VERI - Earnings call transcript Q4 2017

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Operator

Good afternoon. Welcome to Veritone’s Fourth Quarter and Full Year 2017 Earnings Conference Call.

Joining us for today’s call are Veritone’s Chairman and CEO, Chad Steelberg; and the company’s Chief Financial Officer, Pete Collins.

Following their remarks, we will open up the call for questions. Please note that certain information discussed on the call today will include forward-looking statements about future events and Veritone’s business strategy and future financial and operating performance, including its expected operating performance for the first quarter of 2018. differ only that are and statements. are the results are uncertainties to may statements stated actual assumptions those and difficult to forward-looking predictions by subject and risks, cause or These implied from those materially to predict of reports are in on filings, and Form Veritone’s Form S-X assumptions statement its XX-Q. registration on risks and these SEC Certain discussed including its quarterly XXXX, live reflect and forward-looking predictions statements undertakes as estimates of broadcast, reflect February date of date statements circumstances forward-looking to XX, These obligation call. the and this Veritone any no this revise events management’s the update conference of after beliefs, or or to

to a reported information its securities in the and the of interested analysts other also EBITDAS as budgeting. industry. non-GAAP isolation forecasting as for parties Management results loss will not important its stock-based and a uses providing company's A company amortization addition of to by the and EBITDAS an be company's or indicative it's information the net non-GAAP company's historical and operating during evaluation analysis company's accordance results reconciliation supplemental is or of that investors The should the this expense, of This internally this may Veritone results, and is the today. call, release is used measure, or commonly be which EBITDA, company's press financial predictive in Investors not depreciation, measure In compensation management measure. performance attached is substitute of of GAAP believes potential company's with future consider results. the financial issued of management GAAP. discussing for before to the because interest, in

the made will that www.veritone.com. Relations would to at Investor link available in section like available recorded and Finally, everyone this the of website replay via a company’s for I call remind be

the please like would to turn Steelberg. Sir, Veritone’s call proceed. CEO, and to Chad I over Now Chairman

Chad Steelberg

After December in year the the is a website. market achievement our joining of copy the full which us a release Investor and XXXX, announcing for you thank today. results section ended press issued XX, proud our closed, in Relations We're and XXXX. of our everyone Welcome for available of we quarter fourth

SaaS by net Our XXX% year-over-year. revenues AI grew

Media channel grew We we with now on acquisition offerings. completed by revenues continents Agency direct globally, Our one base partners We four net integrators. system strategic XX%. common our made our and over process and two to customer and sales diversified expanded stock customers

conductor and the broader I We customer and highlights performance and timely our producing more continue these system solutions of enhance accurate across AI-powered AI of discuss some to used technology, capabilities a will cases. operating indicators proprietary of have a performance detail results more our us and call. on CFO, key Pete? fourth full Pete I'd quarter walk like our the of today's year in But XXXX, financial and first bit later through to Collins for set

Pete Collins

and Chad afternoon, you, everyone. good Thank

last year. Turning to financial results XXXX ended in from QX quarter December $X.X XXXX, and our of net million $X.X full of to our in increased quarter fourth revenues XX, the fourth XX% for million the year

$X.X million grew business an revenues million from XX%. $X.X XXXX, increase XX% our Media $X.X revenues of XXXX increase Agency million to Our XXXX AI $X.X grew SaaS to our in from million in platform and an of in from licensing XXXX, in

record a our XXXX. million of year XXXX, full net increased in $XX.X $X.X million the from revenues For XX% to

million from XXXX, $X.X of in Our XX% million of grew from revenues XXX%. million Media in increase in an our SaaS grew in $XX.X $X.X licensing $X.X XXXX XXXX, to XXXX revenues million increase Agency and to an

XXX%. during of in the from bookings increased QX last of an business, received total the value new platform closely year $XXX,XXX of to increase Looking more at quarter our fourth AI contract $XXX,XXX

end the In increased QX from year. addition, our XXXX at $XX,XXX in of in effect last fourth XXX% monthly the recurring revenue quarter to under $XXX,XXX year-over-year agreements

Our in QX XX.X% of of of million XXXX last quarter year. million net to in or increased revenues of $X.X XX% the or fourth XX.X% revenues gross net profit from $X.X

