– Fiscal Year 2023 Revenue of $127.6 Million,
in line with previously stated guidance –
– Q4 Total Revenue and Software Revenue of
$34.2 and $19.8 million –
– ARR(1) of $82.1 million from 3,460 Total
Software Products & Services Customers(1), including $48
million or 58% from subscription-based customers(1) demonstrating
diversified & stable revenue streams –
– Announced restructuring in Q1 2024 resulting
in forecasted annualized savings of over 15% in operating expense
accelerating profitability into the second half of 2024 –
– Closed $77.5 million four-year Senior Secured
Term Debt facility, using $37.5 million of proceeds to repurchase
$50.0 million of November 2026 Convertible notes and ended December
2023 with cash and cash equivalents of $79.4 million –
Veritone, Inc. (Nasdaq: VERI) (“the Company”), a leader in designing
human-centered AI solutions, today reported results for the fourth
quarter and fiscal year ended December 31, 2023.
“I am pleased with our performance in the fourth quarter, and
extremely excited about our prospects for 2024. For the balance of
the past year, we executed and progressed against the strategic
initiatives we set in motion at the beginning of 2023, continuing
through the first quarter of 2024, which have resulted in a series
of transformative actions, including the execution of significant
cost reductions and the realignment of our organization. More
importantly, we believe we now have the appropriate talent and
investment to meet the current demands of our customers and
partners, and to secure our growth in delivering advanced,
efficient AI solutions to our customers in the years to come. These
actions, coupled with our large and diverse customer base, high
gross margins and industry leading AI software and solutions, set
Veritone on the path to accelerating profitability into the second
half of 2024,” said Ryan Steelberg, Chairman and Chief Executive
Officer of Veritone. “Looking to the year ahead, I am confident
that our aiWARE-powered solutions, expertise in the core market
verticals we serve and renewed sense of focus will position us to
be stronger, more competitive and better aligned to capitalize on
the opportunities presented by the dynamic AI market for years to
come.”
Full Year 2023 Financial
Highlights
- Revenue of $127.6 million, a decrease of $22.2 million or 14.8%
year over year.
- Loss from operations of $92.3 million, an increase of $54.3
million year over year.
- Non-GAAP gross profit of $99.3 million, a decrease of $23.0
million or 18.8% year over year.
- Net loss of $58.6 million, an increase of $33.0 million year
over year on a GAAP basis.
- Non-GAAP Net Loss of $37.3 million, as compared to Non-GAAP Net
Loss of $15.9 million in fiscal year 2022.
- Cash and cash equivalents(1) were $79.4 million as of December
31, 2023, as compared to $184.4 million as of December 31,
2022.
Fourth Quarter 2023 Financial
Highlights
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.
- Revenue of $34.2 million, a decrease of 22.1%, compared to Q4
2022.
- Software Products and Services revenues of $19.8 million, a
decrease of 27.2% compared to Q4 2022.
- Managed Services revenue of $14.4 million, a decrease of 13.8%
compared to Q4 2022.
- Total Software Products & Services Customers(1) of 3,460,
down slightly year over year.
- Total New Bookings(2) of $17.5 million, down from $26.3 million
in Q4 2022.
- Annual Recurring Revenue (ARR)(2) of $82.1 million, down from
$118.0 in Q4 2022 driven by declines in consumption-based revenue
from our largest customer, offset by increases from recurring
subscription-based revenue customers.
- Loss from Operations of $17.5 million, as compared to a loss of
$10.0 million in Q4 2022.
- Non-GAAP gross profit of $27.7 million, a decrease of $9.5
million compared to Q4 2022.
- Net Income of $12.2 million, as compared to Net Income of $5.0
million in Q4 2022 driven by gains from repurchases of our November
2026 convertible notes at discounts in Q4 of 2023 and 2022.
- Non-GAAP Net Loss of $6.8 million, as compared to Non-GAAP Net
Income of $2.2 million in Q4 2022.
(1) Including approximately $45.3 million of cash received from
Managed Services clients for future payments to vendors. (2)
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.
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 Australia, (b)
Broadbean Technology Limited, a limited company incorporated under
the laws of England and Wales, (c) Broadbean, Inc., a Delaware
corporation and (d) CareerBuilder France S.A.R.L., a limited
liability company organized (société à responsabilité limitée)
under the laws of France, and (ii) certain assets and liabilities
related thereto (the foregoing clauses (i) and (ii) together,
“Broadbean”) on June 13, 2023.
