Increased Fourth Quarter 2023 Revenue by
29% Year-over-Year to $172.2 Million
Grew Fourth Quarter 2023 Social Measurement
Revenue by 62% Year-over Year
Achieved Fourth Quarter 2023 Net Income of
$33.1 Million and Adjusted EBITDA of $65.4 Million,
representing a 38% Adjusted EBITDA margin
Increased 2023 Revenue by 27%
Year-over-Year to $572.5 Million Driven by Global Growth in
Social, CTV Measurement and Programmatic Activation
Achieved 2023 Net Income of $71.5
Million and Adjusted EBITDA of $187.1 Million, representing
a 33% Adjusted EBITDA margin
DoubleVerify (“DV”) (NYSE: DV), one of the leading software
platforms for digital media measurement, data and analytics, today
announced financial results for the fourth quarter and full year
ended December 31, 2023.
“2023 was another year of exceptional growth and profitability
driven by strong execution,” said Mark Zagorski, CEO of
DoubleVerify. “We measured 7 trillion media transactions, grew
revenue by 27% to more than $572 million, achieved 33% adjusted
EBITDA margins and generated approximately $120 million of net cash
from operating activities. DV continues to significantly outpace
the growth of the broader digital advertising industry as our
essential protection and performance solutions scale globally.
Exciting differentiated growth opportunities such as Scibids AI and
our expanded social video verification suite will leverage our
unparalleled global scale and connectivity and leadership in
innovation to drive exceptional media performance for global
brands, fueling our long-term market share growth trajectory.”
Fourth Quarter 2023 Financial Highlights: (All
comparisons are to the fourth quarter of 2022)
- Total revenue of $172.2 million, an increase of 29%.
- Activation revenue of $99.4 million, an increase of 32%.
- Measurement revenue of $60.4 million, an increase of 30%.
- Social measurement revenue increased by 62%.
- International measurement revenue increased by 43% with EMEA
growth of 45% and APAC growth of 39%.
- Media Transactions Measured (“MTM”) for CTV increased by
34%.
- Supply-Side revenue of $12.4 million, an increase of 5%.
- Net income of $33.1 million and adjusted EBITDA of $65.4
million, which represented a 38% adjusted EBITDA margin.
Full Year 2023 Financial Highlights: (All comparisons are
to full year 2022)
- Total revenue of $572.5 million, an increase of 27%.
- Media Transactions Measured (MTM) were 7 trillion, an increase
of 25%.
- Measured Transaction Fee (MTF) was $0.075, an increase of
3%.
- Net Revenue Retention (NRR) of 124%.
- Activation revenue of $328.9 million, an increase of 31%.
- Measurement revenue of $198.0 million, an increase of 25%.
- Social measurement revenue increased by 48%.
- International revenue increased by 43%.
- Media Transactions Measured for CTV increased by 33%.
- Supply-Side revenue of $45.6 million, an increase of 5%.
- Net income of $71.5 million, an increase of 65%.
- Adjusted EBITDA of $187.1 million, an increase of 32%,
representing a 33% adjusted EBITDA margin.
Fourth Quarter and Recent Business Highlights:
- Grew Total Advertiser revenue by 31% year-over-year in the
fourth quarter primarily due to a 25% increase in MTM and a 5%
increase in MTF.
- Continued to achieve a Gross Revenue Retention rate of over 95%
in the fourth quarter.
- Grew premium-priced Authentic Brand Suitability (ABS) revenues
by 45% year-over-year in the fourth quarter primarily due to volume
expansion by large existing global advertisers as well as by new
customer activations.
- Drove global market share growth through product upsells,
international expansion and new enterprise logo wins. Notable new
business wins include: Haleon and Walgreens.
- Launched Brand Safety and Suitability measurement on
Facebook and Instagram Feeds and Reels, creating
greater transparency across some of the most engaging
user-generated content environments in the world.
- Expanded Brand Safety and Suitability measurement capabilities
to YouTube Shorts in the fourth quarter, following the
launch of viewability and invalid traffic measurement across
YouTube Shorts in the third quarter of 2023.
- Launched a first-of-its-kind activation solution that combines
DV pre-screen brand suitability technology with Scibids AI to boost
advertiser protection and improve campaign efficiency and
performance on Social video.
- Expanded relationship with LinkedIn to provide
supply-side fraud prevention and brand safety and fraud measurement
solutions across Linkedin’s Audience Network.
