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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended June 30, 2021

OR

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

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number: 001-40015

 

Viant Technology Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-3447553

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

2722 Michelson Drive, Suite 100

Irvine, CA

92612

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (949) 861-8888

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.001 per share

 

DSP

 

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

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

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

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

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

 

As of August 11, 2021 there were 12,819,561 shares and 47,435,559 shares of the registrant’s Class A and Class B common stock, respectively, $0.001 par value per share, outstanding.

 

 


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

 

A.

Condensed Consolidated Balance Sheets

3

 

B.

Condensed Consolidated Statements of Operations

4

 

C.

Condensed Consolidated Statements of Convertible Preferred Units and Equity

5

 

D.

Condensed Consolidated Statements of Cash Flows

7

 

E.

Condensed Notes to Consolidated Financial Statements

8

Item 2.

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3.

Defaults Upon Senior Securities

39

Item 4.

Mine Safety Disclosures

39

Item 5.

Other Information

39

Item 6.

Exhibits

40

Signatures

41

 

 

 

2


 

 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (unaudited).

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share/unit data)

 

 

 

As of June 30,

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

252,271

 

 

$

9,629

 

Accounts receivable, net of allowances

 

 

63,747

 

 

 

89,767

 

Prepaid expenses and other current assets

 

 

4,219

 

 

 

4,487

 

Total current assets

 

 

320,237

 

 

 

103,883

 

Property, equipment, and software, net

 

 

20,946

 

 

 

13,829

 

Intangible assets, net

 

 

2,400

 

 

 

3,015

 

Goodwill

 

 

12,422

 

 

 

12,422

 

Other assets

 

 

373

 

 

 

371

 

Total assets

 

$

356,378

 

 

$

133,520

 

Liabilities, convertible preferred units and stockholders' equity/members' equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

24,537

 

 

$

29,763

 

Accrued liabilities

 

 

19,440

 

 

 

24,677

 

Accrued compensation

 

 

7,880

 

 

 

9,711

 

Current portion of long-term debt

 

 

 

 

 

3,353

 

Current portion of deferred revenue

 

 

1,637

 

 

 

2,725

 

Accrued member tax distributions

 

 

192

 

 

 

6,878

 

Other current liabilities

 

 

2,118

 

 

 

2,549

 

Total current liabilities

 

 

55,804

 

 

 

79,656

 

Long-term debt

 

 

17,500

 

 

 

20,182

 

Long-term portion of deferred revenue

 

 

5,617

 

 

 

5,612

 

Other long-term liabilities

 

 

405

 

 

 

453

 

Total liabilities

 

 

79,326

 

 

 

105,903

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Convertible preferred units

 

 

 

 

 

 

 

 

2019 convertible preferred units, no par value; none issued and outstanding as of June 30, 2021

   and 600,000 units authorized, issued and outstanding as of December 31, 2020; liquidation

   preference $5,444 as of December 31, 2020

 

 

 

 

 

7,500

 

Members' equity

 

 

 

 

 

 

 

 

Common units, no par value; none issued and outstanding as of June 30, 2021 and 400,000 units

   authorized, issued and outstanding as of December 31, 2020

 

 

 

 

 

 

Additional paid-in capital

 

 

 

 

 

92,187

 

Accumulated deficit

 

 

 

 

 

(72,070

)

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and

    outstanding as of June 30, 2021

 

 

 

 

 

 

Class A common stock, $0.001 par value; 450,000,000 shares authorized and

   11,500,000 shares issued and outstanding as of June 30, 2021

 

 

12

 

 

 

 

Class B common stock, $0.001 par value; 150,000,000 shares authorized and

   47,435,559 shares issued and outstanding as of June 30, 2021

 

 

47

 

 

 

 

Additional paid-in capital

 

 

102,040

 

 

 

 

Accumulated deficit

 

 

(6,759

)

 

 

 

Total stockholders' equity attributable to Viant Technology Inc./members' equity

 

 

95,340

 

 

 

20,117

 

Noncontrolling interests

 

 

181,712

 

 

 

 

Total equity

 

 

277,052

 

 

 

20,117

 

Total liabilities, convertible preferred units and stockholders' equity/members' equity

 

$

356,378

 

 

$

133,520

 

 

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

3


 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share/unit data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

50,411

 

 

$

30,425

 

 

$

90,555

 

 

$

68,585

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform operations

 

 

31,715

 

 

 

18,589

 

 

 

56,059

 

 

 

42,192

 

Sales and marketing

 

 

20,553

 

 

 

5,742

 

 

 

34,738

 

 

 

12,872

 

Technology and development

 

 

8,031

 

 

 

1,984

 

 

 

13,931

 

 

 

4,134

 

General and administrative

 

 

14,075

 

 

 

3,891

 

 

 

24,495

 

 

 

8,547

 

Total operating expenses

 

 

74,374

 

 

 

30,206

 

 

 

129,223

 

 

 

67,745

 

Income (loss) from operations

 

