DoubleVerify (DV) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40349
Entity Registrant Name	DoubleVerify Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2714562
Entity Address, Address Line One	462 Broadway
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10013
City Area Code	212
Local Phone Number	631-2111
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	DV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		170,044,811
Entity Central Index Key	0001819928
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 256,066	$ 310,131
Short-term investments	82,754
Trade receivables, net of allowances for doubtful accounts of $9,564 and $9,442 as of June 30, 2024 and December 31, 2023, respectively	187,761	206,941
Prepaid expenses and other current assets	32,977	15,930
Total current assets	559,558	533,002
Property, plant and equipment, net	64,521	58,020
Operating lease right-of-use assets, net	66,155	60,470
Goodwill	431,496	436,008
Intangible assets, net	125,420	140,883
Deferred tax assets	23,766	13,077
Other non-current assets	1,727	1,571
Total assets	1,272,643	1,243,031
Current liabilities
Trade payables	10,604	12,932
Accrued expenses	44,136	44,264
Operating lease liabilities, current	10,113	9,029
Income tax liabilities	832	5,833
Current portion of finance lease obligations	2,393	2,934
Other current liabilities	11,447	8,863
Total current liabilities	79,525	83,855
Operating lease liabilities, non-current	76,265	71,563
Finance lease obligations	1,844	2,865
Deferred tax liabilities	7,031	8,119
Other non-current liabilities	2,815	2,690
Total liabilities	167,480	169,092
Commitments and contingencies (Note 15)
Stockholders' equity
Common stock, $0.001 par value, 1,000,000 shares authorized, 172,634 shares issued and 171,244 outstanding as of June 30, 2024; 1,000,000 shares authorized, 171,168 shares issued and 171,146 outstanding as of December 31, 2023	173	171
Additional paid-in capital	926,062	878,331
Treasury stock, at cost, 1,390 shares and 22 shares as of June 30, 2024 and December 31, 2023, respectively	(25,443)	(743)
Retained earnings	213,613	198,983
Accumulated other comprehensive loss, net of income taxes	(9,242)	(2,803)
Total stockholders' equity	1,105,163	1,073,939
Total liabilities and stockholders' equity	$ 1,272,643	$ 1,243,031

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Trade receivables, net of allowances	$ 9,564	$ 9,442
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued	172,634	171,168
Common stock, shares outstanding	171,244	171,146
Treasury stock, shares	1,390	22

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Revenue	$ 155,890	$ 133,744	$ 296,672	$ 256,338
Cost of revenue (exclusive of depreciation and amortization shown separately below)	26,102	26,191	52,720	50,143
Product development	39,806	31,941	76,200	60,496
Sales, marketing and customer support	44,863	31,537	82,735	57,249
General and administrative	23,066	19,755	45,141	39,943
Depreciation and amortization	11,004	9,676	21,932	18,659
Income from operations	11,049	14,644	17,944	29,848
Interest expense	233	247	465	503
Other income, net	(2,064)	(2,476)	(4,336)	(5,210)
Income before income taxes	12,880	16,873	21,815	34,555
Income tax expense	5,406	4,034	7,185	9,541
Net income	$ 7,474	$ 12,839	$ 14,630	$ 25,014
Earnings per share:
Basic	$ 0.04	$ 0.08	$ 0.09	$ 0.15
Diluted	$ 0.04	$ 0.07	$ 0.08	$ 0.15
Weighted-average common stock outstanding:
Basic	171,628	166,540	171,467	166,088
Diluted	175,961	172,488	176,850	172,129
Comprehensive income:
Net income	$ 7,474	$ 12,839	$ 14,630	$ 25,014
Other comprehensive (loss) income:
Foreign currency cumulative translation adjustment	(1,814)	(377)	(6,439)	816
Total comprehensive income	$ 5,660	$ 12,462	$ 8,191	$ 25,830

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income Net of Income Taxes	Total
Balance at Dec. 31, 2022	$ 165	$ (796)	$ 756,299	$ 127,517	$ (6,326)	$ 876,859
Balance (in shares) at Dec. 31, 2022	165,448	31
Foreign currency translation adjustment					1,193	1,193
Shares repurchased for settlement of employee tax withholdings		$ (787)				(787)
Shares repurchased for settlement of employee tax withholdings (in shares)		30
Stock-based compensation expense			11,992			11,992
Common stock issued upon exercise of stock options	$ 1		1,765			1,766
Common stock issued upon exercise of stock options (in shares)	527
Common stock issued upon vesting of restricted stock units (in shares)	182
Treasury stock reissued upon settlement of equity awards		$ 914	(914)
Treasury stock reissued upon settlement of equity awards (in shares)		(35)
Net income				12,175		12,175
Balance at Mar. 31, 2023	$ 166	$ (669)	769,142	139,692	(5,133)	903,198
Balance (in shares) at Mar. 31, 2023	166,157	26
Balance at Dec. 31, 2022	$ 165	$ (796)	756,299	127,517	(6,326)	876,859
Balance (in shares) at Dec. 31, 2022	165,448	31
Foreign currency translation adjustment						816
Net income						25,014
Balance at Jun. 30, 2023	$ 167	$ (528)	787,562	152,531	(5,510)	934,222
Balance (in shares) at Jun. 30, 2023	167,250	16
Balance at Mar. 31, 2023	$ 166	$ (669)	769,142	139,692	(5,133)	903,198
Balance (in shares) at Mar. 31, 2023	166,157	26
Foreign currency translation adjustment					(377)	(377)
Shares repurchased for settlement of employee tax withholdings		$ (1,966)				(1,966)
Shares repurchased for settlement of employee tax withholdings (in shares)		57
Stock-based compensation expense			15,399			15,399
Common stock issued upon exercise of stock options	$ 1		3,990			3,991
Common stock issued upon exercise of stock options (in shares)	711
Common stock issued upon vesting of restricted stock units (in shares)	333
Treasury stock reissued upon settlement of equity awards		$ 2,107	(2,107)
Treasury stock reissued upon settlement of equity awards (in shares)		(67)
Common stock issued under employee purchase plan			1,138			1,138
Common stock issued under employee purchase plan (in shares)	49
Net income				12,839		12,839
Balance at Jun. 30, 2023	$ 167	$ (528)	787,562	152,531	(5,510)	934,222
Balance (in shares) at Jun. 30, 2023	167,250	16
Balance at Dec. 31, 2023	$ 171	$ (743)	878,331	198,983	(2,803)	1,073,939
Balance (in shares) at Dec. 31, 2023	171,168	22
Foreign currency translation adjustment					(4,625)	(4,625)
Shares repurchased for settlement of employee tax withholdings		$ (1,792)				(1,792)
Shares repurchased for settlement of employee tax withholdings (in shares)		48
Stock-based compensation expense			20,718			20,718
Common stock issued upon exercise of stock options			1,695			1,695
Common stock issued upon exercise of stock options (in shares)	153
Common stock issued upon vesting of restricted stock units	$ 1		(1)
Common stock issued upon vesting of restricted stock units (in shares)	435
Treasury stock reissued upon settlement of equity awards		$ 1,389	(1,389)
Treasury stock reissued upon settlement of equity awards (in shares)		(38)
Net income				7,156		7,156
Balance at Mar. 31, 2024	$ 172	$ (1,146)	899,354	206,139	(7,428)	1,097,091
Balance (in shares) at Mar. 31, 2024	171,756	32
Balance at Dec. 31, 2023	$ 171	$ (743)	878,331	198,983	(2,803)	1,073,939
Balance (in shares) at Dec. 31, 2023	171,168	22
Foreign currency translation adjustment						$ (6,439)
Common stock issued upon exercise of stock options (in shares)						363
Net income						$ 14,630
Balance at Jun. 30, 2024	$ 173	$ (25,443)	926,062	213,613	(9,242)	1,105,163
Balance (in shares) at Jun. 30, 2024	172,634	1,390
Balance at Mar. 31, 2024	$ 172	$ (1,146)	899,354	206,139	(7,428)	1,097,091
Balance (in shares) at Mar. 31, 2024	171,756	32
Foreign currency translation adjustment					(1,814)	(1,814)
Shares repurchased for settlement of employee tax withholdings		$ (660)				(660)
Shares repurchased for settlement of employee tax withholdings (in shares)		30
Stock-based compensation expense			25,315			25,315
Common stock issued upon exercise of stock options			870			870
Common stock issued upon exercise of stock options (in shares)	126
Common stock issued upon vesting of restricted stock units	$ 1		(1)
Common stock issued upon vesting of restricted stock units (in shares)	628
Shares repurchased under the Repurchase Program		$ 25,027				25,027
Share repurchase program, shares repurchased		1,369
Treasury stock reissued upon settlement of equity awards		$ 1,390	(1,390)
Treasury stock reissued upon settlement of equity awards (in shares)		(41)
Common stock issued under employee purchase plan			1,914			1,914
Common stock issued under employee purchase plan (in shares)	124
Net income				7,474		7,474
Balance at Jun. 30, 2024	$ 173	$ (25,443)	$ 926,062	$ 213,613	$ (9,242)	$ 1,105,163
Balance (in shares) at Jun. 30, 2024	172,634	1,390

