Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Veritone Reports Second Quarter 2022 Results


Veritone, Inc. (NASDAQ: VERI), creator of aiWARE, a hyper-expansive enterprise AI platform, today reported results for the second quarter ended June 30, 2022.

"For the second quarter of 2022, Veritone reported revenue of $34.2 million, representing year-over-year growth of 78 percent on a GAAP basis and 2 percent on a Pro Forma basis. Over the same period, bookings in the quarter nearly doubled and our customer count grew 42%, both on a Pro Forma basis," said Chad Steelberg, Chairman and CEO of Veritone. "Veritone is well capitalized?we have over $220 million in Cash and Cash Equivalents with many levers of growth. We continue to strategically invest in our growth and the opportunity that aiWARE represents."

Ryan Steelberg, President of Veritone added, "Overall, Veritone's business remains strong. Our customer growth, record bookings and increasingly diverse revenue base all speak to that reality. We believe we have a significant opportunity to increase our market share, and it is up to us to deliver the right solutions, at the right time, with the proper amount of support to maximize that opportunity. We remain focused and dedicated to executing on our strategy."

Financial Highlights: Second Quarter 2022 Compared to Second Quarter 2021

(1)  

Including approximately $64.0 million of cash received from Managed Services clients for future payments to vendors.

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

Unaudited
(in $000s, except customers)

2022

 

2021

 

Percent
Change

 

2022

 

2021

 

Percent
Change

Revenue

$

34,235

 

$

19,206

 

78%

 

$

68,642

 

$

37,501

 

83%

Net Loss

$

(3,236)

 

$

(12,715)

 

NM

 

$

(31,677)

 

$

(43,282)

 

NM

Non-GAAP Gross Profit(1)

$

27,530

 

$

13,975

 

97%

 

$

55,014

 

$

27,447

 

100%

Non-GAAP Net Loss(1)

$

(7,183)

 

$

(3,921)

 

NM

 

$

(12,354)

 

$

(7,841)

 

NM

Non-GAAP Net Loss (Pro Forma) (1)

$

(7,183)

 

$

2,009

 

NM

 

$

(12,354)

 

$

(2,369)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

Software Products & Services
Supplemental Financial Information(1)

2022

 

2021

 

Percent
Change

 

2022

 

2021

 

Percent
Change

Software Revenue ? Pro Forma (in 000s)

$

18,379

 

$

20,072

 

(8%)

 

$

36,546

 

$

30,255

 

21%

Ending Customers

 

594

 

 

419

 

42%

 

 

 

 

 

 

AAR(1) (in 000s)

$

187

 

$

203

 

(8%)

 

 

 

 

 

 

Total New Bookings (in 000s)

$

14,658

 

$

4,896

 

199%

 

 

 

 

 

 

 

(1) See tables below for reconciliation of non-GAAP financial measures to directly comparable GAAP measures and for the definitions used for Software Products & Services Supplemental Financial Information.

Recent Business Highlights

Financial Results for Three Months Ended June 30, 2022

Achieved second quarter revenue of $34.2 million, up 78% from $19.2 million in the second quarter of 2021. Software Products & Services revenue reached $18.4 million, 229% greater than the second quarter of 2021, driven by the PandoLogic acquisition and over 60% growth in legacy Veritone Software Products and Services. Managed Services revenue grew to $15.9 million, up 16% compared to the second quarter of 2021, driven by growth in content licensing services. GAAP net loss was $3.2 million, compared to $12.7 million in the second quarter of 2021, driven in part by a one-time non-cash benefit in Q2 of $13.8 million associated with estimated earn-out on the PandoLogic acquisition. Net loss margin was 9.5%, compared to 66% in the second quarter of 2021. Non-GAAP net loss was $7.1 million, compared to $3.9 million in the second quarter of 2021, largely driven by higher investments in people and infrastructure costs to grow and scale our business. Non-GAAP gross profit increased to $27.5 million, up $14.0 million, or 97%, compared to the second quarter of 2021, driven by the PandoLogic contribution and organic revenue growth. Non-GAAP gross margin improved to 80%, compared to 73% in the second quarter of 2021.

Second quarter Pro Forma Revenue improved 2% from $33.7 million in second quarter 2021. Driving this was Managed Services, which increased 16% year over year, offset by Software Products and Services, which declined 8% year over year. During Q2 2022, Software Products and Services increased ending customers 42% year over year, coupled with significant growth in legacy Veritone Software Products and Services; however, offsetting this was an 8% decline in AAR driven in large part by PandoLogic, which saw Amazon significantly reduce its hiring consumption. Excluding Amazon, PandoLogic customer and revenue growth exceeded 50% growth year over year. As a percentage of revenue, Amazon declined to 11% of consolidated revenue in the second quarter 2022 revenue as compared to 31% in first quarter 2022.

As of June 30, 2022, the Company had cash and cash equivalents of $220.5 million, including approximately $64.0 million of cash received from Managed Services clients for future payments to vendors.

Restatement of Previously Issued Financial Statements

On August 9, 2022, the management and the audit committee of Veritone determined that Veritone's previously issued financial statements as of and for the three months ended March 31, 2022 should no longer be relied upon due to an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic, which led to an understatement of goodwill and contingent consideration at the time of the acquisition, and for subsequent changes in the fair value of the contingent consideration. The restatement results in a non-cash charge that reduces general and administrative expenses and results in a favorable change to net loss for the three months ended March 31, 2022. Veritone will restate its prior period financial statements for the three months ended March 31, 2022 for such errors in an amendment to its Quarterly Report on Form 10-Q for the three months ended March 31, 2022. Veritone determined that the errors were not material to the previously issued financial statements and disclosures included in its Annual Report on Form 10-K for the year ended December 31, 2021 or for any quarterly periods therein. Tables below reflect the adjustments expected to be made for the three months ended March 31, 2022 and as of December 31, 2021.

