DoubleVerify Holdings, Inc 8-K, filed May 26, 2021

DoubleVerify Holdings, Inc. (DV)

8-K 2021-05-26 For: 2021-05-25

View Original

Added on April 04, 2026

About this 8-K

DoubleVerify Holdings, Inc filed this 8-K on May 26, 2021, reporting on events of May 25, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Delaware		001-40349		82-2714562
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Title of Class		Trading Symbol		Name of Each Exchange on Which Registered
Common stock, par value $0.001 per share		DV		New York Stock Exchange

Exhibit Number		Description
99.1		Press Release dated May 25, 2021.

	DOUBLEVERIFY HOLDINGS, INC.


	By:	/s/ Nicola Allais
		Name: Nicola Allais
		Title: Chief Financial Officer
Date: May 25, 2021

	●	Total revenue of $67.6 million, an increase of 32%.
	●	Advertiser Direct revenue of $27.5 million, an increase of 24%.

	●	Advertiser Programmatic revenue of $33.9 million, an increase of 42%.
	●	Supply-Side revenue of $6.1 million, an increase of 18%.
	●	Net income increased to $5.6 million, compared to $2.4 million.
	●	Adjusted EBITDA of $21.7 million, an increase of 41%.
	●	Diluted earnings per share increased to $0.04, compared to $0.02.

	●	Grew revenue with recently won business at Unilever, UPS, UK Government (via Omnicom UK), Fujifilm Japan and Arnott’s Australia among numerous others.
	●	Expanded Custom Contextual targeting for programmatic advertisers, including activation on The Trade Desk.
	●	Expanded international coverage for CTV on Roku, building upon our existing measurement partnership, with plans for further international expansion.
	●	Continued to grow supply side business, with new customer wins including News Corp, Time, Inc. and Ziff Davis, among others.
	●	Enhanced the leadership team with the appointment of Julie Eddleman as EVP, Global Chief Commercial Officer (CCO), who will lead the Company’s sales and client service organizations worldwide, and Doug Campbell as Chief Strategy Officer, who will lead corporate strategy and M&A.
	●	Achieved additional Media Rating Council (MRC) accreditation in CTV for display and video rendered ad impression measurement and sophisticated invalid traffic (SIVT) filtration, including app fraud.
	●	Launched DV Authentic Attention™, the first privacy-friendly data solution to provide timely, impression-level insights to optimize campaign performance.
	●	Expanded Brand Safety/Suitability Services on Facebook video products, now offering the widest brand safety/suitability coverage of any provider on the platform.

	●	Revenue of $72 to $74 million, a year-over-year increase of 38% at the midpoint.
	●	Adjusted EBITDA in the range of $20 to $22 million, a year-over-year improvement of 34% at the midpoint.

	●	Revenue of $322 to $326 million, a year-over-year increase of 33% at the midpoint.
	●	Adjusted EBITDA in the range of $103 to $105 million, a year-over-year increase of 42% at the midpoint.

	As of			As of
(in thousands, except per share data)	March 31, 2021			December 31, 2020
Assets:
Current assets
Cash and cash equivalents	$	49,815		$	33,354
Trade receivables, net of allowances for doubtful accounts of $6,412 and $7,049 as of March 31, 2021 and December 31, 2020 respectively		86,798			94,677
Prepaid expenses and other current assets		12,068			13,904
Total current assets		148,681			141,935
Property, plant and equipment, net		18,948			18,107
Goodwill		227,349			227,349
Intangible assets, net		117,245			121,710
Deferred tax assets		82			82
Other non-current assets		2,089			2,151
Total assets	$	514,394		$	511,334
Liabilities and Stockholders' Equity:
Current liabilities
Trade payables	$	3,567		$	3,495
Accrued expense		20,213			25,419
Income tax liabilities		1,107			1,277
Current portion of capital lease obligations		2,140			1,515
Contingent considerations current		1,660			1,198
Other current liabilities		1,993			1,116
Total current liabilities		30,680			34,020
Long-term debt		22,000			22,000
Capital lease obligations		4,112			3,447
Deferred tax liabilities		30,090			31,418
Other non-current liabilities		2,896			3,292
Contingent considerations non-current		—			462
Total liabilities	$	89,778		$	94,639
Commitments and Contingencies
Stockholders’ equity
Common stock, $0.001 par value, 700,000 shares authorized, 140,402 shares issued and 125,256 shares outstanding as of March 31, 2021; 140,222 shares issued and 125,074 shares outstanding as of December 31, 2020		140			140
Preferred stock, $0.01 par value, 61,006 shares authorized, issued, and outstanding as of March 31, 2021 and December 31, 2020. Liquidation preference: $350,000 as of March 31, 2021 and December 31, 2020		610			610
Additional paid-in capital		623,755			620,679
Treasury stock, at cost, 15,146 shares as of March 31, 2021 and December 31, 2020		(260,686	)		(260,686	)
Retained earnings		60,585			54,941
Accumulated other comprehensive income, net of income taxes		212			1,011
Total stockholders’ equity		424,616			416,695
Total liabilities and stockholders' equity	$	514,394		$	511,334

