Form 8-K
8-K — DoubleVerify Holdings, Inc.
Accession: 0001104659-26-092119
Filed: 2026-08-06
Period: 2026-08-06
CIK: 0001819928
SIC: 7370 (SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — tm2621904d3_8k.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (tm2621904d3_ex99-1.htm)
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2026-08-06
2026-08-06
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026
DoubleVerify Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-40349
82-2714562
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
462 Broadway
New York, New York
10013
(Address of principal executive offices)
(Zip Code)
(212) 631-2111
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the
Act:
Title
of Class
Trading
Symbol
Name
of Each Exchange on Which Registered
Common stock, par value $0.001 per share
DV
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On August 6, 2026, DoubleVerify Holdings,
Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2026.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02
and in Exhibit 99.1 attached to this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless
of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number
Description
99.1
Press Release dated August 6, 2026.
104
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
DOUBLEVERIFY HOLDINGS, INC.
By:
/s/ Nicola Allais
Name:
Nicola Allais
Title:
Chief Financial Officer
Date: August 6, 2026
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2621904d3_ex99-1.htm · Sequence: 2
Exhibit 99.1
DoubleVerify Reports Second Quarter 2026 Financial
Results
NEW YORK –
August 6, 2026 – DoubleVerify (“DV”) (NYSE: DV) today announced financial results for the second quarter
ended June 30, 2026.
Recent Business Announcement:
On August 6, 2026, DV entered into an
Agreement and Plan of Merger (the “Merger Agreement”) with Neptune BidCo US Inc., a Delaware corporation
(“Parent”), and parent company of Nielsen Holdings ("Nielsen"), whereby Nielsen will acquire DV. Additional
details regarding the transaction are included in a Current Report on Form 8-K filed today with the Securities and Exchange
Commission.
Conference Call, Webcast, and Other Information
In light of the pending transaction, DV is suspending
future earnings and investors calls for the duration of the transaction’s pendency, including the conference call previously scheduled
for 4:30 p.m. Eastern time today, August 6, 2026. Additionally, DV is withdrawing all previously issued financial outlook and
guidance for the duration of the transaction's pendency. Future updates regarding the transaction and DV’s strategic progress will
be provided through official press releases and regulatory filings as appropriate.
Second Quarter 2026 Financial Highlights:
(All comparisons
are to the second quarter of 2025)
· Total
revenue of $193.8 million, an increase of 3%.
o Activation
revenue of $107.7 million, a decrease of 1%.
o Measurement
revenue of $66.8 million, an increase of 6%.
o Supply-side
revenue of $19.3 million, an increase of 13%
· Net
income of $12.9 million and adjusted EBITDA of $65.3 million, which represented a
34% adjusted EBITDA margin.
· Cash
balance of $210 million, with no debt outstanding.
Key Business Terms
Activation
revenue is generated from the evaluation, verification, and measurement of advertising impressions purchased through programmatic demand-side
and social media platforms.
Measurement
revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties,
including publishers, CTV and social media platforms.
Supply-Side
revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify and measure
their advertising inventory.
