DoubleVerify (DV) 10 May 232023 Q1 Earnings call transcript

Greetings. Welcome to DoubleVerify’s First Quarter 2023 Financial Results Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

the to turn Relations. Engman, now will conference Tejal over Investor I you. Thank

You may begin.

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

For XX-Q the recent more XX-K. risk factors SEC filings, please refer information, to annual Form in including and on our our report Form our

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

turn I’ll over that, With to it Mark.

and started and outlook of a for thank you performance today. the us excited for few discuss XXXX We laser Tejal, areas. our focused first the key quarter joining year. to rest strong Thanks, I’m all optimistic on

in launching on and learning machine data investments deep innovative, science. legacy First, outcome and driving our products in expertise anchored

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Nicola. over that, let With to the call me hand

Thanks, afternoon, good Mark, and everyone.

first our to our have We’re full raise The growth, primarily the adjusted quarter. growth XXXX relative stronger-than-expected by and revenue outperformance pleased strong delivered to guidance. in to was measurement profitability us gives driven the EBITDA year which expectations and revenue confidence

be Advertiser in QX quarter, Total to to Launch. ABS revenue continues first the grew X% million in year-over-year, driven In primarily XX% to volume growth XX%, were which MTMs while $XXX revenue of XXXX XX% led. year-over-year. MTFs comprised revenue XX% by by grew prior up programmatic XX% the which continues activation its is compared revenue since delivered fifth of to premium year in solution, driven and XX% now be year the our ABS growth revenue period. Activation

the bifurcation products X% Mark year. up out As implementation in and fixed we programmatic quarter similar pricing fee impressions as price were first a mentioned, ABS ABS video display and last for was following higher standard of XX% for the volumes of rolled a the ABS bifurcated

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revenue customer customers we of on existing and that measurement, social ramp grew last new to Turning enterprise expansion year. XX% by the signed by driven

growth measurement alone. first Meta year by by and almost led achieved in XXXX full Social revenue its which was the contribution quarter TikTok,

growth measurement growth XX% the and represents LinkedIn. first and overall in outpaced revenue International driven XX% grew platform growth total continued of XX%, revenue measurement from particular quarter revenue. in by Supply of Amazon side now

growth. expected to year to for $X to in the higher cloud to we stable higher partners approximately primarily QX Revenue costs. support remainder the programmatic increasing revenue, of our XX% from the million, revenue sharing invest less costs arrangements programmatic in due of revenue continue with by Shifting remain infrastructure expenses, as services cost XXXX needed also to scaling cost of sales is an to increased due and relatively to tied of

and expenses First two quarter expense remained increased as learning research scale driving to expenses and and on year-over-year AI leverage operating growing engineering development machine marketing our these resources. due investments in combined relatively and lines. Sales stable is G&A

the quarter. margin ahead expect QX in plan well higher a due to million $XX moderated XX% of EBITDA represented accelerate pace we and as hiring, in as Adjusted second a to revenue, XXXX which of was

flow hand We nearly stronger debt million, driven quarter Net cash income ended the $XXX outstanding. year-over-year in $XX cash operating continue to and with by net and collections. on zero have cash higher was million primarily

guidance. Turning to

quarter range large $XXX was We revenue out. XX% of expect to their which fully significantly price standard by new ramped growth programmatic our the quarter million, bifurcation the implied year-over-year second when The advertisers tough of when implies the in mid-point. of reflects with rolled million the $XXX revenue guidance revenue of contribution, and second sequential comparison a XXXX growth

$XX EBITDA million the margin in which quarter range $XX a the implies adjusted mid-point. expect to XX% of at second We million,

second XXX $XX between weighted million quarter, we the and $XX compensation diluted and range average shares expect to between million range For shares. stock-based million million XXX to outstanding and

