Viant Technology (DSP) 6 Nov 232023 Q3 Earnings call transcript

Again, everyone, and welcome to Viant Technologies Third Quarter 2023 Earnings Webinar. My name is Casey, and I will be your operator today. Well, before I begin the webinar, I turn it over to the Viant leadership team. I'd like to go over just a few housekeeping notes for the program.

As a reminder, today's webinar is being recorded. Instructions] [Operator

XXXX I'd on you but on our to, guidance begin make we not the to development our statements platform to forward-looking call for assumptions like and we are that remind will limited initiatives subject Before that our based these and today. could update and we except only to as statements, today, actual and differ or forward-looking materially law. future events, cause These speak risks from no statements to obligation undertake revise uncertainties that by required results those projected. as of including,

information uncertainties XXXX, other For issued please SEC. release results and in under and on report filings described XX, refer from for factors our more differ the statements, Factors and news the today about our quarter the actual quarterly as that may forward-looking ended XX-Q statement, Risk with September to Form to well cause entire as heading the harbor safe risks materially the

and present During today's call, GAAP also we both non-GAAP measures. will financial

disclosures are regarding most financial has non-GAAP GAAP posted of reconciliation news Relations would comparable directly to over a Chief measures financial in been website the of SEC including filings. of Viant. the our Officer Executive measures I Investor company's to in the now issued on turn non-GAAP page to today. Vanderhook, the the release which Additional included like measures, and call Tim these Tim?

wrapped today. on growth and range that a Casey, metrics. our across results Thanks, and We strong key up business exceeded third all everyone, us joining with our for very quarter accelerating thanks, guided

by by our offering shares larger win industry-leading We continue to from budgets clients. best-in-class supported AI. products of

on mid-market to and execution highest get commitment We spend. the ad have enabling advertisers their to focused a return

transition favorable TV. fourth we accelerating quarter we of ongoing approximately to linear television into to business. look the connected $XX see moving of advertising migration of the . Most a and the of billion number and drivers notably, continue As beyond,

signal more profitability. provide generative of long-term due market represents application of our billion an start cookies want each XX. pending more continued and XXXX; is them discussed shift loss the with and on see TV traditional $XX trend And event driving coming accelerates. Innovation inaugural to Linear to in programmatic October and during our how ad ad growth deletion areas on connected we AI. we of in this Second on into the I'll share is clarity to from intelligence the those And spend linear TV and TV. I third which artificial Day Google's of additional as the detail

over available talk Our growth our quarter on. our reporting this addressable strong is all again, advertising ID comes of environment. growth in in will cookieless requests, about market, the outpacing from double-digit in us of Chris XX% outpacing ID QX of channel TV, market, household and ad saw the as growth provide later on a household and believe deliver that attribution more another driver us enables to success Connected This CTV, this is In as technology. and deliver we well big

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growth. to and our Our is customers recognize this misalignment contributing this

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to expertise want I the about potential. data Tim. platform, which leverage to for a start to customers been who Thanks, talk vision Viant have long has advantage its and the those massive

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competitive data X marketers of out XX and data rely platform data Viant top now our the and of the democratize to chat customers sizes such as room all advantage further data. data differentiated in integrations Viant to will industry-leading The on Viant top with platform dozens spending the a is platform. access with data with clean of as Snowflake. by them providers provide as well

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and successful reasons product performance. market begins this segment, There it are several we've why with been within

performance campaigns optimizer spend excuse return when our means results buy-side superior only believe Similarly, consistently be can Our we or capabilities investments and spend attribution ad adjusted and ensure CPMs any for customer, available. demanding. in and are us are offer has redirected. important allowed but be consistently the as that That best ineffective and more like objectives competitors, campaign solutions we of for and being me, -- particularly spending ultimately spend lower customers. reporting to AI-enabled AI in our effective better bid met can efficient than more strategy budgets our tracking to on That's deliver

