DoubleVerify (DV) 6 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to the Double Verify Third Quarter 2024 Financial Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce Tejal Engman of Investor Relations. Thank you.

begin. may You

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

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

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

I'll that, to Mark. call turn over the With

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

good and Thank you, Mark, afternoon, everyone.

activation, delivered lines: and double-digit strong measurement profitability revenue supply quarter proposition across growth, robust of Our side, DV's flow solid X the we from underscoring and all cash advertisers, third value results publishers. marked revenue to platforms operations. growth strength sustained and momentum reflect by

third total from the $XXX in Year-to-date million, delivered we an quarter, revenue quarter increase, of approximately QX. revenue third XX% year-over-year revenue XX% growth In grew XX%. through reflecting the up

volume. group and XX% unchanged. in third year-over-year, declined and transaction the by while of quarter, CPG and third in increased or and revenue grew cohort X% MTMs geographic starting mix. our stable driven line product in the fees slow XX% for outlook Advertiser by with quarter, MTF advertisers measured rose or this retail remains driven expectations performed transactions Media our measured year-over-year, Our

activation particular, quarter to competitive social impact as to expand measurement core shift near-term revenue Scibids third groupings, closed at brand initially Looking X globally global ahead, impact solution XX% of well reflect contributed programmatic, we Oracle we growth. greater the accounts, grew ABS, towards as impressions continued a wins, which international the activation MTF were and new major rates. to Activation year. as and in the expect compared prior of All

demonstrating usage for XX% Moreover, existing of solutions in now customers our programmatic users. solid to QX, QX, top in year-over-year this XX% activation XX% have of driven the and activated AI ABS continued Social and Scibids revenue among XX% solutions, Activation Core of which also ABS, by new grew expanded gains. accounted upsells activations up from premium year-over-year, logo customers delivered XXX product. adoption current

in XX% third measurement. rose in XX% primarily existing to and XX%, across accounted social, driven by customers of measurement total CTV and Turning measurement Web. revenue revenue third a in new International by quarter. grew increase quarter. which of Revenue Open XX% for revenue total the social revenue expanding Overall, XX%, revenue, the international measurement Measurement the for driven accounted

platform with side Finally, and as supply particularly revenue in the partnerships. quarter retail platform the by platforms, third won partnerships the grew on growth existing in platforms revenue Amazon from media XX% limited recently publisher new contribution such Oracle and driven quarter,

video to revenue-sharing we to achieved margin activation efficiency XX% projected efficiency QX, an less Moving in Cost investments were development expenses. driven costs learning in savings in In end and classification. partner XX%, this from arrangements. These grew continued sales. increased expect AI of revenue offset due from to cost range. revenue XX% primarily partially the third margin by of by XX% million of we lower sustain as year ahead technical cost growth increased which improvement revenue, and of in our quarter increased to in to effectively new to machine investment expenses in G&A on expectations Research higher higher and in operating towards revenue XX% ongoing In and future of QX, line engineering our expenses margin due programmatic represented ibis. launches and and leveraged driven by growth cost continued growing product $XX in were the EBITDA prior direct expenses. talent, in we Adjusted a innovation. Sales of a support scale. as to investments sequentially and marketing the DV's expenses was analysts compared such

collections. repurchased approximately common repurchased million QX to the million net $X quarter shares Capital the in to solid million quarter, After shares as repurchases to delivered of due for up cash third We $XX XXXX. This $XX second million XXXX, X.X $X In cash in $XX from DV of X.X compared approximately we were in in million the in the the $XX primarily million repurchase quarter QX approximately for $XX expenditures ended, shares million, additional X.X an operations bringing through quarter. quarter, follows for of million $XX we million shares X.X million for a stock third million. X. total November million from

available the further available authorized providing As a million authorization repurchase of repurchases. is November under program. we're million currently million of Today, and for repurchases and X, authorized announcing $XX new $XXX for share total a initial $XXX share

demonstrates program prospects. growth repurchase share in Our long-term DB's confidence our

to general that approach product and including expansion. economic in and map long-term business strategic accelerate for and business priorities, acquisitions costs, further other growth pursuing share our repurchases Our and core sustained capital conditions considers our market investing road market

short-term months from in approximately X first $XXX prior in delivered approximately in were the net in million the X compared million year. the the the In period $XX first $XX months operations $XXX Capital approximately to million quarter same approximately 'XX, million to 'XX. and of with third of investments. compared of cash we $XX approximately cash ended We million expenditures

in replacing with facility facility. secured a revolving term, a million August, credit the $XXX secured X-year Finally, new senior previous we

