LiveVox Announces Fourth Quarter and Full Year 2021 Financial Results

Q4 total revenue year-over-year growth of 13.3% to $31.9 million; full year total revenue growth of 16.3% to $119.2 million

Q4 contract revenue year-over-year growth of 21.3% to $24.3 million; full year contract revenue growth of 25.9% to $90.5 million

SAN FRANCISCO--(BUSINESS WIRE)-- LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ: LVOX), a leading global enterprise cloud communications company, today announced financial results for the fourth quarter and full year ended December 31, 2021.

“We achieved another quarter of record total revenue at $31.9 million and record full year total revenue of $119.2 million, both of which were at the high end of our guidance range. I am incredibly proud of how this team performed to close out our first year as a public company and thrilled that we welcomed 166 new members to our team in the same period,” said Louis Summe, CEO. “2021 was a year of significant investments, and we are already starting to see these bearing positive results with bookings up 31% year-over-year. A significant milestone was moving all of our customers to the public cloud, which substantially reduces our technical debt and positions us for increased R&D efficiency and reliability. We also started our channel efforts from scratch, going from zero channel partners to six in the year, which we believe will generate a solid pipeline of new bookings going forward. I believe our blended inbound and outbound omnichannel approach, on a secure and reliable public cloud platform, will generate a significant competitive advantage over our peers.”

Fourth Quarter 2021 Financial Highlights

  • Revenue1: Total revenue was $31.9 million for the fourth quarter of 2021, up 13.3% compared to $28.1 million for the fourth quarter of 2020.
  • Contract Revenue: Contract revenue was $24.3 million for the fourth quarter of 2021, up 21.3% compared to $20.1 million for the fourth quarter of 2020.
  • Gross Profit: Gross profit was $17.5 million for the fourth quarter of 2021, down 2.3% compared to $17.9 million for the fourth quarter of 2020.
  • Non-GAAP Gross Profit* and Non-GAAP Gross Margin*: Non-GAAP gross profit was $18.8 million for the fourth quarter of 2021, down 0.8% compared to $19.0 million for the fourth quarter of 2020; Non-GAAP gross margin was 59.0% for the fourth quarter of 2021 after adjusting for stock-based compensation associated with restricted stock units and performance-based restricted stock units granted under the 2021 Equity Incentive Plan and depreciation and amortization, compared to 67.4% for the fourth quarter of 2020.
  • Net loss: Net loss was $11.8 million for the fourth quarter of 2021, compared to net loss of $0.2 million for the fourth quarter of 2020.
  • Adjusted EBITDA*: Adjusted EBITDA loss was $7.0 million for the fourth quarter of 2021, compared to Adjusted EBITDA income of $3.5 million for the fourth quarter of 2020.

Full Year 2021 Financial Highlights

  • Revenue: Total revenue was $119.2 million for the full year 2021, up 16.3% compared to $102.5 million for the full year 2020.
  • Contract Revenue: Contract revenue was $90.5 million for the full year 2021, up 25.9% compared to $71.9 million for the full year 2020.
  • Gross Profit: Gross profit was $58.6 million for the full year 2021, down 7.1% compared to $63.1 million for the full year 2020.
  • Non-GAAP Gross Profit* and Non-GAAP Gross Margin*: Non-GAAP gross profit was $72.6 million for the full year 2021, up 8.2% compared to $67.1 million for the full year 2020; Non-GAAP gross margin was 60.9% for the full year 2021 after adjusting for stock-based compensation, depreciation and amortization and long-term incentive compensation triggered by the closing of the merger with Crescent Acquisition Corp. during the year, compared to 65.4% for the full year 2020.
  • Net loss: Net loss was $103.2 million for the full year 2021, compared to net loss of $4.6 million for the full year 2020.
  • Adjusted EBITDA*: Adjusted EBITDA loss was $16.0 million for the full year 2021, compared to Adjusted EBITDA income of $8.5 million for the full year 2020.

