 Conf Call (2) Q1 2022 Conf Call",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1141929c-02dc-4063-b914-6f3f813d53bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.62,
        "y": 0.65
      },
      "kind": "table",
      "text": "Q1 2023: 8% of $79.9m of display revenue = $6.4m of CTV revenue. Q1 2022: Prior year they said 5% of $68.6m display revenue = $3.4m of CTV revenue.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93292f88-fea3-4823-b952-b7ab5be1c31f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.02,
        "y": 0.035
      },
      "kind": "table",
      "text": "Reported 2023 Q1 Highlights: Media margin increased to 45%... Video revenue increased by 26%... CTV revenue increased by 12%... Retail Media revenue increased by 60%... SORT spending increased by 93%...",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1665541-3a04-45d1-8140-aa4cdda67944",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "CTV Revenue Reporting Errors Recently Exposed",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a42fa1ff-7fa8-42ab-8d48-7bb5c6a37c56",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "1aeff8bf-4424-42c3-b763-b2dbfa8c6546",
      "evidence": "Contrasts analyst question with CEO's non-responsive answer to expose reporting error.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 127,
      "from": 6,
      "beatId": "31d83761-6e14-4d29-a0aa-1ff8a80344ff",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "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,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 127,
      "from": 6,
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}