Slide 1: Earnings Presentation Q4 & FY 2024
EARNINGS PRESENTATION Q4 & FY 2024 March 3, 2025 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: Highlights Q4 2024
HIGHLIGHTS Q4 2024 ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all exceeded the high end of guidance REVENUE ▪ Revenue increased 40% YoY and contribution ex-TAC increased 28% YoY +40% YoY ▪ Sixth consecutive quarter of contribution ex-TAC growth of over 20% ▪ Healthcare, consumer goods, publ
Slide 4: Highlights FY 2024
HIGHLIGHTS FY 2024 ▪ Record revenue, contribution ex-TAC, and EBITDA REVENUE ▪ Revenue increased 30% YoY and contribution ex-TAC increased 24% YoY +30% YoY ▪ Revenue and contribution ex-TAC grew faster than non-GAAP operating expenses CONTRIBUTION EX-TAC ▪ Adjusted EBITDA increased 53% YoY +24% YoY
Slide 5: Viant Acquired Lockr
VIANT ACQUIRED LOCKR ▪ Viant acquired Lockr, a data collaboration platform specializing in first party data activation in February 2025 Lockr – Transforming Data Collaboration for Identity and Addressability ▪ Lockr empowers enterprises to collect, enrich, and activate consented first-party data ▪ P
Slide 6: Strong Performance Q4 2024 vs. Guidance
STRONG PERFORMANCE Q4 2024 VS. GUIDANCE Q4 Guidance Q4 Actual Q4 Better / (Worse) Midpoint(1) Revenue $83.5 $90.1 $6.6 Contribution ex-TAC $52.0 $54.4 $2.4 Non-GAAP Operating Expenses $35.5 $37.3 $(1.8) Adjusted EBITDA $16.5 $17.1 $0.6 (2) Adjusted EBITDA Margin 32% 31% (1% ) Note: Contribution ex-T
Slide 7: Revenue
REVENUE FOURTH QUARTER FULL YEAR +40% YoY +30% YoY $90.1 $289.2 $64.4 $222.9 Q4-23 Q4-24 2023 2024 ▪ Revenue increased 40% YoY to $90 million in Q4 2024 and increased 30% YoY to $289 million in FY 2024 ▪ CTV and streaming audio continue to be strong growth drivers, propelled by our Household ID tech
Slide 8: Contribution ex-TAC
CONTRIBUTION EX-TAC FOURTH QUARTER FULL YEAR +24% YoY +28% YoY $54.4 $177.4 $42.6 $143.4 Q4-23 Q4-24 2023 2024 ▪ Contribution ex-TAC increased 28% YoY to $54 million in Q4 2024 and increased 24% to $177 million in FY 2024 ▪ Q4 was the sixth consecutive quarter of contribution ex-TAC growth of over 2
Slide 9: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES FOURTH QUARTER FULL YEAR +26% YoY +16% YoY $37.3 $132.9 $29.6 $114.3 Q4-23 Q4-24 2023 2024 ▪ Non-GAAP operating expenses increased 26% YoY in Q4 2024 and 16% YoY in FY 2024 ▪ Q4 2024 includes incremental costs due to the acquisition of IRIS.TV, which accounted for approxi
Slide 10: Adjusted EBITDA
ADJUSTED EBITDA FOURTH QUARTER FULL YEAR +31% YoY +53% YoY $17.1 $44.4 $13.0 $29.1 Q4-23 Q4-24 2023 2024 ▪ Adjusted EBITDA increased by 31% YoY in Q4 2024, marking our eighth consecutive quarter of adjusted EBITDA growth of over 30% ▪ Adjusted EBITDA increased 53% YoY in FY 2024 to $44 million while
Slide 11: Non-GAAP Operating Expenses and Adjusted EBITDA
NON-GAAP OPERATING EXPENSES AND ADJUSTED EBITDA Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Contribution ex-TAC $28.0 $33.7 $39.1 $42.6 $34.1 $41.6 $47.4 $54.4 Non-GAAP operating expenses $28.4 $26.9 $29.4 $29.6 $31.0 $32.0 $32.7 $37.3 Adjusted EBITDA $(0.4) $6.8 $9.7 $13.0 $3.1 $9.6 $14.7 $17.1
Slide 12: Guidance Ranges Q1 2025
GUIDANCE RANGES Q1 2025 (1) % YoY Change at Q1 2025 Guidance Midpoint Revenue $65.0 - $68.0 25% Contribution ex-TAC $40.5 - $42.5 22% Non-GAAP Operating Expenses $37.25 - $38.25 22% Adjusted EBITDA $3.25 - $4.25 22% (2) Adjusted EBITDA Margin 8% - 10% n/a Note: Contribution ex-TAC, non-GAAP operatin
