Viant Technology Announces Second Quarter 2024 Financial Results

Viant Technology Inc. (Nasdaq: DSP), a leading advertising technology company, today reported financial results for its second quarter ended June 30, 2024.

"We are very pleased with our second quarter results, marked by record advertiser spend on our platform," said Tim Vanderhook, Co-Founder and CEO, Viant. "We are seeing a market shift where advertisers are increasingly looking for alternatives to the largest legacy players in the industry, and we believe our position as a self-service, buy side platform along with our vision for autonomous advertising are key reasons why advertisers are increasing spend with Viant. Today we are excited to announce the launch of ViantAI, which integrates our suite of AI enabled tools to make planning, buying, measurement and optimization of programmatic advertising easier and more effective for customers. We believe we are uniquely positioned to continue benefiting from these market dynamics shifting in our favor as we deliver innovative solutions to our customers with ViantAI."

Second quarter 2024 Financial Highlights, year-over-year (in thousands, except percentages and per share data):

 

2024

 

2023

 

Change (%)

 

(NM = Not Meaningful)

GAAP

 

 

 

 

 

Revenue

$

65,866

 

 

$

57,223

 

 

15%

Gross profit

$

30,744

 

 

$

23,700

 

 

30%

Net income (loss)

$

1,488

 

 

$

(3,203

)

 

146%

Net income (loss) as a percentage of gross profit

 

5

%

 

 

(14

)%

 

NM

Earnings (loss) per share of Class A common stock—basic

$

0.00

 

 

$

(0.07

)

 

100%

Earnings (loss) per share of Class A common stock—diluted

$

0.00

 

 

$

(0.07

)

 

100%

Class A and Class B common shares outstanding (as of June 30)

 

63,360

 

 

 

 

 

Cash and cash equivalents (as of June 30)

$

209,744

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP(1)

 

 

 

 

 

Contribution ex-TAC

$

41,558

 

 

$

33,688

 

 

23%

Adjusted EBITDA

$

9,600

 

 

$

6,816

 

 

41%

Adjusted EBITDA as a percentage of contribution ex-TAC

 

23

%

 

 

20

%

 

NM

Non-GAAP net income

$

7,207

 

 

$

5,095

 

 

41%

Non-GAAP earnings (loss) per share of Class A common stock—basic

$

0.08

 

 

$

0.06

 

 

33%

Non-GAAP earnings (loss) per share of Class A common stock—diluted

$

0.08

 

 

$

0.06

 

 

33%

Business Highlights:

  • Record quarter for total advertiser spend(2) on the platform, with all-time highs in both connected television ("CTV") and streaming audio advertiser spend.
  • CTV spend grew more than 40% year-over-year, driven by our Direct Access program and Household ID technology.
  • Streaming Audio nearly doubled year-over-year and accounted for almost 10% of total advertiser spend on the platform.
  • Generated approximately $14 million of cash flow from operations in the quarter.
  • Purchased 809 thousand shares of Class A common stock from May 1, 2024, through August 9, 2024 for a total of $8 million. As of August 9, 2024, $42 million remains available for repurchases under our Repurchase Program.
  • Announced a new integration with Google Cloud's BigQuery data clean rooms, enabling seamless onboarding of customers' first-party data at scale from the Google Cloud ecosystem into the Viant Data Platform.
  • Certified by Great Place to Work for the third year in a row, with 88% of employees reporting Viant is a great place to work, 31 points higher than the average U.S. company.

"We saw continued momentum in the second quarter with accelerating growth in contribution ex-TAC and expansion of our margin of Adjusted EBITDA as a percentage of contribution ex-TAC," said Larry Madden, CFO, Viant. "CTV and streaming audio continued to be notable drivers of growth for us, and together these channels once again represented more than half of all advertising spend on our platform during the quarter. Our team continues to execute well as we continue to scale with our existing customers while also adding new, larger mid-market customers to our platform. We are still in the early stages of capitalizing on our opportunity in programmatic and look forward to growing our market share in the quarters ahead."

