-- Total Revenue of $85.1M, above the high-end of our guidance range
--
-- Adjusted EBITDA above the midpoint of our
guidance range --
NEW
YORK, May 8, 2024 /PRNewswire/ -- LivePerson,
Inc. (NASDAQ: LPSN) ("LivePerson" the "Company", "we" or "us"), the
enterprise leader in digital customer conversations, today
announced financial results for the first quarter ended
March 31, 2024.
First Quarter Highlights
Total revenue was $85.1 million
for the first quarter of 2024, a decrease of 20.9%, as compared to
the same period last year driven by customer churn and the exit of
non-core business lines.
LivePerson signed 40 deals in total for the first quarter,
consisting of 12 new and 28 existing customers.
Trailing-twelve-months average revenue per enterprise and
mid-market customer increased 11.6% in the first quarter to
$625,000, up from approximately
$560,000 in the comparable prior-year
period. ARPC is calculated using only B2B Core recurring revenue,
which is consistent with the revenue base for calculating Net
Revenue Retention.
"In the first quarter of our new strategy, we delivered on our
guidance and meaningfully progressed on our key focused areas of
transformation. We significantly improved our go-to-market
leadership, operations, and capabilities, enhanced our product's
integration and orchestration advantages and progressed in our
efforts towards deleveraging our capital structure," said CEO
John Sabino. "As I have said before,
it will take time to see the financial results of these operational
improvements, but our swift execution thus far makes me even more
confident in our ability to transform as a company."
"The first quarter demonstrated our ability to swiftly execute
on our strategic and financial priorities," said CFO and COO
John Collins. "With a rightsized
cost structure, standardized and repeatable go-to-market
operations, and an improved capital structure on the horizon, we
believe we have established a solid foundation for our return to
profitable growth."
Customer Expansion
During the first quarter, the Company signed 40 total deals for
the quarter, including 28 expansion & renewals and 12 new logo
deals. New logo deals included:
- A multinational digital entertainment company; and
- A global distributor of electrical products and services.
The Company also expanded/renewed business with:
- A large bank based in Australia; and
- A global fast casual restaurant company.
Net Loss and Adjusted Operating Loss
Net loss for the first quarter of 2024 was $35.6 million or $0.40 per share, as compared to a net loss of
$17.4 million or $0.23 per share for the first quarter of 2023.
Adjusted operating loss, a non-GAAP financial measure, for the
first quarter of 2024 was $7.7
million, as compared to an adjusted operating loss of
$8.7 million for the first quarter of
2023. Adjusted operating loss excludes amortization of purchased
intangibles and finance leases, stock-based compensation expense,
other litigation, consulting and other employee costs,
restructuring costs, impairment of goodwill, impairment of
intangibles and other assets, leadership transition costs, working
capital adjustment -Kasamba divestiture, contingent earn-out
adjustments, acquisition and divestiture costs, IT transformation
costs, interest income, net, gain on divestiture and other expense
(income), net.
A reconciliation of non-GAAP financial measures to GAAP measures
has been provided in the financial tables included in this press
release. An explanation of the non-GAAP financial measures and how
they are calculated is included below under the heading "Non-GAAP
Financial Measures."
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP financial measure, for the first
quarter of 2024 was $0.5 million as
compared to a loss of $1.3 million
for the first quarter of 2023. Adjusted EBITDA excludes
amortization of purchased intangibles and finance leases,
stock-based compensation expense, depreciation, other litigation,
consulting and other employee costs, restructuring costs,
impairment of goodwill, impairment of intangibles and other assets,
leadership transition costs, working capital adjustment - Kasamba
divestiture, IT transformation costs, gain on divestiture,
contingent earn-out adjustments, provision for income taxes,
acquisition and divestiture costs, interest income, net and other
expense (income), net.
