Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the DoubleVerify Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Tejal Engman, Senior Vice President of Investor Relations. You may begin.

Good afternoon, and welcome to DoubleVerify's Third Quarter 2025 Earnings Conference Call. With us today are Mark Zagorski, CEO, and Nicola Allais, CFO. Today's press release and this call may contain forward-looking statements that are subject to inherent risks, uncertainties and changes and reflect our current expectations and the information currently available to us, and our actual results could differ materially. For more information, please refer to the Risk Factors in our recent SEC filings, including our Form 10-Q and our annual report on Form 10-K. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures and should be considered in addition to and not as a substitute for GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release, which is available on our Investor Relations website at ir.doubleverify.com. Also, during the call today, we will be referring to the slide deck posted on our website. With that, I'll turn it over to Mark.

Thanks, Tejal. And thank you all for joining us today. Q3 reflected disciplined execution and resilient performance across the business. Revenue grew 11% to $189 million within our guidance range and adjusted EBITDA margin reached 35%, once again above expectations, demonstrating the scalability of our model. We're leveraging automation and AI to drive structural efficiency and profitability, proving DV's ability to deliver strong margins even in a dynamic ad market. During the quarter, market dynamics led to some retail budgets being softer, while growth in our other core verticals, including CPG, remained in line with expectations. Upsell momentum stayed strong, led by early demand for our AI-powered DV Authentic AdVantage solution, which closed roughly $8 million in annual contract value after only its first few weeks in market, fueled by early adoption from global CPG leaders. We also maintained strong customer retention with 0 churn among our top 100 customers in Q3, underscoring the stability of our largest relationships. Core customer engagement and adoption rates remain healthy, and we continue to execute with discipline. At the same time, social and CTV are adding new growth and diversifying our revenue, strengthening the foundation for 2026. To frame the quarter simply, DV's growth drivers, AI-driven product innovation, margin expansion and customer success remain firmly in our control and on those levers we continue to deliver. Today, I'll focus on 3 themes shaping our progress this quarter and beyond. First, innovation, how we're harnessing AI and automation to launch new products for the AI era, advanced content classification and drive greater efficiency at scale. Second, diversification, how growth across social, streaming TV and programmatic is strengthening the durability of our model. And third, monetization, how we're translating that innovation and diversification into sustained revenue growth, operating leverage and cash flow. Each of these…

Thank you, Mark, and good morning, everyone. Our third quarter results reflect continued double-digit year-over-year revenue growth, solid profitability and strong cash generation. We delivered approximately $189 million in total revenue in the third quarter, up 11% year-over-year and within our guidance range. Adjusted EBITDA was $66 million, representing a 35% margin and above the high end of our guidance range, driven by cost discipline, operating leverage and AI-driven efficiency gains across the organization. As we outlined last quarter, Q3 revenue was essentially flat on a sequential basis, driven primarily by tougher year-over-year comps as we lapped our strongest quarter of 2024 and further driven by softer retail spend. we expected second half revenue growth to moderate, consistent with our full year outlook for double-digit revenue growth, strong profitability and the scaling of new activation and measurement products focused on social, CTV and AI heading into 2026. Last quarter, we noted that approximately 1/3 of our first half 19% year-over-year revenue growth came from new advertisers with Moat win from last year contributing approximately 1 percentage point. Through the first 9 months of 2025, revenue increased 16% year-over-year with a similar contribution pattern to the first half. Approximately 1/3 of revenue growth came from new advertisers with Moat win from last year contributing approximately 1 percentage point. The majority of our growth continues to come from existing customers expanding their use of DV solutions. In the third quarter, total advertiser revenue grew 10%, driven by increased volumes. Media transactions measured or MTMs increased 12% year-over-year, while measured transaction fees or MTFs decreased 4% year-over-year, reflecting product and geographic mix and excluding the impact of one introductory fixed fee deal. Activation revenue grew 10% year-over-year in the third quarter. ABS, which accounted for 54% of activation revenue grew 12% year-over-year, driven…

[Operator Instructions] And our first question comes from the line of Maria Ripps with Canaccord Genuity.

First, can you maybe help us sort of think through some of the growth drivers for next year? And I know you sort of touched on this a little bit in your prepared remarks, but it would be great to get a little bit more -- sort of get a little bit more detail around some of the drivers there. And then if the business performed similarly to this year, let's say, mid-tens growth hypothetically, how should we think about sort of incremental profitability and the cash flow through next year? And then I have a quick follow-up.

