IAS Reports Fourth Quarter and Full Year 2023 Financial Results
- None.
- None.
Insights
The reported revenue growth of Integral Ad Science Holding Corp. (IAS) is indicative of the company's solid performance in the media measurement and optimization space. The 14% year-over-year increase in fourth-quarter revenue and the 16% annual revenue growth reflect robust demand for IAS's services, particularly in social media revenue, which surged by 37% in the fourth quarter. This growth trajectory is especially notable in the context of digital advertising, where advertisers are increasingly seeking transparency and effectiveness in their ad spend.
IAS's strategic focus on short-form video optimization and measurement is timely, as this format continues to gain popularity among marketers. The company's expansion into new platforms, such as YouTube Shorts and the deepening of its relationship with Meta for brand safety and suitability measurement, position it well to capture more market share in this growing segment. The emphasis on AI and data science for 2024 could further enhance IAS's product offerings and drive superior results for clients.
However, it is important to note that while the adjusted EBITDA margin improved to 35% for the fourth quarter, the net income margin decreased to 8% from 10% in the same period last year. This indicates that while profitability is improving on an adjusted basis, there might be increased costs or investments that are impacting the net income margin. Investors should monitor how these investments translate into future revenue growth and profitability.
IAS's financial health appears strong, with a healthy balance sheet featuring $124.8 million in cash and cash equivalents. The reduction in long-term debt from $223.3 million to $153.7 million is a positive sign, indicating the company's commitment to maintaining a solid financial position. This deleveraging could potentially reduce interest expenses and improve net income in future periods.
The forward-looking guidance for 2024, with expected total revenue of $530 million to $540 million and adjusted EBITDA of $171 million to $179 million, suggests confidence in the company's growth prospects. However, investors should be aware that the inability to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net income due to certain material reconciling items reflects inherent uncertainties in forecasting such measures.
While stock-based compensation expenses are estimated to be in the range of $72 million to $76 million for the full year, investors should consider the potential dilutive effect of such compensation on earnings per share. Additionally, the increase in gross profit but a decrease in net income year-over-year signals that there may be rising operational costs or other factors affecting the bottom line that merit closer scrutiny.
The expansion of IAS's partnerships and product offerings, such as the AI-driven Total Media Quality (TMQ) and the Quality Attention measurement product, indicate a strategic effort to stay at the forefront of the digital advertising industry. The continued accreditation from the Media Rating Council (MRC) for viewability measurement of Meta platforms underscores the company's commitment to industry standards and could enhance its reputation and trust among advertisers.
However, as IAS continues to innovate and expand, it is crucial to consider the regulatory landscape of digital advertising and data privacy. Changes in regulations, such as the General Data Protection Regulation (GDPR) in Europe or the California Consumer Privacy Act (CCPA) in the United States, could impact the way IAS collects and processes data. While the current report does not mention any legal or regulatory issues, it is an area that the company and investors should monitor closely, as it could have significant implications for operations and financial performance.
Fourth quarter revenue increased
Fourth quarter net income of
"We ended 2023 with strong fourth quarter performance across optimization and measurement with revenue growth of
Fourth Quarter 2023 Financial Highlights
- Total revenue was
$134.3 million 14% increase compared to$117.4 million - Optimization revenue was
$63.6 million 16% increase compared to$55.1 million - Measurement revenue was
$52.6 million 18% increase compared to$44.7 million - Publisher revenue was
$18.1 million 2% increase compared to$17.6 million - International revenue, excluding the
Americas , was$43.3 million 16% increase compared to$37.3 million 32% of total revenue for the fourth quarter of 2023. - Gross profit was
$106.0 million 11% increase compared to$95.5 million 79% for the fourth quarter of 2023. - Net income was
$10.2 million $0.06 $11.5 million $0.07 8% for the fourth quarter of 2023. - Adjusted EBITDA* was
$47.5 million 19% increase compared to$40.0 million 35% for the fourth quarter of 2023.
