Veritone, Inc. Form 8-K Summary
Business Context and Reporting Period
Veritone, Inc. filed this Current Report on Form 8-K on August 13, 2018. The filing serves to announce the Company's financial results for the second quarter ended June 30, 2018, and provides an outlook for key performance indicators for the third quarter of 2018. The detailed financial data is contained in a press release attached as Exhibit 99.1.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release (Exhibit 99.1) containing the GAAP financial statements and a reconciliation to a non-GAAP measure.
- Non-GAAP Measure: The Company utilizes "EBITDAS" (Earnings Before Interest Expense, Depreciation, Amortization, Stock-Based Compensation, and Certain Other Items) as a supplemental performance metric.
- GAAP vs. Non-GAAP: A reconciliation table between GAAP net loss and EBITDAS for the three and six months ended June 30, 2018, and June 30, 2017, is included in the attached press release but not in this filing text.
Material Changes
The filing text does not explicitly detail material changes in financial position or operations compared to prior periods. It directs investors to the attached press release for the specific results of the second quarter ended June 30, 2018.
Guidance, Outlook, and Risks
Outlook: The Company announced an outlook for certain key performance indicators for the third quarter of 2018 in the attached press release.
Management Commentary: Management states that EBITDAS is used internally for forecasting and budgeting and is commonly used by analysts. However, the filing includes standard disclaimers that EBITDAS is not an alternative to GAAP net income or operating cash flow and may not be indicative of historical or future results.
Risks and Contingencies: The filing notes that the information in the press release is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings unless specifically referenced.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q2 2018 revenue, net loss, and cash flow figures.
- Examine the reconciliation table in the press release to understand the adjustments made to derive EBITDAS from GAAP net loss.
- Verify the specific third-quarter 2018 performance indicators and guidance provided in the press release.
- Confirm the Company's status as an emerging growth company and its election regarding extended transition periods for accounting standards.