Viant Technology Inc. (Nasdaq: DSP), a leading advertising
technology company, today reported financial results for its second
quarter ended June 30, 2024.
"We are very pleased with our second quarter results, marked by
record advertiser spend on our platform," said Tim Vanderhook,
Co-Founder and CEO, Viant. "We are seeing a market shift where
advertisers are increasingly looking for alternatives to the
largest legacy players in the industry, and we believe our position
as a self-service, buy side platform along with our vision for
autonomous advertising are key reasons why advertisers are
increasing spend with Viant. Today we are excited to announce the
launch of ViantAI, which integrates our suite of AI enabled tools
to make planning, buying, measurement and optimization of
programmatic advertising easier and more effective for customers.
We believe we are uniquely positioned to continue benefiting from
these market dynamics shifting in our favor as we deliver
innovative solutions to our customers with ViantAI."
Second quarter 2024 Financial
Highlights, year-over-year (in thousands, except
percentages and per share data):
2024
2023
Change (%)
(NM = Not Meaningful)
GAAP
Revenue
$
65,866
$
57,223
15%
Gross profit
$
30,744
$
23,700
30%
Net income (loss)
$
1,488
$
(3,203
)
146%
Net income (loss) as a percentage of gross
profit
5
%
(14
)%
NM
Earnings (loss) per share of Class A
common stock—basic
$
0.00
$
(0.07
)
100%
Earnings (loss) per share of Class A
common stock—diluted
$
0.00
$
(0.07
)
100%
Class A and Class B common shares
outstanding (as of June 30)
63,360
Cash and cash equivalents (as of June
30)
$
209,744
Non-GAAP(1)
Contribution ex-TAC
$
41,558
$
33,688
23%
Adjusted EBITDA
$
9,600
$
6,816
41%
Adjusted EBITDA as a percentage of
contribution ex-TAC
23
%
20
%
NM
Non-GAAP net income
$
7,207
$
5,095
41%
Non-GAAP earnings (loss) per share of
Class A common stock—basic
$
0.08
$
0.06
33%
Non-GAAP earnings (loss) per share of
Class A common stock—diluted
$
0.08
$
0.06
33%
Business Highlights:
- Record quarter for total advertiser spend(2) on the platform,
with all-time highs in both connected television ("CTV") and
streaming audio advertiser spend.
- CTV spend grew more than 40% year-over-year, driven by our
Direct Access program and Household ID technology.
- Streaming Audio nearly doubled year-over-year and accounted for
almost 10% of total advertiser spend on the platform.
- Generated approximately $14 million of cash flow from
operations in the quarter.
- Purchased 809 thousand shares of Class A common stock from May
1, 2024, through August 9, 2024 for a total of $8 million. As of
August 9, 2024, $42 million remains available for repurchases under
our Repurchase Program.
- Announced a new integration with Google Cloud's BigQuery data
clean rooms, enabling seamless onboarding of customers' first-party
data at scale from the Google Cloud ecosystem into the Viant Data
Platform.
- Certified by Great Place to Work for the third year in a row,
with 88% of employees reporting Viant is a great place to work, 31
points higher than the average U.S. company.
"We saw continued momentum in the second quarter with
accelerating growth in contribution ex-TAC and expansion of our
margin of Adjusted EBITDA as a percentage of contribution ex-TAC,"
said Larry Madden, CFO, Viant. "CTV and streaming audio continued
to be notable drivers of growth for us, and together these channels
once again represented more than half of all advertising spend on
our platform during the quarter. Our team continues to execute well
as we continue to scale with our existing customers while also
adding new, larger mid-market customers to our platform. We are
still in the early stages of capitalizing on our opportunity in
programmatic and look forward to growing our market share in the
quarters ahead."
