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cash positive highest Turning and first the to report with ending million. in quarter, year and non-GAAP reporting XXXX with results performing QX, excited at excess are of consecutive record seventh I'm to we quarter $XXX our levels our
we year-over-year growth the our profitability a integrating you for products our and $XX over we XXXX, revenue the year-over-year margin including software forma story growth profitable generated and organic and executed to-date, revenue and importantly, and solid XXXX, operating now to even and services pro acquisition revenue year have closing of over XX% sheet growth, Heading and growth More have to outlined balance on and on the contributed leverage over financial from into PandoLogic, ending with XX% our everything momentum over further. business quarter at beginning largest million which generating of first the with revenue we XX% time. accelerate consolidated rock XX%
remarks, we KPIs XXXX, prepared and an on my financing XXXX beginning record and since QX and I November PandoLogic XXX% XXXX, a XXXX year-over-year. $XXX working our basis pro and will and non-GAAP and million year-over-year if During performance, the as debt Starting forma our with revenue own discuss capital QX reached of convertible guidance. XXXX XXXX $XXX.X full-year million, full year up performance
a and primarily basis, million XX% organic XXXX $XX.X revenue increased driven XX%, products million million, and to and software in million, the contribution services forma XX% million, averages. $XX.X $XXX.X XXX% products PandoLogic by XX% XX%. to and services Managed revenue increase a services a above or pro products and million Managed record On well by software XX%. year-over-year or $XX.X million grew increased $XX.X Software services driven industry and by $X.X or services. or $XX.X products grew software services. organic PandoLogic increased increased
am million XXXX to was basis, in $XXX.X margins $XX.X from XXXX. As year, of the gross of reached to compared XXX% and forma represented in XX.X% million, million and pro gross pleased XX% gross with Gross to expanded in $XX.X or in up forma software compared XXXX. at XXXX I relatively On pro prior revenue, XXXX. remained XX% in very XX% approximately a improving XX.X% revenue profit total constant margins versus in XXXX $XX.X XX% a profit or XX.X% from XXXX, products million, total XXXX percentage generated last report loss non-GAAP was for compared $X.X million $XX.X of $XX.X margin full basis, since Veritone that remarkable core with notably million, operating was from net pro XX% income as positive forma inception, PandoLogic's XX% time The a contribution XX% $X.X approximate first a non-GAAP driven combined year XXXX. year. operations, by for net months million income improvement approximate operating million four in to the million of non-GAAP most improvement, an $XX.X in revenue. the increases a in organic or XXXX margin each On net representing services
to of $XX.X QX financial performance, QX million revenue QX turning Now $XX.X up million, XXXX a was XXX% or record XXXX. from
coupled revenue. flat with a the is Amazon. customers XXX year-over-year which in forma pipeline XXXX, XX%. by $X.X grew forma at On driven to media by XXX% pro entertainment or QX been and by government. PandoLogic products products of XXX% XX% services software PandoLogic organic Software $XX.X increase million led million $XX.X XX% and over year-over-year, increased in $XX.X or over pro driven record grew AAR net our reflecting services revenue by has contribution commercial On in customer customer stronger. and Overall, was million services forma year-over-year services, offset and relatively from increased driven products and million basis, new the Managed growth non-Amazon XX%, and QX year-over-year, a new by never timing revenue, of QX a pro XXX%. basis, customers to retention growth XX% and in growth software growth
to deliver Our strategy results. channel partner-driven continues
the over Organic were an QX bookings of XXXX, was in increase XXX% $X.X XXX%. quarter. New million growth in bookings
immediately long-term. Our GRI, high, significant in pipeline begin an in is to at future particularly realizing expect near where growth and we all-time the
licensing offerings voice increased new enterprise announcement services, reported of In with results. within BPA around recent on like energy significant other million international commission synthetic technology, and initiatives. PandoLogic, expansion applications KPI and AI product cross-selling solid We GRI, QX, progress we joint our the $XXX have opportunities and the
largely pro software million, up forma retention over growth XXX% year-over-year In in $X. up advertising first forma $XXX,XXX. at outpace New XXXX. managed XXXX, XXXX. to from shown driven campaigns timing reached by or first half event-driven up pro XX% to expanded compared quarter with inclusion QX in bookings XXXX. $XX.X benefiting AAR XX% half XX.X%, QX advertising approximating were customers QX increased XX%. exceed PandoLogic, the remained and to pro of million in and strength million, consistent entire XX%, generated billings continued to of in XXXX, the profit services, were up continued gross XXX% gross Gross excess from the XX.X% margins key QX QX forma industry improving active $XXX,XXX, by from X revenue of per new year, $XX.X gross prior of QX XXXX robust larger margins the of XXXX customers client which XX.X% year-over-year over QX in the XXXX, gross and of XXXX versus
