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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38093

 

Veritone, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-1161641

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

1615 Platte Street, 2nd Floor, Denver, CO 80202

(Address of principal executive offices, including zip code)

(888) 507-1737

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

VERI

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2) of the Exchange Act. Yes No

As of November 10, 2023, 37,052,309 shares of the registrant’s common stock were outstanding.

 

 


 

VERITONE, INC.

QUARTERLY REPORT ON FORM 10-Q

September 30, 2023

TABLE OF CONTENTS

 

Special Note Regarding Forward-Looking Statements

1

PART I.

FINANCIAL INFORMATION

 

2

Item 1.

Financial Statements (Unaudited)

 

2

 

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

2

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2023 and 2022

3

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022

4

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

6

 

Notes to the Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

44

PART II.

OTHER INFORMATION

 

46

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

Signatures

50

 

 

 

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and we intend that such forward-looking statements be subject to the safe harbors created thereby. All statements made in this Quarterly Report on Form 10-Q that are not statements of historical fact are forward-looking statements. Without limiting the generality of the foregoing, words such as “anticipates,” “believes,” “seeks,” “estimates,” “expects,” “intends,” “continue,” “can,” “may,” “plans,” “potential,” “projects,” “should,” “could,” “will,” “would” or similar expressions and the negatives of those expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, but are not limited to, any statements that refer to projections of our future financial condition and results of operations, capital needs and financing plans, competitive position, industry environment, potential growth and market opportunities, acquisition plans and strategies, compensation plans, governance structure and policies and/or the price of our common stock.

The forward-looking statements included herein represent our management’s current expectations and assumptions based on information available as of the date of this report. These statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause or contribute to such differences include, but are not limited to:

our ability to expand our aiWARE SaaS business;
declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies;
our ability to close on our Term Loan (as defined in Note 13) and our ability to obtain any additional capital to support our business growth, and the availability of such capital on acceptable terms, if at all;
our reliance upon a limited number of key customers for a significant portion of our revenue, including declines in key customers’ usage of our products and other offerings;
our ability to realize the intended benefits of our acquisitions and divestitures, including our ability to successfully integrate our recent acquisition of Broadbean (as defined in Note 3);
our identification of existing material weaknesses in our internal control over financial reporting;
fluctuations in our results over time;
the impact of seasonality on our business;
our ability to manage our growth, including through acquisitions and our further expansion into international markets;
our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments;
actions by our competitors, partners and others that may block us from using the technology in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate their technologies into our platform;
interruptions, performance problems or security issues with our technology and infrastructure, or that of our third party service providers;
the impact of the continuing economic disruption caused by macroeconomic and geopolitical factors, including the COVID-19 pandemic, the Russia-Ukraine conflict and related sanctions, the war in Israel, financial instability, inflation rates and the responses by central banking authorities to control inflation, monetary supply shifts and the threat of recession in the United States and around the world on our business operations and those of our existing and potential customers; and
any additional factors discussed in Item 1A (Risk Factors) of Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 and our other filings with the Securities and Exchange Commission (“SEC”), including this Quarterly Report on Form 10-Q and our future SEC filings.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You should carefully review these risks, as well as the additional risks described in other documents we file from time to time with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that such results will be achieved, and readers are cautioned not to place undue reliance on such forward-looking information, which speak only as of the date of this report.

Moreover, we operate in an evolving environment. New risks and uncertainties emerge from time to time and it is not possible for our management to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual future results to be materially different from those expressed or implied by any forward-looking statements.

Except as required by law, we assume no obligation to update any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. We qualify all of our forward-looking statements by these cautionary statements.

