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price from sales and multiples", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:30:14.761+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 86, "frameworkName": "valuation-bridge" }, { "matchId": "d8abd6b3-5089-4bac-b6bc-24fa26090404", "evidence": "Direct side-by-side comparison of IAS and DV metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:14.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "comparison_frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short-report template: teal/slate palette, dense bullet-plus-exhibit layout. Memorable cover art (reputation dashboard with rat/cockroaches, contrasting Spruce Point 95/100 vs DV 5/100). Opens with track-record slide citing prior wins on Magnite (-77%) and TaskUs (-64%) as credibility precedents — playbook-by-analogy signal. Strong use of annotated share-price timelines (pages 4, 8), goalpost-shifting framing on customer disclosures (page 19), and a shrinking-revenue-beat table (page 17). Includes primary-research appendix with two anonymized former-executive interviews (pages 89-92). Pair trade structure: short DV / long IAS (20-30% upside). No stake percentage disclosed, which is standard for short-sellers.", "kpisCited": [ { "detail": "8.7x vs peer average 3.6x; Spruce Point targets 5.0x-6.0x", "metric": "DV 2023E EV/Sales multiple" }, { "detail": "Decelerated from 64% (2020) to 22% (2021) to 18% (2022)", "metric": "Average revenue growth from top 100 customers" }, { "detail": "$123m, 27% of total sales; IAS Context Control already at 70% of DV ABS revenue", "metric": "ABS product revenue" }, { "detail": "~44.1m shares sold at $26.48 avg, ~$1.1bn gross; current price 9% premium to avg", "metric": "Providence Equity stock sales" }, { "detail": "$550m-$564m ($14m range), +75% wider than 2022's $8m range", "metric": "2023 revenue guidance range width" }, { "detail": "30.5%, lowest level yet", "metric": "2023E EBITDA implied margin at high end of guidance" }, { "detail": "+$0.7m / +0.5%, shrinking from +18.2% in Q4 2021", "metric": "Q4 2022 revenue beat vs consensus" }, { "detail": "$14.3m, up 248% YoY / 64% QoQ without coherent explanation", "metric": "Implied international revenue Q4 2022" }, { "detail": "Facebook+YouTube ~13% of revenue; combined growth below total growth in 2022", "metric": "Social-media customer concentration" }, { "detail": "IAS 31% vs DV 9%", "metric": "International sales % of revenue" }, { "detail": "13 of 14 analysts rate Buy; consensus sees only 19% upside", "metric": "Analyst ratings" } ], "closingAsk": "Sell DV for 35-45% downside, go long IAS as a paired trade for 20-30% upside, and the Board should convene a special committee and invoke its Clawback Policy against insiders.", "extraction": { "at": "2026-04-22 21:45:25+00", "model": "unknown-legacy", "runId": null, "seconds": 181.36743, "promptVersion": null }, "scqaReward": "Multiple compression to 5.0x-6.0x peer sales implies 35-45% DV downside ($15.90-$18.80), while IAS is modeled at 20-30% upside as the valuation gap to DV narrows.", "thesisTypes": [ "fraud_exposure", "multiple_rerating", "undervaluation" ], "top3Reasons": [ "CEO Zagorski repeats his Telaria/Magnite playbook: hyping international growth he cannot deliver.", "Providence Equity dumped ~$1.1bn of stock while management quietly retracted TAM claims.", "Flagship ABS product saturated; IAS's Context rivaling it at 70% of DV revenue." ], "scqaSituation": "DoubleVerify is a NYSE-listed digital-advertising-verification vendor trading at 8.7x 2023E sales, pitched as a transparency leader protecting brand safety for blue-chip advertisers across programmatic, social, and CTV channels.", "thesisSummary": "Spruce Point's forensic review argues DoubleVerify — an ad-verification vendor priced as a premium tech name at 8.7x 2023E sales — is misleading investors on multiple fronts. CEO Mark Zagorski, formerly architect of the value-destructive Telaria/Magnite merger, faces slowing top-100 customer growth (decelerated from 64% in 2020 to 18% in 2022), a saturating ABS product (27% of sales), lost patents, busted acquisitions (OpenSlate, Meetrics), suspicious international reporting, and a quietly retracted $20bn TAM. Providence Equity has dumped an estimated $1.1 billion of stock, while new audit committee director Rosie Perez came from the American Express unit that recently admitted financial misconduct. Spruce Point reiterates a Strong Sell with 35-45% downside ($15.90-$18.80), pair-trading long competitor IAS for 20-30% upside as the valuation gap narrows.", "primaryDemands": [ "Sell DV (Strong Sell opinion, 35%-45% downside)", "Board should convene a special committee to investigate accounting and governance concerns", "Board should invoke its Clawback Policy against insiders", "Go long competitor Integral Ad Science (IAS) as relative-value pair trade" ], "scqaResolution": "Investors should sell DV and pair-trade long IAS; the Board should convene a special committee, pursue clawbacks under its existing policy, and address the financial-reporting and governance concerns Spruce Point details.", "thesisOneLiner": "DoubleVerify's manipulative accounting, saturated product, slowing international growth, and insider selling by Providence Equity justify a 35-45% downside, while competitor IAS offers 20-30% upside.", "precedentsCited": [ "Spruce Point's prior short on Telaria/Rubicon/Magnite (Jan 2021, -77%)", "Spruce Point's prior short on TaskUs (Jan 2022, -64%)", "Blinkx/RhythmOne (Harvard professor alleging advertiser fraud; current DV CMO linkage)", "American Express Global Commercial Services financial misconduct (Rosie Perez linkage)" ], "scqaComplication": "Forensic review flags manipulated international reporting, CEO Zagorski's Magnite track record, a saturated ABS product, busted OpenSlate/Meetrics deals, a retracted TAM, and $1.1bn of insider sales by Providence Equity