Fourth quarter total revenue year-over-year
growth of 12.0% to $35.7 million; full year total revenue growth of
14.1% to $136.0 million.
Fourth quarter ARR of $142.8 million up, 15.7%
year-over-year
Fourth quarter net loss of $5.9 million
Fourth quarter positive adjusted EBITDA of $0.5
million
Last bullet point under Full Year 2023 Guidance should read:
Adjusted EBITDA is now expected to be in the range of $3 million to
$6 million.
The updated release reads:
LIVEVOX ANNOUNCES FOURTH QUARTER AND FULL
YEAR 2022 FINANCIAL RESULTS
Fourth quarter total revenue year-over-year
growth of 12.0% to $35.7 million; full year total revenue growth of
14.1% to $136.0 million.
Fourth quarter ARR of $142.8 million up, 15.7%
year-over-year
Fourth quarter net loss of $5.9 million
Fourth quarter positive adjusted EBITDA of $0.5
million
LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ:
LVOX), a leading global enterprise cloud communications company,
today announced financial results for its fourth quarter and full
year ended December 31, 2022.
“Despite a complicated macroeconomic environment, we are pleased
to see both increased revenue and positive adjusted EBITDA in the
fourth quarter, both of which are above our guidance range,” said
John DiLullo, Chief Executive Officer of LiveVox. “Our improved
financial results in the fourth quarter is further evidence that
LiveVox is executing well against its stated balanced growth
strategy. I could not be more proud of or excited about the results
our team has achieved and the momentum we see building in 2023 and
beyond.”
Fourth Quarter 2022 Financial Highlights
- Revenue: Total revenue was $35.7 million for the fourth
quarter of 2022, up 12.0% compared to $31.9 million for the fourth
quarter of 2021.
- Contract Revenue: Contract revenue was $28.8 million for
the fourth quarter of 2022, up 18.3% compared to $24.3 million for
the fourth quarter of 2021.
- Gross Profit and Gross Margin: Gross profit was $23.7
million for the fourth quarter of 2022, up 35.5% compared to $17.5
million for the fourth quarter of 2021; Gross margin was 66.4% for
the fourth quarter of 2022, compared to 54.9% for the fourth
quarter of 2021.
- Non-GAAP Gross Profit* and Non-GAAP Gross Margin*:
Non-GAAP gross profit was $24.3 million for the fourth quarter of
2022, up 29.3% compared to $18.8 million for the fourth quarter of
2021; Non-GAAP gross margin was 68.1% for the fourth quarter of
2022, compared to 59.0% for the fourth quarter of 2021.
- Net loss: Net loss was $5.9 million for the fourth
quarter of 2022, compared to net loss of $11.8 million for the
fourth quarter of 2021.
- Adjusted EBITDA*: Adjusted EBITDA was $0.5 million for
the fourth quarter of 2022, compared to Adjusted EBITDA loss of
$7.0 million for the fourth quarter of 2021.
Full Year 2022 Financial Highlights
- Revenue: Total revenue was $136.0 million for the full
year 2022, up 14.1% compared to $119.2 million for the full year
2021.
- Contract Revenue: Contract revenue was $108.7 million
for the full year 2022, up 20.2% compared to $90.5 million for the
full year 2021.
- Gross Profit and Gross Margin: Gross profit was $85.0
million for the full year 2022, up 45.0% compared to $58.6 million
for the full year 2021. Gross margin was 62.5% for the full year
2022, compared to 49.1% for the full year 2021.
- Non-GAAP Gross Profit* and Non-GAAP Gross Margin*:
Non-GAAP gross profit was $88.3 million for the full year 2022, up
21.6% compared to $72.6 million for the full year 2021; Non-GAAP
gross margin was 64.9% for the full year 2022, compared to 60.9%
for the full year 2021.
- Net loss: Net loss was $37.5 million for the full year
2022, compared to net loss of $103.2 million for the full year
2021.
- Adjusted EBITDA*: Adjusted EBITDA loss was $14.8 million
for the full year 2022, compared to Adjusted EBITDA loss of $16.0
million for the full year 2021.
