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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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  "pageCount": 127,
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  "notes": "Uses a 'before-after' style logic to expose a contradiction in historical financial reporting.",
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      "kind": "callout",
      "text": "2022 CTV revenue was $28.5m, and PERI has disclosed its two annual growth rates in 2022 (108%) and 2021 (205%). As a result, we can work backwards and estimate that 2020 CTV should be $4.5m. However, a presentation slide from 2020 shows CTV revenue as $9.9m.",
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      "text": "2020 CTV Results",
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      "text": "CTV revenue: $9.9m",
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      "text": "2022 CTV revenue was $28.5m, and PERI has disclosed its two annual growth rates in 2022 (108%) and 2021 (205%). As a result, we can work backwards and estimate that 2020 CTV should be $4.5m. However, a presentation slide from 2020 shows CTV revenue as $9.9m.",
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      "kind": "quote",
      "text": "Financial results for 2021, included stellar growth of 300% in total video and CTV revenue (or 123% on a proforma basis), with the fast-growing subset of CTV up 205%. — PERI financial reports and conference calls",
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      "text": "Source: PERI financial reports and conference calls",
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      "text": "Source: Perion Investor Presentation, Jan 2021",
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      "text": "CTV Growth Statements",
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      "kind": "title",
      "text": "Evidence CTV Revenue May Have Been Inflated From The Beginning",
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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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