DoubleVerify Holdings Inc (DV) 2025 Q1 法說會逐字稿

Greetings, and welcome to the DoubleVerify first quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tejal Engman, Senior Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎您參加 DoubleVerify 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係高級副總裁 Tejal Engman。謝謝。你可以開始了。

Good afternoon, and welcome to DoubleVerify's first quarter 2025 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO. Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties, and changes, and reflect our current expectations and information only available to us, and our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings, including our Form 10-Q and annual report on Form 10-K.

下午好，歡迎參加 DoubleVerify 2025 年第一季財報電話會議。今天和我們在一起的是執行長馬克‧扎戈爾斯基 (Mark Zagorski)；以及財務長 Nicola Allais。今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受固有風險、不確定性和變化的影響，並反映我們當前的預期和僅供我們掌握的信息，我們的實際結果可能存在重大差異。欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的文件中的風險因素，包括我們的 10-Q 表和 10-K 表年度報告。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to, and not as a substitute for, our GAAP results. 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.

此外，我們今天的討論將包括對某些補充非 GAAP 財務指標的引用，這些指標應被視為對我們的 GAAP 結果的補充，而不是替代品。今天的收益新聞稿中提供了與最具可比性的 GAAP 指標的對賬，該新聞稿可在我們的投資者關係網站 ir.doubleverify.com 上找到。

Also during this call today, we'll be referring to the slide deck posted on our website. With that, I'll turn it over to Mark.

此外，在今天的電話會議中，我們將參考我們網站上發布的幻燈片。說完這些，我就把麥克風交給馬克。

Thanks, Tejal, and thank you all for joining us today. DV is off to a strong start in 2025 with momentum building across the business, fueled by deeper expansion with existing customers and faster scaling by newly signed enterprise clients. Our solid performance in Q1 was driven by three key trends: first, our existing customers attached DV's core verification solutions across more of their spend added Scibids AI to additional campaigns, and showed encouraging early momentum in social activation on Meta.

謝謝，Tejal，也謝謝大家今天加入我們。DV 在 2025 年迎來了強勁開局，整個業務發展勢頭強勁，這得益於現有客戶的深入擴張和新簽約企業客戶的快速擴張。我們在第一季的穩健表現得益於三個主要趨勢：首先，我們現有的客戶在更多支出中附加了 DV 的核心驗證解決方案，將 Scibids AI 添加到其他活動中，並在 Meta 上的社交激活中表現出令人鼓舞的早期勢頭。

Second, we saw a rapid scaling by new customers, who are attaching DV measurement to their open web and CTV spend and adopting our core and premium programmatic activation solutions, including Authentic Brand Suitability. And third, our supply-side business maintained its strong growth profile, fueled by a record influx of platform and publisher customers in the second half of 2024 and rising demand from retail media platforms.

其次，我們看到新客戶規模迅速擴大，他們將 DV 測量與開放網路和 CTV 支出相結合，並採用我們的核心和高級程式化活化解決方案，包括 Authentic Brand Suitability。第三，我們的供應方業務保持了強勁的成長勢頭，這得益於 2024 年下半年平台和出版商客戶創紀錄的湧入以及零售媒體平台需求的成長。

Together, these three drivers have expanded our platform usage, deepened our customer relationships, and position DV to execute with strength and confidence throughout the rest of 2025. Encouragingly, business momentum remained steady through April, with no evidence of macroeconomic pressure affecting customer demand.

這三大驅動因素共同擴大了我們的平台使用範圍，加深了我們的客戶關係，並使 DV 能夠在 2025 年剩餘時間內以實力和信心繼續前進。令人鼓舞的是，四月業務動能保持穩定，沒有證據顯示宏觀經濟壓力影響客戶需求。

Our strong growth this year reflects increasing demand for DV's solutions and the value we're delivering to advertisers across channels. At the same time, we remain focused on executing our long-term vision, which is building a unified platform that enables advertisers to verify, optimize, and measure media outcomes that drive brand success. We believe this integrated approach will drive broader customer adoption, deeper partner engagement, and faster scaling that will continue to accelerate our momentum over time.

我們今年的強勁成長反映了對 DV 解決方案的需求不斷增長以及我們透過管道向廣告商提供的價值。同時，我們仍然專注於實現我們的長期願景，即建立一個統一的平台，使廣告商能夠驗證、優化和衡量推動品牌成功的媒體成果。我們相信，這種綜合方法將推動更廣泛的客戶採用、更深入的合作夥伴參與和更快的擴展，並將隨著時間的推移繼續加速我們的發展勢頭。

With that context, let's turn to our first quarter financial results. We delivered total revenue of $165 million, an increase of 17% year-over-year, reflecting a strong reacceleration that exceeded expectations across all three revenue lines. We delivered a 27% adjusted EBITDA margin and grew net cash from operating activities by 19%, underscoring both the quality of our growth and the efficiency of our operations.

在這樣的背景下，讓我們來看看第一季的財務表現。我們的總營收達到 1.65 億美元，年增 17%，反映出三條營收線均出現了超出預期的強勁成長。我們實現了 27% 的調整後 EBITDA 利潤率，且經營活動產生的淨現金成長了 19%，這凸顯了我們的成長品質和營運效率。

Our advertiser business grew 16%, driven by 20% growth in activation, while our supply-side business delivered 35% year-over-year growth. These results reflect solid and sustained demand for DV's solutions and show that our core business is scaling efficiently, setting us up to drive even greater impact for our customers.

我們的廣告商業務成長了 16%，這得益於啟動量成長了 20%，而我們的供應方業務年增了 35%。這些結果反映了對 DV 解決方案的強勁和持續的需求，並表明我們的核心業務正在有效擴展，使我們能夠為客戶帶來更大的影響。

Robust advertiser demand for our solutions continue to fuel both new customer wins and expanded product expansions this quarter. We won numerous global engagements with iconic brands, including Pinterest, Chipotle, Levi Strauss, Avon, Rivian Auto, Valvoline, Nexus Nordics, and INEOS Grenadier. We also grew existing relationships in North America including significant expansions with Nike and Kia. We're driving growth through both competitive steals and greenfield wins, and our land and expand strategy continues to deliver. The number of advertiser customers generating over $200,000 in annual revenue grew 14% year-over-year to a total of 337.

廣告客戶對我們解決方案的強勁需求持續推動本季新客戶的贏得和產品擴展。我們贏得了許多全球知名品牌的合作，包括 Pinterest、Chipotle、Levi Strauss、Avon、Rivian Auto、Valvoline、Nexus Nordics 和 INEOS Grenadier。我們也發展了與北美的現有合作關係，包括與耐吉和起亞的重大擴張。我們透過競爭性收購和綠地勝利來推動成長，我們的土地和擴張策略繼續發揮作用。年收入超過 20 萬美元的廣告客戶數量年增 14%，達到 337 個。

Even with this strong expansion progress, we continue to have substantial opportunity to grow. At the end of 2024, approximately half of our top 700 customers were still using fewer than half of our core products, highlighting a clear path to deeper penetration and expansion across our customer base. And with the strategic acquisition of Rockerbox, our newly expanded offering unlocks even greater opportunity to grow and scale our customer engagements.

即使取得如此強勁的擴張進展，我們仍然擁有巨大的成長機會。截至 2024 年底，我們前 700 名客戶中約有一半仍在使用不到一半的核心產品，這突顯了我們在客戶群中更深入滲透和擴展的明確道路。透過對 Rockerbox 的策略性收購，我們新擴展的產品範圍將為成長和擴大客戶關係提供更大的機會。

Now, let's deep dive into our first quarter performance across three of our key growth areas: social media, CTV, and the open web. Starting with social media, we launched our content-level, pre-bid avoidance solution on Meta's Facebook and Instagram Feeds and Reels in late February of this year.

現在，讓我們深入了解我們第一季在三個主要成長領域的表現：社交媒體、CTV 和開放網路。從社群媒體開始，我們於今年 2 月底在 Meta 的 Facebook 和 Instagram Feeds 和 Reels 上推出了內容級、競價前規避解決方案。

At launch, we highlighted a robust sales pipeline of nearly 200 advertiser opportunities for our Meta activation solution. In a little over 2 months, we've already activated 20 customers, including major brands like Nike and AARP, with numerous other top 100 clients preparing to go live soon. And they're seeing great results.

