DoubleVerify Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>DoubleVerify Holdings, Inc. has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and equity transactions.</b>

AI Summary

DoubleVerify Holdings, Inc. (DV) filed a Annual Report (10-K) with the SEC on February 28, 2024. DoubleVerify Holdings, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures for the periods ending December 31, 2023, 2022, and 2021. Key financial statement components such as Allowance for Credit Losses, Additional Paid-In Capital, Retained Earnings, and AOCI are detailed for multiple years. The report references various stock and equity transactions, including private placements and secondary offerings, occurring in 2021. Information regarding the Omnibus Equity Incentive Plan from April 19, 2021, is also noted.

Why It Matters

For investors and stakeholders tracking DoubleVerify Holdings, Inc., this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of DoubleVerify's financial health and operational activities for the fiscal year 2023, enabling informed investment decisions. The inclusion of historical financial data and equity transaction details allows for trend analysis and comparison against previous periods, offering insights into the company's growth trajectory and capital structure.

Risk Assessment

Risk Level: low — DoubleVerify Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for publicly traded companies and does not inherently signal significant new risks.

Analyst Insight

Review the detailed financial statements and equity transaction disclosures within the 10-K to understand DoubleVerify's financial position and capital structure changes.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (Filed as of date)
• 2021-04-23 — IPO Date (Date of initial public offering related transactions)
• 2021-11-19 — Secondary Offering Date (Date of secondary offering)

Key Players & Entities

• DoubleVerify Holdings, Inc. (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-28 (date) — Filed as of date
• 7370 (industry_code) — Standard Industrial Classification
• DE (location) — State of Incorporation
• 001-40349 (filing_id) — SEC File Number
• Providence VII U.S. Holdings L.P. (company) — Investor in private placement
• Tiger Global Management LLC (company) — Investor in private placement

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.
• 2021-04-23: IPO Related Transactions — Significant date for equity structure and initial public offering.
• 2021-11-19: Secondary Offering — Date of a significant secondary market transaction.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share DV New York Stock Exchang
• $1 million — customers who each represented at least $1 million of annual revenue, up from 78 such cust
• $280 billion — d spend, excluding search, reached over $280 billion in 2023 and is expected to grow to $386
• $386 billion — lion in 2023 and is expected to grow to $386 billion by 2027. We believe the shift towards d

Filing Documents

• dv-20231231x10k.htm (10-K) — 3162KB
• dv-20231231xex10d27.htm (EX-10.27) — 200KB
• dv-20231231xex21d1.htm (EX-21.1) — 20KB
• dv-20231231xex23d1.htm (EX-23.1) — 4KB
• dv-20231231xex31d1.htm (EX-31.1) — 14KB
• dv-20231231xex31d2.htm (EX-31.2) — 14KB
• dv-20231231xex32d1.htm (EX-32.1) — 7KB
• dv-20231231xex32d2.htm (EX-32.2) — 8KB
• dv-20231231xex97d1.htm (EX-97.1) — 39KB
• dv-20231231x10k001.jpg (GRAPHIC) — 60KB
• 0001558370-24-002008.txt (&nbsp;) — 13747KB
• dv-20231231.xsd (EX-101.SCH) — 77KB
• dv-20231231_cal.xml (EX-101.CAL) — 101KB
• dv-20231231_def.xml (EX-101.DEF) — 378KB
• dv-20231231_lab.xml (EX-101.LAB) — 744KB
• dv-20231231_pre.xml (EX-101.PRE) — 653KB
• dv-20231231x10k_htm.xml (XML) — 2347KB

Business

Item 1. Business 6

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II 45

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

[Reserved]

Item 6. [Reserved] 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosure about Market Risk

Item 7A. Quantitative and Qualitative Disclosure about Market Risk 64

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 111

Controls and Procedures

Item 9A. Controls and Procedures 111

Other Information

Item 9B. Other Information 112

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 112 PART III 113

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 113

Executive Compensation

Item 11. Executive Compensation 113

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 113

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 113

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 113 PART IV 114

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 114

Form 10-K Summary

Item 16. Form 10-K Summary 117

Signatures

Signatures 118 1 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "intends," "plans," "estimates," "anticipates" or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Annual Report on Form 10-K and include, without limitation, statements regarding our intentions, beliefs, assumptions or current expectations concerning, among other things, our financial position; results of operations; industry outlook; and growth strategies or expectations. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. In addition, even if our results of operations, financial condition and cash flows, and the development of the market in which we operate, are consistent with the forward-looking statements contained in this Annual Report on Form 10-K, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without li

Business

Item 1. Business Our Company We are one of the industry's leading media effectiveness platforms that leverages artificial intelligence ("AI") to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Our company was founded in 2008 and we introduced our first brand safety and suitability solution in 2010. As the global digital advertising market has evolved, we have continued to expand our capabilities through new product innovation and partnerships across emerging programmatic media buying platforms and digital media channels, including social and CTV. The advertising industry continues to shift from traditional mediums to an expanding array of digital channels and platforms. Digital advertisers have historically relied on inconsistent, self-reported data from a large number of publishers, social channels and programmatic platforms, making it difficult to form an accurate, unbiased view of how and where their ad budgets are spent. As objectionable content and ad fraud have proliferated across the Internet and other digital channels, advertisers are utilizing independent, third-party solutions to protect their brand equity and optimize the performance of their digital media investments. Our technology addresses this need by providing unbiased data analytics that enable advertisers to increase the effectiveness, quality and return on their digital advertising investments. Our proprietary DV Authentic Ad metric is our definitive metric of digital media quality, which measures whether a digital ad is displayed in a fraud-free, brand-suitable environment and is fully viewable in the intended geography. Our software platform delivers this metric to our customers in real time, allowing them to access critical performance data on their digital ads. Customers the