Viant Technology Inc. (Nasdaq: DSP), a leading people-based
advertising technology company, today reported financial results
for its third quarter ended September 30, 2023.
“We had a very strong third quarter, outperforming all guided
metrics as we continue to gain share with mid-market customers,”
said Tim Vanderhook, Co-Founder and CEO, Viant. “We believe our
focus on innovation to deliver value to our customers through
unique programmatic advertising tools is materializing in our
results. Our Household ID solution and our supply path optimization
program, Direct Access, continue to drive strong growth in CTV. Our
third quarter results demonstrate the strength of our business
model and give us confidence in our market positioning and growth
opportunities ahead.”
Third quarter 2023 Financial
Highlights, year-over-year (in thousands, except
percentages and per share data):
2023
2022
Change (%)
(NM = Not Meaningful)
GAAP
Revenue
$
59,585
$
48,830
22
%
Gross profit
$
28,620
$
21,300
34
%
Net loss
$
(672
)
$
(12,426
)
95
%
Net loss as a percentage of gross
profit
(2
)%
(58
)%
NM
Net loss attributable to Viant Technology
Inc.
$
(526
)
$
(3,126
)
83
%
Earnings (loss) per share of Class A
common stock—basic
$
(0.03
)
$
(0.22
)
86
%
Earnings (loss) per share of Class A
common stock—diluted
$
(0.03
)
$
(0.22
)
86
%
Class A and Class B common shares
outstanding (as of September 30)
62,623
Cash and cash equivalents (as of September
30)
$
203,007
Non-GAAP(1)
Contribution ex-TAC
$
39,102
$
32,071
22
%
Adjusted EBITDA
$
9,668
$
(1,804
)
636
%
Adjusted EBITDA as a percentage of
contribution ex-TAC
25
%
(6
)%
NM
Non-GAAP net income (loss) attributable to
Viant Technology Inc.
$
1,367
$
(886
)
254
%
Non-GAAP earnings (loss) per share of
Class A common stock—basic
$
0.08
$
(0.06
)
233
%
Non-GAAP earnings (loss) per share of
Class A common stock—diluted
$
0.08
$
(0.06
)
233
%
Business Highlights:
- Advertiser spend per active customer(2) increased 11%
year-over-year
- Strong, double-digit growth in CTV representing more than a
third of advertiser spend
- Hosted Viant Innovation ’23, unveiling a number of AI product
advancements to support our autonomous advertising vision including
the addition of Chat with Data to the Viant Data Platform
- Expanded our Direct Access partnership with Disney to include
their launch of biddable CTV on Disney+
- Certified™ by Great Place To Work® for the second year in a
row, scoring well above the average U.S. company
“We were very pleased to deliver accelerating revenue and
contribution ex-TAC growth in the quarter, ahead of our
expectations,” said Larry Madden, CFO, Viant. “At the same time, we
are seeing the benefit of internal efficiencies driving a reduction
in our operating expense structure, resulting in adjusted EBITDA
notably above our guidance. We believe our steady cadence of new
products, a stabilizing demand environment and a more efficient
operating expense structure will continue to drive growth and
profitability for Viant in the quarters ahead.”
Guidance:
For the fourth quarter 2023, the Company expects:
- Revenue in the range of $64.0 million to $67.0 million
- Contribution ex-TAC in the range of $41.0 million to $43.0
million
- Non-GAAP operating expenses in the range of $30.5 million to
$31.5 million
- Adjusted EBITDA in the range of $10.5 million to $11.5
million
- Adjusted EBITDA as a percentage of contribution ex-TAC in the
range of 26% to 27%
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, net loss as a percentage of gross profit,
total operating expenses or net income (loss) on a forward-looking
basis or reconcile the guidance provided for contribution ex-TAC,
adjusted EBITDA as a percentage of 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 September 30, 2023, there were 15.5 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 September 30, 2023.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Monday, November 6, 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 ("DSP") 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 by G2 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, adjusted EBITDA, and adjusted EBITDA as a
percentage of contribution ex-TAC, as well as statements regarding
Viant’s positioning to capitalize on market share, anticipated
benefits to Viant from AI, the demand environment for Viant’s
products 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. 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. 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.
