DoubleVerify (DV) 31 Jul 212021 Q2 Earnings call transcript

Greetings and welcome to the DoubleVerify Second Quarter 2021 Financial Results Conference Call. [Operator instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tejal Engman. Thank you. The floor is yours.

you financial us results. thank second discuss and XXXX quarter afternoon for to joining DoubleVerify's Good With and Nicola today Allais, me is CFO. Mark Zagorski, CEO

statements current contain our differ begin, on risks, are us uncertainties we I'd and and to actual information inherent everyone Before materially. reflect currently changes our to like subject to could this and statements. forward-looking that call and These expectations statements results remind made available

SEC risk For our filings, more recent please in information, including the registration factors to statement. S-X our refer

In supplemental on today's addition, the to and our should press earnings investor in discussion to our for to our today will over is website at in relations Reconciliations to non-GAAP be that, most release, references which include ir.doubleverify.com. comparable addition not certain substitute results. With and Mark. as GAAP a financial measures I'll it available measures GAAP available considered turn are

thanks, to prior second this growing Thank adjusted growth, us with year-over-year, you, quarter joining another and EBITDA top and bottom-line strong our exceeding delivered everyone, of XX% have Tejal, and for excited guidance revenue We're evening. quarter by strong coming growth story continues advertising ecosystem. of The at and a DoubleVerify leadership growth be and one profitability, rapidly solid year-over-year. to clear innovation evolving digital in XX% successful driven market a product revenue in

global markets. fast Our driven a our that's such strategy sectors growing in number programmatic, large accelerated of as a is and enterprise success growing international growth and expansion revenue product clients winning social CTV by in

yield and distinguish certifications more to of insights, and data, our our digital software the ecosystem, the industry-leading which better driving us privacy global accreditations advertisers. for deeper continues marketplace. roster platform And across analytics to rapidly results growing innovative continue in Our combine to scale better advertising

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protection at evolving ad the quarter we and digital that to principles standards. DV's the market certification privacy DV's is strong first core business. a DV. seals ecosystem, are cookie-free As measurement was industry of aligned are from to leaders mechanisms data privacy awarded with are summary, announce that solutions protection another In proud core we our data the TrustArc, international demonstrating are be rapidly and in for global QX in

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the as delivered the Mark. revenue of million XXXX you, of have to million $XX We're quarter of second in in XXXX. $XX.X quarter Thank pleased second to compared

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costs by a EBITDA the product with provide programmatic million Cost to partners but hosting total scale as to XX% our of a transaction million and million million revenue, second to one-time necessary $X.X engineering due million, $XX.X the revenue this solutions to quarter, programmatic margin Second our was including of net $XX.X revenue-sharing the operations, year-over-year of A quarter due the in in drive percentage grew in XX% compared arrangements cloud-based IPO-related $XX.X long-term of second quarter global due $XX.X XXXX as margin revenue primarily XXXX growth. loss increased continue costs. or in as to support increased a investments we representing entirely growth. higher volume to flexibility invest from of also quarter as to was to adjusted and EBITDA

our product into by extended as scaling quarter million and globally second roadmap accelerating in year-over-year development $X.X verticals. product new Our increased we first quarter our investments costs operations our

quarter including investments global growth product. DV's and our returns building of engineering of XXXX yield hires increased with Sales, talent We growth are new second our by team, market focused formed we international long executing expenses which largest on presence investments strategy the of were million markets, half customers on expanded end newly and the that on we a marketing our and have to in support agency strong these Approximately sales, partnership enterprise with our is our client outside as focus to term. expect in hiring in and long-term the ramped globally. mid- quarter $X.X second particular the to over Americas in driving focused and customer

strategic and the provides terms with flow, cash footprint, currently cash well outstanding us of accelerate $XX technology $X and quarter of in the $XX We at to long-term to balance the roadmap, second to million $XXX we in of the with in further it as In balance debt our end. as of sheet. our activities of potential operating quarter quarter We million balance comes in advantage sheet quarter strength from acquisition sheet cash debt repaid expanding global million of when an investing XXXX in the our on zero The had have XXXX. compared second million growth. opportunities second capitalizing our generated on

