Q1 2024 Viant Technology Inc Earnings Call

April 30, 2024

Kelsey: Well, hello, everyone, and welcome to Viant Technology's first quarter 2024 Earnings Conference Call. My name is Kelsey, and I will be your operator today.

Well Hello, everyone and welcome to Avaya Technologies' first quarter 2024 earnings Conference call. My name is Kelsey and I will be your operator today before I turn the webinar over to my leadership team I'd like to go over just a few housekeeping notes for the program. As a reminder, today's webinar is being recorded attendees or another view and listen.

Kelsey: Before I turn the webinar over to the Viant leadership team, I'd like to go over just a few housekeeping notes for the program. As a reminder, today's webinar is being recorded. Attendees are in a view and a listen-only mode, but following the speaker's remarks, there will be a question and answer session. Now, if you'd like to ask a question, please click on the Raise Hand tab located at the bottom of your screen. And please ensure that your Zoom name reflects your full name and your firm's name. We thank you all for your attendance today, and I will now turn the webinar over to Nicole Kunzman with the Blue Shirt Group. Nicole, it's over to you.

Only mode, but following the speakers remarks, there will be a question and answer session now if you'd like to ask a question. Please click on the raise hand tab located at the bottom of your screen and please ensure your zoom name reflects your full name and your firm's name. We thank you all for your attendance today and I will now turn the webinar over to you.

Nicole Kunzman with the Blue shirt group Nicole over to you.

Nicole Kunzman: Thank you, Kelsey. Good afternoon, and welcome to Viant Technology's first quarter of 2024 earnings conference call. On the call today are Tim Vanderhook, co-founder and chief executive officer; Chris Vanderhook, co-founder and chief operating officer; and Larry Madden, chief financial officer. I'd like to remind you that we will make four forward-looking statements on our call today, including but not limited to our guidance for Q2 2024 and our platform development initiatives that are based on assumptions and subject to future events, risks, and uncertainties that could cause actual results to differ materially from those projected.

Nicole Kunzman: Thank you Chelsea good afternoon, and welcome to the bio technologies first quarter 2024 earnings conference call on the call today are Tim <unk> co founder and Chief Executive Officer, Chris Vanderhoof, Co founder and Chief operating Officer, and Larry Madden, Chief Financial Officer, I'd like to remind you that we will make forward looking statements on our call today, including but not limited to.

Nicole Kunzman: These forward-looking statements speak only as of today, and we undertake no obligation to update or revise these statements except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements and other information in our entire safe harbor statement, please refer to the news release issued today as well as the risks and uncertainties described in our quarterly report on Form 10-Q for the quarter ended March 31, 2024 under the heading risk factors and other filings with the FCC.

Nicole Kunzman: Our guidance for Q2, 2024, and our platform development initiatives that are based on assumptions and subject to future events risks and uncertainties that could cause actual results to differ materially from those projected. These forward looking statements speak only as of today and we undertake no obligation to update or revise these statements except as required by law for more.

Nicole Kunzman: Information about factors that may cause actual results to differ materially from forward looking statements and other and our entire safe Harbor statement. Please refer to the news release issued today as well as the risks and uncertainties described in our quarterly report on Form 10-Q for the quarter ended March 31, 2024 under the heading risk factors.

Nicole Kunzman: <unk> and other filings with the SEC.

Nicole Kunzman: During today's call, we will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, are included in the news release issued today, which has been posted on the investor relations page of the company's website and in our filings with the FCC. I would now like to turn the call over to Tim Vanderhoek, Chief Executive Officer of IAM. Tim? Thanks, Nicole, and thanks.

Nicole Kunzman: During today's call. We will also present, both GAAP and non-GAAP financial measures additional disclosures regarding these non-GAAP measures, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the news release issued today, which has been posted on the Investor Relations page of the Companys website and in our filings with the SEC.

Speaker Change: I would now like to turn the call over to Tim Gardiner Hook, Chief Executive Officer of I Am Kim.

Speaker Change: Thanks, Nicole and thanks.

Tim Vanderhook: Thank you everyone for joining us today. We had a very strong start to the year with results ahead of our expectations in the first quarter. Revenue in Q1 grew 28% year-over-year, while contribution ex-tac grew 22%, driving adjusted EBITDA of more than $3 million in the quarter. The momentum we saw in the second half of last year has carried into 2024, as expected. Our strong results in Q1 were driven by accelerating momentum in CTV, which outpaced the market with more than 50% growth year-over-year as we continue to take share, capturing a larger percentage of our customers' budgets. Simultaneously, we are continuing to improve ease of use.

Speaker Change: To everyone for joining us today, we had a very strong start to the year with results ahead of our expectations in the first quarter revenue in Q1 grew 28% year over year, while contribution ex Tac grew 22% driving adjusted EBITDA of more than $3 million.

Speaker Change: In the quarter the momentum we saw in the second half of last year has carried into 2024 as expected. Our strong results in Q1 were driven by accelerating momentum in CTV, which outpaced the market with more than 50% growth year over year as we continue to take share.

