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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Preferred Stock Dividends

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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DV

DV fundamentals

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