LivePerson Announces Third Quarter 2021 Financial Results
-- Generates revenue of $118.3 million and growth of 25% year-over-year in the third quarter --
-- Raises midpoint of 2021 revenue guidance --
-- Closes two major strategic acquisitions, VoiceBase and Tenfold, accelerating voice product roadmap --
-- Signs seven 7-figure deals, as well as the largest 8-figure contract in LivePerson's history --

NEW YORK, Nov. 2, 2021 /PRNewswire/ -- LivePerson, Inc. (NASDAQ: LPSN) ("LivePerson" or the "Company"), a global leader in conversational AI, today announced financial results for the third quarter ended September 30, 2021.

Third Quarter Highlights

Total revenue was $118.3 million for the third quarter of 2021, an increase of 25% as compared to the same period last year. Within total revenue, business operations revenue for the third quarter of 2021 increased 26% year over year to $109.2 million, and revenue from consumer operations increased 16% year over year to $9.1 million.

LivePerson signed seven seven-figure deals and 102 deals in total in the third quarter, comprising 37 new and 65 existing customer contracts. Trailing-twelve-months average revenue per enterprise and mid-market customer increased 34% in the third quarter to another record high of $570,000, up from approximately $425,000 in the comparable prior-year period.

"We delivered a strong third quarter with revenue growing at 25% or greater for the sixth quarter in a row and volume on our Conversational Cloud hitting another record high. Simultaneously, we added more leadership talent across the Company, built out capacity in critical functions, and evolved our strategy for Conversational AI and Voice," said founder and CEO Robert LoCascio. "Brands are looking for a strategic partner to help them with end-to-end digital transformation that puts customers in control of their own experiences. Through the combination of LivePerson, VoiceBase, and Tenfold's technologies and expertise, we are eager to bring this unified, deeply integrated Voice and Conversational AI system to life for brands."

"We expect the acquisitions of VoiceBase and Tenfold to create glide paths to new logo acquisition and expansion within the base. By seamlessly integrating voice, messaging, and a broad spectrum of backend systems, these acquisitions also extend our AI platform's ability to deliver personalization at scale. When coupled with our go-to-market investments, we're well positioned to meet our 2022 targets and enter a new phase of AI-led growth," added CFO John Collins.

Customer Expansion

During the third quarter, the Company signed contracts with the following new customers:

  • One of the ten largest healthcare companies in the world
  • One of the three largest banks in Australia
  • A leading designer apparel brand in the U.S.
  • A major telecommunications services provider in Southeast Asia

The Company also expanded business with:

  • A multi-billion dollar entertainment and media conglomerate
  • One of the largest news media companies in the U.S.
  • One of the world's largest telco companies
  • One of the world's biggest beauty and cosmetics companies
  • One of the largest cryptocurrency exchanges in the world

Net Loss and Adjusted Operating (Loss) Income

Net loss for the third quarter of 2021 was $32.8 million or $0.47 per share, as compared to a net loss of $38.7 million or $0.58 per share in the third quarter of 2020. Adjusted operating loss, a non-GAAP financial metric, for the third quarter of 2021 was $33,000, as compared to an adjusted operating income of $9.1 million in the third quarter of 2020. Adjusted operating (loss) income excludes amortization of purchased intangibles, stock-based compensation, other litigation and consulting costs, restructuring costs, contingent earn-out adjustments, interest income (expense), and other expense (income).

Adjusted EBITDA

Adjusted EBITDA, a non-GAAP financial metric, for the third quarter of 2021 was $6.9 million or $0.09 per share, as compared to $15.1 million or $0.20 per share in the third quarter of 2020. Adjusted EBITDA excludes amortization of purchased intangibles, stock-based compensation, depreciation, other litigation and consulting costs, restructuring costs, contingent earn-out adjustments, provision for (benefit from) income taxes, interest income (expense), and other expense (income).

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."

Cash and Cash Equivalents

The Company's cash balance was $633.0 million at September 30, 2021, as compared to $654.2 million at December 31, 2020. 

Financial Expectations

With third quarter financial results on target, and progress in execution on the Company's investment plan, the Company is raising its 2021 revenue guidance range to $468.0 million to $471.0 million, or 27.7% to 28.5% YoY, from previously issued guidance of $464.0 million to $471.0 million, or 26.5% to 28.5% YoY. Revenue guidance range for the fourth quarter is $122.2 million to $125.2 million, or 19.6% to 22.6% YoY.