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insights access a never capability of unprecedented and And dreamed now leveled have analytics a set historically being required. of truly many way. of customers the able the in playing of field skill our depth the to With provides we've data mid-market because high it

want what's become removing we programmatic in advertising the can industry: and the optimization. hot a Finally, ensure and streamline between advertiser dive how the path middle. path Supply simply, industry publisher the I in are topic waste Put to into

publishers. As develop question, confusing. hard in unnecessary amongst answer emphatically with between an SSP this being advertisers get is or our with middlemen We're working inventory resulting the trying connection reselling tech advertisers, eliminate can tighter and many a objective often the SSP, Vayant from space, topics ultimate additional the -- to is providing of of eliminate to the be the ad to of the cost We no.

create called Access, up publishers that -- where drive the delivering we provides the partnered path leading represent buy sell the along optimization tech Earlier publisher. this digital clear supply launched supply largest These value the majority The tax direct our the cost process added Direct side. removing is to who direct premium premium available. while unnecessarily and With the and Direct the path in lower or Access advertiser, with inventory. benefits CTV to CTV immediate with revenue program space and year, program from to a complicated tighter of for the are customer. a higher access, resellers cost-efficient inventory the publishers the me, a more we is to chain for excuse we're side resellers both by delivering no

that were primary focus market. York in we future direct hosted CTV industry high-growth path less CTV CTV. an both year. path. entire over And CTV. consumers. access saw leads our favorable to the parties. and That been waste, again leading viewing in not And to transparency of supply of in to injecting They advertisers experiences through month, Our is what optimization ultimately move from ecosystem. us Many is financial attendance. QX complex fraud streamline spend efficiency, have clear and Direct Direct Access for XX% inherently higher In to want become continues was the could and of and publishers, a unnecessarily through message grow supply we instances New complexity event QX, has the CTV improvement of Access Last of figure publishers the as the the outperform in called an

on focus inventory inventory seamless additional at access CTV supply cost and optimization while to other direct enables no publishers with approach to access premium web unique path fees. while layering on display solutions Our

Hulu, our expanded access picking include recently ESPN+ of we the Access launch part growth, Direct direct program their with Disney+. of steam of biddable and with is Disney As up partnership CTV recognize directly inclusive customers' CTV to value our marketers premium a way to to with while increasing their Viant. and to ad looking demand, connect CTV as maximize more of amount an more our direct spend access the inventory, of publishers

excellent close market our to that, first We to X had will I'll drive believe take in and the to by continue represent amidst path And with share continue is their landscape the we that to innovation the supply a year. market. customers broader we for well quarters saying an trend upward. We interest as positioned we're of continuing

our we've on best-in-class Larry solutions financial and and continue will I'll are year We clients, made to on turn you, more believe delivering only focused now to the far support in so to increase we product performance. and provide this coming details to the gains our it over quarters. Thank

Chris. Thanks,

remind our supplemental Relations like financial a Investor everyone accompany Before that call. that have presentation I begin, posted includes to to information I'd website to today's we

and also tax results success Tim propelled end all than for XX% increase was the $XX.X million, capturing key in we $XX.X XX% prior ex of share the year exceeding a continued quarter our of within strong quarter delivered the metrics. quarter, XX% As shared, top line an the versus mid-market market strong the high third Revenue versus of period our year on very by segment. These million, guidance QX. Contribution were was higher increase the period. for prior an

data quarter. also to grow Direct ex This Viant bid Customer new our the reporting Household contribution was all by of the IV, including continued Viant QX, Access in suite, platform, advanced revenue to in a these success AI across adoption steady contributing and releases meaningful and bolstered adoption TAC the and optimizer. products cadence product of

