Viant Technology : Q4 2023 Earnings Conference presentation

EARNINGS PRESENTATION

Q4 and FY 2023

March 4, 2024

SAFE HARBOR

This presentation 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," "expect," "estimate," "project," "plan," "will," 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 presentation relate to, among other things, Viant's projected financial performance and operating results, including our guidance for revenue, contribution ex-TAC,non-GAAP operating expenses, and adjusted EBITDA, as well as statements regarding the impact of the deprecation of cookies on Viant's customers and business, Viant's growth prospects, anticipated benefits to Viant from AI, and Viant's plan to continue to capitalize on the changes in the programmatic advertising ecosystem. 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, the ability to attract and retain customers, the impact of information and data privacy trends and regulations on our business and competitors 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. 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. 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.

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HIGHLIGHTS Q4 2023

REVENUE

+18% YoY

CONTRIBUTION EX-TAC

+28% YoY

ADJUSTED EBITDA

+$10.4 million YoY

31% Margin(1)

CASH FLOW FROM

OPERATIONS

+138% YoY

• Revenue, contribution ex-TAC and adjusted EBITDA all were within or exceeded guidance
• Revenue increased 18% YoY and contribution ex-TAC increased 28% YoY
• Strong advertiser spend growth in Public Services, Retail, Healthcare, and Travel customer verticals
• Continued, strong double-digit growth in CTV, driven by our Household ID technology and Direct Access program
• • CTV was our largest channel in Q4 2023, representing nearly 40% of total ad spend on our platform
• Non-GAAPoperating expenses declined 4% YoY as we continue to drive operational efficiencies while making strategic investments in the business
• Adjusted EBITDA outperformance was driven by top-line growth and AI-enabled productivity enhancements, creating meaningful operating leverage
• Healthy cash balance of $216 million and no debt outstanding as of December 31, 2023
• • $3.45 of cash per share based on 62.8 million of class A and B common shares outstanding(2)
  • $232 million of positive working capital

Note:	Amounts shown are rounded for ease of presentation. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, for the
	Company's actual financial results. Contribution ex-TAC,non-GAAP operating expenses, adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC
	are non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in the
	appendix.
(1)	As a percentage of contribution ex-TAC.	3

1. As of December 31, 2023.

HIGHLIGHTS FY 2023

REVENUE

+13% YoY

CONTRIBUTION EX-TAC

+15% YoY

ADJUSTED EBITDA

+$35.2 million YoY

20% Margin(2)

CASH FLOW FROM

OPERATIONS

+$41.3M YoY

• Revenue increased 13% YoY and contribution ex-TAC increased 15% YoY
• Number of customers with greater than $1 million in contribution ex-TAC increased over 20% in FY 2023 and number of percentage of spend customers with greater than $500k in contribution ex-TAC increased over 30% year-over-year
• Launched AI powered Bid Optimizer which has seen strong adoption and helped customers achieve average CPM savings of over 35%
• Achieved a milestone by attaining carbon neutrality for FY 2023(1)
• Accomplished the three key financial goals we committed to a year ago:
• • Return 20%+ top line growth, which we accomplished in 2H 2023
  • Drove operational efficiencies throughout the organization, in part by leveraging the power of AI, and reduced FY 2023 non-GAAP operating expenses 13% YoY
  • Significantly increased adjusted EBITDA, with $35 million increase YoY and 20% adjusted EBITDA margin(2)

Note: Amounts shown are rounded for ease of presentation. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, for the Company's

actual financial results. Contribution ex-TAC,non-GAAP operating expenses, adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in the appendix.

1. Carbon neutrality achieved through strategic collaborations with cloud providers to source renewable energy for powering Viant's platform where feasible, as well as

	purchasing carbon offsets and renewable energy credits. See Sustainability Report.	4
(2)	As a percentage of contribution ex-TAC.

