{
  "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": 80,
  "pageCount": 92,
  "prevPage": 79,
  "nextPage": 81,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 21,
  "notes": "The slide uses a red callout box to highlight the timing of sales relative to the 'international growth story' narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5eb652949ff2/80",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5eb652949ff2#slide-80",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.64,
        "y": 0.81
      },
      "kind": "callout",
      "text": "Biggest Sales When International Growth Story Busted",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87a27b17-5eaf-46c1-9a85-eac6023c99d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "shares sold: 44.1 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88c6-789362cc767c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point has carefully tracked the stock selling behavior of DV's largest owner and sponsor Providence Equity. They have been regularly selling shares, but recently intensified selling ever since Spruce Point identified increasing problems and strains with DV's international revenue. In total, we estimate Providence Equity sold 44.1 million shares at an average price of $26.48 per share. The share price is currently at a 9% premium to their average selling price which supports our case that the stock is materially overvalued.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e78ac26f-3e90-493c-8599-bbe170abe6c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.04,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Sources: IPO Prospectus (April 2021), Prospectus (Nov 2021), Prospectus (Nov 2022), Form S3 Prospectus (March 2022), Proxy (April 2022), SC13/G (2022), SC13/G (2023)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "303e96cd-33e6-4676-8a15-58110f507152",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.92,
        "x": 0.04,
        "y": 0.41
      },
      "kind": "table",
      "text": "Estimated Proceeds From Stock Sales By Providence Equity",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b084c6a-c0e0-4f10-8dfc-e5738f2d320a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "DV's Largest Sponsor Is Intensifying Stock Sales",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08e91ed6-cdc7-48ff-92d1-d7acec768179",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "bbb64104-d16b-4d8d-aa35-b5e678d93d3c",
      "evidence": "The slide links sponsor selling behavior to the 'busting' of a growth narrative to imply overvaluation.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 61,
      "beatId": "458ec719-f95d-4766-85bb-c8667c9b63c3",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": null,
      "evidence": "The document describes the struggle or challenges facing DoubleVerify, including revenue pressures and billing disputes.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 80,
      "from": 71,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f09d4ca3-9f6d-486b-a338-1668e17df22a",
      "evidence": "The document implies that investors may face significant losses if they do not consider the downside risks to DoubleVerify's share price.",
      "position": 2,
      "objective": "Highlight the costs of inaction for investors",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}