DoubleVerify (DV 3.10%)
Q1 2023 Earnings Name
Could 10, 2023, 5:30 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Individuals

Ready Remarks:

Operator

Greetings. Welcome to DoubleVerify’s first-quarter 2023 monetary outcomes convention name. At the moment, all contributors are in in listen-only mode. An issue-and-answer session will observe the formal presentation.

[Operator instructions] Please word, this convention is being recorded. I’ll now flip the convention over to Tejal Engman, Investor Relations. Thanks. You could start.

Tejal Engman — Senior Vice President, Investor Relations

Good afternoon and welcome to DoubleVerify’s first-quarter 2023 earnings convention name. With us right this moment are Mark Zagorski, CEO, and Nicola Allais, CFO. As we speak’s press launch and this name could comprise forward-looking statements which are topic to inherent dangers, uncertainties, and adjustments, and mirror our present expectations and knowledge at the moment obtainable to us, and our precise outcomes may differ materially. For extra data, please consult with the danger elements in our latest SEC filings, together with our Type 10-Q and our annual report or Type 10-Ok.

As well as, our dialogue right this moment will embrace references to sure supplemental non-GAAP monetary measures and needs to be thought of along with, and never as an alternative to, our GAAP outcomes. Reconciliations to probably the most comparable GAAP measures can be found in right this moment’s earnings press launch, which is obtainable on our investor relations web site at ir.doubleverify.com. Additionally, through the name right this moment, we’ll be referring to the slide deck posted on our web site. With that, I will flip it over to Mark. 

Mark Zagorski — Chief Government Officer

Thanks, Tejal, and thanks all for becoming a member of us right this moment. I’m excited to debate our robust first-quarter efficiency and optimistic outlook for the remainder of the 12 months. We began 2023 laser-focused on a number of key areas: first, on launching progressive, outcome-driving merchandise anchored in our deep experience and legacy investments in machine studying and information science; second, scaling our independently accredited core verification options throughout main social and CTV platforms; and at last, increasing our partnerships with giant advertisers and preeminent digital advert platforms across the globe. On all three fronts, we are able to confidently state that we’re executing forward of our expectations.

Within the face of a difficult macro setting, our efficiency stays resilient as a result of efficacy and utility of our options and the deep belief we’ve got constructed with all of our stakeholders as an unbiased, impartial, analytics engine dedicated to creating the digital promoting ecosystem stronger, safer, and safer. This steadfast imaginative and prescient continues to be DV’s north star, core to the worth we ship and confirmed to generate distinctive ROI for our clients and companions. Our first-quarter outcomes exemplify the influence of this dedication when it’s embraced and powered by a passionate group of DV staff members in 21 places around the globe. We grew first-quarter income by 27% 12 months over 12 months to $123 million, exceeding the highest finish of our steerage and considerably outpacing the expansion charges of each the digital advert {industry} and our opponents.

We noticed robust, sustained, and broad-based demand for DV’s options with every of our three enterprise strains delivering double-digit development. Advertiser demand for each our premium-priced Genuine Model Suitability programmatic resolution and our social measurement options continues to develop, leading to robust enterprise growth with present clients and new buyer wins. We received quite a few RFPs within the first quarter, representing significant expansions with present shoppers, together with Merck adopting DV measurement and ABS in 60 worldwide markets, Airbnb making the DV Genuine Advert its measurement forex in a number of LatAm markets, and Amazon Prime Video deploying DV’s proprietary precampaign activation and post-campaign measurement options on YouTube. On the client acquisition entrance, along with beforehand introduced Q1 wins, together with Air France and Swarovski in EMEA and Mattress Agency within the U.S., we closed extra new logos within the first quarter, together with Evoke Well being and NY Presbyterian within the U.S.

Daikin in APAC, and the Public Funding Fund of Saudi Arabia within the Center East. Our win charge throughout all alternatives remained above 80%, with 67% of our first quarter wins being greenfield, which we outline as wins the place the advertiser wasn’t utilizing third-party instruments for the enterprise that DV received. This regular charge of greenfield wins exemplifies the underpenetrated TAM that DV continues to learn from. These new consumer wins play into our profitable land-and-expand technique by way of which we grew the variety of advertiser clients producing greater than $200,000 during the last 12 months by 31% within the first quarter.

With 45% of our prime 700 clients utilizing lower than half of our key merchandise in 2022, the chance to increase inside our present buyer base stays important. Our acquisition technique additionally continues to pay dividends in the case of consumer development. By specializing in M&A that accelerates our product street map, provides complementary new applied sciences, and expands new native market protection, we create development alternatives throughout the DV portfolio and drive measurement forex ubiquity. Since integrating our acquired social activation instruments originally of 2022, over 65 new clients have activated DV’s pre-campaign social options on YouTube and/or on Meta.

Newly acquired sources helped drive development throughout our worldwide measurement buyer base with over 60 new clients activating the DV Genuine Advert in EMEA for the reason that fourth quarter of 2021. DV continues to outpace the {industry} and achieve market share as a consequence of three key differentiators: our quickly rising scale, our industry-leading innovation, and the deep stage of belief we’ve got constructed with our clients as an unbiased and impartial associate. Starting with innovation. DV’s innovation engine is fueled by the unparalleled scale and ubiquity of the information we seize and which is dropped at life by the proprietary information science that drives our machine-learning applied sciences.

AI, and the machine studying that powers it, have grow to be buzzwords with little rationalization of how they drive differentiation and construct benefits for the businesses that leverage them. Let’s talk about how this works for DV. Head-to-head checks present that DV’s ML-supported pre-bid model security and suitability options persistently drive larger reductions in post-bid block charges than our opponents’ options do. We imagine this is because of our differentiated and proprietary textual content and video classification applied sciences that leverage refined fashions which have been constructed and skilled during the last decade.

The identical is true for our fraud verification capabilities. The DV Fraud Lab consists of devoted information scientists, mathematicians, and analysts from the cyber fraud prevention group, who’ve developed and skilled DV’s proprietary algorithms, making them extremely efficient at figuring out tens of millions of bot and malware gadgets each day. The expansion of AI additionally may additionally have an fascinating influence on the utility and alternative for our product suite as an growing variety of advertisers are wrestling with their strategy to AI-created content material and their consolation with having adverts related to it. DV at the moment identifies low-quality content material that could be algorithmically generated and is working with shoppers to find out how we evolve classification to fulfill their new calls for.