Yes, Maria, I'll take that question. So as we said in the remarks, we're looking at a base case scenario of a 10% growth, which is basically where the second half of '25 is coming out. We're not providing guidance, but that's a base case based on what we see today, and that's based on the recurring business that we have. As we said at the beginning of this year, entering this year, which we've always noted as a transition year, the upside will come from all the new solutions that we're putting in market for social, for CTV, which we've been discussing and now for AI solutions. And the upside to the base case will depend on the ramp for the adoption for those new products. And we've been very consistent with that story, and we see that flowing into 2026 as well. In terms of margins, we are raising the overall margin for 2025 to 33%. And we're considering that a base case for '26 as well. The upside on that margin number will come from adoption of AI tools and solutions that allow us to be more efficient in the business. I would say our strategy remains to reinvest in the business for new solutions, but AI tools will allow us to be more efficient in how we go after those opportunities.

That's very helpful. And then you mentioned several streaming TV sort of product launches later this quarter. Could you maybe share a little bit more color around that sort of the expected adoption rate? And any thoughts on that [ monetization ]?

Sure. So as Nicola noted, we look at our growth drivers going into next year as being focused really on social, CTV and AI-specific tools. On the social stuff, obviously, we talked a lot about Authentic AdVantage and Meta prebid, and we see triple-digit millions coming out of that over the lifetime of those products. But CTV is something where we've arguably been hammered on for years, which is, hey, this is a fast-growing segment, why aren't you guys driving more revenue from it. We're seeing great volume growth. So this quarter, CTV grew at over 30%, 30% on a volume perspective. But where we haven't been able to really extract the value is kind of on the commensurate CPM or percentage of media. I think we're finally getting to the point with the new products that we've launched that we're going to start to be able to do that. So this V1 of CTV measurement includes what we call Verified Streaming TV. And as we noted in the call, we estimate around 15% of CTV impressions don't end up any place near a real CTV type or streaming quality, high-quality experience. That could be as much of $1 billion a quarter in spend. What we're able to do now is very clearly identify the fact that an impression ends up in a high-quality CTV environment or streaming player environment, not in an app or a blog post or an outstream player someplace and do that both on a prebid and a postbid fashion. So I think, a, we're starting to lean in now to this quality initiative around CTV. And I think Jeff Green said something really interesting on The Trade Desk call last night. He said there will always be more supply than demand when it comes to kind of open markets. And I think that, that is starting to take place in CTV, where with the emergence of Amazon and Netflix, there is lots and lots of CTV supply. So the ability to make sure that you're getting the cleanest, highest quality supply is something that's becoming more and more important to advertisers. And we're providing tools that allow them to do that. The other tool we've launched is automated Do Not Air list, which I think is the first step towards a much finer targeting capability for advertisers to block certain types of content as well as on a program level to exclude those programs from any type of open market or PMP buy. So this is the first step in a much broader suite of CTV products that are going to enable us to actually extract the kind of value out of that segment that we should have and that we can.

Next question comes from the line of Mark Murphy with JPMorgan.

I'd be interested if you could shed more light on the softness that you have mentioned in retail. And for instance, is it concentrated within a handful of customers? Is it something that is broader based? And then do you sense -- like would you connect the dots between the low-end consumer pressures that are becoming evident in the U.S. economy and what you're seeing? Or is it -- are you seeing it kind of up into the high end as well?

Yes. So Mark, I'll take the question. The softness is across the vertical. And as you know, retail is a large vertical for us. So it represents a large share of our top 100 spenders. So it's not concentrated on specific accounts. It has been a disruptive year with both tariffs and other factors in the market, and it is impacting the retailers, whether it's -- our base of clients are generally large distributors of retail, so it does impact them. But we are seeing the impact across the entire vertical.

Okay. And then for Mark, how do you think about trying to project the timing for OpenAI, Perplexity, Anthropic, et cetera, to begin their own advertising at scale? And how aggressively do you think your customers might push them to make sure that DoubleVerify is showing up in those venues?

