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the deal with Iconik will pick up the slack. lol
FedEx just reported halting all hiring. Guess Veri guidance won't be met and cut
Yesterday, Deloitte posted 35 of these positions.
Solution Marketing Consultant Deloitte Consulting Enterprise Performance | AIOPS.D
Are you looking to take your skills to the next level? Are you interested in working on a brand-new product launch designing strategic marketing campaigns? Do you thrive in a fast-paced environment, working with colleagues in a virtual setting, to meet our business and client needs? We are seeking a passionate and experienced professional to play in this role.
We are looking for an entrepreneurial and passionate marketing manager to join our Consulting Marketing team to support our Enterprise Performance portfolio and one specific, highly visible new product, AIOPS.D!
The Solution Consultant for AIOPS.D works to translate business strategy to marketing strategy and build integrated marketing and communication campaigns that drive brand awareness, interest, and demand for a robust new solution set. This individual works closely with the Enterprise Performance marketing leader, business leaders, sales leaders, and a number of other marketing teams spanning alliances, industries, and more to bring influential campaigns to market.
Yet another example of the fact that they are not promoting aiWare and Enterprise AI platform.
Why no PR on the Fedramp authorization with EPA?
No PR on the restaurant kiosk ordering software. There could be many examples of similar partnerships and applications out there.
Chad says tipping point and partners are now developing applications. Nothing being made public.
It's pathetic but has to be a reason for it.
Tomorrow’s PR will be about the employee of the month and his new designated parking space! Big big news guys!
Can't take these PRs any more. Pathetic.
Coming from aiWare, and the reason for the ratchet up to 700 employees. And then if Amazon resumes hiring, which as we approach Christmas, I would think would have some effect. But then again, they still might be underestimating the impact of the economy. If you read what Tom Siebel is saying, it's like everything just shut down. So don't know about the $50M. But hope we don't get burned again.
Not to mention the Workday and Oracle investments. Hopefully this investment in employees and infrastructure was based on expected contracted growth, and not just wishful thinking growth.
Obviously they have no interest in keeping investors informed about aiWare progress. If one were to go by only press releases in evaluating the company, one could think they are moving away or giving up on the enterprise AI platform vertical and going all in on metaverse and Veritone Voice. But I'm still holding out hope due to the recent ramp in aiWare revenues.
I know this is speculation and to many a pipe dream, but I think they don't mind the stock price being down here because it brings people to the table, and they can explore more strategic options. It is obvious to me that they are doing nothing to support the share price, even providing guidance as if Amazon will continue its non hiring phase for the rest of the year, despite noting in the 10Q that they expect Amazon revenues to recover this quarter. Why?
Regarding the amendment to the Pandologic deal, I think there is a good chance that Veritone would be paying the $11M even if they had not agreed to the Amendment, considering their expectation that Amazon revenues will resume normally this quarter. For some reason they wanted the option to vacate Pando status as a standalone subsidiary before the end of the year.
The Pando amendment, the total lack of news or PR on aiWare and Enterprise AI market, and the recent spike in aiWare revenues, just tell me that something strategic is brewing.
If I'm wrong, which I usually am, then why is Veritone not interested in generating awareness of its recent aiWare growth and generating awareness to commercial enterprises for their aiWare platform. Why are they saying nothing about Pando integration with aiWare. Instead they come out with these benign Veritone Voice PRs. It doesn't make sense, and yet I don't think they are stupid. And it seems pretty clear to me that Chad Steelberg is all about the proliferation of aiWare in government and commercial enterprise. So why the silience.
Unless of course blindsided again.
Guiding 35 mil for 3q and 105 mil for 9
months. Which means guiding 50 mil for 4q. If not coming from Amazon, then where. 3q EC will be revealing.
Difficult at best to like veritone after management says everything and shows exactly nothing. I still want to know why they have 700 employees and 34MM in revenue..
No one has given me any answer whatsoever
I think he hates Veritone because he loves C3 and is long on C3.
I felt compelled to respond to Gary Alexander's hit piece today on Seeking Alpha. I don't know why I'm defending Veritone, but Alexander obviously has some personal grudge against Veritone, to the point that he is very misleading and even lying to his readers. Felt I should point out his bias and some of his errors in today's article.
That's because they have had no material revenue to talk about.
And after five years of their IPO they've announced nothing about revenue from a specific contract or confirmation of any partnership whatsoever.... NEVER
I think the last material PR was the DOJ antitrust division expanding their partnership with Veritone.
