Earnings call transcript Q2 2023

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Operator

Greetings. And welcome to the DoubleVerify Second Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

conference recorded. this reminder, a is being As It Tejal Investor Engman, my pleasure Relations. your host, to introduce Senior is now Vice President of Thank you.

You begin. may

Tejal Engman

earnings today And call. and afternoon. welcome DoubleVerify’s CFO. quarter Good to Nicola Allais, With Mark are XXXX us Zagorski, CEO; second conference

to materially. our to release subject differ current results the currently this available expectations and that and and our could uncertainties press may contain and risks, Today’s statements changes us actual forward-looking call are inherent and reflect information

For refer including in Form report please more recent XX-Q our XX-K. Form annual factors information, risk the to our SEC our filings, on and

our In financial results. today measures will addition discussion addition, be should references for considered in our as to GAAP non-GAAP and not to certain supplemental and include substitute a

measures we the ir.doubleverify.com. available to be release, Investor most earnings press on GAAP today, is at the Relations deck website on to call today’s will comparable which the our in available website. our posted referring slide during are Also Reconciliations

that, With it Mark. to over will I turn

Mark Zagorski

all product to thank wins DV have quarter am second international I to Tejal, share excited channel and and to fronts, continues today. us logo on growth, our for and multiple from significant across fire joining progress discuss made to the new we enterprise cylinders. innovation expansion results as Thanks, and you all

data AI protection DV of global from leader a makes pending impactful in our Scibids, In campaign I’d acquisition discuss digital Optimization. to performance. addition, Scibids our like and to AI-powered evolution more accelerates

drive superior business and Scibids’ quality performance with to real-time combines outcomes AI-powered Optimization tangible media acquisition algorithms KPIs our and transformative for advertisers. This ad data

in bigger programmatic and more sizable our and for marketplace. even make and offering significantly essential differentiate help successful Activation marketers will business our the Scibids

rate. quarter nearly talk let’s second the million, above range. the in of EBITDA XX% the XX% to an Revenue guidance XXXX of $XXX revenue grew But of XX%, grew XX% We of million, against our and range. quarter. our quarter first achieved margins guidance adjusted adjusted year six $XX about exceeding EBITDA midpoint elevated growth We by second first, top-end months the representing prior

of social a revenue growth and increased with and half drivers included volume, platform product, expansion key continued number adoption coverage our key of our of international ABS and The strong customers. growing global wins XXXX first

remained million DV profitable of and strong of and approximately cash operations. in generated first half delivered highly over $XX operations continued income from of million generate net XXXX. to $XX cash We from the net flow

several including Ministry continued in Our customer in expansion Uber Unicef won new enterprise second Japan. Mutual in of MENAT Club, Hut, and Affairs and Foreign and We Pizza the and win Brand logos Lululemon United momentum States, in Marketing, quarter. large Spotify Liberty the Sam’s Bose in EMEA, the Revlon,

across international Measurement DV in United include Notable activating existing multiple and Swarovski and customer States. DV’s social expansions activating Measurement solutions pre-screen adopting in the ABS Japan DeBeers markets, Avis

won. above wasn’t Our where with being business tools that we using win wins opportunities quarter wins of third-party for second DV our across as define all rate which the XX% remained greenfield, the advertiser XX%,

wins DV’s greenfield TAM speaks of to rate underpenetrated continues to fuel high This growth. the that

XX to wins $XXX,XXX client through propel number customers generating advertiser the new successful land expect the we more which We and grew expand over strategy, of last year-over-year. by our than XX% months

to proposition value initiatives remain verification that offering on leverage evolve to customer our media optimizing from focused to our addition we core investing long-term core performance. strong media spend protecting in revenue growth, In generating strategic

daily and of asset of create unparalleled Our analyzes verification video XXX data business data a a basis. content, proprietary scale billion DV approximately years to transactions, including granularity. continues XX on

data that to leveraged as such ABS intelligence. as aggregated are pre-bid, Attention, programmatic, such vast data well have Our Measurement create investments tools products asset in as contextual Authentic Measurement as and based this solutions on performance DV

acquisition of PhDs investments programmatic and is cutting these potentially engineers represents science data who are even machine unlock value learning the edge, team in into a of of bring driven assets. evolutionary age. The proprietary and most impactful to advertising the by to Scibids greater Scibids Paris-based AI these latest data founded a startup

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combined loop and loop performance data trusted and This sophisticated and is to outcomes, industry-leading proposition is and granular DV’s is a Activation, can data powered DV between based feedback AI Measurement Measurement machine and offering business technology and KPIs powerful actionable Scibids ad bespoke comprehensive, on within performance dynamically real-time. deliver that action in a campaign by Scibids’ Scibids’ Optimization. customer campaign. programmatic technology DV’s ad by or learning continuous quality media granular value

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me let the With over hand that, to call Nicola.