QX, customers. in offering our revenue record spend, contribution Notably, further percentage of witnessed establishing our levels with momentum underscoring growing mid-market are of ex the and across we TAC we spend

continued quarter CTV, gains we In perspective, the with in robust terms impressive From retail, our delivered was by driven growth channel verticals, quarter in goods outpacing customer the verticals. across consumer of primarily travel and a customer another double-digit market growth. again,

by X/X of a spend spend CTV represented CTV platform, ad quarter, inherently retaining attributed effectiveness in as Chris in on in as Viant widespread impact environment. can Access our program, adoption Our the previously more our fastest-growing driving of the this the role substantial pivotal Furthermore, also quarter. cookieless our Direct and be the Notably, highlighted CTV than Household played third the success to channel. during in continued of status its total ID

the trailing the video, to streaming of and a promising our well emerge over the period. in XX% includes accounted half with increased experiencing which per quarter both again. we active spend video for strong a category this as during XX-month ended format. once customers customer our and of underscoring basis, Advertiser net Likewise, audio CTV, Turning strength growth formats, quarter, customers, XXX the on to spend high-growth double-digit quarter active XX on a mobile decline in platform the continues during

This decline of focuses strategy, customers growth fostering our deeper high-quality our spending with which customer with increased capable regarding previous is relationships levels. communication consistent on

potential. customer we As actively are with from deliberately shifting focus while onboarding and attracting segments strategy, part our spend long-term lower customers greater value our away of

Turning now to operating expenses for the quarter.

organization. efficiencies significant operating XX% reduction marking across to non-GAAP a operational million, commitment the driving $XX.X totaled year-over-year ongoing our highlights This Our expenses reduction.

this than this in As This and investments a substantial while in our in we've of XX% making the size is the previous operating more period. by exemplified product mentioned quarters, concurrently business. we're teams engineering leverage over increase achieving

in a productivity Our AI and a the approach is level these substantial teams many to that high our drive between our in in balance of of efficiency confidence long-term technologies investing realizing strike enhancements of of the success. will and progress. role The instills fueling gains sustainability

in team, in in XX% we're quarters We in quarter, to to us revenue efficiency investments organization. report us indication of operating ahead. entire per believe leverage our increased the enabling the sustained the are to an positioning of the our generate an We acceleration as pleased AI continued efficiency employee, are enhance improving making which

XX high from representing For period. EBITDA more $X.X a generated the the adjusted quarter, XX% of year Adjusted improvement TAC million, our of prior the than from prior ex well of increase million EBITDA third we the end $XX.X above margin an guidance, an of for points contribution percent of as was quarter, period. the percentage year

$X.X prior million which $X.X in period. third the of totaled a and year compensation quarter, compares stock-based Non-GAAP other current a share per in net the net loss Class the in to compares $X.XX the to non-GAAP earnings non-GAAP income, which million, items, of prior A For period. excludes loss year $X.XX which quarter, totaled

In Class ended count, and terms A quarter Class million B we XX.X of shares the share outstanding. with common

This no $XXX We positions well market also $X.XX front foundation quarter and and the million working to end, on of continue substantial fully capitalize capital opportunity in have which undrawn quarter debt ended and facility. with we cash cash extremely to a million at to us. outstanding. the We us $XXX positive access million had $XX translates noteworthy financial equivalents share to per a solid in of credit

look advertising mid-market the to QX, we expect in ahead continued particularly As in environment. taking the continue momentum share, and our benefiting stabilization we from to U.S. the

For in the to XX% a representing the $XX $XX revenue year-over-year expect of million, we at fourth quarter of midpoint. of the million increase XXXX, range

TAC increase $XX expect Non-GAAP expected year-over-year XX% million, ex are $XX.X to million We the year-over-year increase of to of $XX contribution million, be range million $XX.X million to the in finally, the operating expenses representing midpoint. a at of a which midpoint. EBITDA And of million or represents expect at to $X.X midpoint. be year-over-year we XXX% increase to a in $XX.X the of X% $XX.X range million, adjusted the at

than Adjusted prior as at be to improvement more year XX TAC QX points the of percentage an EBITDA for margin percentage contribution a XX% period. midpoint guidance, of the from expected ex is of

simultaneously QX operating a in strong double-digit quarter. in in margin In basis. resulting double-digit top summary, delivered reduction year-over-year a we significant on in growth expenses managing line the while expansion

grew as impressive an Rule XX% sum The in of of midpoint our of TAC XX%. a for ex these TAC our percentage and further increase often referred XX was expect QX. metric X margin ex XX% the contribution QX as the in to XX%. metrics this contribution QX, on Based to guidance we the of For EBITDA totaled to quarter, adjusted

