DoubleVerify Q2 2023 Earnings Report
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.
DoubleVerify
DoubleVerify
DoubleVerify 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.