Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

LiveVox Announces Third Quarter 2021 Financial Results


LiveVox Holdings, Inc. ("LiveVox" or the "Company") (NASDAQ: LVOX), a leading global enterprise cloud communications company, today announced financial results for the third quarter ended September 30, 2021.

"We executed incredibly well in Q3, highlighted by record revenue of $30.5 million, and contract revenue of $23.1 million, both of which exceeded the high end of our guidance range. Additionally, we achieved record bookings in the quarter which puts us on track for our strongest bookings year in company history," said Louis Summe, CEO and Co-Founder of LiveVox. "We are also thrilled to announce our largest ever new logo deal with ARR1 of $3.3 million, and we are seeing both new and existing customers opt for an increasing number of our products. I am incredibly optimistic about both the fundamentals of our business, and the secular tailwinds driving momentum into our full enterprise, blended omnichannel platform."

Third Quarter 2021 Financial Highlights

_____________________________
1 ARR is defined as the annualized recurring revenue of an active subscription contract.
2 Total revenue is comprised of recurring subscription revenue and implementation revenue. Subscription revenue is comprised of contract revenue (revenue derived from usage committed under contract) and excess usage revenue (revenue derived from usage amounts higher than the minimum usage under contract).
3 Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables included below.

Business Outlook

In determining the financial guidance to provide to investors, the Company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook and the continued uncertainty of COVID-19 and its potential impact on the Company's results. Since the beginning of the COVID-19 pandemic, excess usage revenue has been negatively impacted by the effect of government stimulus provided to consumers in response to the COVID-19 pandemic, including, without limitation, direct stimulus payments to consumers, enhanced and extended unemployment benefits, rent abatements and mortgage and student loan forbearances. These programs have reduced consumer credit origination and servicing activity for a significant number of the Company's customers. In determining the financial guidance for the fourth quarter and the full year 2021 set forth below, the Company has assumed that the negative impact to excess usage revenue from such stimulus will remain the same as current levels for the remainder of the year. As such, LiveVox is providing guidance for its fourth quarter and full year 2021 as follows:

Quarterly Conference Call

LiveVox will host a conference call today at 4:30 p.m. Eastern Time to review the Company's financial results for the third quarter ended September 30, 2021. To access this call, dial 855-327-6837 for the U.S. or Canada, or 631-891-4304 for callers outside the U.S. or Canada. A live webcast of the conference call will be accessible from the Investors section of LiveVox's website, and a recording will be archived. An audio replay of this conference call will also be available through November 25, 2021, by dialing 844-512-2921 for the U.S. or Canada (or 412-317-6671 for callers outside the U.S. or Canada) and entering passcode 10016535.

About LiveVox Inc.

LiveVox (NASDAQ: LVOX) is a next-generation contact center platform that powers more than 14 billion interactions a year. By seamlessly integrating omnichannel communications, CRM, AI, and WFO capabilities, the Company's technology delivers an exceptional agent and customer experience while reducing compliance risk. With 20 years of cloud experience and expertise, LiveVox's CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 500 global employees and is headquartered in San Francisco, with offices in Atlanta, Columbus, Denver, New York City, St. Louis, Medellin (Colombia) and Bangalore (India). For more information visit: http://www.livevox.com

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 relating to expected bookings, expected revenue and annual recurring revenue from contracts, growth expectations, and future financial results, including guidance. 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 the inability to recognize the anticipated benefits of the business combination with Crescent Acquisition Corp.; costs related to the recently completed business combination with Crescent Acquisition Corp.; LiveVox's ability to manage growth; LiveVox's ability to execute its business plan and meet its projections; potential litigation involving LiveVox; changes in applicable laws or regulations; the possibility that LiveVox may be adversely affected by other economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on LiveVox's business as well as those factors described in the "Risk Factors" section of our filings with the Securities and Exchange Commission ("SEC").

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,

 

2021

 

2020

 

2021

 

2020

Revenue

$

30,507

 

 

 

$

25,390

 

 

 

$

87,365

 

 

 

$

74,414

 

 

Cost of revenue

13,479

 

 

 

9,682

 

 

 

46,274

 

 

 

29,267

 

 

Gross profit

17,028

 

 

 

15,708

 

 

 

41,091

 

 

 

45,147

 

 

Operating expenses

 

 

 

 

 

 

 

Sales and marketing expense

12,227

 

 

 

6,552

 

 

 

48,820

 

 

 

21,653

 

 

General and administrative expense

7,642

 

 

 

3,246

 

 

 

37,159

 

 

 

9,705

 

 

Research and development expense

8,130

 

 

 

5,157

 

 

 

44,479

 

 

 

14,660

 

 

Total operating expenses

27,999

 

 

 

14,955

 

 

 

130,458

 

 

 

46,018

 

 

Income (loss) from operations

(10,971

)

 

 

753

 

 

 

(89,367

)

 

 

(871

)

 

Interest expense, net

1,033

 

 

 

973

 

 

 

2,918

 

 

 

2,926

 

 

Change in the fair value of warrant liability

(300

)

 

 

?

