Le Lézard
Classified in: Science and technology, Business
Subjects: EARNINGS, Conference Call, Webcast

DoubleVerify Announces Second Quarter 2021 Financial Results


DoubleVerify ("DV") (NYSE: DV), a leading software platform for digital media measurement, data and analytics, today announced financial results for the second quarter ended June 30, 2021.

"We delivered an outstanding second quarter fueled by record Programmatic Revenue as advertisers adopted our industry-leading Authentic Brand Safety solution on Google's DV360 and additional programmatic buying platforms," said Mark Zagorski, CEO of DoubleVerify. "Product innovation success, industry-leading accreditations in fast-growing sectors such as CTV and Social, and continued investments in enhancing our international footprint have yielded new enterprise client wins and meaningful expansion opportunities within our existing blue-chip customer base. Our ongoing product and market leadership combined with digital advertising spend tailwinds, make us optimistic about our growth prospects for the rest of the year and beyond."

Second Quarter 2021 Financial Highlights:

(All comparisons are to the second quarter of 2020)

Second Quarter and Recent 2021 Business Highlights:

"We achieved 44% total revenue growth and continued to achieve over 95% gross revenue retention in the second quarter. Our solid second quarter EBITDA margins of 28% reflect ongoing strategic investments that will help accelerate our product development roadmap and enhance our expansion in international markets, where we are steadily growing our market share," said Nicola Allais, CFO of DoubleVerify. "Our revenue growth expectations for the second half of the year are driven by a positive outlook for the fourth quarter, which tends to benefit from seasonally higher spending on advertising campaigns. In addition to delivering performance that exhibits the high growth and high profitability ?rule of 60', our debt-free balance sheet and quarter-end cash position of $330 million dollars provides us the financial flexibility to elevate our long-term growth profile and capture a greater share of a large and growing market opportunity."

Third Quarter and Full-Year 2021 Guidance:

DoubleVerify anticipates Revenue and Adjusted EBITDA to be in the following ranges:

Third quarter 2021:

Full year 2021:

With respect to the Company's expectations under "Third Quarter and Full Year 2021 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

Conference Call and Webcast Information

DoubleVerify will host a conference call and live webcast to discuss its second quarter 2021 financial results at 4:30 p.m. Eastern Time today, July 29, 2021. To access the conference call, dial (877) 841-2987 for the U.S. or Canada, or (215) 268-9878 for international callers and provide conference ID 13721124. The webcast will be available live on the Investors section of the Company's website at https://ir.doubleverify.com/. In addition, an archived webcast will be available approximately two hours after the conclusion of the live event.

Key Business Terms

Advertiser Direct revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers and social media platforms.

Advertiser Programmatic revenue is generated from the evaluation, verification and measurement of advertising impressions purchased through programmatic demand-side platforms.

Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify's data analytics to evaluate, verify and measure their advertising inventory.

Gross Revenue Retention Rate is the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers.

Media Transactions Measured (MTM) is the volume of media transactions that DoubleVerify's software platform measures.

Measured Transaction Fee (MTF) is the fixed fee DoubleVerify charges per Media Transaction Measured.

DoubleVerify Holdings, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

 

 

As of

 

As of

(in thousands, except per share data)

 

June 30, 2021

 

December 31, 2020

Assets:

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

330,355

 

$

33,354

 

Trade receivables, net of allowances for doubtful accounts of $6,889 and $7,049 as of June 30, 2021 and December 31, 2020 respectively

 

 

85,555

 

 

94,677

 

Prepaid expenses and other current assets

 

 

14,106

 

 

13,904

 

Total current assets

 

 

430,016

 

 

141,935

 

Property, plant and equipment, net

 

 

17,572

 

 

18,107

 

Goodwill

 

 

227,349

 

 

227,349

 

Intangible assets, net

 

 

112,780

 

 

121,710

 

Deferred tax assets

 

 

82

 

 

82

 

Other non-current assets

 

 

2,303

 

 

2,151

 

Total assets

 

$

790,102

 

$

511,334

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade payables

 

$

4,122

 

$

3,495

 

Accrued expense

 

 

25,460

 

 

25,419

 

Income tax liabilities

 

 

670

 

 

1,277

 

Current portion of capital lease obligations

 

 

2,021

 

 

1,515

 

Contingent considerations current

 

 

1,717

 

 

1,198

 

Other current liabilities

 

 

2,101

 

 

1,116

 

Total current liabilities

 

 

36,091

 

 

34,020

 

Long-term debt

 

 

?

 

 

22,000

 

Capital lease obligations

 

 

3,618

 

 

3,447

 

Deferred tax liabilities

 

 

28,243

 

 

31,418

 

Other non-current liabilities

 

 

2,734

 

 

3,292

 

Contingent considerations non-current

 

 

?