Yes, it's a great question. And interestingly enough, we've seen this story play out before, particularly on connected television. And the most recent example is Netflix, who for years said they're never going to ever have advertising, they're never going to have advertising and then literally out of the blue decided they were going to have advertising. And in that case, within 90 days of that announcement, we had already been engaged with building a product and we're ready to launch that product with them. So we think that the LLMs movement into advertising is going to be one that's going to be pretty quick. It will be -- I think it's going to be broad-based. So it's not going to be one of them will go into it. I think they will all go into it. And from what we've seen in the past is as soon as they engage with advertisers, the first thing advertisers are going to want to know is how am I going to drive ROI from this. And the second thing they're going to want to know is how can I trust anything that's occurring in this engagement. And I think that's where we play a big role, whether it's social platforms like Meta, TikTok, YouTube, where we play a verification role, the open web, CTV, I think the LLMs are going to be the next venue for us to actually provide verification, trust and control for advertisers. The products that we just launched are kind of a first step in giving our advertisers much more transparency of the kind of engagements that are occurring out in the open web with LLMs, and I think starting from that base, we're going to be in an interesting position to actually start to now play a larger role when the advertising rolls out across those platforms.

Next question comes from the line of Raimo Lenschow with Barclays.

Can I stay on the direction that Mark started. Nicola, if you think about the -- you talked about the base case for next year, the 10%, which is kind of what we're seeing this year. Can you speak to like what are the assumptions around economy, et cetera, that we're doing here? It's like stable? Is it worth maybe putting an extra buffer in? Can you speak to that, your thinking there? And then, Mark, one for you. Obviously, your industry looks like it's changing because Moat is gone, now one of your other public competitors might be going. How do you think about the impact to the industry overall?

Yes. So I'll take the first question. I would say we're not expecting a dramatic change from what we're seeing right now in the macro. But having said that, what we're seeing in the macro this year has been pretty disrupted. We had advertisers that kept spending through uncertainty in the first half. We're now feeling some of the impact on the retail vertical based on what's actually happening in the macro. So the assumption for next year is that it is not materially different than what we're seeing today, and that is a year where we will achieve 14% growth, but it's 10% in the second half, which is what we were expecting all the time.

And regarding the kind of the landscape, I think there's a few things to think about. Obviously, less scaled competitors with the departure of Moat in the last 12 months. But also our direct competitor now going private, does create a different marketplace with regard to kind of pricing dynamics. They're a different business now. They're one that's heavily loaded with debt. That's going to have to think how that impacts pricing dynamics for their product in the marketplace. And the competitive field looks different with the fact that you've got a company here in DV that's kicking off a ton of cash that has no debt and has the ability now to continue to invest in product development. Obviously, we've just launched a slew of products to invest in M&A to build out a broader platform and to keep focused on revenue growth and market growth as this is -- the dynamics of the market keep changing. So I do think it puts us in a very advantageous position right now with regard to the ability to invest, the ability to maintain price and the ability to kind of continue to grow our solution set, both organically and inorganically. And so I think we've always said we're in this to win it. We're now $150 million of revenue larger plus than our closest competitor, and I think we can continue to extend that gap over time.

Next question comes from the line of Youssef Squali with Truist Securities.

So maybe one quick follow-up to this 10% base case growth for 2026. Nicola, is the assumption that [ guidance ] continues to be pretty soft the way it is -- it has been? Or do you expect that to worsen or to maybe improve? And then maybe this could actually be related, maybe not. But Kenvue is a top customer. It's being acquired by Kimberly-Clark. One is Kimberly-Clark [ the current ] customer? Is Kenvue still spending at the same level as before? Just kind of what's going on in that?

Yes. So I'll take the first part. Again, just to be clear, we're not providing guidance for '26. I think the idea around a base case of 10% is what we're seeing in the second half of 2025. And with all the drivers that I already mentioned around uneven spend and a pretty disruptive macro environment, we're essentially assuming that we can maintain that 10% base case in 2026. It's a base case, off of which we can grow based on how we can sell our new products. Again, we will end up this year at 14% growth in a macro that was very disruptive quarter-on-quarter. So the 10% does not assume a dramatic difference in the macro.

