Viant Technology Inc. · NASDAQ:DSP
Viant Technology — Q3 2021 Earnings Presentation
29 slides from Viant Technology's earnings presentation, Nov 9, 2021
Slide 1: Q3 2021 Earnings Presentation
Q3 2021 Earnings Presentation November 9, 2021 1
Slide 2: Safe Harbor
Safe Harbor This presentation and the related earnings press release 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 pre
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use financial measures in this presentation and the related earnings press release that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures include contribution ex-TAC, adjusted EBITDA, non-GAAP net inco
Slide 4: Q3 Highlights
Q3 Highlights FINANCIAL HIGHLIGHTS BUSINESS HIGHLIGHTS Exceeded guidance across all financial metrics and raised Strong performance across cookieless channels including guidance for FY 2021 CTV, mobile, streaming audio and digital out-of-home Platform Spend(1) increased 28% YoY Active Custom
Slide 5: Significant YoY Growth Across Key Metrics
Significant YoY Growth Across Key Metrics Platform Spend(1) +28% Revenue +26% Contribution ex-TAC +22% Active Customers +18% Contribution ex-TAC per Active Customer +7% Note: Contribution ex-TAC, adjusted EBITDA, non-GAAP net income (loss) and non-GAAP earnings (loss) per share are non-GAAP financia
Slide 6: Outperformed Guidance Across All Metrics in Q3
Outperformed Guidance Across All Metrics in Q3 ($ in millions) Q3 Guidance(1) Q3 Actuals Q3 Beat Revenue $49.0 $50.9 $1.9 or 3.8% % YoY Growth +22% +26% Q3 results exceeded Contribution ex-TAC $33.0 $34.1 $1.1 or 3.3% guidance for the third % YoY Growth +18% +22% consecutive quarter Adj. EBITDA $4.5
Slide 7: Active Customers and Contribution ex-TAC per Active Customer
Active Customers and Contribution ex-TAC per Active Customer Active Customers Contribution ex-TAC per Active Customer ($ in thousands) 305 $438 $433 $428 288 $419 $404 269 $400 264 266 260 258 $389 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 YoY % -2% -7% -7%
Slide 8: Continued Growth in Customer Adoption
Continued Growth in Customer Adoption Active Customers Contribution ex-TAC per Active Customer ($ in thousands) +18% +7% Growth Growth 305 $433 258 $404 Q3-20 Q3-21 Q3-20 Q3-21 Growth in number of Active Growth in Contribution ex-TAC Customers +47 YoY per Active Customer +$29K YoY Note: Contribution
Slide 9: Contribution ex-TAC – Growth Drivers
Contribution ex-TAC – Growth Drivers ($ in millions) Contribution ex-TAC +22% By Channel: Growth Mobile, Audio, DOOH +56% YoY CTV +28% YoY All Other -14% YoY $34.1 $28.0 By Vertical: Auto & CPG(1) -43% YoY All Other +76% YoY Q3-20 Q3-21 Note: Contribution ex-TAC, adjusted EBITDA, non-GAAP net income
Slide 10: Contribution ex-TAC by Channel
Contribution ex-TAC by Channel ($ in millions) CTV Mobile, Audio, DOOH Other +56% -14% +28% Growth Growth Growth $14.4 $10.7 $10.4 $8.3 $9.3 $9.0 Q3-20 Q3-21 Q3-20 Q3-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 30% 31% 33% 42% 37% 26% Note: Contribution ex-TAC, adjusted EBITDA, non-GAAP net income
Slide 11: Contribution ex-TAC by Vertical
Contribution ex-TAC by Vertical ($ in millions) Verticals Excluding Auto & CPG(1) Auto & CPG(1) +76% Growth -43% $26.8 Growth $15.3 $12.7 $7.3 Q3-20 Q3-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 54% 79% 46% 21% Note: Contribution ex-TAC, adjusted EBITDA, non-GAAP net income (loss) and non-GAAP ea
Slide 12: Continued Growth in CTV
Continued Growth in CTV ($ in millions) CTV Contribution ex-TAC +28% CTV Platform Spend(1) Growth +43% YoY $10.7 CTV Contribution ex-TAC by Vertical: $8.3 Auto & CPG (2) -42% YoY Other +92% YoY Q3-20 Q3-21 % of Total Contribution ex-TAC 30% 31% Note: Contribution ex-TAC, adjusted EBITDA, non-GAAP ne
Slide 13: Sustained Profitability During Investment Period
Sustained Profitability During Investment Period ($ in millions) Adjusted EBITDA Adjusted EBITDA -37% YoY + $6.1 Q3 Adjusted EBITDA margin of ( $9.9 ) 19% of Contribution ex-TAC reflects continued investment in personnel and technology $10.2 $6.5 Long-term Adjusted EBITDA Q3-20 Adj. EBITDA Growth in
Slide 14: Q4 and FY 2021 Guidance Ranges
