Viant Technology Inc. (Nasdaq: DSP), a leading people-based
advertising software company, today reported financial results for
its first quarter ended March 31, 2022.
“Our team continued to execute well in the first quarter, and
our strong momentum with customers translated to an acceleration in
growth of advertiser spend on our platform, which increased 44%
compared to the first quarter 2021 as we continued to gain share
across the digital advertising market,” said Tim Vanderhook,
co-founder and CEO of Viant. “Our Adelphic software is becoming
increasingly strategic for larger advertisers looking for better
insight on measurement and reporting across their digital
advertising spend. Viant is extremely well positioned to benefit
from the ongoing shifts we are seeing across the industry to
digital channels amid an evolving landscape for privacy policies
and regulation.”
Added co-founder and COO Chris Vanderhook, “We are pleased to
see customers moving advertising budgets to Viant at an
accelerating rate, driving higher spend per active customer, while
we continue to see strong growth in new customer additions. We are
very encouraged by the increasing number of strategic conversations
we are having with larger customers who see the differentiated
value in our omnichannel Adelphic software for their buying and
measurement of digital advertising. We believe we have the right
technology platform, supported by an expanding sales team, that can
continue to drive growth in the quarters ahead.”
First Quarter 2022 Financial
Highlights, year-over-year:
GAAP
- Revenue was $42.6 million, an increase of 6%
- Gross profit was $16.4 million, an increase of 4%
- Net loss was $13.6 million, or $(0.23) per diluted share of
Class A common stock, compared to a net loss of $14.9 million in
the first quarter of 2021
- Cash as of March 31, 2022 was $247.9 million
Non-GAAP(1)
- Contribution ex-TAC was $27.5 million, an increase of 3%
- Adjusted EBITDA was $(3.9) million, compared to $4.9 million in
the first quarter of 2021
- Non-GAAP net income (loss) was $(6.8) million, or $(0.09) per
diluted share of Class A common stock, compared to $2.2 million in
the first quarter of 2021
Business Highlights:
- Advertiser spend across the Adelphic software(2) grew 44% in
the first quarter
- Active customers(3) grew to 327 by the end of Q1 2022,
representing a year-over-year increase of 61, or 23%, and a
sequential increase of 18 from 309 at the end of the fourth quarter
of 2021
“We are very pleased with the accelerating growth we saw in
advertiser spend on our platform in the first quarter, while
revenue growth was in line with our expectations as more customers
are shifting budgets to our percentage of spend pricing option,
resulting in our Adelphic software gaining market share,” said CFO
Larry Madden. “We remain very encouraged by the demand trends we
are seeing across our customer base, particularly in the
entertainment, retail and travel sectors. We remain focused on
investing in our business to drive long-term growth, and we believe
we are well-positioned to achieve our long-term growth targets of
generating $500 million in revenue in 2025.”
Guidance:
For the second quarter 2022, the Company expects:
- Revenue in the range of $52.5 million to $55.0 million,
representing year-over-year growth of approximately 4% to 9%
- Adjusted EBITDA in the range of negative $(5.0) million to
$(3.0) million
For the full year 2022, the Company is reiterating its
previously issued guidance and expects:
- Revenue in the range of $260.0 million to $270.0 million,
representing year-over-year growth of approximately 16% to 20%
- Adjusted EBITDA in the range of $25.0 million to $35.0 million,
reflecting continuing investments in Viant’s growth
initiatives
Contribution ex-TAC, adjusted EBITDA, adjusted EBITDA as a
percentage of contribution ex-TAC, non-GAAP net income (loss),
non-GAAP earnings (loss) per share of Class A common stock—basic
and diluted and non-GAAP operating expenses 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. Reconciliations of these non-GAAP
financial measures to Viant’s financial results as determined in
accordance with GAAP are included at the end of this press release
under “Reconciliation of Non-GAAP Financial Measures.” For a
description of these non-GAAP financial measures, including the
reasons management uses each measure, please see “Non-GAAP
Financial Measures” in this press release. We are not able to
estimate gross profit and net income (loss) on a forward-looking
basis or reconcile the guidance provided for adjusted EBITDA to the
closest corresponding GAAP measures on a forward-looking basis
without unreasonable efforts 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.
Conference Call and Webcast
Details:
Viant will host a conference call and webcast to discuss its
financial results on Tuesday, May 3, 2022 at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time). A live webcast of the call can be
accessed from Viant’s Investor Relations website. An archived
version of the webcast will be available from the same website
after the call.