Full Year 2023 Financial Highlights
- Total revenue was
$474.4 million 16% increase compared to$408.3 million - Optimization revenue was
$224.5 million 18% increase compared to$190.6 million - Measurement revenue was
$186.0 million 20% increase compared to$154.9 million - Publisher revenue was
$63.8 million 2% increase compared to$62.8 million - International revenue, excluding the
Americas , was$146.8 million 14% increase compared to$129.1 million 31% of total revenue for the full year 2023. - Gross profit was
$375.0 million 13% increase compared to$332.6 million 79% for the full year 2023. - Net income was
$7.2 million $0.04 $15.4 million $0.10 2% for the full year 2023. - Adjusted EBITDA* was
$159.5 million 26% increase compared to$126.6 million 34% for the full year 2023. - Cash and cash equivalents were
$124.8 million
Recent Business Highlights
- Meta Expansion - In February, IAS announced the availability of its AI-driven Total Media Quality (TMQ) brand safety and suitability measurement product across Facebook and Instagram Feed and Reels. IAS's new post-bid brand safety and suitability expansion with Meta gives advertisers increased transparency into whether their campaigns are appearing next to safe and suitable content.
- IAS MRC Continuing Accreditation for Measurement of Meta Platforms - In January, IAS received continuing accreditation from the MRC for viewability measurement of Meta, including impressions and two-second video viewability, on Facebook Feed and Instagram Feed and Stories.
- YouTube TMQ Expansion - During the fourth quarter, IAS expanded its partnership to YouTube Shorts to offer its brand safety and suitability measurement product to advertisers for YouTube Shorts inventory, as part of its existing Total Media Quality for YouTube product suite.
- X Expansion - In February, IAS expanded its partnership with X to all
U.S. advertisers. IAS classifies all vertical video ad adjacencies for brand safety and suitability aligned to the GARM framework, giving advertisers maximum control over where their ads appear on the X vertical video feed. - Quality Attention Expansion - In January, IAS announced the general availability of its Quality Attention measurement product. Quality Attention uses advanced machine learning technology, actionable data from Lumen Research's eye-tracking technology, and a variety of signals obtained as part of IAS's core technology.
Financial Outlook
"We reported profitable growth in the fourth quarter with a
IAS is introducing the following financial outlook for the first quarter and full year 2024:
First Quarter Ending March 31, 2024:
- Total revenue of
$111 million $113 million - Adjusted EBITDA* of
$28 million $30 million
Year Ending December 31, 2024:
- Total revenue of
$530 million $540 million - Adjusted EBITDA* of
$171 million $179 million
* See "Supplemental Disclosure Regarding Non-GAAP Financial Information" section herein for an explanation of Non-GAAP measures. IAS is unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net income (loss), the most closely comparable GAAP measure, because certain material reconciling items, such as depreciation and amortization, interest expense, income tax expense (benefit), restructuring and severance costs, and acquisition and integration costs, cannot be estimated due to factors outside of IAS's control and could have a material impact on the reported results. However, IAS estimates stock-based compensation expense for the first quarter of 2024 in the range of
INTEGRAL AD SCIENCE HOLDING CORP. CONSOLIDATED BALANCE SHEETS
| |||
(IN THOUSANDS, EXCEPT SHARE DATA) | December 31, 2023 | December 31, 2022 | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 124,759 | $ 86,877 | |
Restricted cash | 54 | 45 | |
Accounts receivable, net | 74,609 | 67,884 | |
Unbilled receivables | 46,548 | 41,550 | |
Prepaid expenses and other current assets | 18,959 | 24,761 | |
Due from related party | — | 29 | |
Total current assets | 264,929 | 221,146 | |
Property and equipment, net | 3,769 | 2,412 | |
