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DoubleVerify (DV 3.10%)
Q1 2023 Earnings Name
Might 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. Right now, all contributors are in in listen-only mode. An issue-and-answer session will observe the formal presentation.
[Operator instructions] Please notice, 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 now are Mark Zagorski, CEO, and Nicola Allais, CFO. In the present day’s press launch and this name could include forward-looking statements which are topic to inherent dangers, uncertainties, and modifications, and mirror our present expectations and knowledge at the moment accessible to us, and our precise outcomes may differ materially. For extra data, please seek advice from the chance components in our latest SEC filings, together with our Kind 10-Q and our annual report or Kind 10-Okay.
As well as, our dialogue right now will embody references to sure supplemental non-GAAP monetary measures and needs to be thought-about along with, and never as an alternative choice to, our GAAP outcomes. Reconciliations to probably the most comparable GAAP measures can be found in right now’s earnings press launch, which is accessible on our investor relations web site at ir.doubleverify.com. Additionally, through the name right now, we’ll be referring to the slide deck posted on our web site. With that, I will flip it over to Mark.
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Mark Zagorski — Chief Government Officer
Thanks, Tejal, and thanks all for becoming a member of us right now. 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 couple of key areas: first, on launching modern, outcome-driving merchandise anchored in our deep experience and legacy investments in machine studying and knowledge science; second, scaling our independently accredited core verification options throughout main social and CTV platforms; and eventually, increasing our partnerships with massive advertisers and preeminent digital advert platforms across the globe. On all three fronts, we will 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 now we have 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 impression of this dedication when it’s embraced and powered by a passionate group of DV crew members in 21 areas world wide. 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 rivals.
We noticed robust, sustained, and broad-based demand for DV’s options with every of our three enterprise traces 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 current clients and new buyer wins. We received quite a few RFPs within the first quarter, representing significant expansions with current shoppers, together with Merck adopting DV measurement and ABS in 60 worldwide markets, Airbnb making the DV Genuine Advert its measurement foreign money 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 shopper 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 profit from. These new shopper wins play into our profitable land-and-expand technique by means of which we grew the variety of advertiser clients producing greater than $200,000 over the past 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 current buyer base stays vital. Our acquisition technique additionally continues to pay dividends on the subject of shopper development. By specializing in M&A that accelerates our product highway map, provides complementary new applied sciences, and expands new native market protection, we create development alternatives throughout the DV portfolio and drive measurement foreign money ubiquity. Since integrating our acquired social activation instruments at the start of 2022, over 65 new clients have activated DV’s pre-campaign social options on YouTube and/or on Meta.
Newly acquired assets helped drive development throughout our worldwide measurement buyer base with over 60 new clients activating the DV Genuine Advert in EMEA because the fourth quarter of 2021. DV continues to outpace the {industry} and achieve market share resulting from three key differentiators: our quickly rising scale, our industry-leading innovation, and the deep degree of belief now we have constructed with our clients as an unbiased and impartial companion. 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 knowledge science that drives our machine-learning applied sciences.
AI, and the machine studying that powers it, have change into buzzwords with little rationalization of how they drive differentiation and construct benefits for the businesses that leverage them. Let’s focus on how this works for DV. Head-to-head exams present that DV’s ML-supported pre-bid model security and suitability options persistently drive higher reductions in post-bid block charges than our rivals’ 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 over the past decade.
