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  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 93,
  "pageCount": 127,
  "prevPage": 92,
  "nextPage": 94,
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  "density": "dense",
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  "notes": "The slide uses a table structure to contrast different public statements made by the company.",
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      "kind": "callout",
      "text": "Spruce Point warns that PERI uses multiple large numbers to promote its “Retail Media” opportunity, and at times makes conflicting statements.",
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      "kind": "paragraph",
      "text": "Spruce Point warns that PERI uses multiple large numbers to promote its “Retail Media” opportunity, and at times makes conflicting statements. It started promoting retail more heavily in Q3 2022 (November). The revenues from this business are through Undertone. In the same month, the president of Undertone started a stock sale program.(1)",
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      "text": "“Retail media was clearly one of the biggest advertising trends of 2022 and it's showing no signs of slowing down. A recent forecast from the ANA projected the sector will hit $52 billion in 2023 — 18% of overall digital spend” — Q1 2023 Presentation",
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      "text": "Source: Perion earning presentations and conf calls. (1) Form 144 Dan Aks",
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      "text": "Statements on Market Size",
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      "text": "Undertone = Retail Media",
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      "text": "Retail Media Promotion",
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      "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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