Nicola Allais

face And growth first everyone. elevated profitability and in delivered the the Mark. good and you, Thank of prior solid quarter second the afternoon, year, in the strong half revenue We of while with expectations. came quarter Revenue The our end. broadly top range EBITDA of the above in second rates. year midpoint in guidance slightly line exceeded business adjusted growth the our performed

Second-quarter and to growth led. XX% Measurement continued XX% and supply-side was growth XX% growth volume revenue, grew revenue X% in growth Activation of Measurement, Advertiser includes revenue by driven in in Activation revenue, and revenue. XX% be year-over-year which

MTMs price or were was up MTF volumes for while year-over-year, quarter Second XX% unchanged.

the implemented impact lower of The lower than are price growth was our with ABS shift the markets. that strong by toward mix bifurcation price continued the was costs solutions fees year revenue premium-priced international where international, offset in and media in in this commensurate being U.S., fixed

our growth substantial to programmatic in comparison. price a MTF year products XXXX, the Additionally, of bifurcation year last XX% QX contributed prior standard creating

Activation led of XX% revenue was revenue year and Activation revenue our growth compared delivered to comprised XX% premium-priced the solution, in XX% in ABS, which by prior period. the quarter

fee ABS’ by with also existing XX% was higher. driven growth contributing continuing to up users was and were volumes ABS expand largely growth. the product’s ABS to ABS fixed X% their activations usage new the advertiser

grew half grew revenue markets quarter. second total use of last compared on existing in revenue growth Turning solutions from coming Measurement, their to APAC. EMEA volumes nearly as to Overall, second by the expanding quarter Measurement driven XX% XX%, year, and with driven International social XX% social across primarily revenue social International in the XX% our DV’s of of growth XX% of revenue in platforms. by represented customers Measurement

continue Ad to on on Meta be roll Shorts we on and language customer out TikTok. Authentic as Social, and the growth Measurement expand expansion to YouTube existing DV expect coverage We Reels driven by

and new logo We be sign, growth to Measurement and new timing expect onboard subject mainly non-social by therefore to ramp of enterprise their driven when campaigns. ad the customers wins

quarter. adoption Brand wins platform signed successful DV’s our media well who the fraud exchanges Safety by SSPs, revenue such in grew majority to DV’s a expect ecosystem by incremental as and ad existing such multiyear platforms, tech well come contract Safety penetrated customers, growth and retail as as of supply-side ad from is product we avoidance marketplaces, platform networks. second for Supply-side as The include new the the generated of new DSPs, Brand offerings, revenue across revenue which X%. Floor, and is Outbrain, offering

revenue Shifting primarily costs. programmatic to as expenses, higher revenue, to services by cost programmatic arrangements due million, to of an revenue increase cloud as from increased $X increase an approximately costs partners in with in tied sharing well

to our was expected to scaling XX% machine sales increased remain and of for expenses year relatively stable cost product and investments as learning to the continue Similar less half due AI infrastructure our we ongoing growth. resources. in first the to needed first development remainder quarter, Revenue engineering support the of the the in invest to in is

launched discussed international Sales in the we operations expenses we as executing expansion last and quarter. international several increased on business marketing plans markets, business

G&A bankruptcy. expenses to declined insurance year-over-year the for expense, $X.X expense MediaMath due in to increase compensation million bad lower and reserve debt despite related a a primarily

from and to expect growing marketing to and benefit scale. continue We G&A both sales our

Total which non-GAAP model scale. comparability, stock-based of for operating the efficiency as operating to compared our topline expenses, XX%, XX% compensation grew our of and exclude growth reflecting items we other

as second of margins delivered a to EBITDA adjusted and approximately million due compared XX%, million planned. million of in achieved half $XX million We to $XX than the partially year. the operating $XX in first pace in half to Net income, G&A We of was of net that hiring slower the last compared adjusted was the $XX $XX year. of quarter EBITDA prior of million as and year, first slightly cash savings flow

approximately global on first was million half year, first in included the million half of We in year, expenditure in expansion which the the headquarters. the approximately ended hand. $XX as of cash compared of with $XXX $X quarter the million Capital our to last

range mid-point implies year-over-year. of we Turning at to growth $XXX quarter in which expect guidance, $XXX XX% third of million, million revenue the to the

$XX We XX%. EBITDA adjusted at an of in midpoint of third margin which EBITDA implies quarter range million, the million to expect $XX the

$XX range weighted and between For $XX shares. and XXX million shares range to the third quarter, we outstanding million expect XXX to stock-based average million diluted compensation million between and

that are guidance revenue our was our of full large million, year-over-year for performance and of friction advertisers as in accounting broadly new DSPs, year XXXX the $XXX transition our topline range $XXX some expectations reiterating of few to midpoint. quarter XX% to million we increase at a a Following with a second line

EBITDA million range the $XXX adjusted to $XXX represent million, which EBITDA midpoint. of margin to reiterating also We an are at of XX% our guidance adjusted continues

million a Scibids’ million expected be end and which consideration Scibids, paid The on industry-leading subject remaining in is be have to with potential mix by equity. adjustments to certain XXXX. technology fund is cash, $XXX acquire the based common with agreed the be to of will paid paid consideration on cash price we for deal stock. $XX this performance Turning will with purchase milestones to year of AI we of and cash in to customary hand and DV additional achievement Approximately

While today, we customer XXXX XXXX, are between today and across the to product near generate The scale Scibids to based XX% we our is not expect guidance see in to XX% million on providing to a rate. $XX we year-over-year growth Scibids’ XX base. opportunity breakeven company million

by We plan value people, closed. the guidance after plan integrations enhance proposition software, our scalable XXXX building to on to updating by Scibids of of third and platform the the has impact investment through and We data Scibids transaction processes and anticipate completing the in end reflect between systems, two transaction companies. quarter and the

conclude, executing delivered of rest and we focused our for To successfully a strong year. the on first plan half remain against the

line Operator, that, And for we will please go open with ahead. the questions.

Operator

Instructions] [Operator Thank you. Thank you.

with Graham your is Our Please Michael first proceed question with question. from Canaccord.

