$VERB: NEWS--VERB Beats SaaS Revenue Forecast and
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Posted On: 08/17/2020 8:33:24 AM
$VERB: NEWS--VERB Beats SaaS Revenue Forecast and Reports Record Breaking 2020 Second Quarter Financial Results Five Consecutive Quarters of SaaS Recurring Revenue Growth; verbLIVE Added to Salesforce App Exchange Partner Program Company well-capitalized with recent $13.8 million public offering NEWPORT BEACH, Calif. and SALT LAKE CITY, Aug. 17, 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, held its second quarter 2020 earnings conference call on Friday, August 14 during which VERB CEO Rory J. Cutaia, and CFO Jeff Clayborne shared business and operational insights. VERB CEO Rory J. Cutaia began the call by discussing his strategies for building the company from a start-up, the challenges they faced along the way to becoming a NASDAQ-listed company and the beginning of what is now five consecutive quarters of impressive revenue growth in their core SaaS business. "As I've talked about over the past year, we've been focused on setting the table, building and shoring up the foundation upon which we are building - piece, by carefully and strategically built piece, a world class organization with global aspirations," began Cutaia. "In an effort to provide the kind of transparency I believe our shareholders deserve, not just our shareholders, who I consider our co-owners, but shareholders in any company, I've talked quite a bit about what we're building, what's coming, what we're working on, and our evolving vision for this company. But in the 'I need it now, immediate gratification, attention deficit-disordered, put up or shut up, social media, mobile screen world that has consumed our entire virtual existence, -- talk - and talk alone - doesn't move the needle. Results move the needle. Measurable results. Execution moves the needle. So today we're going to talk about execution and measurable results." [click to see video clip here] Second Quarter 2020 and Recent Operational Highlights Discussed During the Call -- SaaS revenue of approximately $1.3M - up almost 21% over Q1 and reflects growth of almost 49% over the same period last year. -- Total Digital revenue of approximately $1.7M - up almost 16% over Q1. -- Total Non-Digital revenue of approximately $1M was up almost 9% over Q1. -- Total Combined revenue of approximately $2.7M was up almost 13% over Q1. -- 20 new client contracts executed in Q2 -- almost double the 11 signed in Q1 -- and 5 times the number signed in the same period last year. -- The base guaranteed contract value of new contracts is $983,000 -- represents growth of 65% over last quarter and 245% growth over the same period last year. -- 5 consecutive quarters of SAAS revenue growth. -- On a pro forma basis, total SaaS revenue for the first 6 months of 2020 was $2.3 million, - an increase of almost 42% from $1.6M reported for the same period last year. -- On a pro forma basis, total Digital revenue for the first 6 months of 2020 was $3.1 million, - an increase of 25% from $2.5 million reported for the same period last year. -- Total user downloads of approximately 1.5 million, up from 1.3 million reported in first quarter 2020, and up from 670,000 for the same period last year. -- Completed the integration of new live stream ecommerce application verbLIVE, with the platform of enterprise CRM giant Salesforce. -- verbLIVE added to Salesforce's AppExchange Partner Program. -- VERB added to the Russell Microcap(R) Index as part of the 2020 Russell indexes annual reconstitution. -- In July, VERB closed an over-subscribed underwritten public offering of common stock for gross proceeds of approximately $13.8 million, including full exercise of the underwriter's over-allotment option to purchase additional shares. -- In April, VERB began Japan operations, tapping into a multi-billion-dollar market opportunity as part of its international expansion plan. -- 26 new client proposals since June 30 -- a 20% increase over same period last quarter [correction]. -- 7 new enterprise clients added during first 5 weeks of Q3 [correction]. -- 17 existing clients signed during pre-launch for verbLIVE represent a potential market opportunity of more than $5M of additional annual recurring revenue. -- Letter of Intent executed for potential new acquisition to allow the company to expand more rapidly into a desirable new business vertical for its products and services. "When we think of underlying business fundamentals, which, in our view, is the source of true market value, this is what we focus on. And this is what we believe value investors focus on. So with growth of our SaaS business of almost 49% over last year and almost 21% over last quarter alone, I'm proud to report that our value creation initiatives are indeed producing measurable, quantifiable, and accelerating results," concluded Cutaia. The Company filed its Form 10-Q on August 14, 2020 and filed a transcript of the conference call on Form 8-K. These filings can be viewed in the Investor Relations section of VERB's website.
