7Baggers

Viant Technology Inc
(NASDAQ:DSP) 

DSP stock logo

Viant Technology Inc. operates as an advertising software company. It provides Adelphic, an enterprise software platform that enables marketers and their advertising agencies to plan, buy, and measure advertising across channels. The company also offers cloud-based self-service portal that provides ...

Founded: 1999
Founder: Tim Vanderhook, Chris Vanderhook 
CEO: Tim Vanderhook  
Sector: Technology
Industry: Software—Application

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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 
                          
      revenue
    88,538,000 110,124,000 85,582,000 77,853,000 70,642,000 90,054,000 79,922,000 65,866,000 53,393,000 64,406,000 59,585,000 57,223,000 41,720,000 54,509,000 48,830,000 51,200,000 42,629,000 82,715,000 50,857,000 50,411,000 40,144,000  
      yoy
    25.33% 22.29% 7.08% 18.20% 32.31% 39.82% 34.13% 15.10% 27.98% 18.16% 22.03% 11.76% -2.13% -34.10% -3.99% 1.57% 6.19%      
      qoq
    -19.60% 28.68% 9.93% 10.21% -21.56% 12.68% 21.34% 23.36% -17.10% 8.09% 4.13% 37.16% -23.46% 11.63% -4.63% 20.11% -48.46% 62.64% 0.88% 25.58%   
      operating expenses:
                          
      platform operations
    52,165,000 58,823,000 45,743,000 41,970,000 40,080,000 47,564,000 44,598,000 35,122,000 29,880,000 32,654,000 30,965,000 33,523,000 23,337,000 32,051,000 27,530,000 30,950,000 26,194,000 44,578,000 28,967,000 31,715,000 24,344,000  
      sales and marketing
    16,277,000 18,348,000 16,740,000 15,484,000 14,229,000 14,756,000 13,007,000 13,088,000 12,899,000 12,644,000 14,146,000 11,691,000 12,169,000 15,966,000 16,949,000 17,286,000 13,756,000 15,173,000 15,131,000 20,553,000 14,185,000  
      technology and development
    7,138,000 8,229,000 7,703,000 7,691,000 6,911,000 7,062,000 5,631,000 5,815,000 5,232,000 6,539,000 6,151,000 6,172,000 5,894,000 5,704,000 5,576,000 5,011,000 5,003,000 4,851,000 6,590,000 8,031,000 5,900,000  
      general and administrative
    16,916,000 12,030,000 11,165,000 12,696,000 14,281,000 14,769,000 12,648,000 12,612,000 11,074,000 11,687,000 11,142,000 11,088,000 11,428,000 9,994,000 11,650,000 11,725,000 11,083,000 10,427,000 11,981,000 14,075,000 10,420,000  
      total operating expenses
    92,496,000 97,430,000 81,351,000 77,841,000 75,501,000 84,151,000 75,884,000 66,637,000 59,085,000 63,524,000 62,404,000 62,474,000 52,828,000 63,715,000 61,705,000 64,972,000 56,036,000 75,029,000 62,669,000 74,374,000 54,849,000  
      income from operations
    -3,958,000 12,694,000 4,231,000 12,000 -4,859,000 5,903,000 4,038,000 -771,000 -5,692,000 882,000 -2,819,000 -5,251,000 -11,108,000 -9,206,000 -12,875,000 -13,772,000 -13,407,000 7,686,000 -11,812,000 -23,963,000 -14,705,000  
      yoy
    -18.54% 115.04% 4.78% -101.56% -14.63% 569.27% -243.24% -85.32% -48.76% -109.58% -78.10% -61.87% -17.15% -219.78% 9.00% -42.53% -8.83%      
      qoq
    -131.18% 200.02% 35158.33% -100.25% -182.31% 46.19% -623.74% -86.45% -745.35% -131.29% -46.31% -52.73% 20.66% -28.50% -6.51% 2.72% -274.43% -165.07% -50.71% 62.96%   
      operating margin %
    -4.47% 11.53% 4.94% 0.02% -6.88% 6.55% 5.05% -1.17% -10.66% 1.37% -4.73% -9.18% -26.63% -16.89% -26.37% -26.90% -31.45% 9.29% -23.23% -47.54% -36.63%  
      other expense, net:
                          
      interest income
    -1,362,000 -1,428,000 -1,463,000 -1,484,000 -1,724,000 -1,786,750 -2,407,000 -2,359,000 -2,381,000 -1,549,250 -2,329,000            
      tra remeasurement expense
                          
