Veritone, Inc. 8-K Summary
Business Context and Reporting Period
Veritone, Inc. (NASDAQ: VERI), an emerging growth company incorporated in Delaware, filed this Current Report on Form 8-K on November 6, 2019. The filing announces financial results for the third quarter and nine months ended September 30, 2019, and provides outlook guidance for the fourth quarter of 2019 and the first quarter of 2020.
Key Financial Metrics
This 8-K filing serves as a notification of the results and does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The actual financial data is contained in the attached press release (Exhibit 99.1), which is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
The Company utilizes the following non-GAAP financial measures in its reporting:
- Adjusted EBITDAS: Earnings before interest, depreciation, amortization, and stock-based compensation, adjusted to exclude acquisition, integration, and financing-related costs.
- Non-GAAP Net Loss and Net Loss Per Share: Adjusted to exclude interest, depreciation, amortization, stock-based compensation, and specific acquisition/integration/financing costs.
- Supplemental Measures: Non-GAAP gross profit, operating expenses, loss from operations, other income, and loss before income taxes.
Material Changes
The filing text does not provide specific comparative data or quantify material changes versus prior periods. It references the attached press release for the detailed results of the three and nine months ended September 30, 2019, compared to 2018.
Guidance, Outlook, and Risks
Guidance: The Company has provided guidance regarding its expected non-GAAP Adjusted EBITDAS loss for the fourth quarter of 2019 and the first quarter of 2020. Specific numerical ranges are not included in this 8-K text.
Management Commentary: Management states that these non-GAAP measures are used internally for forecasting and budgeting and are considered important supplemental measures by securities analysts and investors.
Risks and 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 notes that other companies may define these metrics differently and that the measures may not be indicative of historical results or predictive of future performance.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific GAAP and non-GAAP revenue, net loss, and cash flow figures for Q3 and YTD 2019.
- Verify the specific numerical guidance ranges for Q4 2019 and Q1 2020 Adjusted EBITDAS loss in the press release.
- Examine the reconciliation tables in the press release to understand the magnitude of adjustments (e.g., stock-based compensation, acquisition costs) between GAAP and non-GAAP results.
- Confirm the Company's status as an emerging growth company and any election regarding extended transition periods for accounting standards.