Viant Technology (DSP) 4 Mar 242023 Q4 Earnings call transcript

Okay. Hello, everyone, and welcome to Viant's Fourth Quarter 2023 Earnings Conference Call. My name is David, and I will be your operator today.

Before I hand the call over to the Viant leadership team, I'd like to go over a few housekeeping notes for the program.

As a reminder, this webinar is being recorded. there a remarks, session. speakers' the will Q&A be After

please ask set your If firm. to question, full ensure and display you plan to a you've name your name Zoom

to time, ask at of located bottom the Kunzman that now to of Nicole will would question to the hand which the like like screen, way, the up would the raise I Blueshirt you during If call The to out that Group. pop please your Q&A use function with over a with turn prior session. And

Thank Viant you, earnings welcome David. Good afternoon, Technology's conference and to XXXX fourth quarter call.

assumptions call we'll and Co-Founder QX and Chief make and our call materially forward-looking cause the to but to are Chief of Chief that subject Co-Founder or law. and are future platform Officer; like undertake and today, initiatives projected. and those Vanderhook, Madden, except from statements limited for results risks events, speak actual Larry to on Chris On guidance statements, required forward-looking Tim we as including, These based only to, our development revise update Operating Financial XXXX today, today that obligation statements by Executive as not could our that to you on Vanderhook, and Officer. I'd no uncertainties these differ Officer; remind

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

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

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

everyone, joining pleased with in our seeing almost fourth in which accelerating extremely Thanks, reflect momentum our business. Revenue us year-over-year, for today. are we for quarter. quarter the the and quarter, an fourth in while increase across resulting Nicole, XX%, thanks, XX% the grew in ex-TAC contribution the adjusted EBITDA XXX% results grew I'm

compared brands. the as data-driven spend a quarter in continue large we pleased they becoming today we only buy-side innovation are a Viant was strong from highest cater strategic need as ad of to Our recovery our with of that doesn't and budgets. having growth platforms advertisers X position achieve higher are capitalize an ecosystem, outcomes. to on since for, campaign looking platforms more service their independent that ad level better achieve outcomes, are platform one-size-fits-all any completely closed this that only, only platform spike are meaning the of we demand-side role our with platforms we with with mid-market our This a growth result market of require we've out Viant. The are is execution, platform, to omnichannel and what strong our acutely ability our independent commitment success on squarely X the X coupled more market more in inventory. We of with was businesses platform, for XXXX. aware for to total desired Viant year of play as the multinational our an in product publisher to market capture fit. record along in is one that programmatic share can I'm marketers believe enterprise-grade buy-side customers' that that the and also self-service a representing ad with by a contribution post-COVID grow publishers particularly we fits that ex-TAC had today support team's driven to

We increasing as platform. customers, traction we mid-market see larger become continue to go-to with their

of One almost quarter. in from quarter of our strong was on highlights notable spend total the Connected double-digit in largest TV, the channel growth our platform, representing fourth the XX% our

is driven Our our success allows by technology targeting cookie-free with CTV to environments, part for in attribution TV. advertisers achieve Connected that ID which is Household particularly in critical and being

meaningful We Approximately think we across utilizes phased ID. of Household XX% We have once platform spend out. this penetration cookies of have our CTV ID. is customers indicative see Household scale channels our achieved our the been through all using the with ad could

alternative XX of more Household that vision years be this on for won't shift mindset cookieless much that and today. is are and and premise anymore. on measurement technology would advertisers. have Perhaps invested one is all cookies ID advertising that R&D our a as reality day important realize seeing across cookie-based on education is customer looking to than becoming We relying really advertising They with that what's they solutions channels. this reporting measurement, obsolete work And support most closer the we're

they fraud, Household in extensive both The achieve results Household recent customer of as results scale in-store with of addressability company's to ID activity lower campaigns. core from and e-commerce have is history. compared of of our ID strength done and far driver and of strongest responsible accuracy one ad it measures ID new superior testing our and pipelines capabilities, We sales our higher cookie. has a for have the instances is the who with seen A/B greater and for that Household measurement customers, can education themselves campaign resulting

