Consolidated Financial Statements Details (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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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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March 31,
2024 |
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December 31,
2023 |
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Accounts receivable — Managed Services(1) |
|
$ |
25,748 |
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|
$ |
38,477 |
|
Accounts receivable — Software Products & Services(2) |
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|
18,635 |
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|
26,246 |
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Accounts receivable — Other |
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|
2,120 |
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|
|
5,723 |
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46,503 |
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|
70,446 |
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Less: allowance for expected credit losses |
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|
(754 |
) |
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(1,180 |
) |
Accounts receivable, net |
|
$ |
45,749 |
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|
$ |
69,266 |
|
(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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March 31,
2024 |
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December 31,
2023 |
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Prepaid assets |
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$ |
6,153 |
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$ |
5,538 |
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Other receivables |
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|
1,473 |
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|
1,805 |
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Trade credits earned through barter transactions, current |
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6,724 |
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6,427 |
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Other current assets |
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|
1,494 |
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|
687 |
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Prepaid expenses and other current assets |
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$ |
15,844 |
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|
$ |
14,457 |
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| Summary of Other Assets |
Other assets consisted of the following:
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As of |
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March 31,
2024 |
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December 31,
2023 |
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Trade credits earned through barter transactions, non-current |
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$ |
10,339 |
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$ |
10,682 |
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Investments |
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|
4,771 |
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|
|
4,771 |
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Other non-current assets |
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|
4,797 |
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|
4,398 |
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Other assets |
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$ |
19,907 |
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$ |
19,851 |
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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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March 31,
2024 |
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December 31,
2023 |
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Property and equipment |
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$ |
6,631 |
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$ |
6,796 |
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Internal use software development costs placed in service |
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|
9,298 |
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|
8,226 |
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Leasehold improvements |
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|
1,629 |
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|
1,639 |
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17,558 |
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|
16,661 |
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Less: accumulated depreciation |
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(8,393 |
) |
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(8,005 |
) |
Property, equipment and improvements, net |
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$ |
9,165 |
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$ |
8,656 |
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| Summary of Accounts Payable |
Accounts payable consisted of the following:
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As of |
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March 31,
2024 |
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December 31,
2023 |
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Accounts payable — Managed Services(1) |
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$ |
18,179 |
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$ |
11,797 |
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Accounts payable — Other |
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|
18,409 |
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|
20,959 |
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Accounts payable |
|
$ |
36,588 |
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|
$ |
32,756 |
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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 consisted of the following:
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As of |
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|
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March 31,
2024 |
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|
December 31,
2023 |
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Accrued compensation |
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$ |
4,625 |
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|
$ |
4,615 |
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Taxes payable |
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|
4,713 |
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|
5,425 |
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Current portion of operating lease liabilities |
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|
2,239 |
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|
|
2,348 |
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Accrued trade payables |
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|
13,640 |
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|
|
13,749 |
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Other |
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|
1,058 |
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|
|
958 |
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Other accrued liabilities |
|
$ |
26,275 |
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|
$ |
27,095 |
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| Summary of Deferred Revenue |
Deferred revenue was comprised of the following:
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Three Months Ended
March 31, |
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|
2024 |
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Deferred revenue beginning balance |
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$ |
12,813 |
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Less: revenue recognized |
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|
5,742 |
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Additions to deferred revenue |
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|
6,344 |
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Ending balance of deferred revenue |
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$ |
13,415 |
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| Summary of Revenue |
Revenue for the periods presented were comprised of the following:
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Three Months Ended
March 31, |
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|
2024 |
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|
2023 |
|
Commercial Enterprise |
|
$ |
30,119 |
|
|
$ |
28,868 |
|
Public Sector |
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|
1,517 |
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|
|
1,395 |
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Total revenue |
|
$ |
31,636 |
|
|
$ |
30,263 |
|
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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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VERITONE, INC. |
|
REVENUE DETAIL (UNAUDITED) |
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(in thousands) |
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Three Months Ended
March 31, 2024 |
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Three Months Ended
March 31, 2023 |
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Commercial |
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Public |
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Commercial |
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Public |
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Enterprise |
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Sector |
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Total |
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Enterprise |
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Sector |
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Total |
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Total Software Products & Services |
$ |
13,703 |
|
|
$ |
1,517 |
|
|
$ |
15,220 |
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|
$ |
12,732 |
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|
$ |
1,395 |
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|
$ |
14,127 |
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Managed Services |
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Advertising |
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10,975 |
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— |
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10,975 |
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|
10,535 |
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— |
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|
10,535 |
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Licensing |
|
5,441 |
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— |
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5,441 |
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|
5,601 |
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— |
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|
5,601 |
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Total Managed Services |
|
16,416 |
|
|
|
— |
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|
16,416 |
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|
16,136 |
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— |
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|
16,136 |
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Total Revenue |
$ |
30,119 |
|
|
$ |
1,517 |
|
|
$ |
31,636 |
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|
$ |
28,868 |
|
|
$ |
1,395 |
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$ |
30,263 |
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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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Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest expense, net |
|
$ |
(3,990 |
) |
|
$ |
(805 |
) |
Other |
|
|
(413 |
) |
|
|
1,160 |
|
Other income (expense), net |
|
$ |
(4,403 |
) |
|
$ |
355 |
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|