Slide 1: Q2 2021 Earnings Presentation Financial Highlights
Q2 2021 Earnings Presentation Financial Highlights August 12, 2021 1
Slide 2: Safe Harbor
Safe Harbor This presentation and the related earnings 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 pre
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use financial measures in this presentation and the related earnings press release that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures include contribution ex-TAC, Adjusted EBITDA, non-GAAP net inco
Slide 4: Q2 Highlights
Q2 Highlights FINANCIAL HIGHLIGHTS BUSINESS HIGHLIGHTS ▪ Revenue grew 66% YoY to $50.4 million ▪ Connected TV more than doubled YoY and represented 41% of total Contribution ex-TAC ▪ Gross Profit grew 58% YoY to $18.7 million ▪ Video represented 69% of Contribution ex-TAC ▪ Contribution ex-TAC grew
Slide 5: Significant YoY Growth Across Key Metrics
Significant YoY Growth Across Key Metrics Revenue +66% Contribution ex-TAC +61% CTV Contribution ex-TAC +105% Active Customers +11% Contribution ex-TAC per Active Customer +12% Adjusted EBITDA +203% Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings (Loss) p
Slide 6: Q2 Results Outperformed Guidance
Q2 Results Outperformed Guidance Q2-21 Actual Performance vs. Guidance ($ in millions) Q2 Guidance Q2 Actuals Q2 Beat (high end) Q2 results exceeded Revenue $47.0 $50.4 +$3.4 or +7% % YoY Growth +54% +66% guidance across all Contribution ex-TAC $30.5 $32.2 +$1.7 or +6% key financial metrics % YoY Gr
Slide 7: Contribution ex-TAC Growth Drivers
Contribution ex-TAC Growth Drivers Contribution ex-TAC ($ in millions) Contribution ex-TAC +61% +61% YoY Growth CTV +105% YoY $32.2 $20.0 Retail, Auto & Travel +48% YoY Q2-20 Q2-21 Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings (Loss) per Share are non-G
Slide 8: Accelerating Growth in CTV
Accelerating Growth in CTV CTV Contribution ex-TAC ($ in millions) Increased Momentum in CTV +105% +105% YoY Growth CTV Represents the Largest Channel 41% of Total Mix $13.1 $6.4 Growth in All Other Channels +40% YoY Q2-20 Q2-21 Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss)
Slide 9: Encouraging Trends in Retail, Auto & Travel
Encouraging Trends in Retail, Auto & Travel Retail, Auto & Travel Contribution ex-TAC ($ in millions) Growth in Retail, Auto & Travel +48% +48% YoY Growth In Q2 We Achieved Our $8.7 Largest quarter ever in travel $5.9 Growth in All Other Verticals (excl. Retail, Auto & Travel) +66% YoY Q2-20 Q2-21 N
Slide 10: Momentum in Customer Adoption
Momentum in Customer Adoption Active Customers Contribution ex-TAC per Active Customer ($ in thousands) +11% +12% Growth Growth 288 $438 260 $389 Q2-20 Q2-21 Q2-20 Q2-21 Growth in number of Active Growth in Contribution ex-TAC Customers +28 YoY per Active Customer +$48K YoY Note: Contribution ex-TAC
Slide 11: Sustained Profitable Growth
Sustained Profitable Growth Adjusted EBITDA ($ in millions) Adjusted EBITDA +203% +203% YoY Growth Q2 Adjusted EBITDA margin nearly doubled from 14% to $8.3 26% of Contribution ex-TAC $2.8 Q2-20 Q2-21 Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings (Loss)
Slide 12: Guidance Considerations
Guidance Considerations Capitalize on market opportunity for programmatic advertising Continue over-indexing across CTV Leverage growing Sales team and Customer base to further accelerate growth Maintain focus and agility in a time of increasing uncertainty related to the uptick of COVID cases 12
Slide 13: Q3 and FY 2021 Guidance Ranges
Q3 and FY 2021 Guidance Ranges RAISING FY GUIDANCE ACROSS ALL METRICS Q3 2021 FY 2021 ($ in millions) Range YoY Growth Range YoY Growth Revenue $ 48.0 - $ 50.0 19% - 24% $ 205.0 - $ 210.0 24% - 27% Contribution ex-TAC $ 32.5 - $ 33.5 16% - 20% $ 137.0 - $ 142.0 24% - 28% Adj. EBITDA $ 4.0 - $ 5.0 (6
