Q4 aiWARE SaaS Solutions and Advertising
Revenue each up over 50% Year over Year
- Record Q4 Revenue of $16.8 Million, Up 35% Year over
Year
- Grew Q4 aiWARE SaaS Solutions and Advertising Revenues to
$4.4 Million and $9.7 Million, Up 31% and 11% Sequentially and 53%
and 50% Year over Year, Respectively
- Increased Q4 Gross Profit 43% Year over Year to $12.7
Million
- Improved Q4 GAAP Net Loss 17% Year over Year to $12.4
Million
- Improved Q4 Non-GAAP Net Loss 51% Year over Year to $3.9
Million
- Recorded Q4 Non-GAAP Net Income from Core Operations of $1.1
Million, an Improvement of 141% Sequentially and over $3.5 Million
Year over Year
- Sold 3.45 Million Shares of Common Stock for Net Cash
Proceeds of $59.8 Million in Q4 2020, Increasing Cash Balance to
Over $100 Million as of December 31, 2020
Veritone, Inc. (NASDAQ: VERI), a leading provider
of artificial intelligence (AI) technology and solutions, today
reported results for the fourth quarter and year ended December 31,
2020.
Veritone reported record revenue of $16.8 million and $57.7
million for the fourth quarter and full year of 2020, respectively,
reflecting record contributions in both periods from aiWARE SaaS
Solutions and Advertising. For the fourth quarter of 2020, GAAP net
loss was $12.4 million and non-GAAP net loss was $3.9 million,
improving $2.5 million and $4.1 million, respectively, compared
with the fourth quarter of 2019. For the full year 2020, GAAP net
loss was $47.9 million and non-GAAP net loss was $20.6 million,
improving $14.2 million and $15.6 million, respectively, compared
with 2019.
“During an unprecedented year, Veritone demonstrated great
agility and execution, and thrived -- delivering for our customers
while keeping true to our core mission,” said Chad Steelberg,
Chairman and CEO of Veritone. “I am proud to report that we
achieved record fourth quarter and full year results and started
2021 with the strongest balance sheet in our history. We will
continue to execute our strategic growth plans, and we expect 2021
full year revenue growth to be in excess of 40% at the high end of
our guidance range.”
Ryan Steelberg, President of Veritone, added, “Every area of our
business exceeded expectations. In Q4, we grew aiWARE SaaS revenue
by 53% year over year, led by our government, legal and compliance
and energy markets. Our fourth quarter 2020 Advertising revenue,
including the contribution of our VeriAds Network, also grew by
over 50% year over year despite a challenging pandemic-affected
advertising market. We are well positioned to accelerate our growth
in 2021, with a strong pipeline, low attrition rate, and strong
demand for our products and services.
Recent Business
Highlights
- Named to Forbes’ 2021 list of best small-cap companies in
America
- Launched new Automate Studio to accelerate AI-based digital
transformation initiatives
- Formed strategic relationship with Alteryx to power Alteryx
Analytical Process Automation with new, advanced AI
capabilities
- Announced integration of aiWARE with NVIDIA CUDA and EGX GPU
products to dramatically increase AI processing speeds
- Awarded three new patents, extending the Company’s technology
lead in renewable energy optimization
Business Outlook
First Quarter 2021
- Revenue is expected to range from $17.0 million to $17.5
million, representing a 45% increase year over year at the
midpoint.
- Non-GAAP net loss is expected to range from $4.4 million to
$3.9 million, representing a 38% improvement year over year at the
midpoint.
- Management also expects to record (i) a one-time, non-cash
charge of approximately $16.2 million for stock-based compensation
expense related to the vesting of its performance-based stock
options and (ii) a one-time charge of approximately $4.5 million
associated with the sublease of its former corporate headquarters
facility in Costa Mesa, California, which includes non-cash
write-downs of approximately $1.9 million.
Full Year 2021
- Revenue is expected to be in the range of $76.0 million to
$81.0 million, representing a year-over-year increase of 36% at the
midpoint and over 40% at the high end. aiWARE SaaS Solutions
revenue is expected to grow 60% to 65% year over year.
- Non-GAAP net loss is expected to be in the range of $18.0
million to $14.0 million, representing a 22% improvement year over
year at the midpoint.
