Q2 2026 Viant Technology Inc Earnings Call

August 10, 2026

Speaker #1: Before I hand the call over to the Viant Leadership Team, I'd like to go over a few housekeeping notes for the program. As a reminder, this call is being recorded.

Nick Zangler: Before I hand the call over to the Viant leadership team, I would like to go over a few housekeeping notes for the program. As a reminder, this call is being recorded. After the speaker's remarks, there will be a question and answer session. If you plan to ask a question, please ensure you have set your Zoom name to display your full name and firm. If you would like to ask a question during the call, please use the raise hand feature located at the bottom of your Zoom toolbar. Thank you for your attendance today. I would now like to turn the call over to Nick Zangler, SVP of Investor Relations for Viant.

Operator: Before I hand the call over to the Viant leadership team, I would like to go over a few housekeeping notes for the program. As a reminder, this call is being recorded. After the speaker's remarks, there will be a question and answer session. If you plan to ask a question, please ensure you have set your Zoom name to display your full name and firm. If you would like to ask a question during the call, please use the raise hand feature located at the bottom of your Zoom toolbar. Thank you for your attendance today. I would now like to turn the call over to Nick Zangler, SVP of Investor Relations for Viant.

Speaker #1: After the speakers' remarks, there will be a question-and-answer session. If you plan to ask a question, please ensure you've set your Zoom name to display your full name and firm.

Speaker #1: If you would like to ask a question during the call, please use the raise hand feature located at the bottom of your Zoom toolbar.

Speaker #1: Thank you for your attendance today. I would now like to turn the call over to Nick Zangler, SVP of Investor Relations for Viant.

Speaker #2: Thank you. Good afternoon, and welcome to Viant Technology's second quarter 2026 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.

Nick Zangler: Thank you. Good afternoon, and welcome to Viant Technology's Q2 2026 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 would like to remind you that we will make forward-looking statements on our call today, including, but not limited to, statements regarding our guidance for Q3 2026 and other future financial results, our strategy, our growth opportunities, performance and benefits of our products, our platform development initiatives, including ViantAI, expected benefits of our acquisition of TVision, our pipeline and potential partnership opportunities, our share repurchase program, potential tailwinds, and industry trends that are based on assumptions and subject to future events, risks, and uncertainties that could cause actual results to differ materially from those projected.

Speaker #2: I'd like to remind you that we will make forward-looking statements on our call today, including but not limited to statements regarding our guidance for Q3 2026 and other future financial results, our strategy, our growth opportunities, performance and benefits of our products, our platform development initiatives, including Viant AI, expected benefits of our acquisition of T-Vision, our pipeline and potential partnership opportunities, our share repurchase program, potential tailwinds and industry trends that are based on assumptions and subject to future events, risks, and uncertainties that could cause actual results to different 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.

Nick Zangler: 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 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 30 June 2026, under the heading Risk Factors and in our other filings with the SEC. During today's call, we will also present both GAAP and non-GAAP financial measures.

Speaker #2: For more information about factors that may cause actual results to differ materially from forward-looking statements, 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 June 30, 2026, under the heading "Risk Factors," and in our other filings with the SEC.

Speaker #2: 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 and in our earnings presentation, which have been posted on the Investor Relations page of the company's website and in our filings with the SEC.

Nick Zangler: 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 and in our earnings presentation, which have been posted on the investor relations page of the company's website and in our filings with the SEC. I would now like to turn the call over to Tim Vanderhook, Chief Executive Officer of Viant. Tim?

Speaker #2: I would now like to turn the call over to Tim Vanderhook, Chief Executive Officer. Of Viant. Tim?

Speaker #3: Thanks, Nick. And thanks to everyone for joining us today. We delivered strong second-quarter performance, achieving new company second-quarter records across all key metrics. Revenue increased 34% year over year, well above the high end of our quarterly guidance range.

Tim Vanderhook: Thanks, Nick, and thanks to everyone for joining us today. We delivered strong Q2 performance, achieving new company Q2 records across all key metrics. Revenue increased 34% year-over-year, well above the high end of our quarterly guidance range, and contribution ex-TAC increased 24% year-over-year. Growth was broad-based across most verticals, driven by strong CTV demand, increased utilization of our proprietary intelligence, and expanded use of ViantAI. Most notably, customer CTV spend surged by nearly 50% in the quarter, attributable to the unique performance advantages we deliver for advertisers within this secular growth channel. Finally, adjusted EBITDA increased 26% year-over-year to $14.2 million for the quarter, exceeding the high end of our guidance range.

Speaker #3: And contribution ex tac increased 24% year over year. Growth was broad-based across most verticals: driven by strong CTB demand, increased utilization of our proprietary intelligence, and expanded use of Viant AI.

Speaker #3: Most notably, customer CTB spend surged by nearly 50% in the quarter, attributable to the unique performance advantages we deliver for advertisers within this secular growth channel.

Speaker #3: And finally, adjusted EBITDA increased 26% year over year, to 14.2 million dollars for the quarter, exceeding the high end of our guidance range. As our second quarter results clearly indicate, Viant has entered into a new phase of accelerated growth, propelled by the continued adoption of our platform by major U.S.

Tim Vanderhook: As our Q2 results clearly indicate, Viant has entered into a new phase of accelerated growth, propelled by the continued adoption of our platform by major US advertisers. Ramping spend from these clients contributed to one of our strongest top-line quarters ever as a public company. Our momentum is accelerating and is supported by the largest pipeline of new business opportunities in our company's history. Our differentiated value proposition, further enhanced by the integration of TVision's Attention Insights, is resonating with advertisers and agencies more so than ever before. Viant has evolved from a demand side platform into an advertising intelligence company, uniquely capable of empowering advertisers with proprietary data, independent measurement, and cutting-edge AI solutions, which collectively work in concert to optimize media execution. Viant is in market with an industry-leading arsenal of technological solutions specifically engineered to drive superior ad campaign performance.

Speaker #3: advertisers. Ramping spend from these clients contributed to one of our strongest top-line quarters ever as a public company. Our momentum is accelerating and is supported by the largest pipeline of new business opportunities in our company's history.

Speaker #3: Our differentiated value proposition further enhanced by the integration of T-Vision's attention insights is resonating with advertisers and agencies more so than ever before. Viant has evolved from a demand-side platform into an advertising intelligence company, uniquely capable of empowering advertisers with proprietary data, independent measurement, and cutting-edge AI solutions, which collectively work in concert to optimize media execution.

Speaker #3: Viant is in-market with an industry-leading arsenal of technological solutions, specifically engineered to drive superior ad campaign performance. Our intelligence layer synthesizes proprietary viewership signals spanning audience identity, content selection, and viewer attention, into real-time actionable insights that best inform campaign targeting strategies.

Tim Vanderhook: Our intelligence layer synthesizes proprietary viewership signals, spanning audience identity, content selection, and viewer attention into real-time actionable insights that best inform campaign targeting strategies. Lattice Brain, our AI-powered decisioning architecture, operationalizes these insights, dynamically refining every campaign to ensure that performance is continuously optimized. Our Direct Access supply path connects brands directly to premium publishers, lowering costs and eliminating bidstream inefficiencies to maximize working media spend. These solutions, exclusive to Viant, are attracting new advertisers to our platform while simultaneously fueling organic growth through deeper value-driven relationships with existing clients. Our commitment to innovation is solidifying Viant as an essential must-have partner for today's outcome-oriented advertisers. In a moment, Chris will provide some perspective on today's market environment and detail how Viant is strategically positioned to capitalize on emerging market opportunities to deliver sustainable long-term growth into 2027 and beyond.

Speaker #3: LatticeBrain, our AI-powered decisioning architecture, operationalizes these insights dynamically refining every campaign to ensure that performance is continuously optimized. And our direct access supply path connects brands to directly to premium publishers, lowering costs and eliminating bid stream inefficiencies to maximize working media spend.

Speaker #3: These solutions, exclusive to Viant, are attracting new advertisers to our platform while simultaneously fueling organic growth through deeper, value-driven relationships with existing clients. Our commitment to innovation is solidifying Viant as an essential, must-have partner for today's outcome-oriented advertisers.

Speaker #3: In a moment, Chris will provide some perspective on today's market environment and detail how Viant is strategically positioned to capitalize on emerging market opportunities to deliver sustainable, long-term growth into 2027 and beyond.

Speaker #3: But first, I will provide an update on our recent performance and progress across our three key strategic priorities: Viant's proprietary intelligence layer, Viant AI, and CTB.

Tim Vanderhook: First, I will provide an update on our recent performance and progress across our three key strategic priorities: Viant's proprietary intelligence layer, ViantAI, and CTV. Beginning with our intelligence layer, Viant empowers advertisers to deploy sophisticated campaign strategies through three core pillars of proprietary intelligence spanning identity, content, and attention. These proprietary data signals allow our advertisers to parse through the 15 million bid requests made available to them every second and identify the specific impressions that will drive performance. Leveraging our proprietary intelligence, advertisers can precisely target their desired audiences within contextually relevant high-attention environments and capture value by acquiring inventory where the intrinsic value exceeds the market price. Walking through our intelligence layer, Viant's identity intelligence is powered by our Household ID, a patented solution for audience targeting.

Speaker #3: Beginning with our intelligence layer, Viant empowers advertisers to deploy sophisticated campaign strategies through three core pillars of proprietary intelligence: spanning identity, content, and attention; these proprietary data signals allow our advertisers to parse, through the 15 million bid requests made available to them every second; and identify the specific impressions that will drive performance.

Speaker #3: Leveraging our proprietary intelligence, advertisers can precisely target their desired audiences within contextually relevant, high-attention environments—and capture value by acquiring inventory where the intrinsic value exceeds the market price.

Speaker #3: Walking through our intelligence layer, Viant's identity intelligence is powered by our household ID, a patented solution for audience targeting. Household ID delivers superior addressability for advertisers looking to activate their first-party data to reach specific audiences and measure campaign performance.

Tim Vanderhook: Household ID delivers superior addressability for advertisers looking to activate their first-party data to reach specific audiences and measure campaign performance. Household ID is widely available across the digital landscape, embedded in 80% of all programmatic bid requests and 96% of all CTV requests, offering four times the coverage of competing identity solutions. It is mapped to 95% of US household addresses through our identity graph, enabling advertisers to activate first-party data at massive scale. A large grocery store chain has been utilizing Household ID for several years. By leveraging the pervasive reach of Household ID, they are able to deploy sophisticated audience targeting campaigns at a scale that is simply unmatched in the market. We link their first-party data directly to our identity graph to establish a precise one-to-one match.