amid slowing customer spend.", "narrativeInterest": 4, "notableSlidePages": [ 1, 8, 17, 19, 86, 87 ], "peerCompaniesCited": [ "Integral Ad Science (IAS)", "The Trade Desk (TTD)", "Magnite (MGNI)", "LiveRamp (RAMP)", "PubMatic (PUBM)", "Azerion (AZRN)", "Comscore (SCOR)", "Tremor International (TRMR)", "Viant Tech (DSP)", "Roku", "Snap", "Pinterest", "Interpublic Group" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { 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"nDataPoints": 45, "notes": "The slide uses a table to compare reported vs consensus revenue and guidance ranges over time.", "elementsJson": [ "headline_text", "paragraph", "kpi_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:30:06.054+00", "seconds": 3.771, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/17", "deck": "/decks/019dd923-622c-750b-8b99-5eb652949ff2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.18, "x": 0.81, "y": 0.86 }, "kind": "callout", "text": "High end margin guidance at lowest level yet", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00833bc2-3914-453b-ace6-418302fcdf89", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.18, "x": 0.81, "y": 0.735 }, "kind": "callout", "text": "Annual guidance range increased +75%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da2e5abc-9bc3-422b-8732-af21baff8d03", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.18, "x": 0.81, "y": 0.498 }, "kind": "callout", "text": "Would DV have missed in Q4 2022 absent abnormal international revenue increase we detail later in the report?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8459f91-3b20-49f8-80ec-349851cd4a1e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the share price.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c1-9d9b869ad070", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue beat: +0.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c1-a0164e3e3294", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the share price. Spruce Point has conducted a careful evaluation of DV’s revenue performance and guidance practices. We observe that the magnitude of its top-line quarterly revenue beats has been shrinking for multiple quarters. In fact, it just barely exceeded revenue expectations in Q4 2022 ahead of Providence Equity announcing another secondary stock offering. The recent Q4 2022 beat was associated with abnormal international results, which we detail later in the report. Even more alarming, by evaluating DV’s annual revenue forecast for 2023, we see it widened its guidance range by 75% over the prior year. We believe this signals increased uncertainty and ability for the Company to meet its targets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da2dc1e3-73b7-436e-95ee-e1e22479b7f9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: DV earnings reports, consensus estimates, and Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Recent commentary from key players driving digital advertising indicates overall weakness of digital advertising, but strength in foreign markets were DV is poorly positioned.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:07.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4afbb051-ff83-4966-8485-966f980ade69", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "While ad spend on the Roku platform in verticals including financial services and M&E remained pressured, verticals such as travel and wellness improved....Accordingly, we expect the advertising market in Q2 to look much the same as it did in Q1, while other verticals remain pressured such as M&E and financial services. — Roku", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c1-21f9fd17181e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: ROKU, Meta, Google (Alphabet), Interpublic, Pinterest, Snap", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The CFO recently referenced M&A as accelerating organic growth. However, based on our analysis we disagree and find that absent the contribution from OpenSlate and Meetrics that organic revenue growth decelerated in 2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:05.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21eca394-1979-4265-9e1b-c39829c26350", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "CFO Allais: \"And while we're not providing 2022 guidance here, we currently expect OpenSlate to contribute between $15 million and $18 million of revenue in 2022.\" — OpenSlate Nov 2021; Barclays Analyst: \"And then like M&A for you is more tuck-in, it's not like -- there's nothing transformational you can do there?\" — Barclays Conf. Dec 2022; CEO Zagorski: \"I just don't think we need to do transformational right now. We've got so much core growth to do right now. It sounds like how do we make it go faster.\" — Barclays Conf. Dec 2022; CFO Allais: \"And I think that accelerates organic growth and just kind of continues our opportunity for what we are looking for.\" — Barclays Conf. Dec 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c2-e87a2e862eb9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "Source: Year End 2022 Presentation, Q3 2021 Conf Call and financial filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:05.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13dc9fae-bc62-4b31-b1c3-0bf271a99e62", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.54, "x": 0.43, "y": 0.68 }, "kind": "table", "text": "DV's Estimated Organic Growth", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:05.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a3b613e-08fb-4e2f-9c5d-91e24db5ba12", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "de320e54-e4d1-4de6-812a-3e04d7bda8e6", "evidence": "Contrasts CFO/CEO quotes with quantitative analysis of organic growth.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:30:05.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3f62246d-be74-43b3-9a2b-b8f57f4f4d9f", "evidence": "Exposes lack of disclosure regarding acquisition revenue contribution.