Q3 2024 DoubleVerify Holdings Inc Earnings Call Transcript
Key Points
- DoubleVerify Holdings Inc (DV) achieved an 18% year-over-year revenue growth in Q3 2024, with double-digit growth across all three revenue lines: activation, measurement, and supply side.
- The company recorded an impressive 83% gross margin and a 35% adjusted EBITDA margin, marking its highest profitability for any Q3 on record.
- DV secured significant new advertiser wins, including Pepsi, Haleon, Uber, and General Motors, and expanded its partnerships with major platforms and publishers.
- The company successfully upsold Scibids AI to nearly 50 DV customers, contributing to a strong momentum in its activation solutions.
- DV's strategic partnerships and market share gains, such as winning 70% of RFPs from former Moat advertisers, position it as a leader in the digital ad ecosystem.
- Six large customers scaled back on ad spend, impacting DV's premium products and creating headwinds for revenue growth.
- Ad dollars shifted from open exchange programmatic to walled gardens, where DV's activation solutions are not yet available, affecting growth potential.
- The timing of launching pre-bid social solutions has created a near-term impact on overall social growth expectations.
- Brand spending softened ahead of the election, with uncertainty around how quickly traditional ad spending will rebound post-election.
- The gradual ramp in social measurement adoption on Meta platforms is slower than anticipated, affecting short-term revenue growth.
Greetings and welcome to the DoubleVerify third-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Tejal Engman of Investor Relations. Thank you. You may begin.
Good afternoon and welcome to DoubleVerify's third-quarter 2024 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO. Today's press release in 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 the 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 to
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