IAS Reports First Quarter 2024 Financial Results

• Total revenue was $114.5 million, an 8% increase compared to $106.1 million in the prior-year period.
• Optimization revenue was $52.5 million, a 3% increase compared to $51.0 million in the prior-year period.
• Measurement revenue was $46.3 million, a 14% increase compared to $40.7 million in the prior-year period.
• Publisher revenue was $15.8 million, a 10% increase compared to $14.4 million in the prior-year period.
• International revenue, excluding the Americas, was $36.0 million, a 13% increase compared to $31.9 million in the prior-year period, or 31% of total revenue for the first quarter of 2024.
• Gross profit was $88.4 million, a 5% increase compared to $84.4 million in the prior-year period. Gross profit margin was 77% for the first quarter of 2024.
• Net loss was $1.3 million, or $0.01 per share, compared to net income of $3.1 million, or $0.02 per share, in the prior-year-period. Net loss margin was 1% for the first quarter of 2024.
• Adjusted EBITDA* was $33.1 million compared to $34.1 million in the prior-year period. Adjusted EBITDA* margin was 29% for the first quarter of 2024.
• Cash and cash equivalents were $83.9 million at March 31, 2024.

Recent Business Highlights

• Meta Expansion - IAS launched its AI-driven Total Media Quality (TMQ) brand safety and suitability measurement product across Facebook and Instagram Feed and Reels on February 5th. During the quarter, IAS expanded its solutions with Meta to include 21 new languages for a total of 28 supported languages. In April, IAS expanded to include GARM-aligned misinformation measurement capability.
• TikTok Expanded Markets and Capabilities - In April, IAS expanded its global industry-leading brand safety and suitability measurement on TikTok including Vertical Sensitivity/Category Exclusion segments, expanded coverage to 11 new countries, Automated Suitability Profiles and enhanced reporting.
• Snap Partnership - In March, IAS expanded its partnership with Snap and will be the first to provide AI-driven brand safety and suitability measurement for advertisers. By integrating IAS's TMQ product, advertisers now have access to increased transparency across their Snapchat campaigns.
• X Expansion - In February, IAS launched its exclusive pre-bid product with X, providing the opportunity for U.S. advertisers to opt-in to activate pre-bid IAS Optimization for X on the Vertical Video product. IAS classifies 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.
• Roblox Integration - In May, IAS announced its first-to-market integration with Roblox to provide 3D in-experience viewability and IVT measurement.
• Netflix CTV Attention Measurement - IAS collaborated with Netflix to provide CTV attention measurement with IAS Quality Attention to demonstrate the effectiveness of Netflix's ad- supported attention metrics, including across international markets.
• YouTube MRC Accreditation - In March, IAS earned MRC accreditation for its integrated third-party calculation and reporting of YouTube video viewability for desktop and mobile including web and app using Google's Ads Data Hub for Measurement Partners (ADH-MP).
• SIVT MRC Accreditation - In April, IAS received accreditation for filtration of sophisticated invalid traffic (SIVT) in CTV environments as applied to video impressions, viewable impressions and viewability related metrics.
• TrustArc Certification - In April, IAS received TrustArc's TRUSTe Responsible AI certification, demonstrating its commitment and alignment with the highest standards of AI governance.

Financial Outlook

"We expect to accelerate revenue growth and profitability from the first quarter in 2024 as we execute on our business plan," said Tania Secor, CFO of IAS. "In addition, we plan to expand adjusted EBITDA margins, invest for long-term sustainable growth, and lower debt."

IAS is introducing the following financial outlook for the second quarter of 2024 and raising its full year 2024 revenue and adjusted EBITDA outlook:

Second Quarter Ending June 30, 2024:

• Total revenue of $125 million to $127 million
• Adjusted EBITDA* of $37 million to $39 million

Year Ending December 31, 2024:

• Total revenue of $533 million to $541 million
• Adjusted EBITDA* of $174 million to $180 million

* See "Supplemental Disclosure Regarding Non-GAAP Financial Information" section herein for an explanation of these measures. IAS is unable to provide a reconciliation for forward-looking guidance of adjusted EBITDA and corresponding margin to net income (loss), the most closely comparable GAAP measures without unreasonable effort, because certain material reconciling items, such as depreciation and amortization, interest expense, income tax expense (benefit) and acquisition, restructuring and integration expenses, 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 second quarter of 2024 in the range of $15 million to $17 million and for the full year 2024 in the range of $63 million to $66 million.

INTEGRAL AD SCIENCE HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)	March 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$           83,947		$          124,759
Restricted cash	298		54
Accounts receivable, net	67,764		74,609
Unbilled receivables	43,198		46,548
Prepaid expenses and other current assets	32,468		18,959
Total current assets	227,675		264,929
Property and equipment, net	4,088		3,769
Internal use software, net	43,729		40,301
Intangible assets, net	169,316		178,908
Goodwill	674,454		675,282
Operating lease right-of-use assets	19,766		21,668
Deferred tax asset, net	2,433		2,465
Other long-term assets	4,361		4,402
Total assets	$      1,145,822		$       1,191,724
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$           42,176		$            72,232
Operating lease liabilities, current	9,119		9,435
Due to related party	83		121
Deferred revenue	1,318		682
Total current liabilities	52,696		82,470
Deferred tax liability, net	20,330		20,367
Long-term debt	123,841		153,725
Operating lease liabilities, non-current	17,707		19,523
Other long-term liabilities	6,172		6,183
Total liabilities	220,746		282,268
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