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 14,630	$ 25,014
Adjustments to reconcile net income to net cash provided by operating activities
Bad debt expense	1,453	3,706
Depreciation and amortization expense	21,932	18,659
Amortization of debt issuance costs	147	147
Non-cash lease expense	3,191	3,293
Deferred taxes	(11,530)	(16,639)
Stock-based compensation expense	44,956	26,980
Interest (income) expense, net	(784)	25
Loss on disposal of fixed assets		5
Other	1,582	209
Changes in operating assets and liabilities
Trade receivables	16,397	(12,214)
Prepaid expenses and other assets	(17,208)	(11,168)
Trade payables	(2,076)	2,126
Accrued expenses and other liabilities	(5,035)	(7,979)
Net cash provided by operating activities	67,655	32,164
Investing activities:
Purchase of property, plant and equipment	(13,558)	(7,671)
Purchase of short-term investments	(81,937)
Net cash used in investing activities	(95,495)	(7,671)
Financing activities:
Proceeds from revolving credit facility		50,000
Payments to revolving credit facility		(50,000)
Proceeds from common stock issued upon exercise of stock options	2,565	5,757
Proceeds from common stock issued under employee purchase plan	1,914	1,138
Finance lease payments	(1,562)	(1,028)
Shares repurchased under the Repurchase Program	(25,027)
Shares repurchased for settlement of employee tax withholdings	(2,452)	(2,753)
Net cash (used in) provided by financing activities	(24,562)	3,114
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(850)	15
Net (decrease) increase in cash, cash equivalents, and restricted cash	(53,252)	27,622
Cash, cash equivalents, and restricted cash - Beginning of period	310,257	267,938
Cash, cash equivalents, and restricted cash - End of period	257,005	295,560
Supplemental cash flow information:
Cash paid for taxes	29,491	41,284
Cash paid for interest	350	389
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances	9,211	1,261
Acquisition of equipment under finance lease		5,479
Capital assets financed by accounts payable and accrued expenses	18	480
Stock-based compensation included in capitalized software development costs	$ 1,064	$ 411

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Cash and cash equivalents	$ 256,066	$ 295,437
Restricted cash (included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets)	939	123
Total cash and cash equivalents and restricted cash	$ 257,005	$ 295,560

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2024
Description of Business
Description of Business	1. Description of Business DoubleVerify Holdings, Inc. (the “Company”) is one of the industry’s leading media effectiveness platforms that leverages artificial intelligence (“AI”) to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. The Company’s solutions provide advertisers unbiased data analytics that enable advertisers to increase the effectiveness, quality and return on their digital advertising investments. The DV Authentic Ad is our proprietary metric of digital media quality, which measures whether a digital ad was delivered in a brand suitable environment, fully viewable, by a real person and in the intended geography. The Company’s software interface, DV Pinnacle, delivers these metrics to our customers in real time, allowing them to access critical performance data on their digital transactions. The Company’s software solutions are integrated across the entire digital advertising ecosystem, including programmatic platforms, social media channels and digital publishers. The Company’s solutions are accredited by the Media Rating Council, which allows the Company’s data to be used as a single source standard in the evaluation and measurement of digital ads. The Company was incorporated on August 16, 2017, is registered in the state of Delaware and is the parent company of DoubleVerify Midco, Inc. (“MidCo”), which is in turn the parent company of DoubleVerify Inc. On August 18, 2017, DoubleVerify Inc. entered into an agreement and plan of merger (the “Agreement”), whereby the Company and Pixel Merger Sub, Inc. (“Merger Sub”), a wholly-owned subsidiary of the Company, agreed to provide for the merger of the Merger Sub with DoubleVerify Inc. pursuant to the terms and conditions of the Agreement. On the effective date, Merger Sub was merged with and into DoubleVerify Inc. whereupon the separate corporate existence of Merger Sub ceased and DoubleVerify Inc. continued as the surviving corporation. Through the merger, the Company acquired 100% of the outstanding equity instruments of DoubleVerify Inc., (the “Acquisition”) resulting in a change of control at the parent level. The merger resulted in the application of acquisition accounting under the provisions of Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 805 , The Company is headquartered in New York, New York and has wholly-owned subsidiaries in numerous jurisdictions, including Israel, the United Kingdom, the United Arab Emirates, Germany, Singapore, Australia, Canada, Brazil, Belgium, Mexico, France, Japan, Spain, Finland, Italy and India, and operates in one reportable segment.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Preparation and Principles of Consolidation The accompanying Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023, the Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair presentation of the results for the periods shown in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC for interim financial reporting periods. Accordingly, certain information and footnote disclosures have been condensed or omitted pursuant to SEC rules that would ordinarily be required under GAAP for complete financial statements. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2023. ​ Use of Estimates and Judgments in the Preparation of the Condensed Consolidated Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expense during the reporting periods. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to: revenue recognition criteria including the determination of principal versus agent revenue considerations, income taxes, the valuation and recoverability of goodwill and intangible assets, the assessment of potential loss from contingencies, assumptions in valuing acquired assets and liabilities assumed in business combinations, the allowance for doubtful accounts, and assumptions used in determining the fair value of stock-based compensation. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. These estimates are based on the information available as of the date of the Condensed Consolidated Financial Statements . Short-term Investments Debt Securities The Company’s accounting for debt securities varies depending on the legal form of the security, our intended holding period for the security, and the nature of the transaction. Investments in marketable debt securities include U.S. treasury bills. The Company considers all of its marketable debt securities as available for use in current operations and, therefore, classifies these securities as Short-term investments on the Condensed Consolidated Balance Sheets. Marketable debt securities are classified as available-for-sale and are initially recorded at fair value. Unrealized gains and losses related to available-for-sale debt securities are recorded as a separate component of Other comprehensive (loss) income, net of tax on the Condensed Consolidated Statements of Operations and Comprehensive Income until realized. Interest on marketable debt securities classified as available-for-sale is included as a component of Other income, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. Refer to Footnote 8, Fair Value Measurement, for further information. The Company accounts for credit losses on available-for-sale debt securities in accordance with ASC 326, “Financial Instruments - Credit Losses” (“ASC 326”). The Company uses ASC 326 to assess the investment portfolio for impairment at the individual security level and evaluates all securities in an unrealized loss position to determine if the impairment is credit related (realized loss recorded in earnings) or non-credit related (unrealized loss). Recently Issued Accounting Pronouncements Segment Reporting – Improvements to Reportable Segment Disclosures In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the update requires retrospective application to all prior periods presented. The Company is currently in the process of evaluating the impact of this standard on the Company’s Condensed Consolidated Financial Statements. Income Taxes – Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which expands annual disclosure requirements related to the rate reconciliation and income taxes paid disclosures. ASU 2023-09 requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid to be disaggregated by jurisdiction. The updated standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted and the update may be applied on a prospective basis with retrospective application permitted. The Company is currently in the process of evaluating the impact of this standard on the Company’s Condensed Consolidated Financial Statements.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue
Revenue	3. Revenue The following table disaggregates revenue between advertiser customers, where revenue is generated based on the number of ads measured for Measurement or measured and purchased for Activation, and Supply-side customers, where revenue is generated based on contracts with minimum guarantees or contracts that contain overages after minimum guarantees are achieved. Disaggregated revenue by customer type was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, ( in thousands) 2024 2023 2024 2023 Activation ​ $ 87,471 ​ $ 77,942 ​ $ 166,793 ​ $ 147,834 Measurement ​ 54,817 ​ 44,989 ​ 104,092 ​ 86,374 Supply-side customer ​ 13,602 ​ 10,813 ​ 25,787 ​ 22,130 Total revenue ​ $ 155,890 ​ $ 133,744 ​ $ 296,672 ​ $ 256,338 ​ Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Trade receivables, net of allowance for doubtful accounts, include unbilled receivable balances of $54.6 million and $55.0 million as of June 30, 2024 and December 31, 2023, respectively. Remaining Performance Obligations As of June 30, 2024, the Company had $16.9 million of remaining performance obligations which are expected to be recognized over the next one

