Veritone, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Consolidated Financial Statements Details (Tables)

Consolidated Financial Statements Details (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts receivable consisted of the following:


	As of
	September 30, 2023			December 31, 2022
Accounts receivable — Managed Services(1)	$	19,769		$	27,670
Accounts receivable — Software Products & Services(2)		22,586			26,969
Accounts receivable — Other		8,544			2,181
		50,899			56,820
Less: allowance for expected credit losses		(1,208	)		(819	)
Accounts receivable, net	$	49,691		$	56,001

(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 hiring solutions customers.

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Prepaid assets	$	6,543	$	5,465
Other receivables		1,348		1,631
Other current assets		7,288		8,146
Prepaid expenses and other current assets	$	15,179	$	15,242

Summary of Property Equipment and Improvements, Net

Property, equipment and improvements, net consisted of the following:


	As of
	September 30, 2023			December 31, 2022
Property and equipment	$	27,309		$	8,532
Leasehold improvements		1,593			250
		28,902			8,782
Less: accumulated depreciation		(17,307	)		(3,491	)
Property, equipment and improvements, net	$	11,595		$	5,291

Summary of Accounts Payable

Accounts payable consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Accounts payable — Managed Services(1)	$	22,413	$	17,972
Accounts payable — Other		18,099		18,766
Accounts payable	$	40,512	$	36,738

(1)

Accounts payable – Managed Services reflects the amounts due to media vendors for advertisements placed on behalf of the Company’s advertising clients.

Summary of Other Accrued Liabilities

Other accrued liabilities consisted of the following:


	As of
	September 30, 2023		December 31, 2022
Accrued compensation	$	4,409	$	4,882
Taxes payable		7,353	$	4,774
Current portion of operating lease liabilities		2,494		2,112
Accrued trade payables		18,471		14,724
Other		1,470		920
Other accrued liabilities	$	34,197	$	27,412

Summary of Revenue

Revenue for the periods presented were comprised of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commercial Enterprise	$	33,657	$	36,184	$	88,891	$	103,174
Government & Regulated Industries		1,476		1,012		4,472		2,664
Total revenue	$	35,133	$	37,196	$	93,363	$	105,838

Summary of Presentation of Revenues

The table below illustrates the presentation of our revenues based on the above definitions:


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
			Government &						Government &
	Commercial		Regulated				Commercial		Regulated
	Enterprise		Industries		Total		Enterprise		Industries		Total
Total Software Products & Services	$	18,885	$	1,476	$	20,361	$	44,109	$	4,472	$	48,581

Managed Services
Advertising		9,993		—		9,993		28,945		—		28,945
Licensing		4,779		—		4,779		15,837		—		15,837
Total Managed Services		14,772		—		14,772		44,782		—		44,782

Total Revenue	$	33,657	$	1,476	$	35,133	$	88,891	$	4,472	$	93,363


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
			Government &						Government &
	Commercial		Regulated				Commercial		Regulated
	Enterprise		Industries		Total		Enterprise		Industries		Total
Total Software Products & Services	$	19,800	$	1,012	$	20,812	$	54,694	$	2,664	$	57,358

Managed Services
Advertising		11,017		—		11,017		32,620		—		32,620
Licensing		5,367		—		5,367		15,860		—		15,860
Total Managed Services		16,384		—		16,384		48,480		—		48,480

Total Revenue	$	36,184	$	1,012	$	37,196	$	103,174	$	2,664	$	105,838

Schedule of Other Income (Expense), Net

Other income (expense), net for the periods presented was comprised of the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Interest expense, net	$	(218	)	$	(1,305	)	$	(1,743	)	$	(3,670	)
Gain on sale of energy group		—			—			2,572			—
Other		(2,238	)		56			580			4
Other income (expense), net	$	(2,456	)	$	(1,249	)	$	1,409		$	(3,666	)