- Earnings call transcript Q3 2022

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Operator

Good afternoon, and welcome to the Veritone Third Quarter 2022 Financial Results. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Brian Alger, Senior Vice President, Investor Relations and Capital Markets. Please go ahead.

Brian Alger

Thank you, and good afternoon. today, third a XXXX. quarter closed results release market the for ended the Veritone press issued announcing After September XX, press website. supplemental Investors other release available The the at information section is Veritone's of and

today, and digital statements Joining us Veritone assumptions or are may These Mike including live actual Veritone's Ryan and on a of assumptions materially the those in call then Form to on the update includes, for Zemetra, President, discussed XX-K. financial on of who CEO, X, session. filings, Steelberg; report and Please prepared from that differ SEC performance. results answers twin certain are future will that remarks are questions, discussed Certain open live Chad and to revise statements today, based and both about Veritone's Steelberg; assumptions annual operating versions without risks uncertainties the today's our and This question-and-answer note no obligation CFO, of are its will the these business information November provide stated. include call forward-looking XXXX cause strategy and call risks, These certain forward-looking statements statements. your to for forward-looking limitation, subject them. including as undertakes and to up

Reconciliations discussing During release are the noted. call, measures corresponding presented issued we these be will be a in measures and on basis included forecasted will the press GAAP otherwise of actual to we the non-GAAP unless today. financial measures the

being link Investors Voice, for be proprietary recorded produced everyone replay is and available www.veritone.com. remind that will Veritone website section synthetic to via also only our but not this like a at Veritone's the I'd call being is of in Finally, voice made solution, with

over call the turn Steelberg. Chad? our CEO, twin to of the to like I'd Co-Founder and digital Chad Now,

Chad Steelberg

afternoon, Brian. As everyone. Brian Chad. twin [Foreign I am you, digital Language] Good Thank noted,

on update provide our you the speak business. today to an happy and with are progress We to of

third on quarter XXXX, reported of basis. on revenue of million, Veritone GAAP XX% of and a forma the X% $XX.X growth pro For basis representing year-over-year a

Over year-over-year and grew customer a the nearly on pro XX%, same record, up count basis. forma bookings another period, XXX% reached our both

commercial continue our and the and aiWARE Mike profits our to of detail, the said, in by be the Ryan bulk foundation, our will businesses powered for providing business. That robust investments As broadly government continue use to at growth new Veritone and and and levers many pipelines. cases disposal. respective solutions our a industry grow balance find regulated remains well-capitalized their sheet revenues with

disciplined several healthcare have currently continue effectively cost been to in our applications years, both intentional, past Moreover, it. platform extensive partnerships the specific like into leverage and don't where fintech, and to the have that we new we investments making expand markets and intend aiWARE offerings. the we case-specific For services leverage offerings to our use

evidence For in intelligence The and media and good provides is for accurate. times is realizing our quarter that improved titans, bad a ample customers the will Whether Veritone's entertainment ROI third our advertising by solutions business HR solutions. have commercial SaaS the it or thrive. we while now, belief services, is to enterprise of in our offerings our argued are resilience that that continue our artificial enabled

operating the and to technology company Chairman Executive world-class Officer over turn I have the touch the January as have with continued a assembled, Chief Before we progress and on effective briefly immensely am of system. establishing call the want my Ryan's to team Board. have the we of developed I XXXX elevation made Ryan, I AI we involvement proud to in X,

stewardship in he Ryan confidence total executing Looking Veritone's ahead, and have strategy. in the long-term employ will I

chapter. ecosystem an contribute to next excited and our to am building I to endure are We

Over detail. will Ryan operations Now discuss business Ryan. greater the the to in you, of

Ryan Steelberg

over Appreciate advancements behalf you. words, and evidence leadership, Chad. X-plus The Chad on and want aiWARE are for his your vision I at enabled unyielding past by Thank your to enduring drive of business thank of efforts. the kind the our team entire the of Veritone, And years. strength

