Slide 1: Earnings Presentation Q4 and FY 2023
EARNINGS PRESENTATION Q4 and FY 2023 March 4, 2024 1
Slide 2: Safe Harbor
SAFE HARBOR This presentation 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 futur
Slide 3: Highlights Q4 2023
HIGHLIGHTS Q4 2023 ▪ Revenue, contribution ex-TAC and adjusted EBITDA all were within or exceeded guidance REVENUE ▪ Revenue increased 18% YoY and contribution ex-TAC increased 28% YoY +18% YoY ▪ Strong advertiser spend growth in Public Services, Retail, Healthcare, and Travel customer verticals CON
Slide 4: Highlights FY 2023
HIGHLIGHTS FY 2023 ▪ Revenue increased 13% YoY and contribution ex-TAC increased 15% YoY REVENUE ▪ Number of customers with greater than $1 million in contribution ex-TAC increased over 20% in FY 2023 and +13% YoY number of percentage of spend customers with greater than $500k in contribution ex-TAC
Slide 5: Strong Performance Q4 2023 vs. Guidance
STRONG PERFORMANCE Q4 2023 VS. GUIDANCE Q4 Guidance (1) Q4 Actual Q4 Variance Midpoint Revenue $65.5 $64.4 $(1.1) Contribution ex-TAC $42.0 $42.6 $0.6 Non-GAAP Operating Expenses $31.0 $29.6 $(1.4) Adjusted EBITDA $11.0 $13.0 $2.0 Adjusted EBITDA Margin (2) 26% 31% 4% Rule of 40(3) 52% 59% 7% Note:
Slide 6: Revenue
REVENUE FOURTH QUARTER FULL YEAR +18% YoY +13% YoY $64.4 $222.9 $54.5 $197.2 Q4-22 Q4-23 2022 2023 ▪ Revenue increased 18% YoY in Q4 2023 and increased 13% YoY in FY 2023, driven by strong advertiser spend growth in Public Services, Retail, Healthcare, and Travel customer verticals ▪ A contributing
Slide 7: Contribution ex-TAC
CONTRIBUTION EX-TAC FOURTH QUARTER FULL YEAR +28% YoY +15% YoY $42.6 $143.4 $33.4 $124.7 Q4-22 Q4-23 2022 2023 ▪ Contribution ex-TAC increased 28% YoY in Q4 2023 and increased 15% YoY in FY 2023, driven by strong results across our percentage of spend offering from our mid-market customers Note: Con
Slide 8: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES FOURTH QUARTER FULL YEAR -4% YoY -13% YoY $30.7 $29.6 $130.9 $114.3 Q4-22 Q4-23 2022 2023 ▪ Non-GAAP operating expenses decreased 4% YoY in Q4 2023 and decreased 13% YoY in FY 2023, highlighting our ongoing commitment to driving operational efficiencies ▪ We remain focuse
Slide 9: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Contribution ex-TAC $27.5 $31.7 $32.1 $33.4 $28.0 $33.7 $39.1 $42.6 Non-GAAP operating expenses $31.4 $34.8 $33.9 $30.7 $28.4 $26.9 $29.4 $29.6 Adjusted EBITDA $(3.9) $(3.1) $(1.8) $2.6 $(0.4) $6.8 $9.7 $13.0 Adjusted EBITDA
Slide 10: Adjusted EBITDA
ADJUSTED EBITDA FOURTH QUARTER FULL YEAR +395% YoY +$35.2M YoY $13.0 $29.1 $2.6 Q4-22 Q4-23 $(6.1) 2023 2022 ▪ Adjusted EBITDA increased 395% YoY in Q4 2023 and increased by $35.2 million in FY 2023, driven by top-line growth and AI-enabled productivity enhancements, creating meaningful operating le
Slide 11: Guidance Ranges Q1 2024
GUIDANCE RANGES Q1 2024 % YoY Change at Q1 2024 Guidance(1) Midpoint Revenue $49.0 - $52.0 21% Contribution ex-TAC $33.0 - $35.0 21% Non-GAAP Operating Expenses $31.0 - $32.0 11% Adjusted EBITDA $2.0 - $3.0 n/a Adjusted EBITDA Margin (2) 6% - 9% n/a Rule of 40(3) 24% - 34% n/a Note: Contribution ex-
Slide 12: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 15.8 Share price (3/1/2024) $ 9.06 Class B shares 47.0 Total Class A and Class B shares outstanding(1) 62.8 Total Class A and Class B shares outstanding(1) 62.8 Market capitalization $ 569.1 Plus: Debt - Less: Cash $ (216.5
Slide 13: Appendix
APPENDIX 13
Slide 14: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To provide investors and others with additional information regarding Viant’s results, we have included in this presentation the following financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): contribution ex
Slide 15: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-22 FY-23 (Unaudited, in thousands) Revenue $ 42,629 $ 51,200 $ 48,830 $ 54,509 $ 41,720 $ 57,223 $ 59,585 $ 64,406 $ 197,168 $ 222,934 Less: Platform operations (26,194) (30,950) (27,5
Slide 16: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-22 FY-23 (Unaudited, in thousands) Operating expenses: Platform operations $ 26,194 $ 30,950 $ 27,530 $ 32,051 $ 23,337 $ 33,523 $ 30,965 $ 32,654 $ 116,725 $ 120,479 Sales and mark
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-22 FY-23 (Unaudited, in thousands) Net income (loss) $ (13,563) $ (14,092) $ (12,426) $ (8,008) $ (9,376) $ (3,203) $ (672) $ 3,308 $ (48,089) $ (9,943) Add back (less): Interest expense (income
Slide 18: Net Income as Percentage of Gross Profit and Adjusted EBITDA Margin
NET INCOME (LOSS) AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-22 FY-23 (Unaudited, in thousands, ex cept for percentages) Gross profit $ 16,435 $ 20,250 $ 21,300 $ 22,458 $ 18,383 $ 23,700 $ 28,620 $ 31
Slide 19: Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss)
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (Unaudited, in thousands) 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 (1) Res
Slide 20: Reconciliation of EPS to Non-GAAP EPS - QTD
RECONCILIATION OF EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK - QTD Three M on t hs E n ded D ec ember 31, 2023 Three M on t hs E n ded D ec ember 31, 2022 Non -G AAP Non -G AAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i
Slide 21: Reconciliation of EPS to Non-GAAP EPS - YTD
RECONCILIATION OF EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK - YTD Year E n ded Dec ember 31, 2023 Year E n ded Dec ember 31, 2022 Non -GAAP Non -GAAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n g
Slide 22: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (Unaudited, in thousands) 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 Ge
Slide 23: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (Unaudited, in thousands) 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