Financial Results for Fourth Quarter
Ended December 31, 2020
Revenue was a record $16.8 million, compared with $12.4 million
in the fourth quarter of 2019. The growth reflects a 53% increase
in aiWARE SaaS Solutions, including revenue from the Company’s new
energy solutions, and a 50% increase in Advertising, reflecting
contributions from both the VeriAds Network and Veritone One,
offset slightly by a 13% decrease in aiWARE Content Licensing and
Media Services due primarily to lower licensing activity resulting
from the cancellation of sporting events because of the pandemic.
Gross profit increased to $12.7 million, up 43% compared with $8.9
million in the fourth quarter of 2019, driven largely by the growth
in revenue in aiWARE SaaS Solutions and Advertising.
Loss from operations was $12.3 million, compared with $14.6
million in the fourth quarter of 2019. The $2.3 million improvement
was driven primarily by a $3.8 million increase in gross profit due
to the higher revenue level and cost savings on efficiencies
realized from enhancements to the Company’s aiWARE operating
system, offset in part by increased personnel-related costs,
including $1.2 million of additional non-cash stock-based
compensation expense.
GAAP net loss was $12.4 million, or $0.43 per share, an
improvement of $2.5 million compared with $14.9 million, or $0.61
per share, in the fourth quarter of 2019. Non-GAAP net loss was
$3.9 million, or $0.14 per share, compared with $8.1 million, or
$0.33 per share, in the fourth quarter of 2019. The $4.1 million
improvement in non-GAAP net loss was driven by the Company’s Core
Operations, which improved $3.5 million to non-GAAP net income of
$1.1 million, compared with a non-GAAP net loss of $2.5 million in
the fourth quarter of 2019, and by Corporate, which improved $0.6
million to a non-GAAP net loss of $5.0 million.
As of December 31, 2020, the Company had cash and cash
equivalents of $114.8 million, including $40.1 million of cash
received from Advertising clients for future payments to vendors,
and no long-term debt.
Financial Results for Year Ended
December 31, 2020
Revenue was a record $57.7 million, compared with $49.6 million
in 2019. The growth reflects a 30% increase in aiWARE SaaS
Solutions and a 29% increase in Advertising, with strong
contributions from both VeriAds and Veritone One, offset by a 16%
decrease in aiWARE Content Licensing and Media Services due
primarily to lower licensing activity resulting from the
cancellation of sporting events because of the pandemic.
GAAP net loss was $47.9 million, or $1.73 per share, an
improvement of $14.2 million compared with $62.1 million, or $2.85
per share, in 2019. Non-GAAP net loss was $20.6 million, or $0.75
per share, compared with $36.2 million, or $1.66 per share, in
2019. The $15.6 million improvement in Non-GAAP net loss was driven
by the Company’s Core Operations, which improved $13.7 million to
Non-GAAP net loss of $0.8 million, compared with a Non-GAAP net
loss of $14.5 million in 2019, and by Corporate, which improved
$1.9 million to a Non-GAAP net loss of $19.8 million.
Conference Call
Veritone will hold a conference call on Thursday, March 4, 2021
at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its
results for the fourth quarter and full year of 2020 and its
outlook for the first quarter and full year of 2021, provide an
update on the business, and conduct a question and answer session.
To listen, please join the webcast or dial-in. To avoid a wait, if
dialing in, please pre-register or call in 20 minutes in
advance.
● Preregister*
https://dpregister.com/10151804
● Live audio webcast:
investors.veritone.com
● Domestic call number:
844-750-4897
● International call number:
412-317-5293
● Call ID:
10151804
* Callers who pre-register will be emailed upon registering a
conference pass code and unique PIN to gain immediate access to the
call and bypass the live operator. Participants may pre-register at
any time, including up to and after the call start time. If you
have any difficulty connecting with the conference call, please
contact LHA Investor Relations at 415-433-3777.