* 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. 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 first quarter and
full year 2023 as follows:
- First Quarter of 2023 Guidance:
- Total revenue is expected to be in the range of $34 million to
$35 million, representing growth of 6% to 9% year-over-year.
- Adjusted EBITDA is expected to be in the range of $(0.0)
million to $0.5 million.
- Full Year 2023 Guidance:
- Total revenue is expected to be in the range of $143 million to
$148 million, representing growth of 5% to 9% year-over-year.
- Adjusted EBITDA is now expected to be in the range of $3
million to $6 million.
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, many of the future costs and expenses for
which the Company adjusts, such as depreciation and amortization,
long-term equity incentive bonus, stock-based compensation expense,
interest income (expense), change in the fair value of warrant
liability, other income (expense), provision for income taxes and
severance costs, the effect of which may be significant. Annualized
Recurring Revenue (“ARR”) is calculated as the sum of the most
recent quarter of (i) recurring subscription amounts and (ii)
platform usage charges for all customers, multiplied by 4.
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 its fourth
quarter and full year ended December 31, 2022. To access this call,
dial 877-300-8521 for the U.S. or Canada, or 412-317-6026 for
callers outside the U.S. or Canada. A live webcast of the
conference call will be accessible from the Investor Relations
section of LiveVox’s website, and a recording will be archived. An
audio replay of this conference call will also be available through
11:59 p.m. Eastern Time , March 22, 2023, 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 10171791.
About LiveVox, Inc.
LiveVox (Nasdaq: LVOX) is a next generation contact center
platform that powers more than 14 billion omnichannel interactions
a year. By seamlessly unifying blended omnichannel communications,
CRM, AI, and WEM capabilities, the Company’s technology delivers
exceptional agent and customer experiences, while helping to
mitigate 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 620
global employees and is headquartered in San Francisco, with
offices in Medellin, Colombia; and Bangalore, India. To stay up to
date with everything LiveVox, follow us at @LiveVox or visit
http://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, the quotations of management,
statements relating to expected bookings, expected revenue and
annual recurring revenue from contracts, growth expectations, and
future financial results, including guidance for the 2023 first
quarter and 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 our
ability to meet financial and operating guidance, ability to
achieve financial targets, and successfully manage capital
expenditures; risks related to 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; risks related to the Company’s reliance on
information systems and the ability to properly maintain the
confidentiality and integrity of data; risks related to the
occurrence of cyber incidents or a deficiency in cybersecurity
protocols; risks related to the ability to obtain third-party
software licenses for use in or with the Company’s products;
general economic and business conditions, including but not limited
to challenges associated with a tight labor market, inflationary
pressures, volatility in foreign exchange rates, supply chain
constraints, recessionary fears, and impacts from the invasion of
Ukraine by Russia; the impact of COVID-19 on LiveVox’s business;
risks related to our intellectual property rights, risks related to
our ability to secure additional financing on favorable terms, or
at all, to meet our capital needs; increased taxes and surcharges
(including Universal Service Fund, whether labeled a “tax,”
“surcharge,” or other designation) on our products which may
increase our customers’ cost of using our products and/or increase
our costs and reduce our profit margins to the extent the costs are
not passed through to our customers, and our potential liability
for past sales and other taxes, surcharges and fees; changes in
government regulation applicable to the collections industry or any
failure of us or our customers to comply with existing regulations;
changes in base interest rates and significant market volatility on
the Company’s business, the Company’s industry and the global
economy; the Company’s ability to successfully manage its recent
leadership transition; 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 Securities and Exchange
Commission (“SEC”), including the Company’s most recently filed
reports on Form 10-K and Form 10-Q and subsequent filing.
