DoubleVerify Reports Fourth Quarter and Full Year 2024 Financial Results
DoubleVerify (“DV”) (NYSE: DV), the leading software platform for digital media measurement, data and analytics, today announced financial results for the fourth quarter and full year ended Decemb...
Increased Fourth Quarter Revenue by 11% Year-over-Year to $190.6 Million
Increased Fourth Quarter Supply-Side Revenue by 34% Year-over-Year
Achieved Fourth Quarter Net Income of $23.4 Million and Adjusted EBITDA of $73.8 Million, Representing a Record 39% Adjusted EBITDA margin
Increased 2024 Revenue by 15% Year-over-Year to $656.8 Million, Driven by Global Growth in Social, CTV Measurement, and Programmatic Activation
Achieved 2024 Net Income of $56.2 Million and Adjusted EBITDA of $218.9 Million, representing a 33% Adjusted EBITDA margin
Agreed to Acquire Rockerbox, a leader in performance attribution, optimization and marketing measurement, to drive greater ROI for advertisers
NEW YORK: DoubleVerify (“DV”) (NYSE: DV), the leading software platform for digital media measurement, data and analytics, today announced financial results for the fourth quarter and full year ended December 31, 2024.
“DoubleVerify delivered solid full-year results in 2024, with 15% revenue growth, 33% adjusted EBITDA margins, and continued expansion across CTV, Social, and international markets,” said Mark Zagorski, CEO of DoubleVerify. “Demand for DV’s solutions remained strong, with CTV measurement surging 95% year-over-year and supply-side revenue increasing 34%—reinforcing our leadership in verification and media quality measurement. Despite the variability in the market that we experienced in Q4, largely driven by the absence of a post-election rebound in ad spend, we maintained a strong profit margin while continuing to invest in evolving our solutions to not only enhance advertising brand alignment but also help measure and optimize media effectiveness. Our expected acquisition of Rockerbox is the latest chapter in this evolution. By integrating Rockerbox’s advanced attribution solutions, we are giving advertisers the tools to directly measure and maximize the impact of their media investments. Additionally, Rockerbox helps expand our core value proposition into mid-market, direct response advertisers, a previously untapped segment for DV. Heading into 2025, we are optimistic about future growth opportunities and remain focused on helping advertisers improve media quality and effectiveness, while unlocking measurable ROI in an increasingly complex digital landscape.”
Fourth Quarter 2024 Financial Highlights:
(All comparisons are to the fourth quarter of 2023)
- Total revenue of $190.6 million, an increase of 11%.
- Activation revenue of $109.5 million, an increase of 10%.
- Measurement revenue of $64.4 million, an increase of 7%.
- Social measurement revenue increased by 9%.
- International measurement revenue increased by 11%, with 10% growth in EMEA and 13% growth in APAC.
- Media Transactions Measured (“MTM”) for CTV increased by 95%.
- Supply-side revenue of $16.7 million, an increase of 34%.
- Net income of $23.4 million and adjusted EBITDA of $73.8 million, which represented a 39% adjusted EBITDA margin.
Full Year 2024 Financial Highlights:
(All comparisons are to the full year 2023)
- Total revenue of $656.8 million, an increase of 15%.
- Media Transactions Measured (MTM) were 8.3 trillion, an increase of 19%, and the Measured Transaction Fee (MTF) was $0.072, a decrease of 4%, excluding the impact of an introductory fixed fee deal for one large customer.
- Net Revenue Retention (NRR) of 112%.
- Activation revenue of $373.1 million, an increase of 13%.
- Measurement revenue of $226.9 million, an increase of 15%.
- Social measurement revenue increased by 27%.
- International measurement revenue increased by 22%, with 25% growth in EMEA and 18% growth in APAC.
- Media Transactions Measured (“MTM”) for CTV increased by 66%.
- Supply-side revenue of $56.8 million, an increase of 25%.
- Net income of $56.2 million and adjusted EBITDA of $218.9 million, which represented a 33% adjusted EBITDA margin.
Fourth Quarter and Recent Business Highlights:
Overall
- Grew Total Advertiser revenue by 9% year-over-year in the fourth quarter.
- MTM increased by 14% year-over-year and Measured Transaction Fee (MTF) declined 5% year-over-year, excluding the impact of an introductory fixed fee deal for one large customer.
- Continued to achieve a Gross Revenue Retention rate of over 95% in the fourth quarter.
- Drove global market share growth through product upsells, international expansion, and new enterprise logo wins, including Kenvue, Diageo, the FDA, Dollar General, Home Depot, National Bank of Canada, Mattress Firm, Kraken, BetMGM and Bet365.