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:05.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "Evidence", "beatId": "8f50cfcd-bec7-496d-85da-03dbbabfc8e6", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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IAS has already achieved 70% of DV's revenue in much less time", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4a51f35-6b91-4ca6-a3a2-29376c8fa144", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "ABS growth starting to slow below the overall segment growth rate. IAS has already achieved 70% of DV’s revenue in much less time", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c1-6d51dcb39770", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue growth: $123.3", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c1-726866643136", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "The Authentic Brand Suitability (\"ABS\") product has become a major driver of DV's recent sales growth since its late 2018 launch. It is a premium-priced product and now represents $123 million of sales. However, its growth rate in relation to overall programmatic revenue is starting to fall behind. In March 2020, IAS launched a similar product called Context Control, and in less time, it has already achieved $86 million of revenue, or 70% of DV's ABS revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "884bb733-7070-43f8-9f6d-53028a2b145f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: DV and IAS SEC filings and Conference Calls", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The intense competition we face in the sales of our products and services could put pressure on us to change our prices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bff28eb9-680e-4d2e-8ec1-fb1b8655b92d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "paragraph", "text": "Financial Presentation Change Now Obscures Movement In The Accounts where Incentives Are Located", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbc91ef7-957b-4d86-aa69-f5b4635dd782", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Certain customers receive cash-based incentives, credits, or discounts on the pricing of products or services once specific volume thresholds have been met. For the years ended December 31, 2022 and 2021, the Company had a liability for customer incentives of $ 6.2 million and $ 3.2 million, respectively, included in Other current liabilities in the Consolidated Balance Sheets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f31375f0-639e-496c-a101-51cb9bca2678", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The intense competition we face in the sales of our products and services and general economic and business conditions could put pressure on us to change our prices. If our competitors offer deep discounts on certain products or services or develop products that the marketplace considers more valuable, we may need to lower prices, introduce pricing models and offerings that are less favorable to us, or offer other favorable terms in order to compete successfully. 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Yet, the Company claimed in its IPO prospectus that its core solutions were less than 25% penetrated in 2020.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d69bdcf7-a595-42d4-9b8c-bcee9ef74389", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.12, "y": 0.52 }, "kind": "quote", "text": "No, man. It's a great question. So in 2014, it was all Greenland... Penetrated, safe to say, 95% of them use some serious verification company... But when it comes to just picking up new clients that have no idea what verification with DV is, I would say those days are long gone.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21e5eec3-6efa-4c23-9083-00c763450536", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Based on the Company Data Analysis, the total addressable market for our core solutions was less than 25% penetrated in 2020?\" — DV Prospectus, p. 4; \"Penetrated, safe to say, 95% of them use some serious verification... it's very penetrated. Now it is not a lot of green. It's more winning over clients that may use IAS... 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Are you mostly selling into accounts that are using IAS? Or is there still a lot of new adoption?", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4cec36b-818f-4206-83c9-70c7829f4b6f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Former DV Employee Says Market Is Very Penetrated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c63705f-893a-4f20-b0a9-4b30fb4812f9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c7e400e9-cc23-46d8-b227-cea8be05f6c8", "evidence": "Contrasts company IPO filing with expert interview quote.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:10.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "Evidence", "beatId": "8f50cfcd-bec7-496d-85da-03dbbabfc8e6", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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When asked about market penetration for ad verification, the response was pointed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd6bf793-21c2-4b41-9ab0-2433cb61d8fa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Yes. It's a very saturated marketplace. And that's why emerging markets were huge for both DV and IAS for a period of time. And that's also why they started looking at beyond just new products, but mid-market opportunities.\" — Former IAS Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c2-36c2873fc73b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.012, "y": 0.97 }, "kind": "source-note", "text": "Source: Tegus Research Interview", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It's a very saturated marketplace...