$XXX year at implies $XXX margin XXXX revenue we XX% we million, to the mid-point. guidance, which $XXX in range in For of a expect which full of the million million And the adjusted expect of the mid-point. range EBITDA million, year-over-year $XXX growth XX% at implies to

raised have adjusted measurement particularly trends, to expectation continue. guidance stronger a business quarter performance EBITDA and and first will that full We revenue the in positive year due an

sales of infrastructure XX% building in our talent, out expect profitability strength continue We plan learning in to while the growth. enhancing machine to year on our support adjusted reflecting and first due EBITDA the quarter based hiring to full IT capabilities, margins engineering invest further and

and executing lines consistent business quarter XX% the and year. the quarter close, margins a across second of sequential than we our of are the remain first double-digit focused quarter strong a delivered a year EBITDA with To On of for successfully our little plan on full quarter. represent to against all growth rest third revenue revenue the third we to with adjusted basis, we less expect expect

the will we for questions. Operator, go line ahead. open that, please with And

Thank Instructions] Graham Please first you. Genuity. Michael proceed. question Our is Canaccord [Operator from with

focus congrats minute and this growth tough the XX% measurement XX% growth to accelerated quarters that comp for QX of because a numbers. growth. strong you Hey, on a the the just wanted growth against to year had international I of rate of couple quarter slowdown really on last in last

So how more that wanted of to you’re rebounds a internationally. just achieving little growth about hear bit yes, sort really

at few for that the XX% pleased we’ve something Michael the And about in really really our investment in talking up with been for grew at then lot the reorg, the the I had commercial question. quarter, progress the And last U.S. And the yes, APAC was commercial do made beginning which which that think year. quarter, we’re to close EMEA a started year-over-year we of end of Thanks, at to year, with markets last outside the continued resources started we’ve outside a for U.S. the like the of XX%. which of

the of had two Those of pipeline that to confidence front came in this in the out call. that, fact a right us them. things we That people U.S. coming first strong places right Because right mentioned in and really which had QX, really earlier they of fruition gave outside the the in we pipeline the lot on our year a we of saw QX. mission

and ultimately this lot a turned in in sales, was to year. better bear by of of pipeline, of our better it hard teams. and work lot It people pipeline was came just it that and So a into QX in planning, investment

for thanks Okay, Mark. color the

is from question next proceed. Please Bhatia with Blair. Arjun Our William

quarter the you I and can here? optimism the of raising I congrats noticed about your of the specifically what year were optimistic, on here. One, out, year measurement optimistic business. you think on strong side obviously you and seeing the you you on – rest the Hi, confident guide, full called year for making you measurements you what guys. raised you when are that’s that’s the giving just in talk makes in guidance Thanks

in say the Thanks and is was, of lot the of solutions. and business planning the question, question reorganization guys to the measurement, the core mentioned investment the business, close like resources sales core programmatic, success workforce go flywheel as Those that of I is and we there related our upselling for to the deals upselling measurement sales the a of into that of kind backbone are kind into Arjun. the performance they from Michael always We’ve was and that and of out sales of what said, said team. measurement to and spinning

look their news it I the meet that year. us with equate when year. where they and to a get SaaS going when their what and it’s sticks know great like. for wouldn’t they hits, spend big a So know stick base and in, in the customers business, of they for upfront the that buy throughout totally measurement they But we chunk buy year’s to

fact activation So dollars in as I are are in we’ve with move got have not customers. tend customers confidence the think spend. dollars, that programmatic Those that fluid which those measurement come to as

So a for we’re to the that us good of the be to raise we’ve to got yes, need the so. a which do basis place, year right in amount from and good gives that, guide confidence what we

maybe Mark. then of some you the this of Thanks, attention universal product like just you very on might seems starting get we advance would help pre-bid here. touch is Perfect. attention. the And to the to some I helpful. capabilities solution? that attention Are crossing adoption solution traction launched good That’s wanted to with chasm hear that And It think with love how here. that

I do lot question we think a great it’s Yes, talk and a about attention.

