{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 95,
  "pageCount": 127,
  "prevPage": 94,
  "nextPage": 96,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Uses visual arrows to connect conflicting data points across two different time periods.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-58801594b94c/95",
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  "components": [
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        "h": 0.35,
        "w": 0.73,
        "x": 0.16,
        "y": 0.052
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      "kind": "chart",
      "text": "Q1 21: Search Adv 58%, Display Adv 42%",
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      "kind": "paragraph",
      "text": "Spruce Point finds a troubling pattern of revenue references made by PERI that don't reconcile upon further review. It recently said that Q1 2022 retail revenue was 6% of display advertising. However, the investor presentation in the prior year shows 1%.",
      "attrs": null,
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      },
      "kind": "source-note",
      "text": "Source: Perion earning presentations and conf calls.",
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      "kind": "table",
      "text": "Q1 2023 Conf Call May 2023: Retail media revenue increased by 60% year-over-year, representing 8% of display advertising revenue compared with 6% last year.",
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      "subkind": "data",
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        "w": 0.48,
        "x": 0.31,
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      "kind": "title",
      "text": "Retail Media Revenue Not Adding-Up",
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  "metrics": [],
  "tools": [],
  "frameworks": [
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      "slug": null,
      "matchId": "ee1a657a-0a05-48c6-94d3-d6a235a86664",
      "evidence": "The slide explicitly identifies a 'troubling pattern' and 'reconciliation' issue in financial reporting to suggest potential misrepresentation.",
      "confidence": 0.9
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  "arcBeats": [
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      "beatId": "31d83761-6e14-4d29-a0aa-1ff8a80344ff",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck spends most of its pages exposing contradictions and inconsistencies in PERI's financials, partnerships, and growth story.",
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      "confidence": 0.8,
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      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "e972ccdf-c217-46cb-9470-ba2f8b94de5a",
      "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)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
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  "locked": true
}