DV - Earnings call transcript Q4 2024 | DoubleVerify Holdings, Inc.

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Operator

Greetings, and welcome to the DoubleVerify Fourth Quarter and Full Year 2024 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Tejal Engman, Senior Vice President, Investor Relations. you. Thank

begin. may You

Tejal Engman

statements may current Today's to our inherent are Good Year call welcome result information and With XXXX Zagorski, Allais, are operator. Quarter us currently DoubleVerify's and and this us that Mark and CFO. could Nicola and Full Earnings CEO; and materially. release uncertainties actual changes afternoon, subject forward-looking you, contain and reflect expectations risks, to available and to Fourth today press Thank Conference Call. differ

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

website GAAP In financial Reconciliations comparable most available will is measures press addition, addition deck to include in Investor non-GAAP referring to be earnings GAAP on should certain the our considered in our website. supplemental a today, today be results. our posted and at our not today's Also to are the we'll release, references ir.doubleverify.com. slide available discussion and to for measures which on during substitute call the Relations

to I'll it over Mark. that, With turn

Mark Zagorski

world's increase DV's customers device. partner scale cementing unmatched enterprise biggest the XX% demonstrating position and face further Tejal, and across all significant afternoon, media year-over-year, large Thanks, transactions, to year-over-year challenges. year an was won powered by revenue double-digit the $XXX We and X market We revenue grew XX% our a unprecedented of environment, XXXX, We brands. trusted total business record lines. in $X.X digital progress trillion format billable million, number for media everyone. in as of global meaningful across a a by good the every of XXXX growth measured

continued XX% across Bosch Microsoft, Bank of year advertisers the reinforce wins. BB's major with rate our partnerships industry win Kennedy, BetMGM, using third-party deals new adoption -- DISH, all and Google, where opportunities of XX% tools, full XXXX Canada, accelerating for of worldwide. leadership Kellogg's, with accounting and National Our P&G, remained highlight weren't previously greenfield above solutions

side media by beyond XX% of extended helped data a EBITDA XX% profitable, to net XX% from cash from growth while a customers. execute ability fueled and record grew also from and for our strong one revenue retail necessary These advertisers. protected the client DoubleVerify margin ensures effectiveness year-over-year, engagements publisher investments XXXX, remain and our year. a business and and highlight also strategic unique that demand is results momentum effectively Moreover, measures the This that platform up Supply adjusted $XXX assets last evolve million making spend to leverage delivering our to media platforms activities spend. performance influx and operating rising and that in partner our in of optimizes

we tested our from XXXX year, spend the successes, customers. Despite other and with also advertising some of customers sharply dramatically our adaptability. large cost X reduction their partners. a also X that QX, isolated scale our resilience largest as facing navigated escalating initiative headwinds, of including costs in Throughout sweeping ad back DV and of of commodity reduced spend its part impacted dollars marketing billions And

excluded has shifting tools platform, outlook temporarily our with guidance native while within for provide Although this them standard realistic have each limited the a customer maintained to we ahead. DV tech XXXX completely engagement to from year

in a spend QX ad combined disappointing in factors, expectations. with a of fell short the post-election absence rebound resulted These of that our

PG, direct to programmatic advertisers' web dollars customer from these marketplaces, shift continued proprietary were open also of solutions social, also attach of every private deals accelerate guarantee in spending to ability to And DV temporarily most transaction. Beyond activation year. ad challenges, this started and the or isolated early solutions PMPs where platforms until limiting to programmatic like we our saw unavailable

So do clear, challenges DV's let's not define future. be long-term these

We've strategy action In growth our have drive and shifts for innovation. product and they diversified do continue sharpened to our decisive and address so. will taken fueled to fact, these market

prebid us in shift and for Meta across growth solutions as dollars will social position TikTok future platform. investment into Our proprietary

recent curation SSPs on data rates the the ecosystem. of attach and deals, PMP of drive will Our higher launch solutions evolution DV of sell-side Protomatic decisioning PG with to and major aligning

new further acquisitions customers. and and funnel mid-market customers strategic Sybase add Box, revenue to performance diversification expanding unlocking ad like Rocker by an we're DV same we're and At budgets. into with response lower new large the accelerating direct continuing entirely acquired newly TAM optimization, measurement the time, And of

we number XXXX, XXXX. up $XXX,XXX grew from $XXX, to revenue of the in over In of generating customers $XXX

speed positioning are and with for with executing focus success. long-term DV adapting We

motion With in elections we in with actions saw with macro the less these we around XXXX, variability and the than entering confidence. are late year

scale, continued These for to larger DV's We challenges data drive of tactical moves strategic turn growth. relentless growth. to engagements extensive and into are innovation leverage ready client unmatched are evolution to catalysts future part a

Media vision every Our help In simple single performance perform tools quality to accountability, increasingly driven market will. been a advertisers ad into the that always inventory from to to separates need demands performance. to optimization inventory more potential dollar. never quality, a and efficiency measurements the for media maximize delivers by and to DV powerful, but make is platform has unify every It effectiveness of the advertisers impression foundational impactful.

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insights business weeks data to their in through XX. in additional real This in can a followed A and a an outcomes will measured measurement is increasingly first and their decrease at Together, drive bidding delivering an dynamically digital performance results increasingly was the XX% reduction The fully able greater measurable of bidding were immediate. X XX% integrated business DV's efficiency CPA performance with With complex power X provide leveraging results advertisers these with the the nearly within by optimize the engine, measure, an landscape. optimization strategies, real-time RockerBox complex landscape. integrating adjust scale, digital to algorithms. brand CPA integrated solution weeks, optimize optimization, and single we

on event investment also webcast p.m. X:XX host highlight in live. measurement XX the role Exchange To for of from in-person DV's June future DV Day measurement performance at explore industry p.m. at will experts, Wednesday, York data-driven along will Innovation Stock cross-platform New be an and community the to The the City. team, and the RockerBox executive and with New capabilities, to of innovation X:XX York

take growth across let's long-term to dive to media, minutes social few a how Now into Open and drive strategic vision we're CTV. Web DV's the evolving

growth language Yet opportunity. and a on grew our Social search. In $XXX more generated media making revenue accounts for U.S. a in expanding massive double we XXXX, spend, just for than impressions, only by over XX% all X of today, ago to years That's $XX social DB XXXX, digital media we focus DV. X% a relentless XX%, the highlighting media of measurement social nearly our social business product testament about ad it excluding million million measures coverage.

