Veritone Reports Second Quarter 2023 Results
- Veritone completed the acquisition of Broadbean, which is expected to accelerate revenue growth. Cost reduction initiatives resulted in over $17 million of annualized savings.
- There was a decrease in pro forma revenues and annual recurring revenue compared to Q2 2022.
- Q2 Total Revenue and Software Revenue of
- ARR(1) of
- Cost reduction initiatives achieved to date resulting in over
- Successfully completed acquisition of Broadbean in June 2023, accelerating revenue growth and market share opportunities across +3,000 HR Solutions customers -
“Veritone executed against its strategy through opportunistic topline acceleration and long-term margin expansion initiatives in the second quarter,” said Ryan Steelberg, Chief Executive Officer and President of Veritone. “We remain at the forefront of the global AI transformation and are constantly evaluating avenues to further buildout core competencies, achieve operational excellence and preserve our first mover advantage. The global demand for Veritone’s AI software and services that drive productivity and efficiency gains, as well offer actionable insights from disparate data sources, has never been greater. We believe the company is strategically positioned to capitalize on the opportunities that lie ahead to deliver profitable growth and drive long-term shareholder value.”
Second Quarter 2023 Financial Highlights
-
GAAP and Pro Forma revenues of
$28.0 $34.7 million 18% and19% , respectively, compared to GAAP and Pro forma revenues, respectively, for Q2 2022 driven primarily by a decline in one-time nonrecurring Software Products & Services revenue. -
Pro Forma Software Products & Services revenues of
$20.9 million $5.8 million 22% compared to Pro Forma Software Products & Services revenue for Q2 2022. -
Managed Services revenue of
$13.9 million $15.9 million -
Total Software Products & Services Customers(1) of 3,705, flat compared to Total Software Products & Services Customers for Q2 2022(1) and a
1.8% decrease compared to Q1 2023. -
Total New Bookings(1) of
$8.4 million 62% compared to Q2 2022, driven by reduced HR consumption from Amazon, a major customer. -
Annual Recurring Revenue (ARR) (1) of
$107.9 million 17% compared to ARR for Q2 2022, driven by drop in consumption-based ARR. -
Loss from Operations of
$28.2 million $3.6 million $13.8 million -
Non-GAAP gross profit of
$20.2 million $7.3 million -
Net Loss of
$23.3 million $3.3 million -
Non-GAAP Net Loss of
$13.0 million $7.2 million -
Cash and cash equivalents(2) of
$62.7 million $139.7 million
(1) Calculated on a Pro Forma basis; for additional information on these calculations, see “Note Regarding Pro Forma Information” and the definitions provided for each metric cited. |
(2) Including approximately |
Note Regarding Pro Forma Information
"Pro Forma” information provided in this press release represents the historical information of Veritone combined with the historical information of Broadbean (as defined below) for the applicable period on a pro forma basis as if Veritone had acquired Broadbean on January 1, 2022. Veritone completed its acquisition of (i) all of the issued and outstanding share capital of (a) Broadbean Technology Pty Ltd ACN 116 011 959 / ABN 79 116 011 959, a limited company incorporated under the laws of
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Revenue |
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Loss from Operations |
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Net Loss |
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Non-GAAP Gross Profit * |
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Non-GAAP Net Loss * |
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Software Products & Services
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Pro Forma Software Revenue (1) |
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Total Software Products & Services Customers (2) |
3,705 |
3,718 |
( |
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Annual Recurring Revenue (3) |
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Total New Bookings (5) |
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Gross Retention (6) |
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– |
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| (1) “Pro Forma Software Revenue” is a non-GAAP measure that represents Software Products & Services revenue on a Pro Forma basis. |
(2) “Total Software Products & Services Customers” includes Pro Forma Software Products & Services customers as of the end of each respective quarter set forth above with net revenues in excess of |
(3) “Annual Recurring Revenue” is calculated as Annual Recurring Revenue (SaaS), which is an annualized calculation of the monthly recurring revenue in the last month of the calculated quarter for all active Software Products & Services customers, combined with Annual Recurring Revenue (Consumption), which is the trailing twelve month calculation of all non-recurring and/or consumption-based revenue for all active Software Products & Services customers. In prior periods, we provided “Average Annual Revenue,” which was calculated as the aggregate of trailing twelve-month Software Products & Services revenue divided by the average number of customers over the same period for both Veritone, Inc. and PandoLogic Ltd. Pro Forma Annual Recurring Revenue is not comparable to Average Annual Revenue. Annual Recurring Revenue is on a Pro Forma basis, is not averaged among active customers and uses a calculation of recurring revenue as described above instead of annual revenue. Management uses “Annual Recurring Revenue” and we believe Annual Recurring Revenue is useful to investors because Broadbean significantly increases our mix of subscription-based SaaS revenues as compared to non-recurring and/or consumption-based revenues. |
(4) “Total New Bookings” represents the total fees payable during the full contract term for new contracts received in the quarter (including fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term), excluding any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services), in each case on a Pro Forma basis. |
(5) “Gross Revenue Retention” represents our dollar-based gross retention rate as of the period end by starting with the revenue from Software Products & Services Customers as of the 3 months in the prior year quarter to such period, or Prior Year Quarter Revenue. We then deduct from the Prior Year Quarter Revenue any revenue from Software Products & Services Customers who are no longer customers as of the current period end, or Current Period Ending Software Customer Revenue. We then divide the total Current Period Ending Software Customer Revenue by the total Prior Year Quarter Revenue to arrive at our dollar-based gross retention rate, which is the percentage of revenue from all Software Products & Services Customers from our Software Products & Services as of the year prior that is not lost to customer churn. All numbers used to determine Gross Revenue Retention are calculated on a Pro Forma basis. |
Recent Business Highlights
-
Closed the acquisition of Broadbean, a global leader of software as a service (SaaS) technology that makes talent acquisition and engagement more efficient. Total consideration paid was
$53 million - Announced a series of product enhancements to Veritone GLC products, delivering greater customization capabilities to enable users in the legal and law enforcement sectors to operate with a higher overall degree of efficiency, effectiveness and seamlessness.
