DoubleVerify at Goldman Sachs Conference: Navigating Growth and Challenges

On Tuesday, 09 September 2025, DoubleVerify Holdings Inc (NYSE:DV) presented its strategic direction at the Goldman Sachs Communicopia + Technology Conference 2025. The company outlined its evolution from verification to performance-based solutions, amidst an uncertain ad environment. While focusing on product innovation and AI integration, DoubleVerify also acknowledged the challenges posed by tariffs and market cyclicality.

Key Takeaways

• DoubleVerify is expanding into social media and CTV, aiming to replicate open web success.
• The company maintains over a 30% margin, supported by AI-driven efficiencies.
• CTV measurement revenue increased by 45% last quarter.
• DoubleVerify is leveraging AI for content classification and brand safety.
• The current year is marked as a transition period, focusing on scaling new products.

Financial Results

• Margin and Revenue: DoubleVerify sustains a margin above 30%, with AI facilitating reinvestment without margin erosion. Over half of its revenue stems from programmatic advertising, with CPG and retail as the largest verticals.
• Growth Metrics: CTV measurement revenue surged by 45% last quarter, while the Authentic Brand Suitability (ABS) grew by 23%.
• Capital Allocation: The company boasts a robust balance sheet, with no debt and $140 million approved for share buybacks.
• Retail Media: Retail media networks’ growth outpaced the supply side in Q2 financials.

Operational Updates

• Product Development: Despite market cyclicality, DoubleVerify is dedicated to product development, launching CTV-specific products and new categories tied to Authentic Brand Suitability.
• Social Media: Pre-bid solutions are now available on platforms like Meta, TikTok, and YouTube, with Scibids optimizing YouTube campaigns.
• AI Integration: AI and large language models are employed for swift content classification, including identifying AI-generated content.
• DV Authentic Advantage: This platform allows clients to measure, filter, and optimize ad spend, creating an efficient workflow for advertisers.

Future Outlook

• Growth Drivers: DoubleVerify aims to achieve a 3:1 activation to measurement ratio in social and CTV, increasing social media’s business contribution to over 20%.
• Strategic Priorities: The focus is on scaling social and CTV products, reducing reliance on the open web. Key growth areas include pre-bid products and Scibids optimization.
• Transition Year: 2025 is a transition year, with efforts to scale social and CTV products. By 2026, the company aims for a balanced revenue mix between open web and social/CTV.
• Agentic AI: Recognizing Agentic AI as a new ad environment, DoubleVerify is poised to assist advertisers in navigating this space.

Q&A Highlights

• Current Ad Environment: The ad landscape remains volatile, with tariffs impacting the second half of the year. Programmatic advertising, a significant revenue source, is subject to rapid ad spend changes.
• ABS Performance: ABS continues to grow, with 80% of last quarter’s growth from existing clients, driven by its integration and ease of use.
• Competitive Advantage: DoubleVerify’s scale, data, AI capabilities, and integrated workflows offer a competitive edge over smaller rivals.

In summary, DoubleVerify is strategically navigating an evolving market, focusing on innovation and efficiency to deliver value to advertisers. For more details, refer to the full transcript below.

Full transcript - Goldman Sachs Communicopia + Technology Conference 2025:

Unidentified speaker: I am fire drilling. I apologize.

Nicholas, DoubleVerify: I can tell. It’s all right. Take your time. Take your time. Which one do you want to be?

Unidentified speaker: Are we ready to go? You go there. Are we ready to— Okay. I think in the interest of time, we’re going to keep the train moving along here on the tracks. It’s my pleasure to introduce the team from DoubleVerify and have them be part of the conference this year. Nicholas, thanks so much for being here at the conference.

Nicholas, DoubleVerify: Thank you for having us.