And with regard to kind of Kenvue and let's just talk about the broader health care segment in general, in consumer products in general. We had strong growth last quarter in CPG and in health care, both of which grew in double digits year-over-year. And with regard to that specific customer, we continue to see growth. Kimberly-Clark is not a current customer of ours, but we've had strong engagement with them in the past. We have strong relationships at Kenvue. And we are assuming that, that relationship will continue moving forward. So we've been really good in the past about continuing to maintain relationships in light of agency changes and in light of kind of structural changes at companies. So Kenvue is a client that we just won this year. They've continued to grow with us. They're a solid partner. They're expanding their use of our solutions. And we don't see any change in that in the short term.

Next question comes from the line of Laura Martin with Needham & Company.

My first one is on client base. I love all the new products. Do you -- Mark, I think Wall Street is really excited about SMBs coming into the CTV space and sort of expanding the TAM. My question is your client base has historically been very large. Do you see any of these new products as maybe potentially garnering new and maybe lower -- coming down the size, scale of products? And then my second one is on almost every ad tech company we cover, we've asked them this question about traffic. Are they seeing diminution in traffic? And they're all saying, "No, no, no, we're not seeing any demise of traffic even in spite of Google doing answers." And then when you ask them, but is some of that bots, they say, "Oh no, no, we have verification for impressions, and we know which are humans or which are bots." I assumed that was you doing that. But are there new competitors doing that since it sounds like you're just now introducing Gen AI verification solutions.

Let me -- thanks for the question, Laura. I'll take the latter half of that first. We've always been able to identify basically we call nonhuman traffic. Right, the idea around what we call either SIBT or GIVT. GIVT is more benign. Those are your usual crawlers, they could be search crawlers, any type of other kind of positive or neutral crawlers. And then SIVT, which we consider kind of fraud or negative engagement activities. So that's always been able to be kind of verified and cleanly kind of identified. And in most cases, it gets blocked or is unpaid for. What we've launched now is a much more greater level of transparency. And I think this is really interesting because there's greater engagement with ads and even with content with LLMs and in some cases, personal agents, right? And those have always been defined as GIVT which is something an advertiser shouldn't pay for, right? It's not a human. But what if that agent or that crawler or that bot is actually doing something positive and is looking to buy a product, is looking to find a coupon. Those are engagements that right now that the universe of the ad tech world has basically said, "All right, don't engage, right? It's -- we're not going to pay for this." But what about the future? What about when an advertiser does want to engage with an agent from one of the LLMs? Who is going to decide and what information do they have on that? That's the kind of granularity that we're starting to provide, which is what is the bot's motive, what is -- where is it coming from. And right now, again, I think advertisers are still in the learn phase, but in the future, it could be…

Next question comes from the line of Matt Condon with Citizens.

My first one, Mark, just as we sit here today and you've had discussions with advertisers just around Meta prebid and you're thinking about 2026. Just how are those conversations developing? And how are you thinking about that product scaling in 2026? And then similarly, with just DV Authentic AdVantage, it seems like it's off to a very good start. Can you just talk about discussions there and also just scaling throughout 2026?

Yes. So on both of those solutions, we've got pretty high hopes for continued growth and scaling. The Meta prebid solution, it's a product that we launched earlier this year, and it's gotten better and better over time. We've expanded the number of block lists that we're able to push through. We've expanded the categories that we're able to refine the filtering around and that's helped catalyze a pretty significant growth rate. I think as we mentioned in the call, we're now approaching a $7 million run rate, and that continues to scale. And we've got some pretty large -- some of our largest CPG customers are already starting to scale against that. So as we look at that rolling into next year, we see pretty significant upside coming from that solution. And as we noted on our Innovation Day, we believe that prebid business can be as large as our postbid business on Meta, which is currently around a $40 million a year business. So we feel good about that. It's beginning to scale well, and our customers are leaning in. On the Authentic AdVantage front, I mean, this is a brand-new solution we just brought to market in September, and it's going gangbusters. Like we love what we've seen from the initial test where we're increasing scale, decreasing CPMs and making brand suitability better, all-in-one package on YouTube. That is our -- we've already booked almost $8 million in ACV for that product in the first few weeks. And we think that can be a real home run for us, very similar to where ABS was. It hits a lot of bases for advertisers. We've had a prescreen business on YouTube for a while, but one of the challenges always was, when I filter out inventory, what's left costs more. We've been now able to address that by saying you can filter out inventory that's not great for you, increase or maintain your brand suitability or brand safety standards while compressing costs, gives advertisers more reach, allows their spend to be more effective. And I think it's really resonating. So we see that scaling up well into 2026 and beyond. And we framed our prebid or Authentic AdVantage products to be triple-digit millions over the life of that solution. And I think we're well on our way there.

