DoubleVerify (NYSE:DV) 2025 Conference Summary Company Overview - **Company**: DoubleVerify - **Industry**: Digital Advertising Verification Key Points and Arguments 1. Investment Focus for 2025 - 2025 is identified as a significant investment year for DoubleVerify, focusing on extending their core value proposition beyond verification to include optimization and performance measurement [2][3][4] 2. New Product Launches - The launch of the Advantage Platform, which includes algorithmic-based bidding and performance measurement, is a key development [2] - New products include Meta PreScreen for social media, Authentic Advantage for YouTube, and Verified Streaming TV for CTV [3][4] 3. Revenue Growth and Performance - DoubleVerify anticipates at least 10% revenue growth, with guidance for 14% growth for the full year [5] - The company reported a 16% growth in the first three quarters of 2025, driven by a strong recurring revenue base and positive uptake of new products [6][8] 4. Revenue Visibility and Client Base - The shift towards programmatic advertising has reduced revenue visibility, but a stronger recurring base with larger enterprise clients helps offset variability [9][10] - New clients like Microsoft and Google are expected to contribute significantly to revenue stability [10] 5. Customer-Driven Product Development - Customer demands for transparency and performance measurement are driving the product roadmap [18][19] - The company is focusing on providing third-party verification solutions to enhance transparency in advertising [18] 6. Market Expansion Goals - DoubleVerify aims to expand revenue from social, CTV, and AI from under 30% to over 50% [21] - Investments in AI are expected to enhance operational efficiency and reduce costs [22][24] 7. AI Integration and Efficiency - The integration of AI tools has significantly improved productivity and speed in data labeling, allowing for scalable operations [24][25] - AI verification tools are being developed to help advertisers navigate AI-generated content [26] 8. Authentic Advantage Product Potential - The Authentic Advantage product has shown promising early results, with an $8 million annual contract value (ACV) deal closed shortly after launch [32] - The product is expected to generate significant revenue, potentially reaching $100 million to $150 million over the next few years [33] 9. Partnership with Meta - The partnership with Meta is currently valued at around $40 million annually, with expectations for growth as new products are adopted [36][38] 10. Competitive Landscape - The competitive landscape is evolving, with DoubleVerify positioned uniquely due to its data-driven approach and focus on advertiser value rather than media ownership [42][43] - The company is significantly larger than its closest competitors, indicating a trend towards a "winner takes most" scenario in the industry [43] Additional Important Insights - The company is adapting its revenue model to include a percentage of media billing, which may provide more flexibility for advertisers [39] - The focus on premium-priced products is expected to positively impact revenue per transaction [39] This summary encapsulates the key insights from the DoubleVerify conference, highlighting the company's strategic direction, product innovations, and market positioning.

Core Insights - DoubleVerify, a leading software platform for digital media measurement, data, and analytics, announced participation in upcoming investor conferences [1] Conference Participation - Mark Zagorski, CEO, and Nicola Allais, CFO, will participate in the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on November 18th, 2025, with a fireside chat scheduled for 9:20 a.m. ET [1] - The company will also participate in the Raymond James TMT and Consumer Conference on December 8th, 2025, with a fireside chat planned [1]

Core Viewpoint - DoubleVerify Holdings, Inc. is showing signs of a potential turnaround after its third-quarter results met expectations and outlined plans for steady double-digit growth into 2026 [1] Earnings Snapshot - The company reported quarterly earnings of 6 cents per share, which fell short of market estimates of 9 cents per share [2] - Quarterly sales were recorded at $188.621 million, compared to expectations of $190.262 million [3] Analyst View - The company is the last remaining player in the media quality measurement space, providing it with greater flexibility for R&D and innovation, which is expected to help capture market share over the long term [4] - The repositioned product portfolio and several quarters of high-teens growth could enhance estimates and valuation [4] - The analyst anticipates significant improvement in the product portfolio positioning by calendar year 2026 compared to early calendar years 2025 and 2024 [5] Estimates Revision - Limited guidance for calendar year 2026 was provided, but management expects at least 10% year-over-year growth under similar macro conditions as the second half of calendar year 2025 [6] - EPS estimates have been revised down to 96 cents for 2025 (from $1.02), $1.14 for 2026 (from $1.24), and $1.28 for 2027 (from $1.49) [6] - The analyst now expects 10% year-over-year revenue growth for calendar years 2026 to 2028 [6] - Following these updates, DV shares increased by 9.96% to $10.33 [6]

