Viant Technology Inc. (Nasdaq: DSP), a leader in AI-powered
programmatic advertising, today reported financial results for its
third quarter ended September 30, 2024.
“We delivered outstanding third quarter results, with revenue,
contribution ex-TAC, and adjusted EBITDA surpassing the high end of
our guidance,” said Tim Vanderhook, Co-Founder and CEO, Viant. “For
the second consecutive quarter, advertiser spending on our platform
hit a new record, fueled by unprecedented CTV spending. We're
excited to build upon our CTV targeting and measurement
capabilities with the acquisition of IRIS.TV, which we announced
today. In addition, the recent introduction of ViantAI has
captivated advertisers and aligns with their increasing desire to
explore innovative, efficient and more cost-effective alternatives
in programmatic advertising, further fueling our growth.”
Third quarter 2024 Financial
Highlights, year-over-year (in thousands, except
percentages and per share data):
2024
2023
Change (%)
(NM = Not Meaningful)
GAAP
Revenue
$
79,922
$
59,585
34
%
Gross profit
$
35,324
$
28,620
23
%
Net income (loss)
$
6,458
$
(672
)
1,061
%
Net income (loss) as a percentage of gross
profit
18
%
(2
)%
NM
Earnings (loss) per share of Class A
common stock—basic
$
0.09
$
(0.03
)
400
%
Earnings (loss) per share of Class A
common stock—diluted
$
0.09
$
(0.03
)
400
%
Class A and Class B common shares
outstanding (as of September 30)
63,074
Cash and cash equivalents (as of September
30)
$
214,632
Non-GAAP(1)
Contribution ex-TAC
$
47,352
$
39,102
21
%
Adjusted EBITDA
$
14,675
$
9,668
52
%
Adjusted EBITDA as a percentage of
contribution ex-TAC
31
%
25
%
NM
Non-GAAP net income
$
12,283
$
7,609
61
%
Non-GAAP earnings (loss) per share of
Class A common stock—basic
$
0.15
$
0.08
88
%
Non-GAAP earnings (loss) per share of
Class A common stock—diluted
$
0.15
$
0.08
88
%
Business Highlights:
- Record quarter for total advertiser spend ("spend")(2) on the
platform, with an all-time high in connected television ("CTV")
spend.
- CTV spend grew nearly 50% year-over-year, driven by our Direct
Access program and Household ID technology.
- Launched ViantAI, the first fully autonomous advertising
software platform, driven by the powerful capabilities of
generative AI.
- Named the winner of the 2024 Best Demand-Side Platform (DSP) in
the 7th annual MarTech Breakthrough Awards, conducted by MarTech
Breakthrough, a leading market intelligence organization.
- Completed the acquisition of IRIS.TV (“IRIS”), a global content
and data platform built for CTV. IRIS enables advertisers to target
and measure video campaigns using content-level contextual,
emotional and brand-suitability data. This acquisition will
accelerate the mission of IRIS to expand its CTV content
identification at scale across premium publishers, while providing
Viant with more advanced CTV targeting and measurement
capabilities.
- Purchased 1.4 million shares of Class A common stock from May
1, 2024, through November 8, 2024 for a total of $14 million. As of
November 8, 2024, $36 million remains available for repurchases
under our Repurchase Program.
“We had a very strong third quarter with contribution ex-TAC
growing more than 20% year-over-year for the fifth consecutive
quarter. Additionally, adjusted EBITDA as a percentage of
contribution ex-TAC increased to 31%, marking a 6-percentage point
improvement compared to the same period last year,” said Larry
Madden, CFO, Viant. “We remain highly confident in our ability to
continue capturing market share, driven by our ongoing success in
CTV, along with the strong initial demand for and growing adoption
of the ViantAI product suite. Our solutions are delivering
significant efficiencies and cost savings to our customers while
broadening our addressable market by making programmatic
advertising more accessible to businesses of all sizes and
marketing budgets.”