Guidance:
For the third quarter 2024, the Company expects:
- Revenue in the range of $67.5 million to $70.5 million
- Contribution ex-TAC in the range of $44.0 million to $46.0
million
- Non-GAAP operating expenses in the range of $33.0 million to
$34.0 million
- Adjusted EBITDA in the range of $11.0 million to $12.0
million
Contribution ex-TAC, non-GAAP operating expenses, adjusted
EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC,
non-GAAP net income, and non-GAAP earnings (loss) per share of
Class A common stock—basic and diluted are non-GAAP financial
measures. These non-GAAP financial measures should be considered in
addition to, but not as a substitute for, the information provided
in accordance with U.S. generally accepted accounting principles
("GAAP"). Reconciliations of these non-GAAP financial measures to
Viant’s financial results as determined in accordance with GAAP are
included at the end of this press release under “Reconciliation of
Non-GAAP Financial Measures.” For a description of these non-GAAP
financial measures, including the reasons management uses each
measure, please see “Non-GAAP Financial Measures” in this press
release. We are not able to estimate gross profit, total operating
expenses or net income (loss) on a forward-looking basis or
reconcile the guidance provided for contribution ex-TAC, non-GAAP
operating expenses, or adjusted EBITDA to the closest corresponding
GAAP financial measures on a forward-looking basis without
unreasonable efforts due to the variability and complexity with
respect to the charges excluded from these non-GAAP financial
measures; in particular, the impact of future traffic acquisition
costs and other platform operations expenses, as well as the
measures and effects of our stock-based compensation related to
equity grants that are directly impacted by unpredictable
fluctuations in our share price and the potential forfeitures of
equity grants. We expect the variability of the above charges could
have a significant and potentially unpredictable impact on our
future GAAP financial results.
(1) For a discussion on how we define, use
and calculate these non-GAAP financial measures and a
reconciliation thereof to the most directly comparable GAAP
financial measures, see “Non-GAAP Financial Measures” and the
supplementary schedules under “Reconciliation of Non-GAAP Financial
Measures” in this press release.
(2) We define advertiser spend as the total
amount billed to our customers for activity on our platform
inclusive of the costs of advertising media, third-party data,
other add-on features and our platform fee we charge customers.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed
through Viant’s investor relations website at
investors.viantinc.com.
As of June 30, 2024, there were 16.4 million shares of the
Company's Class A common stock outstanding and 47.0 million shares
of the Company's Class B common stock outstanding. For more
information, please refer to our Quarterly Report on Form 10-Q
expected to be filed with the Securities and Exchange Commission
("SEC") on August 12, 2024.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Monday, August 12, 2024 at 2:00 p.m. Pacific
Time (5:00 p.m. Eastern Time). A live webcast of the call can be
accessed from Viant’s Investor Relations website. An archived
version of the webcast will be available from the same website
after the call.
Viant Technology has used, and intends to continue to use, the
“Investor Relations” section of its website at
investors.viantinc.com and its LinkedIn account, and the LinkedIn
account of its Chief Executive Officer, Tim Vanderhook, to post
information that may be important to investors. Investors and
potential investors are encouraged to consult Viant Technology’s
website and LinkedIn account and Mr. Vanderhook’s LinkedIn account
regularly for important information.
About Viant
For over 25 years, Viant® (NASDAQ: DSP) has been at the
forefront of technology innovation for advertisers. As a premier
enterprise-grade Demand Side Platform, Viant excels in delivering
omnichannel digital advertising, driving growth through connected
television (CTV), advanced identity solutions, and AI-driven
Autonomous Advertising. Through the Adtricity® sustainability
program, Viant champions a more sustainable future for digital
advertising. Headquartered in Irvine, CA, Viant has received
accolades from G2 as the Best Software in Marketing &
Advertising, Great Place to Work® certification, and the Business
Intelligence Group’s Innovation award for AI advancements. Learn
more at viantinc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“guidance,” “believe,” “expect,” “estimate,” “project,” “plan,”
“will,” or words or phrases with similar meaning.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. Forward-looking statements
contained in this press release relate to, among other things,
Viant’s projected financial performance and operating results,
including our guidance for revenue, contribution ex-TAC, non-GAAP
operating expenses, and adjusted EBITDA, as well as statements
regarding the impact of Google's announcement that it will not
pursue the deprecation of third-party cookies, Viant’s growth
prospects, Viant's ability to drive return on ad spend for our
customers and capture increased market share, anticipated
performance of and benefits of ViantAI, the effectiveness and
scalability of Household ID, and Viant’s ability to capitalize on
the changes in the programmatic advertising ecosystem.
