Q2 2024 DoubleVerify Holdings Inc Earnings Call Transcript
Key Points
- DoubleVerify Holdings Inc (DV) achieved the high end of its revenue guidance and significantly exceeded profitability and cash flow expectations.
- Second quarter revenue grew by 17% year-over-year to $156 million, with double-digit revenue growth across all three lines: activation, measurement, and supply side.
- Gross margin reached 83%, and adjusted EBITDA was $47 million, representing a 30% adjusted EBITDA margin.
- The company saw significant growth in social measurement revenue, which increased by 44% year-over-year, driven by short-form video on platforms like TikTok, Meta reels, and YouTube shorts.
- DoubleVerify Holdings Inc (DV) expanded its global footprint, with more impressions measured outside North America than within for the first time in its history.
- Measure transaction fees (MTF) declined by 5% year-over-year due to product and geographic mix.
- Premium price activation represented a smaller portion of total revenue compared to the prior year period.
- The company noted a slow start in retail and CPG advertisers who are heavy users of ABS, impacting ABS growth in the second quarter.
- Despite the positive outlook, the company has not factored any meaningful incremental revenue from increased adoption of its measurement solution on Meta for the second half of the year.
- The company anticipates that the revenue impact from new opportunities, such as former Moat customers, will primarily kick in during early 2025 due to the time required for onboarding and ramp-up.
Welcome to the DoubleVerify second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Tejal Engman Investor Relations. Thank you. You may begin.
Good afternoon, and welcome to DoubleVerify's second quarter 2024 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.
Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties and changes and reflect our current expectations and information currently available to us and our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings, including our Form 10-Q and our annual report on Form 10-K.
In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition
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