Cash and Cash Equivalents
The Company's cash balance was $127.1
million at March 31, 2024, as compared to $210.8 million at December 31, 2023. On
March 1, 2024 the Company repaid in full the outstanding
$72.5 million in aggregate
principal amount of the 2024 Notes.
Financial Expectations
The following forward-looking measures and the underlying
assumptions involve significant known and unknown risks and
uncertainties, and actual results may vary materially from these
forward-looking measures. The Company does not present a
quantitative reconciliation of the forward-looking non-GAAP
financial measures, adjusted EBITDA and adjusted EBITDA margin to
the most directly comparable GAAP financial measures (or otherwise
present such forward-looking GAAP measures) because it is
impractical to forecast certain items without unreasonable efforts
due to the uncertainty and inherent difficulty of predicting,
within a reasonable range, the occurrence and financial impact of
and the periods in which such items may be recognized. In
particular, these non-GAAP financial measures exclude certain
items, including amortization of purchased intangibles and finance
leases, stock-based compensation expense, depreciation, other
litigation, consulting and other employee costs, restructuring
costs, impairment of goodwill, impairment of intangibles and other
assets, leadership transition costs, working capital adjustment -
Kasamba divestiture, gain on divestiture, contingent earn-out
adjustments, provision for income taxes, IT transformation costs,
acquisition and divestiture costs, interest (income) expense, and
other (income) expense, which depend on future events that the
Company is unable to predict. Depending on the size of these items,
they could have a significant impact on the Company's GAAP
financial results.
For the full year 2024, we continue to expect total revenue to
range from $300M - $315M or (24)% to (20)% year over year (excluding
$7.2M of Kasamba revenue generated in
Q1 2023). In addition, we expect B2B Core recurring revenue to
represent 92% of total revenue. For the full year 2024, we expect
adjusted EBITDA to range from $15M to
$26M, or a margin of 5.0% to
8.3%.
For the second quarter of 2024, we expect total revenue to range
from $76M - $80M or (22)% to (18)% year over year. We expect
B2B Core recurring revenue to represent 92% of total revenue. For
the second quarter of 2024, we expect adjusted EBITDA to range from
$0M to $5M, or a margin of 0% to 6.3%.
For the tables below, year-over-year growth rates are on a
like-for-like basis (excluding Kasamba contribution from 2023).
Second Quarter
2024
|
|
|
Guidance
|
Revenue (in
millions)
|
$76 - $80
|
Revenue growth
(year-over-year)
|
(22)% -
(18)%
|
Adjusted EBITDA (in
millions)
|
$0 - $5
|
Adjusted EBITDA margin
(%)
|
0% - 6.3%
|
|
Full Year
2024
|
|
|
Guidance
|
Revenue (in
millions)
|
$300 - $315
|
Revenue growth
(year-over-year)
|
(24)% -
(20)%
|
Adjusted EBITDA (in
millions)
|
$15 - $26
|
Adjusted EBITDA margin
(%)
|
5.0% - 8.3%
|
Disaggregated Revenue
Included in the accompanying financial results are revenues
disaggregated by revenue source, as follows:
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
(In
thousands)
|
Revenue:
|
|
|
|
Hosted
services (1)
|
$
71,495
|
|
$
87,338
|
Professional
services
|
13,654
|
|
20,323
|
Total
revenue
|
$
85,149
|
|
$
107,661
|
|
|
(1)
|
On March 20, 2023, the
Company completed the sale of Kasamba and therefore ceased
recognizing revenue related to Kasamba effective on the transaction
close date. Further, this sale eliminated the entire Consumer
segment, as a result of which revenue is presented within a single
consolidated segment. Hosted services includes $7.2 million of
revenue for the three months ended March 31, 2023, relating to
Kasamba.