 

 

 

(675

)

 

 

?

 

 

Other expense (income), net

(460

)

 

 

(6

)

 

 

(435

)

 

 

76

 

 

Total other expense, net

273

 

 

 

967

 

 

 

1,808

 

 

 

3,002

 

 

Pre-tax loss

(11,244

)

 

 

(214

)

 

 

(91,175

)

 

 

(3,873

)

 

Provision for income taxes

100

 

 

 

116

 

 

 

187

 

 

 

529

 

 

Net loss

$

(11,344

)

 

 

$

(330

)

 

 

$

(91,362

)

 

 

$

(4,402

)

 

Comprehensive loss

 

 

 

 

 

 

 

Net loss

(11,344

)

 

 

(330

)

 

 

(91,362

)

 

 

(4,402

)

 

Other comprehensive income (loss)

(41

)

 

 

15

 

 

 

(27

)

 

 

(99

)

 

Comprehensive loss

$

(11,385

)

 

 

$

(315

)

 

 

$

(91,389

)

 

 

$

(4,501

)

 

Net loss per share?basic and diluted

$

(0.12

)

 

 

$

?

 

 

 

$

(1.20

)

 

 

$

(0.07

)

 

Weighted average shares outstanding?basic and diluted

91,444

 

 

 

66,637

 

 

 

76,122

 

 

 

66,637

 

 

 

Consolidated Balance Sheets
(In thousands, except per share data)

 

 

As of

 

September
30, 2021

 

December
31, 2020

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

104,980

 

 

 

$

18,098

 

 

Restricted cash, current

?

 

 

 

1,368

 

 

Accounts receivable, net

17,052

 

 

 

13,817

 

 

Deferred sales commissions, current

2,490

 

 

 

1,521

 

 

Prepaid expenses and other current assets

6,948

 

 

 

2,880

 

 

Total Current Assets

131,470

 

 

 

37,684

 

 

Property and equipment, net

3,286

 

 

 

3,505

 

 

Goodwill

47,481

 

 

 

47,481

 

 

Intangible assets, net

21,310

 

 

 

18,688

 

 

Operating lease right-of-use assets

5,897

 

 

 

3,858

 

 

Deposits and other

687

 

 

 

2,334

 

 

Deferred sales commissions, net of current

6,219

 

 

 

3,208

 

 

Deferred tax asset

79

 

 

 

?

 

 

Restricted cash, net of current

100

 

 

 

100

 

 

Total Assets

$

216,529

 

 

 

$

116,858

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

4,275

 

 

 

$

3,521

 

 

Accrued expenses

12,949

 

 

 

11,667

 

 

Deferred revenue, current

1,074

 

 

 

1,140

 

 

Term loan, current

561

 

 

 

1,440

 

 

Operating lease liabilities, current

1,894

 

 

 

1,353

 

 

Finance lease liabilities, current

80

 

 

 

392

 

 

Total current liabilities

20,833

 

 

 

19,513

 

 

Long term liabilities:

 

 

 

Line of credit

?

 

 

 

4,672

 

 

Deferred revenue, net of current

249

 

 

 

237

 

 

Term loan, net of current

54,572

 

 

 

54,604

 

 

Operating lease liabilities, net of current

4,547

 

 

 

3,088

 

 

Finance lease liabilities, net of current

18

 

 

 

38

 

 

Deferred tax liability, net

?

 

 

 

193

 

 

Warrant liability

1,333

 

 

 

?

 

 

Other long-term liabilities

370

 

 

 

372

 

 

Total liabilities

81,922

 

 

 

82,717

 

 

 

 

 

 

Commitments and contingencies (Note 10 and 22)

 

 

 

Stockholders' equity:

 

 

 

Preferred stock, $0.0001 par value per share; 25,000 shares authorized, none issued and outstanding as of September 30, 2021; none authorized, issued and outstanding as of December 31, 2020

?

 

 

 

?