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2024
Business Combinations
Business Combinations	4. Business Combinations Scibids Technology SAS On August 14, 2023, the Company acquired all of the outstanding stock of Scibids Technology SAS (“Scibids”), a global leader in AI technology for digital campaign optimization. The acquisition combines DoubleVerify’s proprietary data with Scibids’ AI-powered optimization technology to provide advertiser customers with enhanced insights and control over their advertising performance. The total purchase price of $121.1 million, net of cash acquired, includes measurement period adjustments of $0.3 million recorded during the three months ended June 30, 2024. The effect of these adjustments on the preliminary purchase price allocation was a decrease to the purchase consideration of $0.3 million and a corresponding decrease recorded to Goodwill The preliminary allocations of the purchase price for Scibids are subject to revisions as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The revisions may have a significant impact on the accompanying Condensed Consolidated Financial Statements. The allocations of the purchase price will be finalized once all information is obtained and assessed, not to exceed one year from the acquisition date. As of June 30, 2024, the purchase price allocation for Scibids is subject to the finalization of working capital adjustments.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets
Goodwill and Intangible Assets	5. The following is a summary of changes to the goodwill carrying value from December 31, 2023 to June 30, 2024: ​ ​ ​ ​ ​ (in thousands) ​ Goodwill at December 31, 2023 ​ $ 436,008 Measurement period adjustments ​ ​ (300) Foreign exchange impact ​ ​ (4,212) Goodwill at June 30, 2024 ​ $ 431,496 ​ The following table summarizes the Company’s intangible assets and related accumulated amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( in thousands) ​ June 30, 2024 December 31, 2023 ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Amount Amount Amortization Amount Trademarks and brands ​ $ 11,733 ​ $ (5,561) ​ $ 6,172 ​ $ 11,734 ​ $ (5,140) ​ $ 6,594 Customer relationships ​ 160,520 ​ ​ (69,985) ​ 90,535 ​ 161,173 ​ (62,955) ​ 98,218 Developed technology ​ 92,243 ​ ​ (63,530) ​ 28,713 ​ 93,013 ​ (56,942) ​ 36,071 Non-compete agreements ​ ​ 64 ​ ​ (64) ​ ​ — ​ ​ 66 ​ ​ (66) ​ ​ — Total intangible assets ​ $ 264,560 ​ $ (139,140) ​ $ 125,420 ​ $ 265,986 ​ $ (125,103) ​ $ 140,883 ​ Amortization expense related to intangible assets for the three months ended June 30, 2024 and June 30, 2023 was $7.1 million and $6.4 million, respectively. Amortization expense related to intangible assets amounted to $14.4 million and $12.6 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Estimated future expected amortization expense of intangible assets as of June 30, 2024 is as follows: ​ ​ ​ ​ ​ (in thousands) ​ 2024 (for remaining six months) ​ $ 14,247 2025 ​ ​ 26,702 2026 ​ ​ 21,948 2027 ​ ​ 18,045 2028 ​ ​ 14,913 2029 ​ ​ 12,562 Thereafter ​ 17,003 Total ​ $ 125,420 ​ The weighted-average remaining useful life by major asset classes as of June 30, 2024 is as follows: ​ ​ ​ ​ ​ (In years) Trademarks and brands 8 Customer relationships 6 Developed technology ​ 2 ​ There were no impairments of Goodwill or Intangible assets identified during the six months ended June 30, 2024 and June 30, 2023.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment
Property, Plant and Equipment, net	6. Property, plant and equipment, including equipment under finance lease obligations and capitalized software development costs, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) ​ June 30, 2024 ​ December 31, 2023 Computers and peripheral equipment $ 26,360 $ 25,013 Office furniture and equipment ​ 3,554 ​ 3,170 Leasehold improvements ​ 34,766 ​ 32,595 Capitalized software development costs ​ 44,865 ​ 35,039 Less accumulated depreciation and amortization ​ (45,024) ​ (37,797) Total property, plant and equipment, net ​ $ 64,521 ​ $ 58,020 ​ For the three months ended June 30, 2024 and June 30, 2023, total depreciation expense was $3.9 million and $3.3 million, respectively. For the six months ended June 30, 2024 and June 30, 2023, total depreciation expense was $7.5 million and $6.1 million, respectively. Property and equipment under finance lease obligations, consisting of computer equipment, totaled $17.8 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, accumulated depreciation related to property and equipment under finance lease obligations totaled $14.0 million and $12.9 million, respectively. Refer to Note 7, Leases. There were no impairments of Property, plant and equipment identified during the six months ended June 30, 2024 and June 30, 2023.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases
Leases	7. Leases The following table presents lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three and six months ended June 30, 2024 and 2023, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 2024 ​ 2023 Lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (1) ​ $ 2,690 ​ $ 2,582 ​ $ 5,327 ​ $ 5,169 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of finance lease assets (2) ​ ​ 493 ​ ​ 314 ​ ​ 1,112 ​ ​ 531 Interest on finance lease liabilities (3) ​ ​ 57 ​ ​ 43 ​ ​ 121 ​ ​ 66 Short-term lease cost (1) ​ ​ 327 ​ ​ 243 ​ ​ 644 ​ ​ 489 Sublease income (1) ​ ​ — ​ ​ (267) ​ ​ — ​ ​ (534) Total lease cost ​ $ 3,567 ​ $ 2,915 ​ $ 7,204 ​ $ 5,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ $ 2,522 ​ $ 1,516 ​ $ 5,038 ​ $ 2,852 Operating cash outflows from finance leases ​ $ 81 ​ $ 17 ​ $ 155 ​ $ 40 Financing cash outflows from finance leases ​ $ 747 ​ $ 515 ​ $ 1,562 ​ $ 1,028 (1) Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (2) Included in Depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (3) Included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. ​ The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of June 30, 2024 and 2023, respectively: ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2024 2023 Weighted-average remaining lease term - operating leases (in years) 12.5 ​ 13.8 Weighted-average remaining lease term - finance leases (in years) 1.9 ​ 2.6 Weighted-average discount rate - operating leases ​ 4.8% ​ 4.5% Weighted-average discount rate - finance leases 5.5% ​ 5.2% ​ Maturities of lease liabilities as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 (in thousands) ​ Operating Leases ​ Finance Leases 2024 (for remaining six months) ​ $ 5,327 ​ $ 1,497 2025 ​ 10,153 ​ 2,150 2026 ​ 9,414 ​ 819 2027 ​ 8,863 ​ ​ 2028 ​ 7,722 ​ ​ 2029 ​ ​ 8,145 ​ ​ ​ Thereafter ​ ​ 67,156 ​ ​ ​ Total lease payments ​ 116,780 ​ 4,466 Less amount representing interest ​ (30,402) ​ (229) Present value of total lease payments ​ $ 86,378 ​ $ 4,237 ​ As of June 30, 2024, the Company has entered into additional international office space leases that have not yet commenced with contractual commitments of $1.5 million. These operating leases will commence in fiscal year 2025 with lease terms of two There were no impairments of Operating lease right-of-use assets identified during the six months ended June 30, 2024 and June 30, 2023.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Measurement
Fair Value Measurement	8. Fair Value Measurement The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ Quoted Market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in Active ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Markets for ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Identical Assets ​ Observable Inputs ​ Inputs ​ Total Fair Value ( in thousands) ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Measurements Assets: ​ ​ ​ ​ Cash equivalents ​ $ 707 ​ $ — ​ $ — ​ $ 707 Short-term investments ​ $ 82,754 ​ $ — ​ $ — ​ $ 82,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Quoted Market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in Active ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Markets for ​ Significant Other ​ Unobservable ​ ​ ​ ​ Identical Assets Observable Inputs ​ Inputs ​ Tota1 Fair Value (in thousands) ​ (Level 1) ​ (Level 2) (Level 3) ​ Measurements Assets: Cash equivalents $ 61,463 ​ $ — ​ $ — $ 61,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024, Cash equivalents consisted of money market funds of $0.7 million. As of December 31, 2023, Cash equivalents consisted of treasury bills with original maturities at the date of purchase of three months or less and money market funds of $61.5 million. Short-term investments consisted of treasury bills of $82.8 million as of June 30, 2024. As of June 30, 2024, all of the Company’s Short-term investments are contractually due within one year. As of June 30, 2024 and December 31, 2023, the amortized cost of the Company’s treasury bills approximated fair value. The Company did not record any unrealized gains, unrealized losses, or credit losses for the three and six months ended June 30, 2024.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2024
Long-term Debt.
Long-term Debt	9. Long-term Debt On October 1, 2020, DoubleVerify Inc., as borrower (the “Borrower”), and MidCo, as guarantor, entered into an amendment and restatement agreement with the banks and other financial institutions party thereto, as lenders, and Capital One, National Association, as administrative agent, letter of credit issuer and swing lender, and others, to (i) amend and restate the Company’s prior credit agreement, as amended and restated on October 1, 2020 (the “Credit Agreement”) and (ii) replace the Company’s prior credit facilities with a new senior secured revolving credit facility (the “New Revolving Credit Facility”) in an aggregate principal amount of $150.0 million (with a letter of credit facility of up to $15.0 million as a sublimit). Subject to certain terms and conditions, the Borrower is entitled to request additional term loan facilities or increases in the revolving credit commitments under the New Revolving Credit Facility. The New Revolving Credit Facility is payable in quarterly installments for interest, with the principal balance due in full at maturity on October 1, 2025. Additional fees paid quarterly include fees for the unused revolving facility and unused letter of credit. The commitment fee on any unused balance is payable periodically and may range from 0.25% to 0.40% based upon the Borrower’s total net leverage ratio calculated in accordance with the Credit Agreement. On March 29, 2023, the Company entered into an amendment to the New Revolving Credit Facility to replace the LIBOR based interest rate with a Secured Overnight Financing Rate (“SOFR”) based interest rate . The New Revolving Credit Facility contains a number of significant negative covenants. Subject to certain exceptions, these covenants require the Borrower to comply with certain requirements and restrictions on its ability to, among other things: incur indebtedness; create liens; engage in mergers or consolidations; make investments, loans and advances; pay dividends or other distributions and repurchase capital stock; sell assets; engage in certain transactions with affiliates; enter into sale and leaseback transactions; and make certain accounting changes. As a result of these restrictions, substantially all of the net assets of the Borrower are restricted from distribution to the Company or any holders of its equity. The New Revolving Credit Facility has a first priority lien on substantially all of the assets of MidCo, the Borrower and Ad-Juster Inc., the Company’s indirect subsidiary. The New Revolving Credit Facility requires the Borrower to remain in compliance with a maximum total net leverage ratio and a minimum fixed charge coverage ratio, each as defined in the Credit Agreement. As of June 30, 2024, the maximum total net leverage ratio and minimum fixed charge coverage ratio was 3.5x and 1.25x, respectively. The Borrower was in compliance with all covenants under the New Revolving Credit Facility as of June 30, 2024. As of June 30, 2024 and December 31, 2023, there was no outstanding debt under the New Revolving Credit Facility. ​