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social media drive redefine ads display expanding As on media, in coverage as reels. platforms we viewability traffic with across and measurement advertisers performance key social ever for committed detection as enhanced to Facebook remain invalid our how we

we and tailored safety advanced introduced sensitivities XX markets to solutions new extended vertical needs. On international brand to market local TikTok, our

as expanded brand recently YouTube safety well. we additional across Finally, on formats our coverage viewability and

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year-over-year. continued XXX% front, measurement its the momentum, DDR's On nearly growing strong [indiscernible] attention

increasingly to E-marketer XXXX mentioned and DV's As deals to for between activation shift spending XX% XXXX. were programmatic deals exchange to PMPs deploying by earlier, and display just the grow web sell-side platforms. I for programmatic direct open open opportunity over solutions direct X% programmatic but as PMPs advertisers projects spend and U.S. this ad their being numerous across

however can drive always spend. ensure to and their employed be wherever DV advertisers We data focus

on to inventory that preferred effective By help DV and platform. media and powers smarter, curated more So turning trusted contextual are that inventory prioritize DD brand investments them viewability achieve safety, the our as through transparency performance. delivers greater data, to fraud optimized increasingly leveraging advertisers deals control, curated advertisers

with launched integration them Manager and This To the inventory with safety inventory This making we're share sell-side across ever access viewability that curated allows to critical to that and Ad allowed programmatic data than with By for all and we Criteo. end, directly programmatic Manager, hiring Exchange excited achieve I'm to context, it at announced, including campaigns safety media Google source to advertisers ecosystem. advertisers scale. in brand buyers better DV's solutions performance stronger results recently we've that quality meets integrations seamlessly to driving their an through addition are and optimized Google ensure integration for effectiveness, Ad benchmarks packages. is for new to while Index connecting other easier

CTV. to Turning

volume for share accounted milestone. and drove in in measurement in Our X Digital quarter XX% in strategic This its full DB's for in X% measurement impression the results helping growth In CTV we total CTV delivered most vision fourth opportunities XXXX, volumes more XXXX, the momentum with impression fill XX% doubling growing of is exciting a XX% year XXXX. impressive alone. of significant than Media. the

future stronger CTV outcomes monetization Our a significant develop for drive DV content base as creates deeper connectivity and contextual growing to that opportunity performance. insights level we data

Turning Networks. Media to Retail

supporting Media DV's media on in and networks key our measurement now with top side platforms accepted supply partnerships XXX XXXX, owned retail on measurement properties. connectivity Retail retail global side tags are expand. XX% media to Solution XX% including contributing reach retail rate of their operated Our our growth DV close to and XXX sites, major supply media Led global to fast continues XX Retail and and retailers platforms, leading grew by our with Media year-over-year and the overall year-over-year.

Newsweek platform deals for underscoring like and and More to DV broadly, the leading QX, opportunity open continued supply things web secured support publishers. on Ozon, new we a the dozen including in publisher side, over

up, DoubleVerify meaningful the progress for lay clear address to continues challenges we make our while As it's future wrap growth. we foundation to

their Looking our existing media already yet significant for We contribution X.X% less our remains base. opportunity half revenue within X,XXX of spend, than total represents ahead, top the customer work demonstrating the our of growth advertisers, world's runway vast. nearly with

reach, continue with to response and evolving measurement, expand that, attribution strengthening presence Beyond advertisers. mid-market direct performance our we our and to solution optimization diversify and outcomes our while power set

expanded ahead. commitment an DV is positioned a profitable customer and to to the capture base With strong opportunities quality core well and and innovation, and unmatched

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

Nicola Allais

afternoon, good quarter, wins, new swiftly fourth to onboard and our customer large successfully the you, clients. global we In ability Mark, enterprise our everyone. ramped Thank highlighting

by by that due rising to Mark advertising in the our ad of throughout short mentioned, one largest However, exacerbated as in This spend of the quarter. in began later the QX expectations in commodity reduction revenue crowding customers from slowdown sharp costs. out fell driven political was as October existing persisted customers spend spending a from brand quarter

As part customer million XXXX. fiscal generated February revenue revenue initiative early business customer advertising of year ABS. this multiple nearly of XXXX, affecting a social this with where partners, marketing measurement attributable broader X/X in of $XX through its and is suspending cost-cutting and over half to DV in This contributed almost

As we a result, this XXXX customer from guidance. removed our have

growth supply grew and XX% activation, XX%, the $XXX X% For quarter of in fourth XXXX, driven by of XX% growth total revenue measurement million in side. in growth

quarter, measurement Our X% or volume for XX% of comprised large an impact moot. we activation customer excluding pricing in our by revenue. are NTF, that of businesses, the fourth XX% in [ advertisers which a quarter driven fixed-fee from revenue by one NTM, total introductory and Advertiser X% grew driven ] in onboarded deal, decrease the and growth or fourth

customers this and of ABS up revenue from activating in grew activation which by quarter Adoption ABS, XX% XXX the customers. continues XX% represented existing driven fourth QX, top our of with of logo X% new activations in year-over-year, XX% expand, QX. our premium to to upsells product in

delivered Sybase growth. programmatic solid solutions Our year-over-year and also core

grew social by Fourth X%, in revenue. driven revenue quarter growth X% measurement

mode the in XXXX. growth fourth media by side former retail impacted Social revenue persisted XX% platforms, Measurement slowdown several and after commodity including sharp that by grew the the platform from customer grew large by reduced election existing XX% as Supply that brand XX%, in revenue its driven as spend spend us significantly and integrations, growth International quarter quarter comprised measurement up in was clients. in well costs. new with XX% by revenue due the of to increase including revenue, the a of same with in advertisers

growth activation and XX% driven Full XX%, year by revenue measurement. XX% growth XXXX in in grew

in XXXX. Social as for the grew compared half first growth to year full revenue XX% measurement the XX% of

pace As solutions in mentioned in meta adoption on we measurement prior progressed calls, the gradual at our of more XXXX. anticipated a than

in mid-February. As solution is some measurement of rollout test and activation social of activation as advertisers for social to waited The now the solutions together. activation both market

