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Verb Technology Company, Inc. (VERB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Verb Technology Company, Inc.

CIK: 1566610 Ticker: VERB

 

Exhibit 99.1

 

 

VERB Reports Record-Breaking Q4 2021 SaaS Revenue

 

Q4 2021 SaaS Recurring Revenue Up 47% Over Q4 2020

 

FY 2021 SaaS Recurring Revenue Up 34% Over FY 2020

 

  Fourth quarter 2021 SaaS recurring revenue up by 47% over previous year
  Fourth quarter 2021 total digital revenue up by 45% over previous year
  Full-year SaaS recurring revenue up by 34% over previous year
  Full-year total digital revenue up by 26% over previous year
  Total gross profit margin up 17% over previous year
  SaaS recurring revenue accounts for 84% of total digital revenue – up from 79% in 2020
  Operational cost reductions and efficiencies begun in Q4 2021 and continuing aggressively through 2022 will accelerate drive to profitability
  R&D expense down 22% and G&A expense down 7% quarter over quarter
  Industry-leading MARKET and verbTV platform product development completed; soft launch underway with large number of vendors onboarding and large growing backlog of vendors in queue for ongoing qualification and verification processes; weekly private vendor livestream events ongoing; and 3 product-specific festivals planned featuring numerous popular vendors scheduled in preparation for full public-facing launch
  Sports Entertainment vertical begun in Q4 2021 with clients including the Pittsburgh Penguins, and continuing in Q1 2022 with the Florida Panthers and the Phoenix Suns, with more announcements expected throughout the year
  Introduced new, powerful features to accelerate growth of SaaS business including Attribution for verbLIVE, verbLIVE 2.0, and new sales-driving PULSE feature for intelligent guided management of customer relationships and interactions
  Launched verbMAIL Pro, an interactive video email solution seamlessly integrated into Outlook
  Recognized by Nasdaq as a leader in ESG implementation among small and micro-cap companies and featured in Nasdaq ESG case study

 

NEWPORT BEACH, Calif. and SALT LAKE CITY, March 31, 2022 (GLOBE NEWSWIRE) —

Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the leader in interactive video-based sales enablement applications, including shoppable livestream, today filed its Form 10-K reporting financial and operating results for the full year and the quarter ending December 31, 2021.

 

 

 

 

Summary Financial Results

For the Year Ended December 31, 2021

 

  Total SaaS recurring revenue was $6.8 million, an increase of 34% from the previous year. SaaS recurring revenue as a percentage of total Digital revenue was 84%, compared with 79% for the previous year
     
  Total Digital revenue was $8.2 million, an increase of 26% from the previous year
     
  Total Digital and Non-Digital combined revenue of $10.5 million, an increase of 6% from the previous year which is comprised of a 34% increase in SaaS recurring revenue, a 2.5% decrease in non-SaaS digital revenue, and a 32% reduction in non-digital revenue as the Company continued to execute its strategic decision to wind down its low margin non-digital business silo
     
  Cost of revenue was $4.5 million, a decrease of 6% from $4.8 million for the previous year, reflecting our focus on higher margin digital business.
     
  Gross profit increased 17% over the previous year, with a gross margin increase to 57% from 52% in previous year
     
  Research and development expenses were $12.3 million, a strategically planned increase of 56% from the previous year. Likewise, General and Administrative expenses were up 26% due to planned increases in labor expenses, among other things. However, consistent with the Company’s commitment to reduce operational costs upon completion of the accelerated software product development, R&D expense was down 22% and G&A expense was down 7% in Q4 from the previous quarter.
     
  Cash totaled $937,000 as of December 31, 2021, compared with $1.8 million on December 31, 2020. However, in January 2022, the Company announced a premium-to-market convertible note financing of $6.3 million with a conversion price of $3.00 per share, and also closed an equity line of credit facility for up to $50.0 million in accessible financing as needed over the next three years.
     
  As of December 31, 2021, total assets were $34.4 million, total liabilities were $21.1 million and total stockholders’ equity was $13.3 million.
     
  As of March 25, 2022, there are 80,167,176 shares of our common stock issued and outstanding. Of the total number of common shares issued and outstanding, approximately 6.6 million shares or approximately 8.3% were owned or controlled by management and the Board members.

 

Three Months Ended December 31, 2021

 

  Added 11 new client contracts with a guaranteed base value of $700,000.
     
  Total SaaS recurring revenue was $1.9 million, an increase of 47% from the same period last year which set a new Company record for the most SaaS recurring revenue recognized in a single quarter.
     
  Total digital revenue was $2.2 million, an increase of 45% from the same quarter last year
     
  Total digital and non-digital revenue was $2.7 million, up 29% from the same period last year, reflecting strong SaaS recurring revenue growth offset by the Company’s strategic decision to continue to wind down its low-margin non-digital business silo

 

 

 

 

  Cost of revenue was $1.1 million, down 16% from the same period last year, reflecting planned cost reductions and improved operational efficiencies
     
  Research and development expenses were $2.7 million, compared with $2.6 million for the same period last year, but down 22% over the previous quarter.
     