Unidentified speaker: Okay. Always enjoy a chance to catch up with you. You’ve been a regular participant, so we always appreciate when you want to come and be part of the conference. I always do like to start by just kicking off for those that are new to the story. There are so many moving pieces with respect to DoubleVerify. You’ve been on this journey as a company over the last couple of years. Why don’t you level set with the journey you’ve been on and sort of where the company is right now in its evolution?

Nicholas, DoubleVerify: Sure. Sure. DoubleVerify is a technology company that helps advertisers, making sure that the advertiser is placed in an environment that’s brand safe, that’s viewed by humans, and is fraud-free. That is basically where the company started. It started as an insurance for advertisers to make sure that their ads were placed in an environment that was the quality that they wanted with the context that was intended to be for them. The company has now evolved and is evolving, and we’ll talk about it, I’m sure, from verification to performance and to outcome. Specifically in the last few years, we have acquired some companies that allow us to move not just to tell the advertiser whether we can verify the quality of the ad, but also to tell them where they can optimize their spend.

More recently, now we’ve bought a company that will allow us to prove the outcome of that ad placement. The two companies that we bought are Scibids for the optimization part and then Rockerbox for the outcome. We’re still early stages. Most of our business is still the verification, but we now have all the pieces together to create a much broader proposition for the advertiser that moves away from just saying, "Hey, keep me away from the bad stuff. Use DV to also tell you what’s good for you and show me that it actually was good for you.

Unidentified speaker: How should investors think about that framework scaling in the years ahead? You now put all these pieces in place. You had a really insightful investor day just a couple of months ago. How should investors think about the narrative building and its momentum as the execution meets the strategy?

Nicholas, DoubleVerify: Right. It will take time, of course, to set it up in place. It’s a framework. It’s really an integration of three discrete products that already exist. The very first step will be around optimization. This is a company, Scibids, that we’ve bought over two years ago. It’s already in market. It already has clients, and it’s already integrated in most of the DSPs that we want to be integrated with. There’s still work to be done. That will be the first part of the journey, and we’ll talk, I’m sure, about it, which is the DV Authentic Advantage solution. The proof point really will come a little bit later. That is really early on. Right now, we’re just integrating the company into DoubleVerify.

Unidentified speaker: Okay. I will need to ask about just the current ad environment we’re all operating in. I think this has been a big debate point over the first day and a half or so of the conference. Level set for us what you as a company are seeing in the current operating environment and how that might be distinction out there between types of advertisers, types of advertising solutions, where you might see some nuance in the operating environment.

Nicholas, DoubleVerify: Yeah. The operating environment is uncertain. It is volatile for sure. The year started with a lot of uncertainty around tariffs and the impact that it would have on ad spend. The first half of the year, actually, we saw a lot of resilience around advertisers continuing to spend into the uncertainty. We’re now in the second half where the impact of tariffs is actually starting to be felt in the market. We have some clients, and this is all public, what they’ve said is some are saying we’re going to continue to spend through this. Some are saying we’re not going to spend through it. Over half of our revenue comes from programmatic, which is a very transactional part of the business. Advertisers are able to push in and out spend very, very quickly. We’re subject to that. If the sentiment turns, we will feel it.

The third quarter in particular is very heavy weighted on September, and that is happening as we speak. Our two largest verticals are CPG and retail, which are also susceptible to quick decisions that can be made around programmatic to pull spend or not pull spend. It has always been variable. Advertisers now don’t have to plan campaigns for six months or 12 months ahead. I think the environment right now is even more unpredictable. We’ll have to see. What we’re focused on is what we’re controlling, which is just continue to develop the products. Despite the cyclicality of the space we’re in, we have a plan to continue to develop our products. That’s what we can be focused on despite the cyclicality.

Unidentified speaker: Yeah, understood. In your control versus out of your control, very clear. Now, turning to some of the building blocks of the business, let’s go in that direction. Social media activation, especially pre-bid solutions. I think this is an area that gets a lot of focus from investors. Talk a little bit about the current landscape in that business, but more importantly, how you see it evolving and scaling in the years ahead.

