$VERI
Veritone, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052583 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2018
Revenue $15.72M $12.81M $27.05M
YoY Change 22.75% 69.72% 87.66%
Cost Of Revenue $4.550M $4.757M $6.479M
YoY Change -4.35% 202.99% 505.51%
Gross Profit $11.17M $8.048M $20.57M
YoY Change 38.79% 34.69% 54.15%
Gross Profit Margin 71.07% 62.85% 76.05%
Selling, General & Admin $17.21M $17.98M $60.46M
YoY Change -4.28% 5.63% 31.06%
% of Gross Profit 154.07% 223.41% 293.97%
Research & Development $3.590M $5.470M $22.10M
YoY Change -34.37% 4.79% 58.16%
% of Gross Profit 32.14% 67.97% 107.42%
Depreciation & Amortization $264.0K $271.0K $3.701M
YoY Change -2.58% 14.83% 1362.85%
% of Gross Profit 2.36% 3.37% 17.99%
Operating Expenses $22.14M $24.24M $82.56M
YoY Change -8.68% 9.01% 37.36%
Operating Profit -$10.97M -$16.20M -$61.99M
YoY Change -32.27% -0.42% 32.56%
Interest Expense $0.00 $190.0K $990.0K
YoY Change -100.0% -45.71% -76.63%
% of Operating Profit
Other Income/Expense, Net -$4.000K $184.0K $908.0K
YoY Change -102.17% -44.07% -107.08%
Pretax Income -$10.98M -$16.01M -$61.08M
YoY Change -31.43% 0.48% 2.5%
Income Tax $40.00K -$1.815M $22.00K
% Of Pretax Income
Net Earnings -$11.01M -$14.20M -$61.10M
YoY Change -22.43% -10.94% 2.52%
Net Earnings / Revenue -70.07% -110.87% -225.92%
Basic Earnings Per Share
Diluted Earnings Per Share -$399.1K -$635.3K -$3.478M
COMMON SHARES
Basic Shares Outstanding 27.61M 22.38M 17.68M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.30M $49.20M $51.10M
YoY Change 10.37% -23.96% -26.05%
Cash & Equivalents $54.32M $50.34M $37.50M
Short-Term Investments $0.00 $13.60M
Other Short-Term Assets $5.100M $4.800M $3.600M
YoY Change 6.25% 29.73% 28.57%
Inventory
Prepaid Expenses
Receivables $17.47M $28.90M $29.10M
Other Receivables $20.10M $6.200M $2.700M
Total Short-Term Assets $97.00M $89.00M $86.50M
YoY Change 8.99% -9.46% 3.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.499M $3.464M $4.000M
YoY Change -27.86% -15.66% 471.43%
Goodwill $6.904M $7.241M
YoY Change -4.65% -73.77%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.100M $1.200M $1.200M
YoY Change -8.33% 11.52% 33.33%
Total Long-Term Assets $22.60M $29.37M $31.30M
YoY Change -23.06% -17.87% 552.08%
TOTAL ASSETS
Total Short-Term Assets $97.00M $89.00M $86.50M
Total Long-Term Assets $22.60M $29.37M $31.30M
Total Assets $119.6M $118.4M $117.8M
YoY Change 1.04% -11.7% 32.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.27M $23.43M $28.70M
YoY Change -9.24% 8.45% 115.79%
Accrued Expenses $48.90M $18.00M $17.70M
YoY Change 171.67% 27.43% 70.19%
Deferred Revenue $24.70M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.90M $66.16M $56.10M
YoY Change 26.82% 12.53% 105.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.251M $1.417M $1.400M
YoY Change -11.71% 35.08%
Total Long-Term Liabilities $1.251M $1.417M $1.400M
YoY Change -11.71% 35.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.90M $66.16M $56.10M
Total Long-Term Liabilities $1.251M $1.417M $1.400M
Total Liabilities $85.16M $67.58M $57.50M
YoY Change 26.01% 12.93% 110.62%
SHAREHOLDERS EQUITY
Retained Earnings -$268.0M -$217.6M
YoY Change 23.15% 42.57%
Common Stock $28.00K $23.00K
YoY Change 21.74% 21.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.43M $50.80M $60.30M
YoY Change
Total Liabilities & Shareholders Equity $119.6M $118.4M $117.8M
YoY Change 1.02% -11.7% 32.96%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2018
OPERATING ACTIVITIES
Net Income -$11.01M -$14.20M -$61.10M
YoY Change -22.43% -10.94% 2.52%
Depreciation, Depletion And Amortization $264.0K $271.0K $3.701M
YoY Change -2.58% 14.83% 1362.85%
Cash From Operating Activities $4.060M -$1.820M -$41.77M
YoY Change -323.08% -49.86% 30.9%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$70.00K $3.718M
YoY Change -57.14% -94.17% 459.94%
Acquisitions $5.783M
YoY Change
Other Investing Activities $0.00 $5.000M $20.22M
YoY Change -100.0% -290.11% -149.77%
Cash From Investing Activities -$40.00K $4.920M $15.93M
YoY Change -100.81% -228.46% -135.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.77M
YoY Change -41.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 5.830M 34.29M
YoY Change -96.57% 555.06% -63.4%
NET CHANGE
Cash From Operating Activities 4.060M -1.820M -41.77M
Cash From Investing Activities -40.00K 4.920M 15.93M
Cash From Financing Activities 200.0K 5.830M 34.29M
Net Change In Cash 4.220M 8.930M 8.451M
YoY Change -52.74% -235.92% -51.62%
FREE CASH FLOW
Cash From Operating Activities $4.060M -$1.820M -$41.77M
Capital Expenditures -$30.00K -$70.00K $3.718M
Free Cash Flow $4.090M -$1.750M -$45.49M
YoY Change -333.71% -27.98% 39.64%

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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> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization expense, which was presented in prior year periods within cost of revenue, sales and marketing, research and development, and general and administrative operating expenses, has been reclassified and is presented as a single separate line item in operating expenses. The Company believes that this presentation more accurately reflects the Company’s cost of revenue and operating expenses. The reclassification had no effect on reported net loss.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;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, purchase accounting, impairment of long lived assets, the valuation of stock awards and stock warrants and income taxes. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There has been uncertainty and disruption in the global economy and financial markets due to the COVID-19 pandemic. 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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