      total other expense
    -1,362,000 6,293,000 -1,463,000 -1,484,000 -1,399,000 -2,080,000 -2,406,000 -2,358,000 -2,379,000 -2,396,000 -2,328,000 -2,048,000 -1,732,000 -1,198,000 -449,000 320,000 156,000 168,000 348,000 -5,868,000 165,000  
      income before income taxes
    -2,596,000 6,401,000 5,694,000 1,496,000 -3,460,000 7,983,000 6,444,000 1,587,000 -3,313,000 3,278,000 -491,000            
      provision for income taxes
    -406,000 -14,062,000 541,000 -291,000 -153,000 263,000 -14,000 99,000  -30,000 181,000            
      net income
    -2,190,000 20,463,000 5,153,000 1,787,000 -3,307,000 7,720,000 6,458,000 1,488,000 -3,214,000 3,308,000 -672,000 -3,203,000 -9,376,000 -8,008,000 -12,426,000 -14,092,000 -13,563,000 7,518,000 -12,160,000 -18,095,000 -14,870,000  
      yoy
    -33.78% 165.06% -20.21% 20.09% 2.89% 133.37% -1061.01% -146.46% -65.72% -141.31% -94.59% -77.27% -30.87% -206.52% 2.19% -22.12% -8.79%      
      qoq
    -110.70% 297.11% 188.36% -154.04% -142.84% 19.54% 334.01% -146.30% -197.16% -592.26% -79.02% -65.84% 17.08% -35.55% -11.82% 3.90% -280.41% -161.83% -32.80% 21.69%   
      net income margin %
    -2.47% 18.58% 6.02% 2.30% -4.68% 8.57% 8.08% 2.26% -6.02% 5.14% -1.13% -5.60% -22.47% -14.69% -25.45% -27.52% -31.82% 9.09% -23.91% -35.89% -37.04%  
      less: net loss attributable to noncontrolling interests
    -1,735,000    -2,117,000    -2,267,000 2,681,000 -146,000 -2,140,000 -6,896,000 -5,814,000 -9,300,000 -10,691,000 -10,371,000 5,962,000 -9,623,000 -14,440,000 -11,766,000  
      net loss attributable to viant technology inc.
    -455,000    -1,190,000    -947,000 627,000 -526,000 -1,063,000 -2,480,000 -2,194,000 -3,126,000 -3,401,000 -3,192,000      
      earnings per share of class a common stock:
                          
      basic
    -0.03 0.003 0.06 0.02 -0.07 0.01 0.09  -0.06              
      diluted
    -0.03  0.06 0.02 -0.07 0.01 0.09  -0.06              
      weighted-average shares of class a common stock outstanding:
                          
      basic
    17,827 16,422,000 16,331 15,996 16,439 16,221,000 16,290 16,480 15,949 15,224,000 15,388 15,135 14,748 14,185,000 14,306 14,114 13,809 12,364,000 12,489,000 11,500,000 11,500,000  
      diluted
    63,452 66,976,000 19,179 19,903 16,439 20,466,000 19,993 19,235 15,949 15,224,000 15,388 15,135 14,748 14,185,000 14,306 14,114 13,809 12,364,000 12,489,000 11,500,000 11,500,000  
      other expense
     -324,000   325,000 8,000 1,000 1,000 2,000 1,000 1,000 1,000 87,000 1,000 6,000 299,000 4,000 7,000 121,000 1,000 -70,000  
      less: net income attributable to noncontrolling interests
     12,207,000 4,157,000 1,497,000  5,973,000 4,951,000 1,433,000               
      net income attributable to viant technology inc.
     8,256,000 996,000 290,000  1,747,000 1,507,000 55,000          -2,324,500 -2,537,000 -3,655,000 -3,104,000  
      benefit from income taxes
            -99,000              
      loss per share of class a common stock:
                          
      basic
             -0.068 -0.03 -0.07 -0.17 -0.173 -0.22 -0.24 -0.23      
      diluted
             -0.068 -0.03 -0.07 -0.17 -0.173 -0.22 -0.24 -0.23      
      interest expense
               -2,049,000 -1,819,000 -1,199,000 -455,000 21,000 152,000 161,000 227,000 241,000 235,000  
      gain on extinguishment of debt
                       -6,110,000   
      earnings per class a common stock/unit:
                          
      basic
                     150 -200 -320 -270  
      diluted
                     150 -200 -320 -270  
      weighted-average class a common stock/units outstanding:
                          
      basic
    17,827 16,422,000 16,331 15,996 16,439 16,221,000 16,290 16,480 15,949 15,224,000 15,388 15,135 14,748 14,185,000 14,306 14,114 13,809 12,364,000 12,489,000 11,500,000 11,500,000  
      diluted
    63,452 66,976,000 19,179 19,903 16,439 20,466,000 19,993 19,235 15,949 15,224,000 15,388 15,135 14,748 14,185,000 14,306 14,114 13,809 12,364,000 12,489,000 11,500,000 11,500,000  
                          