Speaker #3: Household ID is widely available across the digital landscape, embedded in 80% of all programmatic bid requests and 96% of all CTB requests. Offering four times the coverage of competing identity solutions.

Speaker #3: It is mapped to 95% of U.S. household addresses through our identity graph. Enabling advertisers to activate first-party data at massive scale. A large grocery store chain has been utilizing household ID for several years.

Speaker #3: By leveraging the pervasive reach of household ID, they are able to deploy sophisticated audience-targeting campaigns at a scale that is simply unmatched in the market.

Speaker #3: We link their first-party data directly to our identity graph to establish a precise one-to-one match. Because household ID is so ubiquitous, we can scale their strategy across the entire programmatic ecosystem, more broadly than any competitor, while proving while providing simple, clean, closed-loop measurement back to their own internal IDs.

Tim Vanderhook: Because Household ID is so ubiquitous, we can scale their strategy across the entire programmatic ecosystem more broadly than any competitor, while providing simple, clean, closed-loop measurement back to their own internal IDs. Household ID utilization reached new heights this quarter, fueled by a growing number of advertisers deploying sophisticated targeting strategies. This adoption drove robust performance with contribution ex-TAC attributable to Household ID achieving its strongest year-over-year growth in five quarters. Viant's content intelligence is powered by the IRIS Content ID, which empowers advertisers with show-level targeting, a significant leap in granularity compared to that of our competitors who are limited to app-level visibility. We achieve scene-level targeting through direct integrations with publisher content management systems, which provides Viant with high-resolution contextual intelligence that is not available elsewhere.

Speaker #3: Household ID utilization reached new heights this quarter, fueled by a growing number of advertisers deploying sophisticated targeting strategies. This adoption drove robust performance, with contribution XTAC attributable to household ID achieving its strongest year-over-year growth in five quarters.

Speaker #3: Viant's content intelligence is powered by the IRIS Content ID, which empowers advertisers with show-level targeting—a significant leap in granularity compared to that of our competitors.

Speaker #3: Who are limited to app-level visibility. We achieve scene-level targeting through direct integrations with publisher content management systems, which provides Viant with high-resolution contextual intelligence that is not available elsewhere.

Speaker #3: Leveraging the Iris Content ID, advertisers can align their ad creative with specific shows, contextual categories, and even emotional sentiments. Enabling a level of micro-targeting that drives better outcomes.

Tim Vanderhook: Leveraging the IRIS Content ID, advertisers can align their ad creative with specific shows, contextual categories, and even emotional sentiments, enabling a level of micro-targeting that drives better outcomes. A brand like WHOOP will combine the audience precision of Household ID with the contextual intelligence of the IRIS Content ID to achieve superior return on ad spend. By stacking Household ID with IRIS Content ID, WHOOP not only reaches fitness enthusiasts, they reach fitness enthusiasts in the specific contextually relevant moments that matter most, like during premium sports programming, which significantly boosts campaign performance. We are seeing a powerful feedback loop. Advertisers are prioritizing IRIS Content ID for its granular targeting capabilities, and publishers are rapidly adopting the standard to make their inventory more competitive and attractive.

Speaker #3: A brand like Whoop will combine the audience precision of household ID with the contextual intelligence of the Iris Content ID, to achieve superior return on ad spend.

Speaker #3: By stacking household ID with Iris Content ID, Whoop not only reaches fitness enthusiasts—they reach fitness enthusiasts in the specific, contextually relevant moments that matter most, like during premium sports programming.

Speaker #3: Which significantly boosts campaign performance. We are seeing a powerful feedback loop. Advertisers are prioritizing Iris Content ID for its granular targeting capabilities. And publishers are rapidly adopting the standard to make their inventory more competitive and attractive.

Speaker #3: Iris Content ID is currently enabled across a number of leading CTB OEMs. Including Samsung, LG, Vizio, TCL, and Zumo. Along with leading streaming services, including Paramount+, Tubi, AMC Networks, and A&E, among others.

Tim Vanderhook: IRIS Content ID is currently enabled across a number of leading CTV OEMs, including Samsung, LG, Vizio, TCL, and Xumo, along with leading streaming services including Paramount+, Tubi, AMC Networks, and A&E, among others. Presence across enabled publishers has pushed IRIS Content ID to nearly 50% penetration within the bidstream. Over the course of Q3 and Q4, we are scheduled to launch the IRIS Content ID across Disney+, HBO Max, Peacock, Roku, DirecTV, Sling TV, Spectrum, and Philo, pushing penetration to approximately 70% of biddable inventory by the end of the year. Viant's Attention Intelligence is powered by TVision and its nationally representative panel of US households, each of which is equipped with TVision's computer vision and automatic content recognition technology. TVision's attention data provides advertisers with four unique signals of attentive insight: in-room presence, co-viewership, second-by-second eyes-on-screen attention, and associated viewer demographics.

Speaker #3: Presence across enabled publishers has pushed Iris Content ID to nearly 50% penetration within the bid stream. Over the course of the third and fourth quarters, we are scheduled to launch the Iris Content ID across Disney+, HBO Max, Peacock, Roku, DirecTV, Sling TV, Spectrum, and Filo.

Speaker #3: Pushing penetration to approximately 70% of biddable inventory by the end of the year. Viant's attention intelligence is powered by TVision and its nationally representative panel of U.S. households.

Speaker #3: households. Each of which is equipped with TVision's computer vision and automatic content recognition technology. TVision's attention data provides advertisers with four unique signals of attentive insight.

Speaker #3: In room presence, co-viewership, second-by-second eyes-on-screen attention, and associated viewer demographics. These signals quantify viewer attention across the entire media landscape, which includes linear TV, connected TV, and the walled garden platforms of YouTube and Prime Video.

Tim Vanderhook: These signals quantify viewer attention across the entire media landscape, which includes linear TV, connected TV, and the walled garden platforms of YouTube and Prime Video. To date, TVision's attention measurement data has been an essential asset for advertisers looking to optimize market planning and elevate creative performance. Publishers also rely on TVision's insights to pinpoint where viewer engagement gravitates, allowing them to better refine their content strategies. Viant and TVision are pioneering a new standard of advanced targeting. We can now deploy attention data as a pre-bid signal, which empowers advertisers to target inventory based on its attentive value, a breakthrough capability that has not existed until now. To be more precise, TVision's attention signals effectively act as a proprietary lens for price discovery. We can now calculate the real-time intrinsic value of any impression based on its attention score.

Speaker #3: To date, TVision's attention measurement data has been an essential asset for advertisers looking to optimize market planning and elevate creative performance. Publishers also rely on TVision's insights to pinpoint where viewer engagement gravitates, allowing them to better refine their content strategies.

Speaker #3: But together, Viant and TVision are pioneering a new standard of advanced targeting. We can now deploy attention data as a pre-bid signal. Which empowers advertisers to target inventory based on its attentive value.

Speaker #3: A breakthrough capability that has not existed until now. To be more precise, TVision's attention signals effectively act as a proprietary lens for price discovery.

Speaker #3: We can now calculate the real-time intrinsic value of any impression, based on its attention score. By comparing this intrinsic value to the prevailing market price, we can identify when an impression is undervalued and capture it for our clients.

Tim Vanderhook: By comparing this intrinsic value to the prevailing market price, we can identify when an impression is undervalued and capture it for our clients. This is a distinct decisioning framework and algorithmic moat that no other competitor in the market can offer today. Consider this illustrative example. Think back to game 5 of the NBA finals, where the Knicks were mounting a historic comeback. As the game tightened, viewer attention surged. In-room presence, co-viewership, and eyes-on-screen engagement all peaked, driving the advertising inventory's intrinsic value up to a $120 CPM, as determined by TVision. Because this intelligence is unique to Viant, we would be willing to bid for this inventory up to $120. Competing ad platforms would be left unaware of the true value of the impression.

Speaker #3: This is a distinct decisioning framework and algorithmic model that no other competitor in the market can offer today. Consider this illustrative example. Think back to Game 5 of the NBA Finals.

Speaker #3: Where the Knicks were mounting a historic comeback. As the game tightened, viewer attention surged. In room presence, co-viewership, and eyes-on-screen engagement all peaked. Driving the advertising inventory's intrinsic value up to a $120 CPM.

Speaker #3: As determined by TVision. Because this intelligence is unique to Viant, we would be willing to bid for this inventory up to $120. But competing ad platforms would be left unaware of the true value of the impression.

Speaker #3: Lacking the data to justify the higher cost, they would most likely refuse to raise their bid beyond a modest premium. Allowing Viant to strategically secure high-value inventory for our clients at a significant discount.

Tim Vanderhook: Lacking the data to justify the higher cost, they would most likely refuse to raise their bid beyond a modest premium, allowing Viant to strategically secure high-value inventory for our clients at a significant discount. This is a performance advantage we believe no other platform can compete with today, and one we look to roll out across the course of this year. On that note, our TVision integration is tracking well ahead of schedule, and early results validate our strategy. We recently executed 42 pilot campaigns with advertisers, targeting TVision's high-attention inventory segments. Across this cohort, over 80% of these campaigns achieved higher conversion rates versus the benchmark, delivering an average lift of 1.4 times. We saw even more significant outperformance in specific verticals, including a 14x lift for a home improvement brand, 3.7 times for an online university, and a 3.1 times lift for a state tourism office.

Speaker #3: This is a performance advantage we believe no other platform can compete with today, and one we look to roll out across the course of this year.

Speaker #3: On that note, our TVision integration is tracking well ahead of schedule, and early results validate our strategy. We recently executed 42 pilot campaigns with advertisers.

Speaker #3: Targeting TVision's high attention inventory segments. Across this cohort, over 80% of these campaigns achieved higher conversion rates versus the benchmark. Delivering an average lift of 1.4 times.

Speaker #3: We saw even more significant outperformance in specific verticals. Including a 14X lift for a home improvement brand. 3.7 times for an online university. And a 3.1 times lift for a state tourism office.

Speaker #3: While our technical integration remains ongoing throughout the year, the exceptional progress we have made thus far allows us to accelerate our commercial rollout ahead of schedule.

Tim Vanderhook: While our technical integration remains ongoing throughout the year, the exceptional progress we have made thus far allows us to accelerate our commercial rollout ahead of schedule. TVision has already become a key instrument in our pitch to both new and existing clients, and we are highly encouraged by the strong reception from advertisers and agencies eager to leverage these attentive insights. Together, Household ID, IRIS Content ID, and TVision can unlock performance capabilities that distinguish Viant from competitors. To maximize the effectiveness of these proprietary solutions, we feed these insights directly into ViantAI's Lattice Brain decisioning architecture. The volume and velocity of real-time data signals are likely impossible for a human to efficiently synthesize, but our AI processes this information instantly, automating and optimizing campaigns with a level of precision no human could ever achieve. This takes me to ViantAI.