\"", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a350897-c97d-46b8-8013-c5330f1efc78", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.313, "y": 0.025 }, "kind": "title", "text": "Former Executive At IAS Also Agrees That Ad Verification Is \"Saturated\"", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:06.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "414974d1-90b4-4273-a37a-913258f54629", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a1d17217-7cdf-4907-a3dd-68effa0070ea", "evidence": "Uses a former executive's quote to validate a market thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:06.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "Evidence", "beatId": "8f50cfcd-bec7-496d-85da-03dbbabfc8e6", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth. Its close peer IAS has materially more U.S. patents and a growing application pipeline.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:08.343+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a07a77-de75-4aa0-ad7d-445c90fc0b4b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We have two registered U.S. patents, four international patents (two in Europe and two in Japan) and six pending patent applications...\" — DoubleVerify. \"As of December 31, 2022, we had 41 issued U.S. patents, 2 allowed patent applications, and 31 pending patent applications.\" — Integral Ad Science.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c3-475c7c2f2573", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: DV and IAS Annual Reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Below are figures from a key patent. In fact, only one of the four patent authors is still employed by DV.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c2-ae7e80ae003f", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.32, "x": 0.01, "y": 0.3 }, "kind": "image", "text": "Patent diagram 1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:07.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d74ef69-e3fc-4940-a9f8-90d09d3fca31", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.32, "x": 0.67, "y": 0.3 }, "kind": "image", "text": "Patent diagram 3", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:07.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33110e19-1328-473a-8c1f-5c4ba1cdd877", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.33, "x": 0.33, "y": 0.3 }, "kind": "image", "text": "Patent diagram 2", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:07.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83a0db7f-da08-4a51-bd84-019519634f35", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "paragraph", "text": "Color us skeptical, but a cursory review of DV's U.S. patent does not strike us as overly complex. Below are figures from a key patent. 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Right, and that goes to ownership of the firm, right? 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"callout", "text": "Spruce Point recently interviewed a company that considered using DV, but eventually decided not to use their services. 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DV should further disclose what percentage of revenue is at risk from client disputes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a700937-2c68-4e27-8172-9cd6318b62c9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "DV should further disclose what percentage of revenue is at risk from client disputes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-2939930f95fa", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.46, "x": 0.03, "y": 0.43 }, "kind": "list", "text": "May 2022: \"Was A Great Company To Work For, Now A Sinking Ship\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a9eef10-6b4e-43d6-b24b-aa35f695c0dd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.46, "x": 0.51, "y": 0.43 }, "kind": "list", "text": "Jan 2022: \"Mixed Bag\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63d84101-d525-4d7f-820e-827cd75cecdb", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.46, "x": 0.51, "y": 0.48 }, "kind": "paragraph", "text": "Cons: Work life has no balance, The team is short staffed, Constant changes and secrecy, Years ago it felt like a family and now it is simply a revenue driving machine, Pay is low by comparison to industry standards, The billing function is understaffed and clients and team members are leaving due to the incompetence, Retention is not a focus. Advice: Have more regard for the people who helped build the successful organization, Focus on retention as much as on growth, Don't just talk about diversity.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c5fa76d-8b65-490f-8e30-6fce52712834", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.46, "x": 0.03, "y": 0.48 }, "kind": "paragraph", "text": "Cons: C-Suites only focus on sales, Zero emphasis on retaining talent, Employee burnout, Product has become so convoluted, Billing is an absolute nightmare, Annual reviews saying you are doing a great job but then no raise or promotion is rewarded, Failure to recognize hard work, The only way to get promoted is to do extra projects, Promoting every single seller but failing to promote hardworking AM's, Delays in AM bonus due to billing issues out of our control. Advice: Start to reward the AM team.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d5f548d-9088-4f72-b5b9-8324a7d0029d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.34 }, "kind": "paragraph", "text": "\"Our clients have in the past, and may in the future, dispute the way we calculate billing for our solutions. If we are unable to resolve such disputes, we may lose clients or clients may decrease their use of our solutions and our financial performance and growth may be adversely affected.