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2024
Income Tax
Income Tax	10. Income Tax The Company’s quarterly income tax provision is calculated using an estimated annual effective income tax rate (“ETR”) based on historical information and forward-looking estimates. The Company’s estimated annual ETR may fluctuate due to changes in forecasted annual pre-tax income, and changes to forecasted permanent book to tax differences (e.g., non-deductible expenses). The Company’s ETR for a particular reporting period may fluctuate as the result of changes to the valuation allowance for net deferred tax assets, the impact of anticipated tax settlements with federal, state, or foreign tax authorities, or the impact of tax law changes. The Company identifies items that are unusual and non-recurring in nature and treats these as discrete events. The tax effect of these discrete events is booked entirely in the quarter in which they occur. During the three and six months ended June 30, 2024, the Company recorded an income tax provision of $5.4 million and $7.2 million, respectively, resulting in an effective tax rate of 42.0% and 32.9%, that includes the effects of various permanent book-to-tax adjustments, foreign tax rate differences, U.S. tax on foreign operations, and U.S. state/local taxes. During the three and six months ended June 30, 2023, the Company recorded an income tax provision of $4.0 million and $9.5 million, respectively, resulting in an effective tax rate of 23.1% and 27.2%. ​ A valuation allowance has been established against a small amount of foreign capital losses and certain U.S. tax loss carryforwards. All other net deferred tax assets have been determined to be more likely than not realizable. The Company regularly reviews its deferred tax assets for recoverability and would establish a valuation allowance if it believed that such assets may not be recovered, taking into consideration historical operating results, expectations of future earnings, changes in its operations, and the expected timing of the reversals of existing temporary differences. The Company accounts for uncertainty in income taxes utilizing ASC 740-10, “Income Taxes.” ASC 740-10 clarifies whether or not to recognize assets or liabilities for tax positions taken that may be challenged by a tax authority. It prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosures. The application of ASC 740-10 requires judgment related to the uncertainty in income taxes and could impact the Company’s effective tax rate. ​ The Company and its subsidiaries file income tax returns with the Internal Revenue Service (“IRS”) in various state and international jurisdictions. The Company’s Israeli subsidiary is under audit by the Israeli Tax Authority for the 2021 and later tax years. The Company is also under audit by the Commonwealth of Massachusetts for the 2019 and 2020 tax years. These examinations may lead to ordinary course adjustments or proposed adjustments to the Company’s taxes. Aside from the aforementioned, the Company is not currently under audit in any other jurisdiction.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share
Earnings Per Share	11. Earnings Per Share The following table reconciles the numerators and denominators used in computations of the basic and diluted EPS for the three and six months ended June 30, 2024 and June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Numerator: ​ ​ ​ Net Income (basic and diluted) ​ $ 7,474 ​ $ 12,839 ​ $ 14,630 ​ $ 25,014 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 171,628 ​ 166,540 ​ 171,467 ​ 166,088 Dilutive effect of share-based awards ​ 4,333 ​ 5,948 ​ 5,383 ​ 6,041 Weighted-average dilutive shares outstanding ​ 175,961 ​ 172,488 ​ 176,850 ​ 172,129 Basic earnings per share ​ $ 0.04 ​ $ 0.08 ​ $ 0.09 ​ $ 0.15 Diluted earnings per share ​ $ 0.04 ​ $ 0.07 ​ $ 0.08 ​ $ 0.15 ​ Approximately 8.9 million and 3.9 million weighted average shares issuable under stock-based awards were not included in the diluted EPS calculation in the three and six months ended June 30, 2024, respectively, because they were antidilutive. Approximately 8.6 million and 7.7 million weighted average shares issuable under stock-based awards were not included in the diluted EPS calculation in the three and six months ended June 30, 2023, respectively, because they were also antidilutive.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	12. Stock-Based Compensation Employee Equity Incentive Plan On September 20, 2017, the Company established its 2017 Omnibus Equity Incentive Program (the “2017 Plan”) which provides for the granting of equity-based awards to certain employees, directors, independent contractors, consultants and agents. Under the 2017 Plan, the Company may grant non-qualified stock options, stock appreciation rights, restricted stock units, and other stock-based awards. On April 19, 2021, the Company established its 2021 Omnibus Equity Incentive Plan (“2021 Equity Plan”). The 2021 Equity Plan provides for the grant of stock options (including qualified incentive stock options and nonqualified stock options), stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, and other stock or cash settled incentive awards. Stock Options Options become exercisable subject to vesting schedules up to four years from the date of the grant and subject to certain timing restrictions upon an employee’s separation of service and no later than 10 years after the grant date. A summary of stock option activity as of and for the six months ended June 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Option ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Contractual Life ​ ​ Aggregate ​ ​ Options ​ Exercise Price ​ (Years) ​ ​ Intrinsic Value Outstanding as of December 31, 2023 9,992 ​ $ 17.01 ​ 6.91 ​ $ 197,598 Options granted — ​ ​ — ​ ​ ​ ​ ​ Options exercised (363) ​ ​ 7.09 ​ ​ ​ ​ ​ Options forfeited (46) ​ ​ 31.01 ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 9,583 ​ $ 17.32 ​ 6.42 ​ $ 61,419 Options expected to vest as of June 30, 2024 2,194 ​ $ 25.96 ​ 7.94 ​ $ 1,271 Options exercisable as of June 30, 2024 7,297 ​ $ 14.61 ​ 5.94 ​ $ 60,147 ​ Stock options include grants to executives that contain both market-based and performance-based vesting conditions. There were no stock options granted that contain both market-based and performance-based vesting conditions during the six months ended June 30, 2024. During the six months ended June 30, 2024, 50 stock options were exercised and 1,323 market-based and performance-based stock options remain outstanding as of June 30, 2024. The total intrinsic value of options exercised during the six months ended June 30, 2024 and June 30, 2023 was $8.3 million and $34.1 million, respectively. The Company’s board of directors (the “Board”) did not declare or pay dividends on any Company stock during the six months ended June 30, 2024 and June 30, 2023. Restricted Stock Units (“RSUs”) RSUs are subject to vesting schedules up to four years from the date of the grant and subject to certain restrictions upon employee separation. A summary of RSUs activity as of and for the six months ended June 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ Number of ​ Weighted Average ​ ​ Shares ​ Grant Date Fair Value Outstanding as of December 31, 2023 ​ 4,720 ​ $ 28.03 Granted 2,727 ​ ​ 32.97 Vested (1,063) ​ ​ 28.96 Forfeited (152) ​ ​ 29.00 Outstanding as of June 30, 2024 6,232 ​ $ 30.01 ​ The total grant date fair value of RSUs that vested during the six months ended June 30, 2024 was $30.8 million. Performance Stock Units (“PSUs”) PSUs are subject to vesting and performance periods of up to approximately three years from the date of the grant. A summary of PSUs activity as of and for the six months ended June 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ PSUs ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ Number of ​ Date Fair ​ Shares (1) Value Outstanding as of December 31, 2023 ​ 480 ​ $ 41.31 Granted ​ 186 ​ ​ 41.28 Vested ​ — ​ ​ — Forfeited ​ — ​ ​ — Outstanding as of June 30, 2024 666 ​ $ 41.30 ​ (1) The fair market value of PSUs with market-based and service-based vesting conditions granted for the years presented has been estimated on the grant date using the Monte Carlo Simulation model with the following assumptions: ​ ​ ​ ​ ​ 2024 Risk‑free interest rate (percentage) 3.9 - 4.1 Expected dividend yield (percentage) — Expected volatility (percentage) 46.7 ​ Stock-based Compensation Expense Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2024 2023 2024 2023 Product development ​ $ 9,734 ​ $ 5,975 ​ $ 17,107 ​ $ 10,354 Sales, marketing and customer support ​ 7,503 ​ 4,746 ​ 13,439 ​ 8,253 General and administrative ​ 7,478 ​ 4,446 ​ 14,410 ​ 8,373 Total stock-based compensation ​ $ 24,715 ​ $ 15,167 ​ $ 44,956 ​ $ 26,980 ​ As of June 30, 2024, unrecognized stock-based compensation expense was $203.2 million, which is expected to be recognized over a weighted-average period of 1.4 years. Employee Stock Purchase Plan (“ESPP”) In March 2021, the Board approved the Company’s 2021 ESPP. Purchases are accomplished through participation in discrete offering periods. The ESPP is available to U.S.-based employees and most of the Company’s non-U.S.-based employees. The current offering period began on June 1, 2024 and will end on November 30, 2024. The Company expects the program to continue consecutively for six-month offering periods for the foreseeable future. Under the ESPP, eligible employees are able to acquire shares of the Company’s common stock by accumulating funds through payroll deductions. The purchase price for shares of common stock purchased under the ESPP is 85% of the lesser of the fair market value of the common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of the applicable offering period. Employees are required to hold shares purchased for a minimum of six months following the purchase date. Stock-based compensation expense for the ESPP is recognized on a straight-line basis over the requisite service period of each award. Stock-based compensation expense related to the ESPP totaled $0.3 million and $0.5 million for the three and six months ended June 30, 2024, respectively. Stock-based compensation expense related to the ESPP totaled $0.2 million and $0.3 million for the three and six months ended June 30, 2023, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity
Stockholders' Equity	13. Stockholders’ Equity Repurchase Program On May 16, 2024, the Company announced that the Board authorized the repurchase of up to $150.0 million of the Company’s outstanding common stock (the “Repurchase Program”). Under the Repurchase Program, the Company may repurchase for cash from time to time shares of its common stock through open market purchases pursuant to Rule 10b-18 and/or Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The Repurchase Program does not obligate the Company to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the Company’s discretion. During the three months ended June 30, 2024, the Company repurchased 1.4 million shares of its common stock for an aggregate repurchase amount of $25.0 million, which included immaterial amounts of broker commissions. As of June 30, 2024, $125.0 million remained available and authorized for repurchase under the Repurchase Program. Activity under the Repurchase Program was recognized in the Condensed Consolidated Balance Sheets on a trade-date basis.