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 
                            
        assets
                            
        current assets:
                            
        cash and cash equivalents
      185,687,000 191,151,000 161,286,000 172,816,000 173,878,000 205,048,000 214,632,000 209,744,000 206,057,000 216,458,000 203,007,000 203,901,000 201,742,000 206,573,000 199,665,000        
        accounts receivable
      146,230,000 177,139,000 142,799,000 135,338,000 131,291,000 146,951,000 135,647,000 122,922,000 113,508,000 117,473,000 106,039,000 89,967,000 80,810,000 101,658,000 93,609,000 93,481,000 79,897,000 110,739,000 69,612,000 63,747,000 58,253,000 89,767,000 
        prepaid expenses and other current assets
      5,998,000 7,902,000 9,498,000 7,596,000 10,593,000 10,490,000 10,131,000 8,683,000 7,978,000 6,486,000 5,028,000 4,190,000 3,771,000 6,631,000 6,010,000 2,911,000 3,544,000 2,967,000 4,195,000 4,219,000 5,044,000 4,487,000 
        total current assets
      337,915,000 376,192,000 313,583,000 315,750,000 315,762,000 362,489,000 360,410,000 341,349,000 327,543,000 340,417,000 314,074,000 298,058,000 286,323,000 314,862,000 299,284,000 303,640,000 331,377,000 352,186,000 316,417,000 320,237,000 309,882,000 103,883,000 
        property, equipment, and software
      35,424,000 35,069,000 35,168,000 33,945,000 32,645,000 31,482,000 31,152,000 29,946,000 29,356,000 28,261,000 27,180,000 25,829,000 24,274,000 23,106,000 22,681,000 22,525,000 22,611,000 22,331,000 22,650,000 20,946,000 16,419,000 13,829,000 
        operating lease assets
      21,181,000 19,689,000 20,607,000 21,512,000 22,595,000 23,663,000 24,643,000 24,072,000 24,898,000 22,995,000 23,871,000 24,715,000 25,473,000 26,441,000 22,816,000 19,688,000 20,345,000      
        intangible assets
      2,728,000 2,899,000 3,077,000 3,256,000 3,434,000 3,048,000 113,000 133,000 153,000 201,000 303,000 405,000 507,000 667,000 945,000 1,222,000 1,499,000 1,786,000 2,093,000 2,400,000 2,708,000 3,015,000 
        goodwill
      19,190,000 19,190,000 19,190,000 19,190,000 19,190,000 19,190,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 12,422,000 
        deferred tax assets
      18,534,000 17,524,000                     
        other assets
      4,033,000 4,100,000 4,261,000 4,319,000 889,000 932,000 1,001,000 628,000 669,000 615,000 638,000 26,000 64,000 385,000 348,000 397,000 397,000 406,000 388,000 373,000 371,000 371,000 
        total assets
      439,005,000 474,663,000 395,886,000 397,972,000 394,515,000 440,804,000 429,741,000 408,550,000 395,041,000 404,911,000 378,488,000 361,455,000 349,063,000 377,883,000 358,496,000 359,894,000 388,651,000 389,131,000 353,970,000 356,378,000 341,802,000 133,520,000 
        liabilities and stockholders’ equity
                            
        liabilities
                            
        current liabilities:
                            
