IRVINE, Calif.–(BUSINESS WIRE)–Viant Technology Inc. (Nasdaq: DSP), a leading people-based advertising technology company, today reported financial results for its second quarter ended June 30, 2023.
“We are pleased to report another quarter of strong performance, highlighted by double-digit revenue growth,” said Tim Vanderhook, Co-Founder and CEO, Viant. “New AI enhancements to our platform are improving campaign performance, prompting our customers to increase their spend. Our unique suite of omnichannel solutions position our customers for measurable campaign success across cookie-free environments, including CTV, and give us confidence in our market positioning and growth opportunities ahead.”
Second quarter 2023 Financial Highlights, year-over-year:
GAAP
- Revenue of $57.2 million, an increase of 12%
- Gross profit of $23.7 million, an increase of 17%
- Net loss of $3.2 million, compared to a net loss of $14.1 million in the second quarter of 2022
- Net loss attributable to Viant Technology Inc. of $1.1 million, or $(0.07) per diluted share of Class A common stock, compared to net loss attributable to Viant Technology Inc. of $3.4 million, or $(0.24) per diluted share of Class A common stock, in the second quarter of 2022
- Total Class A and Class B common shares outstanding were 62.4 million as of June 30, 2023
- Cash and cash equivalents as of June 30, 2023 was $203.9 million, with no outstanding debt
Non-GAAP(1)
- Contribution ex-TAC of $33.7 million, an increase of 6%
- Adjusted EBITDA of $6.8 million, compared to $(3.1) million in the second quarter of 2022
- Adjusted EBITDA as a percentage of contribution ex-TAC of 20%
- Non-GAAP net income of $5.1 million, compared to non-GAAP net loss of $5.9 million in the second quarter of 2022
- Non-GAAP net income attributable to Viant Technology Inc. of $0.9 million, or $0.06 per diluted share of Class A common stock, compared to non-GAAP net loss attributable to Viant Technology Inc. of $1.2 million, or $(0.08) per diluted share of Class A common stock, in the second quarter of 2022
Business Highlights:
- Advertiser spend per active customer(2) increased 7% year-over-year
- Released AI-powered Bid Optimizer, driving an average CPM savings of over 35% on behalf of advertisers
- Accelerated Direct Access program for premium publishers with the acceptance of Viant’s Prebid adapter into Prebid.org
- AI technologies leveraged across the organization contributed to a 27% improvement in revenue per employee
“Our revenue and adjusted EBITDA again exceeded expectations driven by a combination of our differentiated platform capabilities, strong execution, and disciplined cost management,” said Larry Madden, CFO, Viant. “We are pleased to have generated a 30-point year-over-year improvement in adjusted EBITDA as a percentage of contribution ex-TAC this quarter and remain focused on growing our market share and expanding margins as we look to the second half of the year.”
Guidance:
For the third quarter 2023, the Company expects:
- Revenue in the range of $56.0 million to $59.0 million
- Contribution ex-TAC in the range of $35.0 million to $37.0 million
- Non-GAAP operating expenses in the range of $28.5 million to $29.5 million
- Adjusted EBITDA in the range of $6.5 million to $7.5 million
Contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income (loss), and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations of these non-GAAP financial measures to Viant’s financial results as determined in accordance with GAAP are included at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.” For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see “Non-GAAP Financial Measures” in this press release. We are not able to estimate gross profit, total operating expenses or net income (loss) on a forward-looking basis or reconcile the guidance provided for contribution ex-TAC, non-GAAP operating expenses, and adjusted EBITDA to the closest corresponding GAAP financial measures on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from these non-GAAP financial measures; in particular, the measures and effects of our stock-based compensation related to equity grants that are directly impacted by unpredictable fluctuations in our share price, as well as the impact of future traffic acquisition costs and other platform operations expenses that we are unable to forecast in light of the current macroeconomic environment. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future GAAP financial results.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed through Viant’s investor relations website at investors.viantinc.com.
