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    DoubleVerify Reports Second Quarter 2024 Financial Results

    7/30/24 4:05:00 PM ET
    $DV
    Computer Software: Programming Data Processing
    Technology
    Get the next $DV alert in real time by email

    Increased Revenue by 17% Year-over-Year to $155.9 Million, Driven by Global Growth in Social and CTV Measurement

    Achieved Net Income of $7.5 Million and Adjusted EBITDA of $46.8 Million, representing a 30% Adjusted EBITDA margin

    Raised Midpoints of Full-Year 2024 Revenue and Adjusted EBITDA Guidance Ranges

    DoubleVerify ("DV") (NYSE:DV), the leading software platform for digital media measurement, data and analytics, today announced financial results for the second quarter ended June 30, 2024.

    "The second quarter was pivotal for DV as we re-accelerated our revenue growth momentum driven by continued success in social and CTV measurement, and bolstered by the strength of our retail media platform business," said Mark Zagorski, CEO of DoubleVerify. "Our broad portfolio of differentiated products, including our latest performance solutions, Scibids AI and Authentic Attention, helped deliver double-digit growth across all three revenue lines and all key media environments. Our enterprise pipeline has never been stronger, with both greenfield and competitive opportunities set to fuel our resurgent business in the coming quarters. DV's independent solutions provide unparalleled ROI for our customers, allowing us to continue to gain significant market share, solidifying our position as the industry leader and driving higher value for all our stakeholders."

    Second Quarter 2024 Financial Highlights:

    (All comparisons are to the second quarter of 2023)

    • Total revenue of $155.9 million, an increase of 17%.
    • Activation revenue of $87.5 million, an increase of 12%.
    • Measurement revenue of $54.8 million, an increase of 22%.
      • Social measurement revenue increased by 44%.
      • International measurement revenue increased by 29%, with 35% growth in EMEA and 20% growth in APAC.
      • Media Transactions Measured ("MTM") for CTV increased by 55%.
    • Supply-side revenue of $13.6 million, an increase of 26%.
    • Net income of $7.5 million and adjusted EBITDA of $46.8 million, which represented a 30% adjusted EBITDA margin.

    Second Quarter and Recent Business Highlights:

    • Grew Total Advertiser revenue by 16% year-over-year in the second quarter.
      • MTM increased by 22% year-over-year.
      • Measured Transaction Fee (MTF) declined 5% year-over-year primarily due to product and geographic mix. Measurement volumes, which are lower-priced than activation, increased relative to the prior-year period, driven by strong growth in social and international measurement.
    • Continued to achieve a Gross Revenue Retention rate of over 95% in the second quarter.
    • Announced authorization of the repurchase of $150 million common stock. Repurchased 1.4 million shares for a total of $25 million in the second quarter, and an additional 1.3 million shares for $25 million subsequent to quarter end. As of July 30, 2024, $100 million remains available for repurchases under the Repurchase Program.
    • Drove global market share growth through product upsells, international expansion, and new enterprise logo wins.
      • Notable second-quarter expansions and wins include: Universal Pictures, Panera, Subway, Dyson, Philip Morris, Bacardi, Anheuser-Busch InBev, Amazon Books, Honda Mobility, JTI and Ajinomoto.
    • Expanded YouTube's brand safety and suitability measurement to include Performance Max and Demand Gen, offering comprehensive coverage of Google's high-performance solutions that optimize real-time performance for better conversions and budget efficiency.
    • Expanded partnerships with Pinterest and Reddit to offer global brand safety and suitability measurement in multiple languages, leveraging DV's AI-powered Universal Content Intelligence.
    • Partnered with Hakuhodo DY Media Partners, a global top ten integrated marketing and innovation company, to harness DV's AI powered pre-bid social and open web activation tools for enhancing ad effectiveness and media quality.
    • Launched the industry's only Transparency Center to foster digital trust by offering comprehensive resources that demystify digital media verification, dispel common misconceptions, and spotlight critical trends in ad quality and performance.
    • Published DV's 2024 Global Insights Report to highlight key industry trends, emphasizing attention metrics, AI's transformative impact on digital advertising, the surge in MFA content, the rise of RMNs with specialized inventory, and the role of responsible media buying in reducing carbon emissions. The report has garnered over 1,000 downloads since launch globally.

    "In the second quarter, we achieved the high end of our revenue guidance and exceeded our adjusted EBITDA expectations, achieving year-over-year revenue growth of 17%, revenue less cost of sales of 83%, and an adjusted EBITDA margin of 30%," said Nicola Allais, CFO of DoubleVerify. "Our strong performance was driven by multiple products across activation, measurement, and supply-side revenue that leveraged growth across social, CTV, and retail media environments. As a result of our ongoing momentum, we are pleased to be raising the mid-points of our full-year revenue and adjusted EBITDA guidance. We remain confident in our industry-leading revenue growth and profitability in the second half as we continue to outpace the digital advertising industry and gain market share."

