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Midas Edge

DoubleVerify Holdings Inc

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 6, 2024

DV$13.560.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Part IFINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

​​​​​​​
​ · As of · As of
(in thousands, except per share data) · ​ · September 30, 2024 · ​ · December 31, 2023
Assets: · ​ · ​
Current assets · ​ · ​
Cash and cash equivalents​$311,910​$310,131
Short-term investments​​50,686​​—
Trade receivables, net of allowances for doubtful accounts of $9,983 and $9,442 as of September 30, 2024 and December 31, 2023, respectively​​193,303​​206,941
Prepaid expenses and other current assets​23,609​15,930
Total current assets​579,508​533,002
Property, plant and equipment, net​67,421​58,020
Operating lease right-of-use assets, net​​70,432​​60,470
Goodwill​437,646​436,008
Intangible assets, net​119,654​140,883
Deferred tax assets​31,732​13,077
Other non-current assets​5,960​1,571
Total assets​$1,312,353​$1,243,031
Liabilities and Stockholders' Equity:​​​​​
Current liabilities​​​​​
Trade payables​$13,376​$12,932
Accrued expenses​46,541​44,264
Operating lease liabilities, current​​10,761​​9,029
Income tax liabilities​696​5,833
Current portion of finance lease obligations​2,528​2,934
Other current liabilities​14,295​8,863
Total current liabilities​88,197​83,855
Operating lease liabilities, non-current​​79,571​​71,563
Finance lease obligations​1,331​2,865
Deferred tax liabilities​9,635​8,119
Other non-current liabilities​3,039​2,690
Total liabilities​​181,773​​169,092
Commitments and contingencies (Note 15)​​​​​
Stockholders’ equity​​​​​
Common stock, $0.001 par value, 1,000,000 shares authorized, 173,288 shares issued and 170,631 outstanding as of September 30, 2024; 1,000,000 shares authorized, 171,168 shares issued and 171,146 outstanding as of December 31, 2023​​173​​171
Additional paid-in capital​​949,456​​878,331
Treasury stock, at cost, 2,657 shares and 22 shares as of September 30, 2024 and December 31, 2023, respectively​​(50,700)​​(743)
Retained earnings​231,814​198,983
Accumulated other comprehensive loss, net of income taxes​(163)​(2,803)
Total stockholders’ equity​1,130,580​1,073,939
Total liabilities and stockholders' equity​$1,312,353​$1,243,031

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​
​ · ​ · Three Months Ended September 30, · ​ · Nine Months Ended September 30,
(in thousands, except per share data) · 2024 · 2023 · 2024 · 2023
Revenue​$169,556​$143,974​$466,228​$400,312
Cost of revenue (exclusive of depreciation and amortization shown separately below)​29,479​​26,466​82,199​76,609
Product development​39,306​​32,315​115,506​92,811
Sales, marketing and customer support​40,525​​32,971​123,260​90,220
General and administrative​23,039​​23,280​68,180​63,223
Depreciation and amortization​11,483​​10,706​33,415​29,365
Income from operations​25,724​18,236​43,668​48,084
Interest expense​353​​288​818​​791
Other income, net​(4,225)​​(1,633)​(8,561)​​(6,843)
Income before income taxes​29,596​​19,581​51,411​54,136
Income tax expense​11,395​​6,234​18,580​​15,775
Net income​$18,201​$13,347​$32,831​$38,361
Earnings per share:​​​​​​​​​​
Basic​$0.11​$0.08​$0.19​$0.23
Diluted​$0.10​$0.08​$0.19​$0.22
Weighted-average common stock outstanding:​​​​​​​​
Basic​170,254​​168,606​​171,060​​166,937
Diluted​173,911​​173,980​​175,868​​172,812
Comprehensive income:​​​​​​​​​​
Net income​$18,201​$13,347​$32,831​$38,361
Other comprehensive income (loss):​​​​​​​​​​
Foreign currency cumulative translation adjustment​9,079​(6,417)​2,640​(5,601)
Total comprehensive income​$27,280​$6,930​$35,471​$32,760