Next question comes from the line of Justin Patterson with KeyBanc.

Great. I was hoping you could expand on international some more. If we go back to the Innovation Day, I know some of your go-to-market changes were designed to just simplify the selling process over there. So I would love to hear about just how that's trending in more detail and what actions you might take to make international more material in 2026?

Yes. Thanks, Justin, for the question. I think international has been really a very variable area for us. We had -- 2 years ago, we had very soft international growth. Last year was relatively strong. This year is kind of in the middle. And I think we have put in together a strategy that will enable us to continue to scale there better. We -- what we've looked at are localized sales resources in region, but built on a centralized go-to-market plan. That's allowed us to scale efficiently, which is, as you can see in kind of our margins, we continue to improve, but also build local relationships there. The one thing that we have found is from region to region, the product needs and where folks are leaning in are very different. You've got APAC, which is a very social-driven market, which has lower CPMs. You've got North America, which obviously is a very video- and CTV-driven market with higher CPMs. And you've got Europe, which is somewhere in the middle, depending on the region. So what we've done is really focused on leaning into specific product suites in specific markets that align with the kind of media they're buying there. And ultimately, one of the things that we put out there is our North Star is we want 50% of our revenue coming from social, CTV and new AI-focused solutions. And I think a big part of that is scaling our international business around social and getting those new products to market that make social buys, particularly across video and social video, i.e., YouTube, much more acceptable in markets where things like CPMs are much lower. The way we've done that is look at different pricing models. And one of the things we did talk about our Innovation Day was a percentage of media model, which we've now launched on our social solutions, so on Meta prebid as well as on Authentic AdVantage. And that gives us the ability to sell those solutions in markets where CPMs are lower but still get good reach and good revenue upside opportunity.

Next question comes from the line of Matt Swanson with RBC Capital Markets.

Mark, you just mentioned briefly the different pricing models. And obviously, this has been a big year for innovation. There's a lot more product. We've come up also with some kind of bundling strategies. Could you just talk about how you're thinking about go-to-market and just making sure that your sales force is -- maybe it's more of a shift to like value-based selling of -- solving some of these problems that are arising for your customers. But just how you're thinking about pitching the value proposition as you expand what you're offering?

Yes. One of the challenges when you launch a lot of products are -- is that you got a lot of products, right? And our customers are really looking for simplification, simplification of their engagement, but also simplification of how they buy media. And this is one of the reasons why some of the AI-based kind of black box solutions are doing so well, whether it's Advantage+ or PMax, et cetera, the ability for an advertiser just to set it and forget it, buy something and drive ROI is really important. And I think we're thinking the same way with our solutions, where things like Authentic AdVantage are products where you can set a brand safety or suitability floor or target, but then let the solution run and drive CPMs down and drive volume up and reach up. So from a market kind of implementation practice, we're kind of following that solution set. From a go-to-market and sales process, the idea here is, a, making bundles more digestible. So rather than have 17 different features that we sell for 17 prices, particularly on the measurement side, to bundle our solutions up and enable an advertiser who's buying across CTV to kind of get everything that we offer on CTV for a fixed price. And to do the same across social and open web, et cetera. So bundling on the measurement side, flexibility on pricing on the programmatic or buy side when it comes to filtering and prebid, these are ways that we're kind of easing the introduction of numerous suite of tools that continues to grow, but has value in different markets for different types of customers. So it's a lot that we're introducing. And I think the way that we're going to -- the way that we are making it digestible is making pricing adaptable to the market and making bundles much more part of how we sell things.

Next question comes from the line of Andrew Marok with Raymond James.

So we heard your commentary around the EBITDA margin outlined. But maybe within that, how do you think about potential flex in places like product development or tech costs from having to invest in AI solutions like agentic and SlopStopper as that space and the potential AI threat landscape evolves at a rapid pace? And then maybe for Mark, just how you're setting up the teams to respond to AI landscape innovations in as nimble a fashion as possible.