    Third Quarter and Full-Year 2024 Guidance:

    DoubleVerify anticipates Revenue and Adjusted EBITDA to be in the following ranges:

    Third Quarter 2024:

    • Revenue of $167 to $171 million, a year-over-year increase of 17% at the midpoint.
    • Adjusted EBITDA of $49 to $53 million, representing a 30% margin at the midpoint.

    Full Year 2024:

    • Revenue of $667 to $675 million, a year-over-year increase of 17% at the midpoint.
    • Adjusted EBITDA of $206 to $214 million, representing a 31% margin at the midpoint.

    With respect to the Company's expectations under "Third Quarter and Full Year 2024 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income in this press release because the Company does not provide guidance for depreciation and amortization expense, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income. In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

    Conference Call, Webcast and Other Information

    DoubleVerify will host a conference call and live webcast to discuss its second quarter 2024 financial results at 4:30 p.m. Eastern Time today, July 30, 2024. To access the conference call, dial (877) 841-2987 for the U.S. or Canada, or (215) 268-9878 for international callers. The webcast will be available live on the Investors section of the Company's website at https://ir.doubleverify.com/. An archived webcast will be available approximately two hours after the conclusion of the live event.

    In addition, DoubleVerify plans to post certain additional historical quarterly financial information on the investor relations portion of its website for easy access to investors.

    Key Business Terms

    Activation revenue is generated from the evaluation, verification and measurement of advertising impressions purchased through programmatic demand-side and social media platforms.

    Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers and social media platforms.

    Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify's data analytics to evaluate, verify and measure their advertising inventory.

    Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers.

    Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify's software platform measures.

    Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per thousand Media Transactions Measured.

    International Revenue Growth Rates are inclusive of foreign currency fluctuations.

     

    DoubleVerify Holdings, Inc.

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

     

     

     

     

     

     

     

     

     

    As of

     

    As of

    (in thousands, except per share data)

     

    June 30, 2024

     

    December 31, 2023

    Assets:

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    256,066

     

     

    $

    310,131

     

    Short-term investments

     

     

    82,754

     

     

     

    —

     

    Trade receivables, net of allowances for doubtful accounts of $9,564 and $9,442 as of June 30, 2024 and December 31, 2023, respectively

     

     

    187,761

     

     

     

    206,941

     

    Prepaid expenses and other current assets

     

     

    32,977

     

     

     

    15,930

     

    Total current assets

     

     

    559,558

     

     

     

    533,002

     

    Property, plant and equipment, net

     

     

    64,521

     

     

     

    58,020

     

    Operating lease right-of-use assets, net

     

     

    66,155

     

     

     

    60,470

     

    Goodwill

     

     

    431,496

     

     

     

    436,008

     

    Intangible assets, net

     

     

    125,420

     

     

     

    140,883

     

    Deferred tax assets

     

     

    23,766

     

     

     

    13,077

     

    Other non-current assets

     

     

    1,727

     

     

     

    1,571

     

    Total assets

     

    $

    1,272,643

     

     

    $

    1,243,031

     

    Liabilities and Stockholders' Equity:

     

     

     

     

     

     

    Current liabilities

     

     

     

     

     

     

    Trade payables

     

    $

    10,604

     

     

    $

    12,932

     

    Accrued expenses

     

     

    44,136

     

     

     

    44,264

     

    Operating lease liabilities, current

     

     

    10,113

     

     

     

    9,029

     

    Income tax liabilities

     

     

    832

     

     

     

    5,833

     

    Current portion of finance lease obligations

     

     

    2,393

     

     

     

    2,934

     

    Other current liabilities

     

     

    11,447

     

     

     

    8,863

     

    Total current liabilities

     

     

    79,525

     

     

     

    83,855

     

    Operating lease liabilities, non-current

     

     

    76,265

     

     

     

    71,563

     

    Finance lease obligations

     

     

    1,844

     

     

     

    2,865

     

    Deferred tax liabilities

     

     

    7,031

     

     

     

    8,119

     

    Other non-current liabilities

     

     

    2,815

     

     

     

    2,690

     

    Total liabilities

     

     

    167,480

     

     

     

    169,092

     

    Commitments and contingencies (Note 15)

     

     

     

     

     

     

    Stockholders' equity

     

     

     

     

     

     

    Common stock, $0.001 par value, 1,000,000 shares authorized, 172,634 shares issued and 171,244 outstanding as of June 30, 2024; 1,000,000 shares authorized, 171,168 shares issued and 171,146 outstanding as of December 31, 2023

     

     

    173

     

     

     

    171

     

    Additional paid-in capital

     

     

    926,062

     

     

     

    878,331

     

    Treasury stock, at cost, 1,390 shares and 22 shares as of June 30, 2024 and December 31, 2023, respectively

     

     

    (25,443

    )

     

     

    (743

    )

    Retained earnings

     

     

    213,613

     

     

     

    198,983

     

    Accumulated other comprehensive loss, net of income taxes

     

     

    (9,242

    )

     

     

    (2,803

    )

    Total stockholders' equity

     

     

    1,105,163

     

     

     

    1,073,939

     

    Total liabilities and stockholders' equity

     

