Verb Technology Company, Inc. (Nasdaq:
VERB) ("VERB" or the "Company"), the leader in interactive
video-based sales enablement applications, including shoppable
livestream, today reported financial and operating results for the
quarter ending March 31, 2022, and held an earnings conference call
at 5:30 p.m. ET to discuss these results. Prepared remarks of the
management team during the conference call are provided below.
Management Prepared RemarksVERB 2022
First Quarter Financial Results Conference
CallMonday, May 16, 2022, 5:30 p.m.
ET
Company ParticipantsRory J. Cutaia, CEOSalman
Khan, CFO
Operator:
Good afternoon and welcome to the first quarter
2022 Financial Results Conference Call for Verb Technology Company,
Inc. At this time, all participants are in a listen-only mode.
Please be advised, the call is being recorded at the Company’s
request.
On our call today are Rory J. Cutaia, CEO, and
Salman Khan, CFO.
Before we begin, I’d like to remind everyone
that statements made during this conference call will include
forward-looking statements under the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties that can cause actual results to differ
materially. Forward-looking statements speak only as of the date
they are made, except as required by law, as the underlying facts
and circumstances may change. Verb Technology Company disclaims any
obligations to update these forward-looking statements, as well as
those contained in the Company’s current and subsequent filings
with the SEC.
I would now like to turn the call over to Rory
J. Cutaia, CEO. Rory?
Rory J. Cutaia:
Thank you moderator, and thanks to everyone for
joining us today for our Q1 2022 financial results and business
update conference call.
Let’s jump into it. We were just named the
number 1 software provider to the Direct Sales industry for the
second year in a row, which is an industry we entered just 3 years
ago that we now dominate. And with regard to that side of our
business, I’m pleased to report that we’ve had another consecutive
quarter of growth in our SaaS business, and I’d like to cover some
of the highlights of the quarter, but first I want to talk about
MARKET – our new livestream shopping platform.
First and foremost, I’m excited to announce the
dates for the FESTIVALS – they are July 26, 27, and 28th.
As I’ll discuss today, the recent public facing
livestream shopping events on MARKET have resulted in an
acceleration of inbound interest from brands who want to be part of
the Festivals, including potential sponsors as well as headliners.
So, we’ve been reshuffling the lineup a bit.
The dates, times, lineup, sponsors, hosts and
other information will be released as part of the advertising and
marketing campaign that’s been developed for the FESTIVALS. There
are also plans for follow-on FESTIVALS, around specific important
shopping dates. I will disclose more information on those in
subsequent communications.
I’d next like to share some data points about
the ongoing sales and onboarding process for MARKET and the
interest we’re seeing from vendors.
The onboarding team takes over from sales once a
vendor agrees to join MARKET and set up a store. All Vendors get a
store.
Between January and March, we added
approximately 100 vendors to our onboarding process.
For the 39-day period between April 1 and May
10, we added approx. 90 vendors to the onboarding process
Beginning with the Alix Traeger event and
accelerating through and after the Wander event , inbound demand
from high quality vendors has increased dramatically.
Since the Wander Beauty event, we’re now
onboarding 8-10 vendors a day. Due to the volume of inbound
interest, we are prioritizing vendor acceptance and onboarding
based on certain criteria – chief among them is annual sales volume
in excess of $5M together with a measurable online following
through social media.
Here’s some important stats on the top 100
vendors on MARKET based on revenue and social media followers as of
May 10:
-
Combined annual ecommerce sales in the United States for the past
12 months is approximately $4B
-
Of the top 100, we have 2 companies with sales of $1B or more
-
5 companies with sales of $100M or more
-
3 companies with sales of $50M or more
-
11 companies with sales of $10M of more
-
12 companies with sales of $5M or more
-
22 companies with sales of $1M or more
-
The balance have sales under $1M
-
TOTAL SOCIAL MEDIA FOLLOWERS for the Top 100 companies is
80,691,982
There is a fair amount of diversity among the
categories of products offered by the vendors to assure a robust
shopping experience for shoppers on MARKET.
The sales cycle is, quite frankly, unlike
anything I’ve ever seen. We have salespeople who are reporting
close rates of 100% during the demo – which is often the first call
with the vendor. I realize that sounds insane and I am not
suggesting that close ratio is sustainable as it continues to
scale. Though I would not be surprised if it remains well above
traditional sales close ratios. It appears that we have tapped into
long pent-up demand from vendors across every product category.
