Viant Technology Announces Fourth Quarter and Full Year 2024 Financial Results
Viant Technology (DSP) reported strong Q4 and full year 2024 results, exceeding guidance across revenue, contribution ex-TAC, and adjusted EBITDA metrics. The company achieved record total advertiser spend in Q4 2024, with all-time high connected TV spend and double-digit growth across all digital ad channels.
Key operational highlights include: completion of Lockr acquisition in February 2025, expansion of TransUnion partnership boosting Household ID match rates to 95% of U.S. adults, and 37% increase in operating cash flow to $51.8M for FY 2024. The company repurchased 2.0M shares of Class A common stock for $25.7M.
For Q1 2025, Viant projects revenue between $65-68M, contribution ex-TAC of $40.5-42.5M, and adjusted EBITDA of $3.25-4.25M.
Viant Technology (DSP) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, superando le previsioni in termini di ricavi, contributo al di fuori del TAC e metriche di EBITDA rettificato. L'azienda ha raggiunto un record di spesa totale da parte degli inserzionisti nel quarto trimestre del 2024, con una spesa per la TV connessa ai massimi storici e una crescita a doppia cifra in tutti i canali pubblicitari digitali.
I punti salienti operativi includono: il completamento dell'acquisizione di Lockr nel febbraio 2025, l'espansione della partnership con TransUnion che ha aumentato i tassi di corrispondenza dell'ID domestico al 95% degli adulti statunitensi e un aumento del 37% del flusso di cassa operativo a $51.8 milioni per l'anno fiscale 2024. L'azienda ha riacquistato 2,0 milioni di azioni di Classe A per $25,7 milioni.
Per il primo trimestre del 2025, Viant prevede ricavi tra $65-68 milioni, un contributo al di fuori del TAC di $40,5-42,5 milioni e un EBITDA rettificato di $3,25-4,25 milioni.
Viant Technology (DSP) informó resultados sólidos para el cuarto trimestre y el año completo 2024, superando las proyecciones en ingresos, contribución ex-TAC y métricas de EBITDA ajustado. La compañía alcanzó un gasto total récord de anunciantes en el cuarto trimestre de 2024, con un gasto en TV conectada en máximos históricos y un crecimiento de dos dígitos en todos los canales de publicidad digital.
Los aspectos operativos clave incluyen: la finalización de la adquisición de Lockr en febrero de 2025, la expansión de la asociación con TransUnion que aumentó las tasas de coincidencia de ID del hogar al 95% de los adultos en EE. UU., y un aumento del 37% en el flujo de efectivo operativo a $51.8 millones para el año fiscal 2024. La empresa recompró 2.0 millones de acciones de Clase A por $25.7 millones.
Para el primer trimestre de 2025, Viant proyecta ingresos entre $65-68 millones, contribución ex-TAC de $40.5-42.5 millones y EBITDA ajustado de $3.25-4.25 millones.
Viant Technology (DSP)는 2024년 4분기 및 전체 연도 실적이 예상치를 초과했다고 보고했습니다. 이는 매출, TAC 제외 기여도 및 조정 EBITDA 지표에서 모두 해당됩니다. 이 회사는 2024년 4분기에 광고주 총 지출이 기록을 세웠고, 연결 TV 지출이 사상 최고치를 기록했으며 모든 디지털 광고 채널에서 두 자릿수 성장률을 보였습니다.
주요 운영 하이라이트에는 2025년 2월 Lockr 인수 완료, TransUnion과의 파트너십 확장을 통해 미국 성인의 95%에 해당하는 가정 ID 일치율 증가, 2024 회계연도 운영 현금 흐름 37% 증가가 포함되어 있으며, 이는 $51.8M에 해당합니다. 이 회사는 Class A 보통주 200만 주를 $25.7M에 재매입했습니다.
2025년 1분기 동안 Viant는 매출을 $65-68M, TAC 제외 기여도를 $40.5-42.5M, 조정 EBITDA를 $3.25-4.25M으로 예상하고 있습니다.
Viant Technology (DSP) a annoncé des résultats solides pour le quatrième trimestre et l'année complète 2024, dépassant les prévisions en termes de revenus, de contribution hors TAC et de métriques d'EBITDA ajusté. La société a atteint un record de dépenses totales des annonceurs au quatrième trimestre 2024, avec des dépenses pour la télévision connectée à un niveau historique et une croissance à deux chiffres dans tous les canaux de publicité numérique.
Les points forts opérationnels incluent : la finalisation de l'acquisition de Lockr en février 2025, l'expansion du partenariat avec TransUnion augmentant les taux de correspondance des ID ménagers à 95 % des adultes américains, et une augmentation de 37 % du flux de trésorerie opérationnel à 51,8 millions de dollars pour l'exercice 2024. L'entreprise a racheté 2,0 millions d'actions ordinaires de classe A pour 25,7 millions de dollars.
Pour le premier trimestre 2025, Viant prévoit des revenus compris entre 65 et 68 millions de dollars, une contribution hors TAC de 40,5 à 42,5 millions de dollars et un EBITDA ajusté de 3,25 à 4,25 millions de dollars.
Viant Technology (DSP) hat starke Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 gemeldet und dabei die Prognosen in Bezug auf Umsatz, Beitrag ex-TAC und bereinigte EBITDA-Metriken übertroffen. Das Unternehmen erreichte im vierten Quartal 2024 einen Rekord bei den Gesamtausgaben der Werbetreibenden, mit einem Allzeithoch bei den Ausgaben für vernetzte TV und zweistelligem Wachstum in allen digitalen Werbekanälen.
Wichtige betriebliche Höhepunkte sind: der Abschluss der Übernahme von Lockr im Februar 2025, die Erweiterung der Partnerschaft mit TransUnion, die die Übereinstimmungsraten der Haushalts-ID auf 95 % der US-Erwachsenen erhöht, und ein Anstieg des operativen Cashflows um 37 % auf 51,8 Millionen US-Dollar für das Geschäftsjahr 2024. Das Unternehmen hat 2,0 Millionen Aktien der Klasse A für 25,7 Millionen US-Dollar zurückgekauft.