Nicholas, DoubleVerify: Yeah. When we were talking last year, pre-bid was not a solution for social. Now pre-bid is available for Meta, TikTok, and YouTube. It is in the early stages because it’s available, but clients need to understand exactly how to use it and to be able to compare it to what they have available on the open web. Part of having these solutions in the market is it allows the advertisers to benchmark how their spend is working in different environments. That takes time. They need to test it and make sure that the lists that we’re using for exclusion are actually giving them the results that they want. It is available. It is scaling. Those are new dollars that the advertisers need to find as well. Going back to the macro environment, there is a little bit of a friction there in terms of adoption rate. It is available.

What’s very unique to us is that Scibids is also now available on YouTube. That product allows you to do not just a basic pre-bid tooling that everybody will have access to, because the platforms will give access to the data to all the providers that they want to. It’s not going to be exclusive to DoubleVerify. Scibids, the optimization part is exclusive to DoubleVerify. That allows the advertiser to not only do pre-bid filtering, but also then say, "Okay, I’m going to use Scibids to optimize my spend." That we feel is very different. There really isn’t another integrated solution in the market that does that. We think that the power of those two tools together is really going to make a difference.

Unidentified speaker: Okay, understood on the differentiation. Let’s talk about two of the bigger growth areas in advertising writ large, our CTV and retail media, your relative exposure level to those engines of growth in the broader digital advertising landscape, and how you see the evolution of your mix or exposure to that in the years ahead.

Nicholas, DoubleVerify: Sure. CTV is spoken about more than it’s actually yet sort of a channel. It’s 11% of our measurement impressions. It’s about that in terms of total ad spend in digital. It goes through CTV. It’s an area that’s growing very fast, and a lot of dollars are going to move to CTV from linear TV. It’s an area of very high focus for us. It’s 11% of our measurement revenue, but it grew 45% last quarter. A lot of dollars are moving there. What we’re focused on there is, again, product differentiation. We can measure. We can do what we can do in all other environments on CTV. What we’re going to be launching in the next few quarters are products that are specific to the environment.

One of the things that we see in CTV is there’s a difference between saying, "I’m on a big screen and it is CTV," and "I’m actually buying CTV, but it’s actually going to an extension of those ad networks." There’s nothing wrong with being in an extension, right? It expands the TAM and it expands the reach that you can have with your ads, but it’s not the same as being on a large screen. We’re looking at products that are going to allow you to basically see if you were really on a full episode, right? Or if you were kind of partially on an episode and then went to sort of an extension. We’re thinking about do not air categories on the pre-bid side that will be tied to our Authentic Brand Suitability tool, which is our premium product.

We’re creating products that are specific to the challenges that are around CTV, which is it’s not just a big screen. It’s also extensions to allow the advertiser to really know where their ads are showing. That’s the key for us. We’re spending quite a bit of time thinking about those kind of product development for next year.

Unidentified speaker: Okay. With respect to retail media in particular as well?

Nicholas, DoubleVerify: Yeah, retail media. The beauty of retail media for us is that it is exactly that extension, right? It has allowed us to work with clients that wouldn’t otherwise be direct clients for DoubleVerify, right? Smaller advertisers that do have ad spend dollars, but wouldn’t necessarily be a client that we have a direct relationship with. It has expanded the availability of our data to more clients. We have very strong relationships there. Retail media and the growth of retail media network surpassed the growth that we saw on the supply side line in our financials in Q2. It is really a strong growth. The same products that work for brands work for retail media.

Unidentified speaker: Okay. We’re at a technology conference. We have to talk about AI. Talk to me a little bit, and you alluded to it a little bit in your first answer, but I want to go a little bit deeper in terms of how you guys are thinking about aligning AI with solving and providing solutions to what advertisers are trying to get out of their decision-making process.

