DoubleVerify Holdings, Inc. (DV) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to the BMO Digital Advertising Summit. At this time, I would like to introduce your host, Dan Salmon, who is joined by Mark Zagorski, Chief Executive Officer; and Nicola Allais, Chief Financial Officer at DoubleVerify. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Dan Salmon. Sir, the floor is yours.

Okay. Welcome back, everybody. Take the call. And for those just tuning in this is -- I guess, this is our, I think, our 7th of 12 fireside chats that we're hosting over 3 days with executives from across the digital advertising ecosystem. And we're very happy to have both Mark and Nicola join us from DoubleVerify hot off an Investor Day last week and some preliminary outlook for next year. And a full earnings report coming up next week, so we really especially appreciate you guys squeezing us in between.

So maybe gentlemen, we can just start with maybe a high level a bit of introduction on DoubleVerify and what you think the single most important thing that investors should know about how DoubleVerify adds value to the digital ad ecosystem?

Yes. Well, it's great being here, Dan. Thanks for taking us in. I guess, we're the 7th inning stretch, right? We're here. So it's great to connect with everybody. So when it comes to DV, I think 1 word that we are really focused on when thinking about our relationship with our customers and the ecosystem is essential. We are an essential part of the digital ad ecosystem because as a company that verifies the safety, security and transparency of an ad transaction, both buyers and sellers look at us as being an incredibly critical part of building trust in that transaction. So when we work with advertisers to provide better clarity on brand safety, ad quality, viewability, geographic alignment, those are essential parts of their evaluation of whether or not ad spend is actually getting to a real human being in a real market where they want to spend it. So I think the critical thing to think about is we are an essential piece of software that's integrated into the ad transaction. And for the most part, when we work with clients, we work across every different impression that they buy, across every type of media they buy and every market that we cover. So we don't fight over wallet share. We don't try to split business between 8 different types of media. We are the software layer that ensures that, that digital ad transaction is safe, secure and transparent.

Very helpful. And then just, again, to hope those who are a little bit newer to the story, and we'll bring them into to some of the industry trends that they might have heard have been hearing things at the Summit so far about privacy changes made by Google or Apple, and that's impact on ad tech companies and others as well. Can you explain what those type of changes are actually really an advantage for DoubleVerify?

Yes. It's a great question, Daniel. And there is so much talk about it. And whether you believe this is truly privacy-oriented or policy-oriented that may advantage some of these companies. The reality of it is, it impacts buyers of ad inventory, right, because of their ability to not use and identify or have an identifier not being able to move from platform or platform. And those identifiers include things like cookies or unique IDs or device IDs, right? These were the building blocks of the early days of digital advertising, their ability to target users, right? I want to track a user from their mobile phone, to their desktop, to whatever device they're using and ensure that I can deliver and add to that specific user in all these different places. The blowing up of the ID system and the cookie system, again, force in many ways, because of privacy laws, but also policies of browsers and policies of companies who want to protect their walled gardens, means that advertisers can no longer track users across those different platforms, which makes advertising harder, right? It makes delivery to a unique user harder. Where we fit into that scheme is that we're a company that looks at the ad transaction, but really, we look at the what happened? The how it happened? And the where it happened? We don't look at the who, because we're looking at the ad and the impression and the context around it. That means the data that we have is becoming increasingly valuable to advertisers that are looking to drive and optimize an outcome, right? They're trying to drive an outcome and optimize that based on as many different data points they have. If that who data point falls away because I can't track who it is, then all those other points, the what, the how and the where become that much more important. So for us, we look at this not as a headwind, but it's a tailwind. It actually fuels different pieces of our business. We have a contextual targeting solution that we launched recently that allows advertisers to not only measure what happens after an impression has been delivered. So what context that's been delivered in, but also filter before and target before based on context. We'll talk a little bit later about Authentic Attention and attention is a metric that we think will be growing in importance as things like demographics and individual user data to get harder to track. So we see that the data that we build into our system to create secure and transparent transactions. There's data around context, data around engagement, data around geography, all of those things will become much more important to advertisers, who are looking to drive an outcome versus ensuring that it hits Joe Smith, who's an 18- to 24-year-old male.