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb7c916a-6cbc-4b9c-bd69-eaa7b973b3af", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Billing is an absolute nightmare and causing many frustrations with clients - the issue is left on the AM team to chase billing for updates — Glassdoor Review (May 2022). The billing function is understaffed and clients and team members are leaving due to the incompetence — Glassdoor Review (Jan 2022).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-2c239a7dcf96", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Glassdoor Review 1, 2; DV 2022 10-K, p.29", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c5-03a8cd6955bf", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.46, "x": 0.5, "y": 0.64 }, "kind": "chart", "text": "MediaOcean headcount trend", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:12.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0173989e-c30c-408c-8d50-41dedc6c5998", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.46, "x": 0.03, "y": 0.3 }, "kind": "chart", "text": "AppNexus headcount trend", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": 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20:30:12.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9548d165-8763-4a40-9040-fe2f3f4ae1ec", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.46, "x": 0.03, "y": 0.64 }, "kind": "chart", "text": "MediaMath headcount trend", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:12.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d01604ae-de03-4e55-84c0-9e8f43393a8c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "total employee count", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c5-0610b433d19e", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "DV references its partners in relation to collection of payments. Among them are AppNexus, Xandr, MediaMath, and MediaOcean. While each are private companies (ex: Xandr which is a part of Microsoft), we can infer their business conditions from hiring growth on LinkedIn. It appears that all are reducing headcount. For example, Microsoft’s layoffs are reportedly affecting 1,500 Xandr employees.(1) Can DV’s growth continue while its partners decline?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:12.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e862580-de7f-4b63-9457-7168cac43198", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: LinkedIn premium (1) engadget.com, Jan 18, 20", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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For example, DSOs are calculated over a trailing three-month period, while the DPO calculation period is not disclosed. Based on standardized methods using annual data, we find that DSOs are much longer (and DPOs much shorter) than illustrated by DV. 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DV made a few conflicting public statements about international sales being 20% of total revenues (changed to 20% of advertiser direct revenue) in late/early 2021/2022. It doesn't report international results in SEC filings despite saying that customers run campaigns targeted toward distinct geographies and that its coverage spans 100 countries where customers \"activate our services\". Furthermore, 39% of its employees are outside the Americas. 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international growth performance in a vacuum of material information relevant to this growth strategy?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c3-ee338094b9fa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.39 }, "kind": "paragraph", "text": "Expanding Our International Presence. We intend to continue to grow our presence in international markets in order to meet the needs of our existing customers and accelerate new customer acquisition in key geographies outside of North America. We expanded into ten countries during 2019 and 2018, which has accelerated our revenue growth in those markets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f88df62-94bd-4ca8-808e-504e326e0941", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "Expanding its international presence is a top growth strategy listed by DV in its offering prospectus. However, it claims that geographic reporting is not necessary because it does not utilize such information to make decisions about how to allocate resources. Really? We find that DV has made specific hiring decisions around geographic expansion and continues to give titles to individuals based upon their geographic location. How are investors to assess DV's international growth performance in a vacuum of material information relevant to this growth strategy?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbcda749-38bc-4e43-b23d-cb48b854081b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Expanding Our International Presence. We intend to continue to grow our presence in international markets in order to meet the needs of our existing customers and accelerate new customer acquisition in key geographies outside of North America. We expanded into ten countries during 2019 and 2018, which has accelerated our revenue growth in those markets. — DV Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c3-f0ba30552279", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.94, "x": 0.03, "y": 0.58 }, "kind": "table", "text": "Evidence of DV's International Organization", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fb1b852-2b6f-4776-9a42-6f72d7d1bb58", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "No Geographic Reporting.... (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81c02fff-eb2c-4a3e-b6d1-ecceb61c76ef", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "46b24f09-144d-4b9a-b129-dbbef2fcdb95", "evidence": "Contrasts company's stated policy against internal hiring data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:10.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Monster", "beatId": "e4fcef81-6c7d-4fa7-ab6d-43fc05a5928e", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": null, "evidence": "The document presents the 'monster' or the key problems facing DoubleVerify, including indefensible product and limited patent protections.