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.
(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.
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited; in thousands,
except per share data)
Three Months Ended
March 31,
2023
2022
Revenue
$
41,720
$
42,629
Operating expenses:
Platform operations
23,337
26,194
Sales and marketing
12,169
13,756
Technology and development
5,894
5,003
General and administrative
11,428
11,083
Total operating expenses
52,828
56,036
Loss from operations
(11,108
)
(13,407
)
Interest expense (income), net
(1,819
)
152
Other expense, net
87
4
Total other expense (income), net
(1,732
)
156
Net loss
(9,376
)
(13,563
)
Less: Net loss attributable to
noncontrolling interests
(6,896
)
(10,371
)
Net loss attributable to Viant Technology
Inc.
$
(2,480
)
$
(3,192
)
Loss per share of Class A common
stock:
Basic
$
(0.17
)
$
(0.23
)
Diluted
$
(0.17
)
$
(0.23
)
Weighted-average shares of Class A common
stock outstanding:
Basic
14,748
13,809
Diluted
14,748
13,809
(1)
Stock-based compensation and depreciation
and amortization included in operating expenses are as follows (in
thousands):
Three Months Ended
March 31,
2023
2022
Stock-based compensation:
Platform operations
$
892
$
1,086
Sales and marketing
2,512
2,179
Technology and development
1,327
1,169
General and administrative
2,741
1,942
Total stock-based compensation
$
7,472
$
6,376
Three Months Ended
March 31,
2023
2022
Depreciation and amortization:
Platform operations
$
2,770
$
2,311
Sales and marketing
—
—
Technology and development
393
595
General and administrative
249
248
Total depreciation and amortization
$
3,412
$
3,154
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited; in thousands,
except share and per share data)
As of March 31,
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
201,742
$
206,573
Accounts receivable, net of allowances
80,810
101,658
Prepaid expenses and other current
assets
3,771
6,631
Total current assets
286,323
314,862
Property, equipment, and software, net
24,274
23,106
Operating lease assets
25,473
26,441
Intangible assets, net
507
667
Goodwill
12,422
12,422
Other assets
64
385
Total assets
$
349,063
$
377,883
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
20,782
$
37,063
Accrued liabilities
28,580
35,063
Accrued compensation
6,223
9,162
Current portion of deferred revenue
1,055
123
Current portion of operating lease
liabilities
3,973
3,711
Other current liabilities
2,447
1,995
Total current liabilities
63,060
87,117
Long-term debt
—
—
Long-term portion of operating lease
liabilities
23,990
24,998
Total liabilities
87,050
112,115
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value
Authorized shares — 10,000,000
Issued and outstanding — none
—
—
Class A common stock, $0.001 par value
Authorized shares — 450,000,000
Issued — 15,444,078 and 14,783,886
Outstanding — 15,064,581 and
14,643,798
15
15
Class B common stock, $0.001 par value
Authorized shares — 150,000,000
Issued and outstanding — 47,082,260 and
47,082,260
47
47
Additional paid-in capital
100,942
95,922
Accumulated deficit
(39,425
)
(36,261
)
Treasury stock, at cost; 379,497 and
140,088 shares held
(1,567
)
(475
)
Total stockholders’ equity attributable to
Viant Technology Inc.