Three Months Ended December
31,
Year Ended December
31,
Unaudited (in $000s, except customers)
2023
2022
Percent Change
2023
2022
Percent Change
Revenue
$34, 197
$43,890
(22%)
$127,560
$149,728
(15%)
Loss from Operations
$(17,505)
$(9,951)
76%
$(92,336)
$(37,995)
NM
Net Income (Loss)
$12,175
$5,032
NM
$(58,625)
$(25,557)
NM
Non-GAAP Gross Profit*
$27,702
$37,183
(25%)
$99,304
$122,296
(19%)
Non-GAAP Net Income (Loss) *
$(6,808)
$2,190
NM
$(37,331)
$(15,880)
NM
Software Products & Services (in
$000s, except customers)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
Percent Change
2023
2022
Percent Change
Pro Forma Software Revenue (1)
$19,824
$35,612
(44%)
$83,468
$117,814
(29%)
Total Software Products & Services
Customers(2)
3,460
3,824
(10%)
Average Annual Revenue (AAR)(3)
$82,128
$118,002
(30%)
Total New Bookings(4)
$17,457
$26,342
(33%)
Gross Retention(5)
>90%
>90%
NM = Not Meaningful (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 $10 and also excludes
any customers categorized by us as trial or pilot status. In prior
periods, we provided “Ending Software Customers,” which represented
Software Products & Services customers as of the end of each
fiscal quarter with trailing twelve-month revenues in excess of
$2,400 for both Veritone, Inc. and PandoLogic Ltd. and/or deemed by
Veritone to be under an active contract for the applicable periods.
Total Software Products & Services Customers is not comparable
to Ending Software Customers. Total Software Products &
Services Customers includes customers based on revenues in the last
month of the quarter rather than on a trailing twelve month basis
and excludes any customers that are on trial or pilot status with
us rather than including customers with active contracts.
Management uses Total Software Products & Services Customers
and we believe Total Software Products & Services Customers are
useful to investors because it more accurately reflects our total
customers for our Software Products & Services inclusive of
Broadbean. (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 became a contributing company to the newly launched
Generative AI Center of Excellence (CoE) for Amazon Web Services
(AWS) Partners in the AWS Partner Network (APN). As an AWS Partner,
Veritone will contribute its generative AI expertise and AI for
Good principles to the program’s mission.
- iHeart, the number one audio company in America, extended its
licensing agreement for both Discovery and Attribute. iHeart has
utilized Veritone’s technology to provide a differentiated service
to its customers and advertisers since 2017.
- Veritone launched its new Intelligent Digital Evidence
Management Systems (“iDEMS”), one of the industry’s first
cloud-based digital evidence management solutions that integrates
AI to help public safety and judicial agencies accelerate
investigations. iDEMS combines Veritone’s market-leading solutions
for state and local law enforcement agencies – including
Investigate, which is now available in the AWS marketplace – to
form a centralized repository with AI-enabled applications that
automate workflows and extract valuable data and insights,
significantly improving upon legacy evidentiary software.
- Commenced the initial phase of two separate custom
implementations of Veritone’s iDEMS solutions with US Federal
Government Agencies (DoJ and DoD) to materially reduce the time and
cost associated with the organization, review and analysis of video
content and evidence.
- Expanded and extended our license agreement with the California
Highway Patrol (CHP) for Veritone Redact unlimited licenses, to
significantly reduce the cost and time associated with providing
audio and video content to third parties while protecting
identities and personal identifiable information.
- Announced a technology partnership with Dalet, a leading
technology and service provider for media-rich organizations,
enabling a seamless workflow from content creation through
production, creation, packaging and distribution, empowering media,
sports and entertainment customers to monetize their digital media
archives.
- Announced restructuring of organization in Q1 2024, resulting
in forecasted annualized savings of 15% of operating expenses,
accelerating projected near-term cash flow profitability to as
early as Q4 2024.
- Entered into a four-year $77.5 million senior secured Term Loan
in December 2023, using $37.5 million of the proceeds to repurchase
$50.0 million principal amount of Veritone’s convertible senior
notes due 2026 at a purchase price of $37.5 million plus accrued
and unpaid interest through the closing date to pay fees and
out-of-pocket expenses in connection with the Term Loan. Veritone
expects to use the remaining net proceeds of the Term Loan for
general corporate purposes.
Financial Results for Three Months
Ended December 31, 2023
Delivered fourth quarter revenue of $34.2 million, a decrease of
$9.7 million or 22.1% from $43.9 million in the fourth quarter of
2022. Software Products & Services revenue of $19.8 million
declined $7.4 million or 27.2% year over year driven by a decline
of $5.5 million in certain one-time, non-recurring revenue in Q4
2022 as compared to Q4 2023, coupled with a net decline of $1.9
million from our Veritone Hire solutions offset by a 30% year over
year improvement in GRI. Managed Services revenue decreased by $2.3
million, or 13.8%, to $14.4 million, driven by lower advertising
revenue and spend. Loss from operations was $17.5 million as
compared to a loss of $10.0 million in Q4 2022 driven in part by
the corresponding decline in revenue partially offset by various
cost reductions enacted in 2023. Non-GAAP gross profit of $27.7
million in Q4 2023 declined by $9.5 million year over year largely
due to the decrease in revenue. Non-GAAP gross margin of 81.3% as
compared to 84.7% in 2022 driven by the mix of revenue year over
year.
