Veritone Reports Third Quarter 2023 Results
- Veritone reported a decrease in Q3 GAAP revenue of 6% compared to Q3 2022, driven by declines in Managed Services and Software Products. The company also experienced a decrease in ARR of 24% compared to Q3 2022. However, the company delivered over $24 million in annualized cost savings and entered into a commitment letter to raise $77.5 million in senior secured debt.
- The Total New Bookings increased by 85% from Q2 2023, but decreased by 35% compared to Q3 2022. The company also reported a Net Loss of $20.9 million, compared to $4.9 million in Q3 2022.
- The company reported a decrease in GAAP revenue and ARR compared to the same period in 2022, which may raise concerns among investors. The Net Loss also increased significantly from the previous year, which could impact investor confidence.
- Q3 Total Revenue and Software Revenue of
- ARR(1) of
- Over
- Entered into commitment letter to raise
“Veritone’s third quarter results highlight progress against our strategic initiatives aimed at transforming the organization to meet evolving demand from companies seeking to leverage artificial intelligence to enhance productivity and boost revenue streams,” said Ryan Steelberg, Chief Executive Officer and President of Veritone. “Since last quarter, Veritone announced partnerships with CHESA and the
Third Quarter 2023 Financial Highlights
-
GAAP revenue of
$35.1 million 6% and22% , respectively, compared to GAAP and Pro forma revenues, respectively, for Q3 2022 driven primarily by declines in Managed Services and Software Products. -
Software revenues of
$20.4 million $8.2 million 29% compared to Pro Forma Software Products & Services revenue for Q3 2022 driven largely from reduced spend from Amazon in Q3 2023. -
Managed Services revenue of
$14.8 million $16.4 million -
Total Software Products & Services Customers(1) of 3,536, down
7% compared to pro forma Q3 2022 largely driven by planned migration of legacy CareerBuilder customers off Broadbean software platform. -
Total New Bookings(1) of
$15.5 million 85% from Q2 2023, and down35% compared to Q3 2022 driven by reduced HR consumption from a major customer. -
Annual Recurring Revenue (ARR)(1) of
$98.6 million 24% compared to ARR for Q3 2022, largely driven by drop in consumption-based ARR from major customer over the trailing twelve months from Q3 2023 as compared to Q3 2022. -
Loss from Operations of
$23.1 million $3.6 million $14.3 million -
Non-GAAP gross profit of
$27.9 million $2.2 million -
Net Loss of
$20.9 million $4.9 million -
Non-GAAP Net Loss of
$7.9 million $5.7 million -
Cash and cash equivalents(2) of
$72.1 million $62.7 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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Net Loss |
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Non-GAAP Gross Profit* |
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Non-GAAP Net Loss * |
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Pro Forma Software Revenue (1) |
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( |
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Total Software Products & Services Customers(2) |
3,536 |
3,787 |
( |
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Average Annual Revenue (AAR)(3) |
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( |
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Total New Bookings(4) |
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Gross Retention(5) |
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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
Veritone entered into a commitment letter with certain funds managed by Highbridge Capital Management, LLC and with certain other lenders on November 7, 2023 to provide a senior secured term loan facility in an aggregate principal amount of
The Term Loan will have a term of four years, accrue interest at a rate of Term SOFR plus
Veritone has agreed to issue warrants to the lenders to purchase up to 3,008,540 shares of Common Stock, with
In other recent developments:
-
The company was selected by the
U.S. Department of Justice (DOJ) for a$15 million -
The Legislative Branch of the
U.S. Government will use the company’s cutting-edge solutions to streamline its digital media management efforts through a channel partnership with CHESA, a prominent provider of media workflow solutions. - Signed and renewed software contracts with CAA, United States Tennis Association, A&E Networks, HBO, Augusta National, and NBC Universal.