MTM, measurement for Supply growth X.X year in revenue side growth up revenue platform driven driven Social in measured measurement full XXXX, increased of Advertiser impressions the revenue trillion by from XX% X% primary primarily In to XX% volume digital the transactions XX% channel verify billable XX% in XXXX, driver $X.XXX. to as was of XXXX. we with to geographic of year-over-year through while new revenue. growth represented remain was ad revenue increase expansion. expect continue we decreased the by more volumes product and launches MTS and

the Oracle in and the We greater wins, in of expect decline NTF reflecting competitive for to international and towards rates XXXX particular, and to impressions. major continue global measurement accounts shift new impact brand

a achieved average we million. above fifth rate XXXX, retention revenue generating advertisers year-over-year XX% our year. us long-term remain revenue for We by year-over-year And revenue XXX% annual grew consecutive of more XX% approximately XX% year with $X.X We X XXX to remained of gross working net XX than top with XX from of $XXX,XXX our million. full For customers number while top for customer retention customers the and the strong revenue by top years. XX, top relationships to grew $XXX

compensation cost and of efficiency reflecting non-GAAP to programmatic expenses. bandwidth to activation sales. in We other delivered XX% comparability, grew XX%, expenses, hosting revenue by fourth as as excludes arrangement operating cost revenue less driven the increase revenue with operating driven XX% the higher and costs. revenue an growth, of as In items well Total which our stock-based Moving revenue of growth quarter, compared X% by model. primarily partners for sharing cases increased

XX% adjusted million EBITDA a record margin or and of million Finally, net income. $XX we delivered $XX of

million, to cost employees, expenses growth XX% in XX% our EBITDA in revenue, less of [ representing We non-GAAP revenue with EBITDA revenue XXXX, total XXXX of a headcount full with adjusted XX% end engineering R&D We For XXXX. year the adjusted same and delivered sales. as of of and XXXX. operating revenue ] solid X%, up XXXX $XXX delivered increased and year cost resources. grew represented XX% from combine the product of of profitability. Over XX% we margins at was full by in X,XXX X,XXX investments ended for growth Total

while the as as year X% In growth income higher towards net product annual or in a margin Stock-based continue to to full year-on-year million to introduced for compensation through inaugural actively driven in impact we we invest XXXX, XX% we $XX slow program revenue and resources income of margin hiring optimize stock-based reflects was expenses. innovation our year-over-year reallocate growth expect organization. XXXX compensation when compared Net full initiatives slower and XXXX, a by in year primarily XXXX equity we the XXXX went public. award

expect of high Looking ahead and teens. compensation potential we excluding the the in in to future M&A, growth stock-based stabilize expenses the impact annual

stock terms repurchased share for $XX million share In DV of X.X fourth million, X.X of repurchases an shares additional shares repurchased million. January we in In million. $XX million buybacks, year common for we XXXX to X.X bringing $XXX for the full quarter million shares XXXX, total for

of and available remains authorized program repurchase under for XXXX. million new the As $XXX XX, February XXXX, throughout utilization

generated operating cash flow $XX highlighting generation XX%, million Moving from ratio approximately strong net activities operating EBITDA flow to represented flow. were cash in an XXXX. cash to adjusted We This XXXX. expenditures a $XXX EBITDA cash Capital million and of conversion. approximately in of

and on long-term with X year and short-term the cash ended million we hand debt. of Finally, $XXX investments

Turning to Rockerbox.

million is This cash. for $XX transaction subject condition the We close and to have quarter. and second leading adjustments this to in is acquire platform agreed in customary expected measurement closing to

customer growth million our our XXXX DV's talent, We revenue Currently, and scalable has contribution our already year data to base. expect XXXX within contribute included to technology box been $X in breakeven, guidance. total line, this in both accelerate investments offered partial We in measurement revenue this growth across approximately through across plan strategic and integrated systems Rockerbox to near companies. Rocket

guidance. to XXXX turning Now

XX% million, between adjusted EBITDA $XX we $XXX adjusted EBITDA representing For a of and between expect a $XX to million the midpoint. the at year-over-year revenue the million, and million at margin representing to $XXX first range increase quarter X% of range XXXX, to

service contribute growth the clients of a revenue beyond the will of for are our year-over-year expect anticipated opportunities specific we And take and year. that our guidance we court customers, suspension reflects navigating related a business to of on guidance impact the in XXXX limited XX%. our the headwinds X on expect that XXXX, from and measured X impact for we advertisers year approximately growth that largest this full large On with headwinds, of For meaningfully waited XXXX the transition of of X results. accounts X

moderate QX in X-year as clients activation and XXXX factoring accounts measured upsell opportunities, terms and in test X newly new onboard for most for of solutions our growth of prioritize social to integration operations time social The to In launched a onboarded guidance Rockerbox clients our solutions. upside to and premium to revenue, the and the in we that -year we from in XXXX. product revenue period

the to year the for half our one weighting XX% today year year acquisition. margins of to EBITDA the of Rockerbox, investments XXXX adjusted expect first near is of full expect to breakeven which revenue We full -- we and of year account We the half XXXX. the and the integrate near acquisition between second

above XX%. less revenue of to remain year sales full cost expect We

to quarter first million. expenses compensation expect between the we stock-based $XX of For million range XXXX, and $XX

expenses between For million $XXX stock-based and XXXX, to compensation full expect million. year range $XXX we

million. in XXXX. product cash infrastructure expansion innovation and growth. drive shares anticipate hand XXXX on between expect With short-term $XXX fully of the and million capitalized X quarter growth approximately to million average and product software for outstanding debt $XX We well We $XXX and weighted and investments, including capital we're business first of diluted million range of positioned expenditures, invest XXXX long-term to $XXX to new in

program. revenue capital from shifting maintained and margins despite customers and a ad closing, trends In slowdown returning while in spend strong XXXX, grew share shareholders our repurchase key to we through

investing navigate committed and drive action innovation, year. an We're to mentioned growth on operational our XXXX remain call, a decisive transition we previous our in environment and evolving long-term scalable to for to recognized taking we shareholders. value we efficiencies as advertising As

will line for And with open that, the we questions.