A replay of the audio webcast will be available on the Company’s
website approximately one hour after the call ends. A telephonic
replay of the call will be available through March 18, 2021:
Replay number:
1-877-344-7529
International replay number:
1-412-317-0088
Replay ID:
10151804
About the Presentation of Supplemental
Non-GAAP Financial Information
In this news release, the Company has supplemented its financial
measures prepared in accordance with U.S. generally accepted
accounting principles (GAAP) with certain non-GAAP financial
measures: “gross profit,” “Non-GAAP net loss,” and “Non-GAAP net
loss per share.” Gross profit is the Company’s revenue less its
cost of revenue. Non-GAAP net loss is the Company’s net loss,
adjusted to exclude interest expense, provision for income taxes,
depreciation expense, amortization expense, stock-based
compensation expense, a reserve for state sales taxes, lease
termination charges, severance costs, and certain acquisition,
integration and financing-related costs. Non-GAAP net loss should
not be considered as an alternative to 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. The items excluded from
Non-GAAP net loss, as well as a breakdown of GAAP net 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. Other companies (including the
Company’s competitors) may define Non-GAAP net loss
differently.
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.
In addition, following the financial statements attached to this
news release, the Company has provided additional supplemental
non-GAAP measures of gross profit, 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 applicable
GAAP measures.
The Company presents this supplemental non-GAAP financial
information 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.
These non-GAAP measures may not be indicative of the historical
operating results of Veritone or predictive of potential future
results. Investors should not consider this supplemental non-GAAP
financial information in isolation or as a substitute for analysis
of the Company’s results as reported in accordance with GAAP.
About Veritone
Veritone (NASDAQ: VERI) is a leading provider of artificial
intelligence (AI) technology and solutions. The Company’s
proprietary operating system, aiWARE™, powers a diverse set of AI
applications and intelligent process automation solutions that are
transforming both commercial and government organizations. aiWARE
orchestrates an expanding ecosystem of machine learning models to
transform audio, video, and other data sources into actionable
intelligence. The Company’s AI developer tools enable its customers
and partners to easily develop and deploy custom applications that
leverage the power of AI to dramatically improve operational
efficiency and unlock untapped opportunities. Veritone is
headquartered in Denver, Colorado, and has offices in Costa Mesa,
London, New York, and San Diego. To learn more, visit
Veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements, including
without limitation statements regarding the Company’s expectations
regarding its continued execution of its strategic growth plans,
its expectation of accelerated growth in 2021, and the Company’s
expected total revenue and Non-GAAP net loss in the first quarter
and full year of 2021. 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, the impact of the economic disruption caused by COVID-19
pandemic on the business of the Company and that of its existing
and potential customers; the Company’s ability to achieve broad
recognition and customer acceptance of its products and services;
the Company’s ability to continue to develop and add additional
capabilities and features to its aiWARE operating system; the
development of the market for cognitive analytics solutions; the
ability of third parties to develop and provide additional high
quality, relevant cognitive engines and applications; the Company’s
ability to successfully identify and integrate such additional
third-party cognitive engines and applications onto its aiWARE
operating system, and to continue to be able to access and utilize
such engines and applications, and the cost thereof; as well as the
impact of future economic, competitive and market conditions,
particularly those related to its strategic end markets; and future
business decisions, all of which are difficult or impossible to
predict accurately and many of which are beyond the control of the
Company. Certain of these judgments and risks are discussed in more
detail in the Company’s Annual Report on Form 10-K and other
periodic reports filed with the Securities and Exchange Commission.
In light of the significant uncertainties inherent in the
forward-looking information included herein, the inclusion of such
information should not be regarded as a representation by the
Company or any other person that the Company’s objectives or plans
will be achieved. The forward-looking statements contained herein
reflect the Company’s beliefs, estimates and predictions as of the
date hereof, and the Company undertakes no obligation to revise or
update the forward-looking statements contained herein to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events for any reason, except as
required by law.
