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- **Record Q3 Growth**: Revenue $85.6M (+7% YoY), contribution ex-TAC $53M (+12% YoY). Underlying growth (ex-political) 19% YoY for revenue, 22% YoY for contribution ex-TAC.
- **Molson Coors Win**: $250M+ pipeline deal leveraging ViantAI, Household ID, and IRIS_ID. Expected to scale in 2026.
- **CTV Leadership**: 46% of spend on CTV,56% of spend on video formats, up from 43% in 2023. IRIS_ID content targeting drives 48% higher conversion rates.
- **ViantAI Expansion**: AI Decisioning launch Q4 2025 targets SMBs and e-commerce, completing the 4-phase autonomous ad platform.
- **Financial Strength**: Q3 EBITDA $16M (+9% YoY), Q4 guidance for EBITDA $22.5-$23.5M (+35% YoY). Full-year 2025 EBITDA margin 27% vs. 2024's 25%.

**【CEO Summary Section】**
- Viant delivered record Q3 performance with revenue of $85.6 million, up 7% YoY, and contribution ex-TAC of $53 million, up 12% YoY. Excluding political ad spend, underlying growth was 19% YoY for revenue and 22% YoY for contribution ex-TAC.
- Secured a multiyear partnership with Molson Coors, representing a significant win in the addressable market for autonomous advertising. The partnership leverages Viant's AI Bidding, Household ID, and IRIS_ID solutions to drive measurable outcomes.
- CTV ad spend reached an all-time high, accounting for 46% of total platform spend, with 50% of CTV spend routed through Viant's Direct Access premium publisher program.
- ViantAI's AI Bidding phase 3.0 is expected to launch ahead of schedule, automating 85% of ad spend and reducing media costs for clients.
- The company is targeting $250 million in incremental ad spend from major U.S. advertisers, with Molson Coors and other unnamed clients driving pipeline growth.

**【CFO Financial Commentary】**
- Q3 non-GAAP net income was $11.2 million, with adjusted EBITDA of $16 million, up 9% YoY and exceeding the high end of guidance by 7%. Adjusted EBITDA margin was 30% of contribution ex-TAC, up 200bps YoY.
- Operating expenses totaled $37 million, up 13% YoY, driven by acquisitions of IRIS TV and Lockr. Organic OpEx growth was 7% YoY, reflecting operating leverage.
- Q4 guidance: Revenue $101.5-$104.5 million (14% YoY growth at midpoint), contribution ex-TAC $62-$64 million (16% YoY growth), and adjusted EBITDA $22.5-$23.5 million (35% YoY growth). Excluding political headwinds, pro forma growth rates exceed 20%.
- Full-year 2025 expectations: Revenue growth 17%, contribution ex-TAC growth 25%, and adjusted EBITDA margin 27%.

**【Q&A Key Highlights】**
- **AI Decisioning Launch**: The final phase of ViantAI will enable fully autonomous campaigns, targeting SMBs and direct-to-consumer e-commerce advertisers. The product is expected to launch by end-2025, complementing existing AI Bidding and Planning phases.
- **Competitive Differentiation**: Viant's independence from inventory monetization (unlike Google, Meta, and The Trade Desk) positions it as the only truly objective buy-side platform. This aligns incentives with advertisers to maximize ROI.
- **Molson Coors Impact**: The partnership is expected to contribute meaningfully to 2026 growth, with onboarding beginning in Q1 and scaled spend in Q2+. The deal reflects Viant's ability to win against major DSPs like Google and The Trade Desk.
- **CTV Growth Trajectory**: CTV spend penetration is expected to accelerate, with IRIS_ID content targeting solutions driving 48% higher conversion rates vs. control groups. Viant's addressability (Household ID covers 95% of U.S. households) gives it a 4x advantage over competitors.
- **Political Ad Spend Headwinds**: Q4 revenue growth will face a 600bp YoY headwind from political ad spend, but underlying growth (excluding political) is expected to remain strong at 20% YoY.
- **Share Repurchases**: $59.6 million returned to shareholders YTD, with $40.4 million remaining under the buyback program. Management views shares as undervalued and plans opportunistic repurchases.

Viant Technology Inc. (DSP) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 revenue up 18% YoY to $77.9M, driven by 45% CTV ad spend and ViantAI adoption. 
- **ViantAI Impact**: 85% of ad spend via AI Bidding, 46% media cost savings, $250M+ new advertiser pipeline for 2026. 
- **Financial Strength**: $173M cash, 11% YoY operating efficiency gain, $8M non-GAAP net income. 
- **2026 Outlook**: New advertiser wins expected to offset Q3 headwinds, with AI Decisioning targeting walled gardens. 
- **Share Buybacks**: $50.2M returned to shareholders, $49.8M remaining under repurchase program.

