Veritone, Inc. (NASDAQ:VERI) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 04:30 pm ET


Veritone, Inc. (NASDAQ:VERI) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Veritone Q3 2019 Financial Results. [Operator Instructions] I would now like to hand the conference over to Brian. Thank you. Please go ahead.

Brian Alger

Good afternoon. Welcome to the Veritone's third quarter 2019 conference call. I am Brian Alger, Senior Vice President of Corporate Development and Investor Relations. After the market closed today, Veritone issued a press release announcing results for the third quarter ended September 30, 2019. The press release is available at the Investors section of our website.

Joining me for today's call are Veritone's Chairman and CEO Chad Steelberg; President, Ryan Steelberg; and CFO, Pete Collins. Following their remarks, we'll 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 net revenues and adjusted EBITDAS loss for the fourth quarter of 2019 and the first quarter of 2020.

These forward-looking statements are subject to risks, uncertainties and assumptions that may cause the actual results to differ materially from those stated or implied by those statements. Certain of these risks and assumptions are discussed in Veritone's SEC filings, including its Annual Report on Form 10-K. These forward-looking statements are based on assumptions as of today, November 6, 2019 and Veritone undertakes no obligation to revise or update them. In addition to the Company's GAAP financial results, during this call, we will be presenting and discussing the Company's actual and forecasted earnings before interest expense, depreciation, amortization, and stock-based compensation, adjusted to exclude certain acquisition, integration, and financing-related expenses or adjusted EBITDAS, as well as our non-GAAP net loss excluding those same items, both of which are non-GAAP financial measures. Reconciliations of these measures to the Company's GAAP net loss are included in the Company's press release issued today.

Finally, I would like to remind everyone that this call is being recorded and will be made available for replay via link available in the Investors section on the Company's website at

Now, I would like to turn the call over to our Chairman and CEO, Chad Steelberg. Chad?

Chad Steelberg

Thank you, Brian. Welcome everyone, and thank you for joining us today. I am pleased to report our third quarter results and our outlook moving forward. We have never been more excited about the prospects of our business. Our bookings are at record levels, our pipeline of new SaaS business entering 2020 is at our strongest point in our history and we have optimized our operations and team structure to capitalize on these new opportunities.

Veritone has historically been focused on investing in technology development and on growing our revenues while holding our expenses flat to reduce our adjusted EBITDAS loss rate. With the heavy lifting towards these technical investments now complete, we are well positioned to take advantage of the amazing growth opportunities we will be discussing on today's call while materially reducing