Viant(US:DSP)2025-08-11 20:46Financial Performance - Revenue for the three months ended June 30, 2025, was $77.9 million, an increase of 18% compared to $65.9 million in the same period of 2024[106] - Gross profit for the three months ended June 30, 2025, was $35.9 million, representing a 17% increase from $30.7 million in 2024[106] - Contribution ex-TAC for the three months ended June 30, 2025, was $48.4 million, up 16% from $41.6 million in 2024[106] - Net income for the three months ended June 30, 2025, was $1.8 million, reflecting a 20% increase from $1.5 million in 2024[106] - Non-GAAP net income for the six months ended June 30, 2025, was $10.8 million, an increase of 26% compared to $8.6 million in 2024[106] - Adjusted EBITDA for the six months ended June 30, 2025, was $16.7 million, representing a 32% increase from $12.7 million in 2024[106] - Revenue for the six months ended June 30, 2025, increased by $29.2 million, or 25%, to $148.5 million compared to $119.3 million in the same period of 2024[125] - Net income for Q2 2025 was $1,787,000, a slight increase from $1,488,000 in Q2 2024, maintaining a net income margin of 5%[149] - Non-GAAP net income for Q2 2025 was $8,012,000, compared to $7,207,000 in Q2 2024, reflecting an 11.1% increase[153] Operating Expenses - Operating expenses for the three months ended June 30, 2025, totaled $77.841 million, up from $66.637 million in 2024, representing a 17% increase[117] - Platform operations expenses increased by $6.848 million or 19%, reaching $41.970 million for the three months ended June 30, 2025, primarily due to a $5.173 million increase in traffic acquisition costs[117] - Sales and marketing expenses rose by $2.396 million or 18%, totaling $15.484 million for the three months ended June 30, 2025, driven by higher personnel and stock-based compensation costs[118] - Technology and development expenses increased by $1.876 million or 32%, amounting to $7.691 million for the three months ended June 30, 2025, mainly due to higher personnel and technology costs[119] - General and administrative expenses slightly increased by $0.084 million or 1%, totaling $12.696 million for the three months ended June 30, 2025[120] - Total operating expenses for the first half of 2025 were $153,342,000, compared to $125,722,000 in the same period of 2024, reflecting a 22.0% increase[142] - Non-GAAP operating expenses for Q2 2025 were $37,089,000, up from $31,958,000 in Q2 2024, representing a 16.7% increase[142] - Non-GAAP operating expenses for the first half of 2025 totaled $74,417,000, compared to $63,004,000 in the first half of 2024, a 18.1% increase[142] Cash Flow and Liquidity - As of June 30, 2025, cash and cash equivalents were $172.8 million, down from $205.0 million as of December 31, 2024, indicating a decrease of 15.6%[164] - Cash flows provided by operating activities for the six months ended June 30, 2025, were $16.5 million, down from $18.2 million in the same period of 2024[182][183] - Cash flows used in investing activities amounted to $12.6 million for the six months ended June 30, 2025, primarily due to $7.9 million in capitalized software investments[185] - Cash flows used in financing activities totaled $36.1 million for the six months ended June 30, 2025, mainly driven by $28.1 million for stock repurchases[188] - The net decrease in cash and cash equivalents was $32.2 million for the six months ended June 30, 2025, compared to a decrease of $6.7 million in the same period of 2024[180] - The company repurchased 2.0 million shares of Class A common stock for an aggregate amount of $28.0 million during the six months ended June 30, 2025[175] Tax and Other Income - Total other income, net, decreased by $0.874 million or 37%, resulting in a net expense of $1.484 million for the three months ended June 30, 2025[122] - The provision for income taxes for the three months ended June 30, 2025, was a benefit of $0.291 million, compared to a provision of $0.099 million in 2024[124] - The provision for income taxes resulted in a benefit of $0.4 million for the six months ended June 30, 2025, due to a year-to-date loss[133] - The estimated income tax effect for the three months ended June 30, 2025, was calculated using a blended tax rate of 27%[157] - The estimated income tax effect of the company's share of income (loss) for the six months ended June 30, 2025, is calculated using a blended tax rate of 27%[171] Strategic Outlook - The company plans to invest in platform operations and technology to enhance product capabilities, which may increase operating expenses in the long term[109] - The company expects continued growth in revenue driven by increased customer adoption of newer products and platform features[108] - The advertising market is in the early stages of a shift toward programmatic advertising, which the company aims to capitalize on[109] - Seasonal fluctuations in revenue are expected, with the fourth quarter typically reflecting the highest level of advertising activity[112] - The company intends to continue investing in critical areas of its business throughout 2025 to accelerate product demand and growth[166] - The company expects capital expenditures and investment activities to continue to increase due to business growth and the capitalization of stock-based compensation[184] Shareholder Information - Non-GAAP earnings per share of Class A common stock for the three months ended June 30, 2025, was $0.02, compared to $0.00 for the same period in 2024[160] - Diluted non-GAAP earnings per share of Class A common stock for the three months ended June 30, 2025, was $0.09, compared to $0.08 for the same period in 2024[160] - The company excluded Class B common stock from the computation of diluted earnings per share due to anti-dilutive effects for the three months ended June 30, 2025[158]