-
Announced a comprehensive multi-year partnership extension with
U.S. Soccer, the governing body of soccer inthe United States including theU.S. Women’s and Men’s National Teams, Youth National Teams and Extended National Teams, to continue to serve as the archive of record and a licensing partner for allU.S. Soccer owned content, including all National Teams. - Announced that Table Rock Management LLC, its subsidiary, entered into an exclusive advertising direct sales monetization agreement with SpokenLayer, a full-service creative studio specializing in custom, short-form digital audio content for the media and entertainment industries.
Financial Results for Three Months Ended September 30, 2023
Delivered third quarter revenue of
GAAP net loss was
During Q3 2023, Total Software Product & Services Customers of 3,536, on a Pro Forma basis, was down slightly year over year, given the run-off of legacy CareerBuilder customers transitioning off Broadbean’s platform over the last 18 months. Total New Bookings on a Pro Forma basis decreased by
As of September 30, 2023, the Company had cash and cash equivalents of
Business Outlook
Fourth Quarter 2023
-
Revenue is expected to be in the range of
$33.0 million $34.5 million $43.9 million -
Non-GAAP net loss is expected to be in the range of
$5.5 million $6.5 million $2.2 million
Full Year 2023
-
Revenue is expected to be in the range of
$126.4 million $128.0 million $149.7 million -
Non-GAAP net loss is expected to be in the range of
$36.0 million $37.0 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 Wednesday, November 8, 2023, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its third 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 November 15, 2023. The full webcast replay will be available through November 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: 7979787
* 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) designs human-centered AI solutions. Serving customers in the talent acquisition, media, entertainment and public sector industries, Veritone's software and services empower individuals at the world’s largest and most recognizable brands 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, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere.
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, statements regarding the Commitment Letter with
VERITONE, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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(in thousands) |
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As of |
|||||
|
September 30,
|
|
|
December 31,
|
||
ASSETS |
|
|
|
|
||
|
|
|
|
|
||
Cash and cash equivalents |
$ |
72,070 |
|
|
$ |
184,423 |
Accounts receivable, net |
|
49,691 |
|
|
|
56,001 |
Expenditures billable to clients |
|
24,447 |
|
|
|
22,339 |
Prepaid expenses and other current assets |
|
15,179 |
|
|
|
15,242 |
Total current assets |
|
161,387 |
|
|
|
278,005 |
Property, equipment and improvements, net |
|
11,595 |
|
|
|
5,291 |
Intangible assets, net |
|
91,081 |
|
|
|
79,664 |
Goodwill |
|
78,388 |
|
|
|
46,498 |
Long-term restricted cash |
|
869 |
|
|
|
859 |
Other assets |
|
17,787 |
|
|
|
14,435 |
Total assets |
$ |