of garden we inventory KPIs content our seeing Access, a deliver just to can see for expansion the CTV about isn't they than about search. are in they Direct through fewer our charging customers. Advertisers on spend cost of our clearly landscape, QX. better the they bring their higher. social in better this and momentum over in customers, of as of ecosystem enabling fraud, largest CTV as the content. We that our it's lower essentially This And or better first-party our customers each quarter our contributing In industry to on customers, instances level Direct access in is on players owners to media premium massive today's auctions, would their creates of partnering are directly the to rate able all services in of ongoing match we are campaign direct better in content Access spend and offering. enabling think cost also addressability reason delivering impressions win side a largest pricing there amount be data the strong a XX% the is driving Another the multiple for to world's over value Access through materializing CTV ad CTV owners Access of with many higher seeing with are from most ad world, programmatic was With Direct campaign our and walled are of that ad Direct well in program, with XX% performance. results, this to the return on on as up traction ad the our

suite investments new from mid-market scale making innovation needs This in decarbonize we industry strides enable further focus best on to our and our our advertising have which our a will topic to platform will believe of advertising. A opportunity are a want recognition customers to which platform a recognized to be further pleased all extend vision our leveraging on dive see serve and to minute. towards leaders, significant channels The are our further sustainability Award their These touch will machine that return goal on drive and the more them ad AI save Intelligence technology AI dollars, I build features is in automation digital product the we're our expanding efficient on by autonomous spend across into Group. advertising. consolidation customers. the won our money, our capabilities and higher their features making by AI continuing help final Innovation to been ad are platform. We that notable XXXX we validates by we Chris learning the of product with and We suite, of drive budgets and on of Business business that

Viant customers. of now company-wide delivering goal, completely For proud that to our XXXX, our status in our has announce for that to carbon-neutral turn carbon-free on enables our am a published achieved to indicated incredibly supply worked company, report sustainability chain last week. it we I this the team and as efforts in am first us I proud

enable to carbon stemming digital the launched our them advertising their own Adtricity to ad corporate their campaigns last our curb goals. spend quantify also sustainability is helps from year, meet and designed We which footprint of their to their ad emissions program customers

will through Chris our believe it over but a to do their I'll of of choose spend We ad comes ad marketers enables it some those recent have just that so over when continue tenants, pricing, to with to to turn to that believe no cover on dollars and efficient we competitors that, we updates. both a lead with substantial to a Viant also them product drive not delivers emissions. providing platform sustainable advertisers our chain. With supply

the our top strategy that take our for I'd XXXX Tim. today share to in ahead. Thanks, growing our quarters and years minutes like market discussing a few priorities frame for

look someone in our overstated, interest. The experience a we customers. that initiatives KPIs results more key is leverage to happiness, for for platform deliver rolled supported better our experience. of On integrate into AI premium been of This customers. to better make and that that better first user AI platform strong to further only that see power have in and had of XXXX, be delivering are the their that easy products efficient platform note, point as XXXX year learning can't for hit DSPs into to X they by on our easier our customer a AI out are to continuing use, and more a customers serves as and use priority to continue machine We incorporating platforms their

us significant Optimizer. find passed ad on on along our our AI AI is powered not excited help to a from AI savings that's achieve adoption Optimizer publisher the base. helped audience. average a best believe and platform. QX see only AI of driving the XX% for both, return first small customers adoption this AI while win same for their increases We've all saving we're we ad machine and Optimizer is revenue the products return because AI response them a the how this efficiency CPM offering, to spend higher reach The leverages our our as Bid At platform from revenue, we've same of our our customer, strong the leveraging Bid we ad learning on generated, by seen pricing Viant drive opportunity ad to while while to make product are Optimizer Data our second we've At along and incredible the rates passing customers. We're the on our and to but cost also specifically getting customers launched their in Bid XXXX, Optimizer increases received our to take wider with spend, also money their priced our seen for Bid customers. We it has by customer standpoint. time, savings improvements product, customer a options. We like experience time, inventory, to to for that our dollars. further is Bid more customers' elaborate and savings percentage these from our on rest I'd

work later the So much so that this to product plan launch at of summer. that generation hard developing second we we've been this

even expect for higher which to it wins deliver going to will current customers. compared even our We generate is bigger offering, savings our

