dsp-10q_20210930.htm
false Q3 --12-31 0001828791 true true true true 0 0 NASDAQ P1Y3M18D P2Y3M18D P4Y P2Y1M6D P3Y1M6D P4Y2M12D P9Y9M18D P5Y10M24D P5Y10M24D 0001828791 2021-01-01 2021-09-30 xbrli:shares 0001828791 us-gaap:CommonClassAMember 2021-11-08 0001828791 us-gaap:CommonClassBMember 2021-11-08 iso4217:USD 0001828791 2021-09-30 0001828791 2020-12-31 0001828791 us-gaap:CommonClassAMember 2021-09-30 0001828791 us-gaap:CommonClassBMember 2021-09-30 iso4217:USD xbrli:shares 0001828791 dsp:TwoThousandNineteenConvertiblePreferredUnitsMember 2020-12-31 0001828791 dsp:TwoThousandNineteenConvertiblePreferredUnitsMember 2021-09-30 0001828791 2021-07-01 2021-09-30 0001828791 2020-07-01 2020-09-30 0001828791 2020-01-01 2020-09-30 0001828791 us-gaap:ConvertiblePreferredStockMember 2020-12-31 0001828791 us-gaap:CommonStockMember 2020-12-31 0001828791 dsp:MembersEquityMember 2020-12-31 0001828791 dsp:MembersEquityMember 2021-01-01 2021-03-31 0001828791 2021-01-01 2021-03-31 0001828791 us-gaap:ConvertiblePreferredStockMember 2021-01-01 2021-03-31 0001828791 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001828791 us-gaap:CommonClassBMember 2021-01-01 2021-03-31 0001828791 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001828791 us-gaap:CommonClassAMember 2021-01-01 2021-03-31 0001828791 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-03-31 0001828791 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001828791 us-gaap:CommonClassAMember 2021-03-31 0001828791 us-gaap:CommonClassBMember 2021-03-31 0001828791 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001828791 us-gaap:RetainedEarningsMember 2021-03-31 0001828791 us-gaap:NoncontrollingInterestMember 2021-03-31 0001828791 2021-03-31 0001828791 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001828791 2021-04-01 2021-06-30 0001828791 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001828791 us-gaap:NoncontrollingInterestMember 2021-04-01 2021-06-30 0001828791 us-gaap:CommonClassAMember 2021-06-30 0001828791 us-gaap:CommonClassBMember 2021-06-30 0001828791 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001828791 us-gaap:RetainedEarningsMember 2021-06-30 0001828791 us-gaap:NoncontrollingInterestMember 2021-06-30 0001828791 2021-06-30 0001828791 us-gaap:CommonClassAMember 2021-07-01 2021-09-30 0001828791 us-gaap:CommonClassBMember 2021-07-01 2021-09-30 0001828791 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001828791 us-gaap:TreasuryStockMember 2021-07-01 2021-09-30 0001828791 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001828791 us-gaap:NoncontrollingInterestMember 2021-07-01 2021-09-30 0001828791 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001828791 us-gaap:RetainedEarningsMember 2021-09-30 0001828791 us-gaap:TreasuryStockMember 2021-09-30 0001828791 us-gaap:NoncontrollingInterestMember 2021-09-30 0001828791 us-gaap:ConvertiblePreferredStockMember 2019-12-31 0001828791 us-gaap:CommonStockMember 2019-12-31 0001828791 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001828791 us-gaap:RetainedEarningsMember 2019-12-31 0001828791 2019-12-31 0001828791 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001828791 2020-01-01 2020-03-31 0001828791 us-gaap:ConvertiblePreferredStockMember 2020-03-31 0001828791 us-gaap:CommonStockMember 2020-03-31 0001828791 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001828791 us-gaap:RetainedEarningsMember 2020-03-31 0001828791 2020-03-31 0001828791 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001828791 2020-04-01 2020-06-30 0001828791 us-gaap:ConvertiblePreferredStockMember 2020-06-30 0001828791 us-gaap:CommonStockMember 2020-06-30 0001828791 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001828791 us-gaap:RetainedEarningsMember 2020-06-30 0001828791 2020-06-30 0001828791 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001828791 us-gaap:ConvertiblePreferredStockMember 2020-09-30 0001828791 us-gaap:CommonStockMember 2020-09-30 0001828791 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001828791 