Now, guidance. turning to

third in implies range of the quarter to at expect million, We $XX growth $XX revenue mid-point the of which million year-over-year. XX%

EBITDA adjusted We which $XX midpoint of range XX% at of an and to $XX quarter of million million, the adjusted implies third the EBITDA margin year-over-year, in XX%. expect an increase

our third range shares million to expect we between million XXX average XXX quarter shares. outstanding Finally, weighted diluted and

the year-over-year million of For and in $XXX expect year range XX% revenue prior the full $XXX of midpoint of guidance we a $XXX than the at the XXXX $XXX higher million, to million. million increase range guidance, to

rates Our the patterns achieved XXXX. second growth seasonal that revenue that sequential half in return guidance XXXX we to reflects

summary, strong the go and XXXX our XX% million, margin in business of adjusted against of for with And open are growth, in In EBITDA and As executing midpoint. delivered half we the continued plan. prioritize XX to our full investing please we and of drive Operator, that, first we will against long-term to results the at range a increase rule we ahead. million XX% $XXX EBITDA EBITDA of XX% year to well adjusted year-over-year XX% margins expect an the line growth revenue questions. the of $XXX

with [Operator instructions] Mark from Our JPMorgan. first Murphy question comes

Yes. fraud of activity to Thank it strength to show is very results. app the But you overall much in mobile I congrats seemed Insights your some ask XXXX and connected TV. on showed about Report, XX%. different which Global down and wanted

So on two questions that.

First what how decline arena? fraud overall is of of that changing nature fraud? do the second, in all, connected to you attribute the And in TV

Mark. analysts for great when on dig It's Okay. our Thanks. the thanks our question, awesome. in research. And a love It's reading We report.

So we'll yours dig too. in on

to the fraud as side, on fraud amount significant a about thing volume talk to note a want decrease an it's there's rates marketplace. significant we that still of thing first the basis, saw in the important on we So fraud overall,

of what what having measurement. that a our in see fraud prebid we and that correlation the call However, is prebid direct and solutions as measurement. impact we've avoidance actually that we use means there's fraud post-bid a see on ABS, clients filtering is declines we direct in What amount that seen like with between employ post-bid prebid filtering fraud

working. that the in a down of before some buyer's they out to drive across shows doing board. it overall it us actually it impressions allows we're even the By what see So purview, is fraud aspects; rate we make to filtering

about think half CTV. other to your the other of so thing regarding -- question The

CTV where people in try as perpetrate for a why why toward people obviously we've to the we've money money there's there. the start opportunity noted continues that's accelerate, to that the inventory is. amount inventory is. CPMs rob the proliferate CTV, the where heading Well, It's As for ways past, of grow in idea that fraud that's demand a their couple as seen do banks, fraud fraud and to the of that is main around there's And whole huge space. because to of

we a changes device The domain is device where to its actually first device look -- or device, like a device identifier another type is And desktop CTV. it around spoofing. actually mobile what of really changes its this call name or

So that's the of kind first main way.

domain of or just the on type application actually up pretending similar we're that same or a is vein brand The spoofing, someone starting legitimate is be spoofing, second see device. by thing but to to device domain not with coming a a name which is that very takeoff legitimate a that looks

are So those common two ways.

totally third look and some have running no applications even are would CTV, legitimate insidious, these be in advertising The may fraudulent them little content basically in case will on background. But look of example, shut we them. for or the apps, if off are the more These viewing you them, that think, at are of I a bit innocuous even level that apps. may is longer

And So we this approach of saw about apps in interesting way derivation mobile. saw same this fraud the thing. in is we they've did It's mobile devices which never thing another that really -- shut this the on earlier what off.

with the So a good on out. around lab to question. some new have to device very prebid We post-bid of we complex to actually these new aggressive an progress rates. a increasingly do And answer ways, regard fraud impact filtering investment seeing stamp our type Whereas your is long continue in fraud are spurs having our solutions fraud. every news to

prebid happening great clear answer for much you Thank and it that what post-bid. very with to is to what's you're see the do and correlation Mark. Excellent, trying very