XXXX, net gross full were primarily the the revenues leverage margin million increases provided and $XX.X in higher operating of XX% the profit both and $X.X profit our increased net year from due or XX.X% or by net revenues XXXX. of revenues gross level. to to in our For for XX.X% quarter The million of year, gross

total fourth increased expenses, quarter $X.X our XXXX in the to last $XX.X of operating from Turning in million year. XX% to of expenses million QX

$XX.X increase XX% in due higher in $XX.X our last year, expenses operating same to full total expenses the million for period operating primarily to the from For both was million The increased increased year. and new costs we products data and software and expense functionality. as and sales expand science in developing our AI and compensation engineering, business stock-based our personnel to continue particularly platform, enhance marketing including periods

in QX of Our XXXX with compared stock-based in million compensation expense XXXX. million was QX $X.X $X.X

and at full was full million the of those to IPO due some our it increase was with was XXXX, fourth year time million. to in increase due and the vesting XXXX, options the stock of year $XX.X stock year IPO of granted For primarily $X.X performance-based grants it quarter options. The along the full was the

of a $XX.X $X.X fourth XXXX. with in was million quarter operations from of in loss the the million fourth from quarter loss of compared Our operations XXXX

with year. on for million loss compared with These of the per compared year. $X.XX average loss of in outstanding $X.XX of per QX stockholders For loss based to XXXX operations driven this higher The totaled shares costs was was in quarter fourth weighted or and compensation our stock-based from of from last million weighted personnel loss year of of share share in expense average a year QX outstanding fourth $XX.X in with of million figures $X.X operations $XX.X X.X million $XX.X or EPS XXXX. by before. are million of the shares loss higher noted a from XX.X compared operations as the I loss XXXX, quarter attributable million last common full a Net

For million of loss the loss figures common XX.X for in year, compared $XX.XX loss in shares average based attributable net shares per $X.XX weighted to outstanding share $XX.X a EPS of with weighted share million million outstanding XXXX. compared or XXXX are stockholders per XXXX. or million with on These totaled full X.X a average $XX.X

of debt upon of to related and discounts issuance stock. In outstanding of addition of net charges convertible stock related of IPO non-cash the the accretion issuance costs million to million XXXX and higher stock-based earlier, of attributable the expenses our conversion stockholders common our our and the loss for other warrants expenses compensation costs to $X.X upon $XX.X noted notes primarily write-off I and to preferred also included personnel the

compensation Looking or the at $XX.X a depreciation, EBITDAS of our earnings million of compared a loss quarter non-GAAP our a before was fourth quarter XXXX in fourth net XXXX. expense, and with loss $X.X loss stock-based interest amortization million on of expense basis,

of and XXXX, headcount EBITDAS increased data full the loss of year $XX.X year $XX.X a the engineering, software quarter in with levels, for For and and XXXX. to our EBITDAS science a full both The million sales marketing. particularly compared of loss was with higher our in primarily million loss due

net to further revenues and enhances of expect product these lead our investments We increased in to the future. aiWARE

and end cash quarter, cash Now had no position, debt. of the at we turning marketable and and to long-term cash equivalents $XX.X securities the our million of

performance our Media gears Next, indicators or I'd shift to and Agency both platform business. key KPIs our like for our AI to

Agreements, As client. total added in spend I've to order progress Media the per under new Agency The mentioned Service key clients we track our business, number the metrics. on previous Master performance clients of media the three calls, of evaluate active and of number average

two our active by which market well new Media our The Agency business regarding of clients winning keeping on us account track the first of as these ability number of with new KPIs provide as tabs share insight client grow the churn. to and

in client prior we net XX% added XX at as with had same with last QX, compared quarter We of the the year. clients new year a of XX end, total clients the period XX of During quarter increase. compared the active XX end net a new

which our us Agency media analyze Our to clients. our for only spend is per but existing spending average to not client customer, ability grow media allows third Media with trends, KPI spend business

