{
  "docId": "019dd923-622c-750b-8b99-5eb652949ff2",
  "docSlug": "85d244dae869",
  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 57,
  "pageCount": 92,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Includes a table of implied revenue and growth metrics alongside a table of management statements.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/57",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-57",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We find extreme volatility in DV's Q4 implied international revenue reporting provided solely on its conference calls. Based on our analysis, Q4 2022 international surged to a record $14.3 million (248% and 64% YoY/QoQ) without any explanation. In fact, management was describing challenges in EMEA / APAC while ceasing to provide growth rates. Furthermore, its head of APAC just resigned.(1) We call on management to explain the outlier results.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f819ae6-e60b-4c09-905c-80ca7fb9d6ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.68
      },
      "kind": "callout",
      "text": "DV gave conflicting statements saying 26% (year end conf call) and 20% (Analyst Day and Needham conf). However, to match its claimed ~70% total annual growth, the result had to be 20%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c11042e-a2aa-4af6-bae2-cbb7dd4d22ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "International Revenue: $14.3 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88c6-adae182b6d89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Shifting to international expansion. International revenue grew by almost 70% last year with APAC revenue growing by 84% and EMEA by 61%, all outpacing the industry and our competitors. International now contributes 26% of our overall direct revenue. — DoubleVerify Earnings Conf Call Q4 2021",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88c6-aa60c35dff7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.15,
        "x": 0.05,
        "y": 0.76
      },
      "kind": "source-note",
      "text": "Source: DV Earnings Conf Calls and financial reports. Note: Q4 is implied as the difference between year end reporting and Q1-Q3 reports. (1) MD of APAC leaves DV (2) MD of EMEA leaves DV (3) Started disclosing revenue inclusive of FX fluctuations",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d891c6b3-0b7c-4544-87a6-0e910642e1c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "table",
      "text": "Estimated International Revenue and Growth table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6909e3a2-fe03-43e3-97ec-05484e569e4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.74,
        "x": 0.21,
        "y": 0.76
      },
      "kind": "table",
      "text": "EMEA and APAC Statements table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b70ff68-efbb-48bf-939b-2adc441195f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Highly Abnormal Q4 International Results",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c601eec-d521-4f19-b0c6-edc80fcc7809",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "cd813d61-ac32-44b6-8f2c-b3d81492e05e",
      "evidence": "The slide explicitly identifies 'Highly Abnormal' results and 'conflicting statements' to build a case against management's reporting integrity.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 41,
      "beatId": "e4fcef81-6c7d-4fa7-ab6d-43fc05a5928e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": null,
      "evidence": "The document presents the 'monster' or the key problems facing DoubleVerify, including indefensible product and limited patent protections.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}