Für das erste Quartal 2025 prognostiziert Viant einen Umsatz zwischen 65 und 68 Millionen US-Dollar, einen Beitrag ex-TAC von 40,5 bis 42,5 Millionen US-Dollar und ein bereinigtes EBITDA von 3,25 bis 4,25 Millionen US-Dollar.
- Record Q4 2024 advertiser spend with all-time high CTV performance
- Double-digit growth across all digital ad channels
- 37% increase in operating cash flow to $51.8M
- Household ID match rates improved to 95% of U.S. adults
- Six consecutive quarters of >20% contribution ex-TAC growth
- Eight consecutive quarters of >30% adjusted EBITDA growth
- None.
Insights
Viant Technology's Q4 and full year 2024 results demonstrate robust financial momentum, with revenue, contribution ex-TAC, and adjusted EBITDA all exceeding the high end of guidance. The company's contribution ex-TAC growth accelerated to 28% in Q4, marking six consecutive quarters of 20%+ year-over-year growth in this key metric that represents their revenue after traffic acquisition costs. Even more impressive is their adjusted EBITDA growth of 30%+ for eight consecutive quarters, indicating strong operational efficiency alongside top-line growth.
The 37% increase in operating cash flow to
Looking ahead, Viant's Q1 2025 guidance points to continued growth, with expected revenue of
Viant's record performance in Q4 demonstrates how effectively they've positioned themselves in the rapidly evolving programmatic advertising landscape. The company's all-time high in connected TV (CTV) spend is particularly significant as streaming platforms continue to capture larger portions of advertising budgets from traditional media. Their ability to drive double-digit growth across all digital ad channels indicates they're successfully executing an omnichannel strategy rather than relying on a single growth segment.
The strategic acquisition of Lockr addresses a critical industry challenge: first-party data activation in a privacy-focused world. By enabling content owners to collect and activate first-party data through various ID partners, Viant is strengthening its identity resolution capabilities—essential as third-party cookies phase out. The improved Household ID match rate of 95% of U.S. adults through the TransUnion partnership gives advertisers unprecedented targeting precision across the open internet.
Viant's emphasis on AI with the launch of ViantAI represents a timely strategic direction, as advertisers increasingly seek automation and intelligence to optimize campaign performance. Their dual-identifier approach—combining Household ID (a people-based identifier) with IRIS_ID (a contextual identifier)—creates a robust solution for advertisers navigating the complex post-cookie landscape. This technological foundation appears to be driving their market share gains in the competitive ad tech space.
"Viant delivered record fourth quarter and full year results, with revenue, contribution ex-TAC and adjusted EBITDA surpassing the high end of our guidance for the quarter," said Tim Vanderhook, Co-Founder and CEO, Viant. "Our success is reflective of the growing demand amongst advertisers to deploy addressable campaigns, and Viant's ability to offer proprietary, advanced solutions to support this demand. Our platform uniquely offers Household ID, a leading audience identifier, and IRIS_ID, a leading contextual identifier, enabling advertisers to target and measure with unparalleled precision across the open internet. Additionally, we continue to empower advertisers with ongoing AI innovations, most recently through the launch of ViantAI, which has attracted interest from advertisers and agencies of all sizes. We are encouraged by recent momentum and well positioned to capture incremental market share in 2025."
Fourth quarter and full year 2024 Financial Highlights, year-over-year (in thousands, except percentages and per share data):
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|||||||||||||||||
|
2024 |
2023 |
Change (%) |
2024 |
2023 |
Change (%) |
|||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
|
(NM = Not Meaningful) |
||||||||||||||||||||
GAAP |
|
|
|
|
|
|
|||||||||||||||
Revenue |
$ |
90,054 |
|
$ |
64,406 |
|
40 |
% |
$ |
289,235 |
|
$ |
222,934 |
|
30 |
% |
|||||
Gross profit |
$ |
42,490 |
|
$ |
31,752 |
|
34 |
% |
$ |
132,071 |
|
$ |
102,455 |
|
29 |
% |
|||||
Net income (loss) |
$ |
7,720 |
|
$ |
3,308 |
|
133 |
% |
$ |
12,452 |
|
$ |
(9,943 |
) |
225 |
% |
|||||
Net income (loss) as a percentage of gross profit |
|
18 |
% |
|
10 |
% |
NM |
|
|
9 |
% |
|
(10 |
)% |
NM |
|
|||||
Net income (loss) attributable to Viant Technology Inc. |
$ |
1,747 |
|
$ |
626 |
|
179 |
% |
$ |
2,362 |
|
$ |
(3,443 |
) |
169 |
% |
|||||
Earnings (loss) per share of Class A common stock—basic |
$ |
0.11 |
|
$ |
0.04 |
|
175 |
% |
$ |
0.15 |
|
$ |
(0.23 |
) |
165 |
% |
|||||
Earnings (loss) per share of Class A common stock—diluted |
$ |
0.10 |
|
$ |
0.04 |
|
150 |
% |
$ |
0.14 |
|
$ |
(0.23 |
) |
161 |
% |
|||||
Class A and Class B common shares outstanding (as of December 31) |
|
63,122 |
|
|
|
|
63,122 |
|
|
|
|||||||||||
Cash and cash equivalents (as of December 31) |
$ |
205,048 |
|
|
|
$ |
205,048 |
|
|
|
|||||||||||
|
|
|
|
|
|
|
|||||||||||||||
Non-GAAP(1) |
|
|
|
|
|
|
|||||||||||||||
Contribution ex-TAC |
$ |
54,359 |
|
$ |
42,601 |
|
28 |
% |
$ |
177,390 |
|
$ |
143,382 |
|
24 |
% |
|||||
Adjusted EBITDA |
$ |
17,091 |
|
$ |
13,007 |
|
31 |
% |
$ |
44,441 |
|
$ |
29,101 |
|
53 |
% |
|||||
Adjusted EBITDA as a percentage of contribution ex-TAC |
|
31 |
% |
|
31 |
% |
NM |
|
|
25 |
% |
|
20 |
% |
NM |
|
|||||
Non-GAAP net income |
$ |
13,831 |
|
$ |
10,845 |
|
28 |
% |
$ |
34,661 |
|
$ |
21,743 |
|
59 |
% |
|||||
Non-GAAP earnings (loss) per share of Class A common stock—basic |
$ |
0.17 |
|
$ |
0.14 |
|
21 |
% |
$ |
0.41 |
|
$ |
0.26 |
|
58 |
% |
|||||
Non-GAAP earnings (loss) per share of Class A common stock—diluted |
$ |
0.15 |
|
$ |
0.14 |
|
7 |
% |
$ |
0.39 |
|
$ |
0.26 |
|
50 |
% |
Recent Business Highlights:
- Record quarter in Q4 2024 for total advertiser spend(2) on the platform, with an all-time high in connected TV ("CTV") spend.