During client It's the clients Agency AI business specific the revenues that on and from our to on that for last while to a volatility media spend solid decrease. this of to a which case important mind can as quarter year, dependent which heavily based and XXXX. business was is its is foundation QX, compared fourth Veritone, spending XX% may time It's same platform. ship $XXX,XXX the in experience $XXX,XXX in was period success time keep Media in business are with provides Veritone's per our our it net average their mature note ad in trends, their important

which to KPIs, the company track KPIs this stage. Moving for we at our represent our growth platforms number of the best to AI evaluate metric a believe this and we of success business,

object our business first we our compared at provide with the third XXX% data The exceeded XXX the compared at its detection customers engine XXX the XX the had of end, business such growth platform. represented track party of the hours the We on end, KPIs represented is and the XX compared aiWARE The more year-over-year. prior of which prior with on of XX-fold are XX the an increase year of at the the had the the engines the cognitive with year which customers XXX%. customer platform insight accounts, next active the show XX end two base of of quarter level categories platform's We increase prior and XX These language at number exceeded spans which at had of of cognitive into and natural growth and the on end, our number end. XXX as increase the KPIs XXX end year-over-year. a with of for year and on in prior accounts the the our quarter quarter final platform. platform total of for processing, compared in end at platform capabilities. a goal XX quarter quarter goal this than our cognitive KPI We quarter The set quarter, processed video at

the audio XXX,XXX the increase prior in During with of and content hours we period, video year X.XX of XXX%. compared quarter processed total an million

audio and hours increase XXX% of over video X.XX XXXX, content During million million year represented which we X.XX the processed a and goal of XXXX. our exceeded of full

my track will to we in provide we posts customers, make platform, and expand grow AI XXXX, accounts first As on to continue in of financial XX total to audio process approximately video eight to to it expect our platform, the to engines third-party add approximately expect we call we Chad, content I easier million that Also, cognitive approximately and completes and XXX quarter active now summary. our including With quarter. success. X.X during goal the category. Chad? over of our mind cognitive back one will That new the turn hours

Chad Steelberg

Thank Pete. by on like share into my as perspective Veritone saying now we I'd start shift this. I'll to from XXXX. you, XXXX

inning revolution. We are the first in the AI of

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partner also In to our had QX, were other channel We to are direct a our and enter will market capabilities working and filled our to intelligent penetration customers salesforce. majority being which win extend industry this verticals. to first trend geographically the XXXX, conductor's of In orchestration to accelerate as system partners, integrators and we our across cognitive I accounts channel process. we sold sales by and both continue, partners. pipeline XXXX, technology expect quickly our is

and and and primarily within the vertical, media XXXX, SaaS ramping QX in with to compliance quickly. in sales legal Our I moderate In compliance XXXX from customers within revenue came legal our grow expect entertainment the market.

dynamics. the the lumpy However, result in of half XXXX, and to will We've both as of a In the laid continue market. the enter with infrastructure generating revenue operated required markets. be initial In moderate facing industry we within been to public unpredictable and and and latter government year. groundwork we pleased in the invest of government the XXXX, will expect these certifications to the scale POCs this results start our to very trajectory

of While present inorganic success to to customer revenue our our market base opportunity continue continuing themselves. and organic as fuel our explore they and we're technology expansion growth,

letters signed intent. of have very active have pipeline synergistic We a targets of and several

deliver purpose-driven any significant Veritone's area. support keep artificial will who this in I intelligence. of continued to appreciate our of the apprised you developments mission We share investors

time land measurable resulting you We Operator? meaningful to deploying value questions. AI XXX not-so-distant to Solutions We're the in in our shareholders. thank capabilities rewards updating term you and all open short now of to believe future, to I and As look customers tremendous to in will that financial we the our and increase and approach the our future deliver our for your on aiWARE, on expanded continue line Again, Solutions for forward calls. our customers ready today. to progress the

Operator

Our [Operator Capital. Latimore comes with instructions] Northland the of from line question first Mike

is now open. line Your

Mike Latimore

lot. a Great. Thanks

On bookings the you or SaaS the there anything fourth was in fourth legal quarter can the vertical bookings describe were what the mostly in quarter? there,

Pete Collins

it's Pete. Mike, Hey

primarily XXXX, in fourth the QX bookings legal happen the really vertical. were the looking that media, but So, bookings in number The vertical. was the in the media vertical will like quarter media is in

Mike Latimore

Got it.