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say, still always industry standardization, days, we even catches long of period as early get locked it’s those it’s been but things think I days, in. up though a with So early the and

I because this advertisers. And kind think, it is of attention attention space, competition that in greater, actually matters justifies okay the even as competition and and idea gets to matters

We’re going traction more to see there.

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segment great got we’ve out those is long pre-bid one the we’re there attention towards scaled to first think optimization a introduction and go. a way really of I taking step But steps by the one that.

guys. the on you, Mark, again Thank congrats and quarter,

Thank you.

Our is Justin Please Patterson from next question KeyBanc Capital Markets. Proceed. with

from volume from volume talk quarter. see Could you I’d was after. there of about Great. going you Two and XX%. the And then potential forward? I expansion still I’ll most questions, And that go five driven Thank now think customers years touch for you. just my this It’s been on that after. by to how biggest follow-up in follow-up first I launch wanted then and do growing your solution, ABS. existing just

powerhouse us. be continues ABS Look, a real Yes. for to

XXX revenue the quarter, of that that QX. customers we growth majority ABS a are existing from right top this noted, came you from in growth customers now our As XX of the had ABS using

able is top that with me Clients at got XX% and are that works. what rate it penetration, more they’re grow ABS customers more our XXX markets, brands year-over-year to significant be in pretty a legs. to even it’s using still it cost growth means shows So to using

in programmatic pitches. So continue lead to we with many solutions our

us the that growth to And friction ABS a continue little opportunities to saw the to for we continue in as XXX top we which on increase. think continue We going is video, noted to price drive we even from very to clients after, price we raised have below bifurcation price grow.

value So it product, we’re not the growth. creating show to that only shows but of that the for the advertisers utility

Great. social a Would social quarters question, hear love how in just for actually Thanks. revenue more, touch that their thinking impressive. I into more and the bit about about XXXX broader second to And in the almost burn measurement to could a the DV achieving year? first wanted ecosystem? TikTok And net that the then progressing you’re very just new on you. into channel Meta contribution whether advertisers Thank brings

Yes.

Justin, I’ll take this one.

ones. the TikTok products TikTok products Meta clarify, and platform. our if all base revenue indicator to of in our already with period larger remains revenue is product. So an you time. it compare third now are largest resonating XXXX. is the but very right social We much just that it It your channel. achieved YouTube, is uptake is longer it It around Meta on strong how much Meta small that for social really and of had the pleased the XXXX to a were is QX in But we’ve a with points social are

was business of XX% from quarter, about our is was up Social Measurement and last in where it the year. it

go very feel put that more new continue we into strongly will So and we social the see there out as markets. we to products traction gardens wall continue on to

helping revenue did, customers you was too, Store, throw Paramount, big And from and is social because our across certainly it In growth certainly Bumble, there. of new one like XX% I’ll that new growth Buyer people was is mentioned, measurement TikTok attract to other the social. folks is the Conagra Justin, from which moving brands have it QX that it quarter point new front were And ability was in Mars, customers? customers. are activating because does on there

place focus to that well. to growth on very going and is invest there to social continue we’ll we’re continue comfortable, a So again, feel as

Thank you both.

Our next JMP Securities. question is from Please Andrew Boone proceed. with

the year in you for let earlier Thanks profitability? up guide resources mentioned international. second, and you my you the are the my that last I took upside more through you X you point for with question taking EBITDA flow my Mark, to scale is, guys then guess investments XXXX so that on Hi. can now made questions. that And about the to and EBITDA you as of than to you key XX% you in you is top think products XXXX? the mentioned XXX What just XXXX. from that What’s using cycle? push hanging do here Thanks clients left you are upsell? fruit about think half the really guys less want low talk Can upsell and of much.