Yes. So I'll take the first question around investment. So the profile of the companies that we have been able to invest and achieve the growth that we have within a margin range of 33%, right? And what's happened with the opening of the AI tools is that it allows us to reinvest faster into new opportunities because we're able to achieve what we are doing already in the core business more efficiently. So AI tools allow us to classify more effectively and do it in a more cost-efficient basis. And with that in mind, we will be able to essentially invest into the new categories more efficiently. And still, as we said at the beginning of the call, I feel confident that we can achieve as a base case, a 33% margin. So we're able to reinvest in the right categories more efficiently now that AI tools are available to us.

And first of all, I want to thank you for being the first analyst to say SlopStopper on this call, which we are hoping someone would ask about. But our philosophy around AI is pretty straightforward. We're AI first, AI always and AI everywhere. And that has to do really with 3 main areas of focus. Our operations, our current solutions and then building out solutions for a new AI-enabled ad tech ecosystem. What Nicola just mentioned was kind of the second part of it, which is how do you make our solutions better, more granular and more efficiently do so. And we talked about how we're doing that with labeling. And if you think about labeling, what that is, is just kind of the contextualization of content, which is the base of everything we do, whether we call something suitable or viewable, et cetera, that has to do with labeling. Through AI, we're doing that faster and more accurately than we ever have before, allowing us to more than quadruple the volume that an individual labeler can handle and increase the speed in which it's done by over 2,000x. I mean, think about that. This is in a process that's taken us less than a year. We've been able to get these kinds of achievements. That will ultimately make a better product, a better core product and allow us to do so at a much more efficient rate. And that's why we've been able to kind of lean into both investment while actually increasing margins. I think that's super important to understand. And then on the third leg, which is building products for an AI universe, I think that's a place where we've just started because most of the AI-enabled universe isn't really ad-driven yet. So what we've done is start looking at the impacts of AI so far in that space, whether it's the volume of crawlers and agents or the AI-generated content that SlopStoppers trying to keep advertisers away from, that is an opportunity for us to continue to grow our position as a transparency and verification leader, the same way we have in all of the other media spaces that we've gone after. So AI is infused in who we are as a business. It's infused in what our efficiency and operational capabilities are in the future. And it's infused in the new products that we're going to be building for in a new environment that we're building for in the future.

Next question comes from the line of Brian Pitz with BMO Capital Markets.

Mark, maybe a quick one on TikTok. With an increasingly likely TikTok will be allowed in the U.S., if the company needs to launch a separate app, how much headwind could it be to DV going forward? Or will all the products essentially be transferred very easily? With that app staying in the U.S., are you seeing more demand from advertisers for TikTok products? Any color would be great.

Yes. So we -- TikTok currently is our third largest social platform after Meta and YouTube, which make up over 80% of our volume and around 50% or so of TikTok volume for us is U.S. So 50% outside of U.S., 50% in U.S. So the impact on the business, although it's growing really fast, is still relatively small on our social footprint. That being said, I think our products are -- would likely be relatively easily transferable to the new solution. They exist via APIs and via blocklists that are relatively transferable from place to place. And if you remember, we actually do this in multiple languages across multiple instances of TikTok. And I think that's kind of flexibility enables us to kind of move this into any new app environment that comes to play. So we're not overly concerned about that. We've been flexible before with TikTok and with all the social platforms. And I think we'll be able to make that transition relatively easily when it comes.

Next question comes from the line of Arjun Bhatia with William Blair.

Perfect. I had 2 quick questions. First, let me just go back to the retail sort of weakness. Nicola, is there any way to just quantify how big of a headwind that was in Q3? And then how you see that kind of factoring into your guidance in Q4 as well, given it's obviously the strong holiday season. And then for Mark, I'm curious just as you think about the Meta ramp, you have 56 advertisers already. When you think about growth there, how much of it is going to come from the existing kind of advertisers scaling their usage and volume versus kind of adding new advertisers?

Yes. So Arjun, I'll take the first part. So as we said, Q3 results reflect some disruption on the retail spend, right? And it is our largest -- it's one of our largest industry vertical. So it does have an impact on our results. Into Q4, Q4 is a high retail spend season. So guidance does reflect sort of more muted spend from retail going into a season that would otherwise be strong for them. Regarding 2026, I'll go back to what I was saying earlier in the call, which is we feel 2025 was a very disruptive year in terms of macro drivers. We had started the year guiding to 10%. We'll end up achieving a 14% growth. So within a disruptive macro off of a base case of 10%, we were still able to achieve 14%, and going into '26, we're not anticipating macro to necessarily do any worse or any better. And that's what's kind of in the 10% base case.

