DoubleVerify Holdings (DV) Q4 FY2023 earnings: revenue $172 million, up 28.9% on the year

DoubleVerify Holdings, Inc. (DV) reported revenue of $172 million for Q4 FY2023, the quarter ended 31 December 2023, up 28.9% on the same quarter a year earlier. Net income was $33 million, up 83.2% on the year, and diluted earnings per share $0.19. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$172 millionup 28.9%

Net income$33 millionup 83.2%

Diluted EPS$0.19

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	172	144	n/a	n/a
Cost of revenue	30.0	26.5	n/a	n/a
Gross profit	142	118	n/a	n/a
Gross margin	82.6%	81.6%	n/a
Research and development	32.6	32.3	n/a	n/a
Operating income	37.6	18.2	n/a	n/a
Operating margin	21.9%	12.7%	n/a
Interest expense	0.3	0.3	n/a	n/a
Pre-tax income	41.7	19.6	n/a	n/a
Income tax	8.6	6.2	n/a	n/a
Effective tax rate	20.7%	31.8%	n/a
Net income	33.1	13.3	n/a	n/a
Net margin	19.2%	9.3%	n/a
Diluted EPS	$0.19	$0.08	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	52.1	35.5	n/a	n/a
Capital expenditure	4.7	4.6	n/a	n/a
Free cash flow	47.4	30.9	n/a	n/a
Free cash flow margin	27.5%	21.5%	n/a
Cash from investing	-4.7	-71.9	n/a	n/a
Cash from financing	2.8	0.5	n/a	n/a
Depreciation and amortisation	11.5	10.7	n/a	n/a
Share-based compensation	16.5	15.8	n/a	n/a
Buybacks	0.9	0.9	n/a	n/a
Diluted shares, weighted	173m	174m	n/a	n/a
Shares outstanding at period end	171m	170m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,074	1,011	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	71.6	72.8	n/a	n/a
Finance lease liabilities	2.9	3.4	n/a	n/a
Other liabilities	94.7	87.7	n/a	n/a
Total liabilities and equity	1,243	1,175	n/a	n/a
Fixed assets	58.0	55.8	n/a	n/a
Goodwill	436	431	n/a	n/a
Intangible assets	141	147	n/a	n/a
Cash and equivalents	310	259	n/a	n/a
Receivables	207	191	n/a	n/a
Other assets	91.0	90.9	n/a	n/a
Total assets	1,243	1,175	n/a	n/a

Questions

What was DoubleVerify Holdings' revenue in Q4 FY2023?

DoubleVerify Holdings (DV) reported revenue of $172 million for Q4 FY2023, the quarter ended 31 December 2023, up 28.9% on the same quarter a year earlier.

How much did DoubleVerify Holdings earn in Q4 FY2023?

Net income for Q4 FY2023 was $33 million, up 83.2% on the year, and diluted earnings per share $0.19.

When did DoubleVerify Holdings report Q4 FY2023 results?

DoubleVerify Holdings filed its 10-K for the year that ended with the quarter on 28 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	144	172	141	156	170	191	165	189	189	206	181	194
Cost of revenue	26.5	30.0	26.6	26.1	29.5	34.3	31.0	33.1	33.5	35.9	33.2	32.5
Gross profit	118	142	114	130	140	156	134	156	155	170	148	161
Gross margin	82%	83%	81%	83%	83%	82%	81%	82%	82%	83%	82%	83%
R&D	32.3	32.6	36.4	39.8	39.3	37.5	44.7	47.2	44.8	41.7	45.4	46.4
Operating income	18.2	37.6	6.9	11.0	25.7	38.8	6.8	13.5	21.1	37.8	15.6	23.0
Operating margin	13%	22%	5%	7%	15%	20%	4%	7%	11%	18%	9%	12%
Interest expense	0.3	0.3	0.2	0.2	0.4	0.3	0.4	0.4	0.5	0.4	0.4	0.5
Pre-tax income	19.6	41.7	8.9	12.9	29.6	37.4	9.5	15.2	20.5	37.4	14.2	21.9
Tax rate	32%	21%	20%	42%	39%	37%	75%	42%	50%	22%	55%	41%
Net income	13.3	33.1	7.2	7.5	18.2	23.4	2.4	8.8	10.2	29.3	6.4	12.9
Net margin	9%	19%	5%	5%	11%	12%	1%	5%	5%	14%	4%	7%
Diluted EPS	$0.08	$0.19	$0.04	$0.04	$0.10	$0.14	$0.01	$0.05	$0.06	$0.18	$0.04	$0.08
Operating cash flow	35.5	52.1	31.8	35.9	54.6	37.4	37.7	49.6	51.2	72.7	4.2	76.2
Capital expenditure	4.6	4.7	6.4	7.2	6.2	7.4	6.3	9.5	12.1	10.6	10.5	10.5
Free cash flow	30.9	47.4	25.4	28.7	48.4	30.0	31.4	40.1	39.0	62.1	-6.4	65.7
Buybacks	0.9	0.9	1.8	23.2	25.0	77.9	82.2	0.0	50.1	0.0	75.1	25.1
Shares outstanding	170m	171m	172m	171m	171m	167m	162m	164m	161m	162m	156m	155m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0001558370-24-002008: the filing on EDGAR. All of DoubleVerify Holdings, Inc.'s filings: EDGAR company page.

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