在發佈時，我們重點介紹了 Meta 啟動解決方案的近 200 個廣告商機會的強大銷售管道。在短短兩個多月的時間裡，我們已經啟動了 20 個客戶，其中包括 Nike 和 AARP 等主要品牌，還有許多其他 100 強客戶準備很快上線。他們看到了顯著的成果。

Two of our early adopters saw brand suitability rates improved by 9 percentage points, a strong indication of impact. This early traction highlights the opportunity ahead as advertisers place greater focus on brand safety and suitability in social media environments. Also highlighting the growth potential for our social activation solutions, this quarter, we brought TikTok's Video Exclusion List solution into general availability, giving advertisers the power to avoid unsuitable content pre-bid, helping elevate media quality and supporting brand success.

我們的兩個早期採用者的品牌適用率提高了 9 個百分點，這有力地表明了其影響力。隨著廣告主更加關注品牌在社群媒體環境中的安全性和適用性，這種早期的吸引力凸顯了未來的機會。本季度，我們也將 TikTok 的影片排除清單解決方案投入普遍使用，這也凸顯了我們社群活化解決方案的成長潛力，使廣告主能夠在競價前避免不合適的內容，幫助提高媒體品質並支持品牌成功。

On the social measurement front, we expanded viewability and IVT measurement to Instagram Reels, giving advertisers consistent transparency across all Reels ad formats on both Facebook and Instagram. And as TikTok grows its offerings, DV continues to lead in providing the protection and performance our clients rely on. We recently expanded our safety and suitability measurement on TikTok to include Post-Roll ads and Smart+ campaigns, new formats that broaden how advertisers engage on the platforms. Finally, in the first quarter, we also partnered with Roblox to launch the industry's first 3D in-experienced measurement solution for immersive ads.

在社交測量方面，我們將可見度和 IVT 測量擴展到 Instagram Reels，為廣告主提供 Facebook 和 Instagram 上所有 Reels 廣告格式的一致透明度。隨著 TikTok 的產品範圍不斷擴大，DV 將繼續在提供客戶所依賴的保護和效能方面保持領先地位。我們最近擴大了 TikTok 上的安全性和適用性測量範圍，包括後貼片廣告和 Smart+ 廣告系列，這些新形式拓寬了廣告主在平台上的互動方式。最後，在第一季度，我們也與Roblox合作推出了業界首個用於沉浸式廣告的3D實景測量解決方案。

Shifting to CTV, we grew our first quarter CTV measurement volumes by nearly 43% year-over-year, with notable strength across YouTube CTV and Netflix. DV's growth potential in CTV remains large because fraud and transparency are still critical challenges for advertisers, and the threat is only getting bigger.

轉向 CTV，我們第一季的 CTV 測量量同比增長了近 43%，其中 YouTube CTV 和 Netflix 表現尤為強勁。DV 在 CTV 領域的成長潛力仍然很大，因為詐騙和透明度仍然是廣告商面臨的關鍵挑戰，而且威脅只會越來越大。

Sophisticated bot fraud now accounts for 65% of all CTV fraud, about 14% higher than in any other environment, and remains a dominant threat. At its peak, DV identified 3.9 million infected CTV devices that generated extreme levels of invalid traffic every day. Just one bot variant we discovered was driving potential losses of more than $7.5 million per month for advertisers.

目前，複雜的機器人詐欺佔所有 CTV 詐欺的 65%，比任何其他環境高出約 14%，並且仍然是主要威脅。在高峰期，DV 發現了 390 萬台受感染的 CTV 設備，這些設備每天都會產生大量無效流量。我們發現，光是一個機器人變種就對廣告商造成每月超過 750 萬美元的潛在損失。

We are seeing these risks play out clearly in our data. In 2024, DV's filtering rate for CTV jumped 55% year-over-year, and fraud and SIVT filtering more than doubled, up 110%. Viewability challenges also continue to persist in CTV. Our measurement data from the second half of 2024 showed that 7.4% of CTV video impressions ran on apps that serve ads even when the TV is off, leading to wasted spend and diminished campaign performance. DV's leadership in uncovering these issues and driving greater transparency in CTV has made us an essential solution in fueling its continued growth.

我們在數據中清楚地看到了這些風險。2024年，DV對CTV的過濾率年增55%，詐欺和SIVT過濾率增加了一倍多，達到110%。聯網電視的可見度挑戰也持續存在。我們 2024 年下半年的測量數據顯示，7.4% 的連網電視影片展示是在電視關閉時仍投放廣告的應用程式上進行的，這導致了支出的浪費和廣告系列效果的下降。DV 在揭露這些問題和推動 CTV 提高透明度方面發揮了領導作用，這使我們成為推動其持續成長的重要解決方案。

As we head into the upfront and newfront season, we're investing in content-level scoring to improve brand stability, expanding coverage to native CTV formats across the three major publishers, and deepening partnerships with innovators like EDO to connect measurement with outcomes using Scibids AI.

隨著我們進入前期和新期，我們正在投資內容級評分以提高品牌穩定性，擴大對三大出版商的原生 CTV 格式的覆蓋範圍，並深化與 EDO 等創新者的合作夥伴關係，使用 Scibids AI 將測量與結果聯繫起來。

Turning to the open web, we are seeing strong growth across all of our activation solutions, including Authentic Brand Suitability. In the first quarter, ABS revenue grew 16%, while non-ABS activation solutions, including core programmatic, Scibids AI, and social activation, collectively grew 24% year-over-year. DV is also leading the industry in independent cross-platform AI media optimization solutions. Since acquiring Scibids in August 2023, we have successfully upsold Scibids AI campaign optimization to over 200 DV customers.

轉向開放網絡，我們看到所有激活解決方案（包括真實品牌適用性）都實現了強勁增長。第一季度，ABS 營收成長了 16%，而非 ABS 活化解決方案（包括核心程式化、Scibids AI 和社群活化）整體年增了 24%。DV在獨立的跨平台AI媒體優化解決方案方面也處於行業領先地位。自 2023 年 8 月收購 Scibids 以來，我們已成功向 200 多家 DV 客戶推銷 Scibids AI 活動優化。

Notably, over 50 of our top 100 clients now use Scibids AI to optimize campaigns, up from 40 last quarter. With this steady momentum, we remain solidly on track to deliver $100 million in Scibids revenue by 2028. In addition, we've announced the launch of DV's prescreen brand safety and suitability solution for Google's Search Partner Network, or SPN. This launch gives advertisers additional control when extending their campaign reach on SPN inventory.

值得注意的是，我們前 100 名客戶中，現在有超過 50 名使用 Scibids AI 來優化廣告活動，而上一季只有 40 名。憑藉這穩定的勢頭，我們預計在 2028 年前實現 1 億美元的 Scibids 收入。此外，我們也宣布推出 Google 搜尋合作夥伴網路 (SPN) 的 DV 預篩選品牌安全性和適用性解決方案。此次發布將為廣告主在 SPN 庫存上擴大廣告活動覆蓋範圍提供更多控制權。

We're also continuing to expand our global retail media footprint. DV's measurement tags are now accepted across 129 key retail media networks and sites, including 16 of the top platforms and 113 major retailers, with close to half supporting DV measurement on owned and operated properties. At the same time, first quarter retail media supply side revenue grew 35% year-over-year, underscoring strong platform demand.

我們也持續擴大我們的全球零售媒體影響力。DV 的測量標籤目前已被 129 個主要零售媒體網路和網站接受，其中包括 16 個頂級平台和 113 家主要零售商，其中近一半支援對自有和營運資產進行 DV 測量。同時，第一季零售媒體供應方營收年增35%，凸顯了強勁的平台需求。

As we continue to execute across our key growth areas, we remain mindful of the broader macroeconomic environment and the need to stay focused and disciplined. We will continue to prudently invest in innovation with an eye to operational efficiency and ensure that we take advantage of the cost benefits that leveraging AI can deliver.

當我們繼續執行關鍵成長領域時，我們始終關注更廣泛的宏觀經濟環境，並需要保持專注和自律。我們將繼續審慎地投資創新，著眼於營運效率，並確保我們充分利用人工智慧所能帶來的成本效益。

In a time when brands are facing economic uncertainty, one thing is certain: advertisers are not standing still. They are looking for smarter, faster and more accountable ways to invest across an increasingly complex media landscape to get the most out of their ad spend. This environment demands more from marketers and it demands more from partners who they trust. DV is in a unique position to meet these demands, moving beyond verification to also deliver the intelligence and tools our customers need to drive performance for smarter, faster, and better outcomes. Our recent acquisition of Rockerbox is well aligned with these increasing advertiser demand to have greater clarity in how their ad spend is performing on any platform, from social to CTV.

