Slide 1: Earnings Presentation Q1 2024
EARNINGS PRESENTATION Q1 2024 April 30, 2024 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 2024
HIGHLIGHTS Q1 2024 REVENUE ▪ Revenue, contribution ex-TAC and adjusted EBITDA all were within or exceeded guidance as the momentum we saw in the second half of 2023 continued through the first quarter +28% YoY ▪ Revenue increased 28% YoY and contribution ex-TAC increased 22% YoY ▪ Strong advertiser
Slide 4: Strong Performance Q1 2024 vs. Guidance
STRONG PERFORMANCE Q1 2024 VS. GUIDANCE Q1 Guidance Q1 Actual Q1 Better / (Worse) Midpoint(1) Revenue $50.5 $53.4 $2.9 Contribution ex-TAC $34.0 $34.1 $0.1 Non-GAAP Operating Expenses $31.5 $31.0 $0.5 Adjusted EBITDA $2.5 $3.1 $0.6 (2) Adjusted EBITDA Margin 7% 9% 2% Note: Contribution ex-TAC, non-G
Slide 5: Revenue and Contribution ex-TAC Q1 2024
REVENUE AND CONTRIBUTION EX-TAC Q1 2024 REVENUE CONTRIBUTION EX-TAC +28% YoY +22% YoY $53.4 $41.7 $34.1 $28.0 Q1-23 Q1-24 Q1-23 Q1-24 ▪ Revenue increased 28% YoY and contribution ex-TAC increased 22%, driven by strong advertiser spend growth in Public Services, Retail, Financial Services, Travel, an
Slide 6: Non-GAAP Operating Expenses and Adjusted EBITDA Q1 2024
NON-GAAP OPERATING EXPENSES AND ADJUSTED EBITDA Q1 2024 NON-GAAP OPERATING EXPENSES ADJUSTED EBITDA +9% YoY +$3.5M YoY $28.4 $31.0 $3.1 $(0.4) Q1-23 Q1-24 Q1-23 Q1-24 ▪ Non-GAAP operating expenses increased 9% YoY and decreased approximately 10 percentage points YoY as a percentage of contribution e
Slide 7: Non-GAAP Operating Expenses
NON-GAAP OPERATING EXPENSES Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Contribution ex-TAC $28.0 $33.7 $39.1 $42.6 $34.1 Non-GAAP operating expenses $28.4 $26.9 $29.4 $29.6 $31.0 Adjusted EBITDA $(0.4) $6.8 $9.7 $13.0 $3.1 Adjusted EBITDA as a percentage of (1%) 20% 25% 31% 9% contribution ex-TAC ▪ Non-GAAP oper
Slide 8: Guidance Ranges Q2 2024
GUIDANCE RANGES Q2 2024 (1) % YoY Change at Q2 2024 Guidance Midpoint Revenue $63.5 - $66.5 14% Contribution ex-TAC $40.0 - $42.0 22% Non-GAAP Operating Expenses $32.0 - $33.0 21% Adjusted EBITDA $8.0 - $9.0 25% (2) Adjusted EBITDA Margin 20% - 21% n/a Note: Contribution ex-TAC, non-GAAP operating e
Slide 9: Valuation and Shares Outstanding
VALUATION AND SHARES OUTSTANDING Share Count Enterprise Value Class A shares 16.4 Share price (4/29/2024) $ 8.45 Class B shares 47.0 Total Class A and Class B shares outstanding(1) 63.4 Total Class A and Class B shares outstanding(1) 63.4 Market capitalization $ 535.9 Plus: Debt - Less: Cash(2) $ (2
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: 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 TTM (Unaudited, in thousands) Revenue $ 41,720 $ 57,223 $ 59,585 $ 64,406 $ 53,393 $ 234,607 Less: Platform operations (23,337) (33,523) (30,965) (32,654) (29,880) (127,022) Gross Profit 18,383 23,700 28,6
Slide 13: 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 TTM (Unaudited, in thousands) Operating expenses: Platform operations $ 23,337 $ 33,523 $ 30,965 $ 32,654 $ 29,880 $ 127,022 Sales and marketing 12,169 11,691 14,146 12,644 12,899 51,380 Technology and
Slide 14: 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 TTM (Unaudited, in thousands) Net income (loss) $ (9,376) $ (3,203) $ (672) $ 3,308 $ (3,214) $ (3,781) Add back (less): Interest income, net (1,819) (2,049) (2,329) (2,397) (2,381) (9,156) Provision for (benefit fr
Slide 15: 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 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 TTM (Unaudited, in thousands, ex cept percentages) Gross profit $ 18,383 $ 23,700 $ 28,620 $ 31,752 $ 23,513 $ 107,585 Net income (loss) $ (9,376) $ (3,203) $ (6
Slide 16: Reconciliation of Net Loss to Non-GAAP Net Income (Loss)
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME (LOSS) Three Months Ended March 31, 2024 2023 (Unaudited, in thousands) Net loss $ (3,214) $ (9,376) Add back (less): Stock-based compensation 4,440 7,472 (1) Restructuring and other 183 (79) Income tax benefit (expense) related to Viant Technology I
Slide 17: Reconciliation of EPS to Non-GAAP EPS of Class A Common Stock
RECONCILIATION OF EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK TO NON-GAAP EARNINGS (LOSS) PER SHARE OF CLASS A COMMON STOCK Three M on t hs E n ded M arc h 31, 2024 Three M on t hs E n ded M arc h 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 )
Slide 18: Stock-Based Compensation
STOCK-BASED COMPENSATION Three Months Ended March 31, 2024 2023 (Unaudited, in thousands) Stock-based compensation: Platform operations $ 406 $ 892 Sales and marketing 755 2,512 Technology and development 500 1,327 General and administrative 2,779 2,741 Total stock-based compensation $ 4,440 $ 7,472
Slide 19: Depreciation and Amortization
DEPRECIATION AND AMORTIZATION Three Months Ended March 31, 2024 2023 (Unaudited, in thousands) Depreciation and amortization: Platform operations $ 3,526 $ 2,770 Sales and marketing — — Technology and development 431 393 General and administrative 189 249 Total depreciation and amortization $ 4,146