Viant Technology Inc.

Previous wording

Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, and AI Bidding, which optimizes inventory costs by lowering the effective cost per mille ("eCPM") through automated bid adjustments. Looking ahead, our ViantAI product roadmap features AI Measurement and Analysis, which provides accessible measurement and insights via a user-friendly chat interface, and AI Decisioning, which empowers an AI agent to dynamically optimize campaigns in real-time by leveraging advanced ad strategies such as channel allocation, publisher selection, dayparting, and audience discovery.

Current wording

Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, AI Bidding, which optimizes inventory costs by lowering the effective cost per mille ("eCPM") through automated bid adjustments, and AI Measurement and Analysis, our recently released offering which provides accessible measurement and insights via a user-friendly chat interface. Looking ahead, our ViantAI product roadmap features AI Decisioning, which is intended to empower an AI agent to dynamically optimize campaigns in real-time by leveraging advanced ad strategies such as channel allocation, publisher selection, dayparting, and audience discovery.

Previous wording

We evaluate our customers' usage of our platform and assess our market penetration and scale based on changes in revenue, contribution ex-TAC and advertiser spend. We define advertiser spend 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 that we charge customers. For the three months ended March 31, 2025 compared to the three months ended March 31, 2024, our revenue grew 32%. We believe growing customer adoption of our newer products and platform features continued to drive incremental revenue, gross profit and contribution ex-TAC during the three months ended March 31, 2025. For a detailed discussion of our key operating measures, see “—Key Operating and Financial Performance Measures—Use of Non-GAAP Financial Measures.”

Current wording

We evaluate our customers' usage of our platform and assess our market penetration and scale based on changes in revenue, contribution ex-TAC and advertiser spend. We define advertiser spend 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 that we charge customers. For the six months ended June 30, 2025 compared to the six months ended June 30, 2024, our revenue grew 25%. We believe growing customer adoption of our newer products and platform features continued to drive incremental revenue, gross profit and contribution ex-TAC during the six months ended June 30, 2025. For a detailed discussion of our key operating measures, see “—Key Operating and Financial Performance Measures—Use of Non-GAAP Financial Measures.”

Previous wording

Macroeconomic conditions and geopolitical events, such as pandemics, inflation, high interest rates, new or increased tariffs and international trade conflict, tightening of credit markets, recession risks, labor shortages, supply chain disruptions, political election cycles, changes in laws and interpretations of laws, changes in the volume and relative mix of U.S. government spending, cost-cutting and efficiency initiatives and potential disruptions from international conflicts and acts of terrorism, have impacted and may continue to impact our business and the business of our customers, while also disrupting sales channels and advertising and marketing activities. We continue to actively monitor the impact of these macroeconomic factors on our results of operations, financial condition and cash flows, and on our clients, partners, industry and employees. The extent to which these factors impact our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted. Due to the nature of our business, the effect of these macroeconomic conditions and geopolitical events may not be fully reflected in our results of operations until future periods.

Current wording

Macroeconomic conditions and geopolitical events, such as pandemics, inflation, high interest rates, tariffs and international trade conflict, tightening of credit markets, recession risks, labor shortages, supply chain disruptions, political cycles, changes in laws and interpretations of laws, changes in the volume and relative mix of U.S. government spending, cost-cutting and efficiency initiatives and potential disruptions from international conflicts and acts of terrorism, have impacted and may continue to impact our business and the business of our customers, while also disrupting sales channels and advertising and marketing activities. We continue to actively monitor the impact of these macroeconomic factors on our results of operations, financial condition and cash flows, and on our clients, partners, industry and employees. The extent to which these factors impact our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted. Due to the nature of our business, the effect of these macroeconomic conditions and geopolitical events may not be fully reflected in our results of operations until future periods.

Previous wording

The following tables present our unaudited condensed consolidated statements of operations, our condensed consolidated statements of operations as a percentage of revenue, and the impact of stock-based compensation, depreciation and amortization on each operating expense line item for the three months ended March 31, 2025 and 2024:

Current wording

The following tables present our unaudited condensed consolidated statements of operations, our condensed consolidated statements of operations as a percentage of revenue, and the impact of stock-based compensation, depreciation and amortization on each operating expense line item for the three and six months ended June 30, 2025 and 2024:

Previous wording

Revenue increased by $17.2 million, or 32%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to an 84% increase in revenue from marketers in the consumer goods, business services, and healthcare industry verticals and a net 12% increase in all other industry verticals.