The identical is true for our fraud verification capabilities. The DV Fraud Lab consists of devoted knowledge 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 thousands and thousands of bot and malware gadgets every day. The expansion of AI additionally might also have an attention-grabbing impression 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 which may be algorithmically generated and is working with shoppers to find out how we evolve classification to satisfy 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. In the present day, DV provides the {industry}’s most strong cross-platform consideration resolution, which makes use of impression-level knowledge, not restricted to panels, to measure 50 distinctive knowledge 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 had 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 knowledge, our pre-bid common consideration section allows 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 rivals’ measurement options, not solely creating an enormous, long-term activation alternative but in addition unlocking a big measurement upsell alternative down the highway. Talking of measurement, DV Genuine Consideration measurement continues to realize momentum with first-quarter take a look at volumes doubling and marketing campaign activations tripling 12 months over 12 months. Almost 80 advertisers have activated DV Genuine Consideration campaigns up to now 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 foreign money and producing actual outcomes for our clients out there right now. Let’s transfer on to one in every of DV’s most profitable and essential product improvements, Genuine Model Suitability. Since its launch in 2018, we have considerably enhanced the worth ABS delivers by means 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, now we have 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 means to boost 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 larger CPM media similar 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 shopper UI, which decrease shopper overhead to make use of DV options, making it simpler than ever to effectively drive outcomes throughout a shopper’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 similar 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 now we have 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. Actually, we generated almost 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 companion, we worth Meta’s ongoing dedication to offering advertisers with transparency by means 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 is able to complement our viewability and invalid visitors options, enabling additional growth of DV’s Genuine Advert protection to an excellent broader array of client 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 response to IAB analysis. We launched viewability verification and fraud safety protection on Netflix’s ad-supported plan, with DV’s verification on Netflix now accessible in 12 markets globally. CTV stays a powerful differentiator for DV resulting from our complete protection, industry-leading options, and proprietary means to determine CTV fraud. Solely DV covers all the platforms that obtain the vast majority of CTV advert spend, and our industry-leading options span all facets 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 almost doubled our worldwide gross sales, advertising and marketing, and shopper providers 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 is able to increase DV’s business footprint to 26 areas 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 not too long ago closed with the TBS Tv Community in Japan, a information web site 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 global accreditation or had one revoked.
Our globally acknowledged TAG certifications and MRC accreditations display DV’s dedication to innovation and supply towards the best attainable {industry} requirements. This belief extends to how we strategy privateness and knowledge administration as nicely. DV was not too long ago ranked within the prime 1% of over 1,600 knowledge suppliers scored by Neutronian of their newest transparency rankings report and has renewed its Neutronian Cookieless Certification badge, which gives entrepreneurs with verification that the licensed knowledge 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 thousands and thousands of {dollars} of advert spend throughout {industry} channels cements our place as a trusted companion 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 consequence 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 over the past 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 instances, 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 almost three years in the past, my drive has been to construct a robust, numerous, and steady management crew made up of probably the most modern, customer-centric minds within the area. Our clear dedication to a transparent widespread aim has allowed us to draw the perfect expertise who change into a constant voice to all of our stakeholders, engendering belief throughout the promoting ecosystem. Pushed by a typical mission and perception in our long-term imaginative and prescient, our crew sticks collectively, and based mostly on our 95% gross income retention charge over the past 3 years, they’re an enormous consider why our shoppers stick to 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 crucial to the success of any enterprise. DV continues to win as a result of we execute higher, interval. Our means to efficiently innovate drives higher product efficiency that helps win new shoppers which, in flip, gives 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 strong 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 supplies us the boldness to boost our full-year 2023 income and adjusted EBITDA steerage. Whole 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 had 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 had been up 55% and the ABS mounted price was 1% larger as we rolled out bifurcated ABS pricing for show and video impressions, following the implementation of the same 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 current clients who proceed to deploy this industry-leading resolution throughout extra markets. Turning to measurement. Income grew 22% pushed by current 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 nearly achieved its full-year 2022 income contribution within the first quarter alone. Worldwide development of 26% within the first quarter outpaced general measurement development and now represents 26% of complete measurement income. Provide facet income grew 15% pushed particularly by continued platform income development from Amazon and LinkedIn. Shifting to bills.
Value of income elevated by roughly $7 million, primarily resulting from larger prices from revenue-sharing preparations with programmatic companions tied to larger programmatic income, and likewise resulting from a rise in cloud providers prices. Income much less price of gross sales of 80% in Q1 ’23 is predicted to stay comparatively steady for the rest of the 12 months as we proceed to put money into scaling the infrastructure wanted to assist our development. First-quarter analysis and improvement bills elevated resulting from investments in AI and machine studying engineering assets. Gross sales and advertising and marketing 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 traces.
Adjusted EBITDA of $36 million in Q1 ’23 represented a 29% margin and was forward of plan resulting from larger revenues, in addition to a slower tempo of hiring, which we count on to speed up within the second quarter. Web working money stream was $21 million, primarily pushed by larger year-over-year internet earnings and stronger money collections. We ended the quarter with almost $286 million in money available and proceed to have zero debt excellent. Turning to steerage.
We count on 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 massive new advertisers considerably ramped their income contribution and when the usual programmatic worth bifurcation was absolutely rolled out. We count on 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 count on 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 count on income within the vary of $557 million to $569 million, which suggests year-over-year development of 24% on the midpoint. And we count on adjusted EBITDA within the vary of $171 million to $179 million, which suggests a 31% margin on the midpoint. We’ve got raised full-year income and adjusted EBITDA steerage resulting from a stronger first-quarter efficiency and an expectation that the constructive enterprise developments, significantly in measurement, will proceed. We count on 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 assist our development.