Speaker #3: TVision has already become a key instrument in our pitch to both new and existing clients, and we are highly encouraged by the strong reception from advertisers and agencies eager to leverage these attentive insights.

Speaker #3: Together, household ID, IRIS™ Content ID, and TVision can unlock performance capabilities that distinguish Viant from competitors. But to maximize the effectiveness of these proprietary solutions, we feed these insights directly into Viant AI's Lattice Frame decisioning architecture.

Speaker #3: The volume and velocity of real-time data signals are likely impossible for a human to efficiently synthesize. But our AI processes this information instantly, automating and optimizing campaigns with a level of precision no human could ever achieve.

Speaker #3: This takes me to Viant AI. Earlier this year, we launched Outcomes. Our first version of a fully autonomous ad product designed to capture performance-driven budgets deployed across the open internet.

Tim Vanderhook: Earlier this year, we launched Outcomes, our first version of a fully autonomous ad product designed to capture performance-driven budgets deployed across the open internet. Outcomes complements our existing suite of AI products, representing a do it for me solution built to compete with walled garden performance products, namely Google's PMax and Meta's Advantage+, but with the distinct advantage of utilizing Viant's proprietary intelligence across the entire open internet. The workflow is simple. An advertiser needs only to provide their name, budget, flight dates, and goal, and ViantAI takes it from there. Our AI autonomously constructs an optimal media plan, executes it, and continuously optimizes performance in milliseconds, entirely without any human intervention. We are in the early stages of our go-to-market rollout, yet the market reception has been exceptional.

Speaker #3: Outcomes complements our existing suite of AI products, representing a do-it-for-me solution. It's built to compete with walled garden performance products, namely Google's PMax and Meta's Advantage Plus.

Speaker #3: But with the distinct advantage of utilizing Viant's proprietary intelligence across the entire open internet. The workflow is simple: an advertiser needs only to provide their name, budget, flight dates, and goal.

Speaker #3: And Viant AI takes it from there. Our AI autonomously constructs an optimal media plan, executes it, and continuously optimizes performance in milliseconds—all entirely without any human intervention.

Speaker #3: We are in the early stages of our go-to-market rollout, yet the market reception has been exceptional. Outcomes is already accounting for 5% of total ad spend year-to-date.

Tim Vanderhook: Outcomes is already accounting for 5% of total ad spend year to date, an impressive level of adoption for a product launched just six months ago. We are validating CTV as a destination in which advertisers can deploy performance spend, which unlocks a massive opportunity to attract spend from the 10 million advertisers currently confining their performance budget to search in social media environments. Moving to CTV. In the quarter, total CTV spend increased nearly 50%, reaching yet another new all-time high. Once again, CTV spend accounted for over 50% of total ad spend in the quarter, reflecting the growing preference of advertisers to designate the CTV channel as the cornerstone of their holistic campaign strategy. Clearly, our growth within CTV is multiples above the industry growth rate, and the reason is simple.

Speaker #3: That's an impressive level of adoption for a product launched just six months ago. We are validating CTV as a destination where advertisers can deploy performance spend.

Speaker #3: Which unlocks a massive opportunity to attract spend from the $10 million advertisers currently confining their performance budget to search in social media environments. Moving to CTV.

Speaker #3: In the quarter, total CTV spend increased nearly 50%, reaching yet another new all-time high. And once again, CTV spend accounted for over 50% of total ad spend in the quarter.

Speaker #3: Reflecting the growing preference of advertisers to designate the CTV channel as the cornerstone of their holistic campaign strategy. Clearly, our growth within CTV is multiples above the industry growth rate.

Speaker #3: And the reason is simple: we are taking share within CTV because, on our platform, ad spend goes further, targeting and measurement are better, and Viant AI makes the entire buying process easier.

Tim Vanderhook: We are taking share within CTV because on our platform, ad spend goes further, targeting and measurement is better, and ViantAI makes the entire buying process easier. With each passing quarter, Viant continues to establish itself as the ideal platform for advertisers looking to deploy CTV campaigns across the open internet. Driving this momentum is the rapid adoption of our Direct Access solution. As a reminder, Direct Access offers an efficient, targetable, and measurable path to premium inventory by facilitating transactions directly with publishers. This combination of superior data resolution with a streamlined path to purchase significantly enhances media execution, driving 35% reductions in CPMs, resulting in real, measurable savings for advertisers. In the second quarter, we saw a step function lift in CTV ad spend allocated through Direct Access.

Speaker #3: With each passing quarter, Viant continues to establish itself as the ideal platform for advertisers looking to deploy CTV campaigns across the open internet. Driving this momentum is the rapid adoption of our direct access solution.

Speaker #3: As a reminder, direct access offers an efficient, targetable, and measurable path to premium inventory by facilitating transactions directly with publishers. This combination of superior data resolution, along with a streamlined path to purchase, significantly enhances media execution.

Speaker #3: Driving 35% reductions in CPMs, resulting in real, measurable savings for advertisers. In the second quarter, we saw a step-function lift in CTV ad spend allocated through direct access.

Speaker #3: Over 80% of CTV ad spend on our platform was transacted through direct access—a steep increase from just over 50% reported in the first quarter of the year.

Tim Vanderhook: Over 80% of CTV ad spend on our platform was transacted through Direct Access, a steep increase from just over 50% reported in the first quarter of the year. These results are a clear indication of how buyers seek to transact today. They want transparency, data-driven precision, and return on ad spend efficiency, all of which is made available through our direct integrations with publishers. In July, we expanded Direct Access to include streaming services powered by Publica, a leading ad server representing multiple premium publishers. As these new publishers are onboarded, we expect over 90% of on-platform CTV spend will be distributed through Direct Access in the near future. Over time, through integrations with every major streaming service, we would expect nearly 100% of our client CTV spend to flow through Direct Access.

Speaker #3: These results are a clear indication of how buyers seek to transact today. They want transparency, data-driven precision, and return on ad spend efficiency. All of which is made available through our direct integrations with publishers.

Speaker #3: In July, we expanded direct access to include streaming services powered by Publica, a leading ad server representing multiple premium publishers. As these new publishers are onboarded, we expect that over 90% of on-platform CTV spend will be distributed through direct access in the near future.

Speaker #3: Over time, through integrations with every major streaming service, we would expect nearly 100% of our clients' CTV spend to flow through direct access. Lastly, there's been a lot of discussion about whether AI eliminates parts of the advertising technology stack.

Tim Vanderhook: Lastly, there has been a lot of discussion about whether AI eliminates parts of the advertising technology stack. We think that's asking the wrong question. AI changes the interface, but it dramatically increases the amount of real-time decisioning required underneath it. In an agentic world, inventory becomes easier to discover and transact. That makes proprietary intelligence more valuable. Someone still has to determine which impression an advertiser should buy, what it's worth, whether that consumer has already been reached, what creative should be shown, and whether that dollar would generate a better return somewhere else. That's the role Viant is building for. We don't represent publishers. We represent advertisers. Our job is not to maximize the CPM for every ad impression available. Our job is to maximize the value of the advertiser's next dollar by selectively deciding which impressions drive value.

Speaker #3: We think that's asking the wrong question. AI changes the interface, but it also dramatically increases the amount of real-time decisioning required underneath it. In an agentic world, inventory becomes easier to discover and transact.

Speaker #3: That makes proprietary intelligence more valuable. Someone still has to determine which impression in advertisers should buy, what it's worth, whether that consumer has already been reached, what creative should be shown, and whether that dollar would be would generate a better return somewhere else.

Speaker #3: That's the role Viant is building for. We don't represent publishers. We represent advertisers. Our job is not to maximize the CPM for every ad impression available.

Speaker #3: Our job is to maximize the value of the advertiser’s next dollar. By selectively deciding which impressions drive value—and increasingly, that decision is powered by Viant’s proprietary intelligence.

Tim Vanderhook: Increasingly, that decision is powered by Viant's proprietary intelligence from identity, content, and attention through independent measurement. Before turning it over to Chris, I would like to take a moment to welcome Craig Abrahams to Viant's board of directors. Craig is an experienced entrepreneur, founder, and executive with over 25 years of experience in technology and digital media. He is the co-founder of Caesars Interactive Entertainment, a digital gaming business subsidiary of Caesars Entertainment. While at Caesars, he orchestrated the acquisition of Playtika, a leading mobile gaming company which he would go on to lead as President and CFO, guiding the company through its IPO and aggressive acquisition strategy. His experience scaling a rapidly growing business organically and through strategic M&A will be instrumental as Viant enters a new phase of accelerated growth, and we are thrilled to have him join the board.

Speaker #3: From identity, content, and attention through independent measurement. Before turning it over to Chris, I would like to take a moment to welcome Craig Abrams to Viant's Board of Directors.

Speaker #3: Craig is an experienced entrepreneur, founder, and executive with over 25 years of experience in technology and digital media. He is the co-founder of Caesars Interactive Entertainment, a digital gaming business subsidiary of Caesars Entertainment.

Speaker #3: While at Caesars, he orchestrated the acquisition of Playteca, a leading mobile gaming company, which he would go on to lead as president and CFO.

Speaker #3: Guiding the company through its IPO and aggressive acquisition strategy, his experience scaling a rapidly growing business organically and through strategic M&A will be instrumental as Viant enters a new phase of accelerated growth.

Speaker #3: And we are thrilled to have him join the board. I'll now turn it over to Chris to walk us through our strategic positioning and how we are building for long-term growth.

Tim Vanderhook: I'll now turn it over to Chris to walk us through our strategic positioning and how we are building for long-term growth.

Speaker #2: Thanks, Tim. Viant has reached a clear inflection point, exemplified by our record-breaking second quarter results and strong third quarter guidance. Looking forward, we are uniquely positioned to capitalize on powerful industry tailwinds.

Chris Vanderhook: Thanks, Tim. Viant has reached a clear inflection point, exemplified by our record-breaking Q2 results and strong Q3 guidance. Looking forward, we are uniquely positioned to capitalize on powerful industry tailwinds, including the ongoing migration of linear, search, and social budgets into CTV, as well as our own proprietary growth drivers. I want to start by addressing the ongoing migration of linear TV budgets into connected TV, a fundamental market shift where Viant is better positioned than ever to capture incremental growth. Currently, industry-wide CTV spend stands at approximately $37 billion, with $51 billion still residing in linear TV. As those dollars migrate, they become increasingly addressable for Viant, particularly because we are now aggressively targeting the enterprise-level accounts that command the majority of that legacy linear spend. This migration represents more than just a shift in channel. It is a fundamental evolution of the advertising model.

