DoubleVerify Holdings Inc (DV) 2021 Q1 法說會逐字稿

Greetings, and welcome to the DoubleVerify First Quarter 2021 Financial Results (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎來到 DoubleVerify 2021 年第一季財務業績（操作員說明） 請注意，本次會議正在錄製中。

I will now turn the call over to our host, Tejal Engman of Investor Relations.

我現在將把電話轉給我們的主持人、投資者關係部的 Tejal Engman。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good afternoon, and thank you for joining us to discuss DoubleVerify's first quarter 2021 financial results.

下午好，感謝您與我們一起討論 DoubleVerify 2021 年第一季的財務表現。

With me today is Mark Zagorski, CEO; and Nicola Allais, CFO.

今天和我在一起的是執行長 Mark Zagorski；和財務長尼古拉·阿萊 (Nicola Allais)。

Before we begin, I'd like to remind everyone that statements made on this call and responses in Q&A today contain forward-looking statements.

在開始之前，我想提醒大家，本次電話會議中的聲明以及今天問答中的回應均包含前瞻性聲明。

These forward-looking statements are subject to inherent risks, uncertainties and changes and reflect our current expectations based on our beliefs, assumptions and information currently available to us as of today, May 25, 2021.

這些前瞻性陳述受到固有風險、不確定性和變化的影響，反映了我們基於截至今天（2021 年 5 月 25 日）我們的信念、假設和目前掌握的資訊的當前預期。

Although we believe these expectations are reasonable, they are subject to change, and we undertake no obligation to revise any statements to affect changes that occur after this call.

儘管我們認為這些期望是合理的，但它們可能會發生變化，我們沒有義務修改任何聲明以影響本次電話會議後發生的變化。

You can find more information about these risks, uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements in our SEC filings, including our S-1 registration statement.

您可以在我們的 SEC 文件（包括我們的 S-1 註冊聲明）中找到有關這些風險、不確定性和其他可能導致實際結果與這些前瞻性聲明有重大差異的因素的更多資​​訊。

In addition, our discussion today will include references to certain non-GAAP financial measures.

此外，我們今天的討論將包括提及某些非公認會計準則財務指標。

These non-GAAP measures are presented for supplemental purposes and should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

這些非公認會計原則措施僅供補充，應作為我們公認會計原則結果的補充，而不是替代或獨立於我們的公認會計原則結果。

Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com.

今天的收益新聞稿中提供了與最具可比性的 GAAP 衡量標準的對賬，該新聞稿可在我們的投資者關係網站 ir.doubleverify.com 上找到。

With that, I'll turn it over to Mark.

有了這個，我會把它交給馬克。

Thank you, Tejal.

謝謝你，泰加爾。

Good afternoon, everyone.

大家下午好。

I'm Mark Zagorski, CEO of DoubleVerify.

我是 DoubleVerify 執行長 Mark Zagorski。

I'm excited to welcome you to our first ever earnings call and to discuss our strong first quarter performance and optimistic outlook on the year ahead.

我很高興歡迎您參加我們的第一次財報電話會議，並討論我們強勁的第一季業績和對未來一年的樂觀前景。

Nicola will detail our business model and financial results as well as provide guidance.

尼古拉將詳細介紹我們的業務模式和財務表現並提供指導。

Since this is our inaugural earnings call, before we dive into the numbers, I wanted to take a few minutes to talk about DoubleVerify and the core value proposition that continues to propel the success of our business.

由於這是我們的首次財報電話會議，因此在深入研究數字之前，我想花幾分鐘時間談談 DoubleVerify 以及繼續推動我們業務成功的核心價值主張。

DV's story is one of sustained organic growth helped along by sector tailwinds and a unique market-leading position and platform that creates exceptional expansion opportunities in the mid and long term.

DV 的故事是在行業順風的幫助下持續有機成長的故事之一，以及獨特的市場領先地位和平台，在中長期創造了非凡的擴張機會。

DoubleVerify's mission is to make digital advertising stronger, safer and more secure.

DoubleVerify 的使命是讓數位廣告更強大、更安全、更有保障。

We believe the advertising dollars that support the creation of diverse, high-quality content and make it accessible to the widest audience possible depend on a transactional environment that is based on transparency and trust.

我們相信，支持創建多樣化、高品質內容並使其盡可能為最廣泛的受眾所獲取的廣告費用取決於基於透明度和信任的交易環境。

Via our media quality verification and performance solutions, DoubleVerify creates greater advertising transparency and therefore protects the fair value exchange in the digital marketplace.

透過我們的媒體品質驗證和效能解決方案，DoubleVerify 可以提高廣告透明度，從而保護數位市場中的公平價值交換。

In the process, we not only drive ROI for our brands, we ultimately keep money out of the hands of fraudsters who often act to undermine free markets.

在此過程中，我們不僅提高了品牌的投資報酬率，而且最終使資金落入經常破壞自由市場的詐欺者手中。

Further, we help advance social good by defunding misinformation and hate speech.

此外，我們透過消除錯誤訊息和仇恨言論來幫助促進社會公益。

This is important not just for our advertiser partners but for everyone who participates in the digital ecosystem.

這不僅對我們的廣告商合作夥伴很重要，而且對參與數位生態系統的每個人都很重要。

Speaking of advertisers, our analytics platform has become a core utility for hundreds of leading global brands.

說到廣告商，我們的分析平台已成為數百個全球領先品牌的核心實用程式。

From CPG companies such as Mondelez and Unilever to media and tech innovators like Comcast and Vodafone, our tools help maximize digital ad spend and optimize ad delivery.

從億滋和聯合利華等消費品公司到康卡斯特和沃達豐等媒體和技術創新者，我們的工具可協助最大限度地提高數位廣告支出並優化廣告投放。

DoubleVerify's authentic ad metric has become industry currency, measuring whether digital advertising is displayed in a brand-safe, fraud-free environment, is fully viewable and delivered in the desired geography.

DoubleVerify 的真實廣告指標已成為行業貨幣，衡量數位廣告是否在品牌安全、無詐欺的環境中展示、是否在所需的地理位置完全可見和投放。

As an independent measurement company, we are unconflicted in our ability to verify everywhere.

作為一家獨立的測量公司，我們在任何地方進行驗證的能力都沒有衝突。

Our cookie-free solutions are implemented across the open Internet and in the walled gardens, in display, mobile, video, social and CTV and in direct and programmatic transactions.

我們的無 cookie 解決方案在開放網路、圍牆花園、展示、行動、視訊、社交和 CTV 以及直接和程式化交易中實施。

Our strong track record of driving bottom line ROI for advertisers while creating a more secure digital ecosystem has not only directly benefited our customers, it has supported a thriving digital ad market that continues to grow at a rapid pace.

我們在推動廣告商底線投資回報率同時創建更安全的數位生態系統方面擁有良好的記錄，這不僅直接使我們的客戶受益，而且支持了持續快速增長的蓬勃發展的數位廣告市場。

According to MAGNA Global, digital ad spend, excluding search, is expected to grow by approximately 11% in 2021.

據 MAGNA Global 稱，不包括搜尋在內的數位廣告支出預計 2021 年將成長約 11%。

And sectors such as CTV, social and programmatic are growing significantly faster.

CTV、社交和程序化等行業的成長速度顯著加快。

As the global market remains largely underpenetrated, ample white space, combined with sector and market tailwinds, provide us with significant opportunities for expansion.

由於全球市場在很大程度上仍然未充分滲透，充足的空白空間加上行業和市場的順風車，為我們提供了重要的擴張機會。

Now let's dig into our strong results for the quarter.

現在讓我們深入了解本季的強勁業績。

First quarter revenue grew 32% year-over-year, while adjusted EBITDA grew by a solid 41% year-over-year.

第一季營收年增 32%，調整後 EBITDA 較去年同期穩定成長 41%。

Our top line momentum continues to be driven by a focus on global expansion fueled by enterprise client wins, successful product adoption in fast-growing new sectors and an ongoing focus on new solutions that leverage our deep data set to capitalize on evolution in the digital marketplace.

我們的營收動力繼續受到以下因素的推動：對全球擴張的關注，這得益於企業客戶的贏得、快速增長的新領域的成功產品採用以及對新解決方案的持續關注，這些解決方案利用我們的深層資料集來利用數位市場的發展。

Let me discuss each of these 3 revenue drivers in greater detail.

讓我更詳細地討論這三個收入驅動因素。

Beginning with global expansion, we continue to gain market share by closing new enterprise clients who are adopting our core verification solutions in both emerging and established media markets.

從全球擴張開始，我們透過關閉在新興和成熟媒體市場採用我們核心驗證解決方案的新企業客戶來繼續獲得市場份額。

In the past few months, we notched new business wins with Unilever, UPS, Fujifilm Japan, Arnott's in Australia and many others.

在過去的幾個月裡，我們與聯合利華、UPS、日本富士膠片、澳洲的阿諾特百貨公司以及許多其他公司贏得了新的業務。

When we win an enterprise client, most, if not all, of their measurable impressions run through our software platform, creating a sticky long-term relationship that we continue to expand over time by upselling new solutions.

當我們贏得企業客戶時，他們的大部分（如果不是全部）可衡量的印像都會透過我們的軟體平台運行，從而建立一種粘性的長期關係，隨著時間的推移，我們會透過追加銷售新解決方案來不斷擴展這種關係。

These enterprise clients and many others contributed to our solid Q1 results and exceptionally strong revenue growth in both EMEA and APAC.

這些企業客戶和許多其他客戶為我們第一季的穩健業績以及歐洲、中東和非洲和亞太地區異常強勁的營收成長做出了貢獻。

We grew first quarter EMEA revenues by 65% year-over-year and APAC revenues by approximately 97% year-over-year.

我們第一季 EMEA 營收年增 65%，亞太地區營收年增約 97%。

Overall, non-Americas revenue grew nearly 76% year-over-year in the first quarter, representing approximately 25% of direct revenue and exemplifying the expanding opportunity for the application of our software in markets around the globe.

整體而言，第一季非美洲營收年增近 76%，約佔直接營收的 25%，反映了我們的軟體在全球市場的應用機會不斷擴大。

Driving this commercial success is our investment in people and go-to-market infrastructure as spearheaded by our newly appointed Global Chief Commercial Officer, Julie Eddleman.

推動這項商業成功的是我們在新任命的全球首席商務官 Julie Eddleman 的帶領下對人員和上市基礎設施的投資。

Julie recently joined us from Google, where she managed some of their largest global clients, including P&G, Ford, GM, Chrysler and McDonald's.

朱莉最近從谷歌加入我們，她在谷歌管理一些最大的全球客戶，包括寶潔、福特、通用汽車、克萊斯勒和麥當勞。

Since joining, Julie has led the launch of DV's global client and agency partnerships team, which is responsible for driving growth with DV's largest customers and ensuring seamless delivery of DV's comprehensive solutions.

自加入以來，Julie 領導成立了 DV 的全球客戶和代理商合作夥伴團隊，該團隊負責推動 DV 最大客戶的成長，並確保無縫交付 DV 的全面解決方案。

In addition, the expansion of our self-serve software tools and the launch of our DV University training program last quarter are helping to accelerate the scalability of our platform and increase the stickiness of our offering with key customers.

此外，我們自助軟體工具的擴展以及上季度推出的 DV University 培訓計劃有助於加快我們平台的可擴展性，並提高我們的產品與關鍵客戶的黏性。

As of the end of 2020, we have enjoyed an average tenure of 5.6 years with our top 75 clients.

截至 2020 年底，我們與 75 位頂尖客戶的平均服務期限為 5.6 年。

Additionally, earlier this month, we expanded our business into the Middle East, North Africa and Turkey, also known as the MENAT region.

此外，本月早些時候，我們將業務擴展到中東、北非和土耳其（也稱為 MENAT 地區）。

According to eMarketer, digital advertising spend in the region is expected to grow by 54% over the next 2 years, and we are well positioned to take advantage of those local tailwinds.