    $

    1,272,643

     

     

    $

    1,243,031

     

     

    DoubleVerify Holdings, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

    (UNAUDITED)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    (in thousands, except per share data)

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue

     

    $

    155,890

     

     

    $

    133,744

     

     

    $

    296,672

     

     

    $

    256,338

     

    Cost of revenue (exclusive of depreciation and amortization shown separately below)

     

     

    26,102

     

     

     

    26,191

     

     

     

    52,720

     

     

     

    50,143

     

    Product development

     

     

    39,806

     

     

     

    31,941

     

     

     

    76,200

     

     

     

    60,496

     

    Sales, marketing and customer support

     

     

    44,863

     

     

     

    31,537

     

     

     

    82,735

     

     

     

    57,249

     

    General and administrative

     

     

    23,066

     

     

     

    19,755

     

     

     

    45,141

     

     

     

    39,943

     

    Depreciation and amortization

     

     

    11,004

     

     

     

    9,676

     

     

     

    21,932

     

     

     

    18,659

     

    Income from operations

     

     

    11,049

     

     

     

    14,644

     

     

     

    17,944

     

     

     

    29,848

     

    Interest expense

     

     

    233

     

     

     

    247

     

     

     

    465

     

     

     

    503

     

    Other income, net

     

     

    (2,064

    )

     

     

    (2,476

    )

     

     

    (4,336

    )

     

     

    (5,210

    )

    Income before income taxes

     

     

    12,880

     

     

     

    16,873

     

     

     

    21,815

     

     

     

    34,555

     

    Income tax expense

     

     

    5,406

     

     

     

    4,034

     

     

     

    7,185

     

     

     

    9,541

     

    Net income

     

    $

    7,474

     

     

    $

    12,839

     

     

    $

    14,630

     

     

    $

    25,014

     

    Earnings per share:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.04

     

     

    $

    0.08

     

     

    $

    0.09

     

     

    $

    0.15

     

    Diluted

     

    $

    0.04

     

     

    $

    0.07

     

     

    $

    0.08

     

     

    $

    0.15

     

    Weighted-average common stock outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    171,628

     

     

     

    166,540

     

     

     

    171,467

     

     

     

    166,088

     

    Diluted

     

     

    175,961

     

     

     

    172,488

     

     

     

    176,850

     

     

     

    172,129

     

    Comprehensive income:

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    7,474

     

     

    $

    12,839

     

     

    $

    14,630

     

     

    $

    25,014

     

    Other comprehensive (loss) income:

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign currency cumulative translation adjustment

     

     

    (1,814

    )

     

     

    (377

    )

     

     

    (6,439

    )

     

     

    816

     

    Total comprehensive income

     

    $

    5,660

     

     

    $

    12,462

     

     

    $

    8,191

     

     

    $

    25,830

     

     

    DoubleVerify Holdings, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Accumulated

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Comprehensive

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Additional

     

     

     

     

    (Loss) Income

     

    Total

     

     

    Common Stock

     

    Treasury Stock

     

    Paid-in

     

    Retained

     

    Net of

     

    Stockholders'

    (in thousands)

     

    Shares

     

    Amount

     

    Shares

     

    Amount

     

    Capital

     

    Earnings

     

    Income Taxes

     

    Equity

    Balance as of January 1, 2024

     

    171,168

     

     

    $

    171

     

     

    22

     

     

    $

    (743

    )

     

    $

    878,331

     

     

    $

    198,983

     

     

    $

    (2,803

    )

     

    $

    1,073,939

     

    Foreign currency translation adjustment

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,625

    )

     

     

    (4,625

    )

    Shares repurchased for settlement of employee tax withholdings

     

    —

     

     

     

    —

     

     

    48

     

     

     

    (1,792

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,792

    )

    Stock-based compensation expense

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    20,718

     

     

     

    —

     

     

     

    —

     

     

     

    20,718

     

    Common stock issued upon exercise of stock options

     

    153

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    1,695

     

     

     

    —

     

     

     

    —

     

     

     

    1,695

     

    Common stock issued upon vesting of restricted stock units

     

    435

     

     

     

    1

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Treasury stock reissued upon settlement of equity awards

     

    —

     

     

     

    —

     

     

    (38

    )

     

     

    1,389

     

     

     

    (1,389

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Net income

     

    —

     

     

    —

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    7,156

     

     

    —

     

     

     

    7,156

     

    Balance as of March 31, 2024

     

    171,756

     

     

     

    172

     

     

    32

     

     

     

    (1,146

    )

     

     

    899,354

     

     

     

    206,139

     

     

     

    (7,428

    )

     

     

    1,097,091

     

    Foreign currency translation adjustment

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,814

    )

     

     

    (1,814

    )

    Shares repurchased for settlement of employee tax withholdings

     

    —

     

     

     

    —

     

     

    30

     

     

     

    (660

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (660

    )

    Stock-based compensation expense

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    25,315

     

     

     

    —

     

     

     

    —

     

     

     

    25,315

     

    Common stock issued under employee purchase plan

     

