Veritone, Inc. (NASDAQ:VERI) Q3 2023 Earnings Call Transcript

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Ryan Steelberg: But I think Mike, you did – to reiterate what you just disclosed based upon what our projected exit pro forma is going to look like from a revenue and a cost structure perspective. Just to restate again, if we proceed next year with near zero growth, we would realize around a 50% improvement year-over-year in our non-GAAP net loss. Correct me if I’m wrong, Mike. And then if we are able to grow and to be clear, we’ve kept nearly 100% of our customer base, less than what I’ll call reconciliation from a few customers as named entities for the divestiture of say, the acquisition of Broadbean from CareerBuilder. But we’ve retained our customer base. And so in the event, which we’re working very hard to see a growth of 20% or more next year, that would get us close to breakeven over the course of 2024.

So that will kind of give you some perspective of the magnitude of the right-sizing of our cost structure against where we’re expecting and from an exit velocity perspective on both our top and bottom line.

Jason Park: Got it, thank you.

Ryan Steelberg: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Ryan Steelberg for any closing remarks.

Ryan Steelberg: I want to thank you everybody for joining today. We’ve done a tremendous amount of work, despite some unforeseen major pullbacks from spend from a few customers. We’ve done, I think a brilliant job of maintaining those customers in the relationships, while having to right-side our cost structure. Not easy for any organization, but I think we’ve done it in a sort of almost a masterful job, to be very, very clear that we are fully committed to making sure that we’re ready for sustained profitable growth in 2024. I really want to thank our Veritone team for this hard work and also their commitment to our customers. Many of which, which we highlighted today on the call, most of our flagship customers have renewed.

So when almost every company out there is looking to cut costs and find more efficiencies and gain, that we really want to telegraph how impactful and critical our solutions and applications are to our customers and considering these tightening of budgets. So very thankful for the renewals there. Lastly, I would really want us to recognize our employees and team members and partners who are in Israel and other conflict zones, who continue just to amaze me that they continue to produce and execute at a high level despite these extremely challenging and tragic times. So a heartfelt thank you to, again, not just our employees, but also to partners and customers who are being impacted as well. So again, this is – we’re very, very thankful. So we’re excited about push out, push through the end of the year, complete kind of the initial work we laid out and really prepare ourselves for an exciting 2024.

Thank you very much.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

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