VERITONE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(in thousands)
As of
December 31,
December 31,
2020
2019
ASSETS
Cash and cash equivalents
$
114,817
$
44,065
Accounts receivable, net
16,666
21,352
Expenditures billable to clients
18,365
10,286
Prepaid expenses and other current
assets
6,719
5,409
Total current assets
156,567
81,112
Property, equipment and improvements,
net
2,354
3,214
Intangible assets, net
10,744
16,126
Goodwill
6,904
6,904
Long-term restricted cash
855
855
Other assets
230
315
Total assets
$
177,654
$
108,526
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable
$
15,632
$
17,014
Accrued media payments
55,874
26,664
Client advances
6,496
9,080
Other accrued liabilities
10,246
6,978
Total current liabilities
88,248
59,736
Other non-current liabilities
1,196
1,379
Total liabilities
89,444
61,115
Total stockholders' equity
88,210
47,411
Total liabilities and stockholders'
equity
$
177,654
$
108,526
VERITONE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
AND COMPREHENSIVE LOSS
(in thousands, except per
share and share data)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Revenue
$
16,818
$
12,448
$
57,708
$
49,648
Operating expenses:
Cost of revenue
4,097
3,536
15,663
15,261
Sales and marketing
4,761
5,587
19,877
23,508
Research and development
3,706
4,526
14,379
22,776
General and administrative
15,244
12,085
50,080
47,314
Amortization
1,342
1,345
5,382
4,860
Total operating expenses
29,150
27,079
105,381
113,719
Loss from operations
(12,332
)
(14,631
)
(47,673
)
(64,071
)
Other (expense) income, net
(19
)
95
(127
)
541
Loss before provision for (benefit from)
income taxes
(12,351
)
(14,536
)
(47,800
)
(63,530
)
Provision for (benefit from) income
taxes
35
348
76
(1,452
)
Net loss
$
(12,386
)
$
(14,884
)
$
(47,876
)
$
(62,078
)
Net loss per share:
Basic and diluted
$
(0.43
)
$
(0.61
)
$
(1.73
)
$
(2.85
)
Weighted average shares outstanding:
Basic and diluted
28,881,610
24,514,128
27,594,911
21,797,714
Comprehensive loss:
Net loss
$
(12,386
)
$
(14,884
)
$
(47,876
)
$
(62,078
)
Unrealized gain on marketable securities,
net of income taxes
-
-
-
48
Foreign currency translation gain (loss),
net of income taxes
9
4
20
(3
)
Total comprehensive loss
$
(12,377
)
$
(14,880
)
$
(47,856
)
$
(62,033
)
VERITONE, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(in thousands)
Year Ended
December 31,
2020
2019
Cash flows from operating
activities:
Net loss
$
(47,876
)
$
(62,078
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
6,407
5,947
Deferred income taxes, net
-
(1,489
)
Warrant expense
102
-
Change in fair value of warrant
liability
200
(16
)
Provision for doubtful accounts
293
51
Stock-based compensation expense
19,539
20,657
Common stock returned from acquisition
escrow
(146
)
-
Other
(46
)
-
Changes in assets and liabilities:
Accounts receivable
4,393
7,739
Expenditures billable to clients
(8,079
)
(7,591
)
Prepaid expenses and other current
assets
(1,726
)
(1,622
)
Accounts payable
(1,382
)
(11,718
)
Accrued media payments
29,210
9,135
Client advances
(2,584
)
9,554
Other accrued liabilities
3,311
1,006
Other liabilities
(183
)
(7
)
Net cash provided by (used in) operating
activities
1,433
(30,432
)
Cash flows from investing
activities:
Proceeds from sales of marketable
securities
-
13,614
Proceeds from the sale of equipment
56
-
Capital expenditures
(175
)
(293
)
Intangible assets acquired
-
(477
)
Acquisition of businesses, net of cash
acquired
-
(883
)
Net cash (used in) provided by investing
activities
(119
)
11,961
Cash flows from financing
activities:
Proceeds from common stock offerings,
net
66,278
23,851
Proceeds from loan
6,491
-
Repayment of loan
(6,491
)
-
Proceeds from the exercise of warrants
2,100
-
Proceeds from issuances of stock under
employee stock plans, net
1,060
764
Net cash provided by financing
activities
69,438
24,615
Net increase in cash and cash equivalents
and restricted cash
70,752
6,144
Cash and cash equivalents and restricted
cash, beginning of period
44,920
38,776
Cash and cash equivalents and restricted
cash, end of period
$
115,672
$
44,920
VERITONE, INC.
REVENUE DETAIL
(UNAUDITED)
(in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Advertising
$
9,747
$
6,517
$
31,550
$
24,364
aiWARE SaaS Solutions
4,402
2,872
13,863
10,653
aiWARE Content Licensing and Media
Services
2,669
3,059
12,295
14,631
Revenue
$
16,818
$
12,448
$
57,708
$
49,648
VERITONE, INC.
