Louis Summe to Transition to Vice Chairman on
LiveVox Board
Provides Preliminary Third Quarter 2022
Financial Results and Updated Full Year 2022 Guidance
LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ:
LVOX), a leading cloud-based provider of customer service and
digital engagement tools, today announced that John DiLullo, a
30-year technology industry veteran, has been named Chief Executive
Officer of the Company, effective immediately. Louis Summe, the
Company’s co-founder and CEO from 2000 to 2022, will continue to
serve on the Board of Directors and become Vice Chairman, and will
lead a newly-formed Product and Technology Committee.
Mr. DiLullo brings three decades of experience in networking,
telecommunications, application delivery and security, including
more than ten years in the contact center, telephony and workflow
automation space. He most recently served as the Chief Revenue
Officer of Forcepoint, where he led the Company’s worldwide sales,
revenue operations, marketing and business development
organizations. During his tenure, Mr. DiLullo facilitated the
successful launch of Forcepoint’s cloud-native security platform
and oversaw investments in the Company’s Global Partner Program.
Prior to Forcepoint, Mr. DiLullo served as CEO of Lastline
Security, a fast-growing AI-based Network Threat Detection company
that was acquired by VMware in 2020.
“John brings a compelling mix of relevant technology and
commercial industry experience, a proven track record of
successfully scaling go-to-market operations and a customer-first
orientation, making him the ideal leader for LiveVox as it enters
its next phase of growth,” said Stewart Bloom, Executive Chairman
of LiveVox. “The Board is confident that John has the right vision
and expertise to support the Company’s existing customer base,
expand LiveVox’s product suite to new markets and customers and
maintain the Company’s commitment to consistent innovation and
customer service.”
Mr. Bloom continued, “Under Louis’ leadership, LiveVox evolved
from a single point solution into a next-generation contact center
platform with best-in-class product architecture; expanded its
customer base into the enterprise market; and grew its product
suite to include omnichannel communications and practical AI
capabilities. On behalf of the Board, I want to thank Louis for his
service over the past two decades, including steering the
organization through the COVID-19 pandemic and spearheading its
successful public listing last year. We are pleased the Company
will continue to benefit from his expertise and insights as an
ongoing member of our Board.”
“I co-founded LiveVox with a vision centered on creating a
comprehensive, easy-to-use contact center platform designed to
improve customer outcomes,” said Mr. Summe. “I am proud of the role
LiveVox has played in advancing the digital transformation of
contact center solutions, and am grateful to my incredible team,
who helped turn this vision into a reality. We believe the Contact
Center market is still in the early innings of a secular shift from
on-premise call centers run by agents to cloud architecture
supported by automation and digital solutions. LiveVox is
well-positioned for its next chapter, with strong market
leadership, industry-leading customer retention and consistent
annual growth. I am confident that LiveVox is in great hands with
John, and I am excited to return to my entrepreneurial roots while
continuing to support the Company, particularly on products and
technology, through my Board position.”
“I’m excited to be joining LiveVox at such a pivotal time.
Businesses, both small and large, are rethinking how they serve
their customers in these unprecedented times. Cloud-based,
omnichannel and AI solutions are quickly becoming requirements as
customers demand more capabilities, flexibility and improved
experiences,” commented Mr. DiLullo. “I am incredibly impressed by
the Company’s solid foundation, the talented workforce they have
assembled and the unique culture that Louis and the team have
built. I am eager to help the team continue its great work and to
help strengthen and expand LiveVox’s market position.”
Prior to Lastline Security, Mr. DiLullo worked for a number of
market leaders domestically and abroad, including Cisco Systems,
Avaya and Aruba Networks/Hewlett-Packard Enterprise, where he
served customers of varying sizes through traditional and emerging
channels.
Previously, Mr. DiLullo was an Operating Partner at Francisco
Partners Consulting, a leading global investment firm that
specializes in partnering with technology and technology-enabled
businesses. Mr. DiLullo holds two U.S. patents and is a former
Stanford University Fellow. He holds a B.S. in Electrical
Engineering from Villanova University.
Preliminary Third Quarter 2022 Financial Results and Updated
Full Year 2022 Guidance
LiveVox also today announced preliminary estimated financial
results for the third quarter ended September 30, 2022:
- Total revenue is expected to be a record of approximately $35.3
million,
- Contract revenue is expected to be approximately $28.0
million,
- Excess usage revenue is expected to be approximately $7.3
million,
- Net loss is expected to be approximately $7.8 million, and
- Adjusted EBITDA loss is expected to be approximately $1.5
million
LiveVox also updated its previous guidance for the full year
ending December 31, 2022 by:
- Reducing total revenue to $134.0 to $135.5 million,
- Reaffirming contract revenue of $108 to $109 million,
- Reducing excess usage revenue to $26.0 to $26.5 million,
and
- Reaffirming Adjusted EBITDA loss of $17 to $15 million
Additional information regarding the non-GAAP financial measure
discussed in this release, including an explanation of this measure
and how it is calculated, is included below under the heading
“Non-GAAP Financial Measures.”
The preliminary estimated financial performance for the third
quarter ended September 30, 2022 discussed above is subject to the
completion of our financial closing procedures. Our management is
responsible for these closing procedures. Our independent
registered public accounting firm has not audited, reviewed or
performed any procedures with respect to the accompanying
preliminary estimated financial performance, and accordingly does
not express an opinion or any other form of assurance with respect
thereto. Our estimated preliminary financial performance could
differ materially from our actual results of operations due to the
completion of our financial closing procedures, final adjustments
and other developments that may arise between now and the time at
which we issue our audited consolidated financial statements.
As previously announced, the Company will release its third
quarter 2022 financial results on November 8, 2022 after the
financial markets close. LiveVox will host a conference call to
discuss its results and business outlook at 4:30 p.m. Eastern
Time.
About LiveVox
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 650
global employees and is headquartered in San Francisco, with
offices in Atlanta; Columbus; Denver; St. Louis; Medellin,
Colombia; and Bangalore, India. To stay up to date with everything
LiveVox, follow us at @LiveVox or visit 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 and quotations relating
to LiveVox’s expected revenue and annual recurring revenue from
contracts, growth expectations, market position, product
capabilities, the growth of the cloud contact center industry, and
future financial results, including LiveVox’s preliminary financial
results for the quarter ended September 30, 2022 and guidance for
the full year ending December 31, 2022. 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.
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.
The following table shows a preliminary reconciliation of net
loss to Adjusted EBITDA for the period ending September 30, 2022
(dollars in millions):
Net loss
($ 7.8)
Non-GAAP adjustments:
Depreciation and amortization
$ 1.1
Long-term equity incentive bonus and
stock-based compensation expenses
$ 3.0
Interest expense, net
$ 0.9
Change in the fair value of warrant
liability
$ 0.4
Other expense (income), net
$ 0.2
Transaction-related costs
$ 0.1
Provision for income taxes
$ 0.2
Severance costs
$ 0.5
Adjusted EBITDA
($ 1.5)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221101006235/en/
Press: Nick Bandy nbandy@livevox.com
David Isaacs / Chloe Clifford FGS Global
david.isaacs@fgsglobal.com / chloe.clifford@fgsglobal.com
Investor: Alexis Waadt awaadt@livevox.com
Ryan Gardella livevoxIR@icrinc.com
LiveVox (NASDAQ:LVOX)
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