        accounts payable
      53,711,000 83,520,000 60,914,000 66,968,000 59,993,000 71,320,000 65,974,000 62,624,000 51,972,000 47,342,000 31,579,000 31,765,000 20,782,000 37,063,000 29,897,000 28,239,000 24,706,000 32,877,000 24,652,000 24,537,000 27,219,000 29,763,000 
        accrued liabilities
      46,064,000 50,828,000 38,509,000 38,362,000 38,689,000 47,352,000 45,064,000 36,279,000 35,988,000 39,263,000 35,169,000 29,831,000 28,580,000 35,063,000 28,202,000 31,558,000 37,670,000 34,086,000 23,240,000 19,440,000 13,220,000 24,677,000 
        accrued compensation
      9,204,000 12,988,000 11,779,000 10,095,000 8,348,000 11,513,000 10,440,000 8,602,000 7,124,000 10,925,000 8,846,000 5,878,000 6,223,000 9,162,000 8,235,000 7,603,000 9,640,000 12,247,000 9,908,000 7,880,000 7,656,000 9,711,000 
        deferred revenue
      551,000 583,000 611,000 586,000 251,000 581,000 345,000 208,000               
        current portion of operating lease liabilities
      5,098,000 5,080,000 4,896,000 4,725,000 4,715,000 4,730,000 4,548,000 4,063,000 3,748,000 3,762,000 3,807,000 3,918,000 3,973,000 3,711,000 2,813,000 2,014,000 1,837,000      
        other current liabilities
      3,206,000 4,036,000 3,035,000 2,643,000 4,726,000 9,955,000 3,829,000 2,302,000 2,015,000 7,242,000 6,561,000 2,494,000 2,447,000 1,995,000 1,423,000 1,245,000 1,241,000 2,526,000 2,377,000 2,118,000 1,238,000 2,549,000 
        total current liabilities
      117,834,000 157,035,000 119,744,000 123,379,000 116,722,000 145,451,000 130,200,000 114,078,000 101,028,000 108,850,000 87,264,000 74,066,000 63,060,000 87,117,000 70,635,000 70,723,000 75,158,000 83,058,000 61,639,000 55,804,000 56,585,000 79,656,000 
        long-term debt
                      17,500,000 17,500,000 17,500,000 17,500,000 18,170,000 20,182,000 
        long-term portion of operating lease liabilities
      18,286,000 16,668,000 17,732,000 18,990,000 20,278,000 21,278,000 22,317,000 22,530,000 23,557,000 21,672,000 22,536,000 23,334,000 23,990,000 24,998,000 21,967,000 18,994,000 19,668,000      
        long-term portion of tra liability
      12,486,000 12,159,000                     
        total liabilities
      148,606,000 185,862,000 137,476,000 142,369,000 137,000,000 166,729,000 152,517,000 136,608,000 124,585,000 130,522,000 109,800,000 97,400,000 87,050,000 112,115,000 92,602,000 89,717,000 112,326,000 106,557,000 85,142,000 79,326,000 81,039,000 105,903,000 
        commitments and contingencies
                            
        stockholders’ equity
                            
        preferred stock, 0.001 par value
                            
        authorized shares — 10,000,000
                            
        issued and outstanding — none
                            
        class a common stock
       18,000    18,000    16,000    15,000         
        authorized shares — 450,000,000
                            
        issued — 18,820,004 and 18,271,293
      19,000                      
        outstanding — 18,264,502 and 17,593,198
                            
        class b common stock
       46,000    47,000    47,000    47,000         
        authorized shares — 150,000,000
                            
        issued and outstanding — 45,559,716 and 45,717,216
      46,000                      
        additional paid-in capital
      190,099,000 182,744,000 133,865,000 129,306,000 128,559,000 125,386,000 121,597,000 119,740,000 116,571,000 112,830,000 108,858,000 102,885,000 100,942,000 95,922,000 92,736,000 89,276,000 85,926,000     92,187,000 
        accumulated deficit
      -98,749,000 -91,751,000 -90,294,000 -75,767,000 -64,660,000 -50,566,000 -50,049,000 -49,162,000 -45,589,000 -43,509,000 -42,993,000 -41,636,000 -39,425,000 -36,261,000 -33,367,000 -29,380,000 -25,979,000     -72,070,000 
        treasury stock
      -6,105,000 -8,920,000 -20,316,000 -26,127,000 -27,513,000 -21,046,000 -12,191,000 -7,578,000 -5,458,000 -1,127,000 -1,223,000 -1,074,000 -1,567,000 -475,000 -701,000 -861,000  -2,648,000 -7,239,000    
        total stockholders’ equity attributable to viant technology inc.
      85,310,000  23,319,000 27,477,000 36,451,000  59,421,000 63,064,000 65,588,000  64,705,000 60,238,000 60,012,000  58,729,000 59,096,000 60,008,000      
        noncontrolling interests
      205,089,000 206,664,000 235,091,000 228,126,000 221,064,000 220,236,000 217,803,000 208,878,000 204,868,000 206,132,000 203,983,000 203,817,000 202,001,000 206,520,000 207,165,000 211,081,000 216,317,000 222,412,000 212,516,000 181,712,000 196,152,000  
        total equity
      290,399,000 288,801,000 258,410,000 255,603,000 257,515,000 274,075,000 277,224,000 271,942,000 270,456,000 274,389,000 268,688,000 264,055,000 262,013,000 265,768,000 265,894,000 270,177,000 276,325,000 282,574,000 268,828,000 277,052,000 260,763,000  
        total liabilities and stockholders’ equity
      439,005,000 474,663,000 395,886,000 397,972,000 394,515,000 440,804,000 429,741,000 408,550,000 395,041,000  378,488,000 361,455,000 349,063,000  358,496,000 359,894,000 388,651,000      
        liabilities and stockholders' equity
                            
        issued — 18,271,293 and 17,933,825
                            
        outstanding — 17,593,198 and 16,368,452
                            
        issued and outstanding — 45,717,216 and 46,753,841
                            
        total stockholders' equity attributable to viant technology inc.
       82,137,000    53,839,000    68,257,000    59,248,000         
        issued — 18,233,793 and 17,933,825
        18,000 18,000                   
        outstanding — 16,648,444 and 16,368,452
                            
