Slide 1: Q1 2022 Earnings Presentation
Q1 2022 Earnings Presentation / May 3, 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: Q1 2022 Highlights
Q1 2022 HIGHLIGHTS FINANCIAL HIGHLIGHTS* BUSINESS HIGHLIGHTS ▪ Achieved or exceeded guidance ranges for revenue and ▪ Active customers grew to 327 in Q1 2022, an increase adjusted EBITDA for the fifth consecutive quarter of 61 (+23%) YoY and 18 (+6%) over Q4 2021 ▪ Continued to accelerate market pen
Slide 8: Consistent Performance vs. Guidance
CONSISTENT PERFORMANCE VS. GUIDANCE ($ in millions) Q1 Guidance Q1 Actuals Revenue $42.0 - $44.0 $42.6 Exceeded / achieved % YoY Growth +5% - +10% +6% guidance for the fifth consecutive quarter Adjusted EBITDA $(5.0) - $(4.0) $(3.9) Note: Contribution ex-TAC, adjusted EBITDA, adjusted EBITDA as a pe
Slide 9: Continued YoY Growth in Q1 2022 Across Key Metrics
CONTINUED YOY GROWTH IN Q1 2022 ACROSS KEY METRICS Advertiser Spend 44% Revenue 6% Contribution ex-TAC 3% Active Customers 23% Note: Contribution ex-TAC, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income (loss), non-GAAP earnings (loss) per share of Class A
Slide 10: Active Customers
ACTIVE CUSTOMERS Active customers +23% YoY vs. Q1 2021 327 305 309 Q1 YoY increase of 61 288 269 customers driven by 260 258 264 266 continued growth with mid-market agencies Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 and direct clients YOY % Change -2% -7% -7% -5% -1% +11% +18% +17% +23%
Slide 11: Advertiser Spend – Q1 Performance
ADVERTISER SPEND – Q1 PERFORMANCE Advertiser Spend +44% By Channel: Growth CTV +18% YoY CTV excl. Auto & CPG(1) +64% YoY Mobile, Audio, DOOH +73% YoY All Other +51% YoY By Vertical: Auto(1) -53% YoY Q1-21 Q1-22 All Other +53% YoY Note: Contribution ex-TAC, adjusted EBITDA, adjusted EBITDA as a perce
Slide 12: Q1 2022 Change in Non-GAAP Operating Expenses
Q1 2022 CHANGE IN NON-GAAP OPERATING EXPENSES ($ in millions) Non-GAAP Operating Expenses +44% Non-GAAP operating expenses Growth +44% YoY vs. Q1 2021 YoY increase predominantly driven by increased personnel costs and other $31.4 incremental investments 34% YoY increase in personnel costs $21.9 Q1-2
Slide 13: Q2 and FY 2022 Guidance Ranges
Q2 AND FY 2022 GUIDANCE RANGES ($ in millions) CONTINUED STRONG GROWTH IN 2022 Q2 2022 FY 2022 Revenue $52.5 - $55.0 $260.0 - $270.0 % YoY Growth +4% - +9% 16% - 20% Adjusted EBITDA $(5.0) - $(3.0) $25.0 - $35.0 Long-term revenue Long-term adjusted EBITDA margin target target by 2025 as a % of contr
Slide 14: Appendix
APPENDIX 14
Slide 15: Non-GAAP Operating Expense
NON-GAAP OPERATING EXPENSE ($ in millions, unaudited) Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 C ontribution ex -TAC $ 26.7 $ 32.2 $ 34.1 $ 48.5 $ 27.5 Non-GAAP operating expenses (21.9) (23.9) (27.6) (31.1) (31.4) Adjusted EBITDA $ 4.9 $ 8.3 $ 6.5 $ 17.4 $ (3.9) ▪ 44% YoY growth in non-GAAP operating expenses
Slide 16: Reconciliation of Operating Expense to Non-GAAP Operating Expense
RECONCILIATION OF OPERATING EXPENSE TO NON-GAAP OPERATING EXPENSE (Unaudited) Three Months Ended March 31, 2022 2021 (in thousands) Operating expenses: Platform operations $ 26,194 $ 24,344 Sales and marketing 13,756 14,185 Technology and development 5,003 5,900 General and administrative 11,083 10,
Slide 17: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC (Unaudited) Three Months Ended March 31, 2022 2021 (in thousands) Revenue $ 42,629 $ 40,144 Less: Platform operations (26,194) (24,344) Gross profit 16,435 15,800 Add back: Other platform operations 11,109 10,941 Contribution ex-TAC $
Slide 18: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited) Three Months Ended March 31, 2022 2021 (in thousands) Net loss $ (13,563) $ (14,870) Add back: Interest expense, net 152 235 Depreciation and amortization 3,154 2,427 Stock-based compensation 6,376 17,090 Adjusted EBITDA $ (3,881) $
Slide 19: Net Income (Loss) 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 March 31, 2022 2021 (in thousands*) Gross profit $ 16,435 $ 15,800 Net loss $ (13,563) $ (14,870) Net loss as a percentage of gross profit (83)% (94)% Contributio
Slide 20: 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 March 31, 2022 2021 (in thousands) Net loss $ (13,563) $ (14,870) Add back: Stock-based compensation 6,376 17,090 Income tax benefit (expense) related to Viant Technology Inc.’s share of adjustments 416
Slide 21: Reconciliation of Earnings (Loss) per Class A Common Stock to Non-GAAP
RECONCILIATION OF EARNINGS (LOSS) PER CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER CLASS A COMMON STOCK (Unaudited) Three M on t hs E n ded Three M on t hs E n ded M arc h 31, 2022 M arc h 31, 2021 E arn i n gs Non -G AAP E arn i n gs Non -G AAP ( Los s ) per E arn i n gs ( Los s ) ( Los s )
Slide 22: Stock-Based Compensation
STOCK-BASED COMPENSATION (Unaudited) Three Months Ended March 31, 2022 2021 (in thousands) Stock-based compensation: Platform operations $ 1,086 $ 3,161 Sales and marketing 2,179 6,813 Technology and development 1,169 2,939 General and administrative 1,942 4,177 Total stock-based compensation $ 6,37
Slide 23: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION (Unaudited) Three Months Ended March 31, 2022 2021 (in thousands) Depreciation and amortization: Platform operations $ 2,311 $ 1,753 Sales and marketing - - Technology and development 595 381 General and administrative 248 293 Total depreciation and amortization $ 3,154
Slide 24: Viant
VIANT.