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of
As of
(in thousands, except per share data)
June 30, 2026
December 31,
2025
Assets:
Current assets
Cash and cash equivalents
$ 210,174
$ 259,038
Trade receivables,
net of allowances for doubtful accounts of $9,133 and $8,096 as of June 30, 2026 and December 31, 2025, respectively
214,926
221,158
Prepaid expenses
and other current assets
46,325
39,132
Total current assets
471,425
519,328
Property, plant and equipment, net
129,053
103,284
Operating lease right-of-use assets, net
63,129
66,908
Goodwill
511,585
516,002
Intangible assets, net
87,872
101,616
Deferred tax assets
30,971
30,920
Other non-current assets
16,060
16,024
Total assets
$ 1,310,095
$ 1,354,082
Liabilities and Stockholders' Equity:
Current liabilities
Trade payables
$ 12,992
$ 14,662
Accrued expenses
52,426
73,552
Operating lease liabilities, current
7,932
9,057
Income tax liabilities
1,952
3,829
Current portion of finance lease obligations
12,850
6,982
Other current
liabilities
16,664
13,481
Total current liabilities
104,816
121,563
Operating lease liabilities, non-current
74,652
77,917
Finance lease obligations
16,396
5,595
Deferred tax liabilities
13,066
11,467
Other non-current liabilities
6,715
6,208
Total liabilities
215,645
222,750
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, $0.001 par value,
1,000,000 shares authorized, 177,110 shares issued and 154,935 outstanding as of June 30, 2026; 1,000,000 shares authorized,
176,546 shares issued and 161,900 outstanding as of December 31, 2025
177
177
Additional paid-in capital
1,073,680
1,059,938
Treasury stock, at cost, 22,175
shares and 14,646 shares as of June 30, 2026 and December 31, 2025, respectively
(313,245 )
(247,982 )
Retained earnings
325,192
305,864
Accumulated other comprehensive income,
net of income taxes
8,646
13,335
Total stockholders’ equity
1,094,450
1,131,332
Total liabilities and stockholders' equity
$ 1,310,095
$ 1,354,082
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Three Months
Ended June 30,
Six Months
Ended June 30,
(in thousands, except per share data)
2026
2025
2026
2025
Revenue
$ 193,789
$ 189,021
$ 374,614
$ 354,082
Cost of revenue
(exclusive of depreciation and amortization shown separately below)
32,484
33,126
65,643
64,092
Product development
46,393
47,203
91,774
91,920
Sales, marketing and customer support
48,260
50,871
93,855
94,572
General and administrative
26,967
29,576
52,682
56,103
Depreciation and amortization
16,660
14,697
31,999
27,084
Income from operations
23,025
13,548
38,661
20,311
Interest expense
475
443
888
863
Other expense (income), net
644
(2,105 )
1,637
(5,284 )
Income before income taxes
21,906
15,210
36,136
24,732
Income tax expense
8,988
6,452
16,808
13,613
Net income
$ 12,918
$ 8,758
$ 19,328
$ 11,119
Earnings per share:
Basic
$ 0.08
$ 0.05
$ 0.12
$ 0.07
Diluted
$ 0.08
$ 0.05
$ 0.12
$ 0.07
Weighted-average common stock outstanding:
Basic
153,959
162,740
157,346
163,922
Diluted
157,891
166,697
160,981
167,813
Comprehensive income:
Net income
$ 12,918
$ 8,758
$ 19,328
$ 11,119
Other comprehensive income (loss):
Foreign currency
cumulative translation adjustment
242
19,383
(4,689 )
26,876
Total comprehensive income
$ 13,160
$ 28,141
$ 14,639
$ 37,995
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Accumulated Other
Comprehensive
Additional
Income (Loss)
Total
Common Stock
Treasury Stock
Paid-in
Retained
Net of
Stockholders’
(in thousands)
Shares
Amount
Shares
Amount
Capital
Earnings
Income Taxes
Equity
Balance as of January 1, 2026
176,546