Now turning to guidance.

to reflect key We a dynamics this quarter. are updating outlook our QX few market

as lead spending the brand to out political the have First, dollars ad in traditional elections crowded up has softened spend.

this spending uncertainty there rebounds after quarter, around is For brand the quickly remainder elections. of how the

our prebid is Meta's measurement a it with adoption activation. is rollout at capabilities and awaiting advertisers pace both of anticipated to we the of adopt while Additionally, than ramping our some on solutions more progressing, gradual measurement the platforms now

expect the $XXX growth midpoint. XX% million, and million quarter between result, fourth revenue we range a at revenue $XXX representing to a As

business between revenue million, some EBITDA range fourth quarter We the in the margin quarter. demonstrating leverage at operating XX% to million and friction adjusted $XX reflecting expect our strong midpoint a the $XX of and despite

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

For full the revenue represents which to growth midpoint. a XXXX, year $XXX $XXX XX% we and million between year-over-year at expect range million,

EBITDA the adjusted margin a from up We expected margin. $XXX million between which $XXX XX% and represents to at midpoint, the XX% million, previous range

dynamics several in outlook solutions that first social While drive are we're our XXXX of will anticipated of the meta. not next for will guidance social the our providing launch The year a development mitigating increased prebid of year shape activation we today, that on half key measurement and ahead. is adoption we for expect

is retail ramps, Until core advertisers the growth, expect X year-over-year and the we revenue from strong performance the of likely weigh Additionally, achieved the with rate adoption we which this total group, limited our especially half our this year's moderate meeting rate. new growth growth social of in solution of this growth measurement given to XX% XXXX we expectations, anticipate CPG from lower on first

a clients was the enterprise to major P&G opportunity Google unique exit like secure and Oracle's for term. long Finally,

and the solutions these in we of also remain price. won we strength technology, competitive clients While our on to had

of our typically X ability and through period materialize upsell of our result, longer solutions. social over of will between time, a to X As impact full to years opportunities the activation these revenue a onboarding

focus are and performance. The and sectors on our protection where solution digital we're new a to. and from high-growth dollars continues in building to ad expanding shifting protection combined we're ecosystem to We're ad partnerships evolve, evolving

strategically business continue During this in reaccelerate in invest growth. DV's growth to our a serving year pivotal stage expect next we rate period, maintain revenue to to as a with we areas long-term as transition double-digit

significant resilient. and gross is revenue profile and we maintaining profitability business. delivered across DV's is conclude, above have both EBITDA XX%. To year-to-date above made growth XX% our and adjusted progress margins DV profitable, and compelling third and margins highly financial quarter solid

sheet to in generating our and $XX generate operating $XXX significant investments months with is and $XXX continue X cash And million shape of cash with X excellent debt. in long-term We million. short-term first in cash balance million net the

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

Instructions]. [Operator

of line the from Securities. with Truist Squali come Youssef questions first Our

I have X.

little a So more measurements in the on QX -- can more gradual you in and ramp QX. maybe expand

your is I prepared XX%. international within Overall, said I measurement in was Nicola, think XX%. think remarks, you up up up social XX%, measurement was

something as guys did as So you not expected. had grow nearly

a So bit can that us? little maybe out you for flesh

Can the I guys can especially guys And the end products then roll to testing? additional timing in that prebid for that already for think, your scheduled of that I and share terms quickly you you that year, prospects related on XXXX that be know you upcoming competitor of of any to to Meta. be will how out. testing insights kind have is said avoidness maybe dependent you the by the it for

you So share do on have guys you you topic? us any that visibility can or help that can

one the take gradual around measurement. growth Yes. the Yes, gradual first measurement, more in I'll the

and -- right, is through question QX, is your QX. So this through

growth XX%. as number to opposed the was in the social look, yourself in of put that the So year, XX% which you is we half first saw what

So there social is measurement gradual the a more of growth line.