Speaker #2: Including the ongoing migration of linear, search, and social budgets into CTV, as well as our own proprietary growth drivers. I want to start by addressing the ongoing migration of linear TV budgets into connected TV—a fundamental market shift where Viant is better positioned than ever to capture incremental growth.

Speaker #2: Currently, industry-wide CTV spend stands at approximately $37 billion. With 51 billion still residing in linear TV. As those dollars migrate, they become increasingly addressable for Viant.

Speaker #2: Particularly because we are now aggressively targeting the enterprise-level accounts that command the majority of that legacy linear spend. This migration represents more than just a shift in channel.

Speaker #2: It is a fundamental evolution of the advertising model. The old TV model was built on simple reach and frequency—measuring how many people were exposed to an ad.

Chris Vanderhook: The old TV model was built on simple reach and frequency, measuring how many people were exposed to an ad. The new model is built on attention, valuing media by the real seconds consumers are actually engaged. With TVision, we are helping advertisers move beyond paying for impressions that are merely delivered. We are helping them value media based on cost per attentive second. This allows them to compare inventory accurately, optimize campaigns, and finally, understand the value of what they are actually buying. We are seeing this shift in thinking play out in our RFP pipeline. Just 2 years ago, enterprise brands were largely out of reach for Viant. Today, we are actively engaged with some of the world's largest advertisers, representing hundreds of millions of USD in potential spend. They are migrating from linear to CTV to find new efficiencies, and we are the partner showing them how to achieve it.

Speaker #2: The new model is built on attention—valuing media by the real seconds consumers are actually engaged. With TVision, we are helping advertisers move beyond paying for impressions that are merely delivered.

Speaker #2: We are helping them value media based on cost per attentive second. This allows them to compare inventory accurately, optimize campaigns, and finally, understand the value of what they are actually buying.

Speaker #2: We are seeing this shift in thinking play out in our RFP pipeline. Just two years ago, enterprise brands were largely out of reach for Viant.

Speaker #2: Today, we are actively engaged with some of the world's largest advertisers, representing hundreds of millions of dollars in potential spend. They are migrating from linear to CTV to find new efficiencies.

Speaker #2: And we are the partner showing them how to achieve it. When these brands look at our platform, they see a solution that solves their core challenges.

Chris Vanderhook: When these brands look at our platform, they see a solution that solves their core challenges. By eliminating ad spend waste through Direct Access, sharpening audience targeting with Household ID, ensuring contextual alignment with IRIS Content ID, and securing high-value ad placements with TVision, we are delivering measurable, performance-driven outcomes that materially improve both the top and bottom lines for enterprise brands. We are also seeing brand advertisers take a more active role in DSP selection, a shift that serves a significant tailwind for Viant. Today, a growing percentage of our ad spend involves direct brand relationships, allowing for greater synergy as brands work alongside their agency partners to maximize campaign performance on our platform. As we deepen these relationships, brands are increasingly prioritizing Viant's independence and objectivity. They seek a partner aligned with their strategic goals, not a walled garden DSP with conflicting incentives.

Speaker #2: By eliminating ad spend waste through direct access, sharpening audience targeting with household ID, ensuring contextual alignment with Iris Content ID, and securing high-value ad placements with TVision, we are delivering measurable, performance-driven outcomes that materially improve both the top and bottom lines for enterprise brands.

Speaker #2: We are also seeing brand advertisers take a more active role in DSP selection. A shift that serves a significant tailwind for Viant. Today, a growing percentage of our ad spend involves direct brand relationships, allowing for greater synergy as brands work alongside their agency partners to maximize campaign performance on our platform.

Speaker #2: As we deepen these relationships, brands are increasingly prioritizing Viant's independence and objectivity. They seek a partner aligned with their strategic goals. Not a walled garden DSP with conflicting incentives.

Speaker #2: This is playing out across our current RFP cohort, where walled garden providers are being sidelined early due to a fundamental misalignment of incentives that is quickly recognized by the brands.

Chris Vanderhook: This is playing out across our current RFP cohort, where walled garden providers are being sidelined early due to a fundamental misalignment of incentives that is quickly recognized by the brands. Advertisers are increasingly viewing walled garden DSPs like Amazon and Google as sellers of their own inventory rather than neutral strategic partners. Because these platforms serve as both publisher and DSP, their incentives are fundamentally conflicted. They are driven to maximize budget capture, often at the expense of campaign efficiency, by employing self-attribution tactics to justify diverting spend towards their owned and operated content. TVision can help us shift this power dynamic. By quantifying actual viewer attention, we provide advertisers with the objective intelligence required to hold these platforms accountable, independent of their own self-serving claims. While Prime Video and YouTube remain part of a balanced CTV strategy, our data suggests that many advertisers are vastly over-indexed.

Speaker #2: Advertisers are increasingly viewing walled garden DSPs like Amazon and Google as sellers of their own inventory, rather than neutral strategic partners. Because these platforms serve as both publisher and DSP, their incentives are fundamentally conflicted.

Speaker #2: They are driven to maximize budget capture, often at the expense of campaign efficiency, by employing self-attribution tactics to justify diverting spend toward their owned and operated content.

Speaker #2: TVision can help us shift this power dynamic. By quantifying actual viewer attention, we provide advertisers with the objective intelligence required to hold these platforms accountable.

Speaker #2: Independent of their own self-serving claims. While Prime Video and YouTube remain part of a balanced CTV strategy, our data suggests that many advertisers are vastly over-indexed.

Speaker #2: We are providing the necessary insights for them to reallocate those budgets more efficiently across the broader open CTV landscape. Now, as advertisers increasingly seek independent, objective partners, we believe there are only two viable enterprise-grade self-service buying platforms to consider.

Chris Vanderhook: We are providing the necessary insights for them to reallocate those budgets more efficiently across the broader open CTV landscape. As advertisers increasingly seek independent, objective partners, we believe there are only two viable enterprise-grade, self-service buying platforms to consider. Recent friction between agency holding companies and our primary competitor has already triggered budget reallocations to our DSP, along with a surge in new RFP opportunities which we expect to realize in the coming quarters. The emergence of CTV as a performance channel represents another major catalyst for growth, and we see an opportunity for advertisers to divert their existing search and social performance budgets to CTV. Today, search and social together command over $300 billion in US ad spend, and we aim to tap this market.

Speaker #2: Recent friction between agency holding companies and our primary competitor has already triggered budget reallocations to our DSP, along with a surge in new RFP opportunities.

Speaker #2: Which we expect to realize in the coming quarters. The emergence of CTV as a performance channel represents another major catalyst for growth, and we see an opportunity for advertisers to divert their existing search and social performance budgets to CTV.

Speaker #2: Today, search and social together command over $300 billion in U.S. ad spend, and we aim to tap this market. Performance advertisers are most commonly represented by niche brands.

Chris Vanderhook: Performance advertisers are most commonly represented by niche brands, and niche brands speak to niche audiences, which are often defined by location, demographics, interests, income levels, and so forth. Viant is uniquely equipped to power performance budgets given the inherent need for precision targeting, which ensures ad spend is allocated to those audiences exhibiting the highest propensity to respond. Our Outcomes solution was engineered specifically to capture this performance budget opportunity, and the traction we have achieved in a short period is significant. As Tim noted, performance-driven spend now accounts for over 5% of our total platform spend year to date, all of which has been secured by existing customers electing to divert a portion of their performance budget to Viant. Outcomes is in a perpetual state of improvement and will soon incorporate TVision's data expected to further enhance performance.

Speaker #2: And niche brands speak to niche audiences, which are often defined by location, demographics, interests, income levels, and so forth. Viant is uniquely equipped to power performance budgets given the inherent need for precision targeting, which ensures ad spend is allocated to those audiences exhibiting the highest propensity to respond.

Speaker #2: Our outcome solution was engineered specifically to capture this performance budget opportunity. The traction we have achieved in a short period is significant. As Tim noted, performance-driven spend now accounts for over 5% of our total platform spend year to date.

Speaker #2: All of which has been secured by existing customers electing to divert a portion of their performance budget to Viant. Outcomes is in a perpetual state of improvement.

Speaker #2: And will soon incorporate TVision's data expected to further enhance performance. Our immediate priority is to drive performance budget adoption among our existing clients, tapping into incremental spend that complements their traditional brand budgets.

Chris Vanderhook: Our immediate priority is to drive performance budget adoption among our existing clients, tapping into incremental spend that complements their traditional brand budgets. Over the long term, we plan to broaden this initiative to capture new performance-based demand from brands outside our current ecosystem. On a related note, we also believe advertisers are simply over-indexed in search and social, misled by self-attribution tactics that reward walled gardens for organic sales that would have occurred anyway. I recently spoke with the head of a major beauty brand who experienced this firsthand. Despite favorable lower funnel KPIs, his top-line growth had stalled. He realized his social media spend was hyper-focused on consumers already in market, those actively looking for cosmetic products. While this strategy certainly drove clicks, he was only reaching 8% of his target audience, which is women between the ages of 15 to 54 years old.

Speaker #2: Over the long term, we plan to broaden this initiative to capture new performance-based demand from brands outside our current ecosystem. On a related note, we also believe advertisers are simply over-indexed in search and social.

Speaker #2: Misled by self-attribution tactics that reward walled gardens for organic sales that would have occurred anyway. I recently spoke with the head of a major beauty brand, who experienced this firsthand.

Speaker #2: Despite favorable lower-funnel KPIs, his top-line growth had stalled. He realized his social media spend was hyper-focused on consumers already in market—those actively looking for cosmetic products.

Speaker #2: While this strategy certainly drove clicks, he was only reaching 8% of his target audience, which is women between the ages of 15 to 54 years old.

Speaker #2: You cannot grow market share if you only advertise to the 5% of consumers currently shopping for your product. This brand was burning budget on customers who would have already purchased anyway.

Chris Vanderhook: You cannot grow market share if you only advertise to the 5% of consumers currently shopping for your product. This brand was burning budget on customers who would have already purchased anyways while starving the company of the brand awareness investment needed to reach incremental customers. I have heard variations of this dynamic from advertisers time and time again. As walled gardens continue to pump out double-digit revenue growth, their customers see their own top lines stagnate. We believe more advertisers will come to this realization, and this serves as yet another reason advertisers are considering diverting their search and social budgets to CTV. Beyond these industry tailwinds, our opportunity for growth is propelled by catalysts unique to Viant. Namely, the accelerating adoption of Direct Access, Household ID, IRIS_Content ID, TVision, and ViantAI. Collectively, these solutions are the key driver of the momentum we are seeing across major US advertisers.