You mentioned the contextual targeting solution there at the moment, you also mentioned Authentic Attention. I want to get back to that and some of the things you talked about at the Investor Day more, but just this morning, you have news out about MRC accreditation of programmatic services and including your contextual targeting. Just tell us just a little bit more about that news that came out this morning and why it matters to your clients?

Yes. So taking a quick step back, if you think of the 2 main buckets of our business, the 2 main things we do, we do post-campaign measurement and blocking. So after you bought a campaign and purchased in media, we can actually stop the ad from being served if it's going someplace that doesn't look like it's a real human or is -- it's not brand suitable or brand safe for you. So we call that post-bid measurement or post-bid metrics. It's about half of our business. On the other side, we've got what we call activation or pre-campaign activation. Those are filtering tools that before you even bid on a programmatic platform or buy an impression, we're able to filter or target that impression for you based on the data that we have. So I think they work really well together. It's filtering and measurement, right, activation and measurement. They go together. So what was accredited today, which is really important to us, was our entire programmatic suite, which is really our activation suite across multiple different types of data, so across contextual, across viewability, et cetera, all those things we measure, we're accredited by the MRC. And the MRC, if you've been around the space you know, it's like they're kind of the good housekeeping seal of all data, right? Recently, they were in the news from a more broader perspective, not for what they did or what they didn't do. They took their accreditation away from Nielsen, which was a huge deal. I mean Nielsen has been accredited for decades by the MRC and they lost it. The reason I bring that up because it shows the power of independent assessment of data with other and so many millions of dollars -- or I'm sorry, billions of dollars are based on the measurement that we do, the measurement that Nielsen does, right? Nielsen was the de facto metric for television buying in the United States. It's a $70 billion industry. It was a $70 billion industry now but $60 billion to $70 billion was based on Nielsen data. So people trusted that. And when they lose that trust, the whole thing to blow up. So why the MRC is so important is someone's got to judge the judges. And that's what the MRC does. It tell the industry that this data and the way that this data was put together, the way that it is applied, is objectively valid. So for us -- for people who trust us to say that this is a human, this is in this geography. This context is what we say it is. This is suitable based on this brand, this brand's goals. Actually, they need to trust a friend. They need someone to say, yes, what they're saying is valid and right? So for the MRC to accredit our entire preactivation suite, and we're the only company that has the level of accreditations on that, what we call pre-grade or Programmatic suite, is a big deal, which means that any advertiser who buy into a programmatic system can now trust that our solutions have been verified by a third party. And so that's why we're excited about it. We are the most accredited across all different accreditation groups metrics business out there with 200 accreditations. And again, it's not just because we want to say we've got this list of accreditations, it's because when advertisers want to come and work with 1 company, they want to feel confident that they can trust the data they're working with, and that's what MRC gives us.

Yes. Somebody the other day put the MRC to be is that there -- basically, what they do is they make sure that you're doing what you say you're doing, right, that I think you put it there that your data products are put together, as you say, and not necessarily sort of passing judgment on any sort of metric or tool, but just like they're working -- that works the way they say it works. And as you said, that sort of stamp of approval has helped with a lot of folks. So I want to come back a little bit to the Investor Day, you mentioned Authentic Attention, which you announced and that builds on your Authentic Ad metric. Can you just talk a little bit about the importance of the original metric and how the new 1 builds upon?