_______________________________
1
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).

* 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 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 2022 as follows:

  • First Quarter 2022 Guidance:
    • Total revenue is expected to be in the range of $31.1 million to $32.1 million, representing growth of 11% to 15% year-over-year.
    • Contract revenue is expected to be in the range of $24.4 million to $24.9 million, representing growth of 18% to 20% year-over-year.
    • Excess usage revenue is expected to be in the range of $6.7 million to $7.2 million, representing a decrease of 7% to flat year-over-year.
    • Adjusted EBITDA loss is expected to be in the range of $8.7 million to $7.7 million.
  • Full Year 2022 Guidance:
    • Total revenue is now expected to be in the range of $140 million to $142 million, representing growth of 17% to 19% year-over-year.
    • Contract revenue is now expected to be in the range of $109 million to $111 million, representing growth of 20% to 23% year-over-year.
    • Excess usage revenue is expected to be in the range of $29 million to $34 million, representing a growth of 1% to 18% year-over-year.
    • Adjusted EBITDA loss is expected to be in the range of $24 million to $26 million.

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 full year and fourth quarter ended December 31, 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 March 24, 2022, 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 10017859.

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 approximately 650 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

(In thousands, except per share data)

 

 

For the three months
ended December 31,

 

For the years ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Revenue

$

31,866

 

 

$

28,131

 

 

$

119,231

 

 

$

102,545

 

 

$

92,755

 

Cost of revenue

 

14,365

 

 

 

10,209

 

 

 

60,639

 

 

 

39,476

 

 

 

38,253

 

Gross profit

 

17,501

 

 

 

17,922

 

 

 

58,592

 

 

 

63,069

 

 

 

54,502

 

Operating expenses

 

 

 

 

 

 

 

 

 

Sales and marketing expense

 

13,513

 

 

 

7,369

 

 

 

62,333

 

 

 

29,023

 

 

 

24,423

 

General and administrative expense

 

7,535

 

 

 

4,586

 

 

 

44,694

 

 

 

14,291

 

 

 

16,938

 

Research and development expense

 

8,083

 

 

 

5,500

 

 

 

52,562

 

 

 

20,160

 

 

 

16,607

 

Total operating expenses

 

29,131

 

 

 

17,455

 

 

 

159,589

 

 

 

63,474

 

 

 

57,968

 

Loss from operations

 

(11,630

)

 

 

467

 

 

 

(100,997

)

 

 

(405

)

 

 

(3,466

)

Interest expense, net

 

814

 

 

 

964

 

 

 

3,732

 

 

 

3,890

 

 

 

3,320

 

Change in the fair value of warrant liability

 

(567

)

 

 

 

 

 

(1,242

)

 

 

 

 

 

 

Other expense (income), net

 

(26

)

 

 

78

 

 

 

(459

)

 

 

154

 

 

 

(22

)

Total other expense, net

 

221

 

 

 

1,042

 

 

 

2,031

 

 

 

4,044

 

 

 

3,298

 

Pre-tax loss

 

(11,851

)

 

 

(575

)

 

 

(103,028

)

 

 

(4,449

)

 

 

(6,764

)

Provision for income taxes

 

(19

)

 

 

(332

)

 

 

166

 

 

 

196

 

 

 

149

 

Net loss

$

(11,832

)

 

$

(243

)

 

$

(103,194

)

 

$

(4,645

)

 

$

(6,913

)

Comprehensive loss

 

 

 

 

 

 

 

 

 

Net loss

 

(11,832

)

 

 

(243

)

 

 

(103,194

)

 

 

(4,645

)

 

 

(6,913

)

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

(67

)

 

 

111

 

 

 

(94

)

 

 

12

 

 

 

(48

)

Unrealized loss on marketable securities

 

(177

)

 

 

 

 

 

(177

)

 

 

 

 

 

 

Total other comprehensive (loss) income, net of tax

 

(244

)

 

 

111

 

 

 

(271

)

 

 

12

 

 

 

(48

)

Comprehensive loss

$

(12,076

)

 

$

(132

)

 

$

(103,465

)

 

$

(4,633

)

 

$

(6,961

)

Net loss per share

 

 

 

 

 

 

 

 

 

Net loss per share—basic and diluted

$

(0.13

)

 

$

 

 

$

(1.29

)

 

$

(0.07

)

 

$

(0.10

)

