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- **Revenue Growth**: Q3 up 11% to $189M, driven by AI solutions like DV Authentic AdVantage ($8M ACV in weeks). Social and CTV growth projects $120-160M long-term.
- **Profitability**: 35% EBITDA margin, $66M, with 2025 EBITDA margin raised to 33%. Q4 EBITDA expected 38%.
- **AI Innovation**: AI Verification suite blocks 15% of CTV impressions in rogue environments. Meta prebid to generate $7M+ annual run rate.
- **Customer Expansion**: 347 advertisers >$200K ARR, +11% YoY. New logos include Tesco, Citigroup UK.
- **2026 Outlook**: Base case 10% revenue growth, 33% EBITDA margin. Social/CTV/AI solutions to grow from 30% to 50% of revenue.

**【CEO Summary Section】**
- **Revenue Growth and AI Innovation**: Q3 revenue of $189 million (11% YoY) driven by AI-powered solutions like DV Authentic AdVantage, which closed $8M in ACV within weeks. Gross margin improvements expected from AI-driven efficiency gains.
- **Product Launches**: Launched DV AI Verification suite (Agent ID Measurement, AI SlopStopper) and DV Verified Streaming TV measurement, targeting AI-mediated ad engagement and CTV quality.
- **Diversification Strategy**: Social (20% growth) and CTV (30% volume YoY) are key growth areas. Social activation solutions (Meta prebid, Authentic AdVantage) project $120-160M long-term revenue. CTV solutions aim to capture $1B in wasted CTV spend annually.
- **Customer Retention**: 0 churn among top 100 customers; 73% of top 500 use premium ABS product. New logo wins from Tesco, Citigroup UK, etc., diversify customer base.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income $42M, Non-GAAP EPS $1.08 (vs. $0.95 prior). Adjusted EBITDA $66M (35% margin), exceeding guidance. Free cash flow $51M, with $201M cash on hand.
- **Revenue Breakdown**: Activation (54% of total) grew 10% YoY; measurement (48%) up 9%. Social measurement (48% of measurement) grew 22% ex-one-time suspension. Supply-side revenue +27% YoY.
- **Cost Management**: R&D investment in AI offset by 5% YoY decline in operating expenses. 2025 EBITDA margin raised to 33% (from 32%), with 33% as 2026 base case.
- **Q4 Guidance**: Revenue $207-211M (10% YoY), EBITDA $77-81M (38% margin). 2026 base case: 10% revenue growth, 33% EBITDA margin.

**【Q&A Highlights】**
- **Retail Softness**: Affects 1/3 of revenue, with 56 advertisers on Meta prebid (up 100% QoQ). CTV measurement volumes +30% YoY but monetization lagging.
- **AI Adoption**: AI Verification tools block 15% of CTV impressions in rogue environments. Meta prebid expected to generate $7M+ annual run rate by end-2025.
- **International Growth**: Simplified pricing models (e.g., % of media spend) target APAC social CPMs. 347 advertisers >$200K ARR, +11% YoY.
- **CTV Strategy**: Launching Verified Streaming TV segments, Do Not Air lists, and IMDb partnership for show-level transparency. CTV solutions project $10M+ annual activation revenue.


DoubleVerify Holdings, Inc. (DV) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q2 revenue up 21% YoY to $189 million, driven by 21% advertiser revenue growth and broad-based product expansion.
- **MAP Platform Momentum**: 1/3 of first-half growth from new advertisers, with DV Authentic AdVantage testing 90 campaigns and achieving 90% CPM gains.
- **Social & CTV Leadership**: Social media revenue +14% YoY, CTV impressions +45% YoY, with CTV now 20% of pre-bid video on a major DSP.
- **Profitability Improves**: Adjusted EBITDA margin expands to 30%, up from 27% Q1, with operating leverage from 21% revenue growth.
- **Guidance Raised**: Full-year 2025 revenue growth raised to 15% YoY, reflecting strong Q2 execution and Q3-Q4 momentum.

