$VERI
Veritone, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019030840 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $12.27M $10.95M $4.168M
YoY Change 194.39% 212.86% 1.98%
Cost Of Revenue $4.562M $3.530M $820.0K
YoY Change 456.34% 1312.0% 144.05%
Gross Profit $7.708M $7.420M $3.348M
YoY Change 130.23% 128.31% -10.74%
Gross Profit Margin 62.82% 67.76% 80.33%
Selling, General & Admin $18.09M $18.26M $12.66M
YoY Change 42.97% 55.8% 45.19%
% of Gross Profit 234.73% 246.09% 377.99%
Research & Development $6.351M $7.200M $5.146M
YoY Change 23.42% 65.14% 78.49%
% of Gross Profit 82.39% 97.04% 153.7%
Depreciation & Amortization $263.0K $2.320M $167.0K
YoY Change 57.49% 3214.29% 1291.67%
% of Gross Profit 3.41% 31.27% 4.99%
Operating Expenses $24.44M $25.46M $17.80M
YoY Change 37.32% 58.33% 53.47%
Operating Profit -$16.74M -$18.04M -$14.45M
YoY Change 15.8% 40.61% 84.16%
Interest Expense $120.0K $300.0K $170.0K
YoY Change -29.41% 76.47% -91.98%
% of Operating Profit
Other Income/Expense, Net $51.00K -$40.00K $133.0K
YoY Change -61.65% -69.23% -100.97%
Pretax Income -$16.69M -$17.78M -$14.32M
YoY Change 16.52% 39.01% -33.69%
Income Tax $6.000K $10.00K $10.00K
% Of Pretax Income
Net Earnings -$16.69M -$17.79M -$14.33M
YoY Change 16.48% 39.09% -33.64%
Net Earnings / Revenue -136.03% -162.47% -343.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$803.9K -$923.2K -$878.6K
COMMON SHARES
Basic Shares Outstanding 20.82M 19.33M 16.44M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.30M $51.10M $78.20M
YoY Change -42.07% -26.05% 18.66%
Cash & Equivalents $40.28M $37.54M $52.69M
Short-Term Investments $5.000M $13.60M $25.50M
Other Short-Term Assets $3.600M $3.600M $3.000M
YoY Change 20.0% 28.57% 25.0%
Inventory
Prepaid Expenses
Receivables $26.82M $29.14M $11.58M
Other Receivables $4.800M $2.700M $5.000M
Total Short-Term Assets $80.52M $86.52M $97.83M
YoY Change -17.69% 3.24% 10.13%
LONG-TERM ASSETS
Property, Plant & Equipment $3.660M $4.008M $3.365M
YoY Change 8.77% 489.41% 7215.22%
Goodwill $5.420M $5.509M
YoY Change 3863.31%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.100M $1.237M $1.214M
YoY Change -9.39% 58.59% 618.34%
Total Long-Term Assets $29.04M $31.23M $7.190M
YoY Change 303.87% 557.14% 1534.09%
TOTAL ASSETS
Total Short-Term Assets $80.52M $86.52M $97.83M
Total Long-Term Assets $29.04M $31.23M $7.190M
Total Assets $109.6M $117.8M $105.0M
YoY Change 4.32% 32.97% 17.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.46M $28.71M $15.76M
YoY Change 17.13% 115.28% -15.11%
Accrued Expenses $12.41M $7.416M $7.944M
YoY Change 56.27% 23.62% -11.57%
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 $53.69M $56.09M $32.03M
YoY Change 67.65% 105.77% -5.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.369M $1.386M $473.0K
YoY Change 189.43% 2527.78%
Total Long-Term Liabilities $1.369M $1.386M $473.0K
YoY Change 189.43% 2527.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.69M $56.09M $32.03M
Total Long-Term Liabilities $1.369M $1.386M $473.0K
Total Liabilities $55.06M $57.47M $32.50M
YoY Change 69.42% 110.86% -3.74%
SHAREHOLDERS EQUITY
Retained Earnings -$203.4M -$170.4M -$136.7M
YoY Change 48.81% 55.9% 77.17%
Common Stock $22.00K $19.00K $18.00K
YoY Change 22.22% 18.75% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.50M $60.28M $72.52M
YoY Change
Total Liabilities & Shareholders Equity $109.6M $117.8M $105.0M
YoY Change 4.32% 32.97% 17.65%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$16.69M -$17.79M -$14.33M
YoY Change 16.48% 39.09% -33.64%
Depreciation, Depletion And Amortization $263.0K $2.320M $167.0K
YoY Change 57.49% 3214.29% 1291.67%
Cash From Operating Activities -$11.98M -$17.26M -$8.090M
YoY Change 48.08% 49.57% -28.85%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$120.0K -$1.210M
YoY Change -51.24% -96.71%
Acquisitions
YoY Change
Other Investing Activities $5.260M $8.850M $8.000M
YoY Change -34.25% -88600.0%
Cash From Investing Activities $4.670M $8.730M $6.790M
YoY Change -31.22% -338.52%
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 7.710M -60.00K 32.97M
YoY Change -76.62% -100.25% -51.86%
NET CHANGE
Cash From Operating Activities -11.98M -17.26M -8.090M
Cash From Investing Activities 4.670M 8.730M 6.790M
Cash From Financing Activities 7.710M -60.00K 32.97M
Net Change In Cash 400.0K -8.590M 31.67M
YoY Change -98.74% -197.72% -44.56%
FREE CASH FLOW
Cash From Operating Activities -$11.98M -$17.26M -$8.090M
Capital Expenditures -$590.0K -$120.0K -$1.210M
Free Cash Flow -$11.39M -$17.14M -$6.880M
YoY Change 65.55% 117.24% -39.49%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
23147000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
38776000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29545000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1945000
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
4642000
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
1148000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
2364000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-966000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-17000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
474000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16606000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21341000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