Weighted average shares outstanding—basic and diluted

 

91,466

 

 

 

66,637

 

 

 

79,964

 

 

 

66,637

 

 

 

66,637

 

 
 
 

Consolidated Balance Sheets

(In thousands, except per share data)

 

As of

 

December
31, 2021

 

December
31, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

47,217

 

 

$

18,098

 

Restricted cash, current

 

100

 

 

 

1,368

 

Marketable securities, current

 

7,226

 

 

 

 

Accounts receivable, net

 

20,128

 

 

 

13,817

 

Deferred sales commissions, current

 

2,691

 

 

 

1,521

 

Prepaid expenses and other current assets

 

6,151

 

 

 

2,880

 

Total Current Assets

 

83,513

 

 

 

37,684

 

Property and equipment, net

 

3,010

 

 

 

3,505

 

Goodwill

 

47,481

 

 

 

47,481

 

Intangible assets, net

 

20,195

 

 

 

18,688

 

Operating lease right-of-use assets

 

5,483

 

 

 

3,858

 

Deposits and other

 

664

 

 

 

2,334

 

Marketable securities, net of current

 

42,148

 

 

 

 

Deferred sales commissions, net of current

 

6,747

 

 

 

3,208

 

Restricted cash, net of current

 

 

 

 

100

 

Total Assets

$

209,241

 

 

$

116,858

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

6,490

 

 

$

3,521

 

Accrued expenses

 

13,855

 

 

 

11,667

 

Deferred revenue, current

 

1,307

 

 

 

1,140

 

Term loan, current

 

561

 

 

 

1,440

 

Operating lease liabilities, current

 

1,946

 

 

 

1,353

 

Finance lease liabilities, current

 

26

 

 

 

392

 

Total current liabilities

 

24,185

 

 

 

19,513

 

Long term liabilities:

 

 

 

Line of credit

 

 

 

 

4,672

 

Deferred revenue, net of current

 

456

 

 

 

237

 

Term loan, net of current

 

54,459

 

 

 

54,604

 

Operating lease liabilities, net of current

 

4,046

 

 

 

3,088

 

Finance lease liabilities, net of current

 

11

 

 

 

38

 

Deferred tax liability, net

 

2

 

 

 

193

 

Warrant liability

 

767

 

 

 

 

Other long-term liabilities

 

337

 

 

 

372

 

Total liabilities

 

84,263

 

 

 

82,717

 

 

 

 

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.0001 par value per share; 25,000 shares authorized, none issued and outstanding as of December 31, 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 December 31, 2021 and 2020; 90,697 and 66,637 shares issued and outstanding as of December 31, 2021 and 2020

 

9

 

 

 

7

 

Additional paid-in capital

 

253,468

 

 

 

59,168

 

Accumulated other comprehensive loss

 

(477

)

 

 

(206

)

Accumulated deficit

 

(128,022

)

 

 

(24,828

)

Total stockholders’ equity

 

124,978

 

 

 

34,141

 

Total liabilities & stockholders’ equity

$

209,241

 

 

$

116,858

 

 
 

Consolidated Statements of Cash Flows

(Dollars in thousands)

 

For the years ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2019

 

Operating activities:

 

 

 

 

 

Net loss

$

(103,194

)

 

$

(4,645

)

 

$

(6,913

)

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

 

 

 

 

 

Depreciation and amortization

 

2,106

 

 

 

1,876

 

 

 

1,559

 

Amortization of identified intangible assets

 

4,473

 

 

 

4,189

 

 

 

3,335

 

Amortization of deferred loan origination costs

 

129

 

 

 

143

 

 

 

154

 

Amortization of deferred sales commissions

 

2,052

 

 

 

1,259

 

 

 

889

 

Non-cash lease expense

 

1,622

 

 

 

1,241

 

 

 

 

Stock-based compensation expense

 

3,905

 

 

 

556

 

 

 

 

Equity incentive bonus

 

32,626

 

 

 

 

 

 

 

Bad debt expense

 

195

 

 

 

636

 

 

 

340

 

Loss on disposition of asset

 

 

 

 

54

 

 

 

 

Deferred income tax benefit

 

(191

)

 

 