 

 

Common stock, $0.0001 par value per share; 500,000 shares authorized as of September 30, 2021 and December 31, 2020; 90,547 and 66,637 shares issued and outstanding as of September 30, 2021 and December 31, 2020

9

 

 

 

7

 

 

Additional paid-in capital

251,021

 

 

 

59,168

 

 

Accumulated other comprehensive loss

(233

)

 

 

(206

)

 

Accumulated deficit

(116,190

)

 

 

(24,828

)

 

Total stockholders' equity

134,607

 

 

 

34,141

 

 

Total liabilities & stockholders' equity

$

216,529

 

 

 

$

116,858

 

 

 

Consolidated Statements of Cash Flows
(Unaudited) (Dollars in thousands)

 

 

For the nine months ended
September 30,

 

2021

 

2020

Operating activities:

 

 

 

Net loss

$

(91,362

)

 

 

$

(4,402

)

 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

1,475

 

 

 

1,377

 

 

Amortization of identified intangible assets

3,358

 

 

 

3,142

 

 

Amortization of deferred loan origination costs

102

 

 

 

107

 

 

Amortization of deferred sales commissions

1,368

 

 

 

887

 

 

Non-cash lease expense

1,207

 

 

 

898

 

 

Stock compensation expense

1,458

 

 

 

470

 

 

Equity incentive bonus

32,863

 

 

 

?

 

 

Bad debt expense

110

 

 

 

624

 

 

Loss on disposition of asset

?

 

 

 

10

 

 

Deferred income tax benefit

(272

)

 

 

(382

)

 

Change in the fair value of the warrant liability

(675

)

 

 

?

 

 

Offering cost associated with Warrants recorded as liabilities

41

 

 

 

?

 

 

Changes in assets and liabilities

 

 

 

Accounts receivable

(2,648

)

 

 

1,892

 

 

Other assets

(2,514

)

 

 

(405

)

 

Deferred sales commissions

(5,347

)

 

 

(1,985

)

 

Accounts payable

1,725

 

 

 

460

 

 

Accrued expenses

1,225

 

 

 

1,696

 

 

Deferred revenue

(54

)

 

 

145

 

 

Operating lease liabilities

(1,202

)

 

 

(904

)

 

Other long-term liabilities

(2

)

 

 

(5

)

 

Net cash provided by (used in) operating activities

(59,144

)

 

 

3,625

 

 

Investing activities:

 

 

 

Purchases of property and equipment

(1,210

)

 

 

(434

)

 

Acquisition of businesses, net of cash acquired

?

 

 

 

(20

)

 

Asset acquisition

1,326

 

 

 

?

 

 

Net cash provided by (used in) investing activities

116

 

 

 

(454

)

 

Financing activities:

 

 

 

Proceeds from Merger and PIPE financing, net of cash paid

157,383

 

 

 

?

 

 

Repayment on loan payable

(1,676

)

 

 

(864

)

 

Repayment of drawdown on line of credit

(4,672

)

 

 

4,672

 

 

Debt issuance costs

(153

)

 

 

?

 

 

Payment of contingent consideration liability

(5,969

)

 

 

?

 

 

Repayments on finance lease obligations

(331

)

 

 

(582

)

 

Net cash provided by financing activities

144,582

 

 

 

3,226

 

 

Effect of foreign currency translation

(40

)

 

 

(102

)

 

Net increase in cash, cash equivalents and restricted cash

85,514

 

 

 

6,295

 

 

Cash, cash equivalents, and restricted cash beginning of period

19,566

 

 

 

16,513

 

 

Cash, cash equivalents, and restricted cash end of period

$

105,080

 

 

 

$

22,808

 

 

 

 

 

 

 

For the nine months ended
September 30,

 

2021

 

2020

Supplemental disclosure of cash flow information:

 

 

 

Interest paid

$

2,828

 

 

$

2,836

 

Income taxes paid

237

 

 

181

 

Supplemental schedule of noncash investing activities:

 

 

 

Additional right-of-use assets

$

3,246

 

 

$

997

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets (dollars in thousands):

 

 

As of September 30,

 

2021

 

2020

Cash and cash equivalents

$

104,980

 

 

$

21,348

 

Restricted cash, current

?

 

 

1,360

 

Restricted cash, net of current

100

 

 

100

 

Total cash, cash equivalents and restricted cash

$

105,080

 

 

$

22,808

 

 

Non-GAAP Financial Measures

Management uses non-GAAP financial measures to evaluate operating performance. We believe non-GAAP financial measures provide useful information to investors and others to understand and evaluate our operating results in the same manner as our management and board of directors and allows for better comparison of financial results among our competitors.

