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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "notes": "Uses a combination of direct quotes from financial filings and analyst commentary to build a bearish case.",
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      "text": "Accrued customer incentives were just disclosed and they doubled YoY.",
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      "text": "Integral Ad New Risk Factor Disclosure",
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      "text": "New Quantitative Disclosure By DV For Accrued Incentives",
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      "text": "Accrued customer incentives were just disclosed and they doubled YoY. Associated with this, we find that a close competitor IAS disclosed a new “risk factor” about intense competition leading to the possibility of changing pricing models and referencing competitors offering deep discounts. A former DV employee that Spruce Point interviewed described the situation as a pricing war and race to the bottom.",
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      "text": "In the Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020, the Company changed the presentation in describing the changes in operating assets and liabilities by combining lines.",
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      "text": "We may need to change our pricing models to compete successfully. The intense competition we face in the sales of our products and services could put pressure on us to change our prices.",
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      "text": "Financial Presentation Change Now Obscures Movement In The Accounts where Incentives Are Located",
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      "text": "Certain customers receive cash-based incentives, credits, or discounts on the pricing of products or services once specific volume thresholds have been met. For the years ended December 31, 2022 and 2021, the Company had a liability for customer incentives of $ 6.2 million and $ 3.2 million, respectively, included in Other current liabilities in the Consolidated Balance Sheets.",
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      "text": "The intense competition we face in the sales of our products and services and general economic and business conditions could put pressure on us to change our prices. If our competitors offer deep discounts on certain products or services or develop products that the marketplace considers more valuable, we may need to lower prices, introduce pricing models and offerings that are less favorable to us, or offer other favorable terms in order to compete successfully. Any such changes could reduce revenues and margins and adversely affect our operating results. — DV 2022 10-K",
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