	Three Months Ended March 31,
(in thousands, except per share data)	2021			2020
Revenue	$	67,586		$	51,219
Cost of revenue (exclusive of depreciation and amortization shown separately below)		10,203			7,310
Product development		14,179			10,331
Sales, marketing and customer support		15,534			12,319
General and administrative		11,835			10,696
Depreciation and amortization		7,057			5,934
Income from operations		8,778			4,629
Interest expense		390			1,164
Other (income), net		(49	)		(320	)
Income before income taxes		8,437			3,785
Income tax expense		2,793			1,345
Net income	$	5,644		$	2,440
Earnings per share:
Basic	$	0.05		$	0.02
Diluted	$	0.04		$	0.02
Weighted-average common stock outstanding:
Basic		125,112			139,741
Diluted		133,578			147,233
Comprehensive income:
Net income	$	5,644		$	2,440
Other comprehensive (loss):
Foreign currency cumulative translation adjustment		(799	)		(153	)
Total comprehensive income	$	4,845		$	2,287

																		Accumulated
																		Other
																		Comprehensive
														Additional				Income (Loss)			Total
	Common Stock				Preferred Stock				Treasury Stock					Paid-in		Retained		Net of			Stockholders’
(in thousands)	Shares		Amount		Shares		Amount		Shares		Amount			Capital		Earnings		Income Taxes			Equity
Balance as of January 1, 2021		140,222	$	140		61,006	$	610		15,146	$	(260,686	)	$	620,679	$	54,941	$	1,011		$	416,695
Foreign currency translation adjustment		—		—		—		—		—		—			—		—		(799	)		(799	)
Stock-based compensation expense		—		—		—		—		—		—			2,538		—		—			2,538
Common stock issued upon exercise of stock options		180		—		—		—		—		—			538		—		—			538
Net income		—		—		—		—		—		—			—		5,644		—			5,644
Balance as of March 31, 2021		140,402	$	140		61,006	$	610		15,146	$	(260,686	)	$	623,755	$	60,585	$	212		$	424,616

Balance as of January 1, 2020		139,721	$	140		—	$	—		—	$	—		$	283,457	$	34,488	$	(67	)	$	318,018
Foreign currency translation adjustment		—		—		—		—		—		—			—		—		(153	)		(153	)
Stock-based compensation expense		—		—		—		—		—		—			802		—		—			802
Common stock issued upon exercise of stock options		32		—		—		—		—		—			70		—		—			70
Net income		—		—		—		—		—		—			—		2,440		—			2,440
Balance as of March 31, 2020		139,753	$	140		—	$	—		—	$	—		$	284,329	$	36,928	$	(220	)	$	321,177

	Three Months Ended
	March 31,
(in thousands)	2021			2020
Operating activities:
Net income	$	5,644		$	2,440
Adjustments to reconcile net income to net cash provided by operating activities
Bad debt (recovery) expense		(390	)		709
Depreciation and amortization expense		7,057			5,934
Amortization of debt issuance costs		74			72
Accretion of acquisition liabilities		—			21
Deferred taxes		(1,328	)		(1,624	)
Stock-based compensation expense		2,538			802
Interest expense (income)		66			(29	)
Change in fair value of contingent consideration		—			(979	)
Offering costs		3,073			870
Other		(68	)		621
Changes in operating assets and liabilities net of effect of business combinations
Trade receivables		7,803			4,098
Prepaid expenses and other current assets		1,754			811
Other non-current assets		(12	)		(44	)
Trade payables and other liabilities		(524	)		1,291
Accrued expenses		(6,469	)		(3,854	)
Other current liabilities		1,102			1,093
Other non-current liabilities		(856	)		470
Net cash provided by operating activities		19,464			12,702
Investing activities:
Purchase of property, plant and equipment		(1,915	)		(3,049	)
Net cash (used in) investing activities		(1,915	)		(3,049	)
Financing activities:
Payments of long-term debt		—			(188	)
Payments related to offering costs		(1,181	)		(676	)
Payment of contingent consideration related to Zentrick acquisition		—			(601	)
Proceeds from common stock issued upon exercise of stock options		538			70
Capital lease payments		(235	)		(418	)
Net cash (used in) financing activities		(878	)		(1,813	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(209	)		(143	)
Net increase in cash, cash equivalents, and restricted cash		16,462			7,697
Cash, cash equivalents, and restricted cash - Beginning of period		33,395			11,342
Cash, cash equivalents, and restricted cash - End of period	$	49,857		$	19,039

Cash and cash equivalents		49,815			18,730
Restricted cash (included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets)		42			309
Total cash and cash equivalents and restricted cash	$	49,857		$	19,039
Supplemental cash flow information:
Cash paid for taxes		1,045			541
Cash paid for interest		147			1,069
Non-cash investing and financing activities:
Acquisition of equipment under capital lease		1,518			973
Capital assets financed by accounts payable		—			16
Offering costs included in accounts payable and accrued expense		1,889			306

	Three Months Ended March 31,				Change		Change
	2021		2020		$		%

	(In Thousands)
Revenue by customer type:
Advertisers - direct	$	27,541	$	22,187	$	5,354		24	%
Advertisers - programmatic		33,912		23,851		10,061		42
Supply - side customer		6,133		5,181		952		18
Total revenue	$	67,586	$	51,219	$	16,367		32	%