There is also a massive movement by manufacturers to adopt a
direct-to-consumer distribution strategy which MARKET obviously
addresses directly. More recently, we see even traditional retail
brands looking to incorporate a more effective direct-to-consumer
distribution strategy to lower distribution costs and increase
margins. If there is a contraction in the economy and a drop in
consumer spending, we believe this will drive business for MARKET
as vendors will seek ways to lower prices and retain margins.
As the vendors that are fully onboarded choose
to host public facing events – which we actively encourage – we
anticipate the onboard rate to continue up through the FESTIVALS –
and then accelerate further. Accordingly, we are focusing on the
sales and onboarding process to identify and eliminate any
bottlenecks and points of friction.
As I mentioned a few moments ago, we are
experiencing an extraordinarily high close rate when our sales
teams demo the platform for prospects. We’re working to better
automate the demo process for prospects. In fact, just over the
past 6 weeks, we’ve revamped our user guides, our FAQs, our
onboarding processes, and created best practices guides for our
teams as well as for our vendors. These efforts have already
produced measurable efficiencies. Our goal is to be able to
accommodate hundreds of new vendors per day and over time,
thousands per day with little intervention from any our sales and
onboarding team members. By the way, this is one of the reasons to
do a soft launch the way we have, so we can learn what we don’t
know, things that are not discovered during the beta trial period
that you want to address before a full hard launch. We’ve learned
from our mistakes and what some may incorrectly perceive as a
delay, is actually our teams taking a very careful and thoughtful
approach to the launch of MARKET.
Let’s talk about the standalone stores and what
that means.
The process of onboarding involves setting up
the vendors’ storefront. This includes, among other things,
providing their banking and tax id information, confirming
inventory and fulfillment capabilities, uploading their logos,
branding elements, and content and of course loading their
inventory sku’s.
In some cases, vendors start and finish in a
single day. In other cases, it takes much longer. Once their stores
are set up, we offer training and support on how best to use and
leverage the platform. Most vendors begin by hosting private events
while they get comfortable with the platform’s features and
functionality.
We actively encourage vendors that have
completed onboarding and set up to begin hosting public facing
events. We developed the stand-alone store capability to allow
those public facing events to take place without exposing the
identities of certain brands that asked that we not disclose their
presence on the site until they either completed set-up or
announced it publicly themselves or jointly with us.
Ok – let’s now discuss the recent public facing
events.
Over the past month we’ve had 3 public facing
events. The first one was hosted by Alix Traeger, a popular
influencer from BuzzFeed’s Tasty show. The next one was a brand
called “Don’t Call Me Mommy,” a very popular fast-growing brand,
and the last one was Wander Beauty, a very successful cosmetics
brand and one of the biggest sellers on HSN. These were all test
events for these brands and intentionally not well promoted and as
such we waived our normal fees.
The Alix Traeger and Don’t Call Me Mommy events
were produced by a company whose business is to develop and execute
livestream shopping monetization strategies for influencers with
large social media followings and service the creator economy. This
is a very savvy, experienced, connected management team that looked
at virtually all competing livestream platforms and chose MARKET to
host their clients’ livestream shopping events.
The Wander Beauty event was produced by John
Rizzo, our new SVP of Content and Brand Partnerships. John was a
producer at QVC for more than 20 years and led QVC’s online
initiative and grew it to more than $300M a year in sales. Kate
Eckman, our new SVP of programming and Talent Acquisition, a former
QVC/HSN on-air host, hosted the event, alongside some of the Wander
Beauty principals.
As a testament to vendors’ experience on the
platform after their test events, I’m happy to report that all 3
have talked openly about how much they enjoyed the experience and
Wander Beauty has already confirmed a series of events on MARKET
and the next one is currently scheduled for this month, May 27 at
2pm ET.
I’d like to share some of the data points that
came out of those 3 events:
We had a total of 492 verified attendees – that
number does not include insiders – like verb employees, nor does it
include people who attended on YouTube, Facebook, Instagram and
other social media sites as both the Alix Traeger and the Don’t
Call Me Mommy events were simulcast on social as well as on
MARKET.
