Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Viant Technology Inc. | |
Entity Central Index Key | 0001828791 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3447553 | |
Entity File Number | 001-40015 | |
Entity Address, Address Line One | 2722 Michelson Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92612 | |
Local Phone Number | 861-8888 | |
City Area Code | 949 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A common stock, par value $0.001 per share | |
Trading Symbol | DSP | |
Name of each exchange on which registered | NASDAQ | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,460,084 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 47,082,260 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 48,830 | $ 50,857 | $ 142,659 | $ 141,412 |
Operating expenses: | ||||
Platform operations | 27,530 | 28,967 | 84,674 | 85,026 |
Sales and marketing | 16,949 | 15,131 | 47,991 | 49,869 |
Technology and development | 5,576 | 6,590 | 15,590 | 20,521 |
General and administrative | 11,650 | 11,981 | 34,458 | 36,477 |
Total operating expenses | 61,705 | 62,669 | 182,713 | 191,893 |
Loss from operations | (12,875) | (11,812) | (40,054) | (50,481) |
Interest expense (income), net | (455) | 227 | (282) | 703 |
Other expense, net | 6 | 121 | 309 | 53 |
Gain on extinguishment of debt | (6,110) | |||
Total other expense (income), net | (449) | 348 | 27 | (5,354) |
Net loss | (12,426) | (12,160) | (40,081) | (45,127) |
Less: Net loss attributable to noncontrolling interests | (9,300) | (9,623) | (30,362) | (35,829) |
Net loss attributable to Viant Technology Inc. | $ (3,126) | $ (2,537) | $ (9,719) | $ (9,298) |
Loss per share of Class A common stock: | ||||
Basic | $ (0.22) | $ (0.20) | $ (0.69) | $ (0.78) |
Diluted | $ (0.22) | $ (0.20) | $ (0.69) | $ (0.78) |
Weighted-average shares of Class A common stock outstanding: | ||||
Basic | 14,306 | 12,489 | 14,078 | 11,894 |
Diluted | 14,306 | 12,489 | 14,078 | 11,894 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 199,665 | $ 238,480 |
Accounts receivable, net of allowances | 93,609 | 110,739 |
Prepaid expenses and other current assets | 6,010 | 2,967 |
Total current assets | 299,284 | 352,186 |
Property, equipment, and software, net | 22,681 | 22,331 |
Operating lease assets | 22,816 | |
Intangible assets, net | 945 | 1,786 |
Goodwill | 12,422 | 12,422 |
Other assets | 348 | 406 |
Total assets | 358,496 | 389,131 |
Current liabilities: | ||
Accounts payable | 29,897 | 32,877 |
Accrued liabilities | 28,202 | 34,086 |
Accrued compensation | 8,235 | 12,247 |
Current portion of deferred revenue | 65 | 1,317 |
Current portion of operating lease liabilities | 2,813 | |
Other current liabilities | 1,423 | 2,531 |
Total current liabilities | 70,635 | 83,058 |
Long-term debt | 17,500 | |
Long-term portion of deferred revenue | 5,234 | |
Long-term portion of operating lease liabilities | 21,967 | |
Other long-term liabilities | 765 | |
Total liabilities | 92,602 | 106,557 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity | ||
Preferred stock, $0.001 par value, Authorized shares - 10,000.000, Issued and Outstanding - none | ||
Additional paid-in capital | 92,736 | 82,888 |
Accumulated deficit | (33,367) | (20,139) |
Treasury stock, at cost; 144,173 and 216,230 shares held | (701) | (2,648) |
Total stockholders’ equity attributable to Viant Technology Inc. | 58,729 | 60,162 |
Noncontrolling interests | 207,165 | 222,412 |
Total equity | 265,894 | 282,574 |
Total liabilities and stockholders’ equity | 358,496 | 389,131 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 14 | 14 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | $ 47 | $ 47 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 144,173 | 216,230 |
Class A Common Stock | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 14,604,257 | 13,920,868 |
Common stock, shares outstanding | 14,460,084 | 13,704,638 |
Class B Common Stock | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 47,082,260 | 47,107,130 |
Common stock, shares outstanding | 47,082,260 | 47,107,130 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED UNITS AND EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Convertible Preferred Units | Common Units | Common Units Class A Common Stock | Common Units Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Members' Equity | Treasury Stock | Non-controlling Interest |
Temporary Equity, Balance at Dec. 31, 2020 | $ 7,500 | |||||||||
Temporary Equity, Balance, Share at Dec. 31, 2020 | 600 | |||||||||
Balance at Dec. 31, 2020 | $ 20,117 | $ 20,117 | ||||||||
Balance, Shares at Dec. 31, 2020 | 400 | |||||||||
Net income prior to Reorganization TransactIons | 669 | 669 | ||||||||
Effect of Reorganization Transactions | 7,500 | $ 49 | $ 28,237 | (20,786) | ||||||
Effect of Reorganization Transactions, Shares | (400) | 48,936 | ||||||||
Temporary Equity, Effect of Reorganization Transactions | $ (7,500) | |||||||||
Temporary Equity, Effect of Reorganization Transactions, Shares | (600) | |||||||||
Issuance of Class A common stock in initial public offering, net of underwriting and offering costs | 228,185 | $ 12 | $ (2) | 228,175 | ||||||
Issuance of Class A common stock in initial public offering, net of underwriting and offering costs, Shares | 11,500 | (1,500) | ||||||||
Allocation of equity to noncontrolling interests | (208,587) | $ 208,587 | ||||||||
Accrued member tax distributions | 75 | 75 | ||||||||
Stock-based compensation | 19,756 | 19,756 | ||||||||
Net loss subsequent to Reorganization Transactions | (15,539) | $ (3,104) | (12,435) | |||||||
Balance at Mar. 31, 2021 | 260,763 | $ 12 | $ 47 | 67,656 | (3,104) | 196,152 | ||||
Balance, Shares at Mar. 31, 2021 | 11,500 | 47,436 | ||||||||
Temporary Equity, Balance at Dec. 31, 2020 | $ 7,500 | |||||||||
Temporary Equity, Balance, Share at Dec. 31, 2020 | 600 | |||||||||
Balance at Dec. 31, 2020 | 20,117 | $ 20,117 | ||||||||
Balance, Shares at Dec. 31, 2020 | 400 | |||||||||
Net loss | (45,127) | |||||||||
Balance at Sep. 30, 2021 | 268,828 | $ 14 | $ 47 | 79,250 | (15,760) | $ (7,239) | 212,516 | |||
Balance, Shares at Sep. 30, 2021 | 13,891 | 47,137 | (408) | |||||||
Balance at Mar. 31, 2021 | 260,763 | $ 12 | $ 47 | 67,656 | (3,104) | 196,152 | ||||
Balance, Shares at Mar. 31, 2021 | 11,500 | 47,436 | ||||||||
Accrued member tax distributions | (192) | (192) | ||||||||
Stock-based compensation | 34,576 | 34,576 | ||||||||
Net loss | (18,095) | (3,655) | (14,440) | |||||||
Balance at Jun. 30, 2021 | 277,052 | $ 12 | $ 47 | 102,040 | (6,759) | 181,712 | ||||
Balance, Shares at Jun. 30, 2021 | 11,500 | 47,436 | ||||||||
Exchange of Class B common stock for Class A common stock, Shares | 299 | (299) | ||||||||
Issuance of Class A common stock in connection with equity-based compensation plans | $ 2 | (2) | ||||||||
Issuance of common stock in connection with equity-based compensation plans, Shares | 2,092 | |||||||||
Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards | (13,703) | $ (13,703) | ||||||||
Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards, Shares | (773) | |||||||||
Reissuance of treasury stock in connection with equity-based compensation plans | (6,464) | $ 6,464 | ||||||||
Reissuance of treasury stock in connection with equity-based compensation plans, Shares | 365 | |||||||||
Allocation of equity to noncontrolling interests | (40,427) | 40,427 | ||||||||
Accrued member tax distributions | (337) | (337) | ||||||||
Stock-based compensation | 17,976 | 17,976 | ||||||||
Net loss | (12,160) | (2,537) | (9,623) | |||||||
Balance at Sep. 30, 2021 | 268,828 | $ 14 | $ 47 | 79,250 | (15,760) | $ (7,239) | 212,516 | |||
Balance, Shares at Sep. 30, 2021 | 13,891 | 47,137 | (408) | |||||||
Balance at Dec. 31, 2021 | 282,574 | $ 14 | $ 47 | 82,888 | (20,139) | $ (2,648) | 222,412 | |||
Balance, Shares at Dec. 31, 2021 | 13,921 | 47,107 | (216) | |||||||
Exchange of Class B common stock for Class A common stock, Shares | 25 | (25) | ||||||||
Issuance of common stock in connection with equity-based compensation plans, Shares | 126 | |||||||||
Reissuance of treasury stock in connection with equity-based compensation plans | (2,648) | $ 2,648 | ||||||||
Reissuance of treasury stock in connection with equity-based compensation plans, Shares | 216 | |||||||||
Allocation of equity to noncontrolling interests | (4,276) | 4,276 | ||||||||
Accrued member tax distributions | (12) | (12) | ||||||||
Stock-based compensation | 7,326 | 7,326 | ||||||||
Net loss | (13,563) | (3,192) | (10,371) | |||||||
Balance at Mar. 31, 2022 | 276,325 | $ 14 | $ 47 | 85,926 | (25,979) | 216,317 | ||||
Balance, Shares at Mar. 31, 2022 | 14,072 | 47,082 | ||||||||
Balance at Dec. 31, 2021 | 282,574 | $ 14 | $ 47 | 82,888 | (20,139) | $ (2,648) | 222,412 | |||
Balance, Shares at Dec. 31, 2021 | 13,921 | 47,107 | (216) | |||||||
Net loss | (40,081) | |||||||||
Balance at Sep. 30, 2022 | 265,894 | $ 14 | $ 47 | 92,736 | (33,367) | $ (701) | 207,165 | |||
Balance, Shares at Sep. 30, 2022 | 14,604 | 47,082 | (144) | |||||||
Balance at Mar. 31, 2022 | 276,325 | $ 14 | $ 47 | 85,926 | (25,979) | 216,317 | ||||
Balance, Shares at Mar. 31, 2022 | 14,072 | 47,082 | ||||||||
Issuance of common stock in connection with equity-based compensation plans, Shares | 322 | |||||||||
Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards | (861) | $ (861) | ||||||||
Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards, Shares | (140) | |||||||||
Allocation of equity to noncontrolling interests | (5,455) | 5,455 | ||||||||
Accrued member tax distributions | (16) | (16) | ||||||||
Stock-based compensation | 8,821 | 8,821 | ||||||||
Net loss | (14,092) | (3,401) | (10,691) | |||||||
Balance at Jun. 30, 2022 | 270,177 | $ 14 | $ 47 | 89,276 | (29,380) | $ (861) | 211,081 | |||
Balance, Shares at Jun. 30, 2022 | 14,394 | 47,082 | (140) | |||||||
Issuance of common stock in connection with equity-based compensation plans, Shares | 210 | |||||||||
Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards | (701) | $ (701) | ||||||||
Repurchase of treasury stock in connection with the taxes paid related to net share settlement of equity awards, Shares | (144) | |||||||||
Reissuance of treasury stock in connection with equity-based compensation plans | (861) | $ 861 | ||||||||
Reissuance of treasury stock in connection with equity-based compensation plans, Shares | 140 | |||||||||
Allocation of equity to noncontrolling interests | (5,384) | 5,384 | ||||||||
