LiveVox Announces Second Quarter 2022 Financial Results

Second quarter contract revenue year-over-year growth of 19.7% to $26.8 million

Second quarter total revenue year-over-year growth of 14.1% to $33.0 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 second quarter ended June 30, 2022.

“Our Adjusted EBITDA performance came in above the high end of guidance and remains significantly ahead of schedule. We will be Adjusted EBITDA positive in Q4 of 2022, pivoting LiveVox to positive free cashflow in calendar 2023,” said Louis Summe, CEO. “While we are taking prudent cost control measures where needed, our switch to being 100% in the public cloud has fueled this impressive improvement. Despite some weaker than anticipated excess usage revenue in the quarter, we continue to believe that LiveVox is well positioned to benefit from tailwinds in the back half of the year.” 

Second Quarter 2022 Financial Highlights

  • Revenue: Total revenue was $33.0 million for the second quarter of 2022, up 14.1% compared to $28.9 million for the second quarter of 2021.
  • Contract Revenue: Contract revenue was $26.8 million for the second quarter of 2022, up 19.7% compared to $22.4 million for the second quarter of 2021.
  • Gross Profit: Gross profit was $20.4 million for the second quarter of 2022, up 180.1% compared to $7.3 million for the second quarter of 2021.
  • Non-GAAP Gross Profit* and Non-GAAP Gross Margin*: Non-GAAP gross profit was $21.2 million for the second quarter of 2022, up 18.7% compared to $17.8 million for the second quarter of 2021; Non-GAAP gross margin was 64.2% for the second quarter of 2022 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 61.7% for the second quarter of 2021.
  • Net loss: Net loss was $10.8 million for the second quarter of 2022, compared to net loss of $75.8 million for the second quarter of 2021.
  • Adjusted EBITDA*: Adjusted EBITDA loss was $5.6 million for the second quarter of 2022, compared to Adjusted EBITDA loss of $2.6 million for the second quarter of 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 third quarter of 2022 and updating its full year 2022 guidance with a positive update to its Adjusted EBITDA guidance:

  • Third Quarter of 2022 Guidance:
    • Total revenue is expected to be in the range of $35.0 million to $36.0 million, representing growth of 15% to 18% year-over-year.
    • Contract revenue is expected to be in the range of $27.5 million to $28.0 million, representing growth of 19% to 21% year-over-year.
    • Excess usage revenue is expected to be in the range of $7.5 million to $8.0 million, representing growth of 1% to 7% year-over-year.
    • Adjusted EBITDA loss is expected to be in the range of $3.6 million to $2.6 million.
  • Full Year 2022 Guidance:
    • Total revenue is expected to be in the range of $138 million to $140 million, representing growth of 16% to 17% year-over-year.
    • Contract revenue is expected to be in the range of $108 million to $109 million, representing growth of 19% to 20% year-over-year.
    • Excess usage revenue is expected to be in the range of $28 million to $31 million, representing growth of (3)% to 8% year-over-year.
    • Adjusted EBITDA loss is now expected to be in the range of $17 million to $15 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 second quarter ended June 30, 2022. 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 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 , August 23, 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 10019713.

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, 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 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; 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 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
June 30,

 

For the six months ended
June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

$

32,987

 

 

$

28,913

 

 

$

65,080

 

 

$

56,858

 

Cost of revenue

 

12,548

 

 

 

21,615

 

 

 

26,180

 

 

 

32,795

 

Gross profit

 

20,439

 

 

 

7,298

 

 

 

38,900

 

 

 

24,063

 

Operating expenses

 

 

 

 

 

 

 

Sales and marketing expense

 

14,970

 

 

 

27,685

 

 

 

29,622

 

 

 

36,593

 

General and administrative expense

 

7,546

 

 

 

24,637

 

 

 

15,014

 

 

 

29,517

 

Research and development expense

 

8,167

 

 

 

30,169

 

 

 

16,657

 

 

 

36,349

 

Total operating expenses

 

30,683

 

 

 

82,491

 

 

 

61,293

 

 

 

102,459

 

