$VERI
Veritone, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022019037 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020
Revenue $34.41M $18.30M $57.71M
YoY Change 88.07% 53.69% 16.23%
Cost Of Revenue $6.923M $4.820M $15.66M
YoY Change 43.63% 26.48% -9.42%
Gross Profit $27.48M $13.47M $42.05M
YoY Change 104.04% 66.44% 29.95%
Gross Profit Margin 79.88% 73.63% 72.87%
Selling, General & Admin $33.39M $37.97M $69.96M
YoY Change -12.06% 130.51% -1.22%
% of Gross Profit 121.49% 281.89% 166.37%
Research & Development $9.883M $4.960M $14.38M
YoY Change 99.25% 36.04% -36.87%
% of Gross Profit 35.96% 36.82% 34.2%
Depreciation & Amortization $4.891M $1.253M $6.407M
YoY Change 290.34% -21.88% 7.73%
% of Gross Profit 17.8% 9.3% 15.24%
Operating Expenses $48.29M $42.93M $84.34M
YoY Change 12.48% 105.36% -12.54%
Operating Profit -$20.81M -$29.46M -$47.67M
YoY Change -29.38% 129.94% -25.59%
Interest Expense -$1.182M $0.00 -$120.0K
YoY Change -100.0% -121.05%
% of Operating Profit
Other Income/Expense, Net -$1.186M -$9.000K -$127.0K
YoY Change 13077.78% -106.87% -123.48%
Pretax Income -$21.99M -$30.55M -$47.80M
YoY Change -28.0% 140.87% -24.76%
Income Tax $177.0K $22.00K $76.00K
% Of Pretax Income
Net Earnings -$28.44M -$30.57M -$47.88M
YoY Change -6.96% 140.99% -22.88%
Net Earnings / Revenue -82.66% -167.08% -82.96%
Basic Earnings Per Share -$0.62
Diluted Earnings Per Share -$623.8K -$950.3K -$1.735M
COMMON SHARES
Basic Shares Outstanding 35.48M 32.19M 27.61M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.6M $127.5M $114.8M
YoY Change 86.32% 159.15% 160.32%
Cash & Equivalents $237.6M $237.6M $114.8M
Short-Term Investments
Other Short-Term Assets $12.52M $5.200M $6.700M
YoY Change 140.75% 15.56% 24.07%
Inventory
Prepaid Expenses
Receivables $66.98M $24.10M $16.70M
Other Receivables $19.69M $16.10M $18.30M
Total Short-Term Assets $336.7M $172.9M $156.6M
YoY Change 94.76% 115.05% 93.09%
LONG-TERM ASSETS
Property, Plant & Equipment $2.137M $385.0K $2.400M
YoY Change 455.06% -87.17% -25.0%
Goodwill $36.63M $6.904M
YoY Change 430.56%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.937M $1.100M $1.100M
YoY Change 167.0% -8.33% -8.33%
Total Long-Term Assets $145.5M $18.00M $21.10M
YoY Change 708.54% -30.23% -22.99%
TOTAL ASSETS
Total Short-Term Assets $336.7M $172.9M $156.6M
Total Long-Term Assets $145.5M $18.00M $21.10M
Total Assets $482.3M $190.9M $177.7M
YoY Change 152.63% 79.76% 63.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.35M $19.19M $15.60M
YoY Change 99.86% 18.43% -8.24%
Accrued Expenses $119.3M $75.50M $66.10M
YoY Change 58.04% 188.17% 181.28%
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 $165.8M $103.0M $88.20M
YoY Change 60.94% 64.54% 47.74%
LONG-TERM LIABILITIES
Long-Term Debt $195.4M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.95M $2.100M $1.200M
YoY Change 611.81% 61.54% -14.29%
Total Long-Term Liabilities $14.95M $2.100M $1.200M
YoY Change 611.81% 61.54% -14.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $165.8M $103.0M $88.20M
Total Long-Term Liabilities $14.95M $2.100M $1.200M
Total Liabilities $414.0M $105.2M $89.40M
YoY Change 293.58% 64.63% 46.32%
SHAREHOLDERS EQUITY
Retained Earnings -$345.7M -$310.9M
YoY Change 11.19%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.23M $85.79M $88.20M
YoY Change
Total Liabilities & Shareholders Equity $482.3M $190.9M $177.7M
YoY Change 152.63% 79.76% 63.78%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020
OPERATING ACTIVITIES
Net Income -$28.44M -$30.57M -$47.88M
YoY Change -6.96% 140.99% -22.88%
Depreciation, Depletion And Amortization $4.891M $1.253M $6.407M
YoY Change 290.34% -21.88% 7.73%
Cash From Operating Activities $10.13M $6.209M $1.433M
YoY Change 63.21% 313.11% -104.71%
INVESTING ACTIVITIES
Capital Expenditures $735.0K $100.0K $175.0K
YoY Change 635.0% 1011.11% -40.27%
Acquisitions $1.319M
YoY Change
Other Investing Activities -$3.319M $60.00K
YoY Change -99.53%
Cash From Investing Activities -$4.054M -$100.0K -$119.0K
YoY Change 3954.0% 1011.11% -100.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $66.28M
YoY Change 177.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.25M 6.533M 69.44M
YoY Change -455.85% 81.17% 182.1%
NET CHANGE
Cash From Operating Activities 10.13M 6.209M 1.433M
Cash From Investing Activities -4.054M -100.0K -119.0K
Cash From Financing Activities -23.25M 6.533M 69.44M
Net Change In Cash -17.17M 12.64M 70.75M
YoY Change -235.8% 147.88% 1051.56%
FREE CASH FLOW
Cash From Operating Activities $10.13M $6.209M $1.433M
Capital Expenditures $735.0K $100.0K $175.0K
Free Cash Flow $9.399M $6.109M $1.258M
YoY Change 53.85% 308.9% -104.09%

