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  "docSlug": "85d244dae869",
  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
  "authorId": "54_Spruce_Point_Capital",
  "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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  "pageNumber": 25,
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  "notes": "Uses color-coded highlights and parenthetical analyst commentary to expose inconsistencies in management's growth narrative.",
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      "kind": "callout",
      "text": "This implies that only 25 new customers adopted ABS in over a year.",
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      "text": "ABS penetration: 65%",
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      "text": "Evidence indicates that ABS is becoming a much tougher sell as DV scales. DV indicated over a year ago that it had largely penetrated its Top 100 customers. But since then, it shifted focus to the Top 500 which only grew penetration from 60% to 65%. This implies that only 25 new customers adopted ABS in over a year.",
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      "kind": "quote",
      "text": "Jack Smith – Chief Product Officer: \"So as an example, we used our existing customer relationships and footprint to drive 89% adoption of authentic brand suitability with our top 100 customers.\" — Analyst Day Feb 24, 2022; CEO Zagorski: \"Beyond our top 100 customers, approximately 40% of our top 500 clients still do not use ABS in any market, representing a solid expansion opportunity amongst this established customer base.\" — Q4 2021 Call March 8, 2022; CFO Allais: \"Yes. So it's 40% of the top 700 that we work with today.\" — Canaccord Call May 13, 2022; CEO Zagorski: \"And we continue to grow ABS activation beyond our top 100 customers. In the third quarter, approximately 63% of our top 500 customers activated ABS.\" — Q3 2022 Call Nov 8, 2022; CEO Zagorski: \"We expect ABS to continue to grow given that 35% of our top 500 customers have yet to activate this industry-leading solution, and ABS innovations continue to create growth opportunities.\" — Q4 2022 March 2023",
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      "text": "Source: DV conf calls",
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      "text": "Statement On ABS Adoption: Top 100 and Top 500",
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      "kind": "title",
      "text": "Now ABS Penetration Is Stalling...",
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