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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": "The slide uses a red callout box to highlight the core accusation of non-standard accounting practices.",
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      "kind": "callout",
      "text": "DV provides annual Days Sales and Payables (\"DSO\" and \"DPO\") which we do not believe conform to standard definitions. For example, DSOs are calculated over a trailing three-month period, while the DPO calculation period is not disclosed. Based on standardized methods using annual data, we find that DSOs are much longer (and DPOs much shorter) than illustrated by DV. As such, we believe its cash collection cycle is at least a month longer then depicted.",
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      "kind": "callout",
      "text": "As such, we believe its cash collection cycle is at least a month longer then depicted.",
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      "text": "Cash Conversion Cycle: 92",
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      "kind": "paragraph",
      "text": "DV's Description of DSOs and DPOs\n\n\"We compute our average days sales outstanding, or DSO, as of a given date based on our trade receivables balance at the end of the period, divided by the average daily revenue of the trailing three-month period. We compute our average days payable outstanding, or DPO, as of a given date based on our trade payables balance at the end of the period, divided by the average daily cost of operating expenses over such period, excluding depreciation, amortization, and certain other costs that are excluded from Adjusted EBITDA.\"",
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      "kind": "quote",
      "text": "We compute our average days sales outstanding, or DSO, as of a given date based on our trade receivables balance at the end of the period, divided by the average daily revenue of the trailing three-month period. We compute our average days payable outstanding, or DPO, as of a given date based on our trade payables balance at the end of the period, divided by the average daily cost of operating expenses over such period, excluding depreciation, amortization, and certain other costs that are excluded from Adjusted EBITDA. — DoubleVerify Holdings, Inc.",
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      "kind": "source-note",
      "text": "Source: DV financial results and Spruce Point analysis",
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      "kind": "table",
      "text": "Comparison table of Reported vs Adjusted DSO, DPO, and Cash Cycle for 2019-2022.",
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      "kind": "title",
      "text": "Cash Conversion Cycle Worse Than Depicted",
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