some we’ve pretty a clients, go first XXX second first that always although the is with brand pretty So, a big of after. those room the in amount ABS, the to the when cycle or using lot CFO, at about much question put board. our half. of top make hundred says we still talk brand that’s upsell we’ve our anybody half to when upsell take better who’s I go-to Anything right? the think take decent the safety ABS high penetration you’re he’s move product got a numbers. But be upsells of still to I’ll that I in at got that’s several to one. next look and cycle, We across Nicola ABS, look we our standard And Sure. is going suitability EBITDA, let right,

second The at one look social. when is we

look us. continues But measurement a as great at separate category. we be to growth engine a social Social for

for us client the in web, measurement web the a you’re that’s you’re even programmatic over us the you and on social. just over measurement doing for mean doesn’t or So see because using

got and a So we that they’re we’re And both room upsell, going in us, think those plus, it’s two potential products into we’ve like upsell, things look opportunities great the of in first going social. the know drivers and to be to drivers great the as for customer do we think I at to growth us, on ABS we outside both going when margin of particularly we’re U.S. to walk for

around how the expectations in the margins and Yes, a did first of of think for quarter EBITDA have we we terms future and strong business, profitability. it about

the where scale business a can investments feel the make strongly really think I numbers that were. we us that very that have is

able And fact a invested not So where, to year-on-year invest were international. you virtually we’ve see the in have growth we’ve SG&A spoken quarter and on as though have and years. essentially XX% we to example, achieve prior It’s sales that growth. in marketing G&A. that we additional in for resources about already to in And flat

coming there we lines inherent as So scale is from a larger those company. two become

machine to in growth that However, learning to investments. not is allow product That many going around been These but And already, doing into specifically it’s to going to invest accelerate it do brand-new map. invest us, continuing the us year-on-year. investments. available the it will opportunity continue we’re to is our for choose to AI area R&D. in to are data we where because there are you see to investments go and and deeper years scientists one to We’ve road is

So to it’s we choosing say a long are invest. to continue way to

sales scaling and our is of Our EBITDA still business already of G&A. seeing in the benefits we marketing and the margin but very healthy, are

Thank you.

Sure.

from Murphy Mark question is with proceed. Please next JPMorgan. Our

you quick you Can have competitors? between congrats. wide Thank the a win lens, accreditations gap two help that follow-up. we I rates us then And the that you ask the in is compare add business. Mark, I’ll role to through just and the on very number remain much, number high. so win DoubleVerify today to And if and wanted the my how of refresh you, three accreditations I to

Yes.

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the full exactly can significant for right? doesn’t mobile first Yes, it it while there’s one ad time very importantly, actually where someone’s a XXX% which is for impression still for assumption know, quartile, not problems that an been registered the or it’s are not increasingly viewable run a that page I this provide is of period right? off. things it that are always phone be are I is things not, signal question. But ad the than the tracking web viable, quickly we’re on, viewed and leaving significant didn’t there says does is on television issues as mark this how that someone which it issue different by or Does It’s on. you becoming great an the that believe because could most a running passing very can or CTV that that add a is pushed on TV in it apps many banner advertisers, around mean room, shut the is gets viewability

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that actually a are to be issues full screen the which the ads when is should So working, streaming on. consistent way web continuing and the it’s viewability, application, off. of the advertisers, what those a measure the on, running but screening than running they not traditional running is world. that’s in is The not we television But a box ads bit that working different think the you computer viewability, extent real is issues for

issues are that I real – advertisers. this really continue to starting to be to. is start attention And think wake to those and they’re something we up the So measuring paying just to challenging that fact this a is that

much. you Thank very

proceed. Sheridan question Please Eric Goldman with from next Our is Sachs.

the could. for two, Maybe Thanks taking I much so if questions.