bit We're we up were along of our our the all and for a seen through top the the -- adoption already still now saw meta of half of giving were excited more year are there available, that XXX the the and like. that advertisers in testing still while said being the activation more of is being safety with year. on about second ongoing, And the we tool signing what is brand product on of we've on product, up look the we next what opportunity. the which that of tool ramp very QX. actually starting still I would and cautious The the but We've in is product. meta, little know view gradual question, launch now a the they for to, plus is related testing, of sign product coming your part, think, they in is first part that, And measurement is prescreen

for wait there that as So been hasn't leg ramp more that of gradual we stool. second of a

so add, solution. prescreen Yes. timing for the on And just to

prescreen prescreen sometime least here, is at were of who in interesting QX, Nicola And meta. noted, wait that now said, really "Hey, the the the take of at now on solution the the alpha and kind digging looking that into launch as in side. is measurement have give launch we're let's expected, but until which looking QX get a -- great, so till in did uptake data" But a rollout we really earlier of opportunity measurement we initial a can net-net, it is came rolling activate prescreen bit or bit year. at next impact we this on than advertisers the what So side. we're interested the alpha sometime of

questions Our come line Raimo of next the from with Lenschow Barclays.

on that I Oracle than see Frank customer with cohorts or is want opportunity for detail have any market. worse to on more Are trended get Raimo. the expected? better products if we or This could the exiting there

Yes. great Frank. question, It's a

So to from we opportunity, to and laid P&G for an as Folks the they we did across available board. in were job. into team RFPs us And We to others, and DISH closed the noted about our call, BlackRock wins really the sure. we XX% Oracle to big Charter of the participated -- amazing really in. Inspire that for

thing no of basic kind of just It's concentration things the of product. viewability, which DV but the suitability, ad, like out there. And the very fraud also type It not product. verification. we authentic probably with of safety, right? is comes and did et cetera. ] a solutions sells [ Cadillac had One though, verifies in pretty real So think verification So note, client. of most a basic Moat premium

buying a pretty really whereas basic to product. So used these a premium they've been product, delivered we clients

them in we something to So relationship. initial level bigger. some trying to But least had build upsell levels, a a the bit their bit down were at come into to to

big, area. in wins one the were any So concentrated not

were, comes down is the once now road and know most new the or the top the upsell ahead track remarks, a those in with upselling tenure building average our we've growth where real As part, the entirely them Nicola over noted a get we them a road all DV. of is the of that relationships XX kind of of customers These prepared time. got because clients from we years. X record And for nice long over long to customer,

come next the Matt questions Markets. RBC Swanson Capital Our line of from with

With kind of first being on market dynamics, the the question. low-cost player with a in anymore. kind Maybe does kind to of long-term that compete how pricing one, floor line Oracle of following of in not market, Frank's a affect up having the

a question, Matt. It's great

takes balance, more allowed pretty a there's to mote allows stool markets on products. some go product who looking at the limited has to entry maybe now build But get do some which lower to a us didn't that and always now or want right? that we end considered premium can they into to relationship leaving. advertisers but with lower marketplace, because before But So hadn't X-legged very DV a into A them a I different foot. and means customer -- think at much pretty a puts what definitely we're valuable, every more been much becomes

look any how upsell of been I over and which a dynamics, the have solutions at rightly about focused with They solution, always after we think that significant. out measurement, as as We an coverage. time, going got level that's aggressive think so we mix, because over we again, this in on pretty expand were many land time, those we we've opportunity. pretty And sell and this the right, So a pricing were entry I attention, can company didn't advertiser, in these And building them brands then upsell them solutions ABS up they it's getting social attention ABS. upsell them no for. them no have some had to have didn't at social and advertisers of They and areas deals.

them try customers going to those where grow force to not -- areas we're So these force, work to are time. with but over

And though, the and things, some Nicola, strength market revenue the social Yes. both EBITDA quarter especially That's share interesting with headwinds with lot too, then A the adjusted of of in really really guide, helpful, wins. the the Mark. and impressive

as hopefully how reaccelerate expansion? durability starts the adjusted to revenue point, So about margin the of at EBITDA think some should we

Yes.

business it I is, to answer obviously, scalable. ways. extremely One X our going think is I'm

at look quarter. the You essentially flat G&A can even if to last see and that now line, last very to year you is which clearly,

we're scale the benefits So of obvious there. getting

new growth is go third that's and seeing we called the beginning little it sales versus if the to look than But lower an year, rate bit exit a we You're first in also where at Scibids. than the products marketing and be year-on-year after that petty is year the of were sales on We at quarter was and actually going this marketing, the half. invested right? lower the to out, you

levels, a XX%. at very have which margin, above We well is good gross those it's and sustainable

what's left decisions we very is variable right? the business it's We invest the decide the not. So the invest the business, a continue our future speed of piece or at of to can to R&D which business. and for and

