Slide 1: Q4 2021 Earnings Presentation
Q4 2021 Earnings Presentation / March 10, 2022 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: 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 and the related earnings press release the following financial measures that are not calculated in accordance with U.S. generally accepted accounti
Slide 4: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP measure. Non-GAAP earnings (loss) per share of Class A common stoc
Slide 5: Operational Metrics
OPERATIONAL METRICS To provide investors and others with additional information regarding Viant’s results, we have also included the following operational metrics in this presentation and the related earnings press release: Advertiser spend and active customers. We define advertiser spend as the tot
Slide 6: Q4 and FY 2021 Highlights
Q4 AND FY 2021 HIGHLIGHTS FINANCIAL HIGHLIGHTS* BUSINESS HIGHLIGHTS Exceeded guidance for revenue and adjusted EBITDA for four Active customers grew by 45 (+17% YoY) to 309 in Q4 2021 and consecutive quarters in 2021 contribution ex-TAC per active customer increased $39k (+9% YoY) to $458k Adv
Slide 7: Strong Performance vs. Guidance in Q4
STRONG PERFORMANCE VS. GUIDANCE IN Q4 ($ in millions) Q4 Guidance(1) Q4 Actuals Q4 Variance Q4 results exceeded Revenue $72.5 $82.7 $10.2 revenue and adjusted % YoY Growth +28% +46% +18% EBITDA guidance for Contribution ex-TAC $48.8 $48.5 $(0.3) +25% +24% -1% the fourth consecutive % YoY Growth quar
Slide 8: Significant YoY Growth in Q4 2021 Across Key Metrics
SIGNIFICANT YOY GROWTH IN Q4 2021 ACROSS KEY METRICS Advertiser Spend 26% Revenue 46% Contribution ex-TAC 24% Adjusted EBITDA 12% Active Customers 17% Contribution ex-TAC per Active Customer 9% Note: Contribution ex-TAC, adjusted EBITDA, non-GAAP net income (loss) and non-GAAP earnings (loss) per sh
Slide 9: Continued Growth in Customer Adoption
CONTINUED GROWTH IN CUSTOMER ADOPTION Active Customers Contribution ex-TAC per Active Customer (as of December 31) ($ in thousands) +17% +9% Growth Growth 309 $458 264 $419 Q4-20 Q4-21 Q4-20 Q4-21 Growth in number of Active Growth in Contribution ex-TAC per Customers +45 YoY Active Customer +$39K Yo
Slide 10: Active Customers & Contribution ex-TAC per Active Customer
ACTIVE CUSTOMERS & CONTRIBUTION EX-TAC PER ACTIVE CUSTOMER Active Customers Contribution ex-TAC per Active Customer ($ in thousands) 309 $458 305 $438 $433 288 $428 $419 269 $400 $404 264 266 260 $389 258 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21
Slide 11: Revenue – Annual and Quarterly Performance
REVENUE – ANNUAL AND QUARTERLY PERFORMANCE ($ in millions) +36% +5% +66% Growth Growth Growth $50.4 $38.2 $40.1 $30.4 Q1-20 Q1-21 Q2-20 Q2-21 +46% $224.1 Growth $165.3 +26% Growth $82.7 $50.9 $56.5 $40.2 Dec FY 31, 20202020 Dec FY31, 2021 2021 Q3-20 Q3-21 Q4-20 Q4-21 Note: Contribution ex-TAC, adjus
Slide 12: Contribution ex-TAC – Annual and Quarterly Performance
CONTRIBUTION EX-TAC – ANNUAL AND QUARTERLY PERFORMANCE ($ in millions) +15% +61% +28% Growth Growth Growth $26.7 $32.2 $23.3 $20.0 Q1-20 Q1-21 Q2-20 Q2-21 +24% $141.5 Growth $110.5 +22% Growth $48.5 $34.1 $39.1 $28.0 Dec FY 31, 20202020 Dec FY31, 2021 2021 Q3-20 Q3-21 Q4-20 Q4-21 Note: Contribution
Slide 13: CTV Contribution ex-TAC – Annual and Quarterly Performance
CTV CONTRIBUTION EX-TAC – ANNUAL AND QUARTERLY PERFORMANCE ($ in millions) +68% +85% +105% Growth Growth Growth $12.6 $13.1 $6.8 $6.4 Q1-20 Q1-21 Q2-20 Q2-21 % of 29% 47% 32% 41% $58.0 Total CxT +66% Growth $34.6 +28% Growth $21.7 $10.7 $13.0 $8.3 Dec FY 31, 20202020 Dec FY31, 2021 2021 Q3-20 Q3-21
Slide 14: Q4 2021 Change in Adjusted Cash Operating Expenses
Q4 2021 CHANGE IN ADJUSTED CASH OPERATING EXPENSES ($ in millions) Adjusted Cash Operating Expenses Adjusted cash operating expenses +32% YoY vs. Q4 2020 +32% Growth YoY increase predominantly driven by increased personnel costs ~20% YoY increase in headcount $31.1 Increase in sales headcount $23.6