Business Outlook

We expect the second half of 2022 to continue to be pressured by Amazon's reduced hiring investment, the estimated impact of which is included in our Q3 and full year 2022 business outlook.

Third Quarter 2022

Full Year 2022

Conference Call

Veritone will hold a conference call using its synthetic voice technology, Veritone Voice, to deliver management's prepared remarks on Tuesday, August 9, 2022, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its second quarter 2022, provide an update on the business, and conduct a question-and-answer session. To participate, please join the audio webcast or dial-in and ask to be connected to the Veritone earnings conference call. To avoid a delay if dialing in, please pre-register or join the live audio webcast.

* Please note that pre-registered participants will receive their dial-in number and unique PIN upon registration.

About the Presentation of Supplemental Non-GAAP and Pro Forma Financial Information

In this news release, the Company has supplemented its financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, including Pro Forma Revenue, Average Annual Revenue (AAR), Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP net loss (pro forma), Non-GAAP net income (loss) and Non-GAAP net income (loss) per share. The Company has posted additional supplemental financial information on its website at investors.veritone.com concurrently with this press release.

Pro Forma Revenue includes historical Software Products & Services revenue from the past six fiscal quarters of each of Veritone, Inc. and PandoLogic Ltd. (unaudited) and presents such revenue on a combined pro forma basis treating PandoLogic Ltd. as owned by Veritone, Inc. since January 1, 2021. Average Annual Revenue (AAR) is calculated as the aggregate of trailing twelve-month Software Products & Services Pro Forma Revenue divided by the average number of customers over the same period for both Veritone, Inc. and PandoLogic Ltd. Non-GAAP gross profit is defined as revenue less cost of revenue. Non-GAAP gross margin is defined as Non-GAAP gross profit divided by revenue. Non-GAAP net loss (pro forma) is the Company's net loss excluding the items set forth below presented on a combined pro forma basis treating PandoLogic Ltd. as owned by Veritone, Inc. since January 1, 2021. Non-GAAP net income (loss) and Non-GAAP net income (loss) per share is the Company's net income (loss) and net income (loss) per share, respectively, adjusted to exclude interest expense, provision for income taxes, depreciation expense, amortization expense, stock-based compensation expense, changes in fair value of warrant liability, changes in fair value of contingent consideration, a reserve for state sales taxes, charges related to a facility sublease, gain on sale of asset, warrant expense, acquisition and diligence costs, and severance and executive search costs. The items excluded from these non-GAAP financial measures, as well as a breakdown of GAAP net income (loss), non-GAAP net income (loss) and these excluded items between the Company's Core Operations and Corporate, are detailed in the reconciliations included following the financial statements attached to this news release. In addition, following the financial statements attached to this news release, the Company has provided additional supplemental non-GAAP measures of operating expenses, loss from operations, other income (expense), net, and loss before income taxes, excluding the items excluded from non-GAAP net loss as noted above, and reconciling such non-GAAP measures to the most directly comparable GAAP measures.

The Company has provided these non-GAAP financial measures because management believes such information to be important supplemental measures of performance that are commonly used by securities analysts, investors and other interested parties in the evaluation of companies in its industry. Management also uses this information internally for forecasting and budgeting.

These non-GAAP financial measures should not be considered as an alternative to revenue, net income (loss), operating income (loss) or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. Other companies (including the Company's competitors) may define these non-GAAP financial measures differently.

These non-GAAP financial measures may not be indicative of the historical operating results of Veritone or predictive of potential future results. Investors should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of the Company's results as reported in accordance with GAAP.

In addition, the Company defines the following capitalized terms in this news release as follows:

Core Operations consists of the Company's aiWARE operating platform of software, SaaS and related services; content licensing and advertising agency services; and their supporting operations, including direct costs of sales as well as operating expenses for sales, marketing and product development and certain general and administrative costs dedicated to these operations.

Corporate principally consists of general and administrative functions such as executive, finance, legal, people operations, fixed overhead expenses (including facilities and information technology expenses), other income (expenses) and taxes, and other expenses that support the entire Company, including public company driven costs.

Software Products & Services consists of revenues generated from commercial enterprise and government and regulated industries customers using our aiWARE platform and PandoLogic's talent acquisition software product solutions, any related support and maintenance services, and any related professional services associated with the deployment and/or implementation of such solutions.

Managed Services consist of revenues generated from commercial enterprise customers using our content licensing services and advertising agency and related services.

About Veritone

Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) software and solutions. Serving organizations in both commercial and regulated sectors, Veritone's software, services, and industry applications accelerate and maximize digital migration, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone's hyper-expansive Enterprise AI platform, aiWAREtm, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through professional and managed services, as well as its robust partner ecosystem, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.

To learn more, visit Veritone.com.