60,012
59,248
Noncontrolling interests
202,001
206,520
Total equity
262,013
265,768
Total liabilities and stockholders’
equity
$
349,063
$
377,883
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; in
thousands)
Three Months Ended
March 31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(9,376
)
$
(13,563
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
3,412
3,154
Stock-based compensation
7,472
6,376
Provision for (recovery of) doubtful
accounts
22
51
Loss on disposal of assets
104
—
Amortization of operating lease assets
968
654
Changes in operating assets and
liabilities:
Accounts receivable
20,618
30,790
Prepaid expenses and other assets
3,180
(568
)
Accounts payable
(16,301
)
(8,157
)
Accrued liabilities
(6,504
)
3,584
Accrued compensation
(3,350
)
(2,721
)
Deferred revenue
933
(6,486
)
Operating lease liabilities
(743
)
(461
)
Other liabilities
(1,000
)
(1,083
)
Net cash provided by (used in) operating
activities
(565
)
11,570
Cash flows from investing
activities:
Purchases of property and equipment
(291
)
(373
)
Capitalized software development costs
(2,382
)
(1,725
)
Net cash used in investing activities
(2,673
)
(2,098
)
Cash flows from financing
activities:
Taxes paid related to net share settlement
of equity awards
(1,567
)
—
Payment of member tax distributions
(26
)
(16
)
Net cash used in financing activities
(1,593
)
(16
)
Net increase (decrease) in cash and
cash equivalents
(4,831
)
9,456
Cash and cash equivalents at beginning
of period
206,573
238,480
Cash and cash equivalents at end of
period
$
201,742
$
247,936
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 U.S. generally accepted accounting principles
(“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” refers to 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 charges and transaction expenses. Non-GAAP operating
expenses is a key component in calculating adjusted EBITDA, which
is one of the measures we use to provide our quarterly and annual
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 depreciation, amortization, stock-based
compensation, TAC 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 charges, transaction
expenses and the extinguishment of debt. 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.
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 charges,
transaction expenses and the extinguishment of debt. 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, gain on debt
extinguishment, 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 charges, transaction
expenses, and the extinguishment of debt. 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, gain on extinguishment of
debt 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 in understanding
and evaluating our results of operations in the same manner as our
management and board of directors.
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
March 31,
2023
2022
Revenue
$
41,720
$
42,629
Less: Platform operations
(23,337
)
(26,194
)
Gross profit
18,383
16,435
Add: Other platform operations
9,608
11,109
Contribution ex-TAC
$
27,991
$
27,544
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
March 31,
2023
2022
Operating expenses:
Platform operations
$
23,337
$
26,194
Sales and marketing
12,169
13,756
Technology and development
5,894
5,003
General and administrative
11,428
11,083
Total operating expenses
52,828
56,036
Add:
Other expense, net
87
4
Less:
Traffic acquisition costs
(13,729
)
(15,085
)
Stock-based compensation
(7,472
)
(6,376
)
Depreciation and amortization
(3,412
)
(3,154
)
Restructuring(1)
79
—
Non-GAAP operating expenses
$
28,381
$
31,425
(1)
Restructuring includes adjustments to
severance charges initially recognized during the prior year.
The following table sets forth a reconciliation of net loss to
adjusted EBITDA for the periods presented (unaudited; in
thousands):
Three Months Ended
March 31,
2023
2022
Net loss
$
(9,376
)
$
(13,563
)
Add back:
Interest expense (income), net
(1,819
)
152
Depreciation and amortization
3,412
3,154
Stock-based compensation
7,472
6,376
Restructuring(1)
(79
)
—
Adjusted EBITDA
$
(390
)
$
(3,881
)
(1)
Restructuring includes adjustments to
severance charges initially recognized during the prior year.
The following table sets forth the calculation of net 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
March 31,
2023
2022
Gross profit
$
18,383
$
16,435
Net loss
$
(9,376
)
$
(13,563
)
Net loss as a percentage of gross
profit
(51
)%
(83
)%
Contribution ex-TAC
$
27,991
$
27,544
Adjusted EBITDA
$
(390
)
$
(3,881
)
Adjusted EBITDA as a percentage of
contribution ex-TAC
(1
)%
(14
)%
The following table sets forth a reconciliation of net loss to
non-GAAP net loss for the periods presented (unaudited; in
thousands):
Three Months Ended
March 31,
2023
2022
Net loss
$
(9,376
)
$
(13,563
)
Add back: Stock-based compensation
7,472
6,376
Add back: Restructuring(1)
(79
)
—
Less: Income tax effect related to Viant
Technology Inc.’s share of adjustments(2)
169
416
Non-GAAP net loss
$
(1,814
)
$
(6,771
)
(1)
Restructuring includes adjustments to
severance charges initially recognized during the prior year.
(2)
The estimated income tax effect of our
share of non-GAAP reconciling items for the three months ended
March 31, 2023 and 2022 are calculated using assumed blended tax
rates of 28% and 24%, respectively, which represent our expected
corporate tax rate, excluding discrete and non-recurring tax
items.