1


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

VERITONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share and share data)

(Unaudited)

 

 

As of

 

 

September 30,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

72,070

 

 

$

184,423

 

Accounts receivable, net

 

 

49,691

 

 

 

56,001

 

Expenditures billable to clients

 

 

24,447

 

 

 

22,339

 

Prepaid expenses and other current assets

 

 

15,179

 

 

 

15,242

 

Total current assets

 

 

161,387

 

 

 

278,005

 

Property, equipment and improvements, net

 

 

11,595

 

 

 

5,291

 

Intangible assets, net

 

 

89,397

 

 

 

79,664

 

Goodwill

 

 

78,388

 

 

 

46,498

 

Long-term restricted cash

 

 

869

 

 

 

859

 

Other assets

 

 

17,787

 

 

 

14,435

 

Total assets

 

$

359,423

 

 

$

424,752

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Accounts payable

 

$

40,512

 

 

$

36,738

 

Accrued media payments

 

 

84,346

 

 

 

102,064

 

Client advances

 

 

14,867

 

 

 

16,442

 

Deferred revenue

 

 

11,821

 

 

 

2,600

 

Contingent consideration, current

 

 

500

 

 

 

8,067

 

Other accrued liabilities

 

 

34,197

 

 

 

27,412

 

Total current liabilities

 

 

186,243

 

 

 

193,323

 

Convertible senior notes, non-current

 

 

138,416

 

 

 

137,767

 

Contingent consideration, non-current

 

 

317

 

 

 

 

Other non-current liabilities

 

 

15,744

 

 

 

13,811

 

Total liabilities

 

 

340,720

 

 

 

344,901

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common stock, par value $0.001 per share; 75,000,000 shares authorized; 37,082,144 and 36,321,222 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

37

 

 

 

36

 

Additional paid-in capital

 

 

460,827

 

 

 

451,162

 

Accumulated deficit

 

 

(442,071

)

 

 

(371,271

)

Accumulated other comprehensive loss

 

 

(90

)

 

 

(76

)

Total stockholders' equity

 

 

18,703

 

 

 

79,851

 

Total liabilities and stockholders' equity

 

$

359,423

 

 

$

424,752

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

VERITONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except per share and share data)

(Unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

35,133

 

 

$

37,196

 

 

$

93,363

 

 

$

105,838

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

7,187

 

 

 

7,097

 

 

 

21,761

 

 

 

20,725

 

Sales and marketing

 

 

12,892

 

 

 

13,920

 

 

 

38,706

 

 

 

37,565

 

Research and development

 

 

10,410

 

 

 

11,784

 

 

 

32,456

 

 

 

32,735

 

General and administrative

 

 

21,082

 

 

 

2,502

 

 

 

57,504

 

 

 

27,127

 

Amortization

 

 

6,624

 

 

 

5,504

 

 

 

17,767

 

 

 

15,730

 

Total operating expenses

 

 

58,195

 

 

 

40,807

 

 

 

168,194

 

 

 

133,882

 

Loss from operations

 

 

(23,062

)

 

 

(3,611

)

 

 

(74,831

)

 

 

(28,044

)

Other income (expense), net

 

 

(2,456

)

 

 

(1,249

)

 

 

1,409

 

 

 

(3,666

)

Loss before provision for income taxes

 

 

(25,518

)

 

 

(4,860

)

 

 

(73,422

)

 

 

(31,710

)

(Benefit from) provision for income taxes

 

 

(977

)

 

 

26

 

 

 

(2,622

)

 

 

(1,442

)

Net loss

 

$

(24,541

)

 

$

(4,886

)

 

$

(70,800

)

 

$

(30,268

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.66

)

 

$

(0.13

)

 

$

(1.92

)

 

$

(0.84

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

36,991,650

 

 

 

36,202,496

 

 

 

36,810,878

 

 

 

35,924,413

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(24,541

)

 

$

(4,886

)

 

$

(70,800

)

 

$

(30,268

)

Foreign currency translation (loss) gain, net of income taxes

 

 

1,749

 

 

 

66

 

 

 

(14

)

 

 

642

 

Total comprehensive loss

 

$

(22,792

)

 

$

(4,820

)

 

$

(70,814

)

 

$

(29,626

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

VERITONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)

(Unaudited)

 

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Total

 

Balance as of June 30, 2023

 

 

36,889,862

 

 

$

37

 

 

$

458,385

 

 

$

(417,530

)

 

$

(1,839

)