GAAP net income was $12.2 million, compared to $5.0 million in
the fourth quarter of 2022, driven in part by non-recurring gains
of $30.0 million and $19.1 million associated with the repurchases
of $50.0 million and $60.0 million of our convertible senior notes
due 2026 in Q4 2023 and Q4 2022, respectively, offset by the
increase in loss from operations and changes in the income tax
provision over the same periods. Non-GAAP net loss was $6.8 million
compared to non-GAAP net income of $2.2 million in the fourth
quarter of 2022, largely driven by the decline in non-GAAP gross
margin, offset by net improvements in our cost structure throughout
fiscal 2023.
During Q4 2023, Total Software Product & Services Customers
of 3,460 was down slightly year over year on a Pro Forma basis
principally due to ongoing run-off of legacy Career Builder
customers transitioning off as a result of Veritone’s Q2 2023
acquisition of Broadbean. Total New Bookings on a Pro Forma basis
decreased by 33.7% to $17.5 million versus the comparable period a
year ago largely driven by a reduction in spend from Amazon. Annual
Recurring Revenue on a Pro Forma basis decreased 30.4% year over
year to $82.1 million driven in large part by the decline in
consumption revenue from larger customers, including Amazon, over
the trailing twelve months ended Q4 2023 as compared to Q4 2022.
Excluding the declines in one-time revenue and from Amazon,
Software Products & Services revenue growth would have been 64%
year over year.
As of December 31, 2023, the Company had cash and cash
equivalents of $79.4 million, including approximately $45.3 million
of cash received from Managed Services clients for future payments
to vendors.
Financial Results Full Year Ended
December 31, 2023
Delivered fiscal year 2023 revenue of $127.6 million, a decrease
of $22.2 million or 14.8% year over year. Software Products &
Services revenue was $68.4 million, a decrease of $16.2 million or
19.1% year over year as a result of lower consumption across our
Veritone Hire customer base, offset by the addition of Broadbean in
Q2 2023, and the decline of certain non-recurring, one-time
software revenue in 2023 versus 2022. Managed Services revenue
decreased by $6.0 million, or 9.2%, to $59.2 million, driven by
lower advertising revenue and spend. Excluding the declines in
certain one-time revenue and from Amazon, Software Products &
Services revenue growth would have 44% year over year.
Loss from operations was $92.3 million as compared to a loss of
$38.0 million in 2022 driven in part by a benefit of $22.7 million
in 2022 associated with a revaluation of certain contingent
consideration, coupled with the decline in non-GAAP gross profit
and increases in certain non-recurring diligence costs and
severance expenses. Non-GAAP gross profit of $99.3 million declined
by $23.0 million year over year consistent with the revenue decline
over the same period. Non-GAAP gross margin of 77.8% as compared to
81.7% in 2022 driven in large part by the mix of revenue in 2023 as
compared to 2022.
Net loss was $58.6 million, compared to $25.2 million for fiscal
year 2022, driven in part by the increase in loss from operations
offset by the previously discussed gains on debt extinguishments of
$30.0 million and $19.1 million in Q4 2023 and 2023, respectively,
improvements in interest income year over year and the changes in
the income tax provision over the same periods. Non-GAAP net loss
was $37.3 million compared to $15.9 million in 2022, largely driven
by the decline non-GAAP gross margin and the net impact of various
cost reductions made in fiscal 2023 offset by the acquisition of
Broadbean operating expenses in Q2 2023.
Business Outlook
First Quarter 2024
- Revenue is expected to be in the range of $30.5 million to
$31.5 million, as compared to $30.3 million in the first quarter of
2023.
- Non-GAAP net loss is expected to be in the range of $7.0
million to $8.0 million, compared to non-GAAP net loss of $9.6
million in the first quarter of 2023.
Full Year 2024
- Revenue is expected to be in the range of $134.0 million to
$142.0 million, as compared to $127.6 million for fiscal 2023.
- Non-GAAP net loss is expected to be in the range of $11.0
million to $15.0 million, compared to non-GAAP net loss of $37.5
million for fiscal 2023.
