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     189  0 Kommentare Viant Technology Announces Fourth Quarter and Full Year 2023 Financial Results

    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.

     


    The Viant Technology Registered (A) Stock at the time of publication of the news with a raise of +2,76 % to 9,31USD on Nasdaq stock exchange (04. März 2024, 21:55 Uhr).


    Business Wire (engl.)
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    Viant Technology Announces Fourth Quarter and Full Year 2023 Financial Results 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 …