**【CEO Summary Section】**
- **Record Q2 Results**: Revenue of $77.9M (+18% YoY), Contribution ex-TAC of $48.4M (+16% YoY), Adjusted EBITDA of $11.3M (+18% YoY). CTV accounted for 45% of total ad spend.
- **Strategic Initiatives**: 
  - **CTV Expansion**: 30+ premium publishers in Direct Access program, including LG (45M connected devices). 
  - **Addressability Leadership**: Household ID targets 95% of U.S. households, IRIS_ID integrated with Wurl for 3,000+ FAST channels. 
  - **ViantAI Progress**: 85% of ad spend via AI Bidding, 25,000+ AI Planning interactions, AI Measurement & Analysis launched in Q2, AI Decisioning scheduled for late 2025.
- **New Business Pipeline**: $250M+ incremental ad spend from major U.S. advertisers (e.g., beverage, QSR, CPG) set to onboard in 2026.

**【CFO Financial Commentary】**
- **Q2 Financials**: 
  - Revenue: $77.9M (vs. $66.0M YoY), Contribution ex-TAC: $48.4M (vs. $41.7M YoY), Adjusted EBITDA: $11.3M (vs. $9.5M YoY). 
  - Non-GAAP Net Income: $8.0M (+11% YoY), Cash: $173M, Undrawn Credit Facility: $75M. 
  - Operating Expenses: $37.1M (+16% YoY), but +10% YoY organically due to acquisitions. Contribution ex-TAC per employee +11% YoY.
- **Q3 Guidance**: 
  - Revenue: $83.5M-$86.5M (+6% YoY), Contribution ex-TAC: $51M-$53M (+10% YoY). 
  - Headwinds: 1,200bps from political ad spend lapping and a lost advertiser (summer seasonality). 
  - Adjusted EBITDA: $14M-$15M (-1% YoY) due to headwinds, but 2026 growth expected from new pipeline.
- **Share Repurchases**: $50.2M returned to shareholders since May 2024, $49.8M remaining under current authorization.

**【Q&A Key Highlights】**
- **ViantAI Differentiation**: 
  - AI Bidding delivers 46% media cost savings vs. 1% fees at competitors. 
  - AI Planning automates enterprise campaigns in seconds, reducing need for media planners. 
  - No switching costs; advertisers can onboard in hours via chat-based interface. 
  - AI Decisioning (late 2025) will enable fully autonomous campaigns, targeting Meta/Google walled gardens.
- **Market Competition**: 
  - Amazon's relevance limited to CPG verticals with transaction data. 
  - Walled gardens control 60%+ of U.S. ad spend; ViantAI aims to capture SMB/DTC e-commerce spend via transparency and efficiency. 
  - Trade Desk faces headwinds from walled gardens, but Viant's buy-side-only model offers unique value.
- **Customer Retention**: 
  - Enterprise sales team expansion to directly engage advertisers, reducing reliance on agencies. 
  - 23% YoY increase in customers generating >$1M Contribution ex-TAC, top 100 customers +21% YoY.
- **Political Ad Headwinds**: 
  - Q3 Contribution ex-TAC growth pressured by 1,000bps from political ad lapping and a lost advertiser. 
  - Minimal impact in Q4+ as advertiser seasonality ends. 
  - $250M pipeline from major U.S. advertisers expected to offset headwinds in 2026.


Viant Technology Inc. (DSP) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: 32% revenue YoY, 25% contribution ex-TAC, 76% EBITDA surge. CTV mix hits 45%.
- **AI-Driven Efficiency**: 85% of spend automated via AI Bidding; 13% EBITDA margin vs. 9.7% last year.
- **CTV Superiority**: 200%+ incremental lift vs. search/social; 500%+ Household ID spend growth.
- **Macroeconomic Resilience**: 90%+ of Q2 deferrals expected in H2; minimal advertiser impact from tariffs.
- **Share Repurchase Expansion**: $50M buyback authorization increased to $100M.

**【CEO Summary Section】**
- Q1 2025 revenue reached $70.6 million, up 32% YoY, with contribution ex-TAC at $42.7 million (+25% YoY). CTV accounted for 45% of total spend, the highest mix on record.
- Adjusted EBITDA surged 76% YoY to $5.4 million, driven by ViantAI adoption (85% of spend automated) and cost control.
- Strategic focus on CTV, Addressability (Household ID/IRIS ID), and AI to capture secular growth. Q2 guidance reflects 3-4% revenue deferral to H2 due to macro uncertainty.