據 eMarketer 稱，未來 2 年該地區的數位廣告支出預計將增加 54%，我們已做好充分準備，充分利用這些當地優勢。

Moving on to our product successes in fast-growing new sectors.

繼續我們的產品在快速成長的新領域的成功。

CTV, social and programmatic continue to gain the lion's share of digital advertiser interest.

CTV、社交和程序化繼續獲得數位廣告商的大部分興趣。

DoubleVerify's solutions have been focused on ensuring advertiser spend is securely optimized in these areas.

DoubleVerify 的解決方案一直致力於確保廣告商在這些領域的支出得到安全優化。

In 2021, programmatic CTV ad spending is forecasted to grow by more than 40% year-over-year to nearly $11 billion in the United States according to eMarketer.

根據 eMarketer 的數據，到 2021 年，美國的程序化 CTV 廣告支出預計將年增 40% 以上，達到近 110 億美元。

Because the cost per impression is relatively high on CTV compared to other formats, the incentives for fraud are obvious.

由於與其他格式相比，CTV 的每次展示成本相對較高，因此詐欺的誘因是顯而易見的。

Over the past 18 months, we've uncovered 7 different fraud schemes targeting CTV devices.

在過去 18 個月中，我們發現了 7 種針對 CTV 設備的不同詐欺計劃。

These schemes were part of one large coordinated fraud family identified as OctoBot, which generated billions of ad calls and spoofed or imitated thousands of apps and millions of devices, all with the intention to defraud advertisers out of millions in revenue.

這些計劃是一個名為OctoBot 的大型協調詐欺家族的一部分，該家族產生了數十億次廣告呼叫，並欺騙或模仿了數千個應用程式和數百萬台設備，所有這些計劃的目的都是騙取廣告商數百萬美元的收入。

These schemes may have cost unprotected advertisers tens of millions of dollars.

這些計劃可能使未受保護的廣告商損失了數千萬美元。

Through our software platform, DoubleVerify customers were fully protected from these issues and continue to be insulated against the new challenges that will likely emerge.

透過我們的軟體平台，DoubleVerify 客戶得到了充分的保護，免受這些問題的影響，並繼續免受可能出現的新挑戰的影響。

With fraud being particularly rife in high-growing emerging media such as CTV, advertisers have increasingly turned to DV's sophisticated tools and algorithms to block new variants of fraud and to provide them with the confidence needed to make premium digital advertising investments.

隨著CTV 等高速成長的新興媒體中詐騙行為尤為猖獗，廣告主越來越多地轉向DV 先進的工具和演算法來阻止新的詐騙變體，並為他們提供進行優質數位廣告投資所需的信心。

As a result, through our integrations with platforms such as Roku, Amazon and Hulu, DoubleVerify grew CTV volumes by approximately 75% year-over-year in the first quarter as advertisers and consumers continue to flock to the media.

因此，透過與 Roku、亞馬遜和 Hulu 等平台的集成，隨著廣告商和消費者繼續湧向媒體，DoubleVerify 第一季的 CTV 量同比增長了約 75%。

In addition to CTV, social continues to be a fast-growing sector for the industry and for our business.

除了 CTV 之外，社交仍然是行業和我們業務快速成長的領域。

Concern around brand safety across social networks has risen during the challenging social and political environment over the last 12 months, and advertisers have become increasingly focused on brand equity and reputation online.

在過去 12 個月充滿挑戰的社會和政治環境中，人們對社群網路品牌安全的擔憂有所上升，廣告商也越來越關注品牌資產和網路聲譽。

DoubleVerify's software platform delivers the widest set of MRC-accredited brand safety and suitability solutions available on the largest social network, Facebook.

DoubleVerify 的軟體平台提供了最大的社群網路 Facebook 上最廣泛的 MRC 認證品牌安全和適用性解決方案。

Social represented approximately 30% of our direct revenue in 2020, and our leadership position in this sector helps grow DoubleVerify's social product volume by nearly 75% year-over-year in the first quarter of 2021.

2020 年，社交業務約占我們直接收入的 30%，我們在該領域的領導地位幫助 DoubleVerify 的社交產品數量在 2021 年第一季同比增長近 75%。

With the potential for additional coverage opportunities across social platform partners, we are optimistic about our prospects for continued growth in this sector.

由於社群平台合作夥伴有可能提供更多的覆蓋機會，我們對該產業持續成長的前景感到樂觀。

Finally, the success of our programmatic solutions has mirrored the rapid growth of our sector.

最後，我們的程序化解決方案的成功反映了我們行業的快速成長。

In Q1, our programmatic business grew at a rate of 42% year-over-year driven by growth in our premium-priced Authentic Brand Safety solution, which grew at 124%.

第一季度，我們的程式化業務年增 42%，這得益於我們高價的 Authentic Brand Safety 解決方案的成長，該解決方案成長了 124%。

With the recent launch of Authentic Brand Safety on Google's DV 360 platform, our industry-leading programmatic product is now available on programmatic buying platforms, which manage the vast majority of programmatic media buying in the U.S.

隨著最近在 Google DV 360 平台上推出 Authentic Brand Safety，我們業界領先的程式化產品現已在程式化購買平台上提供，該平台管理著美國絕大多數程式化媒體購買。

The expansion of our solutions into CTV, social and programmatic sectors as well as the road map investments into dynamic areas such as audio and gaming underscore the extendability of our software platform into exciting emerging areas that require greater transparency and trust in order to confidently attract advertiser spend.

我們的解決方案擴展到CTV、社交和程序化領域，以及對音訊和遊戲等動態領域的路線圖投資，強調了我們的軟體平台可擴展到令人興奮的新興領域，這些領域需要更高的透明度和信任，才能自信地吸引廣告主花費。

Shifting to recent product launches and enhancements, DoubleVerify has had a strong track record of leveraging its incredibly valuable core data asset to innovate in new adjacencies.

轉向最近的產品發布和增強功能，DoubleVerify 在利用其極其寶貴的核心數據資產在新領域進行創新方面擁有良好的記錄。

From programmatic Authentic Brand Safety to CTV's video complete solution, we have repeatedly spun off successful solutions that help grow Measured Transaction Fees, what we call MTF, and drive organic revenue growth from our existing client base.

從程式化的真實品牌安全到 CTV 的視訊完整解決方案，我們多次推出成功的解決方案，幫助增加衡量交易費用（我們稱之為 MTF），並推動現有客戶群的有機收入成長。

Our 2 newest product launches include Custom Contextual and DV Authentic Attention.

我們推出的 2 款最新產品包括 Custom Contextual 和 DV Authentic Attention。

Our Custom Contextual product for programmatic advertisers delivers privacy-safe, cookie-free targeting by aligning ads to relevant content in order to maximize user engagement and drive conversion.

我們為程式化廣告商提供的客製化情境產品透過將廣告與相關內容對齊來提供隱私安全、無 cookie 的定位，以最大限度地提高用戶參與度並推動轉換。

What's unique in the industry about our solution is that it leverages the same content classification expertise that advertisers rely on to ensure their digital ad spend is brand safe and secure and applies it towards positive targeting in order to optimize their ad delivery outcomes.

我們的解決方案在業界的獨特之處在於，它利用廣告商所依賴的相同內容分類專業知識來確保其數位廣告支出的品牌安全性，並將其應用於積極的定位，以優化其廣告投放結果。

The solution is now available on leading DSPs, including MediaMath, Verizon Media and Xander.

該解決方案現已在領先的 DSP 上提供，包括 MediaMath、Verizon Media 和 Xander。

And we expect it to be widely available on The Trade Desk later this quarter.

我們預計它將在本季稍後在 The Trade Desk 上廣泛提供。

As the industry shifts away from third-party audience targeting due to increased privacy regulation and the decline of third-party cookies, alternative ways of driving performance are becoming increasingly critical.

由於隱私監管的加強和第三方 cookie 的減少，產業逐漸不再以第三方受眾為目標，提高績效的替代方法變得越來越重要。

Through our Custom Contextual product and others in the pipeline, DV is well positioned to take advantage of this change.

透過我們的自訂情境產品和其他正在開發中的產品，DV 已做好充分利用這項變更的準備。

Our second recent premium product extension, DV Authentic Attention, delivers a unique exposure-plus engagement metric that enables global brands to benchmark top-performing sites and apps, evaluate cost-effective, high-performance, private marketplace deals and focus on the ad units that deliver the most impact.

我們最近的第二個優質產品擴展DV Authentic Attention 提供了獨特的曝光加參與度指標，使全球品牌能夠對錶現最佳的網站和應用程序進行基準測試，評估具有成本效益的高性能私人市場交易並專注於廣告單元產生最大影響的。

Mondelez International recently used DV Authentic Attention to evaluate and optimize the performance of a cross-platform display campaign for a popular snack brand.

Mondelez International 最近使用 DV Authentic Attention 來評估和優化一個流行零食品牌的跨平台展示活動的效果。

DV Authentic Attention insights found that private marketplace packages flagged as high attention by our system outperformed open exchange inventory by 143% on the same campaign.

DV Authentic Attention 洞察發現，在同一活動中，被我們系統標記為高度關注的私人市場包的表現比公開交易庫存高出 143%。

Vodafone, another early adopter of DV Authentic Attention, found that ads characterized by high DoubleVerify engagement scores drove over 3.5x higher rates of qualified traffic and sales conversion as compared with low engagement ads.

DV Authentic Attention 的另一家早期採用者沃達豐發現，與低參與度廣告相比，具有高 DoubleVerify 參與度分數的廣告所帶來的合格流量和銷售轉換率高出 3.5 倍以上。

It's exactly these kinds of positive ROI results that make us so essential to our customers and underscore the opportunity that exists with our new solutions.

正是這些積極的投資回報率結果使我們對客戶如此重要，並強調了我們新解決方案所存在的機會。

Although Custom Contextual and DV Authentic Attention have only just debuted, we expect these products as well as other innovations that are currently in the pipeline to support future fee growth.

儘管 Custom Contextual 和 DV Authentic Attention 才剛推出，但我們預計這些產品以及目前正在醞釀中的其他創新將支持未來的費用成長。

In summary, DoubleVerify remains uniquely positioned to solve the digital advertising ecosystems' need for independent, integrated and standardized measurement of ads, particularly in a post-cookie world, where our proprietary data set provides a unique value proposition.

總而言之，DoubleVerify 仍然處於獨特的地位，可以滿足數位廣告生態系統對獨立、整合和標準化廣告衡量的需求，特別是在後 cookie 世界中，我們的專有資料集提供了獨特的價值主張。

We had a great Q1, which continued to show the utility of our software solutions for the biggest brands in the world.

我們的第一季表現出色，並繼續展示了我們的軟體解決方案對世界上最大品牌的實用性。

Numerous additions to our roster of enterprise customers, accelerating traction in key global markets and successful product investments in CTV, social and programmatic continue to drive our ongoing growth story.

我們的企業客戶名單不斷增加，全球主要市場的吸引力不斷增強，以及在 CTV、社交和程序化方面的成功產品投資，繼續推動我們的持續成長。

Add to this the tailwinds from a post-COVID advertiser recovery, and we see a future with strong momentum expected to build into 2021 and beyond.

再加上新冠疫情後廣告商復甦帶來的利多因素，我們預期 2021 年及以後的未來將呈現強勁勢頭。

With that, let me turn the call over to Nicola.

現在，讓我把電話轉給尼古拉。

Thank you, Mark.

謝謝你，馬克。

I am pleased to report our strong first quarter results as a newly public company, giving us confidence in providing a strong outlook for the year.

我很高興地報告我們作為一家新上市公司強勁的第一季業績，這讓我們有信心為今年提供強勁的前景。

Our impressive performance demonstrates the strength of our customer relationships and our attractive scalable operating model.

我們令人印象深刻的業績證明了我們強大的客戶關係和有吸引力的可擴展營運模式。

This quarter, we continue to execute against our plan as we generated strong revenue growth, maintained high profitability while continuing to invest in the business.