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Tim Vanderhook: We are continuing to improve the ease of use and efficiency of our platform by delivering on our vision of autonomous advertising through ongoing releases of AI-related platform enhancements and products. The rapid adoption of our patented Household ID is driving strong campaign performance and measurement results for our customers. CTV was again a bright spot for us this quarter and a successful adjunct testament to the value of adjuncts for our customers through this channel.

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Tim Vanderhook: Advertisers are looking for more impactful formats and channels to drive the biggest return on their ad dollars. We are capturing market share in CTV. This increase in share is due in part to our direct access.

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Tim Vanderhook: Thank you all for joining us today on the CTV Program, which connects our customers directly to premium CTV content from the likes of Disney and Paramount, and this is becoming a notable driver of CTV spend on our platform. With over $60 billion in radio TV budgets shipping connected TVs, we see our strong proposal of CTV as a significant long-term tailing provider to collaborate on this a bit more here. Another area of success in Q1 was streaming audio, which has historically been growing very fast and has now reached critical mass.

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Tim Vanderhook: Streaming audio had a record quarter for buying, accounting for 10% of ad spend on our platform. Streaming audio is another channel that was gaining momentum with advertisers due to its scale, premium content, and targeting capabilities. Streaming audio and CTV together represented more than half of total ad spend on our platform in the first quarter.

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Tim Vanderhook: And then the last number, as desktop in particular, continues to provide better advertisers in higher-performing channels like CDE and Streamlabs. The performance of a hassle-free technology conditions us extremely well to do resource share while simultaneously benefiting from advertisers shifting more of their ad projects to each channel. Our patented Household ID tech is a differentiator for us as it enables our customers to achieve superior campaign performance across all channels. Brands using our Household Identifier have seen increased reach, better frequency control, and improved closer measurement in their campaigns.

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Tim Vanderhook: As we look to make programmatic advertising easier and more effective for our customers, we continue to invest in our technology and platform with the ultimate vision of autonomous advertising. There are four key elements to this vision.

Tim Vanderhook: First, making programmatic ad buying as simple as search and social while delivering best-in-class campaign performance. Second, enabling our customers to unlock insights from their own first-party data and seamlessly use those insights to drive campaign performance.

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Tim Vanderhook: What would you do at your... with automation to minimize choice overload for our customers while they manage complex campaigns. And fourth, providing the most comprehensive thinking reporting analysis suite. The overarching goal of this mission is to enable our customers to get the most out of every advertising dollar they spend. We're continuing to win share of wallet from customers through our ability to deliver on this mission and make our customers more successful with their campaigns.

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Tim Vanderhook: Before turning it over to Chris to discuss recent product updates, I want to take a minute to address the latest announcements from Google regarding their plans to delay cookie deprecation. We have proactively managed through this dynamic situation since prior to 2020, when Google first announced the deprecation of cookies, and our conversations with customers have not changed. We remain focused on making programmatic ad buying easy, efficient, and more measurable, and we are winning share as a result.

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Tim Vanderhook: Our customers already have the ability to prepare their results using Household ID versus the alternative use of cookies side by side, and they continue to choose Household ID over cookies for their ad campaigns. In fact, we estimate that less than 10% of total ad spend across our platform utilizes cookies today. Because of the strength of our Household ID, we continue to see tremendous growth and opportunity across all advertising channels. Google's announcements related to the Chrome Web Browser don't impact the trend of advertisers increasing spend with platforms that offer shorter and more efficient ways to buy programmatic ads, and we are continuing to stay focused on this. With that, I'll turn it over to Chris.

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Chris Vanderhook: [inaudible] Our vision for Autonomous Habitats is to be part of the challenge and to use products and features to become a part of our country's habitat management strategy. We're onboarding new customers who are more quickly adapting our new products, which we believe is for the better, so a strong product market share will continue to drive more advertising dollars to our platform over time. With our pipeline customers coming to Q1, which is sponsored by Denver, we now see a number of people like our customers get on board and expect them to become meaningful spenders and buyers of the course and the show. Thank you very much for watching, and I'll see you next time.

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Chris Vanderhook: These tools are together designed to allow for simple 5-step workstations to be aligned with step-by-step execution for a customer. We've had a bad backlash from recent polls, and I'm excited that we will release them. We're in a 2.0 downtrend, and I haven't said what we're doing. We're optimizing for a one point average, but we're going to look at how to catch up to the 2.5% average.

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Chris Vanderhook: from a CPM standpoint. And we're excited about the updated version because we expect it to drive even more savings for our customers. BidOptimizer has been one of the key products that new customers are really gravitating to, and we're pleased to be able to help them lower their media costs and drive high return on ad spend as they quickly ramp up on our cloud. We're also excited about the continued adoption of the Viant Data Platform and additional AI-based features in our pipeline, including Chat with Data.

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Chris Vanderhook: Our internal teams have made great progress improving the reliability and usability of Chat with Data to give our customers a more intuitive experience and enable greater insights from their first-party data with the help of generative AI. We expect to release Chat with Dano to more customers later this year.

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Chris Vanderhook: Another big area of strategic focus for us continues to be our direct access program, which is seeing incredible adoption. As one of two buy-site-only self-service platforms, we are in a unique position to be able to connect directly with publishers to offer premium CTV content directly to our advertiser customers. This program is helping drive a lower cost of media and higher win rates for advertisers and ad options, ultimately delivering better return on ad spend and improved campaign performance for our customers.