RECONCILIATION OF NON-GAAP NET
LOSS TO GAAP NET INCOME (LOSS) (UNAUDITED)
(in thousands)
Three Months Ended December
31,
2020
2019
Core
Operations(1)
Corporate(2)
Total
Core
Operations(1)
Corporate(2)
Total
Net loss
$
(1,297
)
$
(11,089
)
$
(12,386
)
$
(4,613
)
$
(10,271
)
$
(14,884
)
Provision for (benefit from) income
taxes
—
35
35
—
348
348
Depreciation and amortization
1,348
243
1,591
1,347
258
1,605
Stock-based compensation expense
1,004
4,837
5,841
549
4,059
4,608
Change in fair value of warrant
liability
—
—
—
—
(9
)
(9
)
State sales tax reserve
—
818
818
—
—
—
Stock offering costs
—
27
27
—
—
—
Lease termination charges
—
16
16
—
—
—
Business realignment and officer severance
costs
—
145
145
242
37
279
Non-GAAP Net Income (Loss)
$
1,055
$
(4,968
)
$
(3,913
)
$
(2,475
)
$
(5,578
)
$
(8,053
)
Year Ended December
31,
2020
2019
Core
Operations(1)
Corporate(2)
Total
Core
Operations(1)
Corporate(2)
Total
Net loss
$
(9,060
)
$
(38,816
)
$
(47,876
)
$
(24,019
)
$
(38,059
)
$
(62,078
)
Provision for (benefit from) income
taxes
—
76
76
—
(1,452
)
(1,452
)
Depreciation and amortization
5,538
869
6,407
4,836
1,111
5,947
Stock-based compensation expense
2,720
16,819
19,539
2,680
16,722
19,402
Change in fair value of warrant
liability
—
200
200
—
(16
)
(16
)
Warrant expense
—
102
102
—
—
—
Gain on sale of asset
—
(56
)
(56
)
—
—
—
Interest expense
—
9
9
—
—
—
State sales tax reserve
—
818
818
—
—
—
Stock offering costs
—
27
27
—
—
—
Lease termination charges
—
16
16
—
—
—
Machine Box contingent payments
—
—
—
1,600
—
1,600
Performance Bridge earn-out fair value
adjustment
—
—
—
139
—
139
Business realignment and officer severance
costs
—
145
145
242
37
279
Non-GAAP Net Loss
$
(802
)
$
(19,791
)
$
(20,593
)
$
(14,522
)
$
(21,657
)
$
(36,179
)
(1)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.
(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.
VERITONE, INC.
RECONCILIATION OF EXPECTED
NON-GAAP NET LOSS RANGE
TO EXPECTED GAAP NET LOSS
RANGE (UNAUDITED)
(in millions)
Three Months Ending
Year Ending
March 31, 2021
December 31, 2021
Net loss
($31.5) to ($31.0)
($66.1) to ($62.1)
Provision for income taxes
—
—
Lease abandonment
$4.5
$4.5
Depreciation and amortization
$1.4
$5.6
Stock-based compensation expense
$21.2
$38.0
Non-GAAP net loss
($4.4) to ($3.9)
($18.0) to ($14.0)
VERITONE, INC.
RECONCILIATION OF NON-GAAP TO
GAAP FINANCIAL INFORMATION (UNAUDITED)
(in thousands, except per
share data)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Revenue
$
16,818
$
12,448
$
57,708
$
49,648
Cost of revenue
4,097
3,536
15,663
15,261
Gross profit
12,721
8,912
42,045
34,387
GAAP sales and marketing expenses
4,761
5,587
19,877
23,508
Stock-based compensation expense
(235
)
(240
)
(889
)
(1,035
)
Lease termination charges
(5
)
—
(5
)
—
Business realignment and officer severance
costs
—
(72
)
—
(72
)
Non-GAAP sales and marketing expenses
4,521
5,275
18,983
22,401
GAAP research and development expenses
3,706
4,526
14,379
22,776
Stock-based compensation expense
(453
)
(231
)
(1,046
)
(1,294
)
Machine Box contingent payments
—
—
—
(1,600
)
Business realignment and officer severance
costs
—
(142
)
—
(142
)
Non-GAAP research and development
expenses
3,253
4,153
13,333
19,740
GAAP general and administrative
expenses
15,244
12,085
50,080
47,314
Depreciation
(249
)
(260
)
(1,025
)
(1,087
)
Stock-based compensation expense
(5,153
)
(4,137
)
(17,604
)
(17,073
)
Warrant expense
—
—
(102
)
—
State sales tax reserve
(818
)
—
(818
)
—
Stock offering costs
(27
)
—
(27
)
—
Performance Bridge earn-out fair value