**【CEO Summary Section】**
- Q2 revenue grew 21% YoY to $189 million, driven by 21% growth in advertiser revenue, the highest quarterly rate since Q4 2023.
- Media AdVantage Platform (MAP) adoption accelerated, with 1/3 of first-half revenue growth from new advertisers, including Microsoft and Kenvue.
- Social media revenue rose 14% YoY, led by YouTube, TikTok, and Meta, with the beta launch of DV Authentic AdVantage achieving 90 campaign tests.
- CTV measurement impressions grew 45% YoY, accounting for 11% of total measurement volumes, with CTV now 20% of pre-bid video impressions on a major DSP.
- Programmatic activation solutions (ABS, Scibids AI) delivered 23% and 27% YoY growth, respectively, with over 50 top 100 clients using Scibids AI.

**【CFO Financial Commentary】**
- Adjusted EBITDA reached $57 million (30% margin), up 22% YoY, with operating leverage from 21% revenue growth.
- Activation revenue grew 25% YoY, driven by ABS (23% YoY) and non-ABS solutions (26% YoY).
- Measurement revenue increased 15% YoY, with social measurement up 14% YoY and non-social up 16% YoY (including Rockerbox contribution).
- Supply-side revenue rose 26% YoY, supported by new platform partnerships.
- Full-year 2025 revenue guidance raised to 15% YoY growth, up from 13%, with Q3 revenue expected at $188-192 million (12% YoY midpoint).

**【Q&A Highlights】**
- **Social Growth Drivers**: Expansion of existing clients (e.g., Unilever, Pepsi) and new wins (Chipotle, Banco do Brasil) on platforms like Meta and TikTok.
- **Meta AI Impact**: DV's independence and transparency differentiate it in AI-driven ad buying, with pre-bid solutions attracting measurement customers.
- **CTV Expansion**: 22% of non-social measurement volumes, with Samsung and TCL partnerships expanding supply-side reach.
- **Programmatic Resilience**: 23% ABS growth and 27% Scibids AI growth offset macro uncertainty, with 70% of top 500 clients using ABS.
- **Capital Allocation**: $82 million in H1 buybacks, $140 million remaining under authorization, balanced with M&A and AI investments.

DoubleVerify Holdings, Inc. (DV) Q2 2025 Earnings Call Transcript

- **Strong Q1 Growth**: 17% revenue rise to $165M, driven by 16% advertiser and 35% supply-side expansion.
- **Social Media Breakthrough**: 20 Meta activation clients in 2 months, 9pt brand suitability improvement.
- **CTV Fraud Fight**: 65% of CTV fraud is bots, 7.4% of impressions run with TV off.
- **AI Leadership**: Scibids AI now used by 50 of Top 100 clients, on track for $100M+ revenue.
- **Profitability**: 27% EBITDA margin ($45M), $38M net cash flow, $82M share buybacks.
- **Guidance**: Q2 10% growth, full year 10% with 32% margin. Rockerbox acquisition to fuel long-term growth.

**【CEO Key Highlights】**
- **Q1 2025 Revenue Growth**: Total revenue of $165 million, up 17% YoY, driven by 16% growth in advertiser revenue and 35% in supply-side revenue.
- **Core Growth Drivers**: Existing customers expanded usage of core verification solutions, new enterprise clients scaled quickly, and supply-side platform demand surged.
- **Social Media Momentum**: 20 Meta activation customers in 2 months, including Nike and AARP, with brand suitability rates improving by 9 percentage points.
- **CTV Expansion**: Measurement volumes up 43% YoY, with rising fraud (65% of CTV fraud is sophisticated bots) and viewability challenges (7.4% of impressions run with TV off).
- **AI Integration**: Scibids AI upsold to 50 of Top 100 clients, on track for $100M+ revenue by 2028.

**【CFO Financial Breakdown】**
- **Revenue Components**: Activation (20% growth), Measurement (8% growth), Supply-side (35% growth). ABS accounts for 54% of activation revenue.
- **Profitability**: Adjusted EBITDA of $45M (27% margin), up from $38M in Q1 2024. Net cash from operations $38M.
- **Cost Management**: Product R&D up 20%, but sales & marketing growth < revenue growth. Stock buybacks of $82M in Q1.
- **Guidance**: Q2 revenue $169-173M (10% YoY), full year 10% growth with 32% EBITDA margin. Rockerbox acquisition ($83M) to drive long-term growth.

