Consolidated Financial Statements Details |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Financial Statements Details |
NOTE 8. CONSOLIDATED FINANCIAL STATEMENTS DETAILS Consolidated Balance Sheets Details Cash and cash equivalents As of December 31, 2023 and December 31, 2022, the Company had cash and cash equivalents of $79,439 and $184,423, respectively, including $21,179 and $93,118, respectively, of cash received from advertising customers for future payments to vendors. Accounts Receivable, Net and Allowance for Credit Losses Accounts receivable consisted of the following:
(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.
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following:
Property, Equipment and Improvements, Net Property, equipment and improvements, net consisted of the following:
Depreciation expense was $2,387 and $1,312 for the years ended December 31, 2023 and 2022, respectively. Of the $6,796 in property and equipment as of December 31, 2023, $1,691 consisted of work in progress not yet placed in service for internal use software development costs. Depreciation of internal use software development costs was $1,878 and $418 for the years ended December 31, 2023 and 2022, respectively. The Company’s property and equipment, net, are primarily located in the U.S. Property in the UK makes up 17% of total property and equipment, net as of December 31, 2023. No other country accounted for more than 10% of total property and equipment, net as of December 2022. Accounts Payable Accounts payable consisted of the following:
(1)
Accounts payable – Managed Services reflects the amounts due to media vendors for advertisements placed on behalf of the Company’s advertising clients.
Other Accrued Liabilities
Other accrued liabilities consisted of the following:
Contract Liabilities Our contract liabilities consist of deferred revenue. Deferred revenue represents billings under non-cancelable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue within the Company's consolidated balance sheets. Deferred revenue was comprised of the following:
Consolidated Statements of Operations and Comprehensive Loss Details Revenue Revenue for the periods presented were comprised of the following:
The Company serves two customer groups: (1) Commercial Enterprise, which today consists of customers in the commercial sector, including media and entertainment customers, advertising customers, content licensing customers and Veritone Hire solutions customers (inclusive of Broadbean customers); and (2) Government & Regulated Industries, which consists of customers in the government and regulated industries sectors, including state, local and federal government, legal, and compliance customers. Software Products & Services consists of revenue generated from the Company’s aiWARE platform and Veritone Hire solutions’ talent acquisition solutions (inclusive of Broadbean), any related support and maintenance services, and any related professional services associated with the deployment and / or implementation of such solutions. Managed Services consists of revenues generated from content licensing customers and advertising agency customers and related services. The table below illustrates the presentation of our revenues based on the above definitions:
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. Other Income (Expense), Net Other income (expense), net for the periods presented was comprised of the following:
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