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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 comparison table structure to contrast DoubleVerify's lack of disclosure with Integral Ad Science's disclosure.",
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      "text": "Spruce Point believes it is a major red flag that DV does not disclose revenues or assets by Geography in its SEC filings. DV made a few conflicting public statements about international sales being 20% of total revenues (changed to 20% of advertiser direct revenue) in late/early 2021/2022. It doesn't report international results in SEC filings despite saying that customers run campaigns targeted toward distinct geographies and that its coverage spans 100 countries where customers \"activate our services\". Furthermore, 39% of its employees are outside the Americas. In contrast, close peer Integral Ad is capable of disclosing revenues and assets in three geographies, Americas, EMEA, and APAC.",
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      "text": "Source: DV and IAS Annual Reports",
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      "text": "Geographic Disclosures Made In SEC Filings",
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      "text": "Despite A Leadership Structure By Region, No Geographic Financial Reporting....",
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