Forward-looking statements are based on current expectations,
forecasts and assumptions that involve risks and uncertainties,
including, but not limited to, the market for programmatic
advertising developing slower or differently than Viant’s
expectations, the demands and expectations of customers, the
ability to attract and retain customers, the impact of information
and data privacy trends and regulations on our business and
competitors and other economic, competitive, governmental and
technological factors outside of our control, that may cause our
business, strategy or actual results to differ materially from the
forward-looking statements. Investors are referred to our filings
with the SEC, including our Annual Report on Form 10-K for the
fiscal year ended December 31, 2023 and subsequent Quarterly
Reports on Form 10-Q, for additional information regarding the
risks and uncertainties that may cause actual results to differ
materially from those expressed in any forward-looking statement.
We do not intend and undertake no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
law.
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited; in thousands,
except per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue
$
65,866
$
57,223
$
119,259
$
98,943
Operating expenses(1):
Platform operations
35,122
33,523
65,002
56,860
Sales and marketing
13,088
11,691
25,987
23,860
Technology and development
5,815
6,172
11,047
12,066
General and administrative
12,612
11,088
23,686
22,516
Total operating expenses
66,637
62,474
125,722
115,302
Loss from operations
(771
)
(5,251
)
(6,463
)
(16,359
)
Other expense (income), net:
Interest income, net
(2,359
)
(2,049
)
(4,740
)
(3,868
)
Other expense, net
1
1
3
88
Total other expense (income), net
(2,358
)
(2,048
)
(4,737
)
(3,780
)
Income (loss) before income taxes
1,587
(3,203
)
(1,726
)
(12,579
)
Provision for income taxes
99
—
—
—
Net income (loss)
1,488
(3,203
)
(1,726
)
(12,579
)
Less: Net income (loss) attributable to
noncontrolling interests
1,433
(2,140
)
(834
)
(9,036
)
Net income (loss) attributable to Viant
Technology Inc.
$
55
$
(1,063
)
$
(892
)
$
(3,543
)
Earnings (loss) per share of Class A
common stock:
Basic
$
0.00
$
(0.07
)
$
(0.05
)
$
(0.24
)
Diluted
$
0.00
$
(0.07
)
$
(0.05
)
$
(0.24
)
Weighted-average shares of Class A common
stock outstanding:
Basic
16,480
15,135
16,214
14,943
Diluted
19,235
15,135
16,214
14,943
(1)
Stock-based compensation and depreciation
and amortization included in operating expenses are as follows (in
thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Stock-based compensation:
Platform operations
$
554
$
1,124
$
960
$
2,016
Sales and marketing
1,139
2,520
1,894
5,032
Technology and development
651
1,507
1,151
2,834
General and administrative
3,193
3,378
5,972
6,119
Total
$
5,537
$
8,529
$
9,977
$
16,001
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Depreciation and amortization:
Platform operations
$
3,531
$
2,910
$
7,057
$
5,680
Sales and marketing
—
—
—
—
Technology and development
440
383
871
776
General and administrative
196
246
385
495
Total
$
4,167
$
3,539
$
8,313
$
6,951
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of June 30,
As of December
31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
209,744
$
216,458
Accounts receivable, net of allowances
122,922
117,473
Prepaid expenses and other current
assets
8,683
6,486
Total current assets
341,349
340,417
Property, equipment, and software, net
29,946
28,261
Operating lease assets
24,072
22,995
Intangible assets, net
133
201
Goodwill
12,422
12,422
Other assets
628
615
Total assets
$
408,550
$
404,911
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
62,624
$
47,342
Accrued liabilities
36,279
39,263
Accrued compensation
8,602
10,925
Deferred revenue
208
316
Current portion of operating lease
liabilities
4,063
3,762
Other current liabilities
2,302
7,242
Total current liabilities
114,078
108,850
Long-term debt
—
—
Long-term portion of operating lease
liabilities
22,530
21,672
Total liabilities
136,608
130,522
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value
Authorized shares — 10,000,000
Issued and outstanding — none
—
—
Class A common stock, $0.001 par value
Authorized shares — 450,000,000
Issued — 17,170,468 and 15,937,816
17
16
Outstanding — 16,375,138 and
15,783,941
Class B common stock, $0.001 par value
Authorized shares — 150,000,000
Issued and outstanding — 46,984,667 and
47,032,260
47
47
Additional paid-in capital
119,740
112,830
Accumulated deficit
(49,162
)
(43,509
)
Treasury stock, at cost; 795,330 and
153,875 shares held
(7,578
)
(1,127
)
Total stockholders’ equity attributable to
Viant Technology Inc.
