Doubleverify Holdings, Inc. · NYSE:DV
Doubleverify — Q1 2025 Earnings Presentation
19 slides from Doubleverify's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings Call
Q1 2025 Earnings Call May 8, 2025 1
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” that are based on management’s beliefs and assumptions and on information currently available to management. These forward- looking statements include, but are not limited to, statements about our plans, objectives, expectations and
Slide 3: Three Key Drivers of YTD Business Momentum
Three Key Drivers of YTD Business Momentum Strong Q1’25 Revenue Growth Advertiser Supply-Side 1 2 3 Existing Advertiser New Advertiser New Partnerships & Expansion Scaling Retail Media Platforms Broader and deeper Rapid scaling across Partner expansion adoption environments fuels scale 3
Slide 4: Strong Q1'25 Revenue Growth and Profitability
Strong Q1’25 Revenue Growth and Profitability Adj. EBITDA Total Revenue Net Operating Cash $45 27% $165 +17 % $38 +19 % MILLION MARGIN MILLION Y/Y GROWTH MILLION Y/Y GROWTH Advertiser Supply Side $149 +16% $16 +35% MILLION Y/Y GROWTH MILLION Y/Y GROWTH 4
Slide 5: Q1'25 Customer Wins and Land & Expand Momentum
Q1’25 Customer Wins and Land & Expand Momentum Customer Wins Land & Expand Momentum 337 DV CUSTOMERS GENERATE OVER $200K ANNUALLY 14% Y/Y GROWTH IN THE NUMBER OF CUSTOMERS GENERATING >$200K ANNUALLY Adoption Opportunity ~ 50% of top 700 customers use < 50% of DV products 5
Slide 6: Unlocking Growth in the $200B+ Social Ad Market
Unlocking Growth in the $200B+ Social Ad Market Meta Pre-Bid Suitability Controls Adoption: Activation Coverage: ENCOURAGING EARLY MOMENTUM PRE-BID SUITABILITY CONTROLS ~200 20 Launched In Q1’25 ADVERTISERS CUSTOMERS ACTIVATED Platform Advertiser Solutions Solutions Measurement Coverage: Expanded co
Slide 7: CTV Momentum & Market Leadership
CTV Momentum & Market Leadership CTV Fraud & DV’s CTV Momentum Key CTV Product Viewability Issues Abound Continues Innovations in 2025 Q1 2025 VOLUME Infected devices at peak (MTM) GROWTH 1. Content level scoring with major 3.9M generating extreme levels +43% CTV platforms of invalid traffic daily M
Slide 8: Open Web Growth and Retail Media Scale
Open Web Growth and Retail Media Scale Select Open Web Revenue Drivers: Non-ABS Activation, ABS and Retail Media Platform Demand Q1 ’25 ACTIVATION REVENUE GROWTH OF 20% Strong Core Programmatic Growth Authentic Brand Suitability Growth STANDARD BRAND SAFETY, FRAUD AND VIEWABILITY NON-ABS REVENUE ABS
Slide 9: Building the Unified Intelligence Platform
Building the Unified Intelligence Platform Unify media quality, optimization, and outcomes measurement to help advertisers maximize every ad dollar. Media Media Media Outcomes Quality Optimization Measurement 9
Slide 10: Join us for Innovation Day 2025
Join us for Innovation Day 2025 DV Innovation Day 2025 Wednesday, Jun 11 New York Stock Exchange 12:00pm Registration 1:00pm Presentations 4:00pm Cocktail reception Email: ir@doubleverify.com Or sign up for the webcast 10
Slide 11: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights $165 17% $38 MILLION GROWTH MILLION Total Total Revenue Net Cash from Revenue Growth Operating Activities $45 27% $0 MILLION MARGIN DEBT Adjusted Adjusted EBITDA No long-term EBITDA Margin debt 11
Slide 12: Q1 2025 Revenue Growth Drivers
Q1 2025 Revenue Growth Drivers Q1 ’25 TOTAL REVENUE GROWTH OF 17% GROWTH ACROSS ALL THREE REVENUE LINES Key Drivers Activation Measurement Supply-Side Core Programmatic, Scibids AI +20% +8% +35% year-over- & Social Activation year-over- year growth year growth year-over- year growth $95 M Authentic
Slide 13: Q1 2025 Revenue Growth Drivers (cont'd)
Q1 2025 Revenue Growth Drivers (cont’d) Business Line Contribution to Total Revenue Advertiser Revenue Growth Drivers Q1 ’25 ADVERTISER REVENUE GROWTH OF 16% 90% Activation 58% VOLUME (MTM) PRICE (MTF) +22 % -6% Measurement 32% OF Q1 ’25 REVENUE Supply-side 10% DRIVEN BY ADVERTISERS Activation Drive
Slide 14: Strong Balance Sheet Creates Flexibility & Optionality
Strong Balance Sheet Creates Flexibility & Optionality ACQUISITIONS SHARE REPURCHASES INVESTING IN CORE Completed M&A Continued Progress Key Priorities Purchased a total of Rockerbox closed late Q1’25 5.2M shares for $82M Q1’25 Social Media Purchased a total of Scibids closed mid Q3’23 CTV 6.8M shar
Slide 15: Q2 & FY 2025 Guidance
Q2 & FY 2025 Guidance Q2 2025 Revenue Adjusted EBITDA $169 M - $173 M +10% $48 M - $52 M 29% YEAR-OVER-YEAR MARGIN Low-end High-end GROWTH AT THE Low-end High-end AT THE MIDPOINT MIDPOINT FY 2025 Revenue +10% Adjusted EBITDA 32% YEAR-OVER-YEAR MARGIN Expectations GROWTH Expectations (APPROXIMATELY)
Slide 16: Proven History of Growth & Profitability
Proven History of Growth & Profitability Revenue Adjusted Ebitda1 $ in millions $ in millions YoY Growth +10% Adj. EBITDA margin1 +15% 32% +27% $721 33% +36% $657 31% +36% $573 $231 33% $219 +34% +75% $452 30% $187 38% $333 25% $142 $244 $110 $183 $69 $73 $104 $27 2018A 2019A 2020A 2021A 2022A 2023A
Slide 17: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation ($mm) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD 2025 Net income $20.5 $29.3 $43.3 $71.5 $56.2 $2.4 Depreciation and amortization 24.6 30.3 34.3 40.9 45.2 12.4 Stock-based compensation 20.5 21.9 42.3 59.2 90.7 24.3 Interest expense, net 4.9 1.2 0.9 1.1 1.1
Slide 18: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation (a) M&A and restructuring costs for the three months ended March 31, 2025 consist of transaction costs related to the acquisition of Rockerbox. M&A and restructuring costs for the three months ended March 31, 2024 consist of transaction costs related to the
Slide 19: Key Business Terms
Key Business Terms • Activation revenue is generated from the evaluation, verification and measurement of advertising impressions purchased through programmatic demand-side and social media platforms. • Measurement revenue is generated from the verification and measurement of advertising impressions
DoubleVerify Holdings — Q1 2025 Earnings Presentation on 6ix