Safe Harbor Statement

This news release contains forward-looking statements, including without limitation statements regarding the Company's expectations regarding its significant opportunity to grow market share and the Company's expected total revenue and Non-GAAP net income(loss) for Q3 2022 and for full year 2022. In addition, words such as "may," "will," "expect," "believe," "anticipate," "intend," "plan," "should," "could," "estimate" or "continue" or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management's current assumptions, beliefs and information. As such, the Company's actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things, the process of preparing the restated financial statements as of and for the three months ended March 31, 2022 or other subsequent events that would require the Company to make additional adjustments to previously issued financial statements, the impact of the economic disruption caused by the COVID-19 pandemic and the Russian invasion of Ukraine on the business of the Company and that of its existing and potential customers; increasing interest rates and inflationary pressure; the Company's ability to achieve broad recognition and customer acceptance of its products and services; the Company's ability to continue to develop and add additional capabilities and features to its aiWARE operating system; the development of the market for cognitive analytics solutions; the ability of third parties to develop and provide additional high quality, relevant machine learning models and applications; the Company's ability to successfully identify and integrate such additional third-party models and applications onto its aiWARE operating system, and to continue to be able to access and utilize such models and applications, and the cost thereof; as well as the impact of future economic, competitive and market conditions, particularly those related to its strategic end markets; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Certain of these judgments and risks are discussed in more detail in the Company's Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company's objectives or plans will be achieved. The forward-looking statements contained herein reflect the Company's beliefs, estimates and predictions as of the date hereof, and the Company undertakes no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law.

VERITONE, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2022

 

 

2021 (1)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

220,463

 

 

$

254,722

 

Accounts receivable, net

 

50,134

 

 

 

85,063

 

Expenditures billable to clients

 

17,975

 

 

 

27,180

 

Prepaid expenses and other current assets

 

14,365

 

 

 

12,117

 

Total current assets

 

302,937

 

 

 

379,082

 

Property, equipment and improvements, net

 

3,400

 

 

 

1,556

 

Intangible assets, net

 

89,370

 

 

 

93,872

 

Goodwill

 

44,731

 

 

 

40,972

 

Long-term restricted cash

 

856

 

 

 

855

 

Other assets

 

9,602

 

 

 

230

 

Total assets

$

450,896

 

 

$

516,567

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

30,213

 

 

$

46,711

 

Accrued media payments

 

81,569

 

 

 

86,923

 

Client advances

 

11,977

 

 

 

10,561

 

Contingent consideration, current

 

21,680

 

 

 

20,053

 

Other accrued liabilities

 

24,963

 

 

 

27,093

 

Total current liabilities

 

170,402

 

 

 

191,341

 

Convertible senior notes, non-current

 

195,681

 

 

 

195,082

 

Contingent consideration, non-current

 

305

 

 

 

31,533

 

Other non-current liabilities

 

15,343

 

 

 

13,891

 

Total liabilities

 

381,731

 

 

 

431,847

 

Total stockholders' equity

 

69,165

 

 

 

85,444

 

Total liabilities and stockholders' equity

$

450,896

 

 

$

517,291

 

 

 

 

 

 

 

 

 

(1) Balances as of December 31, 2021 have been revised to correct an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic. For additional information, see the "Restatement of Previously Issued Financial Statements" section of this press release.

 

VERITONE, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

AND COMPREHENSIVE LOSS

 

(in thousands, except per share and share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2022

 

 

2021

 

 

2022(1)

 

 

2021

 

Revenue

$

34,235

 

 

$

19,206

 

 

$

68,642

 

 

$

37,501

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

6,705

 

 

 

5,231

 

 

 

13,628

 

 

 

10,054

 

Sales and marketing

 

12,576

 

 

 

5,253

 

 

 

23,645

 

 

 

11,680

 

Research and development

 

11,068

 

 

 

4,646

 

 

 

20,951

 

 

 

9,606

 

General and administrative

 

2,304

 

 

 

15,644

 

 

 

24,625

 

 

 

47,187

 

Amortization

 

5,211

 

 

 

1,079

 

 

 

10,226

 

 

 

2,157

 

Total operating expenses

 

37,864

 

 

 

31,853

 

 

 

93,075

 

 

 

80,684

 

Loss from operations

 

(3,629

)

 

 

(12,647

)

 

 

(24,433

)

 

 

(43,183

)

Other expense, net

 

(1,231

)

 

 

(13

)

 

 

(2,417

)

 

 

(22

)

Loss before provision for income taxes

 

(4,860

)

 

 

(12,660

)

 

 

(26,850

)

 

 

(43,205

)

Provision for income taxes

 

(1,607

)

 

 

55

 

 

 

(1,468

)

 

 

77

 

Net loss

$

(3,253

)

 

$

(12,715

)

 

$

(25,382

)

 

$

(43,282

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.09

)

 

$

(0.39

)

 

$

(0.71

)

 

$

(1.33

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

36,083,515

 

 

 

32,741,356

 

 

 

35,782,766

 

 

 

32,458,269

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(3,253

)

 

$

(12,715

)

 

$

(25,382

)

 

$

(43,282

)

Foreign currency translation gain, net of income taxes

 

386

 

 

 

?

 

 

 

576

 

 

 

7

 

Total comprehensive loss

$

(2,867

)

 

$

(12,715

)

 

$

(24,806

)

 

$

(43,275

)

 

(1) Amounts for the three months ended March 31, 2022 have been revised to correct for an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic and for subsequent changes in the fair value of the contingent consideration. For additional information, see the "Restatement of Previously Issued Financial Statements" section of this press release.

