Integral Ad Science Holding Corp. (NASDAQ:IAS) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET

Corporate Participants

Jonathan Schaffer - SVP of Investor Relations

Lisa Utzschneider - Chief Executive Officer

Tania Secor - Chief Financial Officer

Conference Call Participants

Mark Kelley - Stifel

Andrew Marok - Raymond James

Raimo Lenschow - Barclays

James Heaney - Jefferies

Brian Fitzgerald - Wells Fargo

Jason Helfstein - Oppenheimer

Ian Morel -Evercore

Youssef Squali - Truist

Justin Patterson - KeyBanc

Cal Bartyzal - Craig-Hallum

Matt Farrell - Piper Stanley

Mark Zgutowicz - The Benchmark Company

Tim Nollen - Macquarie

Operator

Thank you for standing by, and welcome to IAS Q3 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentations, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's call is being recorded.

I will now turn the call over to your host, Mr. Jonathan Schaffer, SVP of Investor Relations. Please go ahead.

Jonathan Schaffer

Thank you. Good afternoon, and welcome to the IAS 2023 Third Quarter Financial Results Conference Call. I'm joined today by Lisa Utzschneider, CEO, and Tania Secor, CFO.

Before we begin, please note that today's call and prepared remarks contain forward-looking statements. We refer you to the company's filings with the SEC posted on our Investor Relations site at investors.integralads.com for more details about important risks and uncertainties that could cause actual results to differ materially from our expectations.

We will also refer to non-GAAP measures on today's call. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is contained in today's earnings release available on our Investor Relations site. All financial comparisons unless noted otherwise are based on the prior year period.

So with these formalities out of the way, I'd now like to turn the call over to our CEO, Lisa Utzschneider. Lisa, you may begin.

Lisa Utzschneider

Thanks, Jonathan, and welcome everyone to our 2023 third quarter call.

We reported strong results that exceeded our prior expectations. Revenue increased 19% to $120.3 million, and adjusted EBITDA reached $40.6 million at 34% margin. We are raising our financial outlook for the full year to reflect our positive third quarter performance and business momentum in the fourth quarter. Tania will provide a detailed review of our financial results and increased outlook for the full year.

Let me start by highlighting some key wins and expansions that reinforce the value of our AI-backed products, platform integrations, superior service, and geographic reach. BMW named IAS as its global verification partner. BMW selected IAS for our technology, innovation with products like Total Media Quality or TMQ, vertical expertise in the auto sector, extensive international footprint, and high-quality service. We are delighted that Ferrero, a global sweet-packaged food company has named IAS as its exclusive global measurement and optimization provider.