Slide 1: Q1 2025 Earnings Presentation
Q1 2025 EARNINGS PRESENTATION May 6, 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 Q1 2025
HIGHLIGHTS Q1 2025 ▪ Revenue, contribution ex-TAC, and adjusted EBITDA all exceeded the high end of guidance ▪ Revenue increased 32% YoY and contribution ex-TAC increased 25% YoY, led by growth in CTV REVENUE ▪ Seventh consecutive quarter of YoY contribution ex-TAC growth over 20% +32% YoY ▪ Deliver
Slide 4: Strong Performance Q1 2025 vs. Guidance
STRONG PERFORMANCE Q1 2025 VS. GUIDANCE Q1 Guidance Q1 Actual Q1 Better / (Worse) Midpoint(1) Revenue $66.5 $70.6 $4.1 Contribution ex-TAC $41.5 $42.7 $1.2 Non-GAAP Operating Expenses $37.8 $37.3 $0.4 Adjusted EBITDA $3.8 $5.4 $1.7 (2) Adjusted EBITDA Margin 9% 13% 4% Note: Contribution ex-TAC, non-
Slide 5: Revenue & Contribution ex-TAC
REVENUE & CONTRIBUTION EX-TAC REVENUE CONTRIBUTION EX-TAC +32% YoY +25% YoY $70.6 $53.4 $42.7 $34.1 Q1-24 Q1-25 Q1-24 Q1-25 ▪ Revenue increased 32% YoY to $71 million and contribution ex-TAC increased 25% YoY to $43 million. Both metrics were above guidance for the quarter ▪ CTV continues to be a st
Slide 6: Non-GAAP Operating Expenses and Adjusted EBITDA
NON-GAAP OPERATING EXPENSES AND ADJUSTED EBITDA NON-GAAP OPERATING EXPENSES ADJUSTED EBITDA +20% YoY $37.3 +76% YoY $31.0 $5.4 $3.1 Q1-24 Q1-25 Q1-24 Q1-25 ▪ Non-GAAP operating expenses increased 20% YoY and decreased approximately 360 basis points YoY as a percentage of contribution ex-TAC, highlig
Slide 7: Quarterly Financial Performance Snapshot
QUARTERLY FINANCIAL PERFORMANCE SNAPSHOT Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Revenue $53.4 $65.9 $79.9 $90.1 $70.6 % YoY Growth 28% 15% 34% 40% 32% Contribution ex-TAC $34.1 $41.6 $47.4 $54.4 $42.7 % YoY Growth 22% 23% 21% 28% 25% Non-GAAP operating expenses $31.0 $32.0 $32.7 $37.3 $37.3 Adjusted EBITDA $
Slide 8: Consistent Contribution ex-TAC YoY Growth
CONSISTENT CONTRIBUTION EX-TAC YOY GROWTH SEVEN CONSECUTIVE QUARTERS OF YOY CONTRIBUTION EX-TAC GROWTH OF OVER 20% 28% 28% 25% 23% 22% 22% 21% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Note: Contribution ex-TAC is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to t
Slide 9: Guidance Ranges Q2 2025
GUIDANCE RANGES Q2 2025 (1) % YoY Change at Q2 2025 Guidance Midpoint (2) Revenue $77.0 - $80.0 19% Contribution ex-TAC (2) $47.5 - $49.5 17% Non-GAAP Operating Expenses $37.0 - $38.0 17% Adjusted EBITDA $10.5 - $11.5 15% (3) Adjusted EBITDA Margin 22% - 23% n/a Note: Contribution ex-TAC, non-GAAP o
Slide 10: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 16.4 Share price (5/5/2025) $ 14.80 Class B shares 46.7 Total Class A and Class B shares outstanding(1) 63.1 Total Class A and Class B shares outstanding(1) 63.1 Market capitalization $ 934.4 Plus: Debt - Less: Cash(2) $ (1
Slide 11: Appendix
APPENDIX 11
Slide 12: 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 13: Non-GAAP Financial Measures (Continued)
NON-GAAP FINANCIAL MEASURES (CONTINUED) Net cash provided by (used in) operating activities less changes in operating assets and liabilities is a financial measure defined by us as net cash provided by (used in) operating activities less changes in operating assets and liabilities. Net cash provided
Slide 14: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 (Unaudited, in thousands) Revenue $ 57,223 $ 59,585 $ 64,406 $ 53,393 $ 65,866 $ 79,922 $ 90,054 $ 70,642 Less: Platform operations (33,523) (30,965) (32,654) (29,880) (35,122) (44,598) (
Slide 15: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 (Unaudited, in thousands) Operating expenses: Platform operations $ 29,880 $ 35,122 $ 44,598 $ 47,564 $ 40,080 Sales and marketing 12,899 13,088 13,007 14,756 14,229 Technology and development 5,232 5,8
Slide 16: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 (Unaudited, in thousands) Net income (loss) $ (3,214) $ 1,488 $ 6,458 $ 7,720 $ (3,307) Add back (less): Interest income, net (2,381) (2,359) (2,407) (2,088) (1,724) Provision for (benefit from) income taxes (99) 99
Slide 17: Net Income as % of Gross Profit and Adjusted EBITDA as % of Contribution ex-TAC
NET INCOME (LOSS) AS A PERCENTAGE OF GROSS PROFIT AND ADJUSTED EBITDA AS A PERCENTAGE OF CONTRIBUTION EX-TAC Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 (Unaudited, in thousands, ex cept percentages) Gross profit $ 23,513 $ 30,744 $ 35,324 $ 42,490 $ 30,562 Net income (loss) $ (3,214) $ 1,488 $ 6,458 $ 7,720 $ (3
Slide 18: Reconciliation of Net Loss to Non-GAAP Net Income
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME Three Months Ended March 31, 2025 2024 (Unaudited, in thousands) Net loss $ (3,307) $ (3,214) Add back (less): Stock-based compensation 5,639 4,440 (1) Restructuring and other — 183 (2) Transaction expense 298 — TRA remeasurement expense (3) 325 — In
Slide 19: 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 - QTD Three M on t hs E n ded M arc h 31, 2025 Three M on t hs E n ded M arc h 31, 2024 Non -GAAP Non -GAAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( L
Slide 20: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended March 31, 2025 2024 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 892 $ 406 Sales and marketing 1,500 755 Technology and development 758 500 General and administrative 2,489 2,779 Total stock-based compensation $ 5,639 $ 4,440 2
Slide 21: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended March 31, 2025 2024 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,572 $ 3,526 Sales and marketing 74 — Technology and development 590 431 General and administrative 88 189 Total depreciation and amortization $ 4,324
Slide 22: Contribution ex-TAC per Employee
CONTRIBUTION EX-TAC PER EMPLOYEE TTM TTM Q1-25 Q1-24 Change (%) (Unaudited, in thousands, ex cept percentages and headcount) Contribution ex-TAC $ 185,998 $ 149,512 24% (1) Headcount 364 332 10% Contribution ex-TAC per employee $ 511 $ 450 13% Note: Contribution ex-TAC and Contribution ex-TAC per em
Slide 23: Reconciliation of Operating Cash Flow Less Changes in Operating Assets and Liabilities
RECONCILIATION OF CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES LESS CHANGES IN OPERATING ASSETS AND LIABILITIES Three Months Ended March 31, 2025 2024 (Unaudited, in thousands) Net cash provided by (used in) operating activities $ (4,452) $ 3