- Partnered with Criteo on the upcoming launch of an
industry leading solution that measures onsite invalid traffic
(IVT), brand suitability, and viewability on Criteo’s network of
retail media partners, with plans to combine Criteo’s outcomes data
with DV Authentic Attention data in the future, allowing
advertisers to correlate attention with business outcomes.
- Partnered with InMobi for fraud avoidance and
viewability, brand safety and fraud measurement, a supply-side win
that was driven by InMobi’s commitment to working with
best-in-class partners who provide advertisers with a meaningful
return-on-investment.
- Expanded industry-leading Universal Attention segments to
Amazon and Viant’s DSPs.
- Launched new tiered brand suitability categories to address
“Made For Advertising” (MFA) measurement and protection in a
more nuanced and brand-specific way, providing advertisers with
enhanced granularity and control to determine the level of
protection that best suits their requirements.
“Once again, DV delivered a powerful combination of growth and
profitability,” said Nicola Allais, CFO of DoubleVerify. “Our
industry-leading 29% year-over-year revenue growth and 38% adjusted
EBITDA margins in the fourth quarter are a testament to the
strength of our platform and our ability to balance innovation and
new business growth with strong profitability and cash flow
generation. We remain focused on execution in 2024 and are excited
about our solid pipeline of new and expansionary business
opportunities as we continue to meaningfully outpace the digital
advertising industry and gain market share.”
First Quarter and Full-Year 2024 Guidance:
DoubleVerify anticipates Revenue and Adjusted EBITDA to be in
the following ranges:
First Quarter 2024:
- Revenue of $136 to $140 million, a year-over-year increase of
13% at the midpoint.
- Adjusted EBITDA in the range of $33 to $37 million,
representing a 25% margin at the midpoint.
Full Year 2024:
- Revenue of $688 to $704 million, a year-over-year increase of
22% at the midpoint.
- Adjusted EBITDA in the range of $205 to $221 million,
representing a 31% margin at the midpoint.
With respect to the Company’s expectations under "First 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 fourth quarter 2023 financial results at 4:30 p.m.
Eastern Time today, February 28, 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 and Notes
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.
CONSOLIDATED BALANCE
SHEETS
As of December 31,
(in thousands, except per share
data)
2023
2022
Assets:
Current assets
Cash and cash equivalents
$
310,131
$
267,813
Trade receivables, net of allowances for
doubtful accounts of $9,442 and $8,893 as of December 31, 2023 and
December 31, 2022, respectively
206,941
167,122
Prepaid expenses and other current
assets
15,930
10,161
Total current assets
533,002
445,096
Property, plant and equipment, net
58,020
47,034
Operating lease right-of-use assets,
net
60,470
64,692
Goodwill
436,008
343,011
Intangible assets, net
140,883
135,429
Deferred tax assets
13,077
35
Other non‑current assets
1,571
1,731
Total assets
$
1,243,031
$
1,037,028
Liabilities and Stockholder’s
Equity:
Current liabilities
Trade payables
$
12,932
$
6,675
Accrued expense
44,264
33,085
Operating lease liabilities, current
9,029
7,041
Income tax liabilities
5,833
11,953
Current portion of finance lease
obligations
2,934
1,846
Other current liabilities
8,863
8,310
Total current liabilities
83,855
68,910
Operating lease liabilities,
non-current
71,563
74,086
Finance lease obligations
2,865
779
Deferred tax liabilities
8,119
12,890
Other non‑current liabilities
2,690
3,504
Total liabilities
169,092
160,169
Commitments and contingencies (Note
16)
Stockholders’ equity
Common stock, $0.001 par value, 1,000,000
shares authorized, 171,168 shares issued and 171,146 outstanding as
of December 31, 2023; 1,000,000 shares authorized, 165,448 shares
issued and 165,417 outstanding as of December 31, 2022
171
165
Additional paid‑in capital
878,331
756,299
Treasury stock, at cost, 22 shares and 31
shares as of December 31, 2023 and December 31, 2022,
respectively
(743
)
(796
)
Retained earnings
198,983
127,517
Accumulated other comprehensive loss, net
of income taxes
(2,803
)
(6,326
)
Total stockholders’ equity
1,073,939
876,859
Total liabilities and stockholders’
equity
$
1,243,031
$
1,037,028
DoubleVerify Holdings,
Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
Year Ended December
31,
(in thousands, except per share
data)
2023
2022
2021
Revenue
$
572,543
$
452,418
$
332,741
Cost of revenue (exclusive of depreciation
and amortization shown separately below)
106,631
77,866
54,382
Product development
125,376
95,118
62,698
Sales, marketing and customer support
125,953
107,416
77,312
General and administrative
87,971
78,666
81,380
Depreciation and amortization
40,885
34,328
30,285
Income from operations
85,727
59,024
26,684
Interest expense
1,066
905
1,172
Other income, net
(11,216
)
(1,249
)
(309
)
Income before income taxes
95,877
59,368
25,821
Income tax expense (benefit)
24,411
16,100
(3,487
)
Net income
$
71,466
$
43,268
$
29,308
Earnings per share:
Basic
$
0.43
$
0.26
$
0.20
Diluted
$
0.41
$
0.25
$
0.18
Weighted‑average common stock
outstanding:
Basic
167,803
163,882
148,309
Diluted
173,435
170,755
160,264
Comprehensive income:
Net income
$
71,466
$
43,268
$
29,308
Other comprehensive income (loss):
Foreign currency cumulative translation
adjustment
3,523
(5,555
)
(1,782
)
Total comprehensive income
$
74,989
$
37,713
$
27,526
DoubleVerify Holdings,
Inc.