(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 we believe it is useful to
investors.
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited; in thousands,
except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
59,585
$
48,830
$
158,528
$
142,659
Operating expenses(1):
Platform operations
30,965
27,530
87,825
84,674
Sales and marketing
14,146
16,949
38,006
47,991
Technology and development
6,151
5,576
18,217
15,590
General and administrative
11,142
11,650
33,658
34,458
Total operating expenses
62,404
61,705
177,706
182,713
Loss from operations
(2,819
)
(12,875
)
(19,178
)
(40,054
)
Interest income, net
(2,329
)
(455
)
(6,197
)
(282
)
Other expense, net
1
6
89
309
Total other expense (income), net
(2,328
)
(449
)
(6,108
)
27
Loss before income taxes
(491
)
(12,426
)
(13,070
)
(40,081
)
Provision for income taxes
181
—
181
—
Net loss
(672
)
(12,426
)
(13,251
)
(40,081
)
Less: Net loss attributable to
noncontrolling interests
(146
)
(9,300
)
(9,181
)
(30,362
)
Net loss attributable to Viant Technology
Inc.
$
(526
)
$
(3,126
)
$
(4,070
)
$
(9,719
)
Loss per share of Class A common
stock:
Basic
$
(0.03
)
$
(0.22
)
$
(0.27
)
$
(0.69
)
Diluted
$
(0.03
)
$
(0.22
)
$
(0.27
)
$
(0.69
)
Weighted-average shares of Class A common
stock outstanding:
Basic
15,388
14,306
15,093
14,078
Diluted
15,388
14,306
15,093
14,078
(1)
Stock-based compensation and depreciation
and amortization included in operating expenses are as follows (in
thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Stock-based compensation:
Platform operations
$
1,171
$
1,233
$
3,187
$
3,622
Sales and marketing
2,588
2,324
7,620
6,929
Technology and development
1,529
1,430
4,363
4,024
General and administrative
3,446
2,724
9,565
7,280
Total
$
8,734
$
7,711
$
24,735
$
21,855
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Depreciation and amortization:
Platform operations
$
3,147
$
2,685
$
8,827
$
7,744
Sales and marketing
—
—
—
—
Technology and development
386
432
1,162
1,250
General and administrative
247
249
742
752
Total
$
3,780
$
3,366
$
10,731
$
9,746
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of September
30,
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
203,007
$
206,573
Accounts receivable, net of allowances
106,039
101,658
Prepaid expenses and other current
assets
5,028
6,631
Total current assets
314,074
314,862
Property, equipment, and software, net
27,180
23,106
Operating lease assets
23,871
26,441
Intangible assets, net
303
667
Goodwill
12,422
12,422
Other assets
638
385
Total assets
$
378,488
$
377,883
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
31,579
$
37,063
Accrued liabilities
35,169
35,063
Accrued compensation
8,846
9,162
Current portion of deferred revenue
1,302
123
Current portion of operating lease
liabilities
3,807
3,711
Other current liabilities
6,561
1,995
Total current liabilities
87,264
87,117
Long-term debt
—
—
Long-term portion of operating lease
liabilities
22,536
24,998
Total liabilities
109,800
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 — 15,746,064 and 14,783,886
Outstanding — 15,541,093 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
108,858
95,922
Accumulated deficit
(42,993
)
(36,261
)
Treasury stock, at cost; 204,971 and
140,088 shares held
(1,223
)
(475
)
Total stockholders’ equity attributable to
Viant Technology Inc.