63,064
68,257
Noncontrolling interests
208,878
206,132
Total equity
271,942
274,389
Total liabilities and stockholders’
equity
$
408,550
$
404,911
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Six Months Ended June
30,
2024
2023
Cash flows from operating
activities:
Net loss
$
(1,726
)
$
(12,579
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
8,313
6,951
Stock-based compensation
9,977
16,001
Provision for doubtful accounts
(32
)
49
Loss on disposal of assets
9
104
Noncash lease expense
1,944
1,940
Changes in operating assets and
liabilities:
Accounts receivable
(5,417
)
11,433
Prepaid expenses and other assets
(2,466
)
2,799
Accounts payable
15,608
(5,554
)
Accrued liabilities
(3,139
)
(5,187
)
Accrued compensation
(2,495
)
(3,206
)
Deferred revenue
(108
)
57
Operating lease liabilities
(1,862
)
(1,671
)
Other liabilities
(399
)
(282
)
Net cash provided by operating
activities
18,207
10,855
Cash flows from investing
activities:
Purchases of property and equipment
(1,484
)
(348
)
Capitalized software development costs
(7,274
)
(6,114
)
Net cash used in investing activities
(8,758
)
(6,462
)
Cash flows from financing
activities:
Repurchase of treasury stock related to
tax withholdings on vested equity awards
(7,299
)
(2,222
)
Repurchase of treasury stock related to
the stock repurchase program
(5,267
)
—
Payment of member tax distributions
(5,170
)
(4,843
)
Proceeds from the exercise of stock
options
1,607
—
Payment of offering costs
(34
)
—
Net cash used in financing activities
(16,163
)
(7,065
)
Net decrease in cash and cash
equivalents
(6,714
)
(2,672
)
Cash and cash equivalents at beginning
of period
216,458
206,573
Cash and cash equivalents at end of
period
$
209,744
$
203,901
Non-GAAP Financial Measures
To provide investors and others with additional information
regarding Viant’s results, we have included in this press release
the following financial measures that are not calculated in
accordance with GAAP: contribution ex-TAC, non-GAAP operating
expenses, adjusted EBITDA, adjusted EBITDA as a percentage of
contribution ex-TAC, non-GAAP net income (loss) and non-GAAP
earnings (loss) per share of Class A common stock—basic and
diluted. The Company’s management believes that this information
can assist investors in evaluating the Company’s operational
trends, financial performance, and cash generating capacity.
Management believes these non-GAAP financial measures allow
investors to evaluate the Company’s financial performance using
some of the same measures as management.
