VERI - Earnings call transcript Q3 2018

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Operator

Good afternoon. Welcome to Veritone's Third Quarter 2018 Earnings Conference Call. After the market closed today, Veritone issued a press release announcing its results for the third quarter ended September 30, 2018. The press release is available in the Investor Relations section of Veritone's website.

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

will the we for remarks, their open call up questions. Following strategy on that future today business for and the certain operating note of its the performance, events future including operating information Veritone's fourth about Please performance statements discussed call expected financial forward-looking will and XXXX. quarter and include are or risks, actual uncertainties statements differ materially implied to results those from assumptions that forward-looking These stated and subject to those by statements. the may cause Veritone's risks SEC on these Certain and Annual discussed in including assumptions Report filings, of Form are its XX-K. XXXX, as These Veritone forward-looking on revise based obligation statements or no are of assumptions today, update them. November XX, undertakes to and

depreciation, GAAP today. acquisition, in certain will adjusted addition and earnings discussing the or a loss company's of this expense, compensation, the during company's non-GAAP be which and to its adjusted financial company’s amortization adjusted a In the stock-based is pres exclude presenting reconciliation is net management integration-related expenses call, to the issued to interest, EBITDAS results, company’s included financial measure, before EBITDAS release

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

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

Chad Steelberg

and thank for financial the and performance operational very strong joining you our in everyone quarter. pleased Welcome us today. with I’m third

exciting launch capabilities and, Our the that applications revenue businesses. and we acquisitions was strategic three law our new three strengthen enforcement of a We million. media closed $X.X for and customers; record extend

which Solutions, agency by acquisition $X.X from up million a our And growth media XX% year-over-year AI Bridge Digital by recent in added driven was up Our revenue QX revenue organic solid our Wazee Performance our with and year-over-year. Content quarter. and XXX% of and contributions Digital both

million operating adjusted million in EBITDA QX from with to loss revenue $XX leverage expense together a in quarter. good also We $X.X to this management the growth prior reduce our

Our expand revenue then this business exciting customers applications showed as growth adding to of those and operating development customers the advantage and land are increasing quarter of and success up strategy aiWARE organic new the add we users our efforts take new more and with our our strong signing system engines our strategic seeing we’re with and they acquisitions. for

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from More failed importantly benefit operating these advantages to siloed inherited an of applications system. the

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and applications and aiWARE small customers. Identify, Without leveraging aiWARE easy-to-use The Another engines integration use communication of Wazee’s major internal focus applications and of fraction into by advantage with most framework, an in protocols Two integrating customers offering. of and XX-day core from turnkey aiWARE from have logic, and it advantage third-parties the a applications more that a operating Without the anemic took and for was cost is user is savings any it would enables orchestration a acquisition each efficiency and time the and of Wazee the and such as X huge can tools, by instead executed efficiencies Developers industry each, logic, hundreds year number a into all nearly of result today. of what key on were is the build needs. the XX. workflows AI seven team. by DMH of gains deploy solution to fraction additional build QX point running that than three in efficiency new as applications The direct in This conceived, would and doubling to within we shadow take operating cognitive aiWARE Attribute developers millions their then and dollars. a gain these aiWARE were up. to the XX virtually I more were of the a Phase for its database engine Redact of supplies would system by In an built and AI of to PC deploy ground paying it of in cases cost or the and developed applications business building taken paralleling $XXX,XXX aiWARE less the of imbued solutions. on them clearly took be systems. less time and developer mentioned cost days aiWARE acquired cognitive three conjunction solution

created were important applications for safety judicial and two The cases these new first of agencies. address use to public

to shown evidence, agencies potential Veritone cases other search enable in new Our present against of XX% which is systematically that criminal in databases, images time labor devote Identify and accelerating of known video investigative to offenders something identify and other photographic to allowing application and more potential currently suspect, and application requires is to effort consuming reduces the process. The intensive a Identify significantly activity. investigators time investigation time suspects

a law successfully have dozen lot suspects over of seeing and it. identified enforcement our in this from application interest customers initial We using POC are a agencies

this streamlining sensitive law agencies systematically new improve one enforcement professionals and evidence faces workflows. in provide Redact the Our Freedom evidence, and these workflows. efficiency the video to Act Currently, and footage of the time application their enables with process public. is the of growing Information manual video generally evidence is consuming and a for powerful their a significantly traditional tool redaction by to video disclosure that selected Veritone for increase with remove Redact from data agency request