, a leader in interactive video-based sales enablement applications, including interactive livestream ecommerce, webinar, CRM, and marketing applications for entrepreneurs and enterprises, held its second quarter 2020 earnings conference call on Friday, August 14 during which VERB CEO Rory J. Cutaia, and CFO Jeff Clayborne shared business and operational insights. VERB CEO Rory J. Cutaia began the call by discussing his strategies for building the company from a start-up, the challenges they faced along the way to becoming a NASDAQ-listed company and the beginning of what is now five consecutive quarters of impressive revenue growth in their core SaaS business. "As I've talked about over the past year, we've been focused on setting the table, building and shoring up the foundation upon which we are building - piece, by carefully and strategically built piece, a world class organization with global aspirations," began Cutaia. "In an effort to provide the kind of transparency I believe our shareholders deserve, not just our shareholders, who I consider our co-owners, but shareholders in any company, I've talked quite a bit about what we're building, what's coming, what we're working on, and our evolving vision for this company. But in the 'I need it now, immediate gratification, attention deficit-disordered, put up or shut up, social media, mobile screen world that has consumed our entire virtual existence, -- talk - and talk alone - doesn't move the needle. Results move the needle. Measurable results. Execution moves the needle. So today we're going to talk about execution and measurable results." [click to see video clip here] Second Quarter 2020 and Recent Operational Highlights Discussed During the Call -- SaaS revenue of approximately $1.3M - up almost 21% over Q1 and reflects growth of almost 49% over the same period last year. -- Total Digital revenue of approximately $1.7M - up almost 16% over Q1. -- Total Non-Digital revenue of approximately $1M was up almost 9% over Q1. -- Total Combined revenue of approximately $2.7M was up almost 13% over Q1. -- 20 new client contracts executed in Q2 -- almost double the 11 signed in Q1 -- and 5 times the number signed in the same period last year. -- The base guaranteed contract value of new contracts is $983,000 -- represents growth of 65% over last quarter and 245% growth over the same period last year. -- 5 consecutive quarters of SAAS revenue growth. -- On a pro forma basis, total SaaS revenue for the first 6 months of 2020 was $2.3 million, - an increase of almost 42% from $1.6M reported for the same period last year. -- On a pro forma basis, total Digital revenue for the first 6 months of 2020 was $3.1 million, - an increase of 25% from $2.5 million reported for the same period last year. -- Total user downloads of approximately 1.5 million, up from 1.3 million reported in first quarter 2020, and up from 670,000 for the same period last year. -- Completed the integration of new live stream ecommerce application verbLIVE, with the platform of enterprise CRM giant Salesforce. -- verbLIVE added to Salesforce's AppExchange Partner Program. -- VERB added to the Russell Microcap(R) Index as part of the 2020 Russell indexes annual reconstitution. -- In July, VERB closed an over-subscribed underwritten public offering of common stock for gross proceeds of approximately $13.8 million, including full exercise of the underwriter's over-allotment option to purchase additional shares. -- In April, VERB began Japan operations, tapping into a multi-billion-dollar market opportunity as part of its international expansion plan. -- 26 new client proposals since June 30 -- a 20% increase over same period last quarter [correction]. -- 7 new enterprise clients added during first 5 weeks of Q3 [correction]. -- 17 existing clients signed during pre-launch for verbLIVE represent a potential market opportunity of more than $5M of additional annual recurring revenue. -- Letter of Intent executed for potential new acquisition to allow the company to expand more rapidly into a desirable new business vertical for its products and services. "When we think of underlying business fundamentals, which, in our view, is the source of true market value, this is what we focus on. And this is what we believe value investors focus on. So with growth of our SaaS business of almost 49% over last year and almost 21% over last quarter alone, I'm proud to report that our value creation initiatives are indeed producing measurable, quantifiable, and accelerating results," concluded Cutaia. The Company filed its Form 10-Q on August 14, 2020 and filed a transcript of the conference call on Form 8-K. These filings can be viewed in the Investor Relations section of VERB's website. 
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