DoubleVerify Holdings, Inc. (NYSE:DV) Q3 2024 Earnings Conference Call November 6, 2024 4:30 PM ET
Company Participants
Tejal Engman - Senior Vice President-Investor Relations
Mark Zagorski - Chief Executive Officer
Nicola Allais - Chief Financial Officer
Conference Call Participants
Youssef Squali - Truist Securities
Frank Surace - Barclays
Matt Swanson - RBC Capital Markets
Maria Ripps - Canaccord Genuity
Andrew Boone - JMP Securities
Justin Patterson - KeyBanc Capital Markets
Mark Kelley - Stifel
Arti Vula - JPMorgan
Operator
Greetings, and welcome to the DoubleVerify Third Quarter 2024 Financial Results Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce Tejal Engman of Investor Relations. Thank you. You may begin.
Tejal Engman
Good afternoon and welcome to DoubleVerify's third quarter 2024 earnings conference call. With us today are Mark Zagorski, CEO; and Nicola Allais, CFO.
Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties, and changes, and reflect our current expectations and information currently available to us, and our actual results could differ materially. For more information, please refer to the risk factors in our recent SEC filings, including our Form 10-Q and our annual report or Form 10-K.
In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to, and not as a substitute for, our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com. Also, during the call today, we'll be referring to the slide deck posted on our website.
With that, I'll turn it over to Mark
Mark Zagorski
Thanks, Tejal, and thank you all for joining us today. In the third quarter, we drove robust expansion, scaling our solutions across a wide range of social, CTV, and retail media platforms, alongside recording our largest-ever global market share wins in a single quarter. Our solid execution this quarter sets the foundation for DV's long-term growth while momentum in our core business continues to build.
In the third quarter, we grew revenue by 18%, up from 17% in Q2, with double-digit growth across all three revenue lines; activation, measurement, and supply-side. We achieved a standout 83% gross margin and a 35% adjusted EBITDA margin, with the latter marking our highest profitability for any Q3 on record. And we grew our net cash flows from operating activities by over 50% to $55 million in the third quarter, underscoring the strength and efficiency of our operations. We continue to show robust growth and are exceptionally profitable, all while setting the stage for a stronger market share position in the years ahead.