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DoubleVerify (NYSE: DV)
Q1 2023 Earnings Name
Could 10, 2023, 5:30 p.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Contributors
Ready Remarks:
Operator
Greetings. Welcome to DoubleVerify’s first-quarter 2023 monetary outcomes convention name. Presently, all contributors are in in listen-only mode. An issue-and-answer session will comply with the formal presentation.
[Operator instructions] Please word, this convention is being recorded. I’ll now flip the convention over to Tejal Engman, Investor Relations. Thanks. You might start.
Tejal Engman — Senior Vice President, Investor Relations
Good afternoon and welcome to DoubleVerify’s first-quarter 2023earnings convention name With us as we speak are Mark Zagorski, CEO, and Nicola Allais, CFO. Immediately’s press launch and this name could include forward-looking statements which might be topic to inherent dangers, uncertainties, and modifications, and replicate our present expectations and knowledge at the moment obtainable to us, and our precise outcomes might differ materially. For extra info, please confer with the danger components in our current SEC filings, together with our Type 10-Q and our annual report or Type 10-Ok.
As well as, our dialogue as we speak will embody references to sure supplemental non-GAAP monetary measures and ought to be thought-about along with, and never as an alternative to, our GAAP outcomes. Reconciliations to essentially the most comparable GAAP measures can be found in as we speak’s earnings press launch, which is offered on our investor relations web site at ir.doubleverify.com. Additionally, through the name as we speak, we’ll be referring to the slide deck posted on our web site. With that, I am going to 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 as we speak. I’m excited to debate our robust first-quarter efficiency and optimistic outlook for the remainder of the yr. We began 2023 laser-focused on a number of key areas: first, on launching progressive, 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 at last, increasing our partnerships with giant advertisers and preeminent digital advert platforms across the globe. On all three fronts, we are able to confidently state that we’re executing forward of our expectations.
Within the face of a difficult macro surroundings, our efficiency stays resilient as a result of efficacy and utility of our options and the deep belief we’ve got 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 prospects and companions. Our first-quarter outcomes exemplify the impression of this dedication when it’s embraced and powered by a passionate group of DV workforce members in 21 areas all over the world. We grew first-quarter income by 27% yr over yr 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 progress. Advertiser demand for each our premium-priced Genuine Model Suitability programmatic answer and our social measurement options continues to develop, leading to robust enterprise enlargement with current prospects 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 forex 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 fee 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 fee of greenfield wins exemplifies the underpenetrated TAM that DV continues to profit from. These new consumer wins play into our profitable land-and-expand technique by way of which we grew the variety of advertiser prospects producing greater than $200,000 during the last 12 months by 31% within the first quarter.
With 45% of our prime 700 prospects utilizing lower than half of our key merchandise in 2022, the chance to develop inside our current buyer base stays vital. Our acquisition technique additionally continues to pay dividends in relation to consumer progress. By specializing in M&A that accelerates our product street map, provides complementary new applied sciences, and expands new native market protection, we create progress alternatives throughout the DV portfolio and drive measurement forex ubiquity. Since integrating our acquired social activation instruments firstly of 2022, over 65 new prospects have activated DV’s pre-campaign social options on YouTube and/or on Meta.
Newly acquired assets helped drive progress throughout our worldwide measurement buyer base with over 60 new prospects activating the DV Genuine Advert in EMEA for the reason that 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 stage of belief we’ve got constructed with our prospects as an unbiased and impartial associate. 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 clarification 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 assessments present that DV’s ML-supported pre-bid model security and suitability options constantly 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 were constructed and educated during the last 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 educated DV’s proprietary algorithms, making them extremely efficient at figuring out tens of millions of bot and malware units day by day. The expansion of AI additionally can also have an fascinating impression on the utility and alternative for our product suite as an rising variety of advertisers are wrestling with their strategy to AI-created content material and their consolation with having advertisements 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 fulfill 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. Immediately, DV provides the {industry}’s most strong cross-platform consideration answer, 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 might be first verified as viewable by DV’s industry-accredited requirements. Final week, we have been thrilled to make the leap from consideration to motion by launching the DV Common Consideration phase, the {industry}’s first automated consideration optimization answer for programmatic media shopping for. Powered by DV’s international consideration knowledge, our pre-bid common consideration phase 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 phase, together with people who use our rivals’ measurement options, not solely creating an unlimited, long-term activation alternative but in addition unlocking a big measurement upsell alternative down the street. Talking of measurement, DV Genuine Consideration measurement continues to achieve momentum with first-quarter check volumes doubling and marketing campaign activations tripling yr over yr. Almost 80 advertisers have activated DV Genuine Consideration campaigns to date 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 might be on the forefront of driving consideration as a forex and producing actual outcomes for our prospects out there as we speak. Let’s transfer on to one among DV’s most profitable and necessary product improvements, Genuine Model Suitability. Since its launch in 2018, we have considerably enhanced the worth ABS delivers by way 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, we’ve got additionally began to implement a bifurcation of ABS’ pricing by introducing a better fee for ABS video whereas sustaining the unique worth for show.