Yes. It's a great segue from kind of what we just talked about on the MRC side, which is kind of accrediting and building confidence in metrics. What we -- our whole driver is to build confidence in that transaction. And the way that we started the building block, the core building block of that is what we call the Authentic Ad, right? Did this ad reach a real human in a brand-safe environment? Was it a fraud-free transaction? And was it in the right geography, right? So on those 4 things. Those data points is kind of the building block of kind of what we've built all of our solutions on this Authentic Ad. We've now extended that 1 step further because when we look at how the business is evolving. A lot of those things we talk about help drive what we call quality and safety, right? They build a safe layer to ensure that you're not wasting your money. They build a quality layer to ensure that you're in a good place. The next step for that progression is a performance layer, right? So once I've taken all the c*** out, and once I ensure that I'm in a good environment, that's brand suitable for me, how do I drive performance, right? So it's not fraud, it's a real human being, it's brand safe. It's brand suitable. So it's like the right place for me to be. So now how do I now figure out what is the best place -- what it was the best engagement best creative, Attention is all about that. So Attention brings 2 different data sets together to build a single metric. The first is exposure. So how that ad was delivered? How it was exposed? Where it was on a page, did it run for the right amount of time? If it's a Connected TV ad? Was it fully on screen? Did it run for the first quartile, so it's exposure plus engagement. Did the user roll over it? Did they click -- did they look for more information around it? Was there an engagement level? Was there a mouse rollover? Did someone change the channel during the ad? Those 2 metrics together, so exposure and engagement, build on all that quality and safety that we built to help drive a better outcome. So we think the Attention is really the next core metric that every advertiser will be buying into. The same way they bought into viewability, right? At some point, viewability is like what is the industry is like what is viewability? What's that mean? Well, when you started looking are like, hey, that may have run on a page. But no scrolled rolled down, remember like there's member like when companies like 50 ads at the bottom of the page is like 2004 and like no one would ever scroll down there, but they get paid for those things, right? So like viewability came around because the advertisers like why is -- why am I paying all those for ads that no one's ever clicking on and no one ever sees. So viewability started off as being a, I think that makes sense, but then became ubiquitous. So just about every digital advertiser now uses a viewability metric. We think attention is the kind of the next key metric to be ubiquitous because it's -- all right. If I know it's safe, and I know it's viewed, do I know if anyone really cared about it. It ran out the page, but do they want to engage with it. So we think attention is the next ubiquitous metric that everyone will buy into, particularly because what we started off with saying is as audience becomes harder to measure, right? I would say I did even say content audience was even hard to measure. Even if you know it's a 18 to 24-year-old male on the other side of that screen, who cares that they didn't engage with it? So attention is super important. We are laying really hard into it this year. We announced in our Investor Day that we're going to be delivering attention, a premium version of attention metrics to all of our Authentic Ad clients. So they're going to have it. They're going to be able to see it every day in their UIs. They're going to see how their attention metrics are running. And we think that's the first step in making this a ubiquitous metric. And we're so on track because we're the only ones that have it. We're the only major verification company that has any type of attention metric. It's something that we can own today. We're pushing for broad industry acceptance and accreditation, and it's ours and ours only. So we're super excited.

Helpful. Another new news out of the Investor Day was the new partnership with Comscore, and you spent some time that I'd want you to revisit again why authenticity is important to bring to measurement more? So tell us a little bit about that and how a deal like this helps drive revenue growth for DoubleVerify more as well.

Yes. I think it extends to that same narrative around safety, quality, performance and then audience, is that kind of last mile step there. It comes down to the fact that audience without verification and audience without quality isn't really audience, right? So if you're in the audience measurement business, and you're telling an advertiser, they're reaching a specific audience and they're building metrics around it. But you're not verifying whether that, that is truly a human being on the other side. You're not verifying whether that transaction is truly safe and secure then there's a problem with that data, right? So the bringing together the Comscore data with DoubleVerify's verification creates what we're basically calling verified audiences, right? The ability to ensure that, that -- the data that's on the other side there is actually a real human, that there's veracity in the metrics that they're delivering. And it extends -- it extends our core value proposition into 1 other aspect of metrics and measurement, which is the audience part of it without, let me be clear, without us having to be in the audience business, and having to suffer the privacy challenges that we started talking about at the beginning. So it's another kind of -- it's another revenue opportunity for us to take that same core data set, the same core collection of verification information we have and extend it into 1 further application. So it's early -- it's early, we haven't even launched the product with Comscore yet. But I think it just shows that the importance of having quality and safety as the basis for any metric is really important.