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Chris Vanderhook: Direct access enables our customers to match their first-party data with the likes of Disney and Paramount, enabling wall-to-garden level addressability and closed-loop measurement on the world's most premium content. We are seeing growing adoption of direct access as part of the overall strength we're seeing in CTV, and over 50% of our CTV spend in the quarter was through our direct access program, up from over 40% in Q4. With that, I'll turn it over to Larry to provide more detail on our financial performance. Thanks, Chris. Before I go,

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Lawrence J. Madden: Thanks, Chris. Before I begin, I'd like to remind everyone that we have posted a presentation on our Investor Relations website that includes supplemental financial information to accompany today's call. As Tim discussed, we had a very strong start to the year with Q1 results coming in towards the high end of our guidance or better across all key metrics. Many of the trends that drove our strength in 2023 continued into the first quarter of 2024.

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Lawrence J. Madden: Most notably, the progress we've made in the last year towards our vision of autonomous advertising is resonating with both existing and prospective customers. The AI-based features and products that we've rolled out in recent quarters are driving both increased efficiency and higher return on ad spend for our customers. In turn, our customers are consolidating more of their ad spend onto our platform. They're also having more discussions than ever with large potential customers, rather than the average.

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Speaker Change: Savings from a CPM standpoint, and we're excited about the updated version because we expect it to drive even more savings for our customers bid optimizer has been one of the key products and new customers are really gravitating to and we're pleased to be able to help them lower their media costs and drive higher return on AD spend as they.

Lawrence J. Madden: We intend to continue investing to further drive our innovation engine, and as Chris mentioned, we have some exciting new AI-based pieces of products coming in the months ahead. In terms of customer growth, during the four recent years, we've scaled our existing customers while also adding new large and mid-market customers to our platform. On a trailing 12-month basis, the number of customers generating over $1 million of contribution-as-tax increased by nearly 20% on a year-over-year basis, and the number of percent of spend customers Chris Vanderhoek, Chris Kuntarich, Andrew Marok, Lawrence Madden, Ben Avenia, Matthew Condon, Maria Ripps, Christopher Kuntarich, Andrew Marok, Lawrence Madden, Ben Avenia, In terms of channels, CTV and CRI have continued to be the most meaningful product of the platform across the board.

Speaker Change: Quickly ramp on our platform.

Speaker Change: We're also excited about the continued adoption of the <unk> data platform and additional AI based features in our pipeline, including chat with data our internal teams have made great progress improving the reliability and usability of chat with data to give our customers a more intuitive experience and enable greater insights from their first party data with the help of generative AI.

Speaker Change: We expect to release chat with data to more customers later this year.

Speaker Change: Another big area of strategic focus for US continues to be our direct access program, we're just seeing incredible adoption.

Speaker Change: As one of two buy side only self service platforms. We are in are you.

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Speaker Change: CTV content directly to our advertiser customers.

Speaker Change: This program is helping drive a lower cost of media in higher win rates for advertisers and AD options ultimately delivering better return on AD spend and improve campaign performance for our customers.

Speaker Change: Chris.

Speaker Change: Direct access enables our customers to match their first party data with the likes of Disney and Paramount, enabling walled garden level address ability and closed loop measurement on the world's most premium content. We are seeing growing adoption of direct access as part of the overall strength, we're seeing in CTV and over 50% of our CTV spend in the quarter was through our direct access program.

Lawrence J. Madden: We've seen CTV grow by 50% on a year-over-year basis and represented over 40% of total spend on the platform, while CRI has seen record spend levels in the quarter nearly double on a year-over-year basis. City Hall is a recommended 10% plus venue on the platform if you want, and we continue to benefit.

Lawrence J. Madden: We continue to benefit from the traction we are having with customers, opting for our household ID across these high engagement cookie list channels. Our direct access offering has also been an important driver of our business, given the increased efficiency and performance it provides advertisers. In terms of formats, video, which includes CTV, represented 60% of total spend on our platform in the quarter. Turning now to operating expenses for the quarter, our non-GAAP operating expenses totaled $31 million in Q1, representing an increase of 9% over the prior year period and 5% over the prior quarter. We continue to drive efficiencies internally while remaining focused on making strategic investments in our business, specifically in our technology and sales teams, to best position ourselves for long-term market share gains and increasing profitability.

Speaker Change: From over 40% in Q4.

Speaker Change: With that I'll turn it over to Larry to provide more detail on our financial performance Larry.

Larry: Thanks, Chris before I begin I'd like to remind everyone that we have posted a presentation to our investor Relations website that includes supplemental finance.

Larry: So information to accompany todays call as Tim discussed we had a very strong start to the year with Q1 results coming in towards the high end of our guidance or better across all key metrics. Many of the trends that drove our strength in 2023 continued into the first quarter of 2020 for most of <unk>.

Speaker Change: Notably the progress we've made in the last year or towards our vision of autonomous advertising is resonating with both existing and prospective customers.