Slide 15: FY 2021 Change in Adjusted Cash Operating Expenses
FY 2021 CHANGE IN ADJUSTED CASH OPERATING EXPENSES ($ in millions) Adjusted Cash Operating Expenses Adjusted cash operating expenses +33% YoY vs. FY 2020 +33% Growth YoY increase predominantly driven by increased personnel costs ~20% YoY increase in headcount $104.4 Increase in sales headcount $78.7
Slide 16: Q4 2021 Adjusted EBITDA Bridge
Q4 2021 ADJUSTED EBITDA BRIDGE ($ in millions) Adjusted EBITDA Adjusted EBITDA +12% YoY ( $7.5 ) + $9.3 Q4 adjusted EBITDA margin of 36% of Contribution ex-TAC $17.4 $15.6 reflects continued investment in scaling sales, marketing and technology infrastructure Q4-20 Adjusted EBITDA Growth in Increase
Slide 17: FY 2021 Adjusted EBITDA Bridge
FY 2021 ADJUSTED EBITDA BRIDGE ($ in millions) Adjusted EBITDA Adjusted EBITDA + $31.0 ( $25.7 ) +17% YoY FY 2021 adjusted EBITDA margin of 26% of Contribution ex-TAC $37.1 $31.8 reflects continued investment in scaling sales, marketing and technology infrastructure 2020 Adjusted EBITDA Growth in In
Slide 18: Q1 and FY 2022 Guidance Ranges
Q1 AND FY 2022 GUIDANCE RANGES ($ in millions) CONTINUED STRONG GROWTH IN 2022 Q1 2022 FY 2022 Revenue $ 42.0 - $ 44.0 $ 260.0 - $ 270.0 YoY % Growth 5% - 10% 16% - 20% Adj. EBITDA $ (5.0) - $ (4.0) $ 25.0 - $ 35.0 Long-term revenue Long-term adjusted EBITDA margin target target by 2025 as a % of co
Slide 19: Appendix
APPENDIX 19
Slide 20: Adjusted Cash Operating Expense
ADJUSTED CASH OPERATING EXPENSE ($ in millions, unaudited) FY-20 FY-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 C ontribution ex -TAC $ 1 1 0 .5 $ 1 4 1 .5 $ 2 3 .3 $ 2 0 .0 $ 2 8 .0 $ 3 9 .1 $ 2 6 .7 $ 3 2 .2 $ 3 4 .1 $ 4 8 .5 Adjusted cash operating expenses (78.7) (104.4) (20.1) (17.3) (17
Slide 21: Adjusted Cash Gross Profit Calculation
ADJUSTED CASH GROSS PROFIT CALCULATION ($ in millions, unaudited) FY-20 FY-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Revenue $ 1 6 5 .3 $ 2 2 4 .1 $ 3 8 .2 $ 3 0 .4 $ 4 0 .2 $ 5 6 .5 $ 4 0 .1 $ 5 0 .4 $ 5 0 .9 $ 8 2 .7 Less: Traffic acquisition costs (54.7) (82.6) (14.8) (10.4) (12.2) (17.3
Slide 22: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 (in thousands) (in thousands) Revenue $ 82,715 $ 56,461 $ 224,127 $ 165,251 Less: Platform operations (44,578) (25,944) (129,604) (88,260) Gross pr
Slide 23: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 (in thousands) (in thousands) Net income (loss) $ 7,516 $ 12,861 $ (37,609) $ 20,638 Add back: Interest expense, net 161 249 864 1,038 Depreciation and amort
Slide 24: Net Income as Percentage of Gross Profit and Adjusted EBITDA Percentage
NET INCOME (LOSS) AS PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 (in thousands) (in thousands) Gross profit $ 38,137 $ 30,517 $ 94,523 $ 76,991 Net income (loss) 7,516 12
Slide 25: Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss)
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 (in thousands) (in thousands) Net income (loss) $ 7,516 $ 12,861 $ (37,609) $ 20,638 Add back: Stock-based compensation 6,631 - 68,822 - Less: Gai
Slide 26: Reconciliation of Earnings (Loss) per Share to Non-GAAP
RECONCILIATION OF EARNINGS (LOSS) PER CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER CLASS A COMMON STOCK (Unaudited) Three Months Ended Year Ended December 31, 2021 December 31, 2021 Non-GAAP Non-GAAP Earnings Earnings Earnings per (Loss) (Loss) per (Loss) Share Adjustments per Share Share Ad
Slide 27: Stock-Based Compensation
STOCK-BASED COMPENSATION (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 (in thousands) (in thousands) Stock-based compensation: Platform operations $ 1,253 $ - $ 13,096 $ - Sales and marketing 2,053 - 25,639 - Technology and development 1,390 - 12,373 - Gener
Slide 28: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 (in thousands) (in thousands) Depreciation and amortization: Platform operations $ 2,439 $ 1,754 $ 8,388 $ 7,338 Sales and marketing - - - - Technology and development 414 402 1,599
Slide 29: Viant
VIANT.