Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

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.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.