Slide 13: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 16.4 Share price (2/28/2025) $ 19.99 Class B shares 46.8 Total Class A and Class B shares outstanding(1) 63.1 Total Class A and Class B shares outstanding(1) 63.1 Market capitalization $ 1,261.8 Plus: Debt - Less: Cash(2) $
Slide 14: Appendix
APPENDIX 14
Slide 15: 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 16: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) Free cash flow is a non-GAAP financial measure defined by us as net cash provided by (used in) operating activities, less purchases of property and equipment and capitalized software development costs. Net cash provided by (used in) operating activities is the
Slide 17: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 (Unaudited, in thousands) Revenue $ 41,720 $ 57,223 $ 59,585 $ 64,406 $ 53,393 $ 65,866 $ 79,922 $ 90,054 Less: Platform operations (23,337) (33,523) (30,965) (32,654) (29,880) (35,122) (
Slide 18: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 (Unaudited, in thousands) Operating expenses: Platform operations $ 23,337 $ 33,523 $ 30,965 $ 32,654 $ 29,880 $ 35,122 $ 44,598 $ 47,564 Sales and marketing 12,169 11,691 14,146 12,64
Slide 19: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 (Unaudited, in thousands) Net income (loss) $ (9,376) $ (3,203) $ (672) $ 3,308 $ (3,214) $ 1,488 $ 6,458 $ 7,720 Add back (less): Interest income, net (1,819) (2,049) (2,329) (2,397) (2,381) (2,35
Slide 20: Net Income as Percentage of Gross Profit and Adjusted EBITDA Margin
NET INCOME (LOSS) AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 (Unaudited, in thousands) Gross profit $ 18,383 $ 23,700 $ 28,620 $ 31,752 $ 23,513 $ 30,744 $ 35,324 $ 42,490 Net income (loss) $ (9,376) $ (3
Slide 21: Reconciliation of Net Income (Loss) to Non-GAAP Net Income
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited, in thousands) Net income (loss) $ 7,720 $ 3,308 $ 12,452 $ (9,943) Add back (less): Stock-based compensation 5,728 7,556 21,034 32,291 Restructuring and
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 Three M on t hs E n ded D ec ember 31, 2024 Three M on t hs E n ded D ec ember 31, 2023 Non -G AAP Non -G AAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i
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 Year E n ded Dec ember 31, 2024 Year E n ded Dec ember 31, 2023 Non -GAAP Non -GAAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n g
Slide 24: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 601 $ 917 $ 2,114 $ 4,104 Sales and marketing 1,164 2,109 4,238 9,729 Technology and development 873 1,389 2,717 5,752 Genera
Slide 25: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,402 $ 3,360 $ 13,842 $ 12,187 Sales and marketing — — — — Technology and development 456 397 1,759 1,559 General
Slide 26: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE Year Ended December 31, 2024 2023 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 177,390 $ 143,382 24% (1) Headcount 352 329 7% Contribution ex-TAC per employee $ 504 $ 436 16% Note: Contribution ex-TAC and Contribution
Slide 27: Reconciliation of Net Cash from Operating Activities to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited, in thousands) Net cash provided by operating activities $ 16,491 $ 23,249 $ 51,767 $ 37,752 Less: Purchases of property and equipment