|
Stock-Based Compensation
Included in the accompanying financial results are expenses
related to stock-based compensation, as follows:
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
(In
thousands)
|
Cost of
revenue
|
$
343
|
|
$
2,035
|
Sales and
marketing
|
2,455
|
|
2,404
|
General and
administrative
|
1,798
|
|
2,632
|
Product
development
|
2,962
|
|
4,261
|
Total
|
$
7,558
|
|
$
11,332
|
Amortization of Purchased Intangibles and Finance Leases
Included in the accompanying financial results are expenses
related to the amortization of purchased intangibles and finance
leases, as follows:
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
(In
thousands)
|
Cost of
revenue
|
$
3,326
|
|
$
4,561
|
Amortization of
purchased intangibles
|
891
|
|
874
|
Total
|
$
4,217
|
|
$
5,435
|
Supplemental First Quarter 2024 Presentation
LivePerson will post a presentation providing supplemental
information for the first quarter 2024 on the investor relations
section of the Company's web site at
www.ir.liveperson.com.
Earnings Teleconference Information
The Company will discuss its first quarter of 2024 financial
results during a teleconference today, May 8, 2024, at
5:00 PM ET. To participate via
telephone, callers should dial in five to ten minutes prior to the
5:00 p.m. Eastern start time;
domestic callers (U.S. and Canada)
should dial 1-877-407-0784, while international callers should dial
1-201-689-8560, and both should reference the conference ID
"13745862."
The conference call will also be simulcast live on the Internet
and can be accessed by logging onto the investor relations section
of the Company's web site at www.ir.liveperson.com.
If you are unable to participate in the live call, the
teleconference will be available for replay approximately two hours
after the call. To access the replay, please call 1-844-512-2921
(U.S. and Canada) or
1-412-317-6671 (international). Please reference the conference ID
"13745862." A replay will also be available on the investor
relations section of the Company's web site at
www.ir.liveperson.com.
About LivePerson, Inc.
LivePerson (NASDAQ: LPSN) is the enterprise leader in
digital customer conversations. The world's leading brands —
including HSBC, Chipotle, and Virgin Media — use our award-winning
Conversational Cloud platform to connect with millions of
consumers. We power nearly a billion conversational interactions
every month, providing a uniquely rich data set and AI-powered
solutions to accelerate contact center transformation, supercharge
agent productivity, and deliver more personalized customer
experiences. Fast Company named us the #1 Most Innovative AI
Company in the world. To talk with us or our AI, please visit
liveperson.com.
Non-GAAP Financial Measures
Investors are cautioned that the following financial measures
used in this press release and on our earnings call are "non-GAAP
financial measures": (i) adjusted EBITDA, or loss before
provision for income taxes, interest (income) expense, other
(income) expense, depreciation, amortization of purchased
intangibles and finance leases, stock-based compensation expense,
contingent earn-out adjustments, restructuring costs, impairment of
goodwill, impairment of intangibles and other assets, leadership
transition costs, working capital adjustment - Kasamba divestiture,
IT transformation costs, gain on divestiture, acquisition and
divestiture costs and other litigation, consulting and other
employee costs; (ii) adjusted EBITDA margin, or loss before
provision for income taxes, interest (income) expense, other
(income) expense, depreciation, amortization of purchased
intangibles and finance leases, stock-based compensation expense,
contingent earn-out adjustments, restructuring costs, impairment of
goodwill, impairment of intangibles and other assets, leadership
transition costs, IT transformation costs, working capital
adjustment - Kasamba divestiture, gain on divestiture, acquisition
and divestiture costs and other litigation, consulting and other
employee costs divided by revenue; (iii) adjusted operating loss,
or operating loss excluding interest (income) expense, other
(income) expense, amortization of purchased intangibles and finance
leases, stock-based compensation expense, contingent earn-out
adjustments, restructuring costs, impairment of goodwill,
impairment of intangibles and other assets, leadership transition
costs, IT transformation costs, working capital adjustment -
Kasamba divestiture, gain on divestiture, acquisition and
divestiture costs, and other litigation, consulting and other
employee costs and (iv) free cash flow, or net cash provided by
(used in) operating activities less purchases of property and
equipment, including capitalized software.