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 55, "type": "tension", "title": "The slide uses red highlighting to emphasize 'No Address' entries, signaling office closures or lack of transparency.", "function": "expose_contradiction", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 798, "nDataPoints": 0, "notes": "The slide uses red highlighting to emphasize 'No Address' entries, signaling office closures or lack of transparency.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:30:09.667+00", "seconds": 2.747, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/55", "deck": "/decks/019dd923-622c-750b-8b99-5eb652949ff2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point has analyzed DV's global locations listed on its website. We find that it frequently changes addresses and has closed more physical locations than opened. Notably, it no longer has a listed address in the technology hub of San Francisco and shuttered offices in Latin America.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-42e9a06dff4c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point has analyzed DV's global locations listed on its website. We find that it frequently changes addresses and has closed more physical locations than opened. Notably, it no longer has a listed address in the technology hub of San Francisco and shuttered offices in Latin America.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:09.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd632255-2adc-4659-9d1d-8c47d094bf0b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Wayback Machine (pre-IPO, Aug 2020), Wayback Machine (post-IPO, July 2022) and current", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:09.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6ee68e0-cd6d-4491-afdb-4cb0a7ed6b28", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "table", "text": "Table showing regional office locations across August 2020, July 2022, and March 2023.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:09.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17002657-6ad2-473a-8b81-c22272f8bd7e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.35, "y": 0.03 }, "kind": "title", "text": "More Evidence of International Struggles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:09.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "759692ff-809e-4e20-b280-afba2bd5f07d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Monster", "beatId": "e4fcef81-6c7d-4fa7-ab6d-43fc05a5928e", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": null, "evidence": "The document presents the 'monster' or the key problems facing DoubleVerify, including indefensible product and limited patent protections.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 56, "type": "tension", "title": "Uses a 'preempt_rebuttal' style layout to directly refute specific analyst claims from Needham and Barclays.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 9, "textChars": 2394, "nDataPoints": 4, "notes": "Uses a 'preempt_rebuttal' style layout to directly refute specific analyst claims from Needham and Barclays.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:30:16.214+00", "seconds": 9.229, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/56", "deck": "/decks/019dd923-622c-750b-8b99-5eb652949ff2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.38, "x": 0.58, "y": 0.53 }, "kind": "callout", "text": "Needham: Growth has come it at the low end, growing by ~2x, but that includes abnormal and unexplained Q4 2022 revenue that management needs to explain. Future growth is likely to be much slower. Barclays: Offices are closing. Now fewer foreign office locations are listed on the website.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf98678b-a796-4357-938a-7a603f958006", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Sell-side promoters have relied on DV management's story that the international opportunity is large and growing fast. However, we believe the opposite is true.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-863a54b370e9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.61 }, "kind": "list", "text": "Barclays Capital Promotion of DV: International Expansion on Horizon. The last major vector for growth in the business is the pathway to expanding deeper internationally. Although strides have been made of late (offices in 6 countries in 2018 to 15 countries now), DoubleVerify has a lower level of international business compared to the other capable large vendors. Thus, International expansion into existing customers represents a larger opportunity for the company than it does to the competition.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e77e4ea-aec9-449c-972e-e35c8f8f219c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.33 }, "kind": "list", "text": "Needham Promotion of DV: International Growth Option. We estimate that DV garnered about 15% of its revenue outside the US in 2020. Strategically, DV follows its US clients offshore, which minimizes costs (and risks) associated with international revenue growth. We expect offshore revenue growth to be 2-3x faster than US revenue growth over the next 3 years.