As the today's assuming his his role my attention Officer indicates, the of earnings company Board with will be on XXXX. as consult to release effective the I of he duties position remain closely addition January involved and X, of Chairman as aiWARE. company, in our will focusing continuing also Executive Chief for President will as in Chad

Now, of has business of third the GAAP our resilient Managed of let's proven and both software third shows that which third in get scale. believe operational million the the details bookings XX% software Services more Software record. Products at was with year-over-year grew we aiWARE Services. & been revenue our now into of nature our quarter In XXXX, consecutive $XX.X quarter strong new bookings of Quarterly growth results,

pro software $XXX,XXX. up our forma basis. to billings revenue strong XX% Within year-over-year as a XX% customer saw to we business, Managed active Our growth average and gross grew record count a Services per on year-over-year grew X% XXX, customer sequentially

commercial a XXX% up XXXX Veritone and by basis, Software on year-over-year start basis, enterprise million XX%. the customer period strong, though its QX forma & was XX% from base Services year-to-date and year PandoLogic accelerating June over enterprise are whole of grew QX Products the Let's commercial business. they growth a pro & prior a recorded its Within grew for base, declined year-over-year. in Software Services XX%. our revenues accounted with year-over-year, year-over-year commercial growth on a Commercial quarter. customer while basis, our by as our X.X% customer our XX% grew review enterprise. XXXX On increased XX% Products business the Managed enterprise, XX% GAAP revenue $XX.X revenues Services of

commercial existing signing discussing customers Analyst the the Also synthetic two expertise data arena, final Our DMH announced X, global during recent at content with in companies launch our customer expand content for technology and quarter Voice is our was our upcoming market and and leading recently in rapidly SPORT are leverage provider. extensive the licensing sports plan and to to broader content XXX. combines with gains Stats considerable AI. through partners Friday, which offerings. be to-date of the Veritone Within how sports. count for end up new synthetic monetization. sports sports and Underpinning to improve and enterprise, This notable Veritone marketplace PandoLogic a content driven efficiency our federations a Most growth we announced demonstrating will we leagues agreement that Perform, significant Day, the to measurable distribution for customer create are and the we

talent. Domino's with working Pizza For began example, to and help XXX year, us recruit franchises last hire over new

engagement, saw XXX% of applicant in our cost an the the increase spend per actual in XX% and reduction volume, reduction an by weeks Within we overall first XX%. total in five applicant

hiring the talent in a market due old, market, and to programmatic expensive adoption that by share We moving accelerates efficiencies manual, through increased away costs gains in have proven acquisition reduction from automation volatile and processes.

Services, growth mentioned AI in third previously, our capabilities the our I As which quarter. recorded XX% Managed leverage year-on-year for differentiation,

common industry the results to we growth. While our we recorded our well. to customers. This and group theme Across reported a have Managed our our environment, resilience. customer average material spend and grew is challenges, the overall provides by challenging economic spend deliver Services attributable aiWARE record billings enterprise we macro some continues serve base the is substantially us to markets In challenged labor ad differentiation superior commercial group, in environment, In a the XX%. entire directly media to perform

revenues, our Moving grew less total account still and than investment our regulated enforcement GRI, GRI the year-over-year. fit agency diversity local government of space for and industries yield on product our GRI. revenues or X% to and of that we see growing Though bookings belief continues results. positive or to sequentially both state in customers support GRI and will in LEA, our end-markets. law our continued in this awareness currently best and brand Within strength

and redact week's LEAs press and penetration As draw surpassing continue in the applications more AI-driven onto release more our market to showed, XX% last platform, California. contact

are with leverage prioritize we LEA go-to-market way level, At continue federal our strategy. the We strategy on well in the our market. to land-and-expand in partners and our

potential federal and the know essentially While tremendous and partner components complexity approach. customers, services we of to required requires a procurement the offers aiWARE process value

first-class our continue Booz demonstrate and a is and base built to not partner including network, Leidos Microsoft, Overall, revenue PAE, has only growth, diverse business increasingly Veritone's bookings CACI, acceleration. Veritone that record Allen. customer for Fortunately, resilient, Deloitte, poised but

in responsibly while the growing our also expand market business will invest to to continue leveraging partners We opportunities.

