{
  "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": 91,
  "pageCount": 127,
  "prevPage": 90,
  "nextPage": 92,
  "slideType": "expose_contradiction",
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  "nDataPoints": 3,
  "notes": "The slide uses a red callout box to highlight the lack of disclosure for the 'Land & Expand' metric.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/91",
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      "kind": "callout",
      "text": "This is meaningless since Perion never disclosed the base result a year ago",
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      "kind": "metric",
      "text": "YoY Growth: 71%",
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      "kind": "paragraph",
      "text": "Perion has a propensity for frequently introducing new metrics and terms but without clarification. For example, what is “Land & Expand” revenue and why won’t it put a hard number around the value to track its progression. Also, we are perplexed as to what exactly is “Ads-As-A-Platform Technology”. We are hard pressed to find any other advertising company using such terminology. While these words and terms sound impressive, they are often complemented by reporting errors and numbers that frequently don’t reconcile.",
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      "kind": "source-note",
      "text": "Source: Perion Q1 2023 Earning Presentation",
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      "kind": "table",
      "text": "Video Revenue 26% YoY Growth | Video Platform Publishers 63% YoY Growth | Land & Expand 71% YoY Growth",
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      "kind": "title",
      "text": "CTV: Perion Now Spinning New Terms And Metrics Without Prior Context",
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      "arcName": "Overcoming the Monster",
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      "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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      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
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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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