{
  "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": 89,
  "pageCount": 127,
  "prevPage": 88,
  "nextPage": 90,
  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 80,
  "notes": "The slide uses red callout boxes and arrows to point out specific mathematical inconsistencies in the company's financial reporting.",
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      "bbox": {
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      "kind": "callout",
      "text": "In 2021, Perion gave combined CTV and video revenue, which now does not match results implied from 2022 growth rates",
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      "kind": "callout",
      "text": "Perion said CTV grew 108% in 2022, implying $13.7m in 2021, which doesn't match annual results implied from 2021 quarterly figures which equates to $15.7m",
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    {
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      "kind": "metric",
      "text": "CTV Revenue: 108%",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "componentId": "019dd953-1ac7-723d-9d58-8716d4f51958",
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      "kind": "source-note",
      "text": "Source: PERI financial reports and conference calls, Spruce Point analysis",
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      "kind": "table",
      "text": "Perion Display, CTV and Video Revenue table",
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      "kind": "title",
      "text": "We Believe PERI's Recent CTV And Video Disclosures Expose Misstatements From 2021",
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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.",
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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.",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
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