Current wording

Revenue increased by $12.0 million, or 18%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily due to a 28% increase in revenue from marketers in the business services, consumer goods, retail and healthcare industry verticals and a net 5% increase in all other industry verticals.

Previous wording

Platform operations expense increased by $10.2 million, or 34%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was primarily due to an $8.6 million increase in traffic acquisition costs (“TAC”), a variable function of revenue related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. The increase was also due to higher other platform operations expense which was driven by a $0.6 million increase in cloud and data center services in support of our DSP, a $0.5 million increase in personnel costs, and a $0.5 million increase in stock-based compensation.

Current wording

Platform operations expense increased by $6.8 million, or 19%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to a $5.2 million increase in traffic acquisition costs (“TAC”), a variable function of revenue related to our fixed CPM pricing option and certain arrangements related to our percentage of spend pricing option. The increase was also due to higher other platform operations expense which was driven by a $0.5 million increase in personnel costs, a $0.4 million increase in cloud and data center services in support of our DSP, a $0.4 million increase in stock-based compensation and a $0.3 million increase in data-related costs in support of our DSP.

Previous wording

Sales and marketing expense increased by $1.3 million, or 10%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was primarily due to a $1.3 million increase in personnel costs, a $0.7 million increase in stock-based compensation and a $0.1 million increase in professional services, partially offset by a $0.7 million decrease in travel and entertainment expense and a $0.1 million decrease in advertising expense.

Current wording

Sales and marketing expense increased by $2.4 million, or 18%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to a $1.3 million increase in personnel costs, a $0.7 million increase in stock-based compensation, a $0.3 million increase in advertising expense and a $0.1 million increase in depreciation expense.

Previous wording

Technology and development expense increased by $1.7 million, or 32%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was primarily due to a $0.9 million increase in personnel costs, a $0.3 million increase in stock-based compensation, a $0.3 million increase in technology costs in support of our DSP and a $0.2 million increase in depreciation expense.

Current wording

Technology and development expense increased by $1.9 million, or 32%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to a $0.8 million increase in personnel costs, a $0.4 million increase in stock-based compensation, a $0.3 million increase in depreciation expense, a $0.3 million increase in technology costs in support of our DSP and a $0.1 million increase in professional services.

Previous wording

General and administrative expense increased by $3.2 million, or 29%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was primarily due to a $1.5 million increase in travel and entertainment expense driven by Company events and employee-related expenses, a $1.2 million increase in personnel costs, a $0.5 million increase in bad debt expense and a $0.3 million increase in accounting, legal, and consulting expenses associated with general corporate and compliance matters, partially offset by a $0.3 million decrease in stock-based compensation.

Current wording

General and administrative expense increased by $0.1 million, or 1%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to $0.3 million increase in accounting, legal, and consulting expenses associated with general corporate and compliance matters, a $0.3 million increase in personnel costs, a $0.2 million increase in travel and entertainment expense driven by Company events and employee-related expenses and a $0.1 million increase in recruiting fees, partially offset by a $0.7 million decrease in stock-based compensation and a $0.1 million decrease in depreciation expense.

Previous wording

The U.S. federal statutory tax rate was 21% for the three months ended March 31, 2025 and 2024. The benefit from income taxes increased by$0.1 million, or 55%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024 due to year-to-date loss and excess tax benefit on vested stock-based compensation.

Current wording

The U.S. federal statutory tax rate was 21% for the three months ended June 30, 2025 and 2024. The benefit from income taxes was$0.3 million for the three months ended June 30, 2025, attributable to year-to-date loss and excess tax benefit on vested stock-based compensation, compared to a provision for income taxes of $0.1 million for the three months ended June 30, 2024.

Previous wording

Total other expense (income), netdecreased by$1.0 million, or 41%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was primarily due to a $0.7 million decrease in interest income on cash and cash equivalents driven by lower interest rates as well as Tax Receivable Agreement ("TRA") expense of $0.3 million in the three months ended March 31, 2025.

Current wording

Total other income, netdecreased by$1.9 million, or 39%, during thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. This decrease was primarily attributable to a $1.5 million decrease in interest income on cash and cash equivalents driven by lower interest rates and lower money market fund balances, as well as Tax Receivable Agreement ("TRA") expense of $0.3 million in the six months ended June 30, 2025.