在品牌面臨經濟不確定性的時期，有一件事是肯定的：廣告商不會停滯不前。他們正在尋找更聰明、更快速、更負責任的方式在日益複雜的媒體環境中進行投資，以最大限度地利用他們的廣告支出。這種環境對行銷人員提出了更高的要求，對他們信任的合作夥伴也提出了更高的要求。DV 具有滿足這些需求的獨特優勢，它不僅能進行驗證，還能提供客戶所需的智慧和工具，進而推動效能的提高，實現更聰明、更快、更好的結果。我們最近對 Rockerbox 的收購非常契合廣告商日益增長的需求，即更清楚地了解他們的廣告支出在任何平台（從社交到 CTV）上的表現。

Over the past five years, DV has strategically expanded its protection and performance suite across more platforms, formats, and markets, positioning us to thrive even in volatile macro environment. We delivered strong growth through both 2020 and 2022, when uncertainty reshaped the ad market, thanks to the resilience of our revenue model and the essential nature of our solution. In times like these, when ad spend shifts to scaled platforms and marketers double down on ROI, DV's value proposition becomes even more critical.

在過去的五年裡，DV 策略性地擴展了其在更多平台、格式和市場的保護和性能套件，使我們即使在動蕩的宏觀環境中也能蓬勃發展。由於我們收入模式的彈性和解決方案的本質，在不確定性重塑廣告市場的 2020 年和 2022 年，我們實現了強勁成長。在這樣的時代，當廣告支出轉向規模化平台且行銷人員加倍關注投資報酬率時，DV 的價值主張變得更加重要。

To that end, DV is building a groundbreaking unified intelligence platform for advertising, integrating a suite of tools and Agentic AI features that enable advertisers to gain a deep understanding of where ads run, how they are optimized, and the bottom line results they deliver in one seamless solution. Our platform power solutions to help advertisers make smarter decisions, drive greater impact, and maximize the value of every media dollar. DV's value proposition has moved beyond verification and now fuels real brand success.

為此，DV 正在建立一個突破性的統一廣告智慧平台，整合一套工具和 Agentic AI 功能，使廣告主能夠深入了解廣告的投放位置、優化方式以及透過一個無縫解決方案提供的最終結果。我們的平台動力解決方案可協助廣告主做出更明智的決策、產生更大的影響力並最大限度地提高每一美元媒體的價值。DV 的價值主張已經超越了驗證，現在能夠推動真正的品牌成功。

We are leveraging AI to deliver these roles in a way that no one else can, by extracting the highest value from our deep proprietary data, building models on our nearly two decades of institutional intelligence and learning from the broadest group of advertisers on any platform. No other company has a unique set of assets, intelligence, and scale that DV does to take advantage of an AI-enabled advertising future.

我們正在利用人工智慧以其他人無法做到的方式完成這些任務，從我們的深度專有數據中提取最高價值，基於我們近二十年的機構情報建立模型，並向任何平台上最廣泛的廣告商群體學習。沒有其他公司擁有像 DV 一樣獨特的資產、智慧和規模來利用人工智慧廣告的未來。

We look forward to sharing more at DV's Innovation Day on Wednesday, June 11, where our executive leadership team and industry experts will showcase how DV is leading the future of media verification, optimization, and outcomes measurement. The event will be hosted live at the New York Stock Exchange and webcast for the broader investment community.

我們期待在 6 月 11 日星期三的 DV 創新日上分享更多內容，我們的執行領導團隊和行業專家將展示 DV 如何引領媒體驗證、優化和成果衡量的未來。該活動將在紐約證券交易所現場直播，並向更廣泛的投資界進行網路直播。

In closing, we are energized by our strong start to 2025 and the opportunities that lie ahead. With continued strong demand for our trusted measurement, optimization, and outcome solutions, and our relentless drive to efficiently innovate, DV is positioned to lead across the channels and platforms where advertisers are investing the most. We are focused, we are executing, we are confident in our long-term strategy to drive durable, diversified growth.

最後，我們對 2025 年的強勁開局和未來的機會感到振奮。由於對我們值得信賴的測量、優化和結果解決方案的持續強勁需求，以及我們不斷高效創新的動力，DV 已準備好在廣告商投入最多的管道和平台上保持領先地位。我們專注、執行，我們對推動持久、多元化成長的長期策略充滿信心。

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

說完這些，讓我把電話交給尼可拉。

Thanks, Mark, and good afternoon, everyone. We are pleased to report strong first quarter results with revenue and adjusted EBITDA ahead of expectations, reflecting steady expansion from existing customers and accelerated scaling from large new enterprise clients. Total revenue grew 17% in the first quarter to $165 million, driven by 16% growth in advertiser revenue. Advertiser growth reflected a 22% increase in volume or MTM, and a 6% decrease in price or MTF, both excluding the impact of an introductory fixed-fee deal for one large customer onboarded from Moat.

謝謝，馬克，大家下午好。我們很高興地報告第一季業績強勁，營收和調整後的 EBITDA 超出預期，反映了現有客戶的穩定擴張和大型新企業客戶的加速擴張。第一季總營收成長 17%，達到 1.65 億美元，這得益於廣告商營收成長 16%。廣告主的成長反映了數量或 MTM 的成長 22%，以及價格或 MTF 的下降 6%，這兩項數據均不包括針對從 Moat 引入的一位大客戶的介紹性固定費用交易的影響。

MTF will vary with product and geographic mix, and in the near term will be impacted by Moat wins that were brought in at competitive rates. Our focus remains on driving volume through multiproduct adoption and upsell opportunities across DV's platform.

MTF 將隨著產品和地理組合而變化，並且在短期內將受到以有競爭力的價格獲得的 Moat 勝利的影響。我們的重點仍然是透過 DV 平台上的多產品採用和追加銷售機會來推動銷售。

Activation revenue grew 20% compared to the prior year, with both ABS and non-ABS activation solutions contributing to growth. ABS, which accounted for 54% of activation revenue grew 16% year-over-year, led by new logo activations with additional contributions from upsells to existing customers and expanded usage among current users. Nearly 70% of our top 500 customers have now activated ABS in Q1, up from over 60% in Q1 last year, demonstrating the continued adoption of this premium product.

活化收入較上年增長 20%，ABS 和非 ABS 激活解決方案均促進了成長。ABS 佔啟動收入的 54%，年增 16%，主要原因是新標誌啟動、對現有客戶的追加銷售以及現有用戶的使用率擴大等額外貢獻。在我們前 500 名客戶中，目前已有近 70% 在第一季啟動了 ABS，高於去年第一季的 60% 以上，這表明該優質產品得到了持續採用。

Turning to measurement. Revenue grew 8%, driven by new customer activations on open web and stable growth from existing customers. Measurement also includes revenue from the Rockerbox acquisition, which closed on March 13. Social as well as international revenue growth was softer this quarter, primarily due to the impact of a large customer pausing spend due to higher commodity costs that we discussed on the last call.

轉向測量。收入成長了 8%，這得益於開放網路上新客戶的活化以及現有客戶的穩定成長。該衡量標準還包括 3 月 13 日完成的 Rockerbox 收購帶來的收入。本季社交和國際收入成長均放緩，主要原因是上次電話會議上討論的大型客戶因商品成本上漲而暫停支出的影響。

International revenue accounted for 26% of total measurement revenue this quarter. Supply-side revenue grew 35%, driven primarily by increased revenue from existing and new platform and publisher customers.

本季國際收入佔總測量收入的26%。供應方收入成長 35%，主要得益於現有和新平台及出版商客戶的收入成長。

Shifting to expenses. Cost of revenue increased by approximately $4 million, driven by higher revenue sharing costs with programmatic partners tied to the growth in programmatic revenue, and increased cloud services expenses. Revenue less cost of sales was 81% in the quarter, and is expected to remain stable as we continue infrastructure investments to support future growth.

轉向費用。收入成本增加了約 400 萬美元，因為與程序化合作夥伴的收入分成成本因程序化收入增長而增加，以及雲端服務費用增加。本季營收減去銷售成本為 81%，預計隨著我們繼續進行基礎設施投資以支持未來成長，比率將保持穩定。

Product development expenses increased driven by investments in engineering talent as well as software and services to support product development initiatives, including advancements in our AI capabilities. Sales and marketing expenses grew at a slower rate than revenue, reflecting operating leverage, while G&A expenses included acquisition-related costs for Rockerbox.