Operator

[Operator Instructions].

The from Matt first Swanson question RBC. from is

Matthew Swanson

it's acquisition, And you always getting as idea Rockerbox, share. this focus of attribution, mentioned, wallet differing from obviously you up I'm long-term of from media core kind given Mark, strategic talked an part on that the of the verification performance of expanding business. about. intriguing been has on spend, measurement, X.X% the

can So talk proposition elaborate and the kind existing strategic you the going on value and this or specifically about is customer enhance solutions. of to how rationale fits in with the

Mark Zagorski

question, there. that Thanks a to this that can for here performance know, Sybase as the where other only Yes. is to round starts one I data think I out And protected, something, starts relationships think ensure to platform. for like the sets, optimize we've Matt. of the you talking perform attention first kind core And been it evolution metrics we as that our measure is investments but this picture and [ was about took leverage then steps. in to we is of DV verify, not well. in media steps X while this ] spend of were our and And

big on narrative, us. year, the numerous Rockerbox based differentiated deals played thing. set And in attention to the it We of product Sybase, for that. also last but about fits a part a I really similar is competitive had real Sybase fact does a that what's creates enterprise we Rockerbox cool same think differentiator that won deals and

and an measurement one, story our solution being evolutionary also out of addresses it end-to-end outcomes. So plays that performance number

growth. Sybase grew for about in but leveraging can of acquisitions with bought so understand it's creates when not Rockerbox as increase invest making other we XX%. Number we share helps our small, look you business, them. and X, going themselves that but them it win a doing, And to it's we not differentiator And like wallet differentiator prop. But for and catalyze over if you at had business ton have us a for saw advertisers, just property can continue what to in not it is a a their and grow we're that that just as to a it as spend it's easier revenue year, noted, is for that going And of too. performing. to it's as that's us where know, last us, these for that, it's win that do we huge but win, how value none customers,

acquisition. about we're excited So the

always, it it we've take scale, a but and use the and well. use to we're will time Sybase playbook -- that going Rocker-Box will record good that had as integrate to with really As with extend track we

Matthew Swanson

'XX. for that moving for to year? thinking you might about it put headwinds starting all to for would like you I they're throughout XXXX of like things when And that. -- then, the between kind tailwinds are they headwinds or 'XX just DoubleVerify thank things those getting the how the about solutions, you of Nicola, those social highlighting tailwinds I the through -- general, appreciate going way seem and the feel new that but the Because ramping parts, thinking guess guide, excited in and CTV, other of the we're Sybase, displacements, some other story confined year and some said were remote we're about be this in the be

to reasonable it think in is So the about model 'XX? accelerating

Nicola Allais

Yes, of Matt, are then it are And for doesn't be take it, size those we're long that 'XX size a the ] But think way that of away describing them, taking large we [ protein opportunities for us. have will opportunities. the client we measure is very have specific. I from We're So we we seeing how those you're the think in term, the believe, headwinds right? that are.

just account for section guidance in launched we for time in the mentioned In week it we to the we're 'XX, a activation. longer product us the term. test a the having So to specifically that one. X clients be are social opportunity activate large That's will We're for believe going and the into solution. and

have basic were QX 'XX, in part they services. is these were from that moat. but very successful second in clients coming of platform The winning We a

the so And on present motions have service clients. and basic process And upsell more through you of we during the a products we the on client those to to for sophisticated to opportunity once now basic shown those have premium are to the solutions for X product. the the time going we upselling that just as we've didn't remote expand the Xx won RFP are opportunities could clients many clients for like-for-like and times, us

So one. that's the second

then is third And one the Rockerbox.

we [indiscernible] expands a opportunity interesting of an small to is year. and So a the will really, what first XXXX. revenue business for in going can But said, It integrating our about expands acquisition. as a has It There the XXXX. to partial there also acquisition. amount be year is opportunity existing very to customers. Rockerbox it's Mark is provide our be

Operator

Next Goldman question Sheridan Sachs. Eric from from is

Eric Sheridan

and view to expect ecosystem we X the what of I out from the could. that challenges lot going been refresh to be months. about could world Maybe impact XX how opportunities ecosystem. to for advertising you the Mark, create Maybe if discussion you're on broadly XX AI a there's the the is the advertising your look AI as over across aligning you company and next

get in the Nicola. outcome abate a to toward guidance deeper to And QX XXXX. some how go trajectory that then respect were maybe the XXXX you builds scale and against as QX, full in of margin into bit a there question might to way to for margin how a on business specific or headwinds Is the following year the little deeper side up with better there margin the beyond on

Mark Zagorski

for Thanks Eric. question, the

value part So are it really do we them. and on as AI we leaning front, obviously into do how our customers of core heavily for what and for the we prop our AI

youniversal images us helped social It's measurement we analyze intelligence powered in on languages very is new new content social on side, AI. tool by the video on moving which Our and and scale to rapidly markets. networks,

think I in it's core a social of business. our investment So our part growing

find algorithms media AI value is and do KPIs drive use leveraging foremost, efficient compress basically business, first Also to to which is, an looks Sybase, for customers. at on to which certain we how AI-first more based bids,

it's think on continues important. set based So that. to I grow like our And product

the to investments because this in own not of AI because limited healing we're the not more look and at we're aspect noted using we're of as operations being It's lot our in year, call, in going a growing. relatively capital Finally, efficient. that's Nicola

write are engineers leveraging it to Our code.