related is Data to platform. product Viant AI-enhanced the second Our

advanced the and Data certainly XX activates address, cycle of because Previously, of connectivity platform. These needed about more will seen achieved data knowledge what Viant recent and customers large there's but measure outsized using platform plan adoption X so platform giving that notably platform have platform. At personal data that this? can because to of with the Data top you out base. leveraging of with customer performance. the provides. adoption excited similar user first-party we us as numbers, non-programming we're We first-party and for It's it in products, We've customer it our a we've Viant as quarters. campaign disappearing, customer unless users we're natural use access have from the software. were with first-party creates language why Viant the phone and with a good a Data AI see the their in And Our Why to to few data across back name, within that cases business rely use platform, them programmatic Many a and introduce room data with to in Data have to rates our with and DSP. The of how of they platform. that Data coding meaningfully activity features, with spent the identifiers often you the house winners, AI the the on targeting data to across our delivered be languages October, measurement most Chat cookies that help interoperable in for seen XXXX, Viant sits new enabling is the impressions is measure early can't Viant rollout no customers virtuous interface, ability announced and to cookies. home e-mail their sales Viant data will customers, advertising such doesn't generative models ad access of seeking believe in we dormant and idea programming custom activates clean to adoption the advertisers most gives now But advertisers the their this from the Bid make experience, across selected resulting to in Viant targeting to frictionlessly should build are The DSP. clean we drive platform are have some room clean Data optimistic AI match And platforms campaigns. platform that their users data. any actionable Viant campaigns. Day to we're the sales services in be data Optimizer opportunity Data have Innovation big Data number advertisers first-party AI their able data This these the that directly their make rooms, new measurable in a with we data platform, the use have but the

demand-side see advertisers. us, product to look reiterate revenue-generating as our later In superior position buy-side a for how as deliver the the this platform, Viant addition, with meaningful advertising. enhances year. And increasingly I forward We opportunity finally, for Chat we customers' Data that programmatic we experience a platform and official so as of Data launch a with it's our want only that -- important to

only as Our our best on ability are and Access inventory, the higher. Direct on the while driving receive because return AI possible to pricing to and really customers, deliver they Optimizer ad our commitment products possible spend ensuring such of dedication ad Bid advertiser

up not they which Our achieve and or they want to are not publishers drive work our in customers with We're them to or specific having way publishers. to whether any customers give continue incentive proud goals. to on them able publishers, with certain transparent helping choice Viant to seeing. It's able competing see, to they are are without results get be to their turn data one to to our campaign depending And customers independently the direct audience working choose can another.

We're more Tim we the to providing our mentioned, very financial independent updates best detail offerings experience As our available. With really as performance. Larry turn to the build capabilities I'll on Larry? and over to in horizon, to the new that, we advertising on become it on have deliver term, customers. are look about and new near platforms in forward provide we're for there continuing features ecosystem, the our product the to buy-side few excited

Thank Chris. you,

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

As which Tim accelerating detailed I'll update a before had into high-level discussed, of on capped a Viant. quarter, we full the for year quarter fourth a fourth year results. provide strong growth getting the

increase $XXX.X XXXX. totaled over year, XX% was Contribution revenue totaled million XX% of totaled Non-GAAP full For decrease last $XX a over in on XXXX, of EBITDA million, million a million. XXXX, And an $XXX.X in operating $XX.X totaling basis. over $XXX.X year over XXXX, up over XXXX. million XX% adjusted up the ex-TAC expenses year-over-year

function this both well as tailored to as platform meet perfectly a results landscape, a ability ever-changing environment. of of needs strong comprehensive to year Our our this were advertisers macro deliver a stable the in

XXXX, remarkable our and As the execute consistent acceleration showed XX% and by on increasing and our providing year-over-year on growth growth year rates and as in scaling that growth they QX and we in progress mid-market unfolded, impressive we budgets remain growth X% advertising a XX% quarter-by-quarter growth growth market support performance QX. In in in our require, share. saw to in their QX ex-TAC in Notably, we XXXX, to focused rates, starting X% platform. at the clients gain QX an and responded continue contribution

is while increased deliver campaigns, to best-in-class ability advertising under high-performing scrutiny. are and Our attribution particularly in an where enabling budgets environment, vital reporting

work mid-market, dollars allows of to in for pleased Direct for we driving customers exceptional Access the key that such advancements and committed of Viant. Last and delivered all performance our we've adjustments, at return spend introduction to harder, X year to was time, products campaign during Bid revenue These year, our objectives I Specifically meaningful exciting on am incremental team's where as ex-TAC goals in report on Data our the them. but XXXX, and on must platform's for focus ad to ability platform. and this AI Optimizer, the Viant are contribution our financial X not that XXXX the by customers' innovation, are central cutting-edge so ad real features for and success as continual exemplified only time surpassed. Also met, our in track

which half we to for tone we a was promising our will the setting XX-plus The to expect a the growth, QX trend XXXX. moment, And to XXXX of in I to line accomplished second ahead. first guide, which percent per return in speak top continue, that year

operational pledged we throughout AI. drive Secondly, the of leveraging efficiencies organization, power part to by the in