Michael Graham

is product in a about and you that I the just your the mentioned a multiplier on minute. long-term broadly more use you business. for Thank Can Mark, And think and dive be it Should into Activation think business talk how roadmap? more between into steady it roadmap? AI Scibids that Hi. can Measurement Authentic the Scibids to product it is first your past like your and for wanted key topic interplay to another your integrated advertisers model? fit you how of the impacts congrats like product or talk then do you growth. And does into just about as Attention we going

Mark Zagorski

by really this about Michael. call, as it’s Yeah. excited we the are the question, can for Yeah. tell Thanks acquisition. you -- And

has data separate implementations outputs I applications think for to entire in product enhance the product using well our to the is Measurement using as for our as Activation it the advertisers, a able our be is ability both. to us from by Activation we will set the business. short learnings It some enhance answer leverage the of that of

our of buckets we I’d them it On of like a it’s its The of revenue to in data. the will main conjunction obvious of kind having own, kind three impact business. that as product with right? the on one be side, think leverage most selling on is to

product differentiator really be it But will is because also a going help of sell a differentiated -- bucket our to bundle for or us sets folks. and basket goods a has us. in of able really that to No it’s customers, our the company it’s enterprise like huge it apart other to second sell we as set goods product space

get So leverage or folks. new a it our and a guys tool lot, opens KPIs that will This to KPIs can finally, is performance based or for for really think, I set with, deal it’s customers, things because revenue, question do advertisers against it so example, new markets like be can and differentiator, up a things that. you speaks those specific acquisitions We DR an like drive us. do but it data, them, Activation how

on revenue and right? I’d kind market expansion. as differentiation hits it really three It ABS of has which to way. of a Optimization is really it almost a unique marks, like new the think future kind those I drive of ability really So think in steroids, to

Michael Graham

color for extra the Mark. lot there, Okay. a Thanks

Mark Zagorski

You got it.

Operator

you. Thank

question your with Markets. next Please with from RBC Our Matt Swanson proceed is Capital question.

Matt Swanson

for taking the question. Yeah. guys Thanks

given spending the for you got Could around of in how then environment of have the potentially up talk model, pragmatic MTM, your MTF can us and help rest how about of thinking shows durability better you being about about are guidance. kind maybe just volume-based macro Nicola, think you XXXX maybe a you equation? For, to the of just that us very history environment a

Nicola Allais

I question, take will the Yeah. Matt.

the something the our tailwinds perspective, have macro strong year, year. is is So since us not said that the as I to think, this beginning providing from of we

sort We basis of we on are it of conservative and of we pattern advertisers. be view, kind limited view a what at have outlook the a on of spending taken right? to are based looking sort seeing So a our quarter-by-quarter

that the improvements, I the MTM a This in second were what certainly of we what is be as If growth think, are achieve not tailwind. not guidance we strong into is year. half put So seeing our there for it consideration something QX, so MTM. above you to see which have number would growth an that be able we would was XX% in

I the think is increase what of see our you would an in equation. MTM part

just lower price of is on side that’s rest story. a positive, good the basically because when the the growth flat. an the world, than U.S. at a the say the the of business, MTF which quarter you in growth obviously XX% The our on Measurement has of actually MTF But in of impact It very sitting is U.S. was media and actually that outside this on unchanged has MTF, is because international strong an impact

think, So our of the billings. tailwinds rebalance were the returning market if no I to assumption strong really strongly, to

Matt Swanson

the that really from And we the anomaly I geo-specific competitive, last led Greenfield seen just being greenfield about of that could in perspective? the step quarter, a dynamics were more have whether to talk quarters. of quarters back kind Could be or vertical, that impressive one few the more last wins the high it XX%, XX%, change but was maybe of at Mark. really a for than if few what still squeeze That’s helpful. in like slight you XX%,

Mark Zagorski

lies, wins. Activation a business we a our a bit of percentage great question, in on It’s I bit the -- don’t based acquisition. slide future it I greenfield an the think of definitely a Yeah. I of and Matt. of kind anomaly around it’s think Scibids where mean, was the particularly think

and said, shared a a thing the reflect to being beat too. to longer competitive the on of still product little bit thing, bit competitor, lot so I numbers the than good and some somebody beat think and He’s is using have being from about dislodge a turning that, And we anything. a when do a deal in That competitors this a not one takes then of just that’s right? scratch, you we it you may

wins, love we good. are think I competitive we greenfield love So all wins, wins

a to others, competitive take cases, the say, in than and are, longer Some bit I’d those some wins. activate

Operator

Thank you.

next Our question Needham Please Company. proceed from with with & is question. Laura Martin your

Laura Martin

Thank you.

spearheading great because is the one has really on pivot resonance. been towards first you deal are been they Love My TVision, other of the the Mark, Attention Attention. leader. are of with Okay. sort sort

You standalone are guys us on spear towards My pivot secondly, of redefining you can are date tip space. the my digital Attention. in in the this attention But to they is the plus question based metric your to panel than your Attention? your up a bring is, more panel, my solution about tech thinking worth love why on a just so would high That’s I super is first recollection

