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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
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  "notes": "The slide uses a table to show the trend of programmatic revenue and the increasing concentration of revenue from two specific partners, culminating in a 'No Disclosure' cell for 2022.",
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      "text": "DV ceased a key disclosure about revenue facilitated through programmatic partnerships. It appears they've become increasingly dependent on two partnerships, which we believe is adding greater business risk and financial pressures to its business.",
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      "text": "Facilitated Programmatic Partner Revenue: No Disclosure",
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      "text": "DV ceased a key disclosure about revenue facilitated through programmatic partnerships. It appears they've become increasingly dependent on two partnerships, which we believe is adding greater business risk and financial pressures to its business.",
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      "text": "Really? Interesting. I hadn't noticed that. You have to understand how the revenue is being generated. Since there's a packaged offering, you may see there is a price negotiation. There could be situations where the programmatic revenue might be shifting from pre to post. The growth might be slowing but being shifted around. I believe the margins from the programmatic partnerships are higher, I would say so, yes. — Spruce Point Interview On The Cease of Disclosure April 2023",
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      "text": "Source: DV financial reports, Spruce Point analysis",
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      "text": "Statement Related To Programmatic Partner Platforms",
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      "text": "Key Revenue Disclosure Just Ceased",
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