Viant Technology Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-13
Viant Technology Inc. Reports Second Quarter 2024 Financial Results
Viant Technology Inc. (NASDAQ:DSP), a leading advertising technology company, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimate |
|---|---|---|---|---|---|
| Total Revenue | $66.35M | $59.74M | +11% | +11% | $65.09M |
| Earnings Per Share (EPS) | $0.04 | $0.02 | +100% | +100% | $0.01 |
Interpretation: Viant Technology saw an 11% increase in total revenue year-over-year, surpassing the consensus estimate of $65.09M. The EPS increased by 100% year-over-year, also exceeding the consensus estimate of $0.01.
Revenue Performance by Major Segment
| Segment | Q2 2024 Revenue | % Change YoY | Previous Guidance |
|---|---|---|---|
| Connected TV (CTV) | $20.00M (est.) | +40% | Not Provided |
| Streaming Audio | $6.63M (est.) | +100% | Not Provided |
Interpretation: Connected TV (CTV) revenue grew by more than 40% year-over-year, driven by the Direct Access program and Household ID technology. Streaming audio revenue nearly doubled, accounting for almost 10% of total advertiser spend on the platform.
Key Operational Data
| Operational Data | Value |
|---|---|
| Cash Flow from Operations | $14M |
| Shares Repurchased (Class A) | 809 thousand shares |
| Total Spend on Share Repurchase | $8M |
| Remaining Amount for Repurchase Program | $42M |
Officer Comments
Tim Vanderhook, Co-Founder and CEO, highlighted the company’s progress with record advertiser spend. He attributed this success to a shift in the market favoring their self-service buy-side platform and the recent launch of ViantAI. CFO Larry Madden emphasized the growth in both Connected TV and streaming audio as primary drivers of the quarter's performance. They also noted the momentum in contribution ex-TAC and improved Adjusted EBITDA margins.
Dividends and Share Repurchase Program
Viant Technology announced that they have repurchased 809 thousand shares of Class A common stock for a total of $8 million, leaving $42 million available for future repurchases under their Repurchase Program.
Forward Guidance
For the third quarter of 2024, Viant Technology anticipates:
- Revenue: $67.5M to $70.5M
- Contribution ex-TAC: $44.0M to $46.0M
- Non-GAAP Operating Expenses: $33.0M to $34.0M
- Adjusted EBITDA: $11.0M to $12.0M
Stock Price Movement
Post the earnings release, Viant Technology’s stock price saw a decline of approximately 2.94%.
In summary, Viant Technology Inc. exhibited strong financial results in Q2 2024, exceeding revenue and EPS estimates, with notable growth in key segments like CTV and streaming audio. The forward guidance suggests continued positive momentum in the upcoming quarter.
Genasys Inc Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Toll Brothers Reports Fourth Quarter and Full Year 2024 Financial Results
OilDri Corporation of America Reports Record First Quarter Fiscal 2025 Results
Share