Facts In Submission

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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-top:6pt;margin-bottom:0pt;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 the accounting recognition and presentation of revenue, allowance for doubtful accounts, purchase accounting, impairment of long-lived assets, the valuation of contingent consideration, the valuation of stock awards and stock warrants and income taxes, where applicable. </p> <p style="margin-top:12pt;margin-bottom:0pt;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 and the war in Ukraine. 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-top:12pt;margin-bottom:0pt;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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5088000
CY2021Q4 veri Property And Equipment Gross
PropertyAndEquipmentGross
4262000
CY2022Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
167000
CY2021Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
167000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5255000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4429000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3118000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2873000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2137000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1556000
CY2022Q1 us-gaap Depreciation
Depreciation
198000
CY2021Q1 us-gaap Depreciation
Depreciation
175000
CY2022Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
27440000
CY2021Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
23613000
CY2022Q1 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
10905000
CY2021Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
23098000
CY2022Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
38345000
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
46711000
CY2022Q1 us-gaap Revenues
Revenues
34407000
CY2021Q1 us-gaap Revenues
Revenues
18295000
CY2022Q1 us-gaap Revenues
Revenues
34407000
CY2021Q1 us-gaap Revenues
Revenues
18295000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
652000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
7.8
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12117000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12188000
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
954000
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2937000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27093000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28768000
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
13078000
CY2022Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
14135000
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-350958000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-351636000
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1182000
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2000
CY2022Q1 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-4000
CY2021Q1 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-11000
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1186000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9000
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.006
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.001
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
177000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
3402000
CY2021 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4668000
CY2022Q1 veri Liability For Potential Exposure
LiabilityForPotentialExposure
134000
CY2021Q1 veri Liability For Potential Exposure
LiabilityForPotentialExposure
138000
CY2022Q1 veri Purchase Consideration Payment Within Ten Days Of First Anniversary Of Acquisition
PurchaseConsiderationPaymentWithinTenDaysOfFirstAnniversaryOfAcquisition
1500000
CY2022Q1 veri Purchase Consideration Payment Within Ten Days Of Second Anniversary Of Acquisition
PurchaseConsiderationPaymentWithinTenDaysOfSecondAnniversaryOfAcquisition
1500000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4816000
CY2022Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2021Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0

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