you when In at number advertisers gave and the large potential new we where industry there stat out increase back new logos, of terms large building in showing you you for of on potentially is you’re should bringing logos look the any not that you of or a but for growth verticals terms backlog to calling XXXX think outsize that or monitoring backlog of for advertisers in and areas are geos new your promise only be or beyond? for lot

on out through now that’s And question And Thanks into about we subscribers the supported over elements the move platform. them would position as to build much to Netflix where just a you so time. the scaling is then invest and the of on simply unlock what customers of ad business where XXXX much. sort need of they versus long-term year, and executing to How is. benefit as out over second scale you revenue from Netflix the be

sure. For

mentioned thing of advertisers. So broad based about the that first past got we’ve your in our is nice a set the which question, pretty business, we

if remember were chain some there issues ago, several electronics a – delivery. you was and supply around, So there auto quarters delivery

the were because So to the didn’t in some looking see product if those had two We we’re really advertise segments. challenges that ads at focused the was a nicely running because lot on major get ad all to folks across no reason just sell who product of segments store. distributed there you couldn’t

not we the there’s growth increase seen of several in over last one has could pretty say, been So across either oversized which seen them, all decrease nice. which quarters. we’ve or We’ve

Netflix, was to March. regard it few in only launched With ago months a

Molson relatively come got Coors, that, use that customers like so, volumes pretty having an on [indiscernible] we’re starting across it and our early, starting to We’ve Toyota across across still but verification CTV volume. seeing And some to decent Netflix. and are impact buy is

definitely although small. there’s definitely Netflix there’s pretty and for flow interest, starting it’s there. And early it’s So to pretty dollars

going which to for And place be the I them is for us great. think with be. We’re ride, it’s to there nice a

it. continue and in markets with We’re to XX grow that’ll them grow to we’ll continue

with from Martin question Needham Company. proceed. & next is Please Laura Our

when fabulous you over always RFP, that creating hit one up try on or your My when you when from it to you Hey do they so time? continue invest bundle there, then versus is aren’t bundling products to you start that new you pitch first really products rate benefiting XX% is competitor, this My product? question with your are in Mark. and results. Or go goes a [ph]? Great you the does single these business So get. and do later

sell them safety brand single a deal looking we then are a for there. or And wish on I that a I It’s it definitely on displacing, for There we on grow example, varies. everything a and question, clients and bundle in are we’re the solutions from answer Laura. just day one most big is great guess viewability could package. short deal. But

And other so bundle be that there, solutions is push against win of can a be all XX% that in it We But it a – a to still single deal. a across it get to over right? we bit and the could say So foot land could enterprise that kind we across. want expand, us product definitely when get board. ratio, or lends or whole in

all majority we’re in them, categories to not portion either small of different our of is six categories those entire it wins. of very So, with of vast And But types mix that. of sell across case, would looking solutions. a a products It’s in in them covered. of all we’re definitely say, going six some I

for thing Super ABS. the My liked I you’re second the is one video carrying that helpful. best is, product

add-on it So my question strategy impressions? pricing percent it on what flat media model the attention? of an for is, just business a or is to fee Is is

product. CPM-based as attention question. now, a set great Right up a it’s is Yes,

incremental solution verification. it’s a very measurement. It’s like much So our to measurement sold

to of think That’s decent two an measurements. at So it to add-on relatively a four as verification. premium,

So as especially at Doesn’t future. other for a models start of certainly solution it’s measurement profile into our today. different we we’ll type model drive that may not attention look change to that priced a expanding solution. in add-on And premium may different in the mean places CTV the

Thanks much. Fantastic. very

is next proceed. Our question Lenschow Barclays. with Please Raimo from

quarter RFPs? buying another on strong Hi, new have products the to is move this Is those still than pitch logo the Congrats decision the or on today. media newer Raimo. on those needle more stay I Frank wins. to begun from by in want driven ROI