產品開發費用的增加是由於對工程人才以及支援產品開發計劃的軟體和服務的投資，包括我們人工智慧能力的進步。銷售和行銷費用的成長速度低於收入，反映了經營槓桿，而一般及行政費用包括 Rockerbox 的收購相關成本。

As discussed on our last call, we expect hiring to slow this year as we continue to prioritize investments in product innovation, reallocate resources toward growth initiatives and actively optimize the organization. Adjusted EBITDA of approximately $45 million in the first quarter represented a 27% margin and was ahead of plan due to higher revenues and continued cost discipline. Net operating cash flow was $38 million in the first quarter, driven by strong cash collections. During the quarter, we repurchased 5.2 million shares for $82 million. And as of March 31, $140 million remained available and authorized under the new repurchase program.

正如我們上次電話會議所討論的那樣，我們預計今年的招聘速度將會放緩，因為我們將繼續優先考慮對產品創新的投資，將資源重新分配給成長計劃，並積極優化組織。第一季調整後的 EBITDA 約為 4500 萬美元，利潤率為 27%，由於收入增加和持續的成本控制，超出了計劃。受強勁現金回籠的推動，第一季淨營運現金流為 3,800 萬美元。本季度，我們以 8,200 萬美元回購了 520 萬股。截至 3 月 31 日，新回購計畫仍授權可用資金 1.4 億美元。

We also completed the acquisition of Rockerbox on March 13 for $83 million, net of cash acquired and subject to customary post-closing adjustments. We ended the quarter with approximately $175 million in cash and short-term investments and continue to have 0 debt, which provides us with the flexibility necessary to navigate a more uncertain macro environment.

我們也於 3 月 13 日以 8,300 萬美元完成了對 Rockerbox 的收購，該收購扣除所獲現金並須遵守慣例的收盤後調整。本季末，我們擁有約 1.75 億美元的現金和短期投資，並且繼續保持 0 債務，這為我們提供了應對更不確定的宏觀環境所需的靈活性。

Turning to guidance. We expect second quarter revenue to range between $169 million and $173 million, representing a 10% year-over-year growth at the midpoint. We expect second quarter adjusted EBITDA to range between $48 million and $52 million, representing a 29% margin at the midpoint.

轉向指導。我們預計第二季營收將在 1.69 億美元至 1.73 億美元之間，年增 10%。我們預計第二季調整後的 EBITDA 將在 4,800 萬美元至 5,200 萬美元之間，中間值為 29%。

For the second quarter, we expect stock-based compensation to range between $26 million and $29 million and weighted average diluted shares outstanding to range between 165 million and 167 million shares. Stock-based compensation expense growth is decelerating, and we continue to expect annual growth to stabilize in the high teens for full year 2025, down from 2024 levels.

對於第二季度，我們預計股票薪酬將在 2,600 萬美元至 2,900 萬美元之間，加權平均稀釋流通股數將在 1.65 億股至 1.67 億股之間。股票薪資費用成長正在減速，我們繼續預計 2025 年全年年增長率將穩定在十幾歲左右，低於 2024 年的水平。

Shifting to full year guidance. As we outlined last quarter, we set 2025 guidance to reflect a transition year based on a prudent outlook on three longer-term opportunities: social activation; upselling recently signed large new customers; and expanding Rockerbox adoption among existing DV clients. We exceeded expectations in Q1, are pacing ahead on social activation, and upselling large new customers, and so far have not seen any evidence of macro weakening.

轉向全年指導。正如我們上個季度所概述的，我們制定了 2025 年的指導方針，以反映基於對三個長期機會的審慎展望的過渡年：社會激活；向最近簽約的大型新客戶追加銷售；並擴大現有 DV 客戶對 Rockerbox 的採用。我們在第一季的表現超出了預期，在社交活化和向大量新客戶追加銷售方面取得了進展，到目前為止還沒有看到任何宏觀經濟疲軟的跡象。

However, in light of increasing macro uncertainty, we're leaving our full year 2025 guidance unchanged at 10% revenue growth and 32% adjusted EBITDA margins. While we remain confident in DV's continued solid performance, our guidance reflects a prudent view of the operating environment for the remainder of the year.

然而，鑑於宏觀不確定性的增加，我們將 2025 年全年預期維持不變，即營收成長 10% 和調整後 EBITDA 利潤率 32%。雖然我們仍然對 DV 持續穩健的表現充滿信心，但我們的指導反映了對今年剩餘時間營運環境的審慎看法。

To close, we delivered a strong first quarter and remain focused on executing our plan for the rest of the year while positioning DV for sustained growth well beyond 2025.

最後，我們第一季取得了強勁表現，並將繼續專注於執行今年剩餘時間的計劃，同時為 DV 在 2025 年以後的持續成長做好準備。

And with that, we will open the line for questions. Operator, please go ahead.

接下來，我們將開放問答熱線。接線員，請繼續。

(Operator Instructions)

（操作員指示）

Matt Swanson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Swanson。

Great. Congratulations, guys, on such a strong start to the year. So maybe thinking about that strong start and then the upside to guidance with the thought process around maintaining the full year. It does feel look a time to be prudent around the macro. But if you could maybe talk us through a little bit what you saw in 2022 and 2020 and about that resiliency and how you're kind of factoring that in with the uncertainty that we all have around the macro environment right now?

偉大的。恭喜大家，今年有這麼好的開始。因此，也許要考慮強勁的開局，然後考慮維持全年業績的思路，以獲得更好的指導。現在看起來確實是時候在宏觀層面上採取謹慎態度了。但是，您能否向我們稍微介紹一下您在 2022 年和 2020 年看到的情況以及這種彈性，以及您如何將其與我們現在在宏觀環境中面臨的不確定性結合起來？

Thanks, Matt, for the question. Yeah, look, I think every macro uncertainty that we've had over the last few years has created advertisers that are a bit more agile, but also kind of getting used to these systematic changes.

謝謝馬特提出這個問題。是的，我認為過去幾年我們遇到的每一個宏觀不確定性都讓廣告商變得更靈活，同時也讓他們逐漸習慣了這些系統性的改變。

What we saw in those two years was some initial -- obviously, initial slowdown. But when advertisers start focusing on things that matter like driving performance, and protecting their brand, we've seen our stickiness really shine through, right? And the fact that so much of our revenue now is on the activation side, which is very much performance-driven, very much programmatic. I think that bodes well for us being resilient through any kind of challenging times that could be coming ahead.

我們在那兩年看到的是一些初步的——顯然是初步的放緩。但是，當廣告商開始關注重要的事情，例如提高業績和保護他們的品牌時，我們就會看到我們的黏性真正顯現出來，對嗎？事實上，我們現在的大部分收入都來自激活方面，這在很大程度上是由績效驅動的，並且非常程序化。我認為這預示著我們能夠堅強地度過未來可能出現的任何挑戰。

As we noted, we've not seen any real impact from some of the kind of global macro shocks yet this year, and I think that's a good sign for us. And if anything, we've seen a greater focus on our performance solutions, some faster uptake of those solutions that have driven our activation numbers. And advertisers really doubling down on the fact that this is a time where they want to lean in to protect their brands and they want to lean into ensuring that they're using tools that are driving real ROI and DV is one set of tools that does that.

正如我們所指出的，今年我們還沒有看到某些全球宏觀衝擊帶來的任何實際影響，我認為這對我們來說是一個好兆頭。而且，無論怎樣，我們都看到了人們對我們的效能解決方案的更多關注，這些解決方案的採用速度更快，從而推動了我們的啟動數量。廣告商確實加倍重視這一事實，他們現在想要傾力保護自己的品牌，他們想要傾力確保他們使用的工具能夠帶來真正的投資回報率，而 DV 就是能夠做到這一點的工具之一。

Yeah. Maybe building on that point, Mark, you talked a lot about the ROI or ROAS. It's kind of the core of what you're offering your customers is optimizing those numbers. So I mean coming off a quarter where you saw the strong upselling for large customers and the better pace on activation, better quarter for Scibids, does a tighter spending environment ever end up being a benefit to DV from that expansion side of people trying to get basically more performance with a tighter budget.

是的。馬克，也許基於這一點，你談了很多關於投資報酬率 (ROI) 或投資報酬率 (ROAS) 的問題。您為客戶提供的服務的核心是優化這些數字。所以我的意思是，在一個季度中，你看到了大客戶的強勁追加銷售和更好的激活速度，Scibids 的季度表現更好，從人們試圖在更緊張的預算下獲得更高業績的擴張角度來看，更緊縮的支出環境最終是否會對 DV 有利。

Yeah. I mean, look, there's probably two aspects of this. One is a product aspect, which is what you noted that our solutions that help drive greater transparency and better performance, people lean into them more, right? They're less willing to deal with the issues of fraud. They are less willing to pay a higher CPM, when they can compress it using Scibids. And now with Rockerbox, the ability for them to actually show attribution and be able to look at their media mix modeling is another asset that we have when they're looking at ensuring every dollar hits its mark.