Nicholas, DoubleVerify: Right. AI for us, we’ve been using AI and large language models to do what we do, which is classify content for many years. Of course, now it’s accelerated, right? The ability for us to use AI has accelerated as it has for a lot of companies. The difference is there are AI tools which are available for everybody, but not everybody has the data that DoubleVerify has, right? The combination of those two allows us to do a finer job in classification. This is an efficiency play first and foremost for us, right? It allows us to classify faster and allows us to create categories that are specific to AI. Some brand advertisers do not want to be near AI-generated content. Some advertisers do. It’s a tool that’s allowed us to do our job more efficiently and faster. You always need humans anyway.

As I said, the DoubleVerify data tied to AI is really what makes a big difference in terms of what we can do versus, say, an upstart company that says we’re going to use AI to do brand safety. Brand safety is based on knowing what’s out there, and the years of us having been able to do that creates a much better model for AI. That’s sort of step one. Step two is the efficiency that we can gain with AI is obvious, right? We’re able to do things faster. We’re able to do them more efficiently. I’m sure at some point we’ll get on a question around margins, but it basically has freed up resources within our own cost structure, which is a very interesting play as well. It’s part of what we’ve always done. It’s just accelerated it.

I think it creates a differentiation from companies that say, we’re just going to use AI to do brand safety. You do need a base of data that we have that others don’t.

Unidentified speaker: Building on the concept of the data advantages you have and the client focus you have, talk a little bit about DV Authentic Advantage feeding off of that strategy and how you think about that scaling as well.

Nicholas, DoubleVerify: Yeah. DV Authentic Advantage is of the three pieces that we discussed, right? Verification, optimization, and then proof. The DV Authentic Advantage is a platform framework solution that allows the clients to do all these three things kind of seamlessly, right? Right now we have three pieces that kind of patch together. This will allow it to be a workflow that really creates an ability for an advertiser to see what was measured and then quickly decide what to do on the filtration side and then what to do on the optimization side. It’s a workflow that puts it all together in a way that the advertiser really will like it because it’ll be integrated into their own workflow. It’s, again, something that others don’t really have. The optimization part, if you think about what verification does, is it takes you away from the bad stuff.

It also filters out if you’re doing it on a pre-bid side, right? It filters out inventory where we’re saying, don’t bid there because it’s not going to be good for you. If you do that, you’re kind of limiting the inventory that you’re going to bid on, which has an impact on price because you’re going to pay more because you have less inventory that you’re bidding on. Scibids within that framework, which is a good one, allows you to really optimize where you’re going to be putting your dollars at play. One of the things that we’re able to do now with Scibids, which the advertisers really like, is go into an RFP or talk to a client. The conversation always starts the same way, which is, "What can you give me for verification?" You know, it’s a price conversation.

"How cheaply can you give me verification?" We’re now able to have a conversation that says, "If you use Scibids, we will optimize your spend so that we can save you dollars on the media side that will actually cover the cost of verification." It’s a totally different conversation. It’s no longer just a cost conversation. It’s an efficiency conversation on media, on their media spend that actually even covers the cost of verification. That conversation is very interesting to the advertiser.

Unidentified speaker: Okay, understood. At Innovation Day, you did talk about Agentic AI as well and the rise of Agentic AI, the role that might play in the broader advertising ecosystem going forward. For those who weren’t able to tune in, tease that out a little bit in terms of what did you introduce and how should we be thinking about that becoming a component of your offering in the years ahead as well?

Nicholas, DoubleVerify: Yeah, so Agentic AI for us, we talked about AI as the cost component, right? Agentic AI is going to be a different part of the ecosystem. It’s always going to be everywhere, right? We’re kind of using it to, again, first and foremost on efficiencies, right? It’s creating a new environment where ads are going to be showing up, right? There’s, you know, ChatGPT and all those providers at some point will be ad supported. That will create a new opportunity for us to kind of see more dollars, right? It’s a different environment. It kind of feels like search, but it’s not really search. You could see brands not wanting to be next to certain results that AI gives you, right? It kind of opens up the space to more dollars. It’s a whole new category of ad spend.