 

 

462

 

Total liabilities

 

$

70,686

 

$

94,639

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common stock, $0.001 par value, 1,000,000 shares authorized, 157,768 shares issued and outstanding as of June 30, 2021; 700,000 shares authorized, 140,222 shares issued and 125,074 shares outstanding as of December 31, 2020

 

 

158

 

 

140

 

Preferred stock, $0.01 par value, 100,000 shares authorized and zero shares issued and outstanding as of June 30, 2021 and 61,006 shares authorized, issued, and outstanding as of December 31, 2020. Liquidation preference: $350,000 as of December 31, 2020

 

 

?

 

 

610

 

Additional paid-in capital

 

 

670,674

 

 

620,679

 

Treasury stock, at cost, zero shares and 15,146 shares as of June 30, 2021 and December 31, 2020, respectively

 

 

?

 

 

(260,686

)

Retained earnings

 

 

48,017

 

 

54,941

 

Accumulated other comprehensive income, net of income taxes

 

 

567

 

 

1,011

 

Total stockholders' equity

 

 

719,416

 

 

416,695

 

Total liabilities and stockholders' equity

 

$

790,102

 

$

511,334

 

DoubleVerify Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands, except per share data)

 

2021

 

2020

 

2021

 

2020

Revenue

 

$

76,524

 

 

$

53,020

 

$

144,110

 

 

$

104,239

 

Cost of revenue (exclusive of depreciation and amortization shown separately below)

 

 

12,291

 

 

 

7,655

 

 

22,494

 

 

 

14,965

 

Product development

 

 

15,120

 

 

 

10,906

 

 

29,299

 

 

 

21,237

 

Sales, marketing and customer support

 

 

19,580

 

 

 

12,833

 

 

35,114

 

 

 

25,152

 

General and administrative

 

 

32,017

 

 

 

8,262

 

 

43,852

 

 

 

18,958

 

Depreciation and amortization

 

 

7,440

 

 

 

6,146

 

 

14,497

 

 

 

12,080

 

(Loss) income from operations

 

 

(9,924

)

 

 

7,218

 

 

(1,146

)

 

 

11,847

 

Interest expense

 

 

297

 

 

 

936

 

 

687

 

 

 

2,100

 

Other expense (income), net

 

 

49

 

 

 

198

 

 

?

 

 

 

(122

)

(Loss) income before income taxes

 

 

(10,270

)

 

 

6,084

 

 

(1,833

)

 

 

9,869

 

Income tax expense

 

 

2,298

 

 

 

2,006

 

 

5,091

 

 

 

3,351

 

Net (loss) income

 

$

(12,568

)

 

$

4,078

 

$

(6,924

)

 

$

6,518

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.08

)

 

$

0.03

 

$

(0.05

)

 

$

0.05

 

Diluted

 

$

(0.08

)

 

$

0.03

 

$

(0.05

)

 

$

0.04

 

Weighted-average common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

149,596

 

 

 

139,756

 

 

137,355

 

 

 

139,748

 

Diluted

 

 

149,596

 

 

 

146,541

 

 

137,355

 

 

 

146,927

 

Comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(12,568

)

 

$

4,078

 

$

(6,924

)

 

$

6,518

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency cumulative translation adjustment

 

 

355

 

 

 

231

 

 

(444

)

 

 

78

 

Total comprehensive (loss) income

 

$

(12,213

)

 

$

4,309

 

$

(7,368

)

 

$

6,596

 

DoubleVerify Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Foreign currency translation adjustment

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

 

?

 

 

355

 

 

355

Stock-based compensation expense

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

4,714

 

 

?

 

 

?

 

 

4,714

Common stock issued upon exercise of stock options

 

871

 

 

2

 

?

 

 

?

 

?

 

 

?

 

 

2,907

 

 

?

 

 

?

 

 

2,909

RSU vested

 

217

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

 

?

 

 

?

 

 

?

Conversion of Series A preferred stock to common stock in connection with initial public offering

 

5,190

 

 

5

 

(61,006)

 

 

(610)

 

(15,146)

 

 

260,686

 

 

(260,081)

 

 

?

 

 

?

 

 

?

Issuance of common stock in connection with initial public offering

 

9,977

 

 

10

 

?

 

 

?

 

?

 

 

?

 

 

269,380

 

 

?

 

 

?

 

 

269,390

Issuance of common stock in connection with the private placement concurrent with the initial public offering

 

1,111

 

 

1

 

?

 

 

?

 

?

 

 

?

 

 

29,999

 

 

?

 

 

?

 

 

30,000

Net loss

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

 

(12,568)

 

 

?

 

 

(12,568)

Balance as of June 30, 2021

 

157,768

 

$

158

 

?