是的。我的意思是，看，這可能有兩個方面。一個是產品方面，正如您所說，我們的解決方案有助於提高透明度和改善效能，人們更傾向於使用它們，對嗎？他們不太願意處理詐欺問題。當他們可以使用 Scibids 壓縮 CPM 時，他們不太願意支付更高的 CPM。現在有了 Rockerbox，他們能夠真正展示歸因並查看他們的媒體組合模型，這是我們在確保每一美元都達到目標時擁有的另一項資產。

There's another aspect, too, which is just a business model asset. If there's supply and demand imbalance in which CPMs, global CPMs start going down for digital media, that means volumes go up. And if you remember, we are a volume-based business. We charge a fixed CPM for most of our products. So that dynamic actually starts to play out as well. So we get a little bit of a tailwind there, too.

還有另一方面，這只是一種商業模式資產。如果數位媒體的供需失衡，導致 CPM、全球 CPM 開始下降，這意味著交易量上升。如果你還記得的話，我們是一家以數量為基礎的企業。我們對大多數產品收取固定的 CPM 費用。因此這種動態實際上也開始發揮作用。因此，我們在那裡也得到了一點順風。

So yes, performance solutions become the focus, and we also get a slight tailwind if CPM start to compress a bit.

所以是的，效能解決方案成為焦點，如果 CPM 開始稍微壓縮，我們也會得到輕微的順風。

Thank you.

謝謝。

Maria Ripps, Canaccord Genuity.

Canaccord Genuity 的 Maria Ripps。

Great, thanks so much for taking my questions and congrats on the strong quarter here. First, can you maybe help us understand a little bit better what contributed to your revenue outperformance in the quarter sort of relative to your guidance in the end of February, was it driven by maybe more Moat customers coming on or anything else that was sort of onetime?

太好了，非常感謝您回答我的問題，並祝賀本季業績強勁。首先，您能否幫助我們更了解一下，相對於 2 月底的指導，是什麼因素促使您本季的營收表現優異，是受到更多 Moat 客戶的推動，還是其他一次性因素的影響？

Yeah. I think one of the main drivers was we saw some of our new clients actually grow and accelerate their scaling a little bit ahead of our expectations, which was one key thing. But I think the second also was our current customer expansion. I mean that's always the biggest growth driver for us, which is our large enterprise clients and their adoption of new tools. And we saw strong adoption of additional solutions.

是的。我認為主要驅動因素之一是我們看到一些新客戶實際上有所成長，並且他們的擴張速度略高於我們的預期，這是關鍵因素之一。但我認為第二個也是我們目前的客戶擴展。我的意思是，這始終是我們最大的成長動力，即我們的大型企業客戶及其對新工具的採用。我們也看到了其他解決方案的廣泛採用。

I mean ADS had its best quarter since 2023. And we saw increasingly interest -- increasing interest in tools like Scibids, right, which are performance tools. So I think the combination of core client growth into new solutions and some scaling of our new onboarded big brands, folks like Kenvue and others, I think was the main drivers of our exceeding expectations.

我的意思是 ADS 經歷了 2023 年以來最好的季度。我們看到了越來越多的興趣——對 Scibids 之類的工具的興趣越來越濃厚，對吧，它們是一種性能工具。因此，我認為核心客戶成長與新解決方案的結合以及我們新加入的大品牌（如 Kenvue 等）的擴大，是我們超越預期的主要驅動力。

Got it. That's very helpful. And then I just wanted to ask about sort of your thoughts on expanding a little bit deeper into direct response budgets. And Mark, you talked about sort of performance solutions this quarter sort of been strong. So with Scibids and now Rockerbox, you've been expanding your DR functionality. But maybe talk about sort of the opportunity there on the direct side a little bit more broadly and sort of your strategy there?

知道了。這非常有幫助。然後我只是想問您對進一步擴大直接回應預算的看法。馬克，您談到了本季性能解決方案的強勁表現。因此，透過 Scibids 和現在的 Rockerbox，您可以擴展您的 DR 功能。但也許可以更廣泛地談論直接方面的機會以及您的策略？

Yeah. In today's environment, we're seeing this convergence between brand and performance objectives, right? I'm going to steal a term from a fellow CEO who shared it me the other day is this idea of brand performance. Where advertisers want to protect their brand, but they also need to drive better results. And those results can be things like taking fraud out of the ecosystem, but they'll also be compressing prices like Scibids is able to do.

是的。在當今的環境下，我們看到了品牌和績效目標之間的融合，對嗎？我要藉用前幾天與我分享的一位 CEO 同事的一個術語，那就是品牌表現的概念。廣告商希望保護自己的品牌，但也需要更好的效果。這些結果不僅可以將詐欺行為從生態系統中清除，還可以像 Scibids 一樣壓縮價格。

I think we're able to do both and one of the few companies that can actually protect brand, pull garbage out of the system, but also drive CPMs down. Scibids has been a great asset for us. 50 of our top 100 customers have now used it, up from 40 last quarter. And I think we talked about Rockerbox. Rockerbox starts playing into this equation as well. When they want to look at actually what's working, what's performing, who they should be attributing the success of their campaigns to. Rockerbox plays into that equation.

我認為我們能夠同時做到這兩點，並且是少數能夠真正保護品牌、從系統中清除垃圾，同時還能降低 CPM 的公司之一。Scibids 對我們來說是一筆巨大的財富。在我們前 100 名客戶中，目前已有 50 名使用了它，而上一季只有 40 名。我想我們討論過 Rockerbox。Rockerbox 也開始在這個等式中發揮作用。當他們想要真正了解什麼是有效的、什麼是有成效的、他們應該將活動的成功歸功於誰。Rockerbox 就屬於這一類。

So yes, performance advertisers are considered middle -- kind of middle funnel or bottom funnel advertisers have now become a more important part of our mix. But I would say all of our advertisers are now part of this kind of brand performance universe where brand is important, but the cost of those impressions and the impact of those impressions is just as important.

所以是的，效果廣告商被視為中間——中間漏斗或底部漏斗廣告商現在已成為我們組合中更重要的一部分。但我想說，我們所有的廣告商現在都是這種品牌表現世界的一部分，品牌很重要，但這些印象的成本和這些印象的影響也同樣重要。

Got it, that's very helpful. Thank you.

明白了，非常有幫助。謝謝。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Hi, thanks for taking my question. Just one for me. So you talked about in your social growth, the impact of the customer who slowed their spend recently. But I guess if we could take a step back and just think of with the shift to activation, with the varying kind of ramp and scale phases of your different partnerships and platform relationships, how should we think about that social measurement growth here in the near term in the context of your guide?

你好，謝謝你回答我的問題。對我來說只有一個。所以您談到了社交成長中最近減少消費的客戶所帶來的影響。但我想，如果我們可以退一步思考，只考慮向激活的轉變，考慮不同合作夥伴關係和平台關係的不同提升和規模階段，我們應該如何在您的指南背景下考慮短期內的社會測量增長？

Yeah. I mean we've got some -- we had some pretty significant comps last year on the social front. I mean, year-over-year in '24, we had 50% growth. Q2 was 44% growth last year. So we're kind of lapping some very big numbers where we expanded across more impressions.

是的。我的意思是，我們去年在社交方面取得了一些相當顯著的成績。我的意思是，與 24 年同期相比，我們的成長率達到了 50%。去年第二季成長了44%。因此，我們在某種程度上重疊了一些非常大的數字，從而擴大了更多的印象。

That being said, we're leaning in very hard into social activation. The new Meta pre-bid solutions are gaining traction. And the beauty of that solution is that you have to use social measurement for it to be enabled. So again, we're going to see social growth across the board. It will be stronger in activation, social activation. Then it will be in measurement.

話雖如此，我們還是十分重視社會活躍度。新的 Meta 競價前解決方案正在獲得關注。此解決方案的優點在於您必須使用社會測量才能實現它。因此，我們將再次看到社會全面進步。它的活化作用、社會活化作用將會更強。然後就可以進行測量了。

But we've got social activation launching in Meta. We've got social activation launching in TikTok. So social is going to be a key part of our future moving ahead. And I think those two solutions on the measurement side and on the pre-bid side will show growth because they're going to grow hand in hand.

