Core Thesis - Integral Ad Science Holding Corp. (IAS) is demonstrating resilience and growth in a challenging ad-tech environment, with strong financial performance and positive market dynamics [2][6]. Financial Performance - IAS reported Q2 2025 revenue of $149.2 million, reflecting a year-over-year increase of 15.7%, and a GAAP EPS of $0.10, surpassing estimates [2]. - The company raised its full-year 2025 revenue guidance to between $597 million and $605 million, indicating a 13.4% year-over-year growth, and adjusted EBITDA guidance to $208 million to $214 million, with a margin of 35.2% [2]. Growth Drivers - IAS benefits from pricing power in Optimization CPMs, which increased approximately 10% year-over-year, and strong adoption of its offerings across various sectors [3]. - The company is experiencing significant growth in its Publisher segment, with a 36% year-over-year increase, driven by wins with major clients like Samsung and other international publishers [3]. - Social measurement is a key growth driver, particularly in the EMEA region, with large advertisers consolidating their spending towards IAS's high-performance offerings [4]. Competitive Positioning - IAS trades at a notable discount compared to peers, with its EV/EBITDA approximately 3.7 times lower and EV/Sales about 1.0 times lower than competitors [5]. - The recent hiring of a new CFO and the tenure of Vista suggest potential for private equity acquisition upside, enhancing the company's attractiveness [5]. Market Outlook - The bullish thesis on IAS remains intact, emphasizing the company's strong market position, high advertiser retention, international growth potential, and operational efficiencies driven by AI [6].

Core Insights - DoubleVerify Holdings (DV) reported revenue of $165.06 million for the quarter ended March 2025, reflecting a year-over-year increase of 17.3% [1] - The earnings per share (EPS) for the quarter was $0.01, down from $0.04 in the same quarter last year, indicating a decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $152.96 million by 7.91%, while the EPS fell short of the consensus estimate of $0.02 by 50% [1] Revenue Breakdown - Revenue from Measurement customers was $53.43 million, slightly above the estimated $52.86 million, marking an 8.4% increase year-over-year [4] - Revenue from Supply-side customers reached $16.46 million, surpassing the estimated $15.16 million, representing a significant 35.1% increase compared to the previous year [4] - Revenue from Activation services was $95.17 million, exceeding the average estimate of $84.89 million, with a year-over-year growth of 20% [4] Stock Performance - Over the past month, DoubleVerify's shares have returned +1.3%, underperforming the Zacks S&P 500 composite, which saw a +11.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]