This to placement high of broadcasters near AI applications, real analytics demand, to ad powered enables and time of The is broadcast and taken data in the actions is mentioned attribution third Veritone industries intelligent Google one pre-recorded, the maximize is organic in ROI which television. measure and our campaign between during programming advertisers ad enables challenging analyze broadcast and attract time. Attribute optimizes because it the The and website efficacy users radio advertiser’s these native priorities. aiWARE advertising and effectiveness solution to the upload on an in most correlation ad broadcast and and application application into a audiences of real highest website and media

is applications security for monitor an these permissions, way and their may access, critical while deployment provides on-premise of security data customers both it services and data function operating a core Without and functions and provided, of would seem risk AI mundane, are aiWARE system accessibility significant operating countless to a services of system serves. benefit cloud few forced the point IT solutions, to third users to mission manage overall critical increasing that distribute monitoring organizations complexity a infrastructure. and The supports to Unified just are ubiquitous their these enterprise it the be provided and their single to customers. they to privacy adding and that the

the significant have we us at prior to successes to accomplishments yet the successful we of testimony quarter of staff the world the most Amazon, something diverse only This our work Many building of and of employees. over despite of at like are Google, also IBM aiWARE XXX limits and itself. will dedicated greater talented and transcend but not some power to are opportunity companies Veritone universally had significance our the that believe of in software background

the and to key turn results I’ll our Pete quarter. CFO, performance our Pete? third Collins, through to the over walk Now, financial for call indicators us

Pete Collins

everybody. Thank Chad, afternoon good you, and

to $X.X both growth. Our acquisitions third million million and quarter quarter organic third in last net revenues XXX% from XXXX $X.X of reflecting the increased contributions our in year, the from

our XXst. million of Wazee third $X.X AI in Solutions year and $X.X which AI the AI Digital Digital's from was comprised last XXX% which net includes revenues revenues of digital revenues acquired from an Digital $XXX,XXX hub million increase Our our net on from in third revenues and core quarter. and platforms, of of Solutions totaled quarter media approximately August the and from $XXX,XXX Content we software net This Wazee Solutions,

we One $X.X year Performance on was year. primarily to the from XX% business This the Our QX of of and which $X.X in net million of clients increase media agency number active net last increased Bridge contribution by revenues an increase in $XXX,XXX QX this Veritone August XXst. million revenues our of acquired in by driven

the XX%. XX active of clients clients of an the had XX Excluding Performance in in compared we Media of quarter Bridges XXXX, third XXXX quarter Agency with third increase

quarter. and million Digital which services the content of third Services Our net Media was revenues comprised Wazee's acquisition live licensing the event in was following $X.X

Bridge their Performance of the a Wazee we Digital revenue three to business have at quarter will full historically that from month been QX, of expect but its not to September strongest services to results seasonality and level. revenue one QX the year in of important Wazee's that We note months so due of it’s do reflect and has

our AI we market. vertical grew net vertical our systems at AI of closer of continue and operating quarter development to our Entercom. Looking expand work business, iHeartMedia we entertainment each build our deliver delivered the the several revenue started from majority growth XXXX system in The and in sequentially revenues our as net particular we media in business the land strategy, and on which revenue customers operating with

based with that of revenue, revenue have our up excludes of up in recurring in from the agreements XXX%.We that’s monthly revenue QX dynamic It’s quarter total AI to MRR in XX% year. was note Our $XXX,XXX XX% the our third effect customers agreements last that variable while end are the some increased well $XXX,XXX legal or our system we continuing to operating MRR under as MRR see protocol, media overtime. project revenues as why these was important