Over call the in Now go to I hand Mike Mike. more and you, to guidance off to Zemetra, would like to the detail. financial CFO, our results through

Michael Zemetra

Ryan. QX was across with Thank a quarter you, high our execution business. solid

performance, XXXX $XX.X Turning revenue third or financial XX% record QX up million to quarter, a was million of from XXXX. QX $XX.X QX

by we of addition was increase which of to live to by basis, offset which year-over-year forma to part by XXX% digital Services. consolidated a QX with from hiring consolidated of our in On drive million forma in up continued savings offset year-over-year, and revenue to forma This decline Amazon's in driven content in influencer QX in their QX as an driven The enterprise grew XXXX, or from XXX% by driven in or decline $XX.X in substantially XX% business, software in driven we in record & improvement down by pro year-over-year. the in Services from the non-volume revenue the XX% revenue revenues. using PandoLogic. XXXX revenue resulted XX% driven on usage represented increased over in growth a XX% in or addition pro customers & return in Amazon Services, growth customer $XX.X XXXX. coverage conditions a content and Products large over events decline Software growth was a platform XXXX Managed licensing, Software On XX%, largely net Products pro by of efforts was across XX% pre-COVID network a headcount Managed in HR our a X% by our basis. increase $X.X software. million overall revenue Amazon saw QX Year-over-year, basis, X% Services of million rose

late Services, Managed to over customers retention In net $XXX,XXX, active $XXX revenue to a forma it and pro to advertising percentiles; to we and to revenue deferred cash forma time continued driven AAR XXXX. QX, from to XXXX, basis billings. over capabilities. pro forma fluctuate cash down made new greatly billings $X.X Services on million, Amazon, in Semantics XXXX; Moreover, a normalized in per takes total here customer from on new XX% gross XX% customers million to accordingly. gross and QX, to increased The XXXX XX% would Amazon concentration metrics: basis; In were reduce adoption the $XX.X the milestone mix excluding million in consideration of a expect speed a year-over-year $X.X $X.X in up continue new million also of gross basis acquisition of a improve of expect up Products QX Amazon of by we ramp XXX% ending I of annual QX our In acquired generated QX we of that over year-over-year eclipse grow high a & Ltd. be XX year-over-year retention Vision pro in and AAR generating our for customer from we decline strong our video As XXXX. note on $XXX,XXX, and in and we QX will higher capacity the of upfront new services consisting revenue XXX%. AAR base, in XXX, up million, $XXX,XXX, Software the also payments customers be tracking bookings revenues.

by from acquisition gross entire quarter We non-GAAP compared XXXX, consolidated remainder than to this or financial on with profit inclusion PandoLogic. reached Gross the million impact XX% X% XX% QX our in margins XXXX improving of up from XXXX, to in benefiting QX $XX.X throughout less $XX.X XXXX. QX of XXXX. of expect XX% million, have QX results expanded the

XXXX to discussed we is to full slowest which quarter thereafter and to XXXX. scale typically of and operations, by including driven XXXX decline On $X.X and of QX million, to revenue year pro next months, total namely growth increase in year-over-year previously Amazon. of XX% margins $X.X Services seasonality, exceed to was as first to XXXX the the QX As marketing total margin our QX remainder continue net reflect XXXX. over to XXXX. down of improving sales Software impact expect basis, compared long-term QX million a net engineering, XX%, gross margins sequentially was the in hiring XX% XX & non-GAAP pro forma basis, QX as throughout PandoLogic XX% resources the non-GAAP XXXX forma in Driving loss were gross in totaled year-over-year in at continue year Products and of XX investments recent for gross growth. the XX% accelerate this loss we slightly compared and in XXXX PandoLogic, the a as in the versus On throughout of to revenue in QX