8616000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
14000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
208000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2899000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
477000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
70000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
883000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7048000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
11031000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
41410000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
52692000
us-gaap Use Of Estimates
UseOfEstimates
<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;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, income taxes, 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>
CY2018Q2 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
124661
us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
63063
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11422619
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-42227000
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-31911000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-61104000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
-59601000
CY2018Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
32780000
CY2019Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
45273000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20817466
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16438897
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20201819
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16324431
CY2019Q2 us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
58070
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6162000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
13565000
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
13565000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
48000
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
48000
veri Marketable Securities Maturity Period
MarketableSecuritiesMaturityPeriod
P1Y
CY2019Q2 veri Fair Value Transfers Between Level1 Level2 Or Level3 Amount
FairValueTransfersBetweenLevel1Level2OrLevel3Amount
0
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P3Y7M6D
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
24353000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5530000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
23876000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3396000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1322000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
307000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2163000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
618000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2697000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
5382000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4261000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3963000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2520000
CY2019Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
26891000
CY2018Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
29182000
CY2019Q2 veri Property And Equipment Gross
PropertyAndEquipmentGross
2151000
CY2018Q4 veri Property And Equipment Gross
PropertyAndEquipmentGross
2019000
CY2019Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2876000
CY2018Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2875000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5027000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4894000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1367000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
886000
CY2019Q2 us-gaap Depreciation
Depreciation
263000
us-gaap Depreciation
Depreciation
555000
CY2018Q2 us-gaap Depreciation
Depreciation
167000
us-gaap Depreciation
Depreciation
215000
CY2019Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
17148000
CY2018Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
27655000
CY2018Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
1059000
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
160000
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
168000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
329000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
349000
CY2019Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
37000
CY2018Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
15000
CY2019Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-72000
CY2018Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-20000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-17000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-18000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
735000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1479000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
501000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
833000
CY2019Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1297151
CY2018Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1297151
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5778000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2651000

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