DoubleVerify (DV) 11 Nov 212021 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the DoubleVerify Third Quarter 2021 Financial Results Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Tejal Engman, Investor Relations.

Good afternoon, and welcome to DoubleVerify's third quarter 2021 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO. Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties, and changes and reflect our current expectations and the information currently available to us, and our actual results could differ materially.

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

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

Thanks, Tejal, good everyone. and afternoon,

XX% expectations recent year, additional the quarter adjusted range. guidance top million, We our revenue are excited top our Programmatic, and guidance delivered investments exceeding to strategic revenue share Supply revenue double-digit $XX.X range. EBITDA of Advertiser end all with grew by We million, the results, by detail and for growth. year-over-year the the of on Side you Advertiser third achieving quarter end made. quarter representing XX% and margins we’ve We our to third Direct EBITDA XX% full to third grew $XX.X

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Amazon. QX The Trade by was strong platforms early summary, encouraged its for like DV. trajectory another continued growth are and quarter We adoption and on Desk In

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and Thank you, afternoon, good Mark everyone.

of Let on quarterly me our with review acquisition. a performance outlook OpenSlate and our before XXXX additional color begin the providing discussing

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for we quarter, up revenue grew sequential the nearly or and primarily was quarter the growth in revenue revenue year-over-year. a MTM basis, sequential adoption, Gross X% XXXX. Programmatic ABS and revenues DVXXX. driven our in million, or Revenue the remained third For third volume third programmatic. quarter growth by strong were On $XX.X grew XX% $XX.X by retention outperformed delivered Advertiser XX% both X% particularly million above on driven XX%. continued direct year-over-year

ABS date, product premium this we to the quarter now over XX% are clients enterprise by markets. Mark year-over-year prospective focused XX% and ABS on revenue. for represents mentioned, the programmatic driven existing at year-over-year have our delivered of to XX% expanding Amazon, of growth well. revenue we in upselling now successful making and As revenue To enterprise Advertiser in been large part and cornerstone clients, Direct as existing DV’s RFP international every grew Unilever including coverage customers,

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third due increased as primarily of with an revenue. and Programmatic to quarter, cost Supply-side, by Taboola $X.X grew our we of as and revenue-sharing a MoPub, million revenue arrangements from new revenue with Tremor partnerships in to Programmatic platforms Shifting from year-over-year recognized in increase the our key costs On expenses, in third partners the we percentage expand as total revenue continue the publishers. quarter to

our and to flexibility we addition, solutions investments in expansion. and necessary hosting geographic cloud-based provide scale accelerate, our to In continue, support the to intend

product increased year-over-year quarter. and $X.X in Our by expenses the while million million increased development $X.X support third marketing customer sales, costs by

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to realizing anticipate the which costs our over in reflected is expenses we in we time, by expect fourth synergies quarter fourth While quarter, duplicative higher operating guidance. eliminating EBITDA trend

XX% adjusted XXXX quarter million, EBITDA EBITDA margin. $XX.X was and representing adjusted up year-over-year Third a XX%

we finally, of quarter, bad would adjusted $X.X the year-over-year. a have $X.X margin. net been representing million of EBITDA $XX Excluding the recoveries debt in delivered impact XX% XX% million, income, up million And of

$XX.X and cash $XX.X the generated after quarter We and sheet. the paying continue to In XXXX. sheet, compared flow balance through operating quarter of million terms XXXX, activities through in quarter the of million cash we third third we from at of approximately the million of on end cash for zero the debt the in have acquisition to even $XXX had cash, balance as Meetrics of

acquiring fund OpenSlate and on with $XXX are the debt-free, hand. portion million cash We the expect cash of to acquisition

Now, guidance. turning to

growth midpoint to expect revenue We million at range fourth of of million, the and which $XXX.X the of XX% year-over-year. quarter implies in $XX revenues $XXX

XX%. We supply midpoint impact prudence XX% which shared that to an expect of increase million quarter and ad margin have large of the in fourth quarter adjusted adjusted and range implies of uncertainty the CPG EBITDA EBITDA fourth chain year-over-year, customers an million, with of $XX some outlook the in spend, at and our $XX on reflects our its auto us. The

are Following midpoint. we year-over-year revenue million our strong XXXX reiterating the performance, guidance million, range $XXX a year XX% at $XXX of to our year-to-date full of increase

to also expect We EBITDA $XXX midpoint. year-over-year EBITDA range the million continue of the adjusted increase at an margin of a in to and million, of XX%, $XXX XX% adjusted