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS’ EQUITY
Accumulated
Other
Comprehensive
Common Stock
Preferred Stock
Additional
Loss,
Total
Shares
Shares
Treasury Stock
Paid‑in
Retained
Net of
Stockholders’
(in thousands)
Issued
Amount
Issued
Amount
Shares
Amount
Capital
Earnings
Income Taxes
Equity
Balances as of January 1, 2021
140,222
$
140
61,006
$
610
15,146
$
(260,686
)
$
620,679
$
54,941
$
1,011
$
416,695
Foreign currency translation
adjustment
—
—
—
—
—
—
—
—
(1,782
)
(1,782
)
Shares repurchased for settlement of
employee tax withholdings
—
—
—
—
50
(1,802
)
—
—
—
(1,802
)
Issuance of common stock as consideration
for acquisition
684
1
—
—
—
—
22,525
—
—
22,526
Stock-based compensation
—
—
—
—
—
—
21,887
—
—
21,887
Common stock issued under employee
purchase plan
15
—
—
—
—
—
404
—
—
404
Common stock issued upon exercise of stock
options
4,782
5
—
—
—
—
12,435
—
—
12,440
Common stock issued upon vesting of
restricted stock units
366
—
—
—
—
—
—
—
—
—
Conversion of Series A preferred stock to
common stock
5,190
5
(61,006
)
(610
)
(15,146
)
260,686
(260,081
)
—
—
—
Issuance of common stock upon initial
public offering
9,977
10
—
—
—
—
269,380
—
—
269,390
Private placement stock issuance
concurrent with initial public offering
1,111
1
—
—
—
—
29,999
—
—
30,000
Net income
—
—
—
—
—
—
—
29,308
—
29,308
Balances as of December 31,
2021
162,347
$
162
—
$
—
50
$
(1,802
)
$
717,228
$
84,249
$
(771
)
$
799,066
Foreign currency translation
adjustment
—
—
—
—
—
—
—
—
(5,555
)
(5,555
)
Shares repurchased for settlement of
employee tax withholdings
—
—
—
—
402
(10,244
)
—
—
—
(10,244
)
Stock-based compensation expense
—
—
—
—
—
—
42,787
—
—
42,787
Common stock issued to non-employees
4
—
—
—
—
—
—
—
—
—
Common stock issued upon exercise of stock
options
1,518
2
—
—
—
—
5,801
—
—
5,803
Common stock issued upon vesting of
restricted stock units
1,488
1
—
—
—
—
(1
)
—
—
—
Common stock issued under employee
purchase plan
91
—
—
—
—
—
1,734
—
—
1,734
Treasury stock reissued upon settlement of
equity awards
—
—
—
—
(421
)
11,250
(11,250
)
—
—
—
Net income
—
—
—
—
—
—
—
43,268
—
43,268
Balances as of December 31,
2022
165,448
$
165
—
$
—
31
$
(796
)
$
756,299
$
127,517
$
(6,326
)
$
876,859
Foreign currency translation
adjustment
—
—
—
—
—
—
—
—
3,523
3,523
Shares repurchased for settlement of
employee tax withholdings
—
—
—
—
142
(4,586
)
—
—
—
(4,586
)
Issuance of common stock as consideration
for acquisition
1,642
2
—
—
—
—
52,935
—
—
52,937
Stock-based compensation expense
—
—
—
—
—
—
60,351
—
—
60,351
Common stock issued under employee
purchase plan
105
—
—
—
—
—
2,723
—
—
2,723
Common stock issued upon exercise of stock
options
2,634
3
—
—
—
—
10,663
—
—
10,666
Common stock issued upon vesting of
restricted stock units
1,339
1
—
—
—
—
(1
)
—
—
—
Treasury stock reissued upon settlement of
equity awards
—
—
—
—
(151
)
4,639
(4,639
)
—
—
—
Net income
—
—
—
—
—
—
—
71,466
—
71,466
Balances as of December 31,
2023
171,168
$
171
—
$
—
22
$
(743
)
$
878,331
$
198,983
$
(2,803
)
$
1,073,939
DoubleVerify Holdings,
Inc.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year Ended December
31,
(in thousands)
2023
2022
2021
Operating activities:
Net income
$
71,466
$
43,268
$
29,308
Adjustments to reconcile net income to net
cash provided by operating activities
Bad debt expense (recovery)
10,075
5,033
(711
)
Depreciation and amortization expense
40,885
34,328
30,285
Amortization of debt issuance costs
294
294
294
Non-cash lease expense
6,727
7,339
—
Deferred taxes
(25,046
)
(19,581
)
(7,866
)
Stock-based compensation expense
59,244