As of June 30, 2023, there were 15.3 million shares of the Company’s Class A common stock outstanding and 47.1 million shares of the Company’s Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
Conference Call and Webcast Details:
Viant will host a conference call and webcast to discuss its financial results on Monday, August 7, 2023 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live webcast of the call can be accessed from Viant’s Investor Relations website. An archived version of the webcast will be available from the same website after the call.
Viant Technology has used, and intends to continue to use, the “Investor Relations” section of its website at investors.viantinc.com and its LinkedIn account, and the LinkedIn account of its Chief Executive Officer, Tim Vanderhook, to post information that may be important to investors. Investors and potential investors are encouraged to consult Viant Technology’s website and LinkedIn account and Mr. Vanderhook’s LinkedIn account regularly for important information.
About Viant
Viant® (NASDAQ: DSP) is a leading people-based, advertising technology company that enables marketers to plan, execute and measure omnichannel ad campaigns through a cloud-based platform. Viant’s self-service Demand Side Platform, Adelphic®, powers programmatic advertising across Connected TV, Linear TV, mobile, desktop, audio, gaming and digital out-of-home channels. As an organization committed to sustainability, Viant’s Adricity® carbon reduction program helps clients achieve their sustainability goals. In 2023, Viant was recognized as a Leader in the DSP category and as the Best Software in Marketing & Advertising, earned Great Place to Work® certification, and became a founding member of Ad Net Zero. Viant’s Co-Founders Tim and Chris Vanderhook were also recently named EY Entrepreneurs of the Year. To learn more, please visit viantinc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “guidance,” “believe,” “expect,” “estimate,” “project,” “plan,” “will,” or words or phrases with similar meaning.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements contained in this press release relate to, among other things, Viant’s projected financial performance and operating results, including our guidance for revenue, contribution ex-TAC, non-GAAP operating expenses, and adjusted EBITDA, as well as statements regarding Viant’s positioning to capitalize on market share and Viant’s plan to continue to capitalize on the shift to omnichannel programmatic advertising. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, the market for programmatic advertising developing slower or differently than Viant’s expectations, the demands and expectations of customers and the ability to attract and retain customers and other economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Investors are referred to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
|
(1) For a discussion on how we define, use and calculate these non-GAAP financial measures and a reconciliation thereof to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Measures” and the supplementary schedules under “Reconciliation of Non-GAAP Financial Measures” in this press release. |
|
|
(2) We define advertiser spend across our platform as the total amount billed to our customers for activity on our platform, inclusive of the costs of advertising media, third-party data, other add-on features and our platform fee we charge customers. We define an active customer as a customer that had total aggregate contribution ex-TAC of at least $5,000 through our platform during the previous twelve months. Advertiser spend per active customer is an operational metric defined as advertiser spend for the trailing twelve-month period presented divided by active customers. See “Operational Metrics” for a discussion of how we use this metric and why it is useful to investors. |
|