over of in of to Our QX net due fluctuations same our recurring revenue. timing the net from than The with in or profit or our of carrying in proposition in increase leverage bookings quarter-to-quarter our of lower booked AI prior and primarily compared increase in increased and acquisitions. period in QX operating million XX% Content the in and operating from XX% period year timing bookings. $X.X October our profit of gross large XX% the compared cause net revenues our closing is the revenues of margins third The can net significant decrease quarter aiWARE $XXX,XXX and terms XXXX and due deals. and to our than primarily $X.X generally Services The deals $XXX,XXX revenue higher period of the In some to closing the deals margin less by agency due Digital with Digital those bookings the gross which XXXX. recent were the we system Media primarily Gross was Solutions was year the revenues business. gross prior media from to which provided million

Now our compensation decrease the benefits decrease million was in the related expense, turning higher headcount to certain our acquisitions third and vesting of XXXX XXXX. period addition X% from those to $XX.X our offset quarter was million in in to due $XX.X to compensation primarily total period costs operating of the the which additions, businesses. accelerated and operating of in same expenses, the expenses expenses due substantially recent operating higher stock-based of acquired expenses resulting from of was The performance-based XXXX decreased lower stock costs transaction options. This by the to operating

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

$X.XX XX.X million average share, or totaled million, attributable $XX.X based per loss outstanding. weighted shares stockholders common net Our to on

quarter the weighted on or million, outstanding. XXXX stockholders was share, based average $X.XX XX.X Our per loss in attributable million to of shares third net common $XX.X

Now to our turning non-GAAP metric.

to expense, period higher earnings and million and before system Our net aiWARE in with compensation the a the was which $XX.X was due EBITDAS acquisition was and sales of of loss a increased higher primarily and it the our science, adjusted related stock-based was year million with third data than QX a in QX to XXXX of exclude amortization or the The in loss software in $X.X integration operating interest marketing adjusted development, will third on the million loss resources, and basis, a year-over-year of compared in loss loss while adjusted we expect product to XXXX. and certain to lead net addition loss of compared our $X.X revenues quarter future, enhancements quarter primarily revenues costs increases of EBITDAS lower and our gross due EBITDAS ago management, profit. depreciation,

balance long remained The future includes no marketable and cash, to which of and $XX.X securities the of clients million. of our debt. securities strong. million term cash cash the turning sheet, and quarter, from marketable received we cash At equivalents balance $XX.X for Now had end payments

shift Please to our for AI Agency that Solutions both performance these KPIs like business Media or gears our I’d KPIs any recent not and our Next, to key include not our indicators business. from do acquisition. contributions

our they number quarter our the versus to We XXX XXX, It In the Three added quarter third with exceeded best of XXXX order to of of the to our hours. versus saw closed forecasted be are on cognitive of of of by operating currently ensure four and not exactly of performance. predict adjusted all end at achieve recent deals in of process of in a increase increased The will the acquisitions, in the amount third could XXX. as we close; forecasted which when deals of XXX with XX, XX forecasted current compared accounts. we October and two integrate that forecast that of the XX did to which X.X the X.X KPIs of all the KPIs. customers achieve the million stood the total finished are hours processed million metrics in reviewing number our increased forecast media the at which of at quarter. engine in the forecast number platform difficult versus the we assess in which XX the accounts We

business three indicators. performance key Media we our evaluate For Agency

of agreement. added number master service new the under First, clients

the spend clients client. the and active number of third media total per Second, average

new net last nine XX year. QX clients added clients we net compared During in QX new year this with