Previous wording

The following table presents a reconciliation of net loss to adjusted EBITDA for the periods presented:

Current wording

The following table presents a reconciliation of net income (loss) to adjusted EBITDA for the periods presented:

Previous wording

The following table presents the calculation of net loss as a percentage of gross profit and the calculation of adjusted EBITDA as a percentage of contribution ex-TAC for the periods presented:

Current wording

The following table presents the calculation of net income (loss) as a percentage of gross profit and the calculation of adjusted EBITDA as a percentage of contribution ex-TAC for the periods presented:

Previous wording

The following table presents a reconciliation of net loss to non-GAAP net income for theperiods presented:

Current wording

The following table presents a reconciliation of net income (loss) to non-GAAP net income for theperiods presented:

Previous wording

(4)The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three months ended March 31, 2025 and 2024 is calculated using assumed blended tax rates of 23% and 27%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.

Current wording

(4)The estimated income tax effect of our share of income (loss) after non-GAAP reconciling items for the three and six months ended June 30, 2025 and 2024 is calculated using assumed blended tax rates of 27% and 26%, respectively, which represent our expected corporate tax rates, excluding discrete and non-recurring tax items.

Previous wording

Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and Class B common stock using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Shares of our Class B common stock, RSUs and nonqualified stock options are considered potentially dilutive shares of Class A common stock. For thethree months ended March 31, 2025, Class B common stock has been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under the if-converted method. For thethree months ended March 31, 2024, Class B common stock has been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under the if-converted method.

Current wording

Diluted non-GAAP earnings (loss) per share of Class A common stock adjusts the basic non-GAAP earnings (loss) per share for the potential dilutive impact of shares of Class A common stock such as equity awards using the treasury-stock method and Class B common stock using the if-converted method. Diluted non-GAAP earnings (loss) per share of Class A common stock considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Shares of our Class B common stock, restricted stock units ("RSUs") and nonqualified stock options ("NQSOs") are considered potentially dilutive shares of Class A common stock. For thethree and six months ended June 30, 2025, Class B common stock has been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under the if-converted method. For thethree and six months ended June 30, 2024, Class B common stock has been excluded from the computation of diluted earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive under the if-converted method.

Previous wording

As of March 31, 2025, we had cash and cash equivalents of $173.9 million and working capital, consisting of current assets less current liabilities, of $199.0 million, compared to cash and cash equivalents of $205.0 million and working capital of $217.0 million as of December 31, 2024.

Current wording

As of June 30, 2025, we had cash and cash equivalents of $172.8 million and working capital, consisting of current assets less current liabilities, of $192.4 million, compared to cash and cash equivalents of $205.0 million and working capital of $217.0 million as of December 31, 2024.

Previous wording

Our primary uses of cash are capital expenditures to develop our technology in support of enhancing our platform; purchases of property and equipment in support of our expanding headcount as a result of our growth; the payment of debt obligations used to finance our operations, capital expenditures, platform development and rapid growth; future minimum payments under our non-cancelable operating leases; repurchases under the stock repurchase program; and acquisitions. We intend to continue investing in critical areas of our business for the remainder of 2025 to further accelerate demand for our product and growth across the platform.

Current wording

Our primary uses of cash are capital expenditures to develop our technology in support of enhancing our platform; purchases of property and equipment in support of our expanding headcount as a result of our growth; the payment of debt obligations used to finance our operations, capital expenditures, platform development and rapid growth; future minimum payments under our non-cancelable operating leases; repurchases under the stock repurchase program; and acquisitions and investments. We intend to continue investing in critical areas of our business for the remainder of 2025 to further accelerate demand for our product and growth across the platform.

Previous wording

As of March 31, 2025, our material cash requirements from non-cancelable contractual obligations with an original duration of over one year included future minimum payments under our non-cancelable operating leases, which we estimate will be approximately $4.4 million for the remainder of 2025, $5.5 million in 2026, $5.4 million in 2027, $4.1 million in 2028, and $3.6 million in 2029, and non-cancelable contractual agreements primarily related to the hosting of our data storage processing, storage, and other computing services, which we estimate will be approximately $11.6 million for the remainder of 2025, $15.1 million in 2026, $10.5 million in 2027, and $2.1 million in 2028.

Current wording

As of June 30, 2025, our material cash requirements from non-cancelable contractual obligations with an original duration of over one year included future minimum payments under our non-cancelable operating leases, which we estimate will be approximately $2.8 million for the remainder of 2025, $5.5 million in 2026, $5.4 million in 2027, $4.1 million in 2028, and $3.6 million in 2029, and non-cancelable contractual agreements primarily related to the hosting of our data storage processing, storage, and other computing services, which we estimate will be approximately $7.8 million for the remainder of 2025, $15.2 million in 2026, $10.6 million in 2027, and $2.1 million in 2028.

