DoubleVerify Q1 2024 Earnings Report
Key Takeaways
DoubleVerify reported a 15% year-over-year increase in revenue to $140.8 million for Q1 2024, driven by growth in social and CTV measurement. The company achieved a net income of $7.2 million and an adjusted EBITDA of $38.1 million, representing a 27% adjusted EBITDA margin.
Total revenue increased by 15% year-over-year.
Activation revenue increased by 13% year-over-year.
Measurement revenue increased by 19% year-over-year, with social measurement revenue up by 51%.
Net income was $7.2 million and adjusted EBITDA was $38.1 million, representing a 27% adjusted EBITDA margin.
DoubleVerify
DoubleVerify
DoubleVerify Revenue by Segment
Forward Guidance
DoubleVerify anticipates for the second quarter of 2024 revenue of $152 to $156 million, a year-over-year increase of 15% at the midpoint, and adjusted EBITDA of $41 to $45 million, representing a 28% margin at the midpoint. For the full year 2024, revenue is expected to be $663 to $675 million, a year-over-year increase of 17% at the midpoint, and adjusted EBITDA of $199 to $211 million, representing a 31% margin at the midpoint.
Positive Outlook
- Revenue of $152 to $156 million is expected for Q2 2024.
- Adjusted EBITDA of $41 to $45 million is expected for Q2 2024.
- Revenue of $663 to $675 million is expected for full year 2024.
- Adjusted EBITDA of $199 to $211 million is expected for full year 2024.
- Full-year 2024 guidance ranges to 17% revenue growth, and 31% adjusted EBITDA margins at the midpoints.
Challenges Ahead
- Uneven spending patterns among select large advertisers.
- Potential risks related to technological developments or evolving industry standards.
- Competitiveness of the market.
- System failures, security breaches, cyberattacks or natural disasters.
- Economic downturns and unstable market conditions.