Guidance:

For the third quarter 2024, the Company expects:

  • Revenue in the range of $67.5 million to $70.5 million
  • Contribution ex-TAC in the range of $44.0 million to $46.0 million
  • Non-GAAP operating expenses in the range of $33.0 million to $34.0 million
  • Adjusted EBITDA in the range of $11.0 million to $12.0 million

Contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income, 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 U.S. generally accepted accounting principles ("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, or 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 impact of future traffic acquisition costs and other platform operations expenses, as well as the measures and effects of our stock-based compensation related to equity grants that are directly impacted by unpredictable fluctuations in our share price and the potential forfeitures of equity grants. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future GAAP financial results.

(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 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.

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, 2024, there were 16.4 million shares of the Company's Class A common stock outstanding and 47.0 million shares of the Company's Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q expected to be filed with the Securities and Exchange Commission ("SEC") on August 12, 2024.

Conference Call and Webcast Details:

Viant will host a conference call and webcast to discuss its financial results on Monday, August 12, 2024 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

For over 25 years, Viant® (NASDAQ: DSP) has been at the forefront of technology innovation for advertisers. As a premier enterprise-grade Demand Side Platform, Viant excels in delivering omnichannel digital advertising, driving growth through connected television (CTV), advanced identity solutions, and AI-driven Autonomous Advertising. Through the Adtricity® sustainability program, Viant champions a more sustainable future for digital advertising. Headquartered in Irvine, CA, Viant has received accolades from G2 as the Best Software in Marketing & Advertising, Great Place to Work® certification, and the Business Intelligence Group’s Innovation award for AI advancements. Learn more at 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 the impact of Google's announcement that it will not pursue the deprecation of third-party cookies, Viant’s growth prospects, Viant's ability to drive return on ad spend for our customers and capture increased market share, anticipated performance of and benefits of ViantAI, the effectiveness and scalability of Household ID, and Viant’s ability to capitalize on the changes in the programmatic advertising ecosystem. 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, the ability to attract and retain customers, the impact of information and data privacy trends and regulations on our business and competitors 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 SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 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.

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,

 

2024

 

2023

 

2024

 

2023

Revenue

$

65,866

 

 

$

57,223

 

 

$

119,259

 

 

$

98,943

 

Operating expenses(1):

 

 

 

 

 

 

 

Platform operations

 

35,122

 

 

 

33,523

 

 

 

65,002

 

 

 

56,860

 

Sales and marketing

 

13,088

 

 

 

11,691

 

 

 

25,987

 

 

 

23,860

 

Technology and development

 

5,815

 

 

 

6,172

 

 

 

11,047

 

 

 

12,066

 

General and administrative

 

12,612

 

 

 

11,088

 

 

 

23,686

 

 

 

22,516

 

Total operating expenses

 

66,637

 

 

 

62,474

 

 

 

125,722

 

 

 

115,302

 

Loss from operations

 

(771

)

 

 

(5,251

)

 

 

(6,463

)

 

 

(16,359

)

Other expense (income), net:

 

 

 

 

 

 

 

Interest income, net

 

(2,359

)

 

 

(2,049

)

 

 

(4,740

)

 

 

(3,868

)

Other expense, net

 

1

 

 

 

1

 

 

 

3

 

 

 

88

 

Total other expense (income), net

 

(2,358

)

 

 

(2,048

)

 

 

(4,737

)

 

 

(3,780

)

Income (loss) before income taxes

 

1,587

 

 

 

(3,203

)

 

 

(1,726

)

 

 

(12,579

)

Provision for income taxes

 

99

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

1,488

 

 

 

(3,203

)

 

 

(1,726

)

 

 

(12,579

)

Less: Net income (loss) attributable to noncontrolling interests

 

1,433

 

 

 

(2,140

)

 

 

(834

)

 

 

(9,036

)

Net income (loss) attributable to Viant Technology Inc.