 

$

?

 

?

 

$

?

 

$

670,674

 

$

48,017

 

$

567

 

$

719,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Foreign currency translation adjustment

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

 

?

 

 

231

 

 

231

Stock-based compensation

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

1,140

 

 

?

 

 

?

 

 

1,140

Common stock issued upon exercise of stock options

 

58

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

51

 

 

?

 

 

?

 

 

51

Net income

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

 

4,078

 

 

?

 

 

4,078

Balance as of June 30, 2020

 

139,811

 

$

140

 

?

 

$

?

 

?

 

$

?

 

$

285,520

 

$

41,006

 

$

11

 

$

326,677

DoubleVerify Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

June 30,

(in thousands)

 

2021

 

2020

Operating activities:

 

 

 

 

 

 

Net (loss) income

 

$

(6,924

)

 

$

6,518

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities

 

 

 

 

 

 

Bad debt expense

 

 

199

 

 

 

1,748

 

Depreciation and amortization expense

 

 

14,496

 

 

 

12,080

 

Amortization of debt issuance costs

 

 

147

 

 

 

142

 

Accretion of acquisition liabilities

 

 

?

 

 

 

36

 

Deferred taxes

 

 

(3,175

)

 

 

(3,096

)

Stock-based compensation expense

 

 

7,252

 

 

 

1,942

 

Interest expense (income)

 

 

9

 

 

 

(42

)

Change in fair value of contingent consideration

 

 

57

 

 

 

(899

)

Offering costs

 

 

21,801

 

 

 

1,058

 

Other

 

 

62

 

 

 

621

 

Changes in operating assets and liabilities net of effect of business combinations

 

 

 

 

 

 

Trade receivables

 

 

8,518

 

 

 

(47

)

Prepaid expenses and other current assets

 

 

(284

)

 

 

855

 

Other non-current assets

 

 

(299

)

 

 

3

 

Trade payables and other liabilities

 

 

541

 

 

 

2,057

 

Accrued expenses

 

 

121

 

 

 

(2,978

)

Other current liabilities

 

 

827

 

 

 

(2,680

)

Other non-current liabilities

 

 

(1,120

)

 

 

148

 

Net cash provided by operating activities

 

 

42,228

 

 

 

17,466

 

Investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(3,513

)

 

 

(4,562

)

Net cash (used in) investing activities

 

 

(3,513

)

 

 

(4,562

)

Financing activities:

 

 

 

 

 

 

Payments of long-term debt

 

 

(22,000

)

 

 

(189

)

Deferred payment related to Leiki acquisition

 

 

?

 

 

 

(2,033

)

Deferred payment related to Zentrick acquisition

 

 

(50

)

 

 

(50

)

Payment of contingent consideration related to Zentrick acquisition

 

 

?

 

 

 

(601

)

Proceeds from common stock issued upon exercise of stock options

 

 

3,447

 

 

 

121

 

Proceeds from issuance of common stock upon initial public offering

 

 

269,390

 

 

 

?

 

Proceeds from issuance of common stock in connection with concurrent private placement

 

 

30,000

 

 

 

?

 

Payments related to offering costs

 

 

(21,708

)

 

 

(1,107

)

Capital lease payments

 

 

(804

)

 

 

(874

)

Net cash provided by (used in) financing activities

 

 

258,275

 

 

 

(4,733

)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

 

 

13

 

 

 

(80

)

Net increase in cash, cash equivalents, and restricted cash

 

 

297,003

 

 

 

8,091

 

Cash, cash equivalents, and restricted cash - Beginning of period

 

 

33,395

 

 

 

11,342

 

Cash, cash equivalents, and restricted cash - End of period

 

$

330,398

 

 

$

19,433

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

330,355

 

 

 

19,038

 

Restricted cash (included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets)

 

 

43

 

 

 

395

 

Total cash and cash equivalents and restricted cash

 

$

330,398

 

 

$

19,433

 

Supplemental cash flow information:

 

 

 

 

 

 

Cash paid for taxes

 

 

3,305

 

 

 

7,777

 

Cash paid for interest

 

 

525

 

 

 

1,654

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Conversion of Series A preferred stock to common stock in connection with the initial public offering

 

 

610

 

 

 

?

 

Treasury stock reissued upon the conversion of Series A preferred stock to common stock

 

 

260,686

 

 

 

?

 

Acquisition of equipment under capital lease

 

 

1,518

 

 

 

973

 

Capital assets financed by accounts payable

 

 

?