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 to deliver management’s
prepared remarks on Tuesday, March 12, 2024, at 4:30 p.m. Eastern
Time (1:30 p.m. Pacific Time) to discuss its fourth quarter and
full year 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 March 19, 2024. The full
webcast replay will be available through March 12, 2025. 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: 2805175
* 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 U.S. generally accepted
accounting principles (GAAP) with certain non-GAAP financial
measures, including Pro Forma Software Revenue, Non-GAAP gross
profit, Non-GAAP gross margin, Non-GAAP net income (loss) and
Non-GAAP net income (loss) per share. The Company also provides
certain key performance indicators (KPIs), including Total Software
Products & Services Customers, Annual Recurring Revenue, Annual
Recurring Revenue (SaaS), Annual Recurring Revenue (Consumption),
Total New Bookings and Gross Revenue Retention. The Company has
posted additional supplemental financial information on its website
at investors.veritone.com concurrently with this press release.
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,
adjusted to exclude 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, interest income, interest expense,
foreign currency gains and losses, acquisition and due diligence
costs, gain on sale of energy group, contribution of business held
for sale, variable consultant performance bonus expense, and
severance and executive transition 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 Hiring 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 many of 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 that transforms data sources into
actionable intelligence. Guided by its commitment to responsible AI
use, Veritone blends human expertise with AI technology to advance
human potential and help organizations achieve more than ever
before.
To learn more, visit Veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements, including
without limitation, statements regarding our prospects for 2024,
our ability to deliver AI solutions to our customers, ability to
achieve cash flow profitability as early as Q4 2024, and our
expected total revenue and non-GAAP net loss for Q1 2024 and for
full year 2024. 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, expectations,
beliefs and information. As such, our actual results could differ
materially and adversely from those expressed in any
forward-looking statement as a result of various factors. Important
factors that could cause such differences include, among other
things, our ability to expand our aiWARE SaaS business; declines or
limited growth in the market for AI-based software applications and
concerns over the use of AI that may hinder the adoption of AI
technologies; our requirements for additional capital to support
our business growth and the availability of such capital on
acceptable terms, if at all; our reliance upon a limited number of
key customers for a significant portion of our revenue, including
declines in key customers’ usage of our products and other
offerings, our ability to realize the intended benefits of our
acquisitions and divestitures, including our ability to
successfully integrate our recent acquisition of Broadbean; our
identification of existing material weaknesses in our internal
control over financial reporting; fluctuations in our results over
time; the impact of seasonality on our business; our ability to
manage our growth, including through acquisitions and our further
expansion into international markets; our ability to enhance our
existing products and introduce new products that achieve market
acceptance and keep pace with technological developments; actions
by our competitors, partners and others that may block us from
using the third party technologies in our aiWARE platform, offering
it for free to the public or making it cost prohibitive to continue
to incorporate such technologies into our platform; interruptions,
performance problems or security issues with our technology and
infrastructure, or that of our third party service providers; the
impact of the continuing economic disruption caused by
macroeconomic and geopolitical factors, including the COVID-19
pandemic, the Russia-Ukraine conflict, the war in Israel, financial
instability, inflation rates and the responses by central banking
authorities to control inflation, monetary supply shifts and the
threat of recession in the United States and around the world on
our business operations and those of our existing and potential
customers; and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond our control. Certain of these judgments and risks are
discussed in more detail in our most recently-filed Annual Report
on Form 10-K, and other periodic reports filed from time to time
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 us or any other
person that our objectives or plans will be achieved. The
forward-looking statements contained herein reflect the our
beliefs, estimates and predictions as of the date hereof, and we
undertake 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, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
79,439
$
184,423
Accounts receivable, net
69,266
56,001
Expenditures billable to clients
19,608
22,339
Prepaid expenses and other current
assets
14,457
15,242
Total current assets
182,770
278,005
Property, equipment and improvements,
net
8,656
5,291
Intangible assets, net
83,423
