DoubleVerify Holdings Files 10-Q, Discloses Share Repurchase Program

TL;DR

DV reports Q2 24 results, announces share buyback. Looks solid.

AI Summary

DoubleVerify Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance and disclosed a share repurchase program. Key financial figures and details about common stock and retained earnings were presented.

Why It Matters

This filing provides investors with an update on DoubleVerify's financial health and strategic actions like share repurchases, impacting stock valuation and investor confidence.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• 2024-06-30 — End of Reporting Period (Indicates the specific date for which financial information is reported.)
• 2024-07-30 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)
• 2024-04-01 to 2024-06-30 — Q2 2024 Common Stock Activity (Details share activity during the second quarter.)

Key Players & Entities

• DoubleVerify Holdings, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240730 (date) — Filing date
• 462 BROADWAY (address) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• dv-20240630x10q.htm (10-Q) — 1769KB
• dv-20240630xex31d1.htm (EX-31.1) — 13KB
• dv-20240630xex31d2.htm (EX-31.2) — 13KB
• dv-20240630xex32d1.htm (EX-32.1) — 6KB
• dv-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-010381.txt ( ) — 7578KB
• dv-20240630.xsd (EX-101.SCH) — 40KB
• dv-20240630_cal.xml (EX-101.CAL) — 66KB
• dv-20240630_def.xml (EX-101.DEF) — 167KB
• dv-20240630_lab.xml (EX-101.LAB) — 459KB
• dv-20240630_pre.xml (EX-101.PRE) — 345KB
• dv-20240630x10q_htm.xml (XML) — 1302KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 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 cautionar

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) June 30, 2024 December 31, 2023 Assets: Current assets Cash and cash equivalents $ 256,066 $ 310,131 Short-term investments 82,754 — Trade receivables, net of allowances for doubtful accounts of $ 9,564 and $ 9,442 as of June 30, 2024 and December 31, 2023, respectively 187,761 206,941 Prepaid expenses and other current assets 32,977 15,930 Total current assets 559,558 533,002 Property, plant and equipment, net 64,521 58,020 Operating lease right-of-use assets, net 66,155 60,470 Goodwill 431,496 436,008 Intangible assets, net 125,420 140,883 Deferred tax assets 23,766 13,077 Other non-current assets 1,727 1,571 Total assets $ 1,272,643 $ 1,243,031 Liabilities and Stockholders' Equity: Current liabilities Trade payables $ 10,604 $ 12,932 Accrued expenses 44,136 44,264 Operating lease liabilities, current 10,113 9,029 Income tax liabilities 832 5,833 Current portion of finance lease obligations 2,393 2,934 Other current liabilities 11,447 8,863 Total current liabilities 79,525 83,855 Operating lease liabilities, non-current 76,265 71,563 Finance lease obligations 1,844 2,865 Deferred tax liabilities 7,031 8,119 Other non-current liabilities 2,815 2,690 Total liabilities 167,480 169,092 Commitments and contingencies (Note 15) Stockholders' equity Common stock, $ 0.001 par value, 1,000,000 shares authorized, 172,634 shares issued and 171,244 outstanding as of June 30, 2024; 1,000,000 shares authorized, 171,168 shares issued and 171,146 outstanding as of December 31, 2023 173 171 Additional paid-in capital 926,062 878,331 Treasury stock, at cost, 1,390 shares and 22 shares as of June 30, 2024 and December 31, 2023, respectively ( 25,443 ) ( 743 ) Retained earn