On July 30, 2024, DoubleVerify Holdings Inc (DV, Financial) released its 8-K filing for the second quarter of 2024. DoubleVerify Holdings Inc is a digital media measurement and analytics software platform. The DV Authentic Ad ensures that a digital ad was delivered in a brand-safe setting, completely viewable, by a real individual, and in the expected geography, is one of its solutions. It generates revenues from its advertisement customers by charging a Measured Transaction Fee on the volume of Media Transactions Measured on the software platform.
Performance Overview
DoubleVerify Holdings Inc (DV, Financial) reported a revenue of $155.9 million for Q2 2024, surpassing the analyst estimate of $153.80 million and marking a 17% year-over-year increase from $133.7 million in Q2 2023. The company achieved a net income of $7.5 million, translating to an earnings per share (EPS) of $0.04, which aligns with the analyst estimate.
CEO Mark Zagorski commented,
“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.”
Financial Achievements and Metrics
DoubleVerify's financial achievements in Q2 2024 include an Adjusted EBITDA of $46.8 million, representing a 30% Adjusted EBITDA margin. This performance was driven by growth across all three revenue lines: activation, measurement, and supply-side revenue.
Key financial metrics from the income statement include:
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $155.9 million | $133.7 million |
| Net Income | $7.5 million | $12.8 million |
| Adjusted EBITDA | $46.8 million | $40.0 million |
Balance Sheet and Cash Flow
As of June 30, 2024, DoubleVerify reported total assets of $1.27 billion, up from $1.24 billion at the end of 2023. The company’s cash and cash equivalents stood at $256.1 million, a decrease from $310.1 million as of December 31, 2023. Total liabilities were $167.5 million, slightly down from $169.1 million at the end of 2023.
From the cash flow statement, DoubleVerify generated $67.7 million in net cash from operating activities for the first six months of 2024, compared to $32.2 million in the same period of 2023. However, the company used $95.5 million in investing activities, primarily for the purchase of short-term investments and property, plant, and equipment.
Guidance and Future Outlook
DoubleVerify has raised the midpoints of its full-year 2024 revenue and Adjusted EBITDA guidance ranges, reflecting confidence in its ongoing momentum. CFO Nicola Allais stated,
“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.”
For Q3 2024, DoubleVerify anticipates revenue and Adjusted EBITDA to continue in the positive trajectory, further solidifying its position as a leader in the digital media measurement and analytics industry.
For more detailed financial information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from DoubleVerify Holdings Inc for further details.