ABS income grew 56% yr over yr within the first quarter, pushed by a 55% enhance in quantity and a 1% enhance in worth. Our capability to boost costs, even on our premium-priced merchandise, whereas persevering with to ship robust quantity progress, speaks to the worth our options ship to our prospects and the long-term potential for DV to evolve towards a extra value-based pricing mannequin, notably for greater CPM media comparable 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 consumer UI, which decrease consumer overhead to make use of DV options, making it simpler than ever to effectively drive outcomes throughout a consumer’s full portfolio of manufacturers. With our subsequent differentiator, scale, let me start with social measurement, which delivered 33% year-over-year quantity progress within the first quarter.
Our social income progress in greenback phrases was led by advertisers leveraging our options on Meta’s platform, which generates nearly half of our social measurement income, adopted by YouTube functions, after which DV instruments on TikTok. Current social prospects comparable 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 emblem wins additionally contributing to social measurement progress. Our prospects are quickly activating the DV Genuine Advert on TikTok the place we’ve got doubled the variety of prospects yr over yr and have grown TikTok’s first-quarter income contribution by over 50% in comparison with the fourth quarter of 2022. Actually, we generated practically 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 enlargement to almost 45 markets, we’re scaling our protection throughout key English, Spanish, French, and Portuguese-speaking markets this yr, with a concentrate on maximizing market protection for our prime advertiser prospects. As a badged Meta enterprise associate, we worth Meta’s ongoing dedication to offering advertisers with transparency by way 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 site visitors options, enabling additional enlargement 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 progress fee 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 obtainable in 12 markets globally. CTV stays a robust differentiator for DV resulting from our complete protection, industry-leading options, and proprietary capability to establish CTV fraud. Solely DV covers the entire 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 folks, 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 enlargement, the place we delivered 26% year-over-year measurement income progress within the first quarter with each the EMEA and APAC areas exhibiting double-digit progress. For the reason that starting of 2021, we have practically doubled our worldwide gross sales, advertising and marketing, and consumer providers headcount, together with appointing a number of new nation leaders to domesticate native enterprise. With roughly 170 industrial personnel in EMEA and APAC and a market progress plan that features opening 5 new worldwide markets which is able to develop DV’s industrial 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 important instance of the payoff of our elevated worldwide investments is the deal we lately closed with the TBS Tv Community in Japan, a information website owned by 28 Japan Information Community TV broadcasting firms. TBS has adopted DV’s Writer Suite, an analytics and automation answer that comprehensively helps advert high quality management and income evaluation for publishers and media firms 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 world accreditation or had one revoked.
Our globally acknowledged TAG certifications and MRC accreditations show DV’s dedication to innovation and supply towards the very best doable {industry} requirements. This belief extends to how we strategy privateness and knowledge administration as effectively. DV was lately 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 and siphon tens of millions of {dollars} of advert spend throughout {industry} channels cements our place as a trusted associate performing in the perfect pursuits of our prospects and the {industry}.