但我們已在 Meta 中啟動社交活動。我們在 TikTok 上進行了社交活動。因此，社交將成為我們未來發展的關鍵部分。我認為測量方面和投標前方面的這兩種解決方案將會增長，因為它們將齊頭並進。

Thank you.

謝謝。

Andrew Boone, Citizens JMP.

安德魯·布恩 (Andrew Boone)，公民 JMP。

Mark, I want to go with a big picture question across all of kind of programmatic and large. You're seeing more curation from DSPs and SSPs. And can you just speak to that trend across programmatic? And how does DV fit into that given your historic kind of brand safety, product set and everything else that you're offering?

馬克，我想問一個涉及所有類型的程序化和大型問題的宏觀問題。您將看到更多來自 DSP 和 SSP 的策展。能談談程序化廣告的這一趨勢嗎？考慮到您歷史上的品牌安全、產品組合以及您提供的其他一切，DV 如何適應這種情況？

Yeah. I think curation starts with data. And at our core data, DV is the data business. So we lean into ensuring our data can be anywhere where a buyer needs it. And that's why we recently announced that we are launching and developing curation solutions with Google, Microsoft, Index Exchange, Criteo, we'll announce a few others.

是的。我認為策展始於數據。就我們的核心數據而言，DV 是數據業務。因此，我們致力於確保我們的數據能夠出現在買家需要的任何地方。這就是為什麼我們最近宣布與 Google、Microsoft、Index Exchange、Criteo 合作推出和開發策展解決方案，我們也將宣布其他一些解決方案。

And for us, it's about ensuring our advertiser partners no matter how they want to buy, if they want to buy directly from an SSP, if they wanted to buy a direct package that's been packaged up into a PMP that they can apply our data to those curated packages and we're doing it. So we see it just as another opportunity for us to get highly specialized data in the hands of our advertiser customers. And again, whether they buy it through a DSP, directly through an SSP, or they want to create a custom curated segment, it's some place where we'll apply our data.

對我們來說，這是為了確保我們的廣告合作夥伴無論他們想如何購買，如果他們想直接從 SSP 購買，如果他們想購買已打包成 PMP 的直接包，他們都可以將我們的數據應用到這些精選包中，我們正在這樣做。因此，我們認為這只是另一個機會，讓我們能夠將高度專業化的數據交到我們的廣告客戶手中。再說一次，無論他們是透過 DSP 購買，還是直接透過 SSP 購買，或者他們想要創建自訂策劃的細分市場，這都是我們應用資料的地方。

And then Mark, I'd love to double-click on international. You guys highlighted weakness in the prepared remarks. Is there anything you can expand upon in terms of call outs of why that is? And then how do you guys turn that around?

然後馬克，我很樂意雙擊國際。你們在準備好的發言中強調了弱點。能詳細說明為什麼會這樣嗎？那麼你們該如何扭轉這種局面呢？

Yeah. I mean I think we had some pretty substantial growth last year across the globe after a couple of slow years. So we're lapping some pretty big numbers. That being said, the one customer that we have that had pulled back their spend considerably that we announced in the last call, they were big global customers. So that had an impact as well.

是的。我的意思是，我認為在經歷了幾年的緩慢發展之後，去年我們在全球範圍內實現了相當大的成長。因此，我們正在研究一些相當大的數字。話雖如此，我們在上次電話會議上宣布，有一位客戶大幅削減了支出，他們是全球大客戶。所以這也產生了影響。

I think this is a momentary blip on the international side. We continue to lean in there. And some of our biggest customer closes that we had coming into the year, our global customers that will start to scale outside the US over the next few quarters. So we see that as some place where we'll continue to grow. We're not overly concerned about the slowdown there. And I think it's not endemic to anything else, any bigger story.

我認為這只是國際上的一個短暫的失誤。我們將繼續堅持下去。我們今年關閉的一些最大客戶以及我們的全球客戶將在未來幾季開始在美國以外擴大規模。因此，我們認為這是我們將繼續成長的地方。我們並不太擔心那裡的經濟放緩。我認為它並不局限於任何其他事物，也不局限於任何更大的故事。

Thank you.

謝謝。

Brian Pitz, BMO Capital Markets

Brian Pitz，BMO 資本市場

But thanks for the questions. Maybe a quick two. With the rise of agents in AI, how do those agents potentially make solutions from DV around viewability and maybe invalid traffic more important? Is this coming up more with customers as they think about their future needs?

但感謝您的提問。也許快點兩個。隨著人工智慧代理的興起，這些代理如何使 DV 圍繞可見性和無效流量的解決方案變得更加重要？當客戶考慮他們的未來需求時，他們是否會更多地考慮這一點？

And then separately on categories, any changes in CPG over the quarter? Can you give us some more fine-tune points on that? Are you seeing more meaningful recovery in that vertical longer term?

然後分別按類別劃分，本季的 CPG 有什麼變化嗎？您能給我們一些關於此問題的更精細的調整點嗎？從長遠來看，您是否看到該垂直領域出現更有意義的復甦？

Yeah, Brian, I'll take the first part, and Nicola will talk about category growth. On the Agentic AI front, we see agents as being useful tools for us to help us employ our data in a more granular and more custom way for our customers, right? And I think we're very excited about leaning into that. Part of our vision for the integrated platform where we can measure, optimize, and improve the effectiveness of ad spend is having an agent, which actually not only creates custom measurement but also can create custom allocations based on how well certain segments are delivering, how well certain platforms are delivering.

是的，布萊恩，我將負責第一部分，尼古拉將討論類別成長。在 Agentic AI 方面，我們認為代理商是有用的工具，可以幫助我們以更細緻、更客製化的方式為客戶使用數據，對嗎？我認為我們對此感到非常興奮。我們對整合平台的願景之一是擁有一個代理，該代理可以衡量、優化和提高廣告支出的有效性，它實際上不僅可以創建自訂測量，還可以根據某些細分市場的交付情況、某些平台的交付情況創建自訂分配。

So I think agents as part of our overall AI strategy will play a key role, in the same way AI is playing a role in the ability for us to classify massive amounts of content faster, its ability -- our ability to get product to market in a quicker way. And do so in a super-efficient way. As Nicola noted, we've been able to manage our expenses and costs this year, and we'll continue to do so based on some of the efficiencies that we're seeing coming out of AI.

因此，我認為代理商作為我們整體人工智慧策略的一部分將發揮關鍵作用，就像人工智慧在我們更快地對大量內容進行分類的能力中發揮作用一樣，它的能力——我們以更快的方式將產品推向市場的能力。並以超高效的方式實現這一點。正如尼古拉所說，今年我們已經能夠管理我們的費用和成本，並且我們將根據人工智慧帶來的一些效率繼續這樣做。

So I think AI as an umbrella for us is a key part of efficiency. It's a key part of our ability to scale. And obviously, it's driving innovation in areas such as classification as well as Agentic AI and being able to create much more custom engagements with our customers.

所以我認為人工智慧作為我們的保護傘是提高效率的關鍵部分。這是我們擴展能力的關鍵部分。顯然，它正在推動分類以及 Agentic AI 等領域的創新，並能夠與我們的客戶建立更多客製化的合作關係。

Yeah. And I think in terms of industry we -- our beat in Q1 and our performance versus expectations was very broad across a lot of our existing clients plus expansions and new, and that was the same in terms of the industry view. We didn't have any specific verticals that led the way. It was very broad across those as well. There was nothing particularly on CPG.

是的。我認為，就行業而言，我們在第一季的業績以及與預期相比，我們的許多現有客戶以及擴張客戶和新客戶的表現都非常出色，從行業觀點來看也是如此。我們沒有任何特定的垂直行業引領潮流。它也非常廣泛。CPG 上沒有什麼特別的內容。

Great, thank you.

太好了，謝謝。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

I wanted to ask two quick ones. Just the first on Meta. I appreciated the comments at the outset about the pre-bid solution. I know you had talked in the past about post-bid was likely to see more adoption once the pre-bid solution rolled out. So I would love to get maybe an update on how those conversations are going and if they're playing out the way you thought they would.

我想快速問兩個問題。這只是 Meta 上的第一個。我很欣賞一開始關於投標前解決方案的評論。我知道您過去曾談到，一旦競標前解決方案推出，競標後解決方案可能會得到更多的採用。因此，我很想了解這些對話的進展情況，以及它們是否按照您想像的方式進行。

And then the second one, some of the stats you gave on CTV fraud, I thought was interesting. I guess I'm curious, are the trends in CTV similar to other ad formats when they were at a similar stage in digital? Or is CTV kind of a totally different animal just from a fraud perspective? Thank you.