About Viant
Viant® is a leading people-based advertising software company
that enables marketers and their agencies to centralize the
planning, buying and measurement of their advertising investments
across most channels. Viant’s self-service Demand Side Platform
(“DSP”), Adelphic®, is an enterprise software platform enabling
marketers to execute programmatic advertising campaigns across
connected TV, linear TV, mobile, desktop, audio and digital
out-of-home channels. Viant’s Identity Resolution capabilities have
linked 115 million U.S. households to more than 1 billion connected
devices and is combined with access to more than 280,000 audience
attributes from more than 70 people-based data partners. Viant is
an Ad Age 2021 Best Places to Work award winner, and the Adelphic
DSP is featured on AdExchanger’s 2021 Programmatic Power Players
list.
Presentation
Viant Technology LLC has been determined to be the predecessor
for accounting purposes and, accordingly, the consolidated
financial statements for periods prior to the IPO and the related
organizational transactions have been adjusted to combine the
previously separate entities for presentation purposes. Amounts for
the period from January 1, 2021 through February 11, 2021 presented
in this press release represent the historical operations of Viant
Technology LLC. The amounts as of March 31, 2022 and for the period
from February 12, 2021 reflect the consolidated operations of Viant
Technology Inc.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain words such as “guidance,” “believe,”
“anticipate,” “expect,” “estimate,” “target,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved, if at all. Forward-looking statements contained in this
press release relate to, among other things, Viant’s projected
financial performance and operating results, including projected
revenue and adjusted EBITDA, as well as statements regarding
Viant’s market opportunity, expected acceleration in advertiser
spend across the Company’s platform and expected growth for 2022
and beyond. Forward-looking statements are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties, including, but not limited to, the market for
programmatic advertising developing slower or differently than
Viant’s expectations, the demands and expectations of customers and
the ability to attract and retain customers and other economic,
competitive, governmental and technological factors outside of our
control, that may cause our business, strategy or actual results to
differ materially from the forward-looking statements. We do not
intend and undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable law.
Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, for additional
information regarding the risks and uncertainties that may cause
actual results to differ materially from those expressed in any
forward-looking statement.
Media Contact: Sondra Magness press@viantinc.com
Investor Contact: Nicole Borsje
investors@viantinc.com
(1) For a discussion on how we define, use
and calculate these non-GAAP financial measures and a
reconciliation thereof to the most directly comparable GAAP
financial measures, see “Non-GAAP Financial Measures” and the
supplementary schedules under “Reconciliation of Non-GAAP Financial
Measures” in this press release.
(2) We define advertiser spend across our
platform as the total amount billed to our customers for activity
on our platform, inclusive of advertising media, third-party data
and other add-on features. See “Operational Metrics” for a
discussion of how we use this metric and why it is useful to
investors.
(3) We define an active customer as a
customer that had total aggregate contribution ex-TAC of at least
$5,000 through our platform during the previous twelve months. See
“Operational Metrics” for a discussion of how we use this metric
and why it is useful to investors.
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share data)
(Unaudited)
Three Months Ended
March 31,
2022
2021
Revenue
$
42,629
$
40,144
Operating expenses:(1)
Platform operations
26,194
24,344
Sales and marketing
13,756
14,185
Technology and development
5,003
5,900
General and administrative
11,083
10,420
Total operating expenses
56,036
54,849
Loss from operations
(13,407
)
(14,705
)
Interest expense, net
152
235
Other expense (income), net
4
(70
)
Total other expense, net
156
165
Net loss
(13,563
)
(14,870
)
Less: Net loss attributable to
noncontrolling interests
(10,371
)
(11,766
)
Net loss attributable to Viant Technology
Inc.