Speaker #2: While starving the company of the brand awareness investment needed to reach incremental customers. I have heard variations of this dynamic from advertisers time and time again.

Speaker #2: As walled gardens continue to pump out double-digit revenue growth, their customers see their own top line stagnate. We believe more advertisers will come to this realization.

Speaker #2: And this serves as yet another reason advertisers are considering diverting their search and social budgets to CTV. Beyond these industry tailwinds, our opportunity for growth is propelled by catalysts unique to Viant.

Speaker #2: Namely, the accelerating adoption of direct access, household ID, IRIS content ID, TVision, and Viant AI. Collectively, these solutions are the key driver of the momentum we are seeing across major US advertisers.

Speaker #2: As we continue to prove their efficacy, we expect advertisers to expand their on-platform commitments, capitalizing on the performance gains that we enable. For Viant, this growth is a creative opportunity.

Chris Vanderhook: As we continue to prove their efficacy, we expect advertisers to expand their on-platform commitments, capitalizing on the performance gains that we enable. For Viant, this growth is accretive from both a volume and unit economic perspective. Our model is this: as advertisers deepen their adoption of our solution suite, we have the ability to capture higher margins when we deliver superior performance. This creates a compounding effect. As advertisers find success with Household ID, they naturally expand their budget to scale their audience targeting strategy across the platform. By layering on IRIS_Content ID for content targeting, they see further performance gains, which drives additional spend at even more attractive margins to Viant. As we integrate TVision for attention-based optimization and leverage ViantAI for autonomous decisioning, the results further compound.

Speaker #2: From both a volume and unit economic perspective. Our model is this. As advertisers deepen their adoption of our solution suite, we have the ability to capture higher margins when we deliver superior performance.

Speaker #2: This creates a compounding effect. As advertisers find success with household ID, they naturally expand their budget to scale their audience targeting strategy across the platform.

Speaker #2: By layering on IRIS content ID for content targeting, they see further performance gains, which drives additional spend at even more attractive margins to Viant.

Speaker #2: As we integrate TVision for attention-based optimization and leverage Viant AI for autonomous decisioning, the results further compound. Each layer of intelligence not only elevates campaign performance, but also allows Viant to capture more value.

Chris Vanderhook: Each layer of intelligence not only elevates campaign performance but also allows Viant to capture more value, fueling a virtuous cycle of success for our clients and our business, the hallmark of a true partnership. This strategic alignment reinforces our commitment to relentless innovation. While we have already established a formidable arsenal of performance-driving solutions, we will continue to make strategic investments that enhance performance on behalf of advertisers. Backed by a healthy balance sheet with nearly $200 million in cash, zero debt, and accelerating free cash flow, we are uniquely positioned to pursue the launch of new innovative offerings, both organically and through opportunistic M&A, with the goal of delivering superior outcomes for our clients. We believe the best is yet to come. We are committed to extending our lead as the most advanced buying platform, powering the next generation of ad spend deployment across the open internet.

Speaker #2: Fueling a virtuous cycle of success for our clients and our business—the hallmark of a true partnership. This strategic alignment reinforces our commitment to relentless innovation.

Speaker #2: While we have already established a formidable arsenal of performance-driving solutions, we will continue to make strategic investments that enhance performance on behalf of advertisers.

Speaker #2: Backed by a healthy balance sheet with nearly $200 million in cash, zero debt, and accelerating free cash flow, we are uniquely positioned to pursue the launch of new, innovative offerings—both organically and through opportunistic M&A.

Speaker #2: With the goal of delivering superior outcomes for our clients, we believe the best is yet to come. We are committed to extending our lead as the most advanced buying platform, powering the next generation of ad spend deployment across the open internet.

Speaker #2: And with that, I'll turn it over to Larry to provide more detail on a financial performance. Larry?

Chris Vanderhook: And with that, I'll turn it over to Larry to provide more detail on our financial performance. Larry?

Speaker #3: Thanks, Chris. Before I begin, I would 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.

Larry Madden: Thanks, Chris. Before I begin, I would like to remind everyone that we have posted a presentation on our investor relations website that includes supplemented financial information to accompany today's call. In terms of our results for the second quarter, revenue for the quarter was $104.3 million, a 34% increase year over year, and an 18% increase sequentially. The year over year growth rate accelerated nine percentage points from 25% in Q1, exceeding the high end of our guide by 3%. Contribution ex-TAC totaled $60.2 million in Q2, up 24% year over year and 20% sequentially. The year over year growth rate accelerated six percentage points from 18% in Q1 and came in just short of the high end of our guide. At the midpoint of our Q3 guidance, which I'll speak to in a moment, we expect year over year contribution ex-TAC growth of 25%.

Speaker #3: In terms of our results for the second quarter, revenue for the quarter was $104.3 million, a 34% increase year over year and an 18% increase sequentially.

Speaker #3: The year-over-year growth rate accelerated 9 percentage points from 25% in Q1, exceeding the high end of our guide by 3%. Contribution ex-TAC totaled $60.2 million in Q2, up 24% year over year and 20% sequentially.

Speaker #3: The year-over-year growth rate accelerated 6 percentage points from 18% in Q1, and came in just short of the high end of our guide.

Speaker #3: At the midpoint of our Q3 guidance, which I'll speak to in a moment, we expect year-over-year contribution XTAC growth of 25%. This would extend the quarterly progression from 18% in Q1, to 24% in Q2, to 25% in Q3.

Larry Madden: This would extend the quarterly progression from 18% in Q1 to 24% in Q2 to 25% in Q3. We delivered strong performance across most customer verticals in Q2, with healthcare, public services, and travel leading the way. Our top five verticals, representing approximately 60% of platform spend, increased almost 30% year over year. CTV remained a core growth driver in Q2, accounting for over 50% of total platform spend. In addition, CTV reached an all-time high in the quarter, reflecting continued momentum as advertisers increasingly prioritize premium addressable video to drive performance. Advertisers industry-wide continue to shift their media mix towards emerging digital channels, including CTV, streaming audio, and digital out-of-home. Reflecting this secular trend, customer-directed purchasing on our platform across these channels collectively represented over 60% of advertiser spend in the quarter, up from 54% for the full year of 2025.

Speaker #3: We delivered strong performance across most customer verticals in Q2, with healthcare, public services, and travel leading the way. Our top five verticals, representing approximately 60% of platform spend, increased almost 30% year over year.

Speaker #3: CTV remained a core growth driver in Q2, accounting for over 50% of total platform spend. In addition, CTV reached an all-time high in the quarter, reflecting continued momentum as advertisers increasingly prioritize premium addressable video to drive performance.

Speaker #3: Advertisers industry-wide continue to shift their media mix towards emerging digital channels, including CTV, streaming audio, and digital out-of-home. Reflecting this secular trend, customer-directed purchasing on our platform across these channels collectively represented over 60% of advertiser spend in the quarter.

Speaker #3: Up from 54% for the full year 2025. Viant remains well-positioned as a leading partner for advertisers moving beyond search and social media spending to capitalize on next-generation media formats.

Larry Madden: Viant remains well-positioned as a leading partner for advertisers moving beyond search and social media spending to capitalize on next-generation media formats. Video inclusive of CTV set a new record representing over 65% of total platform spend in the quarter, further reflecting the continued shift towards high impact measurable formats. Turning to our expenses, non-GAAP operating expenses totaled $46 million for the quarter, reflecting a 24% year-over-year increase and a 13% increase sequentially. This increase in non-GAAP operating expenses both year-over-year and sequentially is partly the result of the TVision acquisition, which closed on 1 May 2026. Importantly, we remain focused on scaling efficiently.

Speaker #3: Video, inclusive of CTV, set a new record, representing over 65% of total platform spend in the quarter. This further reflects the continued shift towards high-impact, measurable formats.

Speaker #3: Turning to our expenses, non-GAAP operating expenses totaled $46 million for the quarter, reflecting a 24% year-over-year increase and a 13% increase sequentially.

Speaker #3: This increase in non-GAAP operating expenses, both year over year and sequentially, is partly the result of the TVision acquisition, which closed on May 1, 2026.

Speaker #3: Importantly, we remain focused on scaling efficiently. Even as we continue to invest in innovation across Viant AI and our broader technology stack, we have been delivering measurable gains in productivity.

Larry Madden: Even as we continue to invest in innovation across ViantAI and our broader technology stack, we have been delivering measurable gains in productivity, increasing trailing 12-month contribution ex-TAC per employee by over 7% year-over-year, marking 12 straight quarterly increases, a clear signal of improved operational efficiency. Adjusted EBITDA for the quarter was $14.2 million, representing an increase of 26% year-over-year and 46% sequentially, exceeding the high end of our guide. Adjusted EBITDA as a percentage of contribution ex-TAC was 24% for the quarter, expanding approximately 30 basis points compared to the prior year and 50 basis points higher than the high end of our guide. Non-GAAP net income, which excludes stock-based compensation and other adjustments, totaled $9.9 million for the quarter, up 23% from $8 million in the prior year period.

Speaker #3: Increasing trailing 12-month contribution XTAC per employee by over 7% year over year, marking 12 straight quarterly increases—a clear signal of improved operational efficiency.

Speaker #3: Adjusted EBITDA for the quarter was $14.2 million, representing an increase of 26% year over year and 46% sequentially, exceeding the high end of our guidance.

Speaker #3: Adjusted EBITDA as a percentage of contribution ex-TAC was 24% for the quarter, expanding approximately 30 basis points compared to the prior year, and 50 basis points higher than the high end of our guide.

Speaker #3: Non-GAAP net income, which excludes stock-based compensation and other adjustments, totaled $9.9 million for the quarter, up 23% from $8 million in the prior year period.

Speaker #3: Non-GAAP basic earnings per Class A share outstanding increased 50% to $0.15 in the second quarter, compared to $0.10 in the prior year period.

Larry Madden: Non-GAAP basic earnings per class A share outstanding increased 50% to $0.15 in the second quarter compared to $0.10 in the prior year period. In terms of share count, we ended the quarter with 66.5 million total shares outstanding, consisting of 21.1 million class A shares and 45.4 million class B shares. We ended the quarter with $193.1 million in cash and cash equivalents and $200.6 million in positive working capital with no debt and access to a $75 million undrawn credit facility. Our solid performance is enabling meaningful positive cash flow generation. For the quarter, cash flows from operating activities increased $7.5 million year-over-year to $28.5 million, representing a 36% increase. Free cash flow increased $6.3 million year-over-year to $22.4 million, representing a 39% increase.