Good. Very helpful. And as you said, sort of rippling a consistent sort of theme through all of your sort of product and news. So I want to move to area of significant growth across the ecosystem that's important for you as well, which is Connected TV. And it does feel like this is another area where DoubleVerify was a little earlier than the competition. What are some of your keys to continued success in CTV?

Yes. So -- on the CTV front, we talked about it on Friday and our Investor Day, we see continued growth there. Our impressions on CTV grew 57% last year, globally versus a market that grew, I think, around 29% or something like that. So we're growing faster there because we're providing a value prop. The one thing that was interesting about CTV for us is and to think about taking that data that we use across all different types of digital media. So remember, we're doing verification on desktop, on mobile, across social, across in-app, and we've extended now to CTV. Every media has a different challenge to overcome when it comes to the core things we're measuring. So it's whether it's like brand safety or suitability, it's harder to do with video than it is in text, right, because you have to look at different things on a video. Whether it comes to viewability, right? Because viewability on a TV screen is different than viewability on a mobile app or a desktop app. So CTV help you positions those types of challenges for us. But we saw it as a huge opportunity, too, because there was this assumption on -- 2 big assumptions around CTV that advertisers have that we challenged and found that they weren't right. The first was that CTV was entirely clean. Like, hey, I'm buying -- it's like -- because they assume it's like buying TV, like there's no fraud in television. When you bought American Idol on Tuesdays, you weren't buying fraud. You're getting American Idol, right? There was no problem. However, CTV is totally different, right? Because of the way ads are delivered on CTV, there's an opportunity for fraud. And because the CTV ecosystem includes thousands of apps, not dozens or maybe 100 really relevant ad-supported channels. That ability to kind of fragment that market and have fraud be introduced there, was real. So we've continually find fraud schemes across CTV. We work with partners out there to ensure that their inventory is being represented and delivered the right way. But at the end of the day, fraud was the first assumption we had to deal with in CTV, and we have tools to address that. The second was that all CTV was viewable, right? And it was all viewable. It goes on some -- it's in someone's living room, right? It's not a TV, how is it not viewable? I can see a banner ad that someone's [indiscernible], but how is it not viewable? Well, there's a couple of things that we found out and which were, I think, somewhat surprising. The fact that a lot of data that was being sent from TVs or from applications, didn't correctly measure the level, the quartile of which something was being viewed, i.e., did it actually run, did someone change the channel during, did it crash? The ad actually get through the first quarter of it being delivered. So if it's a 30-second ad, did it make it through the first 7 or 8 seconds, right? So a, that was a big part of your ability, which is like the ad really get delivered and viewed. The second was something that we've kind of pushed into our viewability metrics more recently was that was the TV actually on? And what we call fully on screen. And this was an issue that Nielsen had years ago, you probably remember, like there was a lot of measurement that was going on for set-top boxes, well, the TV wasn't on, right? The television screen is not on. You know this if you have a cable box, right, you could keep the cable box on, but the TV screen is off. So those ads would register if you're registering measuring cable box data. You still have the same thing in CTV. People were turning their televisions off, but the ads were still running in the background, on the application. So when you look at CTV, it's a growth area for us because a lot of the same challenges that we saw across all digital media are emerging there. They're different flavors, the frauds are of different flavor, the viewability issues have flavor, but they're still there. And it's still kind of hones in on our core value prop, which is verify everywhere, create trust across the entire digital ad ecosystem.

Excellent. No, it's true that set-top box data, you guys remember when it started getting integrated into Nielsen and everybody else's methodology, Comscore went on track and those that instant like, "Oh, we don't have a sample anymore. It's a repopulation isn't this wonderful? And then debt realization and a lot of that Big Data that comes through isn't always exactly what you think it is. And I see it when I turn on our TV and YouTube with my 9-year-old clips -- son's clips are still running in background. They've been there since going through the afternoon when I turn on the hockey game at night. So it's a real problem. So switching gears, another big ecosystem and where I want to maybe talk a little bit about your M&A as well is OpenSlate was a recent acquisition, and they bring with you deeper integration, bringing deeper integrations with the social media platform. So maybe talk to us a little bit more about OpenSlate, what it brought you that you didn't have before?