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

​​​​​​​​​​​​​​​​​​​​​​​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Accumulated Other · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Additional · ​ · ​ · ​ · ​ · Comprehensive · ​ · Total
​ · ​ · Common Stock · ​ · Treasury Stock · ​ · Paid-in · ​ · Retained · ​ · (Loss) Income · ​ · Stockholders’
(in thousands) · Shares · Amount · Shares · Amount · Capital · Earnings · Net of Income Taxes · Equity
Balance as of January 1, 2024​171,168​$171​22​$(743)​$878,331​$198,983​$(2,803)​$1,073,939
Foreign currency translation adjustment​—​—​—​—​—​—​(4,625)​(4,625)
Shares repurchased for settlement of employee tax withholdings​—​​—​48​​(1,792)​​—​​—​​—​​(1,792)
Stock-based compensation expense​—​—​—​—​20,718​—​—​20,718
Common stock issued upon exercise of stock options​153​​—​—​​—​​1,695​​—​​—​​1,695
Common stock issued upon vesting of restricted stock units​435​1​—​—​(1)​—​—​—
Treasury stock reissued upon settlement of equity awards​—​​—​(38)​​1,389​​(1,389)​​—​​—​​—
Net income​—​—​—​—​—​7,156​—​7,156
Balance as of March 31, 2024​171,756​​172​32​​(1,146)​​899,354​​206,139​​(7,428)​​1,097,091
Foreign currency translation adjustment​—​​—​—​​—​​—​​—​​(1,814)​​(1,814)
Shares repurchased for settlement of employee tax withholdings​—​​—​30​​(660)​​—​​—​​—​​(660)
Stock-based compensation expense​—​​—​—​​—​​25,315​​—​​—​​25,315
Common stock issued under employee purchase plan​124​​—​—​​—​​1,914​​—​​—​​1,914
Common stock issued upon exercise of stock options​126​​—​—​​—​​870​​—​​—​​870
Common stock issued upon vesting of restricted stock units​628​​1​—​​—​​(1)​​—​​—​​—
Shares repurchased under the Repurchase Program​—​​—​1,369​​(25,027)​​—​​—​​—​​(25,027)
Treasury stock reissued upon settlement of equity awards​—​​—​(41)​​1,390​​(1,390)​​—​​—​​—
Net income​—​​—​—​​—​​—​​7,474​​—​​7,474
Balance as of June 30, 2024​172,634​​173​1,390​​(25,443)​​926,062​​213,613​​(9,242)​​1,105,163
Foreign currency translation adjustment​—​​—​—​​—​​—​​—​​9,079​​9,079
Shares repurchased for settlement of employee tax withholdings​—​​—​34​​(636)​​—​​—​​—​​(636)
Stock-based compensation expense​—​​—​—​​—​​23,474​​—​​—​​23,474
Common stock issued upon exercise of stock options​53​​—​—​​—​​324​​—​​—​​324
Common stock issued upon vesting of restricted stock units​601​​—​—​​—​​—​​—​​—​​—
Shares repurchased under the Repurchase Program​—​​—​1,254​​(25,025)​​—​​—​​—​​(25,025)
Treasury stock reissued upon settlement of equity awards​—​​—​(21)​​404​​(404)​​—​​—​​—
Net income​—​​—​—​​—​​—​​18,201​​—​​18,201
Balance as of September 30, 2024​173,288​$173​2,657​$(50,700)​$949,456​$231,814​$(163)​$1,130,580
​​​​​​​​​​​​​​​​​​​​​​​
Balance as of January 1, 2023​165,448​$165​31​$(796)​$756,299​$127,517​$(6,326)​$876,859
Foreign currency translation adjustment​—​—​—​—​—​—​1,193​1,193
Shares repurchased for settlement of employee tax withholdings​—​—​30​(787)​—​—​—​(787)
Stock-based compensation expense​—​—​—​—​11,992​—​—​11,992
Common stock issued upon exercise of stock options​527​​1​—​​—​​1,765​​—​​—​​1,766
Common stock issued upon vesting of restricted stock units​182​​—​—​​—​​—​​—​​—​​—
Treasury stock reissued upon settlement of equity awards​—​​—​(35)​​914​​(914)​​—​​—​​—
Net income​—​—​—​—​—​12,175​—​12,175
Balance as of March 31, 2023​166,157​​166​26​​(669)​​769,142​​139,692​​(5,133)​​903,198
Foreign currency translation adjustment​—​​—​—​​—​​—​​—​​(377)​​(377)
Shares repurchased for settlement of employee tax withholdings​—​​—​57​​(1,966)​​—​​—​​—​​(1,966)
Stock-based compensation expense​—​​—​—​​—​​15,399​​—​​—​​15,399
Common stock issued under employee purchase plan​49​​—​—​​—​​1,138​​—​​—​​1,138
Common stock issued upon exercise of stock options​711​​1​—​​—​​3,990​​—​​—​​3,991
Common stock issued upon vesting of restricted stock units​333​​—​—​​—​​—​​—​​—​​—
Treasury stock reissued upon settlement of equity awards​—​​—​(67)​​2,107​​(2,107)​​—​​—​​—
Net income​—​​—​—​​—​​—​​12,839​​—​​12,839
Balance as of June 30, 2023​167,250​​167​16​​(528)​​787,562​​152,531​​(5,510)​​934,222
Foreign currency translation adjustment​—​​—​—​​—​​—​​—​​(6,417)​​(6,417)
Shares repurchased for settlement of employee tax withholdings​—​​—​28​​(945)​​—​​—​​—​​(945)
Issuance of common stock as consideration for acquisition​1,642​​2​—​​—​​52,935​​—​​—​​52,937
Stock-based compensation expense​—​​—​—​​—​​16,088​​—​​—​​16,088
Common stock issued upon exercise of stock options​653​​1​—​​—​​2,052​​—​​—​​2,053
Common stock issued upon vesting of restricted stock units​373​​—​—​​—​​—​​—​​—​​—
Treasury stock reissued upon settlement of equity awards​—​​—​(31)​​1,076​​(1,076)​​—​​—​​​
Net income​—​​—​—​​—​​—​​13,347​​—​​13,347
Balance as of September 30, 2023​169,918​$170​13​$(397)​$857,561​$165,878​$(11,927)​$1,011,285
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.