$

55

 

 

$

(1,063

)

 

$

(892

)

 

$

(3,543

)

Earnings (loss) per share of Class A common stock:

 

 

 

 

 

 

 

Basic

$

0.00

 

 

$

(0.07

)

 

$

(0.05

)

 

$

(0.24

)

Diluted

$

0.00

 

 

$

(0.07

)

 

$

(0.05

)

 

$

(0.24

)

Weighted-average shares of Class A common stock outstanding:

 

 

 

 

 

 

 

Basic

 

16,480

 

 

 

15,135

 

 

 

16,214

 

 

 

14,943

 

Diluted

 

19,235

 

 

 

15,135

 

 

 

16,214

 

 

 

14,943

 

(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,

 

2024

 

2023

 

2024

 

2023

Stock-based compensation:

 

 

 

 

 

 

 

Platform operations

$

554

 

$

1,124

 

$

960

 

$

2,016

Sales and marketing

 

1,139

 

 

2,520

 

 

1,894

 

 

5,032

Technology and development

 

651

 

 

1,507

 

 

1,151

 

 

2,834

General and administrative

 

3,193

 

 

3,378

 

 

5,972

 

 

6,119

Total

$

5,537

 

$

8,529

 

$

9,977

 

$

16,001

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2024

 

2023

 

2024

 

2023

Depreciation and amortization:

 

 

 

 

 

 

 

Platform operations

$

3,531

 

$

2,910

 

$

7,057

 

$

5,680

Sales and marketing

 

 

 

 

 

 

 

Technology and development

 

440

 

 

383

 

 

871

 

 

776

General and administrative

 

196

 

 

246

 

 

385

 

 

495

Total

$

4,167

 

$

3,539

 

$

8,313

 

$

6,951

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands, except share and per share data)

 

 

As of

June 30,

 

As of

December 31,

 

2024

 

2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

209,744

 

 

$

216,458

 

Accounts receivable, net of allowances

 

122,922

 

 

 

117,473

 

Prepaid expenses and other current assets

 

8,683

 

 

 

6,486

 

Total current assets

 

341,349

 

 

 

340,417

 

Property, equipment, and software, net

 

29,946

 

 

 

28,261

 

Operating lease assets

 

24,072

 

 

 

22,995

 

Intangible assets, net

 

133

 

 

 

201

 

Goodwill

 

12,422

 

 

 

12,422

 

Other assets

 

628

 

 

 

615

 

Total assets

$

408,550

 

 

$

404,911

 

Liabilities and stockholders’ equity

 

 

 

Liabilities

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

62,624

 

 

$

47,342

 

Accrued liabilities

 

36,279

 

 

 

39,263

 

Accrued compensation

 

8,602

 

 

 

10,925

 

Deferred revenue

 

208

 

 

 

316

 

Current portion of operating lease liabilities

 

4,063

 

 

 

3,762

 

Other current liabilities

 

2,302

 

 

 

7,242

 

Total current liabilities

 

114,078

 

 

 

108,850

 

Long-term debt

 

 

 

 

 

Long-term portion of operating lease liabilities

 

22,530

 

 

 

21,672

 

Total liabilities

 

136,608

 

 

 

130,522

 

Commitments and contingencies

 

 

 

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 — 17,170,468 and 15,937,816

 

17

 

 

 

16

 

Outstanding — 16,375,138 and 15,783,941

 

 

 

Class B common stock, $0.001 par value

 

 

 

Authorized shares — 150,000,000

 

 

 

Issued and outstanding — 46,984,667 and 47,032,260

 

47

 

 

 

47

 

Additional paid-in capital

 

119,740

 

 

 

112,830

 

Accumulated deficit

 

(49,162

)

 

 

(43,509

)

Treasury stock, at cost; 795,330 and 153,875 shares held

 

(7,578

)

 

 

(1,127

)

Total stockholders’ equity attributable to Viant Technology Inc.

