Viant Technology Inc. (Nasdaq: DSP), a leading advertising
technology company, today reported financial results for its first
quarter ended March 31, 2024.
“We had a strong start to the year as the momentum we saw in the
second half of 2023 continued through the first quarter,” said Tim
Vanderhook, Co-Founder and CEO, Viant. “Our performance this
quarter was driven by over 50% year-over-year growth in CTV, where
we are seeing notable adoption of our Direct Access program which
facilitates frictionless access to some of the world’s most premium
CTV content. We continue to make progress towards our long-term
vision of autonomous advertising, making programmatic advertising
easier and more effective across all channels. We believe this is
driving better return on ad spend for our customers and increasing
market share for Viant.”
First quarter 2024 Financial
Highlights, year-over-year (in thousands, except
percentages and per share data):
2024
2023
Change (%)
(NM = Not Meaningful)
GAAP
Revenue
$
53,393
$
41,720
28
%
Gross profit
$
23,513
$
18,383
28
%
Net loss
$
(3,214
)
$
(9,376
)
66
%
Net loss as a percentage of gross
profit
(14
)%
(51
)%
NM
Net loss attributable to Viant Technology
Inc.
$
(947
)
$
(2,480
)
62
%
Earnings (loss) per share of Class A
common stock—basic
$
(0.06
)
$
(0.17
)
65
%
Earnings (loss) per share of Class A
common stock—diluted
$
(0.06
)
$
(0.17
)
65
%
Class A and Class B common shares
outstanding (as of March 31)
63,426
Cash and cash equivalents (as of March
31)
$
206,057
Non-GAAP(1)
Contribution ex-TAC
$
34,121
$
27,991
22
%
Adjusted EBITDA
$
3,075
$
(390
)
888
%
Adjusted EBITDA as a percentage of
contribution ex-TAC
9
%
(1
)%
NM
Non-GAAP net income (loss)
$
1,348
$
(1,814
)
174
%
Non-GAAP net income (loss) attributable to
Viant Technology Inc.
$
297
$
(435
)
168
%
Non-GAAP earnings (loss) per share of
Class A common stock—basic
$
0.02
$
(0.03
)
167
%
Non-GAAP earnings (loss) per share of
Class A common stock—diluted
$
0.02
$
(0.03
)
167
%
Business Highlights:
- Over 50% year-over-year growth in CTV, driven by our Household
ID technology and Direct Access program.
- Over half of CTV spend in the quarter was through Direct
Access, up from over 40% in Q4 2023.
- Record quarter for streaming audio accounting for approximately
10% of advertiser spend.
“We are very pleased with our strong first quarter results,
marking our third consecutive quarter of greater than 20%
year-over-year growth in contribution ex-TAC. We also continued to
drive operating leverage in the quarter, as evidenced by a 10
percentage point year-over-year improvement in adjusted EBITDA as a
percentage of contribution ex-TAC,” said Larry Madden, CFO, Viant.
“Our momentum is being driven in part by advertising budgets
shifting to higher performing channels, and this is reflected in
our strong performance in CTV and streaming audio, which together
represented more than half of all advertising spend on our platform
in the quarter. We believe that we remain extremely well positioned
to benefit from the strong industry tailwinds for programmatic
advertising, including over $60 billion in linear TV budgets
expected to shift to CTV, and we look forward to building on our
momentum in the coming quarters.”
Stock Repurchase Program
The Company also announced that its Board of Directors has
authorized the repurchase of up to $50.0 million of the Company’s
common equity. Under the program, the Company may make repurchases,
from time to time, through open market purchases, block trades, in
privately negotiated transactions, accelerated stock repurchase
transactions, or by other means. Open market repurchases will be
structured to occur in accordance with applicable federal
securities laws, including within the pricing and volume
requirements of Rule 10b-18 under the Exchange Act. The Company may
also, from time to time, enter into Rule 10b5-1 plans to facilitate
repurchases under this authorization. The volume, timing, and
manner of any repurchases will be determined at the Company’s
discretion, subject to general market conditions, as well as the
Company’s management of capital, general business conditions, other
investment opportunities, regulatory requirements and other
factors. The repurchase program does not obligate the Company to
repurchase any specific amount of common equity, has no time limit,
and may be modified, suspended, or discontinued at any time without
notice at the discretion of the Board of Directors. The Company
currently expects to fund the repurchase program from existing cash
and cash equivalents, short-term investments and/or future cash
flows.
Guidance:
For the second quarter 2024, the Company expects:
- Revenue in the range of $63.5 million to $66.5 million
- Contribution ex-TAC in the range of $40.0 million to $42.0
million
- Non-GAAP operating expenses in the range of $32.0 million to
$33.0 million
- Adjusted EBITDA in the range of $8.0 million to $9.0
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, 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.
