Q4 2024 DoubleVerify Holdings Inc Earnings Call Transcript
Key Points
- DoubleVerify Holdings Inc (DV) achieved a 15% year-over-year revenue growth in 2024, reaching $657 million.
- The company measured a record 8.3 trillion billable media transactions, a 19% increase year-over-year.
- DV secured major new partnerships with global brands such as P&G, Microsoft, and Google, reinforcing its industry leadership.
- Supply side revenue grew by 25% year-over-year, driven by demand from retail media platforms and new platform and publisher customers.
- The company maintained a strong adjusted EBITDA margin of 33% and generated $160 million in net cash from operating activities, up 33% from the previous year.
- DV faced a significant reduction in ad spend from one of its largest customers due to rising commodity costs, impacting its Q4 performance.
- The absence of a post-election rebound in ad spend contributed to a disappointing Q4 that fell short of expectations.
- There was a continued shift of ad dollars from open web programmatic to proprietary platforms like social media, where DV's solutions were less available.
- The company experienced a 5% decrease in pricing or NTF, excluding the impact of an introductory fixed-fee deal.
- DV's guidance for 2025 reflects a transition year with anticipated limited growth from a cohort of six advertisers that weighed on 2024 results.
Greetings, and welcome to the DoubleVerify fourth quarter and full year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Tejal Engman, Senior Vice President, Investor Relations. Thank you. You may begin.
Thank you, operator. Good afternoon, and welcome to DoubleVerify's fourth quarter and full year 2024 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO. Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties and changes and reflect our current expectations and information currently available to us and actual result could differ materially. For more information, please refer to the risk factors in our recent SEC filings, including our annual report on Form 10-K.
In addition, our discussion today will include references to certain supplemental non-GAAP financial
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