79,664
Goodwill
80,247
46,498
Long-term restricted cash
867
859
Other assets
19,851
14,435
Total assets
$
375,814
$
424,752
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable
$
32,756
$
36,738
Accrued media payments
93,896
102,064
Client advances
15,452
16,442
Deferred revenue
12,813
2,600
Senior Secured Term Loan, current
portion
5,813
—
Contingent consideration, current
1,000
8,067
Other accrued liabilities
27,010
27,412
Total current liabilities
188,825
193,323
Convertible senior notes, non-current
89,572
137,767
Senior Secured Term Loan, non-current
45,012
—
Contingent consideration, non-current
633
—
Other non-current liabilities
13,625
13,811
Total liabilities
337,667
344,901
Total stockholders' equity
38,147
79,851
Total liabilities and stockholders'
equity
$
375,814
$
424,752
VERITONE, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
AND COMPREHENSIVE INCOME
(LOSS)
(in thousands, except per
share and share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
34,197
$
43,890
$
127,560
$
149,728
Operating expenses:
Cost of revenue
6,495
6,707
28,256
27,432
Sales and marketing
13,318
13,780
52,024
51,345
Research and development
9,634
10,854
42,090
43,589
General and administrative
16,307
17,050
73,811
44,177
Amortization
5,948
5,450
23,715
21,180
Total operating expenses
51,702
53,841
219,896
187,723
Loss from operations
(17,505)
(9,951)
(92,336)
(37,995)
Gain on debt extinguishment
30,023
19,097
30,023
19,097
Other income (expense), net
(769)
(684)
640
(4,350)
Loss before provision for income taxes
11,749
8,462
(61,673)
(23,248)
(Benefit from) provision for income
taxes
(426)
3,430
(3,048)
2,309
Net income (loss)
$
12,175
$
5,032
$
(58,625)
$
(25,557)
Net income (loss) per share:
Basic
$
12,175
$
5,032
$
(58,625)
$
(25,557)
Diluted
$
(14,356)
$
(9,096)
$
(58,625)
$
(25,557)
Net income (loss) per share:
Basic
$
0.33
$
0.12
$
(1.59)
$
(0.71)
Diluted
$
(0.33)
$
(0.21)
$
(1.59)
$
(0.71)
Weighted average shares outstanding:
Basic
37,169,048
36,359,618
36,909,919
36,033,560
Diluted
43,599,411
42,487,004
36,909,919
36,033,560
Comprehensive loss:
Net income (loss)
$
12,175
$
5,032
$
(58,625)
$
(25,557)
Foreign currency translation (loss) gain,
net of income taxes
80
(614)
66
28
Total comprehensive loss
$
12,225
$
4,418
$
(58,559)
$
(25,529)
VERITONE, INC.
REVENUE DETAIL
(UNAUDITED)
(in thousands)
Three Months Ended December
31, 2023
Year Ended December 31,
2023
Government &
Government &
Commercial
Regulated
Commercial
Regulated
Enterprise
Industries
Total
Enterprise
Industries
Total
Total Software Products &
Services
$
18,301
$
1,519
$
19,820
$
62,410
$
5,591
$
68,401
Managed Services
Advertising
10,376
—
10,326
38,821
—
38,821
Licensing
4,501
—
4,501
20,338
—
20,338
Total Managed Services
14,827
—
14,827
59,159
—
59,159
Total Revenue
$
33,128
$
1,519
$
34,647
$
121,569
$
5,991
$
127,560
Three Months Ended December
31, 2022
Year Ended December 31,
2022
Government &
Government &
Commercial
Regulated
Commercial
Regulated
Enterprise
Industries
Total
Enterprise
Industries
Total
Total Software Products &
Services
$
26,055
$
1,165
$
27,220
$
80,749
$
3,829
$
84,578
Managed Services
Advertising
12,045
—
12,045
44,665
—
44,665
Licensing
4,625
—
4,625
20,485
—
20,485
Total Managed Services
16,670
—
16,670
65,150
—
65,150
Total Revenue
$
42,725
$
1,165
$
43,890
$
145,899
$
3,829
$
149,728
VERITONE, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(in thousands)
Year Ended December
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(58,625)
$
(25,557)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
26,102
22,493
Provision for credit losses
272
549
Stock-based compensation expense
10,950
19,115
Gain on sale of energy group
(2,572)
—
Change in fair value of contingent
consideration
2,284
(22,721)
Change in deferred taxes
(4,984)
(1,562)
Amortization of debt issuance costs
1,082
1,191
Amortization of right-of-use assets
1,561
1,053
Imputed non-cash interest income
(439)
—
Gain on debt extinguishment
(30,023)
(19,097)
Changes in assets and liabilities:
Accounts receivable
(5,720)
29,658
Expenditures billable to clients
2,731
4,841
Prepaid expenses and other assets
2,276
(2,938)
Other assets
(2,204)
(9,558)
Accounts payable
(5,449)
(9,997)
Deferred revenue
184
-
Accrued media payments
(8,168)
14,507
Client advances
(982)
8,481
Other accrued liabilities
(2,877)
(1,600)
Other liabilities
(1,820)
(5,121)
Net cash (used in) provided by operating
activities
(76,421)
3,737
Cash flows from investing
activities:
Minority investment
—
(2,750)
Proceeds from divestiture
504
—
Capital expenditures
(5,120)
(4,765)
Acquisitions, net of cash acquired
(50,268)
(4,589)
Net cash used in investing activities
(54,884)
(12,104)
Cash flows from financing
activities:
Payment of debt issuance costs
(3,120)
—
Issuance of Senior Secured Term Loan
77,500
—
Repurchase of convertible senior notes
(37,500)
(39,029)
Payment of debt repurchase costs
—
(380)
Unwinding of capped calls related to debt
repurchase
—
276
Payment of contingent consideration
(2,690)
(14,376)
Taxes paid related to net share settlement
of equity awards
(1,153)
(9,766)
Payment of earnout
(7,772)
—
Proceeds from issuances of stock under
employee stock plans, net
1,064
1,347
Net cash provided by (used in) financing
activities
26,329
(61,928)
Net decrease in cash and cash equivalents
and restricted cash
(104,976)
(70,295)
Cash and cash equivalents and restricted
cash, beginning of period
185,282
255,577
Cash and cash equivalents and restricted
cash, end of period
$
80,306
$
185,282
VERITONE, INC.