XXXX the XX increase. a at as of of QX, of XX of terms XXXX compared of the of of QX total with had end In end clients active we XX%

large this average During average decrease media the in media of spend less of year, a we in third Many year. spent reduces a concerning provide This which degree. in XXXX per than to been this number Veritone, $XXX,XXX, because not but solid flow which new by keep also past of and per client XX% foundation the offset reliance can $XXX,XXX media year cash business causes third our trend now to active is on the it increase add historical the of and have also important quarter in quarter in clients spend of strong business It’s mature volatility compared spend that with client per QX quarter-to-quarter. more than our a is average our revenues our client, last to positive XX% the the our experience mind is And active us with in while $XXX,XXX for outlook. compared was for clients. it from net increase

we and QX range million. have $X.X does are revenues net processing from have revenues range This For to to of is we not not include on based that as today. client. forecast between started Media net expect difficult XXXX, the Services and of amount based net million signed recent agreements the and including historical in and have Agency revenues or those accurately. Media This $X.X upon net place archive expected placed Media trends revenue Digital ads potential e-discovery Entertainment yet The projects

The QX count of do from decrease mid-term expect included at renew end customers system end QX customers we eight the of we the of customers their expected cycle customer end will is at For the with which the XX AI politic of election and not have before contracts end those XX our to a KPIs, QX. operating year. the

course impact have we XXX, deals accounts the part closed expect include the QX, the For an offset to of XX of which the customers. accounts, increase of three October in politic in we over by

add to at cognitive expect XX reach end We quarter. and QX new the of net engines in XXX the

of aiWARE X.X million my fourth video financial the and completes quarter. of audio We That content to process the course expect total hours over summary. on

We’re now questions. Operator? the lines ready to for open

Operator

Latimore take not will is question questions analysts. Veritone Capital. we And first And from side from Instructions] Please you. go with Mike our Northland ahead. [Operator sales Thank

Mike Latimore

Congratulations the lot. on looks good. That Great. quarter. Thanks a

Chad Steelberg

Thanks Mike.

Mike Latimore

core the what the bit a driver quarter, on guess sort was little more there? in business organic cases, I legal the So, media I expanding? customers sequential drove Was guess, there? the of that sequential some what Was Solutions of growth AI that

Chad Steelberg

eight my back reiterate. we’ve clients; kind mentioned started and there remarks land-and-expand we’re service providing and we small driver serving specifically the our we’re was stations, are and today. the of covered but of the I coming a into with I started These of the strategy largest so two customers market category. today of So Media think Entercom. stations servicing that to XXXX Entertainment out for to of another just And of And past, iHeartMedia this in in too, that we and five theirs, to that that that them just hundreds testament and seeing fruition in kind

Mike Latimore

terms in segments, revenue will those forward just be then of so And revenue represented segments the Great. these assume should new we here? and three consistently are going

Chad Steelberg

Yes. plan. the That’s

what was the licensing and the these to the then categories we As step of live best felt Agency figure between was three it. and from services with way that to out best the event a revenue try of the we way categories and communicate Wazee, to addition do business kind the of Media back

Mike Latimore

said for revenue giving And fourth you your then Got and it. guidance. quarter thanks guidance

new said, not Your fourth you quarter does what e-discovery, is guidance, said? that it you include

Chad Steelberg

include we doesn’t What Yes. haven’t started. it that projects any said, been already

XX days the don’t quarter of forecast anything visibility frankly basically just able So do the enough last be coming that. and to we we in to didn’t have

Mike Latimore

Okay. last margin about new there? What just kind think should mix gross the with then being from And of revenue we me.

Chad Steelberg

Yes.

be continuing businesses gross carry lower grows. reduce rate grow. should margin going dollars the I agency business, the the revenue gross obviously so gross a will see the but – to in the They that margin is AI continue you’re think rate, that nicely to profit what to scaling two as

Mike Latimore

Congratulations. Thanks. Okay.