然後第二個問題，您提供的一些有關 CTV 詐欺的統計數據，我認為很有趣。我很好奇，當數位電視處於類似階段時，CTV 的趨勢是否與其他廣告形式相似？或者僅從詐欺的角度來看，CTV 是完全不同的物種？謝謝。

Thanks, Mark. So with regards to kind of Meta measurement, we're definitely -- there's definitely a halo effect of the prescreen, right? We've got 8 of our -- 8 of the 20 are top 100 customers of the folks that we're launching. So we're getting bigger customers who are launching pre-screen and to launch pre-screen, you have to have post-bid measurement.

謝謝，馬克。因此，就元測量而言，我們肯定——預篩選肯定會產生光環效應，對嗎？我們有 8 到 20 人中的 8 人是我們正在推出的 100 強客戶。因此，我們正在獲得啟動預篩選的更大客戶，並且要啟動預篩選，您必須進行投標後測量。

So we expect there to be this kind of virtuous cycle of adding post-bid, upselling pre-bid, and then getting folks who never really consider post-bid at all to sign up for pre-bid and post-bid together. So it's definitely opening more doors for us. We're getting discussions with customers who really have not entertained the post-bid measurement without the pre-bid kind of opportunity. And I think it's going to be -- we're well ahead of our pre-bid expectations at this point so far this year, and we think it will be really impactful going into next year.

因此，我們期望出現這種良性循環，即增加競標後服務，追加銷售競標前服務，然後讓那些從未真正考慮過競標後服務的人一起註冊競標前服務和競標後服務。所以這無疑為我們打開了更多的大門。我們正在與一些客戶進行討論，這些客戶確實沒有考慮過在沒有投標前機會的情況下進行投標後測量。我認為這將是——今年到目前為止，我們的業績已經遠遠超出了競標前的預期，而且我們認為這將對明年產生重大影響。

With regard to the kind of CT fraud number -- CTV fraud numbers, yes, I mean, look, I think that in some ways, it's -- history repeats itself. We've seen fraud focus on mobile when it first came out. We saw fraud try to attack social when it started gaining steam. This CTV has shown a lot of resiliency in the fraud area just because of the fact that the CPMs are so high.

關於 CT 詐欺數字——CTV 詐欺數字，是的，我的意思是，看，我認為在某些方面，歷史正在重演。當詐欺行為首次出現時，我們發現它主要集中在行動裝置上。當社交活動開始盛行時，我們發現詐欺行為試圖對其進行攻擊。由於 CPM 非常高，該 CTV 在詐欺領域表現出了很大的彈性。

And if you're going to rob a bank, do you want to rob the bank with $1 bills inside or with $100 bills inside. And I think that's why there's so much focus on CTV. It's still a relatively concentrated universe where the demand is outstripping supply. So when you have those dynamics together, it makes it a right target for fraud.

如果你要搶劫銀行，你是想搶劫裡面有 1 美元鈔票的銀行，還是搶劫裡面有 100 美元鈔票的銀行。我認為這就是 CTV 受到如此多關注的原因。這仍然是一個相對集中的宇宙，需求超過供應。因此，當你將這些動態結合在一起時，它就成為詐騙的正確目標。

I mean I think the beauty of where we sit is the partners and the platforms have come to us knowing that the more work they can do with us, the cleaner the ecosystem, the supply chain can be, the more dollars will continue to flow to the right players versus the wrong ones.

我的意思是，我認為我們所處位置的美妙之處在於，合作夥伴和平台已經意識到，他們與我們合作的越多，生態系統和供應鏈就會越清潔，更多的資金就會繼續流向正確的參與者而不是錯誤的參與者。

Justin Patterson, KeyBanc Capital Markets.

KeyBanc 資本市場賈斯汀·帕特森 (Justin Patterson)。

This is Jacob on for Justin. Can you expand on what you're seeing on the macro currently and to your decision to kind of embed that in the full year guide despite not seeing any impact yet?

這是賈斯汀 (Justin) 的雅各 (Jacob)。您能否詳細說明您目前在宏觀上看到的情況，以及儘管尚未看到任何影響，但您決定將其嵌入全年指南中？

And I guess further kind of down, if this macro kind of leads to a pricing deflationary market, do you believe that the business can remain a bit more resilient there? Thank you.

我想進一步說，如果這種宏觀因素導致價格通貨緊縮市場，您是否認為該行業的業務還能保持更強的彈性？謝謝。

Yeah. So let me start with saying we outperformed in Q1 consistently month-on-month, and that has continued in April. And so the unchanged guidance is really not because of anything we're seeing yet, but it's just because of just prudence based on the macro uncertainty. So this is really just a position we're taking based on the uncertainty in the macro rather than what we're actually seeing what we saw evidence in the first quarter into April and even it's very early in May, but even what we're seeing for the first week of May. So the approach was to keep it unchanged based on the macros.

是的。首先我要說的是，我們第一季的表現持續優於上月，而這種動能在四月也得以延續。因此，保持不變的指導實際上並不是因為我們目前看到的任何事情，而只是因為基於宏觀不確定性的謹慎。因此，這實際上只是我們根據宏觀不確定性採取的立場，而不是我們實際看到的情況，我們在第一季度到四月份看到的證據，甚至是在五月初，甚至是我們在五月第一周看到的情況。因此方法就是根據宏保持其不變。

In terms of resiliency, I mean, Mark spoke about it a bit earlier, the shift of our clients towards products that are based on performance is one way that we feel strongly that our model will sustain larger displacements in the macro environment. We feel very good about the new initiatives that we launched, social activation being a large one and upselling our new clients. Those are opportunities that continue despite the macro environment.

至於彈性，我的意思是，馬克之前談到了這一點，我們的客戶轉向基於性能的產品，這是我們強烈認為我們的模型將在宏觀環境中承受更大位移的一種方式。我們對所推出的新舉措感到非常滿意，其中社交激活是其中一項重要舉措，並且能夠向我們的新客戶進行追加銷售。無論宏觀環境如何，這些機會仍然存在。

Thank you.

謝謝。

Omar Dessouky, Bank of America Securities.

奧馬爾·德蘇基（Omar Dessouky），美國銀行證券。

There's been some noise recently about increased competition in the DSP space and potentially price-based competition. How, if at all, does that affect DoubleVerify and your activation segment or your measurement segment? Then I have a follow-up question on CTV.

最近有傳言稱 DSP 領域的競爭日益激烈，而且可能出現基於價格的競爭。如果有的話，這會對 DoubleVerify 和您的啟動部分或測量部分產生什麼影響？然後我有一個關於 CTV 的後續問題。

Yeah, Omar, thanks for the question. So on the DSP space, we're widely distributed across all the DSPs. So although volume concentration tends to be to the big guys, virtually all of our activation solutions are available on any DSP that matters. And pricing remains consistent across all of them, it's customer base. So we're relatively indifferent to where an advertiser spends on a DSP. It's probably not the worst thing for us if concentration becomes a bit less concentrated just due to the fact that we want to not have one platform have too much leverage.

是的，奧馬爾，謝謝你的提問。因此在 DSP 領域，我們廣泛分佈於所有 DSP。因此，儘管成交量集中往往集中在大公司身上，但實際上我們所有的啟動解決方案都可以在任何重要的 DSP 上使用。並且所有客戶的定價都保持一致。因此，我們對廣告商在 DSP 上的支出相對不太關心。如果我們不希望一個平台擁有太大的影響力，那麼如果集中度變得不那麼集中，這對我們來說可能不是最糟糕的事情。

But ultimately, we go where our advertisers go, we -- our data follows where they spend. So DSP competition doesn't have much of an impact on us. And since we're such a small part -- our fee is such a small part of the overall transaction fee, even if there's competition on their pricing, it doesn't really impact us much.

但最終，我們會跟隨廣告商的腳步，我們的數據會跟隨他們的支出。因此 DSP 競爭對我們影響不大。而且由於我們只佔很小的一部分——我們的費用只佔整體交易費用的一小部分，即使在定價上存在競爭，對我們也不會有太大影響。

Okay. And so just since a lot of us are nontechnical people when it comes to ad tech, different DSPs have slightly different functionality at times. Some of which may be more or less complementary to the verification or activation product offering. Is there any difference in propensity to use DoubleVerify for either of those, depending on kind of that feature set for the DSP? Or is it pretty standard across the -- like, let's say, the big four DSPs?