Our substantial our exemplified impact market service. effectiveness share gains a products of and unparalleled QX in and our

and throughout we a cadence previously XXXX. As new launches about we steady XXXX, are I what product maintained in coming mentioned, excited of have very

revenue saw quarter. steady ex meaningful in driving these we newer QX, products, in adoption contribution increase incremental the TAC customer In a across and

consistently a And continue in We We innovation, focus build ahead products on our to to these positive portfolio new strong as by adjusted unwavering and of in margin we to enduring finally, trend propelled top have execution us customers ahead, while across to setting product customer expect XXXX. profile, come EBITDA creating financial deliver adoption focused and a shareholders. as the an the and this on all products continues competition. remain market value and valued line both continuing expansion growth for quarters robust

And it for Tim to comments. I'll with pass that, final back

investors great model a was . We XX% Larry. achieved. our most we've results driven want Thanks, this of company performance that that by the I revenue delivered we made excited in Viant the directly strength quarter. is our for customers. I'm prepared our show by the offers our to technology have business leverage QX the quarter and across close initiatives that are that opportunity a significant value compelling operating remarks our investors. our reiterating translating strong we for growth But believe progress into

coming the We tailwind in $XXX capture the $XX into the TV. have balance are of billion accelerating spend of cash of TV structurally to profitability ad enormous opportunity Connected over and the positioned on sheet, million linear

look forward quarter. the up wrapping to year strong with We another

the back open now questions. to to video to I'll turn the Operator?: over it operator

Boone hear from We'll JMP. with Instructions] [Operator Andrew first

the had all XX%. advertiser seeing down guys features the Yet Innovation the just on Day, right? customers We an touch attended can very to wanted time, same new sounded impressive. we're at of you that I

are top there funnel terms getting So fall the count speak are as mid-market understand can that of we is customer understand us you any that with you down of help in you watching other the guys Or sequentially. us way traction guys to the as these anything we either agencies?

Yes. Thanks, for the Andrew, question.

in I our it's what this. large It's think last Just really mid-market. time to the started just focus about the said, we've on we about been talking year, reiterate customers spending this

on top a we we continuing early haven't spend things a solutions just really, just platform seeing. lot really -- our of call through have eat pointing basis, some is that that pricing is what -- a QX, Viant or pace. churn. but relent customers agreements, think access, lot customers. from, largely have around new on we funnel, that's as We and what of the MSAs XXXX our a just growth new lot CTV, our of lot knew QX. where end gaining minimums ahead at that, vintage though that a you're the mid-market. as lot increased around that's A require in -- lot a with in the of that we are of driving of are rolling well measurement kind we'd I we're From XX-month that direct of and of talked lower as of the data a . What lot were really reporting, we acquisition will of the those, we focus traction what's that about, customer so say advanced the kept really We those existing customer really many it, And of result that a

doesn't advertiser So, a customer of down, we highlighted -- has that it shed can have going a on de has and kind lot minimis impact lower cap base you of the we that value. this, the really, it really of we feel see the really end

about wanted it And then buying to Talk opportunity AI for buyers. out in terms the of there process on tools, friction I the but the ask brings again of ad really Where as are traction else What ad just become guys about share that there? agencies brands as you can you process? efficient? Anything housing. well more happens seeing as buyers in more

traders company. about not or to a the These a in-housing. able course, Anyone when in-house that planning of space, in who the from complex campaign are faced the just trader and be mean manage systems whether choices are to I or it's there. many, many start. programmatic I'll Yes. works an optimizing an or and then, independent with really ad due you're to agency

