Viant Technology Inc. · NASDAQ:DSP
Viant Technology — Q2 2023 Earnings Presentation
21 slides from Viant Technology's earnings presentation, Aug 7, 2023
Slide 1: Earnings Presentation Q2 2023
EARNINGS PRESENTATION Q2 2023 AUGUST 7, 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: Highlights Q2 2023
HIGHLIGHTS Q2 2023 REVENUE ▪ Revenue exceeded the high end of guidance +12% YoY ▪ Contribution ex-TAC was at the high end of guidance and increased 6% YoY and 20% QoQ +37% QoQ ▪ Strong advertiser spend growth in Retail, Consumer Goods, and Online Gambling verticals ▪ Continued strong growth in adver
Slide 4: Q2 2023 – Strong Performance vs. Guidance
Q2 2023 – STRONG PERFORMANCE VS. GUIDANCE Q2 Guidance Q2 Actual Q2 Variance Midpoint Revenue $53.5 $57.2 $3.7 Contribution ex-TAC $33.0 $33.7 $0.7 Non-GAAP Operating Expenses $30.5 $26.9 $(3.6) Adjusted EBITDA $2.5 $6.8 $4.3 (1) Adjusted EBITDA Margin 8% 20% 13% Note: Contribution ex-TAC, non-GAAP o
Slide 5: Active Customers
ACTIVE CUSTOMERS ▪ We are actively cultivating deeper relationships with high quality customers capable of higher spending levels and gradually 336 334 327 326 327 shifting away from servicing 309 314 305 lower-end customers while 288 attracting and onboarding 266 customers with greater long-term va
Slide 6: Non-GAAP Operating Expenses Q2 2023
NON-GAAP OPERATING EXPENSES Q2 2023 -23% YoY -5% QoQ VS. Q2 2022 OpEx VS. Q1 2023 -23% ▪ Non-GAAP operating expenses decreased 23% YOY DECREASE while contribution ex-TAC grew 6%, demonstrating our commitment to driving operating leverage across the business ▪ While achieving these cost efficiencies,
Slide 7: Guidance Ranges Q3 2023
GUIDANCE RANGES Q3 2023 % YoY Change at Q3 2023 Guidance Midpoint $500 Million Revenue $56.0 - $59.0 18% Long-term revenue Contribution ex-TAC $35.0 - $37.0 12% Non-GAAP Operating Expenses $28.5 - $29.5 (14% ) 35% Adjusted EBITDA $6.5 - $7.5 n/a Long-term adjusted EBITDA margin target as a % EBITDA
Slide 8: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 15.3 Share price (8/4/2023) $ 4.65 Class B shares 47.1 Total class A and class B shares outstanding(1) 62.4 Total Class A and Class B shares outstanding (1) 62.4 Market capitalization $ 290.3 Plus: Debt - Less: Cash $ (203.
Slide 9: Bid Stream Summary
BID STREAM SUMMARY ▪ The dashboard below summarizes the identifiers that are currently available in the programmatic bid stream as well as those that are in development. Included within the dashboard is the Viant Household ID(1), which allows marketers to pull the plug on cookies while reaching even
Slide 10: Appendix
APPENDIX 10
Slide 11: 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 12: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Contribution ex-TAC $27.5 $31.7 $32.1 $33.4 $28.0 $33.7 Non-GAAP operating expenses $31.4 $34.8 $33.9 $30.7 $28.4 $26.9 Adjusted EBITDA $(3.9) $(3.1) $(1.8) $2.6 $(0.4) $6.8 ▪ Q2-23 non-GAAP operating expenses significantly decreased vs
Slide 13: Reconciliation of Revenue to Gross Profit to Contribution ex-TAC
RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands) Revenue $ 57,223 $ 51,200 $ 98,943 $ 93,829 Less: Platform operations (33,523) (30,950) (56,860) (57,144) Gross profit 23,700 20,250 42
Slide 14: Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands) Operating expenses: Platform operations $ 33,523 $ 30,950 $ 56,860 $ 57,144 Sales and marketing 11,691 17,286 23,860 31,042 Technolo
Slide 15: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands) Net loss $ (3,203) $ (14,092) $ (12,579) $ (27,655) Add back: Interest expense (income), net (2,049) 21 (3,868) 173 Depreciation and amortization 3,539 3,
Slide 16: Net Loss as 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 Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands, except for percentages) Gross profit $ 23,700 $ 20,250 $ 42,083 $ 36,685 Net loss $ (3,203) $ (14,09
Slide 17: Reconciliation of Net Loss to Non-GAAP Net Income (Loss)
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME (LOSS) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands) Net loss $ (3,203) $ (14,092) $ (12,579) $ (27,655) Add back: Stock-based compensation 8,529 7,768 16,001 14,144 Add back: Restructuring(1) - -
Slide 18: 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 Three M on t hs E n ded Ju n e 30, 2023 Ju n e 30, 2022 Non -G AAP Non -G AAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( L
Slide 19: 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 Si x M on t hs E n ded Si x M on t hs E n ded Ju n e 30, 2023 Ju n e 30, 2022 Non -G AAP Non -G AAP E arn i n gs ( Los s ) E arn i n gs ( Los s ) E arn i n gs ( Los
Slide 20: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 1,124 $ 1,303 $ 2,016 $ 2,389 Sales and marketing 2,520 2,426 5,032 4,605 Technology and development 1,507 1,425 2,834 2,594 Ge
Slide 21: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 2,910 $ 2,748 $ 5,680 $ 5,059 Sales and marketing - - - - Technology and development 383 223 776 818 General and admi