us-gaap:RetainedEarningsMember 2020-09-30 0001828791 2020-09-30 0001828791 us-gaap:CustomerConcentrationRiskMember 2021-01-01 2021-09-30 0001828791 dsp:AdvertisingAgencyRiskMember 2021-01-01 2021-09-30 0001828791 us-gaap:CommonClassAMember 2021-02-12 0001828791 us-gaap:CommonClassBMember 2021-02-12 0001828791 2021-02-12 0001828791 dsp:ContinuingMembersClassBUnitsMember dsp:ViantTechnologyLLCMember 2021-01-01 2021-09-30 0001828791 dsp:ContinuingMembersClassBUnitsMember dsp:ViantTechnologyLLCMember 2021-02-12 0001828791 us-gaap:CommonClassBMember dsp:ViantTechnologyLLCMember 2021-02-12 2021-02-12 0001828791 us-gaap:OverAllotmentOptionMember 2021-02-12 2021-02-12 0001828791 us-gaap:OverAllotmentOptionMember 2021-02-12 0001828791 dsp:MembersEquityClassAUnitsMember dsp:ViantTechnologyLLCMember 2021-02-12 2021-02-12 0001828791 us-gaap:CommonClassAMember 2021-02-12 2021-02-12 0001828791 dsp:MembersEquityClassAUnitsMember 2021-02-12 2021-02-12 xbrli:pure 0001828791 us-gaap:CommonClassBMember 2021-02-12 2021-02-12 0001828791 us-gaap:IPOMember 2020-12-31 0001828791 us-gaap:IPOMember 2021-02-28 dsp:Customer 0001828791 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-09-30 0001828791 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2020-01-01 2020-12-31 0001828791 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember dsp:CustomerOneMember 2020-01-01 2020-12-31 0001828791 us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:CustomerOneMember 2020-07-01 2020-09-30 0001828791 us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:CustomerOneMember srt:MaximumMember 2021-07-01 2021-09-30 0001828791 us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:CustomerOneMember srt:MaximumMember 2021-01-01 2021-09-30 0001828791 us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:CustomerOneMember srt:MaximumMember 2020-01-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyOneMember 2020-07-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyOneMember 2021-01-01 2021-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyOneMember 2020-01-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyTwoMember 2021-07-01 2021-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyTwoMember 2021-01-01 2021-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyTwoMember 2020-01-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyThreeMember 2020-07-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyThreeMember 2020-01-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyOneMember srt:MaximumMember 2021-07-01 2021-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyTwoMember srt:MaximumMember 2020-07-01 2020-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyThreeMember srt:MaximumMember 2021-07-01 2021-09-30 0001828791 dsp:AdvertisingAgencyRiskMember us-gaap:RevenueFromContractWithCustomerMember dsp:AdvertisingAgencyThreeMember srt:MaximumMember 2021-01-01 2021-09-30 dsp:Supplier 0001828791 dsp:AccountsPayableAndAccruedLiabilitiesCurrentMember us-gaap:SupplierConcentrationRiskMember 2021-09-30 0001828791 dsp:AccountsPayableAndAccruedLiabilitiesCurrentMember us-gaap:SupplierConcentrationRiskMember 2020-12-31 0001828791 dsp:AccountsPayableAndAccruedLiabilitiesCurrentMember us-gaap:SupplierConcentrationRiskMember dsp:SupplierOneMember 2021-01-01 2021-09-30 0001828791 dsp:AccountsPayableAndAccruedLiabilitiesCurrentMember us-gaap:SupplierConcentrationRiskMember dsp:SupplierOneMember 2020-01-01 2020-12-31 0001828791 dsp:AccountsPayableAndAccruedLiabilitiesCurrentMember us-gaap:SupplierConcentrationRiskMember dsp:SupplierTwoMember 2020-01-01 2020-12-31 0001828791 dsp:AccountsPayableAndAccruedLiabilitiesCurrentMember us-gaap:SupplierConcentrationRiskMember dsp:SupplierThreeMember 2020-01-01 2020-12-31 0001828791 dsp:ViantTechnologyLLCMember 2021-09-30 0001828791 dsp:SecuredOvernightFinancingRateSOFRMember 2021-01-01 2021-09-30 0001828791 us-gaap:AccountingStandardsUpdate201815Member 2021-09-30 0001828791 us-gaap:AccountingStandardsUpdate201912Member 2021-09-30 