Blair. comes Arjun Our with Bhatia William from question next

on prepared in How and new that. customers new your working with quarter. versus you growth the that maybe your strong more largest might remarks you the heard and perhaps are team. the and existing client about onboard. going little change to that from I hear agency partnership they're coming Thank a to revenue that accounts how a coming love congrats I established just that's accounts bit be Wonderful. would

that it a Arjun, and a picking because for important us. question. really great is on Yes. for endeavor up note Thanks it's interesting

quick the kind Just background give why was a to maybe put team of of together.

that across we've ongoing have into point way their consolidate our because solution, as single with consolidation are viewability the approaching looked we've solutions beneficiary As collapsing and alignment solutions to a the and that i.e., verification safety they're across been brand enterprises fraud. globally advertisers of see across seen platform business solutions, and The well. and enterprises looked geographic that suitability and consolidate across to have the

solution up regional we or and was way the with going a going. basis they where a clients basis either line were where dealt industry really meant that on So didn't the with on

more What that that encompass than to We so longer our means we we at solution think a is So position an world. the the are for do needs -- our and that folks is with from of power, new world, well no not, service larger approaching address clients, we are country around as find deals team global their the that clients at so not the for from built around we're Mondelez in the this looking global enterprise looking built, looking team to And multiple looking can Unilever clients any clients, often relationship. also needs new is next. in how how from enterprise organized. like that's we partner key, But we're is but that one countries. enterprise deals work multifunctional to a are of needs as that the I place only when approaching

in over us the We XX have, they in for some example, brands, markets of world. with work around our

to acquiring and approach global. be our to them servicing that actually has both business So

to a that of take organic this come we've expansion. same-store that what with from about the that, global to we the hold but think assets by team growth, revenue revenue the So comes, point can good where volume those that means continue also do And clients past, aligns from are about when with these of portion business, -- perspective, our XXX% the a business, we advantage consolidation our that's with consolidation talked so their platform growth is we sales. That driving not of and in looking behind team as have as may we goals. of that the from

is also clients role team's this upsell with So do to products. additional current usage is grow to that,

they team behind put accelerate certainly to of revenue. So of a is we to maintain our together to we months been this but accelerate new and continue real. didn't just kind grow continue only that our begin going team. still align The a to to is and into They've goals couple be we ability clients' around their for goal move revenue do to as with revenue. feel XXXX, this as to It's

about the at That relatively with has maybe business. very Obviously, And looking back because Nicola. That's the year year one constant half full this you Perfect. exceeded certainly strength it for we're you're in growth interesting. the of half just your you're second sounds helpful. expectations It could, keeping talk guidance? I that rates how more, seems and guidance quarter. seeing programmatic like growth revised very seems if Can your

question. good Arjun, Yes,

drive as of And of So I programmatic a was saw growth. last had for which was, that of want there some But the how second year customers we got at paused strong, the to would during to was pandemic. ABS XX% you said, return continued moment growth. the part strong first, very that on spend just a also spend we quarter,

tied revenue you As our know, not CPMs. is to

second right in in by the growth XX% impressive that the last This the of year's And volume. second is year we grew quarter XXXX. it's driven so, quarter, because XX% quarter second just all even in more

seeing For uncertain half, the operating COVID. to second an we related environment are still

the back. there. XX%, not look is we which And our so, year. put we XX% what year to half the that of that a It the over our the which feels of to. out be XX, still rule general is view hearing prudent. environment we And a they're advertisers to still from when But with growth margins gives pull second sort is prudent guidance We're remain rate at that's ought to necessarily we're looking the of for how committed you this

on congrats and much, the very you Thank quarter.

with question next Our Securities. Squali Truist from comes Youssef

second Thank a in solid Congrats row you. on post-IPO. a quarter, your

follow-up first So a Nicola, maybe the guidance. question the prior to just question about to

the so I maybe against comps baking year. bit, So speak XX% XX% some tougher up wondering I'm to U.S. XX onion went direct really the half? in, peel the advertiser second can TikTok XX%, color, And then, rate growth you're just for of you're in long the of to beta, obviously because commentary a you if that what some from congrats. is you QX That's can up there. on open little a countries just you maybe news. the was terms Mark, sorry, to Maybe does one in versus How where are? provide beta programmatic great last, last the additional

becoming a to which understand timing but may. TikTok arms go potentially our kind for trying if to right and revenues of just in not then guess, now, you how the contribution the XXXX, we qualitatively, maybe do time, to around getting kind Just I guiding possibility over you're client of paying about of

Yes.

