NEW YORK, May 09, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against DoubleVerify, Inc ("DoubleVerify" or the "Company") (NYSE:DV). The investigation concerns whether DoubleVerify and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation] On May 7, 2024, DoubleVerify announced its financial results for the first quarter of 2024, noting the ...

ATLANTA, May 08, 2024 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC is investigating whether DoubleVerify Holdings, Inc. ("DoubleVerify" or the "Company") (NYSE:DV) complied with federal securities laws. On May 7, 2024, DoubleVerify announced its financial results for the first quarter of 2024, noting the Company was adjusting its "full-year 2024 guidance ranges to 17% revenue growth, and 31% adjusted EBITDA margins at the midpoints primarily due to uneven spending patterns among select large advertisers." Follo ...

Why are certain customers pulling back on how much they're spending?Shares of advertising technology (adtech) company DoubleVerify Holdings (DV -39.63%) got crushed on Wednesday after the company reported quarterly financial results and reduced its full-year revenue guidance. As of noon ET, DoubleVerify stock was down a staggering 39%.Here's the real problemFinancial results for the first quarter of 2024 weren't bad at all for DoubleVerify. Management expected revenue of $140 million, at best, for the quart ...

DoubleVerify Holdings, Inc. (NYSE:DV) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET Company Participants Tejal Engman - Senior Vice President, Investor Relations Mark Zagorski - Chief Executive Officer Nicola Allais - Chief Financial Officer Conference Call Participants Matt Swanson - RBC Capital Markets Andrew Boone - JMP Securities Arjun Bhatia - William Blair Tim Nollen - Macquarie Eric Sheridan - Goldman Sachs Omar Dessouky - Bank of America Michael Graham - Canaccord Mark Kelley - Stifel Just ...

DoubleVerify Holdings (DV) reported $140.78 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 14.8%. EPS of $0.04 for the same period compares to $0.07 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $138.01 million, representing a surprise of +2.01%. The company delivered an EPS surprise of +33.33%, with the consensus EPS estimate being $0.03.While investors closely watch year-over-year changes in headline numbers -- revenue and earni ...

