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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-40015

 

 

 

Viant Technology Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

85-3447553

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

2722 Michelson Drive, Suite 100

Irvine, CA 92612

(Address of principal executive offices and zip code)

(949) 861-8888

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.001 per share

 

DSP

 

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

As of November 7, 2022, there were 14,460,084 shares and 47,082,260 shares of the registrant’s Class A and Class B common stock, respectively, $0.001 par value per share, outstanding.

 

 

 


 

 

TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

 

A.

Condensed Consolidated Statements of Operations

3

 

B.

Condensed Consolidated Balance Sheets

4

 

C.

Condensed Consolidated Statements of Convertible Preferred Units and Equity

5

 

D.

Condensed Consolidated Statements of Cash Flows

7

 

E.

Notes to the Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

42

 

PART II.

 

OTHER INFORMATION

 

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

44

Item 5.

Other Information

44

Item 6.

Exhibits

45

Signatures

46

 

 

 

2


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

48,830

 

 

$

50,857

 

 

$

142,659

 

 

$

141,412

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform operations

 

 

27,530

 

 

 

28,967

 

 

 

84,674

 

 

 

85,026

 

Sales and marketing

 

 

16,949

 

 

 

15,131

 

 

 

47,991

 

 

 

49,869

 

Technology and development

 

 

5,576

 

 

 

6,590

 

 

 

15,590

 

 

 

20,521

 

General and administrative

 

 

11,650

 

 

 

11,981

 

 

 

34,458

 

 

 

36,477

 

Total operating expenses

 

 

61,705

 

 

 

62,669

 

 

 

182,713

 

 

 

191,893

 

Loss from operations

 

 

(12,875

)

 

 

(11,812

)

 

 

(40,054

)

 

 

(50,481

)

Interest expense (income), net

 

 

(455

)

 

 

227

 

 

 

(282

)

 

 

703

 

Other expense, net

 

 

6

 

 

 

121

 

 

 

309

 

 

 

53

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(6,110

)

Total other expense (income), net

 

 

(449

)

 

 

348

 

 

 

27

 

 

 

(5,354

)

Net loss

 

 

(12,426

)

 

 

(12,160

)

 

 

(40,081

)

 

 

(45,127

)

Less: Net loss attributable to noncontrolling interests

 

 

(9,300

)

 

 

(9,623

)

 

 

(30,362

)

 

 

(35,829

)

Net loss attributable to Viant Technology Inc.

 

$

(3,126

)

 

$

(2,537

)

 

$

(9,719

)

 

$

(9,298

)

Loss per share of Class A common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.22

)

 

$

(0.20

)

 

$

(0.69

)

 

$

(0.78

)

Diluted

 

$

(0.22

)

 

$

(0.20

)

 

$

(0.69

)

 

$

(0.78

)

Weighted-average shares of Class A common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,306

 

 

 

12,489

 

 

 

14,078

 

 

 

11,894

 

Diluted

 

 

14,306

 

 

 

12,489

 

 

 

14,078

 

 

 

11,894

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

3


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands, except share data)

 

 

 

As of September 30,

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

199,665

 

 

$

238,480

 

Accounts receivable, net of allowances

 

 

93,609

 

 

 

110,739

 

Prepaid expenses and other current assets

 

 

6,010

 

 

 

2,967

 

Total current assets

 

 

299,284

 

 

 

352,186

 

Property, equipment, and software, net

 

 

22,681

 

 

 

22,331

 

Operating lease assets

 

 

22,816

 

 

 

 

Intangible assets, net

 

 

945

 

 

 

1,786

 

Goodwill

 

 

12,422

 

 

 

12,422

 

Other assets

 

 

348

 

 

 

406

 

Total assets

 

$

358,496

 

 

$

389,131

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

29,897

 

 

$

32,877

 

Accrued liabilities

 

 

28,202

 

 

 

34,086

 

Accrued compensation

 

 

8,235

 

 

 

12,247

 

Current portion of deferred revenue

 

 

65

 

 

 

1,317

 

Current portion of operating lease liabilities

 

 

2,813

 

 

 

 

Other current liabilities

 

 

1,423

 

 

 

2,531

 

Total current liabilities

 

 

70,635

 

 

 

83,058

 

Long-term debt

 

 

 

 

 

17,500

 

Long-term portion of deferred revenue

 

 

 

 

 

5,234

 

Long-term portion of operating lease liabilities

 

 

21,967

 

 

 