I think we’re well positioned to be talking to the advertisers as soon as that becomes available.

Unidentified speaker: It is a debate I’ve had with some investors at the conference this week. What are the challenges around brand safety that’s tied to human-created content versus brand safety tied to computer-created content? I think the element of not wanting to show up next to a hallucination, but you don’t know that the hallucination even exists yet. How does that present both an opportunity and a challenge when you think about Agentic AI?

Nicholas, DoubleVerify: I mean, the challenge is that there is so much content that’s created so fast, right? For us, it’s a matter of just remaining really embedded in where the categories of content are created. We can tell what is AI-generated or not. Of course, there are extreme cases of hallucination and those kinds of cases we can see as well. I think the sophistication will be around cases that are partially AI and not partially AI. Right now, just to give a basic example, you know, most recipe sites are kind of AI-generated, right? Even the person that you see on the side that says, "You know, this is my grandmother’s recipe," probably isn’t a person. It probably is just kind of generated. Some advertisers are okay with it. Some advertisers don’t want to be okay.

For us, the purpose of our solution is to be able to tell the advertiser if it is or isn’t AI, and then the client will decide. There’s some clients that will be very happy to be next to that kind of content, and some clients that will not be happy to be next to that content. It’s interesting. Obviously, at some point, there will be a lot more inventory that needs to be verified because it is more than not likely to be ad supported at some point.

Unidentified speaker: Got it. I want to turn next to the continued runway for ABS and how you think about the opportunity set there continuing to evolve in the years ahead.

Nicholas, DoubleVerify: Yeah. ABS is our premium solution. It grew 23% last quarter, which was a very strong quarter after a few quarters where we, even ourselves, were thinking maybe we’ve tapped out on the product. It is premium priced. It is already pretty deep into our top 100, and it keeps getting sold into our top 200 and top 500. It’s a product that has more runway than we expected. When I say we expected it not to have as much runway, it’s because it is, again, premium priced, and we thought that it was really for brands that were very sophisticated and really wanted to understand brand safety at a deep level. It continues to have runway. About 80% of what we saw last quarter in terms of growth came from existing clients kind of upselling and using the solution even more, right? It has runway.

I think I’ve already mentioned the fact that we’re trying to apply new categories to the ABS product that are specific to CTV, which will allow us to continue to see that product being utilized on more than just regular pre-bid. It continues to have a lot of runway. It’s a testament to the power of the product because it’s over six years old now, and it continues to be something that’s very appealing.

Unidentified speaker: Just to double click on that, because we do get this question from investors, when you think about how that product has surprised to the upside, what have been the key learnings as to why it’s surprised to the upside? I know we typically try to talk more going forward than going backward, but I think investors do ask that question a fair bit.

Nicholas, DoubleVerify: I think, again, we thought it’s two to three times more expensive than regular brand safety. I think the efficacy of the product we knew existed, and we knew it would work for large brands. I think we’re surprised that even as you keep going down the list of our clients, and we have a lot of clients that spend over $200,000 a year with us, it becomes an expensive proposition versus regular brand safety. I think the integration in their workflow, it’s Authentic Brand Suitability basically takes all the information you have on the measurement side and seamlessly puts it through Authentic Brand Suitability, and it’s used for pre-bid.

I think the power of how we did that and the power of the ease of use of the product is one where advertisers understood the value of it and the ease of use of it, and this is why I think it continues to be used. There is also a sales motion here, which is not every client uses it on every impression on day one, right? They’ll use it on some brand and then continue to go down the funnel within their own brands. I think it’s a testament to how good the product is and how unique it is. There really isn’t something in the market that is so uniquely integrated between measurement and pre-bid. There are other solutions you can kind of patch together, but the workflow is really something very powerful.

I will say this is why DV Authentic Advantage and even what we’re trying to do with measurement, optimization, and then outcome, the integration of the workflow is really what’s appealing to the advertisers.