You've a line. market the before, want that high achieved right? this back do heard scale We us of where your how is we've now and to the scale invest. are go That created beginning are such But share some we've growth to economies at bottom say of benefiting statement, we're gains. to there obviously

of Canaccord question the Our from line Maria Unity. Ripps with come next

how are expect the talk Great. been you Can how I scaling activation launch on there? open of and And that social to it about I scale on what wanted you your maybe would differences the follow Meta. relative offering to guess, to up web. features similarities has some on

timing color of on more share of can any sort secondly, launching be across into limited. additional somewhat your for visibility platforms. this may Is you then the these there And that features sort recognizing that

Thanks, Maria.

and working regard the are solution, of scaling of So about there just thing with the right? that scale the the of good activation partners the kind to is So the like Meta large, being massive, and platforms scales integrations so advertising a start board of is measure that those see the and those then to on activate we very big. customers will when to we that we impressions get be with customer know on number of the

the The challenge getting to test. move actually start and customers In and sometimes is web, to in to those open integrate pretty seamless. it's to faster

They're It's through solutions a already DSPs. their roll. test click activation DSPs. our and So and through a doing button go buying

bit of period. measurement roll-up On doing. a the learnings more platform, social they're a there's that There's

the we as But as do activation rolling, saw is the we growth the one ABS know being once the will feed So pretty optimizing, starts that right? activation do. information tool fast, on of last of it we're example, social activation feeding Once into which exactly the it. starts over cycle we part measurement don't what will the is for powerful, aspect several into once measurement see virtuous tool, It thing the years. Meta

know us start multiple then to is cycle allows a brands. We that across that virtuous expanding

over time. I we've longer So than but long is saying, cycle in the the becomes it's -- considerably what way web. a open scale the testing larger seen think of

of And across question part platforms. social was then second regarding [indiscernible] the all your

which the So that TikTok, in prepared thing TikTok, remarks across we're is across 'XX sorry, measurement we our I'm on on the covering X X in that networks early is noted now. we're launch an right launch XXXX social planning top

So interesting I think that will YouTube. opportunity. have an We on prescreen do be a solution

social across the measurement next in end we'll where a postbid year, rolling platforms. prebid our top into have be X both So solutions of and position we

of next Boone Securities. Andrew come Our the questions with line JMP from

ask a to bigger wanted picture I question. Mark, on

"Hey, is another You opportunity? And what do performance. to to bigger else about DoubleVerify talked the broader the picture question. missing? to you say, earlier on do back Or you guys what Can performance step then and execute to need transition

think how any kind few And As that impacting really shift there of or it's of about for place to as digital COVID, Is digital the we that of advertising really DoubleVerify? transition guys think Is guys face? been I seeing? evolution over the video about think headwinds evolution of about taken advertising the you the MTF out are years do and that's video. formats what last of coming you tailwinds we MTM that

Andrew. Sure,

is kind protection where to all, aspect, business performance digital of we're of the the how for performance media spend, I first talking main evolving about having branches and X of investment. main DV, about putting So think X

The first metrics. performance think on of is

at base are advertiser ROI verification, So like new to look on an high something an things these These which are allow entirely saying good beyond currency. or is based to metrics just quality. start attention,

We is jump year-over-year but gain very about it's small XXX% starting quarter, there. been had something really, is talking attention getting think revenue a substantial, numbers, for So slowly to steam. this which we've years, of I

talking kind is alternative and metrics we've performance the the right about. side, metric hottest I probably So that on attention got everyone think now of and measurement

So I to think we're We're good invest. going there. continue to

to that higher drives types part And talked of pure investments now that's to Investor media And Where better is we of optimize our we're Scibids discussions of after saw that media is comes of all is different The now revenue higher-quality solutions play. up. around seeing sometimes driving this Day Scibids different where as enter And ago, optimization. types is that in for year really is what of advertisers. able We into about pyramid. of for and our of other measure, the ability our branch cost how a drive a going is performance in over lowering expanded media growing performance quality. that we're with activate, kind means where us

starting that the our So the other that we amazing of have pretty to tests excited be expanding business pushing social into there. to aspect going our we're parts social we're performance really to Scibids including business, that investment about, some performance on is social be we're and done core going across optimization. of and lean We've into

and So I to continue think we're there. areas. to We're lean X and on shape good invest those in just grow going in

question of tale around The I a second DV. part of think for opportunities video, your X it's

like video, for and growth for folks short-form in measurement is seeing first there. applications across incredibly we've our The both as done TikTok I that as right? think well well Meta space And building

still we're years eats think as video And a going quarters next be continued stuff up. that several So I I behavior is well consumer to over and driver think of social growth the for is prepared we our to to or for that television. folks one that. growing The about, connected relationship continue is us a that talk like with and nicely which testament Netflix area