QX. Youssef, I'll around guidance take question the

-- adoption ABS. with really the leading we've So the great programmatic. anticipating had we're That's charge, with success of especially

we what versus QX. anticipating will are continue is that shift toward in programmatic direct the So

we're So any seeing you side. the of expand should But see with programmatic QX. to as not continue of degradation in a revenue sort percent direct

you But in that half have in, expect growth. and enterprise also in wins the sure. continue in to should first in seen you've that We quarter, for the third the contribute second of large will year the quarter, to patterns the the what some first have come

are because feel leaning that year. see first potential TikTok client you as love with main focused council there, this very we extend TikTok earlier solution our that to we're could is, obviously everywhere so And into kicked areas our on the off guys set advertising we on We that. hey, confident they the spend one TikTok opportunity, advisory on love a your venue, about we And our do else. excited would of advertising as we advertisers

So those implementation. a TikTok-driven a we part it markets. is that beta. we're are likely But be markets, of all into be will of as we're now, the to advertiser-driven are of excited group And that markets right in, XX as U.S. part And the well and opportunity as QX that for spaces. role the slow about the It looking be as will with uptake. as is, thing that spend heads great robust

As once you possibly And model grew which for know, XXX% of slowing on a social us growth strong QX. And no use that venue there's we down have spend. every in they has year-over-year a advertisers, protection, as social for seatbelt they area can. us. see, click It in in been they really we

of think and social and and can our a YouTube Pinterest nice and Snap currently Facebook addition with that and we TikTok partners that Twitter Instagram. work we roster side, So be were to on the including

on use driven It's us legion, as will interest they them spend that we that I be, early and the part how it will to XXXX. definitely there will of they is big impact once because really there, we're we're there on a think, TikTok. are that by impressions having advertiser -- on too So have nice but say

first, competitors at least your support the know of Or if on working Mark, the also And similar of do any U.S.? guys are in you clarify, kind just the TikTok you of to are platform?

turned largest for we measure us. most thing there part our that unique mean, current beta, dollars remember spending that's client about participants brands with have enterprise there in once to relationships other the mean sit have against position the a any base. that venue the but a I our the we where we to obviously is, with Yes. get nice they're are immediately with on new And

with Our Michael next Graham question comes Canaccord. from

to talk you. that in sort set the quality wonder kind then, second move you a One, you two about different talked scale a And about before. Mark, move of is, more second of the already takes as on performance mean, are area, we remind surprise move there it of could you are? I to your revenue quick things than happen as And performance could that spend guidance, firmly you then to firmly which things. But of Nicola, the you us I I thing you into kind could of I a could does that this from what get in development just remarks, Is you follow-up prepared competitors into measurement talking in of you just the that if could the rest measuring know like business? the evolving guess, you've year? about through Hey, just visibility? mentioned Thank that upside, measuring sort of to

Great. you the the jump first second. I'll in on part. take Nicola,

impressions like protection performance. Because performance is kind from that in that impressions so can't and So interesting the eliminating think. actually between right brand-safe, on much geo the of the eliminating evolution fraud, to and move in you not seen, or verification, more step that transformation first performance, protection what we'd gap to the be narrow say the that core aren't are is eliminating the than thing about is that or

already meat big off things we've inventory to cleaver the table, are performance. these we once the say improved take and So