 

VERITONE, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

(in thousands)

 

 

Six Months Ended

 

 

June 30,

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss(1)

$

(25,382

)

 

$

(43,282

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization(1)

 

10,670

 

 

 

2,410

 

Loss on disposal of fixed assets

 

?

 

 

 

1,894

 

Provision for doubtful accounts

 

472

 

 

 

5

 

Loss on sublease

 

?

 

 

 

1,211

 

Change in deferred taxes

 

(1,940

)

 

 

?

 

Change in fair value of contingent consideration(1)

 

(8,785

)

 

 

?

 

Stock-based compensation expense

 

9,562

 

 

 

28,219

 

Amortization of debt issuance costs

 

599

 

 

 

?

 

Amortization of right-of-use assets

 

531

 

 

 

?

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

35,545

 

 

 

(2,857

)

Expenditures billable to clients

 

9,205

 

 

 

(2,418

)

Prepaid expenses and other assets

 

(1,481

)

 

 

(2,218

)

Other assets

 

(4,950

)

 

 

?

 

Accounts payable

 

(16,522

)

 

 

542

 

Accrued media payments

 

(5,988

)

 

 

12,392

 

Client advances

 

1,416

 

 

 

1,142

 

Other accrued liabilities

 

(4,278

)

 

 

2,387

 

Other liabilities(1)

 

(2,959

)

 

 

(418

)

Net cash used in operating activities

 

(4,285

)

 

 

(991

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Minority investment

 

(2,000

)

 

 

?

 

Capital expenditures

 

(2,258

)

 

 

(272

)

Acquisitions, net of cash acquired

 

(2,612

)

 

 

?

 

Net cash used in investing activities

 

(6,870

)

 

 

(272

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Payment of contingent considerations

 

(14,376

)

 

 

?

 

Proceeds from common stock offerings, net

 

(9,509

)

 

 

?

 

Proceeds from the exercise of warrants

 

?

 

 

 

2,279

 

Proceeds from issuances of stock under employee stock plans, net

 

782

 

 

 

4,794

 

Net cash (used in) provided by financing activities

 

(23,103

)

 

 

7,073

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents and restricted cash

 

(34,258

)

 

 

5,810

 

Cash and cash equivalents and restricted cash, beginning of period

 

255,577

 

 

 

115,672

 

Cash and cash equivalents and restricted cash, end of period

$

221,319

 

 

$

121,482

 

 

(1) Amounts in the three months ended March 31, 2022 have been revised to correct for an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic and for subsequent changes in the fair value of the contingent consideration. For additional information, see the "Restatement of Previously Issued Financial Statements" section of this press release.

 

VERITONE, INC.

 

REVENUE DETAIL (UNAUDITED)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30, 2022

 

 

June 30, 2022

 

 

 

 

 

 

Government
&

 

 

 

 

 

 

 

 

 

 

Government
&

 

 

 

 

 

 

Commercial

 

 

Regulated

 

 

 

 

 

 

Commercial

 

 

Regulated

 

 

 

 

 

 

Enterprise

 

 

Industries

 

 

Total

 

 

Enterprise

 

 

Industries

 

 

Total

 

Total Software Products & Services

$

17,508

 

 

$

871

 

 

$

18,379

 

 

$

34,894

 

 

$

1,652

 

 

$

36,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Managed Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

10,635

 

 

 

?

 

 

 

10,635

 

 

 

21,603

 

 

 

?

 

 

 

21,603

 

Licensing

 

5,221

 

 

 

?

 

 

 

5,221

 

 

 

10,493

 

 

 

?

 

 

 

10,493

 

Total Managed Services

 

15,856

 

 

 

?

 

 

 

15,856

 

 

 

32,096

 

 

 

?

 

 

 

32,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

$

33,364

 

 

$

871

 

 

$

34,235

 

 

$

66,990

 

 

$

1,652

 

 

$

68,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30, 2021

 

 

June 30, 2021

 

 

 

 

 

 

Government
&

 

 

 

 

 

 

 

 

 

 

Government
&

 

 

 

 

 

 

Commercial

 

 

Regulated

 

 

 

 

 

 

Commercial

 

 

Regulated

 

 

 

 

 

 

Enterprise

 

 

Industries

 

 

Total

 

 

Enterprise

 

 

Industries

 

 

Total

 

Total Software Products & Services

$

5,132

 

 

$

448

 

 

$

5,580

 

 

$

8,527

 

 

$

1,738

 

 

$

10,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Managed Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

9,969

 

 

 

?

 

 

 

9,969

 

 

 

20,296

 

 

 

?

 

 

 

20,296

 

Licensing

 

3,657

 

 

 

?

 

 

 

3,657

 

 

 

6,940

 

 

 

?

 

 

 

6,940

 

Total Managed Services

 

13,626

 

 

 

?

 

 

 

13,626

 

 

 

27,236

 

 

 

?

 

 

 

27,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

$

18,758

 

 

$

448

 

 

$

19,206

 

 

$

35,763

 

 

$

1,738

 

 

$

37,501

 

 

VERITONE, INC.

 

RECONCILIATION OF NON-GAAP NET INCOME (LOSS) TO GAAP NET LOSS (UNAUDITED)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

Core
Operations(1)

 

 

Corporate(2)

 

 

Total

 

 

Core
Operations(1)

 

 

Corporate(2)

 

 

Total

 

Net loss

 

$

(8,230

)

 

$

4,977

 

 

$

(3,253

)

 

$

(676

)

 

$

(12,039

)

 

$

(12,715

)

(Benefit from) provision for income taxes

 

 

(964

)

 

 

(643

)

 

 

(1,607

)

 

 

?

