VERB Reports Record-Breaking Q4 2021 SaaS Revenue
March 31 2022 - 4:16PM
Verb Technology Company, Inc. (Nasdaq:
VERB) ("VERB" or the "Company"), the leader in interactive
video-based sales enablement applications, including shoppable
livestream, today filed its Form 10-K reporting financial and
operating results for the full year and the quarter ending December
31, 2021.
Summary Financial Results For the Year
Ended December 31, 2021
-
Total SaaS recurring revenue was $6.8
million, an increase of 34% from the previous year. SaaS recurring
revenue as a percentage of total Digital revenue was 84%, compared
with 79% for the previous year
-
Total Digital revenue was $8.2 million, an
increase of 26% from the previous year
-
Total Digital and Non-Digital combined revenue of
$10.5 million, an increase of 6% from the previous year which is
comprised of a 34% increase in SaaS recurring revenue, a 2.5%
decrease in non-SaaS digital revenue, and a 32% reduction in
non-digital revenue as the Company continued to execute its
strategic decision to wind down its low margin non-digital business
silo
-
Cost of revenue was $4.5 million, a decrease of 6%
from $4.8 million for the previous year, reflecting our focus on
higher margin digital business.
-
Gross profit increased 17% over the previous year,
with a gross margin increase to 57% from 52% in previous year
-
Research and
development expenses were $12.3
million, a strategically planned increase of 56% from the previous
year. Likewise, General and Administrative
expenses were up 26% due to planned increases in labor
expenses, among other things. However, consistent with the
Company’s commitment to reduce operational costs upon completion of
the accelerated software product development, R&D expense was
down 22% and G&A expense was down 7% in Q4 from the previous
quarter.
-
Cash totaled $937,000 as of December 31, 2021,
compared with $1.8 million on December 31, 2020. However, in
January 2022, the Company announced a premium-to-market convertible
note financing of $6.3 million with a conversion price of $3.00 per
share, and also closed an equity line of credit facility for up to
$50.0 million in accessible financing as needed over the next three
years.
-
As of December 31, 2021, total assets were $34.4 million, total
liabilities were $21.1 million and total stockholders’ equity was
$13.3 million.
- As of March 25,
2022, there are 80,167,176 shares of our common stock issued and
outstanding. Of the total number of common shares issued and
outstanding, approximately 6.6 million shares or approximately 8.3%
were owned or controlled by management and the Board members.
Three Months Ended December 31, 2021
-
Added 11 new client contracts with a guaranteed
base value of $700,000.
-
Total SaaS recurring revenue was $1.9 million, an
increase of 47% from the same period last year which set a new
Company record for the most SaaS recurring revenue recognized in a
single quarter.
-
Total digital revenue was $2.2 million, an
increase of 45% from the same quarter last year
-
Total digital and non-digital revenue was $2.7
million, up 29% from the same period last year, reflecting strong
SaaS recurring revenue growth offset by the Company’s strategic
decision to continue to wind down its low-margin non-digital
business silo
-
Cost of revenue was $1.1 million, down 16% from
the same period last year, reflecting planned cost reductions and
improved operational efficiencies
-
Research and
development expenses were $2.7
million, compared with $2.6 million for the same period last year,
but down 22% over the previous quarter.
-
General and administrative expenses were $5.7
million, a decrease of 9% from the same period last year, and down
7% from the previous quarter
Conference Call Information
VERB management will hold a conference call
today, March 31, 2022, at 5:00 p.m. Eastern time, to discuss 2021
results in greater detail. A telephonic replay of the conference
call is available from 8:00 p.m. Eastern time today through April
14, 2022.
VERB Q4 and FY 2021 Earnings Call Date:
Thursday, March 31, 2022Time: 5:00 p.m. Eastern time (2:00 p.m.
Pacific time)
To access by phone: Please call the conference
telephone number 10-15 minutes prior to the start time. An operator
will register your name and organization. U.S. dial-in number:
1-877-407-4018International number: 1-201-689-8471
To access by webcast: A live and archived
webcast will also be available. Webcast link:
https://themediaframe.com/mediaframe/webcast.html?webcastid=wJm9zDNA
Replay: Available after 8:00 p.m. Eastern time
on the same day through Thursday, April 14, 2022Toll-free replay
number: 1-844-512-2921International replay number:
1-412-317-6671Replay ID: 13728166
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, currently in
soft launch, at the forefront of the convergence of ecommerce and
entertainment. With approximately 170 employees and contractors,
the Company is headquartered in American Fork, Utah, and it also
maintains offices in Newport Beach, California.
For more information, please visit:
www.verb.tech.
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FORWARD-LOOKING STATEMENTSThis
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.tech
Media Contact:855.250.2300,
ext.107info@verb.tech
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