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  "docSlug": "85d244dae869",
  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "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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      "kind": "callout",
      "text": "DV added two new sentences in its 10-K about disputes with clients on billing and the risk of client loss related to such disputes. This warning appears to be mirrored by anonymous employee reviews on Glassdoor which reference DV's billing as \"an absolute nightmare\", \"frustrations\", and \"incompetence\". DV should further disclose what percentage of revenue is at risk from client disputes.",
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      "kind": "callout",
      "text": "DV should further disclose what percentage of revenue is at risk from client disputes.",
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      "kind": "list",
      "text": "May 2022: \"Was A Great Company To Work For, Now A Sinking Ship\"",
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      "kind": "list",
      "text": "Jan 2022: \"Mixed Bag\"",
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      "kind": "paragraph",
      "text": "Cons: Work life has no balance, The team is short staffed, Constant changes and secrecy, Years ago it felt like a family and now it is simply a revenue driving machine, Pay is low by comparison to industry standards, The billing function is understaffed and clients and team members are leaving due to the incompetence, Retention is not a focus. Advice: Have more regard for the people who helped build the successful organization, Focus on retention as much as on growth, Don't just talk about diversity.",
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      "kind": "paragraph",
      "text": "Cons: C-Suites only focus on sales, Zero emphasis on retaining talent, Employee burnout, Product has become so convoluted, Billing is an absolute nightmare, Annual reviews saying you are doing a great job but then no raise or promotion is rewarded, Failure to recognize hard work, The only way to get promoted is to do extra projects, Promoting every single seller but failing to promote hardworking AM's, Delays in AM bonus due to billing issues out of our control. Advice: Start to reward the AM team.",
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      "kind": "paragraph",
      "text": "\"Our clients have in the past, and may in the future, dispute the way we calculate billing for our solutions. If we are unable to resolve such disputes, we may lose clients or clients may decrease their use of our solutions and our financial performance and growth may be adversely affected.\"",
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      "kind": "quote",
      "text": "Billing is an absolute nightmare and causing many frustrations with clients - the issue is left on the AM team to chase billing for updates — Glassdoor Review (May 2022). The billing function is understaffed and clients and team members are leaving due to the incompetence — Glassdoor Review (Jan 2022).",
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      "kind": "source-note",
      "text": "Source: Glassdoor Review 1, 2; DV 2022 10-K, p.29",
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      "kind": "title",
      "text": "Billing Warnings Magnify Potential For Revenue Headwinds And Misstatement",
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      "text": "New Disclosure In DV's 2022 10-K",
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