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 March 31, 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 SEC on April 30, 2024.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Tuesday, April 30, 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
Viant® (NASDAQ: DSP) is a leading 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 Adtricity® carbon reduction program helps
clients achieve their sustainability goals. In the past year, 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 are also past
recipients of EY's Entrepreneurs of the Year award. 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 the impact of the deprecation of cookies on Viant's
customers and business, Viant’s growth prospects, Viant's ability
to drive return on ad spend for our customers and capture increased
market share, 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 Securities and Exchange
Commission, 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
March 31,
2024
2023
Revenue
$
53,393
$
41,720
Operating expenses(1):
Platform operations
29,880
23,337
Sales and marketing
12,899
12,169
Technology and development
5,232
5,894
General and administrative
11,074
11,428
Total operating expenses
59,085
52,828
Loss from operations
(5,692
)
(11,108
)
Other expense (income), net:
Interest income, net
(2,381
)
(1,819
)
Other expense, net
2
87
Total other expense (income), net
(2,379
)
(1,732
)
Loss before income taxes
(3,313
)
(9,376
)
Benefit from income taxes
(99
)
—
Net loss
(3,214
)
(9,376
)
Less: Net loss attributable to
noncontrolling interests
(2,267
)
(6,896
)
Net loss attributable to Viant Technology
Inc.
$
(947
)
$
(2,480
)
Earnings (loss) per share of Class A
common stock:
Basic
$
(0.06
)
$
(0.17
)
Diluted
$
(0.06
)
$
(0.17
)
Weighted-average shares of Class A common
stock outstanding:
Basic
15,949
14,748
Diluted
15,949
14,748
(1)
Stock-based compensation and depreciation
and amortization included in operating expenses are as follows (in
thousands):
Three Months Ended
March 31,
2024
2023
Stock-based compensation:
Platform operations
$
406
$
892
Sales and marketing
755
2,512
Technology and development
500
1,327
General and administrative
2,779
2,741
Total
$
4,440
$
7,472
Three Months Ended
March 31,
2024
2023
Depreciation and amortization:
Platform operations
$
3,526
$
2,770
Sales and marketing
—
—
Technology and development
431
393
General and administrative
189
249
Total
$
4,146
$
3,412
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of
March 31,
As of
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
206,057
$
216,458
Accounts receivable, net of allowances
113,508
117,473
Prepaid expenses and other current
assets
7,978
6,486
Total current assets
327,543
340,417
Property, equipment, and software, net
29,356
28,261
Operating lease assets
24,898
22,995
Intangible assets, net
153
201
Goodwill
12,422
12,422
Other assets
669
615
Total assets
$
395,041
$
404,911
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
51,972
$
47,342
Accrued liabilities
35,988
39,263
Accrued compensation
7,124
10,925
Current portion of deferred revenue
181
316
Current portion of operating lease
liabilities
3,748
3,762
Other current liabilities
2,015
7,242
Total current liabilities
101,028
108,850
Long-term debt
—
—
Long-term portion of operating lease
liabilities
23,557
21,672
Total liabilities
124,585
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 — 16,979,744 and 15,937,816
17
16
Outstanding — 16,440,946 and
15,783,941
Class B common stock, $0.001 par value
Authorized shares — 150,000,000
Issued and outstanding — 46,984,825 and
47,032,260
47
47
Additional paid-in capital
116,571
112,830
Accumulated deficit
(45,589
)
(43,509
)
Treasury stock, at cost; 538,798 and
153,875 shares held
(5,458
)
(1,127
)
Total stockholders’ equity attributable to
Viant Technology Inc.
65,588
68,257
Noncontrolling interests
204,868
206,132
Total equity
270,456
274,389
Total liabilities and stockholders’
equity
$
395,041
$
404,911
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Three Months Ended
March 31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(3,214
)
$
(9,376
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
4,146
3,412
Stock-based compensation
4,440
7,472
Provision for doubtful accounts
(87
)
22
Loss on disposal of assets
6
104
Noncash lease expense
988
968
Changes in operating assets and
liabilities:
Accounts receivable
4,051
20,618
Prepaid expenses and other assets
(1,759
)
3,180
Accounts payable
4,337
(16,301
)
Accrued liabilities
(3,244
)
(6,504
)
Accrued compensation
(3,987
)
(3,350
)
Deferred revenue
(135
)
933
Operating lease liabilities
(1,020
)
(743
)
Other liabilities
(684
)
(1,000
)
Net cash provided by (used in) operating
activities
3,838
(565
)
Cash flows from investing
activities:
Purchases of property and equipment
(530
)
(291
)
Capitalized software development costs
(3,532
)
(2,382
)
Net cash used in investing activities
(4,062
)
(2,673
)
Cash flows from financing
activities:
Repurchase of treasury stock in connection
with the taxes paid related to the vesting of equity awards
(5,526
)
(1,567
)
Payment of member tax distributions
(4,723
)
(26
)
Proceeds from the exercise of stock
options
101
—
Payment of offering costs
(29
)
—
Net cash used in financing activities
(10,177
)
(1,593
)
Net decrease in cash and cash
equivalents
(10,401
)
(4,831
)
Cash and cash equivalents at beginning
of period
216,458
206,573
Cash and cash equivalents at end of
period
$
206,057
$
201,742
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 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
March 31,
2024
2023
Revenue
$
53,393
$
41,720
Less: Platform operations
(29,880
)
(23,337
)
Gross profit
23,513
18,383
Add: Other platform operations
10,608
9,608
Contribution ex-TAC
$
34,121
$
27,991
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
March 31,
2024
2023
Operating expenses:
Platform operations
$
29,880
$
23,337
Sales and marketing
12,899
12,169
Technology and development
5,232
5,894
General and administrative
11,074
11,428
Total operating expenses
59,085
52,828
Add:
Other expense, net
2
87
Less:
Traffic acquisition costs
(19,272
)
(13,729
)
Stock-based compensation
(4,440
)
(7,472
)
Depreciation and amortization
(4,146
)
(3,412
)
Restructuring and other(1)
(183
)
79
Non-GAAP operating expenses
$
31,046
$
28,381
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the three months ended March 31,
2024, and adjustments to severance charges initially recognized
during 2022 for the three months ended March 31, 2023.