 

63,064

 

 

 

68,257

 

Noncontrolling interests

 

208,878

 

 

 

206,132

 

Total equity

 

271,942

 

 

 

274,389

 

Total liabilities and stockholders’ equity

$

408,550

 

 

$

404,911

 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands)

 

 

Six Months Ended

June 30,

 

2024

 

2023

Cash flows from operating activities:

 

 

 

Net loss

$

(1,726

)

 

$

(12,579

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

8,313

 

 

 

6,951

 

Stock-based compensation

 

9,977

 

 

 

16,001

 

Provision for doubtful accounts

 

(32

)

 

 

49

 

Loss on disposal of assets

 

9

 

 

 

104

 

Noncash lease expense

 

1,944

 

 

 

1,940

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(5,417

)

 

 

11,433

 

Prepaid expenses and other assets

 

(2,466

)

 

 

2,799

 

Accounts payable

 

15,608

 

 

 

(5,554

)

Accrued liabilities

 

(3,139

)

 

 

(5,187

)

Accrued compensation

 

(2,495

)

 

 

(3,206

)

Deferred revenue

 

(108

)

 

 

57

 

Operating lease liabilities

 

(1,862

)

 

 

(1,671

)

Other liabilities

 

(399

)

 

 

(282

)

Net cash provided by operating activities

 

18,207

 

 

 

10,855

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(1,484

)

 

 

(348

)

Capitalized software development costs

 

(7,274

)

 

 

(6,114

)

Net cash used in investing activities

 

(8,758

)

 

 

(6,462

)

Cash flows from financing activities:

 

 

 

Repurchase of treasury stock related to tax withholdings on vested equity awards

 

(7,299

)

 

 

(2,222

)

Repurchase of treasury stock related to the stock repurchase program

 

(5,267

)

 

 

 

Payment of member tax distributions

 

(5,170

)

 

 

(4,843

)

Proceeds from the exercise of stock options

 

1,607

 

 

 

 

Payment of offering costs

 

(34

)

 

 

 

Net cash used in financing activities

 

(16,163

)

 

 

(7,065

)

Net decrease in cash and cash equivalents

 

(6,714

)

 

 

(2,672

)

Cash and cash equivalents at beginning of period

 

216,458

 

 

 

206,573

 

Cash and cash equivalents at end of period

$

209,744

 

 

$

203,901

 

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 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 and other 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 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 TAC, stock-based compensation, depreciation, amortization 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 and other 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. Net income (loss) as a percentage of gross profit is the most comparable GAAP financial measure.

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 and other charges, transaction expenses and the extinguishment of debt, as well as the income tax effect of these 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 and other 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 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 that aids in the understanding and evaluation of 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,

 

2024

 

2023

 

2024

 

2023

Revenue

$

65,866

 

 

$

57,223

 

 

$

119,259

 

 

$

98,943

 

Less: Platform operations

 

(35,122

)

 

 

(33,523

)

 

 

(65,002

)

 

 

(56,860

)

Gross profit

 

30,744

 

 

 

23,700

 

 

 

54,257

 

 

 

42,083

 

Add: Other platform operations

 

10,814

 

 

 

9,988

 

 

 

21,422

 

 

 

19,596

 

Contribution ex-TAC

$

41,558

 

 

$

33,688

 

 

$

75,679

 

 

$

61,679

 

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,

 

2024

 

2023

 

2024

 

2023

Operating expenses:

 

 

 

 

 

 

 

Platform operations

$

35,122

 

 

$

33,523

 

 

$

65,002

 

 

$

56,860

 

Sales and marketing

 

13,088

 

 

 

11,691

 

 

 

25,987

 

 

 

23,860

 

Technology and development

 

5,815

 

 

 

6,172

 

 

 

11,047

 

 

 

12,066

 

General and administrative

 

12,612

 

 

 

11,088

 

 

 

23,686

 

 

 

22,516

 

Total operating expenses

 

66,637

 

 

 

62,474

 

 

 

125,722

 

 

 

115,302

 

Add:

 

 

 

 

 

 

 

Other expense, net

 

1

 

 

 

1

 

 

 

3

 

 

 

88

 

Less:

 

 

 

 

 

 

 

Traffic acquisition costs

 

(24,308

)

 

 