42,307
21,887
Interest expense
68
107
103
Loss on disposal of fixed assets
5
1,353
—
Impairment of long-lived assets
—
1,510
—
Change in fair value of contingent
consideration
(1,193
)
—
57
Offering costs
—
—
22,074
Other
492
87
733
Changes in operating assets and
liabilities, net of effects of business combinations
Trade receivables
(43,691
)
(49,765
)
(22,004
)
Prepaid expenses and other assets
(5,591
)
9,094
(7,567
)
Trade payables
5,476
2,884
(49
)
Accrued expenses and other liabilities
530
16,604
16,205
Net cash provided by operating
activities
119,741
94,862
82,749
Investing activities:
Purchase of property, plant and
equipment
(17,009
)
(39,981
)
(9,397
)
Acquisition of businesses, net of cash
acquired
(67,240
)
—
(149,217
)
Net cash used in investing activities
(84,249
)
(39,981
)
(158,614
)
Financing activities:
Payments of long-term debt
—
—
(22,000
)
Deferred payment related to Zentrick
acquisition
—
—
(50
)
Proceeds from revolving credit
facility
50,000
—
—
Payments to revolving credit facility
(50,000
)
—
—
Payment of contingent consideration
related to Zentrick acquisition
—
(3,247
)
—
Proceeds from common stock issued upon
exercise of stock options
10,666
5,803
12,440
Proceeds from common stock issued under
employee purchase plan
2,723
1,734
404
Proceeds from issuance of common stock
upon initial public offering
—
—
269,390
Proceeds from issuance of common stock in
connection to concurrent private placement
—
—
30,000
Payments related to offering costs
—
(6
)
(22,069
)
Finance lease payments
(2,314
)
(1,924
)
(1,918
)
Shares repurchased for settlement of
employee tax withholdings
(4,586
)
(10,244
)
(1,802
)
Net cash provided by (used in) financing
activities
6,489
(7,884
)
264,395
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
338
(784
)
(200
)
Net increase in cash, cash equivalents,
and restricted cash
42,319
46,213
188,330
Cash, cash equivalents, and restricted
cash—Beginning of period
267,938
221,725
33,395
Cash, cash equivalents, and restricted
cash—End of period
$
310,257
$
267,938
$
221,725
Cash and cash equivalents
$
310,131
$
267,813
$
221,591
Restricted cash (included in prepaid
expenses and other assets on the Consolidated Balance Sheets)
126
125
134
Total cash and cash equivalents and
restricted cash
$
310,257
$
267,938
$
221,725
Supplemental cash flow
information:
Cash paid for taxes
$
60,883
$
12,351
$
7,698
Cash paid for interest
$
714
$
554
$
774
Non‑cash investing and financing
transactions:
Right-of-use assets obtained in exchange
for new operating lease liabilities, net of impairments and tenant
improvement allowances
$
2,547
$
71,979
$
—
Acquisition of equipment under finance
lease
$
5,479
$
—
$
1,518
Capital assets financed by accounts
payable and accrued expenses
$
261
$
12
$
36
Stock-based compensation included in
capitalized software development costs
$
1,103
$
480
$
—
Common stock issued in connection with
acquisition
$
52,937
$
—
$
22,526
Liabilities for contingent
consideration
$
1,193
$
—
$
—
Treasury stock reissued upon the
conversion of Series A preferred stock for common stock
$
—
$
—
$
260,686
Offering costs included in accounts
payable and accrued expense
$
—
$
—
$
5
Comparison of the Three and Twelve Months Ended December 31,
2023 and December 31, 2022
Revenue
Three Months Ended December
31,
Change
Change
Year Ended December
31,
Change
Change
2023
2022
$
%
2023
2022
$
%
(In Thousands)
(In Thousands)
Revenue by customer type:
Activation
$
99,402
$
75,502
$
23,900
32
%
$
328,936
$
251,198
$
77,738
31
%
Measurement
60,387
46,324
14,063
30
198,024
157,908
40,116
25