I don’t yet have the number of attendees on the
social media feeds that then clicked-over to watch on MARKET to
make purchases directly on MARKET – which is definitely an
important metric – but the producer told us that they were very
pleasantly surprised at that conversion rate.
As to sales data, I’m going to aggregate the
information in order to be as transparent as I can, but still
respect the confidential sales information of our individual
vendors.
Total sales during the livestream events were
low 4 figures – under $5,000.
However, sales continued after
the livestream events as people did in fact return to shop the
stores and watch the recordings of prior events – which are all
still shoppable – validating one of my premises for incorporating
shoppable stores that retain a permanent presence on MARKET.
That post event sales number, while preliminary,
seems to be approximately 20% of the sales done during the events,
but those sales are continuing, and that amount will change. As
time goes on and we have a much larger pool of events and post
sales data, we’ll be better able to determine how much the vendor
storefronts contribute to the revenue stream and the rate of drop
off over time after the event, which will help vendors determine
when to schedule follow-on livestreams to maintain or increase
sales.
Sales are continuing in the MARKET stores days
and weeks after the live events.
12% of live event attendees made purchases, well
above the 2.5% average conversion rate for non-livestream
ecommerce.
The average size purchase from all events was
$47.88. If my math is right, I believe that works out to about $240
GMV for every 25 people that attend a MARKET event.
However, market data for livestream shows
indicates that number goes up when attendees remain on more than 12
minutes – I believe it’s 50-100% greater.
Data from these events shows that 95% of
attendees remained on for more than 12 minutes, and 85% of
attendees remained on for the entire show. These are unusually high
engagement rates, and we don’t yet know if this is sustainable at
scale, but even 25% of these engagement rates would be
impressive.
While this data is only from 3 relatively
unpromoted events, there is a lot of data we’ve provided today
about the vendors that are already committed to MARKET that would
allow savvy investors to begin building their own revenue forecast
model to determine what MARKET could potentially generate from the
vendors already confirmed and then plot a growth rate for
additional vendors layering in over the next 12 months and beyond.
Hopefully this will help investors formulate their own opinion of
value for MARKET on a standalone basis and compare that to our
current market cap when making an informed investment decision.
The points we’ve discussed that are worth
repeating are:
Collectively, the vendors committed through May
10 generate approximately $4B in US ecommerce sales annually.
Collectively, they have more than 80M social
media followers to whom they can promote their events on MARKET
12% of event attendees made purchases that
averaged $48 dollars per attendee
Attendees that remain on for more than 12
minutes will likely purchase more – as much as 50 to 100% more
There is an additional 20% in sales taking place
in the stores after the events – in at least one case more
And finally, our revenue is derived from several
sources; the first component is a fixed percentage - which averages
10-20% - of gross sales by each and every vendor on the
platform.
In addition to that, as the platform continues
to attract a critical mass of buyers and sellers, we will impose
onboarding fees, which we currently waive, as well as monthly
recurring fees for vendors to maintain their store on MARKET, which
we are also waiving for vendors coming on during the soft-launch
period.
There are additional revenue streams flowing
from sponsorship fees, hosting services fees, production services
fees, among many other revenue categories, though I don’t have
visibility on how to quantify any of those yet, so I’d leave them
out of the model until we do.
Now I’d like to turn to our SaaS business and Q1
results, after which our CFO Salman Khan will provide more
details.
Starting with our SaaS recurring subscription
revenue for Q1 2022 – we report just over $2M – up 37% over the
same period last year. We’ve now had 5 consecutive quarters of SaaS
recurring revenue growth. In fact, but for Q4 2020, we would have
now reported 8 consecutive quarters of SaaS revenue growth – and
the only reason Q4 of 2020 wasn’t part of the consecutive quarters
of growth was not that it was bad quarter – it was that Q3 of 2020
just happened to be a blockbuster quarter – you may recall that was
a record breaker for us.
First quarter 2022 gross profit margin was $1.7M
- up 31% over the prior year comparable quarter of $1.3M.
Total Digital revenue – of which SaaS recurring
revenue is a component – was $2.2M – up 19% over the same period in
2021.
