Viant Technology Inc. (Nasdaq: DSP), a leading people-based
advertising technology company, today reported financial results
for its second quarter ended June 30, 2023.
“We are pleased to report another quarter of strong performance,
highlighted by double-digit revenue growth,” said Tim Vanderhook,
Co-Founder and CEO, Viant. “New AI enhancements to our platform are
improving campaign performance, prompting our customers to increase
their spend. Our unique suite of omnichannel solutions position our
customers for measurable campaign success across cookie-free
environments, including CTV, and give us confidence in our market
positioning and growth opportunities ahead.”
Second quarter 2023 Financial
Highlights, year-over-year:
GAAP
- Revenue of $57.2 million, an increase of 12%
- Gross profit of $23.7 million, an increase of 17%
- Net loss of $3.2 million, compared to a net loss of $14.1
million in the second quarter of 2022
- Net loss attributable to Viant Technology Inc. of $1.1 million,
or $(0.07) per diluted share of Class A common stock, compared to
net loss attributable to Viant Technology Inc. of $3.4 million, or
$(0.24) per diluted share of Class A common stock, in the second
quarter of 2022
- Total Class A and Class B common shares outstanding were 62.4
million as of June 30, 2023
- Cash and cash equivalents as of June 30, 2023 was $203.9
million, with no outstanding debt
Non-GAAP(1)
- Contribution ex-TAC of $33.7 million, an increase of 6%
- Adjusted EBITDA of $6.8 million, compared to $(3.1) million in
the second quarter of 2022
- Adjusted EBITDA as a percentage of contribution ex-TAC of
20%
- Non-GAAP net income of $5.1 million, compared to non-GAAP net
loss of $5.9 million in the second quarter of 2022
- Non-GAAP net income attributable to Viant Technology Inc. of
$0.9 million, or $0.06 per diluted share of Class A common stock,
compared to non-GAAP net loss attributable to Viant Technology Inc.
of $1.2 million, or $(0.08) per diluted share of Class A common
stock, in the second quarter of 2022
Business Highlights:
- Advertiser spend per active customer(2) increased 7%
year-over-year
- Released AI-powered Bid Optimizer, driving an average CPM
savings of over 35% on behalf of advertisers
- Accelerated Direct Access program for premium publishers with
the acceptance of Viant’s Prebid adapter into Prebid.org
- AI technologies leveraged across the organization contributed
to a 27% improvement in revenue per employee
“Our revenue and adjusted EBITDA again exceeded expectations
driven by a combination of our differentiated platform
capabilities, strong execution, and disciplined cost management,”
said Larry Madden, CFO, Viant. “We are pleased to have generated a
30-point year-over-year improvement in adjusted EBITDA as a
percentage of contribution ex-TAC this quarter and remain focused
on growing our market share and expanding margins as we look to the
second half of the year.”
Guidance:
For the third quarter 2023, the Company expects:
- Revenue in the range of $56.0 million to $59.0 million
- Contribution ex-TAC in the range of $35.0 million to $37.0
million
- Non-GAAP operating expenses in the range of $28.5 million to
$29.5 million
- Adjusted EBITDA in the range of $6.5 million to $7.5
million
Contribution ex-TAC, non-GAAP operating expenses, adjusted
EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC,
non-GAAP net income (loss), and non-GAAP earnings (loss) per share
of Class A common stock—basic and diluted are non-GAAP financial
measures. These non-GAAP financial measures should be considered in
addition to, but not as a substitute for, the information provided
in accordance with GAAP. Reconciliations of these non-GAAP
financial measures to Viant’s financial results as determined in
accordance with GAAP are included at the end of this press release
under “Reconciliation of Non-GAAP Financial Measures.” For a
description of these non-GAAP financial measures, including the
reasons management uses each measure, please see “Non-GAAP
Financial Measures” in this press release. We are not able to
estimate gross profit, total operating expenses or net income
(loss) on a forward-looking basis or reconcile the guidance
provided for contribution ex-TAC, non-GAAP operating expenses, and
adjusted EBITDA to the closest corresponding GAAP financial
measures on a forward-looking basis without unreasonable efforts
due to the variability and complexity with respect to the charges
excluded from these non-GAAP financial measures; in particular, the
measures and effects of our stock-based compensation related to
equity grants that are directly impacted by unpredictable
fluctuations in our share price, as well as the impact of future
traffic acquisition costs and other platform operations expenses
that we are unable to forecast in light of the current
macroeconomic environment. We expect the variability of the above
charges could have a significant and potentially unpredictable
impact on our future GAAP financial results.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed
through Viant’s investor relations website at
investors.viantinc.com.