The information science rigor that powers our AI fashions is best-in-class, extending from contextual classification to fraud detection, and now to consideration. As we speak, DV affords the {industry}’s most strong cross-platform consideration resolution, which makes use of impression-level information, not restricted to panels, to measure 50 distinctive information factors associated to the publicity and engagement of advert impressions which are first verified as viewable by DV’s industry-accredited requirements. Final week, we have been thrilled to make the leap from consideration to motion by launching the DV Common Consideration section, the {industry}’s first automated consideration optimization resolution for programmatic media shopping for. Powered by DV’s international consideration information, our pre-bid common consideration section permits manufacturers to enhance efficiency by optimizing away from low-attention environments with out sacrificing scale and attain.

Throughout quite a few main DSPs, any advertiser can activate DV’s Common Consideration section, together with those who use our opponents’ measurement options, not solely creating an unlimited, long-term activation alternative but additionally unlocking a big measurement upsell alternative down the street. Talking of measurement, DV Genuine Consideration measurement continues to realize momentum with first-quarter check volumes doubling and marketing campaign activations tripling 12 months over 12 months. Practically 80 advertisers have activated DV Genuine Consideration campaigns to this point in 2023, exceeding the variety of advertisers that activated campaigns in all of 2022. Our pioneering work in consideration goes past thought management.

DV has actual consideration options which are on the forefront of driving consideration as a forex and producing actual outcomes for our clients out there right this moment. Let’s transfer on to one among DV’s most profitable and necessary product improvements, Genuine Model Suitability. Since its launch in 2018, we have considerably enhanced the worth ABS delivers by way of the discharge of latest performance-driving performance together with model suitability tiers, CTV exclusion and inclusion lists, web page exception lists, a brand new content material avoidance classes that outstrip any aggressive providing. On the heels of our profitable worth bifurcation for our commonplace programmatic merchandise in 2022, we’ve got additionally began to implement a bifurcation of ABS’ pricing by introducing a better charge for ABS video whereas sustaining the unique worth for show.

ABS income grew 56% 12 months over 12 months within the first quarter, pushed by a 55% enhance in quantity and a 1% enhance in worth. Our skill to lift costs, even on our premium-priced merchandise, whereas persevering with to ship robust quantity development, speaks to the worth our options ship to our clients and the long-term potential for DV to evolve towards a extra value-based pricing mannequin, significantly for greater CPM media comparable to CTV. On prime of those nice revenue-generating improvements, DV continues to launch self-service automation instruments like Marketing campaign Automator and Pinnacle 2.0, our upgraded consumer UI, which decrease consumer overhead to make use of DV options, making it simpler than ever to effectively drive outcomes throughout a consumer’s full portfolio of manufacturers. With our subsequent differentiator, scale, let me start with social measurement, which delivered 33% year-over-year quantity development within the first quarter.

Our social income development in greenback phrases was led by advertisers leveraging our options on Meta’s platform, which generates virtually half of our social measurement income, adopted by YouTube functions, after which DV instruments on TikTok. Present social clients comparable to Mondelez and Airbnb expanded their use of DV’s social options on Meta and YouTube and activated the Genuine Advert on TikTok for the primary time, with new brand wins additionally contributing to social measurement development. Our clients are quickly activating the DV Genuine Advert on TikTok the place we’ve got doubled the variety of clients 12 months over 12 months and have grown TikTok’s first-quarter income contribution by over 50% in comparison with the fourth quarter of 2022. The truth is, we generated practically as a lot TikTok income in Q1 as we did in full-year 2022.

With TikTok supporting their badged measurement companions’ model security and suitability growth to almost 45 markets, we’re scaling our protection throughout key English, Spanish, French, and Portuguese-speaking markets this 12 months, with a concentrate on maximizing market protection for our prime advertiser clients. As a badged Meta enterprise associate, we worth Meta’s ongoing dedication to offering advertisers with transparency by way of model suitability controls and verification. We’re excited to start increasing our choices over the approaching months and stay in session with Meta for model suitability verification and measurement options on the feed which can complement our viewability and invalid visitors options, enabling additional growth of DV’s Genuine Advert protection to an excellent broader array of shopper engagement. Turning to CTV scale.

We grew CTV measurement volumes by 39% within the first quarter, outpacing the 14% CTV income development charge anticipated of the {industry} in 2023, in keeping with IAB analysis. We launched viewability verification and fraud safety protection on Netflix’s ad-supported plan, with DV’s verification on Netflix now obtainable in 12 markets globally. CTV stays a powerful differentiator for DV as a consequence of our complete protection, industry-leading options, and proprietary skill to determine CTV fraud. Solely DV covers the entire platforms that obtain nearly all of CTV advert spend, and our industry-leading options span all features of CTV, from prebid avoidance to post-bid blocking and monitoring.

Most significantly, we imagine no different firm has made as complete as an funding in individuals, infrastructure, and partnerships to make sure that CTV transactions are fraud free. Let me wrap up on scale with a concentrate on our worldwide enterprise growth, the place we delivered 26% year-over-year measurement income development within the first quarter with each the EMEA and APAC areas exhibiting double-digit development. For the reason that starting of 2021, we have practically doubled our worldwide gross sales, advertising, and consumer companies headcount, together with appointing a number of new nation leaders to domesticate native enterprise. With roughly 170 business personnel in EMEA and APAC and a market development plan that features opening 5 new worldwide markets which can increase DV’s business footprint to 26 places by year-end, we could not be extra enthusiastic about our prospects outdoors of North America within the coming years.

An amazing instance of the payoff of our elevated worldwide investments is the deal we lately closed with the TBS Tv Community in Japan, a information website owned by 28 Japan Information Community TV broadcasting corporations. TBS has adopted DV’s Writer Suite, an analytics and automation resolution that comprehensively helps advert high quality management and income evaluation for publishers and media corporations globally. Our closing differentiator is belief, which underpins {our relationships} with advertisers and platform companions and is core to the worth we ship to the digital promoting ecosystem. DV has a complete suite of accreditations and certifications and has by no means misplaced a world accreditation or had one revoked.

Our globally acknowledged TAG certifications and MRC accreditations exhibit DV’s dedication to innovation and supply towards the very best doable {industry} requirements. This belief extends to how we strategy privateness and information administration as properly. DV was lately ranked within the prime 1% of over 1,600 information suppliers scored by Neutronian of their newest transparency scores report and has renewed its Neutronian Cookieless Certification badge, which offers entrepreneurs with verification that the licensed information supplier is future-proofed for the deprecation of third-party cookies. Our concerted motion to uncover and publicize refined international fraud schemes that try to siphon tens of millions of {dollars} of advert spend throughout {industry} channels cements our place as a trusted associate performing in the perfect pursuits of our clients and the {industry}.