Core Insights - DoubleVerify Holdings, Inc. reported worse-than-expected third-quarter financial results, with earnings of 6 cents per share, missing market estimates of 9 cents per share, and quarterly sales of $188.621 million, below expectations of $190.262 million [1] - The company lowered its FY2025 sales guidance from $755.376 million to $748.808 million [1] Financial Performance - The company achieved 11% year-over-year growth in the third quarter, indicating disciplined execution and progress in key growth initiatives [2] - Stronger quarterly margins were reported as the company leverages AI to drive efficiencies [2] Product Innovation - DoubleVerify launched DV AI Verification to enhance transparency, performance, and protection for advertisers, showcasing its commitment to innovation in the AI era [2] - The new DV Authentic Advantage solution is gaining traction with leading global brands, highlighting demand for performance-driven tools [2] Stock Performance - Following the earnings announcement, DoubleVerify shares gained 10.5%, trading at $10.38 [2] Analyst Ratings and Price Targets - Needham analyst Laura Martin maintained a Buy rating but lowered the price target from $18 to $12 [5] - Stifel analyst Mark Kelley also maintained a Buy rating, cutting the price target from $20 to $15 [5] - Scotiabank analyst Nat Schindler maintained a Sector Outperform rating, lowering the price target from $24 to $16 [5] - RBC Capital analyst Matthew Swanson maintained an Outperform rating, reducing the price target from $23 to $20 [5] - Truist Securities analyst Youssef Squali maintained a Buy rating, lowering the price target from $22 to $17 [5]

Core Insights - Dolly Varden Silver Corporation reported significant drilling results from the Homestake Silver deposit, highlighting the expansion of a high-grade gold zone with intersections of 26.74 g/t Au over 14.76 meters, including 122 g/t Au over 2.85 meters [1][2][3] Drilling Results - Drill hole HR25-469 intersected 26.74 g/t Au over 14.76 meters, with a broader mineralized zone grading 12.13 g/t Au over 33.80 meters [2][3] - Drill hole HR25-464 encountered 9.22 g/t Au over 6.65 meters, including 58.80 g/t Au over 0.95 meters from a newly recognized stockwork zone [2][3] - The high-grade core of the Homestake Silver deposit is defined for over 300 meters vertically and extends for over 1,000 meters along plunge [6][10] Geological Context - The mineralization at Homestake Ridge is interpreted as a structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks [12][13] - Recent drilling indicates a shift towards a gold-rich system, with increased frequency of high-grade gold veins and vein breccias [13] Future Exploration Plans - The company plans to focus future drilling programs on expanding the identified high-grade gold mineralization [3][10] - Directional drilling technology is being utilized to precisely target areas for step-out and infill holes at Homestake Silver [11] Company Overview - Dolly Varden Silver Corporation is focused on advancing its 100% held Kitsault Valley Project, which includes the Dolly Varden and Homestake Ridge projects located in the Golden Triangle of British Columbia [26][27]

Core Insights - Shares of DoubleVerify (DV) experienced a significant decline of 30% following the release of Q3 results, but managed to recover half of the losses by the market close [1]. Company Performance - The initial drop in DV's stock price indicates a negative market reaction to its quarterly performance, which may suggest concerns over financial metrics or future guidance [1]. Market Context - The performance of DV is contrasted with its main competitor, Integral Ad Science, highlighting the competitive landscape within the digital advertising verification industry [1].

Core Insights - DoubleVerify's Q3 CY2025 revenue of $188.6 million represented an 11.2% year-on-year growth but fell short of analyst expectations of $190.2 million by 0.8% [1][6] - The company's adjusted EPS of $0.22 was 17.4% below the consensus estimate of $0.27 [1][6] - Q4 CY2025 revenue guidance of $209 million was 0.9% below analyst estimates of $210.8 million [1][6] Performance Analysis - Management attributed the revenue shortfall to a decline in retail advertiser spending and challenging comparisons to the previous year's strong performance [3] - Core verticals like consumer packaged goods remained stable, but overall market dynamics affected retail budgets [3] - Customer retention among major clients remained strong, and there was early traction for new AI-powered offerings [3] Future Outlook - The company's future guidance is influenced by the adoption rates of new AI-driven verification tools and streaming TV solutions [4] - Management believes that automation and AI will lead to margin expansion despite moderating revenue growth [4] - Key areas for future performance include scaling social and connected TV initiatives and ongoing investments in product development and international expansion [4][5] Financial Metrics - Adjusted operating income was $50.66 million, exceeding analyst estimates of $49.37 million, with a margin of 26.9% [6] - EBITDA guidance for Q4 CY2025 is $79 million, above analyst estimates of $77.86 million [6] - Operating margin decreased to 11.2% from 15.2% in the same quarter last year [6] - The company's market capitalization stands at $1.51 billion [6]