As of June 30, 2023, there were 15.3 million shares of the
Company's Class A common stock outstanding and 47.1 million shares
of the Company's Class B common stock outstanding. For more
information, please refer to our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2023.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Monday, August 7, 2023 at 2:00 p.m. Pacific
Time (5:00 p.m. Eastern Time). A live webcast of the call can be
accessed from Viant’s Investor Relations website. An archived
version of the webcast will be available from the same website
after the call.
Viant Technology has used, and intends to continue to use, the
“Investor Relations” section of its website at
investors.viantinc.com and its LinkedIn account, and the LinkedIn
account of its Chief Executive Officer, Tim Vanderhook, to post
information that may be important to investors. Investors and
potential investors are encouraged to consult Viant Technology’s
website and LinkedIn account and Mr. Vanderhook’s LinkedIn account
regularly for important information.
About Viant
Viant® (NASDAQ: DSP) is a leading people-based, advertising
technology company that enables marketers to plan, execute and
measure omnichannel ad campaigns through a cloud-based platform.
Viant’s self-service Demand Side Platform, Adelphic®, powers
programmatic advertising across Connected TV, Linear TV, mobile,
desktop, audio, gaming and digital out-of-home channels. As an
organization committed to sustainability, Viant’s Adricity® carbon
reduction program helps clients achieve their sustainability goals.
In 2023, Viant was recognized as a Leader in the DSP category and
as the Best Software in Marketing & Advertising, earned Great
Place to Work® certification, and became a founding member of Ad
Net Zero. Viant’s Co-Founders Tim and Chris Vanderhook were also
recently named EY Entrepreneurs of the Year. To learn more, please
visit viantinc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“guidance,” “believe,” “expect,” “estimate,” “project,” “plan,”
“will,” or words or phrases with similar meaning.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. Forward-looking statements
contained in this press release relate to, among other things,
Viant’s projected financial performance and operating results,
including our guidance for revenue, contribution ex-TAC, non-GAAP
operating expenses, and adjusted EBITDA, as well as statements
regarding Viant’s positioning to capitalize on market share and
Viant’s plan to continue to capitalize on the shift to omnichannel
programmatic advertising. Forward-looking statements are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties, including, but not limited to, the market for
programmatic advertising developing slower or differently than
Viant’s expectations, the demands and expectations of customers and
the ability to attract and retain customers and other economic,
competitive, governmental and technological factors outside of our
control, that may cause our business, strategy or actual results to
differ materially from the forward-looking statements. We do not
intend and undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable law.
Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, for additional
information regarding the risks and uncertainties that may cause
actual results to differ materially from those expressed in any
forward-looking statement.
(1) For a discussion on how we
define, use and calculate these non-GAAP financial measures and a
reconciliation thereof to the most directly comparable GAAP
financial measures, see “Non-GAAP Financial Measures” and the
supplementary schedules under “Reconciliation of Non-GAAP Financial
Measures” in this press release.
(2) We define advertiser spend
across our platform as the total amount billed to our customers for
activity on our platform, inclusive of the costs of advertising
media, third-party data, other add-on features and our platform fee
we charge customers. We define an active customer as a customer
that had total aggregate contribution ex-TAC of at least $5,000
through our platform during the previous twelve months. Advertiser
spend per active customer is an operational metric defined as
advertiser spend for the trailing twelve-month period presented
divided by active customers. See “Operational Metrics” for a
discussion of how we use this metric and why it is useful to
investors.
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited; in thousands,
except per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
57,223
$
51,200
$
98,943
$
93,829
Operating expenses(1):
Platform operations
33,523
30,950
56,860
57,144
Sales and marketing
11,691
17,286
23,860
31,042
Technology and development
6,172
5,011
12,066
10,014
General and administrative
11,088
11,725
22,516
22,808
Total operating expenses
62,474
64,972
115,302
121,008
Loss from operations
(5,251
)
(13,772
)
(16,359
)
(27,179
)
Interest expense (income), net
(2,049
)
21
(3,868
)
173
Other expense, net
1
299
88
303
Total other expense (income), net
(2,048
)
320
(3,780
)
476
Net loss
(3,203
)
(14,092
)
(12,579
)
(27,655
)
Less: Net loss attributable to
noncontrolling interests
(2,140
)
(10,691
)
(9,036
)
(21,062
)
Net loss attributable to Viant Technology
Inc.