        issued and outstanding — 45,754,716 and 46,753,841
        46,000                    
        outstanding — 16,251,978 and 16,368,452
                            
        issued and outstanding — 46,696,493 and 46,753,841
         47,000                   
        issued — 18,210,074 and 17,933,825
          18,000                  
        outstanding — 16,415,283 and 16,368,452
                            
        issued and outstanding — 46,720,212 and 46,753,841
          47,000                  
        issued — 17,933,825 and 15,937,816
                            
        outstanding — 16,368,452 and 15,783,941
                            
        issued and outstanding — 46,753,841 and 47,032,260
                            
        issued — 17,423,015 and 15,937,816
            17,000                
        outstanding — 16,224,237 and 15,783,941
                            
        issued and outstanding — 46,850,054 and 47,032,260
            47,000                
        issued — 17,170,468 and 15,937,816
             17,000               
        outstanding — 16,375,138 and 15,783,941
                            
        issued and outstanding — 46,984,667 and 47,032,260
             47,000               
        current portion of deferred revenue
              181,000 316,000 1,302,000 180,000 1,055,000 123,000 65,000 64,000 64,000 1,317,000 1,457,000 1,637,000 1,887,000 2,725,000 
        issued — 16,979,744 and 15,937,816
              17,000              
        outstanding — 16,440,946 and 15,783,941
                            
        issued and outstanding — 46,984,825 and 47,032,260
              47,000              
        issued — 15,937,816 and 14,783,886
                            
        outstanding — 15,783,941 and 14,643,798
                            
        issued and outstanding — 47,032,260 and 47,082,260
                            
        total liabilities and stockholders' equity
               404,911,000    377,883,000         
        issued — 15,746,064 and 14,783,886
                            
        outstanding — 15,541,093 and 14,643,798
                16,000            
        issued and outstanding — 47,082,260 and 47,082,260
                47,000 47,000 47,000          
        issued — 15,598,505 and 14,783,886
                            
        outstanding — 15,342,563 and 14,643,798
                 16,000           
        issued — 15,444,078 and 14,783,886
                            
        outstanding — 15,064,581 and 14,643,798
                  15,000          
        long-term portion of deferred revenue
                       5,234,000 5,433,000 5,617,000 5,902,000 5,612,000 
        other long-term liabilities
                       765,000 570,000 405,000 382,000 453,000 
        issued — 14,783,886 and 13,920,868
                            
        outstanding — 14,643,798 and 13,704,638
                            
        issued and outstanding — 47,082,260 and 47,107,130
                    47,000 47,000       
        issued — 14,604,257 and 13,920,868
                            
        outstanding — 14,460,084 and 13,704,638
                    14,000        
        cash
                     207,248,000 247,936,000 238,480,000 242,610,000 252,271,000 246,585,000 9,629,000 
        issued — 14,393,501 and 13,920,868
                            
        outstanding — 14,253,800 and 13,704,638
                     14,000       
        preferred stock, 0.001 par value...
                            
        class a common stock, 0.001 par value...
                      14,000 14,000 14,000 12,000 12,000  
        class b common stock, 0.001 par value...
                      47,000 47,000 47,000 47,000 47,000  
        liabilities, convertible preferred units and stockholders' equity/members' equity
                            
        current portion of long-term debt
                          5,365,000 3,353,000 
        accrued member tax distributions
                       5,000 5,000 192,000  6,878,000 
        convertible preferred units
                            
        2019 convertible preferred units, no par value; none issued and outstanding as of december 31, 2021 and 600,000 units authorized, issued and outstanding as of december 31, 2020; liquidation preference 5,444 as of december 31, 2020
                            
        members' equity
                            
        common units, no par value; none issued and outstanding as of december 31, 2021 and 400,000 units authorized, issued and outstanding as of december 31, 2020
                            
        total stockholders' equity attributable to viant technology inc./members' equity
                       60,162,000 56,312,000 95,340,000 64,611,000  
        total liabilities, convertible preferred units and stockholders' equity/members' equity
                       389,131,000 353,970,000 356,378,000 341,802,000  
        2019 convertible preferred units, no par value; none issued and outstanding as of september 30, 2021 and 600,000 units authorized, issued and outstanding as of december 31, 2020; liquidation preference 5,444 as of december 31, 2020
                            
        common units, no par value; none issued and outstanding as of september 30, 2021 and 400,000 units authorized, issued and outstanding as of december 31, 2020
                            