On a sequential foundation, we count on the third quarter to signify rather less than 25% of full-year income, and we count on third-quarter adjusted EBITDA margins to stay in step with the second quarter. To shut, we delivered a powerful first quarter with double-digit income development throughout all of our enterprise traces and are targeted on efficiently executing towards our plan for the remainder of the 12 months. And with that, we are going to 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 recognize, 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 a little bit bit extra about the way you’re reaching that kind 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 a whole lot 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 assets outdoors of the U.S.
after which a business reorg which we began at the start of final 12 months, which actually began to, you recognize, shut up on the finish of the 12 months. These two issues gave us a whole lot of confidence in the truth that we had the best individuals in the best locations outdoors the U.S. and so they had the best mission in entrance of them. Due to that, you recognize, 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 a whole lot of arduous work by our groups. It was a whole lot of funding in individuals and in planning and in the end it became 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 had been optimistic. You raised your full-year information, clearly, and also you referred to as out, I feel, optimism on the measurement facet 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. , we have all the time mentioned that type of measurement within the core measurement enterprise was the — was the spine or the workhorse of the enterprise. And a whole lot of our success there may be associated to what I discussed to the query from Michael, which was, you recognize, funding in gross sales assets and gross sales planning and reorganization of that gross sales crew.
These are the fellows that exit and shut the offers. And measurement, as you mentioned, is type 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 an enormous chunk of their — their meat up entrance and so they know what the years appear to be.
However we all know measurement clients, once they purchase in, they purchase in and stick, and that sticks with their — their spend all year long. So, you recognize, I feel we have got confidence in the truth that these clients which have are available in, our measurement clients, these {dollars} will not be as fluid as activation {dollars} which have a tendency to maneuver with programmatic spend. So, that provides us a — you recognize, a very good quantity of confidence that, yeah, we’re in the best place the place we have to be to boost the information for the 12 months, and we have got a very good 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 suppose 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 ideal query. And we do speak quite a bit 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 recognize, we’re — we have — we have began making our manner up that mountain, and I feel we’re getting some good traction.
, we noticed two instances the volumes of exams 12 months over 12 months, two instances the amount of income in Q1 12 months over 12 months, you recognize, thrice the amount of marketing campaign blueprints in consideration. So, it is — we’re getting there, proper. The dimensions is getting there. I feel an enormous a part of it, and I feel we additionally talked about this on our final name, was, you recognize, we love the — we love the worth prop of getting pre-bid and post-bid work collectively.
We have seen the facility of that with our core verification options. We have seen the facility of that with ABS working with measurement. And I feel the — the flexibility for us to type of develop the eye class as an entire I feel can even profit from having pre-bid and post-bid working collectively. So, you recognize, I feel we all the time 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 higher, I feel, you recognize, competitors is OK on this area as a result of it truly type of justifies, you recognize, the concept consideration issues and a focus issues to advertisers. We will see extra traction there. So, we love the introduction of a pre-bid resolution. We predict that is going to assist drive that optimization cycle.
And, you recognize, that is just the start for pre-bid on consideration. We predict there’s an evolution of that to an much more highly effective resolution on the pre-bid facet, the identical manner we developed commonplace model security and model suitability and to genuine model suitability, which is, arguably, now nonetheless one in every of our strongest merchandise. I feel we have got a protracted approach 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. , 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 current clients going ahead.
After which — nicely, there and go for my follow-up after.
Mark Zagorski — Chief Government Officer
Yeah, you recognize, 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 current clients this quarter. , 94 of our prime 100 clients are utilizing ABS proper now in Q1. So, what that exhibits to me is that, even with fairly vital 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 recognize, it nonetheless bought legs.
So, we proceed to guide with our programmatic options in lots of pitches. We proceed to have alternatives under the highest 100 shoppers to proceed to develop. And, you recognize, we predict ABS goes to proceed to drive development for us even after, as we famous, a worth bifurcation during 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 point out 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 eager about social progressing within the 12 months and whether or not that might truly flip right into a channel that brings internet 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 period. However, you recognize, your factors round social are the best ones.