$
(1,063
)
$
(3,401
)
$
(3,543
)
$
(6,593
)
Loss per share of Class A common
stock:
Basic
$
(0.07
)
$
(0.24
)
$
(0.24
)
$
(0.47
)
Diluted
$
(0.07
)
$
(0.24
)
$
(0.24
)
$
(0.47
)
Weighted-average shares of Class A common
stock outstanding:
Basic
15,135
14,114
14,943
13,962
Diluted
15,135
14,114
14,943
13,962
(1) Stock-based compensation and
depreciation and amortization included in operating expenses are as
follows (in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Stock-based compensation:
Platform operations
$
1,124
$
1,303
$
2,016
$
2,389
Sales and marketing
2,520
2,426
5,032
4,605
Technology and development
1,507
1,425
2,834
2,594
General and administrative
3,378
2,614
6,119
4,556
Total
$
8,529
$
7,768
$
16,001
$
14,144
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Depreciation and amortization:
Platform operations
$
2,910
$
2,748
$
5,680
$
5,059
Sales and marketing
—
—
—
—
Technology and development
383
223
776
818
General and administrative
246
255
495
503
Total
$
3,539
$
3,226
$
6,951
$
6,380
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of June 30,
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
203,901
$
206,573
Accounts receivable, net of allowances
89,967
101,658
Prepaid expenses and other current
assets
4,190
6,631
Total current assets
298,058
314,862
Property, equipment, and software, net
25,829
23,106
Operating lease assets
24,715
26,441
Intangible assets, net
405
667
Goodwill
12,422
12,422
Other assets
26
385
Total assets
$
361,455
$
377,883
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
31,765
$
37,063
Accrued liabilities
29,831
35,063
Accrued compensation
5,878
9,162
Current portion of deferred revenue
180
123
Current portion of operating lease
liabilities
3,918
3,711
Other current liabilities
2,494
1,995
Total current liabilities
74,066
87,117
Long-term debt
—
—
Long-term portion of operating lease
liabilities
23,334
24,998
Total liabilities
97,400
112,115
Commitments and contingencies (Note
13)
Stockholders’ equity
Preferred stock, $0.001 par value
Authorized shares — 10,000,000
Issued and outstanding — none
—
—
Class A common stock, $0.001 par value
Authorized shares — 450,000,000
Issued — 15,598,505 and 14,783,886
Outstanding — 15,342,563 and
14,643,798
16
15
Class B common stock, $0.001 par value
Authorized shares — 150,000,000
Issued and outstanding — 47,082,260 and
47,082,260
47
47
Additional paid-in capital
102,885
95,922
Accumulated deficit
(41,636
)
(36,261
)
Treasury stock, at cost; 255,942 and
140,088 shares held
(1,074
)
(475
)
Total stockholders’ equity attributable to
Viant Technology Inc.
60,238
59,248
Noncontrolling interests
203,817
206,520
Total equity
264,055
265,768
Total liabilities and stockholders’
equity
$
361,455
$
377,883
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Six Months Ended June
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(12,579
)
$
(27,655
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
6,951
6,380
Stock-based compensation
16,001
14,144
Provision for doubtful accounts
49
51
Loss on disposal of assets
104
305
Noncash lease expense
1,940
1,311
Changes in operating assets and
liabilities:
Accounts receivable
11,433
17,206
Prepaid expenses and other assets
2,799
65
Accounts payable
(5,554
)
(4,652
)
Accrued liabilities
(5,187
)
(2,528
)
Accrued compensation
(3,206
)
(4,607
)
Deferred revenue
57
(6,486
)
Operating lease liabilities
(1,671
)
(957
)
Other liabilities
(282
)
(1,096
)
Net cash provided by (used in) operating
activities
10,855
(8,519
)
Cash flows from investing
activities:
Purchases of property and equipment
(348
)
(397
)
Capitalized software development costs
(6,114
)
(3,941
)
Net cash used in investing activities
(6,462
)
(4,338
)
Cash flows from financing
activities:
Taxes paid related to net share settlement
of equity awards
(2,222
)
(861
)
Payment of member tax distributions
(4,843
)
(14
)
Repayment of revolving credit facility
—
(17,500
)
Net cash used in financing activities
(7,065
)
(18,375
)
Net decrease in cash and cash
equivalents
(2,672
)
(31,232
)
Cash and cash equivalents at beginning
of period
206,573
238,480
Cash and cash equivalents at end of
period
$
203,901
$
207,248
Non-GAAP Financial Measures
To provide investors and others with additional information
regarding Viant’s results, we have included in this press release
the following financial measures that are not calculated in
accordance with U.S. generally accepted accounting principles
(“GAAP”): contribution ex-TAC, non-GAAP operating expenses,
adjusted EBITDA, adjusted EBITDA as a percentage of contribution
ex-TAC, non-GAAP net income (loss), and non-GAAP earnings (loss)
per share of Class A common stock—basic and diluted. The Company’s
management believes that this information can assist investors in
evaluating the Company’s operational trends, financial performance,
and cash generating capacity. Management believes these non-GAAP
financial measures allow investors to evaluate the Company’s
financial performance using some of the same measures as
management.