million, our in by along we EBITDA, a was to increasing we lower improvement the able result, now committed versus margins. I'll non-GAAP expenses an an EBITDA, versus year-over-year XX% in were achieved growing EBITDA line period. XX% prior XXXX, million, in for to million XXXX, and top significantly the adjusted a XX% operating Contribution adjusted we As of lastly, with also $XX.X our for fourth results. And year results quarter. on ex-TAC move to of $XX.X period. increase quarter was $XX.X for adjusted increase Revenue the the prior year the quarter XX% while

customers continues XXXX, to be percentage to by and we business, majority the significant platform. Throughout growth spend our our the make side the across results represents of of across across driven new platform. which the progress scalable offering, our the spend growing to existing large strong Our of adding customers both continue

As only of Furthermore, at generating are to focus mid-market of annual impressive in more the Since platforms XX% contribution at average This, serving being compelling coupled Tim contribution the the customers years. number at platform, trend on least with rate over increased the by at of of least XX%. customers last $XXX,XXX same driving X increased when the while an exclusively this growth is of scaling. Notably, percentage XXXX, our the ex-TAC percentage customers viewed over year-over-year generating existing is on the the mentioned, even were unique spend number spend we $XXX,XXX side. buy ex-TAC over basis. self-service of the a one has customers year, new for a of scaled, market position in time, few

that continue customers will remain existing mid-market new customers are we and these as to scale ahead, added. trends Looking confident continue, larger

sector public strong doing that goods public across verticals, governmental terms well includes haven't as is see is customer momentum healthcare we consumer customer which talked and our that we other entities In to agencies, vertical verticals, our about services well universities. as vertical, other and and municipalities we what travel One such verticals. continue retail call of as customer our before particularly

perform to platform, XX% to as favor both quarter, ads and of In video spend CTV, well. video, our represented continues nearly formats, of In terms on cookie-based extremely fall continue which the of includes mobile out video with display advertisers.

As specifically of cookie becoming for dominant market. strong the very growth with result preferred we are CTV a impending a another video and quarter of advertisers. From CTV, perspective, deprecation, the had in solid channel ahead a channels double-digit

Direct having on nearly spend benefit We are in Access channel, traction continue was customers channels. providing ID total our is channel representing our CTV remains platform, our this our QX, largest the it to adopting of XX% across the as as from fastest-growing cookieless and efficiency we of from Household our well and advertisers. ad one offering with performance

the streaming overall represented audio, Another strong high growth quarter in had which for of nearly channel extremely was us and XX% spend.

beginning contribution at percent XX% spend XXXX, in very customers. platform. the count historically calls, discussed we higher-value focus of count on has we as from million ex-TAC mid-market smaller, customer in decision segment, a of of been sharpened In we've value the number decreased As of from Consequently, customers over strategic customers platform. That nominal of customers the customers made impact customers lower large customer represented XXXX. those excess year period. a on our over prioritize significant had to increased our small XXXX, number on on prior of lower-spending long-term a financial in $X with the XXXX, as a we customer the said, record the overall generating within being total prior The

of customers In of report basis. ex-TAC doesn't commitment our we it. over by the decided grew metric on included of over not that with and with customers XX% metric to metrics customers. legacy a on contribution many line that we relationship and capacity business, to believe our portray streamline generating did across to larger customers accurately scaling contribution nurturing This while TTM the a intend health scale. Consequently, longer largest Historically, smaller $X,XXX all rapidly ex-TAC ones, have our XXX no concerning customers, we've year-over-year. In we've expanding customer count our our new with provided inclusive addition, to

we providing to insights relative will success. across customers, performance believe of much more we dependable forward, which to larger a focus our gauge be on Moving

Turning for quarter. the expenses now operating to

million, non-GAAP Our operating expenses X% down totaled year-over-year. $XX.X

efficiencies temper We to our share our making internally long-term operating business, position we focused best for remain investments growth gains. market teams, and That and to being thoughtful team engineering continued increase in our specifically ourselves expenses. said, around to on sales in product

the For year, increased ending total year headcount we the X%, heads. XXX by of a with

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

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

to generated QX, us. and access facility. fully B solid This to working and no million cash shares capital million the share XX.X capitalize end, cash translates of flow well In of quarter of a we market ended quarter $XX.X to operations. $XXX.X on and million count, ended of with substantial the opportunity quarter we common debt at credit have million $X.XX extremely of ahead we positive also we $XX and the Class financial share from to cash We outstanding. had $XXX.X foundation A with noteworthy equivalents, positions continue terms which per outstanding, undrawn In us Class and a million also