        2019 convertible preferred units, no par value; none issued and outstanding as of june 30, 2021 and 600,000 units authorized, issued and outstanding as of december 31, 2020; liquidation preference 5,444 as of december 31, 2020
                            
        common units, no par value; none issued and outstanding as of june 30, 2021 and 400,000 units authorized, issued and outstanding as of december 31, 2020
                            
        2019 convertible preferred units, no par value; none issued and outstanding as of march 31, 2021 and 600,000 units authorized, issued and outstanding as of december 31, 2020; liquidation preference 5,444 as of december 31, 2020
                            
        common units, no par value; none issued and outstanding as of march 31, 2021 and 400,000 units authorized, issued and outstanding as of december 31, 2020
                            
        liabilities, convertible preferred units and members’ equity
                            
        2019 convertible preferred units, no par value; 600,000 units authorized, issued and outstanding as of december 31, 2020 and 2019; liquidation preference of 5,444 and 7,628 as of december 31, 2020 and 2019, respectively
                           7,500,000 
        members’ equity
                            
        common units, no par value; 400,000 units authorized, issued and outstanding as of december 31, 2020 and 2019
                            
        total members’ equity
                           20,117,000 
        total liabilities, convertible preferred units and members’ equity
                           133,520,000 
        revenue
                           165,251,000 
        operating expenses:
                            
        platform operations
                           88,260,000 
        sales and marketing
                           28,887,000 
        technology and development
                           8,698,000 
        general and administrative
                           17,639,000 
        total operating expenses
                           143,484,000 
        income from operations
                           21,767,000 
        interest expense
                           1,038,000 
        other income
                           91,000 
        total other income
                           1,129,000 
        net income
                           20,638,000 
        foreign currency translation adjustments
                            
        comprehensive income
                           20,638,000 
        earnings per unit:
                            
        basic
                           20,640 
        diluted
                           20,640 
        weighted-average units outstanding:
                            
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                             
          cash flows from operating activities:
                             
          net loss
        -2,190,000   1,787,000 -3,307,000   1,488,000 -3,214,000 3,308,000 -672,000 -3,203,000 -9,376,000  -12,426,000 -14,092,000 -13,563,000     
          adjustments to reconcile net loss to net cash from operating activities:
                             
          depreciation and amortization
        5,473,000 5,012,000 4,807,000 4,559,000 4,324,000 4,110,000 4,038,000 4,167,000 4,146,000 4,000,000 3,780,000 3,539,000 3,412,000 3,385,000 3,366,000 3,226,000 3,154,000 3,117,000 2,973,000 2,624,000 2,427,000 
          stock-based compensation
        6,577,000 6,430,000 6,428,000 6,343,000 5,639,000 5,728,000 5,329,000 5,537,000 4,440,000 7,556,000 8,734,000 8,529,000 7,472,000  7,711,000 7,768,000 6,376,000  15,415,000 29,687,000 17,090,000 
          provision for doubtful accounts
        204,000 599,000 -396,000 29,000 390,000 544,000 908,000 55,000 -87,000  14,000           
          loss on disposal of assets
        132,000 91,000    4,000 12,000 3,000 6,000 -3,000 14,000 104,000 169,000 114,000   40,000 140,000 8,000 
          noncash lease expense
        1,206,000 1,145,000 961,000 975,000 1,126,000 1,036,000 1,039,000 956,000 988,000 1,011,000 1,001,000           
          deferred taxes
        -518,000                     
          changes in operating assets and liabilities:
                             