- Through recent customer bookings, Veritone now services over 275 Law Enforcement Agencies (LEA), and thousands of sworn officers. This expansion also includes the cross-selling of HR Solutions with and into the LEA space, with several active customers.
-
Veritone, through its GLC division, has contracted with
the United States Senate to provide them with an intelligent digital asset management platform utilizing its Digital Media Hub (“DMH”) solution. - Completed a partnership with Major League Baseball (MLB) to distribute short-form video content through SPORTX, Veritone’s Sports and Media Licensing offering. SPORTX is a premier intelligent marketplace enabling media buyers direct access to sports video from around the globe, maximizing additional revenue streams and increasing visibility for rights holders.
- Secured a three-year HR Solutions SaaS agreement with a large healthcare and health-tech provider for North American job distribution with significant opportunities to expand the relationship globally.
-
Executed on
$17 million - Completed the energy group divestiture, effective June 30, 2023, in exchange for a minority interest in GridBeyond Limited, a privately-held company that delivers intelligent energy solutions.
-
Entered into a Ledgered ABL Agreement with Alterna Capital Solutions, LLC for a three-year, revolving credit facility totaling up to
$30 million 1% (9.5% floor), with minimum interest of$0.25 million $0.45 million
Financial Results for Three Months Ended June 30, 2023
Delivered second quarter revenue of
GAAP net loss was
During Q2 2023, Total Software Product & Services Customers of 3,705, on a Pro Forma basis, remained relatively flat year over year, given the focus of Broadbean over the last 18 months on customer retention. Total New Bookings on a Pro Forma basis decreased by
As of June 30, 2023, the Company had cash and cash equivalents of
Business Outlook
Third Quarter 2023
-
Revenue is expected to be in the range of
$35.5 million $37.5 million $37.2 million -
Non-GAAP net loss is expected to be in the range of
$6.5 million $8.5 million $5.7 million
Full Year 2023
-
Revenue is expected to be in the range of
$128.0 million $135.0 million $149.7 million -
Non-GAAP net loss is expected to be in the range of
$28.0 million $33.0 million $15.9 million
These updated financial guidance ranges supersede any previously disclosed financial guidance and investors should not rely on any previously disclosed financial guidance.
Conference Call
Veritone will hold a conference call using its synthetic voice technology, Veritone Voice, to deliver management’s prepared remarks on Tuesday, August 8, 2023, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its second quarter 2023 results, provide an update on the business and conduct a question-and-answer session. To participate, please join the audio webcast or dial-in and ask to be connected to the Veritone earnings conference call. To avoid a delay, if dialing in, please pre-register or join the live audio webcast.
- Pre-Registration*
- Live Audio Webcast
- Domestic Call Number: (844) 750-4897
- International Call Number: (412) 317-5293
A replay of the conference call can be accessed one hour after the end of the conference call through August 15, 2023. The full webcast replay will be available through August 8, 2024. To access the earnings webcast replay please visit the Veritone Investor Relations website.
- Domestic Replay Number: (877) 344-7529
- International Replay Number: (412) 317-0088
- Replay Access Code: 5278672
* Please note that pre-registered participants will receive their dial-in number and unique PIN upon registration.
About the Presentation of Supplemental Non-GAAP Financial Information and Key Performance Indicators
In this news release, the Company has supplemented its financial measures prepared in accordance with
Pro Forma Software Revenue represents Software Products & Services revenue on a Pro Forma basis. Non-GAAP gross profit is defined as revenue less cost of revenue. Non-GAAP gross margin is defined as Non-GAAP gross profit divided by revenue. Non-GAAP net income (loss) and Non-GAAP net income (loss) per share is the Company’s net income (loss) and net income (loss) per share, respectively, adjusted to exclude interest expense, provision for income taxes, depreciation expense, amortization expense, stock-based compensation expense, changes in fair value of warrant liability, changes in fair value of contingent consideration, a reserve for state sales taxes, charges related to a facility sublease, gain on sale of asset, warrant expense, acquisition and diligence costs, and severance and executive search costs. The items excluded from these non-GAAP financial measures, as well as a breakdown of GAAP net income (loss), non-GAAP net income (loss) and these excluded items between the Company’s Core Operations and Corporate, are detailed in the reconciliations included following the financial statements attached to this news release. In addition, following the financial statements attached to this news release, the Company has provided additional supplemental non-GAAP measures of operating expenses, loss from operations, other income (expense), net, and loss before income taxes, excluding the items excluded from non-GAAP net loss as noted above, and reconciling such non-GAAP measures to the most directly comparable GAAP measures.
The Company has provided these non-GAAP financial measures and KPIs because management believes such information to be important supplemental measures of performance that are commonly used by securities analysts, investors and other interested parties in the evaluation of companies in its industry. Management also uses this information internally for forecasting and budgeting. The non-GAAP financial measures should not be considered as an alternative to revenue, net income (loss), operating income (loss) or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. Other companies (including the Company’s competitors) may define these non-GAAP financial measures differently. The non-GAAP financial measures may not be indicative of the historical operating results of Veritone or predictive of potential future results. Investors should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of the Company’s results as reported in accordance with GAAP.