Accrued member tax distributions | 18 | 18 | ||||||||
Stock-based compensation | 8,826 | 8,826 | ||||||||
Net loss | (12,426) | (3,126) | (9,300) | |||||||
Balance at Sep. 30, 2022 | $ 265,894 | $ 14 | $ 47 | $ 92,736 | $ (33,367) | $ (701) | $ 207,165 | |||
Balance, Shares at Sep. 30, 2022 | 14,604 | 47,082 | (144) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (40,081) | $ (45,127) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 9,746 | 8,024 |
Stock-based compensation | 21,855 | 62,192 |
Provision for (recovery of) doubtful accounts | 834 | (161) |
Loss on disposal of assets | 419 | 148 |
Gain on extinguishment of debt | (6,110) | |
Amortization of operating lease assets | 1,961 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 16,295 | 20,316 |
Prepaid expenses and other assets | (2,982) | (1,960) |
Accounts payable | (2,955) | (4,816) |
Accrued liabilities | (5,885) | (1,118) |
Accrued compensation | (4,171) | 198 |
Deferred revenue | (6,486) | (1,446) |
Operating lease liabilities | (964) | |
Other liabilities | (900) | (55) |
Net cash provided by (used in) operating activities | (13,314) | 30,085 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (553) | (386) |
Capitalized software development costs | (5,872) | (5,577) |
Net cash used in investing activities | (6,425) | (5,963) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of underwriting discounts | 232,500 | |
Taxes paid related to net share settlement of equity awards | (1,561) | (13,703) |
Payment of member tax distributions | (15) | (7,330) |
Payment of offering costs | (2,608) | |
Repayment of revolving credit facility | (17,500) | |
Net cash provided by (used in) financing activities | (19,076) | 208,859 |
Net increase (decrease) in cash and cash equivalents | (38,815) | 232,981 |
Cash and cash equivalents at beginning of period | 238,480 | 9,629 |
Cash and cash equivalents at end of period | 199,665 | 242,610 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 199 | 546 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Stock-based compensation included in capitalized software development costs | 3,113 | 10,116 |
Operating lease assets obtained in exchange for operating lease liabilities | 3,778 | |
Capitalized assets financed by accounts payable and accrued liabilities | $ 516 | |
Accrued member tax distributions | 5 | |
Non-cash gain on extinguishment of debt related to Paycheck Protection Program loan | $ 6,110 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Viant Technology Inc. (the “Company,” “we,” “us,” “our” or “Viant”) was incorporated in the State of Delaware on October 9, 2020 . On February 9, 2021, the Securities and Exchange Commission (“SEC”) declared effective the Company’s Form S-1 related to the initial public offering (“IPO”) of its Class A common stock. The closing date of the IPO was February 12, 2021, and in connection with the closing and the corporate reorganization (the “Reorganization Transactions”), the following actions were taken: • • The limited liability company agreement of Viant Technology LLC was amended and restated (as amended and restated, the “Viant Technology LLC Agreement”) to, among other things, provide for Class A units and Class B units and appoint the Company as the sole managing member of Viant Technology LLC; • The Viant Technology LLC Agreement classified the interests acquired by the Company as Class A units, reclassified the interests held by the continuing members of Viant Technology LLC as Class B units, and permits the continuing members of Viant Technology LLC to exchange Class B units for shares of Class A common stock of Viant Technology Inc. on a one-for-one basis or, at the election of Viant Technology Inc., for cash at the current fair value on the date of the exchange . Immediately following such reclassification, the continuing members held 48,935,559 Class B units. For each membership unit of Viant Technology LLC that was reclassified as a Class B unit, the Company issued one corresponding share of our Class B common stock to the continuing members, or 48,935,559 shares of Class B common stock in total; • The Company issued and sold 10,000,000 shares of its Class A common stock to the underwriters at an IPO price of $25.00 per share, for gross proceeds of $250.0 million before deducting underwriting discounts and commissions of $17.5 million; • The Company used the net proceeds of $232.5 million to acquire 10,000,000 newly issued Class A units of Viant Technology LLC at a per-unit price equal to the per-share price paid by the underwriters for shares of our Class A common stock; • The underwriters exercised their option to purchase 1,500,000 additional shares of Class A common stock from the selling stockholders in the IPO. The Company did not receive any proceeds from the sale of shares by the selling stockholders. Pursuant to such exercise, the selling stockholders exchanged the corresponding number of Class B units for the shares of Class A common stock, the corresponding number of shares of Class B common stock were automatically retired, and 1,500,000 Class A units were issued to the Company; • The Class B stockholders and Class A stockholders initially had 80.5% and 19.5%, respectively, of the combined voting power of the Company’s common stock. The Class A common stock outstanding represents 100% of the rights of the holders of all classes of the Company’s outstanding common stock to share in distributions from the Company, except for the right of Class B stockholders to receive the par value of the Class B common stock upon our liquidation, dissolution or winding up or an exchange of Class B units; • • Immediately following the closing of the IPO, Viant Technology LLC became the predecessor of the Company for financial reporting purposes. Viant Technology Inc. is a holding company, and its sole material asset is its equity interest in Viant Technology LLC. As the sole managing member of Viant Technology LLC, the Company operates and controls all of the business and affairs of Viant Technology LLC. The Reorganization Transactions are accounted for as a reorganization of entities under common control. As a result, the condensed consolidated financial statements of the Company recognize the assets and liabilities received in the Reorganization Transactions at their historical carrying amounts, as reflected in the historical consolidated financial statements of Viant Technology LLC. The Company consolidates Viant Technology LLC in its condensed consolidated financial statements and records a noncontrolling interest related to the Class B units held by the Class B stockholders on its condensed consolidated balance sheets and statements of operations. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information which are unaudited and include the operations of the Company, Viant Technology LLC and its wholly owned subsidiaries. Viant Technology LLC is considered a variable interest entity. The Company is the primary beneficiary and sole managing member of Viant Technology LLC and has decision making authority that significantly affects the economic performance of the entity. As a result, the Company consolidates Viant Technology LLC. All intercompany balances and transactions have been eliminated in consolidation. Viant Technology LLC has been determined to be the predecessor for accounting purposes and, accordingly, the condensed consolidated financial statements for periods prior to the IPO and the related Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. Amounts for the period from January 1, 2021 through February 11, 2021 presented in the condensed consolidated financial statements and notes to condensed consolidated financial statements herein represent the historical operations of Viant Technology LLC. The amounts as of September 30, 2022 and December 31, 2021 and the operations since February 12, 2021 reflect the consolidated operations of the Company. Management believes that the accompanying condensed consolidated financial statements reflect the adjustments necessary for the fair statement of its condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, statements of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated statements of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 (“fiscal 2022”), or for any other future annual or interim period. Certain reclassifications have been made within the condensed consolidated financial statements for the prior period to conform with current presentation. There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, primarily those related to revenue recognition, operating lease assets and liabilities, stock-based compensation, income taxes, allowances for doubtful accounts, the useful lives of capitalized software development costs and other property, equipment and software and assumptions used in the impairment analyses of long-lived assets and goodwill. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amount of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. As of September 30, 2022, the impact of widespread macroeconomic uncertainties, including the continuing impact of COVID-19, labor shortages, inflation and monetary supply shifts, rising interest rates, tightening of credit markets, recession risks, and potential disruptions from the Russia-Ukraine conflict, on our business continues to evolve. As a result, many of our estimates and assumptions consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available on the potential impact on our business of global economic and business events, our estimates may change materially in future periods. Comprehensive Loss For the periods presented, net loss is equal to comprehensive loss. Cash and Cash Equivalents For purposes of balance sheet presentation and reporting of cash flows, the Company considers cash in bank accounts, money market funds, and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The carrying amounts of the cash and cash equivalents approximate fair value due to their short-term nature. Accounts Receivable, Net of Allowances The following table presents changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2022: (in thousands) Balance as of December 31 $ 54 Provision for doubtful accounts 51 Write-offs, net of recoveries (1 ) Balance as of March 31 $ 104 Provision for doubtful accounts 1 Write-offs, net of recoveries — Balance as of June 30 $ 105 Provision for doubtful accounts 783 Write-offs, net of recoveries — Balance as of September 30 $ 888 Concentration of Risk Financial instruments that potentially subject the Company to concentration of risk consist principally of cash and accounts receivable. The Company maintains its cash with financial institutions and its cash levels exceed the Federal Deposit Insurance Corporation’s federally insured limits. Accounts receivable include amounts due from customers with principal operations primarily in the United States. As of September 30, 2022, no individual customer accounted for 10.0% or greater of consolidated accounts receivable. As of December 31, 2021, two individual customers accounted for 13.2% and 12.3% of consolidated accounts receivable. As of September 30, 2022, one individual supplier accounted for 15.3 % of consolidated accounts payable and accrued liabilities. As of December 31, 2021, one individual supplier accounted for 16.8% of consolidated accounts payable and accrued liabilities. The following table provides the Company’s concentrations of risk with respect to advertising agency holding companies as a percentage of the Company’s total revenues. There was no individual customer that accounted for 10.0% or more of the Company’s total revenues in any of the periods reported below. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Advertising Agency Holding Company A 20.3 % 16.3 % 13.9 % 10.2 % B <10.0 % <10.0 % <10.0 % 11.8 % Operating Leases See Note 5—Leases. JOBS Act Election as an Emerging Growth Company On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” the Company The Company has elected to take advantage of the benefits of this extended transition period. Until the date that the Company is no longer an “emerging growth company” or affirmatively and irrevocably opts out of the exemption provided by Securities Act Section 7(a)(2)(B), upon issuance of a new or revised accounting standard that applies to its condensed consolidated financial statements and that has a different effective date for public and private companies, the Company will disclose the date on which it will adopt the recently issued accounting standard. Recently Issued Accounting Pronouncements Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments Codification Improvements In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements The guidance is effective for the Company’s annual reporting period beginning after December 15, 2021 and interim reporting periods within the annual period beginning after December 15, 2022. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements. Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases —Leases for additional information. Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue The disaggregation of revenue was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Over-time revenue $ 133 $ 1,136 $ 494 $ 3,344 Point-in-time revenue 48,697 49,721 142,165 138,068 Total revenue $ 48,830 $ 50,857 $ 142,659 $ 141,412 Revenue for unsatisfied performance obligations expected to be recognized in the future for contracts with an original expected duration of greater than one year was de minimis as of September 30, 2022 and $6.6 million as of December 31, 2021. These amounts do not include contracts with an original expected duration of less than one year, which is the majority of the Company’s contracts. The decrease from the prior year end was primarily due to an agreement modification whereby the Company agreed to a $ 6.2 Remaining deferred revenue that is anticipated to be recognized during the succeeding 12-month period is recorded in the current portion of deferred |
Property, Equipment and Softwar
Property, Equipment and Software, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Software, Net | 4. Property, Equipment and Software, Net Major classes As of September 30, As of December 31, 2022 2021 Capitalized software development costs $ 69,782 $ 61,490 Computer equipment 1,056 1,823 Purchased software 32 32 Furniture, fixtures and office equipment 1,201 1,159 Leasehold improvements 2,463 2,178 Total property, equipment and software 74,534 66,682 Less: Accumulated depreciation (51,853 ) (44,351 ) Total property, equipment and software, net $ 22,681 $ 22,331 Depreciation recorded in the condensed consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Platform operations $ 2,510 $ 2,080 $ 7,219 $ 5,424 Sales and marketing — — — — Technology and development 432 421 1,250 1,185 General and administrative 147 164 436 494 Total $ 3,089 $ 2,665 $ 8,905 $ 7,103 For the three months ended September 30, 2022 and 2021, total interest cost incurred was $0.1 million and $0.2 million, respectively. For the nine months ended September 30, 2022 and 2021, total interest cost incurred was $ 0.4 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 5. Leases At the beginning of fiscal 2022, the Company adopted new lease accounting guidance issued by the FASB. The most significant change requires lessees to record the present value of operating lease payments as We adopted the new guidance using the modified retrospective method at the beginning of fiscal 2022. As such, the condensed consolidated balance • our existing arrangements are or contain leases; • our existing arrangements are operating or finance leases; and • to capitalize initial direct costs. The adoption of the new guidance resulted in the recognition of operating lease assets of approximately $ 21.0 22.0 deferred The impact on the Company’s condensed consolidated statements of operations and cash flows was not material. The present value of the lease payments was calculated using the Company’s incremental borrowing rate applicable to the lease, which is determined Lessee Arrangements The Company nine years The Company entered into one lease during the three and nine months ended September 30, 2022, as described below. We determine whether an arrangement is a lease at the contract inception date. Our leases may require us to make fixed rental payments or variable lease payments, which are based on a variety of factors including property values, tax and utility rates, property services fees, and other factors Some of our leases include renewal options to extend the leases for up to five years and/or termination options to terminate the leases within one year. If it is re considered in calculating the term of the lease. As of September 30, 2022, our operating leases had a weighted-average remaining lease term of approximately eight years and a weighted-average incremental borrowing rate of 3.1 %. As of September 30, 2022, the Company had entered into an operating lease for office space in New York with total estimated future lease payments of $5.0 million that had not yet commenced and therefore is not included in the measurement of the operating right-of-use asset and operating lease liability on the condensed consolidated balance sheet. The lease term is expected to commence in the fourth quarter of fiscal 2022. In conjunction with this lease, PNC Bank, National Association (“PNC Bank”) Cash paid for amounts The components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Operating lease cost $ 915 $ 2,542 Short-term lease cost 341 1,045 Variable lease cost 23 113 Total lease cost $ 1,279 $ 3,700 Future minimum lease payments as of September 30, 2022 were as follows: As of September 30, Year 2022 Remainder of 2022 $ 813 2023 4,506 2024 4,334 2025 4,270 2026 4,257 Thereafter 14,992 Total undiscounted future lease payments 33,172 Less: Commitments for leases not yet commenced (5,016 ) Less: Imputed interest (3,376 ) Present value of operating lease liabilities 24,780 Less: Operating lease liabilities, current (2,813 ) Operating lease liabilities, noncurrent $ 21,967 Disclosures related to periods prior to the adoption of ASC 842 Rent expense Future minimum payments under the Company’s non-cancelable operating leases, primarily related to office space, as of December As of December 31, Year 2021 2022 $ 3,039 2023 3,953 2024 3,060 2025 2,991 2026 2,974 Thereafter 13,739 Total minimum payments $ 29,756 |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 6. Intangible Assets, Net The balances of intangible assets and accumulated amortization are as follows: As of September 30, 2022 Remaining Weighted-Average Useful Life (years) Gross Amount Accumulated Amortization Net Carrying Amount Developed technology 0.3 $ 4,927 $ (4,693 ) $ 234 Customer relationships 1.3 2,300 (1,862 ) 438 Trademarks/tradenames 3.4 1,400 (1,127 ) 273 Total $ 8,627 $ (7,682 ) $ 945 As of December 31, 2021 Remaining Weighted- Average Useful Life (years) Gross Amount Accumulated Amortization Net Carrying Amount Developed technology 1.1 $ 4,927 $ (4,169 ) $ 758 Customer relationships 2.1 2,300 (1,615 ) 685 Trademarks/tradenames 4.0 1,400 (1,057 ) 343 Total $ 8,627 $ (6,841 ) $ 1,786 Amortization of intangible assets recorded in the condensed consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Platform operations $ 175 $ 175 $ 525 $ 525 Sales and marketing — — — — Technology and development — — — — General and administrative 102 132 316 396 Total $ 277 $ 307 $ 841 $ 921 Estimated future amortization As of September 30, Year 2022 Remainder of 2022 $ 277 2023 468 2024 107 2025 80 2026 13 Thereafter — Total $ 945 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities The Company’s accrued liabilities consisted of the following: As of September 30, As of December 31, 2022 2021 Accrued traffic acquisition costs $ 24,790 $ 30,942 Other accrued liabilities 3,412 3,144 Total accrued liabilities $ 28,202 $ 34,086 The Company had a balance of $0.2 million and $0.3 million as of September 30, 2022 and December 31, 2021, respectively, payable to related parties for expenses they incurred on our behalf, which was recorded within accrued liabilities on the condensed consolidated balance sheets. The related expense incurred by the Company was $0.3 million and $0.8 million for the three and nine months ended September 30, 2022, respectively, and $0.2 million for the nine months ended September 30, 2021. The related expense incurred by the Company was de minimis for the three months ended September 30, 2021. |
Revolving Credit Facility and P