The Company is also updating its 2021 adjusted EBITDA guidance to a range of $11.9 million to $16.3 million, or a 2.6% to 3.5% margin, from $14.8 million to $22.8 million, or a 3.2% to 4.8% margin. This revision primarily reflects the new strategic asset acquisitions of VoiceBase and Tenfold, and planned investments in go-to-market capacity and product innovations designed to drive increased revenue growth in 2022 and beyond. The Company is guiding for fourth quarter adjusted EBITDA in a range of $(21.7) million to $(17.3) million or a (17.8)% to (13.8)% margin.

The Company's detailed financial expectations are as follows:

Fourth Quarter 2021

 

Guidance

Revenue (in millions)

$122.2 - $125.2

GAAP net loss per share

$(0.93) - $(0.86)

Adjusted operating loss (in millions)

$(31.0) - $(26.5)

Adjusted EBITDA (in millions)

$(21.7) - $(17.3)

Fully diluted share count (in millions)

79.8

Full Year 2021

 

Updated Guidance

 

Previous Guidance

Revenue (in millions)

$468.0 - $471.0

 

$464.0 - $471.0

GAAP net loss per share

$(2.06) - $(1.98)

 

$(2.02) - $(1.90)

Adjusted operating (loss) (in millions)

$(17.9) - $(13.4)

 

$(17.6) - $(9.6)

Adjusted EBITDA (in millions)

$11.9 - $16.3

 

$14.8 - $22.8

Fully diluted share count (in millions)

76.3

 

75.6

Other Full Year 2021 Assumptions 

  • Estimated IP litigation, consulting expenses and acquisition costs of approximately $8.5 million ($0.11 per share) and severance and restructuring of $3.8 million ($0.05 per share)
  • Amortization of purchased intangibles and finance leases of approximately $6.5 million
  • Non-cash interest expense of approximately $35.8 million
  • Stock-based compensation expense of approximately $69.3 million
  • Depreciation of approximately $29.7 million
  • Cash taxes paid of $3.0 million to $4.0 million. A GAAP tax liability of $2.5 million to $3.0 million
  • Capital expenditures of approximately $46.2 million

Furthermore, as a percent of revenue for the year, including amortization of intangibles and stock-based compensation, but excluding non-recurring expenses discussed above, we anticipate gross profit to be in a range of 66.0% to 67.0%, sales and marketing 36.1%, product development 35.9%, and general and administrative 15.4%.

Stock-Based Compensation

Included in the accompanying financial results are expenses related to stock-based compensation, as follows:

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

 

(In thousands)

Cost of revenue

$

1,337

   

$

2,288

   

$

4,618

   

$

5,735

 

Sales and marketing

4,228

   

1,873

   

11,383

   

9,536

 

General and administrative

4,103

   

3,618

   

9,863

   

10,428

 

Product development

8,601

   

7,753

   

22,103

   

20,472

 

  Total

$

18,269

   

$

15,532

   

$

47,967

   

$

46,171

 

Amortization of Purchased Intangibles  

Included in the accompanying financial results are expenses related to the amortization of purchased intangibles, as follows:

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

 

(In thousands)

Cost of revenue

$

1,343

   

$

286

   

$

3,702

   

$

854

 

Amortization of purchased intangibles

488

   

411

   

1,237

   

1,219

 

  Total

$

1,831

   

$

697

   

$

4,939

   

$

2,073

 

Supplemental Third Quarter 2021 Presentation

LivePerson will post a presentation providing supplemental information for the third quarter 2021 on the investor relations section of the Company's web site at http://www.ir.liveperson.com.

Earnings Teleconference Information

The Company will discuss its third quarter 2021 financial results during a teleconference today, November 2, 2021. To participate via telephone, callers should dial in five to ten minutes prior to the 5:00 p.m. Eastern start time; domestic callers (U.S. and Canada) should dial 1-877-407-0784, while international callers should dial 1-201-689-8560, and both should reference the conference ID "13724205."

The conference call will also be simulcast live on the Internet and can be accessed by logging onto the investor relations section of the Company's web site at http://www.ir.liveperson.com.