Turning now outlook. to our

XXXX programmatic patterns of encouraged are spending seeing. continue taking share the We history, company's customers scale the the are the remain differentiated of with customers and approach scaling. number that along largest our expect in process with newer to we advertising market in began by We the to many people-based in with

So quarter of midpoint. expect first of representing the $XX for XXXX, to XX% at we of the revenue that million backdrop, growth range with the $XX year-over-year million, in

X% between a quarter-over-quarter increase million and a $XX midpoint. a ex-TAC and representing at million to of the of range million range $X.X to XX% we the represents midpoint of contribution the in be like are operating at $XX midpoint. the some the expect or million modeling year-over-year expenses $X in XXXX. year-over-year year $X million, for EBITDA million opportunity growth million full provide expect $XX to year-over-year midpoint. I'd QX, which of at to be to points increase the XX% of We to Non-GAAP in expected a the at increase take And adjusted $XX this finally, also of

we stock-based expect XXXX, For approximately total compensation $XX to million.

we XX XX% significant ahead growth in ex-TAC amortization approximately to end contribution and share million some together almost and landscape by the of execution And A expectations. margin of depreciation team's XX%, ad of adjusted with consistent growth expect in XXXX of we approximately rule in of the the $XX a with and top total throughout of posed totaling again, the the our year, margins million. achieved EBITDA double-digit line expect Once We count, terms QX. outstanding. In resulting despite in Class XX% XX profitability QX with in shares to Class closing, we're budget common challenges XXXX, and pleased by B our

on this results, management positive AI and integration has anticipate relentless year expense we of drive to and momentum Our focus undoubtedly the ahead. internal yielded in building efficiencies on the

extremely excited profitability Our continue will expand as best-in-class market final ahead, market products, remarks. the a the in to with believe the the and well about ever-evolving our year the discussed, position I capitalize opportunities unwavering, reinforcing further deprecation also that, remains believe any delivering years Household forward. advantage and our reality will share growth in. back and as of cookie our especially and it these The our hand hold new technology, in customers revenue introduction distinct for sets with Chris opportunity we're of in commitment driving a going confidence we DSP we Tim for in to continued gains on market dynamics to positioned market to ahead. And We're ID

work of with really XXXX, we in In be our the summary, we built where are hard employees we wouldn't pleased with customers. relationships Larry. the made partners and we've and we and our the Thanks, progress are without

many and offerings the capitalize Viant, out roll change have for about deprecation the advertisers irons excited amid opportunities more of mindset continue product the fire, We cookies. suite our we on to AI we're and in of ahead in as the

consistently ability We to we and hand year as execute are questions. to to on XXXX, confident for our open it we the forward the in our momentum back our like did continuing targets, the look in to operator ahead. I'd in line to

Thank you, Tim.

Laura Needham. questions. with your We [Operator will taking move now comes to And question Martin Instructions] from our first

Congratulations. Great. Great numbers.

I want your is cookies, to but is us how Trade the compared how you Household -- X.X by advantage the So about Remind compared please better remind than to yours remarks, in of sandbox Google your why your could Desk. us and to those Household you prepared that UID Tim, first by ID privacy ID focus, X? talked competitive

question. Yes. good Really

the relates sandbox, thing to it sandbox browser. web privacy to in keep one only mind, Chrome As is privacy

we itself. Household that using buy a many to product from data a e-commerce or connected you're it by going expose works the can't sandbox in-store ID, been limiting ID get to of pickups, on you second They're about. television, But device yet. advertiser, both And of those loyalty transactions same connected in and has Household to advertiser So you're the or ID to is part the the tying the that the an the as another only one helps to product you're part and Household talking together, that getting have ID all it use device consumers a member the and view devices. of to through smartphones do on and televisions or an where purchasing to thing showing about desktop their advertisers the purchase and first-party really to first-party similar and it and added purchase or Household the CTV, but you're from we if data go store device kind your that to question, product like smartphone advertising it's what programmatic laptops do you Chrome privacy or ecosystem. The the either in. focused from that's going shipping ties across a ad product and tie ad program, in home

to Household is home So the address. what That's of we to ID is, and that all what anchor first-party our advertiser's physical just by ingesting go effectively, a ID, back to. information your

e-mail be it's big tied physical that you tech, are here not could when think of like today but potentially tomorrow. could addresses your be So to away address, taken

believe because forward, point not we big way just control. get data on of long for So the deleted, that correct building near Household for while is that cookies ID term, it's term the the tech doesn't but a top

and to mention want the ID DSP handles One penetration all Laura, point, the market. out our over between difference I of average, ID is the XX% XX%. many other ad On of we Household current -- other our really requests it's TV, connected solutions specifically north and there in in just Household handle of that it's

other other of source So over platform, our XX% has able through of that I'm of the aware out ID. alternative scale. or the they're leverage to when identifier CTV level time any that not there Household And buy marketers

Great point.