Sure. And maybe I'll kick this to Nicola since he had to pay the bill on this one.

I'll be glad to take this. It was -- I'd be glad to take that question. It was a good deal for us. So what OpenSlate does -- so to go back to what Mark mentioned, we do measurement, which is post a campaign, and we do activation, which is before the campaign actually runs. And what OpenSlate does is it allows us to do that activation, the evaluation of the impression for the walled gardens. This is an environment that is not available to programmatic partners. You can buy wall gardens to programmatic player. So it allows us to complete the solution for the walled gardens, the same way as we do it currently on the open Internet via programmatic partners and directly with the advertisers. It's a very interesting addition to our own products. It will be additional information on the same impression that we measure anyway, right? So it gets into this idea that what we can do on 1 impression and add more and more services to it and increase the fee that we can charge per transaction. The overlap of customers -- OpenSlate is a great company, but obviously have a smaller scale than DV. So to be able to provide that service to our overall -- and advertisers' customers is really a huge opportunity for us.

Excellent. And that will help, as you said it we do get this oftentimes digital ad world framed into that sort of open web where ad tech tools live and then there's the walled gardens and of course, for you guys part of the reason that we like the space is you work across them and -- but solutions are a little bit different in these cases. So I want to stay on the topic of social media and in particular, Meta. I recognize that this is something you guys are fairly limited in speaking about. But for those who are new to the DoubleVerify story you should be aware that it was announced last November, November 18, precisely in a blog post that the artist formerly known as Facebook or Meta will be doing an RFP for your types of services. In fact, I'm going to read it, right, here for everybody so they know it is that this was in November of last year, where Facebook said before the end of the year, we also plan to collaborate with third-party brand safety partners to develop a solution to verify whether content adjacent to an ad in News Feed aligns with the brand suitability preferences, we will start a request for proposal in the coming weeks. We will share our progress working with the industry on these initiatives, as they develop. So I just -- I want to make sure everybody is aware of that going on in the background. I know you guys will not comment on that type of situation. But maybe, Mark, just tell us a little bit first on how you do work with Meta today?

Yes. So the paraphrase I saw, I've heard 50,000 times in the last week in my house, we don't talk about Meta here. If you have young if anyone on the line has kids between the age 6 and 12, the only something we've heard is Encanto in our house for the last...

You don't talk about the .

So yes, I mean, we currently work with Meta as well as YouTube and Twitter and TikTok and Pinterest and a whole slew of other social networks at different levels. I mean, so there's -- you mentioned there's the open Internet where we obviously play with verifying transactions across lots of different types of publishers and apps, et cetera. And then there are the walled gardens, right? And we work with the walled gardens by having direct relations with them in which they actually send us data about what's going on in their universe and we analyze that data and then allow advertisers to kind of make ad decisions based on that. Different platforms have different levels of transparency. We've seen some like TikTok recently, really lean into it. So be very proactive and say, "Hey, we want to ensure advertisers feel comfortable advertising here because there's so much demand. So we're going to bring as many different partners as we can, be really open, transparent about that. We've got a great relationship with TikTok. We bought OpenSlate. OpenSlate already had a TikTok solution, so we were able to bring those together. I think Meta is in the same position. And just to be a little transparent here, I think their competitive pressure has forced to open up a bit more to third parties. So we currently work with them, and we have a great relationship on some of their video products, so watch and we do impression accounting. So ensuring that the actual transaction is valid and verified so that they actually reached the user. We build some -- we have some solutions around viewability. But really, the 1 area where they have not brought third parties in, as you know, with that announcement, is really in the main news feed around brand safety and brand suitability, right? Which is a core of what people are really concerned about with social, which is, is this okay for me to be there? I mean there's a general sense of trust across all social platforms, like, hey, this isn't fraud. For the most part, it's viewable, there may be some challenges around viewability. But the real issues are around brand safety and brand suitability. And as some other companies moved quickly around that. So TikTok is moving very aggressively. We announced Twitter is opening up the Twitter feed for some work that we're doing there. I think there is just an opportunity that they felt they weren't taking to bring third parties in. So we work with them on a relatively limited basis now, but there's still a big part of what advertisers are interested in buying. I think down the road, that relationship will continue to grow and change as they bring other third parties in.