Speaker Change: AI based features and products that we've rolled out in recent quarters are driving.

Lawrence J. Madden: for the quarterly generated Adjusted Economics. And finally, above the high end of the price, we have an increase of 3.5 million for private peers. Adjusting for the margin of the percentage of companies that have 9% support, we now have

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Lawrence J. Madden: [inaudible]

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Lawrence J. Madden: From the share gap, we ended the quarter with 63.4 million in share gap spending, with 15.4 million in profit shares and 47 million in profit each year. We ended the quarter with $206 million.

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Lawrence J. Madden: We ended the quarter with $206 million in cash and cash equivalents. We had $227 million of positive working capital and no debt at quarter end. We have a $75 million dollar undrawn credit facility. In Q1, we also generated $3.8 million of cash flow from operations. In conjunction with our earnings release today, we also announced that our board has authorized an open-ended share repurchase program of up to $50 million of the company's common shares. This program reflects our continued commitment to have the shares.

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Lawrence J. Madden: [inaudible] Join us for our outlook. Expect our momentum of customers leveraging our household IT technology, as well as our new AI-derivative products and features, will continue to grow and increase its share in the large and growing programmatic market. We remain very encouraged by the spending patterns we are seeing with our customers and by a large pipeline of highly scalable advertisers, leading to increased action and a better prospect for the industry. Operating expenses are expected to be between 32 and 33 million dollars, representing a year over year increase of 21% with a quarter over quarter increase of 5% at the midpoint We expect adjusted revenue to be in the range of 8 to 9 million dollars, which represents a year over year increase of 25% with a quarter over quarter increase of 176% at the midpoint And finally, we expect an adjusted revenue to download 10% of the contribution at stock, or 21% The last point I'd like to make is relative to the Q2 guide.

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Speaker Change: We continue to benefit from the traction we are having with customers.

Lawrence J. Madden: At the midpoint of the guide, Q2 recommends a 4th to 2nd form of 24% growth in contribution as tax. Finally, I'd like to make a few comments relative to our expectations for the full year. As we set the floor in 2024, we expect contribution as tax to grow faster in the overall market, continuing to expand our market share, especially in the mid-market. We also expect to continue benefiting from growing customer adoption. We believe our investments in our

Speaker Change: Operating our household IV across these high engagement calculus channels, our direct access offering has also been an important driver of our <unk>.

Speaker Change: Given the increased efficiency and performance that provides advertisers and.

Speaker Change: In terms of format video, which includes CTV represented 60% of total spend on our platform in the quarter.

Speaker Change: Turning now to operating expenses for the quarter, our non-GAAP operating expenses totaled $31 million in Q1, representing an increase of 9% over the prior year period and 5% over the prior quarter.

Lawrence J. Madden: We believe our investments in our platform and technology have positioned us extremely well to continue driving growth and profitability in the quarters ahead. We have a unique opportunity to service a growing customer base of mid-market advertisers who recognize the value of our House LID technology and AI-based solutions. Our strong results in the first quarter demonstrate that our strategy is working, and we are capitalizing on the strong tailwinds for programmatic advertising. We're excited about our momentum and the opportunities ahead of us.

Speaker Change: Continue to drive efficiencies internally, while remaining focused on making strategic investments in our business, specifically around our technology and sales teams to best position ourselves for long term market share gains and increasing profitability.

Speaker Change: Thanks Mark.

Speaker Change: Okay.

Kelsey: And with that, I'll turn it back to the operator for questions. Thanks very much, Larry. And again, everyone, we will now move to take your questions. As a reminder, please click the raise hand tab located at the bottom of your screen if you would like to ask a question.

Speaker Change: Okay.

Speaker Change: Please go ahead.

Speaker Change: Christina.

Kelsey: Please click on the button at the bottom of your screen if you would like to ask a question. Our first question is going to come from Matt Carnton with Citizens. Matt, please go ahead with your question. Thank you guys for taking my question. Maybe first, if you could give us some color on some of the areas that we have in the corridor, and maybe if you could think about things that have happened here, which you can give us as far as the visibility that you have, as you think about, you know, maybe just the four areas that you refer to. And then my second question is just on the trade-offs that have come up this morning, which have given us access to better data. You guys have maybe the launch...

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Speaker Change: We ended the quarter with $206 million in cash and cash equivalents, we had $227 million of positive working capital and no debt at quarter end.

Lawrence J. Madden: Larry, would you like to take the first one? In terms of linearity of demand, Matt, essentially in Q1, we typically see the quarter build throughout the three months, with each month being better than the prior month. That held true this year. It was a little bit different last year, where it was very slow at the beginning of the quarter. But we started the quarter very strong, and that momentum continued throughout. I would like to speak in relation to the...

Speaker Change: $75 million Undrawn credit facility.

Speaker Change: Q1, we also generated $3 $8 million of cash flow from operations.

Speaker Change: In conjunction with our earnings release today, We also announced that our board has authorized an open ended share repurchase program of up to $50 million of the company's common shares this program.

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Lawrence J. Madden: And just in relation to the Department of High Intelligence, I mean, the full extent of it.

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Lawrence J. Madden: and their whole user base, so I'd have to check back with you on that.