Adjusted EBITDA

We monitor Adjusted EBITDA, a non-generally accepted accounting principle ("Non-GAAP") financial measure, to analyze our financial results and believe that it is useful to investors, as a supplement to U.S. GAAP measures, in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. We believe that Adjusted EBITDA helps illustrate underlying trends in our business that could otherwise be masked by the effect of the income or expenses that we exclude from Adjusted EBITDA. Furthermore, we use this measure to establish budgets and operational goals for managing our business and evaluating our performance. We also believe that Adjusted EBITDA provides an additional tool for investors to use in comparing our recurring core business operating results over multiple periods with other companies in our industry. Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP, and our calculation of Adjusted EBITDA may differ from that of other companies in our industry. We compensate for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of our consolidated financial statements in accordance with U.S. GAAP and reconciliation of Adjusted EBITDA to the most directly comparable U.S. GAAP measure, net income (loss). We calculate Adjusted EBITDA as net income (loss) before (i) depreciation and amortization, (ii) stock-based compensation, (iii) interest expense, net and other expense, net, (iv) provision (benefit from) for income taxes, and (v) other items that do not directly affect what we consider to be our core operating performance.

Non-GAAP Gross Profit and Non-GAAP Gross Margin Percentage

U.S. GAAP defines gross profit as revenue less cost of revenue. Cost of revenue includes all expenses associated with our various product offerings. We define Non-GAAP gross profit as gross profit after adding back the following items: (i) depreciation and amortization; (ii) long-term equity incentive bonus and stock-based compensation expense; and (iii) other non-recurring expenses. We add back depreciation and amortization, long-term equity incentive bonus and stock-based compensation expense and other non-recurring expenses because they are one-time or non-cash items. We eliminate the impact of these one-time or non-cash items because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe showing Non-GAAP gross margin to remove the impact of these one-time or non-cash expenses is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin percentage by dividing Non-GAAP gross profit by revenue, expressed as a percentage of revenue.

Management uses Non-GAAP gross profit and Non-GAAP gross margin percentage to evaluate operating performance and to determine resource allocation among our various product offerings. We believe Non-GAAP gross profit and Non-GAAP gross margin percentage provide useful information to investors and others to understand and evaluate our operating results in the same manner as our management and board of directors and allows for better comparison of financial results among our competitors. Non-GAAP gross profit and Non-GAAP gross margin percentage may not be comparable to similarly titled measures of other companies because other companies may not calculate Non-GAAP gross profit and Non-GAAP gross margin percentage or similarly titled measures in the same manner as we do.

Please see tables below for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures for the periods presented.

 

GAAP Net Income (Loss) to Adjusted EBITDA
(Unaudited) (Dollars in thousands)

 

 

Three Months Ended
September 30, (unaudited)

 

Nine Months Ended
September 30, (unaudited)

 

2021

 

2020

 

2021

 

2020

Net loss

$

(11,344

)

 

 

$

(330

)

 

 

$

(91,362

)

 

 

$

(4,402

)

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Depreciation and amortization

1,628

 

 

 

1,502

 

 

 

4,834

 

 

 

4,519

 

 

Long-term equity incentive bonus and stock-based compensation expense

2,069

 

 

 

252

 

 

 

72,035

 

 

 

749

 

 

Interest expense, net

1,033

 

 

 

973

 

 

 

2,918

 

 

 

2,926

 

 

Change in the fair value of warrant liability

(300

)

 

 

?

 

 

 

(675

)

 

 

?

 

 

Other expense (income), net

(460

)

 

 

(6

)

 

 

(435

)

 

 

76

 

 

Acquisition and financing related fees and expenses

480

 

 

 

?

 

 

 

1,521

 

 

 

25

 

 

Transaction-related costs

531

 

 

 

?

 

 

 

1,834

 

 

 

?

 

 

Golden Gate Capital management fee expenses

(11

)

 

 

171

 

 

 

135

 

 

 

602

 

 

Provision for income taxes

100

 

 

 

116

 

 

 

187

 

 

 

529

 

 

Adjusted EBITDA

$

(6,274

)

 

 

$

2,678

 

 

 

$

(9,008

)

 

 

$

5,024

 

 

 

GAAP Gross Profit to Adjusted Gross Profit
(Unaudited) (Dollars in thousands)

 

 

Three Months Ended
September 30, (unaudited)

 

Nine Months Ended
September 30, (unaudited)

 

2021

 

2020

 

2021

 

2020

Gross profit

$

17,028

 

 

$

15,708

 

 

$

41,091

 

 

$

45,147

 

Depreciation and amortization

927

 

 

944

 

 

2,785

 

 

2,864

 

Long-term equity incentive bonus and stock-based compensation expense

190

 

 

68

 

 

9,877

 

 

100

 

Non-GAAP gross profit

$

18,145

 

 

$

16,720

 

 

$

53,753

 

 

$

48,111

 

Non-GAAP gross margin %

59.5

%

 

65.9

%

 

61.5

%

 

64.7

%

 


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