Internal use software, net | 40,301 | 23,642 | |
Intangible assets, net | 178,908 | 217,558 | |
Goodwill | 675,282 | 674,094 | |
Operating lease right-of-use assets, net | 21,668 | 22,787 | |
Deferred tax asset, net | 2,465 | 2,020 | |
Other long-term assets | 4,402 | 5,024 | |
Total assets | $ 1,191,724 | $ 1,168,683 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable and accrued expenses | $ 72,232 | $ 60,799 | |
Operating lease liabilities, current | 9,435 | 6,749 | |
Due to related party | 121 | 122 | |
Deferred revenue | 682 | 99 | |
Total current liabilities | 82,470 | 67,769 | |
Deferred tax liability, net | 20,367 | 45,495 | |
Long-term debt | 153,725 | 223,262 | |
Operating lease liabilities, non-current | 19,523 | 22,875 | |
Other long-term liabilities | 6,183 | 1,066 | |
Total liabilities | 282,268 | 360,467 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred Stock, | — | — | |
Common Stock, | 159 | 154 | |
Additional paid-in-capital | 901,259 | 810,186 | |
Accumulated other comprehensive loss | (916) | (2,899) | |
Accumulated earnings | 8,954 | 775 | |
Total stockholders' equity | 909,456 | 808,216 | |
Total liabilities and stockholders' equity | $ 1,191,724 | $ 1,168,683 | |
INTEGRAL AD SCIENCE HOLDING CORP. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) | ||||||||
Three months ended December 31, | Year ended December 31, | |||||||
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | 2023 | 2022 | 2023 | 2022 | ||||
Revenue | $ 134,295 | $ 117,435 | $ 474,369 | $ 408,348 | ||||
Operating expenses: | ||||||||
Cost of revenue (excluding depreciation and amortization shown below) | 28,252 | 21,891 | 99,352 | 75,755 | ||||
Sales and marketing | 30,423 | 28,325 | 117,989 | 106,286 | ||||
Technology and development | 19,056 | 22,280 | 72,906 | 76,351 | ||||
General and administrative | 25,961 | 23,572 | 111,634 | 79,654 | ||||
Depreciation and amortization | 14,593 | 12,811 | 54,966 | 50,396 | ||||
Foreign exchange (gain) loss, net | (501) | 1,246 | 430 | 4,749 | ||||
Total operating expenses | 117,784 | 110,125 | 457,277 | 393,191 | ||||
Operating income | 16,511 | 7,310 | 17,092 | 15,157 | ||||
Interest expense, net | (2,489) | (3,194) | (12,236) | (9,053) | ||||
Employee retention tax credit | — | — | — | 6,981 | ||||
Net income before income taxes | 14,022 | 4,116 | 4,856 | 13,085 | ||||
(Provision) benefit from income taxes | (3,858) | 7,371 | 2,382 | 2,288 | ||||
Net income | $ 10,164 | $ 11,487 | $ 7,238 | $ 15,373 | ||||
Net income per share: | ||||||||
Basic | $ 0.06 | $ 0.07 | $ 0.05 | $ 0.10 | ||||
Diluted | $ 0.06 | $ 0.07 | $ 0.04 | $ 0.10 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 158,243,619 | 153,792,438 | 156,272,335 | 154,699,694 | ||||
Diluted | 163,060,805 | 155,288,725 | 161,723,131 | 157,258,083 | ||||
Other comprehensive income: | ||||||||
Foreign currency translation adjustments | 2,772 | 8,634 | 1,983 | (2,584) | ||||
Total comprehensive income | $ 12,936 | $ 20,121 | $ 9,221 | $ 12,789 | ||||
INTEGRAL AD SCIENCE HOLDING CORP. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'/MEMBERS' EQUITY | |||||||||||||||
Members' Interest | Common Stock | ||||||||||||||
(IN THOUSANDS, EXCEPT UNITS | Units | Amount | Shares | Amount | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated (deficit) | Total members'/ | |||||||
Balances at January 1, 2021 | 134,039,494 | $ 553,717 | — | $ — | $ — | $ 4,523 | $ (126,761) | $ 431,479 | |||||||
Repurchase of units | (99,946) | (413) | — | — | — | — | (791) | (1,204) | |||||||
Units vested | 17,486 | — | — | — | — | — | — | — | |||||||
Option exercises | 246,369 | 1,075 | — | — | 3,360 | — | — | 4,435 | |||||||
Foreign currency translation | — | — | — | — | — | (4,838) | — | (4,838) | |||||||
Net loss prior to corporate conversion | — | — | — | — | — | — | (37,832) | (37,832) | |||||||
Conversion to | (134,203,403) | (554,379) | 134,203,403 | 134 | 388,860 | — | 165,385 | — | |||||||
Rounding units/shares as a result of | — | — | (17) | — | — | — | — | — | |||||||