Notably, we ended the first quarter of 2022 with
SaaS recurring revenue once again representing a larger and larger
percentage of our Total Digital revenue – now 93%, up from 81% in
Q1 2021; and as a percentage of Total Revenue, our SaaS revenue is
now 74%, up from 58% in Q1 2021.
Total cost of revenue was $1M, an improvement of
20% compared to the prior year comparable quarter.
I’m particularly pleased to report that the
revenue growth we’ve reported today was achieved while fulfilling
our commitment to reduce operating expenses. As I indicated
previously, we would begin to see the results of our plans to
reduce operating costs in Q4 of 2021 and Q1 of 2022. You might
recall that R&D expense, which is the biggest component of our
operating expense, was down 22% in Q4 over Q3 2021. We’re reporting
a substantially greater and additional reduction in R&D expense
of 42% in Q1 2022 over Q4 2021. That also represents a reduction in
R&D expense of 45% over the prior year comparable quarter.
We expect to report further planned reductions
in operating expenses while revenues increase throughout the year
and into next as we move closer to cash flow positive. Salman will
address additional expense reductions in his comments.
In our last quarterly report, I talked about a
new version of verbLIVE – version 2.0, designed specifically for
the direct sales industry, that was under development. It includes
many of the features built into our MARKET platform, such as dual
presenter mode and recording capabilities, but built to be used as
a sales tool for sales reps, and tightly integrated into our
verbCRM application, with attribution features. I’m pleased to
report that development is ahead of schedule, and we’ll have no
problem meeting our delivery dates for the clients waiting for it
next month in June and July. In addition, a new admin system for
our super popular PULSE application, allowing us to dramatically
accelerate client onboarding, will also be released ahead of
schedule for delivery to clients waiting for that as well.
As I discussed in our last earnings call, in Q4
2021, we launched a new business unit for VERB – our professional
sports unit, built on our verbTEAMS sales enablement platform. We
started with the announcement of the Pittsburgh Penguins in Q4
2021, and since then, we’ve added many new professional sports
teams to the platform and built an impressive sales pipeline of
professional sports teams both in the US and in other
countries.
In addition to the Pittsburgh Penguins, we
announced the Florida Panthers, the Phoenix Suns, and the Detroit
Pistons, and many more announcements are expected. Some of the
initial deals we’ve done and expect to do are done on a type of
barter basis, rather than a free trial, whereby we provide the
teams a license to our platform in exchange for corresponding value
in marketing for verb. Our strategy is that once they use the
platform, they will see the benefits and be willing to pay for a
subscription upon the expiration of the initial term.
We have reasons to believe this strategy will
prove to be an effective one as at least one team has already
reported extremely impressive results from their use of the
platform – such as 72% click-through rates using our interactive
video technology. In addition, we’re now in talks with one league
who is exploring the possibility of rolling our sales enablement
platform out to all of the teams in their league. And as I
mentioned in the last call, it is my expectation that there will be
MARKET and verbTV implications for the sports teams using our
platform.
As to one of the acquisitions I discussed
previously, the audit is virtually complete, however, given the
recent rather shocking, more rapid deterioration of the financial
markets over the past few weeks, including the precipitous and
inexplicable decline in the current price of our shares, which we
intended to use as currency in connection with the consideration,
we are negotiating an extension of the closing date with the
sellers.
It is our hope that market conditions will
improve, allowing us to complete the acquisition soon as we have
worked very closely together over the past year and developed a
mutual respect that extends beyond our business relationship. Given
the market conditions today, we believe this is the prudent course
of action. Until we are able to complete the acquisition, we will
be operating under the long-term licenses we have in place for
those components we rely on for our MARKET platform, and we will
outsource some of the ongoing platform improvements updates to
their developers under previously negotiated and fully executed
statements of work.
I’ll turn it over to our CFO Salman Khan for
more detail around our reported financial performance, as well as
the recent financings we secured to assure the uninterrupted
execution of our plans for MARKET, among other things.
Salman?
Salman Khan:
Thank you, Rory, and good afternoon, everyone.
I’d like to review our financial performance as reported in our
Form 10-Q filed today, May 16, for the first quarter ended March
31, 2022. I may reiterate and/or provide more color around some of
the data points Rory shared with you.
The following compares the Company’s results of
operations for the first quarter of 2022 with the first quarter of
2021.