Okay. what's is And grow what don't headcount you the and -- on I expect the if of reported, your so you then this do year sales know expect that more you to focus do or channel? kind to

Pete Collins

AI 'XX and the slowing from I to of team the year the that for end sales think the doubled basically that we're in of beginning looking year 'XX So, at pace. down the

a of ramp building there. team in we're expecting got look the is come a really fourth through the a out and the existing into right going channels quarter especially 'XX to in of so The we've significant sales not That marketing we've 'XX, I and place a lift infrastructure we as from was to sales see through up perspective. think lot lot and data members the got the today. in

Mike Latimore

deal other CBS deals Radio, with media, describe the Entercom, Great. have to [for And that and then relative you announced big you our media is me]? that first quarter like you booking can his

Pete Collins

Yeah, QX booking. it's a

we've the the Radio nice that It's we're CBS Entercom the of done organization. about Radio the CBS carried size excited with combined doubling with into So, basically deal over work it.

Mike Latimore

terms might of the know cognitive in we guys cognitive XXXX rapidly, grow I can last, any engines engines guesstimate And market? number the end that track number of Great. be of of in rough where of you

Pete Collins

this first as a Well to the I the like increasing I know, target to quarter see as if here color other for share we end you by stage. XX. to turning on Chad any you'd don't there's that know, gave at of am

Chad Steelberg

the focus really that the just and lift quality is those not number Yeah, they the engines, in actually engines, cognitive different XXXX about I operate number be -- think of but our in of categories hey of going breath Mike, terms the the to in. the

us customers continuing push different of fields Our new to are in into of terms areas cognition.

So, four talked be of on and accelerate about. actually and objectives think probably number categories QX cognition we'll and engines at having beyond this pace additional the looking year, of our that watching I I staying Pete

Mike Latimore

you. Thank Great.

Chad Steelberg

Welcome Mike.

Operator

you. ROTH Aftahi of with next comes line our Thank Capital the from And question Darren Partners.

now open. line is Your

Darren Aftahi

for guys. Hey Thanks my taking questions.

I you am there, XXXX seen metric? of media engine, narrowing you spend Just thanks? couple traction just total I of you've you iHeart that but talk any cognitive your in of comments, then a talk about but the customer's that? if that maybe normalize media more And trend comments sort going that that's about can where the moving is since then shift the of timeframe know target in spend, curious will, where the on if down, that's back lastly your in a you've and may. on needs? the the customer the target And readily am outperformance or if about QX timeframe process on per to launched just can throughout on is Chad, somethings exceeding curious more I I to your area seen the or mature you you've -- beyond, customer and specifics more your something a developer just you address and application, Secondly, number, can guys account of

Chad Steelberg

that number Sure, company and them So, start the cognitive heavily were conductor seen engines found is demonstrates cognitive bring. intelligence but why data combining capabilities developer actually network. to the of how deep offer generate it when little of It and don't in was I on the relate developing building platform Today I on back in behind the other to fly. neural the application? can actually about talked type the engines we us. XXXX take the of level engines, we've we a bit, the which where of our in and can this really again intelligence of the in combine value forms your we and learning customers of the can solutions seeing what scientists that and we engines third a very shift they important new actually new we're involved to sorry, first mathematics platform shift question starts and call and cognitive the when from the number

they no update it's through longer in more in allow the handcrafted weeks So, modeling going truly applications by process. in to middle essentially customers a and do to to engines new the again And form for the marketplace, from a you to scientist take of can not engine to if us that can They a number terms us. moving the we those build accelerate fill nimble months that gaps. what developer be of deliver to or our more programmatic of

our XXXX, virtuous that without you be The think two have those hand-in-hand. we tied site application, they more and success go cognitive that are base. as questions scientist that take two So, programmatic I and to reaching Pete, nearly expand have questions? what data call engineers on development the technology I onboarding engines marketplace we our cycle together developer to to to do without Without growth would a want of moving our impossible. customer two, other would the tightly

Pete Collins

the was account group in was growth the in -- really radio a relates vertical. that in Darren in as to of the vertical so to it quarter, that within saw the legal so verticals. media and the two vertical Yes, media as we the in It was coming also lot different and it then fourth relates it across

those XX% and And we back increase biggest was up significant but very well, So, the picking spend, across very I the in on a into the the doing the a in account out at XX% one, for growth up pointed were had both haven't quarter, revenues iHeart It's the media a look we We're a were first as future. spectrums, then up year-over-year go-forward forecasted last driver That's media expect but isn't year if out, XX%. basis. confident what that the of about growth the ago with stations. continue you the year, biggest they business. year or XX% we on pretty

level saw think that that than expect 'XX the would So, 'XX. rate we in we growth a more would moderate but be sort I strong, what of throughout

Darren Aftahi

Great. Thank you.