    124

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    1,914

     

     

     

    —

     

     

     

    —

     

     

     

    1,914

     

    Common stock issued upon exercise of stock options

     

    126

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    870

     

     

     

    —

     

     

     

    —

     

     

     

    870

     

    Common stock issued upon vesting of restricted stock units

     

    628

     

     

     

    1

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Shares repurchased under the Repurchase Program

     

    —

     

     

     

    —

     

     

    1,369

     

     

     

    (25,027

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (25,027

    )

    Treasury stock reissued upon settlement of equity awards

     

    —

     

     

     

    —

     

     

    (41

    )

     

     

    1,390

     

     

     

    (1,390

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Net income

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    7,474

     

     

     

    —

     

     

     

    7,474

     

    Balance as of June 30, 2024

     

    172,634

     

     

    $

    173

     

     

    1,390

     

     

    $

    (25,443

    )

     

    $

    926,062

     

     

    $

    213,613

     

     

    $

    (9,242

    )

     

    $

    1,105,163

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance as of January 1, 2023

     

    165,448

     

     

    $

    165

     

     

    31

     

     

    $

    (796

    )

     

    $

    756,299

     

     

    $

    127,517

     

     

    $

    (6,326

    )

     

    $

    876,859

     

    Foreign currency translation adjustment

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,193

     

     

     

    1,193

     

    Shares repurchased for settlement of employee tax withholdings

     

    —

     

     

     

    —

     

     

    30

     

     

     

    (787

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (787

    )

    Stock-based compensation expense

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    11,992

     

     

     

    —

     

     

     

    —

     

     

     

    11,992

     

    Common stock issued upon exercise of stock options

     

    527

     

     

     

    1

     

     

    —

     

     

     

    —

     

     

     

    1,765

     

     

     

    —

     

     

     

    —

     

     

     

    1,766

     

    Common stock issued upon vesting of restricted stock units

     

    182

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Treasury stock reissued upon settlement of equity awards

     

    —

     

     

     

    —

     

     

    (35

    )

     

     

    914

     

     

     

    (914

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Net income

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    12,175

     

     

     

    —

     

     

     

    12,175

     

    Balance as of March 31, 2023

     

    166,157

     

     

     

    166

     

     

    26

     

     

     

    (669

    )

     

     

    769,142

     

     

     

    139,692

     

     

     

    (5,133

    )

     

     

    903,198

     

    Foreign currency translation adjustment

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (377

    )

     

     

    (377

    )

    Shares repurchased for settlement of employee tax withholdings

     

    —

     

     

     

    —

     

     

    57

     

     

     

    (1,966

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,966

    )

    Stock-based compensation expense

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    15,399

     

     

     

    —

     

     

     

    —

     

     

     

    15,399

     

    Common stock issued under employee purchase plan

     

    49

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    1,138

     

     

     

    —

     

     

     

    —

     

     

     

    1,138

     

    Common stock issued upon exercise of stock options

     

    711

     

     

     

    1

     

     

    —

     

     

     

    —

     

     

     

    3,990

     

     

     

    —

     

     

     

    —

     

     

     

    3,991

     

    Common stock issued upon vesting of restricted stock units

     

    333

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Treasury stock reissued upon settlement of equity awards

     

    —

     

     

     

    —

     

     

    (67

    )

     

     

    2,107

     

     

     

    (2,107

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Net income

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    12,839

     

     

     

    —

     

     

     

    12,839

     

    Balance as of June 30, 2023

     

    167,250

     

     

    $

    167

     

     

    16

     

     

    $

    (528

    )

     

    $

    787,562

     

     

    $

    152,531

     

     

    $

    (5,510

    )

     

    $

    934,222

     

     

    DoubleVerify Holdings, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

     

     

     

     

     

     

     

     

     

    Six Months Ended

     

     

    June 30,

    (in thousands)

     

    2024

     

    2023

    Operating activities:

     

     

     

     

     

     

    Net income

     

    $

    14,630

     

     

    $

    25,014

     

    Adjustments to reconcile net income to net cash provided by operating activities

     

     

     

     

     

     

    Bad debt expense

     

     

    1,453

     

     

     

    3,706

     

    Depreciation and amortization expense

     

     

    21,932

     

     

     

    18,659

     

    Amortization of debt issuance costs

     

     

    147

     

     

     

    147

     

    Non-cash lease expense

     

     

    3,191

     

     

     

    3,293

     

    Deferred taxes

     

     

    (11,530

    )

     

     

    (16,639

    )

    Stock-based compensation expense

     

     

    44,956

     

     

     

    26,980

     

    Interest (income) expense, net

     

     

    (784

    )

     

     

    25

     

    Loss on disposal of fixed assets

     

     

    —

     

     

     

    5

     

    Other

     

     

    1,582

     

     

     

    209

     

    Changes in operating assets and liabilities

     

     

     

     

     

     

    Trade receivables

     

     

    16,397

     

     

     

    (12,214

    )

    Prepaid expenses and other assets

     

     

    (17,208

    )

     