64,705
59,248
Noncontrolling interests
203,983
206,520
Total equity
268,688
265,768
Total liabilities and stockholders’
equity
$
378,488
$
377,883
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Nine Months Ended
September 30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(13,251
)
$
(40,081
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
10,731
9,746
Stock-based compensation
24,735
21,855
Provision for doubtful accounts
63
834
Loss on disposal of assets
118
419
Noncash lease expense
2,941
1,961
Changes in operating assets and
liabilities:
Accounts receivable
(4,653
)
16,295
Prepaid expenses and other assets
1,350
(2,982
)
Accounts payable
(5,639
)
(2,955
)
Accrued liabilities
151
(5,885
)
Accrued compensation
(781
)
(4,171
)
Deferred revenue
1,179
(6,486
)
Operating lease liabilities
(2,736
)
(964
)
Other liabilities
295
(900
)
Net cash provided by (used in) operating
activities
14,503
(13,314
)
Cash flows from investing
activities:
Purchases of property and equipment
(719
)
(553
)
Capitalized software development costs
(8,941
)
(5,872
)
Net cash used in investing activities
(9,660
)
(6,425
)
Cash flows from financing
activities:
Taxes paid related to net share settlement
of equity awards
(3,202
)
(1,561
)
Payment of member tax distributions
(5,207
)
(15
)
Repayment of revolving credit facility
—
(17,500
)
Net cash used in financing activities
(8,409
)
(19,076
)
Net decrease in cash and cash
equivalents
(3,566
)
(38,815
)
Cash and cash equivalents at beginning
of period
206,573
238,480
Cash and cash equivalents at end of
period
$
203,007
$
199,665
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, as well as the
income tax effect of such adjustments. 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, as well as the income tax
effect of such adjustments. 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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
59,585
$
48,830
$
158,528
$
142,659
Less: Platform operations
(30,965
)
(27,530
)
(87,825
)
(84,674
)
Gross profit
28,620
21,300
70,703
57,985
Add: Other platform operations
10,482
10,771
30,078
33,365
Contribution ex-TAC
$
39,102
$
32,071
$
100,781
$
91,350
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Operating expenses:
Platform operations
$
30,965
$
27,530
$
87,825
$
84,674
Sales and marketing
14,146
16,949
38,006
47,991
Technology and development
6,151
5,576
18,217
15,590
General and administrative
11,142
11,650
33,658
34,458
Total operating expenses
62,404
61,705
177,706
182,713
Add:
Other expense, net
1
6
89
309
Less:
Traffic acquisition costs
(20,483
)
(16,759
)
(57,747
)
(51,309
)
Stock-based compensation
(8,734
)
(7,711
)
(24,735
)
(21,855
)
Depreciation and amortization
(3,780
)
(3,366
)
(10,731
)
(9,746
)
Restructuring(1)
26
—
105
—
Non-GAAP operating expenses
$
29,434
$
33,875
$
84,687
$
100,112
(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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net loss
$
(672
)
$
(12,426
)
$
(13,251
)
$
(40,081
)
Add back:
Interest income, net
(2,329
)
(455
)
(6,197
)
(282
)
Provision for income taxes
181
—
181
—
Depreciation and amortization
3,780
3,366
10,731
9,746
Stock-based compensation
8,734
7,711
24,735
21,855
Restructuring(1)
(26
)
—
(105
)
—
Adjusted EBITDA
$
9,668
$
(1,804
)
$
16,094
$
(8,762
)
(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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Gross profit
$
28,620
$
21,300
$
70,703
$
57,985
Net loss
$
(672
)
$
(12,426
)
$
(13,251
)
$
(40,081
)
Net loss as a percentage of gross
profit
(2
)%
(58
)%
(19
)%
(69
)%
Contribution ex-TAC
$
39,102
$
32,071
$
100,781
$
91,350
Adjusted EBITDA
$
9,668
$
(1,804
)
$
16,094
$
(8,762
)
Adjusted EBITDA as a percentage of
contribution ex-TAC
25
%
(6
)%
16
%
(10
)%
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net loss
$
(672
)
$
(12,426
)
$
(13,251
)
$
(40,081
)
Add back: Stock-based compensation
8,734
7,711
24,735
21,855
Add back: Restructuring(1)
(26
)
—
(105
)
—
Less: Income tax benefit (expense) related
to Viant Technology Inc.’s share of adjustments(2)
(427
)
281
(555
)
1,072
Non-GAAP net income (loss)
$
7,609
$
(4,434
)
$
10,824
$
(17,154
)