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 (In thousands, except per share
data)
For the three months
ended December 31,
For the years ended December
31,
2022
2021
2022
2021
2020
(Unaudited)
(Unaudited)
Revenue
$
35,692
$
31,866
$
136,025
$
119,231
$
102,545
Cost of revenue
11,985
14,365
51,058
60,639
39,476
Gross profit
23,707
17,501
84,967
58,592
63,069
Operating expenses
Sales and marketing expense
12,712
13,513
56,160
62,333
29,023
General and administrative expense
8,364
7,535
30,566
44,694
14,291
Research and development expense
7,239
8,083
31,449
52,562
20,160
Total operating expenses
28,315
29,131
118,175
159,589
63,474
Loss from operations
(4,608
)
(11,630
)
(33,208
)
(100,997
)
(405
)
Interest expense, net
1,056
814
3,446
3,732
3,890
Change in the fair value of warrant
liability
—
(567
)
(134
)
(1,242
)
—
Other expense (income), net
(71
)
(26
)
138
(459
)
154
Total other expense, net
985
221
3,450
2,031
4,044
Pre-tax loss
(5,593
)
(11,851
)
(36,658
)
(103,028
)
(4,449
)
Provision for (benefit from) income
taxes
343
(19
)
817
166
196
Net loss
$
(5,936
)
$
(11,832
)
$
(37,475
)
$
(103,194
)
$
(4,645
)
Comprehensive loss
Net loss
$
(5,936
)
$
(11,832
)
$
(37,475
)
$
(103,194
)
$
(4,645
)
Other comprehensive income (loss), net of
tax
Foreign currency translation
adjustment
(123
)
(67
)
(484
)
(94
)
12
Net unrealized gain (loss) on marketable
securities
257
(177
)
(1,235
)
(177
)
—
Total other comprehensive income (loss),
net of tax
134
(244
)
(1,719
)
(271
)
12
Comprehensive loss
$
(5,802
)
$
(12,076
)
$
(39,194
)
$
(103,465
)
$
(4,633
)
Net loss per share
Net loss per share—basic and diluted
$
(0.06
)
$
(0.13
)
$
(0.41
)
$
(1.29
)
$
(0.07
)
Weighted average shares outstanding—basic
and diluted
92,606
91,466
92,003
79,964
66,637
Consolidated Balance Sheets (In
thousands, except per share data)
As of
December 31,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
20,742
$
47,217
Restricted cash, current
—
100
Marketable securities, current
48,182
7,226
Accounts receivable, net
21,447
20,128
Deferred sales commissions, current
3,171
2,691
Prepaid expenses and other current
assets
5,211
6,151
Total Current Assets
98,753
83,513
Property and equipment, net
2,618
3,010
Goodwill
47,481
47,481
Intangible assets, net
16,655
20,195
Operating lease right-of-use assets
4,920
5,483
Deposits and other
371
664
Marketable securities, net of current
—
42,148
Deferred sales commissions, net of
current
7,356
6,747
Deferred tax asset, net
1
—
Total Assets
$
178,155
$
209,241
LIABILITIES & STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
5,987
$
6,490
Accrued expenses
12,399
13,855
Deferred revenue, current
1,318
1,307
Term loan, current
982
561
Operating lease liabilities, current
1,655
1,946
Finance lease liabilities, current
11
26
Total current liabilities
22,352
24,185
Long term liabilities:
Deferred revenue, net of current
338
456
Term loan, net of current
53,585
54,459
Operating lease liabilities, net of
current
3,649
4,046
Finance lease liabilities, net of
current
—
11
Deferred tax liability, net
—
2
Warrant liability
633
767
Other long-term liabilities
363
337
Total liabilities
80,920
84,263
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value per
share; 25,000 shares authorized and none issued and outstanding as
of December 31, 2022 and 2021.
—
—
Common stock, $0.0001 par value per share;
500,000 shares authorized and 92,729 shares issued and outstanding
as of December 31, 2022; 500,000 shares authorized and 90,697
shares issued and outstanding as of December 31, 2021.