Aggressively unearthing fraud is core to DV’s mission, and the idea upon which any promoting consequence ought to be measured. Final yr, DV’s Fraud Lab detected and mitigated dozens of fraud schemes and variants, with new fraud schemes greater than doubling during the last two years. This yr, DV uncovered BeatSting, an audio fraud scheme, and partnered with Roku to develop its Watermark expertise to uncover many extra fraud use circumstances, together with refined person spoofing that creates faux 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 studies; it is about folks and relationships. For the reason that day I joined practically three years in the past, my drive has been to construct a robust, various, and steady management workforce made up of essentially the most progressive, customer-centric minds within the house. 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 workforce sticks collectively, and based mostly on our 95% gross income retention fee during the last 3 years, they’re an enormous consider why our shoppers stick to us too.
To conclude, whereas we regularly speak about how scale, innovation, and belief are our three key differentiators, execution is arguably essentially the most essential to the success of any enterprise. DV continues to win as a result of we execute higher, interval. Our capability to efficiently innovate drives higher product efficiency that helps win new shoppers which, in flip, gives the information gasoline that powers a flywheel that finally grows our enterprise. We’re happy with the robust begin to the yr and stay laser-focused on rising and realizing our strong pipeline of latest and expansionary offers that may additional drive our market share and create an excellent stronger long-term progress 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 progress and profitability within the first quarter. The outperformance relative to our expectations was primarily pushed by stronger-than-expected measurement progress, 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 progress of 28%, which continues to be quantity led.
Within the first quarter, MTMs have been up 25% yr over yr, whereas MTFs grew 3% yr over yr. Activation income continues to be pushed by our premium ABS programmatic answer which is now in its fifth yr since launch. ABS delivered 56% income progress and comprised 56% of activation income in comparison with 48% within the prior-year interval. As Mark talked about, ABS volumes have been up 55% and the ABS fastened payment was 1% greater 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 yr.
The ABS worth bifurcation was assumed in our authentic full-year 2023 steerage. Most of ABS’ first-quarter progress got here from quantity enlargement by current prospects who proceed to deploy this industry-leading answer throughout extra markets. Turning to measurement. Income grew 22% pushed by current buyer enlargement on social and by the ramp of latest enterprise prospects that we signed final yr.
Social measurement progress was led by Meta and by TikTok, which nearly achieved its full-year 2022 income contribution within the first quarter alone. Worldwide progress of 26% within the first quarter outpaced total measurement progress and now represents 26% of whole measurement income. Provide aspect income grew 15% pushed particularly by continued platform income progress from Amazon and LinkedIn. Shifting to bills.
Price of income elevated by roughly $7 million, primarily resulting from greater prices from revenue-sharing preparations with programmatic companions tied to greater programmatic income, and in addition resulting from a rise in cloud providers prices. Income much less price of gross sales of 80% in Q1 ’23 is anticipated to stay comparatively steady for the rest of the yr as we proceed to spend money on scaling the infrastructure wanted to assist our progress. 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 yr over yr 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 greater revenues, in addition to a slower tempo of hiring, which we count on to speed up within the second quarter. Web working money circulate was $21 million, primarily pushed by greater year-over-year web revenue and stronger money collections. We ended the quarter with practically $286 million in money readily 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 means year-over-year progress of 21% on the midpoint. The sequential progress implied by our income steerage displays a tricky comparability with the second quarter of 2022 when giant new advertisers considerably ramped their income contribution and when the usual programmatic worth bifurcation was totally rolled out. We count on second-quarter adjusted EBITDA within the vary of $37 million to $39 million, which means 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 means year-over-year progress of 24% on the midpoint. And we count on adjusted EBITDA within the vary of $171 million to $179 million, which means a 31% margin on the midpoint. We’ve raised full-year income and adjusted EBITDA steerage resulting from a stronger first-quarter efficiency and an expectation that the constructive enterprise tendencies, notably in measurement, will proceed. We count on full-year adjusted EBITDA margins of 31% as a result of energy 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 progress.