(127

)

 

 

(288

)

Change in the fair value of the warrant liability

 

(1,242

)

 

 

 

 

 

 

Changes in assets and liabilities

 

 

 

 

 

Accounts receivable

 

(5,810

)

 

 

1,934

 

 

 

(4,439

)

Other assets

 

(3,297

)

 

 

(2,296

)

 

 

(379

)

Deferred sales commissions

 

(6,761

)

 

 

(2,465

)

 

 

(1,599

)

Accounts payable

 

3,403

 

 

 

1,015

 

 

 

966

 

Accrued expenses

 

2,199

 

 

 

(1,666

)

 

 

5,510

 

Deferred revenue

 

385

 

 

 

579

 

 

 

655

 

Operating lease liabilities

 

(1,664

)

 

 

(1,281

)

 

 

 

Other long-term liabilities

 

7

 

 

 

68

 

 

 

1,778

 

Net cash (used in) provided by operating activities

 

(69,057

)

 

 

1,070

 

 

 

1,568

 

Investing activities:

 

 

 

 

 

Purchases of property and equipment

 

(1,582

)

 

 

(753

)

 

 

(1,140

)

Purchases of marketable securities

 

(50,797

)

 

 

 

 

 

 

Proceeds from sale of marketable securities

 

1,250

 

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired

 

 

 

 

(20

)

 

 

(11,018

)

Proceeds from asset acquisition, net of cash paid

 

1,326

 

 

 

 

 

 

 

Net cash used in investing activities

 

(49,803

)

 

 

(773

)

 

 

(12,158

)

Financing activities:

 

 

 

 

 

Proceeds from Merger and PIPE financing, net of cash paid

 

159,691

 

 

 

 

 

 

 

Proceeds from borrowing on term loans

 

 

 

 

 

 

 

13,900

 

Repayment on loan payable

 

(1,816

)

 

 

(1,152

)

 

 

(844

)

Proceeds from drawdown on line of credit

 

 

 

 

4,672

 

 

 

 

Repayment of drawdown on line of credit

 

(4,672

)

 

 

 

 

 

 

Debt issuance costs

 

(153

)

 

 

 

 

 

(265

)

Payment of contingent consideration liability

 

(5,969

)

 

 

 

 

 

 

Repayments on finance lease obligations

 

(392

)

 

 

(752

)

 

 

(1,038

)

Net cash provided by financing activities

 

146,689

 

 

 

2,768

 

 

 

11,753

 

Effect of foreign currency translation

 

(78

)

 

 

(12

)

 

 

(62

)

Net increase in cash, cash equivalents and restricted cash

 

27,751

 

 

 

3,053

 

 

 

1,101

 

Cash, cash equivalents, and restricted cash beginning of period

 

19,566

 

 

 

16,513

 

 

 

15,412

 

Cash, cash equivalents, and restricted cash end of period

$

47,317

 

 

$

19,566

 

 

$

16,513

 

 

 

 

 

 

 

 
 

 

For the years ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

Supplemental disclosure of cash flow information:

 

 

 

 

 

Interest paid

$

3,484

 

$

3,768

 

$

3,329

Income taxes paid

 

292

 

 

241

 

 

228

Supplemental schedule of noncash investing activities:

 

 

 

 

 

Equipment and software acquired under finance lease obligations

$

 

$

74

 

$

403

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 December 31,

 

 

2021

 

 

2020

 

 

2019

Cash and cash equivalents

$

47,217

 

$

18,098

 

$

14,910

Restricted cash, current

 

100

 

 

1,368

 

 

171

Restricted cash, net of current

 

 

 

100

 

 

1,432

Total cash, cash equivalents and restricted cash

$

47,317

 

$

19,566

 

$

16,513

 

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 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 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) other non-recurring expenses. We add back depreciation and amortization, long-term equity incentive bonus and stock-based compensation expenses 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 Loss to Adjusted EBITDA

(Dollars in thousands)

 

 

Three Months Ended
December 31,

 

Years Ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Net loss

$

(11,832

)

 

$

(243

)

 

$

(103,194

)

 

$

(4,645

)

 

$

(6,913

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

1,745

 

 