Contribution ex-TAC is a non-GAAP financial measure. Gross
profit is the most comparable GAAP financial measure, which is
calculated as revenue less platform operations expense. In
calculating contribution ex-TAC, we add back other platform
operations expense to gross profit. Contribution ex-TAC is a key
profitability measure used by our management and board of directors
to understand and evaluate our operating performance and trends,
develop short- and long-term operational plans and make strategic
decisions regarding the allocation of capital. “Traffic acquisition
costs” or “TAC” represents amounts incurred and payable to
suppliers for the cost of advertising media, third-party data and
other add-on features related to our fixed CPM pricing option and
certain arrangements related to our percentage of spend pricing
option. In particular, we believe that contribution ex-TAC can
provide a measure of period-to-period comparisons for all pricing
options within our business. Accordingly, we believe that this
measure provides information to investors and the market in
understanding and evaluating our operating results in the same
manner as our management and board of directors.
Non-GAAP operating expenses is a non-GAAP financial measure.
Total operating expenses is the most comparable GAAP financial
measure. Non-GAAP operating expenses is defined by us as total
operating expenses plus other expense (income), net less TAC,
stock-based compensation, depreciation, amortization, and certain
other items that are not related to our core operations, such as
restructuring charges and transaction expenses. Non-GAAP operating
expenses is a key component in calculating adjusted EBITDA, which
is one of the measures we use to provide our quarterly and annual
business outlook to the investment community. Additionally,
non-GAAP operating expenses is used by our management and board of
directors to understand and evaluate our operating performance and
trends, to prepare and approve our annual budget and to develop
short- and long-term operational plans. We believe that the
elimination of depreciation, amortization, stock-based
compensation, TAC and certain other items not related to our core
operations provides another measure for period-to-period
comparisons of our business, provides additional insight into our
core controllable costs, and is a useful metric for investors
because it allows them to evaluate our operational performance in
the same manner as our management and board of directors.
Adjusted EBITDA is a non-GAAP financial measure defined by us as
net income (loss) before interest expense (income), net, income tax
benefit (expense), depreciation, amortization, stock-based
compensation and certain other items that are not related to our
core operations, such as restructuring charges, transaction
expenses and the extinguishment of debt. Net income (loss) is the
most comparable GAAP financial measure. Adjusted EBITDA as a
percentage of contribution ex-TAC is a non-GAAP financial measure
we calculate by dividing adjusted EBITDA by contribution ex-TAC for
the period or periods presented.
Adjusted EBITDA and adjusted EBITDA as a percentage of
contribution ex-TAC are used by our management and board of
directors to understand and evaluate our core operating performance
and trends, to prepare and approve our annual budget and to develop
short- and long-term operational plans. In particular, we believe
that the exclusion of the amounts eliminated in calculating
adjusted EBITDA can provide a measure for period-to-period
comparisons of our business. Adjusted EBITDA as a percentage of
contribution ex-TAC, a non-GAAP financial measure, is used by our
management and board of directors to evaluate adjusted EBITDA
relative to our profitability after costs that are directly
variable to revenues, which comprise TAC. Accordingly, we believe
that adjusted EBITDA and adjusted EBITDA as a percentage of
contribution ex-TAC provide information to investors and the market
in understanding and evaluating our operating results in the same
manner as our management and board of directors.