them. with find engage to solutions customers leveraging are for and teams Our

across think the I part do. of So it's we what board,

can't about In that to changing the itself, impacted dynamic search creative how it's of we're of and talking from the deny page you it's to I like even these publisher ecosystem views. bidding nature mean the out advertising fact some

the on web on think see to et with AI to to doing you're buy traffic greater than side going sell and I side what side a is traffic, regard impact the cetera.

having is pretty significant it So a impact.

areas it. think get in leverage eating as making caught don't key creating harness where to but it us we our for a sure we I We company is the opportunities, is we're benefit AI and opportunities. up

Nicola Allais

part and the as And year the of on that the I the margin -- say, in large revenue. you few quarters terms are would the grow if historical of because of latter side, business margins progresses is of year points, Eric, patterns the that is a

is account for have year. So That we we we're that XX% fact the to for acquiring are and to will guiding investments. the Rockebox, X margin

a the where XX% at XXXX, quarter little the it's we fourth of in in XXXX. but at ended did lower XX% So we end year than

to margins. So we have capacity the expand

X will the of prior course higher half as of the for margins We're acquisition planning very over second follow year for the the year and the saw we with trajectory year. in past the the in years much investments the

Operator

Youssef Next from Squali from question is Securities. Truist

Youssef Squali

business I customers items the it then it's seems mentioned so that pricing for you XXXX. customer the early to the year, have than quarters, clouded is and measurement side by the been last what that lower like expected onetime customer particularly a well. quarter from if over I performance of as the growth lower number would maybe new guys of last causing growth pretty you several -- up some your Mark, on like you has the this popped X been of this at wins, X versus have look

at seen. some somewhere to the or in help ecosystem. is opine this market segment based terms look TAM in the the back grow I in of step any Could digital the of maybe in either you guess of And of health low advertising, terms we've gives this which numbers teens, the you As you on and on of pause of sustainability of excess just continuing the I think that?

things much aware just versus the been is to year? beyond as maybe it's we I for mix you pure could this maybe out last your that need model NCF how of other Nicola, comment the in look then down this just parse maybe And or puts several that and be takes that know to we quarters, of down about XXXX. product being but

Mark Zagorski

Thanks Yes, question. start for I of. will the

been, them forward. it we kind manage into of around had up. we 'XX, good X made isolated period. You of think our think we've the we of one challenges we've going nailed that job think guidance got year right and arms is the think aspect what we've some pop our the to confidence when lot another during both I a that done trying have the a comments And I And in addressed variability I in rolling in our is

questions dollars That going noted we with health who is advertising our ecosystem up digital We've are to the web. but healthy, proprietary are scale not in of and advantage where calls being to playing there and of has continue we few said, you a as and that that efficacy dollars platforms. the catch are do last open over around moving kind bit those of And that same can really to have had into advertising solutions of take shift. the the the see

alpha TikTok now the meta a of release of activation. I the good prescreen our on in same on position think the with we're in tools place tools and our launch

ultimately, So those where start advantage we of I can taking think dollars shifting. are

And variability mentioned think, political some cleaned bit. that here have QX a we other and around of been companies that I up in saw

long-term several over last off. are made pay investments the our the that growth the going prospects going confident dollars strong. to are that we've we due fact remain So are that quarters and to where following

tools we've and great moat. pipeline noted, initial done of those I drag of been that new it position Nicola -- that initial think, from as to who we've those for right the addition of in take we've in that the scaling is those for dissolution and give optimism 'XX, dollars not things. the us. a the And leverage us a going be expectations to shifting customers, in platforms seen, We're to in And advantage a can but measured us, win

Nicola Allais

factor What's the These the declining. offset new at That's them a in been we've idea for them for want the large been the -- a in right, is which shift the story social, that products, our competitive mix rates. are a The lower drivers we're products. mirrors Yes. since to and be the launch clients. question consistent premium we've year middle that priced moat, that of new are had on with MTMNTS. at of otherwise price there's on is would point. be basically as most new And international what that impacts we'll consistent to MTF, very so deals continued won we MTS. a which also with this point upsell we at what And able towards last we and basic a they solution and to able what

that overall down price is upsell overall, them start premium these to expect the deals and The as as we we product. to for MTF story go because onboard do large XXXX we the

MTF to in XXXX. to So we do continue decline expect the

in to doesn't continue better mean to solutions. decline it new are produce We for decline. talked which We that will be be overall, terms on very products us interesting activation, to us going of but launch for in to upsell the something it a getting social is ecosystem that, that to more is dollars will MTF, It's launching into about us 'XX us. will products. allow

Mark Zagorski

QX, If I declining XX%. above based strong on in which margin. in able leverage It that shows have a we've thing, seen we're noted, still that and even as maintain can the add dropping is Nicola right, strong really is factors MTF to too, X we numbers the though in the dropped gross resiliency we And EBITDA to cost margin, XX% well. our structure EBITDA even still that model, the

or we So a still It's and bottom revenue per profitable business is results running still if impression our results. impacted. are very even line driving real cost

Operator

The next from is Genuity. Maria from question Canaccord Ripps

Maria Ripps

it it that maybe advertiser your guess First, advertisers did color adjacent sort a related? QX -- share of terms scale at just vertical prices pulling broadly? share that can more impacted it's well? Could can little back sounds results in sort for vertical see commodity of in of this of on macro-related as the Penon kind you sort so was more of advertisers that and we anything given the services bit you that and like Or I for exposure other outlook. advertiser back or

Mark Zagorski

Yes, Maria. start, I can

And a haven't specific that customers. a reduction is This commodity very is This impact So -- just partners. multiple as this to a advertising CPG and an of cost-cutting as marketing this our reduction services We across for to repeat by suspended we in part much sharp CPG commodity result, customer. it our spend and not is broad pricing what is experienced advertiser, seen initiative just rising a we the a us. variability advertiser. costs driven said, with customer business has this is other from

fact, in CPG, the don't CPG matter growing category this us. vertical a several other we deals clients. a of within -- we past. As the And is that mentioned as -- a is and it on for contingent our see signed CPG we large