Unidentified speaker: Got it. Coming out of Innovation Day, and we’ve been talking about DV Media Advantage writ large, and sort of the pillars of the strategy. If you play this out to its end state, what’s the market opportunity you think it opens up for you in terms of either scale of advertisers or scale of advertiser activity, however you want to measure it, versus the size of the business today?

Nicholas, DoubleVerify: Yeah. If we think about what the business looks like today, there are a few benchmarks that I think will make it clear that we’re not yet fully penetrated, right? Social is not even 20% of our business, right? Outside of the U.S., it’s not even a third of our measurement business. The ratio of pre-bid to measurement on the open web, which is where most of our business comes from today, is about three to one, right? For measurement dollars that we have, Authentic Brand Suitability and core activation on the pre-bid is three to one, partly because of price, but also partly because people really want to be on the pre-bid side. That ratio today on social, which is still only 20% of our business, is much, much smaller, right? We just launched the pre-bid solutions.

In terms of opportunity, the way we think about it operationally, the way we think about it tactically is, we should be able to replicate that on social, and social should be a lot more than 20% of our business. I’m not answering the question from a TAM perspective. I’m answering more in terms of how we penetrate and where we see the opportunity right in front of us. I think if we can replicate what we have on the open web for social and then for connected TV, which is a three to one activation to measurement ratio, and then if we can raise social to be a lot more than 20%, if over 60% of all dollars are already going to social, and if we now have the solutions available, we should be able to raise that and look more like how the advertisers spend.

You get a sense there that there are a lot of percentages there to grow in the business.

Unidentified speaker: Okay, understood. Very, very clear. An interesting dynamic to play out over multiple years. We’ve talked so far about the growth engines, the market opportunities, where the product’s going. Bring us back to funding all of these growth investments, but then continuing to deliver on operating efficiencies and margins and all the things investors want. Investors always seem to want the growth and the margin. Talk about striking that balance going forward.

Nicholas, DoubleVerify: Yeah. Our strategy hasn’t, our approach hasn’t changed. We’re very much focused on the top-line growth of the company, and not so much just to deliver top-line growth, but also to show the scaling of the solution, right? There is a point where, you know, if you become almost a de facto currency in the market, everybody will know that DV measurement and DV pre-bid is what you want. We’re not there yet. There are plenty of players in the market, right? If you compare us to our peers that are also publicly traded, the gap that we’ve been able to build between us and other companies in terms of top-line, just scale, how many clients we work with and how much larger we are, that’s working out for us, right? We’re able to continue to scale on the top, and that’s really our main operating focus.

With that in mind, we are also over a 30% margin, and we’re able to continue to show that top-line growth, staying at a 30+% margin. We like that balance. What’s changed in the last few quarters is that AI has allowed us to free up a lot of dollars even within that 30% margin. Even maintaining that allows us to actually free up quite a lot of resources to continue to invest, right? In other environments, you might have seen margin degradation for us to invest in DV Authentic Advantage, the MAP, CTV, and social. We are not seeing that because AI actually frees up a lot of dollars. Top-line growth remains our primary focus. Over 30% margin remains a number that we want to keep our eyes on. We’re able to continue to innovate within those thresholds.

Unidentified speaker: Okay. Moving from margins and further down the output of the business, what are the priorities for capital generated by the business? Obviously, one of them, as you talked about, is investing back in the business, whether that’s savings or degrading margins, which you have not had to do more recently. Think about what excess capital the business generates and what your key priorities are for that excess capital.