$ 177
14,646
$ (247,982 )
$ 1,059,938
$ 305,864
$ 13,335
1,131,332
Foreign currency translation adjustment
—
—
—
—
—
—
(4,931 )
(4,931 )
Shares repurchased for settlement of employee tax withholdings
—
—
142
(1,437 )
—
—
—
(1,437 )
Stock-based compensation expense
—
—
—
—
25,613
—
—
25,613
Common stock issued upon exercise of stock options
—
—
—
—
43
—
—
43
Common stock issued upon vesting of restricted stock units
90
—
—
—
—
—
—
—
Common stock issued upon vesting of performance stock units
53
—
—
—
—
—
—
—
Shares repurchased under authorized repurchase programs
—
—
7,270
(75,145 )
—
—
—
(75,145 )
Excise tax on shares repurchased
—
—
—
(618 )
—
—
—
(618 )
Treasury stock reissued upon settlement of equity awards
—
—
(1,298 )
20,239
(20,239 )
—
—
—
Net income
—
—
—
—
—
6,410
—
6,410
Balance as of March 31, 2026
176,689
$ 177
20,760
$ (304,943 )
$ 1,065,355
$ 312,274
$ 8,404
$ 1,081,267
Foreign currency translation adjustment
—
—
—
—
—
—
242
242
Shares repurchased for settlement of employee tax withholdings
—
—
392
(4,025 )
—
—
—
(4,025 )
Stock-based compensation expense
—
—
—
—
26,941
—
—
26,941
Common stock issued under employee purchase plan
—
—
—
—
1,031
—
—
1,031
Common stock issued upon exercise of stock options
—
—
—
—
1,223
—
—
1,223
Common stock issued upon vesting of restricted stock units
392
—
—
—
—
—
—
—
Common stock issued upon vesting of performance stock units
29
—
—
—
—
—
—
—
Shares repurchased under authorized repurchase programs
—
—
2,497
(25,050 )
—
—
—
(25,050 )
Excise tax on shares repurchased
—
—
—
(97 )
—
—
—
(97 )
Treasury stock reissued upon settlement of equity awards
—
—
(1,474 )
20,870
(20,870 )
—
—
—
Net income
—
—
—
—
—
12,918
—
12,918
Balance as of June 30, 2026
177,110
$ 177
22,175
$ (313,245 )
$ 1,073,680
$ 325,192
$ 8,646
$ 1,094,450
Balance as of January 1, 2025
174,003
$ 174
6,934
$ (131,620 )
$ 974,383
$ 255,214
$ (14,692 )
$ 1,083,459
Foreign currency translation adjustment
—
—
—
—
—
—
7,493
7,493
Shares repurchased for settlement of employee tax withholdings
—
—
210
(3,210 )
—
—
—
(3,210 )
Stock-based compensation expense
—
—
—
—
25,080
—
—
25,080
Common stock issued upon exercise of stock options
58
—
—
—
222
—
—
222
Common stock issued upon vesting of restricted stock units
641
1
—
—
(1 )
—
—
—
Common stock issued upon vesting of performance stock units
71
—
—
—
—
—
—
—
Shares repurchased under authorized repurchase programs
—
—
5,169
(82,240 )
—
—
—
(82,240 )
Excise tax on shares repurchased
—
—
—
(64 )
(668 )
—
—
(732 )
Treasury stock reissued upon settlement of equity awards
—
—
(18 )
350
(350 )
—
—
—
Net income
—
—
—
—
—
2,361
—
2,361
Balance as of March 31, 2025
174,773
$ 175
12,295
$ (216,784 )
$ 998,666
$ 257,575
$ (7,199 )
$ 1,032,433
Foreign currency translation adjustment
—
—
—
—
—
—
19,383
19,383
Shares repurchased for settlement of employee tax withholdings
—
—
35
(494 )
—
—
—
(494 )
Stock-based compensation expense
—
—
—
—
28,053
—
—
28,053
Common stock issued under employee purchase plan
135
—
—
—
1,577
—
—
1,577
Common stock issued upon exercise of stock options
29
—
—
—
148
—
—
148
Common stock issued upon vesting of restricted stock units
954
1
—
—
(1 )
—
—
—
Common stock issued upon vesting of performance stock units
14
—
—
—
—
—
—
—
Excise tax on shares repurchased
—
—
—
157
—
—
—
157
Net income
—
—
—
—
—
8,758
—
8,758
Balance as of June 30, 2025
175,905
$ 176
12,330
$ (217,121 )
$ 1,028,443
$ 266,333
$ 12,184
$ 1,090,015
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
(in thousands)
2026
2025
Operating activities:
Net income