361,107 |
|
|
$ |
424,752 |
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
|
|
|
|
|
||
Accounts payable |
$ |
40,512 |
|
|
$ |
36,738 |
Accrued media payments |
|
84,346 |
|
|
|
102,064 |
Client advances |
|
14,867 |
|
|
|
16,442 |
Deferred revenue |
|
11,821 |
|
|
|
2,600 |
Contingent consideration, current |
|
500 |
|
|
|
8,067 |
Other accrued liabilities |
|
34,692 |
|
|
|
27,412 |
Total current liabilities |
|
186,738 |
|
|
|
193,323 |
Convertible senior notes, non-current |
|
138,416 |
|
|
|
137,767 |
Contingent consideration, non-current |
|
317 |
|
|
|
— |
Other non-current liabilities |
|
15,744 |
|
|
|
13,811 |
Total liabilities |
|
341,215 |
|
|
|
344,901 |
Total stockholders' equity |
|
19,892 |
|
|
|
79,851 |
Total liabilities and stockholders' equity |
$ |
361,107 |
|
|
$ |
424,752 |
VERITONE, INC. |
|
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|
||||||||||||||
AND COMPREHENSIVE INCOME (LOSS) |
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(in thousands, except per share and share data) |
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Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenue |
$ |
35,133 |
|
|
$ |
37,196 |
|
|
$ |
93,363 |
|
|
$ |
105,838 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
7,187 |
|
|
|
7,097 |
|
|
|
21,761 |
|
|
|
20,725 |
|
Sales and marketing |
|
12,892 |
|
|
|
13,920 |
|
|
|
38,706 |
|
|
|
37,565 |
|
Research and development |
|
10,410 |
|
|
|
11,784 |
|
|
|
32,456 |
|
|
|
32,735 |
|
General and administrative |
|
21,082 |
|
|
|
2,502 |
|
|
|
57,504 |
|
|
|
27,127 |
|
Amortization |
|
6,624 |
|
|
|
5,504 |
|
|
|
17,767 |
|
|
|
15,730 |
|
Total operating expenses |
|
58,195 |
|
|
|
40,807 |
|
|
|
168,194 |
|
|
|
133,882 |
|
Loss from operations |
|
(23,062 |
) |
|
|
(3,611 |
) |
|
|
(74,831 |
) |
|
|
(28,044 |
) |
Other income (expense), net |
|
1,670 |
|
|
|
(1,249 |
) |
|
|
5,535 |
|
|
|
(3,666 |
) |
Loss before provision for income taxes |
|
(21,392 |
) |
|
|
(4,860 |
) |
|
|
(69,296 |
) |
|
|
(31,710 |
) |
(Benefit from) provision for income taxes |
|
(482 |
) |
|
|
26 |
|
|
|
(2,127 |
) |
|
|
(1,442 |
) |
Net loss |
$ |
(20,910 |
) |
|
$ |
(4,886 |
) |
|
$ |
(67,169 |
) |
|
$ |
(30,268 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
$ |
(0.57 |
) |
|
$ |
(0.13 |
) |
|
$ |
(1.82 |
) |
|
$ |
(0.84 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
36,991,650 |
|
|
|
36,202,496 |
|
|
|
36,810,878 |
|
|
|
35,924,413 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(20,910 |
) |
|
$ |
(4,886 |
) |
|
$ |
(67,169 |
) |
|
$ |
(30,268 |
) |
Foreign currency translation (loss) gain, net of income taxes |
|
(693 |
) |
|
|
66 |
|
|
|
(2,456 |
) |
|
|
642 |
|
Total comprehensive loss |
$ |
(21,603 |
) |
|
$ |
(4,820 |
) |
|
$ |
(69,625 |
) |
|
$ |
(29,626 |
) |
VERITONE, INC. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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(in thousands) |
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||||||
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|
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|
||
|
Nine Months Ended
|
|
|||||
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
||
Net loss |