RECONCILIATION OF NON-GAAP NET
INCOME (LOSS) TO GAAP NET LOSS (UNAUDITED)
(in thousands)
Three Months Ended December
31,
2023
2022
Core Operations(1)
Corporate(2)
Total
Core Operations(1)
Corporate(2)
Total
Net income
$
(7,707)
$
19,882
$
12,175
$
3,466
$
1,566
$
5,032
(Benefit from) provision for income
taxes
386
(812)
(426)
2,310
1,120
3,430
Depreciation and amortization
5,786
162
5,948
5,882
117
5,999
Stock-based compensation expense
1,548
632
2,180
2,526
2,010
4,536
Change in fair value of contingent
consideration
—
817
817
—
355
355
Interest (income) expense, net
—
704
704
—
680
680
Foreign currency impact
458
(65)
393
—
—
—
Gain on debt extinguishment
—
(30,023)
(30,023)
—
(19,097)
(19,097)
Acquisition and due diligence costs
—
872
872
—
1,080
1,080
Contribution of business held for sale
(3)
(98)
—
(98)
—
—
—
Variable consultant performance bonus
expense
(77)
—
(77)
—
—
—
Severance and executive transition
costs
406
321
727
175
—
175
Non-GAAP net (loss) income
$
853
$
(7,665)
$
(6,808)
$
14,359
$
(12,169)
$
2,190
Year Ended December
31,
2023
2022
Core Operations(1)
Corporate(2)
Total
Core Operations(1)
Corporate(2)
Total
Net loss
$
(46,133)
$
(12,492)
$
(58,625)
$
(19,027)
$
(6,530)
$
(25,557)
(Benefit from) provision for income
taxes
(4,022)
974
(3,048)
1,805
504
2,309
Depreciation and amortization
25,216
885
26,101
21,936
557
22,493
Stock-based compensation expense
7,259
3,567
10,826
10,138
8,977
19,115
Change in fair value of contingent
consideration
—
2,284
2,284
—
(22,721)
(22,721)
Interest expense, net
10
2,438
2,448
—
4,350
4,350
Foreign currency impact
—
(133)
(133)
—
—
—
Gain on debt extinguishment
—
(30,023)
(30,023)
—
(19,097)
(19,097)
Acquisition and due diligence costs
—
9,125
9,125
—
2,688
2,688
Gain on sale of energy group
—
(2,572)
(2,572)
—
—
—
Contribution of business held for sale
(3)
1,691
—
1,691
—
—
—
Variable consultant performance bonus
expense
951
—
951
—
—
—
Severance and executive transition
costs
2,676
968
3,644
512
28
540
Non-GAAP Net Loss
$
(12,352)
$
(24,979)
$
(37,331)
$
15,364
$
(31,244)
$
(15,880)
(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
March 31, 2024
December 31, 2024
Net loss
($19.8) to ($18.8)
($57.1) to ($53.2)
Provision for income taxes
($0.6)
($3.0)
Interest expense, net
$1.6
$6.5
Depreciation and amortization
$6.2
$24.6
Stock-based compensation expense
$2.3
$9.8
Variable consultant performance bonus
expense
$0.3
$1.3
Change in fair value of contingent
consideration
$0.5
$1.0
Severance and executive search
$1.5
$2.0
Non-GAAP net income (loss)
($8.0) to ($7.0)
($15.0) to ($11.0)
VERITONE, INC.