(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 nine months
ended September 30, 2023 and 2022 are calculated using assumed
blended tax rates of 25% and 24%, 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
September 30, 2023
Three Months Ended
September 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
$
(672
)
$
—
$
(672
)
$
(12,426
)
$
—
$
(12,426
)
Adjustments:
Add back: Stock-based compensation
—
8,734
8,734
—
7,711
7,711
Add back: Restructuring(1)
—
`
(26
)
(26
)
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(2)
—
(427
)
(427
)
—
281
281
Non-GAAP net income (loss)
(672
)
8,281
7,609
(12,426
)
7,992
(4,434
)
Less: Net income (loss) attributable to
noncontrolling interests(3)
(146
)
6,448
6,302
(9,300
)
5,752
(3,548
)
Net income (loss) attributable to Viant
Technology Inc.—basic
(526
)
1,833
1,307
(3,126
)
2,240
(886
)
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs for Class A common stock
—
80
80
—
—
—
Income tax benefit (expense) from the
assumed exchange of RSUs for Class A common stock
—
(20
)
(20
)
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
(526
)
$
1,893
$
1,367
$
(3,126
)
$
2,240
$
(886
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
15,388
15,388
14,306
14,306
Effect of dilutive securities:
Restricted stock units
—
735
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
15,388
16,123
14,306
14,306
Earnings (loss) per share of Class A
common stock—basic
$
(0.03
)
$
0.11
$
0.08
$
(0.22
)
$
0.16
$
(0.06
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.03
)
$
0.11
$
0.08
$
(0.22
)
$
0.16
$
(0.06
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
3,944
—
4,421
4,421
Nonqualified stock options
5,775
5,775
3,902
3,902
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
56,801
52,857
55,405
55,405
(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 months ended
September 30, 2023 and 2022 are calculated using assumed blended
tax rates of 25% and 24%, 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 attributed to the noncontrolling interest outstanding
during the period.
Nine Months Ended
September 30, 2023
Nine Months Ended
September 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
$
(13,251
)
$
—
$
(13,251
)
$
(40,081
)
$
—
$
(40,081
)
Adjustments:
Add back: Stock-based compensation
—
24,734
24,734
—
21,855
21,855
Add back: Restructuring(1)
—
(105
)
(105
)
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments (2)
—
(555
)
(555
)
—
1,072
1,072
Non-GAAP net income (loss)
(13,251
)
24,074
10,823
(40,081
)
22,927
(17,154
)
Less: Net income (loss) attributable to
noncontrolling interests (3)
(9,181
)
18,305
9,124
(30,362
)
16,590
(13,772
)
Net income (loss) attributable to Viant
Technology Inc.—basic
(4,070
)
5,769
1,699
(9,719
)
6,337
(3,382
)
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs for Class A common stock
—
97
97
—
—
—
Income tax benefit (expense) from the
assumed exchange of RSUs for Class A common stock
—
(24
)
(24
)
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
(4,070
)
$
5,842
$
1,772
$
(9,719
)
$
6,337
$
(3,382
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
15,093
15,093
14,078
14,078
Effect of dilutive securities:
Restricted stock units
—
481
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
15,093
15,574
14,078
14,078
Earnings (loss) per share of Class A
common stock—basic
$
(0.27
)
$
0.38
$
0.11
$
(0.69
)
$
0.45
$
(0.24
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.27
)
$
0.38
$
0.11
$
(0.69
)
$
0.45
$
(0.24
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
3,944
—
4,421
4,421
Nonqualified stock options
5,775
5,775
3,902
3,902
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
56,801
52,857
55,405
55,405
(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 nine months ended
September 30, 2023 and 2022 are calculated using assumed blended
tax rates of 25% and 24%, 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/20231106628543/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Nicole Kunzman
investors@viantinc.com
Viant Technology (NASDAQ:DSP)
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Viant Technology (NASDAQ:DSP)
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