Loss from operations

 

(10,244

)

 

 

(75,193

)

 

 

(22,393

)

 

 

(78,396

)

Interest expense, net

 

744

 

 

 

941

 

 

 

1,494

 

 

 

1,885

 

Change in the fair value of warrant liability

 

(92

)

 

 

(375

)

 

 

(484

)

 

 

(375

)

Other expense, net

 

113

 

 

 

32

 

 

 

49

 

 

 

25

 

Total other expense, net

 

765

 

 

 

598

 

 

 

1,059

 

 

 

1,535

 

Pre-tax loss

 

(11,009

)

 

 

(75,791

)

 

 

(23,452

)

 

 

(79,931

)

Provision for (benefit from) income taxes

 

(229

)

 

 

52

 

 

 

315

 

 

 

87

 

Net loss

$

(10,780

)

 

$

(75,843

)

 

$

(23,767

)

 

$

(80,018

)

Comprehensive loss

 

 

 

 

 

 

 

Net loss

$

(10,780

)

 

$

(75,843

)

 

$

(23,767

)

 

$

(80,018

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

(153

)

 

 

(25

)

 

 

(202

)

 

 

14

 

Net unrealized loss on marketable securities

 

(288

)

 

 

 

 

 

(1,176

)

 

 

 

Total other comprehensive income (loss), net of tax

 

(441

)

 

 

(25

)

 

 

(1,378

)

 

 

14

 

Comprehensive loss

$

(11,221

)

 

$

(75,868

)

 

$

(25,145

)

 

$

(80,004

)

Net loss per share

 

 

 

 

 

 

 

Net loss per share—basic and diluted

$

(0.12

)

 

$

(1.08

)

 

$

(0.26

)

 

$

(1.17

)

Weighted average shares outstanding—basic and diluted

 

91,562

 

 

 

69,945

 

 

 

91,520

 

 

 

68,291

 

Consolidated Balance Sheets

(In thousands, except per share data)

 

 

As of

 

June 30, 2022

 

December 31,
2021

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

29,873

 

 

$

47,217

 

Restricted cash, current

 

100

 

 

 

100

 

Marketable securities, current

 

47,220

 

 

 

7,226

 

Accounts receivable, net

 

18,524

 

 

 

20,128

 

Deferred sales commissions, current

 

2,885

 

 

 

2,691

 

Prepaid expenses and other current assets

 

4,068

 

 

 

6,151

 

Total Current Assets

 

102,670

 

 

 

83,513

 

Property and equipment, net

 

3,207

 

 

 

3,010

 

Goodwill

 

47,481

 

 

 

47,481

 

Intangible assets, net

 

18,320

 

 

 

20,195

 

Operating lease right-of-use assets

 

5,221

 

 

 

5,483

 

Deposits and other

 

406

 

 

 

664

 

Marketable securities, net of current

 

 

 

 

42,148

 

Deferred sales commissions, net of current

 

6,965

 

 

 

6,747

 

Deferred tax asset, net

 

89

 

 

 

 

Total Assets

$

184,359

 

 

$

209,241

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

6,081

 

 

$

6,490

 

Accrued expenses

 

10,208

 

 

 

13,855

 

Deferred revenue, current

 

1,142

 

 

 

1,307

 

Term loan, current

 

701

 

 

 

561

 

Operating lease liabilities, current

 

1,890

 

 

 

1,946

 

Finance lease liabilities, current

 

25

 

 

 

26

 

Total current liabilities

 

20,047

 

 

 

24,185

 

Long term liabilities:

 

 

 

Deferred revenue, net of current

 

452

 

 

 

456

 

Term loan, net of current

 

54,092

 

 

 

54,459

 

Operating lease liabilities, net of current

 

3,729

 

 

 

4,046

 

Finance lease liabilities, net of current

 

 

 

 

11

 

Deferred tax liability, net

 

 

 

 

2

 

Warrant liability

 

283

 

 

 

767

 

Other long-term liabilities

 

338

 

 

 

337

 

Total liabilities

 

78,941

 

 

 

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 June 30, 2022 and December 31, 2021.