0001828791 us-gaap:TransferredOverTimeMember 2021-07-01 2021-09-30 0001828791 us-gaap:TransferredOverTimeMember 2020-07-01 2020-09-30 0001828791 us-gaap:TransferredOverTimeMember 2021-01-01 2021-09-30 0001828791 us-gaap:TransferredOverTimeMember 2020-01-01 2020-09-30 0001828791 us-gaap:TransferredAtPointInTimeMember 2021-07-01 2021-09-30 0001828791 us-gaap:TransferredAtPointInTimeMember 2020-07-01 2020-09-30 0001828791 us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-09-30 0001828791 us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-09-30 0001828791 us-gaap:LongTermContractWithCustomerMember 2021-09-30 0001828791 us-gaap:LongTermContractWithCustomerMember 2020-12-31 0001828791 us-gaap:ShortTermContractWithCustomerMember 2021-09-30 0001828791 us-gaap:ShortTermContractWithCustomerMember 2020-12-31 0001828791 dsp:CapitalizedSoftwareDevelopmentCostsMember 2021-09-30 0001828791 dsp:CapitalizedSoftwareDevelopmentCostsMember 2020-12-31 0001828791 us-gaap:ComputerEquipmentMember 2021-09-30 0001828791 us-gaap:ComputerEquipmentMember 2020-12-31 0001828791 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2021-09-30 0001828791 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2020-12-31 0001828791 dsp:FurnitureFixturesAndOfficeEquipmentMember 2021-09-30 0001828791 dsp:FurnitureFixturesAndOfficeEquipmentMember 2020-12-31 0001828791 us-gaap:LeaseholdImprovementsMember 2021-09-30 0001828791 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001828791 dsp:PlatformOperationsMember 2021-07-01 2021-09-30 0001828791 dsp:PlatformOperationsMember 2020-07-01 2020-09-30 0001828791 dsp:PlatformOperationsMember 2021-01-01 2021-09-30 0001828791 dsp:PlatformOperationsMember 2020-01-01 2020-09-30 0001828791 dsp:TechnologyAndDevelopmentMember 2021-07-01 2021-09-30 0001828791 dsp:TechnologyAndDevelopmentMember 2020-07-01 2020-09-30 0001828791 dsp:TechnologyAndDevelopmentMember 2021-01-01 2021-09-30 0001828791 dsp:TechnologyAndDevelopmentMember 2020-01-01 2020-09-30 0001828791 us-gaap:GeneralAndAdministrativeExpenseMember 2021-07-01 2021-09-30 0001828791 us-gaap:GeneralAndAdministrativeExpenseMember 2020-07-01 2020-09-30 0001828791 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-09-30 0001828791 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001828791 us-gaap:DevelopedTechnologyRightsMember 2021-01-01 2021-09-30 0001828791 us-gaap:CustomerRelationshipsMember 2021-01-01 2021-09-30 0001828791 us-gaap:TrademarksAndTradeNamesMember 2021-01-01 2021-09-30 0001828791 us-gaap:DevelopedTechnologyRightsMember 2021-09-30 0001828791 us-gaap:CustomerRelationshipsMember 2021-09-30 0001828791 us-gaap:TrademarksAndTradeNamesMember 2021-09-30 0001828791 us-gaap:DevelopedTechnologyRightsMember 2020-01-01 2020-12-31 0001828791 us-gaap:CustomerRelationshipsMember 2020-01-01 2020-12-31 0001828791 us-gaap:TrademarksAndTradeNamesMember 2020-01-01 2020-12-31 0001828791 us-gaap:DevelopedTechnologyRightsMember 2020-12-31 0001828791 us-gaap:CustomerRelationshipsMember 2020-12-31 0001828791 us-gaap:TrademarksAndTradeNamesMember 2020-12-31 0001828791 us-gaap:RevolvingCreditFacilityMember 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember 2020-12-31 0001828791 dsp:PaycheckProtectionProgramLoanMember 2020-12-31 0001828791 dsp:PaycheckProtectionProgramLoanMember 2021-04-14 2021-04-14 0001828791 dsp:PaycheckProtectionProgramLoanMember us-gaap:PrincipalForgivenessMember 2021-01-01 2021-09-30 0001828791 dsp:PaycheckProtectionProgramLoanMember dsp:AccruedInterestForgivenessMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember 2019-10-31 2019-10-31 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember 2019-10-31 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember us-gaap:FederalFundsEffectiveSwapRateMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember us-gaap:LondonInterbankOfferedRateLiborSwapRateMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember 2021-07-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember us-gaap:FederalFundsEffectiveSwapRateMember