- SaaS recurring revenue, a component of Total Digital revenue,
was $2.0 million for the first quarter of 2022, up 37% over the
comparable prior year quarter.
- SaaS recurring revenue as a percentage of Total Digital revenue
was 93%, compared with 81% for the comparable prior year
quarter.
- SaaS recurring revenue as a percentage of Total Revenue was
74%, compared with 58% for the comparable prior year quarter.
- As Rory mentioned, it has now been five consecutive quarters of
SaaS recurring revenue growth.
- As we discussed in our last earnings call, until we completely
phase out of our legacy non-digital business, our Total Revenue
will not be a reliable indicator of our performance since it
includes the revenue generated from both our digital business,
which cumulatively is growing at a record pace, and our non-digital
business, which is declining as we exit that business. For example,
the non-digital business now represents only 20% of total revenue
through the first quarter of 2022, compared with 29% through the
comparable period in 2021. I do note, however, that due to our
exponential growth in SaaS business, our total revenue for the
first quarter 2022 over the prior year first quarter is up 6.5%
despite the planned decline in non-digital business.
- As discussed in our earnings call last month, we historically
made a conscious decision to ramp up our research and development
investment, among other related expenses, in order to accelerate
the time to market for several major revenue generating features
and products.
- In Q4 2021, we began the move from R&D mode to maintenance
mode for many of our products allowing us to reduce operational
costs to more normalized levels. The planned reductions will
continue throughout this year and into next, with some of the
biggest reductions occurring in the latter half of this year. For
the three months ended March 31, 2022, we invested $1.6 million in
R&D, compared with $2.9 million in the same quarter of 2021.
This 45% reduction is in line with our expectations and as part of
our cost reduction strategy. I also note, as Rory said, this also
represents a 42% reduction in R&D expense from Q4 2021.
- At March 31, 2022, we capitalized software development costs of
$6.2 million attributed to the development of MARKET, which we
expect to depreciate in cost of revenue.
- General and administrative expenses were $7.0 million in the
first quarter of 2022, a decrease of $0.3 million from the $7.3
million in the prior year comparable period, primarily due to a
decrease in share-based compensation of $1.1 million and a decrease
in marketing spend of $0.4 million both offset by planned increases
in labor costs of $0.9 million. As discussed in our previous
earnings call, we have begun implementing a top grading strict ROI
approach to our marketing spend and based on the efficiencies we’re
now seeing, we are all set for the annualized savings of $1 million
in marketing spend over time. We anticipate that these additional
savings will help offset any marketing increases we expect to incur
as we promote the public commercial release of our new MARKET
platform and verbTV, among other things.
- As we began the year, we continued to focus on identifying cost
efficiencies. For example, we determined that many of our Utah team
members could continue to work remotely very effectively.
Accordingly, in Q1 2022, we terminated our office building and
warehouse leases in Utah and entered into a new office sub-lease
agreement in Lehi, Utah, for smaller space, saving us over $270,000
a year.
- In the first quarter of 2022, we improved our Modified EBITDA1
by $1 million or 16% when compared to the first quarter of 2021.
This unlocking in Modified EBITDA1 represents approximately 50% of
our current quarter’s SaaS revenues of $2 million and is a
testament of our employees’ and management teams’ efforts to make
our company more efficient with a drive towards profitability. As a
reminder, Modified EBITDA is a non-GAAP financial measure, and we
have provided information reconciling to the mostly comparable GAAP
financial measure in the press release for today and in our Form
10-Q.
- As of March 31, 2022, total assets were $38.1 million, total
liabilities were $22.3 million, and total stockholders’ equity was
$15.8 million.
- On April 25, 2021, we completed a registered direct offering
priced at-the-market at $0.75 with a small group of institutional
investors which resulted in gross proceeds of $11 million. It was a
straight common transaction with 1-for-1 warrants.
- As of May 10, 2022, there are 101,440,840 shares of our common
stock issued and outstanding. Of the total number of common shares
issued and outstanding, approximately 6.8 million shares or
approximately 6.7% are owned or controlled by management and the
Board members.
I’d now like to turn the call back over to the
Operator for Q&A.