$ |
(67,169 |
) |
|
$ |
(30,268 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
||
Depreciation and amortization |
|
20,154 |
|
|
|
16,494 |
|
Provision for credit losses |
|
168 |
|
|
|
(113 |
) |
Stock-based compensation expense |
|
8,646 |
|
|
|
14,734 |
|
Gain on sale of energy group |
|
(2,572 |
) |
|
|
— |
|
Change in fair value of contingent consideration |
|
1,468 |
|
|
|
(23,076 |
) |
Change in deferred taxes |
|
(2,858 |
) |
|
|
(2,078 |
) |
Amortization of debt issuance costs |
|
649 |
|
|
|
902 |
|
Amortization of right-of-use assets |
|
1,127 |
|
|
|
632 |
|
Imputed non-cash interest income |
|
(108 |
) |
|
|
176 |
|
Changes in assets and liabilities: |
|
|
|
|
|
||
Accounts receivable |
|
14,052 |
|
|
|
370 |
|
Expenditures billable to clients |
|
(2,108 |
) |
|
|
3,395 |
|
Prepaid expenses and other assets |
|
1,224 |
|
|
|
(4,290 |
) |
Other assets |
|
(5,426 |
) |
|
|
(4,568 |
) |
Accounts payable |
|
2,405 |
|
|
|
(15,298 |
) |
Deferred revenue |
|
(913 |
) |
|
|
895 |
|
Accrued media payments |
|
(17,718 |
) |
|
|
20,136 |
|
Client advances |
|
(1,567 |
) |
|
|
2,240 |
|
Other accrued liabilities |
|
5,209 |
|
|
|
(3,177 |
) |
Other liabilities |
|
(2,774 |
) |
|
|
(1,736 |
) |
Net cash used in operating activities |
|
(48,111 |
) |
|
|
(24,630 |
) |
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
||
Minority investment |
|
— |
|
|
|
(2,750 |
) |
Proceeds from divestiture |
|
504 |
|
|
|
— |
|
Capital expenditures |
|
(4,054 |
) |
|
|
(3,777 |
) |
Acquisitions, net of cash acquired |
|
(50,195 |
) |
|
|
(4,589 |
) |
Net cash used in investing activities |
|
(53,745 |
) |
|
|
(11,116 |
) |
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
||
Payment of contingent considerations |
|
(7,772 |
) |
|
|
(14,376 |
) |
Taxes paid related to net share settlement of equity awards |
|
(1,088 |
) |
|
|
(9,726 |
) |
Proceeds from issuances of stock under employee stock plans, net |
|
1,063 |
|
|
|
1,199 |
|
Settlement of deferred consideration for acquisitions |
|
(2,690 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(10,487 |
) |
|
|
(22,903 |
) |
|
|
|
|
|
|
||
Net decrease in cash and cash equivalents and restricted cash |
|
(112,343 |
) |
|
|
(58,649 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
185,282 |
|
|
|
255,577 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
72,939 |
|
|
$ |
196,928 |
|
VERITONE, INC. |
||||||||||||||||||||||
REVENUE DETAIL (UNAUDITED) |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended
|
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
|
|
Government & |
|
|
|
|
|
|
|
|
Government & |
|
|
|
||||||
|
Commercial |
|
|
Regulated |
|
|
|
|
|
Commercial |
|
|
Regulated |
|
|
|
||||||
|
Enterprise |
|
|
Industries |
|
|
Total |
|
|
Enterprise |
|
|
Industries |
|
|
Total |
||||||
Total Software Products & Services |
$ |
18,885 |
|
|
$ |
1,476 |
|
|
$ |
20,361 |
|
|
$ |
44,109 |
|
|
$ |
4,472 |
|
|
$ |
48,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Advertising |
|
9,993 |
|
|
|
— |
|
|
|
9,993 |
|
|
|
28,945 |
|
|
|
— |
|
|
|
28,945 |
Licensing |
|
4,779 |
|
|
|
— |
|
|
|
4,779 |
|
|
|
15,837 |
|
|
|
— |
|
|
|
15,837 |
Total Managed Services |
|
14,772 |
|
|
|