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d75dc858-be77-4937-9168-8edc3f087739", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "Sell-side promoters have relied on DV management's story that the international opportunity is large and growing fast. However, we believe the opposite is true. Our evidence shows that DV's global expansion is stalling out and that it is relying on unusually large and unexplainable revenue recognition to perpetuate its story. However, there is no better sign of its challenges than seeing its EMEA and APAC leaders depart, its office locations close, and its lost accreditation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cced6e54-1bca-43c2-ad25-9c71b56b7fce", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Needham: Growth has come it at the low end, growing by ~2x, but that includes abnormal and unexplained Q4 2022 revenue that management needs to explain. Future growth is likely to be much slower. Barclays: Offices are closing. Now fewer foreign office locations are listed on the website. — Spruce Point Capital Management", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-8b4b186033f6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.05, "y": 0.56 }, "kind": "source-note", "text": "Source: Needham Initiation, “Gold Standard of Verification: Initiate DV at BUY”, May 17, 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a235849-78fc-4d3a-91cb-8f7b0844eda9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "Source: Barclays Initiation, “Unique Asset But No Need for a Double Take; Initiate Equal Weight”, May 17, 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93bc5cba-e387-4f80-9e78-5151497757e2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Bull Case Predicated On Overly Optimistic And Challenged International Ambitions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09bb0400-580e-47bf-99a6-3ad262cdf6e8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2ba04f8e-b525-44a7-ac68-6ffd51745bb5", "evidence": "Contrasting sell-side analyst claims with internal evidence of business decline.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:30:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Monster", "beatId": "e4fcef81-6c7d-4fa7-ab6d-43fc05a5928e", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": null, "evidence": "The document presents the 'monster' or the key problems facing DoubleVerify, including indefensible product and limited patent protections.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 57, "type": "tension", "title": "Includes a table of implied revenue and growth metrics alongside a table of management statements.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 8, "textChars": 1322, "nDataPoints": 45, "notes": "Includes a table of implied revenue and growth metrics alongside a table of management statements.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:30:10.927+00", "seconds": 3.631, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/57", "deck": "/decks/019dd923-622c-750b-8b99-5eb652949ff2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-57", "deckJson": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "We find extreme volatility in DV's Q4 implied international revenue reporting provided solely on its conference calls. Based on our analysis, Q4 2022 international surged to a record $14.3 million (248% and 64% YoY/QoQ) without any explanation. In fact, management was describing challenges in EMEA / APAC while ceasing to provide growth rates. Furthermore, its head of APAC just resigned.(1) We call on management to explain the outlier results.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f819ae6-e60b-4c09-905c-80ca7fb9d6ed", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "callout", "text": "DV gave conflicting statements saying 26% (year end conf call) and 20% (Analyst Day and Needham conf). However, to match its claimed ~70% total annual growth, the result had to be 20%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c11042e-a2aa-4af6-bae2-cbb7dd4d22ac", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "International Revenue: $14.3 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c6-adae182b6d89", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Shifting to international expansion. International revenue grew by almost 70% last year with APAC revenue growing by 84% and EMEA by 61%, all outpacing the industry and our competitors. International now contributes 26% of our overall direct revenue. — DoubleVerify Earnings Conf Call Q4 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c6-aa60c35dff7a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.15, "x": 0.05, "y": 0.76 }, "kind": "source-note", "text": "Source: DV Earnings Conf Calls and financial reports. 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However, we also observe it slightly modified the wording for the segment's revenue recognition from \"point in time\" to \"over time\" which opens the door for greater discretion allowing management to manipulate revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:09.685+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47f17fd4-4331-44fb-9416-c6d3d794274c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "However, we also observe it slightly modified the wording for the segment's revenue recognition from \"point in time\" to \"over time\" which opens the door for greater discretion allowing management to manipulate revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-ec3799065dad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We recognize revenue at the point in time when we satisfy a performance obligation by transferring promised services to a customer. — Draft Prospectus Sept 22, 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-f020a5b4e218", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.01, "y": 0.95 }, "kind": "source-note", "text": "Source: DV Draft Prospectus, 2021 and 2022 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In light of our prior analysis and observations, we find this highly concerning.