本季度，我們繼續執行我們的計劃，因為我們實現了強勁的收入成長，保持了高盈利能力，同時繼續投資於業務。

Before reviewing our quarterly results, I want to quickly take you through our business model.

在回顧我們的季度業績之前，我想快速向您介紹我們的業務模式。

DV generates revenue via a transactional software model.

DV 透過交易軟體模型產生收入。

Our customers use DV's software and data analytics to evaluate, target and measure the quality of their digital ad spend.

我們的客戶使用 DV 的軟體和數據分析來評估、定位和衡量其數位廣告支出的品質。

For every media transaction we measure, an MTM, we are paid a measurement transaction fee, an MTF.

對於我們測量的每筆媒體交易（MTM），我們都會支付測量交易費（MTF）。

Our revenue model is MTM x MTF.

我們的收入模式是 MTM x MTF。

The MTF we charge is a fixed fee for transaction rather than a take rate based on our customers' media spend.

我們收取的 MTF 是固定的交易費用，而不是基於客戶媒體支出的費率。

We want to measure all impression for our customers regardless of format, channel or media value.

我們希望衡量客戶的所有印象，無論格式、管道或媒體價值如何。

We grow MTM by adding new customers, by measuring additional impressions for our customers as they increase their digital ad spend and as more digital media transactions are available for verification.

我們透過增加新客戶、衡量客戶增加數位廣告支出以及更多數位媒體交易可供驗證時的額外印象來發展 MTM。

We grow MTF by adding premium products that provide additional monetization opportunities for each impression we measure.

我們透過添加優質產品來提高 MTF，這些產品為我們衡量的每次展示提供額外的獲利機會。

Our advertiser customers, who represent over 90% of our revenue purchase and implement DV solutions in 2 ways.

我們的廣告主客戶占我們收入的 90% 以上，購買並透過兩種方式實施 DV 解決方案。

The first way, which we track as Advertiser Direct revenue, occurs when advertisers use our software platform to measure the quality and performance of ads purchased directly from digital properties, including open web publishers, social media and CTV platform.

第一種方式，即廣告主直接收入，是指廣告主使用我們的軟體平台來衡量直接從數位資產（包括開放網路出版商、社群媒體和 CTV 平台）購買的廣告的品質和效果。

The second way, which we track as Advertiser Programmatic revenue, occurs when advertisers leverage our solutions through programmatic platforms to evaluate the quality of ad inventories before they are purchased through those platforms.

第二種方式，我們追蹤為廣告商程式化收入，當廣告商透過程式化平台利用我們的解決方案來評估廣告庫存的質量，然後再透過這些平台購買廣告時，就會發生這種情況。

Since our transaction fee model is not a take rate based on the cost of media, our business is not subject to large fluctuations in revenue when industry CPMs dip and surge.

由於我們的交易費用模型不是基於媒體成本的費率，因此當行業每千次展示費用下降和飆升時，我們的業務不會受到收入大幅波動的影響。

This was evidenced in 2020, where at the height of the market disruption in the second quarter, we achieved a 22% year-over-year revenue growth, driven by the increased need for digital ad verification in an uncertain environment.

2020 年就證明了這一點，在第二季度市場混亂最嚴重的時候，由於不確定的環境中對數位廣告驗證的需求不斷增加，我們實現了 22% 的同比收入增長。

Our solutions are considered mission-critical for our advertisers during periods of market fluctuations.

在市場波動期間，我們的解決方案被認為對廣告主至關重要。

DV has not historically experienced a negative revenue friction that normally occurs, yet our model enables us to grow as our customers increase their volume of digital ad spend when conditions improve.

DV 歷來沒有經歷過通常發生的負面收入摩擦，但我們的模式使我們能夠隨著客戶在情況改善時增加數位廣告支出量而實現成長。

In addition to revenue from our advertiser customers, we generate supply side revenue from platforms and publishers who use DV data to validate the quality of their own ad inventory before it is sold to their customers.

除了廣告商客戶的收入外，我們還從平台和發布商那裡獲得供應方收入，他們在將廣告庫存出售給客戶之前使用 DV 數據來驗證自己的廣告庫存的品質。

This is a subscription revenue model, which represents approximately 9% of our total revenue.

這是訂閱收入模式，約占我們總收入的 9%。

Now let's turn to our results.

現在讓我們看看我們的結果。

In the first quarter, our Media Transactions Measured continued to ramp and were the main driver of our revenue growth.

第一季度，我們的媒體交易量持續成長，成為我們營收成長的主要動力。

First quarter total revenue was $67.6 million, up 32% year-over-year in what is historically our lowest revenue quarter in the year based on seasonal patterns of our customers' digital ad spend.

第一季總收入為 6,760 萬美元，年增 32%，根據客戶數位廣告支出的季節性模式，這是我們今年歷史上收入最低的季度。

Advertiser Direct revenue was $27.5 million, up 24% year-over-year.

Advertiser Direct 營收為 2,750 萬美元，較去年同期成長 24%。

In addition to key new enterprise wins in the quarter, which Mark mentioned, we maintained over 95% gross revenue retention rate, highlighting the recurring nature of our transactions, where the majority of our revenue comes from existing customers.

除了 Mark 提到的本季度取得的關鍵新企業勝利外，我們還保持了超過 95% 的總收入保留率，這凸顯了我們交易的經常性性質，其中我們的大部分收入來自現有客戶。

Media Transactions Measured grew particularly rapidly in social and CTV, each approximately 75% year-over-year, contributing to the quarter growth.

社群媒體和 CTV 領域的媒體交易量成長尤其迅速，年增約 75%，為本季的成長做出了貢獻。

Advertiser Programmatic revenue was $33.9 million, up 42% year-over-year as we benefited from the continued upsell of our premium products, including Authentic Brand Safety, which is now available across all major platforms, including on Google's DV 360 since the end of last year.

廣告商程式化收入為3,390 萬美元，年增42%，這得益於我們優質產品的持續追加銷售，其中包括Authentic Brand Safety，該產品現已在所有主要平台上提供，包括自去年年底以來在Google DV 360 上提供的產品。去年。

ABS now represent approximately 50% of our programmatic revenue.

ABS 目前約占我們程序化收入的 50%。

Supply side revenue was $6.1 million, up a steady 18% year-over-year, primarily driven by increased uptake of our services from our existing customers.

供應方收入為 610 萬美元，年穩定成長 18%，這主要是由於現有客戶對我們服務的使用增加所致。

Turning to expenses.

轉向開支。

Cost of sales were 15% of revenue in the quarter.

該季度銷售成本佔收入的 15%。

Even as we invest in our infrastructure for future growth, we're able to leverage our technology and extend our solution across new verticals, new geographies and new solutions and marginal incremental costs.

即使我們為未來成長而投資基礎設施，我們也能夠利用我們的技術並將我們的解決方案擴展到新的垂直領域、新的地區、新的解決方案和邊際增量成本。

On operating expenses, we're focused on scaling our operations globally and on accelerating our product road map into new verticals.

在營運費用方面，我們專注於擴大全球營運規模，並加快我們的產品路線圖進入新的垂直領域。

In particular, first quarter product development costs increased by 37% year-over-year as we continue to improve and expand our solution.

特別是，隨著我們不斷改進和擴展我們的解決方案，第一季的產品開發成本比去年同期增加了 37%。

Because our business model is very profitable, we're able to invest while maintaining high margins.

由於我們的商業模式利潤豐厚，因此我們能夠在保持高利潤的同時進行投資。

First quarter 2021 adjusted EBITDA was $21.7 million, representing a 32% margin as compared to $15.4 million or 30% margin in the first quarter of 2020.

2021 年第一季調整後 EBITDA 為 2,170 萬美元，利潤率為 32%，而 2020 年第一季為 1,540 萬美元，利潤率為 30%。

In terms of balance sheet and cash flow, we generated $19.5 million in cash from operating activities in the quarter and had $49.8 million of cash on our balance sheet at the end of the first quarter.

在資產負債表和現金流方面，我們本季的營運活動產生了 1,950 萬美元的現金，截至第一季末，我們的資產負債表上有 4,980 萬美元的現金。

After the quarter, we received aggregate net proceeds of $282 million from the IPO and a concurrent private placement.

本季後，我們從 IPO 和同時進行的私募中獲得了總計 2.82 億美元的淨收益。

This further strengthens our balance sheet and bolsters our ability to expand our global footprint and accelerate a technology road map.

這進一步增強了我們的資產負債表，增強了我們擴大全球足跡和加快技術路線圖的能力。

At the end of the first quarter, we had $22 million of outstanding debt, which we have since repaid.

第一季末，我們有 2,200 萬美元的未償債務，我們已經償還了。

Now turning to guidance.

現在轉向指導。

We expect second quarter revenue in the range of $72 million to $74 million, which at the midpoint implies growth of 38% year-over-year.

我們預計第二季營收在 7,200 萬美元至 7,400 萬美元之間，這意味著年增 38%。

As a reminder, due to the resilience of our business model, our second quarter 2020 performance of 22% growth year-over-year was much stronger than the general advertising technology market.

提醒一下，由於我們業務模式的彈性，我們 2020 年第二季的業績年增 22%，遠強於一般廣告科技市場。

We expect second quarter adjusted EBITDA in the range of $20 million to $22 million, which at the midpoint implies an increase of 34% year-over-year and an adjusted EBITDA margin of 29%.

我們預計第二季調整後 EBITDA 在 2,000 萬美元至 2,200 萬美元之間，這意味著年增 34%，調整後 EBITDA 利潤率為 29%。

In the second quarter, we expect to ramp investments in hiring talent with a particular focus on engineering, products and sales as we continue to invest in the tremendous growth opportunities that lie ahead.

在第二季度，我們預計將增加對人才招募的投資，特別關注工程、產品和銷售，因為我們將繼續投資於未來的巨大成長機會。

Finally, we expect our second quarter weighted average diluted shares outstanding to range between 157 million and 161 million shares.

最後，我們預計第二季加權平均稀釋後流通股數將在 1.57 億股至 1.61 億股之間。

For the full year 2021 guidance, we expect revenue in the range of $322 million to $326 million, a year-over-year increase of 33% at the midpoint and adjusted EBITDA in the range of $103 million to $105 million, a year-over-year increase of 42% and an adjusted EBITDA margin of 32% at the midpoint.

對於 2021 年全年指引，我們預計營收在 3.22 億美元至 3.26 億美元之間，年增 33%，調整後 EBITDA 在 1.03 億美元至 1.05 億美元之間，年成長 33%，調整後EBITDA 利潤率中位數為32%。

Overall, we remain committed to delivering performance that exhibits the Rule of 60 with high growth and high profitability.

整體而言，我們仍然致力於提供符合 60 法則的高成長和高獲利能力的績效。

Since the beginning of the year, our revenue growth expectations for the second half of the year have improved, driven by more favorable outlook for the fourth quarter, which tends to benefit from seasonally higher spending on advertising campaign.

自今年年初以來，我們對下半年營收成長的預期有所改善，這是由於第四季度前景更加樂觀，而第四季度往往受益於廣告活動支出的季節性增加。

In summary, we delivered a strong first quarter and are executing well against our 2021 plan.

總而言之，我們第一季的業績表現強勁，並且 2021 年計劃的執行情況良好。

We are poised to continue to deliver consistent growth well above the expected digital advertising growth of 11% for the year.

我們準備繼續實現遠高於今年 11% 預期數位廣告成長的持續成長。

And favorable conditions in the advertising marketplace will also drive our business as we participate in the economic reopening across numerous segments, including retail and travel.

隨著我們參與零售和旅遊等眾多領域的經濟重新開放，廣告市場的有利條件也將推動我們的業務。

We will take advantage of these tailwinds in the industry via continued investments in global markets and enterprise client wins, product successes in fast-growing sectors and the introduction of new solutions for our customers.

