Slide 1: Earnings Presentation Q3 2023
EARNINGS PRESENTATION Q3 2023 NOVEMBER 6, 2023 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 Q3 2023
HIGHLIGHTS Q3 2023 REVENUE ▪ Revenue, contribution ex-TAC and adjusted EBITDA all exceeded the high end of guidance ▪ Revenue and contribution ex-TAC increased 22% YoY +22% YoY ▪ Strong advertiser spend growth in Retail, Consumer Goods, and Travel customer verticals ▪ Continued double-digit growth i
Slide 4: Outperformed Q3-2023 vs. Guidance
OUTPERFORMED Q3-2023 VS. GUIDANCE Q3 Guidance Q3 Actual Q3 Variance Midpoint Revenue $57.5 $59.6 $2.1 Contribution ex-TAC $36.0 $39.1 $3.1 Non-GAAP Operating Expenses $29.0 $29.4 $0.4 Adjusted EBITDA $7.0 $9.7 $2.7 (1) Adjusted EBITDA Margin 19% 25% 6% Note: Contribution ex-TAC, non-GAAP operating e
Slide 5: Active Customers
ACTIVE CUSTOMERS ▪ We are deliberately shifting our focus away from lower spend customer segments and fostering deeper relationships with high- quality customers capable of 336 334 327 326 327 314 increased spending levels 305 309 301 288 ▪ TTM advertiser spend per active 266 customer increased 11%
Slide 6: Non-GAAP Operating Expenses Q3 2023
NON-GAAP OPERATING EXPENSES Q3 2023 -13% ▪ Non-GAAP operating expenses decreased 13% YoY DECREASE and decreased more than 30 percentage points YoY as a percentage of contribution ex-TAC, highlighting our ongoing commitment to driving operational efficiencies $33.9 ▪ We remain dedicated to investing
Slide 7: Guidance Ranges Q4 2023
GUIDANCE RANGES Q4 2023 % YoY Change at Q4 2023 Guidance Midpoint Revenue $64.0 - $67.0 20% Contribution ex-TAC $41.0 - $43.0 26% Non-GAAP Operating Expenses $30.5 - $31.5 1% Adjusted EBITDA $10.5 - $11.5 318% (1) Adjusted EBITDA Margin 26% - 27% n/a Note: Contribution ex-TAC, non-GAAP operating exp
Slide 8: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 15.5 Share price (11/3/2023) $ 5.46 Class B shares 47.1 Total Class A and Class B shares outstanding(1) 62.6 Total Class A and Class B shares outstanding (1) 62.6 Market capitalization $ 341.9 Plus: Debt - Less: Cash $ (203
Slide 9: Appendix
APPENDIX 9
Slide 10: 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 11: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Contribution ex-TAC $27.5 $31.7 $32.1 $33.4 $28.0 $33.7 $39.1 Non-GAAP operating expenses $31.4 $34.8 $33.9 $30.7 $28.4 $26.9 $29.4 Adjusted EBITDA $(3.9) $(3.1) $(1.8) $2.6 $(0.4) $6.8 $9.7 Adjusted EBITDA as a percentage of (14%
Slide 12: 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 TTM-23 (Unaudited, in thousands) Revenue $ 42,629 $ 51,200 $ 48,830 $ 54,509 $ 41,720 $ 57,223 $ 59,585 $ 213,037 Less: Platform Operations (26,194) (30,950) (27,530) (32,051) (23,337) (33,523)
Slide 13: 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 TTM-23 (Unaudited, in thousands) Operating expenses: Platform operations $ 26,194 $ 30,950 $ 27,530 $ 32,051 $ 23,337 $ 33,523 $ 30,965 $ 119,876 Sales and marketing 13,756 17,286 16,949 15,
Slide 14: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 TTM-23 (Unaudited, in thousands) Net loss $ (13,563) $ (14,092) $ (12,426) $ (8,008) $ (9,376) $ (3,203) $ (672) $ (21,259) Add back: Interest expense (income), net 152 21 (455) (1,199) (1,819) (2,049) (2,329) (7
Slide 15: Net Loss % of Gross Profit and Adjusted EBITDA % of Contribution ex-TAC
NET 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 TTM-23 (Unaudited, in thousands, except for percentages) Gross profit $ 16,435 $ 20,250 $ 21,300 $ 22,458 $ 18,383 $ 23,700 $ 28,620 $ 93,161 Net loss $ (13,5
Slide 16: Reconciliation of Net Loss to Non-GAAP Net Income (Loss)
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME (LOSS) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (Unaudited, in thousands) Net loss $ (672) $ (12,426) $ (13,251) $ (40,081) Add back: Stock-based compensation 8,734 7,711 24,735 21,855 Add back: Restructuri
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 Three M on t hs E n ded Sept ember 30, 2023 Sept ember 30, 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 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 Ni n e M on t hs E n ded Ni n e M on t hs E n ded Sept ember 30, 2023 Sept ember 30, 2022 Non -GAAP Non -GAAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i
Slide 19: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 1,171 $ 1,233 $ 3,187 $ 3,622 Sales and marketing 2,588 2,324 7,620 6,929 Technology and development 1,529 1,430 4,3
Slide 20: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,147 $ 2,685 $ 8,827 $ 7,744 Sales and marketing - - - - Technology and development 386 432 1,162 1,250 G