$
(3,192
)
$
(3,104
)
Loss per share of Class A common
stock:
Basic
$
(0.23
)
$
(0.27
)
Diluted
$
(0.23
)
$
(0.27
)
Weighted-average shares of Class A common
stock outstanding:
Basic
13,809
11,500
Diluted
13,809
11,500
(1) Stock-based compensation and
depreciation and amortization included in operating expenses are as
follows:
Three Months Ended
March 31,
2022
2021
(in thousands)
Stock-Based Compensation:
Platform operations
$
1,086
$
3,161
Sales and marketing
2,179
6,813
Technology and development
1,169
2,939
General and administrative
1,942
4,177
Total stock-based compensation
$
6,376
$
17,090
Three Months Ended
March 31,
2022
2021
(in thousands)
Depreciation and amortization:
Platform operations
$
2,311
$
1,753
Sales and marketing
—
—
Technology and development
595
381
General and administrative
248
293
Total depreciation and amortization
$
3,154
$
2,427
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
As of March 31,
As of December 31,
2022
2021
Assets
Current assets:
Cash
$
247,936
$
238,480
Accounts receivable, net of allowances
79,897
110,739
Prepaid expenses and other current
assets
3,544
2,967
Total current assets
331,377
352,186
Property, equipment, and software, net
22,611
22,331
Operating lease assets
20,345
—
Intangible assets, net
1,499
1,786
Goodwill
12,422
12,422
Other assets
397
406
Total assets
$
388,651
$
389,131
Liabilities and stockholders’
equity
Liabilities
Current liabilities:
Accounts payable
$
24,706
$
32,877
Accrued liabilities and accrued
compensation
47,310
46,333
Current portion of deferred revenue
64
1,317
Current portion of operating lease
liabilities
1,837
—
Other current liabilities
1,241
2,531
Total current liabilities
75,158
83,058
Long-term debt
17,500
17,500
Long-term portion of deferred revenue
—
5,234
Long-term portion of operating lease
liabilities
19,668
—
Other long-term liabilities
—
765
Total liabilities
112,326
106,557
Stockholders' equity
Preferred stock
—
—
Class A common stock
14
14
Class B common stock
47
47
Additional paid-in capital
85,926
82,888
Accumulated deficit
(25,979
)
(20,139
)
Treasury stock, at cost
—
(2,648
)
Total stockholders’ equity attributable to
Viant Technology Inc.
60,008
60,162
Noncontrolling interests
216,317
222,412
Total equity
276,325
282,574
Total liabilities and stockholders’
equity
$
388,651
$
389,131
VIANT TECHNOLOGY INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March
31,
2022
2021
Cash flows from operating
activities:
Net loss
$
(13,563
)
$
(14,870
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
3,154
2,427
Stock-based compensation
6,376
17,090
Provision for (recovery of) doubtful
accounts
51
(194
)
Loss on disposal of assets
—
8
Amortization of operating lease assets
654
—
Changes in operating assets and
liabilities:
Accounts receivable
30,790
31,708
Prepaid expenses and other assets
(568
)
(2,793
)
Accounts payable
(8,157
)
(3,416
)
Accrued liabilities and accrued
compensation
863
(13,268
)
Deferred revenue
(6,486
)
(547
)
Operating lease liabilities
(461
)
—
Other liabilities
(1,083
)
(1,382
)
Net cash provided by operating
activities
11,570
14,763
Cash flows from investing
activities:
Purchases of property and equipment
(373
)
(167
)
Capitalized software development costs
(1,725
)
(1,893
)
Net cash used in investing activities
(2,098
)
(2,060
)
Cash flows from financing
activities:
Proceeds from issuance of common stock,
net of underwriting discounts
—
232,500
Payment of member tax distributions
(16
)
(6,805
)
Payment of offering costs
—
(1,442
)
Net cash provided by (used in) financing
activities
(16
)
224,253
Net increase in cash
9,456
236,956
Cash at beginning of period
238,480
9,629
Cash at end of period
$
247,936
$
246,585
Non-GAAP Financial Measures
To provide investors and others with additional information
regarding Viant’s results, we have included in this press release
the following financial measures that are not calculated in
accordance with U.S. generally accepted accounting principles
(“GAAP”): contribution ex-TAC, adjusted EBITDA, adjusted EBITDA as
a percentage of contribution ex-TAC, non-GAAP net income (loss),
non-GAAP earnings (loss) per share of Class A common stock —basic
and diluted and non-GAAP operating expenses. The Company's
management believes that this information can assist investors in
evaluating the Company's operational trends, financial performance,
and cash generating capacity. Management believes these non-GAAP
measures allow investors to evaluate the Company’s financial
performance using some of the same measures as management.
