LiveVox Announces Third Quarter 2023 Financial Results and Updates Full Year Guidance
LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ: LVOX), a leading global enterprise cloud communications company, today announced financial results for its third quarter ended Sept...
SAN FRANCISCO: LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ: LVOX), a leading global enterprise cloud communications company, today announced financial results for its third quarter ended September 30, 2023. For a detailed summary of the financial results, please see our Form 10-Q posted at our investor relations site investors.livevox.com/sec-filings.
As previously disclosed, on October 3, 2023, the Company agreed to be acquired by a wholly owned subsidiary of NICE, Ltd. (the “Merger”). A copy of the press release announcing the Merger and supplemental materials can be found on the Company’s investor relations website at investors.livevox.com/news-events/press-releases. Additional details and information about the transactions are available in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 4, 2023, as well as in subsequent filings made with the SEC. The Merger is subject to regulatory approvals in addition to the satisfaction of customary closing conditions.
Given the announced Merger, the Company will not host an earnings conference call.
Updated Full Year Guidance
In determining the financial guidance to provide to investors, the Company considered its recent business trends and financial results, current growth plans, strategic initiatives and global economic outlook. LiveVox emphasizes that the guidance provided is subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below.
As such, LiveVox is providing guidance for its full year 2023 as follows:
Total revenue for Fiscal Year 2023 is now expected to be in the range of $142 million to $143 million.
The Company is not providing updated guidance on adjusted EBITDA and withdraws its previous guidance relating to adjusted EBITDA.
About LiveVox
LiveVox (NASDAQ: LVOX) is a proven cloud CCaaS platform that helps business leaders redefine customer engagement and transform their contact center’s performance. Decision-makers use LiveVox to improve customer experience, boost agent productivity, empower their managers, and enhance their system orchestration capabilities. Everything needed to deliver game-changing results can be seamlessly integrated and configured to maximize your success: Omnichannel Communications, AI, a Contact Center CRM, and Workforce Engagement Management tools. For more than 20 years, clients of all sizes and industries have trusted LiveVox’s scalable and reliable cloud platform to power billions of omnichannel interactions every year. LiveVox is headquartered in San Francisco, with international offices in Medellin, Colombia and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox, visit http://livevox.com or call one of our specialists at 844-386-5934.
Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the pending Merger, expected revenue and growth expectations, and future financial results, including guidance for the 2023 full fiscal year. These statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside LiveVox’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. LiveVox assumes no obligation to update or revise any such forward-looking statements except as required by law.
Important factors, among others, that may affect actual results or outcomes include risks or liabilities assumed as a result of the proposed acquisition of the Company pursuant to the Merger; our expectations regarding the timing and completion of the Merger; the business, operations and financial performance of the Company, including market conditions and global and economic factors beyond the Company’s control, such as a tight labor market, inflationary pressures, rising interest rates, volatility in foreign exchange rates, supply chain constraints, recessionary fears, and global impacts from armed conflicts and wars as well as governmental sanctions imposed in response; the high level of competition in the cloud contact center industry and the intense competition and competitive pressures from other companies in the industry in which the Company operates; the effect of legal, tax and regulatory changes, the Company's reliance on third-party telecommunications and internet service providers and aggregators to provide its products and for other aspects of its business; the Company’s ability to complete the Merger, raise financing or complete acquisitions in the future; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the future financial performance of the Company; the outcome of any legal proceedings that may be instituted against the Company; reliance on information systems and the ability to properly maintain the confidentiality and integrity of data; the occurrence of cyber incidents or a deficiency in cybersecurity protocols; the Company’s ability to maintain its listing on The Nasdaq Stock Market LLC (“NASDAQ”), including its ability to comply with the requirement that the bid price for the Class A common stock be above $1.00 for a period of 30 consecutive trading days; the ability to obtain third-party software licenses for use in or with the Company’s products; as well as those factors described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in the Company’s most recent filings with the SEC, including the Company’s most recently filed reports on Form 10-K and Form 10-Q and subsequent filings.