- Generated double-digit growth across all digital ad-channels in Q4 2024, driven by our Household ID technology, Direct Access program and the ViantAI product suite.
- Completed the acquisition of Lockr in February 2025, a data collaboration platform enabling content owners to collect, enrich, and activate first-party data through seamless integrations with various alternative ID partners within the programmatic ecosystem. The acquisition is expected to accelerate industry adoption of Viant’s patented Household ID and IRIS_ID while simultaneously assisting publishers implementing addressable solutions.
-
Further enriched Viant's Household ID technology by expanding upon an existing partnership with TransUnion to include TransUnion's TruAudience identity data, lifting Household ID match rates to
95% ofU.S. adults. -
Cash flow from operations increased
37% to for FY 2024.$51.8 million -
Purchased 2.0 million shares of Class A common stock from May 1, 2024, through February 28, 2025 for a total of
.$25.7 million remains available for repurchases under our authorized Repurchase Program.$24.3 million
"We concluded a record-setting year with exceptional fourth-quarter performance and strong momentum as we enter 2025," stated Larry Madden, CFO of Viant. "During the fourth quarter, contribution ex-TAC growth accelerated to
Guidance:
For the first quarter 2025, the Company expects:
-
Revenue in the range of
to$65 million $68 million -
Contribution ex-TAC in the range of
to$40.5 million $42.5 million -
Non-GAAP operating expenses in the range of
to$37.25 million $38.25 million -
Adjusted EBITDA in the range of
to$3.25 million $4.25 million
Contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income, and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with
(1) |
For a discussion on how we define, use and calculate these non-GAAP financial measures and a reconciliation thereof to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Measures” and the supplementary schedules under “Reconciliation of Non-GAAP Financial Measures” in this press release. |
|
(2) |
We define advertiser spend as the total amount billed to our customers for activity on our platform inclusive of the costs of advertising media, third-party data, other add-on features and our platform fee we charge customers. |
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed through Viant’s investor relations website at investors.viantinc.com.
As of December 31, 2024, there were 16.4 million shares of the Company's Class A common stock outstanding and 46.8 million shares of the Company's Class B common stock outstanding. For more information, please refer to our Annual Report on Form 10-K expected to be filed with the Securities and Exchange Commission ("SEC") on March 3, 2025.
Conference Call and Webcast Details:
Viant will host a conference call and webcast to discuss its financial results on Monday, March 3, 2025 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live webcast of the call can be accessed from Viant’s Investor Relations website. An archived version of the webcast will be available from the same website after the call. Viant Technology has used, and intends to continue to use, the “Investor Relations” section of its website at investors.viantinc.com, its LinkedIn account, the LinkedIn account of its Chief Executive Officer, Tim Vanderhook, the LinkedIn account of its Chief Operating Officer, Chris Vanderhook, its X (formerly known as Twitter) account (@viant_tech), and Chris Vanderhook's X account (@cvanderhook) to post information that may be important to investors. Investors and potential investors are encouraged to consult Viant Technology’s website and the foregoing LinkedIn and X accounts regularly for important information.
About Viant
Viant Technology Inc. (NASDAQ: DSP) is a leader in AI-powered programmatic advertising, dedicated to driving innovation in digital marketing. Our omnichannel platform built for CTV allows marketers to plan, execute and measure their campaigns with unmatched precision and efficiency. With the launch of ViantAI, Viant is building the future of fully autonomous advertising solutions, empowering advertisers to achieve their boldest goals. Viant was recently awarded Best Demand Side Platform by MarTech Breakthrough, Great Place to Work® certification and received the Business Intelligence Group’s Innovation award for AI Advancements. Learn more at viantinc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “guidance,” “believe,” “expect,” “estimate,” “project,” “plan,” “will,” or words or phrases with similar meaning.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements contained in this press release relate to, among other things, Viant’s projected financial performance and operating results, including our guidance for revenue, contribution ex-TAC, non-GAAP operating expenses, and adjusted EBITDA, as well as statements regarding Viant’s growth prospects, Viant's market share, anticipated performance of and benefits of ViantAI, and benefits from Viant's acquisition of Lockr. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, the market for programmatic advertising developing slower or differently than Viant’s expectations, the demands and expectations of customers, the ability to attract and retain customers, the impact of information and data privacy trends and regulations on our business and competitors and other economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. Investors are referred to our filings with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.