In new in operations incurred and will Oracle deployed mid-XXXX, of scale cloud-based support financial people our to higher addition, we side, costs. help our year costs systems, G&A we have on compliance globally Sarbanes-Oxley and the corporate Workday, future us first and full which slightly

in QX operating a QX percentage XX% the higher lower loss QX costs reflecting base. of million in pro $X.X revenue, XXXX, and a forma revenue compares dropped in XXXX As to QX On basis, a in $X.X margin to QX a with XX% non-GAAP corporate cost XXXX. non-GAAP from Amazon profit coupled million XXXX net from net

in hiring heavier forecasted was impact half for Our front-loaded also results. year, first have XXXX XXXX a on of the will the plan bottom-line which

of with outflows XX, $XX.X month in restricted negative at December will cash restricted with million our balance and XX, for $XXX.X capital acquisition-driven out, to operations investments, any across in $X.X the period. depending net operations. reflects cash million cash Services the we sheet, fixed from reflects seasonal non-GAAP to the coupled outflows to Turning customers future of cash of working and million $XX.X and loss continue growth at million, due payments on net flows operations for payments earn approximately flow changes nine The year-to-date for cash net $XX.X vendors. This XXXX, settlements in and million approximately $XX.X million Managed by to $XXX.X from Cash $XX.X of activities, of capital fluctuate financing compares decrease including September million in for given $XX.X cash from held and timing operations. cash negative XXXX driven paid and including million and PandoLogic's XXXX. stock timing Working assets net in million $XX.X from our flows acquisitions million $XX.X coupled dates million

growth years Our unencumbered to and million, rate was September XXXX today's cash the We XXXX XXXX burn business with XX.X projected outstanding. ended at support the for existing million operate QX $XXX XX, at end the is ten approximately plus. of sufficient shares which next

quarter and our year Now, financial guidance I the want overview an XXXX. for to of provide full fourth

bottom-line half actions, hiring reminder macroeconomic the consumption revenue with we of we quarter recent Given our previous backdrop, $XX year. the for the the year the the to accelerating be Amazon's global coupled has guidance with the that fourth million for revenue first of between are tightening XXXX, slowdown and $XX lowest half and in and second and year, With million. of and top throughout significant related backdrop a expect that PandoLogic seasonality the

year-over-year XXXX, state revenue XXXX For relatively basis. updated a increase The flat a of outlook $XXX on hiring a $XXX consumption primary year to and on revenue a between year-over-year forma full in driver GAAP reflects we representing million, this be of lower XXXX. of expect at Amazon million and throughout midpoint QX the XX% basis and pro

growth Software Services We & expect year-over-year Full our guidance combined our recent GAAP approach to QX XXXX Products on acquisition. a basis. XX% includes year revenue

we breakeven in the over million We second timing overall depending with expect are to be million net mix of $XX and between XXXX. year This and of approximate income net be million on $X.X operating net our half the profit non-GAAP full non-GAAP revenue $X a $XX implying of non-GAAP million million towards and compares XXXX. an and between QX loss to to $X the

November XXth; also next plan the in Conference be presenting Virtual City New York to Needham the the I Technology City will ROTH in on and XXth; TMT we week, Xth. speaking Conference on UBS Conference York Tech and close, December we November XXth at Before New at be

now sales you'd for we one-on-one representative. of If institutional events, any scheduling in Operator, or to to up call be out at questions. your a open Brian like the interested would reach these please

Operator

ahead. from first JMP with Instructions] Securities. Walravens comes [Operator The Please question Patrick go

Patrick Walravens

for So I'd hear to I just XX a got or with talk Great. how back year. that? balance context comment last XXX about next But back cash next and heard So at question on congratulations bounce is, cash role in I think flow, the you free the looking the when Thank have how we the debt do the in about the within you right? we think sheet million years, convertible the the about quarter. notes, enough overall, you. from that? years. And And are about to nice do you of pay how love next starting Ryan, The XX the $XXX

Michael Zemetra

Yes, take that one. Yes. maybe I'll

and listen, got it So did as we of growth. four was fuel million an we lot far mean, put grabbing that $XXX on I our sheet, out and even year. to the mean X.XX% liquidity. a when we paper mean, I happen years can interest. the in on optionality balance capital for and it, piece of And it was listen, We have as really I convert, going incredible