We have that. seen not

And client. so it's X this to very specific

Maria Ripps

can new But more growth likely should will activation I your media, said That's here? And kind to adoption? about any be talk of that you to there expectations for help very factoring saw you measurement and you accelerate cadence also even any And factoring sort of wanted the sort social I of about with of broadly, expectations ramp know relative on activation of sort helpful. measurement then ask in what are you launching matter? moderate

Mark Zagorski

Yes, it's question. great a

see of know had and we already, pretty in from. So implement impact they're really advertisers that is a nice got there for we've of noted a looking We time test well. customers guide we'll news to several been guide, the our start we've or good it on social the pipeline and budget tempered scale as how Nicola and that The impact activations in year. launch. scaling a we're launched nice We've customers, do on the to that takes pretty bed at for

year be I see year, in year as impact greater this but dollars some next the this certainly than So will come think we'll well.

be With regard for least be employed. activation to a measurement one solutions, measurement, to example, for growing the of need for customer for you Meta, at to

do be a effect prime we think going activation to solution, build so end to of QX, that really they're potential activation customers a there's an new measurement to promotion to flywheel pump, measurement to, was have at in So future, successful. help at least that did be try to want test we the the to get to do going for some bed to and it advertisers if use in

the over The net-net, business its we're the so, effect. rollout, together. of but X go We've So that be a or potential measured solutions pipeline. to volume optimistic fly about are impact showing handful We a week moving on in those we're nice that customers do think going really strong growth. who've there's got launched forward. again, And last

Operator

The from Boone Andrew is from Citizens. question next

Andrew Boone

wanted into terms in Rockerbox and smaller more moving of start a to advertiser. off I

at their needs As DV kind problems. that provides, solutions we guys you into do solving the do and the terms advertisers. DV think go How mid-market, certainly but about do maybe end mid-tier change of in ability about to of of the how larger think not those

a connect is terms have and Mark, philosophical. that maybe there to line terms mind us about something terms whether more that's you want coming growth in or threshold 'XX. talk sort a of in margin about of ability to your and down then, margins whether you EBITDA some in in hold EBITDA invest profile. of you And are top structure do just of slowing, bit we the little the cost kind how of think Can just to If margins

Mark Zagorski

Sure.

So a a our calls, relatively mid-market on big at performance the in work brands. of we've about previous Rockerbox also would really I is as because yes, And the this but advertiser opportunity. lot which first -- one, for that's untapped solutions at talked I the mid opportunity, think a with look we area this an

DTC for a is some start which with crossover, DTC with Unilever, That storm Unilever with works some has Box or brands cool we the pretty both creates for on of opportunity example, there work brands. like the brands that to for to storm perfect Unilever and that Unilever Now the perfect us use. branding solutions on see because is us performance-based Rocker solutions

really of or Rockebox other Sybase, folks So little I we and with Sybase. to penetration with out year until opportunity can a solution similar to think are have the ours think customers I that our top a lots that then, is down performance their launched have saw good DTC where bit performance-driven, we see applications we there of of them haven't XXX directly road. been that with a really able such there over tied provide that a ago. brand either are Since customers a That's been we

brings to this combination and activate size case, able market data then I aspect ability for a they all want this, again, advertisers to mentioned provided, those be the look verification fashion, outcomes in every provided. Rockerbox of of are what we've which to data, looking are it. together. in measurement we've I And that which the other And we're that in The our is of apply our relevant things needs, you always difference. granular the think, the clear always mean getting from it

So opportunity. unique I think that creates a

we last is call still to. always innovate year. of said thing And growth. investing, evolution I a look measure. of started And in quite us our the do time to set is a actually Rockerbox, we're his being year. it's would in know absorbing been positions you it really same to profitable, competitors our way the around, spend to the at the said you like is some right? die, rate solution you And that right? don't think so not business of have transition future growth 'XX, going always as continuing and look exception up or the our we but comments, year a at philosophical we margin our transition Nicola still innovation, to if is evolve And at that's just have And will philosophy, being for when year, we had we're EBITDA kind which all On end be have of in on which you this going teams. money with our about of the One we've held this the last talking

continue we heading. think a growth transition an know to there's where opportunity for in we're us We to year. is invest So

And we're tactics We We've so. path for solutions, investments outcomes with in to us social, do heading that sell-side products. have clear growth. think positions in laid I a investments where out in and attribution future the investments of

So we're still delivering that we're delivering space. stronger to great a doing the for in bottom line cash still and up by companies ourselves future margins setting much the than many

Operator

from The BMO Pitz Markets. from Brian next question is Capital

Brian Pitz

incorporate Oracle Two are Last comments the starting And questions, transition are offerings? more onboarding? on you mostly basic product. to new and/or quarter, mentioned please. to Any sophisticated products clients you Oracle client the using seeing

maybe problematic question. more the Maria's for Has better? specific is the follow-up category, any it secondly, And gotten about quarter? same? which obviously or then was last you details updates a it to CPG Or on

Mark Zagorski

Thanks, Brian.

in made of that in last I first last we early acquisitions that think -- the relatively days quarter. we new still the So one, some it's for on the half those But are are couple look launched at hadn't a previously. a created got Sybase starting used customers as them to handful We those We've with of well. of uptake. seeing that they solutions now

getting we're the you -- great get job last think pretty a something who and there, of beginning it over guys just to it of customers to about are have but and the teams up our upselling the of kind right? couple year. slow, growing since live. and quickly saw really of done These So but got what those need months

Nicola Allais

question Yes. And about on the -- Brian, CPG. your

the specific customer. large is XX% growing to by our the are more CPG are revenue, brands are last that category they year, our adopting one more we items our We and about is of good. services. large is customers and CPG category CPG, overall this specific not because they do believe is So and discussed and The by We customer that of that services. in in design want they signed

-- CPG tariffs our question a the so to do hurt it Rockerbox the and our from broaden XX% and we year need of diversify, last last clients every CPG less surprises It right, clients of to is customers growing. that that or strategy could performance with. around category others. is able of the is part customer, kind we're grew our is with say grow and acquisition than work the year, scope I moving SMBs of the offset that large Because to will If sign we but did that of mid-market revenue specific 'XX. is to other client, that category by will we