  General and administrative expenses were $5.7 million, a decrease of 9% from the same period last year, and down 7% from the previous quarter

 

Conference Call Information

 

VERB management will hold a conference call today, March 31, 2022, at 5:00 p.m. Eastern time, to discuss 2021 results in greater detail. A telephonic replay of the conference call is available from 8:00 p.m. Eastern time today through April 14, 2022.

 

VERB Q4 and FY 2021 Earnings Call

 

Date: Thursday, March 31, 2022

Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)

 

To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.

U.S. dial-in number: 1-877-407-4018

International number: 1-201-689-8471

 

To access by webcast: A live and archived webcast will also be available.

Webcast link: https://themediaframe.com/mediaframe/webcast.html?webcastid=wJm9zDNA

 

Replay: Available after 8:00 p.m. Eastern time on the same day through Thursday, April 14, 2022

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 13728166

 

About VERB

 

Verb 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. Of note is its forthcoming MARKET, a multi-vendor, multi-presenter, livestream social shopping platform, currently in soft launch, at the forefront of the convergence of ecommerce and entertainment. With approximately 170 employees and contractors, the Company is headquartered in American Fork, Utah, and it also maintains offices in Newport Beach, California.

 

 

 

 

For more information, please visit: www.verb.tech.

 

Follow VERB here:

 

VERB on Facebook: https://www.facebook.com/VerbTechCo/
VERB on Twitter: https://twitter.com/VerbTech_Co
VERB on LinkedIn: https://www.linkedin.com/company/verb-tech/
VERB on YouTube: https://www.youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQ
Download verbMAIL here: verbMAIL on Microsoft AppSource Store

Sign up for E-mail Alerts here: https://ir.verb.tech/news-events/email-alerts

 

FORWARD-LOOKING STATEMENTS

 

This 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, among other things, the Company’s projected financial performance and operating results, including SaaS Recurring Revenue, as well as statements regarding the Company’s progress towards achieving its strategic objectives, including the successful integration and future performance of acquisitions and performance of SoloFire. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to the COVID-19 pandemic and related public health measures on our business, customers, markets and the worldwide economy; our plans to attract new customers, retain existing customers and increase our annual revenue; the development and delivery of new products, including verbLIVE; our plans and expectations regarding software-as-a-service offerings; our ability to execute on, integrate, and realize the benefits of any acquisitions; fluctuations in our quarterly results of operations and other operating measures; increasing competition; 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. 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, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. 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:

 

888.504.9929
investors@verb.tech

Media Contact:

 

855.250.2300, ext.107
info@verb.tech

 

 

 

 


The following information was filed by Verb Technology Company, Inc. (VERB) on Friday, April 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Verb Technology Company, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

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Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
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Advances On Future Receipts (Details Narrative)
Advances On Future Receipts (Tables)
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Capitalized Software Development Costs (Details Narrative)
Commitments And Contingencies
Commitments And Contingencies (Details Narrative)
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Description Of Business
Intangible Assets
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Intangible Assets (Tables)
Notes Payable
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Operating Leases
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Restricted Stock Units
Restricted Stock Units (Details Narrative)
Restricted Stock Units (Tables)
Schedule Of Advances On Future Receipts (Details)
Schedule Of Derivative Liability Transactions (Details)
Schedule Of Derivative Liability Using Binomial Pricing Model Assumptions (Details)
Schedule Of Estimated Amortization Expense (Details)
Schedule Of Fair Value Assumptions Using Black-Scholes Method (Details)
Schedule Of Intangible Assets (Details)
Schedule Of Interest Expense (Details)
Schedule Of Lease Cost (Details)
Schedule Of Notes Payable Related Parties (Details)
Schedule Of Notes Payable Related Parties (Details) (Parenthetical)
Schedule Of Operating Leases (Details)
Schedule Of Present Value Of Lease Liabilities (Details)
Schedule Of Stock Option Activity (Details)
Schedule Of Supplemental Cash Flow Information (Details)
Schedule Of Warrants Outstanding (Details)
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Stock Warrants (Tables)
Subsequent Events
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Summary Of Restricted Stock Award Activity (Details)
Summary Of Significant Accounting Policies And Supplemental Disclosures
Summary Of Significant Accounting Policies And Supplemental Disclosures (Details Narrative)
Summary Of Significant Accounting Policies And Supplemental Disclosures (Policies)
Summary Of Significant Accounting Policies And Supplemental Disclosures (Tables)

Material Contracts, Statements, Certifications & more

Verb Technology Company, Inc. provided additional information to their SEC Filing as exhibits

Ticker: VERB
CIK: 1566610
Form Type: 10-Q Quarterly Report
Accession Number: 0001493152-22-013928
Submitted to the SEC: Mon May 16 2022 5:00:58 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Personal Services

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