Yes. And Arjun, on the question on Meta, we've mentioned in the last 2 calls that we're pleasantly surprised and scaling ahead of expectations on that product. We know any new product takes time to scale, especially one that's within a walled garden and has specific limitations that need to -- it needs to grow into in advance. And in this case, the 56 customers that we have on that platform, 9 are new to measurement. So they were not using us on the measurement side and came to us to do both measurement and prebid. I think that's a great sign of new customers. But a vast majority of them, the other 47 are upsells and that's where we're going to see the real volume growth. Customers are just starting to scale, just starting to launch that in specific markets. And -- but some of those upsells are some of our biggest CPG customers and some of the biggest spenders on social. So we see volume growth primarily coming from current customers based on upsells. And that's a good thing because that means we're getting the low-hanging fruit, we're getting the folks who are spending who we haven't been able to tap into those social budgets yet. And now we have a solution on their arguably largest social spend platform that we can start to monetize.

Next question comes from the line of Tim Nollen with SSR.

I've got -- I'd like to come back to the topic of CTV again, if that's okay. You had a press release several days ago about your work with Roku. You mentioned Netflix on the call. My question really is how penetrated are you across the CTV platforms? How difficult is it to provide coverage across both the open and the walled garden CTV services? And then just kind of stepping out a bit more broadly, what is your view of the role that DV can play in TV measurement in general, given everyone complains about how bad the measurement is or how inconsistent it is or how much is changing? Just what is the role that DV can play across this evolving landscape?

Thanks for the question. With regard to kind of penetration, I mean, we are working with all of the top 10 streaming TV platform. So everybody from Netflix to Disney, to Warner Bros., and the rest of the folks, Paramount, et cetera. So with regard to provide basic verification, viewability, impression counting, et cetera, we're there. So we have the relationships, we have the integrations, et cetera. With regard to kind of getting into the measurement business, and the measurement business in the TV or CTV world usually means reach and frequency measurement, I don't think that's a space that we plan on entering. I think for several reasons. The first is, I think it's becoming increasingly less important to advertisers who are looking to drive outcomes, and they look at CTV as just another outcome engine, the same way search or display or social is. So I think being in the measurement of that, I don't think -- being in the measurement of reach and frequency is a place where there's lots of people competing over a piece of pie that I think is going to eventually shrink. But I do think we can play a role on something that's increasingly important, which is evaluating quality, driving greater transparency and enabling better and more granular targeting, and those are areas where we've leaned in, I think our new solutions are the first step in getting further down that path. And those are areas as more and more impressions are being bought, through PMPs or through open marketplaces, as the level of inventory increases, I think the ability to drive greater transparency, to drive greater trust in that engagement is going to be incredibly valuable, and that's a role that DV is playing. And we'll continue to play and expand that role over time.

That's great. I meant measurement in a very broad sense, which I think you did address in your answer.

And our last question comes from the line of Omar Dessouky with Bank of America.

Earlier this fall, President Trump ordered his health department to look into direct-to-consumer pharmaceutical advertising. And I was wondering if you had any update on whether that's potentially affecting some of your pharmaceutical clients, whether it affects programmatic advertising at all, if you saw any effect in the quarter and if it's contemplated in your fourth quarter guide?

It's a great question. We work with a significant number of health care and pharma companies. So everybody from Lilly to Novartis to Pfizer. And to be blunt, we've not seen significant drag or friction on any of their advertising. As a matter of fact, the lean into GLP drugs has been a real catalyst for advertising growth. And in discussions with them, it doesn't seem like there's any indication that, that is going to slow down at all. That being said, any type of regulatory is obviously out of our hands and out of their hands. But as of right now, the indications are spend continues to be strong on health care. It grew double digits for us last quarter, and it's grown double digits for us all throughout the year. And as of now, we look at a forecast in which we don't see significant headwinds against pharma advertising anytime soon.

That concludes the question-and-answer session. I would like to turn the call back over to our CEO, Mark Zagorski.

Thank you all for joining us this early morning. We are laser-focused on disciplined execution, continued innovation and delivering sustainable growth and long-term value for our shareholders. We look forward to seeing many of you at the conferences in the coming months.

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.