If you are unable to participate in the live call, the teleconference will be available for replay approximately two hours after the call. To access the replay, please call 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (international). Please reference the conference ID "13724205." A replay will also be available on the investor relations section of the Company's web site at http://www.ir.liveperson.com.

About LivePerson

LivePerson makes life easier for people and brands everywhere through trusted conversational AI. Our 18,000 customers, including leading brands like HSBC, Orange, GM Financial, and The Home Depot, use our conversational solutions to orchestrate humans and AI, at scale, and create a convenient, deeply personal relationship - a conversational relationship - with their millions of consumers. LivePerson was named to Fast Company's World's Most Innovative Companies list for its leadership in artificial intelligence. For more information about LivePerson (NASDAQ: LPSN), please visit www.liveperson.com.

Non-GAAP Financial Measures

Investors are cautioned that the following financial measures used in this press release are "non-GAAP financial measures": (i) adjusted EBITDA, or earnings/(loss) before provision for (benefit from) income taxes, interest income (expense), other expense (income), depreciation, amortization, stock-based compensation, restructuring costs, acquisition costs and other costs; (ii) adjusted operating (loss) income, or operating income (loss) excluding amortization, stock-based compensation, restructuring costs, acquisition costs, deferred tax asset valuation allowance, and other costs; and (iii) free cash flow, or net cash provided by operating activities less purchases of property and equipment, including capitalized software.

Non-GAAP financial information should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities as there may be significant factors or trends that it fails to address. We present non-GAAP financial information because we believe that it is helpful to some investors as one measure of our operations.

Forward-Looking Statements

Statements in this press release and on our earnings call regarding LivePerson that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including but not limited to financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is routine for our internal projections and expectations to change as the quarter and year progress, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change. Although these expectations may change, we are under no obligation to inform you if they do. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: major public health issues, and specifically the pandemic caused by the spread of COVID-19, and their effects on the U.S. and global markets; our ability to retain key personnel, attract new personnel and to manage staff attrition; strain on our personnel resources and infrastructure from supporting our existing and growing customer base; the ability to successfully integrate past or potential future acquisitions; our ability to secure additional financing to execute our business strategy; delays in our implementation cycles; payment-related risks; potential fluctuations in our quarterly revenue and operating results; limitations on the effectiveness of our controls; non-payment or late payment of amounts due to us from a significant number of customers; volatility in the capital markets; recognition of revenue from subscriptions; customer retention and engagement; the migration of existing customers to our new platform; our ability to attract new customers and new consumer users of our consumer services; our ability to develop and maintain successful relationships with social media and other third-party consumer messaging platforms and endpoints; the highly competitive markets in which we operate; general economic conditions; privacy concerns relating to the Internet that could result in new legislation or negative public perception; new regulatory or other legal requirements that could materially impact our business; governmental export controls and economic sanctions; industry-specific regulation and unfavorable industry-specific laws, regulations or interpretive positions; future regulation of the Internet or mobile devices; greater than anticipated income, non-income and transactional tax liabilities; failures or security breaches in our services, those of our third party providers, or in the websites of our customers; regulation or possible misappropriation of personal information belonging to our customers' Internet users; technology systems beyond our control and technology-related defects that could disrupt the LivePerson services; our dependence on the continued viability of the Internet; our ability to protect our intellectual property rights or potential infringement of the intellectual property rights of third parties; the use of AI in our product offerings; the presence of, and difficulty in correcting, errors, failures or "bugs" in our products; our ability to license necessary third party software for use in our products and services, and our ability to successfully integrate third party software; potential adverse impact due to foreign currency exchange rate fluctuations; additional regulatory requirements, tax liabilities, currency exchange rate fluctuations and other risks as we expand internationally and/or as we expand into direct-to-consumer services; risks related to our operations in Israel, and the civil and political unrest in that region; potential failure to meeting service level commitments to certain customers; legal liability and/or negative publicity for the services provided to consumers via our technology platforms; technological or other defects that could disrupt or negatively impact our services; our ability to maintain our reputation; our lengthy sales cycles; changes in accounting principles generally accepted in the United States; natural catastrophic events and interruption to our business by man-made problems; potential limitations on our ability to use net operating losses to offset future taxable income; and risks related to our common stock being traded on more than one securities exchange. This list is intended to identify only certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the Company's reports and documents filed from time to time by us with the Securities and Exchange Commission for a discussion of these and other important factors that could cause actual results to differ from those discussed in forward-looking statements.