Chad Steelberg

Mike. Thanks,

Pete Collins

Mike. Thanks

Operator

you. Thank

comes question Darren with from Capital. Aftahi go next ahead. Please ROTH Our

Darren Aftahi

afternoon. for taking Thanks Hey, my questions. Good guys.

if may. I of Just couple a

some in you kind the talked when call, your won’t I’m belt I in So those. through particularly you of where that Two, few M&A go about I��m Wazee. Fremantle, media kind under Wazee, stand with of and indulge upsell the government Chad, expansion about just didn’t remarks on us, curious bigger a of the you you your acquisitions. of HBO, full prepared months of think, clients, acquired the Viacom, guys just question kind And terms operating kind That’s where stands? then Pete quarter with with curious talked if of one. with into cost AI. have vertical you the you

As we think be improvement EBITDA that, about and Thank maybe categorize of us growth sense about you. should we sequentially kind give think a could helpful? you in if would

Chad Steelberg

Sure.

integrated So hours courts, rolled etcetera. of with using the that And across thousands it again, getting the their to which sift first broadcast with time. facial recognition, transcription of two lines its of integration that in some about the media AI literally to functions completed through faster, surf out Wazee’s multiple their that could the application of users first content event speech, we partners core cognitive was product we really and client literally USTA actually the live allowed so real

done acquisition we a the closed week So on remarks and as fairly Since product. jointly prepared significant I then of happened within we’ve that last just mentioned in a further integration closing. week that integrated the deal even

in existing the law to of to well. going also question, customer across So we space this their continue base But cross as up it’s enforcement is sells. terms to opportunities your opening in expand think next

a government working just So agency. kind the for Wazee last with contract of them a pilot had year

I bled think this well. it into as year

that which on, Veritone our things Some application Wazee of our and Identify, Redact etcetera. the like we’re include now on the new with to obviously core other working interoperate applications and

of having framework. common that It’s use industry it’s applications So a of on set – these suite an a as solutions the it’s not partners arise. need about becoming interoperable think that again, I just point can different

Pete Collins

pickup third question. then And of your part your me let Darren,

and perspective. from of didn’t Bridge in fourth performance on for slightly just as EBITDAS So give we the a have that is but combined the EBITDAS, positive quarter perspective was an Performance the from an we it to relates Wazee EBITDAS guidance past any basis said

continue So we quarter. would into to expect fourth that the

Darren Aftahi

I customers should of think Great. agency sneak too midterm there business? political kind on one, AI as you a in And well, are but I over? just we if business, given know that your impactful out last of elections kind could was I’m some And curious one. belt in curve call just

Chad Steelberg

advertisers don’t Media we clients think, it of customers our so the I that type business our those have didn’t those of in as shop. of don’t – or from Agency, because drive side QX

Darren Aftahi

Helpful. Thank you.

Chad Steelberg

right. All

Operator

you. Thank

comes go Our D.A. next with question from Davidson. Tom Please ahead. Diffely

Tom Diffely

Yes. Good afternoon.

Just what report that kind of the impact your any had acquisitions of on all, quarter? curious first KPIs of if you core every

Chad Steelberg

So, in any Bridge. a Performance quarter from and we’ve term, the Wazee KPIs impact both that reported excluded

QX the it’s quarters. an prior So KPIs further apples-to-apples comparison in to

Tom Diffely

guidance the forward Okay. And with true that that or is then going does include them?

Chad Steelberg

We from have excluded them QX KPIs as well.

aiWARE if kind that we of business Agency of you just and Media So on have. think prior the basis, same the everything about is

Tom Diffely

Okay. That’s great.

the for? what’s they added we engines you in? about new Okay. say few new were any during What category those look quite categories were then were can And there? Or a quarter, anything that the at engines

Chad Steelberg

It was is narrow-cast That’s engines effectively. more really levels to the I about we of machine the was go there large picked some big categories. and accurate down more categories we derivative during the don’t would to but up cognition refinements, ability say of the engines mentioned, leverage of material result the which conductor With higher can I some any obviously acquisition think generalized of changes box that cognition. to quarter from specific which

Tom Diffely

it Is main video. when finally, percentage what driver sense. kind the there? a is AI I well, of makes look first quite the And around that – simply of per that guess Is dollars reflecting hour, at Okay. That that then you jumps bit. obviously audio how versus that

Chad Steelberg

one the of That’s drivers.

volume I is another think one.