Stock-based compensation | — | — | — | — | 55,222 | — | — | 55,222 | |||||||
RSUs vested | — | — | 26,931 | — | 150 | — | — | 150 | |||||||
Issuance of common stock in | — | — | 16,821,330 | 17 | 274,340 | — | — | 274,357 | |||||||
Issuance of common stock for Publica | — | — | 2,888,889 | 3 | 49,628 | — | — | 49,631 | |||||||
Issuance of common stock for Context | — | — | 457,959 | — | 10,391 | — | — | 10,391 | |||||||
Net loss | — | — | — | — | — | — | (14,600) | (14,600) | |||||||
Balances at December 31, 2021 | — | $ — | 154,398,495 | $ 154 | $ 781,951 | $ (315) | $ (14,600) | $ 767,190 | |||||||
RSUs vested | — | — | 1,084,966 | 1 | — | — | — | 1 | |||||||
Option exercises | — | — | 1,586,728 | 2 | 7,153 | — | — | 7,155 | |||||||
Stock-based compensation | — | — | — | — | 44,733 | — | — | 44,733 | |||||||
Foreign currency translation | — | — | — | — | — | (2,584) | — | (2,584) | |||||||
Repurchase of common stock | — | — | (3,080,061) | (3) | (23,652) | — | — | (23,655) | |||||||
Net income | — | — | — | — | — | — | 15,373 | 15,373 | |||||||
Balances at December 31, 2022 | — | $ — | 153,990,128 | $ 154 | $ 810,186 | $ (2,899) | $ 775 | $ 808,216 | |||||||
RSUs and MSUs vested | — | — | 3,492,130 | 4 | — | — | — | 4 | |||||||
Option exercises | — | — | 1,001,793 | 1 | 7,988 | — | — | 7,989 | |||||||
ESPP purchase | — | — | 273,569 | — | 2,306 | — | — | 2,306 | |||||||
Stock-based compensation | — | — | — | — | 80,779 | — | — | 80,779 | |||||||
Foreign currency translation adjustment | — | — | — | — | — | 1,983 | — | 1,983 | |||||||
Adoption of ASC 326, net of tax | — | — | — | — | — | — | 941 | 941 | |||||||
Net income | — | — | — | — | — | — | 7,238 | 7,238 | |||||||
Balances at December 31, 2023 | — | $ — | 158,757,620 | $ 159 | $ 901,259 | $ (916) | $ 8,954 | $ 909,456 | |||||||
INTEGRAL AD SCIENCE HOLDING CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Year ended December 31, | |||
(IN THOUSANDS) | 2023 | 2022 | |
Cash flows from operating activities: | |||
Net income | $ 7,238 | $ 15,373 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 54,966 | 50,396 | |
Stock-based compensation | 81,103 | 44,752 | |
Foreign exchange (gain) loss, net | (484) | 5,233 | |
Deferred tax benefit | (21,531) | (8,880) | |
Amortization of debt issuance costs | 463 | 464 | |
Allowance for credit losses | 3,816 | 1,837 | |
Employee retention tax credit | — | (6,981) | |
Impairment of assets | 33 | 974 | |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | (8,148) | (18,581) | |
Increase in unbilled receivables | (4,685) | (5,830) | |
Decrease (increase) in prepaid expenses and other current assets | 6,418 | (10,641) | |
Increase in operating leases, net | (29) | (852) | |
Decrease (increase) in other long-term assets | 375 | (1,057) | |
Increase in accounts payable and accrued expenses and other long-term liabilities | 11,478 | 6,286 | |
Increase (decrease) in deferred revenue | 582 | (88) | |
Increase in due to/from related party | 28 | 62 | |
Net cash provided by operating activities | 131,623 | 72,467 | |
Cash flows from investing activities: | |||
Payment for acquisitions, net of acquired cash | (966) | (1,603) | |
Purchase of property and equipment | (1,975) | (2,016) | |
Acquisition and development of internal use software and other | (31,777) | (14,673) | |
Net cash used in investing activities | (34,718) | (18,292) | |
Cash flows from financing activities: | |||
Repayment of long-term debt | (145,000) | (35,000) | |
Repayment of short-term debt | — | (1,816) | |
Proceeds from the Revolver | 75,000 | 15,000 | |
Proceeds from exercise of stock options | 7,989 | 7,155 | |
Payments for repurchase of common stock | — | (23,655) | |
Cash received from Employee Stock Purchase Program (ESPP) | 3,160 | 845 | |
Net cash used in financing activities | (58,851) | (37,471) | |
Net increase in cash, cash equivalents, and restricted cash | 38,054 | 16,704 | |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (435) | (3,111) | |