Pete Collins

Okay.

Operator

question from Hallum. Thank the of you. And our line [Joe] comes next with Craig

now is open. line Your

Unidentified Analyst

if that disconnect as or actual business Yeah, taking in guess the Thanks there artificial and of and data between engines a we hey I Chad really why are platform, explain and such I am intelligence the you had for wanted we you about the one, revs. questions. the line given is the ask the aggressive not, is deviation we in what expected. it's to fast I the bookings that metrics, the for if metrics processed, that a guess planning you what Can of and guys. revs. on especially I hours and some received accounts here I as QX, those growing platform of us today. revenue can seen you've with haven't grow tell maybe were underlying some the just guess little bit from

Chad Steelberg

strategy, there million go players $XX convince world trying media our services consulting $XX is big the in seeing other of Good engagement companies the AI more see is terms banks in The to million, you approach with AI in that for thing we're today we're market cautious spend Chad. this of do. biggest the in and to of Hey not their companies and as afternoon. part core a out as

as and that number the us SaaS-based are X and measure less, also they onboard allows today XX to less. on those a but customer is in such, and our is those we to demonstrate also a of time the market solve from can XX have on generating to turn have We they ROI revenue hours that that amount a solution customers of one, actually number the the platform and we're customers Tier

heavily that different with goal customer Pete, and your And Entercom really amounts very we specific set tremendous but used value, we're is users as to demonstrates, demonstrate across Eric that and land know throughout talk start with identified data, the key the very our CBS used our year-over-year NBC, in substantial they with Schmitt we one we're expanding internal this even that so, cases they and used growth account. if I AI When across show you is now footprint. and them, this behavior again customer, of of about seeing of seeing with a enterprise look to the of ROI customers. with doubling provide into then small enterprise of don't the nearly growth case some they’ve quarter-on-quarter prove XX with on adopt to We're expand started, started that which with a it what size their growth moving similar They're that continue or acquisition.

that We and our will I'm will these to million XXXX. again, and landing prevalent more AI and out X intelligence, they have many to winning and hope year major AI other accounts. customers again those start that now be $XX the readily against in expect players becomes using revenue we happening competing disappointed stream. not accounts we're that grow pipeline expand we're for last those that of we're beating So Tier augmented used we become more as that for

ROI end scale. to by So, customers will of the that brand, start and our bigger value at but those grow in hit, those day happy we're than demonstrate accounts I think to with the solutions more at win

Unidentified Analyst

you'll from the about perspective, recently you the a have the if in acquiring spend their them seems you make these it you're it what integrated you well M&A, businesses think acquisition -- cash in flow do or number means into with on where what in can to as cash burn or just you investments? your incremental then Okay. platform this as your you without significantly is a have to largely just is that pipeline, get that or And follow-up even announced whether large there's making operating something profitable, slightly it right dump technology

Chad Steelberg

can extremely results of investment developer at in the with but that the fantastic the that heavy So, due effective both target not onboarding which will terms acquiring do VDA, we We're we speed the benefit also be now are made these we've of and believe this integrating application seeing partners developers their seeing right to acquisitions we're integrating cost they're and that efficient. us. in with and already independently Veritone,

once I companies. made consistent acquisitions target think those probably remain more So, are with even that will efficient

Unidentified Analyst

That Okay. for be Thanks guys. all now. will

Chad Steelberg

Thank you.

Operator

Thank Sameet our next the Riley. from question you. comes B. line of And Sinha with

is line Your now open.

