$VERI
Veritone, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021041111 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $19.21M $13.27M $11.90M
YoY Change 44.75% 8.13% -1.82%
Cost Of Revenue $5.231M $4.330M $3.811M
YoY Change 20.81% -5.09% -1.52%
Gross Profit $13.98M $8.940M $8.093M
YoY Change 56.32% 15.98% -1.9%
Gross Profit Margin 72.76% 67.38% 67.99%
Selling, General & Admin $20.90M $16.28M $16.47M
YoY Change 28.36% -10.02% -7.58%
% of Gross Profit 149.53% 182.1% 203.53%
Research & Development $4.646M $3.440M $3.646M
YoY Change 35.06% -45.84% -47.45%
% of Gross Profit 33.25% 38.48% 45.05%
Depreciation & Amortization $78.00K $256.0K $1.604M
YoY Change -69.53% -2.66% 41.57%
% of Gross Profit 0.56% 2.86% 19.82%
Operating Expenses $25.54M $20.49M $20.91M
YoY Change 24.66% -16.18% -15.57%
Operating Profit -$12.65M -$11.55M -$12.81M
YoY Change 9.5% -30.99% -22.39%
Interest Expense $2.000K -$200.0K $80.00K
YoY Change -101.0% -266.67% -50.0%
% of Operating Profit
Other Income/Expense, Net -$13.00K -$235.0K $131.0K
YoY Change -94.47% -560.78% -37.91%
Pretax Income -$12.66M -$11.79M -$12.68M
YoY Change 7.38% -29.34% -22.19%
Income Tax $55.00K $0.00 $3.000K
% Of Pretax Income
Net Earnings -$12.72M -$11.79M -$12.68M
YoY Change 7.82% -29.35% -22.21%
Net Earnings / Revenue -66.2% -88.88% -106.55%
Basic Earnings Per Share -$0.39
Diluted Earnings Per Share -$0.39 -$434.7K -$473.7K
COMMON SHARES
Basic Shares Outstanding 32.76M 27.14M 26.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.6M $50.10M $49.20M
YoY Change 140.77% 10.6% -3.34%
Cash & Equivalents $120.6M $50.08M $50.02M
Short-Term Investments
Other Short-Term Assets $8.944M $5.300M $4.500M
YoY Change 68.75% 47.22% 55.17%
Inventory
Prepaid Expenses
Receivables $19.52M $24.54M $21.90M
Other Receivables $20.78M $3.200M $4.800M
Total Short-Term Assets $169.9M $83.10M $80.40M
YoY Change 104.42% 3.2% -7.9%
LONG-TERM ASSETS
Property, Plant & Equipment $479.0K $2.732M $3.000M
YoY Change -82.47% -25.36% -21.34%
Goodwill $6.904M $6.904M
YoY Change 0.0% 27.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.085M $1.100M $1.200M
YoY Change -1.36% 0.0% 2348.98%
Total Long-Term Assets $17.06M $24.20M $25.80M
YoY Change -29.52% -16.66% -14.57%
TOTAL ASSETS
Total Short-Term Assets $169.9M $83.10M $80.40M
Total Long-Term Assets $17.06M $24.20M $25.80M
Total Assets $186.9M $107.3M $106.2M
YoY Change 74.21% -2.06% -9.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.17M $20.50M $16.20M
YoY Change -21.09% 11.05% -21.74%
Accrued Expenses $80.90M $41.00M $26.20M
YoY Change 97.31% 230.27% 20.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $104.7M $65.90M $62.60M
YoY Change 58.89% 22.73% 6.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.989M $1.300M $1.300M
YoY Change 53.0% -5.04% 1.88%
Total Long-Term Liabilities $1.989M $1.300M $1.300M
YoY Change 53.0% -5.04% 1.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.7M $65.90M $62.60M
Total Long-Term Liabilities $1.989M $1.300M $1.300M
Total Liabilities $106.7M $67.20M $63.90M
YoY Change 58.78% 22.04% 6.49%
SHAREHOLDERS EQUITY
Retained Earnings -$323.6M -$257.0M
YoY Change 25.95% 26.33%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.23M $40.08M $42.27M
YoY Change
Total Liabilities & Shareholders Equity $186.9M $107.3M $106.2M
YoY Change 74.21% -2.06% -9.62%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$12.72M -$11.79M -$12.68M
YoY Change 7.82% -29.35% -22.21%
Depreciation, Depletion And Amortization $78.00K $256.0K $1.604M
YoY Change -69.53% -2.66% 41.57%
Cash From Operating Activities -$7.201M -$4.280M $1.503M
YoY Change 68.25% -64.27% -132.45%
INVESTING ACTIVITIES
Capital Expenditures -$172.0K -$20.00K $9.000K
YoY Change 760.0% -96.61% -90.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K $0.00
YoY Change -100.0% -98.86% -100.0%
Cash From Investing Activities -$172.0K $40.00K -$9.000K
YoY Change -530.0% -99.14% -100.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.505M
YoY Change -15.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 543.0K 5.160M 3.606M
YoY Change -89.48% -33.07% -19.58%
NET CHANGE
Cash From Operating Activities -7.201M -4.280M 1.503M
Cash From Investing Activities -172.0K 40.00K -9.000K
Cash From Financing Activities 543.0K 5.160M 3.606M
Net Change In Cash -6.830M 920.0K 5.100M
YoY Change -842.39% 130.0% 129.01%
FREE CASH FLOW
Cash From Operating Activities -$7.201M -$4.280M $1.503M