In addition, the Company defines the following capitalized terms in this news release as follows:
Core Operations consists of the Company’s aiWARE operating platform of software, SaaS and related services; content licensing and advertising agency services; and their supporting operations, including direct costs of sales as well as operating expenses for sales, marketing and product development and certain general and administrative costs dedicated to these operations.
Corporate principally consists of general and administrative functions such as executive, finance, legal, people operations, fixed overhead expenses (including facilities and information technology expenses), other income (expenses) and taxes, and other expenses that support the entire Company, including public company driven costs.
Software Products & Services consists of revenues generated from commercial enterprise and government and regulated industries customers using our aiWARE platform and HR Solutions, any related support and maintenance services, and any related professional services associated with the deployment and/or implementation of such solutions.
Managed Services consist of revenues generated from commercial enterprise customers using our content licensing services and advertising agency and related services.
About Veritone
Veritone (Nasdaq: VERI) is a leader in artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services and industry applications simplify data management, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed systems, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.
To learn more, visit Veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements, including without limitation, statements regarding the Company’s strategic position to capitalize in the most attractive market verticals and drive long-term shareholder value and the Company’s expected total revenue and Non-GAAP net loss for Q3 2023 and for full year 2023. In addition, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “should,” “could,” “estimate” or “continue” or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management’s current assumptions, beliefs and information. As such, the Company’s actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things, our ability to expand our aiWARE SaaS business, declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies, our requirements for additional capital to support our business growth and the availability of such capital on acceptable terms, if at all, our reliance upon a limited number of key customers for a significant portion of our revenue, including declines in key customers’ usage of our products and other offerings, our ability to realize the intended benefits of our acquisitions and divestitures, including our ability to successfully integrate our recent acquisition of Broadbean, fluctuations in our results over time, the impact of seasonality on our business, our ability to manage our growth, including through acquisitions and our further expansion into international markets, our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments, actions by our competitors, partners and others that may block us from using the technology in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate their technologies into our platform, interruptions, performance problems or security issues with our technology and infrastructure, or that of our third party service providers, the impact of the economic disruption caused by the recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures, the impact of the continuing economic disruption caused by the COVID-19 pandemic and the Russian invasion of
VERITONE, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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(in thousands) |
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As of |
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June 30,
|
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December 31,
|
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ASSETS |
|
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||
|
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Cash and cash equivalents |
$ |
62,674 |
|
|
$ |
184,423 |
|
Accounts receivable, net |
|
47,618 |
|
|
|
56,001 |
|
Expenditures billable to clients |
|
22,269 |
|
|
|
22,339 |
|
Prepaid expenses and other current assets |
|
19,861 |
|
|
|
15,242 |
|
Total current assets |
|
152,422 |
|
|
|
278,005 |
|
Property, equipment and improvements, net |
|
11,397 |
|
|
|
5,291 |
|
Intangible assets, net |
|
96,866 |
|
|
|
79,664 |
|
Goodwill |
|
78,355 |
|
|
|
46,498 |
|
Long-term restricted cash |
|
865 |
|
|
|
859 |
|
Other assets |
|
16,017 |
|
|
|
14,435 |
|
Total assets |
$ |
355,922 |
|
|
$ |
424,752 |
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
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||
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|
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Accounts payable |
$ |
30,821 |
|
|
$ |
36,738 |
|
Accrued media payments |
|
67,472 |
|
|
|
102,064 |
|
Client advances |
|
14,170 |
|
|
|
16,442 |
|
Deferred revenue |