Supplemental Financial Statemen

Supplemental Financial Statement Information	6 Months Ended
	Jun. 30, 2024
Supplemental Financial Statement Information
Supplemental Financial Statement Information	14. Supplemental Financial Statement Information Accrued Expenses Accrued expenses as of June 30, 2024 and December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) ​ June 30, 2024 December 31, 2023 Vendor payments ​ $ 6,060 ​ $ 6,286 Employee commissions and bonuses ​ 18,105 ​ 20,809 Payroll and other employee related expense ​ 13,489 ​ 10,602 401k and pension expense ​ 1,857 ​ 2,982 Other taxes ​ 4,625 ​ 3,585 Total accrued expenses ​ $ 44,136 ​ $ 44,264 ​ Other Income, Net The components of Other income, net recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2024 2023 2024 2023 Interest income ​ $ (3,311) ​ $ (2,686) ​ $ (6,590) ​ $ (5,442) Foreign currency exchange loss ​ 1,239 ​ 209 ​ 2,217 ​ 229 Other miscellaneous expense, net ​ 8 ​ 1 ​ 37 ​ 3 Other income, net ​ $ (2,064) ​ $ (2,476) ​ $ (4,336) ​ $ (5,210) ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	15. Commitments and Contingencies Contingencies Litigation From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. The Company records liabilities for contingencies including legal costs when it is probable that a liability has been incurred and when the amount can be reasonably estimated. Legal costs are expensed as incurred. Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or other claims will have a material effect on the Company’s business, financial condition, results of operations or cash flows.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Information
Segment Information	16. Segment Information The Company has determined that it operates as one operating and reportable

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	17. Subsequent Events In July 2024, the Company repurchased 1.3 million shares of its common stock for an aggregate repurchase amount of $25.0 million, which included immaterial amounts of broker commissions. As of July 30, 2024, $100.0 million remained available and authorized for repurchase under the Repurchase Program.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,474	$ 7,156	$ 12,839	$ 12,175	$ 14,630	$ 25,014