— |
|
|
|
14,772 |
|
|
|
44,782 |
|
|
|
— |
|
|
|
44,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Revenue |
$ |
33,657 |
|
|
$ |
1,476 |
|
|
$ |
35,133 |
|
|
$ |
88,891 |
|
|
$ |
4,472 |
|
|
$ |
93,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended
|
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
|
|
Government & |
|
|
|
|
|
|
|
|
Government & |
|
|
|
||||||
|
Commercial |
|
|
Regulated |
|
|
|
|
|
Commercial |
|
|
Regulated |
|
|
|
||||||
|
Enterprise |
|
|
Industries |
|
|
Total |
|
|
Enterprise |
|
|
Industries |
|
|
Total |
||||||
Total Software Products & Services |
$ |
19,800 |
|
|
$ |
1,012 |
|
|
$ |
20,812 |
|
|
$ |
54,694 |
|
|
$ |
2,664 |
|
|
$ |
57,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Advertising |
|
11,017 |
|
|
|
— |
|
|
|
11,017 |
|
|
|
32,620 |
|
|
|
— |
|
|
|
32,620 |
Licensing |
|
5,367 |
|
|
|
— |
|
|
|
5,367 |
|
|
|
15,860 |
|
|
|
— |
|
|
|
15,860 |
Total Managed Services |
|
16,384 |
|
|
|
— |
|
|
|
16,384 |
|
|
|
48,480 |
|
|
|
— |
|
|
|
48,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Revenue |
$ |
36,184 |
|
|
$ |
1,012 |
|
|
$ |
37,196 |
|
|
$ |
103,174 |
|
|
$ |
2,664 |
|
|
$ |
105,838 |
VERITONE, INC. |
|
||||||||||||||||||||||
RECONCILIATION OF NON-GAAP NET INCOME (LOSS) TO GAAP NET LOSS (UNAUDITED) |
|
||||||||||||||||||||||
(in thousands) |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended September 30, |
|
|||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||
|
Core Operations(1) |
|
|
Corporate(2) |
|
|
Total |
|
|
Core Operations(1) |
|
|
Core Operations(1) |
|
|
Core Operations(1) |
|
||||||
Net income (loss) |
$ |
(7,058 |
) |
|
$ |
(13,852 |
) |
|
$ |
(20,910 |
) |
|
$ |
(7,921 |
) |
|
$ |
3,035 |
|
|
$ |
(4,886 |
) |
Benefit from income taxes |
|
(2,668 |
) |
|
|
2,186 |
|
|
|
(482 |
) |
|
|
20 |
|
|
|
6 |
|
|
|
26 |
|
Depreciation and amortization |
|
8,105 |
|
|
|
(248 |
) |
|
|
7,857 |
|
|
|
5,650 |
|
|
|
174 |
|
|
|
5,824 |
|
Stock-based compensation expense |
|
1,446 |
|
|
|
586 |
|
|
|
2,032 |
|
|
|
2,944 |
|
|
|
2,158 |
|
|
|
5,102 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
816 |
|
|
|
816 |
|
|
|
— |
|
|
|
(14,291 |
) |
|
|
(14,291 |
) |
Interest expense, net |
|
— |
|
|
|
218 |
|
|
|
218 |
|
|
|
— |
|
|
|
1,305 |
|
|
|
1,305 |
|
Foreign currency impact |
|
(1,808 |
) |
|
|
(24 |
) |
|
|
(1,832 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition and due diligence costs |
|
— |
|
|
|
3,177 |
|
|
|
3,177 |
|
|
|
— |
|
|
|
839 |
|
|
|
839 |
|
Variable consultant performance bonus expense |
|
397 |
|
|
|
— |
|
|
|
397 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Severance and executive transition costs |
|
770 |
|
|
|
15 |
|
|
|
785 |
|
|
|
337 |
|
|
|
28 |
|
|
|
365 |
|
Non-GAAP Net Loss |
$ |
(816 |
) |
|
$ |
(7,126 |
) |
|
$ |
(7,942 |
) |
|
$ |
1,030 |
|
|
$ |
(6,746 |
) |
|
$ |
(5,716 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended September 30, |
|
|||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||
|
Core Operations(1) |
|
|
Corporate(2) |
|
|
Total |
|
|
Core Operations(1) |
|
|
Corporate(2) |
|
|
Total |
|
||||||
Net loss |
$ |
(34,833 |
) |
|
$ |
(32,336 |
) |
|
$ |
(67,169 |
) |
|
$ |
(22,172 |