Sameet Sinha

thank Yes, the questions, per SaaS at just the very of business, hour, that down. you revenue much. Couple came looking and

to continue talking there expecting in QX? delivered. case your in last there, are some can if strategy that's fourth also talk is sequentially as to you of question you And Secondly, you gained channel favor can leverage had burns, a quarter usually as on number direct well. about your economics helpful? sales light shed would the you specific higher came do expect grow about into little headcount You cash team, if the and a what that than be it going that hiding Is hours used the and reduced you

forward? if can strategy going talk So Thank you you. about just that

Pete Collins

Hey Sameet, Pete. it's

with question your about me burn. that Let the cash start third

are to method versus the what analyzing all for be bringing a and going basis in is the bring So, that year-over-year in we're the what then and resources to up we're 'XX that to what for the we're for with revenues match rate we're on the revenues going bring burn able right over year 'XX, the burn us be with anticipated. end we're to 'XX for and then match order we down of we they quarter the to doing and that. had really up up refining resources sure using did anticipate to that hit In our and challenge going the for making in cash the expecting

that do down burn expect we versus to 'XX 'XX. in rate So, bring

Chad Steelberg

the address so can question, to Sameet, it, listeners Hey other can hear it again? repeat you the all

Sameet Sinha

Sure.

at process. I So, just hours data of number was of looking

that So, if revenue average come down hour, year-over-year number and at look sequentially per well. the as you so

number expended I of So, specific the in hours pretty materially grew because the used to just there case trying am understand, any quarter. fourth significantly is that

metric that's expect you're considering dynamic any that maybe a coming QX. more application and for of usage towards hours do similarly, average of or was led a is used even you to application that a in down you sort higher So are guiding similar that specific for QX using it's number that customers low-priced

Chad Steelberg

is much which So, trying base would it the I've Google revenue reiterate for them compare they to using be like metric because content hour poor search scan in state a denominator talked to generate. that terms about against and business. and -- how that evaluate using revenue this they much I why how of the I I'll index as think their before per which is The our is reason

different higher it's a the a which to will in that One, against in analyze applications in terms to asset use amount then that and for benefits continue and of that content to asset our it our and of accelerate, much an use business we once us same propensity of engines value. is process different platform, it have and stickiness really Our drive customers customers ways. couple

So, us. that with winning to and relationship is sticky expanding that building customer, them critical

revenue don't our that's isn't believe So analyze. really just will think that's I of I primarily why content a about you Further metric. that per if hour strategy good

looking various at millions zero have of in of are tens various acquisitions on different using but are today content, cognition. which industries of We hours

to So, with by inflate platform. those acquisitions you processing denominator can nearly cognitive the on times almost Board, on five zero three see with that initially coming

away I So, move that from should as a think metric. we

our to three of three, breadth of in and the it's asset can make of available customers. that measured which look of think customer's hours all is key customers that size Number I to the things; building, we account, the and important we're at cognition relationship content of that number vectors. two

and those to revenue number platform guidance some intelligence more year regard at metrics have deliver not in for with this there. we're can will on time, providing of still this the additional but customers, point that the both We metrics applications or

Sameet Sinha

it. Got clarifying that. for Thanks

number and you rest a If are can you about to what as mentioned the the any increase, of number the categories these in going the can of through plan sizing year, to one well. thoughts you you on increase of that probably the higher just QX you're if -- opportunities talk by the specific categories

Chad Steelberg

not on providing yet those. guidance We're any

and driver platform to our the cognitive the makes using new on put categories developer still free in boogie where we there a cognitive for I for and to when engineering on add that on we marketplace over really new the we us engine you're efforts side. on existing identified XX adding different an engineering available market us is seamless to are category app think the a that unlike when which the more engines board. reactive with as primary We're the ones have category,

So, to we'll our terms in come back better start at. to you what clarity as customers we looking get are of

Sameet Sinha

Great Thank you.