          accounts receivable
        30,705,000 -34,939,000 -7,067,000 -4,075,000 15,269,000 -11,183,000 -13,633,000 -9,468,000 4,051,000 -11,470,000 -16,086,000 -9,185,000 20,618,000 -8,474,000 -911,000 -13,584,000 30,790,000 -41,181,000 -5,904,000 -5,488,000 31,708,000 
          prepaid expenses and other assets
        1,971,000 1,757,000 -1,845,000 3,068,000 -60,000 -199,000 -1,239,000 -707,000 -1,759,000 -1,437,000 -1,449,000 -381,000 3,180,000 -660,000 -3,047,000 633,000 -568,000 1,210,000 -207,000 1,040,000 -2,793,000 
          accounts payable
        -29,819,000 22,634,000 -6,063,000 7,182,000 -11,595,000 5,042,000 3,142,000 11,271,000 4,337,000 15,677,000 -85,000 10,747,000 -16,301,000 7,170,000 1,697,000 3,505,000 -8,157,000 8,220,000 310,000 -1,710,000 -3,416,000 
          accrued liabilities
        -4,515,000 12,328,000 119,000 406,000 -9,293,000 2,118,000 8,896,000 105,000 -3,244,000 4,041,000 5,338,000 1,317,000 -6,504,000 6,745,000 -3,357,000 -6,112,000 3,584,000 10,846,000 3,821,000 6,274,000 -11,213,000 
          accrued compensation
        -4,644,000 2,089,000 1,676,000 1,632,000 -3,784,000 1,644,000 1,790,000 1,492,000 -3,987,000 2,150,000 2,425,000 144,000 -3,350,000 1,053,000 436,000 -1,886,000 -2,721,000 2,121,000 2,029,000 224,000 -2,055,000 
          deferred revenue
        -32,000 -28,000 25,000 335,000 -330,000 132,000 137,000 27,000 -135,000 -986,000 1,122,000 -876,000 933,000 58,000 -6,486,000 -340,000 -364,000 -535,000 -547,000 
          operating lease liabilities
        -1,062,000 -1,107,000 -1,143,000 -1,170,000 -1,073,000 -915,000 -1,337,000 -842,000 -1,020,000 -1,044,000 -1,065,000 -928,000 -743,000 -597,000 -7,000 -496,000 -461,000     
          other liabilities
        -563,000 397,000 391,000 -137,000 -1,758,000 710,000 1,529,000 285,000 -684,000 409,000 577,000 718,000 -1,000,000 571,000 196,000 -13,000 -1,083,000 345,000 423,000 904,000 -1,382,000 
          net cash from operating activities
        2,925,000 33,076,000 3,049,000 20,934,000 -4,452,000 16,491,000 17,069,000 14,369,000 3,838,000 23,249,000 3,648,000 11,420,000 -565,000 9,784,000 -4,795,000 -20,089,000 11,570,000 -1,420,000 6,514,000 8,808,000 14,763,000 
          capital expenditures
        -3,930,000 -4,904,000 -4,867,000 -4,799,000 -3,723,000 -4,323,000 -4,663,000 -4,696,000 -4,062,000 -3,816,000 -3,198,000 -3,789,000 -2,673,000 -2,401,000 -2,087,000 -2,240,000 -2,098,000 -1,409,000 -1,947,000 -1,956,000 -2,060,000 
          free cash flows
        -1,005,000 28,172,000 -1,818,000 16,135,000 -8,175,000 12,168,000 12,406,000 9,673,000 -224,000 19,433,000 450,000 7,631,000 -3,238,000 7,383,000 -6,882,000 -22,329,000 9,472,000 -2,829,000 4,567,000 6,852,000 12,703,000 
          cash flows from investing activities:
                             
          purchases of property and equipment
        -313,000 -101,000 -226,000 -475,000 -124,000 -218,000 -796,000 -954,000 -530,000 -476,000 -371,000 -57,000 -291,000 -205,000 -156,000 -24,000 -373,000 -55,000 -120,000 -99,000 -167,000 
          capitalized software development costs
        -3,617,000 -4,803,000 -4,641,000 -4,324,000 -3,599,000 -4,105,000 -3,867,000 -3,742,000 -3,532,000 -3,340,000 -2,827,000 -3,732,000 -2,382,000 -2,196,000 -1,931,000 -2,216,000 -1,725,000 -1,354,000 -1,827,000 -1,857,000 -1,893,000 
          cash paid for acquisitions
         -5,000 -229,000 -315,000                 
          net cash from investing activities
        -3,930,000 -4,904,000 -4,872,000 -8,528,000 -4,038,000 -14,323,000 -4,663,000 -4,696,000 -4,062,000 -3,816,000 -3,198,000 -3,789,000 -2,673,000 -2,401,000 -2,087,000 -2,240,000 -2,098,000 -1,409,000 -1,947,000 -1,956,000 -2,060,000 
          cash flows from financing activities:
                             
          repurchase of stock related to tax withholdings on vested equity awards
        -3,121,000 -3,232,000                 
          repurchase of stock related to the stock repurchase program
        -987,000 -9,973,000 -11,092,000 -17,025,000                 
          payment of member tax distributions
        -452,000 11,000 3,000 -2,975,000 -3,645,000 -647,000 -136,000 -447,000 -4,723,000 -4,948,000 -364,000 -4,817,000 -26,000 -1,000 2,000 -16,000 41,000 -525,000 -6,805,000 
          proceeds from the exercise of stock options
        380,000 1,682,000 263,000 599,000 1,222,000 1,171,000 296,000 1,506,000 101,000             
          payment on tax receivable agreement liability
        -279,000                     
          net cash from financing activities
        -4,459,000 1,693,000 -9,707,000 -13,468,000 -22,680,000 -11,752,000 -7,518,000 -5,986,000 -10,177,000 -5,982,000 -1,344,000 -5,472,000 -1,593,000 -475,000 -701,000 -18,359,000 -16,000 -1,301,000 -14,228,000 -1,166,000 224,253,000 
          net decrease in cash and cash equivalents
        -5,464,000  -11,530,000 -1,062,000 -31,170,000  4,888,000 3,687,000 -10,401,000  -894,000           
          cash and cash equivalents at beginning of period
        191,151,000 205,048,000 216,458,000 206,573,000        
          cash and cash equivalents at end of period
        185,687,000 29,865,000 -11,530,000 -1,062,000 173,878,000 -9,584,000 4,888,000 3,687,000 206,057,000 13,451,000 -894,000 2,159,000 201,742,000 6,908,000        
          supplemental disclosure of cash flow information:
                             
