Viant(DSP) - 2023 Q4 - Annual Results

Viant Technology Q4 and Full Year 2023 Financial Results Financial & Business Highlights Viant Technology reported strong Q4 and full-year 2023 results, marked by double-digit revenue growth, a shift to net income, and substantial Adjusted EBITDA improvement Q4 2023 vs Q4 2022 Financial Performance (in thousands) | Metric | Q4 2023 | Q4 2022 | Change (%) | | :--- | :--- | :--- | :--- | | GAAP Revenue | $64,406 | $54,509 | 18% | | GAAP Gross Profit | $31,752 | $22,458 | 41% | | GAAP Net Income (Loss) | $3,308 | $(8,008) | 141% | | Adjusted EBITDA | $13,007 | $2,630 | 395% | | Contribution ex-TAC | $42,601 | $33,378 | 28% | Full Year 2023 vs Full Year 2022 Financial Performance (in thousands) | Metric | FY 2023 | FY 2022 | Change (%) | | :--- | :--- | :--- | :--- | | GAAP Revenue | $222,934 | $197,168 | 13% | | GAAP Gross Profit | $102,455 | $80,443 | 27% | | GAAP Net Loss | $(9,943) | $(48,089) | 79% | | Adjusted EBITDA | $29,101 | $(6,132) | 575% | | Contribution ex-TAC | $143,382 | $124,728 | 15% | - The CEO attributes strong performance to the market shift towards cookie-free advertising platforms, highlighting Viant's Household ID technology and new AI product suite as key differentiators[3] - Business highlights for FY 2023 include a 20% increase in customers with over $1 million in contribution ex-TAC and strong double-digit growth in Connected TV (CTV)[10] - Viant achieved carbon neutrality for the 2023 calendar year through strategic energy sourcing and the purchase of carbon offsets[10] Q1 2024 Business Outlook Viant anticipates Q1 2024 revenue of $49.0-$52.0 million, with Contribution ex-TAC of $33.0-$35.0 million and Adjusted EBITDA of $2.0-$3.0 million Q1 2024 Guidance (in millions) | Metric | Range | | :--- | :--- | | Revenue | $49.0 - $52.0 | | Contribution ex-TAC | $33.0 - $35.0 | | Non-GAAP operating expenses | $31.0 - $32.0 | | Adjusted EBITDA | $2.0 - $3.0 | - The company stated it is not able to reconcile forward-looking non-GAAP guidance to the closest corresponding GAAP measures without unreasonable effort due to the variability and complexity of excluded charges[6] Consolidated Financial Statements Viant's FY 2023 consolidated financial statements show increased revenue, reduced net loss, a strong balance sheet, and positive operating cash flow Full Year 2023 Statement of Operations Summary (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $222,934 | $197,168 | | Gross Profit | $102,455 | $80,443 | | Income (loss) from operations | $(18,296) | $(49,260) | | Net loss | $(9,943) | $(48,089) | Balance Sheet Summary (as of Dec 31, in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $216,458 | $206,573 | | Total Assets | $404,911 | $377,883 | | Total Liabilities | $130,522 | $112,115 | | Total Equity | $274,389 | $265,768 | Statement of Cash Flows Summary (Full Year, in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $37,752 | $(3,530) | | Net cash used in investing activities | $(13,476) | $(8,826) | | Net cash used in financing activities | $(14,391) | $(19,551) | | Net increase (decrease) in cash | $9,885 | $(31,907) | Non-GAAP Financial Measures and Reconciliations Viant uses non-GAAP measures like Contribution ex-TAC and Adjusted EBITDA to clarify core operating performance, reconciling FY 2023 GAAP net loss to non-GAAP net income - Contribution ex-TAC is a key profitability measure calculated by adding back other platform operations expenses to gross profit, used to evaluate operating performance across all pricing options[23] - Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, depreciation, amortization, stock-based compensation, and other non-core operational items[25] Reconciliation of Net Loss to Adjusted EBITDA (Full Year, in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Net loss | $(9,943) | $(48,089) | | Depreciation and amortization | $14,731 | $13,131 | | Stock-based compensation | $32,291 | $28,901 | | Other adjustments | $(8,078) | $ (7) | | Adjusted EBITDA | $29,101 | $(6,132) | Reconciliation of Gross Profit to Contribution ex-TAC (Full Year, in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Gross profit | $102,455 | $80,443 | | Add: Other platform operations | $40,927 | $44,285 | | Contribution ex-TAC | $143,382 | $124,728 |