Aggressively unearthing fraud is core to DV’s mission, and the premise upon which any promoting final result needs to be measured. Final 12 months, DV’s Fraud Lab detected and mitigated dozens of fraud schemes and variants, with new fraud schemes greater than doubling during the last two years. This 12 months, DV uncovered BeatSting, an audio fraud scheme, and partnered with Roku to increase its Watermark know-how to uncover many extra fraud use circumstances, together with refined person spoofing that creates pretend impressions. This was the case with SmokeScreen, a fraud scheme that DV recognized that continues to generate greater than 300 million advert requests and siphons over $6 million month-to-month from unprotected advertisers and publishers.

Belief is not solely about accreditations or stories; it is about individuals and relationships. For the reason that day I joined practically three years in the past, my drive has been to construct a robust, numerous, and steady management staff made up of probably the most progressive, customer-centric minds within the house. Our clear dedication to a transparent frequent purpose has allowed us to draw the perfect expertise who grow to be a constant voice to all of our stakeholders, engendering belief throughout the promoting ecosystem. Pushed by a standard mission and perception in our long-term imaginative and prescient, our staff sticks collectively, and primarily based on our 95% gross income retention charge during the last 3 years, they’re a giant consider why our shoppers follow us too.

To conclude, whereas we frequently speak about how scale, innovation, and belief are our three key differentiators, execution is arguably probably the most vital to the success of any enterprise. DV continues to win as a result of we execute higher, interval. Our skill to efficiently innovate drives higher product efficiency that helps win new shoppers which, in flip, offers the information gas that powers a flywheel that in the end grows our enterprise. We’re happy with the robust begin to the 12 months and stay laser-focused on rising and realizing our stable pipeline of latest and expansionary offers that can additional drive our market share and create an excellent stronger long-term development trajectory.

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

Nicola Allais — Chief Monetary Officer

Thanks, Mark, and good afternoon, everybody. We’re happy to have delivered robust income development and profitability within the first quarter. The outperformance relative to our expectations was primarily pushed by stronger-than-expected measurement development, which provides us the boldness to lift our full-year 2023 income and adjusted EBITDA steerage. Complete income grew 27% in Q1 2023 to $123 million, primarily pushed by advertiser income development of 28%, which continues to be quantity led.

Within the first quarter, MTMs have been up 25% 12 months over 12 months, whereas MTFs grew 3% 12 months over 12 months. Activation income continues to be pushed by our premium ABS programmatic resolution which is now in its fifth 12 months since launch. ABS delivered 56% income development and comprised 56% of activation income in comparison with 48% within the prior-year interval. As Mark talked about, ABS volumes have been up 55% and the ABS mounted payment was 1% greater as we rolled out bifurcated ABS pricing for show and video impressions, following the implementation of an analogous worth bifurcation for our commonplace programmatic merchandise within the first quarter of final 12 months.

The ABS worth bifurcation was assumed in our authentic full-year 2023 steerage. Most of ABS’ first-quarter development got here from quantity growth by present clients who proceed to deploy this industry-leading resolution throughout extra markets. Turning to measurement. Income grew 22% pushed by present buyer growth on social and by the ramp of latest enterprise clients that we signed final 12 months.

Social measurement development was led by Meta and by TikTok, which just about achieved its full-year 2022 income contribution within the first quarter alone. Worldwide development of 26% within the first quarter outpaced total measurement development and now represents 26% of whole measurement income. Provide aspect income grew 15% pushed specifically by continued platform income development from Amazon and LinkedIn. Shifting to bills.

Price of income elevated by roughly $7 million, primarily as a consequence of greater prices from revenue-sharing preparations with programmatic companions tied to greater programmatic income, and in addition as a consequence of a rise in cloud companies prices. Income much less value of gross sales of 80% in Q1 ’23 is anticipated to stay comparatively steady for the rest of the 12 months as we proceed to spend money on scaling the infrastructure wanted to help our development. First-quarter analysis and growth bills elevated as a consequence of investments in AI and machine studying engineering sources. Gross sales and advertising and G&A bills mixed remained comparatively steady 12 months over 12 months as our rising scale is driving leverage on these two working expense strains.

Adjusted EBITDA of $36 million in Q1 ’23 represented a 29% margin and was forward of plan as a consequence of greater revenues, in addition to a slower tempo of hiring, which we anticipate to speed up within the second quarter. Web working money movement was $21 million, primarily pushed by greater year-over-year web revenue and stronger money collections. We ended the quarter with practically $286 million in money readily available and proceed to have zero debt excellent. Turning to steerage.

We anticipate second-quarter income within the vary of $131 million to $135 million, which suggests year-over-year development of 21% on the midpoint. The sequential development implied by our income steerage displays a troublesome comparability with the second quarter of 2022 when giant new advertisers considerably ramped their income contribution and when the usual programmatic worth bifurcation was absolutely rolled out. We anticipate second-quarter adjusted EBITDA within the vary of $37 million to $39 million, which suggests a 29% margin on the midpoint. For the second quarter, we anticipate stock-based compensation to vary between $14 million and $16 million, and weighted common diluted shares excellent to vary between 171 million and 173 million shares.

For full-year 2023 steerage, we anticipate income within the vary of $557 million to $569 million, which suggests year-over-year development of 24% on the midpoint. And we anticipate adjusted EBITDA within the vary of $171 million to $179 million, which suggests a 31% margin on the midpoint. We’ve raised full-year income and adjusted EBITDA steerage as a consequence of a stronger first-quarter efficiency and an expectation that the optimistic enterprise tendencies, significantly in measurement, will proceed. We anticipate full-year adjusted EBITDA margins of 31% as a result of power in first-quarter profitability whereas reflecting our plan to proceed investing in hiring engineering and gross sales expertise, enhancing machine studying capabilities, and additional constructing out the IT infrastructure to help our development.

On a sequential foundation, we anticipate the third quarter to characterize rather less than 25% of full-year income, and we anticipate third-quarter adjusted EBITDA margins to stay in keeping with the second quarter. To shut, we delivered a powerful first quarter with double-digit income development throughout all of our enterprise strains and are targeted on efficiently executing towards our plan for the remainder of the 12 months. And with that, we’ll open the road for questions. Operator, please go forward. 