On a sequential foundation, we count on the third quarter to symbolize rather less than 25% of full-year income, and we count on third-quarter adjusted EBITDA margins to stay according to the second quarter. To shut, we delivered a robust first quarter with double-digit income progress throughout all of our enterprise traces and are targeted on efficiently executing towards our plan for the remainder of the yr. And with that, we’ll 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 wished to focus in on the worldwide measurement progress for a minute as a result of, you realize, the final couple of quarters, that progress fee had actually slowed down and also you accelerated to 26% progress this quarter towards a tricky comp in Q1 of final yr, 40% progress. So, yeah, actually simply wished to listen to a bit of bit extra about the way you’re reaching that type of progress 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% yr over yr for the quarter, APAC at 31 %. And I feel a variety of that needed to do with one thing we have been speaking about for the previous couple of quarters, which was our continued funding in industrial assets outdoors of the U.S.
after which a industrial reorg which we began firstly of final yr, which actually began to, you realize, shut up on the finish of the yr. These two issues gave us a variety of confidence in the truth that we had the proper folks in the proper locations outdoors the U.S. they usually had the proper mission in entrance of them. Due to that, you realize, we noticed a extremely robust pipeline popping out of This fall, which we talked about earlier this yr in our first name.
That pipeline actually got here to fruition in Q1. So, it was a variety of arduous work by our groups. It was a variety of funding in folks and in planning and finally 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 yr.
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 have been optimistic. You raised your full-year information, clearly, and also you referred to as out, I feel, optimism on the measurement aspect of the enterprise. One, are you able to simply speak about what makes you assured in elevating steerage for the yr? And what are you seeing in measurement particularly that is supplying you with — that is making you optimistic on the remainder of the yr right here?
Mark Zagorski — Chief Government Officer
Thanks. Thanks for the query, Arjun. You realize, we have all the time stated that form of measurement within the core measurement enterprise was the — was the spine or the workhorse of the enterprise. And a variety of our success there may be associated to what I discussed to the query from Michael, which was, you realize, funding in gross sales assets and gross sales planning and reorganization of that gross sales workforce.
These are the fellows that exit and shut the offers. And measurement, as you stated, is form 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 yr. 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 they usually know what the years appear like.
However we all know measurement prospects, after they purchase in, they purchase in and stick, and that sticks with their — their spend all year long. So, you realize, I feel we have confidence in the truth that these prospects which have are available in, our measurement prospects, these {dollars} aren’t as fluid as activation {dollars} which have a tendency to maneuver with programmatic spend. So, that provides us a — you realize, a great quantity of confidence that, yeah, we’re in the proper place the place we should be to boost the information for the yr, and we have a great foundation from which to take action.
Arjun Bhatia — William Blair and Firm — Analyst
Excellent. Thanks, Mark. That is very useful. After which, I wished to the touch on consideration.
It looks as if that product is beginning to get some good traction right here. Are we crossing the chasm with that answer? And perhaps simply we might love to listen to the way you assume the prebid capabilities that you simply launched with common consideration would possibly assist advance among the adoption of this consideration answer right here.
Mark Zagorski — Chief Government Officer
Yeah, I feel it is an awesome query. And we do discuss lots 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 realize, we’re — we have — we have began making our manner up that mountain, and I feel we’re getting some good traction.
You realize, we noticed two instances the volumes of assessments yr over yr, two instances the amount of income in Q1 yr over yr, you realize, 3 times the amount of marketing campaign blueprints in consideration. So, it is — we’re getting there, proper. The size 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 realize, 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 form of develop the eye class as a complete I feel will even profit from having pre-bid and post-bid working collectively. So, you realize, I feel we all the time say it is nonetheless early days though it has been an extended interval of early days.
However because the {industry} catches up with standardization and people issues get locked in, and at the same time as competitors will get higher, I feel, you realize, competitors is OK on this house as a result of it truly form of justifies, you realize, the concept consideration issues and a spotlight issues to advertisers. We will see extra traction there. So, we love the introduction of a pre-bid answer. We expect that is going to assist drive that optimization cycle.
And, you realize, that is only the start for pre-bid on consideration. We expect there’s an evolution of that to an much more highly effective answer on the pre-bid aspect, the identical manner we advanced commonplace model security and model suitability and to genuine model suitability, which is, arguably, now nonetheless one among our strongest merchandise. I feel we have an extended 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 phase 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 am going to do the primary after which comply with up after.
I simply wished to the touch on ABS. You realize, it has been your greatest answer, 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 enlargement potential from — from current prospects going ahead.
After which — effectively, there and go for my follow-up after.
