Slide 1: Q2 2022 Earnings Presentation
Q2 2022 Earnings Presentation / August 9, 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 the following financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): contribution ex
Slide 4: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring charges, transaction expen
Slide 5: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, the Company’s financial information calculated in accordance with GAAP and should not be considered measures of the Company’s liquidity. Further, these non
Slide 6: Operational Metrics
OPERATIONAL METRICS We have also included the following operational metrics in this presentation: Advertiser spend and active customers. We define advertiser spend as the total amount billed to our customers for activity on our platform inclusive of the costs of advertising media, third-party data,
Slide 7: Q2 2022 Highlights
Q2 2022 HIGHLIGHTS FINANCIAL HIGHLIGHTS* BUSINESS HIGHLIGHTS ▪ Advertiser spend: ▪ Active customers increased by 48 (+17%) YoY to 336 and by 9 (+3%) over Q1 2022 ▪ Q2 increased 32% YoY ▪ YTD through Q2 increased 37% YoY ▪ Advertiser spend per active customer increased +13% YoY ▪ Growth in spend driv
Slide 8: Consistent Performance vs. Guidance
CONSISTENT PERFORMANCE VS. GUIDANCE ($ in millions) Q2 Guidance Actual Q2 Achieved EBITDA Revenue $52.5 - $55.0 $51.2 guidance for the sixth % YoY Growth +4% - +9% +2% consecutive quarter Adjusted EBITDA $(5.0) - $(3.0) $(3.1) Note: Adjusted EBITDA is a non-GAAP financial measure. Reconciliations of
Slide 9: Continued Growth in Q2 2022 Across Key Metrics
CONTINUED GROWTH IN Q2 2022 ACROSS KEY METRICS YoY growth rates: +32% +2% +17% +13% Active Adv. Spend per Advertiser Spend Revenue Customers Active Customer QoQ growth rates: +15% +20% +3% +4% Active Adv. Spend per Advertiser Spend Revenue Customers Active Customer Note: Advertiser spend is an opera
Slide 10: Active Customers
ACTIVE CUSTOMERS Active customers +17% YoY vs. Q2 2021 336 327 Q2 YoY increase of 48 305 309 customers driven by 288 continued growth with 269 266 264 mid-market agencies 260 258 and direct clients Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 YOY % -2% -7% -7% -5% -1% +11% +18% +17% +
Slide 11: Advertiser Spend – Q2 Performance
ADVERTISER SPEND – Q2 PERFORMANCE Advertiser Spend +32% Growth By Channel: CTV excl. Auto & CPG(1) +28% YoY Mobile & Desktop +56% YoY Streaming Audio +80% YoY DOOH +214% YoY By Vertical: Auto & CPG(1) -13% YoY All Other +51% YoY Q2-21 Q2-22 Note: Advertiser spend is an operational metric defined as
Slide 12: Q2 2022 Change in Non-GAAP Operating Expenses
Q2 2022 CHANGE IN NON-GAAP OPERATING EXPENSES ($ in millions) Non-GAAP Operating Expenses Non-GAAP operating expenses +46% YoY vs. Q2 2021 +46% Growth Growth primarily reflects planned investments to enhance our platform capabilities and expand our sales team to accelerate growth in $34.8 advertiser
Slide 13: Q3 2022 Guidance Ranges
Q3 2022 GUIDANCE RANGES ($ in millions) Q3 2022 FY 2022 Advertiser Spend % YoY Growth +20% - +25% Revenue $47.5 - $50.0 Adjusted EBITDA $(2.0) - $(1.0) Long-term revenue Long-term adjusted EBITDA margin target target by 2025 as a % of contribution ex-TAC by 2025 $500 Million 35% Note: Adjusted EBITD
Slide 14: Appendix
APPENDIX 14
Slide 15: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING ($ in millions and shares in millions, except per share data, as of 8/5/2022, Unaudited) Share Count Enterprise Value Class A shares 14.3 Share price $ 5.37 Fully diluted shares outstanding 66.1 Restricted stock units outstanding (RSUs) 4.8 Market capitalization $ 35
Slide 16: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES ($ in millions, Unaudited) Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Contribution ex-TAC $26.7 $32.2 $34.1 $48.5 $27.5 $31.7 Non-GAAP operating expenses $21.9 $23.9 $27.6 $31.1 $31.4 $34.8 Adjusted EBITDA $4.9 $8.3 $6.5 $17.4 $(3.9) $(3.1) ▪ Growth in non-GAAP operating expense
Slide 17: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Operating expenses: Platform operations $ 30,950 $ 31,715 $ 57,144 $ 56,059 Sales and marketing 17,286 20,553 31,042 34,738 Technol
Slide 18: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Revenue $ 51,200 $ 50,411 $ 93,829 $ 90,555 Less: Platform operations (30,950) (31,715) (57,144) (56,059) Gross profit 20,250 18,696 3
Slide 19: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Net loss $ (14,092) $ (18,095) $ (27,655) $ (32,966) Add back: Interest expense, net 21 241 173 476 Depreciation and amortization 3,226 2,624 6,380 5,051
Slide 20: Net Loss as a Percentage of Gross Profit and Adjusted EBITDA Percentage
NET LOSS AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands except for percentage) Gross profit $ 20,250 $ 18,696 $ 36,685 $ 34,496 Net loss $ (14,092) $ (18,09
Slide 21: Reconciliation of Net Loss to Non-GAAP Net Income (Loss)
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Net loss $ (14,092) $ (18,095) $ (27,655) $ (32,966) Add back: Stock-based compensation 7,768 29,686 14,144 46,777 Less: Gain on extinguishmen
Slide 22: 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) (Unaudited) Three M on t hs E n ded Three M on t hs E n ded Ju n e 30, 2022 Ju n e 30, 2021 Non -G AAP E arn i n gs Non -G AAP E arn i n gs ( Los s ) E arn i n gs (
Slide 23: 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) (Unaudited) Si x M on t hs E n ded Si x M on t hs E n ded Ju n e 30, 2022 Ju n e 30, 2021 Non -G AAP E arn i n gs Non -G AAP E arn i n gs ( Los s ) E arn i n gs ( L
Slide 24: Stock-Based Compensation
STOCK-BASED COMPENSATION (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation: Platform operations $ 1,303 $ 5,540 $ 2,389 $ 8,701 Sales and marketing 2,426 11,914 4,605 18,727 Technology and development 1,425 5,029 2,594 7,968
Slide 25: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands) Depreciation and amortization: Platform operations $ 2,748 $ 1,941 $ 5,059 $ 3,694 Sales and marketing - - - - Technology and development 223 383 818 763 General and adm