$ 19,328
$ 11,119
Adjustments to reconcile net income to net cash provided by
operating activities
Bad debt expense
2,409
1,499
Depreciation and amortization expense
31,999
27,084
Amortization of debt issuance costs
217
217
Non-cash lease expense
4,199
3,905
Deferred taxes
1,586
298
Stock-based compensation expense
49,774
51,349
Interest expense, net
348
255
Loss on disposal of fixed assets
—
89
Other
804
(419 )
Changes in operating assets and liabilities, net of effects
of business combinations
Trade receivables
3,016
40,951
Prepaid expenses and other assets
(7,149 )
(32,762 )
Trade payables
(1,638 )
638
Accrued expenses
and other liabilities
(24,480 )
(16,947 )
Net cash provided
by operating activities
80,413
87,276
Investing activities:
Purchase of property, plant and equipment
(21,056 )
(15,813 )
Acquisition of businesses, net of cash acquired
—
(82,578 )
Proceeds from maturity of short-term investments
—
12,684
Other investing activities
—
(1,000 )
Net cash used in
investing activities
(21,056 )
(86,707 )
Financing activities:
Proceeds from common stock issued upon exercise of stock options
1,266
370
Proceeds from common stock issued under employee purchase
plan
1,031
1,577
Finance lease payments
(3,179 )
(1,379 )
Shares repurchased under authorized repurchase programs
(100,195 )
(82,240 )
Payment of excise tax on shares repurchased
(884 )
(668 )
Shares repurchased for settlement of
employee tax withholdings
(5,462 )
(3,704 )
Net cash used in
financing activities
(107,423 )
(86,044 )
Effect of exchange rate changes on cash and cash equivalents
and restricted cash
(821 )
4,547
Net decrease in cash, cash equivalents,
and restricted cash
(48,887 )
(80,928 )
Cash, cash equivalents, and restricted
cash - Beginning of period
260,034
293,741
Cash, cash equivalents, and restricted
cash - End of period
$ 211,147
$ 212,813
Cash and cash equivalents
$ 210,174
$ 211,784
Restricted cash
- current (included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets)
—
37
Restricted
cash - non-current (included in Other non-current assets on the Condensed Consolidated Balance Sheets)
973
992
Total cash and cash equivalents and restricted
cash
$ 211,147
$ 212,813
Supplemental cash flow information:
Cash paid for interest
$ 573
$ 500
Non-cash investing and financing activities:
Right-of-use
assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances
$ 245
$ 2,168
Acquisition of equipment under finance lease
$ 19,847
$ 13,805
Capital assets financed by accounts payable and accrued expenses
$ 66
$ 249
Stock-based compensation included in capitalized software
development costs
$ 2,785
$ 1,783
Accrued excise tax on net share repurchases
$ 715
$ 575
Comparison of the Three and Six Months Ended June 30, 2026
and June 30, 2025
Revenue
Three
Months Ended June 30,
Change
Change
Six Months
Ended June 30,
Change
Change
2026
2025
$
%
2026
2025
$
%
(In Thousands)
(In Thousands)
Revenue by customer type:
Activation
$ 107,683
$ 108,950
$ (1,267 )
(1 )%
$ 208,230
$ 204,121
$ 4,109
2 %
Measurement
66,760
62,895
3,865
6
128,563
116,326
12,237
11
Supply-side
19,346
17,176
2,170
13
37,821
33,635
4,186
12
Total revenue
$ 193,789
$ 189,021
$ 4,768
3 %
$ 374,614
$ 354,082
$ 20,532
6 %
Non-GAAP Financial Measures
In addition to our results determined in accordance
with GAAP, management believes that certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP
Net income, Non-GAAP Earnings Per Share, Free Cash Flow and Free Cash Flow Conversion (collectively "Non-GAAP Financial Measures")
are useful in evaluating our business.