Mark Zagorski — Chief Government Officer
Yeah, you realize, 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 progress got here from current prospects this quarter. You realize, 94 of our prime 100 prospects are utilizing ABS proper now in Q1. So, what that reveals to me is that, even with fairly vital penetration in our prime 100 prospects, to have the ability to develop at a 56% year-over-year progress fee means ABS works, shoppers are utilizing it in additional markets, they’re utilizing it throughout extra manufacturers, and, you realize, it nonetheless obtained legs.
So, we proceed to steer with our programmatic options in lots of pitches. We proceed to have alternatives under the highest 100 shoppers to proceed to develop. And, you realize, we predict ABS goes to proceed to drive progress for us even after, as we famous, a worth bifurcation through which we raised the value on video. We noticed little or no friction from that worth enhance.
So, it not solely reveals the utility of the product, however the worth that we’re creating for advertisers to indicate that progress.
Justin Patterson — KeyBanc Capital Markets — Analyst
Nice. Thanks. After which, for the second query, I wished to the touch on social measurement a bit extra. Meta and TikTok nearly reaching their ’22 income contribution in simply the primary quarters, very spectacular.
We might love to listen to extra about simply the way you’re excited about social progressing within the yr and whether or not that would truly flip right into a channel that brings web new advertisers into the broader DV ecosystem. Thanks.
Nicola Allais — Chief Monetary Officer
Yeah, Justin, I am going to 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 frame. However, you realize, your factors round social are the proper ones.
We — we have 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 should you examine it to Meta and YouTube, however it’s an indicator that, you realize, 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 yr. So, you realize, we felt very strongly that we are going to 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 am going to throw one different level there, too, Justin, which is, you realize, you talked about does it have the flexibility to draw new prospects. You realize, in Q1, it definitely did as a result of 40% of our income progress was from new prospects within the quarter, in social — social measurement progress, that’s. That was from new prospects. And, you realize, it was people like Mars, Paramount, Bumble, Firestorm , ConAgra, large manufacturers who’re activating throughout social.
TikTok is definitely serving to on that entrance as a result of individuals are transferring there. So, once more, social is a spot that we’ll really feel very comfy, persevering with to concentrate on progress there and we’ll proceed to speculate as effectively.
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 simply made final yr in Worldwide. I assume my query is, are you now to scale with assets which you can let extra upside circulate by way 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 simply guys actually wish to push as you concentrate on ’23 and ’24? What do you assume is the low-hanging fruit from right here on the — on the upsell? Thanks a lot.
Mark Zagorski — Chief Government Officer
Certain. I am going to 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 after we have a look at the upsell cycle, and also you’re proper, we have nonetheless a reasonably first rate quantity of product upsells to make throughout the board.
You realize, we speak about ABS, though ABS is a few fairly excessive penetration in our prime 100 shoppers, we nonetheless obtained a variety of room in our subsequent, you realize, a number of hundred to go after. And that is all the time going to be our first go-to after 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 after we have a look at social. Social measurement continues to be, you realize, an awesome progress 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, doesn’t suggest you are a consumer that is utilizing us for measurement on social. So, after we consider, like, the primary two issues we’ll stroll right into a buyer to do and we’ll upsell, it should be ABS after which social. And I feel we have room on each of these merchandise as we have a look at, you realize, the potential upsell, plus we all know that they are each nice margin drivers for us, nice progress drivers for us, notably in alternatives outdoors the U.S.
Nicola Allais — Chief Monetary Officer
Yeah, by way of EBITDA margins and expectations and the way we — how we give it some thought for the — for the way forward for the enterprise, you realize, we did have a robust first quarter round profitability. I feel the numbers that make us really feel very strongly that we’ve got, you realize, a enterprise that may scale is absolutely the place the investments have been. So, we have 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% progress in worldwide, it is not as if we needed to make investments extra assets to attain that progress. So, there may be inherent scale coming from these two traces as we change into a bigger firm. Nevertheless, we’re persevering with to decide on to spend money on R&D. That’s the one space the place you will notice progress in investments yr on yr, and that’s particularly round knowledge scientists to permit us to go deeper into AI, machine studying investments.