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

OpenSlate. to Turning

not we is to XXXX. currently OpenSlate a to our infrastructure. operational questions. yet smaller-scale please open acquisition and the time material broader expect today streamline of global million that, the on financial million ahead. XXXX go have expect we guidance breakeven costs and As are with Company by revenue we line between here, not Operator, operation while for do XXXX in has we over near will to the integrating And not The $XX OpenSlate impact contribute expect our $XX closed, And providing results. we into

[Operator Go our William question first Bhatia from Blair. Instructions] comes Arjun. Arjun And from ahead,

can love maybe you. give you if about Yes. hear acquisition some the the itself made this with wanted technology difficult would Obviously, and just how joint very have overlap complementary, customers. maybe much. make then OpenSlate just sense build start that with you to us the did acquisition. any what's Thank the just I way Thank technology Can you And versus of maybe buy, a on seemed the commentary to why but number for I OpenSlate? you the in sense, many, acquisition quantify that attractive? the customer

across, in we question. super the like our us market be with really Great hopefully about I post-bid YouTube. really and pretty excited platform only and through are out live OpenSlate and platforms And advertisers verification across are be is us it differentiator that confident of expand across the the Arjun. the that that and suitable further acquisition. that and Thanks, to today. that their a hottest It us allows it's to coverage obviously, the footprint give Yes. clear and be ads single unrivaled through story which can platforms there allows investments be going being our does mean, It are delivered script a pre-bid end-to-end to platform verified environment. brand coverage will to a measurements to TikTok come protected that

been XXX about their for have customers, we've to, Specifically, a -- opportunity over around which got customers pretty awesome. us. to even And more a time lot working There think subscale is enterprise we the around is I really of more has coming. company, look get where customers. with sell technology now a OpenSlate is at to had that's client DoubleVerify as about awesome of you we XX X,XXX ability clients overlap long relatively sell a just worldwide, a when way the brands Whereas excited. it you Right to

some it's to customer really minimal. upselling upselling. for had really there's solid current all but And track we've us, So, it's solutions about record a And new of clients. overlap,

that's super exciting. A, So,

of one market, pandemic market, since a platforms here know engagement to has versus we buy, On market. only of YouTube greater. on just started, build to I think of specific time which and and that the TikTok gotten are And obviously considerations lot with and platforms to timing And the there's the booming. like aspect is timeliness those

those through wait helps very solution post-bid our quickly a that measurement scale. move do and to to complements and and that those to for advertisers over build optimize with having build while solution without a ability the go outcomes a So, platforms time for

that a they're that think use then current can with point for clients those markets quickly us, have which to advantage over moving exponentially when be our we I those dry and that way the powder take starting deleverage of real stickier in time. was making really some of that to to was decisions, it into getting growth, and grow going selling

That's Obviously, very question there. just more happening color, Awesome. on and exciting helpful Mark. hear, there's TikTok. things that's to great can lot a One I of if

partnership. have new You the

Now you of you there. have share unique capture kind to OpenSlate that a gives way

the us helpful. opportunity, sense give there's that the for a some next you attack to or now have really if grow way would that And potential Just frame in that positioned so in place you us how can the over be you're contribution to TikTok super these pieces opportunity? of any help year

Yes.

that about think of one we the up, launch viewability across kind first solutions the you the safety. way if was our products announced and TikTok. lining on of fraud partners brand the recently of So, in are OpenSlate

the of all the bases So, viewability to pre-bid, covered safety, regard measurement got brand we've and there kind with on post-bid and side. verification

XX% So, when kind if solution, a size of active now platform the some we make think of it's total between in revenue. particular, Facebook our do Right at really Americas. figure in exciting there. YouTube, just you we they that it's the of about math, back-of-the-envelope about you in now, of Facebook look users third and about up When and the completeness

that take gives you So Facebook, or for about X.X%. of so half

being revenue after they're third say you our you Facebook, If X% business of a anywhere could to X% time. of potentially see from this total

comparable look user just seeing Facebook engagement our of I on we've like the So, we advertisers. from at the YouTube that scale the a that platforms and when we're specific with opportunity platform, we opportunity think and that there's seen demand think on based

the and acquisition congrats much, quarter. helpful. very very the It's Thank you and on

Thanks. Okay.

from Andrew. from our Securities. next Go, And Boone question JMP Andrew comes

and afternoon, for questions. the Good thanks Hi. taking

a on very XX% first like X, customers quarter-over-quarter. XXXX. That omen number for Contextual good Custom question seems growing So,

it drivers today? how persistent little the talk you can something those into persistent customers more move about the ads? a behind do So is that's test you more And or budgets more

for like products, done question. kind And like the all Contextual, with optimization Programmatic ABS OpenSlate over We of pre-bid really our of we've the measurement, side, on the nicely ties our Yes. Andrew, building the now just post-bid traction so pre-filtering Thanks, cycle this time. to or is getting. product Custom it what and