a So about when really what's really a the slice our it what it solutions. it and inventory entirely excited magic leveraging capturing an about data context drive of to and whatever the an the finding It's for doing. a solutions. performance drive taking on solutions the we from we us reused it's extension faster. because using all data into That we in same that, that really wheel asset so data allow the that page. data talk targeting good, out think of we're so more this here big then level scalpel the what or using geography, gets what's same as like even question repurposing perspective, of space, the reach to set. about will of advertisers, evolution We all verification attention about those the business. of performance. flywheel, for part us data currently into left, And and authentic and new solutions, whether into verification more it's development contextual And it new us does and core an about It's now of right That's the give core is it's us moving our flywheel what behavior best our off the that all uses highest take gets fuels which what spins new application. new business. that And we're get an And those like that's of extension from within even -- entirely or is more which next business

when the application. extensions look these development are there. we And core is So the at already expense, of

always we but the development a and core. And what nice the to there not to single does -- a question, the aggressively very it all investment. part that final is is set. not then, of into part tied So product zero is your loan do They're engineering competitive our back lean

Like performance-driving change into starts I are into point, said, much as it advance it's that I have, to touched as verification there it as doesn't circles well. -- it in companies think all business. it some in the or move it doesn't we're which at

come applications really a it from a data a performance to drive position we're perspective from campaign scale. are level. around that from So I different at how very trying at have to companies and Most limited of power some other coming it to think of performance-based is

means So the And do campaign? to can do this what campaign? optimize have best what a to The we what data way I campaign to help level. that on at global this And that is optimize look means just level the to is do which to to much that performance the is coverage across any just at broader the have performance than a activation. a campaign interaction company we optimize came campaign, that level every I specific not at transaction, looking space

campaign So on use And the have. performance. drive a to regard allows we that us that data scale net-net, data those the does come to point of and for with it it level space. with scale we to be position part, don't the scope focused of tend solutions of most a are optimization, to power But that competitors competitors have add different our the to

to I Michael, would QX. upside, mainly surprises on And on focus the the

we're consistent our view been strongest year. we've normalized quarter quarter a being think in which with in prudent, generally fourth the especially is our I that

surprises come necessarily is that I return entirely normal a operating a environment to baked. think the from not would complete

being we're not said, beyond potential I -- a for so quarter, rather customers in on to volume. at than this existing on would see from being and volume it our levels which upside be fourth our about. something increase point. with unlocking are that sure. normalized are other related think biggest for be we're volumes be them be certain where It activity the a customers would is we Those always There it would we've And would As prudent prudent social CTV. measured if that transactions-driven positives the positive partners existing basis just price

Our Matt next Markets. from question comes with Hedberg RBC Capital

maybe leaning interesting be they of In growth look a would these you year. versus year, they're Hey, COVID last trends other really this the are digital at of quarter pre-COVID? stress you noticed difference lot words, that there the customers coming last some year when out platform into I customers. in faced wondering year strong leveraging I'm different? or how off curious, of have imagine your than could any of Mark. some of some those Obviously, advertising Just obviously or COVID today more because

question, really a It's good Matt.

two always those to consumer the the sectors but that I way than social. we that are seen in are also look would they more I like at think advertiser-based it CTV leaning into are changes. call And think And changes both the engagement and is out specific we've we past.

on also So we've became a social. behavior With time time. drive and like the then usage. CTV of drive time is things more a in saw seen flow COVID, way home I emerge that came into there based think lot we that to different dollars screen and additional And

that last to want social. were seen is that in didn't lot and there they there. regarding way. for because quite concerns interesting year, did be a as into us was out advertisers that that social, put through the wanted revenue a make XXX% growth pretty bit they social wasn't year-over-year And -- that it to are us, in helped right sure in going at about a being social movements this Social time of dollars heady it the What upheaval

evolved So And change truly change even something know and of last over-the-top behavioral has the that over increase a idea I year. go behavioral I over-the-top the is And think was don't mean, I content solutions that massive only that certainly but we've if incredible content the never the grown has And now in it not that's more that which that's business. is from ad-supported leaned a CTV on CTV our the solutions watching so advertisers front, but will into -- has I back. are those mean, a accredited solutions through in and why core CTV inventory in build buying we -- extending inventory and ensuring CTV heavily grown and there. considerably around to comfort confidence ensuring that our advertisers that have shift. new it's

benefit, spending sectors and advertisers been there's I think money. being their we a least if behavioral shift, at where see us So the are our two those for

of just feels you ton the benefit think from, a all should expecting I feels one. makes with structural that sense. certainly No, suggested that you what guys changes And it to like all we're pay it like