We — we had 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 in case you examine it to Meta and YouTube, however it’s an indicator that, you recognize, 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 recognize, we felt very strongly that we’ll 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 recognize, you talked about does it have the flexibility to draw new clients. , 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 recognize, it was of us like Mars, Paramount, Bumble, Firestorm , ConAgra, massive manufacturers who’re activating throughout social.
TikTok is actually serving to on that entrance as a result of persons are shifting there. So, once more, social is a spot that we will really feel very snug, persevering with to concentrate on development there and we’ll proceed to speculate as nicely.
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 suppose my query is, are you now to scale with assets you can let extra upside stream by means 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 wish to push as you consider ’23 and ’24? What do you suppose 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 once 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.
, we speak about ABS, though ABS is a few fairly excessive penetration in our prime 100 shoppers, we nonetheless bought a whole lot of room in our subsequent, you recognize, a number of hundred to go after. And that is all the time going to be our first go-to once 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 an enormous one. The second is once we have a look at social. Social measurement continues to be, you recognize, an ideal 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 internet, and even utilizing programmatic on open internet, does not imply you are a shopper that is utilizing us for measurement on social. So, once we consider, like, the primary two issues we will stroll right into a buyer to do and we will 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 recognize, 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, when it comes to EBITDA margins and expectations and the way we — how we give it some thought for the — for the way forward for the enterprise, you recognize, we did have a powerful first quarter round profitability. I feel the numbers that make us really feel very strongly that now we have, you recognize, a enterprise that may scale is absolutely the place the investments had been. So, we had been capable of basically have, nearly, year-on-year flat on gross sales and advertising and marketing 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 is not as if we needed to make investments extra assets to realize that development. So, there may be inherent scale coming from these two traces as we change into a bigger firm. Nonetheless, we’re persevering with to decide on to put money into R&D. That’s the one space the place you will note development in investments 12 months on 12 months, and that’s particularly round knowledge scientists to permit us to go deeper into AI, machine studying investments.
These will not be brand-new investments. We have been doing it for a few years already, however the alternative there to proceed to speculate is — is accessible to us, and we will do it as a result of it may speed up our product highway map. So, it is a lengthy approach to say we’re selecting to proceed to speculate. 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 marketing 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 means of that lens simply that can assist you win enterprise? And the way huge is the hole right now within the accreditations between DoubleVerify and if we examine that to the No. 2 and No.
3 rivals? After which, I’ve a fast follow-up.
Mark Zagorski — Chief Government Officer
Yeah, I imply, look, accreditations are positively a part of the matrix of — of components that go into the choice course of for an advertiser. It is an essential one, as is customer support and buyer assist, 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 essential one for us to maintain investing in as a result of when these platforms go face to face, you recognize, we have mentioned this repeatedly, whichever platform delivers the best ROI by filtering out probably the most fraud, by creating the best degree of name granularity, model suitability, granularity is the one which’s going to win.
And I feel that is driving an ideal 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 completely different organizations which are on the market. , our greatest estimate is we’re anyplace from 50% extra completely different accreditations to virtually double relying it is — it is arduous to search out it. There’s a lot of completely different locations the place individuals have accreditations in numerous nations, however we actually outpace our rivals by a big quantity in that area.
Mark Murphy — JPMorgan Chase and Firm — Analyst
OK. After which, as a fast follow-up, what are you discovering when it comes to viewability within the CTV realm? What I imply is, are there fewer points as a result of, in some instances, you may have 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 recognize, advert placement issues or, you recognize, among the ad-skipping capabilities of these platforms?
Mark Zagorski — Chief Government Officer
Yeah, it is an ideal query. I imply, you recognize, there’s all the time been this assumption that, you recognize, CTV is 100% viewable, proper? It is in somebody’s front room, how may it not be considered? Very completely 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 recognize, pushed by in a short time or shut off. However there are nonetheless vital points round viewability, and the issues that we’re monitoring are precisely the issues, Mark, that, you recognize — which is does the advert run for the complete first quartile, proper? Does it — did it run for that time period that I can truly 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 vital subject for advertisers as a result of many apps will not be passing the sign that claims this tv is on, they’re truly operating adverts whereas the TV is on both mistakenly as a result of they should not be doing that, or on objective as a result of they don’t seem to be professional apps. So, viewability, the way in which that we measure viewability is a bit completely different than what you consider within the conventional internet world.
However these points are persevering with to be actual points for advertisers, which is adverts not operating the complete extent that they need to and adverts operating when a tv display screen 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 screen’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 recognize, that is actually one thing that we must always begin measuring and taking note of.