Mark Zagorski

is together can granular the reach we probably you the the with best the is a And I panel of boundaries Attention have a had TVision and combination there. question, -- star That’s combination Laura. solution out we yeah, data of that. the example scale And obviously pushing gold definition of put -- good are at on think really is great. the deal Great the

some why provide get a data the on the can’t on TVision is And reason its behavior, really from leverages insights that unique that that particularly can TV own. granular you panel set on front just

be that a initial month the exceptional launched, looking Scibids increasing and at you baked incredible you unmatched. and able we an solution think really announced and we is with already some XX% Attention the of really on what will able So do had one just when significantly it TVision frosting attention impressions much with and initial have we think better to what to little trials acquisition makes that we ago it now I with an a when us over does that our are bit gives results with combine increasing And adds well. we so been we shown, by that have cake were I what over or them add, number partnership as this do attention

a combination which Activation think it we solution attention by puts whole Optimization position side, at being else being granular move the have panel our kind algorithmically side scale. on of commercialized will I us very on actually of unique the plus really the or for set to area accepted based Attention, marketplace plus in an data metric tool as -- one of having from the a that no

Laura Martin

another Roku second to a all compared where that many that’s me and rolling to you or on Ruko, then And are I doing thanks for time my getting fixed if many There’s question fee, Mark. of you impressions you spend question So XX, where very are work all helpful, is over that today, going release press Meta with to charge product why are out that you that, much. from love product your you Super $X.XX not are lots and offshore, any both here My new CPMs time not television price, is my them. is time same why are are X,XXX per connected you first spending question impressions just thousands. TikTok because onshore social? spend per Why for allocate per impression new CTV, China existing and in Measurement, rolling any any Activation. the impressions, that but another can to out get is, clients, and for you they that $X.XX -- great

Mark Zagorski

to is the any platform has measure and short are on every really answer create market every impression question, And interesting our want a It’s I we in customers is, planet, -- our to think always Laura. right? because Yeah. there on been the anywhere driver

is so want And part Internet on the there. buying spending and goods, programmatically CTV or of is have a open on basket or Meta when were advertiser to or Roku spending that on that we spending an of

So in to for be I us think CTV. it’s important

different see, sure, short-form been what than very For has TikTok are example, for in areas video, real like or volumes area the in Reels. growth us would you which for interesting a

there. that sure volumes the For are different

everywhere, CTV. want an across be you we However, says, need want to everywhere advertiser you and we DV

Uber an a you different they of it’s or are when Club basket want the having covers an they there. I So advertiser, enterprise idea all these of and think and part of so all us bases that across that like advertising venues, a close enterprise like Sam’s customer this goods

important. I really think it’s

Laura Martin

much. very Thanks

Operator

you. Thank

Our Barclays. Raimo next from question. with question is Please with proceed your Lenschow

Raimo Lenschow

you. Thank Hey.

does like profit better. the felt characterize like you out year, got beginning the it like enter sorry, about tried was are I little am afternoon had go companies we I bit kind it, a that you of Sorry getting out it bit your to can it or how to it you incrementally like, were out a the Thank -- reported there, of at that you worse bit. there, already, a feel if where there as Like on bit you seeing world of but call worse. if little macro looked what’s that I Is know to well, it little have the think you a talked think about in back going like, on you increased the just this trying like, there, you would other how caution kind what deeper? just you. to of kind know little getting like dig

Nicola Allais

Yeah. have environment, as is, related steady I say of Raimo, a seen I of companies, comps model is especially which is to our what these in fairly would versus for that, lower good we seen benefit a in some haven’t also a what we CPMS. say you the change. know, environment much the would market of bad

published The and essentially they seen in have we cautious June not forecast material do environment in the change a year. that a we didn’t the we number for taking and changed one Magna, track approach towards our are So it. is

say when lower of comps and unchanged environment general the our that for view take things I the we some a companies reporting will tailwinds for are those are two are some that seeing probably us they the we So only appear. and would really

Raimo Lenschow

Yeah.

Okay. And growth Perfect. really you like thinking then strong. was are like the setup terms how in of internationally about

you think we this soft underlying and further Thank and profit, how do through about people balance do lending, any getting like also you. and business? which ready around As in that improvement well discipline done go potential that high for talk margins you of about and maintaining

Mark Zagorski

just and think, to Whether our build even to we have it’s new that market been investment to we clear extraordinary going that pretty not R&D when pay into we I expenses, been have did. has we lean to the off. Raimo, Yeah. new acquisitions is products, or I that the think which continued continue invest coverage

market at where the muted. relatively when looking those, the ready, in have has of take are enterprise materialize, I even cases some do added tailwinds their spend are of advantage We think, we we that clients our been to roster

they we are that. experience when be ready to think I will well, spending start able as to

now, those are deals So in to all put money a great and if those that things position us does spending even of on hit. aren’t and closing acquisitions, huge deals going tailwind our when of lots in technology investing together

Raimo Lenschow

Okay. Perfect. Thank you.

Operator

Thank you.

is with question Please Truist next from proceed your Youssef Squali Securities. question. Our with

Youssef Squali

so Yes. much. Thank you

and maybe Nicola. one one for So for Mark question

to offering? potential TAM for -- part type kind of are you about offering Scibids a on kind But of of of for back TAM speak year, a going the can acquisition, just and quantify expansion And drill also then, down it. to the as you can the Activation this congrats AI for you. Nicola, more are at Thank to and maybe the you guide second kind deeper in versus you have of a result the into on level particularly obviously, your little little spoke kind just you I how and kind Mark, move into Measurement? as you this that And just that with high you around So, half expectations can if just think this. Maybe who of maybe of now bit performance? your you a doubled allows growth of competing

Mark Zagorski

Yeah.