Yes, sure. for

question Andrew next JMP comes with Securities. Boone Our from

please. I got two

talk always-on for that from this moving adoption of product to the an of that contextual how doubling you Can tool the I've a being advertisers you how quarter returns and talk was move testing you of move So got the think advertisers kind pricing impressive. we the of about about custom then And that to and impact they're the through seeing? about has can follow-up. performance Additionally, model?

Sure.

for the contextual, with the we're happy So on uptake, sure. custom

down move think of and our great, example a I it's further a asset also using the core premium at route performance to rate. again,

together. we Pinnacle, two is move which really software part we how these When work through about So think gray custom platform. our questions well the contextual, into is clients

same wonderful contextual custom We flow them allows solutions. data solution and their targeting using take they're and that post-bid that measurement into a the to that measurement have for embed

to there. contextual on leveraging for So which that just in the working our their is contextual model, and through into is us, a of in data place, And working distribution. and And with the that the lot data is, our that the integrations is is is of side, products. that again, those. It's magic using measure custom with one core DSPs already those core this prebid distribution new that been data a and of moving distribution the about is the upsell clients the post-bid cycles via with literally place they've assets in

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to when of -- old optimizing the advertisers' minds again. the to at everything starting performance. truly forefront in comes new the lot So it is old become is a of Context

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Yes.

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Yun Markets. comes from next Our with Kim Loop question Capital

Congrats on a quarter. solid

ABS? social, channels are TV growth and you again which the impressive, the U.S. strong, growth, international of very U.S. Is was very the international dynamics in seeing driven same market? the on seeing adoption like that connected you're the Just just also for that

great it. a Thanks question. it's for Yes,

the in definitely see are and factor, amount U.S. of outside media way it's not U.S. factor outside But is different. for is not It's global very, what in most -- we that of different of the there social So markets. a example, it is very interesting dynamics the that's CTV, just the the is a U.S.

U.S. the outside driver real a is social So

only it's engagement For mechanism, many a one safest. because in reasons of lot dominant the markets, of not the it's

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very That's have a great. Okay, I for Nicola. helpful. question

where to So beginning you are some they spending larger to customers you your your the obviously, Are are a can platform. of getting annual volume on certain contracts for looking commit a company, more with Customers upfront do discount? see maybe scale. guys to

it's Yun. So question, a good

of pricing, in the is tiering of taking -- We we're terms are with sort the customers. our testing rather volume more that

you new able our geographies. verify is is and being verticals and volume-based to benefit expansion new from -- plan strategy really know it Our to

strategy, and above our and so we've which is route has volume So which our taken are certain liking impression levels. beyond far. been tiering the that successful customers That's

comes question KeyBanc. Patterson next from Justin with Our

Mark, second price CTV. on being access could a It need you to even follow-up into some Is thinking are than the you dynamics to need running inventory, more led you investments are and since talk additional to worse getting get How remain price available about that more inflation the fairly may the Or inventory? that those volume. half platforms and grant you case commentary there then volumes, but which more very through just the one more make inning by likely more impressions about you you And social also with made it'll there? around in respect it it's to Nicola, for volumes. case impression advertising be of is light? year, a digital strong are

those. for Thanks Justin. questions, good Really

and CTV. is opposite those thing expansion social the interesting of are And the there two about mentioned two you So venues business fronts. on

we the coverage, On the but opportunity broad I is think CTV there side, really have good getting deeper.

