DoubleVerify Holdings, Inc. reported a revenue of $656.8 million for the fiscal year ending December 31, 2024, marking a 15% increase from $572.5 million in 2023. The company's net income, however, decreased to $56.2 million from $71.5 million in the previous year, reflecting a 21% decline. Adjusted EBITDA rose to $218.9 million, up from $187.1 million in 2023, indicating a strong operational performance despite the drop in net income. The company attributes the revenue growth primarily to a 19% increase in Media Transactions Measured, although this was partially offset by a 4% decrease in Measured Transaction Fees.
In terms of strategic developments, DoubleVerify completed the acquisition of Scibids Technology SAS in August 2023, enhancing its capabilities in AI-powered digital campaign optimization. This acquisition is expected to bolster the company's offerings in the rapidly evolving digital advertising landscape. Additionally, the company has maintained a strong customer base, serving over 2,000 clients, including 110 customers contributing at least $1 million in annual revenue, up from 93 in 2023. The company also reported a net revenue retention rate of 112% for 2024, down from 124% in 2023, indicating a slight decrease in revenue growth from existing customers.
Operationally, DoubleVerify has expanded its geographic footprint, with operations in 31 locations across 25 countries. The company reported a significant increase in the volume of Media Transactions Measured, rising to approximately 8.3 trillion in 2024 from 7.0 trillion in 2023. The company’s software platform is integrated across various digital advertising channels, including programmatic platforms and social media, which has contributed to its market share and customer engagement metrics. The employee headcount increased to 1,197 as of December 31, 2024, reflecting the company's growth and expansion efforts.
Looking ahead, DoubleVerify anticipates continued growth in the digital advertising market, which is projected to reach $448 billion by 2028, according to Magna Global. The company plans to invest in new performance and protection solutions, particularly in emerging areas such as connected TV (CTV) and mobile applications. Furthermore, the company has authorized a new repurchase program of up to $200 million in common stock, in addition to the $150 million repurchase program initiated in May 2024, signaling confidence in its financial position and commitment to returning value to shareholders.
About DoubleVerify Holdings, Inc.
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