Capital Expenditures -$172.0K -$20.00K $9.000K
Free Cash Flow -$7.029M -$4.260M $1.494M
YoY Change 65.0% -62.6% -131.59%

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;"> </p> <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;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.51%;color:#000000;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. Gross profit, which was previously reflected in the statement of operations and comprehensive loss, is no longer presented. Additionally, cost of revenue, which was presented in prior periods within gross profit, is now presented as an operating expense. The Company believes that this presentation more accurately reflects the Company’s cost of revenue and operating expenses. These reclassifications 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, where applicable. </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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CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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3963000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2520000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
120627000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
114817000
CY2021Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
19601000
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
16784000
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
83000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
118000
CY2021Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
19518000
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
16666000
CY2020Q4 veri Property And Equipment Gross
PropertyAndEquipmentGross
2365000
CY2020Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2899000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5264000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2910000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
479000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2354000
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
3559000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1894000
CY2021Q2 us-gaap Depreciation
Depreciation
78000
us-gaap Depreciation
Depreciation
253000
CY2020Q2 us-gaap Depreciation
Depreciation
256000
us-gaap Depreciation
Depreciation
512000
CY2021Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
14031000
CY2020Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
14667000
CY2021Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
2143000
CY2020Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
965000
CY2021Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
16174000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
15632000
CY2021Q2 us-gaap Revenues
Revenues
19206000
CY2020Q2 us-gaap Revenues
Revenues
13268000
us-gaap Revenues
Revenues
37501000
us-gaap Revenues
Revenues
25172000
CY2021Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2000
CY2020Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
202000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
200000
CY2021Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-15000
CY2020Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-38000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-26000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-13000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-235000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
3970000
CY2021Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
306000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
877000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
751000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1517000
CY2021Q2 veri Liability For Potential Exposure
LiabilityForPotentialExposure
146000
veri Liability For Potential Exposure
LiabilityForPotentialExposure
284000
CY2021Q2 veri Accrued Liability For Potential Sales Tax
AccruedLiabilityForPotentialSalesTax
845000
us-gaap Share Based Compensation
ShareBasedCompensation
28219000
us-gaap Share Based Compensation
ShareBasedCompensation
8587000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6609000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4131000
us-gaap Share Based Compensation
ShareBasedCompensation
28219000
us-gaap Share Based Compensation
ShareBasedCompensation
8587000

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