Core Viewpoint - DoubleVerify Holdings (DV) reported quarterly earnings of $0.22 per share, significantly exceeding the Zacks Consensus Estimate of $0.09 per share, and showing an increase from $0.10 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was +144.44%, while the company had a previous quarter earnings of $0.05 per share against an expectation of $0.06, resulting in a surprise of -16.67% [2] - Revenues for the quarter ended September 2025 were $188.62 million, which fell short of the Zacks Consensus Estimate by 0.82%, compared to $169.56 million in the same quarter last year [3] - Over the last four quarters, the company has exceeded consensus revenue estimates twice [3] Stock Performance - DoubleVerify shares have declined approximately 42.9% since the beginning of the year, contrasting with the S&P 500's gain of 14.3% [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $210.93 million, and for the current fiscal year, it is $0.31 on revenues of $755.17 million [8] - The outlook for the industry, particularly the Internet - Software sector, is favorable, ranking in the top 30% of over 250 Zacks industries, suggesting potential for better performance compared to lower-ranked industries [9]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 grew 11% year-over-year to $189 million, within guidance range [4][25] - Adjusted EBITDA margin reached 35%, exceeding expectations and demonstrating scalability [4][30] - Total advertiser revenue grew 10%, driven by increased volumes, while media transactions measured increased 12% year-over-year [26][28] - Adjusted EBITDA was approximately $66 million, reflecting strong profitability and cash generation [30][34] Business Line Data and Key Metrics Changes - Activation revenue grew 10% year-over-year, with ABS accounting for 54% of activation revenue and growing 12% [27][28] - Non-ABS activation revenue grew 8%, driven by demand for social activation solutions [28] - Measurement revenue grew 9% year-over-year, with social measurement accounting for 48% of total measurement revenue [28] Market Data and Key Metrics Changes - Social activation is growing at 20%, with strong early adoption of DV Authentic Advantage and Meta Pre-Bid solutions [9][10] - CTV measurement volumes grew 30% year-over-year, reflecting increased advertiser demand for transparency [17] - Supply-side revenue grew 27% in Q3, driven by growth on existing platforms and new partnerships [29] Company Strategy and Development Direction - The company aims to grow social, streaming TV, and AI verification solutions from under 30% of total revenue to approximately 50% [19][35] - Focus on innovation through AI and automation to enhance product offerings and operational efficiency [6][23] - Strategic partnerships with global leaders and expansion into new markets are key to driving future growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted softer retail budgets impacting growth but highlighted strong performance in other core verticals [4][25] - The company expects continued double-digit revenue growth and strong profitability for the full year 2025 [30][34] - Future growth will be driven by the adoption of new solutions in social, CTV, and AI [39][52] Other Important Information - The company repurchased 3.3 million shares for $50 million in Q3, with $90 million remaining for additional repurchases [31][32] - Capital expenditures increased to approximately $12 million in Q3, reflecting investments in new solutions [30][32] Q&A Session Summary Question: Growth drivers for next year - Management indicated a base case scenario of 10% growth for 2026, driven by new solutions in social, CTV, and AI [38][39] Question: Softness in retail - The softness is broad-based across the retail vertical, impacting a large share of top spenders [44] Question: Impact of competitors leaving the market - The departure of less scaled competitors creates a more advantageous position for the company to invest and grow [49][50] Question: Client base and SMBs in CTV - The company sees opportunities in attracting SMBs into the CTV space, leveraging existing platforms for growth [56] Question: Scaling of Meta Pre-Bid and DV Authentic Advantage - Both products are expected to scale significantly, with strong early adoption and positive initial results [58][59]

Group 1 - DoubleVerify Holdings, Inc. reported third-quarter financial results and provided fourth-quarter revenue guidance between $207 million and $211 million [1] - Analysts expect the company to report revenues of $219.96 million for the fourth quarter, which is higher than the company's guidance [1] Group 2 - For fiscal 2025, the company projects revenue growth of approximately 14 percent, a decrease from the previous guidance of approximately 15 percent [2] - The market anticipates revenue growth of 14.99 percent, reaching $755.33 million for the year [2]