Operator

is from Company. from & Needham The next question Martin Laura

Laura Martin

want ad agencies is they of a fewer -- with wondering work to things lot I'm the Philosophically, one hearing of providers. from we're

And and so great. my guess is added you've understand I Rockerbox, Sybase, now -- is great, you've added and is which which

So shop become to even Or to you're please? is question after is, do your X keep narrow sort clients, of of acquisitions? branching extending set too out. these The product a you you need it more add services one-stop for your for

Mark Zagorski

the for question, Laura. Thanks

landscape safe, measure the they spend fair I attribution, we're starting think make concerned a I is optimize are few sure it's measurement They to They the and right? of if But about. really a agencies want of at to cover to advertisers the and think quite that to bases take. you and kind definitely want the want outcomes. performance, look that their of

all be to agnostic script, of the don't we've to always We to and does media want a in And to want I we think we part said the together those agnostic the bringing itself. media. transaction of said be be of to boxes, now check lot want We channel.

what's work I want make working, how bases is good what's to advertisers the covering So the when comes working, marketers of quality there. we're doing think better not that job ensuring it a and that analysis of of to pretty independent and it a lot

our want and So I they simple, too, agree. This agencies want is of to which work simple is advertisers thesis, want and less. with part

SPO from. So our platforms hearing consolidation is to everything from trends we're into

in grow. customers of platforms use of I while of solutions it make solutions you and making a where out many that more of And to always set ecosystem. And position efficient advantage our the think multiple take to our data we're good data basket that sits using are a think that I to continues we across think how around total opportunity the X using simpler DV I and it key currency kind X advantage is in figure have and

Laura Martin

Okay. And question about my pricing. then is last

for think been I talking think notes, regimen a And from long my said much I time you've contributing there. XX%. I because on you CTV find in CTV prices increasing X% can't but to impressions from so more doubled about value there's the you're the it

right be XXx ecosystem CTV CPMs increase the sort time of So this of the in transition CPM. in wouldn't social the to the measuring fraud fixed or this the year, cost where

Mark Zagorski

Yes.

percentage up. the our I'm about the the doubled got measurement that of that volume You We right. numbers just impressions CTV -- of makes impressions sorry,

it customers. is importance and to scale our kind of So it both us and of is

So with look, I needs there value a our think to we've advertisers. prop always be said commensurate that

a you war, which greater to is Laura, that's saying discontent to of As know, level on transparency think memo transparency needs with in be a be CTV. I now CTV, loud becoming used the there of

of I level data. program getting think the on we're more edge transparent right

that amount I then increase the for time at that's look transparency to to of an us we into and market those for And coinciding greater of provide with us opportunity that to a the pricing combines over level the that opportunity for pushed think on get an inventory being as impressions. kind our granular

Obviously, not closer for but together. we're the commit week or in day to us. this going of come to think starting the are I things date the is to opportunity So getting year, any that

Operator

Bhatia The next & Arjun Company. from Blair question William is from

Arjun Bhatia

growing and around Or in have for one sort that remarks deals. in market I'm social? areas Is just a direct just I something more you [indiscernible] other up to programmatic prepared how I'm still you you just maybe kind impacting to you, the going doing that after? follow what said clarify can related if there Mark, of increased of missing? you are go there DV? are that And sure to E&P spend on that's Can

Mark Zagorski

Yes.

So So kind a lot sold where was first and talking and in we've television, right? PNG been to of really of the the that and about CTV or PMP and couple for connected of that reference impressions calls way. PG were last play PMP bought

So the attach rate, DV pretty against Solutions. particularly PG for light was P&G

We've seen display solutions into and that impressions. further expand grow display and

the platforms side Index with that out. curation like pushed PMPs side Curate Criteo, into I those both moving other today, who at that doing Exchange for the it's the which the working us had platforms sales like data a Google are on So packaging part drag think and to about we're applications. is and more attach What ability announced of sell into looking it, into on somewhat we data and actually of got it

us. for opportunity an creates that So

we somewhat sense. a space. again, in short opportunity anywhere the long-term what think, said, we've that on our technology made is I be it always the to where I drag, be want as employed I going is think, makes term, to based And we've investments And think, ecosystem a in and data that the

Arjun Bhatia

And of next activation question, making Meta having capabilities what back there issues focus read-through just Obviously, separate running. and SAC. kind tax you're live for or those kind you what third-party that to X And curious there, means at for are means make -- DV prebilled right, meditations of is the what up their it then safety checking. of and maybe and are I'm -- on brand the here. any of you're and Perfect. Okay. for progress are going Meta

Mark Zagorski

like seem past. perspective, not tools So content they're the at I be the comfortable right? tools going our checking and And an as would The to advertiser They to But from linked, back the end Meta's of -- I what's you bit content it a ability always right? the with think think we're in do to it I don't city. but disparate the content that because have customer's what than would has really advertisers a they is to more look think content. content makes avoid not meta the think have opportunity. done complementary the an with, new on, day, they -- are independent did at a what on creates And

be and advertisers from have have with tools had The angle an them. the sense independent the to us makes will content to that and context to it do for -- now tools around

party that's more never noise a definitely bad there's business. and drives advertisers sure, safety ultimately, our And For has and outside for is thing choice. complement more I and and role suitability what the I now an just But had in can that think doing. -- market think is in uncertainty the has our always noise meta choice comfort. And advertiser usually to that as

Operator

is question Next Andrew Marok from from Raymond James.

