Veritone, Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated August 7, 2019, reports the financial results for Veritone, Inc. for the second quarter ended June 30, 2019. The filing also includes the company's outlook for net revenues for the third quarter of 2019. The specific financial data is contained within a press release attached as Exhibit 99.1 and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the existence of GAAP and non-GAAP measures in the attached press release but does not list the figures within this document.
- GAAP Measures: Net loss and net loss per share are reported in the attached exhibit.
- Non-GAAP Measures: The company utilizes "Adjusted EBITDAS" (earnings before interest, depreciation, amortization, and stock-based compensation, adjusted for acquisition/integration/financing costs), "Non-GAAP net loss," and "Non-GAAP net loss per share."
- Supplemental Data: Non-GAAP gross profit, operating expenses, loss from operations, other income, and loss before income taxes are provided in the exhibit.
Material Changes
The filing text does not explicitly state material changes versus the prior comparable period. It notes that the attached press release contains tables reconciling non-GAAP measures to GAAP measures for the three and six months ended June 30, 2019, and 2018, but the specific comparative figures are not present in this summary text.
Guidance, Outlook, and Risks
Outlook: The company announced its outlook for net revenues for the third quarter of 2019 in the attached press release.
Management Commentary: Management states that non-GAAP measures are used internally for forecasting and budgeting and are considered important supplemental measures by analysts and investors. However, the company cautions that these measures should not be considered an alternative to GAAP net income, operating income, or cash flow from operating activities.
Risks and Limitations: The filing highlights that non-GAAP measures may not be indicative of historical operating results or predictive of future results. It also notes that other companies may define these metrics differently, limiting comparability.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q2 2019 revenue, net loss, and Adjusted EBITDAS figures.
- Verify the Q3 2019 net revenue guidance provided in the press release.
- Examine the reconciliation tables in the press release to understand the specific adjustments made to derive non-GAAP metrics from GAAP results.
- Confirm the company's status as an emerging growth company and its election regarding extended transition periods for accounting standards.