Contribution ex-TAC is a non-GAAP financial measure. Gross
profit is the most comparable GAAP financial measure, which is
calculated as revenue less platform operations expense. In
calculating contribution ex-TAC, we add back other platform
operations expense to gross profit. Contribution ex-TAC is a key
profitability measure used by our management and board of directors
to understand and evaluate our operating performance and trends,
develop short- and long-term operational plans and make strategic
decisions regarding the allocation of capital. “Traffic acquisition
costs” or “TAC” represents amounts incurred and payable to
suppliers for the cost of advertising media, third-party data and
other add-on features related to our fixed CPM pricing option and
certain arrangements related to our percentage of spend pricing
option. In particular, we believe that contribution ex-TAC can
provide a measure of period-to-period comparisons for all pricing
options within our business. Accordingly, we believe that this
measure provides information to investors and the market in
understanding and evaluating our operating results in the same
manner as our management and board of directors.
Non-GAAP operating expenses is a non-GAAP financial measure.
Total operating expenses is the most comparable GAAP financial
measure. Non-GAAP operating expenses is defined by us as total
operating expenses plus other expense (income), net, less TAC,
stock-based compensation, depreciation, amortization, and certain
other items that are not related to our core operations, such as
restructuring and other charges and transaction expenses. Non-GAAP
operating expenses is a key component in calculating adjusted
EBITDA, which is one of the measures we use to provide our business
outlook to the investment community. Additionally, non-GAAP
operating expenses is used by our management and board of directors
to understand and evaluate our operating performance and trends, to
prepare and approve our annual budget and to develop short- and
long-term operational plans. We believe that the elimination of
TAC, stock-based compensation, depreciation, amortization and
certain other items not related to our core operations provides
another measure for period-to-period comparisons of our business,
provides additional insight into our core controllable costs and is
a useful metric for investors because it allows them to evaluate
our operational performance in the same manner as our management
and board of directors.
Adjusted EBITDA is a non-GAAP financial measure defined by us as
net income (loss) before interest expense (income), net, income tax
benefit (expense), depreciation, amortization, stock-based
compensation and certain other items that are not related to our
core operations, such as restructuring and other charges,
transaction expenses and the extinguishment of debt. Net income
(loss) is the most comparable GAAP financial measure. Adjusted
EBITDA as a percentage of contribution ex-TAC is a non-GAAP
financial measure we calculate by dividing adjusted EBITDA by
contribution ex-TAC for the period or periods presented.
Adjusted EBITDA and adjusted EBITDA as a percentage of
contribution ex-TAC are used by our management and board of
directors to understand and evaluate our core operating performance
and trends, to prepare and approve our annual budget and to develop
short- and long-term operational plans. In particular, we believe
that the exclusion of the amounts eliminated in calculating
adjusted EBITDA can provide a measure for period-to-period
comparisons of our business. Adjusted EBITDA as a percentage of
contribution ex-TAC, a non-GAAP financial measure, is used by our
management and board of directors to evaluate adjusted EBITDA
relative to our profitability after costs that are directly
variable to revenues, which comprise TAC. Accordingly, we believe
that adjusted EBITDA and adjusted EBITDA as a percentage of
contribution ex-TAC provide information to investors and the market
in understanding and evaluating our operating results in the same
manner as our management and board of directors. Net income (loss)
as a percentage of gross profit is the most comparable GAAP
financial measure.
Non-GAAP net income (loss) is a non-GAAP financial measure
defined by us as net income (loss) adjusted to eliminate the impact
of stock-based compensation and certain other items that are not
related to our core operations, such as restructuring and other
charges, transaction expenses and the extinguishment of debt, as
well as the income tax effect of these adjustments. Net income
(loss) is the most comparable GAAP financial measure. Non-GAAP net
income (loss) is a key measure used by our management and board of
directors to evaluate operating performance, generate future
operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe that the
elimination of stock-based compensation and certain other items
that are not related to our core operations provides measures for
period-to-period comparisons of our business and additional insight
into our core controllable costs. Accordingly, we believe that
non-GAAP net income (loss) provides information to investors and
the market generally in understanding and evaluating our results of
operations in the same manner as our management and board of
directors.
