$VERI
Veritone, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018029064 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $10.95M $7.545M $3.719M
YoY Change 212.86% 102.88% 60.23%
Cost Of Revenue $3.530M $1.570M $292.0K
YoY Change 1312.0% 437.67% -34.82%
Gross Profit $7.420M $5.975M $3.427M
YoY Change 128.31% 74.35% 82.97%
Gross Profit Margin 67.76% 79.19% 92.15%
Selling, General & Admin $18.26M $17.02M $19.42M
YoY Change 55.8% -12.33% 242.98%
% of Gross Profit 246.09% 284.89% 566.56%
Research & Development $7.200M $5.220M $3.466M
YoY Change 65.14% 50.61% 58.92%
% of Gross Profit 97.04% 87.36% 101.14%
Depreciation & Amortization $2.320M $236.0K $9.000K
YoY Change 3214.29% 2522.22% -70.0%
% of Gross Profit 31.27% 3.95% 0.26%
Operating Expenses $25.46M $22.24M $22.88M
YoY Change 58.33% -2.81% 191.79%
Operating Profit -$18.04M -$16.27M -$19.46M
YoY Change 40.61% -16.4% 225.93%
Interest Expense $300.0K $350.0K $40.00K
YoY Change 76.47% 775.0%
% of Operating Profit
Other Income/Expense, Net -$40.00K $329.0K $88.00K
YoY Change -69.23% 273.86% -106.04%
Pretax Income -$17.78M -$15.94M -$19.37M
YoY Change 39.01% -17.72% 160.84%
Income Tax $10.00K $5.000K $2.000K
% Of Pretax Income
Net Earnings -$17.79M -$15.94M -$19.37M
YoY Change 39.09% -17.7% 160.79%
Net Earnings / Revenue -162.47% -211.28% -520.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$923.2K -$856.5K -$1.297M
COMMON SHARES
Basic Shares Outstanding 19.33M 18.71M 14.94M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.10M $64.70M $60.40M
YoY Change -26.05% 7.12% 694.74%
Cash & Equivalents $37.54M $46.13M $20.76M
Short-Term Investments $13.60M $18.60M $39.70M
Other Short-Term Assets $3.600M $3.700M $2.800M
YoY Change 28.57% 32.14% 211.11%
Inventory
Prepaid Expenses
Receivables $29.14M $21.68M $10.08M
Other Receivables $2.700M $8.300M $5.100M
Total Short-Term Assets $86.52M $98.30M $78.51M
YoY Change 3.24% 25.21% 255.24%
LONG-TERM ASSETS
Property, Plant & Equipment $4.008M $4.107M $52.00K
YoY Change 489.41% 7798.08% -48.0%
Goodwill $5.509M $27.61M
YoY Change 3863.31%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.237M $1.076M $944.0K
YoY Change 58.59% 13.98% -88.63%
Total Long-Term Assets $31.23M $35.76M $1.173M
YoY Change 557.14% 2948.93% -88.5%
TOTAL ASSETS
Total Short-Term Assets $86.52M $98.30M $78.51M
Total Long-Term Assets $31.23M $35.76M $1.173M
Total Assets $117.8M $134.1M $79.68M
YoY Change 32.97% 68.25% 146.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.71M $21.61M $15.84M
YoY Change 115.28% 36.4% 44.0%
Accrued Expenses $7.416M $14.13M $9.058M
YoY Change 23.62% 55.94% 37.24%
Deferred Revenue $9.639M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.09M $58.79M $31.84M
YoY Change 105.77% 84.67% 17.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.386M $1.049M $14.00K
YoY Change 7392.86% -99.83%
Total Long-Term Liabilities $1.386M $1.049M $14.00K
YoY Change 7392.86% -99.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.09M $58.79M $31.84M
Total Long-Term Liabilities $1.386M $1.049M $14.00K
Total Liabilities $57.47M $59.84M $31.85M
YoY Change 110.86% 87.88% -28.91%
SHAREHOLDERS EQUITY
Retained Earnings -$170.4M -$152.6M -$96.52M
YoY Change 55.9% 58.13%
Common Stock $19.00K $19.00K $15.00K
YoY Change 18.75% 26.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.28M $74.23M $47.83M
YoY Change
Total Liabilities & Shareholders Equity $117.8M $134.1M $79.68M
YoY Change 32.97% 68.25% 146.69%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$17.79M -$15.94M -$19.37M
YoY Change 39.09% -17.7% 160.79%
Depreciation, Depletion And Amortization $2.320M $236.0K $9.000K
YoY Change 3214.29% 2522.22% -70.0%
Cash From Operating Activities -$17.26M -$3.630M -$3.890M
YoY Change 49.57% -6.68% -33.5%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$1.200M -$20.00K
YoY Change -96.71% 5900.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $8.850M -$2.630M -$40.62M
YoY Change -88600.0% -93.53%
Cash From Investing Activities $8.730M -$3.830M -$40.64M
YoY Change -338.52% -90.58% 203100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.00K 890.0K -620.0K
YoY Change -100.25% -243.55% -106.26%
NET CHANGE
Cash From Operating Activities -17.26M -3.630M -3.890M
Cash From Investing Activities 8.730M -3.830M -40.64M
Cash From Financing Activities -60.00K 890.0K -620.0K
Net Change In Cash -8.590M -6.570M -45.15M
YoY Change -197.72% -85.45% -1220.35%
FREE CASH FLOW
Cash From Operating Activities -$17.26M -$3.630M -$3.890M
Capital Expenditures -$120.0K -$1.200M -$20.00K
Free Cash Flow -$17.14M -$2.430M -$3.870M
YoY Change 117.24% -37.21% -33.62%

