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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verb Technology Company Inc | NASDAQ:VERB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0081 | -5.33% | 0.1439 | 0.14 | 0.17 | 0.154 | 0.1427 | 0.1505 | 5,424,652 | 05:00:07 |
The following compares the Company’s results of operations for the third quarter of 2022 with the third quarter of 2021.
The following compares the Company’s results of operations for the nine months ended September 30, 2022 with the same period in 2021.
1 Management considers our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations that period. Non-GAAP adjustments to our results prepared in accordance with generally accepted accounting principles (“GAAP”) are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis.
In addition to our results under GAAP, we present Modified EBITDA as a supplemental measure of our performance. We define Modified EBITDA as net income (loss), plus depreciation and amortization expense, share-based compensation expense, interest expense, change in fair value of derivative liability, other (income) expense, debt extinguishment costs, net, MARKET.live startup costs, and other non-recurring charges. However, Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that are similar to or different from the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, you should be aware that other companies may calculate Modified EBITDA in a manner that differs from our calculation as presented below.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Net loss | $ | (8,028) | $ | (8,805) | $ | (21,391) | $ | (28,962) | ||||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization | 790 | 400 | 1,594 | 1,214 | ||||||||||||
Share-based compensation | 1,050 | 986 | 3,668 | 4,652 | ||||||||||||
Interest expense | 550 | 525 | 1,948 | 1,629 | ||||||||||||
Change in fair value of derivative liability | (198) | 141 | (2,360) | 2,086 | ||||||||||||
Other (income)/ expense | - | (8) | 45 | (85) | ||||||||||||
Debt extinguishment, net | - | (82) | - | (1,112) | ||||||||||||
MARKET.live non-recurring startup costs* | 683 | - | 736 | - | ||||||||||||
Other non-recurring | - | - | 126 | - | ||||||||||||
Total EBITDA adjustments | 2,875 | 1,962 | 5,757 | 8,384 | ||||||||||||
Modified EBITDA | $ | (5,153) | $ | (6,843) | $ | (15,634) | $ | (20,578) |
* Includes general and administrative and R&D expenses that are directly related to the launch of our MARKET.live platform and are not expected to be recurring in future periods.
About VERBVerb Technology Company, Inc. (Nasdaq: VERB), the market leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The Company’s Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology, and is comprised of a suite of sales enablement business software products offered on a subscription basis. Its software applications are used by hundreds of thousands of people in over 100 countries and in more than 48 languages. VERB’s clients include large sales-based enterprises as well as small business sales teams, including the sales and marketing departments of professional sports teams. MARKET.live is VERB’s multi-vendor, multi-presenter, livestream social shopping platform at the forefront of the convergence of ecommerce and entertainment. With approximately 150 employees and contractors, the Company is headquartered in Lehi, Utah, and also maintains offices in Newport Beach, California.
For more information, please visit: verb.tech.
Follow VERB here:VERB on Facebook: facebook.com/VerbTechCoVERB on Twitter: twitter.com/VerbTech_CoVERB on LinkedIn: linkedin.com/company/verb-techVERB on YouTube: youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQMARKET – our livestream social shopping platform: market.liveSign up for E-mail Alerts here: ir.verb.tech/news-events/email-alerts
FORWARD-LOOKING STATEMENTSThis communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “anticipate,” “expect,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements contained in this press release relate to statements regarding the Company's progress towards achieving its strategic objectives. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to (i) the COVID-19 pandemic and related public health measures on our business, customers, markets and the worldwide economy; (ii) our ability to raise additional financing and continue as a going concern; (iii) our plans to attract new customers, retain existing customers and increase our annual revenue; (iv) the development and delivery of new products, including verbLIVE and MARKET; (v) our plans and expectations regarding software-as-a-service offerings; (vi) our ability to execute on, integrate, and realize the benefits of any acquisitions; (vii) fluctuations in our quarterly results of operations and other operating measures; (viii) increases in competition; and (ix) general economic, market and business conditions. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. For additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement, our investors are referred to our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Investor Relations Contact:investors@verb.techMedia Contact:855.250.2300, ext.107info@verb.tech
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