Non-GAAP financial information should not be construed as an
alternative to any other measures of performance determined in
accordance with GAAP, or as an indicator of our operating
performance, liquidity or cash flows generated by operating,
investing and financing activities as there may be significant
factors or trends that it fails to address. We present non-GAAP
financial information because we believe that it is helpful to some
investors as one measure of our operations.
Forward-Looking Statements
Statements in this press release and on our earnings call
regarding LivePerson that are not historical facts are
forward-looking statements and are subject to risks and
uncertainties that could cause actual future events or results to
differ materially from such statements. Any such forward-looking
statements, including but not limited to financial guidance,
changes to our capital structure, the effects of our cost-reduction
efforts and the impact of our expected new hires, are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. With respect to our financial guidance, we note
that it is routine for our internal projections and expectations to
change as the quarter and year progress, and therefore it should be
clearly understood that the internal projections and beliefs upon
which we base our expectations may change. Although these
expectations may change, we are under no obligation to inform you
if they do. Some of the factors that could cause actual results to
differ materially from the forward-looking statements contained
herein include, without limitation: strain on our personnel
resources and infrastructure from supporting our customer base; our
ability to retain existing customers and cause them to purchase
additional services and to attract new customers; our ability to
retain key personnel, attract new personnel and to manage staff
attrition; our ability to successfully integrate past or potential
future acquisitions; our ability to refinance our substantial
indebtedness before it becomes due or to secure necessary
additional financing on commercially reasonable terms, or at all;
lengthy sales cycles; delays in our implementation cycles;
payment-related risks; potential fluctuations in our quarterly
revenue and operating results; limitations on the effectiveness of
our controls; non-payment or late payment of amounts due to us from
a significant number of customers; volatility in the capital
markets; recognition of revenue from subscriptions; customer
retention and engagement; our ability to develop and maintain
successful relationships with partners, service partners, social
media and other third-party consumer messaging platforms and
endpoints; our ability to effectively operate on mobile devices;
the highly competitive markets in which we operate; general
economic conditions; failures or security breaches in our services,
those of our third party service providers, or in the websites of
our customers; regulation or possible misappropriation of personal
information belonging to our customers' Internet users; US and
international laws and regulations regarding privacy data
protection and AI and increased public scrutiny of privacy,
security and AI issues that could result in increased government
regulation and other legal obligations; ongoing litigation and
legal matters; new regulatory or other legal requirements that
could materially impact our business; governmental export controls
and economic sanctions; industry-specific regulation and
unfavorable industry-specific laws, regulations or interpretive
positions; future regulation of the Internet or mobile devices;
technology-related defects that could disrupt the LivePerson
services; our ability to protect our intellectual property rights
or potential infringement of the intellectual property rights of
third parties; the use of AI in our product offerings or by our
vendors; the presence of, and difficulty in correcting, errors,
failures or "bugs" in our products; our ability to license
necessary third party software for use in our products and
services, and our ability to successfully integrate third party
software; potential adverse impact due to foreign currency and
cryptocurrency exchange rate fluctuations; additional regulatory
requirements, tax liabilities, currency exchange rate fluctuations
and other risks if and as we expand; risks related to our
operations in Israel; potential
failure to meeting service level commitments to certain customers;
legal liability and/or negative publicity for the services provided
to consumers via our technology platforms; technological or other
defects that could disrupt or negatively impact our services; our
ability to maintain our reputation; changes in accounting
principles generally accepted in the
United States; natural catastrophic events and interruption
to our business by man-made problems; potential limitations on our
ability to use net operating losses to offset future taxable
income; and risks related to our common stock being traded on more
than one securities exchange; and other factors described in the
"Risk Factors" section of the Company's Annual Report on Form 10-K
for the year ended December 31, 2023,
filed with the SEC on March 4, 2024.