 

(23,963

)

 

 

219

 

 

 

(38,668

)

 

 

840

 

Interest expense, net

 

 

241

 

 

 

244

 

 

 

476

 

 

 

525

 

Other expense (income), net

 

 

1

 

 

 

5

 

 

 

(68

)

 

 

16

 

Gain on extinguishment of debt

 

 

(6,110

)

 

 

 

 

 

(6,110

)

 

 

 

Total other expense (income), net

 

 

(5,868

)

 

 

249

 

 

 

(5,702

)

 

 

541

 

Net income (loss)

 

 

(18,095

)

 

 

(30

)

 

 

(32,966

)

 

 

299

 

Less: Net loss attributable to noncontrolling interests

 

 

(14,440

)

 

 

 

 

 

(26,206

)

 

 

 

Net income (loss) attributable to Viant Technology Inc.

 

$

(3,655

)

 

$

(30

)

 

$

(6,760

)

 

$

299

 

Earnings (loss) per Class A common stock/unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.32

)

 

$

(0.08

)

 

$

(0.59

)

 

$

0.30

 

Diluted

 

$

(0.32

)

 

$

(0.08

)

 

$

(0.59

)

 

$

0.30

 

Weighted-average Class A common stock/units outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

11,500

 

 

 

400

 

 

 

11,500

 

 

 

400

 

Diluted

 

 

11,500

 

 

 

400

 

 

 

11,500

 

 

 

1,000

 

 

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

 

 

4


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED UNITS AND EQUITY

(In thousands)

(Unaudited)

 

 

 

Convertible

Preferred Units

 

 

 

Common

Units

 

 

Class A

Common Stock

 

 

Class B

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Members'

 

 

Noncontrolling

 

 

Total

 

 

 

Units

 

 

Amount

 

 

 

Units

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance as of

   December 31,

   2020

 

 

600

 

 

$

7,500

 

 

 

 

400

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

20,117

 

 

$

 

 

$

20,117

 

Net income

   prior to

   Reorganization

   Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

669

 

 

 

 

 

 

 

669

 

Effect of

   Reorganization

   Transactions

 

 

(600

)

 

 

(7,500

)

 

 

 

(400

)

 

 

 

 

 

 

 

 

 

 

 

 

 

48,936

 

 

 

49

 

 

 

28,237

 

 

 

 

 

 

 

(20,786

)

 

 

 

 

 

 

7,500

 

Issuance of

   Class A

   common stock

   in initial public

   offering, net of

   underwriting

   and offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,500

 

 

 

12

 

 

 

(1,500

)

 

 

(2

)

 

 

228,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228,185

 

Allocation of

   equity to

   noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(208,587

)

 

 

 

 

 

 

 

 

 

 

208,587

 

 

 

 

Accrued

   member tax

   distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,756

 

Net loss

   subsequent to

   Reorganization

   Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,104

)

 

 

 

 

 

 

(12,435

)

 

 

(15,539

)

Balance as of

   March 31, 2021

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

11,500

 

 

$

12

 

 

 

47,436

 

 

$

47

 

 

$

67,656

 

 

$

(3,104

)

 

$

 

 

$

196,152

 

 

$

260,763

 

Accrued

   member tax

   distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(192

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(192

)

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,576

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,655

)

 

 

 

 

 

 

(14,440

)

 

 

(18,095

)

Balance as of

   June 30, 2021

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

11,500

 

 

$

12

 

 

 

47,436

 

 

$

47

 

 

$

102,040

 

 

$

(6,759

)

 

$

 

 

$

181,712

 

 

$

277,052

 

 

5


 

 

 

 

Convertible

Preferred Units

 

 

 

Common

Units

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total Members'

 

 

 

Units

 

 

Amount

 

 

 

Units

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2019

 

 

600

 

 

$

7,500

 

 

 

 

400

 

 

$

 

 

$

92,187

 

 

$

(76,982

)

 

$

15,205

 

Accrued member tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(390

)

 

 

(390

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

329

 

 

 

329

 

Balance as of March 31, 2020

 

 

600

 

 

$

7,500

 

 

 

 

400

 

 

$

 

 

$

92,187

 

 

$

(77,043

)

 

$

15,144

 

Accrued member tax distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(356

)

 

 

(356

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

(30

)

Balance as of June 30, 2020

 

 

600

 

 

$

7,500

 

 

 

 

400

 

 

$

 

 

$

92,187

 

 

$

(77,429

)

 

$

14,758

 

 

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

 

 

6


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(32,966

)

 

$

299

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,051

 

 

 

5,154

 

Stock-based compensation

 

 

46,777

 

 

 

 

Recovery of doubtful accounts

 

 

(200

)

 

 

(140

)

Loss on disposal of assets

 

 

8

 

 

 

 

Gain on extinguishment of debt

 

 

(6,110

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

26,220

 

 

 

16,307

 

Prepaid expenses and other assets

 

 

(1,753

)

 

 

(13