VIANT TECHNOLOGY INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(unaudited; in thousands, except per share data) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Revenue |
$ |
90,054 |
|
$ |
64,406 |
|
$ |
289,235 |
|
$ |
222,934 |
|
|||
Operating expenses(1): |
|
|
|
|
|||||||||||
Platform operations |
|
47,564 |
|
|
32,654 |
|
|
157,164 |
|
|
120,479 |
|
|||
Sales and marketing |
|
14,756 |
|
|
12,644 |
|
|
53,750 |
|
|
50,650 |
|
|||
Technology and development |
|
7,062 |
|
|
6,539 |
|
|
23,740 |
|
|
24,756 |
|
|||
General and administrative |
|
14,769 |
|
|
11,687 |
|
|
51,103 |
|
|
45,345 |
|
|||
Total operating expenses |
|
84,151 |
|
|
63,524 |
|
|
285,757 |
|
|
241,230 |
|
|||
Income (loss) from operations |
|
5,903 |
|
|
882 |
|
|
3,478 |
|
|
(18,296 |
) |
|||
Other expense (income), net: |
|
|
|
|
|||||||||||
Interest income, net |
|
(2,088 |
) |
|
(2,397 |
) |
|
(9,235 |
) |
|
(8,594 |
) |
|||
Other expense |
|
8 |
|
|
1 |
|
|
12 |
|
|
90 |
|
|||
Total other expense (income), net |
|
(2,080 |
) |
|
(2,396 |
) |
|
(9,223 |
) |
|
(8,504 |
) |
|||
Income (loss) before income taxes |
|
7,983 |
|
|
3,278 |
|
|
12,701 |
|
|
(9,792 |
) |
|||
Provision for (benefit from) income taxes |
|
263 |
|
|
(30 |
) |
|
249 |
|
|
151 |
|
|||
Net income (loss) |
|
7,720 |
|
|
3,308 |
|
|
12,452 |
|
|
(9,943 |
) |
|||
Less: Net income (loss) attributable to noncontrolling interests |
|
5,973 |
|
|
2,682 |
|
|
10,090 |
|
|
(6,500 |
) |
|||
Net income (loss) attributable to Viant Technology Inc. |
$ |
1,747 |
|
$ |
626 |
|
$ |
2,362 |
|
$ |
(3,443 |
) |
|||
Earnings (loss) per Class A common stock: |
|
|
|
|
|||||||||||
Basic |
$ |
0.11 |
|
$ |
0.04 |
|
$ |
0.15 |
|
$ |
(0.23 |
) |
|||
Diluted |
$ |
0.10 |
|
$ |
0.04 |
|
$ |
0.14 |
|
$ |
(0.23 |
) |
|||
Weighted-average Class A common stock outstanding: |
|
|
|
|
|||||||||||
Basic |
|
16,166 |
|
|
15,613 |
|
|
16,221 |
|
|
15,224 |
|
|||
Diluted |
|
21,633 |
|
|
16,834 |
|
|
20,466 |
|
|
15,224 |
|
(1) |
Stock-based compensation and depreciation and amortization included in operating expenses are as follows (in thousands): |
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||
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 |
|||
General and administrative |
|
3,090 |
|
3,141 |
|
11,965 |
|
12,706 |
|||
Total stock-based compensation |
$ |
5,728 |
$ |
7,556 |
$ |
21,034 |
$ |
32,291 |
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||
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 and administrative |
|
252 |
|
243 |
|
860 |
|
985 |
|||
Total depreciation and amortization |
$ |
4,110 |
$ |
4,000 |
$ |
16,461 |
$ |
14,731 |
VIANT TECHNOLOGY INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(unaudited; in thousands, except share and per share data) |
|||||||
|
|||||||
|
As of December 31, |
||||||
|
2024 |
2023 |
|||||
Assets |
|
|
|||||
Current assets: |
|
|
|||||
Cash and cash equivalents |
$ |
205,048 |
|
$ |
216,458 |
|
|
Accounts receivable, net of allowances |
|
146,951 |
|
|
117,473 |
|
|
Prepaid expenses and other current assets |
|
10,490 |
|
|
6,486 |
|
|
Total current assets |
|
362,489 |
|
|
340,417 |
|
|
Property, equipment, and software, net |
|
31,482 |
|
|
28,261 |
|
|
Operating lease assets |
|
23,663 |
|
|
22,995 |
|
|
Intangible assets, net |
|
3,048 |
|
|
201 |
|
|
Goodwill |
|
19,190 |
|
|
12,422 |
|
|
Other assets |
|
932 |
|
|
615 |
|
|
Total assets |
$ |
440,804 |
|
$ |
404,911 |
|
|
Liabilities and stockholders' equity |
|
|
|||||
Liabilities |
|
|
|||||
Current liabilities: |
|
|
|||||
Accounts payable |
$ |
71,320 |
|
$ |
47,342 |
|
|
Accrued liabilities |
|
47,352 |
|
|
39,263 |
|
|
Accrued compensation |
|
11,513 |
|
|
10,925 |
|
|
Deferred revenue |
|
581 |
|
|
316 |
|
|
Current portion of operating lease liabilities |
|
4,730 |
|
|
3,762 |
|
|
Other current liabilities |
|
9,955 |
|
|
7,242 |
|
|
Total current liabilities |
|
145,451 |
|
|
108,850 |
|
|
Long-term debt |
|
— |
|
|
— |
|
|
Long-term portion of operating lease liabilities |
|
21,278 |
|
|
21,672 |
|
|
Total liabilities |
|
166,729 |
|
|
130,522 |
|
|
Commitments and contingencies |
|
|
|||||
Stockholders’ equity |
|
|
|||||
Preferred stock, |
|
— |
|
|
— |
|
|
Authorized shares — 10,000,000 |
|
|
|||||
Issued and outstanding — none |
|
|
|||||
Class A common stock, |
|
18 |
|
|
16 |
|
|
Authorized shares — 450,000,000 |
|
|
|||||
Issued — 17,933,825 and 15,937,816 |
|
|
|||||
Outstanding — 16,368,452 and 15,783,941 |
|
|
|||||
Class B common stock, |
|
47 |
|
|
47 |
|
|
Authorized shares — 150,000,000 |
|
|
|||||
Issued and outstanding — 46,753,841 and 47,032,260 |
|
|
|||||
Additional paid-in capital |
|
125,386 |
|
|
112,830 |
|
|
Accumulated deficit |
|
(50,566 |
) |
|
(43,509 |
) |
|
Treasury stock, at cost; 1,565,373 and 153,875 shares held |
|
(21,046 |
) |
|
(1,127 |
) |
|
Total stockholders' equity attributable to Viant Technology Inc. |
|
53,839 |
|
|
68,257 |
|
|
Noncontrolling interests |
|
220,236 |
|
|
206,132 |
|
|
Total equity |
|
274,075 |
|
|
274,389 |
|
|
Total liabilities and stockholders’ equity |
$ |
440,804 |
|
$ |
404,911 |
|
VIANT TECHNOLOGY INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(unaudited; in thousands) |
|||||||
|
|||||||
|
Year Ended December 31, |
||||||
|
2024 |
2023 |
|||||
Cash flows from operating activities: |
|
|
|||||
Net income (loss) |
$ |
12,452 |
|
$ |
(9,943 |
) |
|
Adjustments to reconcile income (loss) to net cash provided by operating activities: |
|
|
|||||
Depreciation and amortization |
|
16,461 |
|
|
14,731 |
|
|
Stock-based compensation |
|
21,034 |
|
|
32,291 |
|
|
Provision for doubtful accounts |
|
1,420 |
|
|
100 |
|
|
Loss on disposal of assets |
|
25 |
|
|
115 |
|
|
Noncash lease expense |
|
4,019 |
|
|
3,952 |
|
|
Changes in operating assets and liabilities: |
|
|
|||||
Accounts receivable |
|
(30,233 |
) |
|
(16,123 |
) |
|
Prepaid expenses and other assets |
|
(3,904 |
) |
|
(87 |
) |
|
Accounts payable |
|
23,792 |
|
|
10,038 |
|
|
Accrued liabilities |
|
7,875 |
|
|
4,192 |
|
|
Accrued compensation |
|
939 |
|
|
1,369 |
|
|
Deferred revenue |
|
161 |
|
|
193 |
|
|
Operating lease liabilities |
|
(4,114 |
) |
|
(3,780 |
) |
|
Other liabilities |
|
1,840 |
|
|
704 |
|
|
Net cash provided by operating activities |
|
51,767 |
|
|
37,752 |
|
|
Cash flows from investing activities: |
|
|
|||||
Purchases of property and equipment |
|
(2,498 |
) |
|
(1,195 |
) |
|
Capitalized software development costs |
|
(15,246 |
) |
|
(12,281 |
) |
|
Cash paid for acquisitions |
|
(10,000 |
) |
|
— |
|
|
Net cash used in investing activities |
|
(27,744 |
) |
|
(13,476 |
) |
|
Cash flows from financing activities: |
|
|
|||||
Payment of member tax distributions |
|
(5,953 |
) |
|
(10,155 |
) |
|
Payment of offering costs |
|
(326 |
) |
|
— |
|
|
Repurchase of stock related to tax withholdings on vested equity awards |
|
(10,658 |
) |
|
(4,248 |
) |
|
Repurchase of stock related to the stock repurchase program |
|
(21,570 |
) |
|
— |
|
|
Proceeds from the exercise of stock options |
|
3,074 |
|
|
12 |
|
|
Net cash used in financing activities |
|
(35,433 |