This list is intended to identify only certain of the principal
factors that could cause actual results to differ from those
discussed in the forward-looking statements. Readers are referred
to the Company's reports and documents filed from time to time by
us with the Securities and Exchange Commission for a discussion of
these and other important factors that could cause actual results
to differ from those discussed in forward-looking statements.
LivePerson, Inc.
Condensed Consolidated Statements of
Operations
(In Thousands, Except
Share and Per Share Data)
Unaudited
|
|
|
Three Months
Ended
|
|
March
31,
|
|
|
|
|
|
2024
|
|
2023
|
Revenue
|
$
85,149
|
|
$
107,661
|
|
|
|
|
Costs, expenses and
other:
|
|
|
|
Cost of
revenue
|
29,463
|
|
43,096
|
Sales and
marketing
|
30,130
|
|
34,470
|
General and
administrative
|
21,752
|
|
31,447
|
Product
development
|
30,120
|
|
36,519
|
Impairment of
goodwill
|
3,627
|
|
—
|
Impairment of
intangible and other assets
|
2,221
|
|
—
|
Restructuring
costs
|
3,309
|
|
11,515
|
Gain on
divestiture
|
—
|
|
(17,591)
|
Amortization of
purchased intangible assets
|
891
|
|
874
|
Total costs, expenses
and other
|
121,513
|
|
140,330
|
|
|
|
|
Loss from
operations
|
(36,364)
|
|
(32,669)
|
|
|
|
|
Other income (expense),
net:
|
|
|
|
Interest income,
net
|
1,332
|
|
1,801
|
Other (expense) income,
net
|
(237)
|
|
14,662
|
Total other income,
net
|
1,095
|
|
16,463
|
|
|
|
|
Loss before provision
for income taxes
|
(35,269)
|
|
(16,206)
|
|
|
|
|
Provision for income
taxes
|
362
|
|
1,214
|
|
|
|
|
Net loss
|
$
(35,631)
|
|
$
(17,420)
|
|
|
|
|
Net loss per share of
common stock:
|
|
|
|
Basic
|
$
(0.40)
|
|
$
(0.23)
|
Diluted
|
$
(0.40)
|
|
$
(0.23)
|
|
|
|
|
Weighted-average shares
used to compute net loss per share:
|
|
|
|
Basic
|
88,081,654
|
|
75,774,812
|
Diluted
|
88,081,654
|
|
75,774,812
|
LivePerson, Inc.
Condensed Consolidated Statements of Cash
Flows
(In
Thousands)
Unaudited
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
OPERATING
ACTIVITIES:
|
|
|
|
Net loss
|
$
(35,631)
|
|
$
(17,420)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Stock-based
compensation expense
|
7,558
|
|
11,332
|
Depreciation
|
8,225
|
|
7,362
|
Reduction of operating
lease right-of-use assets
|
653
|
|
658
|
Amortization of
purchased intangible assets and finance leases
|
4,217
|
|
5,435
|
Amortization of debt
issuance costs
|
610
|
|
920
|
Impairment of
goodwill
|
3,627
|
|
—
|
Impairment of
intangible and other assets
|
2,221
|
|
—
|
Change in fair value of
contingent consideration
|
—
|
|
(1,709)
|
Gain on repurchase of
convertible notes
|
—
|
|
(6,100)
|
Allowance for credit
losses
|
4,722
|
|
1,079
|
Gain on
divestiture
|
—
|
|
(17,591)
|
Deferred income
taxes
|
75
|
|
589
|
Equity loss in joint
venture
|
—
|
|
618
|
Changes in operating
assets and liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
5,422
|
|
(34,731)
|
Prepaid expenses and
other current assets
|
5,854
|
|
(6,262)
|
Contract acquisition
costs
|
(2,370)
|
|
530
|
Other
assets
|
(75)
|
|
79
|
Accounts
payable
|
1,966
|
|
(9,910)
|
Accrued expenses and
other current liabilities
|
(16,976)
|
|
41,266
|
Deferred
revenue
|
10,852
|
|
24,750
|
Operating lease
liabilities
|
(738)
|
|
(944)
|
Other
liabilities
|
887
|
|
(5,869)
|
Net cash provided by
(used in) operating activities
|
1,099
|
|
(5,918)
|
INVESTING
ACTIVITIES:
|
|
|
|
Purchases of property
