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Slide 1
The slide uses visual metaphors (rat, cockroaches, 'Stock Promotion' search result) to frame the company negatively.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller 1 hit
03
The slide uses a comparison table to establish credibility by showing past successful short calls.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller 1 hit
06
Uses a numbered list with flag icons to highlight specific areas of concern.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
08
This is a classic activist short thesis summary slide, highlighting both financial anomalies and governance/management concerns.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
09
The slide uses a dual-axis chart (share price and volume) overlaid with callout boxes to create a narrative of suspicious activity.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
10
Includes red annotations (arrows and a question mark flag) highlighting the removal of specific text.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
16
The slide uses red highlighting to draw attention to the specific text removed from the 2021 disclosure.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
17
The slide uses a red callout box to emphasize the auditor's concern about 'significant judgment and subjectivity' in revenue recognition.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
19
The slide highlights Perion's outlier status (lowest R&D/Sales and lowest Stock Comp/Sales) using a red highlight row.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
48
Uses quotes from earnings calls and external weather data to build a case for management obfuscation.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
51
The slide uses a combination of a financial table and a bar chart to highlight the outlier status of WTRG's bad debt reserves.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
54
The slide uses red boxes and arrows to highlight specific text changes in SEC filings.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
56
Uses a red line to visually connect the new risk factor in the 2022 list to the highlighted text above.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
58
The slide uses a yellow arrow graphic at the bottom to visually emphasize the trend of declining earnings quality.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
61
Uses red arrows and boxes to highlight discrepancies between reported connection counts and acquisition press releases.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
64
Uses a table to contrast volume growth against revenue contribution, pointing to a price chart as evidence of the anomaly.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
65
Includes a specific callout regarding a PUC audit report and a visual question mark highlighting the anomaly.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
68
Uses a metaphor to describe a Ponzi-like capital structure.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Loop · Cost Of Inaction1 hit
71
The slide uses a cumulative performance chart and a growth table to highlight the widening gap between cash flow and dividend obligations.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
72
Uses a side-by-side comparison of legal risk factor text to expose a shift in financial dependency.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
76
The slide uses a red border to highlight the core thesis and a two-column layout to contrast the director's biography with the allegations against his former firm.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
77
Uses a specific email excerpt to frame the board's actions as hypocritical.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
79
Uses red boxes to draw attention to the discrepancy between 'Target' and 'Actual' performance metrics.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
80
Uses a side-by-side comparison to highlight a failure to act on governance recommendations.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller 1 hit
82
The slide uses a table for historical trend and a bar chart for peer benchmarking.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
83
The slide uses the Spruce Point Capital Management logo (the tree) as a visual anchor.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
85
The slide uses a table of analyst ratings, a pie chart of the recommendation mix, and two small tables showing revenue and EPS forecast revisions to argue that analysts are ignoring negative signals.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
87
Uses a 'before-after' or 'contradiction' table structure to highlight the gap between CEO rhetoric and operational reality.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
90
Includes a detailed SOTP valuation table and a list of qualitative concerns regarding the natural gas and water business segments.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
91
The chart shows WTRG equity (blue) vs. debt (white) and a bond index (red) normalized to April 2020.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit