Viant Technology Inc Reports Second Quarter 2024 Financial Results

authorIntellectia.AI2024-08-13
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DSP.O
Illustration by Intellectia.AI

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.

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