Speaker #3: In terms of share count, we ended the quarter with 66.5 million total shares outstanding, consisting of 21.1 million Class A shares and 45.4 million Class B shares.

Speaker #3: We ended the quarter with $193.1 million in cash and cash equivalents, and $200.6 million in positive working capital. We have no debt and access to a $75 million undrawn credit facility.

Speaker #3: Our solid performance is enabling meaningful, positive cash flow generation. For the quarter, cash flows from operating activities increased $7.5 million year over year, to $28.5 million.

Speaker #3: Representing a 36% increase. Free cash flow increased $6.3 million year over year, to $22.4 million, representing a 39% increase. And for the six months ended June 30, 2026, cash flow from operating activities totaled $31.4 million, representing a year-over-year increase of 90%.

Larry Madden: For the six months ended 30 June 2026, cash flow from operating activities totaled $31.4 million, representing a year-over-year increase of 90%. Free cash flow totaled $21.4 million, representing a year-over-year increase of 169% and an approximately 89% conversion of adjusted EBITDA. Year to date, we have used $1 million for share repurchase under our existing share repurchase program and $3.1 million for share repurchases related to tax withholdings on vested equity awards. Since launching the share repurchase program in May 2024, we have returned $60.6 million to shareholders. As of 7 August, $39.4 million remains available under the current authorization. We believe our strong financial foundation, combined with a consistent execution and a balanced capital allocation strategy, positions us well to capture growth opportunities and drive shareholder value in the quarters ahead. Turning now to our Q3 outlook.

Speaker #3: Free cash flow totaled $21.4 million, representing a year-over-year increase of 169% and an approximately 89% conversion of adjusted EBITDA. Year to date, we have used $1 million for share repurchase under our existing share repurchase program, and $3.1 million for share repurchases related to tax withholdings on vested equity awards.

Speaker #3: Since launching the share repurchase program in May 2024, we have returned $60.6 million to shareholders. As of August 7th, $39.4 million remains available under the current authorization.

Speaker #3: We believe our strong financial foundation, combined with consistent execution and a balanced capital allocation strategy, positions us well to capture growth opportunities and drive shareholder value in the quarters ahead.

Speaker #3: Turning now to our Q3 outlook. For the third quarter of 2026, we expect revenue of $107.5 to $110.5 million, up 27% over the prior year period, and a 5% increase sequentially at the midpoint.

Larry Madden: For the third quarter of 2026, we expect revenue of $107.5 to $110.5 million, up 27% over the prior year period and a 5% increase sequentially at the midpoint. Contribution ex-TAC of $65 million to $67 million, reflecting a 25% year-over-year growth and 10% quarter-over-quarter growth at the midpoint. Non-GAAP operating expenses of $46.5 to $47.5 million, up 27% year-over-year, and 2% sequentially at the midpoint. Adjusted EBITDA of $18.5 to $19.5 million, representing a 19% year-over-year increase and 34% sequentially at the midpoint. Finally, we expect an adjusted EBITDA margin as a percentage of contribution ex-TAC of 29%. The midpoint of our guide assumes record Q3 performance across revenue, contribution ex-TAC, and adjusted EBITDA. I would also like to make a couple of general observations about our outlook for 2026.

Speaker #3: Contribution XTAC of 65 million to 67 million, reflecting a 25% year over year growth, and 10% quarter over growth at the midpoint. Non-GAAP operating expenses of $46.5 to $47.5 million up 27% year over year, and 2% sequentially at the midpoint.

Speaker #3: Adjusted EBITDA of $18.5 to $19.5 million, representing a 19% year-over-year increase and 34% sequentially at the midpoint. And finally, we expect an adjusted EBITDA margin as a percentage of contribution ex-TAC of 29%.

Speaker #3: The midpoint of our guide assumes record Q3 performance across revenue, contribution ex-TAC, and adjusted EBITDA. I would also like to make a couple of general observations about our outlook for 2026.

Speaker #3: In 2026 and 2027, we expect contribution XTAC growth to continue outpacing the broader U.S. programmatic market, which is projected to grow approximately 13%, driving further market share gains.

Larry Madden: In 2026 and 2027, we expect contribution ex-TAC growth to continue outpacing the broader US programmatic market, which is projected to grow approximately 13%, driving further market share gains. We expect year-over-year growth in contribution ex-TAC to continue to accelerate sequentially through the end of the year, supported by the continued ramp of recently onboarded customers, expansion within existing customer relationships, sustained demand in CTV, the incorporation of TVision into our results, and political. We also expect revenue and contribution ex-TAC to continue growing faster than non-GAAP operating expenses on an annual basis, leading to modest adjusted EBITDA margin expansion for the full year 2026. More broadly, we continue to operate the business with a goal of delivering consistent 20% or more annual top-line growth and adjusted EBITDA margin expansion, with an opportunity to reach adjusted EBITDA margins of 40% or higher over the next several years.

Speaker #3: We expect year-over-year growth in contribution XTAC to continue to accelerate sequentially through the end of the year, supported by the continued ramp of recently onboarded customers, expansion within existing customer relationships, sustained demand in CTV, the incorporation of TVision into our results, and political.

Speaker #3: We also expect revenue and contribution ex-TAC to continue growing faster than non-GAAP operating expenses on an annual basis, leading to modest adjusted EBITDA margin expansion for the full year 2026.

Speaker #3: More broadly, we continue to operate the business with a goal of delivering consistent 20% or more annual top-line growth and adjusted EBITDA margin expansion.

Speaker #3: With an opportunity to reach adjusted EBITDA margins of 40% or higher over the next several years. In closing, we delivered another record quarter, executing against our strategic priorities and advancing innovation across our platform.

Larry Madden: In closing, we delivered another record quarter, executing against our strategic priorities and advancing innovation across our platform. We believe we are well-positioned for sustainable long-term growth given our strategic alignment with secular growth trends, including CTV, proprietary intelligence, and ViantAI. With that, I will turn the call back over to the operator for questions. Operator?

Speaker #3: We believe we are well positioned for sustainable, long-term growth, given our strategic alignment with secular growth trends, including CTV, proprietary intelligence, and Viant AI.

Speaker #3: And with that, I'll turn the call back over to the operator for questions. Operator?

Speaker #1: Thank you, Larry. We will now proceed to the Q&A session. As a reminder, if you have a question, please use the Raise Hand feature located at the bottom of your Zoom controls.

Nick Zangler: Thank you, Larry. We will now proceed to the Q&A session. As a reminder, if you have a question, please use the raise hand feature located at the bottom of your Zoom controls. Our first question comes from Andrew with Raymond James. Andrew?

Operator: Thank you, Larry. We will now proceed to the Q&A session. As a reminder, if you have a question, please use the raise hand feature located at the bottom of your Zoom controls. Our first question comes from Andrew with Raymond James. Andrew?

Speaker #1: Our first question comes from Andrew with Raymond James. Andrew?

Speaker #2: Hi, thanks for taking my questions. Two, if I could. One, great to see the direct access penetration figure grow so quickly, but was there any specific unlock that caused the big step change in the span of one quarter?

[Analyst] (Raymond James): Hi. Thanks for taking my questions. Two, if I could. One, great to see the Direct Access penetration figure grow so quickly, but was there any specific unlock that caused the big step change in the span of one quarter? Was it anything to do with new customers coming online and going all Direct Access, existing customers leaning in more, or a specific product feature unlock? Then I have a follow-up.

Andrew Marok: Hi. Thanks for taking my questions. Two, if I could. One, great to see the Direct Access penetration figure grow so quickly, but was there any specific unlock that caused the big step change in the span of one quarter? Was it anything to do with new customers coming online and going all Direct Access, existing customers leaning in more, or a specific product feature unlock? Then I have a follow-up.

Speaker #2: Was it anything to do with new customers coming online and going all direct access, existing customers leaning in more, or a specific product kind of feature unlock?

Speaker #2: And then I have a follow-up.

Speaker #3: Yeah, Andrew, thanks for the question. You know, one, I would just say, just generally, you know, existing customers—just continuing to educate them on the cost savings. We're seeing, on average, 35% lower CPMs.

Tim Vanderhook: Yeah, Andrew, thanks for the question. One, I would just say, just generally, existing customers, just continuing to educate them on the cost savings we're seeing on average, 35% lower CPMs. It's kind of a no-brainer for them to move money there. That's one. Two, just the quality of the names of the companies in Direct Access. Everyone in there is of highest quality, whether they're a content owner or an OEM. So that definitely is a big benefactor. Then I would say on our go-to market with new customers, that's front and center in our offering. For these large customers to be able to save 70, or excuse me, 35% of their CTV investments by running through Direct Access. So all of those are really what added to the step up.

Speaker #3: It's kind of a no-brainer for them to move money there. That's one. Two, just the quality of the names of the companies in Direct Access.

Speaker #3: It's just, it's everybody—everyone in there is of the highest quality, whether they're a content owner or an OEM. So that definitely is a big benefactor.

Speaker #3: And then I would say on our go-to-market with new customers, that's a front and that's front and center in our offering. And for, you know, these large customers to be able to save 70 or, excuse me, 35% of their CTV investments, by running through direct access.

Speaker #3: So all of those are really what added to the step up.

Speaker #2: Gotcha. Appreciate it. And then maybe one more on CTV, if I could. Tim and Chris, you both talked about the synergies of a lot of your products—from Household ID, to IRIS, and Content ID, to TVision.

[Analyst] (Raymond James): Got you. Appreciate it. Then maybe one more on CTV, if I could. Tim and Chris, you both talked about the synergies of a lot of your products, from Household ID to IRIS and Content ID to TVision. When you think about the holistic offering that you've built, is there anything else that you think you want to really add either via inorganic or organic means?

Andrew Marok: Got you. Appreciate it. Then maybe one more on CTV, if I could. Tim and Chris, you both talked about the synergies of a lot of your products, from Household ID to IRIS and Content ID to TVision. When you think about the holistic offering that you've built, is there anything else that you think you want to really add either via inorganic or organic means?

Speaker #2: When you think about the holistic offering that you've built, is there anything else that you think you want to really add, either via inorganic or organic means?

Speaker #3: Yeah, we are. You know, we really focus on this concept of the intelligence layer. We think one of the big differentiators, as we move forward, as agentic comes online, is proprietary data.

Tim Vanderhook: Yeah. We really focus on this concept of the intelligence layer. We think one of the big differentiators as we move forward, as agentic comes online, is proprietary data. So we continue to look out in the market on any opportunistic M&A that comes up that can help build our stack there on more proprietary data that adds value for our customers. So certainly keeping our eyes peeled and seeing what else comes up.

