Viant Technology Inc. (Nasdaq: DSP), a leading people-based
advertising technology company, today reported financial results
for its fourth quarter and full year ended December 31, 2023.
“Our strong fourth quarter results capped off a year of
accelerating growth and innovation at Viant,” said Tim Vanderhook,
Co-Founder and CEO, Viant. “With the impending deprecation of
cookies, I believe we are at a tipping point in the market where
advertisers are looking for new platforms for their omnichannel
programmatic advertising needs, and we are seeing this materialize
in customers shifting budgets to Viant. We have over ten years of
R&D invested in our Household ID technology which enables
advertisers to plan, buy, and measure their spend in cookie-free
environments, and our new AI product suite drove even more return
on ad spend for our customers. We are uniquely well positioned to
benefit from the changes in programmatic advertising and are very
excited about our growth prospects in 2024 and beyond.”
Fourth quarter and full year 2023
Financial Highlights, year-over-year (in thousands,
except percentages and per share data):
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
Change (%)
2023
2022
Change (%)
(NM = Not Meaningful)
GAAP
Revenue
$
64,406
$
54,509
18 %
$
222,934
$
197,168
13 %
Gross profit
$
31,752
$
22,458
41 %
$
102,455
$
80,443
27 %
Net income (loss)
$
3,308
$
(8,008
)
141 %
$
(9,943
)
$
(48,089
)
79 %
Net income (loss) as a percentage of gross
profit
10
%
(36
)%
NM
(10
)%
(60
)%
NM
Net income (loss) attributable to Viant
Technology Inc.
$
626
$
(2,193
)
129 %
$
(3,443
)
$
(11,913
)
71 %
Earnings (loss) per share of Class A
common stock—basic
$
0.04
$
(0.15
)
127 %
$
(0.23
)
$
(0.84
)
73 %
Earnings (loss) per share of Class A
common stock—diluted
$
0.04
$
(0.15
)
127 %
$
(0.23
)
$
(0.84
)
73 %
Class A and Class B common shares
outstanding (as of December 31)
62,816
62,816
Cash and cash equivalents (as of December
31)
$
216,458
$
216,458
Non-GAAP(1)
Contribution ex-TAC
$
42,601
$
33,378
28 %
$
143,382
$
124,728
15 %
Adjusted EBITDA
$
13,007
$
2,630
395 %
$
29,101
$
(6,132
)
575 %
Adjusted EBITDA as a percentage of
contribution ex-TAC
31
%
8
%
NM
20
%
(5
)%
NM
Non-GAAP net income (loss) attributable to
Viant Technology Inc.
$
2,173
$
22
NM
$
3,947
$
(2,445
)
261 %
Non-GAAP earnings (loss) per share of
Class A common stock—basic
$
0.14
$
0.00
NM
$
0.26
$
(0.17
)
253 %
Non-GAAP earnings (loss) per share of
Class A common stock—diluted
$
0.14
$
0.00
NM
$
0.26
$
(0.17
)
253 %
Business Highlights:
- Viant’s AI product suite won the Business Intelligence Group's
2024 Innovation Award in the category of Internet and
Technology.
- Strong, double-digit CTV growth in Q4 driven by our Household
ID technology and Direct Access program.
- Number of customers with greater than $1 million in
contribution ex-TAC increased over 20% in FY 2023 and number of
percentage of spend customers with greater than $500k in
contribution ex-TAC increased over 30% year-over-year.
- Viant achieved a milestone by attaining carbon neutrality for
calendar year 2023 through strategic collaborations with cloud
providers to source renewable energy for powering our platform
where feasible, as well as purchasing carbon offsets and renewable
energy credits.
“We were pleased with our fourth quarter results, again
achieving our revenue and contribution ex-TAC guidance, while
meaningfully outperforming our adjusted EBITDA targets,” said Larry
Madden, CFO, Viant. “We have continued to execute on our strategy
of driving double-digit top line growth while increasing internal
efficiencies and improving our adjusted EBITDA margin as a
percentage of contribution ex-TAC. A year ago, we set a goal of
showing improved profitability each quarter of 2023, and I am very
pleased with our team’s ability to deliver on that commitment by a
wide margin. We look forward to building on our momentum in the
year ahead.”