|
12,742 |
|
|
|
2,600 |
|
Contingent consideration, current |
|
— |
|
|
|
8,067 |
|
Other accrued liabilities |
|
36,135 |
|
|
|
27,412 |
|
Total current liabilities |
|
161,340 |
|
|
|
193,323 |
|
Convertible senior notes, non-current |
|
138,199 |
|
|
|
137,767 |
|
Other non-current liabilities |
|
17,330 |
|
|
|
13,811 |
|
Total liabilities |
|
316,869 |
|
|
|
344,901 |
|
Total stockholders' equity |
|
39,053 |
|
|
|
79,851 |
|
Total liabilities and stockholders' equity |
$ |
355,922 |
|
|
$ |
424,752 |
|
VERITONE, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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AND COMPREHENSIVE INCOME (LOSS) |
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(in thousands, except per share and share data) |
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Three Months Ended
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Six Months Ended
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|
2023 |
|
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2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenue |
$ |
27,967 |
|
|
$ |
34,235 |
|
|
$ |
58,230 |
|
|
$ |
68,642 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
7,765 |
|
|
|
6,705 |
|
|
|
14,574 |
|
|
|
13,628 |
|
Sales and marketing |
|
13,124 |
|
|
|
12,576 |
|
|
|
25,814 |
|
|
|
23,645 |
|
Research and development |
|
10,519 |
|
|
|
11,068 |
|
|
|
22,046 |
|
|
|
20,951 |
|
General and administrative |
|
19,025 |
|
|
|
2,304 |
|
|
|
36,422 |
|
|
|
24,625 |
|
Amortization |
|
5,714 |
|
|
|
5,211 |
|
|
|
11,143 |
|
|
|
10,226 |
|
Total operating expenses |
|
56,147 |
|
|
|
37,864 |
|
|
|
109,999 |
|
|
|
93,075 |
|
Loss from operations |
|
(28,180 |
) |
|
|
(3,629 |
) |
|
|
(51,769 |
) |
|
|
(24,433 |
) |
Other income (expense), net |
|
3,510 |
|
|
|
(1,231 |
) |
|
|
3,865 |
|
|
|
(2,417 |
) |
Loss before provision for income taxes |
|
(24,670 |
) |
|
|
(4,860 |
) |
|
|
(47,904 |
) |
|
|
(26,850 |
) |
Benefit from income taxes |
|
(1,374 |
) |
|
|
(1,607 |
) |
|
|
(1,645 |
) |
|
|
(1,468 |
) |
Net loss |
$ |
(23,296 |
) |
|
$ |
(3,253 |
) |
|
$ |
(46,259 |
) |
|
$ |
(25,382 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
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Basic and diluted |
$ |
(0.63 |
) |
|
$ |
(0.09 |
) |
|
$ |
(1.26 |
) |
|
$ |
(0.71 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
36,848,602 |
|
|
|
36,083,515 |
|
|
|
36,718,994 |
|
|
|
35,782,766 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(23,296 |
) |
|
$ |
(3,253 |
) |
|
$ |
(46,259 |
) |
|
$ |
(25,382 |
) |
Foreign currency translation (loss) gain, net of income taxes |
|
(997 |
) |
|
|
386 |
|
|
|
(1,763 |
) |
|
|
576 |
|
Total comprehensive loss |
$ |
(24,293 |
) |
|
$ |
(2,867 |
) |
|
$ |
(48,022 |
) |
|
$ |
(24,806 |
) |
VERITONE, INC. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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(in thousands) |
|
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Six Months Ended
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2023 |
|
|
2022 |
|
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Cash flows from operating activities: |
|
|
|
|
|
||
Net loss |
$ |
(46,259 |
) |
|
$ |
(25,382 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
||
Depreciation and amortization |
|
12,296 |
|
|
|
10,670 |
|
Provision for credit losses |
|
(15 |
) |
|
|
472 |
|
Stock-based compensation expense |
|
6,614 |
|
|
|
9,562 |
|
Gain on sale of energy group |
|
(2,572 |
) |
|
|
— |
|
Change in fair value of contingent consideration |
|
651 |
|
|
|
(8,785 |
) |
Change in deferred taxes |
|
(1,828 |
) |
|
|
(1,940 |
) |
Amortization of debt issuance costs |
|
432 |
|
|
|
599 |
|
Amortization of right-of-use assets |
|
649 |
|
|
|
531 |
|
Imputed non-cash interest income |
|
(65 |
) |
|
|
65 |
|
Changes in assets and liabilities: |
|
|
|
|
|
||
Accounts receivable |
|
16,308 |
|
|
|
35,545 |
|
Expenditures billable to clients |
|
70 |
|
|
|
9,205 |
|
Prepaid expenses and other assets |
|
(3,501 |
) |
|
|
(1,546 |
) |
Other assets |
|
(1,613 |
) |
|
|
(4,950 |
) |
Accounts payable |
|
(7,286 |
) |
|
|
(16,522 |
) |
Deferred revenue |
|
8 |
|
|
|
(295 |
) |
Accrued media payments |
|
(34,592 |
) |
|
|
(5,988 |
) |
Client advances |
|
(2,264 |
) |
|
|
1,711 |
|
Other accrued liabilities |
|
6,652 |
|
|
|
(4,278 |
) |
Other liabilities |
|
(2,218 |
) |
|
|
(2,959 |
) |
Net cash used in operating activities |
|
(58,533 |
) |
|
|
(4,285 |
) |
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
||
Minority investment |
|
— |
|
|
|
(2,000 |
) |
Proceeds from divestiture |
|
504 |
|
|
|
— |
|
Capital expenditures |
|
(2,697 |
) |
|
|
(2,258 |
) |
Acquisitions, net of cash acquired |
|
(50,195 |
) |
|
|
(2,612 |
) |
Settlement of deferred consideration for acquisitions |
|
(2,690 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(55,078 |
) |
|
|
(6,870 |
) |
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
||
Payment of contingent considerations |
|
(7,772 |
) |
|
|
(14,376 |
) |
Taxes paid related to net share settlement of equity awards |
|
(1,003 |
) |
|
|
(9,509 |
) |