I there. seen think we've volume nice growth

to And to driving we've But show things ecosystem. I we're the the it getting suitability brand underpenetrated transparency, about before, to Our to the on to level continue going this think are real to the opportunity key safety relationships when unlocking and actual still in across value us, for talked get CTV. CTV. comes comes like be strengthened revenue that when it

from line Patterson Justin the Capital Markets. of with questions Our KeyBanc come next

you with year-to-date love little hear said versus to your would how the Great. customers? Sticking but well long-term detail trending know I for track can. just Two, business a been that Scibids, if expectations? that's with you're more contributing is how on goal, I I on just

And to here. to operate know then to XX%. that you just year historically go wanted full secondly, healthy back the to margins, I like closer I performance for XX%

of that's now margin year expect more forward? indicative if going curious outperformance this investment little incremental and or XXXX, you we So should just going kind that's of into some if showing more a

cyber. Yes, Justin, start on I'll

right we of already quarter little expectations So, last of talked bit a on call. ahead the about our this Scibids kind now.

that So year. year-on-year $XX we at that number a That's growth. for are we XX% XX% to million XX% gave the expectation

of it's side XXX XX prepared it that get growth. you end good So discussed out we pacing top clients and it business. our put we XXXX, And as differentiator is our are towards of There that's us number by high million we in are a activation of said, and a that feel remarks, the did our using about the XX% of yes, we into metrics as now. other range, it. that for $XXX critical

on our track expectations. of and performing actually end the it's So on top

is is those very margins, at to to profitable. point, go And answered little on I how a prior the -- the then line. bottom business I'll And falls bit back the that question, which some

see about we and decision additional forward, intending think for As the million and as around capital share just will allocation you business, still is in you invest organic we're announced profitable be which business, know, to inherently But repurchases. continue as growth, profitable. intention are against Our $XXX can we I in right? invest available M&A the to additional to today, that and think going buybacks, we buybacks total just additional to the XXXX numbers,

you continue those see So EBITDA will of margins some to grow.

the come questions from Markets. of with Brian next line Capital Our Pitz BMO

for that? acceleration This about was Is growth XQ year-over-year, measurement bit the is Can believe that about XX% behind you which parse Lubek primarily David in guys ] would strong CTV wanted ask across kind Brian. up XX% from what of the drivers a any I on XQ. XX% I volume helpful. to you pretty talk out, [ marks was it said TV and CTV a details be CPMs you little if and

Yes.

transparency and not a We saw overall a quick volume a CTV one single was we've working with some initiatives we note that But XX% XX% is It growth. XX%. that client been at. go just on sneeze So there. that saw up around volume on

our continued I of is seeing think those across what partners. driving solutions we're that expansion

we're across to impressions that expanding network cover So more mentioned we Netflix there.

are working we're benefiting in into So that ways, I with bigger and covering -- and more going from and partners just space. dollars the think, it's broader number b, we're those of that

part, model, not As the I've noted in CPMs see really most of out that those the advantage there. still at fixed others high level fact have the doesn't that you past, on we're to take fee full though, that the for our benefiting due just

percentage of kick a take on that platforms other So media getting bigger there. CTV are a

this talked in about we've think past. the I

really at driving value level. brand prop our getting transparency in lays expand suitability advertisers and program more the that we As to and

with CPMs platforms. in think the look that I we those are opportunity at prices are on to have what an line more

just than the bit maybe having winning And as just more a quick win of competitive you contracts? RFP helpful. your share a It like be really Or these about little on Oracle performance. winning second more XX%. fair little That's Can you are bit you sounds are there. it. Got on talk just question to rate on a guys you

Yes.