) |
|
$ |
(8,096 |
) |
|
$ |
(30,268 |
) |
Benefit from income taxes |
|
(3,914 |
) |
|
|
1,787 |
|
|
|
(2,127 |
) |
|
|
(826 |
) |
|
|
(616 |
) |
|
|
(1,442 |
) |
Depreciation and amortization |
|
19,677 |
|
|
|
476 |
|
|
|
20,153 |
|
|
|
16,054 |
|
|
|
440 |
|
|
|
16,494 |
|
Stock-based compensation expense |
|
5,710 |
|
|
|
2,936 |
|
|
|
8,646 |
|
|
|
7,612 |
|
|
|
6,967 |
|
|
|
14,579 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
1,467 |
|
|
|
1,467 |
|
|
|
— |
|
|
|
(23,076 |
) |
|
|
(23,076 |
) |
Interest expense, net |
|
9 |
|
|
|
1,734 |
|
|
|
1,743 |
|
|
|
— |
|
|
|
3,670 |
|
|
|
3,670 |
|
Foreign currency impact |
|
(4,585 |
) |
|
|
(67 |
) |
|
|
(4,652 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition and due diligence costs |
|
— |
|
|
|
8,253 |
|
|
|
8,253 |
|
|
|
— |
|
|
|
1,608 |
|
|
|
1,608 |
|
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 |
|
1,028 |
|
|
|
— |
|
|
|
1,028 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Severance and executive transition costs |
|
2,271 |
|
|
|
647 |
|
|
|
2,918 |
|
|
|
337 |
|
|
|
28 |
|
|
|
365 |
|
Non-GAAP Net Loss |
$ |
(12,848 |
) |
|
$ |
(17,675 |
) |
|
$ |
(30,523 |
) |
|
$ |
1,005 |
|
|
$ |
(19,075 |
) |
|
$ |
(18,070 |
) |
(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 Q2 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 Q1 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 Ending |
|
Year Ending |
|
December 31,
|
|
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 |
|
|
|
Foreign currency impact |
|
|
( |
Gain on sale of energy group |
|
|
( |
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
|
|
|
Nine Months Ended
|
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenue |
$ |
35,133 |
|
|
$ |
37,196 |
|
|
$ |
93,363 |
|
|
$ |
105,838 |
|
Cost of revenue |
|
7,187 |
|
|
|
7,097 |
|
|
|
21,761 |
|
|
|
20,725 |
|
Non-GAAP gross profit |
|
27,946 |
|
|
|
30,099 |
|
|
|
71,602 |
|
|
|
85,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP cost of revenue |
|
7,187 |
|
|
|
7,097 |
|
|
|
21,761 |
|
|
|
20,725 |
|
Stock-based compensation expense |
|
5 |
|
|
|
(46 |
) |
|
|
(32 |
) |
|
|
(90 |
) |
Non-GAAP cost of revenue |
|
7,192 |
|
|
|
7,051 |
|
|
|
21,729 |
|
|
|
20,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP sales and marketing expenses |
|
12,892 |
|
|
|
13,920 |
|
|
|
38,706 |
|
|
|
37,565 |
|
Stock-based compensation expense |
|
(208 |
) |
|
|
(538 |
) |
|
|
(913 |
) |
|
|
(1,728 |
) |
Contribution of business held for sale |
|
— |
|
|
|
— |
|
|
|
(484 |
) |
|
|
— |
|
Severance and executive transition costs |
|
(207 |
) |
|
|
(86 |
) |
|
|
(710 |
) |
|
|
(86 |
) |
Non-GAAP sales and marketing expenses |
|
12,477 |
|
|
|
13,296 |
|
|
|
36,599 |
|
|
|
35,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP research and development expenses |
|
10,410 |
|
|
|
11,784 |
|
|
|
32,456 |
|
|
|
32,735 |
|
Stock-based compensation expense |
|
(953 |
) |
|
|
(1,532 |
) |
|
|
(3,622 |
) |
|
|
(3,783 |
) |
Contribution of business held for sale |
|
— |
|
|
|
— |
|
|
|
(1,117 |
) |
|
|
— |
|
Severance and executive transition costs |
|
(188 |
) |
|
|
(198 |
) |
|
|
(868 |
) |
|
|
(198 |
) |
Non-GAAP research and development expenses |