 

$

39,053

 

Common stock issued under employee stock plans

 

 

222,927

 

 

 

 

 

 

420

 

 

 

 

 

 

 

 

 

420

 

Common stock withheld for employee taxes

 

 

(30,645

)

 

 

 

 

 

(85

)

 

 

 

 

 

 

 

 

(85

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,107

 

 

 

 

 

 

 

 

 

2,107

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(24,541

)

 

 

 

 

 

(24,541

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,749

 

 

 

1,749

 

Balance as of September 30, 2023

 

 

37,082,144

 

 

$

37

 

 

$

460,827

 

 

$

(442,071

)

 

$

(90

)

 

$

18,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Total

 

Balance as of December 31, 2022

 

 

36,321,222

 

 

$

36

 

 

$

451,162

 

 

$

(371,271

)

 

$

(76

)

 

$

79,851

 

Common stock issued under employee stock plans

 

 

816,690

 

 

 

1

 

 

 

1,062

 

 

 

 

 

 

 

 

 

1,063

 

Common stock withheld for employee taxes

 

 

(191,568

)

 

 

 

 

 

(1,088

)

 

 

 

 

 

 

 

 

(1,088

)

Common stock issued as part of contingent consideration

 

 

135,800

 

 

 

 

 

 

756

 

 

 

 

 

 

 

 

 

756

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

8,935

 

 

 

 

 

 

 

 

 

8,935

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(70,800

)

 

 

 

 

 

(70,800

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

(14

)

Balance as of September 30, 2023

 

 

37,082,144

 

 

$

37

 

 

$

460,827

 

 

$

(442,071

)

 

$

(90

)

 

$

18,703

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

4


 

 

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Total

 

Balance as of June 30, 2022

 

 

36,128,363

 

 

$

36

 

 

$

440,809

 

 

$

(371,096

)

 

$

472

 

 

$

70,221

 

Common stock issued under employee stock plans

 

 

226,577

 

 

 

 

 

 

417

 

 

 

 

 

 

 

 

 

417

 

Common stock withheld for employee taxes

 

 

(32,475

)

 

 

 

 

 

(217

)

 

 

 

 

 

 

 

 

(217

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,172

 

 

 

 

 

 

 

 

 

5,172

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(4,886

)

 

 

 

 

 

(4,886

)

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66

 

 

 

66

 

Balance as of September 30, 2022

 

 

36,322,465

 

 

$

36

 

 

$

446,181

 

 

$

(375,982

)

 

$

538

 

 

$

70,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Loss) Income

 

 

Total

 

Balance as of December 31, 2021

 

 

34,972,256

 

 

$

35

 

 

$

431,606

 

 

$

(345,037

)

 

$

(104

)

 

$

86,500

 

Cumulative-effect of accounting change adopted as of January 1, 2022

 

 

 

 

 

 

 

 

 

 

 

(677

)

 

 

 

 

 

(677

)

Common stock issued under employee stock plans, net

 

 

1,378,922

 

 

 

1

 

 

 

1,198

 

 

 

 

 

 

 

 

 

1,199

 

Common stock withheld for employee taxes

 

 

(497,593

)

 

 

 

 

 

(9,726

)

 

 

 

 

 

 

 

 

(9,726

)

Common stock issued for acquisition

 

 

116,550

 

 

 

 

 

 

1,929

 

 

 

 

 

 

 

 

 

1,929

 

Common stock issued as part of contingent consideration

 

 

352,330

 

 

 

 

 

 

6,440

 

 

 

 

 

 

 

 

 

6,440

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

14,734

 

 

 

 

 

 

 

 

 

14,734

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(30,268

)

 

 

 

 

 

(30,268

)

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

642

 

 

 

642

 

Balance as of September 30, 2022

 

 

36,322,465

 

 

$

36

 

 

$

446,181

 

 

$

(375,982

)

 

$

538

 

 

$

70,773

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

VERITONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

Nine Months Ended
September 30,

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(70,800

)

 

$

(30,268

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

20,154

 

 

 

16,494