hundreds cognition core are or there types metrics obviously whether core video effect obviously, engines to coming of being of stations or of radio of are audio we then volume and its customers, engines are of And discrete you of kinds spotty. TV metrics a some And processing from then those the a has three different So our track, others while day, run? number very content can four hours terms media of dramatic what in XX and sets. apply stations customers

rates So change. also those

Tom Diffely

look finally, And added forward? that kind you expenses rate when to then is going of due run at costs Okay. the the of the of Pete, or acquisitions expenses what

Pete Collins

guidance a OpEx for We the there we’ll changes their businesses; their Darren, capabilities So in the them haven’t a rate I headcount and team business but into we given to was with and is a brought integrating our and our full up third the We’ve on none. Wazee of run almost like basically perspective fourth to quarter that Performance serve been over sharing adding quarter. so from Bridge very ramp made month basically really clients. have few busying two

So September. from wouldn’t kind the rate a out significant month run of in implied I of coming the expect deviation

Tom Diffely

Thank Okay. That’s helpful. you your for time.

Pete Collins

All right, Tom.

Operator

Thank you.

Sinha is B. ahead. Sameet FBR. Please go question next from Riley with Our

Sameet Sinha

Yes. Thank you. of questions. Couple

second were with stations you and So, us in hundreds acquisitions? plans when revenue probably growth the and guidance. Pete, look from starting for the with you. in off earlier, fourth for I now And Can Entercom only your of at When stations. of one quarter iHeartMedia a they organic you handful much how Chad, guess, you how help what’s like

into new another revenue vector give station of Thank that question. So growth? base vector for follow-up up Or of you a I much as within go growth as you. Then grow how that about revenue market? per one mature that’s us seen is how have kind have you per stations

Chad Steelberg

is very $X.X it versus revenue. gave rates, good organic of month below, that I that We the on Wazee. of mention million not breaking inorganic September just the Sameet mean guidance growth the million down general month $X.X a for to did So, we in we’re

the quarter that Performance added that million X.X into And of whole not rate. Bridge third to amount so fourth combination Wazee run take the extrapolate while and same and it’s into that reasonable that quarter the

provide this I that’s information the that guidance, think the point. that’s we to

Pete Collins

even specifically our here. we’re significant has regards by as on within stream, within in bit more relates basis that market of stations radio of the specific the market obviously with going seeing audio. or market on and adopt of the a expand Sameet, and strategy but Little basis, limitation a to background on But kind back more essentially it and land audio it’s to that any customer only because stations platform.

Operator

From Sameet.

Pete Collins

your that not to other video phone? whether just the and of of expand the Thanks. you. cognition world rapidly. from public really safety, coming starting the to forms you with Perfect. mute TV from transcription is maybe But running Can media or Thank in engines other different broadcasters regards enables basic by that breadth

assets and they’re rate applications both of number terms that of those we’re those they’re with running are expansion single expansion In more just video think that more we’re the that seeing using, the that engines in as employees the stations having or hours the safety less other on on public being a radio versus media, I forms at content. processed types of increase deployed in So well media media seeing being platform. again, station, more as entertainment that using cognitive the coming of from in engines of in application against companies and

Sameet Sinha

Got Pete. I margin One the know final acquisitions? gross Pete, it. for ever you if don’t of this profile out given question

Pete Collins

impact was revenue their about then the level. EBITDAS talked we and the on What No.

the So, them. shared when I revenue perspective that, we level sharing acquired viewed and basis I that more with is OpEx they we a positive from the a combined as slightly Darren, was earlier on as at with were really I think I EBITDAS said impact mean

Sameet Sinha

it. Got you. Thank

Pete Collins

Okay.

Operator

Thank you. And ladies this and gentlemen, session. this concludes at our time, Q&A

now call question turn you remarks. Relations Mr. wasn’t Steelberg would back Investor may to his team like for Veritone’s I the closing contact your If taken veri@liolios.com. to and over

Chad Steelberg

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

Operator

Thank you earnings quarter Veritone’s third joining call. for for today us XXXX

You may now disconnect.

Veritone (VERI) 12 Nov 182018 Q3 Earnings call transcript