(23,535

)

 

 

(43,580

)

 

 

(37,264

)

Stock-based compensation

 

(5,537

)

 

 

(8,529

)

 

 

(9,977

)

 

 

(16,001

)

Depreciation and amortization

 

(4,167

)

 

 

(3,539

)

 

 

(8,313

)

 

 

(6,951

)

Restructuring and other(1)

 

(284

)

 

 

 

 

 

(467

)

 

 

79

 

Transaction expense(2)

 

(384

)

 

 

 

 

 

(384

)

 

 

 

Non-GAAP operating expenses

$

31,958

 

 

$

26,872

 

 

$

63,004

 

 

$

55,253

 

(1)

Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the three and six months ended June 30, 2024, and adjustments to severance charges initially recognized during 2022 for the six months ended June 30, 2023.

(2)

Transaction expense for the three and six months ended June 30, 2024 consists of costs incurred for the Company's filing of a "shelf" registration statement on Form S-3.

The following table presents a reconciliation of net income (loss) to adjusted EBITDA for the periods presented (unaudited; in thousands):

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2024

 

2023

 

2024

 

2023

Net income (loss)

$

1,488

 

 

$

(3,203

)

 

$

(1,726

)

 

$

(12,579

)

Add back (less):

 

 

 

 

 

 

 

Interest income, net

 

(2,359

)

 

 

(2,049

)

 

 

(4,740

)

 

 

(3,868

)

Provision for income taxes

 

99

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

4,167

 

 

 

3,539

 

 

 

8,313

 

 

 

6,951

 

Stock-based compensation

 

5,537

 

 

 

8,529

 

 

 

9,977

 

 

 

16,001

 

Restructuring and other(1)

 

284

 

 

 

 

 

 

467

 

 

 

(79

)

Transaction expense(2)

 

384

 

 

 

 

 

 

384

 

 

 

 

Adjusted EBITDA

$

9,600

 

 

$

6,816

 

 

$

12,675

 

 

$

6,426

 

(1)

Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the three and six months ended June 30, 2024, and adjustments to severance charges initially recognized during 2022 for the six months ended June 30, 2023.

(2)

Transaction expense for the three and six months ended June 30, 2024 consists of costs incurred for the Company's filing of a "shelf" registration statement on Form S-3.

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,

 

2024

 

2023

 

2024

 

2023

Gross profit

$

30,744

 

 

$

23,700

 

 

$

54,257

 

 

$

42,083

 

Net income (loss)

$

1,488

 

 

$

(3,203

)

 

$

(1,726

)

 

$

(12,579

)

Net income (loss) as a percentage of gross profit

 

5

%

 

 

(14

)%

 

 

(3

)%

 

 

(30

)%

Contribution ex-TAC

$

41,558

 

 

$

33,688

 

 

$

75,679

 

 

$

61,679

 

Adjusted EBITDA

$

9,600

 

 

$

6,816

 

 

$

12,675

 

 

$

6,426

 

Adjusted EBITDA as a percentage of contribution ex-TAC

 

23

%

 

 

20

%

 

 

17

%

 

 

10

%

The following table presents a reconciliation of net income (loss) to non-GAAP net income for the periods presented (unaudited; in thousands):

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2024

 

2023

 

2024

 

2023

Net income (loss)

$

1,488

 

 

$

(3,203

)

 

$

(1,726

)

 

$

(12,579

)

Add back (less):

 

 

 

 

 

 

 

Stock-based compensation

 

5,537

 

 

 

8,529

 

 

 

9,977

 

 

 

16,001

 

Restructuring and other(1)

 

284

 

 

 

 

 

 

467

 

 

 

(79

)

Transaction expense(2)

 

384

 

 

 

 

 

 

384

 

 

 

 

Income tax benefit (expense) related to Viant Technology Inc.’s share of non-GAAP pre-tax income (loss)(3)

 

(486

)

 

 

(231

)

 

 

(547

)

 

 

(107

)

Non-GAAP net income

$

7,207

 

 

$

5,095

 

 

$

8,555

 

 

$

3,236

(1)

Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the three and six months ended June 30, 2024, and adjustments to severance charges initially recognized during 2022 for the six months ended June 30, 2023.