RECONCILIATION OF NON-GAAP TO
GAAP FINANCIAL INFORMATION (UNAUDITED)
(in thousands, except per
share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
34,197
$
43,890
$
127,560
$
149,728
Cost of revenue
6,495
6,707
28,256
27,432
Non-GAAP gross profit
27,702
37,183
99,304
122,296
GAAP cost of revenue
6,495
6,707
28,256
27,432
Stock-based compensation expense
(20)
(26)
(52)
(116)
Non-GAAP cost of revenue
6,475
6,681
28,204
27,316
GAAP sales and marketing expenses
13,318
13,780
52,024
51,345
Depreciation
(27)
—
(60)
—
Stock-based compensation expense
(388)
(535)
(1,301)
(2,263)
Severance and executive transition
costs
(85)
—
(831)
(86)
Non-GAAP sales and marketing expenses
12,818
13,245
49,832
48,996
GAAP research and development expenses
9,634
10,854
42,090
43,589
Depreciation
(645)
—
(1,499)
—
Stock-based compensation expense
(823)
(1,273)
(4,445)
(5,056)
Variable consultant performance bonus
expense
77
—
(951)
—
Severance and executive transition
costs
(138)
—
(1,034)
(198)
Non-GAAP research and development
expenses
8,105
9,581
34,161
38,335
GAAP general and administrative
expenses
16,307
17,050
73,811
44,177
Depreciation
673
(549)
(827)
(1,313)
Stock-based compensation expense
(949)
(2,702)
(5,028)
(11,680)
Change in fair value of contingent
consideration
(817)
(355)
(2,284)
22,721
Acquisition and due diligence costs
(872)
(1,080)
(9,125)
(2,688)
Severance and executive transition
costs
(504)
(175)
(1,779)
(256)
Non-GAAP general and administrative
expenses
13,838
12,189
54,768
50,961
GAAP amortization
(5,948)
(5,450)
(23,715)
(21,180)
GAAP loss from operations
(17,505)
(9,951)
(92,336)
(37,995)
Total non-GAAP adjustments (1)
10,467
12,145
52,931
22,115
Non-GAAP loss (income) from operations
(7,038)
2,194
(39,405)
(15,880)
GAAP other income, net
(769)
18,413
30,663
14,747
Contribution of business held for sale
(2)
(98)
—
1,691
—
Gain on debt extinguishment
(30,023)
(19,097)
(30,023)
(19,097)
Gain on sale of energy group
—
—
(2,572)
—
Foreign currency impact
393
—
(133)
—
Interest (expense) income, net
704
680
2,448
4,350
Non-GAAP other (expense) income, net
(29,793)
(4)
2,074
—
GAAP income (loss) before income taxes
11,749
8,462
(61,673)
(23,248)
Total non-GAAP adjustments (1)
(18,557)
(6,272)
24,342
7,368
Non-GAAP (loss) income before income
taxes
(6,808)
2,190
(37,331)
(15,880)
(Benefit from) provision for income
taxes
(426)
3,430
(3,048)
1,988
GAAP net income (loss)
12,175
5,032
(58,625)
(25,236)
Total non-GAAP adjustments (1)
(18,983)
(2,842)
21,294
9,356
Non-GAAP net (loss) income
$
(6,808)
$
2,190
$
(37,331)
$
(15,880)
Shares used in computing non-GAAP basic
and diluted net (loss) income per share
37,169
36,360
36,910
36,034
Shares used in computing non-GAAP diluted
net (loss) income per share (2)
43,599
42,487
36,910
36,034
Non-GAAP basic and diluted (net loss)
income per share
$
(0.18)
$
0.06
$
(1.01)
$
(0.44)
Non-GAAP diluted net (loss) income per
share
$
(0.16)
$
0.05
$
(1.01)
$
(0.44)
(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.
(2) Shares used in computing non-GAAP
diluted net income (loss) per share include the dilutive effects of
common stock options, RSUs, and warrants as well as the common
stock issuable in connection with the Senior Secured Term Loan and
convertible senior notes, which for the purposes of diluted net
earnings per share will be presented as if the Senior Secured Term
Loan and convertible senior notes were converted to common shares
as of January 1, 2022.
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
The following table sets forth the results for each of our
Software Products & Services supplemental financial
information.
