Viant Technology Announces Second Quarter 2021 Financial Results

Viant Technology Inc., a leading people-based advertising software company, today announced financial results for its second quarter ended June 30, 2021.

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“We had a very strong second quarter, highlighted by revenue growth of 66% and continued momentum with Connected TV, which more than doubled year-over-year,” said Tim Vanderhook, co-founder and CEO of Viant. “Our people-based approach to digital advertising and patented Household Identification technology remain key differentiators that attract customers to our platform as they look to drive tangible ROI from their marketing investments. We are encouraged by the momentum we are seeing across our business and are raising guidance for the full year across all key metrics.”

Second Quarter 2021 Financial Highlights:

• Revenue: Revenue was $50.4 million, an increase of 66% year-over-year.
• Gross Profit: Gross Profit was $18.7 million, an increase of 58% year-over-year.
• Contribution ex-TAC: Contribution ex-TAC was $32.2 million, an increase of 61% year-over-year.⁽¹⁾
• Net Loss: Net Loss was $18.1 million, or ($0.32) per diluted share of Class A common stock in the second quarter, compared to Net Loss of $0.03 million for the same period in 2020.
• Non-GAAP Net Income: Non-GAAP Net Income was $5.2 million, or $0.06 per diluted share of Class A common stock in the second quarter of 2021.⁽¹⁾
• Adjusted EBITDA: Adjusted EBITDA was $8.3 million, an increase of 203% versus $2.8 million for the same period in 2020.⁽¹⁾
• Adjusted EBITDA margin: Adjusted EBITDA margin as a percentage of Contribution ex-TAC was 26%.⁽¹⁾ Net Income (Loss) as a percentage of Gross Profit, the most comparable GAAP measure, is not meaningful due to the Net Loss for the period.

Business Highlights:

• Contribution ex-TAC from Connected TV grew 105% year-over-year in the second quarter and represented 41% of total Contribution ex-TAC. Gross Profit, the most comparable GAAP measure, is not calculable by channel because Other Platform Operations expenses cannot be allocated by channel.
• Total Platform Spend increased 58% year-over-year in the second quarter. ⁽²⁾
• Total Active Customers grew to 288 by the end of the second quarter, a sequential increase of 22 from 266 at the end of the first quarter of 2021. Average Contribution ex-TAC per Active Customer increased to $438 thousand in the second quarter.⁽³⁾

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“We once again exceeded our guidance across all metrics and demonstrated accelerating growth across our business,” said Larry Madden, CFO of Viant. “In addition to doubling our Connected TV business, we had solid growth of 40% in all other channels during the quarter. We saw recovery in some of our core advertiser verticals that were hit the hardest by the pandemic, and at the same time are continuing to invest in our people and technology to drive growth in the quarters ahead.”

For the third quarter of 2021, the Company expects:

• Revenue in the range of $48 million to $50 million, which represents year-over-year growth of approximately 19% to 24%.
• Contribution ex-TAC in the range of $32.5 million to $33.5 million, which represents year-over-year growth of approximately 16% to 20%.
• Adjusted EBITDA in the range of $4 million to $5 million, or Adjusted EBITDA as a percentage of Contribution ex-TAC of 12% to 15%.

For the full year 2021, the Company is raising guidance and now expects:

• Revenue in the range of $205 million to $210 million, which represents year-over-year growth of approximately 24% to 27%.
• Contribution ex-TAC in the range of $137 million to $142 million, which represents year-over-year growth of approximately 24% to 28%.
• Adjusted EBITDA in the range of $29 million to $32 million, or Adjusted EBITDA as a percentage of Contribution ex-TAC of 21% to 23%.

Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Net Income (loss) and Non-GAAP Earnings (Loss) per Share 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. We are not able to estimate gross profit and Net Income (loss) on a forward-looking basis or reconcile the guidance provided to the closest corresponding GAAP measures without unreasonable efforts on a forward-looking basis due to the variability and complexity with respect to the charges excluded from these non-GAAP 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. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future GAAP financial results.

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