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20882293
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EarningsPerShareBasicAndDiluted
-0.40
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.31
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.26
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1342000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4261000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11135119
CY2019Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
1317000
CY2020Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
21268000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3963000
CY2020Q3 veri Cash And Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
54315000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54315000
CY2020Q3 veri Cash And Cash Equivalents And Available For Sale Debt Securities Fair Value
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesFairValue
54315000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54315000
CY2019Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
15697000
CY2020Q3 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
1307000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11615666
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11376252
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11476624
CY2019Q4 veri Cash And Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
44065000
CY2019Q4 veri Cash And Cash Equivalents And Available For Sale Debt Securities Fair Value
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesFairValue
44065000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
44065000
CY2019Q4 us-gaap Goodwill
Goodwill
6904000
CY2020Q3 us-gaap Goodwill
Goodwill
6904000
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
23882000
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11796000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12086000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
23882000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7756000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
16126000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
44065000
CY2020Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
17575000
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
21381000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
105000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
29000
CY2020Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
17470000
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
21352000
CY2020Q3 veri Property And Equipment Gross
PropertyAndEquipmentGross
2276000
CY2019Q4 veri Property And Equipment Gross
PropertyAndEquipmentGross
2247000
CY2020Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2908000
CY2019Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2876000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5184000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5123000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2685000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1909000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2499000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3214000
CY2020Q3 us-gaap Depreciation
Depreciation
264000
us-gaap Depreciation
Depreciation
776000
CY2019Q3 us-gaap Depreciation
Depreciation
271000
us-gaap Depreciation
Depreciation
822000
CY2020Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
19961000
us-gaap Share Based Compensation
ShareBasedCompensation
16049000
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5111000
us-gaap Share Based Compensation
ShareBasedCompensation
13698000
us-gaap Share Based Compensation
ShareBasedCompensation
16049000
CY2020Q3 us-gaap Revenues
Revenues
15718000
CY2019Q3 us-gaap Revenues
Revenues
12805000
us-gaap Revenues
Revenues
40890000
us-gaap Revenues
Revenues
37200000
CY2020Q3 us-gaap Revenues
Revenues
15718000
CY2019Q3 us-gaap Revenues
Revenues
12805000
us-gaap Revenues
Revenues
40890000
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2000
CY2019Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
133000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
84000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
462000
CY2019Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-57000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
200000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-7000
CY2020Q3 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-6000
CY2019Q3 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-6000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
8000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-23000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4000
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
184000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-108000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
446000
CY2020Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
748000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2265000
CY2019Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
755000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2235000
veri Warrants To Purchase Shares Of Common Stock
WarrantsToPurchaseSharesOfCommonStock
450000
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1592840
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1297151
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5111000
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
4764000
us-gaap Share Based Compensation
ShareBasedCompensation
13698000

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