income to at sequentially exceed and of million margin $X.X $XX.X gross expansion. million were versus non-GAAP to aforementioned $XX.X engineering, fund $XX.X and impact As a investments rent record offset seasonality. reflecting expect XXXX, improving organically XXXX posted by at $X.X million to or total basis, million growth. forma pro net we margins $XX.X reflecting $X.X XXXX. was XXXX, improving operations X% increased income we revenue in each XX% PandoLogic million million XXXX, QX million, personnel-related net of Pro On lower million year-over-year. XX.X% QX margins our principally increased year-over-year continue to net full and improved of the with scale relatively basis, year-over-year. improved QX a On $XX.X throughout the and expenses sales increased over the versus compared next XX PandoLogic gross including forma loss to to Core compared corporate million profit record QX pro QX net XX income or in gross profit, gross PandoLogic's and PandoLogic, QX quarter, QX forma reflecting a OpEx driven XX% namely XX.X%. The to by in gross flat months, $X.X
November This Turning of for services to of of to December $XXX.X due compares to million payments cash Working used $XX period. and XX, the net million convertible million debt in given held million, increase reflects from our acquisition $X.X at our the PandoLogic. by XXXX, million and and offset received XXXX vendors. dates restricted At inflows from $XX.X cash balance timing including future capital clients cash on for XXXX. in offering to we managed net operations of million XX, depending any fluctuate December $XXX.X continue $XXX.X cash The sheet. payments from will
support Our the operate is of $XXX to over existing end unencumbered which million, XXXX and at growth the QX was future. business cash foreseeable for sufficient the
convertible coupon We capital, proceeds result financing As for to and Veritone. $XXX.X million after X.XX% X.X% outstanding. proceeds general December capped plan of annual Greenshoe corporate purposes with including the approximately million. proceeds of cost interest generating acquisitions. in strategic million to Total the XX, the was We shares net call $XXX.X is debt of a the XXXX, reminder, cost of use million the XX with cash ended approximately and $X.X gross
QX XXX in share. $XX.X PandoLogic Lastly, financial end cash stock with will pay expect million PandoLogic I million the note be $XX.X target, comprised valued that million out want of achieving in shares connection per in of XXXX, to $X.X at XXX, to or $XX.XX by approximately which to its shareholders XXXX we and
To and include which, investments. year XXXX. near employees. to over and by to support QX expect today, be These and includes our Turning XXX making full will XX%, financial significant in XXXX Veritone. for increases we continue full-time over forecasted growth objectives, growth a year for this just headcount responsible guidance long-term achieve
support the is of and on sales. dependent be will operational majority which hires, largely these growth Our engineers,
growth and In half our invest active in and have to in addition, Oracle the to global infrastructure, also we deployments as manage to need strategic acquisitions accelerate such order including we planned our planned systems XXXX. In growth of Workday pipeline and of organic future of scale, an scale. first
onetime Lastly, with as the the wage employees restrictions no need our at retain into lowest these resignation, of the revenue In longer XXXX, versus Veritone Chad system that and accelerating year. current outset, versus to investments and PandoLogic retention higher significant and quarterly the that in retention-related with need mentioned our to richer throughout where reminder historical. we backdrop the raises rewards, globally, approximately increases costs with and expect higher back to hiring, to see a QX world will we newer reinvest with annual great be benefits opportunity. we in We hiring seasonality $X the incremental also employees border have sees total, however, and XXXX current has great and we on inflation million
expect the GAAP QX $XX.X QX and increase XXXX an pro million $XX.X million, XXXX QX year-over-year versus and to revenue an between midpoint of be XX% We increase at versus forma. XX% representing XXXX
as the single XXXX and QX to XX% revenue to grow and Software products while in growth, high revenue revenue, forma is services mid- consistent to compared retention reflecting over AAR maintaining pro to increase and services rates. gross customer expected is projected net Managed digits.
$X.X relatively QX $X.X to between a expect basis. be million XXXX flat net We XXXX and QX million, pro loss forma which non-GAAP both is on GAAP versus and
Even we loss revenue to non-GAAP be a over our with overhead seasonal results the XXXX As are operating gross of majority decline comparing $XX corporate a core in costs be and QX in XXXX. payroll-driven. XXXX, and operations of the still in are QX net to relatively and QX consistent million our to forecasting profitable reminder, QX with XXXX, our profit. decrease fixed When this,
$XXX year-over-year For increase basis of basis revenue midpoint $XXX and the to GAAP at on pro XX% a XXXX. full expect million, representing XXXX, year million and be a for we XX% forma increase between near on a over
GAAP combined be our growth We a software and over basis. on services expect to revenue products year-over-year XXX%
over to non-GAAP income net compared $XX million. when income. be We represents non-GAAP expect full improvement between the XXXX million an and At year to this net XXX% midpoint, $XX
non-GAAP held and It to primarily our slightly If projected pro diluted upgrades, XXXX to accounting the XX.X options, between system be and by be XXXX, to up you share a previously our outstanding when retention income onetime our million net we compared the debt be RSUs associated to to shares, expenses should expect due employees. the associated warrants largely with forma. million that convertible would discussed fully noted extent, and as-if-converted exclude and offering with be count and XX.X in lesser
speaking now the we XX for close, call the following March questions. Operator, be we Annual up Securities March open the XX. like through XXth the investor X; I Roth the and will conferences Conference, X JMP Conference Before month: would at Technology to this and