     

    (11,168

    )

    Trade payables

     

     

    (2,076

    )

     

     

    2,126

     

    Accrued expenses and other liabilities

     

     

    (5,035

    )

     

     

    (7,979

    )

    Net cash provided by operating activities

     

     

    67,655

     

     

     

    32,164

     

    Investing activities:

     

     

     

     

     

     

    Purchase of property, plant and equipment

     

     

    (13,558

    )

     

     

    (7,671

    )

    Purchase of short-term investments

     

     

    (81,937

    )

     

     

    —

     

    Net cash used in investing activities

     

     

    (95,495

    )

     

     

    (7,671

    )

    Financing activities:

     

     

     

     

     

     

    Proceeds from revolving credit facility

     

     

    —

     

     

     

    50,000

     

    Payments to revolving credit facility

     

     

    —

     

     

     

    (50,000

    )

    Proceeds from common stock issued upon exercise of stock options

     

     

    2,565

     

     

     

    5,757

     

    Proceeds from common stock issued under employee purchase plan

     

     

    1,914

     

     

     

    1,138

     

    Finance lease payments

     

     

    (1,562

    )

     

     

    (1,028

    )

    Shares repurchased under the Repurchase Program

     

     

    (25,027

    )

     

     

    —

     

    Shares repurchased for settlement of employee tax withholdings

     

     

    (2,452

    )

     

     

    (2,753

    )

    Net cash (used in) provided by financing activities

     

     

    (24,562

    )

     

     

    3,114

     

    Effect of exchange rate changes on cash and cash equivalents and restricted cash

     

     

    (850

    )

     

     

    15

     

    Net (decrease) increase in cash, cash equivalents, and restricted cash

     

     

    (53,252

    )

     

     

    27,622

     

    Cash, cash equivalents, and restricted cash - Beginning of period

     

     

    310,257

     

     

     

    267,938

     

    Cash, cash equivalents, and restricted cash - End of period

     

    $

    257,005

     

     

    $

    295,560

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    256,066

     

     

    $

    295,437

     

    Restricted cash (included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets)

     

     

    939

     

     

     

    123

     

    Total cash and cash equivalents and restricted cash

     

    $

    257,005

     

     

    $

    295,560

     

    Supplemental cash flow information:

     

     

     

     

     

     

    Cash paid for taxes

     

    $

    29,491

     

     

    $

    41,284

     

    Cash paid for interest

     

    $

    350

     

     

    $

    389

     

    Non-cash investing and financing activities:

     

     

     

     

     

     

    Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances

     

    $

    9,211

     

     

    $

    1,261

     

    Acquisition of equipment under finance lease

     

    $

    —

     

     

    $

    5,479

     

    Capital assets financed by accounts payable and accrued expenses

     

    $

    18

     

     

    $

    480

     

    Stock-based compensation included in capitalized software development costs

     

    $

    1,064

     

     

    $

    411

     

    Comparison of the Three and Six Months Ended June 30, 2024 and June 30, 2023

    Revenue

     

    Three Months Ended

    June 30,

     

    Change

     

    Change

     

    Six Months Ended

    June 30,

     

    Change

     

    Change

     

    2024

     

    2023

     

    $

     

    %

     

    2024

     

    2023

     

    $

     

    %

     

    (In Thousands)

     

     

     

     

     

     

     

    (In Thousands)

     

     

     

     

     

     

    Revenue by customer type:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Activation

    $

    87,471

     

     

    $

    77,942

     

     

    $

    9,529

     

     

    12

    %

     

    $

    166,793

     

     

    $

    147,834

     

     

    $

    18,959

     

     

    13

    %

    Measurement

     

    54,817

     

     

    44,989

     

     

    9,828

     

    22

     

     

     

    104,092

     

     

    86,374

     

     

    17,718

     

    21

     

    Supply-side customer

     

    13,602

     

     

     

    10,813

     

     

     

    2,789

     

     

    26

     

     

     

    25,787

     

     

     

    22,130

     

     

     

    3,657

     

     

    17

     

    Total revenue

    $

    155,890

     

     

    $

    133,744

     

     

    $

    22,146

     

     

    17

    %

     

    $

    296,672

     

     

    $

    256,338

     

     

    $

    40,334

     

     

    16

    %

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, management believes that certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin, are useful in evaluating our business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenue. The following table presents a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to the most directly comparable financial measure prepared in accordance with GAAP.