srt:MinimumMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember us-gaap:FederalFundsEffectiveSwapRateMember srt:MaximumMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember us-gaap:LondonInterbankOfferedRateLiborSwapRateMember srt:MinimumMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember us-gaap:LondonInterbankOfferedRateLiborSwapRateMember srt:MaximumMember dsp:LoanAgreementMember 2021-01-01 2021-09-30 0001828791 dsp:TwoThousandAndTwentyOneLongTermIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember 2021-02-12 2021-02-12 0001828791 dsp:TwoThousandAndTwentyOneLongTermIncentivePlanMember 2021-09-30 0001828791 us-gaap:SellingAndMarketingExpenseMember 2021-07-01 2021-09-30 0001828791 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-09-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-03-31 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-03-31 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-04-01 2021-06-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-06-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-07-01 2021-09-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-09-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-04-01 2021-06-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-06-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-07-01 2021-09-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-09-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-01-01 2021-09-30 0001828791 2021-01-01 2021-06-30 0001828791 us-gaap:CommonClassAMember 2020-07-01 2020-09-30 0001828791 us-gaap:CommonClassAMember 2021-01-01 2021-09-30 0001828791 us-gaap:CommonClassAMember 2020-01-01 2020-09-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-07-01 2021-09-30 0001828791 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-07-01 2021-09-30 0001828791 dsp:NonqualifiedStockOptionsMember 2021-01-01 2021-09-30 0001828791 us-gaap:CommonClassBMember 2021-01-01 2021-09-30 0001828791 dsp:ViantTechnologyLLCMember dsp:ViantTechnologyIncMember 2021-01-01 2021-09-30 0001828791 dsp:ViantTechnologyLLCMember us-gaap:NoncontrollingInterestMember 2021-01-01 2021-09-30 0001828791 dsp:ViantTechnologyLLCMember 2021-01-01 2021-09-30 0001828791 dsp:ViantTechnologyLLCMember dsp:ViantTechnologyIncMember 2021-02-12 2021-02-12 0001828791 dsp:ViantTechnologyLLCMember us-gaap:NoncontrollingInterestMember 2021-02-12 2021-02-12 0001828791 dsp:ViantTechnologyLLCMember 2021-02-12 2021-02-12 0001828791 dsp:ViantTechnologyLLCMember dsp:ViantTechnologyIncMember 2021-09-30 0001828791 dsp:ViantTechnologyLLCMember dsp:ViantTechnologyIncMember 2021-02-12 0001828791 dsp:ViantTechnologyLLCMember us-gaap:NoncontrollingInterestMember 2021-09-30 0001828791 dsp:ViantTechnologyLLCMember us-gaap:NoncontrollingInterestMember 2021-02-12 0001828791 dsp:ViantTechnologyLLCMember 2021-02-12 0001828791 dsp:MembersEquityClassBUnitsMember dsp:ViantTechnologyLLCMember 2021-01-01 2021-09-30 0001828791 dsp:MembersEquityClassBUnitsMember dsp:ViantTechnologyLLCMember 2021-07-01 2021-09-30 0001828791 us-gaap:OtherCurrentLiabilitiesMember 2021-09-30 0001828791 us-gaap:OtherCurrentLiabilitiesMember 2020-12-31 0001828791 us-gaap:OtherNoncurrentLiabilitiesMember 2021-09-30 0001828791 us-gaap:OtherNoncurrentLiabilitiesMember 2020-12-31 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember us-gaap:FederalFundsEffectiveSwapRateMember srt:MinimumMember us-gaap:SubsequentEventMember 2021-10-01 2021-10-31 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember us-gaap:FederalFundsEffectiveSwapRateMember srt:MaximumMember us-gaap:SubsequentEventMember 2021-10-01 2021-10-31 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember us-gaap:LondonInterbankOfferedRateLiborSwapRateMember srt:MinimumMember us-gaap:SubsequentEventMember 2021-10-01 2021-10-31 0001828791 us-gaap:RevolvingCreditFacilityMember dsp:PNCBankMember dsp:LoanAgreementMember us-gaap:LondonInterbankOfferedRateLiborSwapRateMember srt:MaximumMember us-gaap:SubsequentEventMember 2021-10-01 2021-10-31