The information contained in this press release is summary information that is intended to be considered in the context of LiveVox’s SEC filings and other public announcements that LiveVox may make, by press release or otherwise, from time to time. LiveVox also uses its website to distribute company information, including performance information, and such information may be deemed material. Accordingly, investors should monitor LiveVox’s website (http://www.livevox.com). LiveVox undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about LiveVox and its affiliates and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of LiveVox or information about the market, as indicative of future results, the achievement of which cannot be assured.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited) (In thousands, except per share data)
| For the three months ended September 30, |
| For the nine months ended September 30, | ||||||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||||||
Revenue | $ | 35,352 |
|
| $ | 35,253 |
|
| $ | 107,593 |
|
| $ | 100,333 |
|
Cost of revenue |
| 11,274 |
|
|
| 12,893 |
|
|
| 35,676 |
|
|
| 39,073 |
|
Gross profit |
| 24,078 |
|
|
| 22,360 |
|
|
| 71,917 |
|
|
| 61,260 |
|
Operating expenses |
|
|
|
|
|
|
| ||||||||
Sales and marketing expense |
| 10,988 |
|
|
| 13,759 |
|
|
| 35,761 |
|
|
| 42,795 |
|
General and administrative expense |
| 10,057 |
|
|
| 7,255 |
|
|
| 28,621 |
|
|
| 22,855 |
|
Research and development expense |
| 7,340 |
|
|
| 7,553 |
|
|
| 22,182 |
|
|
| 24,210 |
|
Total operating expenses |
| 28,385 |
|
|
| 28,567 |
|
|
| 86,564 |
|
|
| 89,860 |
|
Loss from operations |
| (4,307 | ) |
|
| (6,207 | ) |
|
| (14,647 | ) |
|
| (28,600 | ) |
Interest expense, net |
| 1,036 |
|
|
| 896 |
|
|
| 3,458 |
|
|
| 2,390 |
|
Change in the fair value of warrant liability |
| 50 |
|
|
| 350 |
|
|
| (133 | ) |
|
| (134 | ) |
Other expense, net |
| 407 |
|
|
| 160 |
|
|
| 295 |
|
|
| 209 |
|
Total other expense, net |
| 1,493 |
|
|
| 1,406 |
|
|
| 3,620 |
|
|
| 2,465 |
|
Pre-tax loss |
| (5,800 | ) |
|
| (7,613 | ) |
|
| (18,267 | ) |
|
| (31,065 | ) |
Provision for (benefit from) income taxes |
| (53 | ) |
|
| 159 |
|
|
| 338 |
|
|
| 474 |
|
Net loss | $ | (5,747 | ) |
| $ | (7,772 | ) |
| $ | (18,605 | ) |
| $ | (31,539 | ) |
Comprehensive loss |
|
|
|
|
|
|
| ||||||||
Net loss | $ | (5,747 | ) |
| $ | (7,772 | ) |
| $ | (18,605 | ) |
| $ | (31,539 | ) |
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
| ||||||||
Foreign currency translation adjustment |
| 38 |
|
|
| (159 | ) |
|
| 244 |
|
|
| (361 | ) |
Net unrealized gain (loss) on marketable securities |
| 103 |
|
|
| (316 | ) |
|
| 689 |
|
|
| (1,492 | ) |
Total other comprehensive income (loss), net of tax |
| 141 |
|
|
| (475 | ) |
|
| 933 |
|
|
| (1,853 | ) |
Comprehensive loss | $ | (5,606 | ) |
| $ | (8,247 | ) |
| $ | (17,672 | ) |
| $ | (33,392 | ) |
Net loss per share |
|
|
|
|
|
|
| ||||||||
Net loss per share—basic and diluted | $ | (0.06 | ) |
| $ | (0.08 | ) |
| $ | (0.20 | ) |
| $ | (0.34 | ) |
Weighted average shares outstanding—basic and diluted |
| 94,372 |
|
|
| 92,351 |
|
|
| 93,598 |
|
|
| 91,800 |
|
Consolidated Balance Sheets
(In thousands, except per share data)
| As of | ||||||
| September 30, 2023 |
| December 31, 2022 | ||||
| (Unaudited) |
|
| ||||
ASSETS |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 13,208 |
|
| $ | 20,742 |
|
Marketable securities—available for sale debt securities, current (amortized cost of $44,914 and $49,593 as of September 30, 2023 and December 31, 2022, respectively) |
| 44,192 |
|
|
| 48,182 |
|
Accounts receivable, net of allowance of credit losses of $2,4 Related news
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