LivePerson, Inc.

Condensed Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

Unaudited

 
 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

Revenue

$

118,327

   

$

94,804

   

$

345,823

   

$

264,495

 
               

Costs and expenses:

             

Cost of revenue

38,795

   

27,692

   

112,377

   

78,218

 

Sales and marketing

40,852

   

32,775

   

116,427

   

110,073

 

General and administrative

17,193

   

14,891

   

47,784

   

47,713

 

Product development

41,734

   

27,736

   

112,715

   

80,417

 

Restructuring costs

44

   

26,442

   

3,269

   

29,635

 

Amortization of purchased intangibles

488

   

411

   

1,237

   

1,219

 

Total costs and expenses

139,106

   

129,947

   

393,809

   

347,275

 
               

Loss from operations

(20,779)

   

(35,143)

   

(47,986)

   

(82,780)

 
               

Other (expense) income, net:

             

Interest expense, net

(9,442)

   

(3,159)

   

(27,852)

   

(9,161)

 

Other (expense) income, net

(48)

   

(508)

   

3,002

   

(2,484)

 

Total other expense, net

(9,490)

   

(3,667)

   

(24,850)

   

(11,645)

 
               

Loss before provision for (benefit from) income taxes

(30,269)

   

(38,810)

   

(72,836)

   

(94,425)

 
               

Provision for (benefit from) income taxes

2,538

   

(100)

   

2,285

   

(87)

 
               

Net loss

$

(32,807)

   

$

(38,710)

   

$

(75,121)

   

$

(94,338)

 
               

Net loss per share of common stock:

             

Basic

$

(0.47)

   

$

(0.58)

   

$

(1.09)

   

$

(1.44)

 

Diluted

$

(0.47)

   

$

(0.58)

   

$

(1.09)

   

$

(1.44)

 
               

Weighted-average shares used to compute net loss per share:

             

Basic

69,798,839

   

66,451,414

   

68,926,203

   

65,504,571

 

Diluted

69,798,839

   

66,451,414

   

68,926,203

   

65,504,571

 

 

 

LivePerson, Inc.

Condensed Consolidated Statements of Cash Flows

(In Thousands)

Unaudited

 
 

Nine Months Ended

 

September 30,

 

2021

 

2020

OPERATING ACTIVITIES:

     

Net loss

$

(75,121)

   

$

(94,338)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

     

Stock-based compensation expense

47,967

   

46,171

 

Depreciation

20,471

   

17,223

 

Non-cash restructuring costs

   

19,085

 

Amortization of purchased intangibles and finance leases

4,939

   

2,073

 

Amortization of debt issuance costs

1,858

   

908

 

Accretion of debt discount on convertible senior notes

24,770

   

7,227

 

Changes in fair value of contingent consideration

   

(263)

 

Allowance for credit losses

2,431

   

2,627

 

Gain on settlement of leases

(3,483)

   

 

Deferred income taxes

(1,129)

   

47

 

Changes in operating assets and liabilities:

     

Accounts receivable

(5,827)

   

19,231

 

Prepaid expenses and other current assets

(10,269)

   

(6,055)

 

Contract acquisition costs noncurrent

(4,765)

   

(8,156)

 

Other assets

741

   

(35)

 

Accounts payable

(354)

   

(4,572)

 

Accrued expenses and other current liabilities

22,176

   

36,904

 

Deferred revenue

14,925

   

(164)

 

Operating lease liabilities

(4,018)

   

(287)

 

Other liabilities

330

   

29

 

Net cash provided by operating activities

35,642

   

37,655

 
       

INVESTING ACTIVITIES:

     

Purchases of property and equipment, including capitalized software

(33,821)

   

(32,904)

 

Payments for acquisition, net of cash acquired

(23,014)

   

 

Repayment of debt acquired in acquisition

(1,955)

   

 

Payments for intangible assets

(1,931)

   

(1,259)

 

Net cash used in investing activities

(60,721)

   

(34,163)

 
       

FINANCING ACTIVITIES:

     

Principal payments for financing leases

(2,604)

   

 

Proceeds from issuance of common stock in connection with the exercise of options and ESPP

13,127

   

17,147

 

Payments on conversion of convertible senior notes

(2)

   

 

Net cash provided by financing activities

10,521

   

17,147

 

Effect of foreign exchange rate changes on cash and cash equivalents

(5,072)

   

1,532

 

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

(19,630)

   

22,171

 

Cash, cash equivalents, and restricted cash - beginning of year

654,152

   

176,523

 

Cash, cash equivalents, and restricted cash - end of year

$

634,522

   

$

198,694

 

 

 

LivePerson, Inc.