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Lawrence J. Madden: And just to close the loop on the first part of your question, so in terms of the second half of 2024, as you know, we haven't given guidance in terms of what we think we will do. But what we have said is that we do expect to continue to outpace the markets. I think market expectations for U.S. programmatic are in the 15 to 16% growth rate this year, and we believe, certainly for the full year, we will outpace that growth.

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Operator: Andrew Marok, with Raymond James, has the next question.

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Chris Vanderhook: Great, thank you for taking my question. Um, you talked a little bit about the cookie deprecation deadline push earlier, and I guess I kind of wanted to get your thoughts on that, like, given the scale of the CMA's problems with the privacy sandbox, I think it's almost 80 complaints that they brought up. Do you see this impasse ever being solved? And if it's not, kind of how does that impact the evolution of usage of household ID?

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Chris Vanderhook: Yeah, I think just the implementation, just getting to Google's, you know, deprecation of third-party cookies, there's lots of decision makers at the table. And so I think they're kind of stuck between that decision. So it's not a shock that it continues to get delayed there.

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Chris Vanderhook: I do think there will be resolution one way or the other, and I think that resolution will fall on the side of more privacy-friendly approaches to internet advertising, just in the long run. So you know, we think the household ID, if you look at it today, we mentioned in the prepared remarks that less than 10% of ad spend utilizes cookies across our platform today. One thing that most people forget about is third-party cookies really are just the Google Chrome web browser. When it comes to an omnichannel DSP, like ourselves, you know, that's less than 25% of the available bandwidth.

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Chris Vanderhook: [inaudible] Thank you, if I could sneak one in on the streaming audio. Um, I guess, what are some of the drivers behind that outsized growth in that channel? Is there something about it that maybe appeals more strongly to kind of the smaller, mid-sized clients that you tend to over-index with? Is it maybe rough from a creative perspective? Anything behind that? Thank you.

Speaker Change: Okay.

Speaker Change: We believe our investments in our platform and technology have positioned us extremely well to continue driving growth and profitability in the quarters ahead, we have a unique opportunity to feature services scaling customer base of mid market advertisers.

Chris Vanderhook: I would say number one, you know, if you're listening to a podcast or you're streaming music, it's really a dedicated listener, so I think that's number one. I think the ad recall rates are extremely high, so customers are seeing it in the results. The second thing I'll say is that much like any, you know, emerging channel, the more and more supply that comes online or is available and programmatic, that also adds to the growth.

Speaker Change: Just recognize the value of our household IV technology and AI based solutions, our strong results in the first quarter demonstrate that our strategy is.

Speaker Change: And we are capitalizing on our strong tailwind from programmatic advertising, we're exciting excited about our momentum and the opportunities ahead of us and with that I'll turn it back to the operator and again, everyone. We want operator to take your questions.

Chris Vanderhook: So we saw a tremendous amount of supply towards the end of last year that would be coming online for 24, so I think that will add value as well across all major audio platforms, both podcasting and in music and radio.

Speaker Change: Okay.

Speaker Change: Okay. Thank you.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay got it.

Speaker Change: Okay.

Operator: Interesting. Thank you. Moving on to Maria.

Operator: Moving on to Maria Ripps with Conocord.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Yes.

Chris Vanderhook: Well, thanks so much for taking my questions. First, you called out momentum in the public services vertical, and I feel like you sort of called out strength there for several consecutive quarters now. Is there any additional call maybe you can provide with regard to what's driving this incremental span? Are there any specific types of government agencies or municipalities, or I think you called out universities last quarter that you're seeing momentum with? Just one call would be great.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: You guys have maybe the launch similar partnerships that can give you access to unique data that can help drive performance, particularly in CTV as it becomes a larger portion of your business. Thank you.

Speaker Change: No Larry I'll take the <unk> and.

Speaker Change: In terms of linearity of the demand, Matt essentially Q1, we typically see the quarter builds throughout the three months with each months being better than the prior months.

Chris Vanderhook: Yeah, I think a lot of the customers in that vertical have historically been direct response display-based advertisers that really focus on and use the cookie. And I think that they've seen their results precipitously decline over the last three or four years.

Speaker Change: That held true this year, there was a little bit different last year, where there was very slow at the beginning of the quarter, but we started the quarter very strong and that momentum continued throughout.

Chris Vanderhook: So many of them are heavy in CTV, and now they're able to see returns when buying television-like advertising. So I think that's really the biggest area. Specifically, around other organizations, whether it be universities or different municipalities, sustainability has been a nice focus for them as well. And so our efforts around our electricity program have definitely helped in that area. We have a big leadership position around sustainability, something we're pretty serious about, and that's also led to some client wins as well.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Operator: Got it. That's very helpful. And maybe one more, if I could.

Speaker Change: Raphael.

Speaker Change: Our user base.

Chris Vanderhook: It sounds like you're having a lot of success sort of moving upstream with the mid market segment. So as long as we sort of adopt generative AI-supported creative tools and sort of more fully embrace digital advertising, can you maybe just talk about how, at this point, you view sort of engaging with the long tail of smaller advertisers that will still meet your minimum spend threshold? Yeah, we're not really

Speaker Change: Have to check back with you on that.