Contribution ex-TAC is a non-GAAP financial measure. Gross
profit is the most comparable GAAP measurement, which is calculated
as revenue less platform operations expense. In calculating
contribution ex-TAC, we add back other platform operations expense
to gross profit. Contribution ex-TAC is a key profitability measure
used by our management and board of directors to understand and
evaluate our operating performance and trends, develop short- and
long-term operational plans and make strategic decisions regarding
the allocation of capital. “Traffic acquisition costs” or “TAC”
refers to amounts incurred and payable to suppliers for the cost of
advertising media, third-party data and other add-on features. In
particular, we believe that contribution ex-TAC can provide a
measure of period-to-period comparisons for all pricing options
within our business. Accordingly, we believe that this measure
provides information to investors and the market in understanding
and evaluating our operating results in the same manner as our
management and board of directors.
Adjusted EBITDA is a non-GAAP financial measure defined by us as
net income (loss) before interest expense, net, income tax expense
(benefit), depreciation, amortization, stock-based compensation and
certain other items that are not related to our core operations,
such as restructuring charges, transaction expenses and the
extinguishment of debt. Net income (loss) is the most comparable
GAAP measurement. Adjusted EBITDA as a percentage of contribution
ex-TAC is a non-GAAP financial measure we calculate by dividing
adjusted EBITDA by contribution ex-TAC for the period or periods
presented.
Adjusted EBITDA and adjusted EBITDA as a percentage of
contribution ex-TAC are used by our management and board of
directors to understand and evaluate our core operating performance
and trends, to prepare and approve our annual budget and to develop
short- and long-term operational plans. In particular, we believe
that the exclusion of the amounts eliminated in calculating
adjusted EBITDA can provide a measure for period-to-period
comparisons of our business. Adjusted EBITDA as a percentage of our
non-GAAP measure, contribution ex-TAC, is used by our management
and board of directors to evaluate adjusted EBITDA relative to our
profitability after costs that are directly variable to revenues,
which comprise TAC. Accordingly, we believe that adjusted EBITDA
and adjusted EBITDA as a percentage of contribution ex-TAC provide
information to investors and the market in understanding and
evaluating our operating results in the same manner as our
management and board of directors.
Non-GAAP net income (loss) is a non-GAAP financial measure
defined by us as net income (loss) adjusted to eliminate the impact
of stock-based compensation and certain other items that are not
related to our core operations, such as restructuring charges,
transaction expenses and the extinguishment of debt. Net income
(loss) is the most comparable GAAP measurement. Non-GAAP net income
(loss) is a key measure used by our management and board of
directors to evaluate operating performance, generate future
operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe that the
elimination of stock-based compensation, gain on debt
extinguishment, and certain other items that are not related to our
core operations provides measures for period-to-period comparisons
of our business and additional insight into our core controllable
costs. Accordingly, we believe that non-GAAP net income (loss)
provides information to investors and the market generally in
understanding and evaluating our results of operations in the same
manner as our management and board of directors.
Non-GAAP earnings (loss) per share of Class A common stock—basic
and diluted is a non-GAAP financial measure defined by us as
earnings (loss) per share of Class A common stock – basic and
diluted, adjusted to eliminate the impact of stock-based
compensation and certain other items that are not related to our
core operations, such as restructuring charges, transaction
expenses, and the extinguishment of debt. Earnings (loss) per share
of Class A common stock—basic and diluted is the most comparable
GAAP measurement. Non-GAAP earnings (loss) per share of Class A
common stock – basic and diluted is used by our management and
board of directors to evaluate operating performance, generate
future operating plans and make strategic decisions regarding the
allocation of capital. In particular, we believe that the
elimination of stock-based compensation, gain on extinguishment of
debt and certain other items that are not related to our core
operations provides measures for period-to-period comparisons of
our business and provides additional insight into our core
controllable costs. Accordingly, we believe that non-GAAP earnings
(loss) per share of Class A common stock—basic and diluted provides
information to investors and the market generally in understanding
and evaluating our results of operations in the same manner as our
management and board of directors.
Non-GAAP operating expenses is a non-GAAP financial measure.
Total operating expenses is the most comparable GAAP measurement.
Non-GAAP operating expenses is defined by us as total operating
expenses plus other expense (income), net less depreciation,
amortization, stock-based compensation, TAC and certain other items
that are not related to our core operations, such as restructuring
charges, transaction expenses and the extinguishment of debt.
Non-GAAP operating expenses is a key component in calculating
adjusted EBITDA, which is one of the measures the Company uses to
provide its quarterly and annual business outlook to the investment
community. Additionally, non-GAAP operating expenses is used by our
management and board of directors to understand and evaluate our
operating performance and trends, to prepare and approve our annual
budget and to develop short- and long-term operational plans. We
believe that the elimination of depreciation, amortization,
stock-based compensation, TAC and certain other items not related
to our core operations provides another measure for
period-to-period comparisons of our business, provides additional
insight into our discretionary costs and is a useful metric for
investors because it allows them to evaluate the Company’s
operational performance in the same manner as our management and
board of directors.
These non-GAAP financial measures should be considered in
addition to, not as a substitute for or in isolation from, the
Company’s financial information calculated in accordance with GAAP
and should not be considered measures of the Company’s liquidity.
Further, these non-GAAP measures as defined by the Company may not
be comparable to similar non-GAAP measures presented by other
companies, including peer companies, and therefore comparability
may be limited. The presentation of such measures, which may
include adjustments to exclude unusual or non-recurring items,
should not be construed as an inference that the Company’s future
results, cash flows or leverage will be unaffected by other unusual
or non-recurring items. Management encourages investors and others
to review Viant’s financial information in its entirety and not
rely on a single financial measure.
Reconciliation of Non-GAAP Financial Measures
The following tables show the reconciliations of the Company’s
non-GAAP financial measures contained in this press release to the
most directly comparable GAAP financial measures.
The following table sets forth a reconciliation of revenue to
gross profit to contribution ex-TAC for the periods presented
(unaudited):
Three Months Ended
March 31,
2022
2021
(in thousands)
Revenue
$
42,629
$
40,144
Less: Platform operations
(26,194
)
(24,344
)
Gross profit
16,435
15,800
Add back: Other platform operations
11,109
10,941
Contribution ex-TAC
$
27,544
$
26,741
The following table sets forth a reconciliation of net loss to
adjusted EBITDA for the periods presented (unaudited):
Three Months Ended
March 31,
2022
2021
(in thousands)
Net loss
$
(13,563
)
$
(14,870
)
Add back:
Interest expense, net
152
235
Depreciation and amortization
3,154
2,427
Stock-based compensation
6,376
17,090
Adjusted EBITDA
$
(3,881
)
$
4,882
The following table presents the calculation of net loss as a
percentage of gross profit to adjusted EBITDA as a percentage of
contribution ex-TAC for the periods presented (unaudited):
Three Months Ended
March 31,
2022
2021
(in thousands, except for
percentages)
Gross profit
$
16,435
$
15,800
Net loss
$
(13,563
)
$
(14,870
)
Net loss as a percentage of gross
profit
(83
)%
(94
)%
Contribution ex-TAC
$
27,544
$
26,741
Adjusted EBITDA
$
(3,881
)
$
4,882
Adjusted EBITDA as a percentage of
contribution ex-TAC
(14
)%
18
%
The following table sets forth a reconciliation of net loss to
non-GAAP net income (loss) for the periods presented
(unaudited):
Three Months Ended
March 31,
2022
2021
(in thousands)
Net loss
$
(13,563
)
$
(14,870
)
Add back: Stock-based compensation
6,376
17,090
Income tax benefit (expense) related to
Viant Technology Inc.’s share of adjustments
416
(66
)
Non-GAAP net income (loss)
$
(6,771
)
$
2,154
The following table sets forth a reconciliation of earnings
(loss) per Class A common stock—basic and diluted to non-GAAP
earnings (loss) per Class A common stock—basic and diluted for the
three months ended March 31, 2022 and 2021 (unaudited):
Three Months Ended
Three Months Ended
March 31, 2022
March 31, 2021
Earnings
Non-GAAP
Earnings
Non-GAAP
(Loss) per
Earnings
(Loss)
(Loss) per
Earnings
(Loss)
Share
Adjustments
per Share
Share
Adjustments
per Share
(in thousands, except per
share data)
Numerator
Net loss
$
(13,563
)
$
—
$
(13,563
)
$
(14,870
)
$
—
$
(14,870
)
Adjustments:
Add back: Stock-based compensation
—
6,376
6,376
—
17,090
17,090
Income tax benefit (expense) related to
Viant Technology Inc.'s share of adjustments(1)
—
416
416
—
(66
)
(66
)
Non-GAAP net income (loss)
(13,563
)
6,792
(6,771
)
(14,870
)
17,024
2,154
Less: Net income (loss) attributable to
