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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-05-02 00:00:00",
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  "notes": "Uses a peer quote to contradict the company's outdated 'Well Diversified' narrative.",
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      "text": "DV failed to update a key slide that provides its revenue base by industry vertical. Its three largest exposures are consumer packaged goods (CPG), technology, and financial services. According to industry peer Tremor International (Nasdaq/LON: TRMR), it saw decreasing advertising spend across key verticals that DV is exposed to.",
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      "text": "Over 52% exposure to verticals that an industry peer said had advertiser spending decline",
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      "text": "DV Hasn't Updated This Since 2021. Over 52% exposure to verticals that an industry peer said had advertiser spending decline",
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      "text": "Source: TRMR Conf Call",
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      "text": "Source: DV Analyst Day, Feb 2022",
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      "text": "From a vertical perspective, we saw advertising spend in Q4 increased year-over-year in industries such as automotive, entertainment, food, retail, sports and political, while verticals such as CPG, personal and consumer finance, fashion, electronics and other sectors tide heavily to consumer discretionary spending, so advertising spend decline year-over-year during Q4. Importantly, despite the macro backdrop continuing to impact the overall advertising demand environment,",
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      "text": "From a vertical perspective, we saw advertising spend in Q4 increased year-over-year in industries such as automotive, entertainment, food, retail, sports and political, while verticals such as CPG, personal and consumer finance, fashion, electronics and other sectors tide heavily to consumer discretionary spending, so advertising spend decline year-over-year during Q4. Importantly, despite the macro backdrop continuing to impact the overall advertising demand environment, — Tremor Year End Call March 7, 2023",
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      "text": "Why Did DV Cease To Disclose Key Information About Revenues By Industry?",
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