Viant Technology Inc. Q4 FY2025 earnings call

Tim Vanderhook stated the company achieved strong fourth quarter performance with new records across key metrics, noting broad-based growth driven by CTV, digital out-of-home, mobile demand, addressability solutions, and Viant AI. Chris Vanderhook elaborated on the go-to-market strategy for Outcomes, highlighting testing with existing customers where Outcomes showed superior performance compared to human-led campaigns. Lawrence Madden provided financial details including Q4 revenue, contribution ex-TAC, adjusted EBITDA figures, and outlined the Q1 2026 outlook, emphasizing the company's strategic alignment with growth trends like CTV, addressability, and Viant AI.

In the fourth quarter, revenue grew 22% year-over-year, and contribution ex-TAC increased 19% year-over-year, both surpassing the upper end of the quarterly guidance range. Excluding political advertising, revenue jumped 28% and contribution ex-TAC rose 24% in the quarter. Adjusted EBITDA for the quarter was $24,700,000, a 45% year-over-year increase and exceeding the high end of the guidance range. For 2025, revenue reached $344,000,000, up 19% year-over-year; contribution ex-TAC was $209,000,000, up 18% year-over-year; and adjusted EBITDA was $57,000,000, up 29% year-over-year. CTV spend in the fourth quarter hit a new all-time high, accounting for 46% of total advertiser spend. The revenue attached to IRIS ID utilization saw a 90% sequential increase in the fourth quarter.

For 2026, the guidance includes revenue in the range of $83,000,000 to $86,000,000, contribution ex-TAC between $49,000,000 and $51,000,000, non-GAAP operating expenses from $40,500,000 to $41,500,000, and adjusted EBITDA from $8,500,000 to $9,500,000. The midpoint of the guidance reflects record Q1 performance, and it's expected that contribution ex-TAC growth will outpace the broader U.S. programmatic market, with growth rates accelerating sequentially throughout 2026 as new clients are onboarded and Outcomes starts contributing more significantly.

Q: Jason Michael Kreyer inquired about accelerating growth in 2026, late-stage deal pipeline, and win rates.

A: Lawrence Madden and Tim Vanderhook responded discussing the Q1 guide, pipeline replenishment efforts, and the investment in the enterprise sales team.

Q: Laura Anne Martin asked about competing with larger companies and the gating factor of IRIS ID.

A: Tim Vanderhook and Chris Vanderhook talked about proprietary data as a key differentiator and IRIS ID's adoption and growth potential.

Q: Tom White questioned the expansion of the addressable market and IRIS ID's competitive moat.

A: Chris Vanderhook and Tim Vanderhook addressed targeting big and small markets and the network effects of IRIS ID.

Q: Maria Ripps asked about Outcomes conversion rate and AI partnerships.

A: Tim Vanderhook and Chris Vanderhook answered on Outcomes' performance and thoughts on AI partnerships.

Q: Matthew Dorrian Condon asked about Amazon's threat and the WHOOP partnership.

A: Tim Vanderhook and Chris Vanderhook discussed Amazon's impact and WHOOP's focus on addressability.

Q: Barton Evans Crockett asked about ex-TAC revenue slowdown and LLM use.

A: Tim Vanderhook and Chris Vanderhook responded on revenue slowdown factors and potential LLM interface use