VIANT TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share data) |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenue |
$ |
57,223 |
|
|
$ |
51,200 |
|
|
$ |
98,943 |
|
|
$ |
93,829 |
|
|
Operating expenses(1): |
|
|
|
|
|
|
|
||||||||
|
Platform operations |
|
33,523 |
|
|
|
30,950 |
|
|
|
56,860 |
|
|
|
57,144 |
|
|
Sales and marketing |
|
11,691 |
|
|
|
17,286 |
|
|
|
23,860 |
|
|
|
31,042 |
|
|
Technology and development |
|
6,172 |
|
|
|
5,011 |
|
|
|
12,066 |
|
|
|
10,014 |
|
|
General and administrative |
|
11,088 |
|
|
|
11,725 |
|
|
|
22,516 |
|
|
|
22,808 |
|
|
Total operating expenses |
|
62,474 |
|
|
|
64,972 |
|
|
|
115,302 |
|
|
|
121,008 |
|
|
Loss from operations |
|
(5,251 |
) |
|
|
(13,772 |
) |
|
|
(16,359 |
) |
|
|
(27,179 |
) |
|
Interest expense (income), net |
|
(2,049 |
) |
|
|
21 |
|
|
|
(3,868 |
) |
|
|
173 |
|
|
Other expense, net |
|
1 |
|
|
|
299 |
|
|
|
88 |
|
|
|
303 |
|
|
Total other expense (income), net |
|
(2,048 |
) |
|
|
320 |
|
|
|
(3,780 |
) |
|
|
476 |
|
|
Net loss |
|
(3,203 |
) |
|
|
(14,092 |
) |
|
|
(12,579 |
) |
|
|
(27,655 |
) |
|
Less: Net loss attributable to noncontrolling interests |
|
(2,140 |
) |
|
|
(10,691 |
) |
|
|
(9,036 |
) |
|
|
(21,062 |
) |
|
Net loss attributable to Viant Technology Inc. |
$ |
(1,063 |
) |
|
$ |
(3,401 |
) |
|
$ |
(3,543 |
) |
|
$ |
(6,593 |
) |
|
Loss per share of Class A common stock: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.47 |
) |
|
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.47 |
) |
|
Weighted-average shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
15,135 |
|
|
|
14,114 |
|
|
|
14,943 |
|
|
|
13,962 |
|
|
Diluted |
|
15,135 |
|
|
|
14,114 |
|
|
|
14,943 |
|
|
|
13,962 |
|
|
(1) Stock-based compensation and depreciation and amortization included in operating expenses are as follows (in thousands): |
|||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Stock-based compensation: |
|
|
|
|
|
|
|
||||
|
Platform operations |
$ |
1,124 |
|
$ |
1,303 |
|
$ |
2,016 |
|
$ |
2,389 |
|
Sales and marketing |
|
2,520 |
|
|
2,426 |
|
|
5,032 |
|
|
4,605 |
|
Technology and development |
|
1,507 |
|
|
1,425 |
|
|
2,834 |
|
|
2,594 |
|
General and administrative |
|
3,378 |
|
|
2,614 |
|
|
6,119 |
|
|
4,556 |
|
Total |
$ |
8,529 |
|
$ |
7,768 |
|
$ |
16,001 |
|
$ |
14,144 |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
||||
|
Platform operations |
$ |
2,910 |
|
$ |
2,748 |
|
$ |
5,680 |
|
$ |
5,059 |
|
Sales and marketing |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Technology and development |
|
383 |
|
|
223 |
|
|
776 |
|
|
818 |
|
General and administrative |
|
246 |
|
|
255 |
|
|
495 |
|
|
503 |
|
Total |
$ |
3,539 |
|
$ |
3,226 |
|
$ |
6,951 |
|
$ |
6,380 |
|
VIANT TECHNOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; in thousands, except share and per share data) |
|||||||
|
|
As of |
|
As of |
||||
|
|
|
2023 |
|
|
|
2022 |
|
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
203,901 |
|
|
$ |
206,573 |
|
|
Accounts receivable, net of allowances |
|
89,967 |
|
|
|
101,658 |
|
|
Prepaid expenses and other current assets |
|
4,190 |
|
|
|
6,631 |
|
|
Total current assets |
|
298,058 |
|
|
|
314,862 |
|
|
Property, equipment, and software, net |
|
25,829 |
|
|
|
23,106 |
|
|
Operating lease assets |
|
24,715 |
|
|
|
26,441 |
|
|
Intangible assets, net |
|
405 |
|
|
|
667 |
|
|
Goodwill |
|
12,422 |
|
|
|
12,422 |
|
|
Other assets |
|
26 |
|
|
|
385 |
|
|
Total assets |
$ |
361,455 |
|
|
$ |
377,883 |
|
|
Liabilities and stockholders’ equity |
|
|
|
||||
|
Liabilities |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
31,765 |
|
|
$ |
37,063 |
|
|
Accrued liabilities |
|
29,831 |
|
|
|
35,063 |
|
|
Accrued compensation |
|
5,878 |
|
|
|
9,162 |
|
|
Current portion of deferred revenue |
|
180 |
|
|
|
123 |
|
|
Current portion of operating lease liabilities |
|
3,918 |
|
|
|
3,711 |
|
|
Other current liabilities |
|
2,494 |
|
|
|
1,995 |
|
|