Operator

Cowen of Thank question line the Stone Rob you. And with & from our Company. next comes

line now open. Your is

Rob Stone

guys. with. Thanks for A out Pete taking questions. question Hi start my for to

rate, growth You the the managing us you expense 'XX. in how burn a versus talked Can lower Is we expect might 'XX about year? cadence the quarterly was there? for on out give any pattern it there still of seasonal color

Chad Steelberg

there anything that necessarily wouldn't There necessarily But revenues that's seasonal I though the there balance a about is No. say there is there. Rob. expenses. seasonal between isn't a the pattern and

Rob Stone

Okay.

you're How forward? about change the and we dollar in a well the as in even should per handled accounts conductor on opportunity revenue towards the technology Your gross fact you that and gross moving engines continue impact your that more are holding profit business mentioned categories grow margins think strategically basis. automated developer, and on the up to of you that the that being really the going

Chad Steelberg

standpoint that will don't applications from really at without to of engineered to our developer terms and operational impact engines engineers. do enable increase profit but that our gross and of is the number having OpEx all, accelerate burn I an us in believe it will

Rob Stone

some provide In specific Can cognitive would there? and help more you note how this the color Okay. any acquisition you categories. recent press release the you add

Chad Steelberg

which with solutions several data team. will moving type up terms is platform on scientists them averaging cognition I in specifically where discussed [tease] second One end is impact general which really data five focused and on the fell A are really couple two acquisition today of up get that the intelligent in Chief the of they of spectrum we actually delivering and they're sub terms that real-time to quarters, picked science of from shorter aspects Data really customers. focused starting team our of bolstered the of value the our at timeframe. way we bringing to some back for a broader with then real-time angle And and more in Scientist we that all all to in revenue up spectrum way that end that's is XX next think the pick far the and our the really Seattle, at solutions in a are for had minutes a today our

Rob Stone

is question Last Great. Chad. for

about the within next have now long with that takes millions go larger the and So, to want loop as signing to ROI proving to in they without enough, customer that you the pattern long dollars up you of get scale there's accounts with any it wider Do work realize around how scope? talked existing overly or expanding customers burdensome by a ask you base. and of the terms customer sense if then

Chad Steelberg

think pretty small spectrum. with but terms that, numbers in unfortunately of of a wide a dealing we're I still we're lot seeing

of the NBC, opportunities analysis were It of single side with use in I initial started business. point without are and and call get-go, to to actually even days business less led on to them we them sign is it companies media that even us us outside our think that they’ve in before specifics. other team technology other produced expand effort. areas. took to platform, they areas our the that I than XX done mentioned that supporting there solution then the with the identify for the them have doing their identified in sales other There standard They that of that at

I very of processes. is new current of plus say a think used initial to beyond there it on least exploring directly say So are would that integrate and customers I expanding the engines again, spectrum. I build using XX% applications board terms in developer business customer wide or even our cases with application their can at

Rob Stone

do cases used that expanding it the Is thinking revenue thing, of that's and and the general should seems of more it trying here, to target you sort down step something customer just logically expect specific so rate become engines apparent that should I'm to about XXXX? So function sort that they're just application to customer? like the existing it that is is in and course not that if expanded ping a of you directionally, during lead step but the per forth run up of by

Chad Steelberg

that mentioned I think I call. and in do I the Yeah,

XX XX time. it Our customers in goal does deliver to solution literally to is a real type our aiWARE them with today new show up to

them their to them and again migrating I opportunity. measure all intelligence platform believe compete the intelligence adopt for you readily artificial business. XXX that aspects to that using to future, ROI, with towards of to get they're and so fundamentally in with artificial then industries businesses that do comfortable Let and the going in have

higher more meaningful So return really problems Do believe I a is that will being better them for revenue strategy. Absolutely for to their for that customers OS and shareholders? able start tackling with critical in be of part our we XXXX. our

Rob Stone

Sounds great. Thanks?

Operator

at Thank session. time, this you. this concludes question-and-answer our And

I’d Investor call over you back turn team was now closing Veritone's to the his you Relations VERI@liolios.com. Steelberg, Mr. taken, like for at remarks. to not contact And may If question

Chad Steelberg

mission Thank our want look joining pursue We our forward supporting for operator? our of progress operating next of on you call. system call, We on to us the updating on we thank the our AI employees, partners and us to you today's future. building for investors as

Operator

call. for us you quarter Thank joining today XXXX and Veritone’s fourth earnings year for full

You may day. everyone have And now great a disconnect.

Veritone (VERI) 26 Feb 182017 Q4 Earnings call transcript