Non-GAAP earnings (loss) per share of Class A common stock—basic
and diluted is a non-GAAP financial measure defined by us as
earnings (loss) per share of Class A common stock—basic and
diluted, adjusted to eliminate the impact of stock-based
compensation and certain other items that are not related to our
core operations, such as restructuring and other charges,
transaction expenses, and the extinguishment of debt, as well as
the income tax effect of such adjustments. Earnings (loss) per
share of Class A common stock—basic and diluted is the most
comparable GAAP financial measure. Non-GAAP earnings (loss) per
share of Class A common stock—basic and diluted is used by our
management and board of directors to evaluate operating
performance, generate future operating plans and make strategic
decisions regarding the allocation of capital. In particular, we
believe that the elimination of stock-based compensation and
certain other items that are not related to our core operations
provides measures for period-to-period comparisons of our business
and provides additional insight into our core controllable costs.
Accordingly, we believe that non-GAAP earnings (loss) per share of
Class A common stock—basic and diluted provides information to
investors and the market generally that aids in the understanding
and evaluation of our results of operations in the same manner as
our management and board of directors.
These non-GAAP financial measures should be considered in
addition to, not as a substitute for or in isolation from, the
Company’s financial information calculated in accordance with GAAP
and should not be considered measures of the Company’s liquidity.
Further, these non-GAAP financial measures as defined by the
Company may not be comparable to similar non-GAAP financial
measures presented by other companies, including peer companies,
and therefore comparability may be limited. The presentation of
such measures, which may include adjustments to exclude unusual or
non-recurring items, should not be construed as an inference that
the Company’s future results, cash flows or leverage will be
unaffected by other unusual or non-recurring items. Management
encourages investors and others to review Viant’s financial
information in its entirety and not rely on a single financial
measure.
Reconciliation of Non-GAAP Financial Measures
The following tables show the reconciliations of the Company’s
non-GAAP financial measures contained in this press release to the
most directly comparable GAAP financial measures.
The following table presents the calculation of gross profit and
the reconciliation of gross profit to contribution ex-TAC for the
periods presented (unaudited; in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue
$
65,866
$
57,223
$
119,259
$
98,943
Less: Platform operations
(35,122
)
(33,523
)
(65,002
)
(56,860
)
Gross profit
30,744
23,700
54,257
42,083
Add: Other platform operations
10,814
9,988
21,422
19,596
Contribution ex-TAC
$
41,558
$
33,688
$
75,679
$
61,679
The following table presents a reconciliation of total operating
expenses to non-GAAP operating expenses for the periods presented
(unaudited; in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Operating expenses:
Platform operations
$
35,122
$
33,523
$
65,002
$
56,860
Sales and marketing
13,088
11,691
25,987
23,860
Technology and development
5,815
6,172
11,047
12,066
General and administrative
12,612
11,088
23,686
22,516
Total operating expenses
66,637
62,474
125,722
115,302
Add:
Other expense, net
1
1
3
88
Less:
Traffic acquisition costs
(24,308
)
(23,535
)
(43,580
)
(37,264
)
Stock-based compensation
(5,537
)
(8,529
)
(9,977
)
(16,001
)
Depreciation and amortization
(4,167
)
(3,539
)
(8,313
)
(6,951
)
Restructuring and other(1)
(284
)
—
(467
)
79
Transaction expense(2)
(384
)
—
(384
)
—
Non-GAAP operating expenses
$
31,958
$
26,872
$
63,004
$
55,253
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three and six months ended June 30, 2024, and
adjustments to severance charges initially recognized during 2022
for the six months ended June 30, 2023.
(2)
Transaction expense for the three and six months ended June 30,
2024 consists of costs incurred for the Company's filing of a
"shelf" registration statement on Form S-3.