So pre-bid and once post-bid people our those well. we helps start leverage fortify using that solutions, solutions as know it

So it creates cycle. virtuous this

lot volume of we've uptake that then on a is that. after the seen the know We So Contextual client uptake. first and the side, take

of last see that as sequentially, about other as number good XX% and part increase call, these, is move puts fluid. clients using the dollars then to to are solutions our the ABS now again, is to Programmatic So, position a that we it we as for a we rolling nice we know lot those solutions XXXX off platforms, The dollars start solution. what ability so saw us solutions quarter, in that of pre-bid on Contextual, pretty

dollar side contribution And performance next is, So, afterwards, pre-bid year the what pretty Contextual the to about in fluidity part that loose. overall as is feel measurement but Contextual's we on into with of post-bid our our the stickiness comes next means good the flow pre-bid adoption year and of growth suite.

around sense. my question second makes And international. That is

into of a the whether international wins? detail strength customers just finding the talked you Just the XX% these of Thank are you quarter. us so provide where international or I go-to-market, on of think more whether that help new just much. more growth you guys about are understand success. you expanding kind markets local that's are in little bit Can kind

a the the me, and this of we upfront look, saying been the Meetrics why It Yes. U.S. U.S. white in our of that deal our excuse amount one acquired markets. we’ve we and now. there's XX%, -- reasons far space the outside so pretty I that outside our of good international closed XX% year is new mean, think of are XX% of about headcount in hires QX. right was of

toward noted, those they we've the done made. so and solutions reason And meaning, getting the is for moving So solutions, clients that, our we've bigger. wherever it's And why they're single-platform you to are reasons enterprise are. that commitment both a work want by they global of

So, whether be sell a or it's looking they advertising. that leveraged Mondelez, they're a market can where buy a and for in Unilever solution every

optimize have to is ability have ground, our resources support, help can the on people markets and really So to their spend that those have critical. in to

international clients. So, on we enterprise this it's impact is well, do further as of nice put our investments, those a, get as local to we well continue parts sell-through support are prongs when people our to look both at But ground. both. in residual as strategy. --- number we What our we're And of able attack we that significant both brands so to prongs get a the

which are we clients the the on local the mentioned Studios, call, through you And are attack if there are So, there's on end think Disney a Facebooks call that folks that at we the is And we the the some GCAP, the team we about around are enterprise of like, and global ground that names teams cover the the in focused that market. big so clients then etcetera. international, through clients But world. guys the local. that then

which New Philippe, is The a ANZ, Zealand, Patek French brand. in Afterpay and Australia. which obviously in is So

offshoot client look local local relationships of enable So We those Sony us one. and what an another brands Japan, do as in look enterprise being -- markets. we at our great at to

Great. Thanks, Mark.

Justin next Go KeyBanc. question comes from ahead, from Justin. And our Patterson

Great. Thank ABS. out Very much. you growth impressive of very

we hear terms the think adoption from note are where opportunity about did DSP that love during just in the of additions ABS's product. You how about and quarter. more just to growth Would you client

headwind for the So Nielsen, in opportunities Thank creating understand MRC, from that's a question not of curious measurement, necessarily everything on going number I'm with business. you. lot And one. there's your the But how two, iOS now. number business. right changes what's question measurement that for is is ecosystem a I then so

Justin. questions, Great Great.

first. one Let me ABS the on take

inning what I ABS. think baseball that in if in you of are kind with analogy, we put a this

all the got as far Google. like seventh I got got We've big in the right? up ABS. guys. adoption, Desk and the we're probably inning, Trade platform Amazon think We've We've with signed Americas, in as

So, on Americas, are into side I think in the well probably platform the we the game.

significant side, scale those on there's however, we upside platforms. and ABS just of new by the out adoption of On be amount to still volume a client made think

cars the kind people showrooms open and we've now So coming are showrooms. and with those of into we got it filling

in DSPs need platforms got or significant I probably that they're think I the then to across, them we've in those that penetration local how of Andrew call we on East, dominant get early is into far clients, still here, are those And out, perspective, just in as game markets And that's pretty ties are level we Middle Eastern or too. too, on they're Europe well volume parts next that there areas of global into still So, would the the platform in. local other whether of part perspective, local which those question can that can one on consideration, laid our get much distribution as platforms. but ABS, from is we a a the help APAC think,

So still early that's going.