 

 

 

 

 

Common stock, $0.0001 par value per share; 500,000 shares authorized and 91,547
shares issued and outstanding as of June 30, 2022; 500,000 shares authorized and
90,697 shares issued and outstanding as of December 31, 2021.

 

9

 

 

 

9

 

Additional paid-in capital

 

259,053

 

 

 

253,468

 

Accumulated other comprehensive loss

 

(1,855

)

 

 

(477

)

Accumulated deficit

 

(151,789

)

 

 

(128,022

)

Total stockholders’ equity

 

105,418

 

 

 

124,978

 

Total liabilities & stockholders’ equity

$

184,359

 

 

$

209,241

 

Consolidated Statements of Cash Flows

(Unaudited) (Dollars in thousands)

 

 

For the six months ended June
30,

 

 

2022

 

 

 

2021

 

Operating activities:

 

 

 

Net loss

$

(23,767

)

 

$

(80,018

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

556

 

 

 

962

 

Amortization of identified intangible assets

 

1,875

 

 

 

2,244

 

Amortization of deferred loan origination costs

 

54

 

 

 

72

 

Amortization of deferred sales commissions

 

1,507

 

 

 

832

 

Non-cash lease expense

 

931

 

 

 

801

 

Stock-based compensation expense

 

5,902

 

 

 

278

 

Equity incentive bonus

 

 

 

 

68,674

 

Bad debt expense

 

402

 

 

 

22

 

Deferred income tax benefit

 

(91

)

 

 

(230

)

Loss on sale of marketable securities

 

42

 

 

 

 

Amortization of premium paid on marketable securities

 

246

 

 

 

 

Change in the fair value of the warrant liability

 

(484

)

 

 

(375

)

Offering cost associated with Warrants recorded as liabilities

 

 

 

 

41

 

Changes in assets and liabilities

 

 

 

Accounts receivable

 

1,203

 

 

 

(1,358

)

Other assets

 

2,340

 

 

 

(807

)

Deferred sales commissions

 

(1,919

)

 

 

(1,609

)

Accounts payable

 

(409

)

 

 

1,362

 

Accrued expenses

 

(3,647

)

 

 

218

 

Deferred revenue

 

(169

)

 

 

(33

)

Operating lease liabilities

 

(990

)

 

 

(724

)

Other long-term liabilities

 

 

 

 

(1

)

Net cash used in operating activities

 

(16,418

)

 

 

(9,649

)

Investing activities:

 

 

 

Purchases of property and equipment

 

(772

)

 

 

(604

)

Purchases of marketable securities

 

(5,413

)

 

 

 

Proceeds from sale of marketable securities

 

3,451

 

 

 

 

Proceeds from maturities and principal paydowns of marketable securities

 

2,652

 

 

 

 

Proceeds from asset acquisition, net of cash paid

 

 

 

 

1,326

 

Net cash provided by (used in) investing activities

 

(82

)

 

 

722

 

Financing activities:

 

 

 

Proceeds from Merger and PIPE financing, net of cash paid

 

 

 

 

157,383

 

Repayment on loan payable

 

(280

)

 

 

(1,536

)

Repayment of drawdown on line of credit

 

 

 

 

(4,672

)

Repayments on finance lease obligations

 

(13

)

 

 

(242

)

Payment of employees’ withholding taxes on net share settlement of share-based awards

 

(317

)

 

 

 

Net cash provided by (used in) financing activities

 

(610

)

 

 

150,933

 

Effect of foreign currency translation

 

(234

)

 

 

(49

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(17,344

)

 

 

141,957

 

Cash, cash equivalents, and restricted cash beginning of period

 

47,317

 

 

 

19,566

 

Cash, cash equivalents, and restricted cash end of period

$

29,973

 

 

$

161,523

 

 

 

 

 

 

For the six months ended June 30,

 

2022

 

2021

Supplemental disclosure of cash flow information:

 

 

 

Interest paid

$

1,626

 

$

1,805

Income taxes paid

 

247

 