Total current liabilities |
|
74,066 |
|
|
|
87,117 |
|
|
Long-term debt |
|
— |
|
|
|
— |
|
|
Long-term portion of operating lease liabilities |
|
23,334 |
|
|
|
24,998 |
|
|
Total liabilities |
|
97,400 |
|
|
|
112,115 |
|
|
Commitments and contingencies (Note 13) |
|
|
|
||||
|
Stockholders’ equity |
|
|
|
||||
|
Preferred stock, $0.001 par value |
|
|
|
||||
|
Authorized shares — 10,000,000 |
|
|
|
||||
|
Issued and outstanding — none |
|
— |
|
|
|
— |
|
|
Class A common stock, $0.001 par value |
|
|
|
||||
|
Authorized shares — 450,000,000 |
|
|
|
||||
|
Issued — 15,598,505 and 14,783,886 |
|
|
|
||||
|
Outstanding — 15,342,563 and 14,643,798 |
|
16 |
|
|
|
15 |
|
|
Class B common stock, $0.001 par value |
|
|
|
||||
|
Authorized shares — 150,000,000 |
|
|
|
||||
|
Issued and outstanding — 47,082,260 and 47,082,260 |
|
47 |
|
|
|
47 |
|
|
Additional paid-in capital |
|
102,885 |
|
|
|
95,922 |
|
|
Accumulated deficit |
|
(41,636 |
) |
|
|
(36,261 |
) |
|
Treasury stock, at cost; 255,942 and 140,088 shares held |
|
(1,074 |
) |
|
|
(475 |
) |
|
Total stockholders’ equity attributable to Viant Technology Inc. |
|
60,238 |
|
|
|
59,248 |
|
|
Noncontrolling interests |
|
203,817 |
|
|
|
206,520 |
|
|
Total equity |
|
264,055 |
|
|
|
265,768 |
|
|
Total liabilities and stockholders’ equity |
$ |
361,455 |
|
|
$ |
377,883 |
|
|
VIANT TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; in thousands) |
|||||||
|
|
Six Months Ended |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
Cash flows from operating activities: |
|
|
|
||||
|
Net loss |
$ |
(12,579 |
) |
|
$ |
(27,655 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
6,951 |
|
|
|
6,380 |
|
|
Stock-based compensation |
|
16,001 |
|
|
|
14,144 |
|
|
Provision for doubtful accounts |
|
49 |
|
|
|
51 |
|
|
Loss on disposal of assets |
|
104 |
|
|
|
305 |
|
|
Noncash lease expense |
|
1,940 |
|
|
|
1,311 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable |
|
11,433 |
|
|
|
17,206 |
|
|
Prepaid expenses and other assets |
|
2,799 |
|
|
|
65 |
|
|
Accounts payable |
|
(5,554 |
) |
|
|
(4,652 |
) |
|
Accrued liabilities |
|
(5,187 |
) |
|
|
(2,528 |
) |
|
Accrued compensation |
|
(3,206 |
) |
|
|
(4,607 |
) |
|
Deferred revenue |
|
57 |
|
|
|
(6,486 |
) |
|
Operating lease liabilities |
|
(1,671 |
) |
|
|
(957 |
) |
|
Other liabilities |
|
(282 |
) |
|
|
(1,096 |
) |
|
Net cash provided by (used in) operating activities |
|
10,855 |
|
|
|
(8,519 |
) |
|
Cash flows from investing activities: |
|
|
|
||||
|
Purchases of property and equipment |
|
(348 |
) |
|
|
(397 |
) |
|
Capitalized software development costs |
|
(6,114 |
) |
|
|
(3,941 |
) |
|
Net cash used in investing activities |
|
(6,462 |
) |
|
|
(4,338 |
) |
|
Cash flows from financing activities: |
|
|
|
||||
|
Taxes paid related to net share settlement of equity awards |
|
(2,222 |
) |
|
|
(861 |
) |
|
Payment of member tax distributions |
|
(4,843 |
) |
|
|
(14 |
) |
|
Repayment of revolving credit facility |
|
— |
|
|
|
(17,500 |
) |
|
Net cash used in financing activities |
|
(7,065 |
) |
|
|
(18,375 |
) |
|
Net decrease in cash and cash equivalents |
|
(2,672 |
) |
|
|
(31,232 |
) |
|
Cash and cash equivalents at beginning of period |
|
206,573 |
|
|
|
238,480 |
|
|
Cash and cash equivalents at end of period |
$ |
203,901 |
|
|
$ |
207,248 |
|
Non-GAAP Financial Measures
To provide investors and others with additional information regarding Viant’s results, we have included in this press release the following financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): contribution ex-TAC, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of contribution ex-TAC, non-GAAP net income (loss), and non-GAAP earnings (loss) per share of Class A common stock—basic and diluted. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP financial measures allow investors to evaluate the Company’s financial performance using some of the same measures as management.