Sorry did give 1 material announcement when they were blindsided by Amazon.
They haven't gave a material announcement in 6 years. Don't think will start any time soon. Only thing they give is BS and free stock and money to related parties.
Looks like the startup could be using Veritone energy especially how the article mentions the BESS application. I really hope tho they give us some material PRs soon, really testing individual investors patient/confidence.
Today, Veritone posted a position for Director, Sales (energy sector).
Hugo Lapie was sales director for Veritone through August. Now is Sr. Director of Sales, North America for Prescinto.
Looks like Prescinto is a startup and guessing using Veritone energy platform.
https://www.businesswire.com/news/home/20220913005320/en/Prescinto-Technologies-Marks-Its-U.S.-Market-Launch-with-6.5M-Fundraise-Partnership-with-Major-Energy-Storage-Company
He posted on Linkedin representing Prescinto and it was liked by RS and several others from Veritone.
https://www.linkedin.com/feed/update/urn:li:activity:6973654430680330241/
Ryan said they were pursuing the government and energy verticals through partners, so assuming this is one partner.
Looks like getting this market research out is more important to them than getting the word out on PandoSelect and aiWare. Doesn't make sense. I'm pretty confident that they are not stupid, and not trying to destroy their own company. They want aiWare to be adopted. They say aiWare improves Pandologic product. But for some reason, Pandologic doesn't want to put out a PR on PandoSelect, and doesn't even want to mention aiWare. Anyway, Veritone is free any day now to do with Pandologic what they wish.
They do all the research and for free tell everyone what they uncover. Pando non Amazon revenue for 2022 should be about 16 mil to 20 mil. Really really pathetic. BTW that 11mil of minimum earnout will be paid 1/3 in March 2023 and 2/3 in March 2024. Still think a gift until they prove otherwise.
Another pathetic PR. Really need new management.
just following that 10Q comment on Amazon normalizing revenues in the 3rd quarter, was this comment.
We believe our Software Products & Services will extend the capabilities of many third-party software platforms and products that are widely used today. For example, we believe that, when integrated with aiWARE, PandoLogic customers will be given greater visibility and transparency in their hiring processes.
So I am assuming that the Pando revenues to date have not been where Pando was integrated with aiWare? Obviously if Amazon remains a Pando customer, they would want the integration with aiWare if it meant giving them greater visibility and transparency in hiring process. So maybe PandoSelect which they are quiet about and released 8/31 prompted the Sept 6 amendment to the agreement. And Veritone expects Amazon revenues to return to normal this quarter. Maybe Pandoselect, with the aiWare integration required a new contract with Amazon. Maybe all this prompted the need to settle the remaining earnout and end Pando status as a separate entity.
Something else on my mind before this 8K came out was this comment in the 10Q on Amazon.
However, we do expect the revenues to normalize starting in the third quarter of 2022, and to grow comparably with prior years’ seasonality trends and in accordance with our prior expectations.
How the hell would Veritone know if Amazon revenues would return to normal this quarter? And they adjusted guidance as if Amazon would not return to normal. Don't get it. But now wondering if the 8k has something to do with this.
Who knows, it could be good, it could be bad. We'll see.
yeah, interesting that they felt that additional clarity was needed.
We don't know if it's all worth 11 million, but it was apparently worth it from Veritone's viewpoint. Bottom line as it stands right now, based on the public information we have to date, Veritone is in no financial position to be handing out $11 million if they don't have to, particularly if it is not in shareholders best interest.
When I first read the 8K where it said operational covenents terminated, that was the first thing that came to mind was the requirement that Veritone had to keep Pando as a separate entity.
Since Amazon stopped hiring and put the squeeze on Veritone revenues, seems logical that cost cutting is in order, and would seem that they could operate more efficiently if Pando was absorbed into Veritone. They could eliminate duplicate positions, management, etc. Maybe things are so bad that Veritone felt they needed to absorb Pando now, instead of waiting 3 months, and it was worth 11 million to them.
This was a quote from Chad during the earnings call:
We are implementing a number of cost-saving initiatives and other tactical changes to better align our business with the opportunities ahead.
In fact, this could be part of a larger restructuring.
The other thing highlighted in Amendment was that if Veri through Pando acquired a company that those revenues wouldn't be included in earnout calculation. That wasn't in original merger agreement.
To me none of that seems positive for Veritone.
