Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Once again, we achieved the rule of 40 in Q4 by a significant margin with contribution ex-TAC growth of 28% and adjusted EBITDA margins of 31%, together totaling almost 60% in Q4 |
| Another reason we are seeing strong momentum in CTV is the ongoing expansion of our direct access offering |
| So, that bodes really well for us |
| This was driven by a record quarter for total ad spend on our platform, as we continue to grow our market share and capture more of our customers' ad budgets |
| I'm pleased with our team's commitment to execution, as we closed out a strong year of growth and innovation for Viant |
| The success we are having today is a result of the strategic role we play in the programmatic ad ecosystem, as an independent buy-side platform, coupled with our ability to capitalize on this position with our strong product market fit |
| We also expect revenue in C-ex-T [ph] to grow faster than non-GAAP operating expense, which will drive incremental EBITDA and EBITDA margin expansion |
| One of the notable highlights from the fourth quarter was our strong double-digit growth in Connected TV, representing almost 40% of total spend on our platform, our largest channel in the quarter |
| We basically said that in 2024, we expect to grow faster than the overall market, continuing to grow market share especially in the mid-market |
| So, we're extremely confident in the outlook for 2024, so excited to get the year kicked off |
| So, we feel really good around that |
| Household ID has lower instances of fraud, higher accuracy of addressability, and far superior measurement capabilities, as it measures both e-commerce and in-store sales activity, resulting from ad campaigns |
| The strength and scale of our Household ID is a core driver of our recent results and is responsible for one of the strongest new customer pipelines in our company's history |
| Our relentless focus on expense management and the integration of AI to drive internal efficiencies has undoubtedly yielded positive results and we anticipate building on this momentum in the year ahead |
| And so, any customer already live, we have a huge advantage of being able to scale new products out |
| Advertisers see a lower cost of media with a higher win rate in ad auctions, as well as fewer instances of fraud, all contributing to better return on ad spend and better campaign performance |
| So, it's incredible results for publishers that are part of Direct Access and it's great for our customers, again, they're getting lower CPMs in market |
| We think this creates a massive amount of value for our customers and they are seeing that they can deliver on their campaign KPIs through CTV Direct Access better than they would be able to on social or search |
| We are confident in our ability to execute on our targets, as we did consistently in 2023, and we look forward to continuing our momentum in the year ahead |
| The investments we're making in our platform and innovation have been recognized by industry leaders and we are pleased that our AI product suite won the 2024 Innovation Award from Business Intelligence Group |
| This recognition further validates that we are making notable strides towards our vision of autonomous advertising |
| I am incredibly proud of the team that worked on this company-wide goal and it now enables us to turn our efforts to delivering a completely carbon-free supply chain for our customers |
| As a result, we were able to lower our non-GAAP operating expenses by 13% in 2023, while also growing top line results |
| And lastly, we committed to significantly increasing adjusted EBITDA and in 2023, we achieved a $35.2 million year-over-year improvement in adjusted EBITDA, along with 20% adjusted EBITDA margins |
| And per our Q1 2024 guide, which I will speak to in a moment, we expect that trend to continue, setting a promising tone for the year ahead |
| These advancements are driving exceptional performance for our customers and meaningful incremental revenue and contribution ex-TAC for Viant |
| We have many irons in the fire, and we're excited about the opportunities ahead for Viant, as we roll out more offerings in our AI product suite and continue to capitalize on the mindset change of advertisers, amid the deprecation of cookies |
| Notably, our year-over-year contribution ex-TAC growth rates showed remarkable progress quarter-by-quarter in 2023, starting at 2% growth in Q1 and 6% growth in Q2 and increasing to an impressive 22% growth in Q3 and 28% growth in Q4 |
| As the year unfolded, we saw a consistent acceleration in growth rates, as we continue to execute and gain market share |
| We're excited about the opportunity to capitalize on these ever-evolving market dynamics and believe we're extremely well-positioned to continue driving growth and profitability in the year ahead |
| Statement |
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| Our non-GAAP operating expenses totaled $29.6 million, down 4% year-over-year |
| I can tell you, I think at the beginning of -- towards the end of 2022, moving into 2023, I think the whole landscape, there's a lot of customer uncertainty out there and really just around the economy |
| Non-GAAP operating expenses totaled $114.3 million in 2023, a decrease of over 13% over 2022 |
| Consequently, our overall customer count decreased in 2023 |
| Certainly, in the mid-market, we always editorialize a bit around the fact that the dollars have to work harder in the mid-market |
| But what no one's paying attention to is, as cookie deprecation goes, what's going to be hit are these lower funnel direct response, cookie-based display advertising budgets that are in the many tens of billions that are -- we believe are going to get re-platformed |
| As a result of the impending cookie deprecation, video and specifically CTV, are becoming a dominant preferred channels for advertisers |
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