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Schedule I - Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2021
Parent Company | Reportable Legal Entities |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT DoubleVerify Holdings, Inc. (Parent Company Only) Condensed Statements of Balance Sheets (In thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
(in thousands, except per share data) |  | 2021 |  | 2020
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ |  | ​ | ​ |  | ​
Cash and cash equivalents | ​ | $ | 187,105 | ​ | $ | 6,418
Trade receivables | ​ |  | — | ​ |  | 2
Total current assets | ​ |  | 187,105 | ​ |  | 6,420
Investment in subsidiary | ​ |  | 428,006 | ​ |  | 360,230
Due from subsidiaries | ​ |  | 285,906 | ​ |  | 83,151
Total assets | ​ | $ | 901,017 | ​ | $ | 449,801
Liabilities and Stockholder’s Equity: | ​ |  |  | ​ |  |
Due to subsidiaries | ​ | $ | 101,896 | ​ | $ | 32,956
Accrued expense | ​ |  | 55 | ​ |  | 150
Total liabilities | ​ | $ | 101,951 | ​ | $ | 33,106
Stockholders’ equity | ​ |  |  | ​ |  |
Common stock, $0.001 par value, 1,000,000 shares authorized, 162,347 shares issued and 162,297 outstanding as of December 31, 2021; 700,000 shares authorized, 140,222 shares issued and 125,074 shares outstanding as of December 31, 2020 | ​ |  | 162 | ​ |  | 140
Preferred stock, $0.01 par value, 100,000 shares authorized, zero shares issued and outstanding as of December 31, 2021; 61,006 shares authorized, issued, and outstanding as of December 31, 2020. Liquidation preference: $350,000 as of December 31, 2020 | ​ |  | — | ​ |  | 610
Additional paid‑in capital | ​ |  | 717,228 | ​ |  | 620,679
Treasury stock, at cost, 50 shares and 15,146 shares as of December 31, 2021 and December 31, 2020, respectively | ​ |  | (1,802) | ​ |  | (260,686)
Retained earnings | ​ |  | 84,249 | ​ |  | 54,941
Accumulated other comprehensive (loss) income, net of income taxes | ​ |  | (771) | ​ |  | 1,011
Total stockholders’ equity | ​ |  | 799,066 | ​ |  | 416,695
Total liabilities and stockholders’ equity | ​ | $ | 901,017 | ​ | $ | 449,801
​ See accompanying notes to condensed financial statements. SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT DoubleVerify Holdings, Inc. (Parent Company Only) Condensed Statements of Operations and Comprehensive (Loss) Income (In thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Revenue | ​ | $ | — | ​ | $ | — | ​ | $ | —
Cost of revenue |  | ​ | — |  | ​ | — |  | ​ | 8
Product development |  | ​ | 4,369 |  | ​ | 673 |  | ​ | 305
Sales, marketing and customer support |  | ​ | 6,374 |  | ​ | 6,151 |  | ​ | 450
General and administrative |  | ​ | 28,513 |  | ​ | 14,020 |  | ​ | 1,233
Loss from operations |  | ​ | (39,256) |  | ​ | (20,844) |  | ​ | (1,996)
Other expense, net |  | ​ | 996 |  | ​ | — |  | ​ | 9
Equity in pre‑tax earnings of consolidated subsidiaries |  | ​ | 66,073 |  | ​ | 38,153 |  | ​ | 37,365
Income before income taxes |  | ​ | 25,821 |  | ​ | 17,309 |  | ​ | 35,360
Income tax (benefit) expense |  | ​ | (3,487) |  | ​ | (3,144) |  | ​ | 12,053
Net income |  | ​ | 29,308 |  | ​ | 20,453 |  | ​ | 23,307
Foreign currency cumulative translation adjustment |  | ​ | (1,782) |  | ​ | 1,078 |  | ​ | (67)
Total comprehensive income | ​ | $ | 27,526 | ​ | $ | 21,531 | ​ | $ | 23,240
​ See accompanying notes to condensed financial statements. SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT DoubleVerify Holdings, Inc. (Parent Company Only) Condensed Statements of Cash Flows (In thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Operating activities: | ​ | $ | 67,294 | ​ | $ | 18,214 | ​ | $ | (94)
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Transfer of funds to subsidiary | ​ |  | (179,825) | ​ |  | (83,000) | ​ |  | (1,787)
Net cash used in investing activities | ​ |  | (179,825) | ​ |  | (83,000) | ​ |  | (1,787)
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Repurchase of vested options | ​ |  | — | ​ |  | (15,506) | ​ |  | —
Proceeds from Series A preferred stock issuance, net of issuance costs | ​ |  | — | ​ |  | 346,150 | ​ |  | —
Payments to shareholders for preferred stock Series A | ​ |  | — | ​ |  | (260,686) | ​ |  | —
Proceeds from common stock issued upon exercise of stock options | ​ |  | 12,440 | ​ |  | 780 | ​ |  | 177
Proceeds from common stock issued under employee purchase plan | ​ |  | 404 | ​ |  | 424 | ​ |  | —
Proceeds from issuance of common stock upon initial public offering | ​ | ​ | 269,390 | ​ | ​ | — | ​ | ​ | —
Proceeds from issuance of common stock in connection to concurrent private placement | ​ | ​ | 30,000 | ​ | ​ | — | ​ | ​ | —
Payments for offering costs | ​ | ​ | (17,214) | ​ | ​ | — | ​ | ​ | —
Shares repurchased for settlement of employee tax withholdings | ​ | ​ | (1,802) | ​ | ​ | — | ​ | ​ | —
Net cash provided by financing activities | ​ |  | 293,218 | ​ |  | 71,162 | ​ |  | 177
Effect of exchange rate changes on cash and cash equivalents | ​ |  | — | ​ |  | — | ​ |  | (67)
Net increase (decrease) in cash and cash equivalents | ​ |  | 180,687 | ​ |  | 6,376 | ​ |  | (1,771)
Cash and cash equivalents—Beginning of period | ​ |  | 6,418 | ​ |  | 42 | ​ |  | 1,813
Cash and cash equivalents—End of period | ​ | $ | 187,105 | ​ | $ | 6,418 | ​ | $ | 42
Non‑cash investing and financing transactions: | ​ |  |  | ​ |  |  | ​ |  |
Common stock issued in connection with acquisition | ​ | ​ | 22,526 | ​ | ​ | — | ​ | ​ | —
Exchange of common stock for preferred stock | ​ | ​ | — | ​ | ​ | 260,686 | ​ | ​ | —
