DoubleVerify Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
DV$13.57+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended December 31, | |||||||||
| (in thousands) | 2023 | 2022 | 2021 | ||||||
| Operating activities: | | | | | | | | | |
| Net income | | $71,466 | | $43,268 | | $29,308 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | |||
| Bad debt expense (recovery) | | 10,075 | | 5,033 | | (711) | |||
| Depreciation and amortization expense | | 40,885 | | 34,328 | | 30,285 | |||
| Amortization of debt issuance costs | | 294 | | 294 | | 294 | |||
| Non-cash lease expense | | 6,727 | | 7,339 | | — | |||
| Deferred taxes | | (25,046) | | (19,581) | | (7,866) | |||
| Stock-based compensation expense | | 59,244 | | 42,307 | | 21,887 | |||
| Interest expense | | 68 | | 107 | | 103 | |||
| Loss on disposal of fixed assets | | 5 | | 1,353 | | — | |||
| Impairment of long-lived assets | | — | | 1,510 | | — | |||
| Change in fair value of contingent consideration | | | (1,193) | | | — | | | 57 |
| Offering costs | | | — | | | — | | | 22,074 |
| Other | | | 492 | | | 87 | | | 733 |
| Changes in operating assets and liabilities, net of effects of business combinations | | | | | | | |||
| Trade receivables | | (43,691) | | (49,765) | | (22,004) | |||
| Prepaid expenses and other assets | | (5,591) | | 9,094 | | (7,567) | |||
| Trade payables | | 5,476 | | 2,884 | | (49) | |||
| Accrued expenses and other liabilities | | 530 | | 16,604 | | 16,205 | |||
| Net cash provided by operating activities | | 119,741 | | 94,862 | | 82,749 | |||
| Investing activities: | | | | ||||||
| Purchase of property, plant and equipment | | (17,009) | | (39,981) | | (9,397) | |||
| Acquisition of businesses, net of cash acquired | | (67,240) | | — | | (149,217) | |||
| Net cash used in investing activities | | (84,249) | | (39,981) | | (158,614) | |||
| Financing activities: | | | | ||||||
| Payments of long-term debt | | — | | — | | (22,000) | |||
| Deferred payment related to Zentrick acquisition | | — | | — | | (50) | |||
| Proceeds from revolving credit facility | | | 50,000 | | | — | | | — |
| Payments to revolving credit facility | | | (50,000) | | | — | | | — |
| Payment of contingent consideration related to Zentrick acquisition | | — | | (3,247) | | — | |||
| Proceeds from common stock issued upon exercise of stock options | | 10,666 | | 5,803 | | 12,440 | |||
| Proceeds from common stock issued under employee purchase plan | | 2,723 | | 1,734 | | 404 | |||
| Proceeds from issuance of common stock upon initial public offering | | — | | — | | 269,390 | |||
| Proceeds from issuance of common stock in connection to concurrent private placement | | — | | — | | 30,000 | |||
| Payments related to offering costs | | — | | (6) | | (22,069) | |||
| Finance lease payments | | | (2,314) | | | (1,924) | | | (1,918) |
| Shares repurchased for settlement of employee tax withholdings | | | (4,586) | | | (10,244) | | | (1,802) |
| Net cash provided by (used in) financing activities | | 6,489 | | (7,884) | | 264,395 | |||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | | 338 | | (784) | | (200) | |||
| Net increase in cash, cash equivalents, and restricted cash | | 42,319 | | 46,213 | | 188,330 | |||
| Cash, cash equivalents, and restricted cash—Beginning of period | | 267,938 | | 221,725 | | 33,395 | |||
| Cash, cash equivalents, and restricted cash—End of period | | $310,257 | | $267,938 | | $221,725 | |||
| | | | | | | | | | |
| Cash and cash equivalents | | $310,131 | | $267,813 | | $221,591 | |||
| Restricted cash (included in prepaid expenses and other assets on the Consolidated Balance Sheets) | | 126 | | 125 | | 134 | |||
| Total cash and cash equivalents and restricted cash | | $310,257 | | $267,938 | | $221,725 | |||
| Supplemental cash flow information: | | | | ||||||
| Cash paid for taxes | | $60,883 | | $12,351 | | $7,698 | |||
| Cash paid for interest | | $714 | | $554 | | $774 | |||
| Non‑cash investing and financing transactions: | | | | | | | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances | | $2,547 | | $71,979 | | $— | |||
| Acquisition of equipment under finance lease | | $5,479 | | $— | | $1,518 | |||
| Capital assets financed by accounts payable and accrued expenses | | $261 | | $12 | | $36 | |||
| Stock-based compensation included in capitalized software development costs | | $1,103 | | $480 | | $— | |||
| Common stock issued in connection with acquisition | | $52,937 | | $— | | $22,526 | |||
| Liabilities for contingent consideration | | $1,193 | | $— | | $— | |||
| Treasury stock reissued upon the conversion of Series A preferred stock for common stock | | $— | | $— | | $260,686 | |||
| Offering costs included in accounts payable and accrued expense | | $— | | $— | | $5 | |||
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