Viant(DSP)2024-11-12 21:33Financial Performance - Third quarter 2024 revenue reached $79.9 million, a 34% increase year-over-year from $59.6 million[3] - Gross profit for the third quarter was $35.3 million, up 23% from $28.6 million in the same period last year[3] - Net income for the quarter was $6.5 million, compared to a net loss of $0.7 million in Q3 2023, representing a 1,061% improvement[3] - Contribution ex-TAC grew to $47.4 million, a 21% increase from $39.1 million year-over-year[3] - Adjusted EBITDA for the quarter was $14.7 million, reflecting a 52% increase from $9.7 million in Q3 2023[3] - Revenue for the three months ended September 30, 2024, was $79,922,000, representing a 34.2% increase from $59,585,000 in the same period of 2023[14] - Net income attributable to Viant Technology Inc. for the three months ended September 30, 2024, was $1,507,000, compared to a loss of $526,000 in the same period of 2023[14] - Adjusted EBITDA for Q3 2024 was $14.7 million, compared to $9.7 million in Q3 2023, representing a 51.7% increase[22] - Non-GAAP net income for Q3 2024 was $11.8 million, compared to a non-GAAP net loss of $0.5 million in Q3 2023[19] - Basic non-GAAP earnings per share for Q3 2024 was $0.18, compared to a loss per share of $0.01 in Q3 2023[19] Operational Metrics - CTV spend increased nearly 50% year-over-year, driven by the Direct Access program and Household ID technology[4] - Total operating expenses for the three months ended September 30, 2024, were $75,884,000, up from $62,404,000 in the same period of 2023, reflecting a 21.6% increase[14] - Traffic acquisition costs (TAC) for Q3 2024 were $32.6 million, an increase of 59.2% from $20.5 million in Q3 2023[21] - Non-GAAP operating expenses for Q3 2024 were $32.7 million, a 10.4% increase from $29.4 million in Q3 2023[21] - Total operating expenses for Q3 2024 were $75.9 million, up 21.6% from $62.4 million in Q3 2023[21] Future Outlook - For Q4 2024, the company expects revenue between $82 million and $85 million, and adjusted EBITDA between $16 million and $17 million[6] - The company plans to continue focusing on operational efficiency and strategic investments to drive future growth[19] Cash and Assets - As of September 30, 2024, cash and cash equivalents totaled $214.6 million[3] - Cash and cash equivalents as of September 30, 2024, were $214,632,000, slightly down from $216,458,000 as of December 31, 2023[16] - Total assets increased to $429,741,000 as of September 30, 2024, compared to $404,911,000 as of December 31, 2023[16] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $35,276,000, compared to $14,503,000 for the same period in 2023[17] Stock and Compensation - Stock-based compensation for the three months ended September 30, 2024, was $5,329,000, down from $8,734,000 in the same period of 2023[15] - The weighted-average shares of Class A common stock outstanding—diluted for the three months ended September 30, 2024, was 19,993,000, compared to 15,388,000 for the same period in 2023[27] - Stock-based compensation for the three months ended September 30, 2024, was $5,329,000, compared to $8,734,000 for the same period in 2023, showing a decrease of 39.5%[24] Acquisitions and Innovations - The company launched ViantAI, a fully autonomous advertising software platform, enhancing its offerings in programmatic advertising[4] - Viant completed the acquisition of IRIS.TV, which will enhance its CTV targeting and measurement capabilities[4] Tax and Non-Operational Items - The estimated income tax effect of non-GAAP pre-tax income for the three months ended September 30, 2024, was calculated using a blended tax rate of 24%[29] - The company incurred non-operational media purchases of $1,271,000 for the three months ended September 30, 2024[24] - Non-operational media purchases for the nine months ended September 30, 2024, included costs for one-time and non-operating supplier purchases[32]