Quarter Ended
Mar 31,
Jun 30,
Sept 30,
Dec 31,
Mar 31,
Jun 30,
Sept 30,
Dec 31,
2022 (1)
2022 (1)
2022 (1)
2022 (1)
2023 (1)
2023 (1)
2023
2023
Pro Forma Software Revenue (in 000’s)
(2)
$
26,319
$
26,650
$
28,603
$
35,612
$
22,423
$
20,860
$
20,361
$
19,824
Total Software Products & Services
Customers (3)
3,673
3,718
3,787
3,824
3,773
3,705
3,536
3,460
Annual Recurring Revenue (SaaS) (in 000’s)
(4)
$
48,392
$
44,465
$
43,925
$
46,248
$
45,453
$
47,720
$
47,756
$
48,026
Annual Recurring Revenue (Consumption) (in
000’s) (5)
$
87,445
$
85,901
$
85,091
$
71,754
$
67,242
$
60,229
$
50,803
$
34,102
Total New Bookings (in 000’s) (6)
$
16,643
$
22,009
$
23,793
$
26,342
$
22,794
$
8,388
$
15,501
$
17,457
Gross Revenue Retention (7)
>90%
>90%
>90%
>90%
>90%
>90%
>90%
>90%
Trailing Twelve Months
Ended
Mar 31,
Jun 30,
Sept 30,
Dec 31,
Mar 31,
Jun 30,
Sept 30,
Dec 31,
2022
2022
2022
2022
2023
2023
2023
2023
Software Products & Services Revenue
(in 000’s)
$
72,997
$
85,796
$
97,581
$
84,578
$
80,532
$
74,529
$
73,863
$
66,467
Broadbean Revenue (in 000’s) (1)
29,599
30,006
30,136
29,047
30,998
32,398
33,498
33,931
Pro Forma Software Revenue (in 000’s)
$
102,596
$
115,802
$
127,717
$
113,625
$
111,530
$
106,927
$
107,361
$
100,398
Managed Services Revenue (in 000’s)
58,419
60,546
63,406
65,150
65,052
63,071
61,459
59,165
Total Pro Forma Revenue (in 000’s)
$
161,015
$
176,348
$
191,123
$
178,775
$
176,582
$
169,998
$
168,820
$
159,563
Pro Forma Total Number of Customers
3,673
3,718
3,787
3,824
3,773
3,705
3,536
3,460
Pro Forma Annual Recurring Revenue (in
000’s) (2)
$
135,837
$
130,366
$
129,016
$
118,002
$
112,695
$
107,949
$
98,549
$
82,127
(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 $10 and also excludes any customers categorized by us as
trial or pilot status. In prior periods, we provided “Ending
Software Customers,” which represented Software Products &
Services customers as of the end of each fiscal quarter with
trailing twelve-month revenues in excess of $2,400 for both
Veritone, Inc. and PandoLogic Ltd. and/or deemed by the Company to
be under an active contract for the applicable periods. Total
Software Products & Services Customers is not comparable to
Ending Software Customers. Total Software Products & Services
Customers includes customers based on revenues in the last month of
the quarter rather than on a trailing twelve-month basis. Total
Software Products & Services Customers includes customers based
on revenues in the last month of the quarter rather than on a
trailing twelve-month basis and excludes any customers that are on
trial or pilot status with us rather than including customers with
active contracts. Management uses Total Software Products &
Services Customers and we believe Total Software Products &
Services Customers are useful to investors because it more
accurately reflects our total customers for our Software Products
& Services customers inclusive of Broadbean. (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
The following table sets forth the results for each of the key
performance indicators for Managed Services.
Quarter Ended
Mar 31,
Jun 30,
Sept 30,
Dec 31,
Mar 31,
Jun 30,
Sept 30,
Dec 31,
2022
2022
2022
2022
2023
2023
2023
2023
Avg billings per active Managed Services
client (in 000’s) (1)
$
684
$
736
$
747
$
823
$
771
$
576
$
630
$
647
Revenue during quarter (in 000’s) (2)
$
10,735
$
9,625
$
10,035
$
11,074
$
9,337
$
6,876
$
9,117
$
8,612
(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 December
31,
Year Ended December
31,
2023
2022
2023
2022
Loss from operations
$
(17,505)
$
(9,951)
$
(92,336)
$
(37,995)
Sales and marketing
13,318
13,780
52,024
51,345
Research and development
9,634
10,854
42,090
43,589
General and administrative
16,307
17,050
73,811
44,177
Amortization
5,948
5,450
23,715
21,180
Non-GAAP gross profit
$
27,702
$
37,183
$
99,304
$
122,296
Three Months Ended December
31,
Year Ended December
31,
Unaudited
Percent
Percent
(in $000s)
2023
2022
Change
2023
2022
Change
Revenue
$34,197
$43,890
(22)%
$127,560
$149,728
(15)%
Loss from operations
$(17,505)
$(9,951)
76%
$(92,336)
$(37,995)
143%
Net income (loss)
$12,175
$5,032
142%
$(58,625)
$(25,557)
129%
Non-GAAP gross profit(1)
$27,702
$37,183
(25)%
$99,304
$122,296
(19)%
Non-GAAP net income (loss)(1)
$(6,808)
$2,190
(411)%
$(37,331)
$(15,880)
135%
Three Months Ended December
31,
Year Ended December
31,
Software Products & Services
Percent
Percent
(in $000s, except customers)
2023
2022
Change
2023
2022
Change
Pro Forma Software Revenue
$19,824
$35,612
(44)%
$83,468
$117,184
(29)%
Total Software Products & Services
Customers
3,460
3,824
(10)%
Annual Recurring Revenue
$82,128
$118,002
(30)%
Total New Bookings
$17,457
$26,342
(33)%
Gross Retention
>90%
>90%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240312722387/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
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