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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "notes": "Features red arrows pointing from the CEO's 15% revenue claim to the actual 13.4% and 12.9% figures in the table, highlighting the discrepancy.",
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      "kind": "callout",
      "text": "Social Media Growth Fell Below Total Growth For The First Time",
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      "text": "Something doesn't appear to be adding up with DV's social media revenue reporting. Spruce Point finds evidence that DV is losing revenue from Facebook and YouTube, two of its largest revenue sources.",
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      "text": "Social Media Revenue: $58.4",
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      "text": "Statement on YouTube and Facebook Revenue: 'Our YouTube revenues have increased more than sixfold while our Facebook revenues have increased fivefold over the last 4 years. YouTube and Facebook are expected to represent nearly 15%...'",
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      "text": "\"Right now, between Facebook and YouTube, they make up about 15% of our total revenue.\" — CEO, Q3 2021 Conf Call",
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      "text": "Source: Conf Call; (1) Reported within Advertising-direct (now Measurement) revenue segment.",
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      "text": "Something doesn't appear to be adding up with DV's social media revenue reporting. Spruce Point finds evidence that DV is losing revenue from Facebook and YouTube, two of its largest revenue sources.",
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