 

1,546

 

 

 

6,579

 

 

 

6,065

 

 

 

4,894

 

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

 

2,455

 

 

 

574

 

 

 

74,489

 

 

 

1,323

 

 

 

9,182

 

Interest expense, net

 

814

 

 

 

964

 

 

 

3,732

 

 

 

3,890

 

 

 

3,320

 

Change in the fair value of warrant liability

 

(567

)

 

 

 

 

 

(1,242

)

 

 

 

 

 

 

Other expense (income), net

 

(26

)

 

 

78

 

 

 

(460

)

 

 

154

 

 

 

(22

)

Acquisition and financing related fees and expenses

 

16

 

 

 

 

 

 

1,537

 

 

 

25

 

 

 

1,664

 

Transaction-related costs

 

429

 

 

 

707

 

 

 

2,263

 

 

 

707

 

 

 

 

Golden Gate Capital management fee expenses

 

 

 

 

179

 

 

 

135

 

 

 

781

 

 

 

732

 

Other non-recurring expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

249

 

Provision for income taxes

 

(19

)

 

 

(332

)

 

 

166

 

 

 

196

 

 

 

149

 

Adjusted EBITDA

$

(6,985

)

 

$

3,473

 

 

$

(15,995

)

 

$

8,496

 

 

$

13,255

 

 
 
 

GAAP Gross Profit to Adjusted Gross Profit

(Dollars in thousands)

 

Three Months Ended
December 31,

 

Years Ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Gross profit

$

17,501

 

 

$

17,922

 

 

$

58,592

 

 

$

63,069

 

 

$

54,502

 

Depreciation and amortization

 

991

 

 

 

962

 

 

 

3,776

 

 

 

3,826

 

 

 

3,130

 

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

 

320

 

 

 

81

 

 

 

10,197

 

 

 

180

 

 

 

1,007

 

Other non-recurring expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

211

 

Non-GAAP gross profit

$

18,812

 

 

$

18,965

 

 

$

72,565

 

 

$

67,075

 

 

$

58,850

 

Non-GAAP gross margin %

 

59.0

%

 

 

67.4

%

 

 

60.9

%

 

 

65.4

%

 

 

63.4

%

 
 

The following table presents the long-term equity incentive bonus included in Company’s results of operations for the three months ended December 31, 2021 and 2020 and the years ended December 31, 2021, 2020 and 2019 (dollars in thousands):

 
 

 

Three Months Ended
December 31,

 

Years Ended December 31,

 

2021

 

2020

 

2021

 

2020

 

2019

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Cost of revenue

$

2

 

$

73

 

$

9,697

 

$

123

 

$

1,007

Sales and marketing expense

 

4

 

 

85

 

 

18,405

 

 

277

 

 

1,874

General and administrative expense

 

 

 

302

 

 

18,594

 

 

336

 

 

4,420

Research and development expense

 

2

 

 

28

 

 

23,888

 

 

31

 

 

1,881

Total long-term equity incentive bonus

$

8

 

$

488

 

$

70,584

 

$

767

 

$

9,182

 
 

The following table presents the stock-based compensation expenses included in Company’s results of operations for the three months ended December 31, 2021 and 2020 and the years ended December 31, 2021, 2020 and 2019 (dollars in thousands):

 
 

 

Three Months Ended

December 31,

 

Years Ended December 31,

 

2021

 

2020

 

2021

 

2020

 

2019

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Cost of revenue

$318

 

$

8

 

$

500

 

$

57

 

$

Sales and marketing expense

553

 

 

18

 

 

865

 

 

113

 

 

General and administrative expense

679

 

 

42

 

 

1,169

 

 

273

 

 

Research and development expense

897

 

 

18

 

 

1,371

 

 

113

 

 

Total stock-based compensation

$2,447

 

$

86

 

$

3,905

 

$

556

 

 

 

 

Investor Contacts:
Alexis Waadt
awaadt@livevox.com

Ryan Gardella
livevoxIR@icrinc.com

Press contacts:
Nick Bandy
nbandy@livevox.com

Katie Creaser
livevoxPR@icrinc.com

Source: LiveVox Holdings, Inc.