我們將透過對全球市場的持續投資、贏得企業客戶、在快速成長的行業中取得產品成功以及為客戶推出新的解決方案來利用行業的這些順風車。

And with that, we will open the line for questions.

接下來，我們將開通提問專線。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Our first question comes from Chris Merwin with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Chris Merwin。

Okay.

好的。

Congrats to you all for such a strong first quarter out of the gate.

恭喜你們第一季表現如此強勁。

In the prepared remarks, you talked about some recent wins in social and CTV.

在準備好的發言中，您談到了最近在社交和 CTV 領域取得的一些勝利。

Can you give us a sense of what type of uptake you're seeing for those products among the customer base?

您能否讓我們了解一下您在客戶群中看到的這些產品的採用類型？

And can you also talk a bit about the opportunity for improved data sharing from the socials and how that could be a further catalyst for adoption for those products?

您能否也談談改善社交數據共享的機會以及這如何進一步促進這些產品的採用？

Chris, thanks for the question.

克里斯，謝謝你的提問。

Yes, we really had a strong quarter when it came to social and CTV volume growth.

是的，在社群和電視播放量成長方面，我們確實經歷了一個強勁的季度。

And we obviously love kind of seeing that in areas which we think are going to have great tailwinds around it.

我們顯然喜歡在我們認為將會有巨大順風的領域看到這種情況。

As you remember, when we go on with the client, we generally start with a core value proposition across as many media as possible and continue to upsell them solutions over time.

如您所知，當我們繼續與客戶合作時，我們通常會從盡可能多的媒體上的核心價值主張開始，並隨著時間的推移繼續向他們推銷解決方案。

So in the CTV and social space, social is a bit more mature of a product set.

因此，在 CTV 和社交領域，社交是一個更成熟的產品集。

Those usually kind of are the earlier sell-throughs.

這些通常是早期的銷售。

CTV is an area which we just started entering in the middle of last year.

CTV是我們去年年中才開始進入的領域。

So we think we've got a good amount of white space to upsell both of those solutions into both our current client base and new clients moving ahead.

因此，我們認為我們有大量的空白空間可以向我們目前的客戶群和未來的新客戶追加銷售這兩種解決方案。

So we see a lot of potential growth in both of those areas down the road.

因此，我們看到這兩個領域未來都有很大的潛在成長。

With respect to the second part of your question around additional coverage in CTV, I think there's 2 aspects of that.

關於你關於 CTV 額外報導的問題的第二部分，我認為有兩個面向。

It's going deeper into the social networks that we currently work with and expanding into new social networks down the road.

它正在深入我們目前使用的社交網絡，並在未來擴展到新的社交網絡。

And we believe there are opportunities on both of those fronts.

我們相信這兩個方面都存在著機會。

Late last year, there was a public announcement by Twitter on their interest in continuing to expand partnerships with third-party validation and verification companies, naming DoubleVerify as one of those companies.

去年年底，Twitter 公開宣布有興趣繼續擴大與第三方驗證和驗證公司的合作夥伴關係，並將 DoubleVerify 列為其中之一。

So we know there's opportunities there as well as with the other social networks that we work with.

所以我們知道那裡以及我們合作的其他社交網路都有機會。

And then as new social networks evolve and become introduced, our drive to verify and measure everywhere means that we will work with those folks to get coverage there as well.

然後，隨著新的社交網路的發展和引入，我們在各地驗證和測量的動力意味著我們將與這些人合作，以涵蓋那裡。

It's important to note that we are really a customer-driven enterprise.

值得注意的是，我們確實是一家以客戶為導向的企業。

And wherever our customers and the big brands need us to be, we're going to make sure that we get coverage in those new spaces.

無論我們的客戶和大品牌需要我們去哪裡，我們都將確保我們能夠涵蓋這些新空間。

Okay.

好的。

Perfect.

完美的。

And maybe just one quick follow-up on the outlook.

也許只是對前景的一個快速跟進。

It looks like you came in well ahead of where The Street is now.

看起來你比《The Street》現在的位置早得多。

So can you just talk a bit about any factors that influence that, whether it's a better-than-expected cyclical recovery or just stronger pipeline growth?

那麼，您能否談談影響這一情況的任何因素，無論是好於預期的周期性復甦還是只是更強勁的管道成長？

Anything you can share about the outlook there would be great.

如果您能分享有關前景的任何信息，那就太好了。

Yes, Chris, it's Nicola.

是的，克里斯，我是尼古拉。

The -- I think the 2 points you just mentioned are what is driving sort of our outlook for the rest of the year, which is a positive one.

我認為您剛才提到的兩點是推動我們今年剩餘時間前景的因素，這是積極的。

There's clearly a cyclical component to the spend of our customers.

我們客戶的支出顯然存在週期性成分。

And so we anticipate that to help us.

因此，我們預計這對我們有所幫助。

As you know, the first quarter is our smallest quarter.

如您所知，第一季是我們最小的季度。

More importantly, I think the recovery is definitely something that we will participate in.

更重要的是，我認為復甦肯定是我們會參與的事情。

We're very diversified across industries, but as in particular, travel and entertainment comes back, we're poised to take advantage of that recovery as well.

我們在各個行業都非常多元化，但特別是旅遊和娛樂業的復甦，我們也準備好利用這項復甦。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

This is Matt Coss on behalf of Mark Murphy.

我是馬特·科斯，代表馬克·墨菲。

Congratulations on your first public quarter out of the gate.

恭喜您走出大門的第一個公共季度。

I just wanted to ask a little bit more about the favorable trends.

我只是想多詢問一些有關有利趨勢的資訊。

You mentioned U.S. retail and travel opened back up.

您提到美國零售和旅遊業重新開放。

I think the thinking was that, that would be more of a sort of late 2021 impact.

我認為，這更像是 2021 年末的影響。

But are you seeing evidence that, that might be benefiting you earlier than you may have thought?

但您是否看到證據表明，這可能比您想像的更早讓您受益？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

Good question.

好問題。

I think we're still kind of looking at that as a latter part of the year bounce back, particularly when it comes to kind of travel and retail.

我認為我們仍在關註今年下半年的反彈，特別是在旅行和零售方面。

But one of the things that I think it's important to kind of lean into is the fact that a lot of the habits that were developed over -- during COVID as far as media ingestion and the amount of media people are consuming kind of have continued throughout this year as well.

但我認為重要的是要了解這一事實，即在新冠肺炎期間養成的許多習慣，包括媒體攝入和人們消費的媒體數量，一直延續到了整個過程。今年也是如此。

So we're benefiting from the tailwinds of things like social engagement and CTV engagement that are continuing to increase over time.

因此，我們受益於社交參與度和央視參與度等隨著時間的推移而不斷增加的因素。

So I think on an industrial sector basis, we still have lots of room for that comeback.

因此，我認為從工業部門的角度來看，我們仍有很大的復甦空間。

And I think we're really looking at that as the second half of the year kind of factor.

我認為我們確實將其視為下半年的因素。

Okay.

好的。

Very helpful.

很有幫助。

And then I know because of the comprehensiveness of your platform that's really helped you sort of gain a foothold against some of the sort of incumbents or legacy competitors.

然後我知道，由於你們平台的全面性，這確實幫助你們在某些現有企業或傳統競爭對手的競爭中站穩了腳跟。

Do you see any change in your ability with the sort of broadening of your platform to perhaps accelerate share gains in -- from your 2 largest competitors?

您是否認為，透過擴大平台，您的能力會發生任何變化，以加速您的兩個最大競爭對手的份額成長？

It's another great question.

這是另一個很好的問題。

I think as we've seen across lots of different parts of the industry, there tends to be consolidation to more complete platforms and more complete solutions.

我認為，正如我們在行業的許多不同部分所看到的那樣，往往會整合到更完整的平台和更完整的解決方案。

We obviously fit that bill.

我們顯然符合這個要求。

And as point solutions continue to lose favor with our advertiser clients, there's an opportunity for us to continue to take share there.

隨著積分解決方案繼續失去我們廣告商客戶的青睞，我們有機會繼續在那裡佔據份額。

And we do so not just because of the completeness of our solution but the efficacy and the power of our solution.

我們這樣做不僅是因為我們解決方案的完整性，還因為我們解決方案的功效和力量。

I mean to put it frankly, as we've discussed in the past, this is a software sale.

我的意思是坦率地說，正如我們過去討論過的，這是一次軟體銷售。

And that software sale is usually driven by a competitive RFP process in which there's a head-to-head competition.

軟體銷售通常是由競爭性的 RFP 流程推動的，其中存在面對面的競爭。

And the platform that delivers the best results is the one that gets the win.

提供最佳結果的平台就是獲勝的平台。

And we continue to gain share because our platform not only is complete but delivers the best results as well.

我們不斷獲得份額，因為我們的平台不僅完整，而且還提供最好的結果。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well.

我也表示祝賀。

I have 2 quick questions.

我有兩個簡單的問題。

First, since it's like your first earnings call, it's maybe slightly more basic, but I hope it's still very relevant here.

首先，由於這就像您的第一次財報電話會議，因此可能稍微更基礎一些，但我希望它在這裡仍然非常相關。

Mark, can you talk a little bit about Advertiser Programmatic against Advertiser Direct?

馬克，您能談談廣告主程式化與廣告主直銷的差異嗎？

How do you think those 2 will kind of play out over time?

您認為隨著時間的推移，這兩者會如何發揮作用？

Is it going to be a mix effect?

會產生混合效果嗎？

And what's driving it?

是什麼推動了它？

And so just to get a better sense of when we start looking at the models, to think about like where the growth is coming from.

因此，為了更好地了解我們何時開始研究模型，思考成長來自何處。

And then second question for Nicola is like as you start investing again, can you talk a little bit about the balance between growth and margins?

尼古拉的第二個問題是，當你再次開始投資時，你能談談成長和利潤之間的平衡嗎？

You talked about the Rule of 60.

你談到了 60 法則。

If I look at the margins this year, they're -- kind of you're guiding for higher than last year, but it's still below historic.

如果我看看今年的利潤率，你的指導有點高於去年，但仍低於歷史水準。

Just how do you think about that dynamic?

您如何看待這種動態？

All right.

好的。

Thanks.

謝謝。

Great question, Raimo.

好問題，雷莫。

And congrats on getting something out so quick.

恭喜你這麼快就得到了一些東西。

You're first to the draw of getting some things out.

你是第一個拿出一些東西的人。

So hopefully, this will help for what comes out next.

希望這對接下來的事情有幫助。

On the Advertiser Programmatic and Direct, I think you've got a couple of different factors there.

關於廣告商程序化和直接行銷，我認為有幾個不同的因素。

Our direct business includes social spend as well, and we see that as a growing part of our business, particularly as we get more social networks and more coverage across the social network.

我們的直接業務也包括社交支出，我們認為這是我們業務中不斷增長的一部分，特別是當我們獲得更多的社交網路和整個社交網路的更大覆蓋範圍時。

So we've got a strong growth catalyst there.

所以我們在那裡有強大的成長催化劑。

On the other hand, we've got a lot of room to catch up to our advertiser spend on the programmatic side.

另一方面，我們有很大的空間來趕上廣告商在程序化方面的支出。

If you look at display and mobile ad spend in the U.S., anywhere from 85% to 90% of that spend is done on programmatic platforms.

如果你看看美國的展示廣告和行動廣告支出，你會發現 85% 到 90% 的支出是在程式化平台上完成的。

And currently, if you look at our revenue breakout, it's about evenly split between direct and programmatic.

目前，如果你看看我們的收入突破，你會發現直接收入和程式化收入各佔一半。

So I think we've got a lot of room for additional programmatic growth to start to fill in space there and catch up.

因此，我認為我們有很大的空間進行額外的程序化增長，以開始填補那裡的空間並迎頭趕上。

So I think programmatic is still going to have really nice growth trajectory.