Proceeds from issuances of stock under employee stock plans, net |
|
643 |
|
|
|
782 |
|
Net cash used in financing activities |
|
(8,132 |
) |
|
|
(23,103 |
) |
|
|
|
|
|
|
||
Net decrease in cash and cash equivalents and restricted cash |
|
(121,743 |
) |
|
|
(34,258 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
185,282 |
|
|
|
255,577 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
63,539 |
|
|
$ |
221,319 |
|
VERITONE, INC. |
|
||||||||||||||||||||||
REVENUE DETAIL (UNAUDITED) |
|
||||||||||||||||||||||
(in thousands) |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||||||||||
|
|
|
|
Government & |
|
|
|
|
|
|
|
|
Government & |
|
|
|
|
||||||
|
Commercial |
|
|
Regulated |
|
|
|
|
|
Commercial |
|
|
Regulated |
|
|
|
|
||||||
|
Enterprise |
|
|
Industries |
|
|
Total |
|
|
Enterprise |
|
|
Industries |
|
|
Total |
|
||||||
Total Software Products & Services |
$ |
12,492 |
|
|
$ |
1,601 |
|
|
$ |
14,093 |
|
|
$ |
25,224 |
|
|
$ |
2,996 |
|
|
$ |
28,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Advertising |
|
8,417 |
|
|
|
— |
|
|
|
8,417 |
|
|
|
18,952 |
|
|
|
— |
|
|
|
18,952 |
|
Licensing |
|
5,457 |
|
|
|
— |
|
|
|
5,457 |
|
|
|
11,058 |
|
|
|
— |
|
|
|
11,058 |
|
Total Managed Services |
|
13,874 |
|
|
|
— |
|
|
|
13,874 |
|
|
|
30,010 |
|
|
|
— |
|
|
|
30,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Revenue |
$ |
26,366 |
|
|
$ |
1,601 |
|
|
$ |
27,967 |
|
|
$ |
55,234 |
|
|
$ |
2,996 |
|
|
$ |
58,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||||||||||
|
|
|
|
Government & |
|
|
|
|
|
|
|
|
Government & |
|
|
|
|
||||||
|
Commercial |
|
|
Regulated |
|
|
|
|
|
Commercial |
|
|
Regulated |
|
|
|
|
||||||
|
Enterprise |
|
|
Industries |
|
|
Total |
|
|
Enterprise |
|
|
Industries |
|
|
Total |
|
||||||
Total Software Products & Services |
$ |
17,508 |
|
|
$ |
871 |
|
|
$ |
18,379 |
|
|
$ |
34,894 |
|
|
$ |
1,652 |
|
|
$ |
36,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Advertising |
|
10,635 |
|
|
|
— |
|
|
|
10,635 |
|
|
|
21,603 |
|
|
|
— |
|
|
|
21,603 |
|
Licensing |
|
5,221 |
|
|
|
— |
|
|
|
5,221 |
|
|
|
10,493 |
|
|
|
— |
|
|
|
10,493 |
|
Total Managed Services |
|
15,856 |
|
|
|
— |
|
|
|
15,856 |
|
|
|
32,096 |
|
|
|
— |
|
|
|
32,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Revenue |
$ |
33,364 |
|
|
$ |
871 |
|
|
$ |
34,235 |
|
|
$ |
66,990 |
|
|
$ |
1,652 |
|
|
$ |
68,642 |
|
VERITONE, INC. |
|
||||||||||||||||||||||
RECONCILIATION OF NON-GAAP NET INCOME (LOSS) TO GAAP NET LOSS (UNAUDITED) |
|
||||||||||||||||||||||
(in thousands) |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended June 30, |
|
|||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||
|
Core Operations(1) |
|
|
Corporate(2) |
|
|
Total |
|
|
Core Operations(1) |
|
|
Core Operations(1) |
|
|
Core Operations(1) |
|
||||||
Net income (loss) |
$ |
(15,205 |
) |
|
$ |
(8,091 |
) |
|
$ |
(23,296 |
) |
|
$ |
(8,230 |
) |
|
$ |
4,977 |
|
|
$ |
(3,253 |
) |
Benefit from for income taxes |
|
(742 |
) |
|
|
(632 |
) |
|
|
(1,374 |
) |
|
|
(964 |
) |
|
|
(643 |
) |
|
|
(1,607 |
) |
Depreciation and amortization |
|
5,818 |
|
|
|
571 |
|
|
|
6,389 |
|
|
|
5,306 |
|
|
|
150 |
|
|
|
5,456 |
|
Stock-based compensation expense |
|
1,929 |
|
|
|
768 |
|
|
|
2,697 |
|
|
|
2,685 |
|
|
|
1,976 |
|
|
|
4,661 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,830 |
) |
|
|
(13,830 |
) |
Interest expense, net |
|
— |
|
|
|
720 |
|
|
|
720 |
|
|
|
— |
|
|
|
1,183 |
|
|
|
1,183 |
|
Foreign currency impact |
|
(1,631 |
) |
|
|
(28 |
) |
|
|
(1,659 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition and due diligence costs |
|
— |
|
|
|
4,271 |
|
|
|
4,271 |
|
|
|
— |
|
|
|
207 |
|
|
|
207 |
|
Gain on sale of energy group |
|
— |
|
|
|
(2,572 |
) |
|
|
(2,572 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Contribution of business held for sale (3) |
|
872 |
|
|
|
— |
|
|
|
872 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Variable consultant performance bonus expense |
|
237 |
|
|
|
— |
|
|
|
237 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Severance and executive transition costs |
|
474 |
|
|
|
215 |
|
|
|
689 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP Net Loss |
$ |
(8,248 |
) |
|
$ |
(4,778 |
) |
|
$ |
(13,026 |
) |
|
$ |
(1,203 |
) |
|
$ |
(5,980 |
) |
|
$ |
(7,183 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended June 30, |
|
|||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||
|
Core Operations(1) |
|
|
Corporate(2) |
|
|
Total |
|
|
Core Operations(1) |
|
|
Corporate(2) |
|
|
Total |
|
||||||
Net loss |
$ |
(27,775 |
) |
|
$ |
(18,484 |
) |
|
$ |
(46,259 |
) |
|
$ |
(14,251 |
) |
|
$ |
(11,131 |
) |
|
$ |
(25,382 |
) |
Benefit from for income taxes |
|
(1,246 |
) |
|
|
(399 |
) |
|
|
(1,645 |
) |
|
|
(846 |
) |
|
|
(622 |
) |
|
|
(1,468 |
) |
Depreciation and amortization |
|
11,572 |
|
|
|
724 |
|
|
|
12,296 |
|
|
|
10,404 |
|
|
|
266 |
|
|
|
10,670 |
|
Stock-based compensation expense |
|
4,264 |
|
|
|
2,350 |
|
|
|
6,614 |
|
|
|
4,668 |
|
|
|
4,809 |
|
|
|
9,477 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
651 |
|
|
|
651 |
|
|
|
— |
|
|
|
(8,785 |
) |
|
|
(8,785 |
) |
Interest expense, net |
|
9 |
|
|