Reconciliation of Non-GAAP Financial Information to GAAP

(In Thousands)

Unaudited

 
 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

Reconciliation of Adjusted EBITDA:

             

GAAP net loss

$

(32,807)

   

$

(38,710)

   

$

(75,121)

   

$

(94,338)

 

Add/(less):

             

Amortization of purchased intangibles

1,831

   

697

   

4,939

   

2,073

 

Stock-based compensation

18,269

   

15,532

   

47,967

   

46,171

 

Contingent earn-out adjustments

   

   

132

   

(263)

 

Restructuring costs (1)

44

   

26,442

   

3,269

   

29,635

 

Depreciation

6,893

   

5,948

   

20,471

   

17,223

 

Other litigation and consulting costs (2)

602

   

1,589

   

4,784

   

7,634

 

Provision for (benefit from) income taxes

2,538

   

(100)

   

2,285

   

(87)

 

Interest expense, net

9,442

   

3,159

   

27,852

   

9,161

 

Other expense (income), net (3)

48

   

508

   

(3,002)

   

2,484

 

Adjusted EBITDA

$

6,860

   

$

15,065

   

$

33,576

   

$

19,693

 

Diluted adjusted EBITDA per common share

$

0.09

   

$

0.20

   

$

0.45

   

$

0.26

 
               

Weighted average shares used in diluted adjusted EBITDA per common share (4)

75,710,826

   

77,036,646

   

74,962,417

   

75,004,444

 
               

Reconciliation of Adjusted Operating (Loss) Income:

             

Loss before provision for income taxes:

$

(30,269)

   

$

(38,810)

   

$

(72,836)

   

$

(94,425)

 

Add/(less):

             

Amortization of purchased intangibles

1,831

   

697

   

4,939

   

2,073

 

Stock-based compensation

18,269

   

15,532

   

47,967

   

46,171

 

Restructuring costs (1)

44

   

26,442

   

3,269

   

29,635

 

Other litigation and consulting costs (2)

602

   

1,589

   

4,784

   

7,634

 

Contingent earn-out adjustments

   

   

132

   

(263)

 

Interest expense, net

9,442

   

3,159

   

27,852

   

9,161

 

Other expense (income), net (3)

48

   

508

   

(3,002)

   

2,484

 

Adjusted operating (loss) income

$

(33)

   

$

9,117

   

$

13,105

   

$

2,470

 

____________________

(1)

Includes severance costs and other compensation related costs of $2.7 million and lease restructuring costs of $0.6 million for the nine months ended September 30, 2021. Includes lease restructuring costs of $24.1 million and severance costs and other compensation related costs of $2.4 million for the three months ended September 30, 2020. Includes lease restructuring costs of $24.1 million and severance costs and other compensation related costs of $5.6 million for the nine months ended September 30, 2020.

(2)

Includes consulting costs of $0.7 million and litigation costs of $0.4 million and reversals of reserve for sales and use tax liability of $0.5 million for the three months ended September 30, 2021. Includes litigation costs of $1.3 million and consulting costs of $0.3 million for the three months ended September 30, 2020. Includes litigation costs of $3.2 million, employee benefit cost of $0.6 million, consulting costs of $1.3 million, and a reversal of  reserve for sales and use tax liability of $0.3 million for the nine months ended September 30, 2021. Includes reserve for sales and use tax liability of $2.3 million, litigation costs of $2.3 million, employee benefit cost of $0.8 million, and consulting costs of $2.2 million for the nine months ended September 30, 2020.

(3)

Includes $0.2 million and $3.5 million of other income related to the settlement of leases for the three and nine months ended September 30, 2021, respectively. The remaining amount of other expense (income) is attributable to currency rate fluctuations.