Revolving Credit Facility and PPP Loan | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility and PPP Loan | 8. Revolving Credit Facility and PPP Loan Revolving Credit Facility On October 31, 2019, we entered into an asset-based revolving credit and security agreement (the “Loan Agreement”) with PNC Bank. The Loan Agreement provides a senior secured revolving credit facility of up to $40.0 million with a maturity date of October 31, 2024. The Loan Agreement is collateralized by security interests in substantially all of our assets. Advances under the Loan Agreement bear interest through maturity at a variable rate based upon our selection of either a Domestic Rate or a LIBOR Rate, plus an applicable margin (“Domestic Rate Loans” and “LIBOR Rate Loans”). The Domestic Rate is defined as a fluctuating interest rate equal to the greater of (1) the base commercial lending rate of PNC Bank, (2) the overnight federal funds rate plus 0.50% and (3) the Daily LIBOR Rate plus 1.00%. The effective weighted-average interest rate for the nine months ended September 30, 2022 was — The Loan On May 6, 2022, the Company fully paid off the outstanding balance of advances under our revolving credit facility, and the carrying value as of September 30, 2022 was zero. The carrying value as of December 31, 2021 was $17.5 million, which was recorded in “Long-term debt” on the condensed consolidated balance sheet and as the interest rate is variable and approximates prevailing market interest rates for similar debt arrangements. The fair value of debt was estimated using primarily level 2 inputs including quoted market prices or discounted cash flow analyses, based on estimated incremental borrowing rates for similar types of borrowing arrangements. PPP Loan On April 14, 2020, the Company received proceeds from a Paycheck Protection Program Loan (the “ Paycheck Protection Program Proceeds from loans granted under the CARES Act were to be used for payroll, costs to continue employee group health care benefits, rent, utilities the Company received notice of forgiveness of the PPP Loan in whole, including all accrued unpaid interest and recorded the forgiveness of approximately $6.0 million of principal and $0.1 million of accrued interest in “Gain on extinguishment of debt” in the condensed consolidated statements of operations. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation In connection with the IPO, which occurred on February 12, 2021, the Phantom Unit Plan was replaced by the LTIP. On February 12, 2021, 6.2 million restricted stock units (“RSUs”) were granted under the LTIP. The Company is authorized to grant RSUs, incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, and performance stock awards under its LTIP. As of September 30, 2022, the Company had only granted RSUs and nonqualified stock options under the LTIP. Under the LTIP, 3.9 Stock-based compensation recorded in the condensed consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Platform operations $ 1,233 $ 3,142 $ 3,622 $ 11,843 Sales and marketing 2,324 4,859 6,929 23,586 Technology and development 1,430 3,015 4,024 10,983 General and administrative 2,724 4,399 7,280 15,780 Total $ 7,711 $ 15,415 $ 21,855 $ 62,192 RSUs The following summarizes RSU activity: Number of Shares (in thousands) Weighted-Average Grant Date Fair Value RSUs outstanding as of December 31, 2021 3,033 $ 24.29 Granted 2,284 6.16 Vested (342 ) 25.02 Canceled/forfeited (117 ) 23.92 RSUs outstanding as of March 31, 2022 4,858 15.72 Granted 365 6.07 Vested (322 ) 24.69 Canceled/forfeited (120 ) 13.64 RSUs outstanding as of June 30, 2022 4,781 14.43 Granted 232 4.81 Vested (350 ) 23.22 Canceled/forfeited (242 ) 10.47 RSUs outstanding as of September 30, 2022 4,421 13.45 As of September 30, 2022, the Company had unrecognized stock-based compensation relating to RSUs of approximately $50.9 million, which is expected to be recognized over a weighted-average period of 2.6 years. Nonqualified Stock Options The following summarizes nonqualified stock option activity: Number of Options (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 220 $ 15.88 9.7 $ 20 Granted 3,565 6.09 Exercised — — Canceled (14 ) 12.02 Expired — — Outstanding as of March 31, 2022 3,771 6.64 9.9 1,891 Granted 216 6.16 Exercised — — Canceled (89 ) 7.88 Expired — — Outstanding as of June 30, 2022 3,898 6.58 9.7 — Granted 246 4.77 Exercised — — Canceled (242 ) 8.58 Expired — — Outstanding as of September 30, 2022 3,902 6.35 9.4 — Vested and exercisable 42 19.23 6.4 — The weighted-average grant date fair value of the nonqualified stock options granted during the three and nine months ended September 30, 2022 was $2.78 and $3.50, respectively. T he Company had unrecognized stock-based compensation relating to unvested nonqualified stock options of approximately $ million, which is expected to be recognized over a weighted-average period of The following table presents the assumptions used in the Black-Scholes model to determine the fair value of nonqualified stock options for the three and nine months ended September 30, 2022 and 2021. Three and Nine Months Ended September 30, Three and Nine Months Ended September 30, 2022 2021 Risk free interest rate 1.4% - 2.0% 1.2% Expected volatility 61.5% - 62.7% 61.1% Expected term (in years) 5.9 - 6.0 5.9 Expected dividend yield 0.0% 0.0% Risk-Free Interest Rate. The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury securities with maturities similar to those of the expected term of the award being valued. Expected Volatility. Due to the limited trading history of the Company’s Class A common stock, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of the Company’s own stock price becomes available. Expected Term. Given the insufficient historical data relating to nonqualified stock option exercises, the expected term assumption is based on expected terms of a peer group of similar companies whose expected terms are publicly available. The Company will continue to apply this process until a sufficient amount of historical information regarding the Company’s nonqualified stock option exercises becomes available. Expected Dividend Yield. The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future. Issuance of Shares Upon vesting of shares under the LTIP, we will issue treasury stock. If treasury stock is not available, Class A common stock will be issued. |
Income Taxes and Tax Receivable
Income Taxes and Tax Receivable Agreement | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes and Tax Receivable Agreement | 10. Income Taxes and Tax Receivable Agreement The provision for income taxes differs from the amount of income tax computed by applying the applicable U.S. statutory federal income tax rate of 21% to income before provision of income taxes due to Viant Technology LLC’s pass-through structure for U.S. income tax purposes and the valuation allowance against the deferred tax asset in the current and prior-year periods, as well as a pass-through permanent difference related to the forgiveness of the PPP Loan in the prior-year periods. The Company did not recognize an income tax benefit (expense) on its share of pre-tax book income (loss), exclusive of the noncontrolling interest of 76.5% due to the full valuation allowance against its deferred tax assets, resulting in an effective tax rate of 0.0% for each of the three and nine months ended September 30, 2022 and 2021. As of September 30, 2022, management determined based on applicable accounting standards and the weight of all available evidence, it was not more likely than not (“MLTN”) that the Company will generate sufficient taxable income to realize our deferred tax assets including the difference in our tax basis in excess of the financial reporting value for our investment in Viant Technology LLC. Consequently, we have established a full valuation allowance against our deferred tax assets as of September 30, 2022. In the event that management subsequently determines that it is MLTN that we will realize our deferred tax assets in the future over the recorded amount, a decrease to the valuation allowance will be made, which will reduce the provision for income taxes. The Company has concluded based on applicable accounting standards and the weight of all available evidence, that it was MLTN that its deferred tax assets subject to the Tax Receivable Agreement entered into with Viant Technology LLC, continuing members of Viant Technology LLC and the TRA Representative (as defined in the TRA) on February 9, 2021 (“TRA”) would not be realized as of September 30, 2022. Therefore, the Company has not recorded a liability related to the remaining tax savings it may realize from utilization of such deferred tax assets after concluding it was not probable that such TRA liability would be paid based on its estimates of future taxable income. As of the September 30, 2022, the total unrecorded TRA liability is approximately $10.3 million. If utilization of the deferred tax assets subject to the TRA becomes MLTN in the future, the Company will record a liability related to the TRA, to the extent probable at that time, which will be recognized as an expense within its condensed consolidated statements of operations. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 1 1. Loss Per Share For the three and nine months ended September 30, 2022 and 2021, basic net loss per share has been calculated by dividing net loss attributable to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding for the same period. Shares The following Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator Net loss $ (12,426 ) $ (12,160 ) $ (40,081 ) $ (45,127 ) Less: Net loss attributable to noncontrolling interests (9,300 ) (9,623 ) (30,362 ) (35,829 ) Net loss attributable to Viant Technology Inc. $ (3,126 ) $ (2,537 ) $ (9,719 ) $ (9,298 ) Denominator Weighted-average shares of Class A common stock outstanding—basic and diluted 14,306 12,489 14,078 11,894 Loss per share of Class A common stock—basic $ (0.22 ) $ (0.20 ) $ (0.69 ) $ (0.78 ) Loss per share of Class A common stock—diluted $ (0.22 ) $ (0.20 ) $ (0.69 ) $ (0.78 ) Anti-dilutive shares excluded from loss per share of Class A common stock—diluted: Restricted stock units 4,421 3,385 4,421 3,385 Nonqualified stock options 3,902 147 3,902 147 Shares of Class B common stock 47,082 47,137 47,082 47,137 Total shares excluded from loss per share of Class A common stock—diluted 55,405 50,669 55,405 50,669 |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 12. Noncontrolling Interests We are the sole managing member of Viant Technology LLC and, as a result, consolidate the financial results of Viant Technology LLC. We report noncontrolling interests representing the economic interests in Viant Technology LLC held by the other members of Viant Technology LLC. The Viant