(2)

Transaction expense for the three and six months ended June 30, 2024 consists of costs incurred for the Company's filing of a "shelf" registration statement on Form S-3.

(3)

The estimated income tax effect of our share of non-GAAP pre-tax income (loss) for the three and six months ended June 30, 2024 and 2023 is calculated using assumed blended tax rates of 26% and 20%, 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, 2024

 

Three Months Ended

June 30, 2023

 

Earnings

(Loss) per

Share

 

Adjustments

 

Non-GAAP

Earnings

(Loss)

per Share

 

Earnings

(Loss) per

Share

 

Adjustments

 

Non-GAAP

Earnings

(Loss)

per Share

Numerator

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

1,488

 

$

 

 

$

1,488

 

 

$

(3,203

)

 

$

 

 

$

(3,203

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Add back: Stock-based compensation

 

 

 

5,537

 

 

 

5,537

 

 

 

 

 

 

8,529

 

 

 

8,529

 

Add back: Restructuring and other(1)

 

 

 

284

 

 

 

284

 

 

 

 

 

 

 

 

 

 

Add back: Transaction expense(2)

 

 

 

384

 

 

 

384

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) related to Viant Technology Inc.'s share of non-GAAP pre-tax income (loss)(3)

 

 

 

(486

)

 

 

(486

)

 

 

 

 

 

(231

)

 

 

(231

)

Non-GAAP net income (loss)

 

1,488

 

 

5,719

 

 

 

7,207

 

 

 

(3,203

)

 

 

8,298

 

 

 

5,095

 

Less: Net income (loss) attributable to noncontrolling interests(4)

 

1,433

 

 

4,509

 

 

 

5,942

 

 

 

(2,140

)

 

 

6,341

 

 

 

4,201

 

Net income (loss) attributable to Viant Technology Inc.

$

55

 

$

1,210

 

 

$

1,265

 

 

$

(1,063

)

 

$

1,957

 

 

$

894

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of Class A common stock outstanding —basic

 

16,480

 

 

 

 

16,480

 

 

 

15,135

 

 

 

 

 

15,135

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

1,301

 

 

 

 

1,301

 

 

 

 

 

 

 

 

220

 

Nonqualified stock options

 

1,454

 

 

 

 

1,454

 

 

 

 

 

 

 

 

 

Weighted-average shares of Class A common stock outstanding —diluted

 

19,235

 

 

 

 

19,235

 

 

 

15,135

 

 

 

 

 

15,355

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share of Class A common stock—basic

$

0.00

 

$

0.08

 

 

$

0.08

 

 

$

(0.07

)

 

$

0.13

 

 

$

0.06

 

Earnings (loss) per share of Class A common stock—diluted

$

0.00

 

$

0.08

 

 

$

0.08

 

 

$

(0.07

)

 

$

0.13

 

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

 

 

 

 

 

 

4,240

 

 

 

 

 

 

Nonqualified stock options

 

 

 

 

 

 

 

 

5,763

 

 

 

 

 

5,763

 

Shares of Class B common stock

 

46,985

 

 

 

 

46,985

 

 

 

47,082

 

 

 

 

 

47,082

 

Total shares excluded from earnings (loss) per share of Class A common stock—diluted

 

46,985

 

 

 

 

46,985

 

 

 

57,085

 

 

 

 

 

52,845

 

(1)

Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the three months ended June 30, 2024.

(2)

Transaction expense for the three months ended June 30, 2024 consists of costs incurred for the Company's filing of a "shelf" registration statement on Form S-3.

(3)

The estimated income tax effect of our share of non-GAAP pre-tax income (loss) for the three months ended June 30, 2024 and 2023 is calculated using assumed blended tax rates of 26% and 20%, respectively, which represent our expected corporate tax rate, excluding discrete and non-recurring tax items.