Social Media Innovations
- Launched content-level avoidance for Meta’s Facebook and Instagram Feeds and Reels. Powered by DV Universal Content Intelligence™, this AI-driven solution empowers advertisers to proactively safeguard brand equity by avoiding unsuitable content and maintaining control over ad placements at scale.
- Launched viewability and invalid traffic (IVT) measurement for display ads on Reels across Facebook, expanding our existing video ad measurement. This enhancement provides advertisers with comprehensive transparency and performance insights across all Reels ad formats.
- Expanded brand safety and suitability coverage on TikTok to over 18 international markets, bringing DV’s TikTok coverage to 64 markets.
- Launched TikTok’s Video Exclusion List Solution, powered by DV in expanded alpha testing, empowering advertisers to proactively exclude videos identified as unsuitable through our reporting, further strengthening our pre-bid protection across social media.
- Expanded viewability and brand safety coverage across additional ad formats on YouTube. These updates provide advertisers with greater transparency and control on one of the world’s largest streaming platforms.
- Launched brand safety and suitability measurement on Snap, delivering comprehensive media quality authentication across the platform. This launch provides advertisers with the tools needed to ensure campaigns align with brand standards and perform effectively.
Open Web Integrations & Expansions
- Launched integrations with Google Ad Manager and on track to roll out Criteo and Index Exchange imminently. These integrations enable programmatic buyers to activate DoubleVerify’s media quality data across both buy and sell-side environments. This integration empowers advertisers to curate inventory at source, meeting their unique benchmarks for context, brand safety, and viewability while driving improved performance at scale.
Share Repurchase Program:
- Repurchased 6.8 million shares for $128.0 million in full-year 2024.
- Repurchased 1.1 million shares for $22.2 million in January 2025.
- $200.0 million available under the New Repurchase Program as of February 27, 2025.
Strategic Investment and Innovation Day:
- Announced an agreement to acquire Rockerbox, Inc. for $85.0 million in cash. Rockerbox is a leader in performance attribution, optimization, and marketing measurement, empowering advertisers to optimize advertising campaigns and maximize their return on investment.
- Announced an in-person Innovation Day for the investment community on Wednesday, June 11, from 1:00 p.m. to 4:00 p.m. at the New York Stock Exchange in New York City. The event will also be webcast live, with an archived replay available the following day.
“In the fourth quarter, we generated $191 million in revenue and achieved a record 39% adjusted EBITDA margin, reflecting the efficiency of our operating model and disciplined approach to growth," said Nicola Allais, CFO of DoubleVerify. "We continue to balance profitability with strategic investments, such as the Rockerbox acquisition, which enhances our ability to drive long-term value for advertisers. With a strong balance sheet and $200 million available under the existing share repurchase program, we have the financial flexibility to execute our growth strategy while delivering sustained value for shareholders in 2025 and beyond.”
First Quarter and Full-Year 2025 Guidance:
DoubleVerify anticipates Revenue and Adjusted EBITDA to be in the following ranges:
First Quarter 2025:
- Revenue in the range of $151 and $155 million, a year-over-year increase of 9% at the midpoint.
- Adjusted EBITDA in the range of $37 and $41 million, representing a 25% margin at the midpoint.
Full Year 2025:
- Revenue growth of approximately 10%.
- Adjusted EBITDA margin of approximately 32%.
With respect to the Company’s expectations under "First Quarter and Full Year 2025 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income in this press release because the Company does not provide guidance for depreciation and amortization expense, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income. In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.
Conference Call, Webcast, and Other Information
DoubleVerify will host a conference call and live webcast to discuss its fourth quarter and full-year 2024 financial results at 4:30 p.m. Eastern Time today, February 27, 2025. To access the conference call, dial (877) 841-2987 for the U.S. or Canada, or (215) 268-9878 for international callers. The webcast will be available live on the Investors section of the Company’s website at https://ir.doubleverify.com/. An archived webcast will be available approximately two hours after the conclusion of the live event.
In addition, DoubleVerify plans to post certain additional historical quarterly financial information on the investor relations portion of its website for easy access to investors.
Key Business Terms
Activation revenue is generated from the evaluation, verification and measurement of advertising impressions purchased through programmatic demand-side and social media platforms.
Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers and social media platforms.
Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify and measure their advertising inventory.
Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers.
Net Revenue Retention Rate is the total current period revenue earned from advertiser customers, which were also customers during the entire most recent twelve-month period, divided by the total prior year period revenue earned from the same advertiser customers, excluding a portion of our revenues that cannot be allocated to specific advertiser customers.
Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify’s software platform measures.
Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per thousand Media Transactions Measured.
International Revenue Growth Rates are inclusive of foreign currency fluctuations.
DoubleVerify Holdings, Inc. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
|
| As of December 31, | ||||||
(in thousands, except per share data) |
| 2024 |
| 2023 | ||||
Assets: |
|
|
|
|
|
| ||
Current assets |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 292,820 |
|
| $ | 310,131 |
|
Short-term investments |
|
| 17,805 |
|
|
| — |
|
Trade receivables, net of allowances for doubtful accounts of $9,003 and $9,442 as of December 31, 2024 and December 31, 2023, respectively |
|
| 226,225 |
|
|
| 206,941 |
|
Prepaid expenses and other current assets |
|
| 22,201 |
|
|
| 15,930 |
|
Total current assets |
|
| 559,051 |
|
|
| 533,002 |
|
Property, plant and equipment, net |
|
| 70,195 |
|
|
| 58,020 |
|
Operating lease right-of-use assets, net |
|
| 67,721 |
|
|
| 60,470 |
|
Goodwill |
|
| 427,621 |
|
|
| 436,008 |
|
Intangible assets, net |
|
| 110,356 |
|
|
| 140,883 |
|
Deferred tax assets |
|
| 35,488 |
|
|
| 13,077 |
|
Other non‑current assets |
|
| 5,778 |
|
|
| 1,571 |
|
Total assets |
| $ | 1,276,210 |
|
| $ | 1,243,031 |
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
| ||
Current liabilities |
|
|
|
|
|
| ||
Trade payables |
| $ | 11,598 |
|
| $ | 12,932 |
|
Accrued expense |
|
| 54,532 |
|
|
| 44,264 |
|
Operating lease liabilities, current |
|
| 11,048 |
|
|
| 9,029 |
|
Income tax liabilities |
|
| 15,592 |
|
|
| 5,833 |
|
Current portion of finance lease obligations |
|
| 2,512 |
|
|
| 2,934 |
|
Other current liabilities |
|
| 8,200 |
|
|
| 8,863 |
|
Total current liabilities |
|
| 103,482 |
|
|
| 83,855 |
|
Operating lease liabilities, non-current |
|
| 77,297 |
|
|
| 71,563 |
|
Finance lease obligations |
|
| 812 |
|
|
| 2,865 |
|
Deferred tax liabilities |
|
| 8,509 |
|
|
| 8,119 |
|
Other non‑current liabilities |
|
| 2,651 |
|
|
| 2,690 |
|
Total liabilities |
|
| 192,751 |
|
|
| 169,092 |
|
Commitments and contingencies (Note 16) |
|
|
|
|
|
| ||
Stockholders’ equity |
|
|
|
|
|
| ||
Common stock, $0.001 par value, 1,000,000 shares authorized, 174,003 shares issued and 167,069 outstanding as of December 31, 2024; 1,000,000 shares authorized, 171,168 shares issued and 171,146 outstanding as of December 31, 2023 |
|
| 174 |
|
|
| 171 |
|
Additional paid‑in capital |
|
| 974,383 |
|
|
| 878,331 |
|
Treasury stock, at cost, 6,934 shares and 22 shares as of December 31, 2024 and December 31, 2023, respectively |
|
| (131,620 | ) |
|
| (743 | ) |
Retained earnings |
|
| 255,214 |
|
|
| 198,983 |
|
Accumulated other comprehensive loss, net of income taxes |
|
| (14,692 | ) |
|
| (2,803 | ) |
Total stockholders’ equity |
|
| 1,083,459 |
|
|
| 1,073,939 |
|
Total liabilities and stockholders’ equity |
| $ | 1,276,210 |
|
| $ | 1,243,031 |
|
DoubleVerify Holdings, Inc. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||
|
| Year Ended December 31, | ||||||||||
(in thousands, except per share data) |
| 2024 |
| 2023 |
| 2022 | ||||||
Revenue |
| $ | 656,849 |
|
| $ | 572,543 |
|
| $ | 452,418 |
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
| 116,515 |
|
|
| 106,631 |
|
|
| 77,866 |
|
Product development |
|
| 153,046 |
|
|
| 125,376 |
|
|
| 95,118 |
|
Sales, marketing and customer support |
|
| 167,506 |
|
|
| 125,953 |
|
|
| 107,416 |
|
General and administrative |
|
| 92,147 |
|
|
| 87,971 |
|
|
| 78,666 |
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