DoubleVerify reports 32% first quarter revenue growth

Paige Murphy
By Paige Murphy | 26 May 2021

Digital media measurement, data and analytics platform DoubleVerify (DV) reported total revenue of US$67.6 million in the first quarter of 2021, up 32% year-on-year. 

DV's net income increased to US$5.6 million, compared to $2.4 million in Q1 of 2020. 

Its adjusted earnings before interest, raxes, depreciation, and amortization (EBITDA) came to $21.7 million, an increase of 41%, while diluted earnings per share increased to $0.04, compared to $0.02.

“Successfully completing our IPO was an important milestone for DoubleVerify, providing additional capital to further fuel our mission to create a stronger, safer and more secure digital ad ecosystem,” DoubleVerify CEO Mark Zagorski says.

“We delivered record first quarter revenue, which grew 32% year-over-year, with adjusted EBITDA exhibiting 41% growth.

"Our solid topline momentum was driven by global expansion via recent enterprise client wins, product success in fast growing sectors such as CTV, social and programmatic and the introduction of new solutions that leverage our ability to measure and verify across both the walled gardens and open internet without cookies or third-party tracking technologies.

"We are optimistic about continued strong growth for the remainder of 2021 and beyond.”

During the first quarter, DV made advertiser direct revenue of US$27.5 million, an increase of 24% YoY. For advertiser programmatic revenue it made US$33.9 million, an increase of 42%.

The company grew revenue with recently won business at Unilever, UPS, UK Government (via Omnicom UK), Fujifilm Japan and Arnott’s Australia among others.

It also expanded custom contextual targeting for programmatic advertisers, including an activation on The Trade Desk.

Media Transactions Measured (MTM) for both CTV and social increased by approximately 75% in the first quarter.

During this period the company expanded international coverage for CTV on Roku, building upon its existing measurement partnership, with plans for further international expansion.

On the supply-side, it made revenue of US$6.1 million, an increase of 18% YoY.

It continued to grow supply-side business, with new customer wins including News Corp, Time, Inc. and Ziff Davis.

"DoubleVerify continues to outpace the growth of the digital advertising market and is well positioned to deliver strong revenue growth and profitability in 2021,” DoubleVerify chief financial officer Nicola Allais says.

“In the first quarter, revenue growth was driven by continued success in launching new products and expanding market share in the programmatic, CTV and Social sectors.

"Additionally, we maintained strong customer retention in the quarter, evidenced by a gross revenue retention rate of over 95%.

"After the quarter closed, we received aggregate net proceeds of US$282 million from the IPO and a concurrent private placement, further strengthening our balance sheet and bolstering our ability to expand our global footprint and accelerate our technology roadmap.”

In the second quarter, DV anticipates revenue of US$72 to $74 million, a year-over-year increase of 38% and adjusted EBITDA in the range of US$20 to $22 million, a year-over-year improvement of 34% at the midpoint.

Its full-year guidance anticipates revenue of $322 to $326 million, a year-over-year increase of 33% and adjusted EBITDA in the range of $103 to $105 million, a year-over-year increase of 42% at the midpoint.


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