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LivePerson Announces First Quarter 2024 Financial Results
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PR Newswire
NEW YORK, May 8, 2024
-- Total Revenue of $85.1M, above the high-end of our guidance range --
-- Adjusted EBITDA above the midpoint of our guidance range --
NEW YORK, May 8, 2024 /PRNewswire/ -- LivePerson, Inc. (NASDAQ: LPSN) ("LivePerson" the "Company", "we" or "us"), the enterprise leader in digital customer conversations, today announced financial results for the first quarter ended March 31, 2024.
First Quarter Highlights
Total revenue was $85.1 million for the first quarter of 2024, a decrease of 20.9%, as compared to the same period last year driven by customer churn and the exit of non-core business lines.
LivePerson signed 40 deals in total for the first quarter, consisting of 12 new and 28 existing customers. Trailing-twelve-months average revenue per enterprise and mid-market customer increased 11.6% in the first quarter to $625,000, up from approximately $560,000 in the comparable prior-year period. ARPC is calculated using only B2B Core recurring revenue, which is consistent with the revenue base for calculating Net Revenue Retention.
"In the first quarter of our new strategy, we delivered on our guidance and meaningfully progressed on our key focused areas of transformation. We significantly improved our go-to-market leadership, operations, and capabilities, enhanced our product's integration and orchestration advantages and progressed in our efforts towards deleveraging our capital structure," said CEO John Sabino. "As I have said before, it will take time to see the financial results of these operational improvements, but our swift execution thus far makes me even more confident in our ability to transform as a company."
"The first quarter demonstrated our ability to swiftly execute on our strategic and financial priorities," said CFO and COO John Collins. "With a rightsized cost structure, standardized and repeatable go-to-market operations, and an improved capital structure on the horizon, we believe we have established a solid foundation for our return to profitable growth."
Customer Expansion
During the first quarter, the Company signed 40 total deals for the quarter, including 28 expansion & renewals and 12 new logo deals. New logo deals included:
- A multinational digital entertainment company; and
- A global distributor of electrical products and services.
The Company also expanded/renewed business with:
- A large bank based in Australia; and
- A global fast casual restaurant company.
Net Loss and Adjusted Operating Loss
Net loss for the first quarter of 2024 was $35.6 million or $0.40 per share, as compared to a net loss of $17.4 million or $0.23 per share for the first quarter of 2023. Adjusted operating loss, a non-GAAP financial measure, for the first quarter of 2024 was $7.7 million, as compared to an adjusted operating loss of $8.7 million for the first quarter of 2023. Adjusted operating loss excludes amortization of purchased intangibles and finance leases, stock-based compensation expense, other litigation, consulting and other employee costs, restructuring costs, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment -Kasamba divestiture, contingent earn-out adjustments, acquisition and divestiture costs, IT transformation costs, interest income, net, gain on divestiture and other expense (income), net.
A reconciliation of non-GAAP financial measures to GAAP measures has been provided in the financial tables included in this press release. An explanation of the non-GAAP financial measures and how they are calculated is included below under the heading "Non-GAAP Financial Measures."
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP financial measure, for the first quarter of 2024 was $0.5 million as compared to a loss of $1.3 million for the first quarter of 2023. Adjusted EBITDA excludes amortization of purchased intangibles and finance leases, stock-based compensation expense, depreciation, other litigation, consulting and other employee costs, restructuring costs, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment - Kasamba divestiture, IT transformation costs, gain on divestiture, contingent earn-out adjustments, provision for income taxes, acquisition and divestiture costs, interest income, net and other expense (income), net.
Cash and Cash Equivalents
The Company's cash balance was $127.1 million at March 31, 2024, as compared to $210.8 million at December 31, 2023. On March 1, 2024 the Company repaid in full the outstanding $72.5 million in aggregate principal amount of the 2024 Notes.