of normal RFPs That longer. as deals into technology, X based X said, this process, testing stuff. processes, was win sometimes being And This in kind deep technology dive right? call the X, usually on RFP to these think months, weeks. was can I you're take that that we going big So a there's the platform. even very best all mentioned

in So getting your very plus technical many due there. best price cases, diligence out was aggressive it

now X is we So attention the them. to The and beyond X. X, won these technology. when never be a had day But real are relationships because we on were really we like is based we on we or build opportunity were measurement, them with these opportunity on we're all on from social on was pricing. forward things or selling knew Scibids we working with now to to competitive, and And just know our real them measurement, folks here deliver years not able that and really, that things

Our the next Kelley Stifel. of with Mark from questions come line

question stick a and Or I kind clients that to maybe product. the wanted And that's of other mode of from had totally they the of the competitor yours, of they going that's kind after. with I us, solution large products other after only greenfield, like technologies more for a for kind first and like you're then topic Oracle that? it you things I've case piece basic is and surprising guess, to frame been the they've were stuff using a they're separate attention of basic Can then onboarded? one. -- go the hear where milling pretty really sophisticated some quick. using some kind point to advanced that maybe of That's like got business it after, mode is my

Yes.

vision they're a of available. that opportunity got not we them point. the dynamic part was was, very there. that the is X, we fill went they didn't after prebid the robust that's social. Advertisers measurement all we you consolidate kind to go need suitability need. what's let's hey, which immediate mote whatever pretty And an -- we solutions, gaps we them. single have on of into that using do it and I but sold pitch with business that there, think And those And did a the we've of know in and really business from we were Right, can didn't platform. with much product. nailed piece to So exactly on day mote, solution a starting at was all solutions that now kind Mark, Moat which

cohesive we Now other spenders. deliver sophisticated us the think big I opportunity to the big out road. those you're them a a down the have These are And And and opportunity move advertisers, platform. right. there's for exactly players

waiting goes it opportunity. then be second I like dynamics how guess the quicker saw there, folks more be That's the do curve love ramp the GA? to prebid brand is given stuff, Perfect. will great. that for we It color if the the one, on of about a that available, safety meta relative Okay. And about sounds adoption you product after think suitability -- on maybe any some and but made to comments what just get possible. to we would

Yes.

know So I say quicker. don't it would if I be would

faster bit a scaling within the will you've a measurement and because single think I between be got flywheel customer activation. that going

to the that level is have learnings think that. you need to activation, feed some some I of challenge base around measurement and

a a trial there period take that scaling period, is So place. up will

part So -- measurement. of and that is

with So this place. in key measurement works only one It's to thing note.

So you place. also solution in Meta cannot measurement DV activate having without the

still is that working of the within to happening is are, understand faster going time get what hopefully, flywheel what where we activation up kind the take measurement see people those results So the is place X expand to it those it to allows to things once those start and us takes customers. even together, going same cycle

Our next with come from line JPMorgan. of question Mark Murphy is the

Mark. This is for Arti on

there is dynamic explain spending have call that double the that -- some uncertainty rebounds. around Could might be, persist after during traditional that election. quickly that just how why You elections mentioned ad on maybe and the click you might over?

Yes.

that. I'll take So

spend come The dollars uncertainty expect softened that up out to it, about quickly the and ecosystem. that remarks our political we as we our of but fourth how quarter, brand will in especially a for -- coming had it elections, because traditional the dollars some into is back busy how is large to advertisers. flow will It definitely see the there back those happen. up after mentioned uncertainty we -- known the it's that's So brand crowded the is right, quickly more spending

will so it's an uncertainty back. but as And quickly an dollars to it's how those also uncertainty come environment,

what obviously, going of it dollars Going that's more of this mean I ad a right? what on, so we to than -- kind history I dollars. I And many cycle little kind which a CTV before, CTV. color, this don't political right? and mean digital, we're election in majority of we're even waiting social, seen programmatic the vast never was spending. this is add just think into were it's the ever, into election. of in And was spent in

of lot did it and crowd brands sidelines. the to not brands on just of lot sat spend So decided a period. They a the

of this We customers. our directly heard from some

we're they seen. So and are. yet how "All to get say, to in obviously rip here back ready quickly water, safe But when is they it's to the be right,

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

time today. you Thank your all for

conferences the remain We and protection executing to that of opportunities look against ahead. our significant coming forward the are on the months. lie performance in laser-focused We about plan many you at and seeing excited

does you. today's conclude We appreciate This your participation. Thank teleconference.

disconnect your may rest lines day. Enjoy of this You your the at time.