) |
|
(14,391 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
(11,410 |
) |
|
9,885 |
|
|
Cash and cash equivalents at beginning of period |
|
216,458 |
|
|
206,573 |
|
|
Cash and cash equivalents at end of period |
$ |
205,048 |
|
$ |
216,458 |
|
Non-GAAP Financial Measures
To provide investors and others with additional information regarding Viant’s results, we have included in this press release the following financial measures that are not calculated in accordance with GAAP: contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income (loss) and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP financial measures allow investors to evaluate the Company’s financial performance using some of the same measures as management.
Contribution ex-TAC is a non-GAAP financial measure. Gross profit is the most comparable GAAP financial measure, which is calculated as revenue less platform operations expense. In calculating contribution ex-TAC, we add back other platform operations expense to gross profit. Contribution ex-TAC is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short- and long-term operational plans and make strategic decisions regarding the allocation of capital. “Traffic acquisition costs” or “TAC” represents amounts incurred and payable to suppliers for the cost of advertising media, third-party data and other add-on features related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. In particular, we believe that contribution ex-TAC can provide a measure of period-to-period comparisons for all pricing options within our business. Accordingly, we believe that this measure provides information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.
Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure. Non-GAAP operating expenses is defined by us as total operating expenses plus other expense (income), net, less TAC, stock-based compensation, depreciation, amortization, and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense and non-operational media purchases. Non-GAAP operating expenses is a key component in calculating adjusted EBITDA, which is one of the measures we use to provide our business outlook to the investment community. Additionally, non-GAAP operating expenses is used by our management and board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We believe that the elimination of TAC, stock-based compensation, depreciation, amortization and certain other items not related to our core operations provides another measure for period-to-period comparisons of our business, provides additional insight into our core controllable costs, and is a useful metric for investors because it allows them to evaluate our operational performance in the same manner as our management and board of directors.
Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense), depreciation, amortization, stock-based compensation and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense and non-operational media purchases. Net income (loss) is the most comparable GAAP financial measure. Adjusted EBITDA as a percentage of contribution ex-TAC is a non-GAAP financial measure we calculate by dividing adjusted EBITDA by contribution ex-TAC for the period or periods presented. Net income (loss) as a percentage of gross profit is the most comparable GAAP financial measure.
Adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a measure for period-to-period comparisons of our business. Adjusted EBITDA as a percentage of contribution ex-TAC, a non-GAAP financial measure, is used by our management and board of directors to evaluate adjusted EBITDA relative to our profitability after costs that are directly variable to revenues, which comprise TAC. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.
Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense, non-operational media purchases, as well as the income tax effect of these adjustments. Net income (loss) is the most comparable GAAP financial measure. Non-GAAP net income (loss) is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and additional insight into our core controllable costs. Accordingly, we believe that non-GAAP net income (loss) provides information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.
Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure defined by us as earnings (loss) per share of Class A common stock—basic and diluted, adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring and other charges, transaction expense, and non-operational media purchases, as well as the income tax effect of these adjustments. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP financial measure. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and provides additional insight into our core controllable costs. Accordingly, we believe that non-GAAP earnings (loss) per share of Class A common stock—basic and diluted provides information to investors and the market generally that aids in the understanding and evaluation of our results of operations in the same manner as our management and board of directors.
Basic non-GAAP earnings (loss) per share of Class A common stock is calculated by dividing the non-GAAP net income (loss) attributable to Class A common stockholders by the number of weighted-average shares of Class A common stock outstanding. Shares of our Class B common stock do not share in our earnings or losses and are therefore not participating securities. As such, separate presentation of basic and diluted non-GAAP earnings (loss) of Class B common stock under the two-class method has not been presented.
Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and Class B common stock using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Shares of our Class B common stock, RSUs and nonqualified stock options are considered potentially dilutive shares of Class A common stock. For the three months and year ended December 31, 2024, Class B common stock has been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under the if-converted method. For the three months ended December 31, 2023, Class B common stock has been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under both the if-converted and treasury stock method. For the year ended December 31, 2023, Class B common stock, restricted stock units, and nonqualified stock options have been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under both the if-converted and treasury stock method.
These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, the Company’s financial information calculated in accordance with GAAP and should not be considered measures of the Company’s liquidity. Further, these non-GAAP financial measures as defined by the Company may not be comparable to similar non-GAAP financial measures presented by other companies, including peer companies, and therefore comparability may be limited. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or non-recurring items. Management encourages investors and others to review Viant’s financial information in its entirety and not rely on a single financial measure.