Non-GAAP net income (loss) is a non-GAAP financial measure
defined by us as net income (loss) adjusted to eliminate the impact
of stock-based compensation and certain other items that are not
related to our core operations, such as restructuring charges,
transaction expenses and the extinguishment of debt. Net income
(loss) is the most comparable GAAP financial measure. Non-GAAP net
income (loss) is a key measure used by our management and board of
directors to evaluate operating performance, generate future
operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe that the
elimination of stock-based compensation and certain other items
that are not related to our core operations provides measures for
period-to-period comparisons of our business and additional insight
into our core controllable costs. Accordingly, we believe that
non-GAAP net income (loss) provides information to investors and
the market generally in understanding and evaluating our results of
operations in the same manner as our management and board of
directors.
Non-GAAP earnings (loss) per share of Class A common stock—basic
and diluted is a non-GAAP financial measure defined by us as
earnings (loss) per share of Class A common stock—basic and
diluted, adjusted to eliminate the impact of stock-based
compensation and certain other items that are not related to our
core operations, such as restructuring charges, transaction
expenses, and the extinguishment of debt. Earnings (loss) per share
of Class A common stock—basic and diluted is the most comparable
GAAP financial measure. Non-GAAP earnings (loss) per share of Class
A common stock—basic and diluted is used by our management and
board of directors to evaluate operating performance, generate
future operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe that the
elimination of stock-based compensation, gain on extinguishment of
debt and certain other items that are not related to our core
operations provides measures for period-to-period comparisons of
our business and provides additional insight into our core
controllable costs. Accordingly, we believe that non-GAAP earnings
(loss) per share of Class A common stock—basic and diluted provides
information to investors and the market generally in understanding
and evaluating our results of operations in the same manner as our
management and board of directors.
These non-GAAP financial measures should be considered in
addition to, not as a substitute for or in isolation from, the
Company’s financial information calculated in accordance with GAAP
and should not be considered measures of the Company’s liquidity.
Further, these non-GAAP financial measures as defined by the
Company may not be comparable to similar non-GAAP financial
measures presented by other companies, including peer companies,
and therefore comparability may be limited. The presentation of
such measures, which may include adjustments to exclude unusual or
non-recurring items, should not be construed as an inference that
the Company’s future results, cash flows or leverage will be
unaffected by other unusual or non-recurring items. Management
encourages investors and others to review Viant’s financial
information in its entirety and not rely on a single financial
measure.
Reconciliation of Non-GAAP Financial Measures
The following tables show the reconciliations of the Company’s
non-GAAP financial measures contained in this press release to the
most directly comparable GAAP financial measures.
The following table presents the calculation of gross profit and
the reconciliation of gross profit to contribution ex-TAC for the
periods presented (unaudited; in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
57,223
$
51,200
$
98,943
$
93,829
Less: Platform operations
(33,523
)
(30,950
)
(56,860
)
(57,144
)
Gross profit
23,700
20,250
42,083
36,685
Add: Other platform operations
9,988
11,485
19,596
22,594
Contribution ex-TAC
$
33,688
$
31,735
$
61,679
$
59,279
The following table presents a reconciliation of total operating
expenses to non-GAAP operating expenses for the periods presented
(unaudited; in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Operating expenses:
Platform operations
$
33,523
$
30,950
$
56,860
$
57,144
Sales and marketing
11,691
17,286
23,860
31,042
Technology and development
6,172
5,011
12,066
10,014
General and administrative
11,088
11,725
22,516
22,808
Total operating expenses
62,474
64,972
115,302
121,008
Add:
Other expense, net
1
299
88
303
Less:
Traffic acquisition costs
(23,535
)
(19,465
)
(37,264
)
(34,550
)
Stock-based compensation
(8,529
)
(7,768
)
(16,001
)
(14,144
)
Depreciation and amortization
(3,539
)
(3,226
)
(6,951
)
(6,380
)
Restructuring(1)
—
—
79
—
Non-GAAP operating expenses
$
26,872
$
34,812
$
55,253
$
66,237
(1) Restructuring includes
adjustments to severance charges initially recognized during the
prior year.
