Viant Technology Announces First Quarter 2023 Financial Results

Financial results for its first quarter ended March 31, 2023

IRVINE, Calif., May 8, 2023 — Viant Technology Inc. (Nasdaq: DSP), a leading people-based advertising technology company, today reported financial results for its first quarter ended March 31, 2023.

“We were pleased to kick off 2023 with first quarter results that met or exceeded our guidance across the board,” said Tim Vanderhook, Co-Founder and CEO, Viant. “We are in the early stages of seeing the returns from our recent investments in our platform, most notably our advanced measurement capabilities and Data Platform. We believe we are well positioned to win market share and continue to capitalize on the secular shift to omnichannel programmatic advertising.”

First quarter 2023 Financial Highlights, year-over-year:

GAAP

• Revenue of $41.7 million, a decrease of 2%
• Gross profit of $18.4 million, an increase of 12%
• Net loss was $9.4 million, compared to a net loss of $13.6 million in the first quarter of 2022
• Net loss attributable to Viant Technology Inc. was $2.5 million, or $(0.17) per diluted share of Class A common stock, compared to net loss attributable to Viant Technology Inc. of $3.2 million, or $(0.23) per diluted share of Class A common stock, in the first quarter of 2022
• Total Class A and Class B common shares outstanding were 62.1 million as of March 31, 2023
• Cash and cash equivalents as of March 31, 2023 was $201.7 million, with no outstanding debt

Non-GAAP⁽¹⁾

• Contribution ex-TAC was $28.0 million, an increase of 2%
• Adjusted EBITDA was $(0.4) million, compared to $(3.9) million in the first quarter of 2022
• Non-GAAP net loss was $1.8 million, compared to non-GAAP net loss of $6.8 million in the first quarter of 2022
• Non-GAAP net loss attributable to Viant Technology Inc. was $0.4 million, or $(0.03) per diluted share of Class A common stock, compared to non-GAAP net loss attributable to Viant Technology Inc. of $1.3 million, or $(0.09) per diluted share of Class A common stock, in the first quarter of 2022

Business Highlights:

• Advertiser spend per active customer⁽²⁾ increased 6% year-over-year.
• Active customers⁽³⁾ totaled 327 as of March 31, 2023.
• Viant upsized its existing credit facility to $75 million from $40 million and extended the term five years.

“Our team has continued to execute well amid a volatile macro backdrop, and we are encouraged by the early signs of stability we are seeing in the spending environment,” said Larry Madden, CFO of Viant. “Our increasing operational efficiency, coupled with the momentum we’ve seen with some of our newer product initiatives contributed to a notable year-over-year increase in adjusted EBITDA in the quarter. We believe the first quarter represented a proof point in our ability to drive positive adjusted EBITDA in the coming quarters.”

Guidance:

For the second quarter 2023, the Company expects:

• Revenue in the range of $52.0 million to $55.0 million
• Contribution ex-TAC in the range of $32.0 million to $34.0 million
• Non-GAAP operating expenses in the range of $30.0 million to $31.0 million
• Adjusted EBITDA in the range of $2.0 million to $3.0 million

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 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 GAAP. Reconciliations of these non-GAAP financial measures to Viant’s financial results as determined in accordance with GAAP are included at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.” For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see “Non-GAAP Financial Measures” in this press release. We are not able to estimate gross profit or net income (loss) on a forward-looking basis or reconcile the guidance provided for contribution ex-TAC, non-GAAP operating expenses, and adjusted EBITDA to the closest corresponding GAAP financial measures on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from these non-GAAP financial measures; in particular, the measures and effects of our stock-based compensation related to new equity grants that are directly impacted by unpredictable fluctuations in our share price, as well as the impact of future traffic acquisition costs and other platform operations expenses that we are unable to forecast in light of the current macroeconomic environment.  We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future GAAP financial results.

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 March 31, 2023, there were 15.1 million shares of the registrant’s Class A common stock outstanding and 47.1 million shares of the registrant’s Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

Conference Call and Webcast Details:

Viant will host a conference call and webcast to discuss its financial results on Monday, May 8, 2023 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.

About Viant

Viant® (NASDAQ: DSP) is a leading advertising technology company that enables marketers to plan, execute and measure omnichannel ad campaigns through a cloud-based platform. Viant’s self-service Demand Side Platform, Adelphic®, powers programmatic advertising across Connected TV, Linear TV, mobile, desktop, audio, gaming and digital out-of-home channels. As an organization committed to sustainability, Viant’s Adricity® carbon reduction program helps clients achieve their sustainability goals. In 2022, Viant was recognized as a Leader in the DSP category, earned Great Place to Work® certification, became a founding member of Ad Net Zero, and Co-Founders Tim and Chris Vanderhook were named EY Entrepreneurs of the Year. To learn more, please visit viantinc.com. Viant Technology has used, and intends to continue to use, the “Investor Relations” section of its website at investors.viantinc.com and its LinkedIn account, and the LinkedIn account of its Chief Executive Officer, Tim Vanderhook, to post information that may be important to investors. Investors and potential investors are encouraged to consult Viant Technology’s website and LinkedIn account and Mr. Vanderhook’s LinkedIn account regularly for important information.

Forward-Looking Statements

This 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 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 positioning to capitalize on market share and Viant’s plan to continue to capitalize on the shift to omnichannel programmatic advertising. 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 and the ability to attract and retain customers 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. 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. Investors are referred to our filings with the Securities and Exchange Commission, 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.

Media Contact:
Marielle Lyon
press@viantinc.com

Investor Contact:
Nicole Borsje
investors@viantinc.com

SOURCES

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 across our platform as the total amount billed to our customers for activity on our platform, inclusive of advertising media, third-party data, other add-on features and our platform fee we charge customers.  Advertiser spend per active customer is an operational metric defined as advertiser spend for the trailing twelve-month period presented divided by active customers. See “Operational Metrics” for a discussion of how we use this metric and why it is useful to investors.
3. We define an active customer as a customer that had total aggregate contribution ex-TAC of at least $5,000 through our platform during the previous twelve months.  See “Operational Metrics” for a discussion of how we use this metric and why it is useful to investors.