Again is all that worth 11mil when could have waited 3 months.
This is the 2nd clause that was terminated from the original agreement.
Buyer shall: (ii) provide the funding subject to and in accordance with the Business Plan and Budget
Under the original agreement, here is the definition of Business Plan and Budget:
“Business Plan and Budget” means the business plan and annual budgets for the Company for the period immediately following the Closing Date and ending on the last day of the 2022 Earn-Out Period as set forth in Exhibit B attached hereto, which annual budgets shall contain monthly revenue targets and quarterly revenue targets for the Company.
So as of this agreement dated Sept 6,
- Veritone wants to cease funding Pando's business plan and budget?
-Veritone no longer wants to be required to keep Pando as a separate business unit
- Veritone wants to be allowed to terminate management shareholders of Pandologic.
We probably get an answer and until next warnings
Don't know. I guess we shall see.
yeah, so if it is all a mute point in 3 months, why does Veritone want to strike the language of Pando maintaining as a separate business unit. Why not just wait the 3 months?
Possibly.
The Amendment also provides for releases as to certain matters related to the Merger Agreement and the Amendment.
Possible there could have been a dispute. But if the reason for the amendment was because of a dispute, why be concerned with whether Pando remains a separate entity?
I just think something came up recently, after the last earnings call, that triggered this.
If it's a strategic alternatives opportunity, I doubt Veritone is going to say, sorry, we will have to wait 3 months to see what the final earnout will be.
OK but that would have ended 12/31/2022. In 3 months.
Is there a possibility that Veritone didn’t meet expectations on their end? Almost seems like a penalty.
For some reason they had to pursue a resolution of the 2022 earnout early. Something prompted the parties to have to come settle on terms that would change the original agreement. Something came up which precipitated the need to pursue this amendment. Just my opinion.
The fact that one of those terms was that Veritone was required to allow Pandologic "to maintain and operate its business in the ordinary course as a separate business unit" is interesting to me..
Well not going to make earnout so that's why a minimum. Can't think of any situation except gift to Pando.
right, but I'm saying if an opportunity came before Veritone that incentivized Veritone to pursue this amendment.
Basically the reason Pando is not meeting the earnout is because of Amazon. So maybe Amazon says, hey we want to do a deal. Veritone can either do a deal, or if they don't do a deal, then Amazon may or may not continue with Pando or bring consumption back up to normal.
So I'm using Amazon as an example because they are the main party that is impacting the 2022 earnout.
But I guess it could be another party.
Why so low key on the Pandoselect launch. It was supposed to be the "Future of Work" arriving, and then nothing. In fact it was supposed to be announced back in June. I just think there possibly has been some discussions going on behind the scenes. Veritone with partners was creating a new standard in HR AI recruiting. Why no announcements or any marketing at all with respect to this?
It's all speculation, but if Pando was not going to meet their minimum 2022 earnout, I highly doubt Veritone would throw them 11 million anyway.
I think the amendment states can still be paid full earnout. This just provides for a minimum.
That assumes that Veritone was for sure going to pay zero in three months. What if an opportunity presented itself where, if Veritone did not pursue this amendment, the result would be paying Pando the full 2022 earnout?
Only thing I can see is that key employees would quit if didn't paid blood money.
Well I tend to disagree with you on this one. Again I can't see any situation that could benefit shareholders. None
I just refuse to believe Veritone is going to pay 11M because they're nice guys, at the expense of its own shareholders. Could be that it ties in with whatever is supposed to be coming shortly. I know that is speculation, but Veritone just isn't going to throw 11 million away for nothing.
Don't see what advantage there could possibly be. If waited 3 months agreement would be over without paying 11 mil.
Maybe a possible takeover? They need to close all loose ends? Idk
Not going to hit earnout. But paying them 11 mil any way.
If that is the reason in it entirety, then yes, it would be absurd. Just think there must be something incentivizing Veritone to do this.
They specifically said on the last earnings call that the bright side of the guidance change was not having to pay the earn-out! This is bullshit. I really hope there is something positive behind this because this would be my last straw. How can he explain this in our next ec, there has to be something behind this.
There has to be an advantageous reason for Veritone to pursue or agree to this amendment. I doubt it's because they feel sorry for the Pando sellers and want to give them $10M + because they are so nice. Veritone has a fiduciary responsibility to its shareholders. Also cash is precious. There has to be a good reason for this. I take this as possible good news.
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