net-net, a the think In second good you question, both to take there's buy right? they've I mean, in panels, we I market that, a really love for real and I at we're end So, quality on safe place can for that we proxy good of regards major And platform for for the is of those what first going looking media to actually then we because space. currencies linear moving mean, efficacy outcome, media hey, to there and new with lead grabs. olden of off think day the outcomes. advertisers up table, platforms, metrics an -- against do like are great contextual always saying, help whether is the all them start points mean, have? on is and the in evaluating good bring have the of out which And we day, DoubleVerify supplies decline what's time reach things moving the perspective ensuring a they're how questioning the into proxies. much on of actually that a And the the this. outside I of would and you some think They're television. part that to single used thrown a up of those upstream for ABS, accreditation you of the for with for all those in let's in doing new a drive looking volume delivering can in around days loss And frequency That's of be. measurement whether Because proxies of base solution. amount against. antiquated U.S. for distribution to perspective. growth the a not elements, saying, Authentic Two, result the let's or take have of a your that performance the from to things crap a platform launch then targeting Attention of about right our from to this like the we everything place future. advantage measurement major talk

Attention, quarters think is, I performance what Attention I like hear can we selling like what will show. want Authentic of You're a bigger We that product. just market can't those are And next tell they this besides year, know to huge if our are next we piece are down companies continued measure, in role products early yet, that about watching relates male what the to in indicators are like in comes things CTV And of up we the selling waking a proxies a to to me that our all because how I places the how other think you XX,XXX a the that are super few say, those amount product. where investments advertisers pie. that will outcome to of my a And up that’s we engaged over that those which is that and about for there investments going enthusiastic and want grabs. are of going knowing to OpenSlate have help launch think this a are drive can lot take there's is are we play. males that back to and

Great. Thank you.

question next our comes Graham Michael from And ahead, from Canaccord. Go Michael.

OpenSlate you. exciting. Thank sounds

toward chain Just time to Like next we are do year a a new lot then, will some the product by into coming integrate of it from impact year? you think have for the them helpful. for that next year? there just comment the Just comments of you from the be on the when of sort a are how CPG will that this Mark, on think advertisers, of maybe is you long for And the the advertisers the at calendar supply guidance we they any get the sort set? of this high think worried you into end budgets and take with budgets setting level behind Are time would you hearing be that year? about sort of

Sure. Thanks Michael. for the questions,

there's redundant the is OpenSlate, functionality. no on So, part integration about process the acquisition that the nice for really

rip work anything anything have rebuild with OpenSlate. out to already or that So we've don't we to created

operational and UIs of be platform look that working a the and to that year will customers together will for so, we at year put So But levels actually think with will that over probably pre next results. integration shared functionality integration. that be over clients of an that them we different be better integration. looking system you're Light integration be helps engaged post something And I time, our first a from probably with the will product or is probably together drive we at with between ensure full perspective. kind

reality roster talk that talked, They we good a And have in on from clients. up With of can decent there. some before, one guide, a post-pandemic there up in But point a Nicola caution I few back client as nice seen is and of But around our this And about QX. a travel we've chunk seen heavy quantitative pretty about we is, CPG perspective. concentration come latest to this bring whether front. we qualitative The the entertainment. I all will leisure poster maybe come nice for is more back, a provided and not child those or quarters make of think, But ago a great regard on short-lived. is, they'd come part challenges. back think don't kind had have and you said industries we've perspective and any we QX, a CPG the and to we balance is, in it area. a So of we've jump base. the

chain matter and short-lived. think The we year, they're we're a know move it's that these shake early supply we will getting ready off fact, to be As they indications to on. going issues, of next is

cognizant an want So, that be it, and we don't as it to updating ongoing about a we that. but in We add? we then around aware drag that be this light to want and we relatively of temporal are certainly issue Nicola, not see any make we concerned anything way. saw as everybody over of are to sure

XXXX. we are there telling rest the we of the what that reflecting a are revenue a cautious a it what it's the the from said, continue, is, to And October we've we hearing to us. And thing heard took only said that, would quarter Mark will is put the this customers, customers of Mark that little to or what on in right? Michael, for happening our I this not And not is based quarter. guidance are the really not anticipating to deteriorate bit. So, guidance is as be just did, what we consideration, just sort seeing we which fourth change out CPG continue macro modest Yes, add assumes

Okay. guys. Thank you,

Thanks.

ahead, our next from Hedberg Markets. And RBC comes Matt. you. Go question Capital Matt from Thank

results. for have question, I the you. on question a Congrats for my taking Mark, Thanks guys.