Speaker Change: And just to close the loop on the first part of your question. So in terms of second half of 2024 as you know you haven't given guidance in terms of what we think we will do but what we have said is we do expect to continue to outpace the markets.

Speaker Change: I think market expectations for U S programmatic or in the 15% to 16% growth rate this year.

Chris Vanderhook: Yeah, we're not really focused on the SMB segment. I think that, um, you know, when we think of creative teams and AI, we think it's, you know, the very, very, very early stages of the industry. We think it's incredible promise work, and we think that there's going to be a lot of innovation.

Speaker Change: And we believe certainly for the full year, we will outpace that growth.

Speaker Change: Great. Thank you so much.

Chris Vanderhook: And it's going to be big for small businesses, because that's kind of what I think that small businesses should buy across the open web. And when you think about video, that's something that they don't have readily accessible. They can easily create a search ad, or they can easily create, you know, a social ad.

Speaker Change: Andrew Merrick with Raymond James has the next question.

Andrew Jordan Marok: Great. Thank you for taking my question.

Andrew Jordan Marok: You talked a little bit about.

Andrew Jordan Marok: Okay.

Speaker Change: Okay deadline pushed.

Andrew Jordan Marok: Earlier, I guess kind of wanted to get your thoughts at all given the scale of the CMA has problems with the privacy sandbox I think its almost 80 complaints that they brought up do you see this impasse ever being solved and if it's not kind of how does that impact the evolution of usage of the household I D.

Chris Vanderhook: So I think as an industry, that is something that's still on deck. As far as our customers and really moving up market within the mid market, we're really just focused on the results and us being in the market for as long as we have and gaining more and more trust from our clients. They're just continuing to increase spend, and then word of mouth spreads. The divine platform is getting great results, so that's getting us more and more investments.

Andrew Jordan Marok: Yeah.

Speaker Change: Thank you, yes, the implementation just getting their google's deprecation of third party cookies Theres lots of decision makers at the table and so I think there are kind of stuck in between that decision. So it's not a shock that it continues to get delayed there I do think there will be resolution one way or the other.

Operator: Thank you very much.

Chris Vanderhook: So just two questions on CTV. So just curious if you can kind of define what's driving the inflection and the share gains that you're seeing there. And then also, when you're onboarding direct access customers, are you bringing CTV advertisers directly to direct access, or is that the more mature way for CTV advertisers?

Speaker Change: And I think that resolution will fall on the side of more privacy friendly approaches to internet advertising.

Andrew Jordan Marok: Just in the long run so we think the household idea if you look at it today we.

Andrew Jordan Marok: Mentioned in the prepared remarks less than 10% of AD spend utilizes cookies across our platform today, one thing that most people forget about is third party cookie is really are just the Google Chrome web browser when it comes to an omnichannel DSP like ourselves.

Chris Vanderhook: It's really, you know, from the most recent stats in the quarter that over 50% of our total customers' CTV spend is going towards direct access partners. That really is, you know; it's widespread. And so it's across the board. And really, what's driving that, you know, they all want, if you think about it, there isn't, there's not the same type of long tail in CTV apps like there is in websites. There are, I don't know, 25 million websites.

Andrew Jordan Marok: Excellent.

Andrew Jordan Marok: Perfect.

Andrew Jordan Marok: Yes.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Thank you Sir.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Thank you.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Alright.

Andrew Jordan Marok: Okay.

Chris Vanderhook: There's a much smaller number, I think it's 50,000 CTV apps. So it is, a lot of viewership is going to be aimed at the premium end of the market. And that is really, you know, if you ask customers where they want to be, that's where they want to be. Number one, I think we make it a lot more palatable for them because we're connecting directly with those content owners, and they're seeing lower CPMs as a result.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Alright.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Thank you.

Andrew Jordan Marok: Okay.

Chris Vanderhook: And they're also winning ad auctions at a higher rate. So net, net, those content owners are getting higher CPMs, even though previously, The console platform features a wide range of machines. There's not a standard identifier like the ones used in TV shows. Markets are defined as a platform to plan an application for representation.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Got it.

Andrew Jordan Marok: Your line is open.

Andrew Jordan Marok: Okay.

Andrew Jordan Marok: Okay great.

Speaker Change: Thank you.

Speaker Change: Okay.

Chris Vanderhook: I'm going to be talking about some of the things that you can do on the platform to prevent that experience of over-frequency and not reaching as many people as you would with a result like this. And so we use Household ID.

Speaker Change: Okay.

Speaker Change: Glen or I would say number one.

Speaker Change: If you are listening to a podcast or or streaming music. It's really a dedicated listener. So I think thats number one I think the AD recall rates are extremely high so customers are seeing in the results. The second thing I'll say is that much like any emerging channel the more and more supply that comes online or.

Chris Vanderhook: And it's available at 90% of the times you can do it on the platform. We have control frequency here perfectly. That means that we're reaching the intended amount of household frequency. I can look.

Chris Vanderhook: It's massive out there, and it's driving better results. And it's pretty simple.