The following table presents a reconciliation of net loss to
adjusted EBITDA for the periods presented (unaudited; in
thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net loss
$
(3,203
)
$
(14,092
)
$
(12,579
)
$
(27,655
)
Add back:
Interest expense (income), net
(2,049
)
21
(3,868
)
173
Depreciation and amortization
3,539
3,226
6,951
6,380
Stock-based compensation
8,529
7,768
16,001
14,144
Restructuring(1)
—
—
(79
)
—
Adjusted EBITDA
$
6,816
$
(3,077
)
$
6,426
$
(6,958
)
(1) Restructuring includes
adjustments to severance charges initially recognized during the
prior year.
The following table presents the calculation of net loss as a
percentage of gross profit and the calculation of adjusted EBITDA
as a percentage of contribution ex-TAC for the periods presented
(unaudited; in thousands, except percentages):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Gross profit
$
23,700
$
20,250
$
42,083
$
36,685
Net loss
$
(3,203
)
$
(14,092
)
$
(12,579
)
$
(27,655
)
Net loss as a percentage of gross
profit
(14
)%
(70
)%
(30
)%
(75
)%
Contribution ex-TAC
$
33,688
$
31,735
$
61,679
$
59,279
Adjusted EBITDA
$
6,816
$
(3,077
)
$
6,426
$
(6,958
)
Adjusted EBITDA as a percentage of
contribution ex-TAC
20
%
(10
)%
10
%
(12
)%
The following table presents a reconciliation of net loss to
non-GAAP net income (loss) for the periods presented (unaudited; in
thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net loss
$
(3,203
)
$
(14,092
)
$
(12,579
)
$
(27,655
)
Add back: Stock-based compensation
8,529
7,768
16,001
14,144
Add back: Restructuring(1)
—
—
(79
)
—
Less: Income tax benefit (expense) related
to Viant Technology Inc.’s share of adjustments(2)
(231
)
390
(107
)
809
Non-GAAP net income (loss)
$
5,095
$
(5,934
)
$
3,236
$
(12,702
)
(1)
Restructuring includes
adjustments to severance charges initially recognized during the
prior year.
(2)
The estimated income tax effect
of our share of non-GAAP reconciling items for the three and six
months ended June 30, 2023 and 2022 are calculated using assumed
blended tax rates of 20% and 25%, respectively, which represent our
expected corporate tax rate, excluding discrete and non-recurring
tax items.
The following tables present a reconciliation of earnings (loss)
per share of Class A common stock—basic and diluted to non-GAAP
earnings (loss) per share of Class A common stock—basic and diluted
for the periods presented (unaudited; in thousands, except per
share data):
Three Months Ended June
30, 2023
Three Months Ended June
30, 2022
Earnings
(Loss) per
Share
Adjustments
Non-GAAP
Earnings (Loss)
per Share
Earnings
(Loss) per
Share
Adjustments
Non-GAAP
Earnings (Loss)
per Share
Numerator
Net loss
$
(3,203
)
$
—
$
(3,203
)
$
(14,092
)
$
—
$
(14,092
)
Adjustments:
Add back: Stock-based compensation
—
8,529
8,529
—
7,768
7,768
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(1)
—
(231
)
(231
)
—
390
390
Non-GAAP net income (loss)
(3,203
)
8,298
5,095
(14,092
)
8,158
(5,934
)
Less: Net income (loss) attributable to
noncontrolling interests(2)
(2,140
)
6,341
4,201
(10,691
)
5,952
(4,739
)
Net income (loss) attributable to Viant
Technology Inc.—basic
(1,063
)
1,957
894
(3,401
)
2,206
(1,195
)
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs for Class A common stock
—
17
17
—
—
—
Income tax benefit (expense) from the
assumed exchange of RSUs for Class A common stock
—
(3
)
(3
)
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
(1,063
)
$
1,971
$
908
$
(3,401
)
$
2,206
$
(1,195
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
15,135
15,135
14,114
14,114
Effect of dilutive securities:
Restricted stock units
—
220
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
15,135
15,355
14,114
14,114
Earnings (loss) per share of Class A
common stock—basic
$
(0.07
)
$
0.13
$
0.06
$
(0.24
)
$
0.16
$
(0.08
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.07
)
$
0.13
$
0.06
$
(0.24
)
$
0.16
$
(0.08
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
4,240
—
4,781
4,781
Nonqualified stock options
5,763
5,763
3,898
3,898
Shares of Class B common stock
47,082
47,082
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
57,085
52,845
55,761
55,761
(1)
The estimated income tax effect
of our share of non-GAAP reconciling items for the three months
ended June 30, 2023 and 2022 are calculated using assumed blended
tax rates of 20% and 25%, respectively, which represent our
expected corporate tax rate, excluding discrete and non-recurring
tax items.