and equipment, including capitalized software
|
(11,501)
|
|
(9,625)
|
Purchases of
intangible assets
|
(1,209)
|
|
(1,355)
|
Proceeds from
divestiture
|
—
|
|
13,819
|
Net cash (used in)
provided by investing activities
|
(12,710)
|
|
2,839
|
FINANCING
ACTIVITIES:
|
|
|
|
Principal payments for
financing leases
|
(327)
|
|
(958)
|
Proceeds from issuance
of common stock in connection with the exercise of options
and ESPP
|
122
|
|
854
|
Payments on repurchase
of convertible senior notes
|
(72,492)
|
|
(149,702)
|
Net cash used in
financing activities
|
(72,697)
|
|
(149,806)
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
400
|
|
2,849
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(83,908)
|
|
(150,036)
|
Cash, cash equivalents,
and restricted cash - beginning of year
|
212,925
|
|
392,197
|
Plus: cash classified
within current assets held for sale - beginning of year
|
—
|
|
10,011
|
Cash, cash equivalents,
and restricted cash - end of period
|
$
129,017
|
|
$
252,172
|
LivePerson, Inc.
Reconciliation of Non-GAAP Financial Information to
GAAP
(In
Thousands)
Unaudited
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
Reconciliation of
Adjusted EBITDA (Loss):
|
|
|
|
GAAP net
loss
|
$
(35,631)
|
|
$
(17,420)
|
Add/(less):
|
|
|
|
Other litigation,
consulting and other employee costs (1)
|
3,769
|
|
11,122
|
Depreciation
|
8,225
|
|
7,362
|
Amortization of
purchased intangibles and finance leases
|
4,217
|
|
5,435
|
Restructuring costs
(2)
|
3,309
|
|
11,515
|
Impairment of
goodwill
|
3,627
|
|
—
|
Impairment of
intangible and other assets
|
2,221
|
|
—
|
Leadership transition
costs
|
1,389
|
|
—
|
Working capital
adjustment - Kasamba divestiture
|
1,776
|
|
—
|
Contingent earn-out
adjustments
|
—
|
|
1,709
|
Acquisition and
divestiture costs
|
42
|
|
2,203
|
Stock-based
compensation expense
|
7,558
|
|
11,332
|
Provision for income
taxes
|
362
|
|
1,214
|
IT transformation
costs (3)
|
708
|
|
—
|
Interest income,
net
|
(1,332)
|
|
(1,801)
|
Gain on
divestiture
|
—
|
|
(17,591)
|
Other expense
(income), net (4)
|
237
|
|
(16,371)
|
Adjusted EBITDA
(loss)
|
$
477
|
|
$
(1,291)
|
|
|
|
|
Reconciliation of
Adjusted Operating Loss
|
|
|
|
Loss before provision
for income taxes
|
(35,269)
|
|
(16,206)
|
Add/(less):
|
|
|
|
Other litigation,
consulting and other employee costs (1)
|
3,769
|
|
11,122
|
Amortization of
purchased intangibles and finance leases
|
4,217
|
|
5,435
|
Restructuring
costs (2)
|
3,309
|
|
11,515
|
Impairment of
goodwill
|
3,627
|
|
—
|
Impairment of
intangible and other assets
|
2,221
|
|
—
|
Leadership transition
costs
|
1,389
|
|
—
|
Working capital
adjustment - Kasamba divestiture
|
1,776
|
|
—
|
Contingent earn-out
adjustments
|
—
|
|
1,709
|
Acquisition and
divestiture costs
|
42
|
|
2,203
|
Stock-based
compensation expense
|
7,558
|
|
11,332
|
IT transformation
costs (3)
|
708
|
|
—
|
Interest income,
net
|
(1,332)
|
|
(1,801)
|
Gain on
divestiture
|
—
|
|
(17,591)
|
Other expense
(income), net (4)
|
237
|
|
(16,371)
|
Adjusted operating
loss
|
$
(7,748)
|
|
$
(8,653)
|
|
|
|
|
|
|
(1)
|
Includes litigation
costs of $3.0 million, consulting costs of $0.6 million and accrued
expenses and fees of $0.1 million for the three months ended March
31, 2024. Includes litigation costs of $9.5 million, accrued
expenses and fees of $1.4 million and consulting costs of $0.2
million for the three months ended March 31, 2023.