Questions & Solutions:

Operator

Thanks. [Operator instructions] Our first query is from Michael Graham with Canaccord Genuity. Please proceed.

Michael Graham — Canaccord Genuity — Analyst

Hey, congrats on the — on the robust numbers. I simply needed to focus in on the worldwide measurement development for a minute as a result of, you realize, the final couple of quarters, that development charge had actually slowed down and also you accelerated to 26% development this quarter towards a troublesome comp in Q1 of final 12 months, 40% development. So, yeah, actually simply needed to listen to somewhat bit extra about the way you’re reaching that form of development rebound internationally.

Mark Zagorski — Chief Government Officer

Thanks, Michael, for the query. And we’re actually happy with the progress that we have made in — within the markets outdoors the U.S. EMEA grew at 23% 12 months over 12 months for the quarter, APAC at 31 %. And I feel plenty of that needed to do with one thing we have been speaking about for the previous few quarters, which was our continued funding in business sources outdoors of the U.S.

after which a business reorg which we began originally of final 12 months, which actually began to, you realize, shut up on the finish of the 12 months. These two issues gave us plenty of confidence in the truth that we had the proper individuals in the proper locations outdoors the U.S. they usually had the proper mission in entrance of them. Due to that, you realize, we noticed a very robust pipeline popping out of This autumn, which we talked about earlier this 12 months in our first name.

That pipeline actually got here to fruition in Q1. So, it was plenty of exhausting work by our groups. It was plenty of funding in individuals and in planning and in the end it was simply higher gross sales — higher gross sales and higher pipeline and that pipeline got here — got here to bear in Q1 of this 12 months.

Michael Graham — Canaccord Genuity — Analyst

OK. Thanks for the colour, Mark.

Mark Zagorski — Chief Government Officer

You bought it.

Operator

Our subsequent query is from Arjun Bhatia with William Blair. Please proceed.

Arjun Bhatia — William Blair and Firm — Analyst

Hey, guys, thanks and congrats on the robust quarter right here. I observed you have been optimistic. You raised your full-year information, clearly, and also you referred to as out, I feel, optimism on the measurement aspect of the enterprise. One, are you able to simply speak about what makes you assured in elevating steerage for the 12 months? And what are you seeing in measurement particularly that is providing you with — that is making you optimistic on the remainder of the 12 months right here?

Mark Zagorski — Chief Government Officer

Thanks. Thanks for the query, Arjun. You understand, we have at all times stated that sort of measurement within the core measurement enterprise was the — was the spine or the workhorse of the enterprise. And plenty of our success there’s associated to what I discussed to the query from Michael, which was, you realize, funding in gross sales sources and gross sales planning and reorganization of that gross sales staff.

These are the fellows that exit and shut the offers. And measurement, as you stated, is sort of core to spinning that flywheel, like we are saying, of upselling into programmatic, upselling into efficiency options. So, when that base hits, it is nice information for us for the 12 months. I would not — I would not completely equate it to a SaaS enterprise the place they get a giant chunk of their — their meat up entrance they usually know what the years seem like.

However we all know measurement clients, after they purchase in, they purchase in and stick, and that sticks with their — their spend all year long. So, you realize, I feel we have got confidence in the truth that these clients which have are available in, our measurement clients, these {dollars} are usually not as fluid as activation {dollars} which have a tendency to maneuver with programmatic spend. So, that offers us a — you realize, an excellent quantity of confidence that, yeah, we’re in the proper place the place we must be to lift the information for the 12 months, and we have got an excellent foundation from which to take action.

Arjun Bhatia — William Blair and Firm — Analyst

Excellent. Thanks, Mark. That is very useful. After which, I needed to the touch on consideration.

It looks like that product is beginning to get some good traction right here. Are we crossing the chasm with that resolution? And perhaps simply we would love to listen to the way you assume the prebid capabilities that you just launched with common consideration would possibly assist advance among the adoption of this consideration resolution right here.

Mark Zagorski — Chief Government Officer

Yeah, I feel it is an important query. And we do speak rather a lot about consideration. I feel — I do not know if we name it a chasm, however let’s name it a mountain to climb. And, you realize, we’re — we have — we have began making our approach up that mountain, and I feel we’re getting some good traction.

You understand, we noticed two instances the volumes of checks 12 months over 12 months, two instances the quantity of income in Q1 12 months over 12 months, you realize, thrice the quantity of marketing campaign blueprints in consideration. So, it is — we’re getting there, proper. The dimensions is getting there. I feel a giant a part of it, and I feel we additionally talked about this on our final name, was, you realize, we love the — we love the worth prop of getting pre-bid and post-bid work collectively.

We have seen the ability of that with our core verification options. We have seen the ability of that with ABS working with measurement. And I feel the — the flexibility for us to sort of develop the eye class as a complete I feel may also profit from having pre-bid and post-bid working collectively. So, you realize, I feel we at all times say it is nonetheless early days although it has been a protracted interval of early days.

However because the {industry} catches up with standardization and people issues get locked in, and whilst competitors will get larger, I feel, you realize, competitors is OK on this house as a result of it really sort of justifies, you realize, the concept consideration issues and a spotlight issues to advertisers. We will see extra traction there. So, we love the introduction of a pre-bid resolution. We expect that is going to assist drive that optimization cycle.

And, you realize, that is only the start for pre-bid on consideration. We expect there’s an evolution of that to an much more highly effective resolution on the pre-bid aspect, the identical approach we developed commonplace model security and model suitability and to genuine model suitability, which is, arguably, now nonetheless one among our strongest merchandise. I feel we have got a protracted method to go, however we’re taking these steps one after the other. And the introduction of actually the primary scaled optimization pre-bid consideration section out there’s a nice step towards that.

Arjun Bhatia — William Blair and Firm — Analyst

Thanks, Mark, and congrats once more on the quarter, guys.

Mark Zagorski — Chief Government Officer

Thanks.

Operator

Our subsequent query is from Justin Patterson with KeyBanc Capital Markets. Please proceed.

Justin Patterson — KeyBanc Capital Markets — Analyst

Nice. Thanks. Two questions. I will do the primary after which observe up after.

I simply needed to the touch on ABS. You understand, it has been your greatest resolution, 5 years in launch, and now nonetheless rising 56%. I feel most of that was pushed by quantity this quarter. Simply speak about the way you see that quantity growth potential from — from present clients going ahead.

After which — properly, there and go for my follow-up after.