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

     

    (In Thousands)

     

    (In Thousands)

    Net income

    $

    7,474

     

     

    $

    12,839

     

     

    $

    14,630

     

     

    $

    25,014

     

    Net income margin

     

    5

    %

     

     

    10

    %

     

     

    5

    %

     

     

    10

    %

    Depreciation and amortization

     

    11,004

     

     

     

    9,676

     

     

     

    21,932

     

     

     

    18,659

     

    Stock-based compensation

     

    24,715

     

     

     

    15,167

     

     

     

    44,956

     

     

     

    26,980

     

    Interest expense

     

    233

     

     

     

    247

     

     

     

    465

     

     

     

    503

     

    Income tax expense

     

    5,406

     

     

     

    4,034

     

     

     

    7,185

     

     

     

    9,541

     

    M&A and restructuring (recoveries) costs (a)

     

    (11

    )

     

     

    700

     

     

     

    —

     

     

     

    700

     

    Offering and secondary offering costs (b)

     

    10

     

     

     

    122

     

     

     

    68

     

     

     

    309

     

    Other recoveries (c)

     

    —

     

     

     

    (266

    )

     

     

    —

     

     

     

    (533

    )

    Other income (d)

     

    (2,064

    )

     

     

    (2,476

    )

     

     

    (4,336

    )

     

     

    (5,210

    )

    Adjusted EBITDA

    $

    46,767

     

     

    $

    40,043

     

     

    $

    84,900

     

     

    $

    75,963

     

    Adjusted EBITDA margin

     

    30

    %

     

     

    30

    %

     

     

    29

    %

     

     

    30

    %

    _______________

    (a)

     

    M&A and restructuring (recoveries) costs for the three and six months ended June 30, 2024 and June 30, 2023 consist of transaction costs related to the acquisition of Scibids.

    (b)

     

    Offering and secondary offering costs for the three and six months ended June 30, 2024 and June 30, 2023 consist of third-party costs incurred for underwritten secondary public offerings by certain stockholders of the Company.

    (c)

     

    Other recoveries for the three and six months ended June 30, 2023 consist of sublease income for leased office space.

    (d)

     

    Other income for the three and six months ended June 30, 2024 and June 30, 2023 consist of interest income earned on interest-bearing monetary assets, and the impact of changes in foreign currency exchange rates.

    We use Adjusted EBITDA and Adjusted EBITDA Margin as measures of operational efficiency to understand and evaluate our core business operations. We believe that these non-GAAP financial measures are useful to investors for period-to-period comparisons of the core business and for understanding and evaluating trends in operating results on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

    These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:

    • they do not reflect changes in, or cash requirements for, working capital needs;
    • Adjusted EBITDA does not reflect capital expenditures or future requirements for capital expenditures or contractual commitments;
    • they do not reflect income tax expense or the cash requirements to pay income taxes;
    • they do not reflect interest expense or the cash requirements necessary to service interest or principal debt payments; and
    • although depreciation and amortization are non-cash charges related mainly to intangible assets, certain assets being depreciated and amortized will have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.

    In addition, other companies in the industry may calculate these non-GAAP financial measures differently, therefore limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our GAAP results and using the non-GAAP financial measures only supplementally.

    Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    June 30,

    (in thousands)

     

    2024

     

    2023

     

    2024

     

    2023

    Product development

     

    $

    9,734

     

     

    $

    5,975

     

     

    $

    17,107

     

     

    $

    10,354

     

    Sales, marketing and customer support

     

     

    7,503

     

     

     

    4,746

     

     

     

    13,439

     

     

     

    8,253

     

    General and administrative

     

     

    7,478

     

     

    4,446

     

     

    14,410

     

     

    8,373

    Total stock-based compensation

     

    $

    24,715

     

     

    $

    15,167

     

     

    $

    44,956

     

     

    $

    26,980

     

    Forward-Looking Statements

    This press release includes "forward-looking statements". Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any statements in this press release regarding future revenues, earnings, margins, financial performance or results of operations (including the guidance provided under "Third Quarter and Full-Year 2024 Guidance"), and any other statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. These risks, uncertainties, assumptions and other factors include, but are not limited to, the competitiveness of our solutions amid technological developments or evolving industry standards, the competitiveness of our market, system failures, security breaches, cyberattacks or natural disasters, economic downturns and unstable market conditions, our ability to collect payments, data privacy legislation and regulation, public criticism of digital advertising technology, our international operations, our use of "open source" software, our limited operating history and the potential for our revenues and results of operations to fluctuate in the future. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make.

    Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this press release are included under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on February 28, 2024 and other filings and reports we make with the SEC from time to time.

    We have based our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. Any forward-looking information presented herein is made only as of the date of this press release, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    About DoubleVerify

    DoubleVerify ("DV") (NYSE:DV) is the industry's leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240730326812/en/

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      DoubleVerify ("DV") (NYSE:DV), a leading software platform for digital media measurement, data and analytics, today announced that it will report second quarter 2025 financial results after the market close on Tuesday, August 5, 2025. Management will host a conference call and webcast to discuss DV's financial results, recent developments and business outlook at 4:30 p.m. ET following the release of the financial results. What: DoubleVerify Second Quarter 2025 Financial Results Conference Call When: Tuesday, August 5, 2025 Time: 4:30 p.m. ET Dial-in: US/Canada Toll-Free: (800) 715-9871 International: +1 (646) 307-19

      7/9/25 2:02:00 PM ET
      $DV
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    • DoubleVerify Debuts First-of-Its-Kind Attention Measurement for Social, Launching with Snap