9
9
Additional paid-in capital
264,919
253,468
Accumulated other comprehensive loss
(2,196
)
(477
)
Accumulated deficit
(165,497
)
(128,022
)
Total stockholders’ equity
97,235
124,978
Total liabilities & stockholders’
equity
$
178,155
$
209,241
Consolidated Statements of Cash Flows
(Dollars in thousands)
For the years ended December
31,
2022
2021
2020
Operating activities:
Net loss
$
(37,475
)
$
(103,194
)
$
(4,645
)
Adjustments to reconcile net loss to
net cash provided by (used in) operating activities:
Depreciation and amortization
1,183
2,106
1,876
Amortization of identified intangible
assets
3,541
4,473
4,189
Amortization of deferred loan origination
costs
108
129
143
Amortization of deferred sales
commissions
3,166
2,052
1,259
Non-cash lease expense
1,848
1,622
1,241
Stock-based compensation expense
12,242
3,905
556
Equity incentive bonus
—
32,626
—
Bad debt expense
535
195
636
Loss on disposition of asset
13
—
54
Deferred income tax benefit
(3
)
(191
)
(127
)
Loss (gain) on sale of marketable
securities
42
(4
)
—
Amortization of premium paid on marketable
securities
426
—
—
Change in the fair value of the warrant
liability
(134
)
(1,242
)
—
Changes in assets and
liabilities
Accounts receivable
(1,854
)
(5,810
)
1,934
Other assets
1,233
(3,293
)
(2,296
)
Deferred sales commissions
(4,256
)
(6,761
)
(2,465
)
Accounts payable
(505
)
3,403
1,015
Accrued expenses
(1,897
)
2,199
(1,666
)
Deferred revenue
(107
)
385
579
Operating lease liabilities
(1,949
)
(1,664
)
(1,281
)
Other long-term liabilities
24
7
68
Net cash provided by (used in)
operating activities
(23,819
)
(69,057
)
1,070
Investing activities:
Purchases of property and equipment
(931
)
(1,582
)
(753
)
Purchases of marketable securities
(12,862
)
(50,797
)
—
Proceeds from sale of marketable
securities
3,451
1,250
—
Proceeds from maturities and principal
paydowns of marketable securities
8,901
—
—
Acquisition of businesses, net of cash
acquired
—
—
(20
)
Proceeds from asset acquisition, net of
cash paid
—
1,326
—
Net cash used in investing
activities
(1,441
)
(49,803
)
(773
)
Financing activities:
Proceeds from Merger and PIPE financing,
net of cash paid
—
159,691
—
Repayments on loan payable
(561
)
(1,816
)
(1,152
)
Proceeds from drawdown on line of
credit
—
—
4,672
Repayments of drawdown on line of
credit
—
(4,672
)
—
Debt issuance costs
—
(153
)
—
Payments of contingent consideration
liability
—
(5,969
)
—
Repayments on finance lease
obligations
(26
)
(392
)
(752
)
Payments of employees’ withholding taxes
on net share settlement of share-based awards
(775
)
—
—
Proceeds from the structured payable
arrangement
1,311
—
—
Principal payments under the structured
payable arrangement
(870
)
—
—
Net cash provided by (used in)
financing activities
(921
)
146,689
2,768
Effect of foreign currency translation
(394
)
(78
)
(12
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(26,575
)
27,751
3,053
Cash, cash equivalents, and restricted
cash beginning of period
47,317
19,566
16,513
Cash, cash equivalents, and restricted
cash end of period
$
20,742
$
47,317
$
19,566
For the years ended December
31,
2022
2021
2020
Supplemental disclosure of cash flow
information:
Interest paid
$
3,800
$
3,484
$
3,768
Income taxes paid
402
292
241
Supplemental schedule of noncash
investing activities:
Change in unrealized loss on marketable
securities
$
1,235
$
177
$
—
Equipment and software acquired under
finance lease obligations
—
—
74
Additional right-of-use assets
1,261
3,246
997
Reconciliation of cash, cash equivalents and restricted cash to
the consolidated balance sheets (dollars in thousands):
As of December 31,
2022
2021
2020
Cash and cash equivalents
$
20,742
$
47,217
$
18,098
Restricted cash, current
—
100
1,368
Restricted cash, net of current
—
—
100
Total cash, cash equivalents and
restricted cash
$
20,742
$
47,317
$
19,566
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.
There are material limitations associated with the use of
non-GAAP financial measures since they exclude significant expenses
and income that are required by GAAP to be recorded in our
financial statements. The definitions of our non-GAAP measures may
differ from the definitions used by other companies and therefore
comparability may be limited. In addition, other companies may
utilize metrics that are not similar to ours. We compensate for
these limitations by analyzing current and future results on a GAAP
basis as well as a non-GAAP basis and by providing specific
information regarding the GAAP items excluded from these non-GAAP
financial measures.