Guidance:
For the first quarter 2024, the Company expects:
- Revenue in the range of $49.0 million to $52.0 million
- Contribution ex-TAC in the range of $33.0 million to $35.0
million
- Non-GAAP operating expenses in the range of $31.0 million to
$32.0 million
- Adjusted EBITDA in the range of $2.0 million to $3.0
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.
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 December 31, 2023, there were 15.8 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 Annual Report on Form 10-K
expected to be filed with the SEC on March 4, 2024.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Monday, March 4, 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 people-based, advertising
technology company that enables marketers to plan, execute and
measure omnichannel ad campaigns through a cloud-based platform.
Viant’s self-service Demand Side Platform (“DSP”) powers
programmatic advertising across Connected TV, Linear TV, mobile,
desktop, audio, gaming and digital out-of-home channels. As an
organization committed to sustainability, Viant’s 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, anticipated
benefits to Viant from AI, and Viant’s plan to continue 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 and subsequent Quarterly Reports on Form 10-Q,
for additional information regarding the risks and uncertainties
that may cause actual results to differ materially from those
expressed in any forward-looking statement. We do not intend and
undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable law.
(1) For a discussion on how we define, use and calculate these
non-GAAP financial measures and a reconciliation thereof to the
most directly comparable GAAP financial measures, see “Non-GAAP
Financial Measures” and the supplementary schedules under
“Reconciliation of Non-GAAP Financial Measures” in this press
release.
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited; in thousands,
except per share data)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
64,406
$
54,509
$
222,934
$
197,168
Operating expenses(1):
Platform operations
32,654
32,051
120,479
116,725
Sales and marketing
12,644
15,966
50,650
63,957
Technology and development
6,539
5,704
24,756
21,294
General and administrative
11,687
9,994
45,345
44,452
Total operating expenses
63,524
63,715
241,230
246,428
Income (loss) from operations
882
(9,206
)
(18,296
)
(49,260
)
Other expense (income), net:
Interest income, net
(2,397
)
(1,199
)
(8,594
)
(1,481
)
Other expense
1
1
90
310
Total other expense (income), net
(2,396
)
(1,198
)
(8,504
)
(1,171
)
Income (loss) before income taxes
3,278
(8,008
)
(9,792
)
(48,089
)
Provision for (benefit from) income
taxes
(30
)
—
151
—
Net income (loss)
3,308
(8,008
)
(9,943
)
(48,089
)
Less: Net income (loss) attributable to
noncontrolling interests
2,682
(5,815
)
(6,500
)
(36,176
)
Net income (loss) attributable to Viant
Technology Inc.
$
626
$
(2,193
)
$
(3,443
)
$
(11,913
)
Earnings (loss) per Class A common
stock:
Basic
$
0.04
$
(0.15
)
$
(0.23
)
$
(0.84
)
Diluted
$
0.04
$
(0.15
)
$
(0.23
)
$
(0.84
)
Weighted-average Class A common stock
outstanding:
Basic
15,613
14,504
15,224
14,185
Diluted
16,834
14,504
15,224
14,185
(1)
Stock based compensation and depreciation
and amortization included in operating expenses are as follows (in
thousands):
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Stock-based compensation:
Platform operations
$
917
$
1,139
$
4,104
$
4,761
Sales and marketing
2,109
2,081
9,729
9,010
Technology and development
1,389
1,299
5,752
5,323
General and administrative
3,141
2,527
12,706
9,807
Total stock-based compensation
$
7,556
$
7,046
$
32,291
$
28,901
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Depreciation and amortization:
Platform operations
$
3,360
$
2,742
$
12,187
$
10,486
Sales and marketing
—
—
—
—
Technology and development
397
396
1,559
1,646
General and administrative
243
247
985
999
Total depreciation and amortization
$
4,000
$
3,385
$
14,731
$
13,131
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
216,458
$
206,573
Accounts receivable, net of allowances
117,473
101,658
Prepaid expenses and other current
assets
6,486
6,631
Total current assets
340,417