Speaker #3: And so we continue to look out in the market for any opportunistic M&A that comes up that can help build our stack there, on more proprietary data that adds value for our customers.

Speaker #3: So, certainly keeping our eyes peeled and seeing what else comes up.

Speaker #2: Understood. Thank you.

[Analyst] (Raymond James): Understood. Thank you.

Andrew Marok: Understood. Thank you.

Speaker #3: Thanks, Andrew.

Tim Vanderhook: Thanks, Andrew.

Speaker #1: Our next question comes from Tom White with DA Davidson. Tom?

Nick Zangler: Our next question comes from Tom White with D.A. Davidson. Tom?

Operator: Our next question comes from Tom White with D.A. Davidson. Tom?

Tom White: Great. Thanks. Good evening, guys. Just one for me on the sales force, and specifically the enterprise sales force, where I think you guys made some sizable investments late last year or entering this year. Would you say we've started to see the impact there on the top line yet, or is that cohort still building out pipeline? How do you feel about the size of the sales force now? As you touched on, there's sizable budget moving away from a large incumbent competitor. Curious whether it would make sense for you guys to invest more to go after that. Thanks.

Speaker #4: Thanks. Good evening, guys. Just one for me. On Salesforce, and specifically the enterprise Salesforce where I think you guys made some sizable investments kind of late last year, entering this year.

Speaker #4: Would you say we've started to see the impact there on the top line yet, or is that cohort still building out pipeline?

Speaker #4: And just, I guess, how do you feel about the size of the Salesforce now? As you touched on, there's sizable budget moving away from a large incumbent competitor.

Speaker #4: I'm curious whether it would make sense for you guys to invest more to go after that. Thanks.

Speaker #3: Yeah, we certainly are seeing some contribution from that. We have a number of brands testing right now. We also have other brands who are not in testing but are in the RFP phase.

Chris Vanderhook: Yeah. We certainly are seeing some contribution from that. We have a number of brands testing right now. We also have other brands who are not in testing, but in the RFP phase. We are definitely seeing the impact there. We are across a handful of verticals, but we are continuing to expand the amount of verticals that we are going to be in just because the opportunity in the large customer segment is really just, it is getting larger every day.

Speaker #3: So we're definitely seeing the impact there. We're across a handful of verticals, but we're continuing to expand the number of verticals that we're going to be in, just because the opportunity in the large customer segment is really just—it's getting larger every day.

Speaker #3: And just in terms of forward-looking, those investments we build into our go-forward plan. So any of the projections that we put out, we're slowly and methodically adding to that staff to kind of maintain the philosophy where we grow OPEX slower than the top line.

Tim Vanderhook: In terms of forward-looking, those investments we build into our go-forward plan. Any of the projections that we put out, we are slowly and methodically adding to that staff to kind of maintain the philosophy where we grow OPEX slower than the top line.

Speaker #4: Got it. Thank you. Nice execution, guys. Thank you.

Tom White: Got it. Thank you. Nice execution, guys.

Tim Vanderhook: Thank you.

Chris Vanderhook: Thank you.

Speaker #1: Our next question comes from Jason with Craig-Hallum. Jason?

Nick Zangler: Our next question comes from Jason with Craig-Hallum. Jason.

Operator: Our next question comes from Jason with Craig-Hallum. Jason.

[Analyst] (Craig-Hallum): Thanks, guys. Congrats on another good quarter. You talked about the inflection in growth. You also talked about improvements in the RFP pipeline. Just wondering if you can tether those two things together. If you comment on today's pipeline and how that has the potential to have an impact either late in 2026 or more into 2027, just in terms of growth and profitability.

Jason Kreyer: Thanks, guys. Congrats on another good quarter. You talked about the inflection in growth. You also talked about improvements in the RFP pipeline. Just wondering if you can tether those two things together. If you comment on today's pipeline and how that has the potential to have an impact either late in 2026 or more into 2027, just in terms of growth and profitability.

Speaker #2: Chris, congrats on another good quarter. So, you talked about the inflection in growth. You also talked about improvements in the RFP pipeline. Just wondering if you can, like, tether those two things together.

Speaker #2: Could you comment on today’s pipeline and how that has the potential to have an impact either late in ’26 or more into 2027, just in terms of growth and profitability?

Speaker #3: Yeah, Jason, thanks for the question. One of the big ways that we operate, that we love about this business model is the operating leverage that we have in the business model.

Tim Vanderhook: Yeah, Jason, thanks for the question. One of the big ways that we operate that we love about this business model is the operating leverage that we have in the business model. Every incremental dollar that comes in really flows through. Obviously, we are growing OPEX a little bit this year with the acquisition of TVision, and so we continue to manage that. In terms of the pipeline, some will probably hit in Q4. Most of the pipeline is on an annual cycle, and so there will be testing as it comes through. So I would expect some lift in Q4, but with the major shift happening in 2027.

Speaker #3: It really comes in and flows through. Obviously, we're growing OPEX a little bit this year with the acquisition of TVision, and so we continue to manage that.

Speaker #3: In terms of the pipeline, some will probably hit in Q4. Most of the pipeline is on an annual cycle, so there will be testing as it comes through.

Speaker #3: So I would expect some lift in Q4, but with the major shift happening in 2027.

Speaker #4: And then maybe just piggybacking here, you know, when you look at the opportunity that's growing due to kind of a disruption on the demand side of the—

[Analyst] (Craig-Hallum): And then maybe just piggybacking here. When you look at the opportunity that is growing due to kind of a disruption on the demand side of the ecosystem, how do you go after that? How do you position Viant to be the biggest beneficiary of the disruption that is out there?

Jason Kreyer: And then maybe just piggybacking here. When you look at the opportunity that is growing due to kind of a disruption on the demand side of the ecosystem, how do you go after that? How do you position Viant to be the biggest beneficiary of the disruption that is out there?

Speaker #1: The ecosystem—how do you go after that? How do you position Viant to be the biggest beneficiary of the disruption that's out there?

Speaker #1: Well .

Speaker #2: I think clients want differentiation . If they're going to move platforms and maybe they're already going to move platforms , but we come in and we lead with differentiation .

Chris Vanderhook: Well, I think clients want differentiation.

[Analyst] (Craig-Hallum): Yeah.

Jason Kreyer: Yeah.

Chris Vanderhook: If they are going to move platforms, and maybe they are already going to move platforms, but we come in and we lead with differentiation. But that differentiation has to matter for the brand. And that is why, specifically within CTV, whether it be the scale of Household ID or the fact that we have a Content ID and everybody else is only at the app level in CTV, or Direct Access, saving you 35%, TVision attention data. The list is huge in terms of differentiation. So we like to lead there, and really it is all about customer value. It is not about having these IDs or these tools. You have to translate that into value for the brand.

Speaker #2: But that differentiation has to matter for the brand . And that's why , you know , specifically within CTV , whether it be the scale of household ID or the fact that we have a content ID and everybody else , you know , is only at the app level up in CTV or direct access , saving you 35% T vision attention data .

Speaker #2: The list is huge in terms of differentiation . So we like to lead there . And really it's all about customer value . It's not about having these , you know , these IDs or these tools .

Speaker #2: You have to translate that into value for the brand . And really what we do is our focus is , is if you're a , you know , if we're going after a brand and they're a public company , our whole focus is that , hey , if we're getting more efficient marketing , then that should translate into your public , you know , you know , public company reported financials .

Chris Vanderhook: And really what we do is our focus is if we are going after a brand and they are a public company, our whole focus is that, hey, if we are getting more efficient marketing, then that should translate into your public company-reported financials. We want to see their top line actually grow. And I think that is in stark contrast to a lot of the walled gardens. That is not in their vernacular. So that is really our angle.

Speaker #2: We want to see the top help those— their top line actually grow. And I think that's in stark contrast to a lot of the walled gardens.

Speaker #2: They don't that's not in their vernacular . So that's really our angle . Yeah . And just to add to that , I mean , it doesn't matter who we're competing against , the decision making framework on which DSP to go with is increasingly coming down to your capabilities and connected television .

Tim Vanderhook: Yeah. Just to add to that, it does not matter who we are competing against. The decision-making framework on which DSP to go with is increasingly coming down to your capabilities in connected television. Chris talked about Household ID, the IRIS_ID, TVision, both from targeting on the attention, the example we gave during game 5. But even more importantly is the independent measurement capabilities of TVision and really showing the brand, "Here is what you are getting from YouTube, here is what you are getting from Prime Video, here is what linear TV is providing." There is a whole lot of trust built up with that measurement platform there. I think as the RFP pipeline plays out, when it comes down to it, we lead with product, and increasingly, we are the best platform to buy CTV.

Speaker #2: Chris talked about , you know , household ID , the Iris ID , t vision , both from targeting on the attention , the example we gave during game five , but in even more importantly is the independent measurement capabilities of T vision and really showing the brand .

Speaker #2: Here's what you're getting from YouTube. Here's what you're getting from Prime Video. Here's what linear TV is providing. There's a whole lot of trust built up with that measurement platform there.

Speaker #2: And so I think as the RFP pipeline plays out, when it comes down to it, we lead with product, and increasingly, we are the best platform to buy CTV.

Speaker #1: Good luck out there capitalizing. Thanks, guys.

[Analyst] (Craig-Hallum): Good luck out there capitalizing. Thanks, guys.

Jason Kreyer: Good luck out there capitalizing. Thanks, guys.

Speaker #2: Thank you Jason

Tim Vanderhook: Thank you.

Chris Vanderhook: Thank you, Jason.

Speaker #3: Our next question comes from Barton Crockett with Rosenblatt. Barton?

Nick Zangler: Our next question comes from Barton Crockett with Rosenblatt. Barton.

Operator: Our next question comes from Barton Crockett with Rosenblatt. Barton.

Speaker #4: Okay . Thanks for taking the question . I wanted to talk for a minute about , you know , the big elephant in the sector , which is the performance of the Trade Desk , which is historically been , you know , the largest kind of DSP and kind of the bellwether has historically been how it's seen yet .

Barton Crockett: Okay, thanks for taking the question. I wanted to talk for a minute about the big elephant in the sector, which is the performance of The Trade Desk, which has historically been the largest kind of DSP and kind of the bellwether has historically been how it is seen. Yet their growth trajectory is really very different, right? They are guiding to a 12% decline in the next quarter, and they were up only 3%, missing guidance in the June quarter. You guys are growing at a completely different pace. How would you explain that differential? They have attributed their exposure to macro issues in CPG and auto. Obviously, you guys are taking share at some level, but that cannot be all of it for The Trade Desk being so much larger.

Speaker #4: Their growth trajectory is really very different , right ? I mean , they're guiding to a 12% decline in the next quarter . And they were up only 3% missing guidance in the June quarter .

