DoubleVerify Holdings Inc at Raymond James TMT and Consumer Conference Transcript

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

Question: Andrew Marok - Raymond James - Analyst : All right. So the classic start-off question. So for those who are maybe in the room, not as familiar with the DoubleVerify story, can you give us the overview of the company and where you sit within the digital advertising ecosystem?

Question: Andrew Marok - Raymond James - Analyst : Great. Definitely want to get into some of those elements a little bit more deeply over the course of the conversation. But before we do, let's take a little 30,000-foot view of the macro environment right now. I think we've heard kind of some uneven feedback on macro conditions LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 3:00PM, DV.N - DoubleVerify Holdings Inc at Raymond James TMT and Consumer Conference through different participants in the market. So I guess from your perspective, both on an industry basis and a DoubleVerify basis, how are you seeing the macro environment playing out?

Question: Andrew Marok - Raymond James - Analyst : Great. And then maybe on that new customer side, I guess, who is -- is there any specific type of customer or customer cohort who is now coming into your fold?

Question: Andrew Marok - Raymond James - Analyst : Great. And then maybe let's touch on that product momentum that you were talking about. So you've made a couple of notable acquisitions over the last several quarters and in June held an innovation day to show how some of those capabilities are being added into the DV platform. So I guess, how is that product offering overall evolving? And how have Scibids and Rockerbox enabled that change?

Question: Andrew Marok - Raymond James - Analyst : Great. And then maybe on that theme of driving results. Performance is something that we've heard come, I don't even want to say, into vogue, but it's becoming much more emphasized among a lot of what we've been maybe considered traditionally brand-focused advertisers. I think one thing we've historically heard about verification, it's maybe harder to calculate ROI, like what is the value of brand safety or blocking an objectionable impression. But I guess, how does this performance shift in the industry help quantify that for decision makers?

Question: Andrew Marok - Raymond James - Analyst : Great. Really interesting. And then maybe another specific product question around some of the streaming TV features that were announced just ahead of the 3Q report. I guess, how do they add to the overall holistic TV offering? And what are some of the unmet needs in CTV that you'd still be interested in fulfilling for your clients?

Question: Andrew Marok - Raymond James - Analyst : Makes sense. And maybe Netflix and Warner will be the same publisher.

Question: Andrew Marok - Raymond James - Analyst : Maybe turning to AI quickly. So first, we've heard questions from investors about the impact of generative AI on the business. The bear case being that AI can interpret the signals that DV does and do the job of verification. So maybe it could be in-house. But the bull case is that AI is making new threats, creating new opportunities for DV to drive efficiency. I guess, how are you looking at the threat and opportunity landscape here that AI is posing?

Question: Andrew Marok - Raymond James - Analyst : The slop stopper.

Question: Andrew Marok - Raymond James - Analyst : But then last on AI, maybe talking about the box who can interpret that and can buy products. Of course, speaking about agentic AI advertising. So you announced an agentic verification solution a few weeks ago, maybe putting aside things like deepfakes and AI slop, I guess how do you see AI affecting the way brands advertise agentically and how does DV meet them where they are?

Question: Andrew Marok - Raymond James - Analyst : Yeah, and yesterday, I used the shopping research tool from a certain scaled AI company yesterday, and it was really interesting. And I can definitely see the opportunity there. I used it for shopping for myself, not for holiday gifts. I don't know that says about me, but yeah, it's a very interesting surface for advertising to come to. And then, of course, I don't want to neglect DoubleVerify social business. You've got the pre-bid offering scaling and announcements about product expansion within social networks still coming pretty frequently. What's the roadmap for the social business in '26? And how are you thinking about the expected contributions?

Question: Andrew Marok - Raymond James - Analyst : Great. And Nicola thank you for joining us, haven't forgotten about you. But last quarter, you talked about a 10% revenue growth base case for '26. What are some of the more likely factors that could drive outperformance versus that base case?

Question: Andrew Marok - Raymond James - Analyst : Great. And then ad tech is kind of an arms race in terms of tech and product and you have a lot of irons in the fire. How are you thinking about the margin trajectory given the investment needs of the business? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 3:00PM, DV.N - DoubleVerify Holdings Inc at Raymond James TMT and Consumer Conference

Question: Andrew Marok - Raymond James - Analyst : Got you. Thank you for that. I think we have time from the audience for one question, if anybody has anything particularly burning. Go ahead. Unidentified Participant Your efficiencies grow in AI application within your products? Do you see that cash flow being used for more acquisition purposes or for your own company?

Question: Andrew Marok - Raymond James - Analyst : Anyone else? All right. Well, I guess the last one. And I guess, since we have two people up here, I will allow two. But if you had to call out one thing each maybe that investors should look forward to in the DV story for 2026, what would you highlight?

Question: Andrew Marok - Raymond James - Analyst : Sounds great. Mark, Nicola, DoubleVerify. Thanks for joining us.