Mark Zagorski — Chief Government Officer

Yeah, you realize, look, ABS continues to be an actual powerhouse for us. As you famous, a majority of the expansion that we had from ABS, the income development got here from present clients this quarter. You understand, 94 of our prime 100 clients are utilizing ABS proper now in Q1. So, what that exhibits to me is that, even with fairly important penetration in our prime 100 clients, to have the ability to develop at a 56% year-over-year development charge means ABS works, shoppers are utilizing it in additional markets, they’re utilizing it throughout extra manufacturers, and, you realize, it nonetheless received legs.

So, we proceed to steer with our programmatic options in lots of pitches. We proceed to have alternatives beneath the highest 100 shoppers to proceed to develop. And, you realize, we expect ABS goes to proceed to drive development for us even after, as we famous, a worth bifurcation through which we raised the worth on video. We noticed little or no friction from that worth enhance.

So, it not solely exhibits the utility of the product, however the worth that we’re creating for advertisers to indicate that development.

Justin Patterson — KeyBanc Capital Markets — Analyst

Nice. Thanks. After which, for the second query, I needed to the touch on social measurement a bit extra. Meta and TikTok virtually reaching their ’22 income contribution in simply the primary quarters, very spectacular.

We would love to listen to extra about simply the way you’re desirous about social progressing within the 12 months and whether or not that would really flip right into a channel that brings web new advertisers into the broader DV ecosystem. Thanks.

Nicola Allais — Chief Monetary Officer

Yeah, Justin, I will take this one. So — so, simply to make clear, it’s TikTok income that achieved all of ’22 income in Q1 ’23. That may be a a lot bigger base than we have had merchandise with Meta for a for much longer time frame. However, you realize, your factors round social are the proper ones.

We — we have been very happy with how — how robust the uptake is on the TikTok product. It’s now already our third-largest social platform. It stays small when you evaluate it to Meta and YouTube, however it’s an indicator that, you realize, our merchandise are actually resonating within the — within the social channel. So.

it was about 38% of our measurement enterprise within the quarter, and that was up from the place it was final 12 months. So, you realize, we felt very strongly that we are going to proceed to see traction on the social walled gardens as we — as we proceed to place extra merchandise on the market and going to new markets.

Mark Zagorski — Chief Government Officer

And I will throw one different level there, too, Justin, which is, you realize, you talked about does it have the flexibility to draw new clients. You understand, in Q1, it actually did as a result of 40% of our income development was from new clients within the quarter, in social — social measurement development, that’s. That was from new clients. And, you realize, it was of us like Mars, Paramount, Bumble, Firestorm , ConAgra, large manufacturers who’re activating throughout social.

TikTok is actually serving to on that entrance as a result of individuals are shifting there. So, once more, social is a spot that we’ll really feel very snug, persevering with to concentrate on development there and we’ll proceed to take a position as properly.

Justin Patterson — KeyBanc Capital Markets — Analyst

Thanks each.

Mark Zagorski — Chief Government Officer

OK.

Operator

Our subsequent query is from Andrew Boone with JMP Securities. Please proceed.

Andrew Boone — JMP Securities — Analyst

Hello, thanks for taking my questions. Mark, you took the EBITDA information up some extent, and earlier, you talked about the investments that you just made final 12 months in Worldwide. I assume my query is, are you now to scale with sources you could let extra upside movement by way of to EBITDA and profitability? After which, for my second, you guys talked about 45% of the highest 700 shoppers are utilizing lower than half of the important thing merchandise in 2022. Are you able to simply speak about that upsell cycle? What’s left that you just guys actually need to push as you consider ’23 and ’24? What do you assume is the low-hanging fruit from right here on the — on the upsell? Thanks a lot.

Mark Zagorski — Chief Government Officer

Certain. I will take the second half of that query and let Nicola take the primary half. Something that claims EBITDA, I put the CFO who’s a lot better in these numbers. However after we have a look at the upsell cycle, and also you’re proper, we have got nonetheless a fairly first rate quantity of product upsells to make throughout the board.

You understand, we speak about ABS, though ABS is a few fairly excessive penetration in our prime 100 shoppers, we nonetheless received plenty of room in our subsequent, you realize, a number of hundred to go after. And that is at all times going to be our first go-to after we have a look at the upsell cycle, is transfer anyone who’s utilizing commonplace model security or model suitability to ABS, proper? So, I feel that is — that is a giant one. The second is after we have a look at social. Social measurement continues to be, you realize, an important development engine for us, however we have a look at social as a separate class.

So, simply since you’re doing measurement for us within the open net, and even utilizing programmatic on open net, does not imply you are a consumer that is utilizing us for measurement on social. So, after we consider, like, the primary two issues we’ll stroll right into a buyer to do and we’ll upsell, it may be ABS after which social. And I feel we have got room on each of these merchandise as we have a look at, you realize, the potential upsell, plus we all know that they are each nice margin drivers for us, nice development drivers for us, significantly in alternatives outdoors the U.S.

Nicola Allais — Chief Monetary Officer

Yeah, by way of EBITDA margins and expectations and the way we — how we give it some thought for the — for the way forward for the enterprise, you realize, we did have a powerful first quarter round profitability. I feel the numbers that make us really feel very strongly that we’ve got, you realize, a enterprise that may scale is absolutely the place the investments have been. So, we have been capable of basically have, nearly, year-on-year flat on gross sales and advertising and G&A. And we have spoken about the truth that we have already invested in SG&A in prior years.

And in 1 / 4 the place, for instance, you see 26% development in worldwide, it isn’t as if we needed to make investments extra sources to attain that development. So, there’s inherent scale coming from these two strains as we grow to be a bigger firm. Nonetheless, we’re persevering with to decide on to spend money on R&D. That’s the one space the place you will notice development in investments 12 months on 12 months, and that’s particularly round information scientists to permit us to go deeper into AI, machine studying investments.

These are usually not brand-new investments. We have been doing it for a few years already, however the alternative there to proceed to take a position is — is obtainable to us, and we’ll do it as a result of it may speed up our product street map. So, it is a lengthy method to say we’re selecting to proceed to take a position. Our EBITDA margin continues to be very wholesome, however we’re already seeing the advantages of this scaling of our enterprise in gross sales and advertising and G&A.

Andrew Boone — JMP Securities — Analyst

Thanks.

Nicola Allais — Chief Monetary Officer

Certain.

Operator

Our subsequent query is from Mark Murphy with J.P. Morgan. Please proceed.