Andrew Marok

URL -- of earlier level Maybe one, reporting. announced this of could, announcement I week. that on the you the expansion if the

per be potential retention how to customer in lift and of that like the about metrics of we lifts kind provide like outcome it things that. spend can that terms should thinking Just

Mark Zagorski

Yes, question. it's a great

something to always our we the on level or or more customers. announced level transparency we've less It So demand. of provided extension URL that was log

make third-party our broadly further available it we're more we'll and in available available in systems. then it Now EI making and

transparency than an or I more initiative revenue growth of a think it's actual driver.

the advertisers our and driving in our shows they're comfort ecosystem and how commitment to greater confidence transparency of kind giving buying. It in where to

So and trust we do of a what not look kind We part as that's They at the responsibility in driving it as don't people at spend. accelerator. business at DV a as trust ecosystem, and it do. look in with it look of their our

of that and part of part is So that I story. important story think an this

Operator

Our Barclays. of next comes with Raimo the from question line [ Lenschow ]

Frank Surace

want those relative Frank check what on assuming the Raimo. 'XX guide the specifically for is performance saw This trends you customers their in are of cohort in what from QX just existing to out I ask in in guys X you and 'XX? of to

Nicola Allais

Yes.

X. of stable exited fairly So the cohort with we performance XXXX a from

specific So of that of months, company. very materially a was -- on we're it And we're guided something of muted it is spend more each as right? X XXXX, it across the it if that We pattern advertisers in weighing moves in but more was assuming the did this to of the be cohort various the you having uneven issues beginning anticipate QX, month-on-month. predictable. year, at way a So has in by XXXX the become predictable. recall these the do growth, growth this overall cohort,

Operator

Murphy Our JPMorgan. next the question of comes Mark line from with

Arti Vula

This post is in you Arti from rebound noted a election. guys Mark Murphy. ad know lack some on challenges spend of I for

last that you I in other from macro that demand call of the saw the months? over you Beyond that, impact factors some few would any kind post-election changed the would U.S. out of And assume focus

Unknown Executive

Yes.

that I to just still that, based perspective, was worsened think a what that called on more unstable environment the was an and from we November and trends spend that to XXXX and it the it are really outlook. out political. was very the call December. in We beyond saying feel the -- ad there's which postelection an with in the impact just impact an it it seeing It in did stable uncertainty, it and we We're fact specific QX. December, prior was November in tied worsened entering was not were facts October. feel actually

was a year. with more stable view entering very for we're 'XX just So QX the unpredictable.

Arti Vula

noted then those Very you some helpful. pretty also and you part deals talk notable those solutions about are Home And social whether Can guys and what led conversations? with General. wins with of Depot in Dollar you

Mark Zagorski

Yes.

things getting pressing were on with in got folks that to because lower like is land our costs. think continue it is once expand play, and which they to they optimization love the an their land where differentiation decide side, it's and on expand, measurement activation. opportunities look and basic great is of solution right, -- then usually I for continued examples the Increasingly, those and we're around focus around this

move sticky other areas part optimization, ROI what So measurement what into of is that's like a big the as the is us. real outcomes them -- with we and hook these and keeps

we moving ROI others examples the and drive keeps that the them and outcomes and actually to solutions grew customers attached of expand are with great us. those and So that land into

Operator

question with Brondolo Our next Wells Fargo. the from line of Alec comes

Alec Brondolo

a ask Rocker question Box. I wanted to on

I platforms there's nascent Triple Beam of a of measurement lot think North these kind out there, well.

the points a vision with pursue Box to And led or your so you specifically. product transaction platform synergy of of what that that had were with specific that the kind kind capabilities Rocker of

Mark Zagorski

Yes. great It's a question.

One of out is with but with company. companies similar working to and go got We which before thing, sites is kind and And dated X you we we then found work market definitely with a that there's of married. look bunch we we customers, the them. at together diligence how of actually when the work just in projects the things case actually -- with did of there's Rockerbox, we

And of was I part think key that it. the

which features looking like the was the scale market the functions the breadth at also that their was not modeling So to complementary only of of integration, of their in but data mix they something really granular scope that and and us. tools, had the MTA, and things

plugging So platforms, breadth the web mobile platforms I all and versus That into was to think, platforms unmatched. again, other CTV app different platforms. social to

value how to end day, the Because to we our were ultimately together was to solutions yes. drive what how we able well together, found And well RockerBox short were tie is results down came actually do we for team, work answer at with they the And they customers? the with we it's customers. deliver can of

proven it's down I small at. great be really there's scaling opportunities where both And BD, good one, sales the again, there's opportunities. underinvested They companies So and although had -- and I to something think that's think acquisition, strong think that for road just in relatively I we've together.

Operator

comes from Omar next America. Dessouky question Bank of the with line Our of

Omar Dessouky

X supply on side business the last fire has So your quarters. been

I term You of that should of printed and wanted a 'XX longer kind growth growth if or XX% just onwards? into 'XX this calendar would rate kind growth you we beyond quarter. know be And to what of rates these for kind and expect think normalized

Mark Zagorski

the certain on as deals where deal, minimums have so we've and the secure deals platform volumes yes, you basis volume a you sort then -- a reminder, work the of Yes. on had success have you way side. that. Mark And if these supply on our monthly upside once

of step have win a process, it's them. which And so customer once kind that you is a you up

more successful X Part we've the was get quarters, of the us terms very were it to seen tied from rate a of quarter. grows, success revenue. win deals. moat. And line to that in of that you then in All volume say last that was this signing new our lot as in We

And so see yet level find to well. anticipate overall, platform. we're also the X% bottom it success we much, media revenue the of to profitable recently to contributing in is basically precising very our retail line is opportunity Within network our about platforms. obviously reached XX% we're stay those we line. with it top and very network, and next the be side, of new mix, there's It revenue. part that this we types well of at larger going is until of a supply highly growing We the is to the but don't that the that XX% than much having

continue network. especially we'll after, -- and platforms to So around find go [indiscernible] to new

Operator

the to this There for time. like I'd floor are back no further questions over Zagorski to at turn closing comments. Mr.

Mark Zagorski

evolution. Innovation upcoming We about a seeing opportunities the that June look the ongoing great evening. investor future take Exchange investments in the to York where us Thank ahead. right. conferences join you All our our into you you at have we'll to Have made excited and encourage of our joining at of all the to New forward We're lie and on all City, dig New this for at Day we of XX Stock us York evening. advantage many

Operator

This concludes teleconference. today's

You your lines Thank at day. may have disconnect time. wonderful participation, your you a for this and

DoubleVerify (DV) 27 Feb 252024 Q4 Earnings call transcript