$VERI
Veritone, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022025023 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $43.89M $37.20M $22.66M
YoY Change -20.42% 64.18% 44.13%
Cost Of Revenue $6.707M $7.097M $5.808M
YoY Change 7.02% 22.19% 27.65%
Gross Profit $37.18M $30.10M $16.85M
YoY Change -23.93% 78.66% 50.82%
Gross Profit Margin 84.72% 80.92% 74.36%
Selling, General & Admin $29.03M $16.42M $20.94M
YoY Change -38.3% -21.59% 21.69%
% of Gross Profit 78.06% 54.56% 124.31%
Research & Development $10.85M $11.78M $5.254M
YoY Change 6.26% 124.29% 46.35%
% of Gross Profit 29.19% 39.15% 31.19%
Depreciation & Amortization $5.999M $320.0K $95.00K
YoY Change 23.79% 236.84% -64.02%
% of Gross Profit 16.13% 1.06% 0.56%
Operating Expenses $45.88M $28.21M $27.88M
YoY Change -25.9% 1.17% 25.93%
Operating Profit -$8.696M -$3.611M -$11.03M
YoY Change -33.27% -67.27% 0.57%
Interest Expense -$1.192M -$1.305M -$3.000K
YoY Change 119.93% 43400.0%
% of Operating Profit
Other Income/Expense, Net $18.41M -$1.249M -$15.00K
YoY Change -87780.95% 8226.67% 275.0%
Pretax Income $8.462M -$4.860M -$11.05M
YoY Change -162.24% -56.01% 0.62%
Income Tax $3.430M $26.00K $396.0K
% Of Pretax Income 40.53%
Net Earnings $5.032M -$4.886M -$11.44M
YoY Change -131.71% -57.31% 3.91%
Net Earnings / Revenue 11.47% -13.14% -50.51%
Basic Earnings Per Share -$0.13 -$0.34
Diluted Earnings Per Share $0.12 -$0.13 -$343.3K
COMMON SHARES
Basic Shares Outstanding 36.29M 36.14M 33.34M
Diluted Shares Outstanding 36.20M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.4M $196.1M $72.65M
YoY Change -27.6% 169.9% 33.78%
Cash & Equivalents $184.4M $196.1M $72.65M
Short-Term Investments
Other Short-Term Assets $15.24M $16.96M $10.68M
YoY Change 25.79% 58.78% 109.47%
Inventory
Prepaid Expenses $5.465M
Receivables $56.00M $85.95M $57.90M
Other Receivables $22.34M $23.79M $25.24M
Total Short-Term Assets $278.0M $322.8M $166.5M
YoY Change -26.66% 93.89% 71.62%
LONG-TERM ASSETS
Property, Plant & Equipment $5.291M $4.636M $1.178M
YoY Change 240.04% 293.55% -52.86%
Goodwill $46.50M $46.47M $28.00M
YoY Change 10.64% 65.95% 305.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.44M $9.868M $2.648M
YoY Change 1413.1% 272.66% 140.73%
Total Long-Term Assets $146.7M $147.0M $124.7M
YoY Change 5.37% 17.87% 451.9%
TOTAL ASSETS
Total Short-Term Assets $278.0M $322.8M $166.5M
Total Long-Term Assets $146.7M $147.0M $124.7M
Total Assets $424.8M $469.8M $291.2M
YoY Change -18.06% 61.33% 143.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.74M $31.44M $33.10M
YoY Change -21.35% -5.03% 55.64%
Accrued Expenses $129.1M $133.5M $112.3M
YoY Change 13.22% 18.9% 129.66%
Deferred Revenue $19.04M $13.70M
YoY Change 80.3%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $193.3M $185.8M $173.1M
YoY Change 1.04% 7.33% 106.32%
LONG-TERM LIABILITIES
Long-Term Debt $137.8M $196.0M $0.00
YoY Change -29.38%
Other Long-Term Liabilities $13.81M $16.68M $10.42M
YoY Change -0.58% 60.12% 732.69%
Total Long-Term Liabilities $13.81M $16.68M $10.42M
YoY Change -0.58% 60.12% 732.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $193.3M $185.8M $173.1M
Total Long-Term Liabilities $13.81M $16.68M $10.42M
Total Liabilities $344.9M $399.0M $183.5M
YoY Change -20.13% 117.41% 115.52%
SHAREHOLDERS EQUITY
Retained Earnings -$371.3M -$376.0M -$335.1M
YoY Change 7.6% 12.2% 25.04%
Common Stock $36.00K $36.00K
YoY Change 2.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.85M $70.77M $107.7M
YoY Change
Total Liabilities & Shareholders Equity $424.8M $469.8M $291.2M
YoY Change -18.06% 61.33% 143.51%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $5.032M -$4.886M -$11.44M
YoY Change -131.71% -57.31% 3.91%
Depreciation, Depletion And Amortization $5.999M $320.0K $95.00K
YoY Change 23.79% 236.84% -64.02%
Cash From Operating Activities $28.37M -$20.35M -$2.537M
YoY Change 163.58% 701.93% -162.49%
INVESTING ACTIVITIES
Capital Expenditures $988.0K -$1.519M -$176.0K
YoY Change -273.94% 763.07% 486.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.727M -$47.60M
YoY Change -100.0% -94.27%
Cash From Investing Activities -$988.0K -$4.246M -$47.78M
YoY Change -82.94% -91.11% 119345.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.03M 200.0K 2.333M
YoY Change -122.03% -91.43% 1066.5%
NET CHANGE
Cash From Operating Activities 28.37M -20.35M -2.537M
Cash From Investing Activities -988.0K -4.246M -47.78M
Cash From Financing Activities -39.03M 200.0K 2.333M
Net Change In Cash -11.65M -24.39M -47.98M
YoY Change -106.4% -49.17% -1237.01%
FREE CASH FLOW
Cash From Operating Activities $28.37M -$20.35M -$2.537M
Capital Expenditures $988.0K -$1.519M -$176.0K
Free Cash Flow $27.38M -$18.83M -$2.361M
YoY Change 141.65% 697.37% -157.73%