So which of we're we're about back bullish at growth. And our will year, on the profitability. almost if very very, I half QX. say look prospects we're of this in you conservative is still breakeven guidance, laser-focused This

we'll there, we are price, really we about and it So we change XX good convert real albeit and and about feel and growth the years. to in four feel it's good be get where where

Patrick Walravens

it becomes four? deal Do you current? it have with before You have to

Michael Zemetra

a until call XXXX, You but November. believe, it little before have no with bit current, I it becomes deal it on to there is

So X. it's

Patrick Walravens

that? Mike, deal wait feel it XXXX? you like do all until you Or can before with you to have

Michael Zemetra

we next real In again, But the where project. can't we world where will are. this good I six I and project Pat, right? months feel depends, the just be, about It can't

Operator

follow-up a Walravens? there Mr. Was

Patrick Walravens

Thank very Yes. good. you No, am I'm much. I sorry.

Operator

from The of go Ikeda you. next Bank Thank America question Securities. Please comes from ahead. Koji

Koji Ikeda

questions. Hey the role. taking Ryan, we Chad, for on guys. you. are CEO to miss congrats Thanks my going

a out PandoLogic to there. not guiding XXXX. ask Friday, just Maybe is it this on know throw want but I question wanted question you're for a Just better and I to

flat should building potentially it, our Does mean, world medium models recruiting here or remain Amazon. Do about we're term? into PandoLogic it's does As guess, everything color with what's it and I think on the call consideration the how the and I appreciate taking over growing? on revenue, going anticipate in XXXX? decline it you we

Ryan Steelberg

I'll and then number the call financial just kind of of can XXX% the speak side, our Mike it, touch first XX% in the business growth it But to seen over from, foremost, numbers, revenues. operational side. from non-Amazon I'll stated and in business Well, growth in of customers on we've and

labor We expect a in potential programmatic, which of I very hiring, despite line that due of say, the the market market coupled new trend top in in. And that rate with the attrition share leader definitively to about we tight optimistic market in increase would we're in slowdown continue. the to just, – terms are

is utilization to expect the display cost human hire the And saw slowdown the akin market and increase acquiring And macro a significantly new companies just number clearly, that's applicants some again, stated data, to number to relates it is perspective, the we'll a as by ad share growth because has fill attrition. following than net market up in we've also the our driven to actually, primarily somewhat that programmatic but from lower for primarily of of happen in alternative us be overall XXXX, that significantly element, and with a is with of not cost where, to you two for spend, continue the despite as reduced research releasing one. gain programmatic We significant 'XX growth efforts. of in through in

expect impact we our other very, So to again, confident decrease. trend a have whether strategy. of the on or decreasing concentration, they have major again, a business we we going that despite to is continue. right Amazon the do way feel us major the Amazon business positive significantly increase portion that, or is one very our which

Mike, that on a to So bit? do want little you add

Michael Zemetra

non-Amazon and times echo statistics customer XX%. the at during revenue growth, – times. to growth even and during a to Ryan time so reducing mean, want is This hire those the of cost, year-over-year, a with is some cost tip and technology the that hire substantial are just because the in It's some spear. statistics. also the XXX% we I increasing great I revenue Domino's to just substantial of we by better then great And terms Yes, we're – mentioned bad did amount. of the amount survey by the

room this grow. So plenty to there of is for

on it. so, to aggressive continuing we're And investing be

Koji Ikeda

it Got

Ryan Steelberg

I add one would And more.

saturation adoption. terms In right, we're less programmatic, of XX% of than market the still of

of to very lot growth a to continue share. us ceiling high again, a for opportunities market and So gain

Koji Ikeda

Got helpful. it. Ryan, Mike, super

acquisition during the lever headwinds, we balancing you be here. business thinking PandoLogic, a growth little bottom about just profitable. follow-up into with or presumably how strategy Pando is line slowing growth of maybe there over a how And presented Just profitability term, and Amazon guys? recall Thinking thinking the good that the a you from I was bit you're quite the time, insight guys about the for your kind given for medium should