The following table presents a reconciliation of net income
(loss) to adjusted EBITDA for the periods presented (unaudited; in
thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net income (loss)
$
1,488
$
(3,203
)
$
(1,726
)
$
(12,579
)
Add back (less):
Interest income, net
(2,359
)
(2,049
)
(4,740
)
(3,868
)
Provision for income taxes
99
—
—
—
Depreciation and amortization
4,167
3,539
8,313
6,951
Stock-based compensation
5,537
8,529
9,977
16,001
Restructuring and other(1)
284
—
467
(79
)
Transaction expense(2)
384
—
384
—
Adjusted EBITDA
$
9,600
$
6,816
$
12,675
$
6,426
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three and six months ended June 30, 2024, and
adjustments to severance charges initially recognized during 2022
for the six months ended June 30, 2023.
(2)
Transaction expense for the three and six months ended June 30,
2024 consists of costs incurred for the Company's filing of a
"shelf" registration statement on Form S-3.
The following table presents the calculation of net loss as a
percentage of gross profit and the calculation of adjusted EBITDA
as a percentage of contribution ex-TAC for the periods presented
(unaudited; in thousands, except percentages):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Gross profit
$
30,744
$
23,700
$
54,257
$
42,083
Net income (loss)
$
1,488
$
(3,203
)
$
(1,726
)
$
(12,579
)
Net income (loss) as a percentage of gross
profit
5
%
(14
)%
(3
)%
(30
)%
Contribution ex-TAC
$
41,558
$
33,688
$
75,679
$
61,679
Adjusted EBITDA
$
9,600
$
6,816
$
12,675
$
6,426
Adjusted EBITDA as a percentage of
contribution ex-TAC
23
%
20
%
17
%
10
%
The following table presents a reconciliation of net income
(loss) to non-GAAP net income for the periods presented (unaudited;
in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net income (loss)
$
1,488
$
(3,203
)
$
(1,726
)
$
(12,579
)
Add back (less):
Stock-based compensation
5,537
8,529
9,977
16,001
Restructuring and other(1)
284
—
467
(79
)
Transaction expense(2)
384
—
384
—
Income tax benefit (expense) related to
Viant Technology Inc.’s share of non-GAAP pre-tax income
(loss)(3)
(486
)
(231
)
(547
)
(107
)
Non-GAAP net income
$
7,207
$
5,095
$
8,555
$
3,236
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three and six months ended June 30, 2024, and
adjustments to severance charges initially recognized during 2022
for the six months ended June 30, 2023.
(2)
Transaction expense for the three and six months ended June 30,
2024 consists of costs incurred for the Company's filing of a
"shelf" registration statement on Form S-3.
(3)
The estimated income tax effect of our share of non-GAAP pre-tax
income (loss) for the three and six months ended June 30, 2024 and
2023 is calculated using assumed blended tax rates of 26% and 20%,
respectively, which represent our expected corporate tax rate,
excluding discrete and non-recurring tax items.
The following tables present a reconciliation of earnings (loss)
per share of Class A common stock—basic and diluted to non-GAAP
earnings (loss) per share of Class A common stock—basic and diluted
for the periods presented (unaudited; in thousands, except per
share data):
Three Months Ended June
30, 2024
Three Months Ended June
30, 2023
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Numerator
Net income (loss)
$
1,488
$
—
$
1,488
$
(3,203
)
$
—
$
(3,203
)
Adjustments:
Add back: Stock-based compensation
—
5,537
5,537
—
8,529
8,529
Add back: Restructuring and other(1)
—
284
284
—
—
—
Add back: Transaction expense(2)
—
384
384
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of non-GAAP pre-tax income
(loss)(3)
—
(486
)
(486
)
—
(231
)
(231
)
Non-GAAP net income (loss)
1,488
5,719
7,207
(3,203
)
8,298
5,095
Less: Net income (loss) attributable to
noncontrolling interests(4)
1,433
4,509
5,942
(2,140
)
6,341
4,201
Net income (loss) attributable to Viant
Technology Inc.
