$VERI
Veritone, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518247436 Filed on August 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $4.168M $4.087M
YoY Change 1.98% 103.23%
Cost Of Revenue $820.0K $336.0K
YoY Change 144.05% 12.37%
Gross Profit $3.348M $3.751M
YoY Change -10.74% 119.1%
Gross Profit Margin 80.33% 91.78%
Selling, General & Admin $12.66M $8.716M
YoY Change 45.19% 32.18%
% of Gross Profit 377.99% 232.36%
Research & Development $5.146M $2.883M
YoY Change 78.49% 75.15%
% of Gross Profit 153.7% 76.86%
Depreciation & Amortization $167.0K $12.00K
YoY Change 1291.67% -60.0%
% of Gross Profit 4.99% 0.32%
Operating Expenses $17.80M $11.60M
YoY Change 53.47% 40.76%
Operating Profit -$14.45M -$7.848M
YoY Change 84.16% 20.22%
Interest Expense $170.0K $2.120M
YoY Change -91.98%
% of Operating Profit
Other Income/Expense, Net $133.0K -$13.75M
YoY Change -100.97% -343750.0%
Pretax Income -$14.32M -$21.59M
YoY Change -33.69% 230.99%
Income Tax $10.00K $1.000K
% Of Pretax Income
Net Earnings -$14.33M -$21.60M
YoY Change -33.64% 230.96%
Net Earnings / Revenue -343.81% -528.38%
Basic Earnings Per Share
Diluted Earnings Per Share -$878.6K -$2.544M
COMMON SHARES
Basic Shares Outstanding 16.44M 8.666M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.20M $65.90M
YoY Change 18.66% 1730.56%
Cash & Equivalents $52.69M $65.91M
Short-Term Investments $25.50M
Other Short-Term Assets $3.000M $2.400M
YoY Change 25.0% 118.18%
Inventory
Prepaid Expenses
Receivables $11.58M $12.24M
Other Receivables $5.000M $8.300M
Total Short-Term Assets $97.83M $88.83M
YoY Change 10.13% 488.28%
LONG-TERM ASSETS
Property, Plant & Equipment $3.365M $46.00K
YoY Change 7215.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.214M $169.0K
YoY Change 618.34%
Total Long-Term Assets $7.190M $440.0K
YoY Change 1534.09% -78.0%
TOTAL ASSETS
Total Short-Term Assets $97.83M $88.83M
Total Long-Term Assets $7.190M $440.0K
Total Assets $105.0M $89.27M
YoY Change 17.65% 422.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.76M $18.56M
YoY Change -15.11% 13.2%
Accrued Expenses $7.944M $8.983M
YoY Change -11.57% 245.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.03M $33.75M
YoY Change -5.09% 42.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $473.0K $18.00K
YoY Change 2527.78%
Total Long-Term Liabilities $473.0K $18.00K
YoY Change 2527.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.03M $33.75M
Total Long-Term Liabilities $473.0K $18.00K
Total Liabilities $32.50M $33.76M
YoY Change -3.74% 41.87%
SHAREHOLDERS EQUITY
Retained Earnings -$136.7M -$77.15M
YoY Change 77.17%
Common Stock $18.00K $15.00K
YoY Change 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.52M $55.51M
YoY Change
Total Liabilities & Shareholders Equity $105.0M $89.27M
YoY Change 17.65% 422.05%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$14.33M -$21.60M
YoY Change -33.64% 230.96%
Depreciation, Depletion And Amortization $167.0K $12.00K
YoY Change 1291.67% -60.0%
Cash From Operating Activities -$8.090M -$11.37M
YoY Change -28.85% 1122.58%
INVESTING ACTIVITIES
Capital Expenditures -$1.210M $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $8.000M
YoY Change
Cash From Investing Activities $6.790M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.78M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.97M 68.49M
YoY Change -51.86%
NET CHANGE
Cash From Operating Activities -8.090M -11.37M
Cash From Investing Activities 6.790M 0.000
Cash From Financing Activities 32.97M 68.49M
Net Change In Cash 31.67M 57.12M
YoY Change -44.56% -6241.94%
FREE CASH FLOW
Cash From Operating Activities -$8.090M -$11.37M
Capital Expenditures -$1.210M $0.00
Free Cash Flow -$6.880M -$11.37M
YoY Change -39.49% 1122.58%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Certain reclassifications have been made to prior year amounts for consistency and to enhance comparability with the current year&#x2019;s financial statements presentation. There was no impact on total assets, total stockholders&#x2019; equity, accumulated deficit, or net loss resulting from these reclassifications.</p> </div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
32536000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
14000000
us-gaap Profit Loss
ProfitLoss
-27379000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
921000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
22000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9674000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
921000
us-gaap Sales Revenue Net
SalesRevenueNet
8556000
us-gaap Share Based Compensation
ShareBasedCompensation
5125000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10890000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
32536000
dei Trading Symbol
TradingSymbol
VERI
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16192569 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Use of Accounting Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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 revenue recognition, allowance for doubtful accounts, and the valuation of stock awards and stock warrants. Actual results could differ from those estimates.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16324431 shares
veri Marketable Securities Maturity Period
MarketableSecuritiesMaturityPeriod
P2Y
veri Costs Of Warrants Issued
CostsOfWarrantsIssued
207000
veri Unpaid Deferred Offering Costs Incurred During Noncash Transaction
UnpaidDeferredOfferingCostsIncurredDuringNoncashTransaction
384000
CY2018Q2 veri Class Of Warrant Or Right Canceled
ClassOfWarrantOrRightCanceled
247422 shares
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5078891 shares
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
48000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-21595000
CY2017Q2 us-gaap Cost Of Revenue
CostOfRevenue
336000
CY2017Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1880000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24992000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
11599000
CY2017Q2 us-gaap Depreciation
Depreciation
12000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.94
CY2017Q2 us-gaap Gross Profit
GrossProfit
3751000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5302000
CY2017Q2 us-gaap Gross Transaction Volume
GrossTransactionVolume
31243000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-21594000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
174756 shares
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-21595000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-7848000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-13746000
CY2017Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
60000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2883000
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
4087000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1778000
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3414000
CY2017Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
3397000
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8491391 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8666147 shares
CY2017Q2 veri Write Off Of Debt Discounts And Issuance Costs At Initial Public Offering
WriteOffOfDebtDiscountsAndIssuanceCostsAtInitialPublicOffering
10132000
CY2017Q2 veri Stock Issued For Cash And Warrants
StockIssuedForCashAndWarrants
5790000
CY2017Q2 veri Gain Loss On Change Of Fair Value Of Warrant Liability
GainLossOnChangeOfFairValueOfWarrantLiability
-3996000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6162000 shares
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
307000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-14239000
CY2018Q2 us-gaap Cost Of Revenue
CostOfRevenue
820000
CY2018Q2 us-gaap Depreciation
Depreciation
167000
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.88
CY2018Q2 us-gaap Gross Profit
GrossProfit
3348000
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7513000
CY2018Q2 us-gaap Gross Transaction Volume
GrossTransactionVolume
31451000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14320000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
124661 shares
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
168000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14330000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
17801000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-14330000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-14453000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
133000
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
30000
CY2018Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-35000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
61000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5146000
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
4168000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2651000
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5142000
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16314236 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16438897 shares

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