We calculate Adjusted EBITDA Margin as Adjusted
EBITDA divided by total revenue. We calculate Non-GAAP net income as GAAP net income adjusted to eliminate the impact of stock-based
compensation and certain other items that are not related to our core operations, such as amortization of acquired intangibles assets,
acquisition-related costs, other non-recurring costs, as well as the income tax effect of these adjustments. Basic non-GAAP earnings
per share is calculated by dividing non-GAAP net income by the number of weighted-average common stock outstanding. Diluted Non-GAAP
earnings per share adjusts the Basic Non-GAAP earnings per share for the potential dilutive impact of shares of common stock using the
treasury stock method. We calculate free cash flow as net cash provided by operating activities determined in accordance with GAAP less
purchases of property, plant, and equipment which includes capitalized software development costs. Free cash flow conversion is calculated
as free cash flow divided by Adjusted EBITDA for the same period. We use the Non-GAAP Financial Measures as measures of operational efficiency
to understand and evaluate our core business operations. We believe that these Non-GAAP Financial Measures are useful to investors for
period-to-period comparisons of our core business and for understanding and evaluating trends in our operating results on a consistent
basis by either excluding items that we do not believe are indicative of our core operating performance or by measuring cash generated
by our operations that is available for various strategic initiatives.
The following tables
show DV’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.
Three Months
Ended June 30,
Six Months
Ended June 30,
2026
2025
2026
2025
(In Thousands)
(In Thousands)
Net income
$ 12,918
$ 8,758
$ 19,328
$ 11,119
Net income margin
7 %
5 %
5 %
3 %
Depreciation and amortization
16,660
14,697
31,999
27,084
Stock-based compensation
25,525
27,007
49,774
51,349
Interest expense
475
443
888
863
Income tax expense
8,988
6,452
16,808
13,613
M&A and restructuring costs (a)
—
504
—
1,666
Other costs (b)
117
1,518
95
1,518
Other expense (income) (c)
644
(2,105 )
1,637
(5,284 )
Adjusted EBITDA
$ 65,327
$ 57,274
$ 120,529
$ 101,928
Adjusted EBITDA margin
34 %
30 %
32 %
29 %
Three Months
Ended June 30,
Six Months
Ended June 30,
2026
2025
2026
2025
(In Thousands)
(In Thousands)
Net Income
$ 12,918
$ 8,758
$ 19,328
$ 11,119
Stock-based compensation
25,525
27,007
49,774
51,349
Amortization of acquired intangibles
6,536
8,068
13,091
15,307
M&A and restructuring costs (a)
—
504
—
1,666
Other costs (b)
117
1,518
95
1,518
Income tax effect of non-GAAP adjustments
(d)
(9,975 )
(11,500 )
(19,518 )
(21,650 )
Non-GAAP net income
$ 35,121
$ 34,355
$ 62,770
$ 59,309
GAAP earnings per share:
Basic
$ 0.08
$ 0.05
$ 0.12
$ 0.07
Diluted
$ 0.08
$ 0.05
$ 0.12
$ 0.07
GAAP Weighted-average common stock outstanding:
Basic
153,959
162,740
157,346
163,922
Diluted
157,891
166,697
160,981
167,813
Non-GAAP earnings per share:
Basic
$ 0.23
$ 0.21
$ 0.40
$ 0.36
Diluted
$ 0.22
$ 0.21
$ 0.39
$ 0.35
Non-GAAP Weighted-average common stock outstanding:
Basic
153,959
162,740
157,346
163,922
Diluted
157,891
166,697
160,981
167,813
(a) M&A and
restructuring costs for the three and six months ended June 30, 2025 consist of transaction
costs related to the acquisition of Rockerbox.
(b) Other costs for the three and
six months ended June 30, 2026 consist of expenses with respect to litigation and regulatory
matters outside of the ordinary course. Other costs for the three and six months ended June 30,
2025 consist of expenses incurred with respect to litigation and regulatory matters outside
of the ordinary course and costs related to the early termination of an office lease.
(c) Other expense (income) for the three and six months ended June 30, 2026
and June 30, 2025 consist of interest income earned on interest-bearing monetary assets, and the impact
of changes in foreign currency exchange rates.
(d) We calculate
the income tax effect of the adjustments using a non-GAAP effective tax rate to provide consistency
across reporting periods. For the non-GAAP reconciliation, effective tax rates for the three
and six months ended June 30, 2026 and 2025 were calculated using assumed blended tax
rates of 31%, respectively. These rates represent a blend of the statutory federal tax and
state taxes rates associated with the most recent Annual Report on Form 10-K. We will
periodically reevaluate this tax rate, as necessary, for significant events such as relevant
tax law changes.