|
1,516 |
|
|
|
1,525 |
|
|
|
— |
|
|
|
2,365 |
|
|
|
2,365 |
|
Foreign currency impact |
|
(2,777 |
) |
|
|
(43 |
) |
|
|
(2,820 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition and due diligence costs |
|
— |
|
|
|
5,076 |
|
|
|
5,076 |
|
|
|
— |
|
|
|
769 |
|
|
|
769 |
|
Gain on sale of energy group |
|
— |
|
|
|
(2,572 |
) |
|
|
(2,572 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Contribution of business held for sale (3) |
|
1,789 |
|
|
|
— |
|
|
|
1,789 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Variable consultant performance bonus expense |
|
631 |
|
|
|
— |
|
|
|
631 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Severance and executive transition costs |
|
1,501 |
|
|
|
632 |
|
|
|
2,133 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP Net Loss |
$ |
(12,032 |
) |
|
$ |
(10,549 |
) |
|
$ |
(22,581 |
) |
|
$ |
(25 |
) |
|
$ |
(12,329 |
) |
|
$ |
(12,354 |
) |
(1) Core Operations consists of our aiWARE operating platform of software, SaaS and related services; content, licensing and advertising agency services; and their supporting operations, including direct costs of sales as well as operating expenses for sales, marketing and product development and certain general and administrative costs dedicated to these operations. |
|
||||||||||||||||||||||
(2) Corporate consists of general and administrative functions such as executive, finance, legal, people operations, fixed overhead expenses (including facilities and information technology expenses), other income (expenses) and taxes, and other expenses that support the entire company, including public company driven costs. |
|
||||||||||||||||||||||
(3) Contribution of business held for sale relates to the net loss for the periods presented for our energy group that we divested during the first quarter of 2023. We have not recast Non-GAAP Net Loss for periods ended prior to March 31, 2023 because the change in business strategy to divest the business occurred in the first quarter of 2023 and the prior period contributions were costs to operate the continuing business when incurred in the prior periods. The historical amounts would not have a major effect on prior period results. |
|
||||||||||||||||||||||
VERITONE, INC. |
|
|||
RECONCILIATION OF EXPECTED NON-GAAP NET INCOME (LOSS) RANGE |
|
|||
TO EXPECTED GAAP NET LOSS RANGE (UNAUDITED) |
|
|||
(in millions) |
|
|||
|
Three Months
|
|
Year Ending |
|
|
Sept 30,
|
|
December 31,
|
|
Net loss |
( |
|
( |
|
Provision for income taxes |
( |
|
( |
|
Interest expense, net |
|
|
|
|
Depreciation and amortization |
|
|
|
|
Stock-based compensation expense |
|
|
|
|
Variable consultant performance bonus expense |
|
|
|
|
Acquisition and due diligence costs |
- |
|
|
|
Change in fair value of contingent consideration |
- |
|
|
|
Severance and executive search |
- |
|
|
|
Contribution of business held for sale |
- |
|
|
|
Non-GAAP net income (loss) |
( |
|
( |
|
VERITONE, INC. |
|
||||||||||||||
RECONCILIATION OF NON-GAAP TO GAAP FINANCIAL INFORMATION (UNAUDITED) |
|
||||||||||||||
(in thousands, except per share data) |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenue |
$ |
27,967 |
|
|
$ |
34,235 |
|
|
$ |
58,230 |
|
|
$ |
68,642 |
|
Cost of revenue |
|
7,765 |
|
|
|
6,705 |
|
|
|
14,574 |
|
|
|
13,628 |
|
Non-GAAP gross profit |
|
20,202 |
|
|
|
27,530 |
|
|
|
43,656 |
|
|
|
55,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP cost of revenue |
|
7,765 |
|
|
|
6,705 |
|
|
|
14,574 |
|
|
|
13,628 |
|
Stock-based compensation expense |
|
(17 |
) |
|
|
(24 |
) |
|
|
(37 |
) |
|
|
(44 |
) |
Non-GAAP cost of revenue |
|
7,748 |
|
|
|
6,681 |
|
|
|
14,537 |
|
|
|
13,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP sales and marketing expenses |
|
13,124 |
|
|
|
12,576 |
|
|
|
25,814 |
|
|
|
23,645 |
|
Stock-based compensation expense |
|
(529 |
) |
|
|
(727 |
) |
|
|
(705 |
) |
|
|
(1,190 |
) |
Contribution of business held for sale |
|
(221 |
) |
|
|
— |
|
|
|
(484 |
) |
|
|
— |
|
Severance and executive transition costs |
|
(190 |
) |
|
|
— |
|
|
|
(503 |
) |
|
|
— |
|
Non-GAAP sales and marketing expenses |
|
12,184 |
|
|
|
11,849 |
|
|
|
24,122 |
|
|
|
22,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP research and development expenses |
|
10,519 |
|
|
|
11,068 |
|
|
|
22,046 |
|
|
|
20,951 |
|
Stock-based compensation expense |
|
(1,127 |
) |
|
|
(1,247 |
) |
|
|
(2,669 |
) |
|
|
(2,251 |
) |
Contribution of business held for sale |
|
(559 |
) |
|
|
— |
|
|
|
(1,117 |
) |
|
|
— |
|
Severance and executive transition costs |
|
(151 |
) |
|
|
— |
|
|
|
(680 |
) |
|
|
— |
|
Non-GAAP research and development expenses |
|
8,682 |
|
|
|
9,821 |
|
|
|
17,580 |
|
|
|
18,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP general and administrative expenses |
|
19,025 |
|
|
|
2,304 |
|
|
|
36,422 |
|
|
|
24,625 |
|
Depreciation |
|
(675 |
) |
|
|
(245 |
) |
|
|
(1,153 |
) |
|
|
(444 |
) |
Stock-based compensation expense |
|
(1,024 |
) |
|
|
(2,663 |
) |
|
|
(3,203 |
) |
|
|
(5,992 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
13,830 |
|
|
|
(651 |
) |
|
|
8,785 |
|
Variable consultant performance bonus expense |