Okay. just walled money on do with Direct DSP X the lot second keep Access, these into just up wall, that tie technological end this players over cost years, developments? can't is, because we out of it's up smaller the Internet of go they a gardens with -- interested can't that then sides like this -- and they like open feeling to both of directly of and Is is the away those spend disintermediating these one to And do the and some small jettisoning clients, play in in fewer to Access. you're intermediaries, Great. lot ties I'm affect guys but the actually SSPs in sort your Direct you a it my that end, where of really your

upfronts our with that's connect those are But for upfronts connect Well, owners doing done I because demand for I in XX They to the would say is want customers, years. reasons our that Access, typically most want certainly, and linear focused demand customers' with ours in few largest television XX not are that. content incremental that think CTV. and with a And world them. on customers' they direct specifically to the large Direct to years, demand they've notably, who there's

way new to customers revenue are mid-market bring a platform. Our their to

So that's great why response. a see such we

to do want buy or you Do to It's no-brainer. a direct? through it's quite middleman marketers, buy simple. For a want you

much about are budgets think just that. going their than going think play. media it's so I don't Marketers a it's gets less. smaller like anything weeding always out towards that or I more So efficiency working path But an players to of choose them

the is so that that's why high. think So response we

is that my this -- and And one, building one so last on this comment. just of

what's Chris, CPM the So uplift.

money when What's higher save cut that your direct said a when the was the intermediaries? do there you guys publisher money. uplift more You this went clients CPM to the out and -- you

So it's point. a great

when because CPMs. It's are through lower actually Direct achieving So Access, marketer great buys question. a they interesting

-- lower publishers they're are increase. are We because These meaningful in And CTV. auctions So at higher seeing really CPMs, they're within why players their CPMs premium winning is market. at the upwards Direct the why Access the a most the themselves, are actually that? auctions in the see higher some getting being percentage. That's seeing That's of percentage. CPM those those but won higher in we're a of XX% CTV, the publisher

again, publishers for results Access, Direct our they're incredible it's So, for it's great of and getting part market. CPMs are in customers, lower that

you, Okay. Congratulations what again. That's just Thank wanted. I guys.

Okay.

Our with next Marok question Andrew from Raymond James. comes

maybe since far testing Can couple end remarks the catalyzed and the months of that's You impact to the deprecation so cookie been you strength talked your of your pipeline. about been implemented? has your there on mid-market seen the pipeline a in strength has last over bit any into that customer that the the of mid-market prepared of of we've maybe getting the larger elaborate,

for the mid-market, thanks harder in the work a always around dollars question. editorialize the that to Yes. have mid-market. Andrew, the bit we fact Certainly, in the

We much just them more also matter the results find advertisers that to driven mid-market and more. are data

ID a they're are we without all on is somebody seeing e-commerce at versus, that, when any to because you're being in. measuring just they the our not cookies, return you're investment see transactions, you time higher also do really so, brought Household physical, testing say, able And And -- retail seeing are doubt, household level.

the what not ads but impact just e-commerce, see on plus in-store. have, of e-commerce true So again, they on

they're lot just that the reality cookie. that was of and cookie given deprecation has think years, chrome will pipeline, what started. a mindset Andrew, Whereas terms the prior the shift the now, eventually of of a does know decision you I thing, to delete education, strength when in Google make there actually the the by owed platforms marketers One new choosing is of really in

I by now, activity think shift lot there's that's and a There's deprecation So that the cookie happening. of that real. the advertisers is mindset the time is

in versus they're so, And decision-making their prior. active more

emphasis for a my Thank AI of second, the of a And Great. a topic. different is point. internally product this to developed bit maybe point Obviously, suite you. and

of generative, and So in to be think you as continue further seek the kind cash your versus you build up how scale buy build as about suite? do decision to AI, balance cash you that

and lot Yes. would go out comes Well, to generative technologies AI newer there's I AI, it a say, acquire. the when like really not to

as We the are area ability AI was we in found have ideas given all is to to relates The and And these that data data. the especially new. still so, apply expertise our to way to technology certainly build, in-house, it market fastest to new.

