← DoubleVerify Holdings, Inc.

	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Net income	$23.3m	$20.5m	$29.3m	$43.3m	$71.5m	$56.2m	$50.6m
Depreciation and amortization expense	$21.8m	$24.6m	$30.3m	$34.3m	$40.9m	$45.2m	$56.6m
Amortization of debt issuance costs	$298k	$285k	$294k	$294k	$294k	$442k	$434k
Deferred taxes	$2.0m	($5.1m)	($7.9m)	($19.6m)	($25.0m)	($21.7m)	$3.8m
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances	—	—	—	$72.0m	$2.5m	$14.1m	$5.5m
Interest expense, net	($119k)	($12k)	$103k	$107k	$68k	$60k	$293k
Bad debt expense	$3.3m	$4.8m	($711k)	$5.0m	$10.1m	$5.0m	$3.2m
Non-cash lease expense	—	—	—	$7.3m	$6.7m	$7.2m	$7.9m
Stock-based compensation expense	—	$6.0m	$21.9m	$42.3m	$59.2m	$90.7m	$104.2m
Loss on disposal of fixed assets	—	—	—	$1.4m	$5k	—	$101k
Change in fair value of contingent consideration	($1.1m)	($949k)	$57k	—	($1.2m)	—	—
Other	—	$673k	$733k	$87k	$492k	$3.3m	$992k
Trade receivables	($32.7m)	($30.4m)	($22.0m)	($49.8m)	($43.7m)	($26.7m)	$6.5m
Prepaid expenses and other assets	($1.6m)	($8.8m)	($7.0m)	$9.1m	($5.6m)	($11.4m)	($19.3m)
Trade payables	($538k)	$2.5m	($49k)	$2.9m	$5.5m	($1.1m)	$2.3m
Accrued expenses and other liabilities	—	$3.5m	$16.2m	$16.6m	$530k	$12.3m	($6.5m)
Proceeds from revolving credit facility	—	—	—	—	$50.0m	—	—
Payments to revolving credit facility	—	—	—	—	($50.0m)	—	—
Finance lease payments	—	($1.4m)	($1.9m)	($1.9m)	($2.3m)	($2.5m)	($4.6m)
Shares repurchased under the Repurchase Program and New Repurchase Program	—	—	($1.8m)	($10.2m)	($4.6m)	($128.0m)	($132.3m)
Payment of excise tax on shares repurchased	—	—	—	—	—	—	($668k)
Shares repurchased for settlement of employee tax withholdings	—	—	—	($10.2m)	($4.6m)	($5.8m)	($9.8m)
Acquisition of equipment under finance lease	$1.5m	$1.6m	$1.5m	—	$5.5m	—	$13.8m
Capital assets financed by accounts payable and accrued expenses	—	—	$36k	$12k	$261k	$6k	$99k
Stock-based compensation included in capitalized software development costs	—	—	—	$480k	$1.1m	$2.1m	$4.6m
Accrued excise tax on net share repurchases	—	—	—	—	—	$668k	$884k
Liabilities for contingent consideration	—	—	—	—	$1.2m	—	—
Net cash provided by operating activities	$29.4m	$21.2m	$82.7m	$94.9m	$119.7m	$159.7m	$211.2m
Purchase of property, plant and equipment	($5.9m)	($9.8m)	($9.4m)	($40.0m)	($17.0m)	($27.1m)	($38.5m)
Acquisition of businesses, net of cash acquired	($57.3m)	—	($149.2m)	—	($67.2m)	—	($82.6m)
Purchase of short-term investments	—	—	—	—	—	($99.6m)	—
Proceeds from maturity of short-term investments	—	—	—	—	—	$81.9m	$17.8m
Other investing activities	—	—	—	—	—	—	($2.0m)
Net cash used in investing activities	($63.2m)	($9.8m)	($158.6m)	($40.0m)	($84.2m)	($44.8m)	($105.4m)
Proceeds from common stock issued upon exercise of stock options	$177k	$780k	$12.4m	$5.8m	$10.7m	$3.3m	$886k
Proceeds from common stock issued under employee purchase plan	—	$424k	$404k	$1.7m	$2.7m	$3.5m	$2.5m
Common stock issued in connection with acquisition	—	—	$22.5m	—	$52.9m	—	—
Net cash (used in) provided by financing activities	$15.0m	$10.4m	$264.4m	($7.9m)	$6.5m	($129.4m)	($143.9m)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	$23k	$203k	($200k)	($784k)	$338k	($1.9m)	$4.4m
Net (decrease) increase in cash, cash equivalents, and restricted cash	($18.7m)	$22.1m	$188.3m	$46.2m	$42.3m	($16.5m)	($33.7m)
Cash, cash equivalents, and restricted cash - Beginning of period	$11.3m	$33.4m	$221.7m	$267.9m	$310.3m	$293.7m	$260.0m
Cash paid for interest	$4.7m	$3.4m	$774k	$554k	$714k	$479k	$1.2m