Youssef. Some great questions,

little set and really opportunities, it talk mentioned performance With new of bit are it Scibids opens driven for So what whole for a expanding those thing let the does customers by regard me very first and KPIs. business specific about previously up opportunities are us. which I is, to those a customers who

who lot or acquisition-based brand folks, data marketers, absolute, not of those but on A based an right? for and an a direct those who are drive safety CPA So consideration, business point. looking suitability has a been

that, tool for a set So us can we that gives them. folks this unique a together it put approach new to offering like

customer us. A, potential for new toolset, adds customer new a whole So, it

spend ad is, up, take digital spend. The of it’s ad percentage you search programmatic if makes if what roughly out XX% you digital second think plus of about

that getting of of We to being are our XX% at not revenue still even coming our level to close business from programmatic.

advantage So to who significant business a I think programmatic. portion opens across up take opportunities this of spending are of customers their new

can our data the And that, it’s call, we sets about it data we the that thing about sets. our you sets inside one But and any other mentioned when it data have are done and earnings example, are work with that can some Attention it, we optimize. data great in we great even and Scibids think I doing across data then for thing it, leverage is finally, competitor’s experimenting already our with to set,

So using that of who new be data it be customers entirely that will that they in can potential gives the But may Measurement competitive us ours not customers for group may package. a an sell down we customers. as customers complete hope we are even be be there road

talk up then Measurement you to I different of deal chance to even expansion to talk type there’s think tool a a DV that to our our and for if shows that ratcheting customer real it customer, far giving customers sets, So us as customers, an opportunity giving us. of programmatic that think, as aren’t opportunity

a mean, Scibids multibillion-dollar business. is rate like? take is I rate looks programmatic a take business business. that business. The is What This

our are So put I we big it’s just on think not that a of some percentage for yet, billions, ready us. TAM but to it’s -- expansion finger that

Nicola Allais

mix question the the Measurement. about ended we on first with business, Youssef, on and your half roughly the second XX% the Activation, roughly growth half of basically XX%

of the social ABS are I really line. about Activation Measurement think the we the we and are excited of continuing line to in be in contribution excited about the contribution

I those thinking in continue indicators good So two half. we the think are second will are what of

obviously, representing up of a will revenue. larger As a percentage end our result, you with Activation total

key same lines we growth the in of remain the what first drivers two half. as the those So see

Youssef Squali

Okay. you That’s helpful Thank both. color.

Operator

Thank you.

is question Goldman with Please Eric next from proceed question. Sachs. with Sheridan Our your

Eric Sheridan

for what thinking seen XX have the was in you spend, multiyear taking so you the so Can the building should deck you wanted how recent you focus Retail Thanks we XX retail framing we already when see Media on partnerships? set much. XX in platforms, elements be both opportunity the up I question. on for that slide earnings. disclosure little lay be scale Network to media growth, about of maybe talk the much Thanks about number bit of out a versus in How that should past? the global retailers, client business a the view on

Mark Zagorski

work covers on a I all growing line Activation business, the this in items our It’s over at the supply-side. the for with bright of obviously, is Networks, spot us folks, it be nice that to XX% Media both our right? we year Retail side, Yeah. a mean, three continue side So and Retail Measurement question, the great Eric. business, about part Media and it Networks

looks like. have what XXX%. Generally, given quarterly think on this over rough a I QX, basis, we numbers it’s kind grew of grown. it In

grown over XX%. it’s quarter, This

Networks this like around big General, some I Walmart, companies. year, the Amazon, Media we there closed Kroger, Macy’s, Retail out customer, We last Target, of time with are working biggest which mean, Dollar

a a us is pretty think was our to is substantial mean is for this companies potential I coming for does million continues just from million, and gets ago, years zero approaching mean, $XX stronger I What upside? I and sector I a as these to think which $XX and grow us business sophisticated year, now, this few opportunity that as think stronger. business more continue which

really does a we of CPG strong thing it footprint with. we got companies that have other The work is,

that our but CPG Networks. those are these Unilever. connection Colgate, they Retail It makes much folks networks, into ad So right? like and folks Mondelez stronger, with Media just traditional plug So companies, these those

Network we relationship as company the when a stickier Retail creates and Media it So touching both CPG are well. the

offering to And a think, has of grow a is our really think, I but companies. particularly overall business, so, be our I CPG continues residual stronger it for here, ability creating impact vertical strong, to

Eric Sheridan

from are you sort this maybe acquisition own is And to pooling was which of today one there, see to retail I back the follow-up that of as I well the of Is Media. to with could extent doing kind about we if ask data talks just your that this going about Retail because some this data where elements was another optimization third-party CPG theme media and data you world these could brought think potentially AI of into Thanks. in networks? come

Mark Zagorski

Yeah.

can data mean, in pull For advantage works Media example, data, a decisioning that. I ad for it sure. transaction it’s a like -- of some cart or ability way to this look model impression single Scibids is on the a multi-variant shopping is that the for real at and multiple data Retail

and think we Retail a at potential AI So And a for. work Retail adds pure the is will nicely is one, this response quite and is and and look to nice continue area I that Media partnerships driven It into right? play, story. bidding selling, Scibids that customers and Media it another definitely fits because performance-driven by

Eric Sheridan

Great. Thank you.

Mark Zagorski

You got it.

Operator

Thank you.