Reconciliation of Non-GAAP Financial Measures
The following tables show the reconciliations of the Company’s non-GAAP financial measures contained in this press release to the most directly comparable GAAP financial measures.
The following table presents the calculation of gross profit and the reconciliation of gross profit to contribution ex-TAC for the periods presented (unaudited; in thousands):
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Revenue |
$ |
90,054 |
|
$ |
64,406 |
|
$ |
289,235 |
|
$ |
222,934 |
|
|||
Less: Platform operations |
|
(47,564 |
) |
|
(32,654 |
) |
|
(157,164 |
) |
|
(120,479 |
) |
|||
Gross profit |
|
42,490 |
|
|
31,752 |
|
|
132,071 |
|
|
102,455 |
|
|||
Add: Other platform operations |
|
11,869 |
|
|
10,849 |
|
|
45,319 |
|
|
40,927 |
|
|||
Contribution ex-TAC |
$ |
54,359 |
|
$ |
42,601 |
|
$ |
177,390 |
|
$ |
143,382 |
|
The following table presents a reconciliation of total operating expenses to non-GAAP operating expenses for the periods presented (unaudited; in thousands):
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Operating expenses: |
|
|
|
|
|||||||||||
Platform operations |
$ |
47,564 |
|
$ |
32,654 |
|
$ |
157,164 |
|
$ |
120,479 |
|
|||
Sales and marketing |
|
14,756 |
|
|
12,644 |
|
|
53,750 |
|
|
50,650 |
|
|||
Technology and development |
|
7,062 |
|
|
6,539 |
|
|
23,740 |
|
|
24,756 |
|
|||
General and administrative |
|
14,769 |
|
|
11,687 |
|
|
51,103 |
|
|
45,345 |
|
|||
Total operating expenses |
|
84,151 |
|
|
63,524 |
|
|
285,757 |
|
|
241,230 |
|
|||
Add: |
|
|
|
|
|||||||||||
Other expense, net |
|
8 |
|
|
1 |
|
|
12 |
|
|
90 |
|
|||
Less: |
|
|
|
|
|||||||||||
Traffic acquisition costs |
|
(35,695 |
) |
|
(21,805 |
) |
|
(111,845 |
) |
|
(79,552 |
) |
|||
Stock-based compensation |
|
(5,728 |
) |
|
(7,556 |
) |
|
(21,034 |
) |
|
(32,291 |
) |
|||
Depreciation and amortization |
|
(4,110 |
) |
|
(4,000 |
) |
|
(16,461 |
) |
|
(14,731 |
) |
|||
Restructuring and other(1) |
|
— |
|
|
(570 |
) |
|
(467 |
) |
|
(465 |
) |
|||
Transaction expense(2) |
|
(1,358 |
) |
|
— |
|
|
(1,742 |
) |
|
— |
|
|||
Non-operational media purchases(3) |
|
— |
|
|
— |
|
|
(1,271 |
) |
|
— |
|
|||
Non-GAAP operating expenses |
$ |
37,268 |
|
$ |
29,594 |
|
$ |
132,949 |
|
$ |
114,281 |
|
(1) |
Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the year ended December 31, 2024 and the three months and year ended December 31, 2023. |
|
(2) |
Transaction expense consists of costs incurred related to our recent acquisition, as well as contemplated or completed securities offerings for the three months and year ended December 31, 2024. |
|
(3) |
Non-operational media purchases reflects costs incurred for one-time and non-operating supplier purchases that are not billable to the customer for the year ended December 31, 2024. |
The following table presents a reconciliation of net income (loss) to adjusted EBITDA for the periods presented (unaudited; in thousands):
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Net income (loss) |
$ |
7,720 |
|
$ |
3,308 |
|
$ |
12,452 |
|
$ |
(9,943 |
) |
|||
Add back (less): |
|
|
|
|
|||||||||||
Interest income, net |
|
(2,088 |
) |
|
(2,397 |
) |
|
(9,235 |
) |
|
(8,594 |
) |
|||
Provision for (benefit from) income taxes |
|
263 |
|
|
(30 |
) |
|
249 |
|
|
151 |
|
|||
Depreciation and amortization |
|
4,110 |
|
|
4,000 |
|
|
16,461 |
|
|
14,731 |
|
|||
Stock-based compensation |
|
5,728 |
|
|
7,556 |
|
|
21,034 |
|
|
32,291 |
|
|||
Restructuring and other(1) |
|
— |
|
|
570 |
|
|
467 |
|
|
465 |
|
|||
Transaction expense(2) |
|
1,358 |
|
|
— |
|
|
1,742 |
|
|
— |
|
|||
Non-operational media purchases(3) |
|
— |
|
|
— |
|
|
1,271 |
|
|
— |
|
|||
Adjusted EBITDA |
$ |
17,091 |
|
$ |
13,007 |
|
$ |
44,441 |
|
$ |
29,101 |
|
(1) |
Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the year ended December 31, 2024 and the three months and year ended December 31, 2023. |
|
(2) |
Transaction expense consists of costs incurred related to our recent acquisition, as well as contemplated or completed securities offerings for the three months and year ended December 31, 2024. |
|
(3) |
Non-operational media purchases reflects costs incurred for one-time and non-operating supplier purchases that are not billable to the customer for the year ended December 31, 2024. |
The following table presents the calculation of net income (loss) as a percentage of gross profit and the calculation of adjusted EBITDA as a percentage of contribution ex-TAC for the periods presented (unaudited; in thousands, except percentages):
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
Gross profit |
$ |
42,490 |
|
$ |
31,752 |
|
$ |
132,071 |
|
$ |
102,455 |
|
|||
Net income (loss) |
$ |
7,720 |
|
$ |
3,308 |
|
$ |
12,452 |
|
$ |
(9,943 |
) |
|||
Net income (loss) as a percentage of gross profit |
|
18 |
% |
|
10 |
% |
|
9 |
% |
|
(10 |
)% |
|||
Contribution ex-TAC |
$ |
54,359 |
|
$ |
42,601 |
|
$ |
177,390 |
|
$ |
143,382 |
|
|||
Adjusted EBITDA |
$ |
17,091 |
|
$ |
13,007 |
|
$ |
44,441 |
|
$ |
29,101 |
|
|||
Adjusted EBITDA as a percentage of contribution ex-TAC |
|
31 |
% |
|
31 |
