DoubleVerify Holdings Inc · Q1 2023 earnings

Briefing

Increased revenue and achieved net income and adjusted EBITDA.

DoubleVerify reported a strong first quarter with revenue increasing by 27% year-over-year to $122.6 million. This growth was driven by global expansion in social and CTV measurement, as well as programmatic activation. The company achieved a net income of $12.2 million and an adjusted EBITDA of $35.9 million, representing a 29% adjusted EBITDA margin. DoubleVerify exceeded its first-quarter expectations and raised its full-year 2023 guidance.

• Total revenue increased by 27% year-over-year to $122.6 million.
• Activation revenue grew by 32% to $69.9 million.
• Measurement revenue increased by 22% to $41.4 million, with CTV and Social MTM growing by 39% and 33% respectively.
• Net income was $12.2 million and adjusted EBITDA was $35.9 million, representing a 29% adjusted EBITDA margin.

Headline financials

Revenue & EPS history

DoubleVerify anticipates for the second quarter 2023 revenue of $131 to $135 million, a year-over-year increase of 21% at the midpoint, and Adjusted EBITDA in the range of $37 to $39 million, representing a 29% margin at the midpoint. For the full year 2023, revenue of $557 to $569 million, a year-over-year increase of 24% at the midpoint, and Adjusted EBITDA in the range of $171 to $179 million, representing a 31% margin at the midpoint.