Our next Cannonball Research. with with Please Karasyov question Vasily your question. is from proceed

Vasily Karasyov

what on in said you follow-up to wanted I afternoon. Good you. prepared Thank your remarks.

of quarter results broadly the that said line. you think in were I is, second one So the

disruption softness more then sounded second And little a wanted you I the expected. assume, was to it as occurred? into where some like could if switching the is, I wonder So understood I is advertisers said are go on while DSPs. that it some is comment you correctly, there a if not follow-up -- unexpected detail as quite there you good I

that are major you distributed two there. understood So I DSPs. all questions by

shouldn’t is some friction half of is there, lift in second you. also, QX? And a when incremental So process correct? that to the rate much or completed, revenue Thank that be see growth the there we maybe year, should benefit

Nicola Allais

Yeah.

take me order. let So in them

in right, about revenue, the we of volumes, we and We me drivers as over say I saw did we social rate -- the line is saw in we wins, QX. broadly QX, in are growth So, we very we talk a same guidance the midpoint international. is, wins QX in drivers XX% XX%. of over of ABS, mean, let when growth our slightly client growth XX% had strong which XX% We in beat in basically

bit that to some quarter that we see into so did large a on elongated in cycle we a and of essentially longer saw wins just the for is we What had client of an some revenue ramp in what of QX. get the bit side QX and took the that’s little Measurement

And to bit us a coming clients, non-greenfield as win I their see at continue a think, larger up elongated just to sign right of little put the that enterprise all our of client. guidance. see kind cycle campaigns of the And we will is we so that especially of midpoint to speed, if

In terms see… of we what

Vasily Karasyov

Okay. Thanks.

Nicola Allais

Yeah.

We for that see the we what some have were as second to DSP need of the just terms talk them. with in of those working transition to we another friction did point now me MediaMath large naturally made. DSP, So a that half just using and year, we about the they let clients will, are

trading takes and large half were natural for into bit next of sort MediaMath. using second from our we some did a platform and the going transition there is of to clients the guidance that that have there a one so account But

little a of friction. bit that’s So

As out, in a you this is pointed time. point

get It’s anticipate to DSP. for revenue the to just So of a impact to any take in point bit time new little long-term, to in might we overall don’t It a just trajectory. time. mid- the

of terms one what Shorts in yeah, then launch saw other for growth to Reels, Meta is the There vector And of positive, we YouTube as well. are platforms. is just about social

social we revenue were what were taken kind growth. for So of broadly account they into considering for

-- for large brand which next hopefully is and the revenue on this know social for Meta, already, us on the opportunity is large safety So year obviously, into contribution. the you

Vasily Karasyov

you. Thank

Operator

Thank you.

Bhatia with your with William from proceed is question. question Blair. Please Arjun next Our

Arjun Bhatia

does what Perfect. wanted that line they expand news doing typical whether benefit? new kind Is deciding cadence on we the DV do is of turn short-form I you feed, question. factors, with come Reels, Mark, right? on So to form and taking as are eventually look cost time social a where into like? like? What that factors with of existing are about on for DV look like or ask you the they it’s video form does the or to Thanks there friction what customers a decision-making point new turning

Mark Zagorski

we What with because has area. Reels interesting. and seen, example, demand the I been a pretty of significant friction have that Yeah. rollout, amount low the think against there’s It’s for

So kind turning that additional of we coverage. folks saw a cadence of kind nice of on

at only to Facebook. XX%. that’s Now it’s our that our coverage customers, are Facebook interesting of one looks when thing is, you better slightly -- XXX of think, I it above top measuring know look actually It’s

that’s across noted, get we to I just going safety our good be amount folks anything brand still as And more key. across to number, social a turn getting is growth a networks Nicola to suitability think good on of So and got of social. where,

real value doing talking even on short-form are safety, on is is across Right Reels across and with as And around unlock will TikTok viewability we grow I videos. think traffic. we TikTok launching what really are which YouTube saw Shorts, the still now, brand we across we continue be social what and and we invalid to

we IBTN got easy So brand when still it I some comes still is to growth and to getting across the some I folks pretty there safety got think want, opportunities social been [ph] have products the I cadence the of we to let’s the, has say, really do think the and viewability products, think But tap into. good. the which and nice suitability what

Arjun Bhatia

that’s me in that you ad to ecosystem and decide seems the if as Scibids, how independent in sounds into a have to performance, to not And All where correct with part as from ad of are But an acquisition, if move it directing one to you more move advertisers and network like helpful. Perfect DSPs ad player going does we then right. this and that’s might a play conflict role spend DV’s role super wrong. impact it to especially different like any Scibids dollars dollars another?

Mark Zagorski

down really and question, and and acquisition more the DVXXX and that, They the independent Trade Scibids’ media Arjun. DSPs with Yeah. of conflict kind and additional it the transaction. be create as And of no in are is a clear digital in is we as with ecosystem Scibids probably It’s Beeswax Xandr would and road. great role work the actually Desk

technology from are be by advertiser. be to tool There is an that our Activation Advertisers moved. tools there can The are are that move that moved can implemented can It’s tools. idea platform-to-platform. a similar currently be can

agnostic us that and for be that on be the right, be have we for our are to the advertisers sure want key there. Scibids, to and to to will to spend, we So technology platforms make wherever everywhere,

ABS our to targeting them so to brand We suitability Activation segments. whether want segments and current similar or those standard Very it’s or we our fueled to and be contextual safety DV by business, everywhere be data. want

Scibids change doesn’t got across. the think either -- those or they they relationships and have the with of I and platforms the or have independence since theirs independents launched day So great acquisition our Scibids

Arjun Bhatia

Okay. taking Thank questions. for Got you the it.

Mark Zagorski

You got it.

Operator

Thank you.

your next Our Please with question proceed Stifel. Mark with Kelley is from question.