Guidance:
For the fourth quarter 2024, the Company expects:
- Revenue in the range of $82 million to $85 million
- Contribution ex-TAC in the range of $51 million to $53
million
- Non-GAAP operating expenses in the range of $35 million to $36
million
- Adjusted EBITDA in the range of $16 million to $17 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.
- 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.
- 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 September 30, 2024, there were 16.2 million shares of the
Company's Class A common stock outstanding and 46.9 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 November 12, 2024.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Tuesday, November 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, its LinkedIn account, the LinkedIn account
of its Chief Executive Officer, Tim Vanderhook, the LinkedIn
account of its Chief Operating Officer, Chris Vanderhook, its X
(formerly known as Twitter) account (@viant_tech), and Chris
Vanderhook's X account (@cvanderhook) to post information that may
be important to investors. Investors and potential investors are
encouraged to consult Viant Technology’s website and the foregoing
LinkedIn and X accounts regularly for important information.
About Viant
Viant Technology Inc. (NASDAQ: DSP) is a leader in AI-powered
programmatic advertising, dedicated to driving innovation in
digital marketing. Our omnichannel platform built for CTV allows
marketers to plan, execute and measure their campaigns with
unmatched precision and efficiency. With the launch of ViantAI,
Viant is building the future of fully autonomous advertising
solutions, empowering advertisers to achieve their boldest goals.
Viant was recently awarded Best Demand Side Platform by MarTech
Breakthrough, Great Place to Work® certification and received 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 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, 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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue
$
79,922
$
59,585
$
199,181
$
158,528
Operating expenses(1):
Platform operations
44,598
30,965
109,600
87,825
Sales and marketing
13,007
14,146
38,994
38,006
Technology and development
5,631
6,151
16,678
18,217
General and administrative
12,648
11,142
36,334
33,658
Total operating expenses
75,884
62,404
201,606
177,706
Income (loss) from operations
4,038
(2,819
)
(2,425
)
(19,178
)
Other expense (income), net:
Interest income, net
(2,407
)
(2,329
)
(7,147
)
(6,197
)
Other expense, net
1
1
4
89
Total other expense (income), net
(2,406
)
(2,328
)
(7,143
)
(6,108
)
Income (loss) before income taxes
6,444
(491
)
4,718
(13,070
)
Provision for (benefit from) income
taxes
(14
)
181
(14
)
181
Net income (loss)
6,458
(672
)
4,732
(13,251
)
Less: Net income (loss) attributable to
noncontrolling interests
4,951
(146
)
4,117
(9,181
)
Net income (loss) attributable to Viant
Technology Inc.
$
1,507
$
(526
)
$
615
$
(4,070
)
Earnings (loss) per share of Class A
common stock:
Basic
$
0.09
$
(0.03
)
$
0.04
$
(0.27
)
Diluted
$
0.09
$
(0.03
)
$
0.04
$
(0.27
)
Weighted-average shares of Class A common
stock outstanding:
Basic
16,290
15,388
16,240
15,093
Diluted
19,993
15,388
16,240
15,093
(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,
2024
2023
2024
2023
Stock-based compensation:
Platform operations
$
553
$
1,171
$
1,513
$
3,187
Sales and marketing
1,180
2,588
3,074
7,620
Technology and development
693
1,529
1,844
4,363
General and administrative
2,903
3,446
8,875
9,565
Total
$
5,329
$
8,734
$
15,306
$
24,735
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Depreciation and amortization:
Platform operations
$
3,383
$
3,147
$
10,440
$
8,827
Sales and marketing
—
—
—
—
Technology and development
432
386
1,303
1,162
General and administrative
223
247
608
742
Total
$
4,038
$
3,780
$
12,351
$
10,731
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of
September 30,
As of
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