Cash, cash equivalents, and restricted cash, at beginning of year | 89,671 | 76,078 | |
Cash, cash equivalents, and restricted cash, at end of year | $ 127,290 | $ 89,671 | |
Supplemental Disclosures: | |||
Cash paid during the year for: | |||
Interest | $ 11,229 | $ 8,511 | |
Taxes | $ 10,985 | $ 16,396 | |
Non-cash investing and financing activities: | |||
Property and equipment acquired included in accounts payable | $ 431 | $ 97 | |
Internal use software acquired included in accounts payable | $ 1,444 | $ 1,517 | |
Lease liabilities arising from right of use assets | $ 6,282 | $ 29,624 | |
Supplemental Disclosure Regarding Non-GAAP Financial Information
We use supplemental measures of our performance, which are derived from our consolidated financial information, but which are not presented in our consolidated financial statements prepared in accordance with GAAP. Adjusted EBITDA is the primary financial performance measure used by management to evaluate our business and monitor ongoing results of operations. Adjusted EBITDA is defined as income/loss before depreciation and amortization, stock-based compensation, interest expense, income taxes, restructuring and severance costs, acquisition and integration costs, foreign exchange gains and losses, and other one-time, non-recurring costs. Adjusted EBITDA margin represents the adjusted EBITDA for the applicable period divided by the revenue for that period presented in accordance with GAAP.
We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our shareholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. Although we believe these measures are useful to investors and analysts for the same reasons they are useful to management, these measures are not a substitute for, or superior to,
Reconciliation of historical Adjusted EBITDA and corresponding margin to their most directly comparable GAAP financial measures, net income/loss and corresponding margin are presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.
Reconciliation of Adjusted EBITDA | ||||||||
Three months ended December 31, | Year ended December 31, | |||||||
(in thousands, except percentages) | 2023 | 2022 | 2023 | 2022 | ||||
Net income | $ 10,164 | $ 11,487 | $ 7,238 | $ 15,373 | ||||
Depreciation and amortization | 14,593 | 12,811 | 54,966 | 50,396 | ||||
Stock-based compensation | 15,462 | 11,645 | 81,103 | 44,752 | ||||
Interest expense, net | 2,489 | 3,194 | 12,236 | 9,053 | ||||
Provision (benefit) from income taxes | 3,858 | (7,371) | (2,382) | (2,288) | ||||
Restructuring and severance costs | 1,054 | 5,904 | 4,028 | 10,321 | ||||
Acquisition and integration costs | — | 118 | — | 97 | ||||
Foreign exchange (gain) loss, net | (501) | 1,246 | 430 | 4,798 | ||||
Employee retention tax credit | — | — | — | (6,981) | ||||
Offering costs, impairments and other costs | 396 | 1,003 | 1,913 | 1,058 | ||||
Adjusted EBITDA | $ 47,515 | $ 40,037 | $ 159,532 | $ 126,579 | ||||
Revenue | $ 134,295 | $ 117,435 | $ 474,369 | $ 408,348 | ||||
Net income margin | 8 % | 10 % | 2 % | 4 % | ||||
Adjusted EBITDA margin | 35 % | 34 % | 34 % | 31 % | ||||
Stock-Based Compensation | |||||||
Three months ended December 31, | Year ended December 31, | ||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||
Cost of revenue | $ 124 | $ 249 | $ 452 | $ 507 | |||
Sales and marketing | 5,512 | 2,871 | 23,371 | 13,520 | |||
Technology and development | 4,104 | 2,958 | 17,538 | 9,937 | |||
General and administrative | 5,722 | 5,567 | 39,742 | 20,788 | |||
Total stock-based compensation | $ 15,462 | $ 11,645 | $ 81,103 | $ 44,752 | |||
Conference Call and Webcast Information
IAS will host a conference call and live webcast to discuss its fourth quarter and full year 2023 financial results today at 5:00 p.m. ET. To access the live webcast and conference call dial-in, please register under the "News & Events" section of IAS's investor relations website. A replay will be available on IAS's investor relations website following the live call: https://investors.integralads.com.