Facts In Submission

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StockIssuedDuringPeriodValueWarrantsExercised
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ProvisionForDoubtfulAccounts
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LossOnSublease
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
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AmortizationOfFinancingCosts
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IncreaseDecreaseInAccountsReceivable
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IncreaseDecreaseInAccountsReceivable
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IncreaseDecreaseExpendituresBillableToClients
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IncreaseDecreaseExpendituresBillableToClients
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IncreaseDecreaseInAccountsPayable
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IncreaseDecreaseInAccountsPayable
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veri Increase Decrease Accrued Media Payments
IncreaseDecreaseAccruedMediaPayments
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veri Increase Decrease Accrued Media Payments
IncreaseDecreaseAccruedMediaPayments
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NetCashProvidedByUsedInOperatingActivities
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PaymentsForProceedsFromInvestments
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PaymentsToAcquirePropertyPlantAndEquipment
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PaymentsToAcquirePropertyPlantAndEquipment
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PaymentsToAcquireBusinessesNetOfCashAcquired
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
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ProceedsFromWarrantExercises
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ProceedsFromStockPlans
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ProceedsFromStockPlans
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashAndCashEquivalentsAtCarryingValue
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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Accounting Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the accompanying condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The principal estimates relate to the accounting recognition and presentation of revenue, allowance for doubtful accounts, purchase accounting, impairment of long-lived assets, the valuation of contingent consideration, the valuation of stock awards and stock warrants and income taxes, where applicable.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">There has been uncertainty and disruption in the global economy and financial markets due to the COVID-19 pandemic, the war in Ukraine, the recent inflationary environment and rising interest rates. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities as of the date of filing of this Quarterly Report on Form 10-Q.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">These estimates and assumptions may change as new events occur and additional information is obtained. As a result, actual results could differ materially from these estimates and assumptions.</span></p>
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RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
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BusinessAcquisitionsProFormaRevenue
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us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
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CY2021Q3 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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CY2021Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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CY2021Q4 us-gaap Payments Of Derivative Issuance Costs
PaymentsOfDerivativeIssuanceCosts
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CY2022Q3 us-gaap Derivative Cap Price
DerivativeCapPrice
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CY2021Q4 veri Sale Of Stock Premium Over Last Reported Sale Price Percentage
SaleOfStockPremiumOverLastReportedSalePricePercentage
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CY2021Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
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CY2022Q3 us-gaap Derivative Price Risk Option Strike Price
DerivativePriceRiskOptionStrikePrice
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q3 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
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us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
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CY2022Q3 veri Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
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CY2021Q3 veri Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
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veri Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
35924413
veri Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 veri Cash And Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2022Q3 veri Cash And Cash Equivalents And Available For Sale Debt Securities Fair Value
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesFairValue
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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q4 veri Cash And Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2021Q4 veri Cash And Cash Equivalents And Available For Sale Debt Securities Fair Value
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesFairValue
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q3 us-gaap Goodwill
Goodwill
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CY2021Q4 us-gaap Goodwill
Goodwill
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CY2021Q4 us-gaap Goodwill
Goodwill
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CY2022Q3 us-gaap Goodwill
Goodwill
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FiniteLivedIntangibleAssetsGross
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CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2022Q3 us-gaap Finite Lived Intangible Assets Net
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2022Q3 veri Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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CY2022Q3 us-gaap Finite Lived Intangible Assets Net
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CashAndCashEquivalentsAtCarryingValue
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LeaseholdImprovementsGross
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LeaseholdImprovementsGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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Depreciation
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us-gaap Depreciation
Depreciation
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CY2021Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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AccountsPayableOtherCurrent
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AccountsPayableOtherCurrent
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CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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Revenues
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CY2021Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2022Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2021Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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OtherNonoperatingGainsLosses
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CY2021Q3 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
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us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
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us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
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CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2022Q3 veri Corporate Alternative Minimum Tax Percentage
CorporateAlternativeMinimumTaxPercentage
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CY2022Q3 veri Excise Tax Rate On Net Share Repurchase
ExciseTaxRateOnNetShareRepurchase
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PrepaidExpenseAndOtherAssetsCurrent
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PrepaidExpenseAndOtherAssetsCurrent
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OtherAssetsNoncurrent
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OtherLiabilitiesNoncurrent
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CY2022Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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RetainedEarningsAccumulatedDeficit
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CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
2009000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.078
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
277000
us-gaap Sublease Income
SubleaseIncome
831000
CY2021Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
3402000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
4668000
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5102000
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5272000
us-gaap Share Based Compensation
ShareBasedCompensation
14579000
us-gaap Share Based Compensation
ShareBasedCompensation
33491000
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5102000
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5272000
us-gaap Share Based Compensation
ShareBasedCompensation
14579000
us-gaap Share Based Compensation
ShareBasedCompensation
33491000
CY2022Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2022Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2021Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0

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