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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 table to contrast conflicting statements over time, specifically pointing out the shift from 'total revenue' to 'direct/measurement revenue' as the denominator.",
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      "kind": "callout",
      "text": "We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment.",
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      "text": "international revenue percentage: 20%",
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      "text": "International now contributes 26% of our overall direct revenue. (Note: NOT POSSIBLE TO GET 69% REPORTED GROWTH: SEE YR END PRESENTATION AND CONFLICTS WITH 20% CITED ABOVE) — Yr End 2022 Call March 8, 2022",
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      "text": "Source: DV public statements at conferences and financial results",
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      "text": "Analysis of DV's International Revenue Statements",
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      "text": "DV Switched Its Discussion Around International Revenue, Revealing Substantially Smaller Revenue And Slower Growth",
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