Chris Vanderhook: So if I can make you a better site, subscribe to Life Time Standards. And then, control region frequency. I'll be back after that.

Chris Vanderhook: I mean, just getting started to understand the growth in connected television and what's driving it. I think that it's more simple than you would think, and we say this over and over, that we have wall-to-garden level addressability, and non-user-generated content, like social, is one of the world's most premium content. And I think that, overarching, the combination of the two things is what's fueling the growth of connected television, the targeting and measurement, and the sight, sound, and motion of that big screen device in the room really changes consumer behavior. So, as you know, for CTV growth, we really don't see that slowing down. We feel very good about it.

Speaker Change: And it is available on programmatic that also adds to the growth. So we saw a tremendous amount of supply towards the end of last year there.

Speaker Change: That will be coming online for 24, so I think that added as well across all major audio platforms both podcast.

Speaker Change: Alright.

Speaker Change: Thank you.

Operator: Now that addressability is back on television, I think there's just going to be a bunch of continued growth. And our last question will come from Chris Kuntarich with UBS. Thanks for taking the question.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Can you connect in television.

Speaker Change: Interesting. Thank you. Thank you.

Speaker Change: Moving on to Maria <unk> with Canaccord.

Chris Vanderhook: Maybe just going back to direct access and your ability to expand beyond Disney and Paramount. Can you maybe just help us think about the timeline there, how those conversations are going, and maybe how that could potentially factor into the back half of the year? And then the second question would be just around past expenses. Kiki got a little bit out of our expectations.

Maria: Hi, Maria.

Maria: Can you hear me.

Speaker Change: Yeah.

Maria: Well, thanks, so much for taking my questions.

Maria: First you called out momentum in public services vertical and.

Maria: I feel like you sort of called out strength now for several consecutive quarters. Now is there any additional color. Maybe you can provide with regards to what's driving this incremental spend or any.

Chris Vanderhook: Can you just talk a little bit about what's driving the sequence of those? And Kiki, maybe we should be thinking about the second half of the year expenses. I'm not sure if the work that you guys have done to pull forward the timeline on the AI data optimizer has really pulled forward some expensive stuff. Okay, first of all, go right back to the program that we were on at the beginning of this. We're early on in there, but there are many more in there. I didn't want to get too challenging, because we have two partners in there.

Maria: Specific types of government agencies municipalities I think you called out universities last quarter.

Speaker Change: We have seen momentum just in Macau.

Speaker Change: Yes, I think a lot of the customers in that vertical.

Speaker Change: It has historically been direct response display based advertisers.

Chris Vanderhook: We are focused on all the premium endorsers you can use. And I do see that there's only one more partner at the beginning of the year, and that's Endorsable Quarters. And one of the things is that with those partners out there, they have incredible content, but they also have subscribers that are funding them, so they have no ability to move files.

Speaker Change: They're really focusing use the cookie.

Speaker Change: I think that they've seen their results for.

Speaker Change: Precipitously decline over the last three or four years. So many of them are heavy in CTV and now they are able to see returns when buying TV like advertising.

Speaker Change: So I think that that's really the biggest that's the biggest area specifically around.

Chris Vanderhook: So those partners are going to raise their household revenue, and that's really essentially the national subscribers. So when we say, well, we're talking about accessibility, we're actually going to do VSTs out there and actually get on that. And actually, we've talked about it, and it's actually going to be on YouTube as well.

Speaker Change: Other organizations, whether it be universities are different municipalities sustainability has been a has been a nice focus for them as well.

Speaker Change: So our efforts around our electricity program is definitely helped in that area. We have a big leadership position around sustainability is something we're pretty serious about and Thats also led to some client wins as well.

Chris Vanderhook: So it's really, it's a self-fulfilling prophecy here. More and more of these large content owners are coming at us. I expect that to continue, you know, to gain even more steam throughout the year. We're remaining focused on CTV for now, but there's no reason why this wouldn't happen across other channels as well.

Speaker Change: Got it that's very helpful and maybe one more thing.

Speaker Change: Like you have a lot of success moving upstream with the meeting.

Lawrence J. Madden: Larry, can you take the question related to cash expenses through the internet? So on the Q2 guide, we did guide 32 to 33 million of OpEx for the second quarter, which at the midpoint would be up 21% year over year. But what I would say is the 21% growth is not reflective of what annual growth will be. Q2 2023 was the low point of our overhead last year. We had essentially no or very little in the way of discretionary investment or spending.

Speaker Change: Market segments.

Speaker Change: As Louis can be sort of adopt generally the AI sort of supported creative tools is of more fully embrace digital advertising can you maybe just talk about how at this point you view sort of engaging with the long tail of smaller advertisers still.

Speaker Change: You'll meet minimum thresholds.

Speaker Change: Yeah, we're not really focused.

Speaker Change: Hi, Thanks.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Lawrence J. Madden: For the full year, I think we've said this before, we expect overhead or non-GAAP OpEx to grow in the low teens percent in 2024 for the full year. We will continue to make investments, as we said, but we will be very pragmatic and diligent about what we're doing. We always have the opportunity to dial it up or dial it down, but we're expecting overhead growth in the low teens percent for the full year.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Right.