Great for right? is still you can mean, tell door are kind gets door, what right? open the cake, us. I they performance-based stage, of I the And I the think newer solutions do icing this in sometimes ROI that us question. the at on

which, of ad So solutions. usually additional core came when the transactions. of in most interest X, Scope our the the we we with board, solutions of across amount to folks are in looking for and That looking a measurement but for part, course exploited launched, for viral impact solutions dialogue, there kind example, a is huge at sell of created

opportunities. provides drive We each types performance solutions broad bigger new supplement solutions with us it that’s them It our just goods conversations has basis the of types and have across broad having varies to customers. so lots big to those afterwards. look board, different and have And more platforms across opportunities our a of them want gets we basket coverage if different across core with definitely capture to to of critically different and implementations that goods needs, of why because of multiple to of and net is important a

Mark. Thanks helpful. Very

Got it.

proceed. is Please with Kim Loop Yun Markets. Our Capital next from question

on you. existing with Congrats a following-up customers. a question expansion And the Thank on just quarter, Mark. about Alright. solid

that expansion of kind just customers? driven? customers been steady? And that channels? Has adding that volume if Or expansion the curious in So product for you talk rate has more improvement compare their that more you driven increasing simply is that existing is the and customers, the quarters? current rate can overall with that also existing Or seeing recent can about trends by for if you’re more shown

Nicola I’ll here Let talk take then and it.

thing the What year-on-year the we’ve but expansion. what’s say at consistent want what – seen I’ll in – I is is this then really the driving forget the to we obviously bottom with – getting – two that the has continued. core, geographic customer and of one say don’t I’ll Sure. at is the upsell, that expanding expansion the sort that’s product

the So expense growth client in volume this on then aspect an new is while in additional geographic and wins, there we might quarter for is experienced start with also existing a partly with one just customers. of that expand in [indiscernible]. which region was And international in we it

the So able as of measure in well. It’s as maybe really new TikTok is such the available of customers. mix. new to answer terms become new anchor then sectors profile Top of kind we’re expansion expand the what and seeing as to One XXX the is products, we’re geographies, obviously

I’m that $XXX,XXX in XXXX. and the customers in the XX% XX On it over last grew that on the months, in QX that customers, QX, spent number, number grew XX% sorry, XXX Top

the power the that expansion the see those you we’re from customers. dollars that So getting on of

a And Great. Nicola, follow-up. then have I

the any higher that international then impact new just Is and big that primarily arrangement a driven there gross products that was cost, margin, is that new require margin? cloud resources? in drove uptick? having increase Or, gross revenue by sequential the sharing cloud On also overall the Thanks. mix more on

Yes.

revenue, the is is changed. revenue activation actual because So not It’s gross getting the it’s what the revenue is margin for change share that the just a bigger. but agreements in higher driving are

higher is higher. because of share revenue just it’s a revenue So

that it’s impacting margin so from And gross perspective.

those said this terms that to in cloud prepared are to growth. as remarks, able This in expecting costs, are resources, our we invest us costs addition we year, computing making gross additional of decision we is In being that more fuel which see the in choosing to impacting are a to margin. because are returns we’re

fact of that line business not in the invest into larger that So activation revenue. decision is it our is a to a share addition to

Awesome. so you much. Thank

Mark Kelley from is question next proceed. Our with Stifel. Please

very wanted guys. go you much. Attention back I really Hi to quickly. to Thank

that bunch worked and being across thoughts kind get your to Just, use. a like are method I extend different one. guys that first things that That’s for the standardization time methodologies sort of you on want of that eye-tracking Does the of line industry? the some the there’s given

then just how the you little And are Can tech product you. much current what there? you can second Thank reuse And just that pieces? you mentioned. the moving have, is I the you on this bit that one of that more? new guess, into a dive