Mark Murphy — JPMorgan Chase and Firm — Analyst

Thanks a lot, and I will add my congrats. Mark, I needed to ask you, the win charges stay very excessive. Are you able to refresh us on the function of accreditations, by way of that lens simply that will help you win enterprise? And the way vast is the hole right this moment within the accreditations between DoubleVerify and if we evaluate that to the No. 2 and No.

3 opponents? After which, I’ve a fast follow-up.

Mark Zagorski — Chief Government Officer

Yeah, I imply, look, accreditations are undoubtedly a part of the matrix of — of parts that go into the choice course of for an advertiser. It is an necessary one, as is customer support and buyer help, as is pricing. However most likely nonetheless an important one is the efficiency of the platform, and that is the place we proceed to lean in. That is why know-how expens is such an necessary one for us to maintain investing in as a result of when these platforms go face to face, you realize, we have stated this repeatedly, whichever platform delivers the very best ROI by filtering out probably the most fraud, by creating the best stage of brand name granularity, model suitability, granularity is the one which’s going to win.

And I feel that is driving an important win ratio for us. However when it does come to accreditation, I imply we have a look at the quantity throughout the a number of totally different organizations which are on the market. You understand, our greatest estimate is we’re wherever from 50% extra totally different accreditations to virtually double relying it is — it is exhausting to search out it. There’s a number of totally different locations the place individuals have accreditations in numerous international locations, however we actually outpace our opponents by a big quantity in that house.

Mark Murphy — JPMorgan Chase and Firm — Analyst

OK. After which, as a fast follow-up, what are you discovering by way of viewability within the CTV realm? What I imply is, are there fewer points as a result of, in some circumstances, you’ve gotten a lot bigger screens? Or are you discovering that there are extra points as a result of you may — you may encounter buffering or, you realize, advert placement issues or, you realize, among the ad-skipping capabilities of these platforms?

Mark Zagorski — Chief Government Officer

Yeah, it is an important query. I imply, you realize, there’s at all times been this assumption that, you realize, CTV is 100% viewable, proper? It is in somebody’s front room, how may it not be considered? Very totally different issues than a banner advert on an online web page the place somebody can scroll by it, or an impression on a cell phone that will get, you realize, pushed by in a short time or shut off. However there are nonetheless important points round viewability, and the issues that we’re monitoring are precisely the issues, Mark, that, you realize — which is does the advert run for the total first quartile, proper? Does it — did it run for that time frame that I can really register as viewable? Does that advert, most significantly, is it operating whereas the TV is on, which, imagine it or not, changing into an more and more important challenge for advertisers as a result of many apps are usually not passing the sign that claims this tv is on, they’re really operating adverts whereas the TV is on both mistakenly as a result of they should not be doing that, or on goal as a result of they don’t seem to be authentic apps. So, viewability, the best way that we measure viewability is a bit totally different than what you consider within the conventional net world.

However these points are persevering with to be actual points for advertisers, which is adverts not operating the total extent that they need to and adverts operating when a tv display is definitely off, the field is on. The system’s working, the pc is working, and it is operating that — that streaming software, however the display’s not on. So, these are points that proceed to be difficult to advertisers. And I feel they’re simply beginning to get up to the truth that this can be a actual — you realize, that is actually one thing that we must always begin measuring and being attentive to.

Mark Murphy — JPMorgan Chase and Firm — Analyst

Thanks very a lot.

Mark Zagorski — Chief Government Officer

You bought it.

Operator

Our subsequent query is from Eric Sheridan with Goldman Sachs. Please proceed.

Eric Sheridan — Goldman Sachs — Analyst

Thanks a lot for taking the questions, perhaps two if I may. By way of the stat you gave on growing variety of giant advertisers and bringing that again to probably new logos, are there any {industry} verticals and/or geos you are calling out if you have a look at your backlog for brand spanking new giant advertisers or new logos that you just assume we needs to be monitoring for potential for outsized development or areas the place the backlog is displaying you plenty of promise by way of constructing not just for 2023 however past? After which, the second query can be on — on Netflix as a platform. How a lot of scaling the Netflix enterprise now as we transfer by way of ’23 and out into the out 12 months is about parts the place it is advisable make investments to form of place you to learn from what they construct over the long run versus simply them executing on merely scale of the ad-supported clients and subscribers over time, and that is the place the income unlock is? Thanks a lot.

Mark Zagorski — Chief Government Officer

For positive. So, your first query, you realize, the great factor about our enterprise, which — which we talked about up to now, is that we have got a fairly broad-based set of advertisers. So, when you bear in mind, a number of quarters in the past, there was a — there have been provide chain points round audio supply and broadcast supply. So, you realize, plenty of of us who’re targeted on these two segments had some challenges, you realize, operating adverts as a result of there was no motive to promote when you could not promote the product to get the product in-store.

We did not see that as a result of, you realize, we’re actually properly distributed throughout all the most important advert segments. So, there’s not one through which we are able to say we have seen both outsized enhance or lower during the last a number of quarters. We have seen development throughout all of them, which is — which has been fairly good. With regard to Netflix, you realize, it solely launched a number of months in the past, I feel March.

And so, you realize, nonetheless comparatively early, however we’re seeing some fairly first rate volumes beginning to come throughout that. And it’s having an influence on our CTV quantity. We have clients like Molson Coors, Nintendo, Santander, Toyota which are beginning to purchase throughout and use verification throughout Netflix. So, there’s undoubtedly curiosity.

There’s undoubtedly {dollars} beginning to movement there. And though it is fairly early for Netflix, you realize, it is fairly small. You understand, we’ll be there with them for the experience, which is nice, and I feel it is a good place for us to be. We’re in 12 markets with them.

That’ll proceed to develop and we’ll proceed to develop with.

Operator

Our subsequent query is from Laura Martin with Needham and Firm. Please proceed.

Laura Martin — Needham and Firm — Analyst

Hey, there, Mark, nice outcomes. My first one is on this 80% new enterprise win you proceed to get, my query is, if you go to pitch after which they fight you versus your competitor, do you bundle your merchandise in order that that hit charge goes up over time? Or if you do the RFP, does it at all times begin with a single product, so you are not actually benefiting from bundling in these — these fabulous merchandise that you just’re, you realize, investing in?

Mark Zagorski — Chief Government Officer

It is an important query, Laura. I want we may bundle every part in on day one and simply promote them a giant bundle. However the — the brief reply is it undoubtedly varies. There are shoppers which are searching for single options and we’re displacing, for instance, most on a viewability deal or IAS on a model security deal after which we develop from there.

