Slide 1: Earnings Presentation Q1 2023
EARNINGS PRESENTATION Q1 2023 MAY 8, 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: 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: Highlights Q1 2023
HIGHLIGHTS Q1 2023 ▪ Revenue decreased 2% YoY, at the high end of guidance CONTRIBUTION EX-TAC ▪ Macroeconomic environment continued to impact advertisers, but was stabilizing in Q1 ▪ Contribution ex-TAC increased 2% YoY, above the high end of guidance, driven by mix shift to percentage of spend +2%
Slide 8: Strong Performance vs. Guidance
STRONG PERFORMANCE VS. GUIDANCE Q1 revenue was at the high end of the guidance range, while contribution ex-TAC and adjusted EBITDA exceeded guidance Q1 Guidance Q1 Actual Q1 Variance Midpoint Revenue $40.5 $41.7 $1.2 Contribution ex-TAC $26.5 $28.0 $1.5 Non-GAAP Operating Expenses $30.0 $28.4 $(1.6
Slide 9: Active Customers
ACTIVE CUSTOMERS ▪ Active customers ACTIVE CUSTOMERS grew by one from Q4 and were flat vs. prior +1 year. The number of percentage of spend customers continues to increase, offset by a decline in VS. Q4 2022 fixed price customers, which tend to be less resilient during 336 334 327 326 327 challengin
Slide 10: Non-GAAP Operating Expenses Q1 2023
NON-GAAP OPERATING EXPENSES Q1 2023 -10% YoY OpEx -8% QoQ VS. Q1 2022 VS. Q4 2022 -10% Non-GAAP operating expenses declined 8% DECREASE from Q4, marking the third consecutive quarterly decline in expenses This represented a YoY decrease of 10% $31.4 driven by disciplined cost management while $28.4
Slide 11: Guidance Ranges Q2 2023
GUIDANCE RANGES Q2 2023 % YoY Change at Q2 2023 GUIDANCE Midpoint $500 Million Revenue $52.0 - $55.0 4% Long-term revenue Contribution ex-TAC $32.0 - $34.0 4% 35% Non-GAAP Operating Expenses $30.0 - $31.0 (12% ) Adjusted EBITDA Long-term adjusted EBITDA $2.0 - $3.0 n/a margin target as a % of contri
Slide 12: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 15.1 Share price (5/5/2023) $ 4.24 Class B shares 47.1 Total class A and class B shares outstanding(1) 62.1 Total Class A and Class B shares outstanding (1) 62.1 Market capitalization $ 263.5 Plus: Debt - Less: Cash $ (201.
Slide 13: Appendix
APPENDIX 13
Slide 14: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Contribution ex-TAC $27.5 $31.7 $32.1 $33.4 $28.0 Non-GAAP operating expenses $31.4 $34.8 $33.9 $30.7 $28.4 Adjusted EBITDA $(3.9) $(3.1) $(1.8) $2.6 $(0.4) ▪ Q1-23 non-GAAP operating expenses significantly decreased vs. Q4, driven by the cos
Slide 15: Reconciliation of TTM Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF TTM REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Trailing Twelve Months Ended March 31, 2023 2022 (Unaudited, in thousands) Revenue $ 196,259 $ 226,612 Less: Platform operations (113,868) (131,454) Gross profit 82,391 95,158 Add back: Other platform operations 42,784 47,145 Contr
Slide 16: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Three Months Ended March 31, 2023 2022 (Unaudited, in thousands) Revenue $ 41,720 $ 42,629 Less: Platform operations (23,337) (26,194) Gross profit 18,383 16,435 Add back: Other platform operations 9,608 11,109 Contribution ex-TAC $ 27
Slide 17: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Three Months Ended March 31, 2023 2022 (Unaudited, in thousands) Operating expenses: Platform operations $ 23,337 $ 26,194 Sales and marketing 12,169 13,756 Technology and development 5,894 5,003 General and administrative 11,428 11
Slide 18: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA Three Months Ended March 31, 2023 2022 (Unaudited, in thousands) Net loss $ (9,376) $ (13,563) Add back: Interest expense (income), net (1,819) 152 Depreciation and amortization 3,412 3,154 Stock-based compensation 7,472 6,376 (1) Restructuring (79) - Ad
Slide 19: 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 Three Months Ended March 31, 2023 2022 (Unaudited, in thousands, except for percentages) Gross profit $ 18,383 $ 16,435 Net loss $ (9,376) $ (13,563) Net loss as a percentage of gross profit (51)% (83
Slide 20: Reconciliation of Net Loss to Non-GAAP Net Loss
RECONCILIATION OF NET LOSS TO NON-GAAP NET LOSS Three Months Ended March 31, 2023 2022 (Unaudited, in thousands) Net loss $ (9,376) $ (13,563) Add back: Stock-based compensation 7,472 6,376 Add back: Restructuring (1) (79) - Income tax benefit (expense) related to Viant Technology Inc.’s share of ad
Slide 21: Reconciliation of EPS to Non-GAAP EPS
RECONCILIATION OF EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK Three Months Ended Three Months Ended March 31, 2023 March 31, 2022 Earnings (Loss) per Non-GAAP Earnings Earnings (Loss) Non-GAAP Earnings Share Adjustments (Loss) per S
Slide 22: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended March 31, 2023 2022 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 892 $ 1,086 Sales and marketing 2,512 2,179 Technology and development 1,327 1,169 General and administrative 2,741 1,942 Total stock-based compensation $ 7,472 $
Slide 23: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended March 31, 2023 2022 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 2,770 $ 2,311 Sales and marketing - - Technology and development 393 595 General and administrative 249 248 Total depreciation and amortization $ 3,412