So a on functionality the not more that simpler, tools choosing search feature buying across ad just to and is lot focus we and platforms, Star where North there every and level. social a single very try those make it and you're in-depth

tools AI brought you recommendations, Being trader forward, but of time site day able a there a location, list being programmatic combinations the things the our and recommendations, simplifying of and we to and that so able speed that Deltic different giving out trillions it, process spend of all to are revenue recommendations, does, up basic that ultimately drive that. been And a analyze that that's understanding focus. a customer to and coming on use to growth primary how

of can manage if easier do draws they add lot for more we that, for they them do. to to do drives -- there to for Anything Yes, we break dollars customers around what usability really, lot manage easier to and spend them. they we spend know -- into can lot more I that, per X think to put a a want That's larger out, it years. there, the the the it more is I'll make would that, And if have UX about platforms. the ours and it It you segments, a hear that focus efficiencies We use, campaign if trader. traders us. that of

of search enterprise social Open available if aren't it look Really, social, so small to of historically, search mid-sized businesses it's don't lot and kind about way a be. and all because However, to all we DSPs has you -- and Web theory why the going businesses in open them. to to to in the easy the SMBs, are in use the at talk complexity. to web because -- think and And programmatic the programmatic I

the complexity bring providing We're the we the opportunity these the millions really search social. really trying businesses of by also tools, And and and higher out that's of more up but millions down to more market. and help it's where to that going total end what open addressable see the is market, to buy there of that

I to Yes. should it buy mean, channels as businesses those most other most well. And up, buy should because businesses -- search, think drives TV should businesses buy and we what most X that's we social sum

going Larry, Sorry. quarter And one. was the a number I'm aggregate last spend X in terms there to growth? for then sneak total of spend

that ago. did of we stopped We quarters -- disclosing couple a

recall last in versus XXXX. ex TAC. that there we year, we that mix of growth a that in converged the versus rate you got through contribution spend was shift delta sizable And through If has went revenue since

So the very are numbers all similar.

we QX, amount that spend [indiscernible] about be in would XX% approximately grew revenue well. So XX%, as

with has Merrick Andre James And question. Raymond next the

Kind of of some remarks. X prepared commentary follow-ups to the the your in last in some

can education guess Innovation result have both question is there's just users? relatively the of And is X of to go-to-market impact remarks things kind the period? because novice or on in a the tailor of longer sales strategy the these do your as AI-enhanced Are Day, users. prepared cycles? on, would that types of out So they how on longer proving that you you I what's did a products the touch have I in and impact the types data and enhanced

data of -- Aviat All the data teams. just platform. Great the customers factor. Therefore, I those generate, it's of our in-house of showcase because have a insights not when It's but teams. science a prerequisite. Yes. platform Really out the because you're they're can And -- science question. right. only the what accessibility really -- used Viant -- talking That's sort they of of it the Many it. wow mentioned able have they very XX data about do we it's our insights in-house customers our generate to top X data XX love Customers

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that could being and SQL language able just of insights. query, you natural writing those instead gain do now commands complex a We're write to

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that, So of increases just amount we the that with spend us. that they spend think

Andrew, buying interface interface. the ultimately, X think user focus simplify that to yes, every to is we we available interface chat about process just it and we well. how on up, that to ad through That sum all. user user Chris is The today, that up wake described But the self-service as interface day, offer

optimization. in lot certainly So journey but of on, we're that has both it's campaign a it, the legs and exploration application setup data and a to chat

loss other the appreciate question appearing X to and get then appearing happening info closer I be we kind closer. And cookie really be the of now with that getting to helpful. and

household a little talked of bit changes. I privacy know particularly a kind iOS CTV. signal, in the if does of because this the behave if the like for can bit the past about us give IP some at technology you were how the But Apple ID risk around refresher Just for a you've of

Yes.