It’s a question. great

address attention folks me the first, to on question trying are different that the metrics. of types let ways So build

reality measuring consistent, relatively and – end. think male is metric, Standards that it’s I matter can standard metrics no how not methodology as standardization. be attention someone is to is should drive be engagement are the finite should determines seen what How determinant XX-year-old out reach is attention is, not the the someone frequency, you found and i.e., right? XX- that at of what when happens of

slow the that the determine think I the attention. So should people standardization to standard going measure down different methodologies metrics we’re agree to how of

valid, methodology at So what the it most – discussion. definition can We methodology they that is the the robust. of matter to believe I a no is. end the going industry on and sometimes that the day, most But impression-level I census makes accelerating sense think think is settle and is the be full

so or uses many or small by in be impression by saw we can attention – has it most with be do very times the level types mean panels robust to feel be linear has samples, doesn’t we impression to supplemented any just extrapolated and measurement misapply interpreted world in ultimately, methodology. the of way world measurement. that in As other of there way wrong census to panel-based that do the measuring It other TV

safety taking into and suitability how sphere. and be can when like it’s them taking We that’s highest comes the first measurement the This launching that’s brand first regarding around activation. metrics know have one into attention going is baby When step step, efficiency mentioned a there. the level put product. of to into new prebid we metric activation or and effectiveness think brand it our ultimately, to we the But the what successful

So and afterwards. and optimize filter measure the then to ability

step step will evolve application first down there, safety first the like is fluid, we much where steps this the of more in it’s into a So the a much suitability, kind think is just more which side. more standard more world. dynamic in a We fluid, Authentic our they into which brand much and dynamic brand application road on prebid much programmatic first the evolved

Mark. Great. Thank you,

Got it.

Youssef Securities. question final Truist Please Squali with from proceed. is our And

Great. Thank you very solid a much and congrats on quarter.

So for one one quick and question Nicola. for Mark

your So Mark, share of please the three you press could that of of it feel the business remind was just us sustainability feel if gains across three mentioned the was have most products that you just competitive two interesting with you I advantage in wondering you product kind or the market the or lines. release, you edge?

you. and QX just then XXXX? for this your prepared in Thank sorry And guidance if can into remind what’s us in mentioned baked of your Nicola, margin you terms but remarks, gross you

Great.

we’ll bit about, our in So I a excel where talk product little think, really innovation. and our we

able the shows there, to we year-over-year continue no think out the I same about, been There do comparable is something product there with it after at we the talk even is continued solutions XX% numerous years to out to exceptional. ABS. legs And thing, QX has grow first to are it’s which pretty growth again, it in be think are I other the single market, in ABS. is to and that try There is think but indicators.

helps grow business think And deals. it is revenue It share. well. I us obviously, ABS So helps the drive market It as an advantage. helps win us for

around I but of I around that, outside products. our the goods them they’re unique not lesser think edges. call the basket it’s of edges,

not us love guys our others. they major be Attention helped a and part you, just advantage attention, and to of tell they win I what it So but did huge around said and advertiser deal, a what we this differentiator a because between can was is you going did,

want to that I And Attention, we and but around We’ll we’re like ability are talk road. core help the core CTV of to viewability TV solutions we don’t at new lot. revenue think amounts for where solution our areas solutions, to going CTV continued someone when Attention matter, basket they solutions yet, like really about unique and and they into us like looks really buying, the things detecting They viewability the but which around Those areas unique plus lean edges, around look are deals. close off. have innovate generate things take down innovations huge of your at they’re a they goods us

second it to continue on in – And our was gross the less question, Youssef, sales, we margin we those side, expect relatively on QX chose and XX% your stable invest it of levels revenue as in to cost to remain infrastructure. around

So choice making a it. we’re in invest it’s to

helpful. That’s

Okay. Thank you.

reached comments. have end to question-and-answer like back Mark We the would session. of over I the turn to for conference closing our

partners continued stakeholders, you everybody. all results like quarter all conferences work to of of commitment hard thank forward investors and our events. seeing customers, Have Thank great and for great look and another for our to team great We for and their mission also the to upcoming you evening, time the many to for the a delivering support. And our worldwide DV take to I’d at their questions. and of thank

does Thank you. conclude This conference. today’s

at may this disconnect your your for and lines thank you participation. You time again