 

 

 

76

 

Offering costs included in accounts payable and accrued expense

 

 

89

 

 

 

100

 

Comparison of the Three and Six Months Ended June 30, 2021 and June 30, 2020

Revenue

 

 

Three Months Ended June 30,

 

Change

 

Change

 

Six Months Ended June 30,

 

Change

 

Change

 

2021

 

2020

 

$

 

%

 

2021

 

2020

 

$

 

%

 

(In Thousands)

 

 

 

 

 

 

 

(In Thousands)

 

 

 

 

 

 

Revenue by customer type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertiser - direct

$

31,662

 

$

23,707

 

$

7,955

 

34

%

 

$

59,203

 

$

45,894

 

$

13,309

 

29

%

Advertiser - programmatic

 

37,880

 

 

24,128

 

 

13,752

 

57

 

 

 

71,792

 

 

47,979

 

 

23,813

 

50

 

Supply-side customer

 

6,982

 

 

5,185

 

 

1,797

 

35

 

 

 

13,115

 

 

10,366

 

 

2,749

 

27

 

Total revenue

$

76,524

 

$

53,020

 

$

23,504

 

44

%

 

$

144,110

 

$

104,239

 

$

39,871

 

38

%

Adjusted EBITDA

In addition to our results determined in accordance with GAAP, we believe that certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin, are useful in evaluating our business. A metric similar to Adjusted EBITDA is used in certain calculations under our New Revolving Credit Facility. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. The following table presents a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to the most directly comparable financial measure prepared in accordance with GAAP.

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

 

(In Thousands)

 

(In Thousands)

Net (loss) income

$

(12,568

)

 

$

4,078

 

 

$

(6,924

)

 

$

6,518

 

Net (loss) income margin

 

(16

)%

 

 

8

%

 

 

(5

)%

 

 

6

%

Depreciation and amortization

 

7,440

 

 

 

6,146

 

 

 

14,497

 

 

 

12,080

 

Stock-based compensation

 

4,714

 

 

 

1,140

 

 

 

7,252

 

 

 

1,942

 

Interest expense

 

297

 

 

 

936

 

 

 

687

 

 

 

2,100

 

Income tax expense

 

2,298

 

 

 

2,006

 

 

 

5,091

 

 

 

3,351

 

M&A costs (a)

 

67

 

 

 

8

 

 

 

49

 

 

 

223

 

Offering costs and IPO readiness costs (b)

 

18,886

 

 

 

585

 

 

 

22,147

 

 

 

2,227

 

Other costs (c)

 

?

 

 

 

561

 

 

 

109

 

 

 

2,724

 

Other expense (income) (d)

 

49

 

 

 

198

 

 

 

?

 

 

 

(122

)

Adjusted EBITDA

$

21,183

 

 

$

15,658

 

 

$

42,908

 

 

$

31,043

 

Adjusted EBITDA margin

 

28

%

 

 

30

%

 

 

30

%

 

 

30

%

(a)

M&A costs for the three and six months ended June 30, 2021 consist of reductions to deferred compensation liabilities related to acquisitions. M&A costs for the three and six months ended June 30, 2020 consist of third-party costs and deferred compensation costs related to acquisitions.

(b)

Offering costs and IPO readiness costs for the three and six months ended June 30, 2021 and 2020 consist of third-party costs incurred in preparation and completion for our IPO.

(c)

Other costs for the three and six months ended June 30, 2021 consist of reimbursements paid to Providence. For the three and six months ended June 30, 2020, other costs include reimbursements paid to Providence as well as costs related to the departure of our former Chief Executive Officer, and third-party costs incurred in response to investigating and remediating certain IT/cybersecurity matters that occurred in March 2020.

(d)

Other expense (income) consists of interest income, change in fair value associated with contingent considerations, and the impact of foreign currency transaction gains and losses associated with monetary assets and liabilities.

We use Adjusted EBITDA and Adjusted EBITDA Margin as measures of operational efficiency to understand and evaluate our core business operations. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our core business and for understanding and evaluating trends in our operating results on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:

In addition, other companies in our industry may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our GAAP results and using the non-GAAP financial measures only supplementally.

Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows:

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

(in thousands)

 

2021

 

2020

 

2021

 

2020

Product development

 

 

436

 

 

152

 

$

714

 

$

253

Sales, marketing and customer support

 

 

1,696

 

 

392

 

 

2,320

 

 

564

General and administrative

 

 

2,582

 

 

596

 

 

4,218

 

 

1,125

Total stock-based compensation

 

$

4,714

 

$

1,140

 

$

7,252

 

$

1,942

Forward-Looking Statements

This press release includes "forward-looking statements," including with respect to the initial public offering. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About DoubleVerify

DoubleVerify is a leading software platform for digital media measurement and analytics. Our mission is to make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Hundreds of Fortune 500 advertisers employ our unbiased data and analytics to drive campaign quality and effectiveness, and to maximize return on their digital advertising investments ? globally.


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