所以我認為程式化仍然會有非常好的成長軌跡。

But as social continues to grow as well, we're going to have a balance there.

但隨著社交的不斷發展，我們將在這方面取得平衡。

So I think the answer is we've got growth on both sides of that business.

所以我認為答案是我們的業務雙方都在成長。

Programmatic, I think, growth is going to outpace direct growth just due to the fact that there's so much additional white space for us to catch up there.

我認為，程式化成長將超過直接成長，因為我們還有很多額外的空白空間可供我們追趕。

But we see a nice balance in both of those areas, mainly because our direct business is being driven by social expansion as well.

但我們在這兩個領域都看到了很好的平衡，主要是因為我們的直接業務也是由社會擴張所推動的。

Yes.

是的。

And Raimo, on your question for the Rule of 60 and our perspective on investments, yes, we're committed to the Rule of 60 just because it really reflects the highly profitable business model that we have.

Raimo，關於你關於 60 法則的問題以及我們對投資的看法，是的，我們致力於 60 法則，只是因為它確實反映了我們擁有的高利潤商業模式。

And it's sort of the outcome of really the highly profitable way we can grow our business.

這實際上是我們以高利潤方式發展業務的結果。

We didn't really slow down our investments in 2020, right?

2020年我們並沒有真正放緩投資，對吧？

We invested.

我們投資了。

We added a lot of people in the year there was disruption in the market but where we still had growth on the top line that allowed us to continue our investments.

那一年，市場出現混亂，我們增加了很多人，但我們的營收仍然成長，這使我們能夠繼續投資。

The way we think about trade-offs is really around the opportunity to accelerate investments for either the product road map or in expanding into new markets.

我們考慮權衡的方式實際上是圍繞加速產品路線圖投資或拓展新市場的機會。

If we see the opportunity, we will go after the opportunity to the extent that we see a line of sight on accelerated revenue growth.

如果我們看到機會，我們就會抓住機會，直到我們看到收入加速成長的視線。

So we're very close on the top line, making sure we can verify everywhere our customers are.

因此，我們非常接近營收，確保我們能夠驗證客戶所在的任何地方。

And if that means we accelerate investments to get there, that's what we will do.

如果這意味著我們要加速投資以實現這一目標，那麼我們就會這麼做。

Our outlook in the second quarter's guidance actually reflect that, right, with added investments and margins that dips below 30 just for the quarter.

我們對第二季指引的展望實際上反映了這一點，沒錯，本季的投資增加，利潤率跌至 30 以下。

So we will continue to take that trade-off.

因此，我們將繼續採取這種權衡。

But ultimately, our model is very profitable, and the Rule of 60 is something we're committed to.

但最終，我們的模式非常有利可圖，60 法則是我們所致力於的。

Our next question comes from Matt Hedberg with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的馬特·赫德伯格。

Congrats on the results.

祝賀結果。

I wanted to start with the idea of cookies.

我想從餅乾的想法開始。

I mean we've all seen the news around Google moving away from cookies.

我的意思是，我們都看到了 Google 放棄 cookie 的新聞。

Apple is certainly making some changes with IDFA that just make it more challenging for ad tech companies around data collection.

蘋果肯定會對 IDFA 做出一些改變，這只會讓廣告科技公司在資料收集方面面臨更大的挑戰。

Obviously, you guys operate in a cookie-free architecture.

顯然，你們在無 cookie 的架構中運作。

Could you talk about though how this might impact the industry and maybe competitively, how it benefits you guys?

您能否談談這可能會對行業以及競爭產生什麼影響，以及它對您們有何好處？

Yes.

是的。

Thanks for the question, Matt.

謝謝你的提問，馬特。

Broadly speaking, what's going on with cookies and universal IDs and tracking, et cetera, is something that from an operational perspective, we're largely isolated -- or insulated from, right?

從廣義上講，從操作的角度來看，cookie、通用 ID 和追蹤等正在發生的事情，我們在很大程度上是孤立的，或者是絕緣的，對嗎？

We have a system that is based on the what, the where, the how, not the who, which gives us a lot of different ways of measuring without having to leverage those device -- those trackers.

我們有一個基於內容、地點、方式而不是人員的系統，這為我們提供了許多不同的測量方法，而無需利用這些設備（那些追蹤器）。

I do think that the industry has done -- the open Internet has done a really nice job addressing the challenges that they face in that space and will continue to do so.

我確實認為該行業已經做到了——開放的互聯網在解決他們在該領域面臨的挑戰方面做得非常好，並將繼續這樣做。

So ultimately, I think it's going to become a nonfactor down the road for the open Internet.

因此，最終，我認為它將成為開放網路未來的一個無關緊要的因素。

For us, we do look at this as a really nice opportunity to continue to leverage the solutions that we have as measurement changes, right, from a focus on reach and frequency and an individual-level measurement to other performance-based proxies that are not based on UIDs or cookies.

對我們來說，我們確實認為這是一個非常好的機會，可以繼續利用我們現有的解決方案，因為測量發生了變化，從關注覆蓋範圍和頻率以及個人層面的測量到其他基於績效的指標基於UID 或cookie。

And that's where I think we have a great opportunity.

我認為這就是我們有很好的機會的地方。

And we've launched solutions to take advantage of that.

我們已經推出了解決方案來利用這一點。

So our contextual targeting solution, which was recently launched, leverages our capabilities in understanding context of a page to better align ad spend.

因此，我們最近推出的上下文定位解決方案利用我們理解頁面上下文的能力來更好地調整廣告支出。

Authentic Attention is another measure of user engagement that can be used as a proxy for performance and outcomes.

真實注意力是衡量使用者參與度的另一種衡量標準，可以用作效能和結果的代理。

So I think what we're seeing here is innovation coming from this activity as opposed to any degradation of the business.

因此，我認為我們在這裡看到的是來自這項活動的創新，而不是業務的任何退化。

And innovation is spurring new ways of looking at performance.

創新正在催生看待績效的新方法。

It's providing opportunities for companies like DV to play a bigger role in driving that performance.

它為像 DV 這樣的公司提供了在推動績效方面發揮更大作用的機會。

So we think that this is -- it's not just for the most part but in total is good for our business moving ahead.

所以我們認為這不僅在很大程度上而且總體上對我們業務的發展有利。

Got it.

知道了。

That's super helpful.

這非常有幫助。

And then someone asked about competition earlier, kind of the 2 big competitors.

然後有人早些時候詢問了競爭情況，即兩個主要競爭對手。

But I wanted to kind of drill down into some of the faster-growing aspects of your model, and that is social and CTV.

但我想深入了解您的模型中一些成長較快的方面，那就是社交和 CTV。

Are these deals still largely greenfield in nature?

這些交易本質上仍然是未開發項目嗎？

Maybe just give us a little bit more color on sort of where you guys think you are from a tech perspective for those 2 emerging categories just given its relative importance.

考慮到這兩個新興類別的相對重要性，也許只是讓我們更了解你們從技術角度來看你們所處的位置。

So I think your sort of your durable growth here.

所以我認為你在這裡的持久成長。

Yes.

是的。

So I think for both CTV and social, we're relatively early days of both product development and product distribution and market penetration, right?

所以我認為對於 CTV 和社交媒體來說，我們在產品開發、產品分銷和市場滲透方面都處於相對早期的階段，對吧？

So when we start off with our enterprise clients, a lot of it has to do with focus and coverage on mobile and video and display, et cetera, using our core verification products.

因此，當我們從企業客戶開始時，很多事情都與使用我們的核心驗證產品對行動、視訊和顯示等的關注和覆蓋有關。

But over time, as we continue to expand and their spend continues to expand into new sectors like CTV and further into new social applications, we follow them into those markets and provide solutions, which continue to kind of grow with them.

但隨著時間的推移，隨著我們不斷擴張，他們的支出不斷擴展到CTV 等新領域，並進一步擴展到新的社交應用程序，我們將跟隨他們進入這些市場並提供解決方案，這些解決方案將繼續與他們一起成長。

We've done that with CTV and social.

我們已經透過 CTV 和社交媒體做到了這一點。

And like I said, I think we're relatively early days and continue to expand not just with our current clients but with new clients as well.

正如我所說，我認為我們還處於相對早期階段，並且不僅會繼續擴大現有客戶的規模，還會擴大新客戶的規模。

And it's important to remember, when we -- so much of our growth comes from current organic clients buying new solutions from us and upsell, which means we still have a ton of white space to introduce solutions and newer solutions to new clients as well.

重要的是要記住，當我們——我們的成長很大一部分來自於當前的有機客戶從我們這裡購買新的解決方案並進行追加銷售時，這意味著我們仍然有大量的空白空間來向新客戶介紹解決方案和更新的解決方案。

So I think both of those factors weigh into the point where I think we've got considerable growth opportunities on both social and CTV, both with new clients and current clients, driven by product growth and introductions and continued coverage and partnerships to verify and measure more across both of those areas.

因此，我認為這兩個因素都影響到我們在社交和CTV 方面都擁有相當大的成長機會，無論是新客戶還是現有客戶，在產品成長和推出以及持續覆蓋和合作夥伴關係的推動下，以驗證和衡量更多地涉及這兩個領域。

Our next question comes from Ron Josey with JMP Securities.

我們的下一個問題來自 JMP 證券的 Ron Josey。

I'll echo everyone's comments on just a great first quarter out of the gate.

我將回應每個人對第一季出色表現的評論。

Mark, I wanted to talk a little bit more on just -- maybe you mentioned it earlier, the Custom Contextual and Authentic Attention, just the new products that are out there and specifically the go-to-market strategy as basically DV is exposed to more performance ad budgets.

馬克，我想多談一點——也許你之前提到過，定制情境和真實的注意力，只是現有的新產品，特別是 DV 所接觸到的進入市場策略更多效果廣告預算。

And I think you mentioned some return rates there.

我想你提到了一些回報率。

So can you just talk a little bit more about just the go-to-market strategies for both Custom Contextual and Authentic Attention?

那麼，您能多談談客製化情境注意力和真實注意力的進入市場策略嗎？

And I have one follow-up.

我還有一個後續行動。

Yes.

是的。

So great questions, Ron.

非常好的問題，羅恩。

Thanks for them.

謝謝他們。

Custom Contextual and Authentic Attention both have a core go-to-market around first introduction to enterprise clients.

自訂上下文和真實關注都有一個圍繞著首次向企業客戶介紹的核心進入市場。

Again, such a nice base for us to work from.

再說一次，這對我們來說是一個很好的工作基地。

And we're talking about folks like Unilever and Mondelez and all these big global clients who we work with and the hundreds of brands that gives us this amazing launching pad for new solutions.

我們談論的是像聯合利華和億滋這樣的公司，以及與我們合作的所有這些全球大客戶，以及為我們提供新解決方案的令人驚嘆的啟動平台的數百個品牌。

So the overarching is we go to the folks that know us first, right, and trust our data because both of those products leverage data that they're already using to do verification and measurement.

因此，最重要的是，我們去找那些首先了解我們並信任我們數據的人，因為這兩種產品都利用他們已經用來進行驗證和測量的數據。

So a, take that core data set, spin it off to different types of solutions so that we can engage with our clients in multiple different ways, right?

那麼，利用該核心資料集，將其分解為不同類型的解決方案，以便我們可以以多種不同的方式與客戶互動，對嗎？

So that's Phase 1 of the go-to-market.

這就是上市的第一階段。

The second, which kind of makes a more seamless opportunity for us.

第二，這為我們帶來了更無縫的機會。

If you think about Custom Contextual is employed in the programmatic space, where we already have really strong distribution across so many of the leading DSPs, right?

如果您認為自訂上下文是在程式化領域中使用的，那麼我們已經在許多領先的 DSP 中擁有非常強大的分佈，對吧？

So our enterprise clients who are already buying our core programmatic product there now have the ability to buy another solution there, our Custom Contextual product.

因此，已經在那裡購買我們核心程序化產品的企業客戶現在可以在那裡購買另一種解決方案，即我們的自訂上下文產品。

So a, that's where distribution really helps out, right?