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Preparation and Principles of Consolidation	Basis of Preparation and Principles of Consolidation The accompanying Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023, the Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair presentation of the results for the periods shown in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC for interim financial reporting periods. Accordingly, certain information and footnote disclosures have been condensed or omitted pursuant to SEC rules that would ordinarily be required under GAAP for complete financial statements. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2023. ​
Use of Estimates and Judgments in the Preparation of the Condensed Consolidated Financial Statements	Use of Estimates and Judgments in the Preparation of the Condensed Consolidated Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expense during the reporting periods. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to: revenue recognition criteria including the determination of principal versus agent revenue considerations, income taxes, the valuation and recoverability of goodwill and intangible assets, the assessment of potential loss from contingencies, assumptions in valuing acquired assets and liabilities assumed in business combinations, the allowance for doubtful accounts, and assumptions used in determining the fair value of stock-based compensation. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. These estimates are based on the information available as of the date of the Condensed Consolidated Financial Statements .
Short-term Investments	Short-term Investments Debt Securities The Company’s accounting for debt securities varies depending on the legal form of the security, our intended holding period for the security, and the nature of the transaction. Investments in marketable debt securities include U.S. treasury bills. The Company considers all of its marketable debt securities as available for use in current operations and, therefore, classifies these securities as Short-term investments on the Condensed Consolidated Balance Sheets. Marketable debt securities are classified as available-for-sale and are initially recorded at fair value. Unrealized gains and losses related to available-for-sale debt securities are recorded as a separate component of Other comprehensive (loss) income, net of tax on the Condensed Consolidated Statements of Operations and Comprehensive Income until realized. Interest on marketable debt securities classified as available-for-sale is included as a component of Other income, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. Refer to Footnote 8, Fair Value Measurement, for further information. The Company accounts for credit losses on available-for-sale debt securities in accordance with ASC 326, “Financial Instruments - Credit Losses” (“ASC 326”). The Company uses ASC 326 to assess the investment portfolio for impairment at the individual security level and evaluates all securities in an unrealized loss position to determine if the impairment is credit related (realized loss recorded in earnings) or non-credit related (unrealized loss).
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Segment Reporting – Improvements to Reportable Segment Disclosures In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the update requires retrospective application to all prior periods presented. The Company is currently in the process of evaluating the impact of this standard on the Company’s Condensed Consolidated Financial Statements. Income Taxes – Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which expands annual disclosure requirements related to the rate reconciliation and income taxes paid disclosures. ASU 2023-09 requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid to be disaggregated by jurisdiction. The updated standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted and the update may be applied on a prospective basis with retrospective application permitted. The Company is currently in the process of evaluating the impact of this standard on the Company’s Condensed Consolidated Financial Statements.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, ( in thousands) 2024 2023 2024 2023 Activation ​ $ 87,471 ​ $ 77,942 ​ $ 166,793 ​ $ 147,834 Measurement ​ 54,817 ​ 44,989 ​ 104,092 ​ 86,374 Supply-side customer ​ 13,602 ​ 10,813 ​ 25,787 ​ 22,130 Total revenue ​ $ 155,890 ​ $ 133,744 ​ $ 296,672 ​ $ 256,338

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets
Summary of changes to the goodwill carrying value	​ ​ ​ ​ ​ (in thousands) ​ Goodwill at December 31, 2023 ​ $ 436,008 Measurement period adjustments ​ ​ (300) Foreign exchange impact ​ ​ (4,212) Goodwill at June 30, 2024 ​ $ 431,496
Schedule of intangible assets and related accumulated amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( in thousands) ​ June 30, 2024 December 31, 2023 ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Amount Amount Amortization Amount Trademarks and brands ​ $ 11,733 ​ $ (5,561) ​ $ 6,172 ​ $ 11,734 ​ $ (5,140) ​ $ 6,594 Customer relationships ​ 160,520 ​ ​ (69,985) ​ 90,535 ​ 161,173 ​ (62,955) ​ 98,218 Developed technology ​ 92,243 ​ ​ (63,530) ​ 28,713 ​ 93,013 ​ (56,942) ​ 36,071 Non-compete agreements ​ ​ 64 ​ ​ (64) ​ ​ — ​ ​ 66 ​ ​ (66) ​ ​ — Total intangible assets ​ $ 264,560 ​ $ (139,140) ​ $ 125,420 ​ $ 265,986 ​ $ (125,103) ​ $ 140,883
Schedule of estimated future expected amortization expense of intangible assets	​ ​ ​ ​ ​ (in thousands) ​ 2024 (for remaining six months) ​ $ 14,247 2025 ​ ​ 26,702 2026 ​ ​ 21,948 2027 ​ ​ 18,045 2028 ​ ​ 14,913 2029 ​ ​ 12,562 Thereafter ​ 17,003 Total ​ $ 125,420
Schedule of weighted-average remaining useful life by major asset classes	​ ​ ​ ​ ​ (In years) Trademarks and brands 8 Customer relationships 6 Developed technology ​ 2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) ​ June 30, 2024 ​ December 31, 2023 Computers and peripheral equipment $ 26,360 $ 25,013 Office furniture and equipment ​ 3,554 ​ 3,170 Leasehold improvements ​ 34,766 ​ 32,595 Capitalized software development costs ​ 44,865 ​ 35,039 Less accumulated depreciation and amortization ​ (45,024) ​ (37,797) Total property, plant and equipment, net ​ $ 64,521 ​ $ 58,020

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases
Schedule of lease cost and other information about leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 2024 ​ 2023 Lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (1) ​ $ 2,690 ​ $ 2,582 ​ $ 5,327 ​ $ 5,169 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of finance lease assets (2) ​ ​ 493 ​ ​ 314 ​ ​ 1,112 ​ ​ 531 Interest on finance lease liabilities (3) ​ ​ 57 ​ ​ 43 ​ ​ 121 ​ ​ 66 Short-term lease cost (1) ​ ​ 327 ​ ​ 243 ​ ​ 644 ​ ​ 489 Sublease income (1) ​ ​ — ​ ​ (267) ​ ​ — ​ ​ (534) Total lease cost ​ $ 3,567 ​ $ 2,915 ​ $ 7,204 ​ $ 5,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ $ 2,522 ​ $ 1,516 ​ $ 5,038 ​ $ 2,852 Operating cash outflows from finance leases ​ $ 81 ​ $ 17 ​ $ 155 ​ $ 40 Financing cash outflows from finance leases ​ $ 747 ​ $ 515 ​ $ 1,562 ​ $ 1,028 (1) Included in Cost of revenue, Sales, marketing and customer support, Product development and General and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (2) Included in Depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. (3) Included in Interest expense in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. ​
Schedule of weighted-average remaining lease terms and discount rates	The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of June 30, 2024 and 2023, respectively: ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2024 2023 Weighted-average remaining lease term - operating leases (in years) 12.5 ​ 13.8 Weighted-average remaining lease term - finance leases (in years) 1.9 ​ 2.6 Weighted-average discount rate - operating leases ​ 4.8% ​ 4.5% Weighted-average discount rate - finance leases 5.5% ​ 5.2%
Schedule of the future operating lease commitment under agreement	Maturities of lease liabilities as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 (in thousands) ​ Operating Leases ​ Finance Leases 2024 (for remaining six months) ​ $ 5,327 ​ $ 1,497 2025 ​ 10,153 ​ 2,150 2026 ​ 9,414 ​ 819 2027 ​ 8,863 ​ ​ 2028 ​ 7,722 ​ ​ 2029 ​ ​ 8,145 ​ ​ ​ Thereafter ​ ​ 67,156 ​ ​ ​ Total lease payments ​ 116,780 ​ 4,466 Less amount representing interest ​ (30,402) ​ (229) Present value of total lease payments ​ $ 86,378 ​ $ 4,237
Schedule of maturities of finance lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 (in thousands) ​ Operating Leases ​ Finance Leases 2024 (for remaining six months) ​ $ 5,327 ​ $ 1,497 2025 ​ 10,153 ​ 2,150 2026 ​ 9,414 ​ 819 2027 ​ 8,863 ​ ​ 2028 ​ 7,722 ​ ​ 2029 ​ ​ 8,145 ​ ​ ​ Thereafter ​ ​ 67,156 ​ ​ ​ Total lease payments ​ 116,780 ​ 4,466 Less amount representing interest ​ (30,402) ​ (229) Present value of total lease payments ​ $ 86,378 ​ $ 4,237

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Measurement
Schedule of financial instruments measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ Quoted Market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in Active ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Markets for ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Identical Assets ​ Observable Inputs ​ Inputs ​ Total Fair Value ( in thousands) ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Measurements Assets: ​ ​ ​ ​ Cash equivalents ​ $ 707 ​ $ — ​ $ — ​ $ 707 Short-term investments ​ $ 82,754 ​ $ — ​ $ — ​ $ 82,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Quoted Market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in Active ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Markets for ​ Significant Other ​ Unobservable ​ ​ ​ ​ Identical Assets Observable Inputs ​ Inputs ​ Tota1 Fair Value (in thousands) ​ (Level 1) ​ (Level 2) (Level 3) ​ Measurements Assets: Cash equivalents $ 61,463 ​ $ — ​ $ — $ 61,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share
Schedule of computations of the basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Numerator: ​ ​ ​ Net Income (basic and diluted) ​ $ 7,474 ​ $ 12,839 ​ $ 14,630 ​ $ 25,014 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 171,628 ​ 166,540 ​ 171,467 ​ 166,088 Dilutive effect of share-based awards ​ 4,333 ​ 5,948 ​ 5,383 ​ 6,041 Weighted-average dilutive shares outstanding ​ 175,961 ​ 172,488 ​ 176,850 ​ 172,129 Basic earnings per share ​ $ 0.04 ​ $ 0.08 ​ $ 0.09 ​ $ 0.15 Diluted earnings per share ​ $ 0.04 ​ $ 0.07 ​ $ 0.08 ​ $ 0.15