      Developed with Lumen Research, the launch brings DV Authentic Attention measurement to social platforms for the first time, now spanning Social, CTV, and the open web DoubleVerify ("DV") (NYSE:DV), the leading software platform to verify media quality, optimize ad performance, and prove campaign outcomes, today announced the launch of DV Authentic Attention® for Social. The product will first launch with Snap, combining timely platform signals with eye-tracking insights. The new solution marks an expansion of DV's attention measurement capabilities, now spanning open web, connected TV (CTV), and social media–unlocking a more complete view of cross-platform effectiveness. "Snap's immersi

      6/30/25 9:00:00 AM ET
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      Technology
    • DoubleVerify Uncovers ShadowBot Scheme Involving 35 Million Spoofed Mobile Devices

      DV's Fraud Lab detected amateur-level fraudster mistakes behind a $2.5M fraud operation targeting CTV and mobile inventory DoubleVerify ("DV") (NYSE:DV), the leading software platform to verify media quality, optimize ad performance, and prove campaign outcomes, today released the discovery of ShadowBot, a fraudulent bot scheme that generated over 35 million spoofed mobile devices in Q1 2025 and cost unprotected advertisers an estimated $2.5 million since the start of 2025. The DV Fraud Lab identified ShadowBot targeting mobile and Connected TV (CTV) environments using rudimentary automation techniques, including mobile emulators and spoofed app IDs. While the scheme was widespread, it

      6/25/25 9:00:00 AM ET
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    $DV
    Insider Purchases

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    • Global Chief Comm. Officer Eddleman Julie bought $12,801 worth of shares (1,096 units at $11.68), converted options into 14,607 shares and covered exercise/tax liability with 4,520 shares, increasing direct ownership by 6% to 209,330 units (SEC Form 4)

      4 - DoubleVerify Holdings, Inc. (0001819928) (Issuer)

      6/17/25 4:24:28 PM ET
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    • Chief Executive Officer Zagorski Mark bought $13,327 worth of shares (1,141 units at $11.68), converted options into 32,249 shares and covered exercise/tax liability with 17,836 shares, increasing direct ownership by 4% to 453,639 units (SEC Form 4)

      4 - DoubleVerify Holdings, Inc. (0001819928) (Issuer)

      6/17/25 4:22:54 PM ET
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    • Chief Executive Officer Zagorski Mark bought $10,786 worth of shares (705 units at $15.30), converted options into 14,273 shares and covered exercise/tax liability with 7,894 shares, increasing direct ownership by 2% to 412,469 units (SEC Form 4)

      4 - DoubleVerify Holdings, Inc. (0001819928) (Issuer)

      12/17/24 4:18:36 PM ET
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    • DoubleVerify downgraded by Robert W. Baird with a new price target

      Robert W. Baird downgraded DoubleVerify from Outperform to Neutral and set a new price target of $14.00 from $20.00 previously

      3/28/25 8:14:37 AM ET
      $DV
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    • DoubleVerify downgraded by Loop Capital with a new price target

      Loop Capital downgraded DoubleVerify from Buy to Hold and set a new price target of $16.00 from $24.00 previously

      3/4/25 7:24:42 AM ET
      $DV
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    • DoubleVerify upgraded by BofA Securities

      BofA Securities upgraded DoubleVerify from Underperform to Neutral

      2/28/25 12:07:22 PM ET
      $DV
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    $DV
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Global Chief Comm. Officer Eddleman Julie bought $12,801 worth of shares (1,096 units at $11.68), converted options into 14,607 shares and covered exercise/tax liability with 4,520 shares, increasing direct ownership by 6% to 209,330 units (SEC Form 4)

      4 - DoubleVerify Holdings, Inc. (0001819928) (Issuer)

      6/17/25 4:24:28 PM ET
      $DV
      Computer Software: Programming Data Processing
      Technology
    • Chief Executive Officer Zagorski Mark bought $13,327 worth of shares (1,141 units at $11.68), converted options into 32,249 shares and covered exercise/tax liability with 17,836 shares, increasing direct ownership by 4% to 453,639 units (SEC Form 4)

      4 - DoubleVerify Holdings, Inc. (0001819928) (Issuer)

      6/17/25 4:22:54 PM ET
      $DV
      Computer Software: Programming Data Processing
      Technology
    • Chief Legal Officer Grimmig Andrew E converted options into 12,292 shares, increasing direct ownership by 16% to 88,105 units (SEC Form 4)

      4 - DoubleVerify Holdings, Inc. (0001819928) (Issuer)

      6/17/25 4:21:09 PM ET
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    • DoubleVerify Launches News Accelerator Publisher Council to Help Drive Advertiser Investment in News

      This first-of-its-kind Initiative brings together leading global publishers to advance sustainable monetization and support advertiser engagement in news environments DoubleVerify ("DV") (NYSE:DV), the leading software platform to verify media quality, optimize ad performance, and prove campaign outcomes, today announced the formation of the News AcceleratorTM Publisher Council, a new initiative designed to deepen engagement and transparency between DV and leading news organizations. The Council represents the next step in the evolution of DV's News Accelerator program, which aims to further align DV's technology with the needs of the news category and encourage greater advertiser spendin