|
(2)
|
Includes IT contract
termination cost of $0.7 million and severance costs and other
compensation related costs of $2.6 million for the three months
ended March 31, 2024. Includes severance costs and other
compensation related costs of $11.5 million for the three months
ended March 31, 2023.
|
(3)
|
Includes $0.7 million
IT infrastructure realignment costs related to consolidating and
migrating data centers to the cloud.
|
(4)
|
Includes $10.0 million
of other income related to the litigation settlement and $6.1
million of gain related to convertible senior notes repurchases for
the three months ended March 31, 2023. The remaining amount of
other expense (income), net fluctuation is attributable to currency
rate fluctuations for the three months ended March 31,
2023.
|
|
Three Months
Ended
|
|
March
31,
|
|
2024
|
|
2023
|
Calculation of Free
Cash Flow:
|
|
|
|
Net cash provided by
(used in) operating activities
|
$
1,099
|
|
$
(5,918)
|
Purchases of property
and equipment, including capitalized software
|
(11,501)
|
|
(9,625)
|
Total free cash
flow
|
$
(10,402)
|
|
$
(15,543)
|
LivePerson, Inc.
Condensed Consolidated Balance
Sheets
(In
Thousands)
Unaudited
|
|
|
March 31,
2024
|
|
December 31,
2023
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
127,057
|
|
$
210,782
|
Restricted
cash
|
1,960
|
|
2,143
|
Accounts receivable,
net of allowance for credit losses
|
71,365
|
|
81,802
|
Prepaid expenses and
other current assets
|
20,954
|
|
26,981
|
Total current
assets
|
221,336
|
|
321,708
|
Operating lease
right-of-use assets
|
3,431
|
|
4,135
|
Property and
equipment, net
|
117,893
|
|
119,325
|
Contract acquisition
costs, net
|
39,326
|
|
37,354
|
Intangible assets,
net
|
56,009
|
|
61,625
|
Goodwill
|
280,956
|
|
285,631
|
Deferred tax
assets
|
4,473
|
|
4,527
|
Other
assets
|
1,264
|
|
1,208
|
Total
assets
|
$
724,688
|
|
$
835,513
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
14,528
|
|
$
13,555
|
Accrued expenses and
other current liabilities
|
75,506
|
|
97,024
|
Deferred
revenue
|
92,414
|
|
81,858
|
Convertible senior
notes
|
—
|
|
72,393
|
Operating lease
liabilities
|
2,632
|
|
2,719
|
Total current
liabilities
|
185,080
|
|
267,549
|
Convertible senior
notes, net of current portion
|
512,076
|
|
511,565
|
Operating lease
liabilities, net of current portion
|
1,466
|
|
2,173
|
Deferred tax
liabilities
|
3,002
|
|
2,930
|
Other
liabilities
|
3,881
|
|
3,158
|
Total
liabilities
|
705,505
|
|
787,375
|
Total stockholders'
equity
|
19,183
|
|
48,138
|
Total liabilities
and stockholders' equity
|
$
724,688
|
|
$
835,513
|
Investor Relations contact
ir-lp@liveperson.com
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SOURCE LivePerson