所以，這就是分發真正有幫助的地方，對吧？

So if it starts with our core clients and our relationships there and next moves to where can they get that solution.

因此，如果從我們的核心客戶和我們在那裡的關係開始，下一步他們可以在哪裡獲得該解決方案。

And that means our distribution across all the major DSPs becomes not only an advantage for us but a gating factor for other competitors.

這意味著我們在所有主要 DSP 上的分佈不僅成為我們的優勢，而且成為其他競爭對手的限制因素。

Authentic Attention, very similar.

正品注意，非常相似。

It uses our core data set and leverages that to provide a whole different level of engagement and attention metrics that help drive better optimization of media spend.

它使用我們的核心數據集，並利用該數據集提供完全不同程度的參與度和注意力指標，幫助推動更好地優化媒體支出。

And for there, the go-to-market is similar to programmatic but with the fact that we go to our core clients first, but it's a little bit more bespoke in the fact that it is a tool set that can be used across direct buys as well, right?

在那裡，進入市場與程序化類似，但事實上我們首先接觸我們的核心客戶，但它更加定制，因為它是一個可以在直接購買中使用的工具集也是吧？

So it's not just going to be in the programmatic world.

因此，這不僅存在於程序化世界中。

It could be across TV and their social buys there consequently.

它可能會跨越電視以及他們的社交購買。

So both of them leverage the fact that we have got great customer relationships.

因此，他們都利用了我們擁有良好的客戶關係這一事實。

Both of them leverage that core data set to spin out and make it a unique application for each of them.

他們倆都利用核心數據集來衍生並使其成為各自獨特的應用程式。

But one of them is used predominantly on direct buys, and the other is a programmatic implementation.

但其中一種主要用於直接購買，另一種是程序化實施。

And maybe just a quick follow-up on that, Mark.

馬克，也許只是對此進行快速跟進。

You mentioned in your prepared remarks that Authentic Attention, Mondelez saw data outperform results by 143% versus prior.

您在準備好的發言中提到，透過 Authentic Attention，Mondelez 發現數據表現比之前高出 143%。

Vodafone had 3.5x higher rates on transactions, I think.

我認為沃達豐的交易費率高出 3.5 倍。

So is this a newer ad buy, a newer ad budget that maybe DV is exposed to?

那麼，這是 DV 可能接觸到的更新的廣告購買、更新的廣告預算嗎？

Or just to your point, it's a land and expand strategy with newer products?

或者就您的觀點而言，這是一項新產品的落地和擴張策略？

Yes.

是的。

It's -- I mean look, it's definitely a land and expand, right?

它——我的意思是看，這絕對是一塊土地並且正在擴張，對吧？

So it's the same ad budget but making sure that same ad budget is even more optimally spent, which is -- it's really cool for us, too, because it means that we can continue to sell services across the same spend and drive our MTF, right, those transaction fees, without having those advertisers have to spend more for us to take advantage of driving more revenue for ourselves.

因此，這是相同的廣告預算，但確保相同的廣告預算得到更優化的支出，這對我們來說也很酷，因為這意味著我們可以繼續以相同的支出銷售服務並推動我們的 MTF，是的，這些交易費用，沒有那些廣告商必須花更多的錢讓我們利用為自己帶來更多的收入。

So it really is the true qualification of an upsell.

所以這確實是追加銷售的真正資格。

It's -- we don't need their volume or them to spend in new sectors, which we can certainly take advantage of down the road as well, to sell them these additional solutions.

我們不需要他們的數量或他們在新領域的支出，我們當然也可以利用這些優勢，向他們出售這些額外的解決方案。

So their budgets don't need to increase for us to make more money.

所以他們的預算不需要增加我們就能賺更多的錢。

Our next question comes from Laura Martin with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Laura Martin。

Great numbers, you guys.

偉大的數字，你們。

I think, Mark -- yes.

我想，馬克——是的。

Great.

偉大的。

Good job.

好工作。

So I think you said that CTV grew 75% year-over-year in the quarter.

所以我想你說過 CTV 在本季年增了 75%。

So could you confirm that you actually said that on the call?

那麼您能否證實您確實在電話中說過這句話？

And then secondly, what I'm really interested in on that is, do you think that was faster than the market or slower than the CTV market?

其次，我真正感興趣的是，你認為這比市場快還是比 CTV 市場慢？

Did you hold share?

你持有股份嗎？

Or are you gaining share of CTV?

或者你正在獲得 CTV 的份額嗎？

What do you think?

你怎麼認為？

Laura, it's Nicola.

蘿拉，這是尼古拉。

Yes.

是的。

So we're definitely -- yes, we can confirm the number, 75% on the volume.

所以我們肯定——是的，我們可以確認這個數字，數量的 75%。

And we -- look, it's off of a small base.

我們——看，它的基礎很小。

We think we are entering the market aggressively and doing very well with the customer and our distributors.

我們認為我們正在積極進入市場，並且與客戶和經銷商合作得很好。

So we do think we're growing very fast in CTV for sure.

所以我們確實認為我們在 CTV 領域的成長肯定非常快。

Right.

正確的。

But do you think you're growing?

但你認為你在成長嗎？

We have CTV numbers -- you're the last guys to report.

我們有 CTV 號碼——你們是最後一個報道的人。

I have CTV numbers ranging from 32% growth to 120% growth.

我的 CTV 數字成長幅度從 32% 到 120% 不等。

I'm wondering, as an expert, how fast you guys think CTV is growing.

我想知道，身為專家，你們認為 CTV 的成長速度有多快。

Again, off of a small base, I think it's probably growing in the range that we are growing it.

同樣，在一個小基數的基礎上，我認為它可能會在我們成長的範圍內成長。

Okay.

好的。

Great.

偉大的。

And then my second question was the hardest question I get from investors is I -- they understand that you have no cookies risk.

然後我的第二個問題是我從投資者那裡得到的最困難的問題是——他們明白你沒有cookies風險。

However, what percent of your total adoption runs through platforms like DSPs like Trade Desk that actually has a lot of cookies risk potentially?

然而，您的總採用率中有多少是透過 Trade Desk 等 DSP 等平台運行的，而這些平台實際上存在大量潛在的 cookie 風險？

If Universal ID isn't widely adopted by consumers, how much of your revenue is risk through that -- to those DSP channels?

如果通用 ID 沒有被消費者廣泛採用，那麼您的收入中有多少會面臨風險 - 流向那些 DSP 管道？

It's a great question, Laura.

這是一個很好的問題，勞拉。

If you think about our business currently, about 50% of our business is programmatic and 50% direct.

如果你考慮我們目前的業務，我們大約 50% 的業務是程式化的，50% 是直接的。

Of that programmatic business, we don't have transparency on how much of it actually uses cookie to do targeting because remember, some of that programmatic business may be private marketplace packages, some of it may be automated guarantee packages, which don't use a lot of identifiers or targets -- targeting to use.

對於該程式化業務，我們不知道其中有多少實際使用 cookie 來進行定位，因為請記住，其中一些程式化業務可能是私人市場包，其中一些可能是自動保證包，這些包不使用很多標識符或目標－有針對性地使用。

However, though, I think at the end of the day -- and some of it actually may be mobile, too, because remember, there's mobile, there's lots of different areas where programmatic plays a role without cookies today.

然而，儘管如此，我認為歸根結底，其中一些實際上也可能是移動的，因為記住，有移動，有很多不同的領域，程序化在當今沒有cookie的情況下發揮作用。

So look, we feel like, a, there's opportunities for us to continue to grow in programmatic based on contextual targeting starting to become more and more to the forefront for programmatic buyers.

因此，我們覺得，基於上下文定位，我們有機會在程序化領域繼續發展，開始變得越來越受到程序化買家的關注。

And we're playing in that space, too, so we get a chance to kind of double dip on programmatic growth.

我們也在這個領域開展業務，因此我們有機會實現程序化成長的雙重成長。

But also, I think there's a good opportunity for the continued use and expansion of lots of different identifiers on the programmatic platforms to compete against the walled gardens.

而且，我認為在程序化平台上繼續使用和擴展許多不同的標識符來與圍牆花園競爭是一個很好的機會。

Nonetheless, we are in both spaces.

儘管如此，我們同時處於這兩個空間。

We take advantage of growth opportunities both in walled gardens and the open Internet.

我們利用圍牆花園和開放網路的成長機會。

So I think we're in a good position either way things go.

所以我認為無論怎樣，我們都處於有利的位置。

Our next question comes from Arjun Bhatia with William Blair.

我們的下一個問題來自阿瓊·巴蒂亞和威廉·布萊爾。

I'll echo my congrats on a great quarter.

我將表達對這個偉大季度的祝賀。

I think I heard in the prepared remarks that Authentic Brand Safety was at 50% of your programmatic revenue, which is, I think, quite impressive given how new that solution is.

我想我在準備好的發言中聽說，真實的品牌安全佔您程序化收入的 50%，考慮到該解決方案的新穎性，我認為這是相當令人印象深刻的。

Can you maybe just talk a little bit about how we should expect penetration of Authentic Brand Safety to continue?

您能否簡單談談我們應該如何期望正宗品牌安全的滲透持續下去？

And then more qualitatively, how do you think of Authentic Brand Safety as a competitive differentiator when you look across the landscape?

然後從更定性的角度來看，當您縱觀全局時，您如何看待真正的品牌安全作為競爭優勢？

Meaning are customers actually coming to you and saying, "Hey, I want to adopt DoubleVerify because of Authentic Brand Safety capabilities that you have maybe that are difficult to find elsewhere in the market"?

這意味著客戶實際上會來找您並說：「嘿，我想採用 DoubleVerify，因為您擁有的真實品牌安全功能可能在市場其他地方很難找到」？

Yes.

是的。

Thanks, Arjun.

謝謝，阿瓊。

It's a great take.

這是一個很棒的想法。

And I'll start with the second half of that question first because it's the easiest one to answer, which is nobody has a comparable solution.

我先從這個問題的後半部開始，因為這是最容易回答的問題，沒有人有類似的解決方案。

And I think that's why we've seen such stellar growth of that product, which is, again, a customized programmatic application of verification data that there's just nothing comparable out there.

我認為這就是為什麼我們看到該產品如此驚人的增長，這又是驗證數據的定製程序化應用程序，沒有可比性。

So we've seen the rapid acceleration of that product, which is also a premium-priced product for us as well.

所以我們看到了該產品的快速發展，這對我們來說也是一個高價產品。

So not only does it contribute to what we call our MTM growth, so volume growth, but it also continues to support our fee growth because it is a premium-priced product.

因此，它不僅有助於我們所謂的 MTM 成長，即銷售成長，而且還繼續支持我們的費用成長，因為它是一種高價產品。

So we've got a really nice advantage in the marketplace there, and it's spurred a significant amount of growth.

因此，我們在那裡的市場上擁有非常好的優勢，並且刺激了顯著的成長。

I think as far as longer-term trajectory of that product, Nicola, do you want to talk a little bit about that?

我認為就該產品的長期發展軌跡而言，尼古拉，您想談談這一點嗎？

Yes.

是的。

Arjun, the way we think about it -- first of all, I'm going to reiterate a little bit of what Mark said, which is the -- what Authentic Brand Safety did for us is it was a proof point for a premium-priced product and how well it was going to be taken up by the programmatic advertiser -- the advertisers that buy through programmatic.

阿瓊，我們思考這個問題的方式 - 首先，我要重申一下馬克所說的，即 - 真實品牌安全為我們所做的是，它是溢價的證明點 -定價產品以及程序化廣告商（通過程序化購買的廣告商）將如何接受該產品。

So it was a proof point that premium-priced products do work.

因此，這證明了高價產品確實有效。

In terms of how much, where it will end up, what I will say is it just launched on Google DV 360 platform.