adjustment
—
—
—
(139
)
Business realignment and officer severance
costs
(145
)
(65
)
(145
)
(65
)
Non-GAAP general and administrative
expenses
8,852
7,623
30,359
28,950
GAAP amortization
(1,342
)
(1,345
)
(5,382
)
(4,860
)
GAAP loss from operations
(12,332
)
(14,631
)
(47,673
)
(64,071
)
Total non-GAAP adjustments (1)
8,427
6,492
27,043
27,367
Non-GAAP loss from operations
(3,905
)
(8,139
)
(20,630
)
(36,704
)
GAAP other (expense) income, net
(19
)
95
(127
)
541
Change in fair value of warrant
liability
—
(9
)
200
(16
)
Interest expense
—
—
9
—
Lease termination charges
11
—
11
—
Gain on sale of asset
—
—
(56
)
—
Non-GAAP other income, net
(8
)
86
37
525
GAAP loss before income taxes
(12,351
)
(14,536
)
(47,800
)
(63,530
)
Total non-GAAP adjustments (1)
8,438
6,483
27,207
27,351
Non-GAAP loss before income taxes
(3,913
)
(8,053
)
(20,593
)
(36,179
)
Income tax provision (benefit)
35
348
76
(1,452
)
GAAP net loss
(12,386
)
(14,884
)
(47,876
)
(62,078
)
Total non-GAAP adjustments (1)
8,473
6,831
27,283
25,899
Non-GAAP net loss
$
(3,913
)
$
(8,053
)
$
(20,593
)
$
(36,179
)
Shares used in computing non-GAAP basic
and diluted net loss per share
28,882
24,514
27,595
21,798
Non-GAAP basic and diluted net loss per
share
$
(0.14
)
$
(0.33
)
$
(0.75
)
$
(1.66
)
(1) Adjustments are comprised of the
adjustments to GAAP gross profit, sales and marketing expenses,
research and development expenses and general and administrative
expenses and other income (expense), net (where applicable) listed
above.
VERITONE, INC.
KEY PERFORMANCE INDICATORS
(KPI's) (UNAUDITED)
Quarter Ended
Mar 31,
Jun 30,
Sept 30,
Dec 31,
Mar 31,
Jun 30,
Sept 30,
Dec 31,
2019
2019
2019
2019
2020
2020
2020
2020
Advertising
Average gross billings per active client
(in 000's)(1)
469
488
490
511
533
614
625
632
Revenue during quarter (in 000's)
$
5,714
$
5,842
$
6,197
$
6,517
$
5,881
$
6,140
$
7,372
$
8,138
Quarter Ended
Mar 31,
Jun 30,
Sept 30,
Dec 31,
Mar 31,
Jun 30,
Sept 30,
Dec 31,
2019
2019
2019
2019
2020
2020
2020
2020
aiWARE SaaS Solutions
Total accounts on platform at quarter
end
911
941
980
1,069
1,587
1,753
1,791
1,896
New bookings received during quarter (in
000's)(2)
$
1,316
$
1,351
$
1,384
$
2,522
$
1,397
$
2,319
$
2,083
$
1,437
Total contract value of new bookings
received during quarter (in 000’s)(3)
$
2,092
$
1,351
$
1,724
$
12,872
$
2,312
$
2,502
$
2,469
$
2,431
Revenue during quarter (in 000's)
$
2,754
$
2,677
$
2,350
$
2,872
$
3,108
$
3,002
$
3,351
$
4,402
(1)
For each quarter, reflects the average
gross quarterly billings per agency client over the twelve month
period through the end of such quarter for agency clients that are
active during such quarter.
(2)
Represents the contractually committed
fees payable during the first 12 months of the contract term, or
the non-cancellable portion of the contract term (if shorter), for
new contracts received in the quarter, excluding any variable fees
under the contract (i.e., fees for cognitive processing, storage,
professional services and other variable services).
(3)
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 (i.e., fees for
cognitive processing, storage, professional services and other
variable services).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210304006050/en/
Company Contact: Brian
Alger, CFA SVP, Corporate Development & Investor Relations
Veritone, Inc. (949) 386-4318 investors@veritone.com
Investor Relations Contact:
Kirsten Chapman LHA Investor Relations (415) 433-3777
veritone@lhai.com
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