The following table presents a reconciliation of net loss to
adjusted EBITDA for the periods presented (unaudited; in
thousands):
Three Months Ended
March 31,
2024
2023
Net loss
$
(3,214
)
$
(9,376
)
Add back (less):
Interest income, net
(2,381
)
(1,819
)
Benefit from income taxes
(99
)
—
Depreciation and amortization
4,146
3,412
Stock-based compensation
4,440
7,472
Restructuring and other(1)
183
(79
)
Adjusted EBITDA
$
3,075
$
(390
)
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three months ended March 31, 2024, and adjustments to
severance charges initially recognized during 2022 for the three
months ended March 31, 2023.
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
March 31,
2024
2023
Gross profit
$
23,513
$
18,383
Net loss
$
(3,214
)
$
(9,376
)
Net loss as a percentage of gross
profit
(14
)%
(51
)%
Contribution ex-TAC
$
34,121
$
27,991
Adjusted EBITDA
$
3,075
$
(390
)
Adjusted EBITDA as a percentage of
contribution ex-TAC
9
%
(1
)%
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
March 31,
2024
2023
Net loss
$
(3,214
)
$
(9,376
)
Add back (less):
Stock-based compensation
4,440
7,472
Restructuring and other(1)
183
(79
)
Income tax benefit (expense) related to
Viant Technology Inc.’s share of non-GAAP pre-tax income
(loss)(2)
(61
)
169
Non-GAAP net income (loss)
$
1,348
$
(1,814
)
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the three months ended March 31,
2024, and adjustments to severance charges initially recognized
during 2022 for the three months ended March 31, 2023.
(2)
The estimated income tax effect of our
share of non-GAAP pre-tax income (loss) for the three months ended
March 31, 2024 and 2023 is calculated using assumed blended tax
rates of 27% and 28%, 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
March 31, 2024
Three Months Ended
March 31, 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)
$
(3,214
)
$
—
$
(3,214
)
$
(9,376
)
$
—
$
(9,376
)
Adjustments:
Add back: Stock-based compensation
—
4,440
4,440
—
7,472
7,472
Add back: Restructuring and other(1)
—
183
183
—
(79
)
(79
)
Income tax benefit (expense) related to
Viant Technology Inc.'s share of non-GAAP pre-tax income
(loss)(2)
—
(61
)
(61
)
—
169
169
Non-GAAP net income (loss)
(3,214
)
4,562
1,348
(9,376
)
7,562
(1,814
)
Less: Net income (loss) attributable to
noncontrolling interests(3)
(2,267
)
3,348
1,081
(6,896
)
5,517
(1,379
)
Net income (loss) attributable to Viant
Technology Inc.—basic
(947
)
1,214
267
(2,480
)
2,045
(435
)
Add back: Reallocation of net income
(loss) attributable to noncontrolling interest from the assumed
exchange of dilutive securities for Class A common stock
—
42
42
—
—
—
Income tax benefit (expense) from the
assumed exchange of dilutive securities for Class A common
stock
—
(12
)
(12
)
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
(947
)
$
1,244
$
297
$
(2,480
)
$
2,045
$
(435
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
15,949
15,949
14,748
14,748
Effect of dilutive securities:
Restricted stock units
—
1,897
—
—
Nonqualified stock options
—
1,034
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
15,949
18,880
14,748
14,748
Earnings (loss) per share of Class A
common stock—basic
$
(0.06
)
$
0.08
$
0.02
$
(0.17
)
$
0.14
$
(0.03
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.06
)
$
0.08
$
0.02
$
(0.17
)
$
0.14
$
(0.03
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
4,684
—
4,496
4,496
Nonqualified stock options
6,135
—
5,755
5,755
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
57,804
46,985
57,333
57,333
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the three months ended March 31,
2024, and adjustments to severance charges initially recognized
during 2022 for the three months ended March 31, 2023.
(2)
The estimated income tax effect of our
share of non-GAAP pre-tax income (loss) for the three months ended
March 31, 2024 and 2023 is calculated using assumed blended tax
rates of 27% and 28%, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240430339055/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Nicole Kunzman
investors@viantinc.com
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