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DoubleVerify Holdings, Inc.

CIK:0001819928|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
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
Weightedaverage 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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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
Supplemental cash flow information:
Cash paid for interest	573	500
Noncash investing and financing transactions:
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

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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
Current liabilities
Trade payables	12,992	14,662
Accrued expense	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