We are -- in our initiation report put a little -- hung some numbers on that opportunity and maybe a little bit more of a bearish investor trying to say, well, but that will have revenues going to start shrinking soon. I'm like -- it's still almost 20% of global ad spend no matter what it's doing. And so we'll look for further news from them on that front. I want to switch to one of the last growth drivers that you focused on a lot, which is international. And this is one where you've highlighted, Mark, that you feel like you're lagging your peers in this area. So tell us, you made some acquisitions this year as well, but what are your -- the key thrusts for you, key focus for you and Nicola to help drive that international business [ product ] you're in and catch us up on some of your actions lately?

Yes, it's a good point. And we've been pretty transparent in saying, look, we are late to the game on the international front. Other companies in our space have had bigger and broader footprints. I mean we didn't open our first real international offices until 2018, right? The business has been around since 2010. So our real investments outside the U.S. really started just a few years ago. And only about 26% or so of our direct revenue comes outside of North America. So we've got -- and considering I think something like the 50x-percent plus of all advertising is done, so all of your digital advertising spend is outside the U.S. So we've got a lot of room to fill in here, for sure. So we've leaned very heavily into investments outside the U.S. Now those investments we talk about them are really sales margin, right? So infrastructure is cloud-based. We're able to scale very seamlessly into a market. We actually cover those markets already. So we analyze text and transactions and text of contextual pages, metadata around content on pages in multiple languages. So 40-plus languages that I think cover something like 99% of all Internet transactions, right? So we cover those things. We're analyzing so many different languages all around the world. It's about just getting to those local advertisers in those markets as clients. So last year, over 50% of our new headcount was outside of the Americas. So we're investing in headcount outside of the U.S. We continue to kind of lean in on sales and marketing in those markets. We acquired a company called Meetrics to strengthen up our cut of Western Europe, Germany, Nordics business last year. They were a local provider of similar solutions, not as robust of course, but similar solutions in those markets. So we basically acquired some amazing customers and some amazing people in those markets. And that's part of our M&A strategy, in addition to kind of accelerating product road map, looking for new solutions like OpenSlate to add on to our basket of goods is expanding our global footprint through basically aqua hires, right? Picking up people in those markets that allow us to take our solution, which is already there and already covering and go to local brands. And I think that's a big growth driver for us. We're really strong with like the Mondelez in the world, Unilevers in the world, like the Apple, these are big, big clients that sell products globally. But I think there's a big opportunity with what we consider like the regional [ dyes ]. So Fuji from Japan or NTT in Japan, like these local business. They're not local. They're huge. They're multibillion-dollar businesses, but they're happy to advertise globally. First, for us to tap into that market, we need to get resources in those markets. And I think that's where we've been leading in lately because we think there's a good amount of white space there to fill.

I mean you touched on telco. Telco is always a regional business that it's never global. So it's a great example of why those -- just those extra boots on the ground and building some of those local relationships with some still pretty scaled players matters. So I want to come back to a couple of things from the Investor Day and maybe I'll pull Nicola back on this one because it was a topic that you spent some time on in the presentation, which was about how DoubleVerify generally charges a flat fee across all your services and then generally builds revenue through volume growth. But you did mention the potential to look at more dynamic variable pricing in the future. What are the type of factors that would lead the company to reexamine that? And I would love to hear you expand on that a little bit more.