STRONG PERFORMANCE

Q4 2023 VS. GUIDANCE

		Q4 Guidance	Q4 Actual	Q4 Variance
		(1)
		Midpoint
Revenue	$65.5	$64.4	$(1.1)
Contribution ex-TAC	$42.0	$42.6	$0.6
Non-GAAP Operating Expenses	$31.0	$29.6	$(1.4)
Adjusted EBITDA	$11.0	$13.0	$2.0
Adjusted EBITDA Margin	(2)	26%	31%	4%
Rule of 40	(3)	52%	59%	7%

Note: Contribution ex-TAC,non-GAAP operating expenses, adjusted EBITDA, and adjusted EBITDA as a percentage of contribution ex-TAC are non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in the appendix.

1. An explanation of why reconciliations of these non-GAAP financial outlook measures to the most directly comparable GAAP financial measures are not available without

	unreasonable efforts is available in the appendix.
(2)	As a percentage of contribution ex-TAC.	5

1. Based on YoY contribution ex-TAC growth plus adjusted EBITDA as a percentage of contribution ex-TAC.

REVENUE

FOURTH QUARTER	FULL YEAR
+18% YoY	+13% YoY

$64.4	$197.2	$222.9
$54.5

Q4-22

Q4-23

2022

2023

• Revenue increased 18% YoY in Q4 2023 and increased 13% YoY in FY 2023, driven by strong advertiser spend growth in Public Services, Retail, Healthcare, and Travel customer verticals
• A contributing factor was our strong, double-digit growth in CTV, driven by our Household ID technology and Direct Access program

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CONTRIBUTION EX-TAC

FOURTH QUARTER	FULL YEAR
+28% YoY	+15% YoY

$33.4

$42.6

$124.7	$143.4

Q4-22

Q4-23

2022

2023

• Contribution ex-TAC increased 28% YoY in Q4 2023 and increased 15% YoY in FY 2023, driven by strong results across our percentage of spend offering from our mid-market customers

Note: Contribution ex-TAC is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is	7
available in the appendix.

NON-GAAP OPERATING EXPENSES

FOURTH QUARTER

FULL YEAR

-4% YoY

$30.7

$29.6

-13% YoY

$130.9	$114.3

Q4-22

Q4-23

2022

2023

• Non-GAAPoperating expenses decreased 4% YoY in Q4 2023 and decreased 13% YoY in FY 2023, highlighting our ongoing commitment to driving operational efficiencies
• We remain focused on making thoughtful investments, specifically around our Product, Engineering and Sales teams to best position ourselves for long-term market share gains

Note: Non-GAAP operating expenses is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial	8
measure is available in the appendix.

NON-GAAP OPERATING EXPENSES

Contribution ex-TAC

Non-GAAP operating expenses

Adjusted EBITDA

Adjusted EBITDA as a percentage of contribution ex-TAC

Q1-22	Q2-22	Q3-22	Q4-22	Q1-23	Q2-23	Q3-23	Q4-23
$27.5	$31.7	$32.1	$33.4	$28.0	$33.7	$39.1	$42.6
$31.4	$34.8	$33.9	$30.7	$28.4	$26.9	$29.4	$29.6
$(3.9)	$(3.1)	$(1.8)	$2.6	$(0.4)	$6.8	$9.7	$13.0
(14%)	(10%)	(6%)	8%	(1%)	20%	25%	31%

• Non-GAAPoperating expenses decreased 4% YoY in Q4 and decreased approximately 23% YoY as a percentage of contribution ex-TAC, highlighting our ongoing commitment to driving operational efficiencies

Note: Contribution ex-TAC,non-GAAP operating expenses, adjusted EBITDA, and adjusted EBITDA as a percentage of contribution ex-TAC are non-GAAP financial measures.	9
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in this appendix.

ADJUSTED EBITDA

FOURTH QUARTER

FULL YEAR

+395% YoY

$13.0

$2.6

Q4-22

Q4-23

$(6.1)

2022

+$35.2M YoY

$29.1

2023

• Adjusted EBITDA increased 395% YoY in Q4 2023 and increased by $35.2 million in FY 2023, driven by top-line growth and AI-enabled productivity enhancements, creating meaningful operating leverage

Note: Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is	10
available in the appendix.