And built structure. mean we when our non-digital is by what platform, address. we're number, we a e-mail name, talk phone address, completely about identifier people-based So advertising data on

we say data And it physical IP those to that's address, IP tying the not all so it's household X tying together when an of at household. points

as our So accelerates to technology. don't is any us, disruption It the for environments this out. change come into believe a industry. see in do growth causing we big which XXXX certainly these we our really

see market we've for holding of delay its many a the had first the IPO post scale, years able understand did Google we're accuracy of and large the in have many is that been and positive delay, to The mid-market now this -- when test, that the see solution companies now time our differences.

that think well to really accelerate 'XX once growth grow we so takes in place. this positioned and we're event And

Canaccord. Maria Moving Ripps on to with

Great.

continued so around ad And but sort would stabilization you compared environment result the of you are more as market previous of maybe mentioned conservatism some QX, brands on can into of how you a classify periods? ad sort any leaning sentiment budgets QX holiday you heavily expand First, in in maybe promotions? the in seeing to far

Maria. would ad We're -- would lot that. out not the a proving just growth say verticals. third environment we really the seeing We're just it the the I in to really see that I really see. is A positive there. customer -- next focus environment mid-market, not campaign long performance. segment, out certainly year, be all around seeing more typically be much different, we last the of into servicing much a year lot broadly strong I a quarter, good This accelerating Retail -- would lot across year. of say to it time all and seems We're company this from what seeing as continuing our which us fourth as definitely piece so say continues on would well

and to the to money As I going their allocate matters more performance earlier, they're higher-performing stated of a channels. ton

since the over could out benefiting quarter. and a changes to one. we ever programmatic, a really programmatic, Apple see really number certainly. a getting that's It's Web came strong And go fourth But us lot that lot more of year highlighted really Open say would ago. the it's spend that's with in the open web well So performance premium, -- around a I the

makes just That dilution. on And following sense. it. up Got cookie

move you conversations how you're this it's to topic sales -- as force and at of So slated positioned 'XX, in brands closer positioning -- I think is point? being could whether your your discussed the agencies about with and talk you maybe QX for

all out and that we've -- mean we've I and this Yes. around go-to-market And time, the us reality the -- be been signal in their the percentiles. used come ad loss. is I'll going start in been of is to for our aware. all Many high January. their up to is very, to are They They definitely website marketers those conversions long isn't is very this be clearly XX-plus front to this a be able market new match to able of up impressions. used their all match a obviously and that. scale, sign on around at for go -- to

of about the see XX% their we But they're to transactions their average ad customer, match impressions. to able on only

are year there it, been over, well that a measurement marketers many two out have call solutions. and there there's out for for searching or So

helped So that's us. really

big adoption, to spend. to able help and that them they focus We around measurement have really look our their with tools ad drives measuring a customer to be

going Innovation think going Many go-to-market about talked isn't to really change. things we our the enhanced. our Day. to be is So do of I it that on really

to -- All is all easier the to and They believe But of measure we're really spend. loss of to that make are for customer aimed not around searching lot do those them solutions. products, unaware that of who's in a affecting all, accessibility for problem, it their market readily talking it's customers measurement measurement have ad if a them. I are many, and signal not

there Google that only we traffic X% of it's it's Google on starting been this So to for Chrome going time. although out heavily QX, be themselves has pretty real in saying think

think it So we us year for will a strong again. be

add would just I Yes, to that.

all across the loss that rooms product 'XX. our huge accelerate ID. activate it's with 'XX bring that thing the for really market. there, that's you gains the instantly that buy-side we share And really that's in across that . plays nature a platform. demand advertiser, market to product we problem, -- areas integrated that integrated side important a of clean move we've the from and is to the web pixels a X firing There's have household and differentiator. overlooked now answered our platform think signal often data I There's you customers in driven in will That's think offering and solution can phenomenal is

next Chris Kuntarich question. the has

Can guys me? you hear

Yes.

those quick the bit October. Could progressed and just give trends monthly on were Maybe more us on to just how through basis X questions. of quarter a color a kind CTV how you

we had the conflict you out Middle that called had think in considering East. the but I stabilization

expense impact side. Just maybe curious then any X the if And there. that was just on

you think then I this quarter teams at XX% and were XX% guys think growing guide X%. And product year-over-year. out you for engineering and the had guys I is another that up called about had expenses sequentially about cash

other the we is of within the here just opportunity should and levels be in team staffing roles guys kind of for engineering about thinking curious, and you some ahead the . So see how that 'XX?