|
(237 |
) |
|
|
— |
|
|
|
(631 |
) |
|
|
— |
|
Contribution of business held for sale |
|
(92 |
) |
|
|
— |
|
|
|
(188 |
) |
|
|
— |
|
Acquisition and due diligence costs |
|
(4,271 |
) |
|
|
(207 |
) |
|
|
(5,076 |
) |
|
|
(769 |
) |
Severance and executive transition costs |
|
(348 |
) |
|
|
— |
|
|
|
(950 |
) |
|
|
— |
|
Non-GAAP general and administrative expenses |
|
12,378 |
|
|
|
13,019 |
|
|
|
24,570 |
|
|
|
26,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP amortization |
|
(5,714 |
) |
|
|
(5,211 |
) |
|
|
(11,143 |
) |
|
|
(10,226 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP loss from operations |
|
(28,180 |
) |
|
|
(3,629 |
) |
|
|
(51,769 |
) |
|
|
(24,433 |
) |
Total non-GAAP adjustments (1) |
|
15,155 |
|
|
|
(3,506 |
) |
|
|
29,190 |
|
|
|
12,131 |
|
Non-GAAP loss from operations |
|
(13,025 |
) |
|
|
(7,135 |
) |
|
|
(22,579 |
) |
|
|
(12,302 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP other income (expense), net |
|
3,510 |
|
|
|
(1,231 |
) |
|
|
3,865 |
|
|
|
(2,417 |
) |
Gain on sale of energy group |
|
(2,572 |
) |
|
|
— |
|
|
|
(2,572 |
) |
|
|
— |
|
Foreign currency impact |
|
(1,659 |
) |
|
|
— |
|
|
|
(2,820 |
) |
|
|
— |
|
Interest expense, net |
|
720 |
|
|
|
1,183 |
|
|
|
1,525 |
|
|
|
2,365 |
|
Non-GAAP other expense, net |
|
(1 |
) |
|
|
(48 |
) |
|
|
(2 |
) |
|
|
(52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP loss before income taxes |
|
(24,670 |
) |
|
|
(4,860 |
) |
|
|
(47,904 |
) |
|
|
(26,850 |
) |
Total non-GAAP adjustments (1) |
|
11,644 |
|
|
|
(2,323 |
) |
|
|
25,323 |
|
|
|
14,496 |
|
Non-GAAP loss before income taxes |
|
(13,026 |
) |
|
|
(7,183 |
) |
|
|
(22,581 |
) |
|
|
(12,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Benefit from income taxes |
|
(1,374 |
) |
|
|
(1,607 |
) |
|
|
(1,645 |
) |
|
|
(1,468 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP net loss |
|
(23,296 |
) |
|
|
(3,253 |
) |
|
|
(46,259 |
) |
|
|
(25,382 |
) |
Total non-GAAP adjustments (1) |
|
10,270 |
|
|
|
(3,930 |
) |
|
|
23,678 |
|
|
|
13,028 |
|
Non-GAAP net loss |
$ |
(13,026 |
) |
|
$ |
(7,183 |
) |
|
$ |
(22,581 |
) |
|
$ |
(12,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used in computing non-GAAP basic and diluted net loss per share |
|
36,849 |
|
|
|
36,084 |
|
|
|
36,719 |
|
|
|
35,783 |
|
Non-GAAP basic and diluted net loss per share |
$ |
(0.35 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Adjustments are comprised of the adjustments to GAAP cost of revenue, sales and marketing expenses, research and development expenses and general and administrative expenses and other (expense) income, net (where applicable) listed above. |
|
||||||||||||||
VERITONE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
We are providing the following unaudited supplemental financial information as a lookback of the trailing twelve months and the comparative quarter for the prior year to help investors better understand our recent historical and year-over-year performance. The Software Products & Services supplemental financial information is presented on a Pro Forma basis, as further described below.
Software Products & Services Supplemental Financial Information
|
|
Quarter Ended |
|
|||||||||||||||||||||
|
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Dec 31, |
|
|
Mar 31, |
|
|
Jun 30, |
|
||||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
||||||
Pro Forma Software Revenue (in 000's) (1) |
|
$ |
26,319 |
|
|
$ |
26,650 |
|
|
$ |
28,603 |
|
|
$ |
35,612 |
|
|
$ |
22,423 |
|
|
$ |
20,860 |
|
Total Software Products & Services Customers (2) |
|
|
3,673 |
|
|
|
3,718 |
|
|
|
3,787 |
|
|
|
3,824 |
|
|
|
3,773 |
|
|
|
3,705 |
|
Annual Recurring Revenue (SaaS) (in 000's) (3) |
|
$ |
48,392 |
|
|
$ |
44,465 |
|
|
$ |
43,925 |
|
|
$ |
46,248 |
|
|
$ |
45,453 |
|
|
$ |
47,720 |
|
Annual Recurring Revenue (Consumption) (in 000's) (4) |
|
$ |
87,445 |
|
|
$ |
85,901 |
|
|
$ |
85,091 |
|
|
$ |
71,754 |
|
|
$ |
67,242 |
|
|
$ |
60,229 |
|
Total New Bookings (in 000's) (5) |
|
$ |
16,643 |
|
|
$ |
22,009 |
|
|
$ |
23,793 |
|
|
$ |
26,342 |
|
|
$ |
22,794 |
|
|
$ |
8,388 |
|
Gross Revenue Retention (6) |
|
> |
|
|
> |
|
|
> |
|
|
> |
|
|
> |
|
|
> |
|
||||||
(1) “Software Revenue - Pro Forma” is a non-GAAP measure that represents Software Products & Services revenue on a Pro Forma basis. |
(2) “Total Software Products & Services Customers” includes Software Products & Services customers as of the end of each respective quarter set forth above with net revenues in excess of |
(3) “Annual Recurring Revenue (SaaS)” represents an annualized calculation of monthly recurring revenue during the last month of the applicable quarter for all Total Software Products & Services customers, in each case on a Pro Forma basis. In prior periods, we provided “Average Annual Revenue,” which was calculated as the aggregate of trailing twelve-month Software Products & Services revenue divided by the average number of customers over the same period for both Veritone, Inc. and PandoLogic Ltd. Annual Recurring Revenue is not comparable to Average Annual Revenue (SaaS). Annual Recurring Revenue (SaaS) includes only subscription-based SaaS revenue, is not averaged among active customers and uses a calculation of recurring revenue as described above instead of annual revenue. Management uses “Annual Recurring Revenue (SaaS)” and we believe Annual Recurring Revenue (SaaS) is useful to investors because Broadbean significantly increases our mix of subscription-based SaaS revenues as compared to Consumption revenues and the split between the two allows the reader to delineate between predictable recurring SaaS revenues and more volatile Consumption revenues. |