**【Q&A Key Takeaways】**
- **Macroeconomic Resilience**: No customer pullbacks seen through April. Activation-focused business model thrives in uncertain environments.
- **Social Activation Pipeline**: Over 200 advertiser opportunities for Meta pre-bid solution, with TikTok and Roblox expansions.
- **CTV Fraud Severity**: 3.9M infected devices identified, potential $7.5M/month losses. DV filtering rates up 55% YoY.
- **AI Advantage**: Proprietary data and 20+ years of institutional intelligence give unique AI capabilities.
- **Risks**: One large customer paused spend due to commodity costs, impacting international measurement growth.


DoubleVerify Holdings, Inc. (DV) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: 15% YoY to $657 million, with North American recovery and AI investments driving expansion.
- **Customer Wins**: 64% of greenfield deals won, including major partnerships with P&G, Microsoft, and Rocker Box. Supply-side revenue up 25% YoY.
- **Challenges**: Q4 2024 shortfall due to a large customer suspending services, excluded from 2025 guidance.
- **Strategic Moves**: Expanded into social media activation, CTV measurement (95% Q4 growth), and performance measurement via Rocker Box acquisition. Sybase AI revenue grew 50% YoY.
- **Financials**: 2024 EBITDA of $219 million (33% margin). 2025 guidance: 10% revenue growth, 32% EBITDA margin.
- **AI and Innovation**: AI-driven solutions like Sybase and Universal Content Intelligence power growth. Rocker Box acquisition to expand into performance measurement.
- **Social Media**: 27% YoY growth in social revenue, with Meta and TikTok activation solutions in early stages.
- **CTV**: Measurement volume doubled to 11% of total, with potential pricing adjustments for higher CPMs.
- **Supply-Side**: 36% YoY growth in retail media, focusing on programmatic direct deals.


**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for 2024 reached $657 million, a 15% year-over-year increase, driven by double-digit growth across all revenue lines. North American market recovery and AI investments were key drivers.
- **Customer Wins**: Secured 64% of wins in greenfield deals, with major partnerships including P&G, Microsoft, and Rocker Box. Supply-side revenue grew 25% YoY, fueled by retail media platforms.
- **Challenges**: Q4 2024 was disappointing due to a large customer suspending services amid rising commodity costs. This customer contributed $20 million in FY24 revenue and was excluded from 2025 guidance.
- **Strategic Initiatives**: Expanded into social media activation (Meta, TikTok), CTV measurement (95% Q4 growth), and performance measurement via Rocker Box acquisition. AI-driven solutions like Sybase saw 50% YoY growth.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue of $191 million (+11% YoY), with 91% from activation and measurement. Social media revenue grew 27% YoY, but Q4 was impacted by reduced spend from key clients.
- **Full Year 2024**: Adjusted EBITDA of $219 million (33% margin), net cash from operations of $160 million, and $311 million in cash. Stock buybacks totaled $128 million in 2024.
- **2025 Guidance**: Revenue expected to grow ~10%, with adjusted EBITDA margin of 32% (down from 33% in 2024) due to Rocker Box integration costs. Q1 2025 revenue guidance: $151-155 million, EBITDA $37-41 million.
- **Key Metrics**: Net revenue retention rate of 112%, 14% YoY growth in top 100 customers, and 14% increase in customers generating >$200k annually.

**【Q&A Highlights】**
- **Rocker Box Acquisition**: $85 million cash deal to expand into performance measurement and attribution. Expected to contribute $8 million in 2025, with long-term cross-sell opportunities with existing customers.
- **AI and Innovation**: Universal Content Intelligence AI powers social media measurement, Sybase AI optimizes bids. Investments in AI for operations and product development aim to enhance efficiency and customer value.
- **Social Media Growth**: Launched prebid solutions on Meta and TikTok, with 200+ customers in the Meta pipeline. Social media revenue grew 27% YoY, but activation solutions are still ramping up.
- **CTV Expansion**: CTV measurement impressions doubled to 11% of total volume in 2024. Pricing adjustments for higher CTV CPMs are under consideration for future growth.
- **Supply-Side Momentum**: Retail media and platform integrations drove 36% YoY growth in supply-side revenue. Focus on curated inventory and programmatic direct deals to maintain momentum.


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