(4)

Includes shares related to the 0.750% Convertible Senior Notes due 2024 (2024 Notes) issued in March 2019. The Company expects to settle the principal amount of its outstanding 2024 Notes and 0% Convertible Senior Notes due 2026 (2026 Notes), issued in December 2020, upon conversion in cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The conversion spread will have a dilutive impact on diluted net income per share of common stock when the average market price of the Company's common stock for a given period exceeds the conversion price of $38.58 per share for the 2024 Notes. The conversion spread had an anti-dilutive impact for the 2026 Notes, since the average market price of the Company's stock during the period was less than the conversion price of $75.23 per share.

 

LivePerson, Inc.

Reconciliation of Non-GAAP Financial Information to GAAP

(In Thousands)

Unaudited

 
 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

Calculation of Free Cash Flow:

             

Net cash provided by operating activities

$

5,028

   

$

25,349

   

$

35,642

   

$

37,655

 

Purchases of property and equipment, including capitalized software

(10,649)

   

(9,293)

   

(33,821)

   

(32,904)

 

Total free cash flow

$

(5,621)

   

$

16,056

   

$

1,821

   

$

4,751

 

 

LivePerson, Inc.

Reconciliation of Projected Non-GAAP Financial Information to GAAP

(In Thousands)

Unaudited

 
   

Three Months Ended

 

Twelve Months Ended

   

December 31, 2021

 

December 31, 2021

Reconciliation of Projected Adjusted EBITDA: (1)

       

GAAP net loss

 

$(68,200) - $(63,300)

 

$(143,400) - $(138,500)

Add/(less):

       

Amortization of purchased intangibles and finance leases

 

1,600

 

6,500

Stock-based compensation

 

21,300

 

69,300

Depreciation

 

9,300

 

29,700

Other non-recurring costs

 

4,000

 

12,200

Other expense, net (2)

 

9,600

 

34,600

Provision for income taxes

 

700 - 200

 

3,000 - 2,500

Adjusted EBITDA

 

$(21,700) - $(17,300)

 

$11,900 - $16,300

         

Reconciliation of Projected Adjusted Operating (Loss): (1)

       

Loss before provision for income taxes

 

$(67,500) - $(63,000)

 

$(140,500) - $(136,000)

Add/(less):

       

Amortization of purchased intangibles

 

1,600

 

6,500

Stock-based compensation

 

21,300

 

69,300

Other non-recurring costs

 

4,000

 

12,200

Other expense, net (2)

 

9,600

 

34,600

Adjusted operating (loss)

 

$(31,000) - $(26,500)

 

$(17,900) - $(13,400)

____________________

(1)

Certain items may not total due to rounding.

(2)

Includes interest expense, net.

 

 

LivePerson, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

Unaudited

 
 

September 30,

2021

 

December 31,

2020

ASSETS

     

CURRENT ASSETS:

     

Cash and cash equivalents

$

633,042

   

$

654,152

 

Accounts receivable, net

83,160

   

80,423

 

Prepaid expenses and other current assets

26,489

   

14,236

 

Total current assets

742,691

   

748,811

 
       

Operating lease right of use asset

1,957

   

614

 

Property and equipment, net

118,726

   

106,055

 

Contract acquisition cost

43,705

   

41,021

 

Intangibles, net

18,134

   

10,927

 

Goodwill

139,149

   

95,192

 

Deferred tax assets

3,534

   

2,032

 

Other assets

1,013

   

1,780

 

Total assets

$

1,068,909

   

$

1,006,432

 
       

LIABILITIES AND STOCKHOLDERS' EQUITY

     

CURRENT LIABILITIES:

     

Accounts payable

$

14,599

   

$

14,115

 

Accrued expenses and other current liabilities

105,596

   

99,870

 

Deferred revenue

102,905

   

88,848

 

Operating lease liability

3,257

   

5,718

 

Total current liabilities

226,357

   

208,551

 
       

Deferred revenue, net of current portion

179

   

409

 

Convertible senior note, net

565,059

   

538,432

 

Operating lease liability, net of current portion

3,415

   

7,180

 

Deferred tax liability

1,995

   

1,622

 

Other liabilities

9,795

   

6,304

 

Total liabilities

806,800

   

762,498

 
       

Commitments and contingencies

     

Total stockholders' equity

262,109

   

243,934

 

Total liabilities and stockholders' equity

$

1,068,909

   

$

1,006,432

 

 

Investor Relations contact
Idalia Rodriguez
ir-lp@liveperson.com
212-609-4214

 

 

 

 

SOURCE LivePerson, Inc.