Nicholas, DoubleVerify: Yeah. The company has a very strong balance sheet, right? We generate a lot of cash. We don’t have any debt. The priorities are first innovating the business, right? Make sure we can fund what we know we need to do on CTV, social, et cetera. Second is use M&A to differentiate our product. I think the acquisition of Scibids and Rockerbox are precisely examples of that, right? We’re able to create something that’s very different than just verification. We were able to do those acquisitions with cash on hand, right? Those are acquisitions that accelerate the product roadmap or get us into an adjacent product that broadens the product portfolio that we have. We’ve been able to do that and integrate them, and again, not show necessarily margin degradation, even though those businesses were basically break even when we bought them. The third piece is obviously share buybacks.

We’ve done quite a bit last year. We’ve already done in the first quarter of this year as well. It’s still available. It’s the third prong. We want to make sure we keep, again, keep an eye on the top line. We’re in a fortunate position that we generate enough cash that that’s actually on the table. We have $140 million that’s already approved by the board, and we’ll look into it for sure.

Unidentified speaker: Okay. Great. Understood. We have a few minutes left, but I think I wanted to end on a bigger picture topic. This year, you guys as a team have framed it as a transition year, right? You’re trying to get the company aligned with the strategy for the medium to long term, and then these externalities on the advertising side that are generally out of your control. When you think about positioning the business for moving past 2025 and into 2026 and beyond, talk a little bit about what those strategic priorities are and how investors should be thinking about those priorities, setting the business up for those future years.

Nicholas, DoubleVerify: We talked about many strategic priorities, right? This is a year of transition because of the fact that we’re launching the products that are going to allow us to do pre-bid on social, are going to allow us to essentially replicate what we have on the open web into the social environment and then into CTV. It truly is a transition in terms of making sure that those products are tested and then scaled. This is why we started the year saying it was a transition because the products are available, but we do need to upsell them and the clients need to try them. That hasn’t changed, right? We had a very strong first half, right? Ahead of what we expected. The upside came from open web tools, which is great, and off the power of Authentic Brand Suitability, which we talked about, which is unique in the market.

It doesn’t take away from the fact that it’s still a transition year because we need the social tools and then the CTV tools to kind of scale so that our mix of open web to non-open web is not what it is today, right? Right now, CTV and social is about 30% of our business. We like open web. We’re clearly very successful in it, but we do need that mix to switch. That is a transition that will take some time, right? Before we are at a 50-50 split between open web and social CTV, it will take time just because open web is such a large business for us. What we saw in the first half doesn’t take away from the fact that it is a transition year. The market is choppy. As you said to me, can we work through the cyclicality of the business?

It is the reality of the business, right? That will have an impact on the business that’s outside of what we can control, which is continuing into the transition into 2026 when those products actually start to scale.

Unidentified speaker: Yeah. Maybe just one quick follow-up because I do think this is a central issue. You’re trying to get to where advertiser budgets and user times are today in terms of the mix of the business. What are the biggest unlocks that we should be looking for from the outside in, in terms of the execution path on that? Not to say it’s a negative comment about the open web, but there’s user behavior and there’s technological dynamics going on that the open web will be what social is today. How do you align against that?

Nicholas, DoubleVerify: Yeah, I think the signs of the transition is happening will be around adoption of the pre-bid products, right? How much more of our business CTV represents, right? The launch of the CTV products and the adoption of that will tell you that it’s working. I think that, you know, especially the optimization part of our business, the Scibids component of the business is something that you’re going to start to see work also in social, also in CTV. You’ll have an idea that we’re no longer just verification and you’re seeing it. I think the measurement of whether it’s working will be around adoption, really. Like you’ll be able to see it. Ultimately, if you do see less of our business on the open web because we’ve been able to grow the other side of the business, that’s really when you’ll see that the transition is happening.

Unidentified speaker: Okay. I always appreciate the opportunity to have a conversation. Thanks so much for sharing all the insights into the business and what’s going on. We’re looking forward to 2026 coming up.

Nicholas, DoubleVerify: Yeah, thanks for having me.

Unidentified speaker: Please join me in thanking DoubleVerify for being part of the conference this year.

Nicholas, DoubleVerify: Yeah, thank you. It’s always good to see you. Take care.

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