至於它的數量、最終會在哪裡，我想說的是它剛剛在 Google DV 360 平台上推出。

That was a Q4 -- late Q4 2020 launch.

那是在 2020 年第四季末發布的。

So there's still opportunity there for people to understand the product and buy it on that platform specifically, plus the overall general growth in programmatic.

因此，人們仍然有機會了解該產品並專門在該平台上購買它，再加上程式化的整體成長。

I could see new customers taking Authentic Brand Safety just because it's such a powerful product.

我可以看到新客戶選擇真正的品牌安全只是因為它是如此強大的產品。

I would say thinking ahead, going back to my first point, because premium-priced products have worked for us, especially in Authentic Brand Safety, I think the next layer of products, including Custom Contextual, will have a similar pattern for us.

我想說的是，要提前思考，回到我的第一點，因為高價產品對我們來說很有效，尤其是在真實品牌安全方面，我認為下一層產品，包括定制上下文，將為我們提供類似的模式。

It's premium priced.

它的價格很高。

It will be on top of everything else and will drive our growth as well.

這將是最重要的，也將推動我們的成長。

Wonderful.

精彩的。

That's great to hear and very helpful.

很高興聽到這個消息並且非常有幫助。

And then just another one, if I can.

如果可以的話，然後再來一張。

Mark, I think you mentioned some great new customer wins from 2020, including -- I think I heard Unilever and Fujifilm.

馬克，我想你提到了 2020 年一些偉大的新客戶贏得，包括——我想我聽說過聯合利華和富士膠片。

Can you just maybe help us understand how much of these new customers you're getting from competitors that maybe used a verification solution in the past versus greenfield opportunities in the market from customers that are maybe just starting to realize the importance of verification and measurement in the digital advertising ecosystem?

您能否幫助我們了解您從過去可能使用過驗證解決方案的競爭對手那裡獲得的新客戶與市場中來自可能剛開始意識到驗證和測量重要性的客戶的綠地機會相比？數位廣告生態系統？

Yes.

是的。

It's a great question.

這是一個很好的問題。

I think we've got a nice balance of both, and so there are definitely some new wins there of folks that mostly were using point solutions or relying on kind of baked-in solutions into platforms but really decided based on increased brand safety concerns and the prevalence of fraud that they're continuing to see in certain sectors that it was important for them to kind of look at a more cohesive, complete solution.

我認為我們在兩者之間取得了很好的平衡，因此肯定會有一些新的勝利，這些人大多使用點解決方案或依賴平台中的內建解決方案，但實際上是基於增加的品牌安全擔憂和他們在某些領域繼續看到詐欺行為的盛行，因此尋找一個更具凝聚力、更完整的解決方案對他們來說非常重要。

So we've seen a nice balance of both.

所以我們看到了兩者的良好平衡。

And even in the cases where we're winning competitive -- against our competitors, what's been nice is we're not only kind of winning the competitor business, but we're expanding on that business as well.

即使在我們贏得競爭的情況下——對抗我們的競爭對手，令人高興的是我們不僅贏得了競爭對手的業務，而且我們還在擴展該業務。

So I would say in most, if not all, cases where we're winning a competitor's business, it's not just for the current business they have.

所以我想說，在大多數（如果不是全部）情況下，我們贏得了競爭對手的業務，這不僅僅是他們目前擁有的業務。

It's for some additional pieces of coverage.

這是為了一些額外的保險。

So they also want coverage in social or they're looking for additional extension into CTV or they want additional programmatic coverage.

因此，他們還希望在社交媒體上進行報道，或者他們正在尋求對 CTV 的額外擴展，或者他們想要額外的程序化報道。

And I think that's really important to note because the completeness of our solution also helps us win deals.

我認為這一點非常重要，因為我們解決方案的完整性也有助於我們贏得交易。

So the fact that we've got more MRC accreditations across social or across any other -- all the other media means that when someone is looking to do a competitive RFP, it's not just who has the best solution, i.e., like who delivers best results, which we win against.

因此，事實上，我們在社交媒體或任何其他媒體上獲得了更多MRC 認證，這意味著當有人希望進行有競爭力的RFP 時，不僅僅要看誰擁有最好的解決方案，即誰提供最好的解決方案結果，我們戰勝了。

But it's also the fact that, hey, we're looking to expand into these new areas.

但事實上，我們正​​在尋求擴展到這些新領域。

Which platform is going to give us coverage there?

哪個平台將為我們提供報道？

And that's a great aspect of the power of the breadth of our platform, right?

這是我們平台的廣度力量的一個重要方面，對吧？

We're winning because it's a better platform.

我們獲勝是因為這是一個更好的平台。

But also in these head-to-head deals, when those advertisers -- in a majority of the cases, they're saying, "Hey, we are doing this today.

而且在這些面對面的交易中，當那些廣告商——在大多數情況下——他們說，「嘿，我們今天正在這樣做。

We want to expand to this." So the RFP is going to include these new areas.

我們希望擴展到這一點。」因此 RFP 將包括這些新領域。

We cover those better than anybody else.

我們比其他任何人都更好地涵蓋這些內容。

So that's helped things along as well.

所以這也對事情的進展有幫助。

Our next question comes from Justin Patterson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Justin Patterson。

Congratulations.

恭喜。

Mark, you mentioned audio and gaming in your prepared remarks.

馬克，您在準備好的演講中提到了音訊和遊戲。

Could you talk about the investment needed to succeed in new channels and how we should think about the time line between investment and monetization?

您能否談談在新通路取得成功所需的投資以及我們應該如何考慮投資和貨幣化之間的時間線？

And then I'll pause there, and I have a follow-up for Nicola after that.

然後我會暫停一下，之後我會對尼古拉進行後續跟進。

Yes.

是的。

Thanks, Justin, for the question.

謝謝賈斯汀提出這個問題。

So we're really excited about where we think we can take our core platform as different emerging media start to catch the attention of our advertisers.

因此，隨著不同的新興媒體開始引起廣告商的注意，我們對我們可以將我們的核心平台帶到哪裡感到非常興奮。

And I think audio and gaming are 2 of the most that we hear from those advertisers.

我認為音訊和遊戲是我們從這些廣告商那裡聽到最多的兩個。

And as we've noted before, we really use our customers as the leads for where we go next, right?

正如我們之前指出的，我們確實將客戶作為我們下一步發展的線索，對嗎？

They're the ones who are driving us based on their spend and based on what they say is important to them down the road.

他們是根據他們的支出以及他們所說的對他們來說重要的東西來推動我們前進的人。

So we use their cues.

所以我們利用他們的暗示。

We don't want to get too far ahead of them, right, because we want to make sure that we're aligned with where their dollars are going.

我們不想領先他們太遠，對吧，因為我們想確保我們與他們的資金流向保持一致。

But we do get into those markets before they do.

但我們確實先於他們進入了這些市場。

In the case of kind of audio and gaming, we're just starting to lean into those investments today.

就音訊和遊戲而言，我們今天才開始傾向於這些投資。

We know that the first stage of what we do is to leverage what we currently have in our core verification and measurement solutions and extend them to the new media.

我們知道，我們所做的第一階段是利用我們現有的核心驗證和測量解決方案並將其擴展到新媒體。

Then it comes down to what are the unique aspects of that media that we need to build either adjacent products for or different levels of functionality.

然後歸結為該媒體的獨特之處是什麼，我們需要為其建立相鄰產品或不同級別的功能。

And that obviously takes longer than just taking the core and extending it.

這顯然比僅僅獲取核心並擴展它需要更長的時間。

So we're in early days in both of those areas.

所以我們在這兩個領域都處於早期階段。

I would say this is a 2022 opportunity for us to really start to think about monetization of those areas.

我想說，這是我們 2022 年真正開始考慮這些領域貨幣化的機會。

But product cycle is usually around 12 months or so.

但產品週期通常在12個月左右。

So I think check back in next year, and we'll have a really solid update on both of those areas.

所以我想明年再回來看看，我們將在這兩個領域得到非常可靠的更新。

Very helpful.

很有幫助。

Nicola, Q1 was a somewhat unusual quarter where brands set up to a late start.

Nicola，第一季是一個有點不尋常的季度，品牌起步較晚。

COVID-affected advertisers also came back at various points of time.

受新冠疫情影響的廣告主也在不同時間點回歸。

So I'm curious if you could talk about linearity, whether there were any factors that actually tempered the Q1 growth rate, prevent it from being even stronger and then how we should think about that Q2 guide in the context of modest acceleration, but you're also facing a 20-point easier comparison.

因此，我很好奇您是否可以談論線性，是否有任何因素實際上抑制了第一季度的成長率，阻止其變得更加強勁，然後我們應該如何在適度加速的背景下考慮第二季度的指南，但您還面臨 20 點的輕鬆比較。

Yes.

是的。

So you're right.

所以你是對的。

I think in Q1, we are not -- not all of our customers are spending back at the pre-COVID levels, right?

我認為在第一季度，我們並沒有——並非所有客戶的支出都回到了新冠疫情之前的水平，對嗎？

That's clear.

很清楚。

And I think the start of the year was slower for some, tried to understand exactly how the year was going to play out.

我認為對某些人來說，今年的開始速度較慢，試圖準確了解這一年將如何進行。

What we -- and that obviously impacted Q1 even though it was a strong quarter at 32% growth rate.

我們所做的——這顯然對第一季產生了影響，儘管這是一個強勁的季度，成長率為 32%。

What we're hearing from our customers is more favorable outlook, feeling stronger about certainly the second half of the year and the fourth quarter, which is seasonally strong.

我們從客戶那裡聽到的是更樂觀的前景，對今年下半年和第四季的感覺更加強勁，這是季節性強勁的。

In terms of our second quarter guidance, we had a strong quarter last year, right, 22% growth, while many of our peers didn't show growth at all.

就我們第二季的指導而言，我們去年的季度表現強勁，沒錯，成長了 22%，而我們的許多同業根本沒有出現成長。

So as compared to the 22% last year, 38% at the midpoint, is a continuation of the recovery that we're seeing and large enterprise wins of Q1 starting to scale.

因此，與去年的 22% 相比，中點為 38%，這是我們看到的復甦的延續，大型企業在第一季的勝利開始擴大。

So it fits the story of slow start.

所以很適合慢啟動的故事。

We intend to show consistent growth, right?

我們打算表現出持續的成長，對吧？

We have a transactional software model.

我們有一個交易軟體模型。

It's highly repeatable.

它的可重複性很高。

We have a 95% gross retention rate.

我們的毛保留率為 95%。

So we wouldn't expect huge spikes on the growth rates.

因此，我們預計成長率不會大幅飆升。

And that's kind of what you're seeing.

這就是你所看到的。

The reason why Q2 is where it's at is because last year's Q2 was more muted than the other quarters.

第二季之所以如此，是因為去年第二季比其他季度更平靜。

Our next question comes from Michael Graham with Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Yes.

是的。

I just wanted to maybe quantify a little bit some of the questions around the product opportunity.

我只是想量化一些圍繞產品機會的問題。

And looking back to 2019 and 2020, you had really good expansion in your MTF because of some of the new products around brand safety.

回顧 2019 年和 2020 年，由於一些圍繞品牌安全的新產品，你們的 MTF 確實得到了很好的擴展。

And maybe some of that was paused a little bit during COVID.

也許在新冠疫情期間，其中一些活動被暫停了一些。

So can you just maybe mention your outlook in terms of the puts and takes around MTF expansion?

那麼，您能否談談您對 MTF 擴張的看跌期權和看跌期權的展望？

I mean we're sort of modeling it flat, but it sounds like there's a good case for that to expand.

我的意思是，我們正在對其進行扁平化建模，但聽起來有一個很好的擴展案例。

And maybe could you just help us understand some of the products that you have, that you're working on like Authentic Attention that maybe we haven't seen yet?

也許您可以幫助我們了解您正在開發的一些產品，例如我們可能還沒有見過的 Authentic Attention？

Can you just, at a high level, help us understand sort of how impactful some of that stuff could be?