These aren’t brand-new investments. We have been doing it for a few years already, however the alternative there to proceed to speculate is — is offered to us, and we’ll do it as a result of it should speed up our product street 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 am going to add my congrats. Mark, I wished to ask you, the win charges stay very excessive. Are you able to refresh us on the position of accreditations, by way of that lens simply that will help you win enterprise? And the way huge is the hole as we speak 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 necessary one, as is customer support and buyer assist, as is pricing. However most likely nonetheless a very powerful one is the efficiency of the platform, and that is the place we proceed to lean in. That is why expertise expens is such an necessary one for us to maintain investing in as a result of when these platforms go face to face, you realize, we have stated this again and again, whichever platform delivers the very best ROI by filtering out essentially the most fraud, by creating the best stage of name granularity, model suitability, granularity is the one which’s going to win.
And I feel that is driving an awesome 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 might be on the market. You realize, our greatest estimate is we’re anyplace from 50% extra completely different accreditations to nearly double relying it is — it is arduous to search out it. There’s numerous completely different locations the place folks have accreditations in numerous nations, however we definitely outpace our rivals by a major quantity in that house.
Mark Murphy — JPMorgan Chase and Firm — Analyst
OK. After which, as a fast follow-up, what are you discovering by way of viewability within the CTV realm? What I imply is, are there fewer points as a result of, in some circumstances, you’ve got 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 realize, advert placement issues or, you realize, among the ad-skipping capabilities of these platforms?
Mark Zagorski — Chief Government Officer
Yeah, it is an awesome query. I imply, you realize, there’s all the time been this assumption that, you realize, CTV is 100% viewable, proper? It is in somebody’s lounge, how might it not be considered? Very completely different issues than a banner advert on an internet web page the place somebody can scroll by it, or an impression on a cell phone that will get, you realize, 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 realize — which is does the advert run for the complete first quartile, proper? Does it — did it run for that time frame 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, turning into an more and more vital problem for advertisers as a result of many apps aren’t passing the sign that claims this tv is on, they’re truly operating advertisements 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 respectable apps. So, viewability, the best way 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 advertisements not operating the complete extent that they need to and advertisements operating when a tv display is definitely off, the field is on. The system’s working, the pc is working, and it is operating that — that streaming utility, however the display’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 realize, 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 might. By way of the stat you gave on rising variety of giant advertisers and bringing that again to probably new logos, are there any {industry} verticals and/or geos you are calling out if you have a look at your backlog for brand spanking new giant advertisers or new logos that you simply assume we ought to be monitoring for potential for outsized progress or areas the place the backlog is exhibiting you a variety of promise by way of constructing not just for 2023 however past? After which, the second query could be on — on Netflix as a platform. How a lot of scaling the Netflix enterprise now as we transfer by way of ’23 and out into the out yr is about components the place that you must make investments to type of place you to profit from what they construct over the long run versus simply them executing on merely scale of the ad-supported prospects and subscribers over time, and that is the place the income unlock is? Thanks a lot.
Mark Zagorski — Chief Government Officer
For positive. So, your first query, you realize, the great factor about our enterprise, which — which we talked about up to now, is that we have a reasonably broad-based set of advertisers. So, should 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 realize, a variety of people who’re targeted on these two segments had some challenges, you realize, operating advertisements as a result of there was no motive to promote should you could not promote the product to get the product in-store.
We did not see that as a result of, you realize, we’re actually properly distributed throughout all the main advert segments. So, there’s not one through which we are able to say we have seen both outsized enhance or lower during the last a number of quarters. We have seen progress throughout all of them, which is — which has been fairly good. With regard to Netflix, you realize, it solely launched a number of months in the past, I feel March.
And so, you realize, 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 prospects like Molson Coors, Nintendo, Santander, Toyota which might be beginning to purchase throughout and use verification throughout Netflix. So, there’s positively curiosity.
There’s positively {dollars} beginning to circulate there. And though it is fairly early for Netflix, you realize, it is fairly small. You realize, we’ll be there with them for the journey, 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, if you go to pitch after which they fight you versus your competitor, do you bundle your merchandise in order that that hit fee goes up over time? Or if 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 simply’re, you realize, investing in?