Technology LLC Agreement classifies the interests acquired by the Company as Class A units, reclassified the interests held by the continuing members of Viant Technology LLC as Class B units and permits the continuing members of Viant Technology LLC to exchange Class B units for shares of Class A common stock on a one-for-one basis or, at the election of Viant Technology Inc., for cash at the current fair value on the date of the exchange. The following table summarizes the ownership of Viant Technology LLC: As of September 30, 2022 As of December 31, 2021 Owner Units Owned Ownership Percentage Units Owned Ownership Percentage Viant Technology Inc. 14,460,084 23.5 % 13,704,638 22.5 % Noncontrolling interests 47,082,260 76.5 % 47,107,130 77.5 % Total 61,542,344 100.0 % 60,811,768 100.0 % During the nine months ended September 30, 2022, noncontrolling interests exchanged 24,870 Class B units of Viant Technology LLC for 24,870 shares of the The following table presents the effect of changes in the Company’s ownership interest in Viant Technology LLC on the Company’s equity for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss attributable to Viant Technology Inc. $ (3,126 ) $ (2,537 ) $ (9,719 ) $ (9,298 ) Transfers to noncontrolling interests: Decrease in the additional-paid-in-capital of Viant Technology Inc. resulting from ownership changes in Viant Technology LLC (5,384 ) (40,427 ) (15,115 ) (40,427 ) Change from net loss attributable to Viant Technology Inc. and transfers to noncontrolling interests $ (8,510 ) $ (42,964 ) $ (24,834 ) $ (49,725 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies As of September 30, 2022, the Company had non-cancelable operating lease commitments for office space that have been recorded as operating lease liabilities. Refer to Note 5—Leases for additional information regarding lease commitments. Legal Matters From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or other claims will have a material effect on the Company’s business, financial condition, results of operations or cash flows. Guarantees and Indemnities The Company has made no significant contractual guarantees for the benefit of third parties. However, in the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. The Company is not aware of indemnification claims that could have a material effect on the Company’s condensed consolidated financial statements. Accordingly, no amounts for any obligation have been recorded as of September 30, 2022. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information which are unaudited and include the operations of the Company, Viant Technology LLC and its wholly owned subsidiaries. Viant Technology LLC is considered a variable interest entity. The Company is the primary beneficiary and sole managing member of Viant Technology LLC and has decision making authority that significantly affects the economic performance of the entity. As a result, the Company consolidates Viant Technology LLC. All intercompany balances and transactions have been eliminated in consolidation. Viant Technology LLC has been determined to be the predecessor for accounting purposes and, accordingly, the condensed consolidated financial statements for periods prior to the IPO and the related Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. Amounts for the period from January 1, 2021 through February 11, 2021 presented in the condensed consolidated financial statements and notes to condensed consolidated financial statements herein represent the historical operations of Viant Technology LLC. The amounts as of September 30, 2022 and December 31, 2021 and the operations since February 12, 2021 reflect the consolidated operations of the Company. Management believes that the accompanying condensed consolidated financial statements reflect the adjustments necessary for the fair statement of its condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, statements of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated statements of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 (“fiscal 2022”), or for any other future annual or interim period. Certain reclassifications have been made within the condensed consolidated financial statements for the prior period to conform with current presentation. There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2021. |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, primarily those related to revenue recognition, operating lease assets and liabilities, stock-based compensation, income taxes, allowances for doubtful accounts, the useful lives of capitalized software development costs and other property, equipment and software and assumptions used in the impairment analyses of long-lived assets and goodwill. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amount of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. As of September 30, 2022, the impact of widespread macroeconomic uncertainties, including the continuing impact of COVID-19, labor shortages, inflation and monetary supply shifts, rising interest rates, tightening of credit markets, recession risks, and potential disruptions from the Russia-Ukraine conflict, on our business continues to evolve. As a result, many of our estimates and assumptions consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available on the potential impact on our business of global economic and business events, our estimates may change materially in future periods. |
Comprehensive Loss | Comprehensive Loss For the periods presented, net loss is equal to comprehensive loss. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of balance sheet presentation and reporting of cash flows, the Company considers cash in bank accounts, money market funds, and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The carrying amounts of the cash and cash equivalents approximate fair value due to their short-term nature. |
Accounts Receivable, Net of Allowances | Accounts Receivable, Net of Allowances The following table presents changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2022: (in thousands) Balance as of December 31 $ 54 Provision for doubtful accounts 51 Write-offs, net of recoveries (1 ) Balance as of March 31 $ 104 Provision for doubtful accounts 1 Write-offs, net of recoveries — Balance as of June 30 $ 105 Provision for doubtful accounts 783 Write-offs, net of recoveries — Balance as of September 30 $ 888 |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject the Company to concentration of risk consist principally of cash and accounts receivable. The Company maintains its cash with financial institutions and its cash levels exceed the Federal Deposit Insurance Corporation’s federally insured limits. Accounts receivable include amounts due from customers with principal operations primarily in the United States. As of September 30, 2022, no individual customer accounted for 10.0% or greater of consolidated accounts receivable. As of December 31, 2021, two individual customers accounted for 13.2% and 12.3% of consolidated accounts receivable. As of September 30, 2022, one individual supplier accounted for 15.3 % of consolidated accounts payable and accrued liabilities. As of December 31, 2021, one individual supplier accounted for 16.8% of consolidated accounts payable and accrued liabilities. The following table provides the Company’s concentrations of risk with respect to advertising agency holding companies as a percentage of the Company’s total revenues. There was no individual customer that accounted for 10.0% or more of the Company’s total revenues in any of the periods reported below. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Advertising Agency Holding Company A 20.3 % 16.3 % 13.9 % 10.2 % B <10.0 % <10.0 % <10.0 % 11.8 % |
Operating Leases | Operating Leases See Note 5—Leases. |
JOBS Act Election as an Emerging Growth Company | JOBS Act Election as an Emerging Growth Company On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” the Company The Company has elected to take advantage of the benefits of this extended transition period. Until the date that the Company is no longer an “emerging growth company” or affirmatively and irrevocably opts out of the exemption provided by Securities Act Section 7(a)(2)(B), upon issuance of a new or revised accounting standard that applies to its condensed consolidated financial statements and that has a different effective date for public and private companies, the Company will disclose the date on which it will adopt the recently issued accounting standard. |
Recent Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments Codification Improvements In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements The guidance is effective for the Company’s annual reporting period beginning after December 15, 2021 and interim reporting periods within the annual period beginning after December 15, 2022. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements. |
Recent Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases —Leases for additional information. Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Summary of Changes in Allowance for Doubtful Accounts | The following table presents changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2022: (in thousands) Balance as of December 31 $ 54 Provision for doubtful accounts 51 Write-offs, net of recoveries (1 ) Balance as of March 31 $ 104 Provision for doubtful accounts 1 Write-offs, net of recoveries — Balance as of June 30 $ 105 Provision for doubtful accounts 783 Write-offs, net of recoveries — Balance as of September 30 $ 888 |
Schedules of Concentrations of Credit Risk | The following table provides the Company’s concentrations of risk with respect to advertising agency holding companies as a percentage of the Company’s total revenues. There was no individual customer that accounted for 10.0% or more of the Company’s total revenues in any of the periods reported below. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Advertising Agency Holding Company A 20.3 % 16.3 % 13.9 % 10.2 % B <10.0 % <10.0 % <10.0 % 11.8 % |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue | The disaggregation of revenue was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Over-time revenue $ 133 $ 1,136 $ 494 $ 3,344 Point-in-time revenue 48,697 49,721 142,165 138,068 Total revenue $ 48,830 $ 50,857 $ 142,659 $ 141,412 |
Property, Equipment and Softw_2