您能否從高層次幫助我們了解其中一些內容的影響力有多大？

Do you have stuff in the pipeline that could be as important as the brand product, for example?

例如，您是否有與品牌產品一樣重要的產品正在醞釀中？

Yes.

是的。

Michael, it's Nicola.

邁克爾，這是尼古拉。

The -- so I'm going to start by saying the main driver of our growth is MTMs, right?

- 所以我首先要說我們成長的主要驅動力是 MTM，對嗎？

The more volume we can verify, that's the main driver for that growth.

我們可以驗證的數量越多，這就是成長的主要驅動力。

On the MTF side of the equation, I think the bands around movements in MTF is twofold.

在等式的 MTF 方面，我認為 MTF 運動的範圍是雙重的。

You mentioned the one around premium-priced products increasing MTF.

您提到了高價產品增加 MTF 的問題。

There's -- against that, as we expand internationally, which contributes a lot to MTM, the MTF there might be a little discounted to the U.S. MTF.

相反，隨著我們向國際擴張，這對 MTM 貢獻很大，那裡的 MTF 可能會比美國的 MTF 稍微打折扣。

So that creates the band around where MTF is going to be.

這樣就在 MTF 的位置創建了樂團。

Our expectation is that MTF is going to remain fairly steady because of those 2 factors.

我們的預期是，由於這兩個因素，MTF 將保持相當穩定。

In terms of what you're discussing in terms of new products, we do see those new products as being premium priced, which -- in which case, those would actually contribute to a growth in MTF.

就您所討論的新產品而言，我們確實認為這些新產品價格較高，在這種情況下，這些新產品實際上將有助於 MTF 的成長。

But our general outlook is we're very focused on MTM, and we think that the 2 factors that I mentioned around MTF will keep it fairly stable for us.

但我們的總體前景是我們非常關注 MTM，並且我們認為我提到的關於 MTF 的兩個因素將使我們保持相當穩定。

Our next question comes from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

Great.

偉大的。

And congrats guys on your inaugural conference call as a public company.

恭喜你們作為一家上市公司召開首次電話會議。

So I guess just a follow-up on a couple of other questions that were asked around just growth.

所以我想這只是對圍繞增長提出的其他幾個問題的跟進。

I was wondering either, Mark or Nicola, if you guys can speak to growth from existing versus new customers.

我想知道，馬克或尼古拉，你們是否可以談談現有客戶與新客戶的成長。

And just stepping back a little bit, you've had some changes -- or you've added more bandwidth to your management team, et cetera.

退一步來說，您已經進行了一些更改，或者您為管理團隊增加了更多頻寬，等等。

Can you maybe speak to the sales efficiency that you're seeing, sales cycle, particularly on the enterprise side and just kind of gating factors that are preventing that business from growing even faster, just considering the huge TAM in front of you?

您能否談談您所看到的銷售效率、銷售週期，特別是在企業方面，以及阻礙該業務更快增長的控制因素，僅考慮您面前的巨大 TAM？

Yes.

是的。

Thanks for the question, Youssef.

謝謝你的提問，優素福。

I think when we look at traditionally how the business has grown, a lot of that has come organically from current clients.

我認為，當我們以傳統方式看待業務的成長方式時，許多成長都是來自現有客戶的有機成長。

And we always know that that's the easiest place for us to drive growth, both based on their continued spend and transition of their spend from traditional media into digital as well as our ability to continue to expand coverage and upsell them new products, right?

我們始終知道，這是我們推動成長最容易的地方，既基於他們的持續支出以及他們的支出從傳統媒體向數位媒體的轉變，也基於我們繼續擴大覆蓋範圍並向他們追加銷售新產品的能力，對嗎？

So we still can see -- I think we'll continue to see a majority of our growth coming from same-store sales by their volume growth, continue to upsell new solutions to them and our expanded coverage.

因此，我們仍然可以看到 - 我認為我們將繼續看到我們的大部分增長來自同店銷售的銷量增長，繼續向他們追加銷售新的解決方案以及我們擴大的覆蓋範圍。

However, we are seeing really nice broader uptake outside of our core client set for solutions with new partners.

然而，我們看到，除了我們的核心客戶群之外，我們還看到新合作夥伴的解決方案得到了更廣泛的採用。

And I think a lot of that has to do with our fact that, as you noted, in the second part of your question, we start to lean in more heavily into investing in sales forces around the world as well as additional new sales leadership and a restructuring of our sales organization.

我認為這在很大程度上與我們的事實有關，正如您所指出的，在問題的第二部分，我們開始更加重視對世界各地銷售人員的投資以及額外的新銷售領導力和重組我們的銷售組織。

I think that will play a significant role over the coming quarters in our ability to continue to expand into that white space that there is globally, right?

我認為這將在未來幾季發揮重要作用，幫助我們繼續拓展全球空白空間，對吧？

And if there's -- we don't see a lot of gating factors with our ability to do that other than literally our ability to hire great salespeople in local markets.

如果有的話——除了我們在當地市場僱用優秀銷售人員的能力之外，我們沒有看到很多限制我們這樣做的能力的因素。

What we've done and what our success has been to date is closing enterprise clients that give us a launching pad to roll into new global markets.

我們所做的以及迄今為止所取得的成功是關閉企業客戶，這為我們進入新的全球市場提供了跳板。

We did that with Yahoo!

我們透過雅虎做到了這一點！

Japan, which opened up the Japanese market for us; closing folks like Mondelez, which is one of the largest advertisers in India, opened India for us.

日本，為我們打開了日本市場；像印度最大的廣告商之一億滋這樣的關閉者為我們打開了印度的大門。

And we're going to continue to see that.

我們將繼續看到這一點。

As we close those new enterprise clients, they help us open up new markets.

當我們關閉這些新的企業客戶時，他們幫助我們開拓新市場。

And those new markets then give us a launching pad to close new local clients in those markets.

這些新市場為我們提供了一個在這些市場上吸引新本地客戶的跳板。

So we're going to continue to see great organic growth from our core customer base.

因此，我們將繼續看到核心客戶群的巨大有機成長。

But I think you'll see as we lean into getting more enterprise clients, those enterprise clients help us open up new markets.

但我認為，當我們致力於獲得更多企業客戶時，您會看到，這些企業客戶幫助我們開拓新市場。

Those new markets give us an opportunity to sell to new customers.

這些新市場為我們提供了向新客戶銷售產品的機會。

You're going to see an increased focus and success rate outside of our core business and growth coming from that area, too.

您將看到我們對核心業務之外的關注度和成功率的提高，以及該領域的成長。

Our next question comes from Alan Gould with Loop Capital.

我們的下一個問題來自 Loop Capital 的艾倫·古爾德。

Likewise, congratulations on the first quarter out of the box.

同樣，恭喜第一季開箱即用。

Two questions.

兩個問題。

On Custom Contextual, was this your first quarter that you generated revenue from it?

關於 Custom Contextual，這是您從中產生收入的第一個季度嗎？

And how big is the opportunity for Custom Contextual?

Custom Contextual 的機率有多大？

Could it be as big or bigger than ABS?

它能和 ABS 一樣大或更大嗎？

And then the second question is more mundane.

然後第二個問題就更平常了。

OctoBot, were you guys the only ones that were able to uncover and find that fraud?

OctoBot，你們是唯一能夠揭露並發現該詐欺行為的人嗎？

Yes.

是的。

I'll take the second half.

我就拿下半場來說吧

First of all, thanks for the question.

首先，感謝您的提問。

I'll take the second half of that first.

我先講後半部。

OctoBot, we were the first company to detect that level of fraud.

OctoBot，我們是第一家發現這種程度的詐欺行為的公司。

I think there are some subsequent other companies out there that may have covered pieces of it.

我認為隨後的其他一些公司可能已經涵蓋了其中的一部分。

But a, we uncovered the first aspects of the fraud, and we also string them all together to determine that it was all part of the same family.

但是，我們發現了詐欺的第一個方面，我們也將它們全部串在一起，以確定它都是同一家族的一部分。

And it was -- it's something that occurred over 18 months.

事情發生了 18 個月多。

So it really is -- it's such an incredibly interesting space.

確實如此——這是一個非常有趣的空間。

I mean this is -- a lot of the fraud detection is technology and automation.

我的意思是，許多詐欺檢測都是透過技術和自動化來進行的。

There's also an investigative and human element to this that over time, having a really strong data science team to string these all together to determine they all came from the same -- of the same family or different types of fraud, it was really unique.

這其中還有一個調查和人為因素，隨著時間的推移，擁有一個非常強大的數據科學團隊將所有這些都串在一起，以確定它們都來自同一個家庭或不同類型的欺詐，這確實是獨一無二的。

And it's unique to the way we operate.

這對我們的營運方式來說是獨一無二的。

And it's a testament to our broad view of all different media, right?

這證明了我們對所有不同媒體的廣泛看法，對吧？

Because even though this is a CTV fraud implementation, our experience in finding fraud across traditional video and mobile and display played a role in this because it was all very similar in the way that it was approached.

因為儘管這是一個 CTV 詐欺實施，但我們在傳統影片、行動和顯示領域發現詐欺的經驗在其中發揮了作用，因為它們的處理方式非常相似。

So a, I think, again, this is another example of where our scale and breadth of solution really contribute to our ability to provide a safe and secure ecosystem for our partners into play.

因此，我再次認為，這是我們解決方案的規模和廣度真正有助於我們為合作夥伴提供安全可靠的生態系統的能力的另一個例子。

Leading into the first question, I'll let Nicola kind of add on that.

談到第一個問題，我會讓尼古拉補充一下。

Alan, it's Nicola.

艾倫，我是尼古拉。

On the Custom Contextual, it is early days.

關於自訂上下文，現在還處於早期階段。

So the contribution of the product in the first quarter number is small.

所以第一季產品的貢獻數量很小。

The opportunity for the product, we actually see it as large.

我們實際上認為該產品的機會很大。

We do see it as part of this idea of being able to provide premium products on top of the basic suite of products.

我們確實將其視為能夠在基本產品套件之上提供優質產品這一理念的一部分。

It also comes at the right time with all the discussions that we've had around cookie duplications, et cetera.

它也恰逢我們圍繞 cookie 重複等進行的所有討論。

It's a perfect product for the time, but it is early days.

這是當時的完美產品，但現在還處於早期階段。

We're hopeful on the product.

我們對該產品充滿希望。

We think there's a huge opportunity there, but it's really too early to tell.

我們認為那裡存在著巨大的機會，但現在下結論還為時過早。

Thank you.

謝謝。

There are no further questions today.

今天沒有其他問題了。

I'll turn it back to Mark Zagorski for closing remarks.

我將把它轉回馬克·扎戈爾斯基（Mark Zagorski）做結束語。

Thank you.

謝謝。

All right.

好的。

Thank you all for joining us on the very long call today.

感謝大家今天參加我們漫長的電話會議。

We appreciate your time.

我們感謝您的寶貴時間。

It's been an exciting few months at DoubleVerify.

在 DoubleVerify 度過了激動人心的幾個月。

We appreciate all the support of our investors, clients, partners and Board has provided.

我們感謝投資者、客戶、合作夥伴和董事會提供的所有支援。

I'd also like to take this opportunity to thank the global DoubleVerify team who's done such an incredible job over the past decade getting us to this point.

我也想藉此機會感謝全球 DoubleVerify 團隊，他們在過去十年中所做的工作令人難以置信，讓我們走到了這一步。

The team has been the driving force behind our success to date and our continued success in the future.

該團隊一直是我們迄今為止成功以及未來持續成功的驅動力。

Again, we appreciate the opportunity to discuss first quarter results with you and look forward to talking with many of you over the coming weeks.

再次，我們很高興有機會與您討論第一季的業績，並期待在未來幾週與您中的許多人交談。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

All parties may disconnect.

所有各方都可以斷開連接。

Have a good evening.

祝你晚上愉快。