Financial Expectations
The following forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially from these forward-looking measures. The Company does not present a quantitative reconciliation of the forward-looking non-GAAP financial measures, adjusted EBITDA and adjusted EBITDA margin to the most directly comparable GAAP financial measures (or otherwise present such forward-looking GAAP measures) because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized. In particular, these non-GAAP financial measures exclude certain items, including amortization of purchased intangibles and finance leases, stock-based compensation expense, depreciation, other litigation, consulting and other employee costs, restructuring costs, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment - Kasamba divestiture, gain on divestiture, contingent earn-out adjustments, provision for income taxes, IT transformation costs, acquisition and divestiture costs, interest (income) expense, and other (income) expense, which depend on future events that the Company is unable to predict. Depending on the size of these items, they could have a significant impact on the Company's GAAP financial results.
For the full year 2024, we continue to expect total revenue to range from $300M - $315M or (24)% to (20)% year over year (excluding $7.2M of Kasamba revenue generated in Q1 2023). In addition, we expect B2B Core recurring revenue to represent 92% of total revenue. For the full year 2024, we expect adjusted EBITDA to range from $15M to $26M, or a margin of 5.0% to 8.3%.
For the second quarter of 2024, we expect total revenue to range from $76M - $80M or (22)% to (18)% year over year. We expect B2B Core recurring revenue to represent 92% of total revenue. For the second quarter of 2024, we expect adjusted EBITDA to range from $0M to $5M, or a margin of 0% to 6.3%.
For the tables below, year-over-year growth rates are on a like-for-like basis (excluding Kasamba contribution from 2023).
| Second Quarter 2024 | |
| | |
| | Guidance |
| Revenue (in millions) | $76 - $80 |
| Revenue growth (year-over-year) | (22)% - (18)% |
| Adjusted EBITDA (in millions) | $0 - $5 |
| Adjusted EBITDA margin (%) | 0% - 6.3% |
| | |
| Full Year 2024 | |
| | |
| | Guidance |
| Revenue (in millions) | $300 - $315 |
| Revenue growth (year-over-year) | (24)% - (20)% |
| Adjusted EBITDA (in millions) | $15 - $26 |
| Adjusted EBITDA margin (%) | 5.0% - 8.3% |
Disaggregated Revenue
Included in the accompanying financial results are revenues disaggregated by revenue source, as follows:
| | Three Months Ended | ||
| | March 31, | ||
| | 2024 | | 2023 |
| | | | |
| | (In thousands) | ||
| Revenue: | | | |
| Hosted services (1) | $ 71,495 | | $ 87,338 |
| Professional services | 13,654 | | 20,323 |
| Total revenue | $ 85,149 | | $ 107,661 |
| | |
| (1) | On March 20, 2023, the Company completed the sale of Kasamba and therefore ceased recognizing revenue related to Kasamba effective on the transaction close date. Further, this sale eliminated the entire Consumer segment, as a result of which revenue is presented within a single consolidated segment. Hosted services includes $7.2 million of revenue for the three months ended March 31, 2023, relating to Kasamba. |
Stock-Based Compensation
Included in the accompanying financial results are expenses related to stock-based compensation, as follows:
| | Three Months Ended | ||
| | March 31, | ||
| | 2024 | | 2023 |
| | | | |
| | (In thousands) | ||
| Cost of revenue | $ 343 | | $ 2,035 |
| Sales and marketing | 2,455 | | 2,404 |
| General and administrative | 1,798 | | 2,632 |
| Product development | 2,962 | | 4,261 |
| Total | $ 7,558 | | $ 11,332 |
Amortization of Purchased Intangibles and Finance Leases
Included in the accompanying financial results are expenses related to the amortization of purchased intangibles and finance leases, as follows:
| | Three Months Ended | ||
| | March 31, | ||
| | 2024 | | 2023 |
| | | | |
| | (In thousands) | ||
| Cost of revenue | $ 3,326 | | $ 4,561 |
| Amortization of purchased intangibles | 891 | | 874 Werbung Mehr Nachrichten zur LivePerson Inc Aktie kostenlos abonnieren
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