214,632
$
216,458
Accounts receivable, net of allowances
135,647
117,473
Prepaid expenses and other current
assets
10,131
6,486
Total current assets
360,410
340,417
Property, equipment, and software, net
31,152
28,261
Operating lease assets
24,643
22,995
Intangible assets, net
113
201
Goodwill
12,422
12,422
Other assets
1,001
615
Total assets
$
429,741
$
404,911
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
65,974
$
47,342
Accrued liabilities
45,064
39,263
Accrued compensation
10,440
10,925
Deferred revenue
345
316
Current portion of operating lease
liabilities
4,548
3,762
Other current liabilities
3,829
7,242
Total current liabilities
130,200
108,850
Long-term debt
—
—
Long-term portion of operating lease
liabilities
22,317
21,672
Total liabilities
152,517
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 — 17,423,015 and 15,937,816
17
16
Outstanding — 16,224,237 and
15,783,941
Class B common stock, $0.001 par value
Authorized shares — 150,000,000
Issued and outstanding — 46,850,054 and
47,032,260
47
47
Additional paid-in capital
121,597
112,830
Accumulated deficit
(50,049
)
(43,509
)
Treasury stock, at cost; 1,198,778 and
153,875 shares held
(12,191
)
(1,127
)
Total stockholders’ equity attributable to
Viant Technology Inc.
59,421
68,257
Noncontrolling interests
217,803
206,132
Total equity
277,224
274,389
Total liabilities and stockholders’
equity
$
429,741
$
404,911
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Nine Months Ended
September 30,
2024
2023
Cash flows from operating
activities:
Net income (loss)
$
4,732
$
(13,251
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
12,351
10,731
Stock-based compensation
15,306
24,735
Provision for doubtful accounts
876
63
Loss on disposal of assets
21
118
Noncash lease expense
2,983
2,941
Changes in operating assets and
liabilities:
Accounts receivable
(19,050
)
(4,653
)
Prepaid expenses and other assets
(3,705
)
1,350
Accounts payable
18,750
(5,639
)
Accrued liabilities
5,757
151
Accrued compensation
(705
)
(781
)
Deferred revenue
29
1,179
Operating lease liabilities
(3,199
)
(2,736
)
Other liabilities
1,130
295
Net cash provided by operating
activities
35,276
14,503
Cash flows from investing
activities:
Purchases of property and equipment
(2,280
)
(719
)
Capitalized software development costs
(11,141
)
(8,941
)
Net cash used in investing activities
(13,421
)
(9,660
)
Cash flows from financing
activities:
Repurchase of treasury stock related to
tax withholdings on vested equity awards
(8,484
)
(3,202
)
Repurchase of treasury stock related to
the stock repurchase program
(11,468
)
—
Payment of member tax distributions
(5,306
)
(5,207
)
Proceeds from the exercise of stock
options
1,903
—
Payment of offering costs
(326
)
—
Net cash used in financing activities
(23,681
)
(8,409
)
Net decrease in cash and cash
equivalents
(1,826
)
(3,566
)
Cash and cash equivalents at beginning
of period
216,458
206,573
Cash and cash equivalents at end of
period
$
214,632
$
203,007
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, transaction expense and
non-operational media purchases. 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 expense and non-operational media purchases. 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 expense and non-operational media purchases,
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 expense, and non-operational media purchases, 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.
Basic non-GAAP earnings (loss) per share of Class A common stock
is calculated by dividing the non-GAAP net income (loss)
attributable to Class A common stockholders by the number of
weighted-average shares of Class A common stock outstanding. Shares
of our Class B common stock do not share in our earnings or losses
and are therefore not participating securities. As such, separate
presentation of basic and diluted non-GAAP earnings (loss) of Class
B common stock under the two-class method has not been
presented.