product Our Viant We a don't Data of like platform, in lot other when comes marketplace. competition the have it no it's itself. really to that

platform. previously, where that was already on we again, I'll place decision many, is state of many the to it is I world-class happening the XX% our That platform. data inside the in-house, us, expertise build it from And a easy product AI said getting is AI it all it, And that's but taking have of we've applied. scratch, data customers for and given pretty so, got actually

we out. When to M&A, to the customer that rate. a services at for advantage our huge it of we customers on live, a being scale new products and complementary have products comes always able could any to already think high we so, we're And lookout attach

high set look AI, products heck lot attach out. believe specifically it certainly If And things shows we more up, a to will a build for, the to like hard first our what we using but made of at data platform something have for so could certainly brought at a it. or M&A, a change it we'll of customers rate that we that our take when look are sense and looks continue to comes DSP

Appreciate detail. the Well, I'm clear.

next comes from Our Chris question Kuntarich UBS. with

where throughout little bit year? versus at maybe of just how how sustaining the talk And we visibility your at, last that was a growth about guys Could into revenue visibility 'XX? you Great. see point this XX% kind compares

of whole think the of around customer more there more a What I -- end Chris. uncertainty moving I 'XX, Thanks time can just Yes. budget towards landscape, economy. I around question, their this is are out you, the much beginning and we much clients 'XX, the really around the the of certainly into see resilient confident tell that lot and XXXX, into planning. there's for think at moving

feel that. around we really So good

we've seen did mentioned, of Tim Larry pipeline the this as customer As well, larger out is pipeline and largest some there. best and of customers our

up call on we when to mid-market increase spending ability they customers more our still, that and what that to success to platform. continue the more we coming the the board on spendability, have move within market As but have year-over-year continue

outlook the the in for so off. kicked confident get year excited extremely we're So to XXXX,

I to would of Chris. couple add things a that,

we on Although guidance give basically didn't to especially earnings of said kind to some the give grow grow than overall that last the did we our signals. market call, 'XX, mid-market. faster for continuing we market, expect in share XXXX, We in

which to expansion. drive margin expect in also faster non-GAAP EBITDA operating incremental grow expense, We will EBITDA and revenue CxT than

bullish are very we So XXXX. on certainly

the market. grow do expect We number, haven't put a than to faster we out but

-- is client and running when couple up the or really is coming kind of customers variability kind of on of and of maybe not maybe kind time Got the helpful. when was my ramping? dovetail follow-up you we new on the of the remind of just be any a from question, the a us how these -- it. to which guide the guys you Very key function a nicely about Can XQ to of strength thinking they're whether And into pipeline. we that board of should

think know have we one don't outsized for any in customer. no don't outsized have swing one we there's some there customer, I I that.

look year. like it's And their quick. the is year, spending customer them platform. year-over-year large that on to some testing, That's I that just they impact X.Xx DSPs, amp and end think more will rates the a turned the year about sticky high the these as 'XX, retain platform, is extremely said, thing. really one moving that throughout really, is every a customers. but year, multiples on that more that thing into typically, have this usually second think I customers they're to ability focus why that the to every 'XX, relatively of to these in very have We we great add one And year and It's Typically, they reasons of our to at budgets. we -- see. And larger really of So increase in spend spent see -- on they We continue first percentage. have the year see remind -- we X, really say grow that Xx we in process we just onboarding the up. we with to this you we continue more

Our comes JMP. Citizens Condon next from Matt with question

model first color just far helpful? is to as CPMs as expect My the as with it there step any savings of would another AI Bid the the XX% on as be do function generation is second Optimizer. on What this the one change far we can to

the savings, that you is of Yes. -- specifics achieve But one. Number of they these a the savings media don't Yes, Bid that (sic) get using want your early, a bunch we're to -- Optimizer. cost when they're higher the ad second at X, of is larger spend customer. actually lower automation but getting to this, get around benefits there's traders Joe cost I by aimed yes, within that hitting would there's And you're generate of customers, on return any other you're gaining benefits AI we savings. lots how that because other [ introducing we Matt number for ], platforms other first too generation share the of They the Optimizer, with KPIs. which of in we're media of That's making budgets, for There's their the important amount It traders. And what percentage of certain of daily oftentimes highest a version, comments, be pacing possible in target a may sales, sure in proper Bid might focused the just just generation want basis. have at it very like do, to talked traders target, benefits we're is it market happiness. a spend lots reach did AI to have end, customer certain reaching looking of be then they But my let's not multiple on rate. say, mails. that on. we I about a

of of continue they when KPIs the find platforms their use accelerated ease is there they're more. rates, to their they So hitting and at spend