Three Months
Ended June 30,
Six Months
Ended June 30,
2026
2025
2026
2025
(In Thousands)
(In Thousands)
Net cash provided by operating activities
$ 76,242
$ 49,613
$ 80,413
$ 87,276
Purchase of property, plant and equipment
(10,513 )
(9,527 )
(21,056 )
(15,813 )
Free cash flow
$ 65,729
$ 40,086
$ 59,357
$ 71,463
Free cash flow conversion
101 %
70 %
49 %
70 %
These Non-GAAP Financial Measures have limitations
as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP.
Some of the limitations of these measures are:
· they
do not reflect changes in, or cash requirements for, working capital needs;
· they
do not reflect our capital expenditures or future requirements for capital expenditures or
contractual commitments;
· they
do not reflect income tax expense or the cash requirements to pay income taxes;
· they
do not reflect interest expense or the cash requirements necessary to service interest or
principal debt payments; and
· although
depreciation and amortization are non-cash charges related mainly to intangible assets, certain
assets being depreciated and amortized will have to be replaced in the future, and they do
not reflect any cash requirements for such replacements.
In addition, other companies in our industry
may calculate these Non-GAAP Financial Measures differently than we do, limiting their usefulness as a comparative measure. You should
compensate for these limitations by relying primarily on our GAAP results and using the Non-GAAP Financial Measures only supplementally.
Total
stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income is as
follows:
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands)
2026
2025
2026
2025
Product development
$ 10,109
$ 10,389
$ 19,519
$ 19,655
Sales, marketing and customer support
7,588
8,826
14,712
16,455
General and administrative
7,828
7,792
15,543
15,239
Total stock-based compensation
$ 25,525
$ 27,007
$ 49,774
$ 51,349
Forward-Looking Statements
This press release includes “forward-looking
statements”. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,”
“plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,”
“believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any statements
in this press release regarding the proposed transaction with Parent, future revenues, earnings, margins, financial performance or results
of operations, and any other statements that are not historical facts are forward-looking statements. Forward-looking statements are
subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking
information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those
made in or suggested by the forward-looking information contained in this press release. These risks, uncertainties, assumptions and
other factors include, but are not limited to, the risk that disruptions from the proposed transaction with Parent (including the ability
of certain counterparties to terminate or amend contracts upon a change of control) will harm DV’s business, including current
plans and operations, including during the pendency of the transaction, the risk that the Merger may not be completed in a timely manner
or at all, which may adversely affect DV’s business and the price of its common stock, the competitiveness of our solutions amid
technological developments or evolving industry standards, the competitiveness of our market, system failures, security breaches, cyberattacks
or natural disasters, economic downturns and unstable market conditions, our ability to collect payments, data privacy legislation and
regulation, public criticism of digital advertising technology, our international operations, our use of “open source” software,
our limited operating history and the potential for our revenues and results of operations to fluctuate in the future. Moreover, we operate
in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict
all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors,
may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make.
Further information on these and additional risks,
uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated
by the forward-looking statements contained in this press release are included under the caption “Risk Factors” in DV’s
Annual Report on Form 10-K filed with the SEC on February 26, 2026, its Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 2026 once filed with the SEC and other filings and reports we make with the SEC from time to time.
We have based our forward-looking statements
on our management’s beliefs and assumptions based on information available to our management at the time the statements are made.
Any forward-looking information presented herein is made only as of the date of this press release, and, except as required by law, we
do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence
of unanticipated events, or otherwise.
About DoubleVerify
DoubleVerify (NYSE: DV) is the industry’s
leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent
ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange
between buyers and sellers of digital media. Learn more at www.doubleverify.com.
Investor Relations
Brinlea Johnson
The Blueshirt Group
IR@doubleverify.com
Media Contact
Chris Harihar
Crenshaw Communications
646-535-9475
chris@crenshawcomm.com
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