Consolidated Financial Statements Details (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Summary of Accounts Receivable, Net |
Accounts receivable consisted of the following:
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As of |
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December 31,
2023 |
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December 31,
2022 |
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Accounts receivable — Managed Services(1) |
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$ |
38,477 |
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$ |
27,670 |
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Accounts receivable — Software Products & Services(2) |
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26,246 |
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26,969 |
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Accounts receivable — Other |
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5,723 |
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|
2,181 |
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70,446 |
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|
56,820 |
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Less: allowance for expected credit losses |
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(1,180 |
) |
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(819 |
) |
Accounts receivable, net |
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$ |
69,266 |
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$ |
56,001 |
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(1)Accounts receivable – Managed Services reflects the amounts due from the Company’s advertising customers.
(2)Accounts receivable – Software Products & Services reflects the amounts due from the Company’s Veritone Hire solutions customers.
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| Summary of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consisted of the following:
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As of |
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December 31,
2023 |
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December 31,
2022 |
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Prepaid assets |
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$ |
5,538 |
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$ |
5,465 |
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Other receivables |
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|
1,805 |
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1,631 |
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Other current assets |
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7,114 |
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|
8,146 |
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Prepaid expenses and other current assets |
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$ |
14,457 |
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$ |
15,242 |
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| Summary of Property Equipment and Improvements, Net |
Property, equipment and improvements, net consisted of the following:
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As of |
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December 31,
2023 |
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December 31,
2022 |
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Property and equipment |
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$ |
6,796 |
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$ |
5,375 |
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Internal use software development costs placed in service |
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8,226 |
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3,157 |
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Leasehold improvements |
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1,639 |
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|
250 |
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16,661 |
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8,782 |
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Less: accumulated depreciation |
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(8,005 |
) |
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(3,491 |
) |
Property, equipment and improvements, net |
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$ |
8,656 |
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$ |
5,291 |
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| Summary of Accounts Payable |
Accounts payable consisted of the following:
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As of |
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December 31,
2023 |
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December 31,
2022 |
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Accounts payable — Managed Services(1) |
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$ |
11,797 |
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$ |
17,972 |
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Accounts payable — Other |
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20,959 |
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|
18,766 |
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Accounts payable |
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$ |
32,756 |
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$ |
36,738 |
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(1)Accounts payable – Managed Services reflects the amounts due to media vendors for advertisements placed on behalf of the Company’s advertising clients.
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| Summary of Other Accrued Liabilities |
Other Accrued Liabilities
Other accrued liabilities consisted of the following:
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As of |
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December 31,
2023 |
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December 31,
2022 |
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Accrued compensation |
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$ |
4,615 |
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$ |
4,882 |
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Taxes payable |
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5,425 |
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4,774 |
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Current portion of operating lease liabilities |
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2,348 |
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2,112 |
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Accrued trade payables |
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13,749 |
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14,724 |
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Other |
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|
958 |
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|
920 |
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Other accrued liabilities |
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$ |
27,095 |
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$ |
27,412 |
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| Summary of Deferred Revenue |
Deferred revenue was comprised of the following:
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Year Ended
December 31, |
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|
2023 |
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Deferred revenue additions from acquisition |
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$ |
10,002 |
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Less: revenue recognized |
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|
8,166 |
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Additions to deferred revenue |
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|
8,436 |
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Ending balance of deferred revenue |
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$ |
10,272 |
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| Summary of Revenue |
Revenue for the periods presented were comprised of the following:
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Year Ended
December 31, |
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2023 |
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2022 |
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Commercial Enterprise |
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$ |
121,569 |
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$ |
145,899 |
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Government & Regulated Industries |
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5,991 |
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|
3,829 |
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Total revenue |
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$ |
127,560 |
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$ |
149,728 |
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| Summary of Presentation of Revenues |
The table below illustrates the presentation of our revenues based on the above definitions:
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Year Ended
December 31, 2023 |
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Year Ended
December 31, 2022 |
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Government & |
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Government & |
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Commercial |
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Regulated |
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Commercial |
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Regulated |
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Enterprise |
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Industries |
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Total |
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Enterprise |
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Industries |
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Total |
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Total Software Products & Services |
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$ |
62,410 |
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$ |
5,991 |
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$ |
68,401 |
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$ |
80,749 |
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$ |
3,829 |
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$ |
84,578 |
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Managed Services |
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Advertising |
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38,821 |
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— |
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38,821 |
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44,665 |
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— |
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44,665 |
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Licensing |
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20,338 |
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— |
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20,338 |
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20,485 |
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— |
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20,485 |
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Total Managed Services |
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59,159 |
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— |
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59,159 |
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65,150 |
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— |
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65,150 |
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Total Revenue |
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$ |
121,569 |
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$ |
5,991 |
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$ |
127,560 |
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$ |
145,899 |
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$ |
3,829 |
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$ |
149,728 |
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In the year ended December 31, 2022, substantially all of our revenue was derived from customers located in the U.S. With the June 2023 acquisition of Broadbean, we expanded our customer base throughout Europe and Asia Pacific. In 2023, 13% of our consolidated revenue was from customers outside of the U.S., as compared to less than 10% in 2022.
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| Schedule of Other Income (Expense), Net |
Other income (expense), net for the periods presented was comprised of the following:
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Year Ended
December 31, |
|
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|
2023 |
|
|
2022 |
|
Interest expense, net |
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|
|
|
$ |
(2,447 |
) |
|
$ |
(4,862 |
) |
Gain on sale of energy group |
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|
2,572 |
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— |
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Other |
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|
515 |
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|
512 |
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Other income (expense), net |
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$ |
640 |
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$ |
(4,350 |
) |
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