 

 

 

55

 

 

 

55

 

Depreciation and amortization

 

 

5,306

 

 

 

150

 

 

 

5,456

 

 

 

1,084

 

 

 

73

 

 

 

1,157

 

Stock-based compensation expense

 

 

2,685

 

 

 

1,976

 

 

 

4,661

 

 

 

1,016

 

 

 

5,593

 

 

 

6,609

 

Change in fair value of contingent consideration

 

 

?

 

 

 

(13,830

)

 

 

(13,830

)

 

 

?

 

 

 

?

 

 

 

?

 

Interest expense

 

 

?

 

 

 

1,183

 

 

 

1,183

 

 

 

?

 

 

 

?

 

 

 

?

 

Acquisition and due diligence costs

 

 

?

 

 

 

207

 

 

 

207

 

 

 

?

 

 

 

735

 

 

 

735

 

State sales tax reserve

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

146

 

 

 

146

 

Severance and executive search

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

92

 

 

 

92

 

Non-GAAP Net Income (Loss)

 

$

(1,203

)

 

$

(5,980

)

 

$

(7,183

)

 

$

1,424

 

 

$

(5,345

)

 

$

(3,921

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

Core
Operations(1)

 

 

Corporate(2)

 

 

Total

 

 

Core
Operations(1)

 

 

Corporate(2)

 

 

Total

 

Net loss(3)

 

$

(14,251

)

 

$

(11,131

)

 

$

(25,382

)

 

$

(3,501

)

 

$

(39,781

)

 

$

(43,282

)

(Benefit from) provision for income taxes(3)

 

 

(846

)

 

 

(622

)

 

 

(1,468

)

 

 

?

 

 

 

77

 

 

 

77

 

Depreciation and amortization(3)

 

 

10,404

 

 

 

266

 

 

 

10,670

 

 

 

2,167

 

 

 

243

 

 

 

2,410

 

Stock-based compensation expense

 

 

4,668

 

 

 

4,809

 

 

 

9,477

 

 

 

3,711

 

 

 

24,508

 

 

 

28,219

 

Change in fair value of contingent consideration(3)

 

 

?

 

 

 

(8,785

)

 

 

(8,785

)

 

 

?

 

 

 

?

 

 

 

?

 

State sales tax reserve

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

284

 

 

 

284

 

Interest expense

 

 

?

 

 

 

2,365

 

 

 

2,365

 

 

 

?

 

 

 

?

 

 

 

?

 

Acquisition and due diligence costs

 

 

?

 

 

 

769

 

 

 

769

 

 

 

?

 

 

 

735

 

 

 

735

 

Charges related to sublease

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

3,367

 

 

 

3,367

 

Severance and executive search

 

 

?

 

 

 

?

 

 

 

?

 

 

 

250

 

 

 

99

 

 

 

349

 

Non-GAAP Net Income (Loss)

 

$

(25

)

 

$

(12,329

)

 

$

(12,354

)

 

$

2,627

 

 

$

(10,468

)

 

$

(7,841

)

 

(1) Core Operations consists of our aiWARE operating platform of software, SaaS and related services; content, licensing and advertising agency services; and their supporting operations, including direct costs of sales as well as operating expenses for sales, marketing and product development and certain general and administrative costs dedicated to these operations.

 

(2) Corporate consists of general and administrative functions such as executive, finance, legal, people operations, fixed overhead expenses (including facilities and information technology expenses), other income (expenses) and taxes, and other expenses that support the entire company, including public company driven costs.

 

(3) Amounts for the three months ended March 31, 2022 have been revised to correct for an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic and for subsequent changes in the fair value of the contingent consideration. For additional information, see the "Restatement of Previously Issued Financial Statements" section of this press release.

 

 

VERITONE, INC.

RECONCILIATION OF EXPECTED NON-GAAP NET LOSS RANGE

TO EXPECTED GAAP NET LOSS RANGE (UNAUDITED)

(in millions)

 

Three Months
Ending

 

Year Ending

 

September 30,
2022

 

December 31,
2022

Net loss

($21.2) to ($20.2)

 

($56.8) to ($51.8)

Provision for income taxes

$0.5

 

$0.6

Interest expense

$1.4

 

$5.2

Depreciation and amortization

$5.5

 

$21.7

Contingent consideration

$2.1

 

($4.6)

Stock-based compensation expense

$4.7

 

$18.9

Non-GAAP net income (loss)

($7.0) to ($6.0)

 

($15.0) to ($10.0)

 

VERITONE, INC.

 

RECONCILIATION OF NON-GAAP TO GAAP FINANCIAL INFORMATION (UNAUDITED)

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

34,235

 

 

$

19,206

 

 

$

68,642

 

 

$

37,501

 

Cost of revenue

 

6,705

 

 

 

5,231

 

 

 

13,628

 

 

 

10,054

 

Non-GAAP gross profit

 

27,530

 

 

 

13,975

 

 

 

55,014

 

 

 

27,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

6,705

 

 

 

5,231

 

 

 

13,628

 

 

 

10,054

 

Stock-based compensation expense

 

(24

)

 

 

?

 

 

 

(44

)

 

 

?