Ryan Steelberg

the our material a I think made year. going last lot our back more to of entirety technology of investments into the end in business, we've really across

forward, going us product offerings. Pando release a Pando's and recent Select of newer for so, of And including their lot

then to our a media perspective spending advertising side. are So, in I think a our all growth, again, and position investment increased continue for commercial good acquisition to from and products I yield and capital and think entertainment of HR we relative to across talent

cost positioned. from think opportunity, we're So the relative basis growth a well to I

against drive side to great touching our on Terry terms executing and have of velocity, of and sales those management doing place lot again, of been Pando HR customers reach to the efforts in are a to and Baker on new business point, job adoption the non-Amazon of plan. In a continue the that team

to to we have very responsible. grow, fiscally right So, right again, as the that right we allocations the feel continue while the we sit investment team today, and here remaining strategy,

Koji Ikeda

questions. thanks go for ahead. I'm sorry, the it. Got taking Ryan,

Michael Zemetra

still was incredibly be it's just clear, to saying, profitable. I yes,

let's So, forget not that.

Koji Ikeda

it. Mike. Ryan. Got taking questions. for Thanks, the Thanks, Thanks

Michael Zemetra

you. Thank

Operator

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

Darren Aftahi

Chad, Hey work great guys. with the role. new to taking on questions. for Ryan, and you my congrats Thanks

two in laid that? Mike, duplicate software the decline it Just opportunities a just of sort Managed kind like kind environment tighter The the can about of people you as revenue, a kind then, if are more that may? kind we sequential pronounced. underlying talking AI And as we off get more like $XX seems versus assumptions tool you get of as I maybe, of we're unfortunately million times? becomes and not talk center maybe of Services into of and has Can into become about tighter kind front right economic now macroeconomic

Michael Zemetra

the Darren, I missed part. first

You was $XX decline? sequential million a said it

Darren Aftahi

I was year-over-year, believe. about I talking

Michael Zemetra

driver, you're on a forma Oh, talking biggest And basis, year-over-year. the and Yes. pro right?

Darren Aftahi

Correct.

Michael Zemetra

am down but Amazon. biggest substantially The of so it's pro year. our and this $XX maybe talking gone don't driver I specifically you the million And in was year, yes, in forma Are was listen, QX last sequentially. QX XX% revenue mean, I of... I Amazon about Yes. missing terms a basis decline on –

Darren Aftahi

QX.

Michael Zemetra

there's on... expect we rest touch it's don't of that the Amazon, you to XXX%. are And are. reasons if I'll touch it's listen, good our And these it grow. experiencing Ryan, extent I The want substantially impact. And to not is it. the pretty let before, I to is on very mentioned continue macroeconomic hiring know to Yes, stable. the odd others this, but growing some of times we business we Ryan But platform and even as for economic mean, during

Ryan Steelberg

vehicle. we've presented our Similar businesses Again, a past. vein advertising-related the as in performance-based we're

We have been.

being in in influencer increase marketing brand you're that frankly, pullbacks as even some driven the and display-based performance-based, are podcasting by per all faster leader in, seen the market and of a stabilizing is and advertising, fact the it as emerging us primarily average in our the major last great again, you've opportunity customer areas seeing by materially So spend that quarter. really factor we're is up

This a somewhat pullback in COVID position. is great what again, when So similar to the we're during happened. happened major

It when Our a of being business stable off was table. did fall were not budgets the major lot cut. relatively

like in specifically as customers, advertising that on those and economy terms the So great net new position execution media of front. the we we're and And incredible. I'd term, are say, most on in, I we're times we PandoLogic the customer fact you acquiring for and with feel creator diversification, the – keeping customer again, brand-new on acquisition of when Are side, faster-growing touched that that the look all podcasting, customers? and at important ultimately, again, is And that front, on thing, mid diversification the a of market, are technology in And areas several net dollars, customers? a customers that's business is longer we new new candidly. performance-based

if one the I Amazon that does represent So again, material again, pullback, of, trying what is we're just an would say, of the major driving. performance seeing swing is we are not the our grayer Amazon necessarily to is, isolate areas it's that that but

be and excellent very So think done prospects. we've job, independent about again, our of that, we to an we where continue bullish

Darren Aftahi

Helpful. you. Thank

Operator

from The ahead. go Stifel. question comes with next Please Reback Brad

Brad Reback

much. very Thanks Great.