Property, Equipment and Software, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Major Classes of Property, Equipment and Software | Major classes As of September 30, As of December 31, 2022 2021 Capitalized software development costs $ 69,782 $ 61,490 Computer equipment 1,056 1,823 Purchased software 32 32 Furniture, fixtures and office equipment 1,201 1,159 Leasehold improvements 2,463 2,178 Total property, equipment and software 74,534 66,682 Less: Accumulated depreciation (51,853 ) (44,351 ) Total property, equipment and software, net $ 22,681 $ 22,331 |
Schedule of Depreciation | Depreciation recorded in the condensed consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Platform operations $ 2,510 $ 2,080 $ 7,219 $ 5,424 Sales and marketing — — — — Technology and development 432 421 1,250 1,185 General and administrative 147 164 436 494 Total $ 3,089 $ 2,665 $ 8,905 $ 7,103 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Operating lease cost $ 915 $ 2,542 Short-term lease cost 341 1,045 Variable lease cost 23 113 Total lease cost $ 1,279 $ 3,700 |
Summary of Future Minimum Lease Payments | Future minimum lease payments as of September 30, 2022 were as follows: As of September 30, Year 2022 Remainder of 2022 $ 813 2023 4,506 2024 4,334 2025 4,270 2026 4,257 Thereafter 14,992 Total undiscounted future lease payments 33,172 Less: Commitments for leases not yet commenced (5,016 ) Less: Imputed interest (3,376 ) Present value of operating lease liabilities 24,780 Less: Operating lease liabilities, current (2,813 ) Operating lease liabilities, noncurrent $ 21,967 |
Summary of Future Minimum Payments Under Non-Cancelable Operating Leases | Future minimum payments under the Company’s non-cancelable operating leases, primarily related to office space, as of December As of December 31, Year 2021 2022 $ 3,039 2023 3,953 2024 3,060 2025 2,991 2026 2,974 Thereafter 13,739 Total minimum payments $ 29,756 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Balances of Intangible Assets and Accumulated Amortization | The balances of intangible assets and accumulated amortization are as follows: As of September 30, 2022 Remaining Weighted-Average Useful Life (years) Gross Amount Accumulated Amortization Net Carrying Amount Developed technology 0.3 $ 4,927 $ (4,693 ) $ 234 Customer relationships 1.3 2,300 (1,862 ) 438 Trademarks/tradenames 3.4 1,400 (1,127 ) 273 Total $ 8,627 $ (7,682 ) $ 945 As of December 31, 2021 Remaining Weighted- Average Useful Life (years) Gross Amount Accumulated Amortization Net Carrying Amount Developed technology 1.1 $ 4,927 $ (4,169 ) $ 758 Customer relationships 2.1 2,300 (1,615 ) 685 Trademarks/tradenames 4.0 1,400 (1,057 ) 343 Total $ 8,627 $ (6,841 ) $ 1,786 |
Summary of Amortization of Intangible Assets Recorded in Consolidated Statements of Operations | Amortization of intangible assets recorded in the condensed consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Platform operations $ 175 $ 175 $ 525 $ 525 Sales and marketing — — — — Technology and development — — — — General and administrative 102 132 316 396 Total $ 277 $ 307 $ 841 $ 921 |
Summary of Estimated Future Amortization of Intangible Assets | Estimated future amortization As of September 30, Year 2022 Remainder of 2022 $ 277 2023 468 2024 107 2025 80 2026 13 Thereafter — Total $ 945 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | The Company’s accrued liabilities consisted of the following: As of September 30, As of December 31, 2022 2021 Accrued traffic acquisition costs $ 24,790 $ 30,942 Other accrued liabilities 3,412 3,144 Total accrued liabilities $ 28,202 $ 34,086 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-based Compensation | Stock-based compensation recorded in the condensed consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Platform operations $ 1,233 $ 3,142 $ 3,622 $ 11,843 Sales and marketing 2,324 4,859 6,929 23,586 Technology and development 1,430 3,015 4,024 10,983 General and administrative 2,724 4,399 7,280 15,780 Total $ 7,711 $ 15,415 $ 21,855 $ 62,192 |
Summary of RSU Activity | The following summarizes RSU activity: Number of Shares (in thousands) Weighted-Average Grant Date Fair Value RSUs outstanding as of December 31, 2021 3,033 $ 24.29 Granted 2,284 6.16 Vested (342 ) 25.02 Canceled/forfeited (117 ) 23.92 RSUs outstanding as of March 31, 2022 4,858 15.72 Granted 365 6.07 Vested (322 ) 24.69 Canceled/forfeited (120 ) 13.64 RSUs outstanding as of June 30, 2022 4,781 14.43 Granted 232 4.81 Vested (350 ) 23.22 Canceled/forfeited (242 ) 10.47 RSUs outstanding as of September 30, 2022 4,421 13.45 |
Summary of Nonqualified Stock Option Activity | The following summarizes nonqualified stock option activity: Number of Options (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 220 $ 15.88 9.7 $ 20 Granted 3,565 6.09 Exercised — — Canceled (14 ) 12.02 Expired — — Outstanding as of March 31, 2022 3,771 6.64 9.9 1,891 Granted 216 6.16 Exercised — — Canceled (89 ) 7.88 Expired — — Outstanding as of June 30, 2022 3,898 6.58 9.7 — Granted 246 4.77 Exercised — — Canceled (242 ) 8.58 Expired — — Outstanding as of September 30, 2022 3,902 6.35 9.4 — Vested and exercisable 42 19.23 6.4 — |
Summary of Assumptions used in Black-Scholes Model to Determine Fair Value of Nonqualified Stock Options Granted | The following table presents the assumptions used in the Black-Scholes model to determine the fair value of nonqualified stock options for the three and nine months ended September 30, 2022 and 2021. Three and Nine Months Ended September 30, Three and Nine Months Ended September 30, 2022 2021 Risk free interest rate 1.4% - 2.0% 1.2% Expected volatility 61.5% - 62.7% 61.1% Expected term (in years) 5.9 - 6.0 5.9 Expected dividend yield 0.0% 0.0% |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Loss Per Share | The following Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator Net loss $ (12,426 ) $ (12,160 ) $ (40,081 ) $ (45,127 ) Less: Net loss attributable to noncontrolling interests (9,300 ) (9,623 ) (30,362 ) (35,829 ) Net loss attributable to Viant Technology Inc. $ (3,126 ) $ (2,537 ) $ (9,719 ) $ (9,298 ) Denominator Weighted-average shares of Class A common stock outstanding—basic and diluted 14,306 12,489 14,078 11,894 Loss per share of Class A common stock—basic $ (0.22 ) $ (0.20 ) $ (0.69 ) $ (0.78 ) Loss per share of Class A common stock—diluted $ (0.22 ) $ (0.20 ) $ (0.69 ) $ (0.78 ) Anti-dilutive shares excluded from loss per share of Class A common stock—diluted: Restricted stock units 4,421 3,385 4,421 3,385 Nonqualified stock options 3,902 147 3,902 147 Shares of Class B common stock 47,082 47,137 47,082 47,137 Total shares excluded from loss per share of Class A common stock—diluted 55,405 50,669 55,405 50,669 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Summary Ownership of Viant Technology LLC | The following table summarizes the ownership of Viant Technology LLC: As of September 30, 2022 As of December 31, 2021 Owner Units Owned Ownership Percentage Units Owned Ownership Percentage Viant Technology Inc. 14,460,084 23.5 % 13,704,638 22.5 % Noncontrolling interests 47,082,260 76.5 % 47,107,130 77.5 % Total 61,542,344 100.0 % 60,811,768 100.0 % |
Summary of Effect of Changes in Ownership Interest in Viant Technology LLC on Equity | The following table presents the effect of changes in the Company’s ownership interest in Viant Technology LLC on the Company’s equity for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss attributable to Viant Technology Inc. $ (3,126 ) $ (2,537 ) $ (9,719 ) $ (9,298 ) Transfers to noncontrolling interests: Decrease in the additional-paid-in-capital of Viant Technology Inc. resulting from ownership changes in Viant Technology LLC (5,384 ) (40,427 ) (15,115 ) (40,427 ) Change from net loss attributable to Viant Technology Inc. and transfers to noncontrolling interests $ (8,510 ) $ (42,964 ) $ (24,834 ) $ (49,725 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Feb. 12, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Nature Of Operations [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |
Proceeds from issuance of common stock, net of underwriting discounts | $ 232,500 | |||
Common stock, voting rights | The Class B stockholders and Class A stockholders initially had 80.5% and 19.5%, respectively, of the combined voting power of the Company’s common stock. The Class A common stock outstanding represents 100% of the rights of the holders of all classes of the Company’s outstanding common stock to share in distributions from the Company, except for the right of Class B stockholders to receive the par value of the Class B common stock upon our liquidation, dissolution or winding up or an exchange of Class B units | |||
Underwriters | ||||
Nature Of Operations [Line Items] | ||||
Common stock shares issued and sold | 10,000,000 | |||
Sale of stock, price per share | $ 25 | |||
Proceeds from issuance of common stock, net of underwriting discounts | $ 250,000 | |||
Payments of stock issuance costs | $ 17,500 | |||
Class A Common Stock | ||||
Nature Of Operations [Line Items] | ||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | |
Common stock shares issued to continuing members | 24,870 | |||
Underwrites options exercised shares issued | 1,500,000 | |||
Common stock voting rights percentage | 19.50% | |||
Percentage of voting rights of outstanding common stock | 100% | |||
Class B Common Stock | ||||
Nature Of Operations [Line Items] | ||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | |
Common stock shares issued to continuing members | (24,870) | |||
Common stock voting rights percentage | 80.50% | |||
Class B Common Stock | Viant Technology LLC | ||||
Nature Of Operations [Line Items] | ||||
Common stock shares issued for each membership unit | 1 | |||
Common stock shares issued to continuing members | 48,935,559 | |||
Continuing Members Class B Units | Viant Technology LLC | ||||
Nature Of Operations [Line Items] | ||||
Continuing members units exchange description | one-for-one basis | |||
Continuing members, membership units | 48,935,559 | |||
Class A Units | ||||
Nature Of Operations [Line Items] | ||||
Members equity units received in exchange of units | 1,500,000 | |||
Class A Units | Viant Technology LLC | ||||
Nature Of Operations [Line Items] | ||||
Payments to acquire units | $ 232,500 | |||
Member units acquired, units | 10,000,000 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |||||
Beginning balance | $ 105 | $ 104 | $ 54 | $ 54 | |
Provision for doubtful accounts | 783 | 1 | 51 | 834 | $ (161) |
