Viant(US:DSP)2021-08-13 07:51Financial Data and Key Metrics Changes - In Q2 2021, GAAP revenue was $50.4 million, a 66% increase compared to Q2 2020 [16] - Contribution ex-TAC was $32.2 million, representing a 61% year-over-year increase [16] - Adjusted EBITDA for the quarter was $8.3 million, up 203% from $2.8 million in Q2 2020, with an adjusted EBITDA margin of 26% [25][26] - Total platform spend increased by 58% year-over-year [16] Business Line Data and Key Metrics Changes - Connected TV (CTV) grew 105% in Q2, accounting for 41% of Contribution ex-TAC [16][18] - Contribution ex-TAC from channels other than CTV grew 40% during the quarter [17] - Video ad format grew 67%, representing 69% of total Contribution ex-TAC [18] Market Data and Key Metrics Changes - Contribution ex-TAC across retail, travel, and automotive verticals grew 48% in Q2 [18] - Non-COVID impacted verticals saw a 66% increase in Contribution ex-TAC, representing 73% of total Contribution ex-TAC [19] Company Strategy and Development Direction - The company is focused on revenue growth and continues to invest in technology and go-to-market strategies [33] - The launch of the "World Without Cookies" (WWC) software aims to enhance customer experience in cookieless environments [34][41] - The company plans to hold a customer event in September to provide more details on the WWC software release [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong positioning in the market despite uncertainties related to COVID-19 [29] - The company raised its full-year guidance for 2021, expecting GAAP revenue between $205 million and $210 million, representing a year-over-year growth of approximately 24% to 27% [31] Other Important Information - The company ended Q2 with $252.3 million in cash, positioning it well for future growth opportunities [27] - Total operating expenses excluding stock-based compensation were $44.7 million, an increase of 48% year-over-year [23] Q&A Session Summary Question: Customer additions this quarter - The majority of new customers were agencies, with some direct clients, and most were net new customers [45] Question: Specific verticals for new customers - Management expects new customers to trend similarly in Contribution ex-TAC as previous cohorts [46] Question: CTV growth and customer attraction - Customers are attracted to the platform for cookieless environments, with CTV being a significant draw [52] Question: Guidance for next quarter - Guidance reflects a conservative view due to rising COVID cases, despite strong Q2 performance [54] Question: Moving customers to other ad formats - The strategy involves increasing client investment by diversifying into multiple channels, with CTV as a starting point [59]