Viant Technology Inc. · NASDAQ:DSP
Viant Technology — Q2 2024 Earnings Presentation
22 slides from Viant Technology's earnings presentation, Aug 12, 2024
Slide 1: Earnings Presentation Q2 2024
EARNINGS PRESENTATION Q2 2024 August 12, 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 Q2 2024
HIGHLIGHTS Q2 2024 ▪ Revenue and contribution ex-TAC performed above the mid-point of guidance and adjusted EBITDA exceeded guidance REVENUE ▪ Revenue increased 15% YoY and contribution ex-TAC increased 23% YoY +15% YoY ▪ Record advertiser spend driven by the Healthcare, Consumer Goods, Travel, Publ
Slide 4: Strong Performance Q2 2024 vs. Guidance
STRONG PERFORMANCE Q2 2024 VS. GUIDANCE Q2 Guidance Q2 Actual Q2 Better / (Worse) Midpoint(1) Revenue $65.0 $65.9 $0.9 Contribution ex-TAC $41.0 $41.6 $0.6 Non-GAAP Operating Expenses $32.5 $32.0 $0.5 Adjusted EBITDA $8.5 $9.6 $1.1 (2) Adjusted EBITDA Margin 21% 23% 2% Note: Contribution ex-TAC, non
Slide 5: Revenue and Contribution ex-TAC Q2 2024
REVENUE AND CONTRIBUTION EX-TAC Q2 2024 REVENUE CONTRIBUTION EX-TAC +15% YoY +23% YoY $65.9 $57.2 $41.6 $33.7 Q2-23 Q2-24 Q2-23 Q2-24 ▪ Revenue increased 15% YoY to $66 million and contribution ex-TAC increased 23% to $42 million, both metrics were above the mid-point of guidance for the quarter ▪ C
Slide 6: Non-GAAP Operating Expenses and Adjusted EBITDA Q2 2024
NON-GAAP OPERATING EXPENSES AND ADJUSTED EBITDA Q2 2024 NON-GAAP OPERATING EXPENSES ADJUSTED EBITDA +19% YoY +41% YoY $32.0 $26.9 $9.6 $6.8 Q2-23 Q2-24 Q2-23 Q2-24 ▪ Non-GAAP operating expenses increased 19% YoY and decreased approximately 3 percentage points YoY as a percentage of contribution ex-T
Slide 7: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Contribution ex-TAC $28.0 $33.7 $39.1 $42.6 $34.1 $41.6 Non-GAAP operating expenses $28.4 $26.9 $29.4 $29.6 $31.0 $32.0 Adjusted EBITDA $(0.4) $6.8 $9.7 $13.0 $3.1 $9.6 Adjusted EBITDA as a percentage of (1%) 20% 25% 31% 9% 23% contribu
Slide 8: Guidance Ranges Q3 2024
GUIDANCE RANGES Q3 2024 (1) % YoY Change at Q3 2024 Guidance Midpoint Revenue $67.5 - $70.5 16% Contribution ex-TAC $44.0 - $46.0 15% Non-GAAP Operating Expenses $33.0 - $34.0 14% Adjusted EBITDA $11.0 - $12.0 19% (2) Adjusted EBITDA Margin 25% - 26% n/a Note: Contribution ex-TAC, non-GAAP operating
Slide 9: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Estimated Enterprise Value Class A shares 16.4 Share price (8/9/2024) $ 9.85 Class B shares 47.0 Total Class A and Class B shares outstanding(1) 63.4 Total Class A and Class B shares outstanding(1) 63.4 Market capitalization $ 624.1 Plus: Debt - Less: Cas
Slide 10: Appendix
APPENDIX 10
Slide 11: 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 12: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 TTM (Unaudited, in thousands) Revenue $ 41,720 $ 57,223 $ 59,585 $ 64,406 $ 53,393 $ 65,866 $ 243,250 Less: Platform operations (23,337) (33,523) (30,965) (32,654) (29,880) (35,122) (128,621) Gross P
Slide 13: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 TTM (Unaudited, in thousands) Operating expenses: Platform operations $ 23,337 $ 33,523 $ 30,965 $ 32,654 $ 29,880 $ 35,122 $ 128,621 Sales and marketing 12,169 11,691 14,146 12,644 12,899 13,088
Slide 14: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 TTM (Unaudited, in thousands) Net income (loss) $ (9,376) $ (3,203) $ (672) $ 3,308 $ (3,214) $ 1,488 $ 910 Add back (less): Interest income, net (1,819) (2,049) (2,329) (2,397) (2,381) (2,359) (9,466) Provisi
Slide 15: 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 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 TTM (Unaudited, in thousands, ex cept percentages) Gross profit $ 18,383 $ 23,700 $ 28,620 $ 31,752 $ 23,513 $ 30,744 $ 114,629 Net income (loss) $ (9,376)
Slide 16: 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Unaudited, in thousands) Net income (loss) $ 1,488 $ (3,203) $ (1,726) $ (12,579) Add back (less): Stock-based compensation 5,537 8,529 9,977 16,001 (1) Restru
Slide 17: 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 Ju n e 30, 2024 Three M on t hs E n ded Ju n e 30, 2023 Non -GAAP Non -GAAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( Los
Slide 18: 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 Si x M on t hs E n ded Ju n e 30, 2024 Si x M on t hs E n ded Ju n e 30, 2023 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
Slide 19: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 554 $ 1,124 $ 960 $ 2,016 Sales and marketing 1,139 2,520 1,894 5,032 Technology and development 651 1,507 1,151 2,834 General
Slide 20: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,531 $ 2,910 $ 7,057 $ 5,680 Sales and marketing — — — — Technology and development 440 383 871 776 General and admi
Slide 21: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE TTM TTM Q2-23 Q2-24 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 127,128 $ 157,382 24% (1) Headcount 329 336 2% Contribution ex-TAC per employee $ 386 $ 468 21% Note: Contribution ex-TAC is a non-GAAP financial measure
Slide 22: Reconciliation of Operating Cash Flow to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended June 30, 2024 (Unaudited, in thousands) Net cash provided by operating activities $ 14,369 Less: Purchases of property and equipment (954) Less: Capitalized software development costs (3,742) Free cash f