314,862
Property, equipment, and software, net
28,261
23,106
Operating lease assets
22,995
26,441
Intangible assets, net
201
667
Goodwill
12,422
12,422
Other assets
615
385
Total assets
$
404,911
$
377,883
Liabilities and stockholders'
equity
Liabilities
Current liabilities:
Accounts payable
$
47,342
$
37,063
Accrued liabilities
39,263
35,063
Accrued compensation
10,925
9,162
Current portion of deferred revenue
316
123
Current portion of operating lease
liabilities
3,762
3,711
Other current liabilities
7,242
1,995
Total current liabilities
108,850
87,117
Long-term debt
—
—
Long-term portion of operating lease
liabilities
21,672
24,998
Total liabilities
130,522
112,115
Commitments and contingencies (Note
13)
Stockholders’ equity
Preferred stock, $0.001 par value
—
—
Authorized shares — 10,000,000
Issued and outstanding — none
Class A common stock, $0.001 par value
16
15
Authorized shares — 450,000,000
Issued — 15,937,816 and 14,783,886
Outstanding — 15,783,941 and
14,643,798
Class B common stock, $0.001 par value
47
47
Authorized shares — 150,000,000
Issued and outstanding — 47,032,260 and
47,082,260
Additional paid-in capital
112,830
95,922
Accumulated deficit
(43,509
)
(36,261
)
Treasury stock, at cost; 153,875 and
140,088 shares held
(1,127
)
(475
)
Total stockholders' equity attributable to
Viant Technology Inc.
68,257
59,248
Noncontrolling interests
206,132
206,520
Total equity
274,389
265,768
Total liabilities and stockholders'
equity
$
404,911
$
377,883
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Year Ended December
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(9,943
)
$
(48,089
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
14,731
13,131
Stock-based compensation
32,291
28,901
Provision for doubtful accounts
100
1,260
Loss on disposal of assets
115
588
Noncash lease expense
3,952
2,861
Changes in operating assets and
liabilities:
Accounts receivable
(16,123
)
7,821
Prepaid expenses and other assets
(87
)
(3,642
)
Accounts payable
10,038
4,215
Accrued liabilities
4,192
860
Accrued compensation
1,369
(3,118
)
Deferred revenue
193
(6,428
)
Operating lease liabilities
(3,780
)
(1,561
)
Other liabilities
704
(329
)
Net cash provided by (used in) operating
activities
37,752
(3,530
)
Cash flows from investing
activities:
Purchases of property and equipment
(1,195
)
(758
)
Capitalized software development costs
(12,281
)
(8,068
)
Net cash used in investing activities
(13,476
)
(8,826
)
Cash flows from financing
activities:
Payment of member tax distributions
(10,155
)
(15
)
Taxes paid related to net share settlement
of equity awards
(4,248
)
(2,036
)
Proceeds from the exercise of stock
options
12
—
Repayment of revolving credit facility
—
(17,500
)
Net cash used in financing activities
(14,391
)
(19,551
)
Net increase (decrease) in cash and
cash equivalents
9,885
(31,907
)
Cash and cash equivalents at beginning
of period
206,573
238,480
Cash and cash equivalents at end of
period
$
216,458
$
206,573
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
quarterly and annual business outlook to the investment community.
Additionally, non-GAAP operating expenses is used by our management
and board of directors to understand and evaluate our operating
performance and trends, to prepare and approve our annual budget
and to develop short- and long-term operational plans. We believe
that the elimination of 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.
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 such adjustments. Net income
(loss) is the most comparable GAAP financial measure. Non-GAAP net
income (loss) is a key measure used by our management and board of
directors to evaluate operating performance, generate future
operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe that the
elimination of stock-based compensation and certain other items
that are not related to our core operations provides measures for
period-to-period comparisons of our business and additional insight
into our core controllable costs. Accordingly, we believe that
non-GAAP net income (loss) provides information to investors and
the market generally in understanding and evaluating our results of
operations in the same manner as our management and board of
directors.