The following table sets forth 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):
Three Months Ended
March 31, 2023
Three Months Ended
March 31, 2022
Earnings
(Loss) per
Share
Adjustments
Non-GAAP
Earnings (Loss)
per Share
Earnings
(Loss) per
Share
Adjustments
Non-GAAP
Earnings (Loss)
per Share
Numerator
Net loss
$
(9,376
)
$
—
$
(9,376
)
$
(13,563
)
$
—
$
(13,563
)
Adjustments:
Add back: Stock-based compensation
—
7,472
7,472
—
6,376
6,376
Add back: Restructuring(1)
—
(79
)
(79
)
—
—
—
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(2)
—
169
169
—
416
416
Non-GAAP net loss
(9,376
)
7,562
(1,814
)
(13,563
)
6,792
(6,771
)
Less: Net loss attributable to
noncontrolling interests(3)
(6,896
)
5,517
(1,379
)
(10,371
)
4,887
(5,484
)
Net loss attributable to Viant Technology
Inc.—basic
(2,480
)
2,045
(435
)
(3,192
)
1,905
(1,287
)
Add back: Reallocation of net loss
attributable to noncontrolling interest from the assumed exchange
of RSUs for Class A common stock
—
—
—
—
(3
)
(3
)
Income tax benefit (expense) from the
assumed exchange of RSUs for Class A common stock
—
—
—
—
1
1
Net loss attributable to Viant Technology
Inc.—diluted
$
(2,480
)
$
2,045
$
(435
)
$
(3,192
)
$
1,903
$
(1,289
)
Denominator
Weighted-average shares of Class A common
stock outstanding —basic
14,748
14,748
13,809
13,809
Effect of dilutive securities:
Restricted stock units
—
—
—
—
Nonqualified stock options
—
—
—
—
Weighted-average shares of Class A common
stock outstanding —diluted
14,748
14,748
13,809
13,809
Earnings (loss) per share of Class A
common stock—basic
$
(0.17
)
$
0.14
$
(0.03
)
$
(0.23
)
$
0.14
$
(0.09
)
Earnings (loss) per share of Class A
common stock—diluted
$
(0.17
)
$
0.14
$
(0.03
)
$
(0.23
)
$
0.14
$
(0.09
)
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
Restricted stock units
4,496
4,496
4,858
4,858
Nonqualified stock options
5,755
5,755
3,771
3,771
Shares of Class B common stock
47,082
47,082
47,082
47,082
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
57,333
57,333
55,711
55,711
(1)
Restructuring includes adjustments to
severance charges initially recognized during the prior year.
(2)
The estimated income tax effect of our
share of non-GAAP reconciling items for the three months ended
March 31, 2023 and 2022 are calculated using assumed blended tax
rates of 28% and 24%, respectively, which represent our expected
corporate tax rate, excluding discrete and non-recurring tax
items.
(3)
The adjustment to net income (loss)
attributable to noncontrolling interests represents stock-based
compensation attributed to the noncontrolling interest of our
company outstanding during the period.
Operational Metrics
We have also included the following operational metrics in this
press release: Advertiser spend and active customers.
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. We evaluate our customers’ usage
of our platform and assess our market penetration and scale based
on the percentage change in advertiser spend. The percentage change
in advertiser spend is a key measure used by our management and our
board of directors to evaluate the demand for our products and to
assess whether we are increasing market share. Our management uses
this key metric to develop short- and long-term operational plans
and make strategic decisions regarding future enhancements to our
software. We believe the percentage change in advertiser spend
across our platform is a useful metric for investors because it
allows investors to evaluate our operational performance in the
same manner as our management and board of directors.
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. For purposes of this
definition, a customer that operates under any of our pricing
options that equals or exceeds the aforementioned contribution
ex-TAC threshold is considered an active customer. Active customers
is an operational metric calculated using contribution ex-TAC, a
non-GAAP financial measure. Active customers is a key 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 future
enhancements to our software. We believe active customers is a
useful metric for investors because it allows investors to evaluate
the Company’s operational performance in the same manner as our
management and board of directors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230505005516/en/
Media Contact: Marielle Lyon press@viantinc.com
Investor Contact: Nicole Borsje
investors@viantinc.com
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