Mark Kelley

That’s to? a the Is in consistent trends it have give types ones accelerating very access just small a for for Scibids, Scibids. your based is first to XX% new in access medium of the for rate and they next specific, Hey. business? or Can A types Scibids you. guess, does are with it my France? given much. as assumption that that more that, And I sales then talked growth one. force on quick Great. is clients, to that of year to for bake guess I you Thank Thanks you growth, that given geographic a XX% current getting about got large the have couple you of customers. you follow-up customers now us business sense

Mark Zagorski

Sure.

have I customer little it’s geography, is resources back in have nice more to the as there some we shown a of numbers our even earlier. So that across considering less on side, bounce think, bit a always though it’s EMEA,

-- size it’s not really and either. more It’s

of be KPIs. is suitability brand about for who about or brand concerned safety be maybe and viewability, just their that as So for are may concerned results whereas impressions fine goals Advertisers go. looking what be it if specific drivers is, not example, as

less for right? It’s a slightly not fluid, Scibids’ The it’s no, for or white suitability performance. of way algos an more of viewability Where a a and dial higher yes continuum. saying, to a on-off black looking as is the opposed it is slightly slightly less a hey, work it’s I an less that and who’s or take directive, can advertiser

being just I opposed And XXX% up of who, kind on interesting are bunch does viewability very for of of focused is advertiser, meeting which advertisers us. type lots or as what specific opens a viewable to that is it It’s again, criteria. to different performance think

business from I that the aspect, it their other of is a The did the different a interesting very our which currently. comes ratio business world, geography, rest is -- XX% mention of than

So it some touch this contacts having points which the outside or U.S., some U.S. as nice well. outside helps is the us

Nicola Allais

the on growth, an for the the XX% doesn’t And it to XX% question accelerate assume is, growth growth.

an are early-stage We technology. buying

We our going spend we of sure and technology. integrate are to making time own a how just the understand we them technology to lot

standalone the So there will be growth above growth.

and is few a early-stage clients. their But dependent this really is current understand pattern revenue an on technology

side. future the technology, foremost. grow and about is about on in to but this understanding is it really will years, this technology So The our first how we the are use going revenue

Mark Kelley

Great. Okay. Thank both. you

Mark Zagorski

You got it.

Operator

Thank you.

question. is proceed Securities. with Our from your with next JMP question Please Andrew Boone

Andrew Boone

as potential to It next one. step could I it to of I the change feed revenue. to you has a on for Good go afternoon Facebook. taking and and question. for that social think to thanks back there’s tailwinds, safety we Mark, function coming real have wanted some guys real will in brand year, the about keep like my sounds terms

a margins let supply you potential really, of now and as a Facebook, there the online? to are EBITDA so would with significant potential coming we performance. controlling back business. you XX% EBITDA thinking step kind question or How function maybe how willing you much. about held that’s And have kind so be guys change of into guys you have margins would source at the If reinvest was of the the is profile think managed the about you Thanks of expand

Mark Zagorski

Andrew. question. a Thanks, Yeah. It’s great

we this in we to the around have reinvest think I are idea going to adamant that pretty continue business. been

an a some a point won’t Meta. there platforms margins come it with platform too. open do when also up those around to it, that doesn’t a or function Now But mean work here scaling source inventory expand it some like and or step if we comes

that keeping So focus spot to we right the sweet where we in I and EBITDA continue revenue think topline, have on margin it.

We about we and focused continue can expand, a land landing are to we So still on customers. talk lot invest. lots and of

customers algorithmic, And us opportunities we solutions. of through I today, think so totally as fee-based new for be far several some may times noted have those

too. to there, So we want invest continue to

keep So I going said. think tight we to that are fairly we band like

pretty I to going have We zone. over the stay done that a job in three and we zone, keeping are think, good last that years, in

Andrew Boone

you. Thank

Nicola Allais

Sure.

Operator

Thank you.

with next proceed Our with Brian Fargo. from Please question your is question. Wells Fitzgerald

Brian Fitzgerald

that regarding XQ? how in deal they we with you MediaMath clarification, cookies charge do other Thanks, from explain XQ bit advertisers guys. a DSPs, or And how their could Scibids. Maybe the on customer expect identifiers? who little use did alongside two bad on bid maybe to algorithms quick deal. really work should Congratulations and then the in take know algos a I if quick debt follow-ups wanted you the

Nicola Allais

second that the million debt versus answer in will $X.X a charge take of by Bad I did Yeah. includes year second We the MediaMath. the impact first. prior question the increased and in quarter quarter.

Brian Fitzgerald

Okay.

Mark Zagorski

Yeah.

their the DSPs. the and On with interactions questions Scibids around

So the in in have conjunction that may additional works algo any embedded custom with Optimization platforms the themselves.

algorithm Trade bring top So and of to as at and your what they optimize love up kind help and own have to of that end the you an on the of what as -- well. idea can you The let They want Desks the bring run it advertiser are important against and clean really Googles leading then clear this on to platforms, so world the it. been

and platforms complementary between nice really a plays then these it tool existence well. the there’s So between sets,

are advertisers points the part, data viewability the not are into they identifier they most cookie-based the and data like free. now cookie these regard points others that free systems, so not that the these, well, most With the particularly we part, for and are and are to Attention, for using, data are around like things points data plugging

the it that drive real nice, again, is still it’s said, to level as a actually think, think our business. has same of growing a KPIs kind But to We area that’s as complement friendliness Activation the of they So only business I ability not I to-date, think had Measurement they well. yet this and maintain going have we privacy to we enhance our enhance overall our business.