About Integral Ad Science
Integral Ad Science (IAS) is a leading global media measurement and optimization platform that delivers the industry's most actionable data to drive superior results for the world's largest advertisers, publishers, and media platforms. IAS's software provides comprehensive and enriched data that ensures ads are seen by real people in safe and suitable environments, while improving return on ad spend for advertisers and yield for publishers. Our mission is to be the global benchmark for trust, safety, and transparency in digital media quality. For more information, visit integralads.com.
Forward-Looking Statements
This earnings press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: (i) the adverse effect on our business, operating results, financial condition, and prospects from various macroeconomic factors, including instability in geopolitical or market conditions; (ii) our failure to innovate or make the right investment decisions; (iii) our ability to provide digital or cross-platform analytics; (iv) our failure to maintain or achieve industry accreditation standards; (v) our dependence on integrations with advertising platforms, demand side providers ("DSPs") and proprietary platforms that we do not control; (vi) our ability to compete successfully with our current or future competitors in an intensely competitive market; (vii) our inability to use software licensed from third parties; (viii) our international expansion; (ix) our ability to expand into new channels; (x) our ability to sustain our profitability and revenue growth rate; (xi) risks that our customers do not pay or choose to dispute their invoices; (xii) risks of material changes to revenue share agreements with certain DSPs; (xiii) our dependence on the overall demand for advertising; (xiv) our ability to effectively manage our growth; (xv) the impact that any acquisitions we have completed in the past and may consummate in the future, strategic investments, or alliances may have on our business, financial condition, and results of operations; (xvi) our ability to successfully execute our international plans; (xvii) the risks associated with the seasonality of our market; (xviii) our ability to maintain high impression volumes; (xix) the difficulty in evaluating our future prospects given our short operating history; (xx) uncertainty in how the market for buying digital advertising verification solutions will evolve; (xxi) interruption by man-made problems such as terrorism, computer viruses, or social disruptions; (xxii) the risk of failures in the systems and infrastructure supporting our solutions and operations; (xxiii) our ability to avoid operational, technical, and performance issues with our platform; (xxiv) risks associated with any unauthorized access to user, customer, or inventory and third-party provider data; (xxv) our ability to provide the non-proprietary technology, software, products, and services that we use; (xxvi) the risk that we are sued by third parties for alleged infringement, misappropriation, or other violation of their proprietary rights; (xxvii) our ability to obtain, maintain, protect, or enforce intellectual property and proprietary rights that are important to our business; (xxviii) our involvement in lawsuits to protect or enforce our intellectual property; (xxix) risks that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers; (xxx) risks that our trademarks and trade names are not adequately protected; (xxxi) the impact of unforeseen changes to privacy and data protection laws and regulation on digital advertising; (xxxii) our ability to maintain our corporate culture; (xxxiii) public health outbreaks, epidemics, pandemics, or other public health crises; (xxxiv) risks posed by earthquakes, fires, floods, and other natural catastrophic events; (xxxv) the risk that a perceived failure to comply with laws and industry self-regulation may damage our reputation; and (xxxvi) other factors disclosed in our filings with the SEC. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods.
We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to update or revise any forward- looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Contact:
Jonathan Schaffer / Lauren Hartman
ir@integralads.com
Media Contact:
press@integralads.com
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SOURCE Integral Ad Science, Inc.
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