 

Non-GAAP cost of revenue

 

6,681

 

 

 

5,231

 

 

 

13,584

 

 

 

10,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expenses

 

12,576

 

 

 

5,253

 

 

 

23,645

 

 

 

11,680

 

Stock-based compensation expense

 

(727

)

 

 

(234

)

 

 

(1,190

)

 

 

(1,132

)

Severance and executive search

 

?

 

 

 

?

 

 

 

?

 

 

 

(236

)

Non-GAAP sales and marketing expenses

 

11,849

 

 

 

5,019

 

 

 

22,455

 

 

 

10,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development expenses

 

11,068

 

 

 

4,646

 

 

 

20,951

 

 

 

9,606

 

Stock-based compensation expense

 

(1,247

)

 

 

(566

)

 

 

(2,251

)

 

 

(1,585

)

Severance and executive search

 

?

 

 

 

?

 

 

 

?

 

 

 

(14

)

Non-GAAP research and development expenses

 

9,821

 

 

 

4,080

 

 

 

18,700

 

 

 

8,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative expenses(1)

 

2,304

 

 

 

15,644

 

 

 

24,625

 

 

 

47,187

 

Depreciation

 

(245

)

 

 

(78

)

 

 

(444

)

 

 

(253

)

Stock-based compensation expense

 

(2,663

)

 

 

(5,809

)

 

 

(5,992

)

 

 

(25,502

)

Change in fair value of contingent consideration(1)

 

13,830

 

 

 

?

 

 

 

8,785

 

 

 

?

 

Charges related to sublease

 

?

 

 

 

?

 

 

 

?

 

 

 

(3,367

)

State sales tax reserve

 

?

 

 

 

(146

)

 

 

?

 

 

 

(284

)

Acquisition and due diligence costs

 

(207

)

 

 

(735

)

 

 

(769

)

 

 

(735

)

Severance and executive search

 

?

 

 

 

(92

)

 

 

?

 

 

 

(99

)

Non-GAAP general and administrative expenses

 

13,019

 

 

 

8,784

 

 

 

26,205

 

 

 

16,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP amortization(1)

 

(5,211

)

 

 

(1,079

)

 

 

(10,226

)

 

 

(2,157

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP loss from operations(1)

 

(3,629

)

 

 

(12,647

)

 

 

(24,433

)

 

 

(43,183

)

Total non-GAAP adjustments (2)

 

(3,506

)

 

 

8,739

 

 

 

12,131

 

 

 

35,364

 

Non-GAAP loss from operations

 

(7,135

)

 

 

(3,908

)

 

 

(12,302

)

 

 

(7,819

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP other expense, net

 

(1,231

)

 

 

(13

)

 

 

(2,417

)

 

 

(22

)

Interest expense

 

1,183

 

 

 

?

 

 

 

2,365

 

 

 

?

 

Non-GAAP other expense, net

 

(48

)

 

 

(13

)

 

 

(52

)

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP loss before income taxes(1)

 

(4,860

)

 

 

(12,660

)

 

 

(26,850

)

 

 

(43,205

)

Total non-GAAP adjustments (2)

 

(2,323

)

 

 

8,739

 

 

 

14,496

 

 

 

35,364

 

Non-GAAP loss before income taxes

 

(7,183

)

 

 

(3,921

)

 

 

(12,354

)

 

 

(7,841

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (benefit) provision(1)

 

(1,607

)

 

55

 

 

 

(1,468

)

 

77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss(1)

 

(3,253

)

 

 

(12,715

)

 

 

(25,382

)

 

 

(43,282

)

Total non-GAAP adjustments (2)

 

(3,930

)

 

 

8,794

 

 

 

13,028

 

 

 

35,441

 

Non-GAAP net loss

$

(7,183

)

 

$

(3,921

)

 

$

(12,354

)

 

$

(7,841

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing non-GAAP basic and diluted net loss per share

 

36,084

 

 

 

32,741

 

 

 

35,783

 

 

 

32,458

 

Non-GAAP basic and diluted net loss per share

$

(0.20

)

 

$

(0.12

)

 

$

(0.35

)

 

$

(0.24

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Amounts for the three months ended March 31, 2022 have been revised to correct for an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic and for subsequent changes in the fair value of the contingent consideration. For additional information, see the "Restatement of Previously Issued Financial Statements" section of this press release.

(2) Adjustments are comprised of the adjustments to GAAP cost of revenue, sales and marketing expenses, research and development expenses and general and administrative expenses and other (expense) income, net (where applicable) listed above.

 

VERITONE, INC.
Supplemental Financial Information

We are providing the following unaudited supplemental financial information as a lookback of the trailing twelve months and the comparative quarter for the prior year to help investors better understand our recent historical and year-over-year performance. The Software Products & Services Supplemental Financial Information is presented on a pro forma basis, as further described below.