          cash paid for interest
        72,000 71,000 71,000 68,000 72,000 71,000 71,000 69,000 71,000 70,000 70,000 37,000 38,000 39,000 32,000 63,000 104,000 114,000 186,000 185,000 175,000 
          cash paid for income taxes
        174,000                     
          supplemental disclosure of non-cash investing and financing activities:
                             
          stock-based compensation included in capitalized software development costs
        958,000 840,000 936,000 1,000,000 652,000 584,000 639,000 657,000 445,000 1,092,000 1,402,000 1,521,000 1,400,000 1,316,000 1,110,000 1,053,000 950,000  2,560,000 4,890,000 2,666,000 
          operating lease assets obtained in exchange for operating lease liabilities including adjustments
        2,698,000 227,000 56,000                   
          capitalized assets financed by accounts payable and accrued liabilities
        1,351,000 -919,000 46,000 -351,000 1,774,000 -558,000 -67,000 -612,000 1,836,000 66,000 442,000 -317,000 953,000 -13,000 202,000 -150,000 464,000     
          accrued member tax distributions
            1,944,000     273,000 3,487,000 -668,000 1,450,000     -187,000   
          net income
         20,463,000    7,720,000            7,518,000 -12,161,000 -18,096,000 -14,870,000 
          adjustments to reconcile income to net cash from operating activities:
                             
          tra remeasurement expense
                             
          cash paid for investments
                           
          payment of offering costs
             -292,000 -5,000 -29,000         -1,166,000 -1,442,000 
          net increase in cash and cash equivalents
                    -4,831,000 6,908,000        
          supplemental disclosure of noncash investing and financing activities:
                             
          adjustments to reconcile net income to net cash from operating activities:
                             
          deferred offering costs recorded in accounts payable and accrued liabilities
               49,000 243,000             
          operating lease assets obtained in exchange for operating lease liabilities
            58,000 57,000 1,609,000 130,000 2,891,000 134,000 157,000   4,529,000        
          repayment of revolving credit facility
                           
          repurchase of treasury stock related to tax withholdings on vested equity awards
              -1,185,000               
          repurchase of treasury stock related to the stock repurchase program
              -6,201,000               
          repurchase of treasury stock in connection with the taxes paid related to the vesting of equity awards
                -5,526,000             
          provision for (recovery of) doubtful accounts
                    22,000 426,000 783,000 51,000 54,000    
          gain on extinguishment of debt
                           
          proceeds from issuance of common stock, net of underwriting discounts
                         232,500,000 
          taxes paid related to net share settlement of equity awards
                 -1,046,000 -980,000 -655,000 -1,567,000 -475,000 -700,000   -1,342,000    
          noncash gain on extinguishment of debt related to paycheck protection program loan
                            
          amortization of operating lease assets
                    968,000 900,000 650,000 657,000 654,000     
          stock/unit-based compensation
                             
          proceeds from paycheck protection program loan
                             
          payment of member dividends
                             
          non-cash gain on extinguishment of debt related to paycheck protection program loan
                             
          net increase in cash
                       -40,688,000 9,456,000 -4,130,000 -9,661,000 5,686,000 236,956,000 
          cash at beginning of period
                       238,480,000 9,629,000 
          cash at end of period
                       -40,688,000 247,936,000 -4,130,000 -9,661,000 5,686,000 246,585,000 
          proceeds from borrowings on line of credit
                             
          proceeds from borrowings on debt with related party
                             
          repayments of debt with related party
                             
          proceeds from issuance of 2019 convertible preferred units to a related party
                             
          transaction costs paid on behalf of related party
                             
          effect of exchange rate changes on cash
                             
          additions of property and equipment paid by landlord pursuant to tenant improvement allowance
                             
          retirement of 2016 convertible preferred units with related party
                             
          forgiveness of long-term debt and accrued interest by related party
                             
          beneficial conversion feature and deemed dividend related to 2019 convertible preferred units
                             
          recovery of doubtful accounts
                           -6,000 -194,000 
          accrued member tax distributions recorded in other current liabilities
                             
          offering costs recorded in accounts payable
                            1,167,000 
          unit-based compensation