Contribution ex-TAC is a non-GAAP financial measure. Gross profit is the most comparable GAAP financial measure, which is calculated as revenue less platform operations expense. In calculating contribution ex-TAC, we add back other platform operations expense to gross profit. Contribution ex-TAC is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short- and long-term operational plans and make strategic decisions regarding the allocation of capital. “Traffic acquisition costs” or “TAC” represents amounts incurred and payable to suppliers for the cost of advertising media, third-party data and other add-on features related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. In particular, we believe that contribution ex-TAC can provide a measure of period-to-period comparisons for all pricing options within our business. Accordingly, we believe that this measure provides information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.
Non-GAAP operating expenses is a non-GAAP financial measure. Total operating expenses is the most comparable GAAP financial measure. Non-GAAP operating expenses is defined by us as total operating expenses plus other expense (income), net less TAC, stock-based compensation, depreciation, amortization, and certain other items that are not related to our core operations, such as restructuring charges and transaction expenses. Non-GAAP operating expenses is a key component in calculating adjusted EBITDA, which is one of the measures we use to provide our quarterly and annual business outlook to the investment community. Additionally, non-GAAP operating expenses is used by our management and board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. We believe that the elimination of depreciation, amortization, stock-based compensation, TAC and certain other items not related to our core operations provides another measure for period-to-period comparisons of our business, provides additional insight into our core controllable costs, and is a useful metric for investors because it allows them to evaluate our operational performance in the same manner as our management and board of directors.
Adjusted EBITDA is a non-GAAP financial measure defined by us as net income (loss) before interest expense (income), net, income tax benefit (expense), depreciation, amortization, stock-based compensation and certain other items that are not related to our core operations, such as restructuring charges, transaction expenses and the extinguishment of debt. Net income (loss) is the most comparable GAAP financial measure. Adjusted EBITDA as a percentage of contribution ex-TAC is a non-GAAP financial measure we calculate by dividing adjusted EBITDA by contribution ex-TAC for the period or periods presented.
Adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC are used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating adjusted EBITDA can provide a measure for period-to-period comparisons of our business. Adjusted EBITDA as a percentage of contribution ex-TAC, a non-GAAP financial measure, is used by our management and board of directors to evaluate adjusted EBITDA relative to our profitability after costs that are directly variable to revenues, which comprise TAC. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA as a percentage of contribution ex-TAC provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors.
Non-GAAP net income (loss) is a non-GAAP financial measure defined by us as net income (loss) adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring charges, transaction expenses and the extinguishment of debt. Net income (loss) is the most comparable GAAP financial measure. Non-GAAP net income (loss) is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of stock-based compensation and certain other items that are not related to our core operations provides measures for period-to-period comparisons of our business and additional insight into our core controllable costs. Accordingly, we believe that non-GAAP net income (loss) provides information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.
Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is a non-GAAP financial measure defined by us as earnings (loss) per share of Class A common stock—basic and diluted, adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as restructuring charges, transaction expenses, and the extinguishment of debt. Earnings (loss) per share of Class A common stock—basic and diluted is the most comparable GAAP financial measure. Non-GAAP earnings (loss) per share of Class A common stock—basic and diluted is used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital.
Contacts
Media Contact:
Marielle Lyon
[email protected]
Investor Contact:
Ben Avenia-Tapper
[email protected]