Diluted non-GAAP earnings (loss) per share of Class A common
stock adjusts the basic non-GAAP earnings (loss) per share for the
potential dilutive impact of shares of Class A common stock such as
equity awards using the treasury-stock method and Class B common
stock using the if-converted method. Diluted non-GAAP earnings
(loss) per share of Class A common stock considers the impact of
potentially dilutive securities except in periods in which there is
a loss because the inclusion of the potential common shares would
have an anti-dilutive effect. Shares of our Class B common stock,
RSUs and nonqualified stock options are considered potentially
dilutive shares of Class A common stock. For the three and nine
months ended September 30, 2024, Class B common stock has been
excluded from the computation of diluted earnings (loss) per share
of Class A common stock because the effect would have been
anti-dilutive under the if-converted method. For the three and nine
months ended September 30, 2023, Class B common stock and
nonqualified stock options have been excluded from the computation
of diluted earnings (loss) per share of Class A common stock
because the effect would have been anti-dilutive under both the
if-converted and treasury stock method.
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,
2024
2023
2024
2023
Revenue
$
79,922
$
59,585
$
199,181
$
158,528
Less: Platform operations
(44,598
)
(30,965
)
(109,600
)
(87,825
)
Gross profit
35,324
28,620
89,581
70,703
Add: Other platform operations
12,028
10,482
33,450
30,078
Contribution ex-TAC
$
47,352
$
39,102
$
123,031
$
100,781
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,
2024
2023
2024
2023
Operating expenses:
Platform operations
$
44,598
$
30,965
$
109,600
$
87,825
Sales and marketing
13,007
14,146
38,994
38,006
Technology and development
5,631
6,151
16,678
18,217
General and administrative
12,648
11,142
36,334
33,658
Total operating expenses
75,884
62,404
201,606
177,706
Add:
Other expense, net
1
1
4
89
Less:
Traffic acquisition costs
(32,570
)
(20,483
)
(76,150
)
(57,747
)
Stock-based compensation
(5,329
)
(8,734
)
(15,306
)
(24,735
)
Depreciation and amortization
(4,038
)
(3,780
)
(12,351
)
(10,731
)
Restructuring and other(1)
—
26
(467
)
105
Transaction expense(2)
—
—
(384
)
—
Non-operational media purchases(3)
(1,271
)
—
(1,271
)
—
Non-GAAP operating expenses
$
32,677
$
29,434
$
95,681
$
84,687
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the nine months ended September 30,
2024, and adjustments to severance charges initially recognized
during 2022 for the three and nine months ended September 30,
2023.
(2)
Transaction expense for the nine months
ended September 30, 2024 consists of costs incurred for the
Company's filing of a "shelf" registration statement on Form
S-3.
(3)
Non-operational media purchases reflects
costs incurred for one-time and non-operating supplier purchases
that are not billable to the customer for the three and nine months
ended September 30, 2024.
The following table presents a reconciliation of net income
(loss) to adjusted EBITDA for the periods presented (unaudited; in
thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net income (loss)
$
6,458
$
(672
)
$
4,732
$
(13,251
)
Add back (less):
Interest income, net
(2,407
)
(2,329
)
(7,147
)
(6,197
)
Provision for (benefit from) income
taxes
(14
)
181
(14
)
181
Depreciation and amortization
4,038
3,780
12,351
10,731
Stock-based compensation
5,329
8,734
15,306
24,735
Restructuring and other(1)
—
(26
)
467
(105
)
Transaction expense(2)
—
—
384
—
Non-operational media purchases(3)
1,271
—
1,271
—
Adjusted EBITDA
$
14,675
$
9,668
$
27,350
$
16,094
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the nine months ended September 30,
2024, and adjustments to severance charges initially recognized
during 2022 for the three and nine months ended September 30,
2023.
(2)
Transaction expense for the nine months
ended September 30, 2024 consists of costs incurred for the
Company's filing of a "shelf" registration statement on Form
S-3.
(3)
Non-operational media purchases reflects
costs incurred for one-time and non-operating supplier purchases
that are not billable to the customer for the three and nine months
ended September 30, 2024.
