Veritone, Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated August 3, 2021, reports the financial results for Veritone, Inc. for the second quarter and six months ended June 30, 2021. The filing also includes management's outlook for the third quarter and full year of 2021. The specific financial figures are contained in the attached press release (Exhibit 99.1) and are not detailed within the text of this 8-K form.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It confirms that the company reported both GAAP and non-GAAP financial measures in the accompanying press release. Non-GAAP measures include "gross profit," "Non-GAAP net loss," and "Non-GAAP net loss per share."
Material Changes and Non-GAAP Adjustments
The company utilizes non-GAAP measures to exclude specific items from its net loss calculations. These exclusions include:
- Interest expense and provision for income taxes
- Depreciation and amortization expense
- Stock-based compensation expense
- Reserve for state sales taxes
- Charges related to a facility sublease
- Gain on sale of asset
- Warrant expense
- Acquisition and due diligence costs
- Severance and executive search costs
The filing notes that tables reconciling these non-GAAP results to GAAP results are included in the attached press release.
Guidance, Outlook, and Risks
Management provided guidance regarding expected Non-GAAP net loss for the third quarter and full year of 2021. The filing includes standard disclaimers stating that non-GAAP measures should not be considered an alternative to GAAP net income or operating income, nor as a substitute for cash flow from operating activities. Management uses these measures internally for forecasting and budgeting, but they may not be indicative of historical results or predictive of future performance.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net loss, and cash flow figures for Q2 and H1 2021.
- Examine the reconciliation tables in the press release to understand the magnitude of adjustments between GAAP and Non-GAAP net loss.
- Verify the specific numerical guidance provided for Q3 and full-year 2021 Non-GAAP net loss.
- Assess the impact of excluded items such as stock-based compensation and acquisition costs on the company's reported profitability.