Previous wording

In connection with the initial public offering ("IPO"), we entered into a TRA with Viant Technology LLC, continuing members of Viant Technology LLC and the TRA Representative (as defined in the TRA) on February 9, 2021, as described under Note 10—Income Taxes and Tax Receivable Agreement to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report. As of March 31, 2025, we concluded that it was not more likely than not that our deferred tax assets subject to the TRA will be realized. Therefore, we have not recorded a liability related to the remaining tax savings we may realize from utilization of such deferred tax assets except for $0.3 million related to the current portion of the TRA. The total unrecorded liability for the TRA is approximately $10.7 million as of March 31, 2025. If utilization of the deferred tax assets subject to the TRA becomes more likely than not in the future, we will record a liability related to the TRA.

Current wording

In connection with the initial public offering ("IPO"), we entered into a TRA with Viant Technology LLC, continuing members of Viant Technology LLC and the TRA Representative (as defined in the TRA) on February 9, 2021, as described under Note 10—Income Taxes and Tax Receivable Agreement to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report. As of June 30, 2025, we concluded that it was not more likely than not that our deferred tax assets subject to the TRA will be realized. Therefore, we have not recorded a liability related to the remaining tax savings we may realize from utilization of such deferred tax assets except for $0.3 million related to the current portion of the TRA. The total unrecorded liability for the TRA is approximately $10.8 million as of June 30, 2025. If utilization of the deferred tax assets subject to the TRA becomes more likely than not in the future, we will record a liability related to the TRA.

Previous wording

On April 23, 2024, our board of directors approved a stock repurchase program with authorization to purchase up to $50 million in shares of our Class A common stock or Class B units of Viant Technology LLC. During thethree months ended March 31, 2025, we repurchased 1.2 million shares of our Class A common stock, which includes unsettled repurchases as of March 31, 2025, for an aggregate amount of $17.4 million, including costs associated with the repurchases. As of March 31, 2025, $11.1 million remained available under the stock repurchase program for Class A common stock and Class B unit repurchases. On May 5, 2025, our board of directors authorized an increase to the existing stock repurchase program, approving the repurchase of up to an additional $50.0 million of the Company’s Class A common stock or Class B units of Viant Technology LLC. For additional information related to share repurchases, refer to Note 9—Stockholders' Equity to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.

Current wording

On April 23, 2024, our board of directors approved a stock repurchase program with authorization to purchase up to $50 million in shares of our Class A common stock or Class B units of Viant Technology LLC. On May 5, 2025, our board of directors authorized an increase to the stock repurchase program, enabling the Company to repurchase up to an additional $50 million of the Company's Class A common stock or Class B units of Viant Technology LLC. During thethree and six months ended June 30, 2025, we repurchased 0.8 million and 2.0 million shares of our Class A common stock, respectively, for an aggregate amount of $10.6 million and $28.0 million, respectively, including costs associated with the repurchases. As of June 30, 2025, $50.4 million remained available under the stock repurchase program for Class A common stock and Class B unit repurchases. For additional information related to share repurchases, refer to Note 9—Stockholders' Equity to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.

Previous wording

Cash Flows Provided by (Used in) Operating Activities

Current wording

Cash Flows Provided by Operating Activities

Previous wording

Cash flows used in operating activities was $4.5 million for the three months ended March 31, 2025, resulting primarily from net loss of$3.3 million; noncash add back adjustments to net loss of $11.5 million, including $5.6 million for stock-based compensation, $4.3 million for depreciation and amortization and$1.1 million for noncash lease expense; and a decrease of $12.6 million from changes in working capital, primarily including a net decrease of $15.2 million in accounts receivable, prepaid assets and other assets related to higher sales and timing of customer collections due to seasonal fluctuations, as well as a net increase of $24.7 million in accounts payable, accrued liabilities and accrued compensation related to timing of payments.

Current wording

Cash flows provided by operating activities was $16.5 million for the six months ended June 30, 2025, resulting primarily from net loss of$1.5 million; noncash add back adjustments to net loss of $23.4 million, including $12.0 million for stock-based compensation, $8.9 million for depreciation and amortization and$2.1 million for noncash lease expense; and a decrease of $5.4 million from changes in working capital, primarily including a net increase of $14.2 million in accounts receivable, prepaid assets and other assets related to higher sales and timing of customer collections due to seasonal fluctuations, as well as a net decrease of $15.5 million in accounts payable, accrued liabilities and accrued compensation related to timing of payments.