Management considers our core operating
performance to be that which our managers can affect in any
particular period through their management of the resources that
affect our underlying revenue and profit generating operations that
period. Non-GAAP adjustments to our results prepared in accordance
with GAAP are itemized below. You are encouraged to evaluate these
adjustments and the reasons we consider them appropriate for
supplemental analysis. In evaluating Modified EBITDA, you should be
aware that in the future we may incur expenses that are the same as
or similar to some of the adjustments in this presentation. Our
presentation of Modified EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items.
|
|
Three Months Ended March 31, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,989 |
) |
|
$ |
(8,345 |
) |
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
409 |
|
|
|
414 |
|
Share-based compensation |
|
|
1,301 |
|
|
|
2,402 |
|
Interest expense |
|
|
756 |
|
|
|
508 |
|
Change in fair value of
derivative liability |
|
|
(1,138 |
) |
|
|
(500 |
) |
Other (income) / expense |
|
|
64 |
|
|
|
(54 |
) |
Debt extinguishment, net |
|
|
- |
|
|
|
(939 |
) |
Other non-recurring |
|
|
126 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total EBITDA adjustments |
|
|
1,518 |
|
|
|
1,831 |
|
Modified
EBITDA |
|
$ |
(5,471 |
) |
|
$ |
(6,514 |
) |
1 In addition to our results under generally
accepted accounting principles (“GAAP”), we present Modified EBITDA
as a supplemental measure of our performance. However, Modified
EBITDA is not a recognized measurement under GAAP and should not be
considered as an alternative to net income, income from operations
or any other performance measure derived in accordance with GAAP or
as an alternative to cash flow from operating activities as a
measure of liquidity. We define Modified EBITDA as net income
(loss), plus interest expense, depreciation and amortization,
share-based compensation, financing costs and changes in fair value
of derivative liability.
About VERBVerb Technology
Company, Inc. (Nasdaq: VERB), the market leader in interactive
video-based sales applications, transforms how businesses attract
and engage customers. The Company’s Software-as-a-Service, or SaaS,
platform is based on its proprietary interactive video technology,
and is comprised of a suite of sales enablement business software
products offered on a subscription basis. Its software applications
are used by hundreds of thousands of people in over 100 countries
and in more than 48 languages. VERB’s clients include large
sales-based enterprises as well as small business sales teams,
including the sales and marketing departments of professional
sports teams. Of note is its forthcoming MARKET, a multi-vendor,
multi-presenter, livestream social shopping platform at the
forefront of the convergence of ecommerce and entertainment. With
approximately 170 employees and contractors, the Company is
headquartered in Lehi, Utah, and it also maintains offices in
Newport Beach, California.
For more information, please visit:
verb.tech.
Follow VERB here:VERB on Facebook:
facebook.com/VerbTechCoVERB on Twitter:
twitter.com/VerbTech_CoVERB on LinkedIn:
linkedin.com/company/verb-techVERB on YouTube:
youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQMARKET – our livestream
shopping platform: market.liveDownload verbMAIL here: verbMAIL on
Microsoft AppSource StoreSign up for E-mail Alerts
here: ir.verb.tech/news-events/email-alerts
FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking
statements” as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties and include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“anticipate,” “expect,” “project,” “plan,” or words or phrases with
similar meaning. Forward-looking statements contained in this press
release relate to, among other things, the Company's projected
financial performance and operating results, including SaaS
Recurring Revenue, as well as statements regarding the Company's
progress towards achieving its strategic objectives, including the
successful integration and future performance of acquisitions and
performance of SoloFire. Forward-looking statements are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties, including, but not limited to the COVID-19
pandemic and related public health measures on our business,
customers, markets and the worldwide economy; our plans to attract
new customers, retain existing customers and increase our annual
revenue; the development and delivery of new products, including
verbLIVE; our plans and expectations regarding
software-as-a-service offerings; our ability to execute on,
integrate, and realize the benefits of any acquisitions;
fluctuations in our quarterly results of operations and other
operating measures; increasing competition; general economic,
market and business conditions. If any of these risks or
uncertainties materialize, or if any of our assumptions prove
incorrect, our actual results could differ materially from the
results expressed or implied by these forward-looking statements.
Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q, for additional information
regarding the risks and uncertainties that may cause actual results
to differ materially from those expressed in any forward-looking
statement. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by law.
Investor Relations
Contact:888.504.9929investors@verb.techMedia
Contact:855.250.2300,
ext.107info@verb.tech
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