 

Other long-term liabilities

 

 

 

 

 

765

 

Total liabilities

 

 

92,602

 

 

 

106,557

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value

 

 

 

 

 

 

 

 

Authorized shares — 10,000,000

 

 

 

 

 

 

 

 

Issued and outstanding — none

 

 

 

 

 

 

Class A common stock, $0.001 par value

 

 

 

 

 

 

 

 

Authorized shares — 450,000,000

 

 

 

 

 

 

 

 

Issued  — 14,604,257 and 13,920,868

 

 

 

 

 

 

 

 

Outstanding  — 14,460,084 and 13,704,638

 

 

14

 

 

 

14

 

Class B common stock, $0.001 par value

 

 

 

 

 

 

 

 

Authorized shares — 150,000,000

 

 

 

 

 

 

 

 

Issued and outstanding  — 47,082,260 and 47,107,130

 

 

47

 

 

 

47

 

Additional paid-in capital

 

 

92,736

 

 

 

82,888

 

Accumulated deficit

 

 

(33,367

)

 

 

(20,139

)

Treasury stock, at cost; 144,173 and 216,230 shares held

 

 

(701

)

 

 

(2,648

)

Total stockholders’ equity attributable to Viant Technology Inc.

 

 

58,729

 

 

 

60,162

 

Noncontrolling interests

 

 

207,165

 

 

 

222,412

 

Total equity

 

 

265,894

 

 

 

282,574

 

Total liabilities and stockholders’ equity

 

$

358,496

 

 

$

389,131

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

4


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED UNITS AND EQUITY

(unaudited; in thousands)

 

 

 

Class A

Common Stock

 

 

Class B

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Treasury

Stock

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Interests

 

 

Equity

 

Balance as of December 31, 2021

 

 

13,921

 

 

$

14

 

 

 

47,107

 

 

$

47

 

 

$

82,888

 

 

$

(20,139

)

 

 

(216

)

 

$

(2,648

)

 

$

222,412

 

 

$

282,574

 

Exchange of Class B common stock for Class A common stock

 

 

25

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Class A common stock in connection with equity-based compensation plans

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reissuance of treasury stock in connection with equity-based compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,648

)

 

 

216

 

 

 

2,648

 

 

 

 

 

 

 

Allocation of equity to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,276

)

 

 

 

 

 

 

 

 

 

 

 

4,276

 

 

 

 

Accrued member tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,326

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,192

)

 

 

 

 

 

 

 

 

(10,371

)

 

 

(13,563

)

Balance as of March 31, 2022

 

 

14,072

 

 

$

14

 

 

 

47,082

 

 

$

47

 

 

$

85,926

 

 

$

(25,979

)

 

 

 

 

$

 

 

$

216,317

 

 

$

276,325

 

Issuance of Class A common stock in connection with equity-based compensation plans

 

 

322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(140

)

 

 

(861

)

 

 

 

 

 

(861

)

Allocation of equity to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,455

)

 

 

 

 

 

 

 

 

 

 

 

5,455

 

 

 

 

Accrued member tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,821

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,401

)

 

 

 

 

 

 

 

 

(10,691

)

 

 

(14,092

)

Balance as of June 30, 2022

 

 

14,394

 

 

$

14

 

 

 

47,082

 

 

$

47

 

 

$

89,276

 

 

$

(29,380

)

 

 

(140

)

 

$

(861

)

 

$

211,081

 

 

$

270,177

 

Issuance of Class A common stock in connection with equity-based compensation plans

 

 

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(144

)

 

 

(701

)

 

 

 

 

 

(701

)

Reissuance of treasury stock in connection with equity-based compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(861

)

 

 

140

 

 

 

861

 

 

 

 

 

 

 

Allocation of equity to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,384

)

 

 

 

 

 

 

 

 

 

 

 

5,384

 

 

 

 

Accrued member tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,826

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,126

)

 

 

 

 

 

 

 

 

(9,300

)

 

 

(12,426

)

Balance as of September 30, 2022

 

 

14,604

 

 

$

14

 

 

 

47,082

 

 

$

47

 

 

$

92,736

 

 

$

(33,367

)

 

 

(144

)

 

$

(701

)

 

$

207,165

 

 

$

265,894

 

 

5


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED UNITS AND EQUITY – (continued)

(unaudited; in thousands)

 

 

 

Convertible

Preferred Units

 

 

 

Common

Units

 

 

Class A

Common Stock