Software Products & Services Supplemental Financial Information

 

Quarter Ended

 

 

Mar 31,

 

 

Jun 30,

 

 

Sept 30,

 

 

Dec 31,

 

 

Mar 31,

 

 

Jun 30,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2022

 

 

2022

 

Software Revenue - Pro Forma (in 000's) (1)

$

10,183

 

 

$

20,072

 

 

$

21,860

 

 

$

40,223

 

 

$

18,167

 

 

$

18,379

 

Ending Customers (2)

385

 

 

419

 

 

433

 

 

529

 

 

559

 

 

594

 

Average Annual Revenue (AAR) (in 000's) (3)

$

199

 

 

$

203

 

 

$

208

 

 

$

209

 

 

$

207

 

 

$

187

 

Total New Bookings (in 000's) (4)

$

2,442

 

 

$

4,896

 

 

$

3,356

 

 

$

8,317

 

 

$

9,574

 

 

$

14,658

 

Gross Revenue Retention (5)

>90%

 

 

>90%

 

 

>90%

 

 

>90%

 

 

>90%

 

 

>90%

 

 

(1) "Software Revenue - Pro Forma" includes historical Software Products & Services revenue from the past six (6) fiscal quarters of each of Veritone, Inc. and PandoLogic Ltd. (unaudited) and presents such revenue on a combined pro forma basis treating PandoLogic Ltd. as owned by Veritone, Inc. since January 1, 2021.

(2) "Ending Customers" includes Software Products & Services customers as of the end of each respective quarter set forth above with trailing twelve-month revenues in excess of $2,400 for both Veritone, Inc. and PandoLogic Ltd. and/or deemed by the Company to be under an active contract for the applicable periods.

(3) "Average Annual Revenue (AAR)" is calculated as the aggregate of trailing twelve-month Software Products & Services revenue divided by the average number of customers over the same period for both Veritone, Inc. and PandoLogic Ltd.

(4) "Total New Bookings" represents the total fees payable during the full contract term for new contracts received in the quarter (including fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term), excluding any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services).

(5) "Gross Revenue Retention": We calculate our dollar-based gross retention rate as of the period end by starting with the revenue from Ending Customers for Software Products & Services as of the 3 months in the prior year quarter to such period, or Prior Year Quarter Revenue. We then deduct from the Prior Year Quarter Revenue any revenue from Ending Customers who are no longer customers as of the current period end, or Current Period Ending Customer Revenue. We then divide the total Current Period Ending Customer Revenue by the total Prior Year Quarter Revenue to arrive at our dollar-based gross retention rate, which is the percentage of revenue from all Ending Customers from our Software Products & Services as of the year prior that is not lost to customer churn.

 

Managed Services Supplemental Financial Information

 

Quarter Ended

 

 

Mar 31,

 

 

Jun 30,

 

 

Sept 30,

 

 

Dec 31,

 

 

Mar 31,

 

 

Jun 30,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2022

 

 

2022

 

Avg billings per active Managed Services client (in 000's) (6)

$

582

 

 

$

622

 

 

$

615

 

 

$

625

 

 

$

684

 

 

$

736

 

Revenue during quarter (in 000's) (7)

$

10,327

 

 

$

9,968

 

 

$

9,647

 

 

$

10,857

 

 

$

10,735

 

 

$

9,625

 

 

(6) Avg billings per active Managed Services customer for each quarter reflects the average quarterly billings per active Managed Services customer over the twelve-month period through the end of such quarter for Managed Services clients that are active during such quarter.

(7) Managed Services revenue and metrics exclude content licensing and media services.

VERITONE, INC.

Reconciliation of Pro Forma Revenue to Revenue

(in thousands)

 

 

Quarter Ended

 

 

Mar 31,

 

 

Jun 30,

 

 

Sept 30,

 

 

Dec 31,

 

 

Mar 31,

 

 

Jun 30,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2022

 

 

2022

 

Software Products & Services Revenue

$

4,685

 

 

$

5,580

 

 

$

9,027

 

 

$

40,223

 

 

$

18,167

 

 

$

18,379

 

PandoLogic Revenue (1)

 

5,498

 

 

 

14,492

 

 

 

12,833

 

 

 

?

 

 

 

?

 

 

 

?

 

Software Revenue - Pro Forma

$

10,183

 

 

$

20,072

 

 

$

21,860

 

 

$

40,223

 

 

$

18,167

 

 

$

18,379

 

Managed Services Revenue

 

13,610

 

 

 

13,626

 

 

 

13,628

 

 

 

14,926

 

 

 

16,240

 

 

 

15,856

 

Total Pro Forma Revenue

$

23,793

 

 

$

33,698

 

 

$

35,488

 

 

$

55,149

 

 

$

34,407

 

 

$

34,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing Twelve Months Ended

 

 

Mar 31,

 

 

Jun 30,

 

 

Sept 30,

 

 

Dec 31,

 

 

Mar 31,

 

 

Jun 30,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2022

 

 

2022

 

Software Products & Services Revenue

$

15,439

 

 

$

18,017

 

 

$

23,693

 

 

$

59,515

 

 

$

72,997

 

 

$

85,796

 

PandoLogic Revenue (1)

 

50,283

 

 

 

57,262

 

 

 

59,292

 

 

 

32,824

 

 

 

27,325

 

 

 

12,833

 

Software Revenue - Pro Forma

$

65,723

 

 

$

75,278

 

 

$

82,985

 

 

$

92,339

 

 

$

100,322

 

 

$

98,629

 

Managed Services Revenue

 

43,845

 

 

 

52,019

 

 

 

53,279

 

 

 

55,789

 

 

 

58,419

 

 

 

60,546

 

Total Pro Forma Revenue

$

109,568

 

 

$

127,297

 

 

$

136,264

 

 

$

148,128

 

 

$

158,741

 

 

$

159,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Number of Customers - Pro Forma

 

330

 

 

 

372

 

 

 

399

 

 

 

442

 

 

 

485

 

 

 

529

 

Average Annual Revenue (AAR)

$

199

 

 

$

203

 

 

$

208

 

 

$

209

 

 

$

207

 

 

$

187

 

 

(1) Represents PandoLogic Ltd. revenue prior to our acquisition of PandoLogic on September 14, 2021.