Facts In Submission

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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
32580000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
29263000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
8000000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1566000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
5000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
68000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-56000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34348000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
69724000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
16582000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
8684000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12078000
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20762000
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
28782000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
27266000
veri Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued Value
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssuedValue
11855000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Accounting Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.25%;">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, the valuation of stock awards and stock warrants, and the allocation of net assets acquired from business acquisitions as well as contingent consideration, where applicable. Actual results could differ from those estimates.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.25%;">Certain reclassifications have been made to prior year amounts for consistency and to enhance comparability with the current year&#8217;s financial statements presentation. There was no impact on total assets, total stockholders&#8217; equity, accumulated deficit, or net loss resulting from these reclassifications.</p></div>
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18710064
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14936809
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17128380
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8820609
CY2018Q3 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
98235
CY2017Q3 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
153443
us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
120530
us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
180431
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12587621
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5957190
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8865582
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3623748
CY2018Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
1987000
CY2018Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
15571000
CY2018Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
17558000
CY2018Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
10000
CY2018Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
71000
CY2018Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
81000
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
39576000
CY2017Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
39576000
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
134000
CY2017Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
134000
veri Marketable Securities Maturity Period
MarketableSecuritiesMaturityPeriod
P1Y
CY2018Q3 veri Fair Value Transfers Between Level1 Level2 Or Level3 Amount
FairValueTransfersBetweenLevel1Level2OrLevel3Amount
0
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
27603000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-134000
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4889000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3505000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1916000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
351000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P3Y
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
291000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
905000
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
48000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
144000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
317000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1337000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1194000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
125000
CY2018Q3 veri Property And Equipment Gross
PropertyAndEquipmentGross
1921000
CY2018Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2798000
CY2017Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
435000
CY2017Q3 us-gaap Depreciation
Depreciation
9000
us-gaap Depreciation
Depreciation
32000
CY2018Q3 veri Accrued Acquisition Earnout
AccruedAcquisitionEarnout
3909000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2610000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3117000
CY2018Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
2036000
CY2018Q3 veri Other Accruals Current
OtherAccrualsCurrent
1686000
CY2017Q4 veri Other Accruals Current
OtherAccrualsCurrent
1325000
CY2018Q3 us-gaap Gross Transaction Volume
GrossTransactionVolume
42087000
us-gaap Gross Transaction Volume
GrossTransactionVolume
102959000
CY2017Q3 us-gaap Gross Transaction Volume
GrossTransactionVolume
30270000
us-gaap Gross Transaction Volume
GrossTransactionVolume
87756000
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
246000
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
36000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4198000
veri Stock Issued For Cash And Warrants
StockIssuedForCashAndWarrants
5790000
CY2018Q3 veri Gain Loss On Change Of Fair Value Of Warrant Liability
GainLossOnChangeOfFairValueOfWarrantLiability
-108000
veri Gain Loss On Change Of Fair Value Of Warrant Liability
GainLossOnChangeOfFairValueOfWarrantLiability
-93000
veri Gain Loss On Change Of Fair Value Of Warrant Liability
GainLossOnChangeOfFairValueOfWarrantLiability
-7114000
CY2017Q3 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
52000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-44000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
134000
CY2018Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1297151
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1524573
CY2018Q2 veri Class Of Warrant Or Right Canceled
ClassOfWarrantOrRightCanceled
247422
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
44974000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3240000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2791000

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