Speaker Change: Okay.

Speaker Change: Anthony Thanks for small businesses, because that's kind of I think thats for small businesses to buy cross the open web and when you think about video as something that they don't have readily accessible they can easily create a search ad, but they can easily create a social app.

Speaker Change: I think as an industry that is something that's still on deck.

Operator: Got it. Thanks. And maybe if I could just squeeze one more in. Just curious. What are you thinking about politics...

Speaker Change: As far as our customers and really moving upmarket within the mid market. We're really just it's the results in us being in market for as long as we have and gaining more and more trust from our clients. There is continuing to increase spend and then word of mouth spreads.

Chris Vanderhook: How are you thinking about politics? Can you just talk to us about how that's trending year-to-date versus kind of your expectations and your possibilities to back up your budget?

Chris Vanderhook: Well, yeah, political. We've made great progress in this category. We've got an established office in Washington, D.C., and our dedicated staff in this vertical, so we do have high hopes for political. In a lot of our discussions with clients, they do believe digital will be a significant beneficiary this year. Relative to linear television, it's kind of very similar in all the vertical categories I've seen.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Chris Vanderhook: So we do think politics could have an opportunity to contribute to our revenue growth more so this year, as it was pretty insignificant in previous years. We're about to conclude our Q&A session for today. Chris and Sam, I'll turn it back to you for quick comments. Great, thank you very much for joining me on this call. I just want to say thank you to all of my employees for helping us out in this exceptional first quarter and a great kickoff to 2024. We'll see you next quarter. Thank you.

Speaker Change: Go ahead.

Speaker Change: This comes from the line Joseph <unk> Joseph Please go ahead.

Joseph: Hey, guys.

Joseph: So just two questions on CTV. So just curious if you can kind of define what's driving the inflection in the share gains that youre seeing there and then also when you're Onboarding direct access customers are are you, bringing CTV advertisers directly to direct access or is that the more mature CTV advertisers.

Joseph: Adopting direct access.

Joseph: It's really.

Joseph: At the most recent stats in the quarter that over.

Joseph: Over 50% of our total of our customers' CTV spend is going towards direct access partners.

Joseph: That really is it's widespread and so it's across the board and really what's driving that.

Joseph: They all one if you think about there isn't.

Joseph: There is not the same type of long tail and CTV apps like there is a web sites.

Joseph: 25 million web site. There is a much smaller I think it's 50000 Cts. So it is a lot of the viewership is going to be aimed at the premium end of the market and that is really if you ask customers, where do they want to be thats, where they want to be.

Joseph: Number one I think we make it a lot more palatable for them because we're connecting directly with those content owners.

Joseph: And Theyre seeing lower CPM is as a result, and we're also winning at auctions at a higher rate. So net net those content owners are getting higher CPM.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Thank you.

Joseph: Alright.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Sure.

Joseph: Yes.

Joseph: Okay.

Joseph: Got it.

Joseph: Yes.

Joseph: Okay.

Joseph: Yes.

Joseph: Bob.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Thanks.

Joseph: Okay.

Joseph: Thank you.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Yeah.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Good question.

Joseph: Okay.

Joseph: All right.

Joseph: Okay.

Joseph: Thank you.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Thank you.

Joseph: Right.

Joseph: Thanks, Brian.

Joseph: Hey, Josh.

Joseph: Thank you.

Joseph: Okay.

Joseph: Hey, good morning.

Joseph: Alright.

Joseph: Yes.

Joseph: Thank you.

Joseph: Okay.

Joseph: Sure.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Yeah.

Joseph: Okay.

Joseph: Yes.

Joseph: Alright.

Joseph: Yes.

Joseph: Okay.

Joseph: Got it.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Yeah.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Yes.

Joseph: Okay.

Joseph: Thank you.

Joseph: Okay.

Joseph: Thanks.

Joseph: Okay.

Joseph: So they're getting more on that.

Joseph: So it's really it's a self fulfilling prophecy here more and more of these large content owners are coming at us I expect that to continue to gain even more seen throughout the year.

Joseph: And we're remaining focused in CTV for now, but there is no reason why this wouldn't happen across other channels as well Larry can you take the question related to cash expenses through the <unk>. So on the Q2 guide we did guide $32 million to $33 million of Opex for second quarter, which at the midpoint would be up 21% year over year.

Joseph: Sure.

Larry: But what I would say is the 21% growth is not reflective of what annual growth will be.

Larry: Q2, 2023 was the low point of our overhead last year.

Larry: We had essentially no or very little in the way of discretionary investment our spend for.

Larry: For the full year I think we've said this before we expect overhead or non-GAAP opex to grow in the low teens percentage in 2024 for the full year.

Larry: We will continue to make investments as we said.

Larry: But we will be very pragmatic and diligent about what we're doing we always have the opportunity to dial it up or dialing down, but we're expecting overhead growth in the low teen percentages for the full year.

Speaker Change: Got it thanks, and maybe if I could just squeeze one more in I'm just curious.

Speaker Change: I would.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Got it.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Got it.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Right.

Speaker Change: Okay.

Speaker Change: Thank you.

Q1 2024 Viant Technology Inc Earnings Call

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