 

 

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 September 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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

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

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

 

As of November 8, 2021 there were 13,482,550 shares and 47,137,130 shares of the registrant’s Class A and Class B common stock, respectively, $0.001 par value per share, outstanding.

 

 


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

 

A.

Condensed Consolidated Balance Sheets

3

 

B.

Condensed Consolidated Statements of Operations

5

 

C.

Condensed Consolidated Statements of Convertible Preferred Units and Equity

6

 

D.

Condensed Consolidated Statements of Cash Flows

9

 

E.

Condensed Notes to Consolidated Financial Statements

10

Item 2.

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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

Signatures

45

 

 

 

2


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share/unit data)

(Unaudited)

 

 

 

As of September 30,

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

242,610

 

 

$

9,629

 

Accounts receivable, net of allowances

 

 

69,612

 

 

 

89,767

 

Prepaid expenses and other current assets

 

 

4,195

 

 

 

4,487

 

Total current assets

 

 

316,417

 

 

 

103,883

 

Property, equipment, and software, net

 

 

22,650

 

 

 

13,829

 

Intangible assets, net

 

 

2,093

 

 

 

3,015

 

Goodwill

 

 

12,422

 

 

 

12,422

 

Other assets

 

 

388

 

 

 

371

 

Total assets

 

$

353,970

 

 

$

133,520

 

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

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

24,652

 

 

$

29,763

 

Accrued liabilities

 

 

23,240

 

 

 

24,677

 

Accrued compensation

 

 

9,908

 

 

 

9,711

 

Current portion of long-term debt

 

 

 

 

 

3,353

 

Current portion of deferred revenue

 

 

1,457

 

 

 

2,725

 

Accrued member tax distributions

 

 

5

 

 

 

6,878

 

Other current liabilities

 

 

2,377

 

 

 

2,549

 

Total current liabilities

 

 

61,639

 

 

 

79,656

 

Long-term debt

 

 

17,500

 

 