**【CFO Financial Commentary】**
- Non-GAAP operating expenses rose 20% YoY to $37.3 million, but organic growth (excluding acquisitions) was 14% YoY. Contribution ex-TAC per employee increased 13%.
- Adjusted EBITDA margin expanded 360bps to 13%, with Non-GAAP net income up 109% to $2.8 million.
- $174 million cash on hand; $17 million shares repurchased in Q1 under $50M buyback program, now expanded by another $50M.

**【Q&A Key Takeaways】**
- **CTV Dominance**: 45% of spend vs. 40% peers; Direct Access saves 20-30% fees, driving 55% of CTV spend through premium inventory.
- **Incrementality Shift**: 500%+ Household ID spend growth; CTV delivers 200%+ incremental lift vs. search/social's mid-single digits.
- **Amazon Threat**: Under 1% of Open Web spend; conflict of interest limits publisher data sharing.
- **Macro Resilience**: <10 advertisers delayed Q2 spend; 90%+ of deferrals expected in H2.
- **ViantAI Growth**: AI Bidding contributes 75%+ YoY; fully autonomous DSP expected by end-2025.


Viant Technology (DSP)-6 May 25-2025 Q1 Earnings call transcript

- **Q4 Growth Records**: Revenue +40% YoY, CTV ad spend >40% of total, and AI-powered campaigns now 80% of platform spend.
- **Game-Changing Acquisitions**: Locker acquisition streamlines publisher integrations, driving 50%+ growth in addressable campaigns. IRIS TV complements Viant's CTV targeting with video-level granularity.
- **AI-Driven Efficiency**: ViantAI Planning cuts campaign setup time from weeks to minutes, with early adopters doubling new business velocity. Q2 AI Measurement & Analysis and H2 AI Decisioning launches set to redefine ad buying.
- **2025 Outlook**: 25%+ revenue growth, expanding margins despite $60M+ in acquisition-related expenses. SMBs and DTC e-commerce companies are key growth frontiers for CTV.

**【CEO Summary Section】**
- **Q4 Record Performance**: Revenue grew 40% YoY to $90.1M, contribution ex TAC rose 28% YoY to $54.4M, and adjusted EBITDA increased 31% YoY to $17.1M. CTV ad spend accounted for over 40% of total platform spend.
- **Strategic Acquisitions**: Announced acquisition of Locker, a data collaboration platform, to enhance addressability and accelerate adoption of Viant's household ID and IRIS ID solutions. Also highlighted the IRIS TV acquisition, which complements Viant's CTV targeting capabilities.
- **AI Innovation Momentum**: ViantAI now powers 80% of ad spend on the platform. Launched AI Planning in Q3 2024, enabling agencies to build enterprise-level campaigns in minutes. AI Measurement & Analysis will launch in Q2 2025, with AI Decisioning expected in H2 2025.
- **CTV Growth Driver**: CTV ad spend increased 40% YoY in 2024, driven by the migration of linear TV budgets. Direct access CTV ad spend grew nearly 70% YoY, accounting for 50% of total CTV spend.

**【CFO Financial Commentary】**
- **Full Year 2024 Results**: Revenue up 30% YoY to $289.2M, contribution ex TAC up 24% YoY to $177.4M, and adjusted EBITDA up 53% YoY to $24.4M. Non-GAAP net income rose 59% YoY to $34.7M.
- **Q4 Financial Highlights**: GAAP net income of $7.7M (vs. $3.3M YoY), Non-GAAP EPS of $0.17 (vs. $0.14 YoY). Cash flow from operations was $16.5M, ending the quarter with $205M in cash.
- **2025 Outlook**: Q1 2025 guidance: Revenue $65M-$68M (25% YoY growth), contribution ex TAC $40.5M-$42.5M (22% YoY growth). Expect continued margin expansion despite $60M+ in incremental operating expenses from acquisitions.

**【Q&A Key Takeaways】**
- **Locker Acquisition Logic**: Reduces publisher integration friction by enabling one-time integration with all alternative IDs. Expected to accelerate adoption of Viant's household ID and IRIS ID, while helping publishers monetize first-party data.
- **IRIS TV Contribution**: Minimal revenue impact in Q4 (1% of total), but strategic for long-term CTV targeting and measurement leadership.
- **Market Trends**: Display advertising weakness linked to last-touch attribution, but Viant's CTV and addressable solutions are outperforming. SMBs and DTC e-commerce companies are key growth opportunities for ViantAI-driven CTV campaigns.
- **ViantAI Scalability**: Early adopters report 2x new business pitch velocity and 15%+ ROAS improvements. Custom AI integrations with agency data platforms are creating sticky partnerships.


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