% |
|
25 |
% |
|
20 |
% |
The following table presents a reconciliation of net income (loss) to non-GAAP net income (loss) for the periods presented (unaudited; in thousands):
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||
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 other(1) |
|
— |
|
|
570 |
|
|
467 |
|
|
465 |
|
|||
Transaction expense(2) |
|
1,358 |
|
|
— |
|
|
1,742 |
|
|
— |
|
|||
Non-operational media purchases(3) |
|
— |
|
|
— |
|
|
1,271 |
|
|
— |
|
|||
Income tax benefit (expense) related to Viant Technology Inc.'s share of income (loss) after adjustments(4) |
|
(975 |
) |
|
(589 |
) |
|
(2,305 |
) |
|
(1,070 |
) |
|||
Non-GAAP net income |
$ |
13,831 |
|
$ |
10,845 |
|
$ |
34,661 |
|
$ |
21,743 |
|
(1) |
Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the year ended December 31, 2024 and the three months and year ended December 31, 2023. |
|
(2) |
Transaction expense consists of costs incurred related to our recent acquisition, as well as contemplated or completed securities offerings for the three months and year ended December 31, 2024. |
|
(3) |
Non-operational media purchases reflects costs incurred for one-time and non-operating supplier purchases that are not billable to the customer for the year ended December 31, 2024. |
|
(4) |
The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months and years ended December 31, 2024 and 2023 is calculated using assumed blended tax rates of |
The following tables present a reconciliation of earnings (loss) per share of Class A common stock—basic and diluted to non-GAAP earnings (loss) per share of Class A common stock—basic and diluted for the periods presented (unaudited; in thousands, except per share data):
|
Year Ended December 31, 2024 |
Year Ended December 31, 2023 |
|||||||||||||||||||||
|
Earnings (Loss) per Share |
Adjustments |
Non-GAAP Earnings (Loss) per Share |
Earnings (Loss) per Share |
Adjustments |
Non-GAAP Earnings (Loss) per Share |
|||||||||||||||||
Numerator |
|
|
|
|
|
|
|||||||||||||||||
Net income (loss) |
$ |
12,452 |
|
$ |
— |
|
$ |
12,452 |
|
$ |
(9,943 |
) |
$ |
— |
|
$ |
(9,943 |
) |
|||||
Adjustments: |
|
|
|
|
|
|
|||||||||||||||||
Add back: Stock-based compensation |
|
— |
|
|
21,034 |
|
|
21,034 |
|
|
— |
|
|
32,291 |
|
|
32,291 |
|
|||||
Add back: Restructuring and other(1) |
|
— |
|
|
467 |
|
|
467 |
|
|
— |
|
|
465 |
|
|
465 |
|
|||||
Add back: Transaction expense(2) |
|
— |
|
|
1,742 |
|
|
1,742 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Add back: Non-operational media purchases(3) |
|
— |
|
|
1,271 |
|
|
1,271 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Income tax benefit (expense) related to Viant Technology Inc.’s share of income (loss) after adjustments(4) |
|
— |
|
|
(2,305 |
) |
|
(2,305 |
) |
|
— |
|
|
(1,070 |
) |
|
(1,070 |
) |
|||||
Non-GAAP net income |
|
12,452 |
|
|
22,209 |
|
|
34,661 |
|
|
(9,943 |
) |
|
31,686 |
|
|
21,743 |
|
|||||
Less: Net income attributable to noncontrolling interests(5) |
|
10,090 |
|
|
17,857 |
|
|
27,947 |
|
|
(6,500 |
) |
|
24,296 |
|
|
17,796 |
|
|||||
Net income attributable to Viant Technology Inc.—basic |
|
2,362 |
|
|
4,352 |
|
|
6,714 |
|
|
(3,443 |
) |
|
7,390 |
|
|
3,947 |
|
|||||
Add back: Reallocation of net income (loss) attributable to noncontrolling interest from the assumed exchange of RSUs and NQSOs for Class A common stock |
|
712 |
|
|
1,013 |
|
|
1,725 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Income tax benefit (expense) from the assumed exchange of RSUs and NQSOs for Class A common stock |
|
(177 |
) |
|
(252 |
) |
|
(429 |
) |
|
— |
|
|
— |
|
|
— |
|
|||||
Net income attributable to Viant Technology Inc.—diluted |
$ |
2,897 |
|
$ |
5,113 |
|
$ |
8,010 |
|
$ |
(3,443 |
) |
$ |
7,390 |
|
$ |
3,947 |
|
|||||
Denominator |
|
|
|
|
|
|
|||||||||||||||||
Weighted-average shares of Class A common stock outstanding—basic |
|
16,221 |
|
|
|
16,221 |
|
|
15,224 |
|
|
|
15,224 |
|
|||||||||
Effect of dilutive securities: |
|
|
|
|
|
|
|||||||||||||||||
Restricted stock units |
|
2,125 |
|
|
|
2,125 |
|
|
— |
|
|
|
— |
|
|||||||||
Nonqualified stock options |
|
2,120 |
|
|
|
2,120 |
|
|
— |
|
|
|
— |
|
|||||||||
Weighted-average shares of Class A common stock outstanding—diluted |
|
20,466 |
|
|
|
20,466 |
|
|
15,224 |
|
|
|
15,224 |
|
|||||||||
|
|
|
|
|
|
|
|||||||||||||||||
Earnings (loss) per share of Class A common stock—basic |
$ |
0.15 |
|
|
$ |
0.41 |
|
$ |
(0.23 |
) |
|
$ |
0.26 |
|
|||||||||
Earnings (loss) per share of Class A common stock—diluted |
$ |
0.14 |
|
|
$ |
0.39 |
|
$ |
(0.23 |
) |
|
$ |
0.26 |
|
|||||||||
|
|
|
|
|
|
|
|||||||||||||||||
Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted: |
|
|
|
|
|
|
|||||||||||||||||
Restricted stock units |
|
— |
|
|
|
— |
|
|
3,647 |
|
|
|
3,647 |
|
|||||||||
Nonqualified stock options |
|
— |
|
|
|
— |
|
|
5,736 |
|
|
|
5,736 |
|
|||||||||
Shares of Class B common stock |
|
46,754 |
|
|
|
46,754 |
|
|
47,032 |
|
|
|
47,032 |
|
|||||||||
Total shares excluded from earnings (loss) per share of Class A common stock—diluted |
|
46,754 |
|
|
|
46,754 |
|
|
56,415 |
|
|
|
56,415 |