important are to us that getting to transparency is next things lot to and I for the front other of think, continue create On safety brand step a more the data, becoming advertisers, the within CTV. program-level or show-level increasingly

deal So with from that and next that the deeper. of of I think a step verification a The we some perspective broad a happy great really come. will and think, partnerships perspective from have CTV through those. of growth a we getting cover we're And think is I there, performance I perspective, eventually

that trades measurement other that think to was side, the that is of would there in how was and social broader Facebook article the third-party was channels. On happen. solutions and I would third-party platforms opening and verification within some happen broader advertising and public; certain recently an and case And there around published a getting up great when that

for that. ready industry think I the is

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second Justin, committed media. We We're was in of on our business at going whether expansion should on don't with quarter around point, our strategy revenue I'll growth, higher. the MTF the that were do to type is the immediate price see on volume-based swings based to We the adjust for I now. not back maybe driven as this a remain volume the We which to continue repeatable XX% your driven. is question volume. evaluate we quality Yes. CPMs going model of an our as to think that drive what's which business But based And results very our subject that would inflation, that's have to to go have we steady, exposure.

prudent, direct of pattern. half to volumes question, second are pattern. the the they year, more for are the We're think returning but your more normalized normalized I was which being to returning a

real we coming a second volumes that seeing of the don't year the see down. So risk half for as

Lenschow Our with next question goes to Barclays. Raimo

congrats questions, had the slides. little Mark. the international from performance me two for talked about comments a you and well The Thanks bit one for in, as in squeezing my side. We and some

about little talk out in are into line, more from of kind just a with which the you organizational little growth in of starting rates beat on you're second Like question but business. impressive Like bit there. you is like, Nicola. an a revenue talk the of you growth? run the kind little but, kind where obviously, reinvestment are talk kind EBITDA, bit build are a reinvestment a more versus more of bit And where you obviously, Can you suggests you organization. performance are then, base. how as how comfortable about Like Just about clearly The you are? that for revenue lower

And Thanks, between questions. was it nice Raimo. interconnectivity those

and definitely Nicola will I So tag-team that.

the a -- for part playing with transparent, most we're to international operations little of catch-up didn't open be until there. side, the people bit to I regard the part XXXX. for outside On investment sales think We Americas operations most

teams So been up and resources scaling into several over we've really those quarters. the we've scaled -- leaning last up

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the muscle nice we've got part model the we've the down, got So is, built.

that Now muscle resources. additional we're with fueling just

catching So rapidly. up we're

we I and markets this I have We as have and business not resources good is few think as not I growth But single point, think enterprise in going this Q&A, Southeast based their it's around and want names will of support far the say clients probably also they percentage that, white -- Diageo next we're been in we out as to so all this there. and are when I the supporting think really of And in getting in earlier Asia. to or look investing for space, on we've quarter in over a you global see kind those just hard clients there. as world. a who good enterprise probably of the noted increasingly It's of -- done for place getting closed worldwide. a to partner had like par support about looking at quarter, are great we're quarters this right those in the as others job a now. BMW clients that because lean we've getting We And and up where clients Germany at wouldn't investment. our

So we're it great that. to give place do and them in to a we're to to going continue

can a in you're revenue world you not the say a clients to good growth. growing the we a growing that trigger up would for bit And a the the That's U.S. U.S. Raimo, an XX% answered think accelerate committed of enterprise dial accelerated able in opportunity those I the pretty are see do we example think I to markets, say XX%. definitely will every margin of be to next and growth, math Mark already We simple, the is or question. a us QX in versus down terms the close overall at investments. QX. is in in of that That's achieved of were said, we that. can of if investments good XX% some to the still reinvestment quarter. that outside I But What to as accelerate We do XX%. Mark is don't We is little have that. number Rest almost we large And

no floor closing turn remarks. the over questions are further to you. back at There Zagorski time. Mark to like this Thank would for I

innovation expansion markets. thank in questions. a of in successful as number winning driven for growing global as fast strong strategy closing, and growth to profitability, I social CTV, as revenue want such a enterprise In everyone to growing by their clients that's continue sectors large international well programmatic, deliver product we and

we our appreciate in from time addition, in advertising. that's calls. shift to today. a a updating forward We digital leadership continue benefiting you cement success We In to look to your market secular global on our future and attention

disconnect time. participation gentlemen, this have day. you webcast, a you now your may for and at today’s lines and your concludes Thank this great Ladies