noncontrolling interests(2)
(10,371
)
4,887
(5,484
)
(11,766
)
13,714
1,948
Net income (loss) attributable to Viant
Technology, Inc.—basic
(3,192
)
1,905
(1,287
)
(3,104
)
3,310
206
Add back: Reallocation of net loss
attributable to
noncontrolling interest from the assumed
exchange of RSUs for Class A common stock
—
(3
)
(3
)
—
72
72
Income tax benefit (expense) from the
assumed exchange of RSUs for Class A common stock(1)
—
1
1
—
(17
)
(17
)
Net income (loss) attributable to Viant
Technology, Inc.—diluted
$
(3,192
)
$
1,903
$
(1,289
)
$
(3,104
)
$
3,365
$
261
Denominator
Weighted-average shares of Class A common
stock outstanding—basic
13,809
—
13,809
11,500
—
11,500
Effect of dilutive securities:
RSUs
—
—
—
—
3,342
3,342
Nonqualified stock options
—
—
—
—
—
—
Weighted-average shares of Class A common
stock outstanding—diluted
13,809
—
13,809
11,500
3,342
14,842
Earnings (loss) per share of Class A
common stock—basic
$
(0.23
)
$
0.14
$
(0.09
)
$
(0.27
)
$
0.29
$
0.02
Earnings (loss) per share of Class A
common stock—diluted
$
(0.23
)
$
0.14
$
(0.09
)
$
(0.27
)
$
0.29
$
0.02
Anti-dilutive shares excluded from
earnings (loss) per share of Class A common stock—diluted:
RSUs
4,858
—
Nonqualified stock options
3,771
—
Shares of Class B common stock
47,082
47,436
Total shares excluded from earnings (loss)
per share of Class A common stock—diluted
55,711
47,436
(1) The estimated income tax effect of the
Company’s share of non-GAAP reconciling items are calculated using
an assumed blended tax rate of 24%, which represents our expected
corporate tax rate, excluding discrete and non-recurring tax
items.
(2) The adjustment to net income (loss)
attributable to noncontrolling interests represents stock-based
compensation attributed to the noncontrolling interest of our
company outstanding during the period.
The following table presents a reconciliation of total operating
expenses to non-GAAP operating expenses for the periods presented
(unaudited):
Three Months Ended
March 31,
2022
2021
(in thousands)
Operating expenses:
Platform operations
$
26,194
$
24,344
Sales and marketing
13,756
14,185
Technology and development
5,003
5,900
General and administrative
11,083
10,420
Total operating expenses
56,036
54,849
Add:
Other expense (income), net
4
(70
)
Less:
Traffic acquisition costs
(15,085
)
(13,403
)
Stock-based compensation
(6,376
)
(17,090
)
Depreciation and amortization
(3,154
)
(2,427
)
Non-GAAP operating expenses
$
31,425
$
21,859
Operational Metrics
We have also included the following operational metrics in this
press release: Advertiser spend and active customers.
We define advertiser spend as the total amount billed to our
customers for activity on our platform inclusive of the costs of
advertising media, third-party data, other add-on features and our
platform fee we charge clients. We evaluate our customer’s usage of
our platform and assess our market penetration and scale based on
the percentage change in advertiser spend. The percentage change in
advertiser spend is a key measure used by our management and our
board of directors to evaluate the demand for our products and to
assess whether we are increasing market share. Our management uses
this key metric to develop short- and long-term operational plans
and make strategic decisions regarding future enhancements to our
software. We believe the percentage change in advertiser spend
across our platform is a useful metric for investors because it
allows investors to evaluate our operational performance in the
same manner as our management and board of directors.
We define an active customer as a customer that had total
aggregate contribution ex-TAC of at least $5,000 through our
platform during the previous twelve months. Active customers is an
operational metric calculated using contribution ex-TAC, a non-GAAP
financial measure. Active customers is a key measure used by our
management and board of directors to understand and evaluate our
operating performance and trends, develop short- and long-term
operational plans and make strategic decisions regarding future
enhancements to our software. We believe active customers is a
useful metric for investors because it allows investors to evaluate
the Company’s operational performance in the same manner as our
management and board of directors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220503005880/en/
Media Contact: Sondra Magness press@viantinc.com
Investor Contact: Nicole Borsje
investors@viantinc.com
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