 

20,182

 

Long-term portion of deferred revenue

 

 

5,433

 

 

 

5,612

 

Other long-term liabilities

 

 

570

 

 

 

453

 

Total liabilities

 

 

85,142

 

 

 

105,903

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Convertible preferred units

 

 

 

 

 

 

 

 

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

   September 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 September 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 September 30, 2021

 

 

 

 

 

 

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

   13,890,868 shares issued and 13,482,550 shares outstanding as of September 30, 2021

 

 

14

 

 

 

 

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

   47,137,130 shares issued and outstanding as of September 30, 2021

 

 

47

 

 

 

 

Additional paid-in capital

 

 

79,250

 

 

 

 

Accumulated deficit

 

 

(15,760

)

 

 

 

Treasury stock, at cost; 408,318 shares as of September 30, 2021

 

 

(7,239

)

 

 

 

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

 

 

56,312

 

 

 

20,117

 

Noncontrolling interests

 

 

212,516

 

 

 

 

Total equity

 

 

268,828

 

 

 

20,117

 

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

 

$

353,970

 

 

$

133,520

 

 

3


 

 

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

4


 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share/unit data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

50,857

 

 

$

40,205

 

 

$

141,412

 

 

$

108,790

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform operations

 

 

28,967

 

 

 

20,124

 

 

 

85,026

 

 

 

62,316

 

Sales and marketing

 

 

15,131

 

 

 

6,521

 

 

 

49,869

 

 

 

19,393

 

Technology and development

 

 

6,590

 

 

 

1,946

 

 

 

20,521

 

 

 

6,080

 

General and administrative

 

 

11,981

 

 

 

3,861

 

 

 

36,477

 

 

 

12,408

 

Total operating expenses

 

 

62,669

 

 

 

32,452

 

 

 

191,893

 

 

 

100,197

 

Income (loss) from operations

 

 

(11,812

)

 

 

7,753

 

 

 

(50,481

)

 

 

8,593

 

Interest expense, net

 

 

227

 

 

 

264

 

 

 

703

 

 

 

789

 

Other expense, net

 

 

121

 

 

 

11

 

 

 

53

 

 

 

27

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

(6,110

)

 

 

 

Total other expense (income), net

 

 

348

 

 

 

275

 

 

 

(5,354

)

 

 

816

 

Net income (loss)

 

 

(12,160

)

 

 

7,478

 

 

 

(45,127

)

 

 

7,777

 

Less: Net loss attributable to noncontrolling interests

 

 

(9,623

)

 

 

 

 

 

(35,829

)

 

 

 

Net income (loss) attributable to Viant Technology Inc.

 

$

(2,537

)

 

$

7,478

 

 

$

(9,298

)

 

$

7,777

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.20

)

 

$

7.48

 

 

$

(0.78

)

 

$

7.78

 

Diluted

 

$

(0.20

)

 

$

7.48

 

 

$

(0.78

)

 

$

7.78

 

Weighted-average Class A common stock/units outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

12,489

 

 

 

400

 

 

 

11,894

 

 

 

400

 

Diluted

 

 

12,489

 

 

 

1,000

 

 

 

11,894

 

 

 

1,000

 

 

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

 

 

5


 

 

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'

 

 

Treasury

Stock

 

 

Noncontrolling

 

 

Total

 

 

 

Units

 

 

Amount

 

 

 

Units

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

 

Shares

 

 

Amount

 

 

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

 

Exchange of Class

   B common stock

   for Class A

   common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

299

 

 

 

 

 

 

(299

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

Issuance of

   common stock

    in connection

   with equity-

   based

   compensation

   plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,092

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of

    treasury shares

    in connection

   with the taxes

   paid related to

   net share

   settlement of

   equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(773

)

 

 

(13,703

)

 

 

 

 

 

 

(13,703

)

Reissuance of

   treasury

   stock in

   connection

   with equity-

   based

   compensation

   plans