Slide 14: Appendix
APPENDIX 14
Slide 15: Contribution ex-TAC: Video
Contribution ex-TAC: Video ($ in millions) Six Months Ended June 30, Quarterly +51% +36% +67% $41.3 $19.2 $22.2 $27.4 $14.1 $13.3 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 % of Total Contribution ex-TAC 63% 70% 61% 72% 66% 69% Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GA
Slide 16: Contribution ex-TAC: CTV
Contribution ex-TAC: CTV ($ in millions) Six Months Ended June 30, Quarterly +94% +85% +105% $25.7 $12.6 $13.1 $13.2 $6.8 $6.4 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 % of Total Contribution ex-TAC 31% 44% 29% 47% 32% 41% Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP
Slide 17: Contribution ex-TAC: Retail, Auto & Travel
Contribution ex-TAC: Retail, Auto & Travel ($ in millions) Six Months Ended June 30, Quarterly -6% -34% +48% $17.6 $16.5 $11.7 $8.7 $7.8 $5.9 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 % of Total Contribution ex-TAC 41% 28% 50% 29% 29% 27% Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Loss
Slide 18: Contribution ex-TAC: All other Verticals
Contribution ex-TAC: All other Verticals ($ in millions) Six Months Ended June 30, Quarterly +65% +63% +66% $42.4 $18.9 $23.5 $25.8 $11.6 $14.1 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 % of Total Contribution ex-TAC 59% 72% 50% 71% 71% 73% Note: Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (Lo
Slide 19: Active Customers and Spend Per Active Customer
Active Customers and Spend Per Active Customer Active Customers Contribution ex-TAC per Active Customer ($ in thousands) 288 269 $438 266 $428 264 $419 260 258 $400 $404 $389 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 YoY % Change -2% -7% -7% -5% -1% +11% +51% +34% +23%
Slide 20: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 20
Slide 21: Reconciliation of Revenue to Contribution ex-TAC
Reconciliation of Revenue to Contribution ex-TAC in thousands Six Months Ended June 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Revenue $ 68,585 $ 90,555 $ 38,160 $ 30,425 $ 40,205 $ 56,461 $ 40,144 $ 50,411 Less: Platform operations
Slide 22: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA in thousands Six Months Ended June 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Net income (loss) $ 299 $ (32,966) $ 329 $ (30) $ 7,478 $ 12,861 $ (14,870) $ (18,095) Add back: In
Slide 23: Reconciliation of Net Income (Loss) to non-GAAP Net Income (Loss)
Reconciliation of Net Income (Loss) to non-GAAP Net Income (Loss) in thousands Six Months Ended June 30, Three Months Ended 2020 2021 Jun 30, 2021 Net income (loss) $ 299 $ (32,966) $ (18,095) Add back: Stock-based compensation — 46,777 29,686 Less: Gain on extinguishment of debt — (6,110) (6,110) L
Slide 24: Reconciliation of earnings (loss) per share to non-GAAP earnings (loss) per share
Reconciliation of earnings (loss) per share to non-GAAP earnings (loss) per share in thousands, except per share data Six Months Ended Three Months Ended June 30, 2021 June 30, 2021 Non-GAAP Non-GAAP (Loss) per Earnings (Loss) per Earnings Share Adjustments per Share Share Adjustments per Share Nume
Slide 25: Stock-based compensation
Stock-based compensation in thousands Six Months Ended June 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Stock-based compensation: Platform operations $ — $ 8,701 $ — $ — $ — $ — $ 3,161 $ 5,540 Sales and marketing — 18,727 — — — — 6,
Slide 26: Depreciation and Amortization
Depreciation and Amortization in thousands Six Months Ended June 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Depreciation and amortization Platform operations $ 3,790 $ 3,694 $ 1,937 $ 1,853 $ 1,794 $ 1,754 $ 1,753 $ 1,941 Sales and
Slide 27: Viant
VIANT.