|
(1) |
Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the years ended December 31, 2024 and 2023. |
|
(2) |
Transaction expense consists of costs incurred related to our recent acquisition, as well as contemplated or completed securities offerings for the year ended December 31, 2024. |
|
(3) |
Non-operational media purchases reflects costs incurred for one-time and non-operating supplier purchases that are not billable to the customer for the year ended December 31, 2024. |
|
(4) |
The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the years ended December 31, 2024 and 2023 is calculated using assumed blended tax rates of |
|
(5) |
The adjustment to net income attributable to noncontrolling interests represents stock-based compensation, restructuring and other charges, transaction expense and non-operational media purchases attributed to the noncontrolling interests outstanding during the period. |
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||||
|
Earnings (Loss) per Share |
Adjustments |
Non-GAAP Earnings (Loss) per Share |
Earnings (Loss) per Share |
Adjustments |
Non-GAAP Earnings (Loss) per Share |
||||||||||||||||
Numerator |
|
|
|
|
|
|
||||||||||||||||
Net income |
$ |
7,720 |
|
$ |
— |
|
$ |
7,720 |
|
$ |
3,308 |
$ |
— |
|
$ |
3,308 |
|
|||||
Adjustments: |
|
|
|
|
|
|
||||||||||||||||
Add back: Stock-based compensation |
|
— |
|
|
5,728 |
|
|
5,728 |
|
|
— |
|
7,556 |
|
|
7,556 |
|
|||||
Add back: Restructuring and other(1) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
570 |
|
|
570 |
|
|||||
Add back: Transaction expense(2) |
|
— |
|
|
1,358 |
|
|
1,358 |
|
|
— |
|
— |
|
|
— |
|
|||||
Income tax benefit (expense) related to Viant Technology Inc.’s share of income (loss) after adjustments(3) |
|
— |
|
|
(975 |
) |
|
(975 |
) |
|
— |
|
(589 |
) |
|
(589 |
) |
|||||
Non-GAAP net income |
|
7,720 |
|
|
6,111 |
|
|
13,831 |
|
|
3,308 |
|
7,537 |
|
|
10,845 |
|
|||||
Less: Net income attributable to noncontrolling interests(4) |
|
5,973 |
|
|
5,174 |
|
|
11,147 |
|
|
2,682 |
|
5,990 |
|
|
8,672 |
|
|||||
Net income attributable to Viant Technology Inc.—basic |
|
1,747 |
|
|
937 |
|
|
2,684 |
|
|
626 |
|
1,547 |
|
|
2,173 |
|
|||||
Add back: Reallocation of net income (loss) attributable to noncontrolling interest from the assumed exchange of RSUs and NQSOs for Class A common stock |
|
469 |
|
|
405 |
|
|
874 |
|
|
— |
|
178 |
|
|
178 |
|
|||||
Income tax benefit (expense) from the assumed exchange of RSUs and NQSOs for Class A common stock |
|
(117 |
) |
|
(101 |
) |
|
(218 |
) |
|
— |
|
(38 |
) |
|
(38 |
) |
|||||
Net income attributable to Viant Technology Inc.—diluted |
$ |
2,099 |
|
$ |
1,241 |
|
$ |
3,340 |
|
$ |
626 |
$ |
1,687 |
|
$ |
2,313 |
|
|||||
Denominator |
|
|
|
|
|
|
||||||||||||||||
Weighted-average shares of Class A common stock outstanding—basic |
|
16,166 |
|
|
|
16,166 |
|
|
15,613 |
|
|
15,613 |
|
|||||||||
Effect of dilutive securities: |
|
|
|
|
|
|
||||||||||||||||
Restricted stock units |
|
2,413 |
|
|
|
2,413 |
|
|
1,215 |
|
|
1,215 |
|
|||||||||
Nonqualified stock options |
|
3,054 |
|
|
|
3,054 |
|
|
6 |
|
|
6 |
|
|||||||||
Weighted-average shares of Class A common stock outstanding—diluted |
|
21,633 |
|
|
|
21,633 |
|
|
16,834 |
|
|
16,834 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||||||||
Earnings (loss) per share of Class A common stock—basic |
$ |
0.11 |
|
|
$ |
0.17 |
|
$ |
0.04 |
|
$ |
0.14 |
|
|||||||||
Earnings (loss) per share of Class A common stock—diluted |
$ |
0.10 |
|
|
$ |
0.15 |
|
$ |
0.04 |
|
$ |
0.14 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||||||||
Anti-dilutive shares excluded from earnings (loss) per share of Class A common stock—diluted: |
|
|
|
|
|
|
||||||||||||||||
Restricted stock units |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|||||||||
Nonqualified stock options |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|||||||||
Shares of Class B common stock |
|
46,754 |
|
|
|
46,754 |
|
|
47,032 |
|
|
47,032 |
|
|||||||||
Total shares excluded from earnings (loss) per share of Class A common stock—diluted |
|
46,754 |
|
|
|
46,754 |
|
|
47,032 |
|
|
47,032 |
|
(1) |
Restructuring and other includes severance and other charges related to aligning our workforce with our strategic performance goals for the three months ended December 31, 2023. |
|
(2) |
Transaction expense consists of costs incurred related to our recent acquisition, as well as contemplated or completed securities offerings for the three months ended December 31, 2024. |
|
(3) |
The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended December 31, 2024 and 2023 is calculated using assumed blended tax rates of |
|
(4) |
The adjustment to net income attributable to noncontrolling interests represents stock-based compensation, restructuring and other charges, and transaction expense attributed to the noncontrolling interests outstanding during the period. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250302845588/en/
Media Contact:
Marielle Lyon
press@viantinc.com
Investor Contact:
Nick Zangler
investors@viantinc.com
Source: Viant Technology Inc.