Speaker #4: You guys are growing at a completely different pace. How would you explain that differential? They've attributed their exposure to macro issues in CPG and auto, and obviously you guys are taking share at some level.

Speaker #4: But that can't be all of it for The Trade Desk being so much larger. So to what do you ascribe the differential in their performance versus yours?

Barton Crockett: To what do you ascribe the differential in their performance versus yours and their status as kind of a bellwether, what it means for that?

Speaker #4: And their status as kind of a bellwether? You know what it means for that.

Speaker #2: Yeah. I mean, just to piggyback a little bit on my answer to Jason earlier, Barton's proprietary data is continuing to be one of the most important factors.

Tim Vanderhook: Well, just to piggyback a little bit on my answer to Jason earlier, Barton. Proprietary data is continuing to be one of the most important factors. If you look at the really big competitors that we have around Google, we all know their advantage around having search data. If you look at the next big Goliath out there around Amazon, they have fantastic e-commerce transaction data. So for certain categories, they provide a lot of value there. We have a fantastic proprietary data set that horizontally applies to a lot of marketers in CTV. Again, I cannot stress enough, CTV really is the channel that is deciding the DSP RFPs back and forth. When it comes to The Trade Desk, I think their focus on third-party data is really hurting them. It is undifferentiated data that is out there.

Speaker #2: If you look at the really big competitors that we have around Google , we all know their advantage about having search data . If you look at the next big Goliath out there around Amazon , they have fantastic e-commerce transaction data .

Speaker #2: So . For certain categories , they provide a lot of value . There . We have a fantastic proprietary data set that kind of horizontally applies to a lot of marketers .

Speaker #2: And CTV . And again , I can't stress enough , CTV really is the channel that's deciding the DSP , RFP back and forth when it comes to the trade desk .

Speaker #2: I think their focus on third party data is really hurting them You know , it's undifferentiated data that's out there . It's available in every platform , whether , you know , you're a large DSP or a small DSP , but having this exclusive intelligence that you can bring to the table has seen certainly has been a big advantage for us when we show up .

Tim Vanderhook: It's available on every platform, whether you're a large DSP or a small DSP. But having this exclusive intelligence that you can bring to the table certainly has been a big advantage for us when we show up. Just one other piece, too. This company has a strong history in measurement. I regularly use the stat, over 70% of our customers use our platform for measurement to understand really what's the value that they're getting. We've talked about that for years as we've been a public company. I don't hear other companies really stressing that. So we have a lot of investments around our measurement products. TVision only adds to that.

Speaker #2: I would just add one other piece to this. You know, this company has a strong history in measurement. I regularly use the stat that over 70% of our customers use our platform for measurement, to understand really what’s the value that they're getting.

Speaker #2: We've talked about that, you know, for years as we've been a public company. I don't hear other companies really stressing that.

Speaker #2: So we have a lot of investments around our measurement products . T only adds to that . And then the other piece is , is , you know , while other companies may may claim to be buyside only or are they only service the marketer ?

Tim Vanderhook: The other piece is, while other companies may claim to be buy-side only, or they only service the marketer, I think a lot of our products, and when our customers hear from us, they know that we're focused on driving advertiser value, and value for them, and helping grow their business. I think our customers know that we care about that. It's a big focus of ours. Anytime we're doing our monthly business reviews with them, we are very focused on their overall health of the company, and are we driving that top line. I just think we show up differently.

Speaker #2: I think a lot of our products—and when our customers hear from us, they know that we're focused on driving advertiser value and value for them, and helping grow their business.

Speaker #2: I think our customers know that we care about that . It's a big focus of ours . Anytime we're doing our , you know , monthly business reviews with them , we are very focused on their overall health of the company .

Speaker #2: And are we driving that top line? So I just think we show up differently.

Speaker #4: Okay . And then if I could ask just one other question , just to , to understand , there's been some press reports about Myspace , I think stemming from a documentary that you guys were , you know , apparently part of and could you elaborate on what your thinking is about Myspace at this point ?

Barton Crockett: Okay. If I could ask just one other question, just to understand. There's been some press reports about Myspace, I think stemming from a documentary that you guys were apparently part of. Could you just elaborate on what your thinking is about Myspace at this point and your asset there?

Speaker #4: Your asset there ?

Speaker #2: Yeah, we've seen the recent news reports around Myspace that came out from that documentary that you correctly cited. We don't really have any direct comments around Myspace today, but what I would reiterate is, we are extremely focused on the opportunity in front of Viant.

Tim Vanderhook: Yeah. We've seen the recent news reports around Myspace that came out from that documentary that you correctly cited. We don't really have any direct comments around Myspace today. But what I would reiterate is we are extremely focused on the opportunity in front of Viant. It's very large, and it remains our number one focus. I think the results that we've reported today and will continue to report put an exclamation point on that.

Speaker #2: It's very large, and it remains our number one focus. I think the results that we reported today, and will continue to report, kind of put an exclamation point on that.

Speaker #4: Okay, we'll leave it there. Thank you.

Barton Crockett: Okay. We will leave it there. Thank you.

Speaker #2: Thank you

Tim Vanderhook: Thank you.

Speaker #3: Our next question comes from Naveed Khan with B. Riley.

Nick Zangler: Our next question comes from Naved Khan with B. Riley.

Operator: Our next question comes from Naved Khan with B. Riley.

Speaker #5: Thanks a lot . Maybe just on the on the margins , how much of a drag was divisions and the on the last quarter's margins and talk about , you know , even going forward in three .

Naved Khan: Thanks a lot. Maybe just on the margins, how much of a drag was TVision on the last quarter's margins? Just talk about even going forward in Q3, how much of a drag you are baking in.

Speaker #5: Q: How much of a drag are you baking in? So that's—yeah, I—

Barton Crockett: Yeah.

Larry Madden: Yeah. So that is for.

Barton Crockett: So that is for. Yeah.

Barton Crockett: Yeah.

Speaker #6: I can take that one. So, for Q2, it was about a 150 basis point drag on EBITDA margins. In the Q3 guide, it's about, call it, a 200 basis point drag.

Larry Madden: I can take that one. For Q2, it was about 150 basis point drag on EBITDA margins. In the Q3 guide, it is about, call it, 200 basis point drag.

Speaker #5: Okay . And then the other question I had is around political , maybe just talk about what , what , what kind of contribution you saw in the last quarter .

Naved Khan: Okay. The other question I had is around political. Maybe just talk about what kind of contribution you saw in the last quarter, and maybe remind us on what expectations you have baked into your H2 of this year from political. Then maybe on that theme, if I had to think about the durability of growth into next year, how should we be thinking about that ex political? I guess the two are related. Speak to that.

Speaker #5: And maybe remind us on like , what , what expectations you have baked into your back half , second half of this year from political and then maybe on that theme .

Speaker #5: So if I had to kind of think about the durability of growth into next year , how should we be thinking about that X x political , I guess the two are related .

Speaker #5: So speak to that .

Speaker #2: Yeah . In kind of our thought process around political , we've never been a big political player historically . There . Are , you know , incremental budgets that we get access to .

Tim Vanderhook: Yeah. In our thought process around political, we have never been a big political player historically. There are incremental budgets that we get access to. For instance, we do not have a political team focused on that. Our expectation, it is about 200 basis points, so pretty de minimis to the overall number. In terms of durability of growth, that RFP pipeline we talked about, the number of wins that we have already posted and we continue to expect that we will win, we think the growth is very durable and sustainable into the future.

Speaker #2: But , you know , for instance , we don't have a political team focused on that . In our expectation . It's about 200 basis points .

Speaker #2: So, pretty de minimis to the overall number in terms of durability of growth. That RFP pipeline we talked about, the number of wins that we've already posted, and we continue to expect that we'll win.

Speaker #2: We think the growth is very durable and sustainable into the future.

Speaker #5: Great. Excellent quarter, guys. Thank you.

Naved Khan: Great. Excellent quarter, guys. Thank you.

Speaker #2: Thank you very much .

Tim Vanderhook: Thank you very much.

Speaker #3: Our final question comes from Brianna Diaz with JMP. Citizens, Brianna?

Nick Zangler: Our final question comes from Brianna Diaz with Citizens JMP Securities. Brianna?

Operator: Our final question comes from Brianna Diaz with Citizens JMP Securities. Brianna?

Brianna Diaz: You highlighted the largest pipeline in the company history. Can you help us understand where the accelerating growth is being driven from in terms of whether the new customer budget is being added, or just the increased spending within existing customers driven by ViantAI or TVision, and how that relates to guidance going forward in terms of mix?

Speaker #7: You highlighted the largest pipeline in the company history . Can you help us understand where the accelerating growth is being driven , driven from in terms of whether the new customer budgets being added or just the increased spending within existing customers or by an AI or T vision , and how that relates to guidance going forward in terms of mix ?

Speaker #2: Yeah. TVision is pretty de minimis from a revenue perspective. We talked about outcomes being 5% of ad spend. Those are incremental budgets from current customers.

Tim Vanderhook: Yeah. TVision is pretty de minimis from a revenue perspective. We talked about Outcomes being 5% of ad spend. Those are incremental budgets from current customers. I would say the answer is both, the new budgets coming on the platform as well as expanding the existing. I know that seems like it is all of the above, but it truly is all are providing tailwinds to the business.

Speaker #2: And I would say the answer is both the new budgets coming on the platform as well as expanding the existing. So I know that seems like it's kind of all of the above, but it truly is kind of all are providing tailwinds to the business.

Brianna Diaz: Great. If I can just ask one more. You have spoken about Molson Coors and WHOOP in the past. Can you just give us an update on those relationships, how spend is ramping on the platform, and how that compares to your previous expectations from the beginning of the year?

Speaker #7: And if I can just ask one more , you know , you've , you've spoken about Molson Coors and whoop in the past .

Speaker #7: Can you just give us an update on those relationships? How spend is ramping on the platform, and how that compares to your previous expectations from the beginning of the year?

Speaker #2: Yeah, they both continue to ramp their spend. Both continue to do well, as expected.

Chris Vanderhook: Yeah. They both continue to ramp their spend. Both continue to do well as expected.

Speaker #7: Thank you .

Brianna Diaz: Thank you.

Speaker #2: Thanks , Brian .

Chris Vanderhook: Thanks, Brianna.

Tim Vanderhook: Thank you.

Speaker #3: At this time, we have no more questions.

Nick Zangler: At this time, we have no more questions.

Operator: At this time, we have no more questions.

Chris Vanderhook: Thank you everyone. See you next quarter.

Q2 2026 Viant Technology Inc Earnings Call

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