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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.
DoubleVerify
DoubleVerify
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
- Unable to quantify stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, interest income, and income taxes without unreasonable efforts
- Reconciliation would imply a degree of precision that could be confusing or misleading to investors.
- Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control