The following table presents the calculation of net income
(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,
2024
2023
2024
2023
Gross profit
$
35,324
$
28,620
$
89,581
$
70,703
Net income (loss)
$
6,458
$
(672
)
$
4,732
$
(13,251
)
Net income (loss) as a percentage of gross
profit
18
%
(2
)%
5
%
(19
)%
Contribution ex-TAC
$
47,352
$
39,102
$
123,031
$
100,781
Adjusted EBITDA
$
14,675
$
9,668
$
27,350
$
16,094
Adjusted EBITDA as a percentage of
contribution ex-TAC
31
%
25
%
22
%
16
%
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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net income (loss)
$
6,458
$
(672
)
$
4,732
$
(13,251
)
Add back (less):
Stock-based compensation
5,329
8,734
15,306
24,735
Restructuring and other(1)
—
(26
)
467
(105
)
Transaction expense(2)
—
—
384
—
Non-operational media purchases(3)
1,271
—
1,271
—
Income tax benefit (expense) related to
Viant Technology Inc.’s share of non-GAAP pre-tax income
(loss)(4)
(775
)
(427
)
(1,268
)
(555
)
Non-GAAP net income
$
12,283
$
7,609
$
20,892
$
10,824
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the nine months ended September 30,
2024, and adjustments to severance charges initially recognized
during 2022 for the three and nine months ended September 30,
2023.
(2)
Transaction expense consists of costs
incurred for the Company's filing of a "shelf" registration
statement on Form S-3 for the nine months ended September 30,
2024.
(3)
Non-operational media purchases reflects
costs incurred for one-time and non-operating supplier purchases
that are not billable to the customer for the three and nine months
ended September 30, 2024.
(4)
The estimated income tax effect of our
share of non-GAAP pre-tax income (loss) for the three and nine
months ended September 30, 2024 and 2023 is calculated using
assumed blended tax rates of 24% and 25%, respectively, which
represent our expected corporate tax rates, 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, 2024
Three Months Ended
September 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)
$
6,458
$
—
$
6,458
$
(672
)
$
—
$
(672
)
Adjustments:
Add back: Stock-based compensation
—
5,329
5,329
—
8,734
8,734
Add back: Restructuring and other(1)
—
—
—
—
(26
)
(26
)
Add back: Non-operational media
purchases(2)
—
1,271
1,271
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of non-GAAP pre-tax income
(loss)(3)
—
(775
)
(775
)
—
(427
)
(427
)
Non-GAAP net income (loss)
6,458
5,825
12,283
(672
)
8,281
7,609
Less: Net income (loss) attributable to
noncontrolling interests(4)
4,951
4,826
9,777
(146
)
6,448
6,302
Net income (loss) attributable to Viant
Technology Inc.—basic
$
1,507
$
999
$
2,506
$
(526
)
$
1,833
$
1,307
Add back: Reallocation of net income
(loss) attributable to noncontrolling interest from the assumed
exchange of dilutive securities for Class A common stock
272
268
540
—
80
80
Income tax benefit (expense) from the
assumed exchange of dilutive securities for Class A common
stock
(64
)
(64
)
(128
)
—
(20
)
(20
)
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
1,715
$
1,203
$
2,918
$
(526
)
$
1,893
$
1,367
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
16,290
16,290
15,388
15,388
Effect of dilutive securities:
Restricted stock units
1,696
1,696
—
735
Nonqualified stock options
2,007
2,007
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
19,993
19,993
15,388
16,123
Earnings (loss) per share of Class A
common stock—basic
$
0.09
$
0.15
$
(0.03
)
$
0.08
Earnings (loss) per share of Class A
common stock—diluted
$
0.09
$
0.15
$
(0.03
)
$
0.08
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
—
—
3,944
—
Nonqualified stock options
—
—
5,775
5,775
Shares of Class B common stock
46,850
46,850
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
46,850
46,850
56,801
52,857
(1)
Restructuring and other includes
adjustments to severance charges initially recognized during 2022
for the three months ended September 30, 2023.
