Second quarter total revenue year-over-year growth of 7.2% to $35.4 million
Second quarter ARR of $140.3 million up 8.3% year-over-year
Second quarter GAAP net loss of $4.4 million
Second quarter positive adjusted EBITDA of $1.1 million
LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ: LVOX), a leading global enterprise cloud communications company, today announced financial results for its second quarter ended June 30, 2023.
“I am very pleased with our execution in the quarter, delivering both revenue and adjusted EBITDA above the high end of our guidance range,” said John DiLullo, Chief Executive Officer of LiveVox. “Our performance in the first half of the year is extremely encouraging, including a record number of new domestic and international wins. This momentum is a glowing testament to the execution and determination of the LiveVox team, the loyalty of our customers, and the value of our secure, public-cloud-based contact center solutions.”
Second Quarter 2023 Financial Highlights
- Revenue: Total revenue was $35.4 million for the second quarter of 2023, up 7.2% compared to $33.0 million for the second quarter of 2022.
- Gross Profit and Gross Margin: Gross profit was $24.2 million for the second quarter of 2023, up 18.6% compared to $20.4 million for the second quarter of 2022; Gross margin was 68.5% for the second quarter of 2023, compared to 62.0% for the second quarter of 2022.
- Non-GAAP Gross Profit* and Non-GAAP Gross Margin*: Non-GAAP gross profit was $24.8 million for the second quarter of 2023, up 16.9% compared to $21.2 million for the second quarter of 2022; Non-GAAP gross margin was 70.0% for the second quarter of 2023, compared to 64.2% for the second quarter of 2022.
- Net loss: Net loss was $4.4 million for the second quarter of 2023, compared to net loss of $10.8 million for the second quarter of 2022.
- Adjusted EBITDA*: Adjusted EBITDA was $1.1 million for the second quarter of 2023, compared to Adjusted EBITDA loss of $5.6 million for the second quarter of 2022.
* 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 and global economic outlook. 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 and full year 2023 as follows:
- Third Quarter of 2023 Guidance:
- Total revenue is expected to be in the range of $35.5 million to $36.5 million, representing growth of 1% to 4% year-over-year.
- Adjusted EBITDA is expected to be in the range of $1.0 million to $1.5 million.
- Full Year 2023 Guidance:
- Total revenue is expected to be in the range of $145 million to $148 million, representing growth of 7% to 9% year-over-year.
- Adjusted EBITDA is now expected to be in the range of $5 million to $7 million.
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of the future costs and expenses for which the Company adjusts, such as depreciation and amortization, long-term equity incentive bonus and stock-based compensation expense, interest income or expense, change in the fair value of warrant liability, other income or expense, benefit from or provision for income taxes and restructuring cost, the effect of which may be significant. Annualized Recurring Revenue (“ARR”) is calculated as the sum of the most recent quarter of (i) recurring subscription amounts and (ii) platform usage charges for all customers, multiplied by four.
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 its second quarter ended June 30, 2023. To access this call, dial 888-886-7786 for the U.S. or Canada, or 416-764-8658 for callers outside the U.S. or Canada using passcode 56366186. 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. A telephone replay of this conference call will also be available through 11:59 p.m. Eastern Time, August 22, 2023, by dialing 844-512-2921 for the U.S. or Canada or 412-317-6671 for callers outside the U.S. or Canada with access code 56366186.
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