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Option ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Contractual Life ​ ​ Aggregate ​ ​ Options ​ Exercise Price ​ (Years) ​ ​ Intrinsic Value Outstanding as of December 31, 2023 9,992 ​ $ 17.01 ​ 6.91 ​ $ 197,598 Options granted — ​ ​ — ​ ​ ​ ​ ​ Options exercised (363) ​ ​ 7.09 ​ ​ ​ ​ ​ Options forfeited (46) ​ ​ 31.01 ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 9,583 ​ $ 17.32 ​ 6.42 ​ $ 61,419 Options expected to vest as of June 30, 2024 2,194 ​ $ 25.96 ​ 7.94 ​ $ 1,271 Options exercisable as of June 30, 2024 7,297 ​ $ 14.61 ​ 5.94 ​ $ 60,147
Schedule of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ Number of ​ Weighted Average ​ ​ Shares ​ Grant Date Fair Value Outstanding as of December 31, 2023 ​ 4,720 ​ $ 28.03 Granted 2,727 ​ ​ 32.97 Vested (1,063) ​ ​ 28.96 Forfeited (152) ​ ​ 29.00 Outstanding as of June 30, 2024 6,232 ​ $ 30.01
Schedule of PSUs activity	​ ​ ​ ​ ​ ​ ​ ​ ​ PSUs ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ Number of ​ Date Fair ​ Shares (1) Value Outstanding as of December 31, 2023 ​ 480 ​ $ 41.31 Granted ​ 186 ​ ​ 41.28 Vested ​ — ​ ​ — Forfeited ​ — ​ ​ — Outstanding as of June 30, 2024 666 ​ $ 41.30 ​ (1)
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2024 2023 2024 2023 Product development ​ $ 9,734 ​ $ 5,975 ​ $ 17,107 ​ $ 10,354 Sales, marketing and customer support ​ 7,503 ​ 4,746 ​ 13,439 ​ 8,253 General and administrative ​ 7,478 ​ 4,446 ​ 14,410 ​ 8,373 Total stock-based compensation ​ $ 24,715 ​ $ 15,167 ​ $ 44,956 ​ $ 26,980
Performance share units (PSUs)
Stock-Based Compensation
Schedule of valuation assumptions	​ ​ ​ ​ ​ 2024 Risk‑free interest rate (percentage) 3.9 - 4.1 Expected dividend yield (percentage) — Expected volatility (percentage) 46.7

Supplemental Financial Statem_2

Supplemental Financial Statement Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Financial Statement Information
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) ​ June 30, 2024 December 31, 2023 Vendor payments ​ $ 6,060 ​ $ 6,286 Employee commissions and bonuses ​ 18,105 ​ 20,809 Payroll and other employee related expense ​ 13,489 ​ 10,602 401k and pension expense ​ 1,857 ​ 2,982 Other taxes ​ 4,625 ​ 3,585 Total accrued expenses ​ $ 44,136 ​ $ 44,264
Schedule of other income, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2024 2023 2024 2023 Interest income ​ $ (3,311) ​ $ (2,686) ​ $ (6,590) ​ $ (5,442) Foreign currency exchange loss ​ 1,239 ​ 209 ​ 2,217 ​ 229 Other miscellaneous expense, net ​ 8 ​ 1 ​ 37 ​ 3 Other income, net ​ $ (2,064) ​ $ (2,476) ​ $ (4,336) ​ $ (5,210) ​

Description of Business (Detail

Description of Business (Details) - segment	6 Months Ended
	Jun. 30, 2024	Aug. 18, 2017
Business Combinations
Number of reportable segments	1
DoubleVerify Inc.
Business Combinations
Ownership percentage acquired		100%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of revenue
Total revenue	$ 155,890	$ 133,744	$ 296,672	$ 256,338
Unbilled receivable	54,600		54,600		$ 55,000
Remaining performance obligation	$ 16,900		$ 16,900
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of revenue
Remaining performance obligations	1 year		1 year
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of revenue
Remaining performance obligations	3 years		3 years
Activation
Disaggregation of revenue
Total revenue	$ 87,471	77,942	$ 166,793	147,834
Measurement
Disaggregation of revenue
Total revenue	54,817	44,989	104,092	86,374
Supply - side customer
Disaggregation of revenue
Total revenue	$ 13,602	$ 10,813	$ 25,787	$ 22,130
Supply-side revenue	8.70%		8.70%

Business Combinations - Acquisi

Business Combinations - Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Adjustments recorded to goodwill		$ (300)
Scibids
Business Acquisition [Line Items]
Aggregate net cash purchase price	$ 121,100
Measurement period adjustments recorded	300
Purchase consideration	(300)
Adjustments recorded to goodwill	$ (300)

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Changes to the goodwill carrying value
Goodwill at Beginning	$ 436,008
Measurement period adjustments	(300)
Foreign exchange impact	(4,212)
Goodwill at Ending	$ 431,496

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Company's intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 264,560		$ 264,560		$ 265,986
Accumulated Amortization	(139,140)		(139,140)		(125,103)
Total	125,420		125,420		140,883
Amortization expense	7,100	$ 6,400	14,400	$ 12,600
Trademarks and brands
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,733		11,733		11,734
Accumulated Amortization	(5,561)		(5,561)		(5,140)
Total	6,172		6,172		6,594
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	160,520		160,520		161,173
Accumulated Amortization	(69,985)		(69,985)		(62,955)
Total	90,535		90,535		98,218
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	92,243		92,243		93,013
Accumulated Amortization	(63,530)		(63,530)		(56,942)
Total	28,713		28,713		36,071
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64		64		66
Accumulated Amortization	$ (64)		$ (64)		$ (66)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated future expected amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024 (for remaining six months)	$ 14,247
2025	26,702
2026	21,948
2027	18,045
2028	14,913
2029	12,562
Thereafter	17,003
Total	$ 125,420	$ 140,883

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Weighted-average remaining useful life (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 0	$ 0
Impairment of goodwill	$ 0	$ 0
Trademarks and brands
Finite-Lived Intangible Assets [Line Items]
Remaining useful life	8 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Remaining useful life	6 years
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Remaining useful life	2 years

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and amortization	$ (45,024)		$ (45,024)		$ (37,797)
Total property, plant and equipment, net	64,521		64,521		58,020
Depreciation expense	3,900	$ 3,300	7,500	$ 6,100
Property, plant and equipment
Property, Plant and Equipment [Line Items]
Impairments of Property, plant and equipment			0	$ 0
Computers and Peripheral Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	26,360		26,360		25,013
Finance lease assets, gross	17,800		17,800		17,800
Finance lease assets, accumulated depreciation	14,000		14,000		12,900
Office Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	3,554		3,554		3,170
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	34,766		34,766		32,595
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 44,865		$ 44,865		$ 35,039

Leases - Leases Cost (Details)

Leases - Leases Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease cost:
Operating lease cost (1)	$ 2,690	$ 2,582	$ 5,327	$ 5,169
Finance lease cost
Depreciation of finance lease assets (2)	493	314	1,112	531
Interest on finance lease liabilities (3)	57	43	121	66
Short-term lease cost (1)	327	243	644	489
Sublease income (1)		(267)		(534)
Total lease cost	3,567	2,915	7,204	5,721
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	2,522	1,516	5,038	2,852
Operating cash outflows from finance leases	81	17	155	40
Financing cash outflows from finance leases	$ 747	$ 515	$ 1,562	$ 1,028