Write-offs, net of recoveries | (1) | ||||
Ending balance | $ 888 | $ 105 | $ 104 | $ 888 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 Customer Supplier | Sep. 30, 2021 Customer | Sep. 30, 2022 Customer Supplier | Sep. 30, 2021 Customer | Dec. 31, 2021 Customer Supplier | |
ASU 2021-04 | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2022 | Jan. 01, 2022 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | true | |||
Credit Concentration Risk | Accounts Receivable | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customer | 0 | 2 | |||
Concentration risk, percentage | 10% | ||||
Credit Concentration Risk | Customer One | Accounts Receivable | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 13.20% | ||||
Credit Concentration Risk | Customer Two | Accounts Receivable | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 12.30% | ||||
Supplier Concentration Risk | Accounts Payable and Accrued Liabilities | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of supplier | Supplier | 1 | 1 | 1 | ||
Supplier Concentration Risk | Accounts Payable and Accrued Liabilities | Supplier One | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 15.30% | 16.80% | |||
Credit Concentration Risk | Individual Customer | Total Revenues | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customer | 0 | 0 | 0 | 0 | |
Concentration risk, percentage | 10% | 10% | 10% | 10% |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Concentrations of Credit Risk (Details) - Advertisings Agency Risk - Consolidated Revenue | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Advertising Agency A | ||||
Basis Of Presentations And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 20.30% | 16.30% | 13.90% | 10.20% |
Advertising Agency B | ||||
Basis Of Presentations And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 11.80% | |||
Advertising Agency B | Maximum | ||||
Basis Of Presentations And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 10% | 10% | 10% |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 48,830 | $ 50,857 | $ 142,659 | $ 141,412 |
Over-Time Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 133 | 1,136 | 494 | 3,344 |
Point-in-Time Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 48,697 | $ 49,721 | $ 142,165 | $ 138,068 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Decrease in revenue recognition due to cash settlement for termination of deferred revenue liabilities | $ 6.2 | |
Expected Duration of Greater Than One Year | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue for unsatisfied performance obligation expected to be recognized in the future, amount | $ 6.6 |
Property, Equipment and Softw_3
Property, Equipment and Software, Net - Schedule of Major Classes of Property, Equipment and Software (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property, equipment and software | $ 74,534 | $ 66,682 |
Less: Accumulated depreciation | (51,853) | (44,351) |
Total property, equipment and software, net | 22,681 | 22,331 |
Capitalized Software Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Total property, equipment and software | 69,782 | 61,490 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, equipment and software | 1,056 | 1,823 |
Purchased Software | ||
Property Plant And Equipment [Line Items] | ||
Total property, equipment and software | 32 | 32 |
Furniture, Fixtures and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property, equipment and software | 1,201 | 1,159 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property, equipment and software | $ 2,463 | $ 2,178 |
Property, Equipment and Softw_4
Property, Equipment and Software, Net - Schedule of Depreciation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation | $ 3,089 | $ 2,665 | $ 8,905 | $ 7,103 |
Platform Operations | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation | 2,510 | 2,080 | 7,219 | 5,424 |
Technology and Development | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation | 432 | 421 | 1,250 | 1,185 |
General and Administrative | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation | $ 147 | $ 164 | $ 436 | $ 494 |
Property, Equipment and Softw_5
Property, Equipment and Software, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | ||||
Interest cost incurred | $ 0.1 | $ 0.2 | $ 0.4 | $ 0.7 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) Lease | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Lease | Sep. 30, 2021 USD ($) | Jan. 01, 2022 USD ($) | |
Lessee Lease Description [Line Items] | |||||
Operating lease assets | $ 22,816 | $ 22,816 | $ 21,000 | ||
Operating lease liabilities | $ 24,780 | $ 24,780 | 22,000 | ||
Reclassification of deferred rent to operating lease liability | $ 1,000 | ||||
Operating leases for office space remaining lease terms | 9 years | 9 years | |||
Number of lease | Lease | 1 | 1 | |||
Lessee operating lease existence of option to extend | true | ||||
Lessee operating lease existence of option to terminate | true | ||||
Lessee operating lease option to terminate description | termination options to terminate the leases within one year | ||||
Operating lease weighted average remaining lease term | 8 years | 8 years | |||
Operating lease weighted average incremental borrowing rate | 3.10% | 3.10% | |||
Operating lease not yet commenced total estimated future lease payments | $ 5,000 | $ 5,000 | |||
Cash paid for amounts included in operating lease liabilities | 300 | 1,500 | |||
Rent expense on operating leases | $ 1,200 | $ 3,200 | |||
Standby Letters of Credit | |||||
Lessee Lease Description [Line Items] | |||||
Security deposit | $ 400 | $ 400 | |||
Maximum | |||||
Lessee Lease Description [Line Items] | |||||
Lessee operating lease renewal term | 5 years | 5 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 915 | $ 2,542 |
Short-term lease cost | 341 | 1,045 |
Variable lease cost | 23 | 113 |
Total lease cost | $ 1,279 | $ 3,700 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jan. 01, 2022 |
Leases [Abstract] | ||
Remainder of 2022 | $ 813 | |
2023 | 4,506 | |
2024 | 4,334 | |
2025 | 4,270 | |
2026 | 4,257 | |
Thereafter | 14,992 | |
Total undiscounted future lease payments | 33,172 | |
Less: Commitments for leases not yet commenced | (5,016) | |
Less: Imputed interest | (3,376) | |
Present value of operating lease liabilities | 24,780 | $ 22,000 |
Less: Operating lease liabilities, current | (2,813) | |
Long-term portion of operating lease liabilities | $ 21,967 |
Leases - Summary of Future Mi_2
Leases - Summary of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Leases [Abstract] | |
2022 | $ 3,039 |
2023 | 3,953 |
2024 | 3,060 |
2025 | 2,991 |
2026 | 2,974 |
Thereafter | 13,739 |
Total minimum payments | $ 29,756 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Balances of Intangibles Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 8,627 | $ 8,627 |
Accumulated Amortization | (7,682) | (6,841) |
Net Carrying Amount | $ 945 | $ 1,786 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted-Average Useful Life (years) | 3 months 18 days | 1 year 1 month 6 days |
Gross Amount | $ 4,927 | $ 4,927 |
Accumulated Amortization | (4,693) | (4,169) |
Net Carrying Amount | $ 234 | $ 758 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted-Average Useful Life (years) | 1 year 3 months 18 days | 2 years 1 month 6 days |
Gross Amount | $ 2,300 | $ 2,300 |
Accumulated Amortization | (1,862) | (1,615) |
Net Carrying Amount | $ 438 | $ 685 |
Trademarks/Tradenames | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted-Average Useful Life (years) | 3 years 4 months 24 days | 4 years |
Gross Amount | $ 1,400 | $ 1,400 |
Accumulated Amortization | (1,127) | (1,057) |
Net Carrying Amount | $ 273 | $ 343 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Amortization of Intangible Assets Recorded in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 277 | $ 307 | $ 841 | $ 921 |
Platform Operations | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 175 | 175 | 525 | 525 |
General and Administrative | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 102 | $ 132 | $ 316 | $ 396 |
Intangible Assets, Net - Summ_3
Intangible Assets, Net - Summary of Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 277 | |
2023 | 468 | |
2024 | 107 | |
2025 | 80 | |
2026 | 13 | |
Net Carrying Amount | $ 945 | $ 1,786 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued traffic acquisition costs | $ 24,790 | $ 30,942 |
Other accrued liabilities | 3,412 | 3,144 |
Total accrued liabilities | $ 28,202 | $ 34,086 |
Accrued Liabilities - Additiona
Accrued Liabilities - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Payables And Accruals [Abstract] | ||||
Expenses incurred | $ 0.3 | $ 0.8 | $ 0.2 | |
Payable to related parties | $ 0.2 | $ 0.2 | $ 0.3 |
Revolving Credit Facility and_2
Revolving Credit Facility and PPP Loan - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 15, 2021 | Apr. 14, 2020 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, covenant terms | The Loan Agreement also requires that we maintain compliance with a minimum Fixed Charge Coverage Ratio (as defined in the Loan Agreement) of 1.40 to 1.00 at any time undrawn availability under the Loan Agreement is less than 25%. | |||||
Paycheck Protection Program Loan | ||||||
Line Of Credit Facility [Line Items] | ||||||
Proceeds from issuance of long-term debt | $ 6,000,000 | |||||
Bears interest at an annual rate | 1% | |||||
Debt instrument, maturity date | Apr. 11, 2022 | |||||
Paycheck Protection Program Loan | Principal Forgiveness | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument forgiveness | $ 6,000,000 | $ 6,000,000 | ||||
Paycheck Protection Program Loan | Accrued Interest Forgiveness | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument forgiveness | $ 100,000 | $ 100,000 | ||||
Revolving Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum amount outstanding and carrying value | $ 0 | |||||
Carrying value of revolving credit facility | $ 17,500,000 | |||||
Loan Agreement | Revolving Credit Facility | PNC Bank | ||||||
Line Of Credit Facility [Line Items] | ||||||
Senior secured revolving credit facility initiation date | Oct. 31, 2019 | |||||
Senior secured revolving credit facility, maximum borrowing capacity | $ 40,000,000 | |||||
Senior secured revolving credit facility maturity date | Oct. 31, 2024 | |||||
Weighted average interest rate | 0.92% | |||||
Outstanding balance | $ 0 | |||||