Non-GAAP earnings (loss) per share of Class A common stock—basic
and diluted is a non-GAAP financial measure defined by us as
earnings (loss) per share of Class A common stock—basic and
diluted, adjusted to eliminate the impact of stock-based
compensation and certain other items that are not related to our
core operations, such as restructuring 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
December 31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
64,406
$
54,509
$
222,934
$
197,168
Less: Platform operations
(32,654
)
(32,051
)
(120,479
)
(116,725
)
Gross profit
31,752
22,458
102,455
80,443
Add: Other platform operations
10,849
10,920
40,927
44,285
Contribution ex-TAC
$
42,601
$
33,378
$
143,382
$
124,728
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
December 31,
Year Ended December
31,
2023
2022
2023
2022
Operating expenses:
Platform operations
$
32,654
$
32,051
$
120,479
$
116,725
Sales and marketing
12,644
15,966
50,650
63,957
Technology and development
6,539
5,704
24,756
21,294
General and administrative
11,687
9,994
45,345
44,452
Total operating expenses
63,524
63,715
241,230
246,428
Add:
Other expense, net
1
1
90
310
Less:
Traffic acquisition costs
(21,805
)
(21,131
)
(79,552
)
(72,440
)
Stock-based compensation
(7,556
)
(7,046
)
(32,291
)
(28,901
)
Depreciation and amortization
(4,000
)
(3,385
)
(14,731
)
(13,131
)
Restructuring and other(1)
(570
)
(1,406
)
(465
)
(1,406
)
Non-GAAP operating expenses
$
29,594
$
30,748
$
114,281
$
130,860
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three months and year ended December 31, 2023 and
severance and other charges related to a reduction in force for the
three months and year ended December 31, 2022.
The following table presents a reconciliation of net income
(loss) to adjusted EBITDA for the periods presented (unaudited; in
thousands):
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Net income (loss)
$
3,308
$
(8,008
)
$
(9,943
)
$
(48,089
)
Add back (less):
Interest income, net
(2,397
)
(1,199
)
(8,594
)
(1,481
)
Provision for (benefit from) income
taxes
(30
)
—
151
—
Depreciation and amortization
4,000
3,385
14,731
13,131
Stock-based compensation
7,556
7,046
32,291
28,901
Restructuring and other(1)
570
1,406
465
1,406
Adjusted EBITDA
$
13,007
$
2,630
$
29,101
$
(6,132
)
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three months and year ended December 31, 2023 and
severance and other charges related to a reduction in force for the
three months and year ended December 31, 2022.
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
December 31,
Year Ended December
31,
2023
2022
2023
2022
Gross profit
$
31,752
$
22,458
$
102,455
$
80,443
Net income (loss)
$
3,308
$
(8,008
)
$
(9,943
)
$
(48,089
)
Net income (loss) as a percentage of gross
profit
10
%
(36
)%
(10
)%
(60
)%
Contribution ex-TAC
$
42,601
$
33,378
$
143,382
$
124,728
Adjusted EBITDA
$
13,007
$
2,630
$
29,101
$
(6,132
)
Adjusted EBITDA as a percentage of
contribution ex-TAC
31
%
8
%
20
%
(5
)%
The following table presents a reconciliation of net income
(loss) to non-GAAP net income (loss) for the periods presented
(unaudited; in thousands):
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Net income (loss)
$
3,308
$
(8,008
)
$
(9,943
)
$
(48,089
)
Add back (less):
Stock-based compensation
7,556
7,046
32,291
28,901
Restructuring and other(1)
570
1,406
465
1,406
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(2)
(589
)
(16
)
(1,070
)
1,972
Non-GAAP net income (loss)
$
10,845
$
428
$
21,743
$
(15,810
)
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three months and year ended December 31, 2023 and
severance and other charges related to a reduction in force for the
three months and year ended December 31, 2022.
