$VERI
Veritone, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020038981 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $13.27M $12.27M
YoY Change 8.13% 194.39%
Cost Of Revenue $4.330M $4.562M
YoY Change -5.09% 456.34%
Gross Profit $8.940M $7.708M
YoY Change 15.98% 130.23%
Gross Profit Margin 67.38% 62.82%
Selling, General & Admin $16.28M $18.09M
YoY Change -10.02% 42.97%
% of Gross Profit 182.1% 234.73%
Research & Development $3.440M $6.351M
YoY Change -45.84% 23.42%
% of Gross Profit 38.48% 82.39%
Depreciation & Amortization $256.0K $263.0K
YoY Change -2.66% 57.49%
% of Gross Profit 2.86% 3.41%
Operating Expenses $20.49M $24.44M
YoY Change -16.18% 37.32%
Operating Profit -$11.55M -$16.74M
YoY Change -30.99% 15.8%
Interest Expense -$200.0K $120.0K
YoY Change -266.67% -29.41%
% of Operating Profit
Other Income/Expense, Net -$235.0K $51.00K
YoY Change -560.78% -61.65%
Pretax Income -$11.79M -$16.69M
YoY Change -29.34% 16.52%
Income Tax $0.00 $6.000K
% Of Pretax Income
Net Earnings -$11.79M -$16.69M
YoY Change -29.35% 16.48%
Net Earnings / Revenue -88.88% -136.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$434.7K -$803.9K
COMMON SHARES
Basic Shares Outstanding 27.14M 20.82M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.10M $45.30M
YoY Change 10.6% -42.07%
Cash & Equivalents $50.08M $40.28M
Short-Term Investments $5.000M
Other Short-Term Assets $5.300M $3.600M
YoY Change 47.22% 20.0%
Inventory
Prepaid Expenses
Receivables $24.54M $26.82M
Other Receivables $3.200M $4.800M
Total Short-Term Assets $83.10M $80.52M
YoY Change 3.2% -17.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.732M $3.660M
YoY Change -25.36% 8.77%
Goodwill $6.904M $5.420M
YoY Change 27.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.100M $1.100M
YoY Change 0.0% -9.39%
Total Long-Term Assets $24.20M $29.04M
YoY Change -16.66% 303.87%
TOTAL ASSETS
Total Short-Term Assets $83.10M $80.52M
Total Long-Term Assets $24.20M $29.04M
Total Assets $107.3M $109.6M
YoY Change -2.06% 4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.50M $18.46M
YoY Change 11.05% 17.13%
Accrued Expenses $41.00M $12.41M
YoY Change 230.27% 56.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.90M $53.69M
YoY Change 22.73% 67.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $1.369M
YoY Change -5.04% 189.43%
Total Long-Term Liabilities $1.300M $1.369M
YoY Change -5.04% 189.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.90M $53.69M
Total Long-Term Liabilities $1.300M $1.369M
Total Liabilities $67.20M $55.06M
YoY Change 22.04% 69.42%
SHAREHOLDERS EQUITY
Retained Earnings -$257.0M -$203.4M
YoY Change 26.33% 48.81%
Common Stock $22.00K
YoY Change 22.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.08M $54.50M
YoY Change
Total Liabilities & Shareholders Equity $107.3M $109.6M
YoY Change -2.06% 4.32%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$11.79M -$16.69M
YoY Change -29.35% 16.48%
Depreciation, Depletion And Amortization $256.0K $263.0K
YoY Change -2.66% 57.49%
Cash From Operating Activities -$4.280M -$11.98M
YoY Change -64.27% 48.08%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$590.0K
YoY Change -96.61% -51.24%
Acquisitions
YoY Change
Other Investing Activities $60.00K $5.260M
YoY Change -98.86% -34.25%
Cash From Investing Activities $40.00K $4.670M
YoY Change -99.14% -31.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.160M 7.710M
YoY Change -33.07% -76.62%
NET CHANGE
Cash From Operating Activities -4.280M -11.98M
Cash From Investing Activities 40.00K 4.670M
Cash From Financing Activities 5.160M 7.710M
Net Change In Cash 920.0K 400.0K
YoY Change 130.0% -98.74%
FREE CASH FLOW
Cash From Operating Activities -$4.280M -$11.98M
Capital Expenditures -$20.00K -$590.0K
Free Cash Flow -$4.260M -$11.39M
YoY Change -62.6% 65.55%

Facts In Submission

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<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;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications to other assets have been made to prior year amounts for consistency and comparability with the current year’s financial statements presentation. These reclassifications had no effect on the reported total assets and liabilities.</p>
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37000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3963000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2520000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2688000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4261000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13432000
CY2020Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
24780000
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
21381000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
245000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
29000
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
24535000
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
21352000
CY2020Q2 veri Property And Equipment Gross
PropertyAndEquipmentGross
2277000
CY2019Q4 veri Property And Equipment Gross
PropertyAndEquipmentGross
2247000
CY2020Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2876000
CY2019Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2876000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5153000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5123000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2421000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1909000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2732000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3214000
CY2020Q2 us-gaap Depreciation
Depreciation
256000
us-gaap Depreciation
Depreciation
512000
us-gaap Depreciation
Depreciation
555000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
200000
CY2019Q2 us-gaap Depreciation
Depreciation
263000
CY2020Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
19399000
CY2019Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
15697000
CY2020Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
1099000
CY2019Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
1317000
CY2020Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
20498000
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
17014000
CY2020Q2 us-gaap Revenues
Revenues
13268000
CY2019Q2 us-gaap Revenues
Revenues
12270000
us-gaap Revenues
Revenues
25172000
us-gaap Revenues
Revenues
24395000
CY2020Q2 us-gaap Revenues
Revenues
13268000
us-gaap Revenues
Revenues
25172000
us-gaap Revenues
Revenues
24395000
CY2020Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
5000
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
160000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
82000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
329000
CY2020Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
202000
us-gaap Share Based Compensation
ShareBasedCompensation
8587000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5778000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
50000
CY2020Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-38000
CY2019Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-72000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
14000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-17000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-235000
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
51000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-104000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
262000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
751000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1517000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
735000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1479000
CY2020Q2 veri Warrants To Purchase Shares Of Common Stock
WarrantsToPurchaseSharesOfCommonStock
450000
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1592840
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1297151
us-gaap Share Based Compensation
ShareBasedCompensation
11285000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4131000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5778000
us-gaap Share Based Compensation
ShareBasedCompensation
8587000
us-gaap Share Based Compensation
ShareBasedCompensation
11285000

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