DoubleVerify Holdings Inc 2025年度报告

2025 Annual Report Verify. Optimize. Prove.DV Powers Superior Outcomes for the World’s Most Influential Brands 2025HIGHLIGHTS Financial1 Revenue $748million|14%growth (year-over-year)Net Cash from Operating Activities$211million|32%growth (year-over-year)Adjusted EBITDA$246million|33%adjusted EBITDA marginNet Income$51million|7%margin 70% $0 Cash on Hand at Year-end~$260M Business AI Advancement Market-Leading Innovation •LaunchedDV Authentic AdVantage™, a first-of-its-kindsolution that combines DV’s trusted media qualitycontrols with DV Scibids AI™ to drive media quality andcost-efficiencies across walled garden environments.•DV Authentic Streaming TV™verifies that campaignsrun in premium streaming environments that deliverthe quality and engagement of traditional TV.•“Do Not Air” Automationautomates list activation andenforcement across streaming TV environments.•Brand Suitability on Metaexpanded measurementand pre-screen activation for Facebook, Threads,Instagram Feeds and Reels.•AcquiredRockerbox™enabled “closed loop” attributionand performance measurement for mid-long tailmarketers, supporting the connection between DVmedia quality solutions and advertising ROI. •Launched DV AI Verification™, a new offering designedto help advertisers identify and manage AI agentinteractions.•Launched DV’s Agent ID Measurement, an industry-firstproduct that enables advertisers to identify and measuread engagement with AI-powered chatbots to helpmaximize advertising ROI.•Launched DV’s AI SlopStopper™ for Open Web, helpingadvertisers avoid low-quality, AI-generated contentand measure media quality across programmaticenvironments.•Expanded DV Scibids AI™ to Google Ads and Meta buyingenvironments and further developed solutions for SSP sellside partners to enable algorithmic bidding optimizationthat drives marketer ROI.•Expanded classified content by 50% while improvingprecision by up to 25% through the use of DV’s proprietaryAI-powered classification platform. Strong Customer KPIs •109% net revenue retention•>95% gross revenue retention•$4.5M average revenue per top 100 customer Global Scale & Connectivity •People:1,231 full-time employees at year-end 2025•Platform:9.5T media transactions measured (MTM); 15%growth (year-over-year)•Connectivity:New or expanded partnerships to enhancebrand suitability and media quality measurement acrosssocial and CTV platforms, including with Facebook andInstagram Feeds & Reels, TikTok, LinkedIn, Snap, Redditand Pinterest. 1. This Annual Report includes non-GAAP fi nancial measures, including Adjusted EBITDA, Adjusted EBITDAMargin and free cash flow conversion, which differ from GAAP financial measures. See 10-K for reconciliationsto the nearest financial measures reported under GAAP. We calculate free cash fl ow as net cash provided byoperating activities determined in accordance with GAAP less purchases of property, plant, and equipmentwhich includes capitalized software development costs. Free cash flow conversion is calculated as free cashflow divided by Adjusted EBITDA for the same period. We calculate net revenue retention as in-year revenuefrom prior year existing customers / prior year revenue from this subset of customers; excludes a portion ofunallocated programmatic revenue. We calculate gross revenue retention as total prior period revenue earnedfrom advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers,divided by the total prior period revenue from advertiser customers. In 2025, DV harnessed the power of AI to improve solutionefficacy, accelerate go to market, and drive stronger marginswhile creating broader opportunities to increase our TAM.Looking ahead, our product investments targeting the rapidlygrowing areas of Social, Streaming TV, and advertisingsupported AI platforms are becoming core catalysts fordiversified future growth. FellowShareholders 2025 was a year of exceptional product innovation anddurable, profitable revenue growth for DoubleVerify. In 2025,we delivered revenue growth of 14% year-over-year, wellexceeding the 10% growth outlook we provided at the start ofthe year. This performance was fueled by double-digit growthacross all three revenue lines—Activation, Measurementand Supply-Side. We measured a record 9.5 trillion billablemedia transactions, up 15% year-over-year, reflecting ourcontinued expansion across every major digital advertisingenvironment, format, and device. Importantly, we continuedto onboard large global enterprise customers, furtherstrengthening our leading position as a trusted partner to theworld’s most influential brands. This momentum deliveredstrong profitability and cash generation, with a 33% adjustedfull year EBITDA margin and $211 million dollars in net cashfrom operating activities. The Continuing Evolution of OurProduct-Led Growth Cycle DV’s growth cycle and revenue trajectory is fundamentallydriven by the timing of product releases, platformenablement, and