$VERI
Veritone, Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022029403 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $37.20M $34.24M $34.41M
YoY Change 64.18% 78.25% 88.07%
Cost Of Revenue $7.097M $6.705M $6.923M
YoY Change 22.19% 28.18% 43.63%
Gross Profit $30.10M $27.53M $27.48M
YoY Change 78.66% 96.99% 104.04%
Gross Profit Margin 80.92% 80.41% 79.88%
Selling, General & Admin $16.42M $14.88M $33.39M
YoY Change -21.59% -28.79% -12.06%
% of Gross Profit 54.56% 54.05% 121.49%
Research & Development $11.78M $11.07M $9.883M
YoY Change 124.29% 138.23% 99.25%
% of Gross Profit 39.15% 40.2% 35.96%
Depreciation & Amortization $320.0K $245.0K $4.891M
YoY Change 236.84% 214.1% 290.34%
% of Gross Profit 1.06% 0.89% 17.8%
Operating Expenses $28.21M $25.95M $48.29M
YoY Change 1.17% 1.59% 12.48%
Operating Profit -$3.611M -$3.629M -$20.81M
YoY Change -67.27% -71.31% -29.38%
Interest Expense -$1.305M -$1.183M -$1.182M
YoY Change 43400.0% -59250.0%
% of Operating Profit
Other Income/Expense, Net -$1.249M -$1.231M -$1.186M
YoY Change 8226.67% 9369.23% 13077.78%
Pretax Income -$4.860M -$4.860M -$21.99M
YoY Change -56.01% -61.61% -28.0%
Income Tax $26.00K -$1.607M $177.0K
% Of Pretax Income
Net Earnings -$4.886M -$3.253M -$28.44M
YoY Change -57.31% -74.42% -6.96%
Net Earnings / Revenue -13.14% -9.5% -82.66%
Basic Earnings Per Share -$0.13 -$0.09 -$0.62
Diluted Earnings Per Share -$0.13 -$0.09 -$623.8K
COMMON SHARES
Basic Shares Outstanding 36.14M 36.08M 35.48M
Diluted Shares Outstanding 36.20M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.1M $220.5M $237.6M
YoY Change 169.9% 82.76% 86.32%
Cash & Equivalents $196.1M $220.5M $237.6M
Short-Term Investments
Other Short-Term Assets $16.96M $14.37M $12.52M
YoY Change 58.78% 60.61% 140.75%
Inventory
Prepaid Expenses
Receivables $85.95M $50.13M $66.98M
Other Receivables $23.79M $17.97M $19.69M
Total Short-Term Assets $322.8M $302.9M $336.7M
YoY Change 93.89% 78.33% 94.76%
LONG-TERM ASSETS
Property, Plant & Equipment $4.636M $3.400M $2.137M
YoY Change 293.55% 609.81% 455.06%
Goodwill $46.47M $45.79M $36.63M
YoY Change 65.95% 563.2% 430.56%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.868M $9.603M $2.937M
YoY Change 272.66% 785.07% 167.0%
Total Long-Term Assets $147.0M $149.0M $145.5M
YoY Change 17.87% 773.74% 708.54%
TOTAL ASSETS
Total Short-Term Assets $322.8M $302.9M $336.7M
Total Long-Term Assets $147.0M $149.0M $145.5M
Total Assets $469.8M $452.0M $482.3M
YoY Change 61.33% 141.78% 152.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.44M $30.21M $38.35M
YoY Change -5.03% 86.8% 99.86%
Accrued Expenses $133.5M $106.5M $119.3M
YoY Change 18.9% 31.69% 58.04%
Deferred Revenue $13.70M $11.98M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $185.8M $170.4M $165.8M
YoY Change 7.33% 62.74% 60.94%
LONG-TERM LIABILITIES
Long-Term Debt $196.0M $195.7M $195.4M
YoY Change
Other Long-Term Liabilities $16.68M $15.34M $14.95M
YoY Change 60.12% 671.44% 611.81%
Total Long-Term Liabilities $16.68M $15.34M $14.95M
YoY Change 60.12% 671.44% 611.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.8M $170.4M $165.8M
Total Long-Term Liabilities $16.68M $15.34M $14.95M
Total Liabilities $399.0M $381.7M $414.0M
YoY Change 117.41% 257.76% 293.58%
SHAREHOLDERS EQUITY
Retained Earnings -$376.0M -$371.1M -$345.7M
YoY Change 12.2% 14.66% 11.19%
Common Stock $36.00K $36.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.77M $70.22M $68.23M
YoY Change
Total Liabilities & Shareholders Equity $469.8M $452.0M $482.3M
YoY Change 61.33% 141.78% 152.63%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.886M -$3.253M -$28.44M
YoY Change -57.31% -74.42% -6.96%
Depreciation, Depletion And Amortization $320.0K $245.0K $4.891M
YoY Change 236.84% 214.1% 290.34%
Cash From Operating Activities -$20.35M -$14.42M $10.13M
YoY Change 701.93% 100.24% 63.21%
INVESTING ACTIVITIES
Capital Expenditures -$1.519M -$1.523M $735.0K
YoY Change 763.07% 785.47% 635.0%
Acquisitions $1.319M
YoY Change
Other Investing Activities -$2.727M -$1.293M -$3.319M
YoY Change -94.27%
Cash From Investing Activities -$4.246M -$2.816M -$4.054M
YoY Change -91.11% 1537.21% 3954.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 145.0K -23.25M
YoY Change -91.43% -73.3% -455.85%
NET CHANGE
Cash From Operating Activities -20.35M -14.42M 10.13M
Cash From Investing Activities -4.246M -2.816M -4.054M
Cash From Financing Activities 200.0K 145.0K -23.25M
Net Change In Cash -24.39M -17.09M -17.17M
YoY Change -49.17% 150.22% -235.8%
FREE CASH FLOW
Cash From Operating Activities -$20.35M -$14.42M $10.13M
Capital Expenditures -$1.519M -$1.523M $735.0K
Free Cash Flow -$18.83M -$12.90M $9.399M
YoY Change 697.37% 83.47% 53.85%

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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, the war in Ukraine, the recent inflationary environment and rising interest rates. 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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14948000
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-345037000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-345715000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
669000
us-gaap Operating Lease Payments
OperatingLeasePayments
1321000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.078
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
3402000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
4668000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4661000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6609000
us-gaap Share Based Compensation
ShareBasedCompensation
9477000
us-gaap Share Based Compensation
ShareBasedCompensation
28219000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4661000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6609000
us-gaap Share Based Compensation
ShareBasedCompensation
9477000
us-gaap Share Based Compensation
ShareBasedCompensation
28219000
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2021Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0
CY2021Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
0

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