Treasury stock reissued upon the conversion of Series A preferred stock for common stock | ​ | ​ | 260,686 | ​ | ​ | — | ​ | ​ | —
Due to consolidated subsidiaries | ​ | ​ | 68,940 | ​ | ​ | — | ​ | ​ | —
​ See accompanying notes to condensed financial statements SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT DoubleVerify Holdings, Inc. (Parent Company Only) Notes to the Condensed Financial Statements (In thousands) 1. Organization DoubleVerify Holdings, Inc. (the “Company”) is a leading software platform for digital media measurement and analytics. Our mission is to create stronger, safer, more secure digital transactions that drive optimal outcomes for global advertisers. Through our software platform and the metrics it provides, we help preserve the fair value exchange between buyers and sellers of digital media. The Company’s solutions provide advertisers unbiased data analytics that enable advertisers to increase the effectiveness, quality and return on their digital advertising investments. The DV Authentic Ad is our proprietary metric of digital media quality, which measures whether a digital ad was delivered in a brand suitable environment, fully viewable, by a real person and in the intended geography. The Company’s software interface, DV Pinnacle, delivers these metrics to our customers in real time, allowing them to access critical performance data on their digital transactions. The Company’s software solutions are integrated across the entire digital advertising ecosystem, including programmatic platforms, social media channels and digital publishers. The Company’s solutions are accredited by the Media Rating Council, which allows the Company’s data to be used as a single source standard in the evaluation and measurement of digital ads. The Company was incorporated on August 16, 2017, is registered in the state of Delaware and is the parent company of DoubleVerify Midco, Inc. (“MidCo”), which is in turn the parent company of DoubleVerify Inc. On August 18, 2017, DoubleVerify Inc. entered into an agreement and plan of merger (the “Agreement”), whereby the Company (the “Ultimate Parent”) and Pixel Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of the Company, agreed to provide for the merger of the Merger Sub with DoubleVerify Inc. pursuant to the terms and conditions of the Agreement. On the effective date, Merger Sub was merged with and into DoubleVerify Inc. whereupon the separate corporate existence of Merger Sub ceased and DoubleVerify Inc. continued as the surviving corporation. Through the merger, the Company acquired 100% of the outstanding equity instruments of DoubleVerify Inc. (the “Acquisition”) resulting in a change of control at the parent level. The merger resulted in the application of acquisition accounting under the provisions of Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 805, “Business Combinations.” ​ The Company is a holding company that does not conduct any business operations of its own and therefore its assets consist primarily of investments in subsidiaries and cash proceeds from stock option exercises, in accordance with the Company’s stock plan discussed further in Footnote 2, Basis of Presentation and Significant Accounting Policies, to the Company’s Consolidated Financial Statements. The amounts available to the Company to fulfill cash commitments or to pay cash dividends are also subject to the covenants and distribution restrictions in its subsidiaries’ loan agreements. 2. Basis of Preparation The accompanying condensed parent company-only financial statements are required in accordance with Rule 5-04 of Regulation S-X. These condensed financial statements have been presented on a standalone basis for the Company and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s financial statements should be read in conjunction with the Company’s annual Consolidated Financial Statements. On March 29, 2021, the Company effected a 1 for 3 reverse stock split (“reverse stock split”) of its outstanding common stock and a proportional adjustment to the existing conversion ratio for the preferred stock described in Footnote 13, Stockholders’ Equity to the Company’s annual Consolidated Financial Statements. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto, have been adjusted retrospectively, where applicable, to reflect this reverse stock split. 3. Income Taxes The income tax benefit of $3.5 million, tax benefit of $3.1 million, and tax expense of $12.1 million for years ended December 31, 2021, 2020 and 2019, respectively, represent the Company’s consolidated income tax expense (benefit) as it relates to the Company’s subsidiaries, which have not been consolidated for this presentation. 4. Distributions There were no distributions made to DoubleVerify Holdings, Inc. by its subsidiaries, for the years ended December 31, 2021, 2020 and 2019. 5. Long-term debt and credit facilities As of December 31, 2021 and 2020, DoubleVerify Holdings, Inc. held no debt. Certain subsidiaries of the Company are subject to debt agreements. For further discussion on the nature and terms of these agreements, refer to Footnote 8, “Long-term Debt”, to the Company’s Consolidated Financial Statements. 6. Commitments and Contingencies For a discussion of commitments and contingencies, refer to Footnote 14, “Commitments and Contingencies”, to the Company’s Consolidated Financial Statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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