Facility fee for undrawn amounts | 0.375% | |||||
Loan Agreement | Revolving Credit Facility | PNC Bank | Domestic Rate Loans | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate plus margin | 0.50% | |||||
Loan Agreement | Revolving Credit Facility | PNC Bank | Domestic Rate Loans | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate plus margin | 0.75% | 0.75% | ||||
Loan Agreement | Revolving Credit Facility | PNC Bank | Domestic Rate Loans | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate plus margin | 1.25% | |||||
Loan Agreement | Revolving Credit Facility | PNC Bank | LIBOR Rate Loans | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate plus margin | 1% | |||||
Loan Agreement | Revolving Credit Facility | PNC Bank | LIBOR Rate Loans | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate plus margin | 1.75% | |||||
Loan Agreement | Revolving Credit Facility | PNC Bank | LIBOR Rate Loans | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate plus margin | 2.25% | 1.75% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Feb. 12, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expected dividend yield assumption | 0% | 0% | 0% | 0% | |||
Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award equity instruments other than options grants in period | 232 | 365 | 2,284 | ||||
Unrecognized stock-based compensation expected to be recognized | $ 50.9 | $ 50.9 | |||||
Unrecognized stock-based compensation expected to be recognized over a weighted-average period | 2 years 7 months 6 days | ||||||
Nonqualified Stock Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized stock-based compensation expected to be recognized | $ 12.2 | $ 12.2 | |||||
Unrecognized stock-based compensation expected to be recognized over a weighted-average period | 3 years 6 months | ||||||
Weighted-average grant-date fair value of stock options granted | $ 2.78 | $ 3.50 | |||||
LTIP | Class A Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares remained available for grant | 3,900 | 3,900 | |||||
LTIP | Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award equity instruments other than options grants in period | 6,200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-Based Compensation expense | $ 7,711 | $ 15,415 | $ 21,855 | $ 62,192 |
Platform Operations | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-Based Compensation expense | 1,233 | 3,142 | 3,622 | 11,843 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-Based Compensation expense | 2,324 | 4,859 | 6,929 | 23,586 |
Technology and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-Based Compensation expense | 1,430 | 3,015 | 4,024 | 10,983 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-Based Compensation expense | $ 2,724 | $ 4,399 | $ 7,280 | $ 15,780 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units - $ / shares shares in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
RSUs outstanding, beginning balance | 4,781 | 4,858 | 3,033 |
Number of Shares, Granted | 232 | 365 | 2,284 |
Number of Shares, Vested | (350) | (322) | (342) |
Number of Shares, Canceled/forfeited | (242) | (120) | (117) |
RSUs outstanding, ending balance | 4,421 | 4,781 | 4,858 |
Weighted-Average Grant-Date Fair Value of RSUs outstanding, beginning balance | $ 14.43 | $ 15.72 | $ 24.29 |
Weighted-Average Grant-Date Fair Value of RSUs, Granted | 4.81 | 6.07 | 6.16 |
Weighted-Average Grant-Date Fair Value of RSUs, Vested | 23.22 | 24.69 | 25.02 |
Weighted-Average Grant-Date Fair Value of RSUs, Canceled/forfeited | 10.47 | 13.64 | 23.92 |
Weighted-Average Grant-Date Fair Value of RSUs outstanding, ending balance | $ 13.45 | $ 14.43 | $ 15.72 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Nonqualified Stock Option Activity (Details) - Nonqualified Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options outstanding, beginning balance | 3,898 | 3,771 | 220 | |
Number of Options, Granted | 246 | 216 | 3,565 | |
Number of Options, Canceled | (242) | (89) | (14) | |
Number of Options outstanding, ending balance | 3,902 | 3,898 | 3,771 | 220 |
Number of Options outstanding, Vested and exercisable | 42 | |||
Weighted-Average Exercise Price of outstanding, beginning balance | $ 6.58 | $ 6.64 | $ 15.88 | |
Weighted-Average Exercise Price, Granted | 4.77 | 6.16 | 6.09 | |
Weighted-Average Exercise Price, Canceled | 8.58 | 7.88 | 12.02 | |
Weighted-Average Exercise Price of outstanding, ending balance | 6.35 | $ 6.58 | $ 6.64 | $ 15.88 |
Weighted-Average Exercise Price of outstanding, Vested and exercisable | $ 19.23 | |||
Weighted-Average Remaining Contractual Term of outstanding | 9 years 4 months 24 days | 9 years 8 months 12 days | 9 years 10 months 24 days | 9 years 8 months 12 days |
Weighted-Average Remaining Contractual Term of Options, Vested and exercisable | 6 years 4 months 24 days | |||
Aggregate Intrinsic Value of outstanding | $ 1,891 | $ 20 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Assumptions used in Black-Scholes Model to Determine Fair Value of Nonqualified Stock Options Granted (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Risk free interest rate | 1.20% | 1.20% | ||
Risk free interest rate, Minimum | 1.40% | 1.40% | ||
Risk free interest rate, Maximum | 2% | 2% | ||
Expected volatility | 61.10% | 61.10% | ||
Expected volatility, Minimum | 61.50% | 61.50% | ||
Expected volatility, Maximum | 62.70% | 62.70% | ||
Expected term (in years) | 5 years 10 months 24 days | 5 years 10 months 24 days | ||
Expected dividend yield | 0% | 0% | 0% | 0% |
Minimum [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Expected term (in years) | 5 years 10 months 24 days | 5 years 10 months 24 days | ||
Maximum | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Expected term (in years) | 6 years | 6 years |
Income Taxes and Tax Receivab_2
Income Taxes and Tax Receivable Agreement - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
U.S. statutory federal income tax rate | 21% | |||
Percentage of exclusive of non-controlling interest due to income tax expense/(benefit) not recognize on share of pre-tax book income (loss) | 76.50% | |||
Effective tax rate | 0% | 0% | 0% | 0% |
TRA liability | $ 10.3 |
Loss Per Share - Calculation of
Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator | |||||||
Net loss | $ (12,426) | $ (14,092) | $ (13,563) | $ (12,160) | $ (18,095) | $ (40,081) | $ (45,127) |
Less: Net loss attributable to noncontrolling interests | (9,300) | (9,623) | (30,362) | (35,829) | |||
Net loss attributable to Viant Technology Inc. | $ (3,126) | $ (2,537) | $ (9,719) | $ (9,298) | |||
Weighted-average shares of Class A common stock outstanding: | |||||||
Weighted-average shares of Class A common stock outstanding—basic | 14,306 | 12,489 | 14,078 | 11,894 | |||
Weighted-average shares of Class A common stock outstanding—diluted | 14,306 | 12,489 | 14,078 | 11,894 | |||
Basic | $ (0.22) | $ (0.20) | $ (0.69) | $ (0.78) | |||
Diluted | $ (0.22) | $ (0.20) | $ (0.69) | $ (0.78) | |||
Anti-dilutive shares excluded from loss per share of Class A common stock—diluted: | |||||||
Total shares excluded from loss per share of Class A common stock—diluted | 55,405 | 50,669 | 55,405 | 50,669 | |||
Class A Common Stock | |||||||
Weighted-average shares of Class A common stock outstanding: | |||||||
Weighted-average shares of Class A common stock outstanding—basic | 14,306 | 12,489 | 14,078 | 11,894 | |||
Weighted-average shares of Class A common stock outstanding—diluted | 14,306 | 12,489 | 14,078 | 11,894 | |||
Class B Common Stock | |||||||
Anti-dilutive shares excluded from loss per share of Class A common stock—diluted: | |||||||
Total shares excluded from loss per share of Class A common stock—diluted | 47,082 | 47,137 | 47,082 | 47,137 | |||
Restricted Stock Units | |||||||
Anti-dilutive shares excluded from loss per share of Class A common stock—diluted: | |||||||
Total shares excluded from loss per share of Class A common stock—diluted | 4,421 | 3,385 | 4,421 | 3,385 | |||
Nonqualified Stock Options | |||||||
Anti-dilutive shares excluded from loss per share of Class A common stock—diluted: | |||||||
Total shares excluded from loss per share of Class A common stock—diluted | 3,902 | 147 | 3,902 | 147 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - shares | 9 Months Ended | |
Feb. 12, 2021 | Sep. 30, 2022 | |
Minority Interest [Line Items] | ||
Common stock, conversion basis | continuing members of Viant Technology LLC to exchange Class B units for shares of Class A common stock on a one-for-one basis | |
Class A Common Stock | ||
Minority Interest [Line Items] | ||
Exchange units for shares of common stock | 1 | |
Exchange (cancellation) of shares | 24,870 | |
Class B Units | Viant Technology LLC | ||
Minority Interest [Line Items] | ||
Exchange of noncontrolling interests, shares | 24,870 | |
Class B Common Stock | ||
Minority Interest [Line Items] | ||
Exchange (cancellation) of shares | (24,870) | |
Class B Common Stock | Viant Technology LLC | ||
Minority Interest [Line Items] | ||
Exchange (cancellation) of shares | 48,935,559 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary Ownership of Viant Technology LLC (Details) - Viant Technology LLC - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Minority Interest [Line Items] | ||
Units Owned | 61,542,344 | 60,811,768 |
Ownership Percentage | 100% | 100% |
Viant Technology Inc. | ||
Minority Interest [Line Items] | ||
Units Owned | 14,460,084 | 13,704,638 |
Ownership percentage by Viant Technology Inc. | 23.50% | 22.50% |
Non-controlling Interest | ||
Minority Interest [Line Items] | ||
Units Owned | 47,082,260 | 47,107,130 |
Ownership percentage by non-controlling interests | 76.50% | 77.50% |
Noncontrolling Interests - Su_2
Noncontrolling Interests - Summary of Effect of Changes in Ownership Interest in Viant Technology LLC on Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | ||||
Net loss attributable to Viant Technology Inc. | $ (3,126) | $ (2,537) | $ (9,719) | $ (9,298) |
Transfers to noncontrolling interests: | ||||
Decrease in the additional-paid-in-capital of Viant Technology Inc. resulting from ownership changes in Viant Technology LLC | (5,384) | (40,427) | (15,115) | (40,427) |
Change from net loss attributable to Viant Technology Inc. and transfers to noncontrolling interests | $ (8,510) | $ (42,964) | $ (24,834) | $ (49,725) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Sep. 30, 2022 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual obligation amount | $ 0 |