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2453c8dd-56a5-4f2f-8673-01d59d3f07be", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue: $452 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-73e222d936b0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.08, "y": 0.96 }, "kind": "source-note", "text": "Source: 2022 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As described in Note 2... $452 million... $158 million...", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e1db934-6aa9-43b9-9d9a-00b0cd36b516", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.315, "y": 0.05 }, "kind": "title", "text": "Critical Audit Matter On Revenue Too", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb948d2b-0dec-4606-8b4a-dd77cc8207e8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7021f56e-439f-4a62-8cfe-c2cc97f74255", "evidence": "The slide highlights audit concerns regarding revenue recognition complexity and IT dependency to suggest potential financial misstatement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:30:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 60, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 41, "name": "The Monster", "beatId": "e4fcef81-6c7d-4fa7-ab6d-43fc05a5928e", "matchId": "c6563773-fce3-425a-9877-8ab07d207e54", "beatType": null, "evidence": "The document presents the 'monster' or the key problems facing DoubleVerify, including indefensible product and limited patent protections.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 60, "type": "tension", "title": "The slide uses a table to contrast conflicting statements over time, specifically pointing out the shift from 'total revenue' to 'direct/measurement revenue' as", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 6, "textChars": 643, "nDataPoints": 8, "notes": "The slide uses a table to contrast conflicting statements over time, specifically pointing out the shift from 'total revenue' to 'direct/measurement revenue' as the denominator.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:30:15.135+00", "seconds": 7.293, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/60", "deck": "/decks/019dd923-622c-750b-8b99-5eb652949ff2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:15.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f94d83c7-03d0-433f-a4aa-aad19d586b28", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "international revenue percentage: 20%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c4-bd477726e473", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "International now contributes 26% of our overall direct revenue. 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0.09, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "callout", "text": "Why did DV stop discussing the impact of international transaction fees on its revenues? 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We find that it lost a major accreditation from the UK-based Audit Bureau of Circulations. 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"canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:13.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c99317c-6acb-4ae8-ae63-2c3ad3e46732", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "Wayback Machine screenshot showing 'more than 800 clients'", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:13.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46e8b1c4-0641-4775-af70-a7a18bd51c41", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point believes DV overpaid for OpenSlate in Nov 2021 by paying $125 million in cash and $25 million in stock. Evidence points to OpenSlate having peaked in growth. Founded in 2012, by 2019 OpenSlate had attracted a minority investment and strategic partnership from advertising rating company Nielsen, rumored to value it at more than $100 million.(1) However, Spruce Point finds evidence that OpenSlate lost clients. It earlier claimed “more than 800 clients” but changed its reference to “200+ large global brands”. Based on the midpoint revenue estimate, DV paid approximately 9.1x revenues for a business that appears to have peaked and had lower margins than DV.(2)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:13.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04762ede-faa3-4475-a3bd-2c5f17638582", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "(1) “Nielsen Takes Minority Stake in Brand-Safety Firm OpenSlate”, Sept 6, 2019, WSJ\n(2) DV forecasted $15 - $18m of revenue contribution and during its 2022 Analyst Day said that OpenSlate had lower margins than its own.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The commentary doesn't indicate if it is 1 million daily or annual YouTube ads. However, even assuming it was daily, that would yield less than the 400 million previously cited in 2018. A WSJ article in April 2020 indicates problems between Google and OpenSlate over contract terms related to information sharing. Though they eventually came to contract terms, a quote from an ad industry executive said the fracas created fundamental questions how independent third-party verification services really worked on YouTube and cited consternation amongst advertisers and agencies.(2,3)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:12.055+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5374ce63-5c58-4f96-957d-393b1b561a9d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The company's software scans some 400 million YouTube videos a day, analyzing descriptions, views, likes, comments and shares. It then ranks each clip on a scale, deducting points for risque topics like politics, religion, sex and even twerking.\" — Mark Henry, OpenSlate Founder / Bloomberg Interview, May 4, 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88c5-63f88b0fde6c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "(1) \"The Startup That Polices YouTube for Twerk-Averse Advertisers\", May 4, 2018, Bloomberg\n(2) \"YouTube Spars With Auditor Over Transparency of Advertising Risks\", April 19, 2020, WSJ\n(3) \"OpenSlate Rejoins The YouTube Measurement Program Following Contract Deadlock\", July 7, 2020, AdExchanger", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"h": 0.15, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "In its first acquisition post-IPO, DV acquired Meetrics GmbH... 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