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 loss. We calculate Adjusted EBITDA as net
loss before (i) depreciation and amortization, (ii) long-term
equity incentive bonus, (iii) stock-based compensation expense,
(iv) interest expense, net, (v) change in the fair value of warrant
liability, (vi) other expense (income), net, (vii) provision for
(benefit from) income taxes, and (viii) 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 expenses; and (iii) severance costs. We add back
depreciation and amortization, long-term equity incentive bonus and
stock-based compensation expenses, and severance costs 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 Loss to Adjusted EBITDA
(Dollars in thousands)
Three Months Ended
December 31,
(unaudited)
Years Ended December
31,
2022
2021
2022
2021
2020
Net loss
$
(5,936
)
$
(11,832
)
$
(37,475
)
$
(103,194
)
$
(4,645
)
Non-GAAP adjustments:
Depreciation and amortization
1,173
1,745
4,723
6,579
6,065
Long-term equity incentive bonus and
stock-based compensation expenses
3,364
2,455
12,242
74,489
1,323
Interest expense, net
1,056
814
3,446
3,732
3,890
Change in the fair value of warrant
liability
—
(567
)
(134
)
(1,242
)
—
Other expense (income), net
(71
)
(26
)
138
(460
)
154
Acquisition and financing related fees and
expenses
—
16
10
1,537
25
Transaction-related costs
515
429
796
2,263
707
Golden Gate Capital management fee
expenses
—
—
—
135
781
Provision for (benefit from) income
taxes
343
(19
)
817
166
196
Severance costs
31
—
552
—
—
Other non-recurring expenses
48
—
48
—
—
Adjusted EBITDA
$
523
$
(6,985
)
$
(14,837
)
$
(15,995
)
$
8,496
GAAP Gross Profit to Non-GAAP Gross
Profit (Dollars in thousands)
Three Months Ended
December 31,
(unaudited)
Years Ended December
31,
2022
2021
2022
2021
2020
Gross profit
$
23,707
$
17,501
$
84,967
$
58,592
$
63,069
Depreciation and amortization
338
991
1,633
3,776
3,826
Long-term equity incentive bonus and
stock-based compensation expenses
276
320
1,275
10,197
180
Severance costs
—
—
400
—
—
Non-GAAP gross profit
$
24,321
$
18,812
$
88,275
$
72,565
$
67,075
Gross margin %
66.4
%
54.9
%
62.5
%
49.1
%
61.5
%
Non-GAAP gross margin %
68.1
%
59.0
%
64.9
%
60.9
%
65.4
%
The following table presents the stock-based compensation
expenses included in Company’s results of operations for the three
months ended December 31, 2022 and 2021 and the years ended
December 31, 2022, 2021 and 2020 (dollars in thousands):
Three Months Ended
December 31,
(unaudited)
Years Ended December
31,
2022
2021
2022
2021
2020
Cost of revenue
$
276
$
318
$
1,275
$
500
$
57
Sales and marketing expense
751
553
2,934
865
113
General and administrative expense
1,356
679
4,012
1,169
273
Research and development expense
981
897
4,021
1,371
113
Total stock-based compensation
$
3,364
$
2,447
$
12,242
$
3,905
$
556
The following table presents the long-term equity incentive
bonus included in Company’s results of operations for the three
months ended December 31, 2022 and 2021 and the years ended
December 31, 2022, 2021 and 2020 (dollars in thousands):
Three Months Ended
December 31,
(unaudited)
Years Ended December
31,
2022
2021
2022
2021
2020
Cost of revenue
$
—
$
2
$
—
$
9,697
$
123
Sales and marketing expense
—
4
—
18,405
277
General and administrative expense
—
—
—
18,594
336
Research and development expense
—
2
—
23,888
31
Total long-term equity incentive bonus
$
—
$
8
$
—
$
70,584
$
767
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230302005767/en/
Investors: Alexis Waadt awaadt@livevox.com
Ryan Gardella livevoxIR@icrinc.com
Press: Nick Bandy nbandy@livevox.com
Katie Creaser livevoxPR@icrinc.com
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