(4)

 

The adjustment to net income (loss) attributable to noncontrolling interests represents stock-based compensation, restructuring charges and transaction expenses attributed to the noncontrolling interest outstanding during the period.

 

Six Months Ended

June 30, 2024

 

Six Months Ended

June 30, 2023

 

Earnings

(Loss) per

Share

 

Adjustments

 

Non-GAAP

Earnings

(Loss)

per Share

 

Earnings

(Loss) per

Share

 

Adjustments

 

Non-GAAP

Earnings

(Loss)

per Share

Numerator

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(1,726

)

 

$

 

 

$

(1,726

)

 

$

(12,579

)

 

$

 

 

$

(12,579

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Add back: Stock-based compensation

 

 

 

 

9,977

 

 

 

9,977

 

 

 

 

 

 

16,001

 

 

 

16,001

 

Add back: Restructuring and other(1)

 

 

 

 

467

 

 

 

467

 

 

 

 

 

 

(79

)

 

 

(79

)

Add back: Transaction expense(2)

 

 

 

 

384

 

 

 

384

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) related to Viant Technology Inc.'s share of non-GAAP pre-tax income (loss)(3)

 

 

 

 

(547

)

 

 

(547

)

 

 

 

 

 

(107

)

 

 

(107

)

Non-GAAP net income (loss)

 

(1,726

)

 

 

10,281

 

 

 

8,555

 

 

 

(12,579

)

 

 

15,815

 

 

 

3,236

 

Less: Net income (loss) attributable to noncontrolling interests(4)

 

(834

)

 

 

7,857

 

 

 

7,023

 

 

 

(9,036

)

 

 

11,858

 

 

 

2,822

 

Net income (loss) attributable to Viant Technology Inc.

$

(892

)

 

$

2,424

 

 

$

1,532

 

 

$

(3,543

)

 

$

3,957

 

 

$

414

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of Class A common stock outstanding —basic

 

16,214

 

 

 

 

 

16,214

 

 

 

14,943

 

 

 

 

 

14,943

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

 

 

 

 

1,732

 

 

 

 

 

 

 

 

136

 

Nonqualified stock options

 

 

 

 

 

 

1,252

 

 

 

 

 

 

 

 

 

Weighted-average shares of Class A common stock outstanding —diluted

 

16,214

 

 

 

 

 

19,198

 

 

 

14,943

 

 

 

 

 

15,079

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share of Class A common stock—basic

$

(0.05

)

 

$

0.14

 

 

$

0.09

 

 

$

(0.24

)

 

$

0.27

 

 

$

0.03

 

Earnings (loss) per share of Class A common stock—diluted

$

(0.05

)

 

$

0.14

 

 

$

0.09

 

 

$

(0.24

)

 

$

0.27

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

4,418

 

 

 

 

 

 

 

 

4,240

 

 

 

 

 

 

Nonqualified stock options

 

5,840

 

 

 

 

 

 

 

 

5,763

 

 

 

 

 

5,763

 

Shares of Class B common stock

 

46,985

 

 

 

 

 

46,985

 

 

 

47,082

 

 

 

 

 

47,082

 

Total shares excluded from earnings (loss) per share of Class A common stock—diluted

 

57,243

 

 

 

 

 

46,985

 

 

 

57,085

 

 

 

 

 

52,845

 

(1)

Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the six months ended June 30, 2024, and adjustments to severance charges initially recognized during 2022 for the six months ended June 30, 2023.

(2)

Transaction expense for the six months ended June 30, 2024 consists of costs incurred for the Company's filing of a "shelf" registration statement on Form S-3.

(3)

The estimated income tax effect of our share of non-GAAP pre-tax income (loss) for the six months ended June 30, 2024 and 2023 is calculated using assumed blended tax rates of 26% and 20%, respectively, which represent our expected corporate tax rate, excluding discrete and non-recurring tax items.

(4)

The adjustment to net income (loss) attributable to noncontrolling interests represents stock-based compensation, restructuring charges and transaction expenses attributed to the noncontrolling interest outstanding during the period.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.