 

175

Supplemental schedule of noncash investing activities:

 

 

 

Change in unrealized loss on marketable securities

$

1,177

 

$

Additional right-of-use assets

 

617

 

 

3,246

Contingent consideration in asset acquisition

 

 

 

7,000

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

 

As of June 30,

 

 

2022

 

 

2021

Cash and cash equivalents

$

29,873

 

$

161,423

Restricted cash, current

 

100

 

 

Restricted cash, net of current

 

 

 

100

Total cash, cash equivalents and restricted cash

$

29,973

 

$

161,523

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, 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) 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

(Unaudited) (Dollars in thousands)

 

 

Three Months Ended
June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss

$

(10,780

)

 

$

(75,843

)

 

$

(23,767

)

 

$

(80,018

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Depreciation and amortization

 

1,085

 

 

 

1,602

 

 

 

2,431

 

 

 

3,205

 

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

 

3,423

 

 

 

69,423

 

 

 

5,902

 

 

 

69,965

 

Interest expense, net

 

744

 

 

 

941

 

 

 

1,494

 

 

 

1,885

 

Change in the fair value of warrant liability

 

(92

)

 

 

(375

)

 

 

(484

)

 

 

(375

)

Other expense, net

 

113

 

 

 

32

 

 

 

49

 

 

 

25

 

Acquisition and financing related fees and expenses

 

 

 

 

1,041

 

 

 

 

 

 

1,041

 

Transaction-related costs

 

183

 

 

 

570

 

 

 

183

 

 

 

1,303

 

Golden Gate Capital management fee expenses

 

 

 

 

(25

)

 

 

 

 

 

146

 

Provision for (benefit from) income taxes

 

(229

)

 

 

51

 

 

 

315

 

 

 

86

 

Adjusted EBITDA

$

(5,553

)

 

$

(2,583

)

 

$

(13,877

)

 

$

(2,737

)

GAAP Gross Profit to Non-GAAP Gross Profit

(Unaudited) (Dollars in thousands)

 

 

Three Months Ended
June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Gross profit

$

20,439

 

 

$

7,298

 

 

$

38,900

 

 

$

24,063

 

Depreciation and amortization

 

342

 

 

 

911

 

 

 

952

 

 

 

1,858

 

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

 

403

 

 

 

9,633

 

 

 

715

 

 

 

9,686

 

Non-GAAP gross profit

$

21,184

 

 

$

17,842

 

 

$

40,567

 

 

$

35,607

 

 

 

 

 

 

 

 

 

Gross margin %

 

62.0

%

 

 

25.2

%

 

 

59.8

%

 

 

42.3

%

Non-GAAP gross margin %

 

64.2

%

 

 

61.7

%

 

 

62.3

%

 

 

62.6

%

The following table presents the stock-based compensation expenses included in Company’s results of operations for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):

 

Three Months Ended
June 30, (unaudited)

 

Six Months Ended June 30,
(unaudited)

 

2022

 

2021

 

2022

 

2021

Cost of revenue

$

403

 

$

14

 

$

715

 

$

28

Sales and marketing expense

 

870

 

 

28

 

 

1,477

 

 

56

General and administrative expense

 

941

 

 

69

 

 

1,601

 

 

138

Research and development expense

 

1,209

 

 

28

 

 

2,109

 

 

56

Total stock-based compensation

$

3,423

 

$

139

 

$

5,902

 

$

278

The following table presents the long-term equity incentive bonus included in Company’s results of operations for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):

 

Three Months Ended
June 30, (unaudited)

 

Six Months Ended June 30,
(unaudited)

 

2022

 

2021

 

2022

 

2021

Cost of revenue

$

 

$

9,619

 

$

 

$

9,658

Sales and marketing expense

 

 

 

17,964

 

 

 

 

18,087

General and administrative expense

 

 

 

18,307

 

 

 

 

18,401

Research and development expense

 

 

 

23,394

 

 

 

 

23,541

Total long-term equity incentive bonus

$

 

$

69,284

 

$

 

$

69,687

 

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.