So, it undoubtedly is a bit all around the board, however it nonetheless lends us to that entire sort of land and increase, proper? We need to get in, get a foot in there in order that we are able to push different options throughout. And after we say 80% win ratio, that is — you realize, that could possibly be towards a single product or it could possibly be throughout a bundle or enterprise deal. So, you realize, it’s undoubtedly a mixture of various kinds of wins, however in both case, we’re trying to promote all of them, you realize, merchandise throughout our total six classes of options. And I’d say, in a overwhelming majority of them, we’re not getting in with all six of these classes coated.

It is some very small portion of that.

Laura Martin — Needham and Firm — Analyst

Tremendous useful. My second one is you realize the factor I preferred greatest is that you just’re carrying the video product for ABS. So, my query on pricing technique is, what’s the enterprise mannequin for consideration? Is it a p.c of media, or is it simply an add-on to flat payment impressions?

Mark Zagorski — Chief Government Officer

Yeah, it is an important query. Proper now, consideration is ready up as a — is a CPM-based product. So, it’s extremely very like measurement. It is a measurement resolution bought incremental to our verification.

So, consider it as an add-on to verification that is at a comparatively first rate premium to — to core measurement. So, it is a premium-priced add-on to our measurement resolution right this moment. Doesn’t suggest that that mannequin could not change sooner or later. And, you realize, particularly as we begin increasing consideration into CTV in different places, we will definitely have a look at totally different fashions that will drive a unique sort of profile for the answer.

Laura Martin — Needham and Firm — Analyst

Unbelievable. Thanks very a lot.

Mark Zagorski — Chief Government Officer

You bought it.

Operator

Our subsequent query is from Raimo Lenschow with Barclays. Please proceed.

Frank J. Surace — Barclays — Analyst

That is Frank on from Raimo. Congrats on one other robust quarter right this moment. I need to keep on these new brand wins. Is the shopping for determination nonetheless extra pushed by the ROI pitch, or have newer merchandise and media begun to maneuver the needle on these RFPs?

Mark Zagorski — Chief Government Officer

An amazing query. I feel ROI is what will get us within the door, proper? And the — the newer performance-based options are sort of, at this stage, nonetheless the icing on the cake, proper? I can let you know, they do generally open that door for us. So, after we launched, for instance, our emissions measurement options with Scope 3, there was this enormous quantity of curiosity in trying on the environmental influence of advert transactions. That created a dialogue which, after all, we got here in and exploited to sort of, you realize, promote extra options throughout the board? So — however for probably the most half, you realize, of us are often searching for core options.

We glance to drive new implementations throughout these core options after which complement them with our efficiency options afterwards. It is — you realize, it undoubtedly varies throughout the board. And as that basket of products will get larger, it offers extra alternatives to have, you realize, conversations with our clients. And every of them has totally different wants.

And that is why having, you realize, a broad foundation of fine and broad protection throughout a number of various kinds of platforms is so critically necessary to us as a result of we simply need to have a giant web to seize a number of various kinds of alternatives.

Frank J. Surace — Barclays — Analyst

Very useful. Thanks, Mark.

Mark Zagorski — Chief Government Officer

Obtained it.

Operator

Our subsequent query is from Yun Kim with Loop Capital Markets. Please proceed.

Yun Kim — Loop Capital Markets — Analyst

All proper. Thanks. Congrats on a stable quarter, Mark. And simply following up on a query about — concerning the growth with present clients.

So, you realize, when you can speak concerning the present development that you just’re seeing for the general growth charge for the prevailing clients, has that been regular or has that proven enchancment in latest quarters? And in addition, simply sort of curious when you can evaluate that growth charge with present clients, is that extra product pushed or is that extra pushed by clients merely growing their quantity and including extra channels?

Mark Zagorski — Chief Government Officer

I feel I will let Nicola speak right here.

Nicola Allais — Chief Monetary Officer

Certain, I will take it. So, I will say the one factor that we have seen that is constant 12 months on 12 months is that the — this form of getting in with a buyer after which increasing has continued. What we — what — what is absolutely on the backside — on the core, what’s driving the growth is clearly product upsell, however I do not need to overlook geographic growth. So, we would begin with a consumer in a single area after which increase with quantity in extra areas.

And whereas the expansion in worldwide that we’re — that we skilled on this quarter was partly on new wins, there’s additionally a side of it which is simply geographic growth for present clients. So, the profile of what we’re seeing by way of the growth is a mixture. It is actually new merchandise, new geographies. And clearly, as new sectors grow to be obtainable comparable to TikTok, then we’re capable of increase as properly.

One measure to — to — to perhaps sort of anchor the reply is the highest 200 clients. On the highest 200 clients, you realize, that quantity — I am sorry, on the shoppers that spend over 200,000 within the final 12 months, that quantity grew 29% in This autumn, and it grew 31% in Q1 23. So, you see that, the ability of the growth on the {dollars} that we’re getting from these clients.

Yun Kim — Loop Capital Markets — Analyst

Nice. After which, Nicola, I’ve a follow-up. On the gross margin, was there a brand new greater revenue-sharing association that drove that large sequential uptick? Or — after which, additionally, you realize, simply the general enhance in cloud prices, is that primarily pushed by new merchandise that require extra cloud sources? Is worldwide combine having any influence on the gross margin? Thanks.

Nicola Allais — Chief Monetary Officer

Yeah, so what’s driving the altering gross margin is a better income share for the activation income, however it’s not as a result of the precise agreements are altering. It is simply that the income is getting larger. So, it is a greater income share simply because the income is greater, and so it is impacting gross margin from that perspective. The — along with these prices, as we stated in — in our — in our ready remarks, we’re selecting to spend money on extra cloud computing sources, that are prices are impacting the gross margin.

This can be a determination that we’re making this 12 months as a result of we’re anticipating to see returns by way of us with the ability to gas extra development. So, it’s a — it’s a enterprise determination to take a position into that line along with the truth that activation is now a bigger share of our income.

Yun Kim — Loop Capital Markets — Analyst

Superior. Thanks a lot.

Nicola Allais — Chief Monetary Officer

Thanks, Yun.

Operator

Our subsequent query is from Mark Kelley with Stifel. Please proceed.

Mark Kelley — Stifel Monetary Corp — Analyst

Hello. Nice. Thanks very a lot. I needed to return to consideration actually rapidly, simply I need to get your thought.

