Veritone, Inc. Form 8-K Summary
Business Context and Reporting Period
Veritone, Inc. (VERI), a Delaware corporation, filed this Current Report on Form 8-K on May 8, 2019. The filing announces the Company's financial results for the first quarter ended March 31, 2019, and provides an outlook for net revenues for the second quarter of 2019. The Company is classified as an emerging growth company.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The actual financial data is contained within the press release attached as Exhibit 99.1, which is not included in the provided text.
The Company utilizes a non-GAAP measure titled "Adjusted EBITDAS," defined as earnings before interest expense, depreciation, amortization, and stock-based compensation, further adjusted to exclude acquisition, integration, and financing-related costs. The filing notes that a reconciliation table between this non-GAAP measure and GAAP net loss is included in the attached press release.
Material Changes
The filing does not contain specific data regarding material changes in financial metrics compared to the prior comparable period (Q1 2018). It only confirms that the Company has provided Adjusted EBITDAS for both the three months ended March 31, 2019, and 2018, with details located in the attached exhibit.
Guidance, Outlook, and Management Commentary
- Outlook: The Company announced an outlook for net revenues for the second quarter of 2019, though specific figures are not present in this text.
- 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.
- Limitations: The filing explicitly warns that non-GAAP measures should not be considered an alternative to GAAP net income, operating income, or cash flow from operating activities. It also notes that these measures may not be indicative of historical results or predictive of future results.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q1 2019 revenue, net loss, and cash flow figures.
- Verify the specific Q2 2019 net revenue guidance range provided in the press release.
- Examine the reconciliation table in the press release to understand the specific adjustments made to derive Adjusted EBITDAS from GAAP net loss.
- Confirm the impact of acquisition, integration, and financing-related costs excluded from the non-GAAP measure.