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  "docSlug": "85d244dae869",
  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
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  "notes": "Uses red arrow to visually highlight the shift in reporting scope.",
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      "kind": "callout",
      "text": "Evidence clearly shows that DV’s spending from its top 50 customers was slowing pre-IPO, so it shifted the goal post to the top 100 customers. The growth rate of the top 100 has also started to slow.",
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      "text": "compounded annual growth rate: 35%",
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      "kind": "quote",
      "text": "We are also able to increase revenue per customer as we introduce new solutions, which have resulted in a compounded annual growth in average revenue for our top 50 customers of 32% from 2017 to 2019. — DoubleVerify Pre-IPO Draft Prospectus (Sept 2020)",
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      "text": "Evidence DV Shifted The Goal Post When Customer Growth Started Slowing",
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