(2)
Non-operational media purchases reflects
costs incurred for one-time and non-operating supplier purchases
that are not billable to the customer for the three months ended
September 30, 2024.
(3)
The estimated income tax effect of our
share of non-GAAP pre-tax income (loss) for the three months ended
September 30, 2024 and 2023 is calculated using assumed blended tax
rates of 24% and 25%, respectively, which represent our expected
corporate tax rates, excluding discrete and non-recurring tax
items.
(4)
The adjustment to net income (loss)
attributable to noncontrolling interests represents stock-based
compensation, restructuring and other charges and non-operational
media purchases attributed to the noncontrolling interests
outstanding during the period.
Nine Months Ended
September 30, 2024
Nine Months Ended
September 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)
$
4,732
$
—
$
4,732
$
(13,251
)
$
—
$
(13,251
)
Adjustments:
Add back: Stock-based compensation
—
15,306
15,306
—
24,734
24,734
Add back: Restructuring and other(1)
—
467
467
—
(105
)
(105
)
Add back: Transaction expense(2)
—
384
384
—
—
—
Add back: Non-operational media
purchases(3)
—
1,271
1,271
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of non-GAAP pre-tax income
(loss)(4)
—
(1,268
)
(1,268
)
—
(555
)
(555
)
Non-GAAP net income (loss)
4,732
16,160
20,892
(13,251
)
24,074
10,823
Less: Net income (loss) attributable to
noncontrolling interests(5)
4,117
12,683
16,800
(9,181
)
18,305
9,124
Net income (loss) attributable to Viant
Technology Inc.—basic
$
615
$
3,477
$
4,092
$
(4,070
)
$
5,769
$
1,699
Add back: Reallocation of net income
(loss) attributable to noncontrolling interest from the assumed
exchange of dilutive securities for Class A common stock
—
851
851
—
97
97
Income tax benefit (expense) from the
assumed exchange of dilutive securities for Class A common
stock
—
(202
)
(202
)
—
(24
)
(24
)
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
615
$
4,126
$
4,741
$
(4,070
)
$
5,842
$
1,772
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
16,240
16,240
15,093
15,093
Effect of dilutive securities:
Restricted stock units
—
1,858
—
481
Nonqualified stock options
—
1,555
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
16,240
19,653
15,093
15,574
Earnings (loss) per share of Class A
common stock—basic
$
0.04
$
0.25
$
(0.27
)
$
0.11
Earnings (loss) per share of Class A
common stock—diluted
$
0.04
$
0.24
$
(0.27
)
$
0.11
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
4,072
—
3,944
—
Nonqualified stock options
5,781
—
5,775
5,775
Shares of Class B common stock
46,850
46,850
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
56,703
46,850
56,801
52,857
(1)
Restructuring and other includes severance
and other charges related to aligning our workforce with our
strategic performance goals for the nine months ended September 30,
2024, and adjustments to severance charges initially recognized
during 2022 for the nine months ended September 30, 2023.
(2)
Transaction expense consists of costs
incurred for the Company's filing of a "shelf" registration
statement on Form S-3 for the nine months ended September 30, 2024
.
(3)
Non-operational media purchases reflects
costs incurred for one-time and non-operating supplier purchases
that are not billable to the customer for the nine months ended
September 30, 2024.
(4)
The estimated income tax effect of our
share of non-GAAP pre-tax income (loss) for the nine months ended
September 30, 2024 and 2023 is calculated using assumed blended tax
rates of 24% and 25%, respectively, which represent our expected
corporate tax rates, excluding discrete and non-recurring tax
items.
(5)
The adjustment to net income (loss)
attributable to noncontrolling interests represents stock-based
compensation, restructuring and other charges, transaction expense
and non-operational media purchases attributed to the
noncontrolling interests outstanding during the period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241112591410/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Nick Zangler investors@viantinc.com
Viant Technology (NASDAQ:DSP)
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