DoubleVerify Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>DoubleVerify Holdings, Inc. has filed its Q1 2024 10-Q report detailing financial activities and corporate information.</b>

AI Summary

DoubleVerify Holdings, Inc. (DV) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. DoubleVerify Holdings, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 462 Broadway, New York, NY. DoubleVerify Holdings, Inc. is incorporated in Delaware. The filing is submitted under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking DoubleVerify Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for DoubleVerify Holdings, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the digital advertising verification market.

Risk Assessment

Risk Level: low — DoubleVerify Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond typical business operations.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand DoubleVerify's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 0001558370-24-007053 — Accession Number (Unique identifier for the filing)
• 001-40349 — SEC File Number (Company's SEC file number)

Key Players & Entities

• DoubleVerify Holdings, Inc. (company) — Filer name
• 462 Broadway (location) — Business and mailing address
• New York (location) — City for business and mailing address
• DE (location) — State of incorporation
• 1934 Act (regulatory) — SEC Act under which the filing is made

FAQ

Industry Context

DoubleVerify Holdings operates in the digital advertising technology sector, providing solutions for media verification and performance measurement.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for Q1 2024.
2. Read the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Review any updates to risk factors or legal proceedings mentioned in the report.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following previous filings such as the 2023 Annual Report (10-K) and prior quarterly reports.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share DV New York Stock Exchang

Filing Documents

• dv-20240331x10q.htm (10-Q) — 1293KB
• dv-20240331xex31d1.htm (EX-31.1) — 13KB
• dv-20240331xex31d2.htm (EX-31.2) — 13KB
• dv-20240331xex32d1.htm (EX-32.1) — 6KB
• dv-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-007053.txt (&nbsp;) — 6212KB
• dv-20240331.xsd (EX-101.SCH) — 37KB
• dv-20240331_cal.xml (EX-101.CAL) — 62KB
• dv-20240331_def.xml (EX-101.DEF) — 144KB
• dv-20240331_lab.xml (EX-101.LAB) — 418KB
• dv-20240331_pre.xml (EX-101.PRE) — 310KB
• dv-20240331x10q_htm.xml (XML) — 1055KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 2 Table of Contents Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q ("Quarterly Report") includes "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"). All statements other than statements of historical facts included in this Quarterly Report, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected costs, savings and plans and objectives of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "plan," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. You should read the "Special Note Regarding Forward-Looking Statements" and "Risk Factors" sections of our Annual Report on Form 10-K, for the year ended December 31, 2023 and filed with the Securities and Exchange Commission ("SEC"), on February 28, 2024, for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in this report. There may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this Quarterly Report and are expressly qualified in their entirety by the cautiona

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements DoubleVerify Holdings, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of As of (in thousands, except per share data) March 31, 2024 December 31, 2023 Assets: Current assets Cash and cash equivalents $ 302,017 $ 310,131 Short-term investments 32,312 — Trade receivables, net of allowances for doubtful accounts of $ 9,580 and $ 9,442 as of March 31, 2024 and December 31, 2023, respectively 195,638 206,941 Prepaid expenses and other current assets 20,356 15,930 Total current assets 550,323 533,002 Property, plant and equipment, net 60,851 58,020 Operating lease right-of-use assets, net 64,910 60,470 Goodwill 432,865 436,008 Intangible assets, net 132,815 140,883 Deferred tax assets 16,619 13,077 Other non-current assets 1,810 1,571 Total assets $ 1,260,193 $ 1,243,031 Liabilities and Stockholders' Equity: Current liabilities Trade payables $ 12,761 $ 12,932 Accrued expenses 34,218 44,264 Operating lease liabilities, current 9,844 9,029 Income tax liabilities 6,064 5,833 Current portion of finance lease obligations 2,640 2,934 Other current liabilities 9,841 8,863 Total current liabilities 75,368 83,855 Operating lease liabilities, non-current 75,124 71,563 Finance lease obligations 2,344 2,865 Deferred tax liabilities 7,514 8,119 Other non-current liabilities 2,752 2,690 Total liabilities 163,102 169,092 Commitments and contingencies (Note 14) Stockholders' equity Common stock, $ 0.001 par value, 1,000,000 shares authorized, 171,756 shares issued and 171,724 outstanding as of March 31, 2024; 1,000,000 shares authorized, 171,168 shares issued and 171,146 outstanding as of December 31, 2023 172 171 Additional paid-in capital 899,354 878,331 Treasury stock, at cost, 32 shares and 22 shares as of March 31, 2024 and December 31, 2023, respectively ( 1,146 ) ( 743 ) Retained earn