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. When it comes to the stat you gave on growing variety of massive advertisers and bringing that again to doubtlessly new logos, are there any {industry} verticals and/or geos you are calling out once you have a look at your backlog for brand spanking new massive advertisers or new logos that you just suppose we needs to be monitoring for potential for outsized development or areas the place the backlog is displaying you a whole lot of promise when it comes to 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 means of ’23 and out into the out 12 months is about components the place that you must make investments to kind of place you to profit 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 certain. So, your first query, you recognize, the great factor about our enterprise, which — which we talked about previously, is that we have got a fairly broad-based set of advertisers. So, in case 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 recognize, a whole lot of of us who’re targeted on these two segments had some challenges, you recognize, operating adverts as a result of there was no motive to promote in case you could not promote the product to get the product in-store.
We did not see that as a result of, you recognize, we’re actually properly distributed throughout all the foremost advert segments. So, there’s not one during which we will say we have seen both outsized enhance or lower over the past a number of quarters. We have seen development throughout all of them, which is — which has been fairly good. With regard to Netflix, you recognize, it solely launched a couple of months in the past, I feel March.
And so, you recognize, nonetheless comparatively early, however we’re seeing some fairly first rate volumes beginning to come throughout that. And it’s having an impression on our CTV quantity. We have got clients like Molson Coors, Nintendo, Santander, Toyota which are beginning to purchase throughout and use verification throughout Netflix. So, there’s positively curiosity.
There’s positively {dollars} beginning to stream there. And though it is fairly early for Netflix, you recognize, it is fairly small. , we will 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, once you go to pitch after which they struggle you versus your competitor, do you bundle your merchandise in order that that hit charge goes up over time? Or once you do the RFP, does it all the time begin with a single product, so you are not actually benefiting from bundling in these — these fabulous merchandise that you just’re, you recognize, investing in?
Mark Zagorski — Chief Government Officer
It is an ideal query, Laura. I want we may bundle every thing in on day one and simply promote them an enormous package deal. However the — the brief reply is it positively 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 positively is a bit everywhere in the board, however it nonetheless lends us to that complete type of land and increase, proper? We wish to get in, get a foot in there in order that we will push different options throughout. And once we say 80% win ratio, that is — you recognize, that could possibly be towards a single product or it could possibly be throughout a bundle or enterprise deal. So, you recognize, it’s positively a mixture of various kinds of wins, however in both case, we’re seeking to promote all of them, you recognize, merchandise throughout our whole six classes of options. And I might say, in a overwhelming majority of them, we’re not stepping into 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 recognize the factor I preferred finest 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 % of media, or is it simply an add-on to flat price impressions?
Mark Zagorski — Chief Government Officer
Yeah, it is an ideal query. Proper now, consideration is ready up as a — is a CPM-based product. So, it is very very similar to 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 now. Doesn’t suggest that that mannequin could not change sooner or later. And, you recognize, particularly as we begin increasing consideration into CTV in different places, we will definitely have a look at completely different fashions that will drive a distinct sort of profile for the answer.
Laura Martin — Needham and Firm — Analyst
Improbable. 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 now. I wish 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 type of, at this stage, nonetheless the icing on the cake, proper? I can inform you, they do typically open that door for us. So, once we launched, for instance, our emissions measurement options with Scope 3, there was this large quantity of curiosity in wanting on the environmental impression of advert transactions. That created a dialogue which, after all, we got here in and exploited to type of, you recognize, promote extra options throughout the board? So — however for probably the most half, you recognize, of us are normally 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 recognize, it positively varies throughout the board. And as that basket of products will get larger, it gives extra alternatives to have, you recognize, conversations with our clients. And every of them has completely different wants.
And that is why having, you recognize, a broad foundation of fine and broad protection throughout a number of various kinds of platforms is so critically essential to us as a result of we simply wish to have an enormous internet to seize a lot 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 strong quarter, Mark. And simply following up on a query about — concerning the growth with current clients.
So, you recognize, in case 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 likewise, simply type of curious in case you can examine that growth charge with current 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 kind 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 wish to overlook geographic growth. So, we would begin with a shopper 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 may be additionally a side of it which is simply geographic growth for current clients. So, the profile of what we’re seeing when it comes to the growth is a mixture. It is actually new merchandise, new geographies. And clearly, as new sectors change into accessible similar to TikTok, then we’re capable of increase as nicely.