$
55
$
1,210
$
1,265
$
(1,063
)
$
1,957
$
894
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
16,480
16,480
15,135
15,135
Effect of dilutive securities:
Restricted stock units
1,301
1,301
—
220
Nonqualified stock options
1,454
1,454
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
19,235
19,235
15,135
15,355
Earnings (loss) per share of Class A
common stock—basic
$
0.00
$
0.08
$
0.08
$
(0.07
)
$
0.13
$
0.06
Earnings (loss) per share of Class A
common stock—diluted
$
0.00
$
0.08
$
0.08
$
(0.07
)
$
0.13
$
0.06
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
—
—
4,240
—
Nonqualified stock options
—
—
5,763
5,763
Shares of Class B common stock
46,985
46,985
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
46,985
46,985
57,085
52,845
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the three months ended June 30, 2024.
(2)
Transaction expense for the three months ended June 30, 2024
consists of costs incurred for the Company's filing of a "shelf"
registration statement on Form S-3.
(3)
The estimated income tax effect
of our share of non-GAAP pre-tax income (loss) for the three months
ended June 30, 2024 and 2023 is calculated using assumed blended
tax rates of 26% and 20%, respectively, which represent our
expected corporate tax rate, excluding discrete and non-recurring
tax items.
(4)
The adjustment to net income
(loss) attributable to noncontrolling interests represents
stock-based compensation, restructuring charges and transaction
expenses attributed to the noncontrolling interest outstanding
during the period.
Six Months Ended June
30, 2024
Six Months Ended June
30, 2023
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Earnings (Loss) per
Share
Adjustments
Non-GAAP Earnings
(Loss) per Share
Numerator
Net income (loss)
$
(1,726
)
$
—
$
(1,726
)
$
(12,579
)
$
—
$
(12,579
)
Adjustments:
Add back: Stock-based compensation
—
9,977
9,977
—
16,001
16,001
Add back: Restructuring and other(1)
—
467
467
—
(79
)
(79
)
Add back: Transaction expense(2)
—
384
384
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of non-GAAP pre-tax income
(loss)(3)
—
(547
)
(547
)
—
(107
)
(107
)
Non-GAAP net income (loss)
(1,726
)
10,281
8,555
(12,579
)
15,815
3,236
Less: Net income (loss) attributable to
noncontrolling interests(4)
(834
)
7,857
7,023
(9,036
)
11,858
2,822
Net income (loss) attributable to Viant
Technology Inc.
$
(892
)
$
2,424
$
1,532
$
(3,543
)
$
3,957
$
414
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
16,214
16,214
14,943
14,943
Effect of dilutive securities:
Restricted stock units
—
1,732
—
136
Nonqualified stock options
—
1,252
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
16,214
19,198
14,943
15,079
Earnings (loss) per share of Class A
common stock—basic
$
(0.05
)
$
0.14
$
0.09
$
(0.24
)
$
0.27
$
0.03
Earnings (loss) per share of Class A
common stock—diluted
$
(0.05
)
$
0.14
$
0.09
$
(0.24
)
$
0.27
$
0.03
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
4,418
—
4,240
—
Nonqualified stock options
5,840
—
5,763
5,763
Shares of Class B common stock
46,985
46,985
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
57,243
46,985
57,085
52,845
(1)
Restructuring and other includes severance and other charges
related to aligning our workforce with our strategic performance
goals for the six months ended June 30, 2024, and adjustments
to severance charges initially recognized during 2022 for the six
months ended June 30, 2023.
(2)
Transaction expense for the six months ended June 30, 2024
consists of costs incurred for the Company's filing of a "shelf"
registration statement on Form S-3.
(3)
The estimated income tax effect
of our share of non-GAAP pre-tax income (loss) for the six months
ended June 30, 2024 and 2023 is calculated using assumed
blended tax rates of 26% and 20%, respectively, which represent our
expected corporate tax rate, excluding discrete and non-recurring
tax items.
(4)
The adjustment to net income
(loss) attributable to noncontrolling interests represents
stock-based compensation, restructuring charges and transaction
expenses attributed to the noncontrolling interest outstanding
during the period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240812205434/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Nicole Kunzman
investors@viantinc.com
Viant Technology (NASDAQ:DSP)
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