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Jun 30, 2023
DoubleVerify Q2 2023 Earnings Report
Increased revenue driven by global growth in social, CTV measurement, and programmatic activation, net income and adjusted EBITDA were achieved, and agreement to acquire Scibids was made.
Key Takeaways
DoubleVerify reported a solid Q2 2023 with a 22% increase in revenue year-over-year, reaching $133.7 million. The growth was fueled by global expansion in social, CTV measurement, and programmatic activation. The company achieved a net income of $12.8 million and an adjusted EBITDA of $40.0 million, representing a 30% adjusted EBITDA margin. They agreed to acquire Scibids, a global leader in AI-powered digital campaign optimization.
Total revenue increased by 22% to $133.7 million.
Activation revenue grew by 29% to $77.9 million.
Measurement revenue increased by 16% to $45.0 million, with Social and CTV MTM rising by 41% and 32% respectively.
Net income reached $12.8 million, and adjusted EBITDA was $40.0 million, representing a 30% adjusted EBITDA margin.
Revenue by Segment
Forward Guidance
DoubleVerify anticipates revenue between $135 to $141 million and Adjusted EBITDA in the range of $39 to $41 million for Q3 2023. For the full year 2023, they anticipate revenue of $557 to $569 million and Adjusted EBITDA in the range of $171 to $179 million.
Positive Outlook
- Q3 2023 Revenue of $135 to $141 million, a year-over-year increase of 23% at the midpoint.
- Q3 2023 Adjusted EBITDA in the range of $39 to $41 million, representing a 29% margin at the midpoint.
- Full Year 2023 Revenue of $557 to $569 million, a year-over-year increase of 24% at the midpoint.
- Full Year 2023 Adjusted EBITDA in the range of $171 to $179 million, representing a 31% margin at the midpoint.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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