VERITONE, INC.
Restatement of Previously Issued Financial Statements
(in thousands)

On August 9, 2022, the management and the audit committee of Veritone determined that Veritone's previously issued financial statements as of and for the three months ended March 31, 2022 should no longer be relied upon due to an error related to the calculation of fair value of contingent consideration at the time of the acquisition of PandoLogic, which led to an understatement of goodwill and contingent consideration at the time of the acquisition, and for subsequent changes in the fair value of the contingent consideration. The restatement results in a non-cash charge that reduces general and administrative expenses and results in a favorable change to net loss for the three months ended March 31, 2022. Veritone will restate its prior period financial statements for the three months ended March 31, 2022 for such errors in an amendment to its Quarterly Report on Form 10-Q for the three months ended March 31, 2022.

Veritone evaluated the aggregate effects of the errors to its previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in its Annual Report on Form 10-K for the year ended December 31, 2021 or for any quarterly periods included therein.

The following tables present the effects of the aforementioned revisions on Veritone's condensed consolidated statement of operations for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021:

 

 

Three Months Ended

 

 

 

March 31, 2022

 

 

 

As Reported

 

 

Adjustment

 

 

As Restated

 

General and administrative

 

$

28,917

 

 

$

(6,596

)

 

$

22,321

 

Amortization

 

 

4,693

 

 

 

321

 

 

 

5,014

 

Total operating expenses

 

 

61,485

 

 

 

(6,275

)

 

 

55,210

 

Loss from operations

 

 

(27,078

)

 

 

6,275

 

 

 

(20,803

)

Loss before provision for income taxes

 

 

(28,264

)

 

 

6,275

 

 

 

(21,989

)

Provision for income taxes

 

 

177

 

 

 

(39

)

 

 

138

 

Net loss

 

 

(28,441

)

 

 

6,314

 

 

 

(22,127

)

Basic and diluted net loss per share

 

 

(0.80

)

 

 

0.18

 

 

 

(0.62

)

Total comprehensive loss

 

 

(28,251

)

 

 

6,314

 

 

 

(21,937

)

 

 

Three Months Ended

 

 

 

December 31, 2021

 

 

 

As Reported

 

 

Adjustment

 

 

As Revised

 

General and administrative

 

$

35,694

 

 

$

(5,239

)

 

$

30,455

 

Amortization

 

 

4,657

 

 

 

375

 

 

 

5,032

 

Total operating expenses

 

 

68,182

 

 

 

(4,864

)

 

 

63,318

 

Loss from operations

 

 

(13,033

)

 

 

4,864

 

 

 

(8,169

)

Loss before provision for income taxes

 

 

(13,596

)

 

 

4,864

 

 

 

(8,732

)

Provision for income taxes

 

 

2,271

 

 

 

(45

)

 

 

2,226

 

Net loss

 

 

(15,867

)

 

 

4,909

 

 

 

(10,958

)

Basic and diluted net loss per share

 

 

(0.45

)

 

 

0.14

 

 

 

(0.31

)

Total comprehensive loss

 

 

(16,044

)

 

 

4,909

 

 

 

(11,135

)

 

 

Three Months Ended

 

 

 

September 30, 2021

 

 

 

As Reported

 

 

Adjustment

 

 

As Revised

 

General and administrative

 

$

15,037

 

 

$

43

 

 

$

15,080

 

Total operating expenses

 

 

68,182

 

 

 

(4,864

)

 

 

63,318

 

Loss from operations

 

 

(11,033

)

 

 

(43

)

 

 

(11,076

)

Loss before provision for income taxes

 

 

(11,048

)

 

 

(43

)

 

 

(11,091

)

Net loss

 

 

(11,444

)

 

 

(43

)

 

 

(11,487

)

Basic and diluted net loss per share

 

 

(0.34

)

 

 

(0.00

)

 

 

(0.34

)

Total comprehensive loss

 

 

(11,444

)

 

 

(43

)

 

 

(11,487

)

The following table presents the effects of the aforementioned revisions on the Company's audited consolidated balance sheet as of December 31, 2021:

 

 

As of December 31, 2021

 

 

 

As Reported

 

 

Adjustment

 

 

As Revised

 

Intangible assets, net

 

$

88,247

 

 

$

5,625

 

 

$

93,872

 

Goodwill

 

 

34,058

 

 

 

6,914

 

 

$

40,972

 

Total assets

 

 

504,752

 

 

 

12,539

 

 

 

517,291

 

Contingent consideration, current

 

 

19,988

 

 

 

65

 

 

 

20,053

 

Total current liabilities

 

 

191,276

 

 

 

65

 

 

 

191,341

 

Contingent consideration, non-current

 

 

24,737

 

 

 

6,796

 

 

 

31,533

 

Other non-current liabilities

 

 

13,078

 

 

 

813

 

 

 

13,891

 

Total liabilities

 

 

424,173

 

 

 

7,674

 

 

 

431,847

 

Accumulated deficit

 

 

(350,958

)

 

 

4,865

 

 

 

(346,093

)

Total stockholders' equity

 

 

80,579

 

 

 

4,865

 

 

 

85,444

 

Total liabilities and stockholders' equity

 

 

504,752

 

 

 

12,539

 

 

 

517,291

 

 


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