Brian Fitzgerald

Mark. Thanks, Thanks, Thanks. Excellent. Nicola.

Operator

Thank you.

Zangler Our Stephens. next question is from with Nick question. Please your proceed with

Nick Zangler

Hey, Thanks for here. on fitting guys. me

on rule programmatic envisioning set by and as KPIs allocate to if behalf maybe mentioned across Just mind. or agency. designed a across it am little the optimizes DSPs. I mean, you a bit you it so is dictated technology brand automates and I Scibids, ad Scibids, brand, on deploy following spend Scibids deeper of don’t buying the

understanding that, effectively, this understand if So I want assistant am correctly or act an or like is technology I here, to that am to AI trading perhaps for but I correcting am if just more not AI designed thinking I traders.

deployed Just on any further is deep how helpful? would Scibids be dive here

Mark Zagorski

Yeah.

highest of versus spend right, ensuring optimizing the you drive impressions former to media the really return. So what focused is the and the bid, it’s It’s mentioned. latter that the on allocated that the

on I can potential So and how the that going looks drive ROI right, them that I highest based price, like. the So based lowest it drives how KPIs what the advertiser the that’s right? on drive can is those KPIs, after,

is, it And about it impression. every the does part on it main

against at minimize at impression the look It decision advertiser. KPI that looks a doesn’t engine the deliver bid, campaign to specific look think or return. that to every the So the the case, looks maximize of maximum at in this doesn’t and or individual bid

logic That’s algorithm the what does. does. the That’s

to actually So it’s DSPs plugged into those make decisions. the

bid at runs the of own to So a does on those actually -- not it its on it’s the its less And decisions. an and makes trading does and all Optimization it’s trader, assessment own. a

Attention us have they our much these load were like for things a they -- lower advertisers that against And into to example. a like we at target optimize to like for I would Data attention low data rate a start trying start said, segment, very the if is to than cool Attention and part static unique just can our proprietary and data, algos

Nick Zangler

super could. actually And That’s I it. one just follow-up, then helpful. Got if

DV. has ads the in windows if on potentially that Google to know. for so, you here? actually your of concern? am delivered solutions the advertisers curious websites any video and here Like for regards thoughts back sure it advertisers implications just development YouTube Just allegations on utilize redirect pull you small the been more am I are as Just given or without third-party implications just viewability any are perhaps on some seeing to audio, facing recent I and there triggers

Mark Zagorski

look step them to role it’s question spend be out as definitely to they Google challenging and try around a Yeah. figure next to is what third place for it continue the want to the really to transparency -- properties. that. idea of exactly Look, at advertisers the begs But obviously, for parties in they and across the

well worked provide Google to independent really surfaced. the issue with was have on We GDP, an that take kind of YouTube

which outlined the and blog pretty were deliver extensive what what in there to I in think we out have marketplace. a post we got able we we see

it of media it as question are truly independent And making the the transaction. the and always measuring I think are sure that of outside the transaction doing analysis that to begs is always -- that are the companies

that is with independent And we a accredited I way advertiser our is so which position, tantamount. and in and relationship the with think so work a I everybody. in We we have do always we that is is do that way think taken

that’s our bills and who what That’s pays every worry have to we about day.

trust. So on we focus

are We are we and providing much focused we we make on transparency as making that as can. independent are it sure folks

So we a across any had Google as on they pullback great seen Obviously, quarter properties. haven’t well. significant

on focused leverages transparent So advertisers that’s which them we so and remain strong to doing relationship built. results is and way a we that with great same delivering technology both in thing, and our have the remains the

Nick Zangler

guys. Thanks, Great.

Operator

you. Thank

is question question. proceed Mark with next Murphy JPMorgan. with your from Our Please

Arti Vula

Arti for on Murphy. taking Mark This the for questions the is quarter. Thanks Hi. congrats on and

a little divergences out macro customers the of in talked know of question bit Anything earlier. among terms I you sector? the is, in calling terms worth about First

Nicola Allais

mean, as diversified sectors. know, you fairly are I most across No. we

outweighing still is very our So sectors. anything smaller segments. remain good saw other uptick auto, CPG. we one of some we significantly which strong haven’t was on -- see in we We still We that didn’t --

segment general, diversified doesn’t didn’t still really materially financials down, really in that quarter. goes or our the that different prior whether impact for But up it than are was one we we us, and see anything

Arti Vula

more, Great. will And the then Thank one queue. back into step I you.

I time be given a worth continue to out you just calling months guys rolling price In nicely. kind or said Does that Thank the of more anything was and know case the couple frictionless terms we have out ABS you. bifurcation, us? that last behind of of

Nicola Allais

small a based the It’s we of on product. It frictionless. was price had the planned. No. It amount was as

So on report to nothing new that.

Arti Vula

Thanks.

Operator

further I time. back questions Zagorski Mark for Thank no over floor to at are this you. hand There comments. the like would closing to

Mark Zagorski

lie you this couldn’t Have business for all Day be our ahead. at to to delivered many in September long-term on excited of plan seeing for Thank that share where momentum and XXth, we We us York opportunities everybody. joining We strategy the a innovation. look solid more evening. Innovation New vision and AI-powered about DV’s great evening, forward you

Operator

This conference. concludes today’s

You disconnect your may for participation. this you lines your Thank time. at

DoubleVerify (DV) 31 Jul 232023 Q2 Earnings call transcript