XQ in for help get pull growth you growth? can guide substantially down that the types of is are back because of to other Amazon. sort year-over-year us Or to long-term XX% returning think obviously, 'XX? there Can need to you things what you fairly Amazon levers about So, stated rate? Is revenue to of it happen your

Ryan Steelberg

we're recent back of few really will of through of on year, them lot those have And seeing going on to XXXX kind I XXXX Well, we've our technologies. and great investments opportunities voice product of SPORT shots already, all late right the this a Stats lot now synthetic hopefully I able voice in new and to great full the touch think been Mike goal. of we it, a of mean, making most but the a efforts. fruits that we be we've expecting X, again in exciting We've will media. of announcements new offerings production growth with some touched talk We're which growing, of and about made and and the all is Perform. which on things we

a is of to expect bullish pretty and do there we're businesses we our again, again, Managed But grow. levers our that So to continue Services about. lot advertising

for continue still differentiated market expect growth We for stay their our do PandoLogic. and business in them continued to media non-Amazon leaders focuses. in to – And respective we

think that of I goals very again, I overly achieve line. are multitude our fiscal levers, bottom think, able I have capital that So to with a prudent where Mike? we're again, on intensive we while think discipline being our not

Michael Zemetra

hit Ryan partnerships on opportunity, Yes. of I and recently disclosed. think these ton mean, of I much is deals pretty some a we've everything. There

pay to us going those impacts have next attention So potentially big are they because to year. for

Brad Reback

much. very Thanks Great.

Michael Zemetra

Yes. Thank you.

Operator

Excuse there me. Mr. a Reback? follow-up, Was

Brad Reback

No, all Thanks. no, set. I'm

Operator

This I our like and Steelberg, to question-and-answer CEO of session. Chad to conference Chairman any for you. closing back would the Thank over remarks. concludes Veritone turn

Chad Steelberg

operator. you, Thank

We we are we overall our XXXX. wrap of the head and building opportunities up XXXX growth execution and with into the increasing business pleased are as

customer and Our confidence in we remain our metrics strong our is backed in aiWARE by steadfast strategy.

and mission. and the most diverse for their everyone for spirit, our partnership built we am at at team I He As focused Veritone have supporting differentiated future. Further, and collaborative vision clear on a and thankful team years in the am leaders. the and by to night didn't started decade. continue a albeit expertise for will intrepid Veritone be to capacity. the to opportunity Veritone what excited the Veritone in to importantly, has I this and will I rewarding if that Ryan, has together Together, mention in remiss pass an tonight different from Ryan torch a I for hand is I where brings Veritone's a experience chapter. we He knows Ryan we important we I vision. shared come of an came next our what emerging is our elect as country marketplace. foundation with past continue

done you highly If so, have not all right exercise to encourage of to yet I you constitutional vote. your

and way tackling and most sadly moment recognize succeed which friend, his to He idea the future. tireless captured It XXth. work on of idiom is our in a to Finally, tomorrow. October is immense deeply like in father. famous not learned mentor Graziadio, a stood Board. was missed. I brought This his on passed best integrity the to to time contribution the from leadership today he ethic, importantly, today, would Louis long was and in focused present take member, who TNT, the living the for Board and that Louis my Louis

you as and set phase. ideal deepest joining tomorrows loved benefits us. taken our for have holiday rest have this Today's heart reap ones, next condolences leader would the Ryan but a Louis' to infinite I lessons CEO We and Louis on. the today legacy Thank of and decision. God is we is but We announcement you lives the one healthy all example bittersweet, wish start season. of of for and to Louis' My his happy assured for Veritone family approved ahead bless. will know

Operator

has presentation. for today's conference attending Thank The now you concluded.

now You may disconnect.

Veritone (VERI) 9 Nov 222022 Q3 Earnings call transcript