(2)
The estimated income tax effect of our share of non-GAAP
reconciling items for the three months and years ended December 31,
2023 and 2022 are calculated using assumed blended tax rates of 21%
and 45%, 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):
Year Ended December 31,
2023
Year Ended December 31,
2022
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Numerator
Net loss
$
(9,943
)
$
—
$
(9,943
)
$
(48,089
)
$
—
$
(48,089
)
Adjustments:
Add back: Stock-based compensation
—
32,291
32,291
—
28,901
28,901
Add back: Restructuring and other(1)
—
465
465
—
1,406
1,406
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(2)
—
(1,070
)
(1,070
)
—
1,972
1,972
Non-GAAP net income (loss)
(9,943
)
31,686
21,743
(48,089
)
32,279
(15,810
)
Less: Net income (loss) attributable to
noncontrolling interests(3)
(6,500
)
24,296
17,796
(36,176
)
22,811
(13,365
)
Net income (loss) attributable to Viant
Technology Inc.—basic
(3,443
)
7,390
3,947
(11,913
)
9,468
(2,445
)
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs and NQSOs for Class A common stock
—
—
—
—
—
—
Income tax benefit (expense) from the
assumed exchange of RSUs and NQSOs for Class A common stock
—
—
—
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
(3,443
)
$
7,390
$
3,947
$
(11,913
)
$
9,468
$
(2,445
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
15,224
15,224
14,185
14,185
Effect of dilutive securities:
Restricted stock units
—
—
—
—
Nonqualified stock options
—
—
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
15,224
15,224
14,185
14,185
Earnings (loss) per share of Class A
common stock—basic
$
(0.23
)
$
0.49
$
0.26
$
(0.84
)
$
0.67
$
(0.17
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.23
)
$
0.49
$
0.26
$
(0.84
)
$
0.67
$
(0.17
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
3,647
3,647
3,928
3,928
Nonqualified stock options
5,736
5,736
3,661
3,661
Shares of Class B common stock
47,032
47,032
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
56,415
56,415
54,671
54,671
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the year ended December 31, 2023 and severance and other
charges related to a reduction in force for the year ended December
31, 2022.
(2)
The estimated income tax effect of our share of non-GAAP
reconciling items for the years ended December 31, 2023 and 2022
are calculated using assumed blended tax rates of 21% and 45%,
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.
Three Months Ended
December 31, 2023
Three Months Ended
December 31, 2022
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Numerator
Net income (loss)
$
3,308
$
—
$
3,308
$
(8,008
)
$
—
$
(8,008
)
Adjustments:
Add back: Stock-based compensation
—
7,556
7,556
—
7,046
7,046
Add back: Restructuring and other(1)
—
570
570
—
1,406
1,406
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(2)
—
(589
)
(589
)
—
(16
)
(16
)
Non-GAAP net income (loss)
3,308
7,537
10,845
(8,008
)
8,436
428
Less: Net income (loss) attributable to
noncontrolling interests(3)
2,682
5,990
8,672
(5,815
)
6,221
406
Net income (loss) attributable to Viant
Technology Inc.—basic
626
1,547
2,173
(2,193
)
2,215
22
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs and NQSOs for Class A common stock
—
178
178
—
—
—
Income tax benefit (expense) from the
assumed exchange of RSUs and NQSOs for Class A common stock
—
(38
)
(38
)
—
—
—
Net income (loss) attributable to Viant
Technology Inc.—diluted
$
626
$
1,687
$
2,313
$
(2,193
)
$
2,215
$
22
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
15,613
15,613
14,504
14,504
Effect of dilutive securities:
Restricted stock units
1,215
1,215
—
13
Nonqualified stock options
6
6
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
16,834
16,834
14,504
14,517
Earnings (loss) per share of Class A
common stock—basic
$
0.04
$
0.10
$
0.14
$
(0.15
)
$
0.15
$
—
Earnings (loss) per share of Class A
common stock—diluted
$
0.04
$
0.10
$
0.14
$
(0.15
)
$
0.15
$
—
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
—
—
3,928
—
Nonqualified stock options
—
—
3,661
3,661
Shares of Class B common stock
47,032
47,032
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
47,032
47,032
54,671
50,743
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three months ended December 31, 2023 and severance
and other charges related to a reduction in force for the three
months ended December 31, 2022.
(2)
The estimated income tax effect of our share of non-GAAP
reconciling items for the three months ended December 31, 2023 and
2022 are calculated using assumed blended tax rates of 21% and 45%,
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/20240304476849/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Nicole Kunzman
investors@viantinc.com
Viant Technology (NASDAQ:DSP)
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