Q4 and FY 2021 Guidance Ranges ($ in millions) RAISING FY GUIDANCE ACROSS ALL METRICS Q4 2021 FY 2021 Range YoY Growth Range YoY Growth Revenue $ 71.0 - $ 74.0 26% - 31% $ 212.4 - $ 215.4 29% - 30% Contribution ex-TAC $ 47.5 - $ 50.0 21% - 28% $ 140.5 - $ 143.0 27% - 29% Adj. EBITDA $ 13.5 - $ 14.5
Slide 15: Quarterly Performance
QUARTERLY PERFORMANCE 15
Slide 16: Contribution ex-TAC: CTV Channel
Contribution ex-TAC: CTV Channel ($ in millions) Nine Months Ended September 30, Quarterly +69% $36.4 +85% +105% +28% $21.5 $12.6 $13.1 $8.3 $10.7 $6.8 $6.4 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 30% 39% 29% 47% 32% 41% 30% 31% Note: Contribution ex-TAC, adjuste
Slide 17: Contribution ex-TAC: Mobile, Audio, DOOH Channels
Contribution ex-TAC: Mobile, Audio, DOOH Channels ($ in millions) Nine Months Ended September 30, Quarterly +32% $32.2 +56% $24.4 -8% +51% $14.4 $8.6 $7.9 $9.8 $9.3 $6.5 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 34% 35% 37% 30% 32% 30% 33% 42% Note: Contribution ex
Slide 18: Contribution ex-TAC: Other Channels
Contribution ex-TAC: Other Channels ($ in millions) Nine Months Ended September 30, Quarterly -4% +30% -14% $25.5 $24.5 -22% $7.9 $9.3 $10.4 $9.0 $6.2 $7.2 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 36% 26% 34% 23% 36% 29% 37% 26% Note: Contribution ex-TAC, adjusted
Slide 19: Contribution ex-TAC: Auto & CPG Verticals
Contribution ex-TAC: Auto & CPG(1) Verticals ($ in millions) Nine Months Ended September 30, Quarterly -11% $31.3 +16% +6% -43% $27.8 $8.5 $9.9 $12.7 $10.1 $10.7 $7.3 2020 2021 Q1-20 Q1-21 Q2-20 Q2-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 44% 30% 36% 37% 50% 33% 46% 21% Note: Contribution ex-TA
Slide 20: Contribution ex-TAC: Excluding Auto & CPG
Contribution ex-TAC: Excluding Auto & CPG(1) ($ in millions) Nine Months Ended September 30, Quarterly +63% $65.2 +116% +76% $40.0 +13% $21.5 $26.8 $14.8 $16.8 $15.3 $10.0 2020 2021 Q2-20 Q2-21 Q1-20 Q1-21 Q3-20 Q3-21 % of Total Contribution ex-TAC 56% 70% 64% 63% 50% 67% 54% 79% Note: Contribution
Slide 21: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 21
Slide 22: Reconciliation of Gross Profit to Contribution ex-TAC
Reconciliation of Gross Profit to Contribution ex-TAC in thousands Nine Months Ended September 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Revenue $ 108,790 $ 141,412 $ 38,160 $ 30,425 $ 40,205 $ 56,461 $ 40,144 $ 50,411
Slide 23: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA in thousands Nine Months Ended September 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Net income (loss) $ 7,777 $ (45,127) $ 329 $ (30) $ 7,478 $ 12,861 $ (14,870) $
Slide 24: Reconciliation of Net Income (Loss) to non-GAAP Net Income (Loss)
Reconciliation of Net Income (Loss) to non-GAAP Net Income (Loss) in thousands Nine Months Ended September 30, Three Months Ended September 30, 2020 2021 2020 2021 Net income (loss) $ 7,777 $ (45,127) $ 7,478 $ (12,160) Add back: Stock-based compensation — 62,192 — 15,415 Less: Gain of extinguishmen
Slide 25: Reconciliation of Earnings (Loss) per share to non-GAAP
Reconciliation of Earnings (Loss) per share to non-GAAP Earnings (Loss) per share in thousands, except per share data Nine Months Ended Three Months Ended September 30, 2021 September 30, 2021 Non-GAAP Non-GAAP (Loss) per Earnings (Loss) per Earnings Share Adjustments per Share Share Adjustments per
Slide 26: Other Non-GAAP Reconciliations
Other Non-GAAP Reconciliations We are not able to estimate gross profit and Net Income (Loss) on a forward-looking basis or reconcile the guidance provided to the closest corresponding GAAP measures on a forward-looking basis without unreasonable efforts due to the variability and complexity with
Slide 27: Stock-based compensation
Stock-based compensation in thousands Nine Months Ended September 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Stock-based compensation: Platform operations $ — $ 11,843 $ — $ — $ — $ — $ 3,161 $ 5,540 $ 3,142 Sales and m
Slide 28: Depreciation and Amortization
Depreciation and Amortization in thousands Nine Months Ended September 30, Three Months Ended 2020 2021 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Depreciation and amortization: Platform operations $ 5,584 $ 5,949 $ 1,937 $ 1,853 $ 1,794 $ 1,754 $ 1,75
Slide 29: VIANT.
VIANT.