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Adtech

Viant Technology announced Second Quarter 2023 Financial Results

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Viant Technology

Viant Technology Inc. (Nasdaq: DSP), a leading people-based advertising technology company, today reported financial results for its second quarter ended June 30, 2023.

“We are pleased to report another quarter of strong performance, highlighted by double-digit revenue growth,” said Tim Vanderhook, Co-Founder and CEO, Viant. “New AI enhancements to our platform are improving campaign performance, prompting our customers to increase their spend. Our unique suite of omnichannel solutions position our customers for measurable campaign success across cookie-free environments, including CTV, and give us confidence in our market positioning and growth opportunities ahead.”

Second quarter 2023 Financial Highlights, year-over-year:

GAAP

  • Revenue of $57.2 million, an increase of 12%
  • Gross profit of $23.7 million, an increase of 17%
  • Net loss of $3.2 million, compared to a net loss of $14.1 million in the second quarter of 2022
  • Net loss attributable to Viant Technology Inc. of $1.1 million, or $(0.07) per diluted share of Class A common stock, compared to net loss attributable to Viant Technology Inc. of $3.4 million, or $(0.24) per diluted share of Class A common stock, in the second quarter of 2022
  • Total Class A and Class B common shares outstanding were 62.4 million as of June 30, 2023
  • Cash and cash equivalents as of June 30, 2023 was $203.9 million, with no outstanding debt

Non-GAAP(1)

  • Contribution ex-TAC of $33.7 million, an increase of 6%
  • Adjusted EBITDA of $6.8 million, compared to $(3.1) million in the second quarter of 2022
  • Adjusted EBITDA as a percentage of contribution ex-TAC of 20%
  • Non-GAAP net income of $5.1 million, compared to non-GAAP net loss of $5.9 million in the second quarter of 2022
  • Non-GAAP net income attributable to Viant Technology Inc. of $0.9 million, or $0.06 per diluted share of Class A common stock, compared to non-GAAP net loss attributable to Viant Technology Inc. of $1.2 million, or $(0.08) per diluted share of Class A common stock, in the second quarter of 2022

Business Highlights:

  • Advertiser spend per active customer(2) increased 7% year-over-year
  • Released AI-powered Bid Optimizer, driving an average CPM savings of over 35% on behalf of advertisers
  • Accelerated Direct Access program for premium publishers with the acceptance of Viant’s Prebid adapter into Prebid.org
  • AI technologies leveraged across the organization contributed to a 27% improvement in revenue per employee

“Our revenue and adjusted EBITDA again exceeded expectations driven by a combination of our differentiated platform capabilities, strong execution, and disciplined cost management,” said Larry Madden, CFO, Viant. “We are pleased to have generated a 30-point year-over-year improvement in adjusted EBITDA as a percentage of contribution ex-TAC this quarter and remain focused on growing our market share and expanding margins as we look to the second half of the year.”

Guidance:

For the third quarter 2023, the Company expects:

  • Revenue in the range of $56.0 million to $59.0 million
  • Contribution ex-TAC in the range of $35.0 million to $37.0 million
  • Non-GAAP operating expenses in the range of $28.5 million to $29.5 million
  • Adjusted EBITDA in the range of $6.5 million to $7.5 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, and 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 measures and effects of our stock-based compensation related to equity grants that are directly impacted by unpredictable fluctuations in our share price, as well as the impact of future traffic acquisition costs and other platform operations expenses that we are unable to forecast in light of the current macroeconomic environment. 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 June 30, 2023, there were 15.3 million shares of the Company’s Class A common stock outstanding and 47.1 million shares of the Company’s Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

Conference Call and Webcast Details:

Viant will host a conference call and webcast to discuss its financial results on Monday, August 7, 2023 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.

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