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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": 94,
  "pageCount": 127,
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  "notes": "Uses red boxes and arrows to annotate the removal of specific claims and data points between two reporting periods.",
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      "kind": "callout",
      "text": "No more long client logo list?",
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      "text": "Down?",
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      "text": "No Longer Proven?",
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      "text": "Based on recent presentation figures, Return on Advertising Spend (ROAS) has gone down and PERI is no longer disclosing Cost Per Incremental Store Visit. Notice carefully that PERI also removed client logos and the text, “Proven Attribution For Top Retailers.”",
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      "text": "ROAS: 14:1",
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      "text": "Based on recent presentation figures, Return on Advertising Spend (ROAS) has gone down and PERI is no longer disclosing Cost Per Incremental Store Visit. Notice carefully that PERI also removed client logos and the text, \"Proven Attribution For Top Retailers.\"",
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      "kind": "source-note",
      "text": "Source: Perion earning presentations",
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      "text": "Comparison of Q3 2022 and Q1 2023 metrics including ROAS, lift, and brand favorability.",
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      "kind": "title",
      "text": "Retail Media Is Another Big Promise From PERI, But It Appears To Be Getting Worse",
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      "arcName": "Overcoming the Monster",
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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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      "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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