Leases - Weighted-average remai

Leases - Weighted-average remaining lease terms and discount rates (Details)	Jun. 30, 2024	Jun. 30, 2023
Leases
Weighted-average remaining lease term - operating leases (in years)	12 years 6 months	13 years 9 months 18 days
Weighted-average remaining lease term - finance leases (in years)	1 year 10 months 24 days	2 years 7 months 6 days
Weighted-average discount rate - operating leases	4.80%	4.50%
Weighted-average discount rate - finance leases	5.50%	5.20%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Maturities of operating lease liabilities
2024 (for remaining six months)	$ 5,327
2025	10,153
2026	9,414
2027	8,863
2028	7,722
2029	8,145
Thereafter	67,156
Total lease payments	116,780
Less amount representing interest	(30,402)
Present value of total lease payments	$ 86,378

Leases - Maturities of Finance

Leases - Maturities of Finance Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Maturities of finance lease liabilities
2024 (for remaining six months)	$ 1,497
2025	2,150
2026	819
Total lease payments	4,466
Less amount representing interest	(229)
Present value of total lease payments	$ 4,237

Leases - Narratives (Details)

Leases - Narratives (Details) $ in Millions	Jun. 30, 2024 USD ($)
Minimum
Unrecorded Unconditional Purchase Obligation [Line Items]
Lease Term	2 years
Maximum
Unrecorded Unconditional Purchase Obligation [Line Items]
Lease Term	3 years
Operating Lease, Lease Not yet Commenced
Unrecorded Unconditional Purchase Obligation [Line Items]
Unconditional Purchase Obligation	$ 1.5

Fair Value Measurement - Fair v

Fair Value Measurement - Fair value on a recurring basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash equivalents	$ 707	$ 61,463
Short-term investments	82,754
Level 1
Assets:
Cash equivalents	707	$ 61,463
Short-term investments	$ 82,754

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 82.8
Level 1 | Money market funds and time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0.7	$ 61.5

Long-term Debt (Details)

Long-term Debt (Details) $ in Thousands	Mar. 29, 2023	Oct. 01, 2020 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Maximum total net leverage ratio			3.5
Minimum fixed charge coverage ratio			1.25
Minimum
Debt Instrument [Line Items]
Percentage of commitment fee payable periodically		0.25%
Maximum
Debt Instrument [Line Items]
Percentage of commitment fee payable periodically		0.40%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 15,000
New Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 150,000
Outstanding amount			$ 0	$ 0
New Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Spread rate	2%
New Revolving Credit Facility | Alternate Base Rate
Debt Instrument [Line Items]
Spread rate	1%

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax
Income tax provision	$ 5,406	$ 4,034	$ 7,185	$ 9,541
Effective tax rate	42%	23.10%	32.90%	27.20%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income (Loss)	$ 7,474	$ 7,156	$ 12,839	$ 12,175	$ 14,630	$ 25,014
Denominator:
Weighted-average common shares outstanding	171,628		166,540		171,467	166,088
Dilutive effect of share-based awards	4,333		5,948		5,383	6,041
Weighted-average dilutive shares outstanding	175,961		172,488		176,850	172,129
Basic earnings per share	$ 0.04		$ 0.08		$ 0.09	$ 0.15
Diluted earnings per share	$ 0.04		$ 0.07		$ 0.08	$ 0.15
Weighted average shares issuable under stock-based awards, excluded from diluted EPS calculation	8,900		8,600		3,900	7,700

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	6 Months Ended
	Jun. 30, 2024
Equity Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award	10 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance share units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock option activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Outstanding beginning balance | shares	9,992
Options exercised | shares	(363)
Options forfeited | shares	(46)
Outstanding ending balance | shares	9,583	9,992
Options expected to vest | shares	2,194
Options exercisable | shares	7,297
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 17.01
Options exercised (in dollars per share) | $ / shares	7.09
Options forfeited (in dollars per share) | $ / shares	31.01
Outstanding ending balance (in dollars per share) | $ / shares	17.32	$ 17.01
Options expected to vest (in dollars per share) | $ / shares	25.96
Options exercisable (in dollars per share) | $ / shares	$ 14.61
Additional disclosures
Weighted Average Remaining Contractual Life (Years)	6 years 5 months 1 day	6 years 10 months 28 days
Options expected to vest (in years)	7 years 11 months 8 days
Options exercisable (Years)	5 years 11 months 8 days
Aggregate Intrinsic Value, outstanding (Beginning balance) | $	$ 197,598
Aggregate Intrinsic Value, outstanding (ending balance) | $	61,419	$ 197,598
Aggregate Intrinsic Value, expected to vest | $	1,271
Aggregate Intrinsic Value, exercisable | $	$ 60,147

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding ending balance	9,583		9,583
Intrinsic value			$ 8,300	$ 34,100
Options exercised			363
Stock-based compensation expense	$ 24,715	$ 15,167	$ 44,956	26,980
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock purchased (in percent)			85%
Stock-based compensation expense	$ 300	$ 200	$ 500	$ 300
Performance and Market Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			0
Outstanding ending balance	1,323		1,323
Options exercised			50
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, Fair value			$ 30,800

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs and PSUs (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding beginning balance | shares	4,720
Granted | shares	2,727
Vested | shares	(1,063)
Forfeited | shares	(152)
Outstanding ending balance | shares	6,232
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 28.03
Granted (in dollars per share) | $ / shares	32.97
Vested (in dollars per share) | $ / shares	28.96
Forfeited (in dollars per share) | $ / shares	29
Outstanding ending balance (in dollars per share) | $ / shares	$ 30.01
Performance share units (PSUs)
Number of Shares
Outstanding beginning balance | shares	480
Granted | shares	186
Outstanding ending balance | shares	666
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 41.31
Granted (in dollars per share) | $ / shares	41.28
Outstanding ending balance (in dollars per share) | $ / shares	$ 41.30

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions (Details) - Performance share units (PSUs)	6 Months Ended
	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk - free interest rate (percentage), minimum	3.90%
Risk - free interest rate (percentage), maximum	4.10%
Expected volatility (percentage)	46.70%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payment arrangements information
Total stock-based compensation	$ 24,715	$ 15,167	$ 44,956	$ 26,980
Unrecognized stock-based compensation expense	203,200		$ 203,200
Weighted-average period over which unrecognized stock-based compensation expense are expected to be recognized			1 year 4 months 24 days
Product development
Share-based payment arrangements information
Total stock-based compensation	9,734	5,975	$ 17,107	10,354
Sales, marketing and customer support
Share-based payment arrangements information
Total stock-based compensation	7,503	4,746	13,439	8,253
General and administrative
Share-based payment arrangements information
Total stock-based compensation	$ 7,478	$ 4,446	$ 14,410	$ 8,373

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended
	Jul. 30, 2024	Jun. 30, 2024	May 16, 2024
Share repurchase program, amount repurchased	$ 25,000	$ 25,027
Share Repurchase Program, Remaining Authorized, Amount	$ 100,000
Share Repurchase Program [Member]
Share repurchase program, authorized amount			$ 150,000
Share Repurchase Program [Member] | Common Stock
Share repurchase program, shares repurchased		1.4
Share repurchase program, amount repurchased		$ 25,000
Share Repurchase Program, Remaining Authorized, Amount		$ 125,000

Supplemental Financial Statem_3

Supplemental Financial Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accrued Expenses
Vendor payments	$ 6,060		$ 6,060		$ 6,286
Employee commissions and bonuses	18,105		18,105		20,809
Payroll and other employee related expense	13,489		13,489		10,602
401k and pension expense	1,857		1,857		2,982
Other taxes	4,625		4,625		3,585
Total accrued expense	44,136		44,136		$ 44,264
Other Income, Net
Interest income	(3,311)	$ (2,686)	(6,590)	$ (5,442)
Foreign currency exchange loss	1,239	209	2,217	229
Other miscellaneous expense, net	8	1	37	3
Other income, net	$ (2,064)	$ (2,476)	$ (4,336)	$ (5,210)

Segment Information (Details)

Segment Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Information
Number of operating segments	1
Number of reportable segments	1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended
	Jul. 30, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Remaining Authorized, Amount	$ 100,000
Share repurchase program, amount repurchased	$ 25,000	$ 25,027
Subsequent Event | Share Repurchase Program [Member]
Subsequent Event [Line Items]
Share repurchase program, shares repurchased	1.3