you want . take those do to Larry, both

I Yes, can Chris. take them. Thanks,

biggest quarter, throughout see terms growth in Definitely, of the the So steady quarter did the we the typically last month pretty the quarter. month. of is

more seeing So to video And strengths, seeing we're pronounced. was we're consumer the lot it across even seeing are it we more throughout the was that quarter. CTV. stabilization steady it a speaks again, us, goods, broadly, retail But which across solid We're seeing. and that about

impact power this we're to X And I prior made we quarters focus a steady grow the year that yet that it of bit are the definitely earlier think, XX year, in quarter-over-quarter of yes, than reason last of line. bit to went the and the X this growth we XXXX When mean, was clear point. then slower the don't couching on we're will it lot investments you for the investing we that -- of will stable we certainly say and is When a I was quite would annualization the next quarter. to think existed have it's the top recession the at has one, look returned front, expense we through year grow way only a So and more But than the our growing it is but annualizing sure. a stabilization, kind impact fully that expenses expenses. rate ago, we into we think slower expenses full

So, that's it. how we're looking at

We but forward we see to an of selected did into continue will increase December. make -- going this cuts in OpEx year, you different. 'XX, last investments significant Obviously will somewhat

year. decline, a seeing will modest you're we but 'XX, next see So increases

And next . from come our will Kreyer question with Jason Craig-Hallum.

Bardon Jason. Cal is This for you. Thank

start. for couple me, about growth a as just just the guess, to CTV to Can continues adoption? . I potential of gain So access kind you direct talk

would working to just focused premium our to our dollars we're Program in within not fees I many exciting give say Access channel Yes. CTV, just optimized path something most to the the path media owners Direct that where take on. is really trying looking -- the and it's direct that's specifically more and most most content get for years. customers to probably We're

it's focus, the in definitely -- really that's marketers. having that conversation we're So single it's and every with

think of -- to able and because was drive really be to with it of really budgets the to a turn great about last QX pleased Especially, a coming are out heads. this that. if growth more been the lot started demanding, year year that it launch really especially you We've

than CTV we see stated, grow. of as expect to it continue that, So more to We and XX% spending. we it's

it and savings and makes complete new is That's the of market more just of it, X sense. for to reach the clients. dollars X the there. our big customers nature that's publisher -- the -- just really One more working potential financial It's and more a media directness

think, in of that I more value some the out things Access. that. see Direct also will really There's come some, Marketers exciting

As to content premium driven. things are think came included opportunities access lot data with demand, owners these looking clients' an more our to more up all I products to continually out a announcement get around recently going and that's bidding. week more last Disney data-driven open that and more around us

of it's all biddable concern in to be IOs was going this CTV and supply. I the direct there a more kind not would last data-driven. time say, year, a market was that So

didn't we're opposite that. the expected We and we -- seeing

the seeing largest the in inventory. biddable opening content You're there. owner data-driven, up world

to that continue we grow. to So expect

in huge role Direct growth. that outpacing us industry think is to a going keep Access we play CTV So really

Perfect. And then just last me. X for

are tools that? in you manifest Are so these revenue do these out, share roll gain, to As how to the drivers? expect wallet drive more gain they continue P&L? discrete differentiators and more to Or things that like AI

drivers. No, Yes. revenue are they

we there? these in there up producing keep you ex-TAC off if it they've drive savings that way we of all been ultimately The aggregate, produce products big We June. so that is revenue anything -- the optimizers drive would bid create. it's in So XX% we contribution our based been adopted. CPM we Larry, launched the value add they're from And drivers, revenue.

they the well. drivers, also certain putting based our Yes. also our us work help but incremental add, direct elements of customers as I product dollars on to with win line. business revenue would more

of a we're business, revenue also well. result but seeing incremental TAC as these . ex in a and increase we're contribution as using So modest winning the products

time And for we questions. that today the that is have all

Tim, So for it to and you Chris closing remarks. I'll back turn

quarter everyone, lot, our all and joining you Viant third a a terrific thank at we'll call, produced the and employees quarter. that Thanks quarterly you our to for you, next earnings. Thank see