|
9,269 |
|
|
|
10,054 |
|
|
|
26,849 |
|
|
|
28,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP general and administrative expenses |
|
21,082 |
|
|
|
2,502 |
|
|
|
57,504 |
|
|
|
27,127 |
|
Depreciation |
|
(1,233 |
) |
|
|
(320 |
) |
|
|
(2,386 |
) |
|
|
(764 |
) |
Stock-based compensation expense |
|
(876 |
) |
|
|
(2,986 |
) |
|
|
(4,079 |
) |
|
|
(8,978 |
) |
Change in fair value of contingent consideration |
|
(816 |
) |
|
|
14,291 |
|
|
|
(1,467 |
) |
|
|
23,076 |
|
Variable consultant performance bonus expense |
|
(397 |
) |
|
|
— |
|
|
|
(1,028 |
) |
|
|
— |
|
Contribution of business held for sale |
|
- |
|
|
|
— |
|
|
|
(188 |
) |
|
|
— |
|
Acquisition and due diligence costs |
|
(3,177 |
) |
|
|
(839 |
) |
|
|
(8,253 |
) |
|
|
(1,608 |
) |
Severance and executive transition costs |
|
(390 |
) |
|
|
(81 |
) |
|
|
(1,340 |
) |
|
|
(81 |
) |
Non-GAAP general and administrative expenses |
|
14,193 |
|
|
|
12,567 |
|
|
|
38,763 |
|
|
|
38,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP amortization |
|
(6,624 |
) |
|
|
(5,504 |
) |
|
|
(17,767 |
) |
|
|
(15,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP loss from operations |
|
(23,062 |
) |
|
|
(3,611 |
) |
|
|
(74,831 |
) |
|
|
(28,044 |
) |
Total non-GAAP adjustments (1) |
|
15,064 |
|
|
|
(2,161 |
) |
|
|
44,254 |
|
|
|
9,970 |
|
Non-GAAP loss from operations |
|
(7,998 |
) |
|
|
(5,772 |
) |
|
|
(30,577 |
) |
|
|
(18,074 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP other income (expense), net |
|
1,670 |
|
|
|
(1,249 |
) |
|
|
5,535 |
|
|
|
(3,666 |
) |
Gain on sale of energy group |
|
— |
|
|
|
— |
|
|
|
(2,572 |
) |
|
|
— |
|
Foreign currency impact |
|
(1,832 |
) |
|
|
— |
|
|
|
(4,652 |
) |
|
|
— |
|
Interest expense, net |
|
218 |
|
|
|
1,305 |
|
|
|
1,743 |
|
|
|
3,670 |
|
Non-GAAP other expense, net |
|
56 |
|
|
|
56 |
|
|
|
54 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP loss before income taxes |
|
(21,392 |
) |
|
|
(4,860 |
) |
|
|
(69,296 |
) |
|
|
(31,710 |
) |
Total non-GAAP adjustments (1) |
|
13,450 |
|
|
|
(856 |
) |
|
|
38,773 |
|
|
|
13,640 |
|
Non-GAAP loss before income taxes |
|
(7,942 |
) |
|
|
(5,716 |
) |
|
|
(30,523 |
) |
|
|
(18,070 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Benefit from income taxes |
|
(482 |
) |
|
|
26 |
|
|
|
(2,127 |
) |
|
|
(1,442 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP net loss |
|
(20,910 |
) |
|
|
(4,886 |
) |
|
|
(67,169 |
) |
|
|
(30,268 |
) |
Total non-GAAP adjustments (1) |
|
12,968 |
|
|
|
(830 |
) |
|
|
36,646 |
|
|
|
12,198 |
|
Non-GAAP net loss |
$ |
(7,942 |
) |
|
$ |
(5,716 |
) |
|
$ |
(30,523 |
) |
|
$ |
(18,070 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used in computing non-GAAP basic and diluted net loss per share |
|
36,992 |
|
|
|
36,202 |
|
|
|
36,811 |
|
|
|
35,924 |
|
Non-GAAP basic and diluted net loss per share |
$ |
(0.21 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.83 |
) |
|
$ |
(0.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(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, |
|
|
Sept 30, |
|||||||
|
|
2022 (1) |
|
|
2022 (1) |
|
|
2022 (1) |
|
|
2022 (1) |
|
|
2023 (1) |
|
|
2023 (1) |
|
|
2023 |