So, Optimizer. for more even that's our and really save wins bigger see We're really to we our focus. Bid looking generation AI deliver second of But can more them. more customers come the on to

super Access, color maybe where XX% of On CTV can get over spend, That's be would there this now my helpful. time? also for Awesome. Any to And then over second Direct just helpful? one.

environments available less. can I in when There -- apps of think, television, XX%, to and very, number can it web make to certainly, very percentages, in versus Well, the is the CTV contrast sense. websites the I think comes high think of open there Access display when of get connected north you of of substantially Direct the that it number the

Direct as So they going high preferred have But managing their that these way of get all integrations, we we're in by direct. our of think more, more terms course, of They media. purchase in It's seeing the can have how spend it and Access. customers. really be choice would choice, driven of XX% north direct

comes question next Jason from Craig-Hallum. with Kreyer Our

I to Perfect. want to just the back AI go topic.

component wondering willingness utilize if customers with several You more of and spend? to last functions rate late AI I unpack their and like solutions that those you But year. or the this bigger more move introduced coming a budgets customer think year, of over new -- of adoption just could

results that test reliability to and do I'm see that more comes actual the it you see your lives you will throughout amount and it on part tell quarter more, would shut -- can say it into Yes. one off that it move then small you start it. we and you scale soon of. adoption, adoption with is as hesitancy that selected their results make about budget, I AI testing, is it a platforms rapidly the great because as hitting More there the certainly of I the KPI. to no when so get I'll these how but easier of then and and the aware -- has makes -- pretty

people quarter. then Does Is it's ramp I think within it usually are and the anything consistent? reliability that testing. the it So factor they do negative

of of tremendous vast customers, through XXXX technology. we selected Bid And adoption customers we've even and using the our adoption Optimizer So who more we as do for similar seen haven't that Generation rate we X and the will be it. the new remaining of throughout release QX expect become XXXX, compelling, results a think vast, majority

choice. of October Jason, One our you benefits have We customers new the our them. We at time products customers. value prelaunched you market. other we products, to know and that? that we get in we educate the with DSP, to of We that that give AI out a in Innovation understand want the Day, back these see ahead point as Why want help some to are them always help doing products, these have to of there, familiar the kind

-- the to They don't they're going we everything do. not we're make going decisions. self-direct to -- have You

benefits. the our to today. think with in one it's good we I seen educate such want make helping on out that's easier market an think customers, there of why we adoption And we've that we're sure And So the reasons way.

A follow-up for me.

on Just deprecation. cookie

you're first and seen behavior, Just that customer just terms I widespread? if go things take the that benefit your it's in XX kind in as notable more going you've gives you business -- And to budget, then path we seeing in curious, know on the days you're deprecation of are confidence that down more of here, of and anything just X%. what you're the overall,

Yes.

a there the because a marketers a the value is and dependence I too is RFIs they've in growth on I overly of CTV. and a some a -- -- and for understand marketers a by cookie-based an replatforming. by in lot of way of seen Marketers we've one way there's are RFPs think large seen they're display think things lot we've and I indexed the early of there overall this market, seen is We're important now lot budget perspective, advertising. around XXXX, CTV. And of think figures realizing, -- from point of too

factored I at a we has and deprecation paying -- attention have delivered. And that's wasn't of are KPIs, that been to what's going what also XXXX. But the was in value, lower They're in help many no cookie-based the wasn't replatformed. certainly move streaming. that budgets is, other it is predominantly think XX% hit display to -- not one's search, to into their channels #X it moving just channel of believe customer #X going there's that? we channel to advertising marketers, these on to deliver be that pegged form eMarketer wasn't hit as But marketer going get study came to truly display response, It a are it what's growth what and The linear KPIs cookie budgets direct recent are going funnel tens that advertising. social, goes, billions that what's are CTV. out

going continue think cookies deprecate, marketers going and be winner we to big move a that there's an to as to in KPIs, CTV, going are So money that to larger is growth hit what's opportunity there. even to CTV

measurement but really, amount to cookies go towards in vision towards seeing restore looking of their garnered platforms really So CTV, when a we're that to measurement, who's are going away. large customers replatform also on

us. that bodes really So for well

this At are no there Okay. time, more questions.

earnings you Thank QX to forward for joining everyone, Great. XXXX again talking you, quarter. call, we look next the to and

This Thank you for us. webinar. concludes much so today's joining