Sure. So we charge a flat fee per transaction. It's not a flat fee monthly or annual. So per every impression that we measure is a flat fee. And we have kept that fee flat across media and across sectors, right? So we want to make it very seamless for the advertisers to just verify everywhere that they are placing their ads. And the reason we've done that is the volume opportunity has been so great, right? And so we are -- we keep growing because the volume is really the driver of the growth. It doesn't mean that we will not reconsider. I think of the way we think about it is, we would prefer to grow the fee by launching new products and premium products, which is how we've done it in the past few years. So Authentic Brand Safety being in those cases where it's 4x more expensive than your basic brand safety product. It's on the same impression and we're effectively raising the fee, but it's because we're giving more products. I think thinking about when we would go to a more dynamic or variable pricing. The things we will not do is move to a take-rate model. we want to remain outside of the transaction. I think it's very important for us to remain independent. And the closer you get to the sale and the closer you get to the transaction, the less independent we feel we can provide our services. But the opportunity is obviously there. And CPM on CTV is so much higher than on display. The opportunity remains, and I think we're just going to monitor volume and introduction of premium-priced products before we go the route of just the price increases.

I'm glad you made that clarification about take rate, right? I am revenue model nerd as you guys probably know by now, and that's a very important thing to distinguish in it because I've been -- and the other thing is the, you don't just get to like go to variable pricing and just take it from clients like you -- there needs to be an incremental value delivered with these sort of things. And so -- the way I think about it mentally in a model is this sort of thing were to play out eventually that there's some R&D and product development that sits behind it first. And so I'm glad you made that point. This is just sort of a free gravy sitting over there at some point. So -- let's see, we are coming up on time. I want to make sure we touch on a couple more things before we run. You mentioned the largely -- Mark you said, mostly working with big global advertisers today, part of the international strategy takes you down to those large regional advertisers that are big, but just the nature of the business is not as global necessarily. Talk to us a little bit more about the potential long-term opportunity going down into mid small businesses. Certainly, if that feed opportunity ever played out with that scenario where a lot of small businesses are. But thinking broadly, it almost certainly doesn't make sense for you to take your services all the way down to the tens of millions of advertisers and some of the platforms have, there's a size of advertisers that just -- for better or for worse, just doesn't care about these sort of things. But -- what's in between Mondelez and that TruDirect response player that is just doing an e-commerce business out of the garage necessarily. And what do you think that opportunity can be for the company over the long term?

Nicola, do you want to take that or you want to jump here?

I'm happy to take it. I think -- look, we talked about how many of our customers have over $1 million of revenue, and it's still a small portion of our 1,000 brands, right? So we already provide our services to the mid-market. I think the opportunity is obviously great. I think as we get more and more integrated with our partners, be it a programmatic partner or CTV distributor, the sort of a self-serve model where smaller players and smaller advertisers will be able to use our services is something that we're looking into for sure. So to answer your question, it is a big part of our opportunity, especially as we go outside of the United States. And the good news for us is it's the same data that we're using to create a basic Authentic Ad product and your Authentic Brand Safety or your premium price Authentic Attention product. So it's not more cost to us, right? It's just a matter of making our products available to the lower -- to the non-top 100 brands.

Yes. No, that's an important point, right, Nicola. With all good software businesses, there is a base asset often just scaling up to new groups, new use cases. And like you said, it's sort of an opportunity that feels significant, but 1 that makes sense to be pull towards as you move into certain surfaces where that group of advertisers is more significant. And like I said, I said, for better or for worse, there's a size of advertisers even if you simplify some of these things right down and maybe we're back to talking about why fraud prevention is needed the whole time, right? It's an advertiser necessarily that doesn't really care about these things. Sometimes it's ones that you're feeding out in fraud in the first place anyway. So -- so listen guys, this is fantastic. Once again, I appreciate you slipping us in a very busy time between the Investor Day and the earnings, and we appreciate you coming and spend some time with us. And we hope to do it again soon. And we're looking forward to hearing more about what's coming from DoubleVerify and '22 to come. So thank you. .

Thanks, Dan. Thanks, everybody.

Thank you, ladies and gentlemen, for your participation.