|||||||
Pro Forma Software Revenue (in 000's) (2) |
|
$ |
26,319 |
|
|
$ |
26,650 |
|
|
$ |
28,603 |
|
|
$ |
35,612 |
|
|
$ |
22,423 |
|
|
$ |
20,860 |
|
|
$ |
20,361 |
Total Software Products & Services Customers (3) |
|
|
3,673 |
|
|
|
3,718 |
|
|
|
3,787 |
|
|
|
3,824 |
|
|
|
3,773 |
|
|
|
3,705 |
|
|
|
3,536 |
Annual Recurring Revenue (SaaS) (in 000's) (4) |
|
$ |
48,392 |
|
|
$ |
44,465 |
|
|
$ |
43,925 |
|
|
$ |
46,248 |
|
|
$ |
45,453 |
|
|
$ |
47,720 |
|
|
$ |
47,756 |
Annual Recurring Revenue (Consumption) (in 000's) (5) |
|
$ |
87,445 |
|
|
$ |
85,901 |
|
|
$ |
85,091 |
|
|
$ |
71,754 |
|
|
$ |
67,242 |
|
|
$ |
60,229 |
|
|
$ |
50,803 |
Total New Bookings (in 000's) (6) |
|
$ |
16,643 |
|
|
$ |
22,009 |
|
|
$ |
23,793 |
|
|
$ |
26,342 |
|
|
$ |
22,794 |
|
|
$ |
8,388 |
|
|
$ |
15,501 |
Gross Revenue Retention (7) |
|
> |
|
|
> |
|
|
> |
|
|
> |
|
|
> |
|
|
> |
|
|
> |
|||||||
(1) All of the supplemental financial information for this period is presented on a Pro Forma basis inclusive of Broadbean. |
(2) “Software Revenue - Pro Forma” is a non-GAAP measure that represents Software Products & Services revenue on a Pro Forma basis. |
(3) “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 |
(4) “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. |
(5) “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 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 (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. |
(6) “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. |
(7) “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. |
Managed Services Supplemental Financial Information |
|||||||||||||||||||||||||||
|
|
Quarter Ended |
|||||||||||||||||||||||||
|
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|
|
Dec 31, |
|
|
Mar 31, |
|
|
Jun 30, |
|
|
Sept 30, |
|||||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|||||||
Avg billings per active Managed Services client (in 000's) (1) |
|
$ |
684 |
|
|
$ |
736 |
|
|
$ |
747 |
|
|
$ |
823 |
|
|
$ |
771 |
|
|
$ |
576 |
|
|
$ |
630 |
Revenue during quarter (in 000's) (2) |
|
$ |
10,735 |
|
|
$ |
9,625 |
|
|
$ |
10,035 |
|
|
$ |
11,074 |
|
|
$ |
9,337 |
|
|
$ |
6,876 |
|
|
$ |
9,117 |
(1) 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. |
| (2) 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
|
|
|
Nine Months Ended
|
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
||||
Loss from operations |
$ |
(23,062 |
) |
|
$ |
(3,611 |
) |
|
$ |
(74,831 |
) |
|
$ |
(28,044 |
) |
Sales and marketing |
|
12,892 |
|
|
|
13,920 |
|
|
|
38,706 |
|
|
|
37,565 |
|
Research and development |
|
10,410 |
|
|
|
11,784 |
|
|
|
32,456 |
|
|
|
32,735 |
|
General and administrative |
|
21,082 |
|
|
|
2,502 |
|
|
|
57,504 |
|
|
|
27,127 |
|
Amortization |
|
6,624 |
|
|
|
5,504 |
|
|
|
17,767 |
|
|
|
15,730 |
|
Non-GAAP gross profit |
$ |
27,946 |
|
|
$ |
30,099 |
|
|
$ |
71,602 |
|
|
$ |
85,113 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107853990/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 is Veritone's Q3 Total Revenue?
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What is the purpose of the commitment letter to raise $77.5 million in senior secured debt?