      6/16/25 3:00:00 AM ET
      $DV
      Computer Software: Programming Data Processing
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    • DoubleVerify Appoints NBCUniversal's Jennifer Storms to its Board of Directors

      New appointment highlights DV's continued efforts in supporting advertisers' investments in CTV DoubleVerify ("DV") (NYSE:DV), a leading software platform for digital media measurement, data, and analytics, today announced the appointment of Jennifer Storms, Chief Marketing Officer, NBCUniversal Television & Streaming, to its board of directors, effective as of June 2, 2025. Storms will serve on the Nominating & Corporate Governance Committee. "We're thrilled to welcome Jennifer to the DoubleVerify board," said Mark Zagorski, CEO of DoubleVerify. "She brings a wealth of experience at the intersection of media, marketing, and sports and will offer valuable insights to DV's continued grow

      6/3/25 9:00:00 AM ET
      $DV
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    • Stagwell (STGW) Drafts New Picks for SPORT BEACH 2025: Lauren Betts, Myles Garrett, Billie Jean King, Ilona Maher, Brandon Marshall, Katie McCabe, Alex Morgan, Oscar Piastri, Gerard Piqué, Nigel Sylvester, Ian Wright OBE and More Confirmed to Attend

      NEW YORK, May 13, 2025 /PRNewswire/ -- Stagwell (NASDAQ:STGW), the challenger network built to transform marketing, today announced an expanded roster of SPORT BEACH 2025 partners as well as an early look at programming for June 16-19, 2025 at the Cannes Lions International Festival of Creativity. New additions to this year's lineup include college basketball player Lauren Betts, NFL's Myles Garrett, tennis legend Billie Jean King, rugby star Ilona Maher, former NFL player Brandon Marshall, Arsenal & Republic of Ireland footballer Katie McCabe, 2x World Cup Champion Alex Morga

      5/13/25 9:01:00 AM ET
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    • DoubleVerify to Announce Second Quarter 2025 Financial Results on August 5, 2025

      DoubleVerify ("DV") (NYSE:DV), a leading software platform for digital media measurement, data and analytics, today announced that it will report second quarter 2025 financial results after the market close on Tuesday, August 5, 2025. Management will host a conference call and webcast to discuss DV's financial results, recent developments and business outlook at 4:30 p.m. ET following the release of the financial results. What: DoubleVerify Second Quarter 2025 Financial Results Conference Call When: Tuesday, August 5, 2025 Time: 4:30 p.m. ET Dial-in: US/Canada Toll-Free: (800) 715-9871 International: +1 (646) 307-19

      7/9/25 2:02:00 PM ET
      $DV
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    • DoubleVerify Reports First Quarter 2025 Financial Results

      Increased Revenue by 17% Year-over-Year to $165.1 Million Increased First Quarter Activation Revenue by 20% and Supply-Side Revenue by 35% Year-over-Year Achieved Net Income of $2.4 Million and Adjusted EBITDA of $44.7 Million, representing a 27% Adjusted EBITDA margin DoubleVerify ("DV") (NYSE:DV), the leading software platform for digital media measurement, data, and analytics, today announced financial results for the first quarter ended March 31, 2025. "DoubleVerify is off to a strong start in 2025, with first-quarter revenue and adjusted EBITDA meaningfully ahead of expectations," said Mark Zagorski, CEO of DoubleVerify. "Our growth this quarter was fueled by broader adoption acros

      5/8/25 4:05:00 PM ET
      $DV
      Computer Software: Programming Data Processing
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    • DoubleVerify to Announce First Quarter 2025 Financial Results on May 8, 2025

      DoubleVerify ("DV") (NYSE:DV), a leading software platform for digital media measurement, data and analytics, today announced that it will report first quarter 2025 financial results after the market close on Thursday, May 8, 2025. Management will host a conference call and webcast to discuss DV's financial results, recent developments and business outlook at 4:30 p.m. ET following the release of the financial results. What:   DoubleVerify First Quarter 2025 Financial Results Conference Call When:   Thursday, May 8, 2025 Time:   4:30 p.m. ET Live Call:   US/Canada Toll-Free: (877) 841-2987 International: +1 (215) 268-9878 Webcast:   https://ir.doublev

      4/8/25 10:34:00 AM ET
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    • Amendment: SEC Form SC 13G/A filed by DoubleVerify Holdings Inc.

      SC 13G/A - DoubleVerify Holdings, Inc. (0001819928) (Subject)

      9/10/24 10:30:07 AM ET
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    • SEC Form SC 13G filed by DoubleVerify Holdings Inc.

      SC 13G - DoubleVerify Holdings, Inc. (0001819928) (Subject)

      2/13/24 5:02:36 PM ET
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      Computer Software: Programming Data Processing
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    • SEC Form SC 13G/A filed by DoubleVerify Holdings Inc. (Amendment)

      SC 13G/A - DoubleVerify Holdings, Inc. (0001819928) (Subject)

      2/12/24 4:30:13 PM ET
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