(2)
The adjustment to net income
(loss) attributable to noncontrolling interests represents
stock-based compensation attributed to the noncontrolling interest
outstanding during the period.
Six Months Ended June
30, 2023
Six Months Ended June
30, 2022
Earnings
(Loss) per
Share
Adjustments
Non-GAAP
Earnings (Loss)
per Share
Earnings
(Loss) per
Share
Adjustments
Non-GAAP
Earnings (Loss)
per Share
Numerator
Net loss
$
(12,579
)
$
—
$
(12,579
)
$
(27,655
)
$
—
$
(27,655
)
Adjustments:
Add back: Stock-based compensation
—
16,001
16,001
—
14,144
14,144
Add back: Restructuring(1)
—
`
(79
)
(79
)
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments (2)
—
(107
)
(107
)
—
809
809
Non-GAAP net income (loss)
(12,579
)
15,815
3,236
(27,655
)
14,953
(12,702
)
Less: Net income (loss) attributable to
noncontrolling interests (3)
(9,036
)
11,858
2,822
(21,062
)
10,838
(10,224
)
Net income (loss) attributable to Viant
Technology Inc.—basic
(3,543
)
3,957
414
(6,593
)
4,115
(2,478
)
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs for Class A common stock
—
16
16
—
—
—
Income tax benefit (expense) from the
assumed exchange of RSUs for Class A common stock
—
(3
)
(3
)
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
(3,543
)
$
3,970
$
427
$
(6,593
)
$
4,115
$
(2,478
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
14,943
14,943
13,962
13,962
Effect of dilutive securities:
Restricted stock units
—
136
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
14,943
15,079
13,962
13,962
Earnings (loss) per share of Class A
common stock—basic
$
(0.24
)
$
0.27
$
0.03
$
(0.47
)
$
0.29
$
(0.18
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.24
)
$
0.27
$
0.03
$
(0.47
)
$
0.29
$
(0.18
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
4,240
—
4,781
4,781
Nonqualified stock options
5,763
5,763
3,898
3,898
Shares of Class B common stock
47,082
47,082
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
57,085
52,845
55,761
55,761
(1)
Restructuring includes
adjustments to severance charges initially recognized during the
prior year.
(2)
The estimated income tax effect
of our share of non-GAAP reconciling items for the six months ended
June 30, 2023 and 2022 are calculated using assumed blended tax
rates of 20% and 25%, respectively, which represent our expected
corporate tax rate, excluding discrete and non-recurring tax
items.
(3)
The adjustment to net income
(loss) attributable to noncontrolling interests represents
stock-based compensation and restructuring charges attributed to
the noncontrolling interest outstanding during the period.
Operational Metrics
We have also included the following operational metrics in this
press release: Advertiser spend and active customers.
We define advertiser spend across our platform as the total
amount billed to our customers for activity on our platform
inclusive of the costs of advertising media, third-party data,
other add-on features and our platform fee we charge customers. We
evaluate our customers’ usage of our platform and assess our market
penetration and scale based on the percentage change in advertiser
spend. The percentage change in advertiser spend is a key measure
used by our management and our board of directors to evaluate the
demand for our products and to assess whether we are increasing
market share. Our management uses this key metric to develop short-
and long-term operational plans and make strategic decisions
regarding future enhancements to our software. We believe the
percentage change in advertiser spend across our platform is a
useful metric for investors because it allows investors to evaluate
our operational performance in the same manner as our management
and board of directors.
We define an active customer as a customer that had total
aggregate contribution ex-TAC of at least $5,000 through our
platform during the previous twelve months. For purposes of this
definition, a customer that operates under any of our pricing
options that equals or exceeds the aforementioned contribution
ex-TAC threshold is considered an active customer. Active customers
is an operational metric calculated using contribution ex-TAC, a
non-GAAP financial measure. Active customers is a key measure used
by our management and board of directors to understand and evaluate
our operating performance and trends, develop short- and long-term
operational plans and make strategic decisions regarding future
enhancements to our platform. We believe active customers is a
useful metric for investors because it allows investors to evaluate
the Company’s operational performance in the same manner as our
management and board of directors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807928578/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Ben Avenia-Tapper
investors@viantinc.com
Viant Technology (NASDAQ:DSP)
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Viant Technology (NASDAQ:DSP)
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