views of and pipeline terms from guys I'm the you impact? good pandemic. thinking to -- reopening more XXXX a customers, as done getting do a new of on like that of think on the we your But on I'm you and think sales an have forward thinking traveling perspective. phase? more perhaps like in I people In curious job obviously customers out bit your a has and mean, Building whatnot. reopening new sort throughout

every a Thanks, that Matt. it's And one we It's day. question. Yes. great live

right? are closed and right? year, being new in These script that logos still before One we QX, we are never And we than remotely, we the that noted in of lot the met time person, is the of brand-new of have more clients, are which any done closes still deals. things many in a we've those closing

So, need to A, selling security need have spend that have the and increasing only performance they interesting drivers. know how quickly their so it's because is virtually to industry they that to has adapted digitally, and buying they

the think do brand pipeline I to will people that's up we So, But do that not at XXX for the at year, be year, don't better we the bit, I need happen when exceptional And And that we with we going road. opening that better. drive this XXX pretty having have opportunity don't, closed obviously. our certainly on so year, And new. we to think look we to new to when want next we to see. market we've because think we I think look This client. far, that's logos factor. the deciding a

going into XXXX pipeline. -- are really with a We into strong the

super ever are going best I’ve a months, where only I pipeline than sit but seen we here We been the XX year. into today. say, I've would new it's happy with less

statement about good I So make, feel that is an and can absolute it. we

guys. very, obviously OpenSlate. voice really, That’s a already. a in complement great. again. is and diverse to platform a hear I nice can Thanks from what like me lot, Seems your Congrats congrats really on very

Got it.

from question Thank Go from J.P. Mark ahead, you. And comes Murphy our Mark. next Morgan.

one quarter. Most my answered, Mark. but of you. is the Congrats question sitting have questions on on competition. in been Thank Hey, quick for Pinjalim this

of these to market? reciprocating -- in some whatnot. kind hear you competitors obviously its at seeing with with looking and the you But You love Meetrics, acquisitions, respect or what becoming is would of OpenSlate, DoubleVerify dynamics? to your of the leader kind the are strengthening are position How competitive

It's Yes. great a question.

in ensuring platforms media. the most think of across markets And the we're on on resonating focus we've months, people tenders. look some the by a look at clients. and at of extraordinary, competitive on any not verification new to stats is well -- independent, about won past XX names most and of that's And do, our with most company broadest mentioned journey. that look our the shared laser-focused right? current that you something that deal the continues encumbered largest, way. been think the XX% it's that across the we I at the down that only pretty like clients big the we us. over having When When the we I the takeaways we in When being this you I and the last are We competitive free think we're talking able been that media transaction, The the we've call. acquisition OpenSlate to, least bias our on some are but for is of both

and Bank Japan, Merck, American Studios and Dropbox takeaways. TD are and and So, Family Sony all -- sales Disney Insurance, competitive these competitive

top I in months. last a client the XXX a we know perspective, haven't lost from think competition So, that XX we

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to quick hear. great Nicola, one clarification. That's

or year. contribution at million said Meetrics all? from next think even I from Is OpenSlate there any you $XX million OpenSlate in QX to $XX

closed For XXXX, acquisition. even OpenSlate haven't we the no,

not So is all, we're not Meetrics and that at banking material. on

it. you. Thank Got

Squali And our Securities. from Truist ahead. Youssef from Go comes question next

This hi. taking for is the Nick Youssef. on question. Yes, Cronin for Thanks

for think been And pricing, ability formats, your to has at validated more you other charge particularly media as volume higher of So, as mix growth primary Thanks. and about the price CTV per we impression? toward driver you. look turns how should

Yes.

MTM model driver us our of grow verify to as part us is our with have, to not fee has allows to continue their not. of main because driver been main we decision the allowed where right. the to The fixed or until on the of our of up but to stay basically fee what's look generation. as volume you're part volume. revenue growth, been business, has So, our customers now, And a that that to of think

we able we're Now up our are the ABS. charge to And impact with that has to premium an on have charge. which we we that products, the media transaction able overall MTF, do increases is opportunity, that what when upsell fee

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we that impression same OpenSlate, with will be the we acquisition of that more able measure. Now to the to add services on

to MTF. a that the way increase opportunity see we So lot of

helpful. Got it. Thank That’s you.

the remarks. would CEO, Zagorski, questions. to like And there for are now further floor Mark to I turn no back over closing

enthusiastic tell, extremely your the can is team questions. us. Thanks, DV the at future We what holds for everybody, here for about

We continue leadership, and revenue product profitability growth to in strong our footprint. fast-growing while and deepen strategic global grow coverage executing deliver key sectors initiatives, expand our

DV trajectory fuel forward calls. to all media future everywhere. outcomes to look and business expect on performance by quality appreciate long-term and We you attention and your We our today better growth driving time updating deliver for customers and