Mark Zagorski — Chief Government Officer
It is an awesome query, Laura. I want we might bundle every thing in on day one and simply promote them an enormous bundle. However the — the brief reply is it positively varies. There are shoppers which might be on the lookout 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 form of land and develop, proper? We wish to get in, get a foot in there in order that we are able to push different options throughout. And after we say 80% win ratio, that is — you realize, that may very well be towards a single product or it may very well be throughout a bundle or enterprise deal. So, you realize, it’s positively a mixture of various kinds of wins, however in both case, we’re trying to promote all of them, you realize, merchandise throughout our complete six classes of options. And I’d say, in a overwhelming majority of them, we’re not getting into with all six of these classes lined.
It is some very small portion of that.
Laura Martin — Needham and Firm — Analyst
Tremendous useful. My second one is you realize the factor I appreciated finest is that you simply’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 payment impressions?
Mark Zagorski — Chief Government Officer
Yeah, it is an awesome query. Proper now, consideration is about up as a — is a CPM-based product. So, it’s extremely very similar to measurement. It is a measurement answer offered 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 answer as we speak. Doesn’t suggest that that mannequin could not change sooner or later. And, you realize, particularly as we begin increasing consideration into CTV elsewhere, we will definitely have a look at completely different fashions that will drive a special sort of profile for the answer.
Laura Martin — Needham and Firm — Analyst
Incredible. 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 as we speak. I wish to keep on these new emblem wins. Is the shopping for choice 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 important query. I feel ROI is what will get us within the door, proper? And the — the newer performance-based options are form of, at this stage, nonetheless the icing on the cake, proper? I can let you know, they do generally open that door for us. So, after we launched, for instance, our emissions measurement options with Scope 3, there was this big quantity of curiosity in trying on the environmental impression of advert transactions. That created a dialogue which, after all, we got here in and exploited to form of, you realize, promote extra options throughout the board? So — however for essentially the most half, you realize, people are normally on the lookout 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 realize, it positively varies throughout the board. And as that basket of products will get larger, it gives extra alternatives to have, you realize, conversations with our prospects. And every of them has completely different wants.
And that is why having, you realize, a broad foundation of fine and broad protection throughout a number of various kinds of platforms is so critically necessary to us as a result of we simply wish to have an enormous web to seize numerous various kinds of alternatives.
Frank J. Surace — Barclays — Analyst
Very useful. Thanks, Mark.
Mark Zagorski — Chief Government Officer
Acquired 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 enlargement with current prospects.
So, you realize, should you can discuss concerning the present development that you simply’re seeing for the general enlargement fee for the present prospects, has that been regular or has that proven enchancment in current quarters? And in addition, simply form of curious should you can examine that enlargement fee with current prospects, is that extra product pushed or is that extra pushed by prospects merely rising their quantity and including extra channels?
Mark Zagorski — Chief Government Officer
I feel I am going to let Nicola discuss right here.
Nicola Allais — Chief Monetary Officer
Certain, I am going to take it. So, I am going to say the one factor that we have seen that is constant yr on yr is that the — this type 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 enlargement is clearly product upsell, however I do not wish to overlook geographic enlargement. So, we would begin with a consumer in a single area after which develop 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 enlargement for current prospects. So, the profile of what we’re seeing by way of the enlargement is a combination. It is actually new merchandise, new geographies. And clearly, as new sectors change into obtainable comparable to TikTok, then we’re capable of develop as effectively.
One measure to — to — to perhaps form of anchor the reply is the highest 200 prospects. On the highest 200 prospects, you realize, that quantity — I am sorry, on the purchasers that spend over 200,000 within the final 12 months, that quantity grew 29% in This fall, and it grew 31% in Q1 23. So, you see that, the facility of the enlargement on the {dollars} that we’re getting from these prospects.
Yun Kim — Loop Capital Markets — Analyst
Nice. After which, Nicola, I’ve a follow-up. On the gross margin, was there a brand new greater revenue-sharing association that drove that large sequential uptick? Or — after which, additionally, you realize, 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 greater income share simply because the income is greater, and so it is impacting gross margin from that perspective. The — along with these prices, as we stated in — in our — in our ready remarks, we’re selecting to spend money on extra cloud computing assets, that are prices are impacting the gross margin.
