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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-05-02 00:00:00",
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      "text": "High end margin guidance at lowest level yet",
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      "text": "Annual guidance range increased +75%",
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      "kind": "callout",
      "text": "Would DV have missed in Q4 2022 absent abnormal international revenue increase we detail later in the report?",
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      "kind": "callout",
      "text": "For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the share price.",
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      "text": "revenue beat: +0.5%",
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      "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.",
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      "text": "Source: DV earnings reports, consensus estimates, and Spruce Point analysis",
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      "text": "Analysis of DV's Revenue Performance And Guidance table",
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      "text": "Spruce Point Believes DV Is On The Verge of Missing Revenue Expectations",
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