One measure to — to — to perhaps type of anchor the reply is the highest 200 clients. On the highest 200 clients, you recognize, 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 facility 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 larger revenue-sharing association that drove that massive sequential uptick? Or — after which, additionally, you recognize, simply the general enhance in cloud prices, is that primarily pushed by new merchandise that require extra cloud assets? Is worldwide combine having any impression 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 larger income share simply because the income is larger, and so it is impacting gross margin from that perspective. The — along with these prices, as we mentioned in — in our — in our ready remarks, we’re selecting to put money into extra cloud computing assets, 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 when it comes to us with the ability to gas extra development. So, it’s a — it’s a enterprise determination to speculate 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 wish to get your thought.
Given that there’s a bunch of various methodologies which are being labored on, issues like eye monitoring and, you recognize, the strategy that you just guys use, does that type of lengthen the — the timeline for some kind 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 suppose, you recognize, 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 ideal query. So, first, let me — let me handle the query on the various kinds of ways in which, you recognize, of us try to construct consideration metrics. I feel, you recognize, the truth of it’s methodology shouldn’t drive standardization.
I — you recognize, 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 recognize, 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 is just not determinant of what occurs on the finish. So, I feel the completely different methodologies should not decelerate, you recognize, the standardization of the usual metrics that — that folks agree to find out how we will measure consideration. So A, I feel they’ll typically be useful in accelerating the dialogue, however on the finish of the day, you recognize, I feel the {industry} goes to choose 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 recognize, 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 incorrect methods, to be misinterpreted, and lots of instances, misapplied. So, you recognize, in the end, we do really feel that probably the most strong manner of measuring consideration has to do with census-level impression-by-impression measurement. Doesn’t suggest it may be supplemented by different sorts of panel-based methodology, however in the end, we predict that is the one which’s going to have the best degree of effectiveness and effectivity round there. In terms of what we talked about relating to 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 recognize, it is a first step there, identical to our first steps had been with commonplace model security, and so they developed into genuine model suitability, which is a way more fluid, rather more dynamic software within the programmatic world. We predict that is type of step one and which is able to evolve into a way more fluid and rather more dynamic software down the highway on the previews facet.
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 strong quarter. So, one fast query for Mark and one for Nicola. So, Mark, it was attention-grabbing, within the press launch you talked about the market share positive factors throughout your three enterprise traces.
I used to be simply questioning in case you may simply please remind us of the 2 or three merchandise you are feeling — or merchandise that you just really feel you may have probably the most type of aggressive benefit inside sustainability of that edge. After which, Nicola, sorry in case you talked about this in your ready remarks, however are you able to simply remind us what’s baked into your steerage when it comes to gross margin for Q2 and 2023? Thanks.
Mark Zagorski — Chief Government Officer
All proper, so I will speak a little bit bit about, you recognize, 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 predict, is akin 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 nicely. I feel, you recognize, 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 inform you, simply helped us win a significant advertiser deal, not as a result of it was going to be an enormous a part of what they did, however they beloved 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 will lean into consideration down the highway. And I feel our continued means to innovate round issues like consideration, round areas like CTV and CTV viewability the place now we have actually distinctive viewability options and distinctive options which are detecting issues like TV off, these are areas which we speak about quite a bit. They do not generate large quantities of income for us but. However when somebody appears to be like on the basket of products they’re shopping for, they wish to have a look at a core resolution plus improvements across the edges.
They actually matter, and so they assist us shut new offers.
Nicola Allais — Chief Monetary Officer
And, Youssef, on the — in your second query, you recognize, on the gross margin facet, income much less price of gross sales, it was 80% in Q1. And we count on it to stay comparatively steady round these ranges as we select to proceed to put money into our infrastructure. So, it is a selection we’re making to put money into it.
Youssef Squali — Truist Securities — Analyst
That is useful. OK, thanks.
Operator
We’ve got reached the tip of our question-and-answer session. I wish to flip the convention again over to Mark for closing feedback.
Mark Zagorski — Chief Government Officer
OK. Thanks all for the good questions. And I would wish to take this time to thank the crew worldwide for his or her arduous work and dedication to our mission and for delivering one other nice quarter of outcomes, and likewise to thank all of our stakeholders, our clients, companions, and traders for his or her continued assist. We look ahead to seeing a lot of you at upcoming conferences and occasions.
Have an ideal night, all people.
Operator
[Operator signoff]
Length: 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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