This can be a choice that we’re making this yr as a result of we’re anticipating to see returns by way of us having the ability to gasoline extra progress. So, it’s a — it’s a enterprise choice 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 wished to return to consideration actually rapidly, simply I wish to get your thought.
Given that there’s a bunch of various methodologies which might be being labored on, issues like eye monitoring and, you realize, the strategy that you simply guys use, does that form of prolong the — the timeline for some type of standardization throughout the {industry}? That is the primary one. After which, the second is simply on this new AI product that you simply talked about. Are you able to dive into that just a bit bit extra? I assume, you realize, what are the transferring 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
Acquired it. It is an awesome query. So, first, let me — let me tackle the query on the various kinds of ways in which, you realize, people are attempting to construct consideration metrics. I feel, you realize, the truth of it’s methodology shouldn’t drive standardization.
I — you realize, requirements are — commonplace’s consideration and engagement, ought to be seen as comparatively finite metrics that may be constant regardless of how somebody determines what consideration is, i.e., you realize, 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 realize, the standardization of the usual metrics that — that folks agree to find out how we’ll measure consideration. So A, I feel they’ll generally be useful in accelerating the dialogue, however on the finish of the day, you realize, I feel the {industry} goes to decide on a definition that is sensible it doesn’t matter what the methodology is. We imagine that census and impression-level methodology is essentially the most legitimate.
It is essentially the most strong as we noticed within the, you realize, the linear TV measurement world or every other world that makes use of panels or very small samples. They’re apt to be extrapolated in improper methods, to be misinterpreted, and plenty of instances, misapplied. So, you realize, finally, we do really feel that essentially 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 kinds of panel-based methodology, however finally, we predict that is the one which’s going to have the very best stage of effectiveness and effectivity round there. In relation to what we talked about concerning 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 could be when put into activation, so the flexibility to filter and optimize after which measure afterwards. So, you realize, it is a first step there, similar to our first steps have been with commonplace model security, they usually advanced into genuine model suitability, which is a way more fluid, far more dynamic utility within the programmatic world. We expect that is form of step one and which is able to evolve into a way more fluid and far more dynamic utility down the street on the previews aspect.
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 fascinating, within the press launch you talked about the market share beneficial properties throughout your three enterprise traces.
I used to be simply questioning should you might simply please remind us of the 2 or three merchandise you are feeling — or merchandise that you simply really feel you’ve got essentially the most form of aggressive benefit inside sustainability of that edge. After which, Nicola, sorry should you talked about this in your ready remarks, however are you able to simply remind us what’s baked into your steerage by way of gross margin for Q2 and 2023? Thanks.
Mark Zagorski — Chief Government Officer
All proper, so I am going to discuss a bit of bit about, you realize, 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 similar to ABS.
And I feel it reveals with the continued legs and progress it has even after the quite a few years it has been in market. To have the ability to develop at 56% yr over yr 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 effectively. I feel, you realize, 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 let you know, simply helped us win a serious advertiser deal, not as a result of it was going to be an enormous a part of what they did, however they liked 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’ll lean into consideration down the street. And I feel our continued capability to innovate round issues like consideration, round areas like CTV and CTV viewability the place we’ve got actually distinctive viewability options and distinctive options which might be detecting issues like TV off, these are areas which we speak about lots. They do not generate big quantities of income for us but. However when somebody seems on the basket of products they’re shopping for, they wish to have a look at a core answer plus improvements across the edges.
They actually matter, they usually assist us shut new offers.
Nicola Allais — Chief Monetary Officer
And, Youssef, on the — in your second query, you realize, on the gross margin aspect, 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 spend money on our infrastructure. So, it is a selection we’re making to spend money on it.
Youssef Squali — Truist Securities — Analyst
That is useful. OK, thanks.
Operator
We’ve reached the tip of our question-and-answer session. I want 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 workforce worldwide for his or her arduous work and dedication to our mission and for delivering one other nice quarter of outcomes, and in addition to thank all of our stakeholders, our prospects, companions, and buyers for his or her continued assist. We sit up for seeing lots of you at upcoming conferences and occasions.
Have an awesome night, everyone.
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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