DoubleVerify Holdings Inc at Citizens JMP Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Boone - JMP Securities LLC - Analyst : What do you think is going to be the biggest product-led growth driver? Is that social pre-bid? Is that the performance? Like, if I'm forcing you to rank-order them, what's number 1? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, DV.N - DoubleVerify Holdings Inc at Citizens JMP Technology Conference

Question: Andrew Boone - JMP Securities LLC - Analyst : Okay. To transition a little bit to ABS, you, guys launched the product a half decade ago and it's been tremendous, right? $200 million of revenue, this last year. It's adopted by 70% of the top 500 clients. Well, that's fantastic. But let's talk about growth, from here. What does ABS growth start to look like, going forward?

Question: Andrew Boone - JMP Securities LLC - Analyst : Okay. Staying with activation, right? You talked about Scibids in that first answer. You laid out a $100 million-dollar goal, right? Impressive. Talk to us about what has to happen, though, to be able to achieve that?

Question: Andrew Boone - JMP Securities LLC - Analyst : Okay. Pre-bid for Meta, what does that product enable? And how does it really differ from what you, guys, were offering before? So just explain the evolution of the social Meta relationship.

Question: Andrew Boone - JMP Securities LLC - Analyst : The new categories that are being offered, it sounds like those are more granular?

Question: Andrew Boone - JMP Securities LLC - Analyst : So just big-picture, give an example of what are the existing categories versus something that's new?

Question: Andrew Boone - JMP Securities LLC - Analyst : Understood the thesis, right? And it's two weeks so grain of salt, in terms of -- that it's very early. But what has the client response been?

Question: Andrew Boone - JMP Securities LLC - Analyst : Switching to CTV, right? You, guys, disclosed 11% of measurement impression volume in 2024. It feels like CTV, in terms of a programmatic sense, is certainly one of those major tailwinds across digital advertising. So help us understand the CTV opportunity for DV, right? Like, you, guys, have been hit multiple times, on multiple calls, about questions on pricing. What is the opportunity? Do you need price to step up before CTV can be material to results? Or is there -- are we misunderstanding that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, DV.N - DoubleVerify Holdings Inc at Citizens JMP Technology Conference

Question: Andrew Boone - JMP Securities LLC - Analyst : Is there a timeline that we should think about?

Question: Andrew Boone - JMP Securities LLC - Analyst : Rockerbox. Let's transition. Talk about how it fits into the strategy, right? Bring it back to that performance comment that you made, up-front.

Question: Andrew Boone - JMP Securities LLC - Analyst : Okay. Nicola, let's bring you on the supply side, right? Very strong growth, in terms of the last year. Talk to us about the drivers of what that growth was? And, then, how do we think about the sustainability of that, going forward?

Question: Andrew Boone - JMP Securities LLC - Analyst : Let's talk about Moat, really quickly. In terms of -- you mentioned the upsolved potential earlier. But talk to me -- talk to us -- about that cohort, right? How do we envision that cohort maturing and the key processes that you, guys, need to enact to be able to get them up to what is like a typical DV customer?

Question: Andrew Boone - JMP Securities LLC - Analyst : Okay. So a multi-year process (multiple speakers) to get them up?

Question: Andrew Boone - JMP Securities LLC - Analyst : Nicola, talk about pricing, right? I think you, guys, took price earlier this year. Talk to us about one the contribution to that, as we think about the '25 guide. I'm assuming it's small but help us understand that. And, then, how do we think about the cadence of pricing, going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, DV.N - DoubleVerify Holdings Inc at Citizens JMP Technology Conference

Question: Andrew Boone - JMP Securities LLC - Analyst : All right. Let's go to some of the near-term issues, in terms of relating to 1Q guide. One large customer's volatility impacted results, how do we think about the volatility of this customer, going forward? And the potential risk for, honestly, large customers to continue to be volatile, going forward, just given the last year?

Question: Andrew Boone - JMP Securities LLC - Analyst : Mark, bigger-picture one. More, really, on the open web, right? And so, you talked about the secular headwinds and just the shift in the social, the move into PMPs and guaranteed deals would strike me more as video-based. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 7:30PM, DV.N - DoubleVerify Holdings Inc at Citizens JMP Technology Conference Just talk to us about, basically, the health of the open web? And, really, the question is: Hey, is this just a display format headwind or is it something that's broader?

Question: Andrew Boone - JMP Securities LLC - Analyst : All right. One last question. You, guys, grew headcount 9%, last year, right? So just to help us understand the trends of where you, guys, are making investments, where did these bodies go, within the organization?

Question: Andrew Boone - JMP Securities LLC - Analyst : So we should expect those -- that theme of investment to continue in '25?

Question: Andrew Boone - JMP Securities LLC - Analyst : Okay. Great. Thank you so much. Appreciate the conversation.