Previous wording

During the three months ended March 31, 2024, cash flows provided by operating activities of $3.8 million resulted primarily from net loss of $3.2 million offset by noncash add back adjustments to net loss of $9.5 million primarily comprised of $4.4 million for stock-based compensation, $4.1 million for depreciation and amortization and $1.0 million for noncash lease expense as well as a decrease in working capital (excluding deferred revenue, operating lease liabilities and other liabilities) of $0.6 million.

Current wording

During the six months ended June 30, 2024, cash flows provided by operating activities of $18.2 million resulted primarily from net loss of $1.7 million offset by noncash add back adjustments to net loss of $20.2 million primarily comprised of $10.0 million for stock-based compensation, $8.3 million for depreciation and amortization and $1.9 million for noncash lease expense as well as an increase from changes in working capital (excluding deferred revenue, operating lease liabilities and other liabilities) of $2.1 million.

Previous wording

Our primary investing activities have consisted of capital expenditures to develop our technology in support of enhancing our platform and purchases of property and equipment in support of our growth. We capitalize certain costs associated with creating and enhancing internally developed software related to our technology infrastructure that are recorded within property, equipment, and software, net. These costs include personnel and related employee benefit expenses for employees who are directly associated with and who devote time to platform development projects. Purchases of property and equipment and capitalized software development costs may vary from period-to-period due to the timing of the expansion of our operations, the addition or reduction of headcount and the timing of our platform development cycles. As a result of capitalization of stock-based compensation in future periods and the growth of our business, we expect our capital expenditures and our investment activity to continue to increase.

Current wording

Our primary investing activities have consisted of capital expenditures to develop our technology in support of enhancing our platform, cash paid for acquisitions and investments and purchases of property and equipment in support of our growth. We capitalize certain costs associated with creating and enhancing internally developed software related to our technology infrastructure that are recorded within property, equipment, and software, net. These costs include personnel and related employee benefit expenses for employees who are directly associated with and who devote time to platform development projects. Purchases of property and equipment and capitalized software development costs may vary from period-to-period due to the timing of the expansion of our operations, the addition or reduction of headcount and the timing of our platform development cycles. As a result of capitalization of stock-based compensation in future periods and the growth of our business, we expect our capital expenditures and our investment activity to continue to increase.

Previous wording

Cash flows used in investing activities was $4.0 million for the three months ended March 31, 2025, resulting primarily from $3.6 million of investments in capitalized software to develop our technology in support of enhancing our platform, $0.3 million of cash paid for acquisitions and$0.1 million of purchases of property and equipment.

Current wording

Cash flows used in investing activities was $12.6 million for the six months ended June 30, 2025, resulting primarily from $7.9 million of investments in capitalized software to develop our technology in support of enhancing our platform, $3.5 million of cash paid for investments, $0.5 million of cash paid for acquisitions and$0.6 million of purchases of property and equipment.

Previous wording

During thethree months ended March 31, 2024, cash flows used in investing activities of$4.1 million resulted from$3.5 million of investments in capitalized software development costs and$0.5 million of purchases of property and equipment.

Current wording

During thesix months ended June 30, 2024, cash flows used in investing activities of$8.8 million resulted from$7.3 million of investments in capitalized software development costs and$1.5 million of purchases of property and equipment.

Previous wording

Cash flows used in financing activities was $22.7 million for the three months ended March 31, 2025, resulting primarily from $17.0 million for therepurchase of stock related to the stock repurchase program,$3.2 million for the repurchase of stock in connection with the taxes paid related to the vesting of equity awards and $3.6 million for payments related to member tax distributions, partially offset by $1.2 million of proceeds related to the exercise of stock options.

Current wording

Cash flows used in financing activities was $36.1 million for the six months ended June 30, 2025, resulting primarily from $28.1 million for therepurchase of stock related to the stock repurchase program,$3.2 million for the repurchase of stock in connection with the taxes paid related to the vesting of equity awards and $6.6 million for payments related to member tax distributions, partially offset by $1.8 million of proceeds related to the exercise of stock options.

Previous wording

During thethree months ended March 31, 2024, cash used in financing activities of $10.2 million resulted from $5.5 million for the repurchase of stock in connection with the taxes paid related to the vesting of equity awards and $4.7 million for payments related to member tax distributions.

Current wording

During thesix months ended June 30, 2024, cash used in financing activities of $16.2 million resulted from $7.3 million for the repurchase of stock in connection with the taxes paid related to the vesting of equity awards, $5.3 million for the repurchase of stock related to the stock repurchase program, $5.2 million for payments related to member tax distributions partially offset by $1.6 million of proceeds related to the exercise of stock options.