(4) “Annual Recurring Revenue (Consumption)” represents the trailing twelve months of all non-recurring and/or consumption-based revenue for all active Total Software Products & Services customers. In prior periods, we provided “Average Annual Revenue,” which was calculated as the aggregate of trailing twelve-month Software Products & Services revenue divided by the average number of customers over the same period for both Veritone, Inc. and PandoLogic Ltd.. Annual Recurring Revenue (Consumption) is not comparable to Average Annual Revenue. Annual Recurring Revenue (Consumption) includes only non-recurring and/or consumption-based revenue, is not averaged among active customers and uses a calculation of recurring revenue as described above instead of annual revenue. Management uses “Annual Recurring Revenue (Consumption)” and we believe Annual Recurring Revenue (Consumption) is useful to investors because Broadbean significantly increases our mix of subscription-based SaaS revenues as compared to Consumption revenues and the split between the two allows the reader to delineate between predictable recurring SaaS revenues and more volatile Consumption revenues. |
(5) “Total New Bookings” represents the total fees payable during the full contract term for new contracts received in the quarter (including fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term), excluding any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services), in each case on a Pro Forma basis. |
(6) “Gross Revenue Retention” represents calculate our dollar-based gross revenue retention rate as of the period end by starting with the revenue from Software Products & Services Customers as of the 3 months in the prior year quarter to such period, or Prior Year Quarter Revenue. We then deduct from the Prior Year Quarter Revenue any revenue from Software Products & Services Customers who are no longer customers as of the current period end, or Current Period Ending Software Customer Revenue. We then divide the total Current Period Ending Software Customer Revenue by the total Prior Year Quarter Revenue to arrive at our dollar-based gross retention rate, which is the percentage of revenue from all Software Products & Services Customers from our Software Products & Services as of the year prior that is not lost to customer churn. All numbers used to determine Gross Revenue Retention are calculated on a Pro Forma basis. |
VERITONE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
Managed Services Supplemental Financial Information
|
|
Quarter Ended |
|
|||||||||||||||||||||
|
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Dec 31, |
|
|
Mar 31, |
|
|
Jun 30, |
|
||||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
||||||
Avg billings per active Managed Services client (in 000's) (7) |
|
$ |
684 |
|
|
$ |
736 |
|
|
$ |
747 |
|
|
$ |
823 |
|
|
$ |
771 |
|
|
$ |
576 |
|
Revenue during quarter (in 000's) (8) |
|
$ |
10,735 |
|
|
$ |
9,625 |
|
|
$ |
10,035 |
|
|
$ |
11,074 |
|
|
$ |
9,337 |
|
|
$ |
6,876 |
|
(7) Avg billings per active Managed Services customer for each quarter reflects the average quarterly billings per active Managed Services customer over the twelve-month period through the end of such quarter for Managed Services clients that are active during such quarter. |
||||||||||||||||||||||||
(8) Managed Services revenue and metrics exclude content licensing and media services. |
||||||||||||||||||||||||
VERITONE, INC.
RECONCILIATION OF NON-GAAP GROSS PROFIT TO LOSS FROM OPERATIONS
(in thousands)
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
||||
Loss from operations |
$ |
(28,180 |
) |
|
$ |
(3,629 |
) |
|
$ |
(51,769 |
) |
|
$ |
(24,433 |
) |
Sales and marketing |
|
13,124 |
|
|
|
12,576 |
|
|
|
25,814 |
|
|
|
23,645 |
|
Research and development |
|
10,519 |
|
|
|
11,068 |
|
|
|
22,046 |
|
|
|
20,951 |
|
General and administrative |
|
19,025 |
|
|
|
2,304 |
|
|
|
36,422 |
|
|
|
24,625 |
|
Amortization |
|
5,714 |
|
|
|
5,211 |
|
|
|
11,143 |
|
|
|
10,226 |
|
Non-GAAP gross profit |
$ |
20,202 |
|
|
$ |
27,530 |
|
|
$ |
43,656 |
|
|
$ |
55,014 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808973048/en/
Company Contact:
Mike Zemetra
Chief Financial Officer
Veritone, Inc.
investors@veritone.com
IR Agency Contact:
Stefan Norbom
Prosek Partners
203-644-5475
snorbom@prosek.com
Source: Veritone, Inc.
FAQ
What were Veritone's Q2 2023 total revenue and software revenue?
What were the financial highlights of Veritone in Q2 2023?
What cost reduction initiatives did Veritone achieve?
What acquisition did Veritone complete in Q2 2023?