好的。由於我們許多人在廣告技術方面都不是技術人員，因此不同的 DSP 的功能有時會略有不同。其中一些可能或多或少地補充了驗證或激活產品。根據 DSP 的功能集類型，使用 DoubleVerify 的傾向是否有差異？或者說，它在四大 DSP 中是相當標準的嗎？

Yes. I mean, look, some DSPs -- there are larger DSPs, for example, like Google that have embedded products that compete against us. So if dollars are moving out of those platforms into other platforms that don't have embedded products, it provides a better opportunity for us to sell through for sure.

是的。我的意思是，看看一些 DSP——例如，像谷歌這樣的更大的 DSP，它們有與我們競爭的嵌入式產品。因此，如果資金從這些平台轉移到沒有嵌入式產品的其他平台，這肯定會為我們的銷售提供更好的機會。

So -- but I think the reality of it is, since we're selling directly to the brands, the brands are moving our data and our functionality to whatever DSP they choose. And I think that with the exception of maybe optimization, which goes outside of core verification, there's relatively little difference from platform to platform with regard to how our solutions might be employed.

所以——但我認為事實是，由於我們直接向品牌銷售，品牌正在將我們的數據和功能轉移到他們選擇的任何 DSP。我認為，除了核心驗證之外的最佳化之外，我們的解決方案在不同平台的使用方式上差異相對較小。

Okay. And if I could just ask one more question. So you guys are -- you're early in your CTV ramp here. It looks like you've had several quarters of like 40%, 50%, 60% growth. Are you seeing the addressable advertiser market like expand down market at all this early? Is the CTV space going to become something especially verification. Is it going to become something that more middle market advertisers are eventually going to be interested in based on what you see so far, like what are your predictions?

好的。我可以再問一個問題嗎？所以你們——你們的 CTV 坡道才剛開始。看起來你們已經有幾個季度實現了 40%、50%、60% 的成長。您是否認為可尋址廣告商市場這麼早就開始向下游擴展了？CTV 空間是否會成為特別驗證的東西？根據您目前的觀察，它最終是否會成為更多中端市場廣告商感興趣的東西，您有何預測？

Yeah, Omar, it's a great take. I mean, as creative tools for CTV become more ubiquitous and easier to use and as the buying platforms become more self-serve and open to middle market, you're seeing an influx of customers that two years ago would never consider buying CTV. So I think that helps us, right? It may be taking dollars away, for example, from regional television or regional linear television that we've never had access to as well as maybe some even performance advertisers that were very focused on search or other capabilities that start moving into CTV.

是的，奧馬爾，這是一個很棒的選擇。我的意思是，隨著 CTV 的創意工具變得越來越普遍和易於使用，並且隨著購買平台變得更加自助並向中端市場開放，你會看到兩年前從未考慮購買 CTV 的客戶大量湧入。所以我認為這對我們有幫助，對嗎？例如，它可能從我們從未接觸過的區域性電視台或區域線性電視台奪走收入，甚至可能從一些非常注重搜尋或其他功能的績效廣告商那裡奪走收入，這些廣告商開始轉向 CTV。

So it opens up our addressable market as you look at shoppable ads and shoppable CTV, that helps as well. So dollars moving into CTV definitely are an asset to us. And as we noted in the call, we're improving our CTV value prop to customers by launching more transparency assets in our CTV measurement. And partner with companies like EDO, who are doing performance-based and outcomes-based measurement, which we can implement tools like Scibids against to optimize that spend. So even when performance advertisers are looking to get CTV, we're going to play a bigger role in that as well.

因此，當您查看可購物廣告和可購物 CTV 時，它打開了我們的可尋址市場，這也有幫助。因此，流入 CTV 的資金對我們來說無疑是一筆財富。正如我們在電話會議中提到的那樣，我們正在透過在 CTV 測量中推出更多透明資產來改善我們對客戶的 CTV 價值主張。並與 EDO 等進行基於績效和基於結果的測量的公司合作，我們可以針對這些公司實施 Scibids 等工具來優化支出。因此，即使效果廣告商希望獲得 CTV，我們也將在其中發揮更大的作用。

Okay, thanks. I'll ask some additional questions and the callbacks. Appreciate it. .

好的，謝謝。我會問一些額外的問題並回電。非常感謝。。

Alinda Li, William Blair & Company.

阿琳達李，威廉布萊爾公司。

Perfect. Everyone's congrats here. Mark, can you expand more on customer feedback so far on Meta activation? And I have a follow-up after.

完美的。大家在此表示祝賀。馬克，您能否進一步闡述客戶對 Meta 啟動的回饋？之後我還會跟進。

Yeah. The feedback on Meta activation has been really good. I mean we've seen, as we noted in the call, some pretty significant improvements in brand suitability, anywhere up to kind of 9 points in positive movement. And I think it's a great result for us and our customers and a great result for Meta, too. It helps customers feel much more comfortable in advertising on social.

是的。關於 Meta 激活的反饋非常好。我的意思是，正如我們在電話會議中提到的那樣，我們已經看到品牌適用性有了相當顯著的改善，正向變化幅度高達 9 個百分點。我認為這對我們和我們的客戶來說都是一個很好的結果，對 Meta 來說也是一個很好的結果。它可以幫助客戶在社群媒體上做廣告時感到更加舒適。

The feedback has been solid. It's a premium-priced product, which is great for us, again, getting another activation product out there into the marketplace at a multiple of what we're getting paid for measurement is a very good thing for us. So across the board, we remain excited, and as I noted before, we're actually ahead of where we expected to be on the uptake of that product and the revenue we are generating.

反饋非常正面。這是一款高價產品，這對我們來說非常好，再次，將另一種激活產品推向市場，其價格是我們為測量所支付價格的數倍，這對我們來說是一件非常好的事情。因此，總體而言，我們仍然感到興奮，正如我之前提到的，我們在產品的採用和我們創造的收入方面實際上已經超出了我們的預期。

Awesome. And so 20 customers already activated so far Meta activation. What is the activation speed that we can expect moving forward? so far on that activation. What is the activation speed that we can expect moving forward?

驚人的。到目前為止，已有 20 位客戶啟動了 Meta 啟動。我們預期未來的活化速度是多少？到目前為止，該激活情況。我們預期未來的活化速度是多少？

It's a great question. I mean, I think a lot of the folks that jumped on, we had primed early. We had mentioned, I think, in our last quarterly call that we had pushed to get some folks into measurement at the end of last year because we knew you had to be a Meta measurement customer to be an activation customer. So we had a really good pipeline starting up. I think we closed a lot of folks pretty early in the game.

這是一個很好的問題。我的意思是，我認為很多參與其中的人，我們早就做好了準備。我想，我們在上次季度電話會議上提到過，我們在去年年底推動一些人參與測量，因為我們知道你必須是元測量客戶才能成為激活客戶。因此，我們有一個非常好的啟動管道。我認為我們在比賽初期就擊敗了很多對手。

Do I think we're going to pace at that level? Potentially, I mean, like things look good, and we've got a great pipeline. I think the nice part for us now is we've got some really big top 20 customers of ours who are testing today. And I think, hopefully, we'll be launching in the next quarter. So stay tuned for that. It was a great initial start. I think we've got good momentum behind it and some very large customers testing it out right now, which could be impactful for the rest of the year.

我認為我們會達到那個水平嗎？潛在的，我的意思是，事情看起來很好，而且我們有一個很棒的管道。我認為現在對我們來說最好的部分是，我們有一些非常重要的前 20 名客戶今天正在進行測試。我希望我們能在下個季度推出該產品。因此請繼續關注。這是一個很好的開始。我認為我們在這方面取得了良好的發展勢頭，一些非常大的客戶正在對其進行測試，這可能會對今年剩餘時間產生影響。

Perfect. That's helpful. Thank you.

完美的。這很有幫助。謝謝。

We have reached the end of the question-and-answer session. I would like to turn the floor back to CEO, Mark Zagorski, for closing remarks.

問答環節已結束。我想請執行長馬克‧扎戈爾斯基 (Mark Zagorski) 致最後總結。

Okay. Thank you all for joining us today on this very busy afternoon of earnings reports. We appreciate your engagement and support and look forward to seeing you at all the upcoming Innovation Day in June. Thank you.

好的。感謝大家今天下午參加我們非常繁忙的財報會。我們感謝您的參與和支持，並期待在六月即將到來的創新日上見到您。謝謝。

Thank you. And this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。