{
  "docId": "019dd923-622c-750b-8b99-5eb652949ff2",
  "docSlug": "85d244dae869",
  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 24,
  "pageCount": 92,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a red callout box to highlight specific data points in the tables that support the thesis of slowing growth and competitive threat.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/24",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.17,
        "x": 0.81,
        "y": 0.39
      },
      "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,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4a51f35-6b91-4ca6-a3a2-29376c8fa144",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88c1-6d51dcb39770",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue growth: $123.3",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88c1-726866643136",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "884bb733-7070-43f8-9f6d-53028a2b145f",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b193afc-d018-4ea0-8be7-bc86816656af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.96,
        "x": 0.02,
        "y": 0.66
      },
      "kind": "table",
      "text": "Integral Ad Science's Context Control table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "502ddc5a-09e1-4a25-9c50-9df0708065b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.33,
        "w": 0.75,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "table",
      "text": "DoubleVerify's ABS Product Growth table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1af9c6b-5a42-4bb8-992b-a7db8b6d700f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "DV's Biggest Growth Driver Has Been \"ABS\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "106fa4b3-d261-4a63-8788-8d7ae56d70b1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d7a9fb43-6bcf-4a58-b5e9-904756f45a93",
      "evidence": "The slide explicitly compares a company's product performance against a competitor to suggest a weakening competitive position.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "8f50cfcd-bec7-496d-85da-03dbbabfc8e6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document provides evidence to support its claims, including data on slowing growth and market saturation.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}