[Part I: Financial Information (Unaudited)](index=2&type=section&id=Part%20I%20FINANCIAL%20INFORMATION%20(Unaudited)) [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Presents DoubleVerify's unaudited condensed consolidated financial statements, including balance sheets, income statements, cash flows, and explanatory notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.26 billion**, liabilities decreased, and stockholders' equity grew to **$1.10 billion** as of March 31, 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $302,017 | $310,131 | | Total current assets | $550,323 | $533,002 | | Goodwill | $432,865 | $436,008 | | Total assets | $1,260,193 | $1,243,031 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $75,368 | $83,855 | | Total liabilities | $163,102 | $169,092 | | Total stockholders' equity | $1,097,091 | $1,073,939 | | Total liabilities and stockholders' equity | $1,260,193 | $1,243,031 | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q1 2024 revenue rose to **$140.8 million**, but net income declined to **$7.2 million** due to increased operating expenses Q1 2024 vs Q1 2023 Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $140,782 | $122,594 | | Income from operations | $6,895 | $15,204 | | Net income | $7,156 | $12,175 | | Diluted EPS | $0.04 | $0.07 | | Total comprehensive income | $2,531 | $13,368 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$31.8 million**, but net cash decreased by **$8.1 million** due to higher investing activities in Q1 2024 Q1 2024 vs Q1 2023 Cash Flows (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $31,774 | $21,426 | | Net cash used in investing activities | ($38,604) | ($4,099) | | Net cash (used in) provided by financing activities | ($912) | $466 | | Net (decrease) increase in cash | ($8,119) | $17,924 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover business description, revenue recognition, goodwill, debt, income taxes, and stock-based compensation - The company operates as a media effectiveness platform, utilizing AI for digital advertising analytics and reporting as a single segment[20](index=20&type=chunk)[23](index=23&type=chunk) Disaggregated Revenue by Customer Type (in thousands) | Customer Type | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Activation | $79,322 | $69,892 | | Measurement | $49,275 | $41,385 | | Supply-side customer | $12,185 | $11,317 | | **Total revenue** | **$140,782** | **$122,594** | - As of March 31, 2024, **Goodwill totaled $432.9 million** and **net intangible assets were $132.8 million**[35](index=35&type=chunk) - The company had **no outstanding debt** under its **$150.0 million** New Revolving Credit Facility as of March 31, 2024[51](index=51&type=chunk)[55](index=55&type=chunk) - Total stock-based compensation expense significantly increased to **$20.2 million** in Q1 2024 from **$11.8 million** in Q1 2023[72](index=72&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, including **15% revenue growth**, decreased net income due to higher expenses, liquidity, and **Adjusted EBITDA of $38.1 million** [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2024 revenue grew **15% to $140.8 million**, but income from operations and net income declined significantly due to increased operating expenses Q1 2024 vs Q1 2023 Results of Operations (in thousands) | Line Item | Q1 2024 | Q1 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $140,782 | $122,594 | $18,188 | 15% | | Income from operations | $6,895 | $15,204 | ($8,309) | (55)% | | Net income | $7,156 | $12,175 | ($5,019) | (41)% | - Total Advertiser revenue increased **16%**, driven by an **18% rise** in Media Transactions Measured, despite a **2% decrease** in Measured Transaction Fees[102](index=102&type=chunk) - Operating expenses rose significantly, with Sales, Marketing & Customer Support up **47% to $37.9 million** and Product Development up **27% to $36.4 million**, mainly due to higher personnel costs[106](index=106&type=chunk)[107](index=107&type=chunk) [Adjusted EBITDA](index=33&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, a non-GAAP measure, increased to **$38.1 million** in Q1 2024, with a margin of **27%** Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $7,156 | $12,175 | | Depreciation and amortization | $10,928 | $8,983 | | Stock-based compensation | $20,241 | $11,813 | | Interest expense | $232 | $256 | | Income tax expense | $1,779 | $5,507 | | Other adjustments | ($2,203) | ($2,814) | | **Adjusted EBITDA** | **$38,133** | **$35,920** | | **Adjusted EBITDA margin** | **27%** | **29%** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$302.0 million** in cash and an undrawn **$150.0 million** credit facility, primarily funding operations through cash generation - Primary liquidity comes from cash from operations, which increased to **$31.8 million** in Q1 2024 from **$21.4 million** in Q1 2023[122](index=122&type=chunk)[124](index=124&type=chunk) - As of March 31, 2024, the company held **$302.0 million** in cash and cash equivalents and an undrawn **$150.0 million** revolving credit facility[117](index=117&type=chunk)[119](index=119&type=chunk) - Cash used in investing activities totaled **$38.6 million**, mainly for **$32.2 million** in short-term investments and **$6.4 million** in capital expenditures[126](index=126&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes to the company's market risk exposures have occurred since the 2023 Annual Report on Form 10-K - No material changes to market risk exposures have been reported since the 2023 Annual Report on Form 10-K[131](index=131&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting - The CEO and CFO affirmed the effectiveness of the company's disclosure controls and procedures as of quarter-end[131](index=131&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[132](index=132&type=chunk) [Part II: Other Information](index=39&type=section&id=Part%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any legal proceedings expected to materially adversely affect its business or financial condition - The company is not currently involved in any material legal proceedings[135](index=135&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K have been identified - No material changes to risk factors from the 2023 Annual Report on Form 10-K have been identified[136](index=136&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=39&type=section&id=Other%20Items) Items 2-5 are not applicable, while Item 6 lists exhibits including officer certifications and XBRL data files - Items 2, 3, 4, and 5 are not applicable for this reporting period[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - Item 6 details exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and XBRL data[142](index=142&type=chunk)

Exhibit 99.1 DoubleVerify Reports First Quarter 2024 Financial Results Increased Revenue by 15% Year-over-Year to $140.8 Million, Driven by Global Growth in Social and CTV Measurement Achieved Net Income of $7.2 Million and Adjusted EBITDA of $38.1 Million, representing a 27% Adjusted EBITDA margin NEW YORK – May 7, 2024 – DoubleVerify ("DV") (NYSE: DV), one of the leading software platforms for digital media measurement, data and analytics, today announced financial results for the first quarter ended Marc ...

Wall Street analysts forecast that DoubleVerify Holdings (DV) will report quarterly earnings of $0.03 per share in its upcoming release, pointing to a year-over-year decline of 57.1%. It is anticipated that revenues will amount to $138.26 million, exhibiting an increase of 12.8% compared to the year-ago quarter.The current level reflects a downward revision of 4.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively rea ...

SAN FRANCISCO, April 22, 2024 /PRNewswire/ -- TrustArc, a leader in data privacy management and governance solutions, is proud to announce the first client to be certified under the newly launched TRUSTe Responsible AI Certification. This significant milestone underscores DoubleVerify's commitment to accountability, transparency, and responsible use of artificial intelligence (AI) across its operations. TrustArc Sets Industry Standard with Responsible AI Certification The TRUSTe Responsible AI Certification ...

martin-dmOverview My recommendation for DoubleVerify (NYSE:DV) is a buy rating, as I expect the underlying fundamentals to remain strong, winning relative share against peers like IAS as it continues to increase its value proposition towards customers. Note that I previously rated gave a Buy for DV in December 2023 as I saw visible catalysts that could continue to support the strong growth momentum that the business was experiencing. Recent results & updates The business continues to see strong growth m ...