Given that there’s a bunch of various methodologies which are being labored on, issues like eye monitoring and, you realize, the tactic that you just guys use, does that sort of lengthen the — the timeline for some form of standardization throughout the {industry}? That is the primary one. After which, the second is simply on this new AI product that you just talked about. Are you able to dive into that just a bit bit extra? I assume, you realize, what are the shifting items, and the way a lot of the present tech that you’ve are you able to reuse there? Thanks.

Mark Zagorski — Chief Government Officer

Obtained it. It is an important query. So, first, let me — let me tackle the query on the various kinds of ways in which, you realize, of us try to construct consideration metrics. I feel, you realize, the fact of it’s methodology shouldn’t drive standardization.

I — you realize, requirements are — commonplace’s consideration and engagement, needs to be seen as comparatively finite metrics that may be constant irrespective of how somebody determines what consideration is, i.e., you realize, when somebody’s measuring attain and frequency, it is 18 to 34-year-old male is the metric, proper? The way you discovered that out shouldn’t be determinant of what occurs on the finish. So, I feel the totally different methodologies should not decelerate, you realize, the standardization of the usual metrics that — that folks agree to find out how we’ll measure consideration. So A, I feel they will generally be useful in accelerating the dialogue, however on the finish of the day, you realize, I feel the {industry} goes to decide on a definition that is sensible it doesn’t matter what the methodology is. We imagine that census and impression-level methodology is probably the most legitimate.

It is probably the most strong as we noticed within the, you realize, the linear TV measurement world or some other world that makes use of panels or very small samples. They’re apt to be extrapolated in mistaken methods, to be misinterpreted, and plenty of instances, misapplied. So, you realize, in the end, we do really feel that probably the most strong approach of measuring consideration has to do with census-level impression-by-impression measurement. Doesn’t suggest it may be supplemented by different varieties of panel-based methodology, however in the end, we expect that is the one which’s going to have the very best stage of effectiveness and effectivity round there. Relating to what we talked about concerning our new premium product, this is step one, and it is the primary child step into taking consideration metrics and launching them into the activation sphere.

We all know how profitable taking a measurement metric like model suitability or model security will be when put into activation, so the flexibility to filter and optimize after which measure afterwards. So, you realize, it is a first step there, identical to our first steps have been with commonplace model security, they usually developed into genuine model suitability, which is a way more fluid, rather more dynamic software within the programmatic world. We expect that is sort of step one and which can evolve into a way more fluid and rather more dynamic software down the street on the previews aspect.

Mark Kelley — Stifel Monetary Corp — Analyst

All proper. Thanks, Mark.

Mark Zagorski — Chief Government Officer

Yep.

Operator

And our closing query is from Youssef Squali with Truist Securities. Please proceed.

Youssef Squali — Truist Securities — Analyst

Nice. Thanks very a lot and congrats on a stable quarter. So, one fast query for Mark and one for Nicola. So, Mark, it was fascinating, within the press launch you talked about the market share positive factors throughout your three enterprise strains.

I used to be simply questioning when you may simply please remind us of the 2 or three merchandise you’re feeling — or merchandise that you just really feel you’ve gotten probably the most sort of aggressive benefit inside sustainability of that edge. After which, Nicola, sorry when you talked about this in your ready remarks, however are you able to simply remind us what’s baked into your steerage by way of gross margin for Q2 and 2023? Thanks.

Mark Zagorski — Chief Government Officer

All proper, so I will speak somewhat bit about, you realize, I feel the place we actually excel in our — in our product and our innovation. I feel the primary is one thing, once more, we proceed to speak about, which is ABS. There are imitators. There are different options on the market that attempt to do the identical factor, however no single product on the market, we expect, is similar to ABS.

And I feel it exhibits with the continued legs and development it has even after the quite a few years it has been in market. To have the ability to develop at 56% 12 months over 12 months and Q1 is fairly distinctive. So, I feel ABS is a — is a bonus,. It helps us develop market share.

It helps us win offers, and clearly, it helps drive income for the enterprise as properly. I feel, you realize, outdoors of that, it is our — our distinctive basket of — of products across the edges. And I name them across the edges, however there they don’t seem to be lesser merchandise. So, our benefit in consideration, I can let you know, simply helped us win a serious advertiser deal, not as a result of it was going to be an enormous a part of what they did, however they liked what we did round consideration.

And so, this can be a differentiator between you guys and others, we’ll take your core options, however we’ll lean into consideration down the street. And I feel our continued skill to innovate round issues like consideration, round areas like CTV and CTV viewability the place we’ve got actually distinctive viewability options and distinctive options which are detecting issues like TV off, these are areas which we speak about rather a lot. They do not generate enormous quantities of income for us but. However when somebody appears on the basket of products they’re shopping for, they need to have a look at a core resolution plus improvements across the edges.

They actually matter, they usually assist us shut new offers.

Nicola Allais — Chief Monetary Officer

And, Youssef, on the — in your second query, you realize, on the gross margin aspect, income much less value of gross sales, it was 80% in Q1. And we anticipate it to stay comparatively steady round these ranges as we select to proceed to spend money on our infrastructure. So, it is a selection we’re making to spend money on it.

Youssef Squali — Truist Securities — Analyst

That is useful. OK, thanks.

Operator

We’ve reached the top of our question-and-answer session. I want to flip the convention again over to Mark for closing feedback.

Mark Zagorski — Chief Government Officer

OK. Thanks all for the nice questions. And I might prefer to take this time to thank the staff worldwide for his or her exhausting work and dedication to our mission and for delivering one other nice quarter of outcomes, and in addition to thank all of our stakeholders, our clients, companions, and buyers for his or her continued help. We sit up for seeing a lot of you at upcoming conferences and occasions.

Have an important night, all people.

Operator

[Operator signoff]

Period: 0 minutes

Name contributors:

Tejal Engman — Senior Vice President, Investor Relations

Mark Zagorski — Chief Government Officer

Nicola Allais — Chief Monetary Officer

Michael Graham — Canaccord Genuity — Analyst

Arjun Bhatia — William Blair and Firm — Analyst

Justin Patterson — KeyBanc Capital Markets — Analyst

Andrew Boone — JMP Securities — Analyst

Mark Murphy — JPMorgan Chase and Firm — Analyst

Eric Sheridan — Goldman Sachs — Analyst

Laura Martin — Needham and Firm — Analyst

Frank J. Surace — Barclays — Analyst

Yun Kim — Loop Capital Markets — Analyst

Mark Kelley — Stifel Monetary Corp — Analyst

Youssef Squali — Truist Securities — Analyst

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