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Sep 30, 2021
DoubleVerify Q3 2021 Earnings Report
Revenue and adjusted EBITDA increased, driven by programmatic, CTV, social, and international growth, and strategic acquisitions were completed.
Key Takeaways
DoubleVerify reported a strong third quarter with a 36% year-over-year increase in revenue to $83.1 million. Net income reached $7.9 million, and adjusted EBITDA was $26.4 million, representing a 32% margin. The company completed the acquisition of Meetrics GmbH and agreed to acquire OpenSlate, expanding its capabilities in social video, CTV, and EMEA.
Total revenue increased by 36% year-over-year to $83.1 million.
Advertiser Programmatic revenue grew by 49% year-over-year to $41.9 million.
Net income increased by 37% year-over-year to $7.9 million.
Adjusted EBITDA increased by 82% year-over-year to $26.4 million, representing a 32% EBITDA margin.
Forward Guidance
DoubleVerify anticipates strong revenue and adjusted EBITDA growth for the fourth quarter and full year 2021, despite potential supply chain issues affecting customers.
Positive Outlook
- Fourth quarter revenue is projected to be $98 to $103 million, a year-over-year increase of approximately 28% at the midpoint.
- Fourth quarter adjusted EBITDA is expected to be in the range of $34 to $36 million, a year-over-year improvement of approximately 27% at the midpoint.
- Full year 2021 revenue is projected to be $325 to $330 million, a year-over-year increase of 34% at the midpoint.
- Full year 2021 adjusted EBITDA is expected to be in the range of $103 to $105 million, a year-over-year increase of 42% at the midpoint.
- Company expects to deliver 34% full year revenue growth and a 32% EBITDA margin at the midpoints.
Challenges Ahead
- Fourth quarter outlook reflects prudence due to supply chain issues that some customers currently face.
- Has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income
Historical Earnings Impact
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