Supply-side customer
12,442
11,810
632
5
45,583
43,312
2,271
5
Total revenue
$
172,231
$
133,636
$
38,595
29
%
$
572,543
$
452,418
$
120,125
27
%
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 December
31,
Year Ended December
31,
2023
2022
2023
2022
(In Thousands)
(In Thousands)
Net income
$
33,105
$
18,068
$
71,466
$
43,268
Net income margin
19
%
14
%
12
%
10
%
Depreciation and amortization
11,520
8,882
40,885
34,328
Stock-based compensation
16,473
11,083
59,244
42,307
Interest expense
275
224
1,066
905
Income tax expense
8,636
11,979
24,411
16,100
M&A and restructuring (recoveries)
costs (a)
(359
)
5
1,262
1,224
Offering, IPO readiness and secondary
offering costs (b)
315
566
910
1,292
Other (recoveries) costs (c)
(164
)
(245
)
(964
)
3,414
Other income (d)
(4,373
)
(1,671
)
(11,216
)
(1,249
)
Adjusted EBITDA
$
65,428
$
48,891
$
187,064
$
141,589
Adjusted EBITDA margin
38
%
37
%
33
%
31
%
- M&A and restructuring costs for the year ended December 31,
2023 consist of transaction costs related to the acquisition of
Scibids Technology SAS (“Scibids”). M&A and restructuring costs
for the year ended December 31, 2022 consist of transaction costs,
integration and restructuring costs related to the acquisition of
OpenSlate.
- Offering, IPO readiness and secondary offering costs for the
year ended December 31, 2023 consist of third-party costs incurred
for underwritten secondary public offerings by certain stockholders
of the Company. Offering, IPO readiness and secondary offering
costs for the year ended December 31, 2022 consist of third-party
costs incurred for the Company’s filing of a “shelf” registration
statement on Form S-3, and costs incurred for an underwritten
secondary public offering by certain stockholders of the
Company.
- Other recoveries for the year ended December 31, 2023 consist
of sublease income for leased office space. Other costs for the
year ended December 31, 2022 consist of costs related to the
departures of the Company’s former Chief Operating Officer and
Chief Customer Officer, impairment related to a subleased office
space and costs related to the disposal of furniture for unoccupied
lease office space, partially offset by sublease income for lease
office space.
- Other income for the years ended December 31, 2023 and 2022
consists of interest income earned on interest-bearing monetary
assets, changes in fair value associated with contingent
consideration, 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
Consolidated Statements of Operations and Comprehensive Income is
as follows:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2023
2022
2023
2022
Product development
$
6,366
$
4,455
$
22,955
$
15,030
Sales, marketing and customer support
5,101
3,547
18,299
14,265
General and administrative
5,006
3,081
17,990
13,012
Total stock‑based compensation
$
16,473
$
11,083
$
59,244
$
42,307
The weighted average basic and diluted shares outstanding for
the three months and year ended December 31, 2023 is as
follows:
Three Months Ended
Year Ended
(in thousands)
December 31, 2023
December 31, 2023
Weighted‑average common shares
outstanding:
Basic
170,374
167,803
Diluted
175,008
173,435
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 “First 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” under
our 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240228743205/en/
Investor Relations Tejal Engman DoubleVerify
IR@doubleverify.com Media Contact Chris Harihar Crenshaw
Communications 646‑535‑9475 chris@crenshawcomm.com
DoubleVerify (NYSE:DV)
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