NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 16, 2020 (GLOBE NEWSWIRE) -- VERB Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), a leader in interactive video-based sales enablement applications, including interactive livestream ecommerce, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today reported financial and operating results for the three months ended September 30, 2020.
Management Commentary
“The third quarter continues what has been a tremendously successful 2020 for VERB,” said Rory J. Cutaia, CEO of VERB. “We’ve now delivered six consecutive quarters of SaaS revenue growth and we’re reporting our highest level of quarterly digital revenue to date. Our successful financial results reflect our continued focus on our higher-margin SaaS business applications.
“While our third quarter results demonstrate the continued growth in adoption and deployment of our verbCRM application among large sales enterprises, verbLIVE, our interactive video-based livestream ecommerce and webinar product, continues to draw significant interest, setting the stage for what we expect will be explosive revenue growth throughout 2021.
“We also successfully completed several strategic initiatives during the quarter. We completed the accretive acquisition of SoloFire, which gives us an immediate entry into the lucrative medical and life sciences sales market. We completed the integration of verbLIVE into the Salesforce platform. We also completed the inclusion of verbLIVE in the Salesforce AppExchange marketplace, expanding our distribution channels by making verbLIVE available to all Salesforce users. We significantly increased the number of user downloads both sequentially and year over year, and during today’s earnings call, we will announce several hyper-growth initiatives to drive revenue during the balance of this year and throughout 2021 and beyond,” Mr. Cutaia continued.
Third Quarter 2020 and Recent Company Highlights
Financial Results
Three Months Ended September 30, 2020
Conference Call Information
VERB management will hold a conference call on Monday, November 16, 2020, at 5:30 PM Eastern time, to discuss its results in greater detail. A telephonic replay of the conference call is available from 8:30 PM Eastern time on the same day through November 30, 2020.
Live Call:
Date: Monday, November 16, 2020
Time: 5:30 PM Eastern time (2:30 PM Pacific time)
U.S. dial-in number: 1-877-407-4018
International number: 1-201-689-8471
Replay:
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13712506
The Company filed its Form 10-Q on November 16, 2020 and will file a transcript of the conference call on Form 8-K. These filings can be viewed in the Investor Relations section of VERB’s website.
About VERB
VERB Technology Company, Inc. (Nasdaq: VERB) 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 comprises a suite of sales enablement business software products offered on a subscription basis. Its software applications are available in over 60 countries and in more than 48 languages to large enterprise and small business sales teams that need affordable, easy-to-use, and quick-to-get-results sales tools. Available in both mobile and desktop versions, the applications are offered as a fully integrated suite, as well as on a standalone basis, and include verbCRM (Customer Relationship Management application), verbLEARN (Learning Management System application), and verbLIVE (Interactive Livestream eCommerce and Video Webinar application). The Company has offices in California and Utah. For more information, please visit: www.verb.tech.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements involve risks and uncertainties. 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. These risks and uncertainties include risks associated with: 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; and the risks described in the filings that we make with the Securities and Exchange Commission (“SEC”) from time to time, including the risks described under the headings “Risk Factors” and “Management Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, which was filed with the SEC on May 14, 2020, as amended by Amendment No. 1 on Form 10-K/A to our Annual Report on Form 10-K, which was filed with the SEC on June 4, 2020, and which should be read in conjunction with our financial results and forward-looking statements contained therein, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which was filed with the SEC on November 16, 2020, and which should be read in conjunction with our financial results and forward-looking statements contained therein. 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
Select Unaudited Pro Forma Performance Metrics By Quarter - as Filed | ||||||||||||||||
2019 | 2020 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||
Total User Downloads | 550,620 | 668,272 | 717,066 | 855,859 | 1,313,467 | 1,458,934 | 1,562,378 | |||||||||
SaaS Recurring Rev | $ | 786,000 | $ | 858,000 | $ | 953,000 | $ | 995,000 | $ | 3,592,000 | $ | 1,057,000 | $ | 1,274,000 | $ | 1,478,000 |
Other Digital | 273,000 | 596,000 | 485,000 | 344,000 | 1,698,000 | 400,000 | 406,000 | 360,000 | ||||||||
Total Digital Revenue | $ | 1,059,000 | $ | 1,454,000 | $ | 1,438,000 | $ | 1,339,000 | $ | 5,290,000 | $ | 1,457,000 | $ | 1,680,000 | $ | 1,838,000 |
Welcome Kits & Fulfillment | $ | 2,265,000 | $ | 1,784,000 | $ | 1,164,000 | $ | 965,000 | $ | 6,178,000 | $ | 728,000 | $ | 713,000 | $ | 836,000 |
Shipping | 677,000 | 495,000 | 271,000 | 181,000 | 1,624,000 | 169,000 | 259,000 | 186,000 | ||||||||
Total Non-Digital Revenue | $ | 2,942,000 | $ | 2,279,000 | $ | 1,435,000 | $ | 1,146,000 | $ | 7,802,000 | $ | 897,000 | $ | 972,000 | $ | 1,022,000 |
Total Combined Revenue | $ | 4,001,000 | $ | 3,733,000 | $ | 2,873,000 | $ | 2,485,000 | $ | 13,092,000 | $ | 2,354,000 | $ | 2,652,000 | $ | 2,860,000 |
Digital Revenue as a % of Total Combined Revenue | 26% | 39% | 50% | 54% | 62% | 63% | 64% |