Technology
LivePerson Announces Fourth Quarter 2023 Financial Results
Published
7 months agoon
By
— Total Revenue of $95.5M, above the midpoint of our guidance range —
— Adjusted EBITDA above the midpoint of our guidance range —
NEW YORK, Feb. 28, 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 fourth quarter ended December 31, 2023.
Fourth Quarter Highlights
Total revenue was $95.5 million for the fourth quarter of 2023, above the midpoint of our prior guidance and a decrease of 22.1% as compared to the same period last year driven by our exit of lower-margin and non-core business lines.
LivePerson signed 62 deals in total for the fourth quarter, consisting of 16 new and 46 existing customer contracts, including 3 seven-figure deals. Trailing-twelve-months average revenue per enterprise and mid-market customer increased 11.9% for the fourth quarter to $610,000, up from approximately $545,000 for the comparable prior-year period. Beginning with the second quarter of 2022, in order to provide a more consistent and meaningful measure of ARPC, we started calculating this metric using only B2B Core recurring revenue, which is consistent with the revenue base for calculating Net Revenue Retention.
“This is a critical time in LivePerson’s history, and I’m honored to be leading the company through its transformation by driving results through improved commercial and operational execution,” said CEO John Sabino. “There is a multi-billion dollar market opportunity ahead of us as we execute on our go-to-market strategy, lean into our product’s integration and orchestration capabilities, and strengthen our capital structure. I am excited to share that these operational initiatives are already underway, and I am confident they will place LivePerson on a path to profitable growth.”
“I’m excited to partner with John on the path ahead and I share the board’s confidence in his leadership,” said CFO and COO John Collins. “The rapid growth in our market, coupled with repeated validation of our product by customers, investors, and third party research, makes it clear that LivePerson has a compelling growth opportunity following the rebuild of its sales and customer success motion.”
Customer Expansion
During the fourth quarter, the Company signed 62 total deals for the quarter, including 3 seven-figure deals, 46 expansion & renewals and 16 new logo deals. New logo deals included:
A globally recognized designer;A major telecom services provider in Southeast Asia, through a partnership; andA leading personal loan provider, through a partnership.
The Company also expanded/renewed business with:
Several financial services companies including one of the world’s largest banks, a large U.K. financial services provider, a growing U.S. credit card issuer, a major U.S. credit union, and a large Australian retail bank; as well asA leading U.K. connectivity provider;A large U.S. luxury jewelry company; andA leading technology company.
Net Loss and Adjusted Operating Loss
Net loss for the fourth quarter of 2023 was $40.5 million or $0.48 per share, as compared to a net loss of $41.7 million or $0.55 per share for the fourth quarter of 2022. Adjusted operating loss, a non-GAAP financial metric, for the fourth quarter of 2023 was $4.0 million, as compared to a $16.1 million adjusted operating loss for the fourth quarter of 2022. 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, gain on divestiture, leadership transition costs, contingent earn-out adjustments, IT transformation costs, acquisition and divestiture costs, interest (income) expense, and other (income) expense.
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP financial measure, for the fourth quarter of 2023 was $3.7 million as compared to an adjusted EBITDA loss of $5.2 million for the fourth quarter of 2022. 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, IT transformation costs, gain on divestiture, contingent earn-out adjustments, provision for income taxes, acquisition and divestiture costs, interest (income) expense, and other (income) expense.
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 $210.8 million at December 31, 2023, as compared to $391.8 million at December 31, 2022.
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, 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 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 first quarter, we expect total revenue to range from $79M – $83M or (21)% to (17)% year over year (excluding $7.2M of Kasamba revenue generated in Q1 2023). We expect B2B Core recurring revenue to represent 92% of total revenue. For the first quarter, we expect adjusted EBITDA to range from $(2) to $2M, or a margin of (2.5)% to 2.4%.
For the tables below, year-over-year growth rates are on a like-for-like basis (excluding $7.2M of Kasamba contribution from Q1 2023).
First Quarter 2024
Guidance
Revenue (in millions)
$79 – $83
Revenue growth (year-over-year)
(21)% – (17)%
Adjusted EBITDA (in millions)
$(2) – $2
Adjusted EBITDA margin (%)
(2.5)% – 2.4%
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
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In thousands)
Revenue:
Hosted services (1)
$ 78,600
$ 94,085
$ 332,971
$ 412,467
Professional services
16,868
28,392
69,012
102,333
Total revenue
$ 95,468
$ 122,477
$ 401,983
$ 514,800
(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 $7.1 million for the year ended December 31, 2023 and $9.4 million and $37.1 million for the three and twelve months ended December 31, 2022 respectively, relating to Kasamba.
Stock-Based Compensation
Included in the accompanying financial results are expenses related to stock-based compensation, as follows:
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In thousands)
Cost of revenue
$ 577
$ 777
$ 1,456
$ 9,933
Sales and marketing
2,925
963
10,354
19,575
General and administrative
364
4,987
(5,706)
40,690
Product development
3,508
2,588
5,750
39,440
Total
$ 7,374
$ 9,315
$ 11,854
$ 109,638
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
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In thousands)
Cost of revenue
$ 4,966
$ 4,646
$ 18,691
$ 18,434
Amortization of purchased intangibles
861
936
3,505
3,678
Total
$ 5,827
$ 5,582
$ 22,196
$ 22,112
Supplemental Fourth Quarter 2023 Presentation
LivePerson will post a presentation providing supplemental information for the fourth quarter 2023 on the investor relations section of the Company’s web site at www.ir.liveperson.com.
Earnings Teleconference Information
The Company will discuss its fourth quarter of 2023 financial results during a teleconference today, February 28, 2024, at 5:00 PM ET. 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 “13743243.”
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 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 “13743243.” A replay will also be available on the investor relations section of the Company’s web site at www.ir.liveperson.com.
About LivePerson, Inc.
LivePerson (NASDAQ: LPSN) is the enterprise leader in digital customer conversations. The world’s leading brands — including HSBC, Chipotle, and Virgin Media — use our award-winning Conversational Cloud platform to connect with millions of consumers. We power nearly a billion conversational interactions every month, providing a uniquely rich data set and AI-powered solutions to accelerate contact center transformation, supercharge agent productivity, and deliver more personalized customer experiences. Fast Company named us the #1 Most Innovative AI Company in the world. To talk with us or our AI, please visit liveperson.com.
Non-GAAP Financial Measures
Investors are cautioned that the following financial measures used in this press release and on our earnings call are “non-GAAP financial measures”: (i) adjusted EBITDA, or loss before provision for income taxes, interest (income) expense, other (income) expense, depreciation, amortization of purchased intangibles and finance leases, stock-based compensation expense, contingent earn-out adjustments, restructuring costs, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, IT transformation costs, gain on divestiture, acquisition and divestiture costs and other litigation, consulting and other employee costs; (ii) adjusted EBITDA margin, or loss before provision for income taxes, interest (income) expense, other (income) expense, depreciation, amortization of purchased intangibles and finance leases, stock-based compensation expense, contingent earn-out adjustments, restructuring costs, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, IT transformation costs, gain on divestiture, acquisition and divestiture costs and other litigation, consulting and other employee costs divided by revenue; (iii) adjusted operating loss, or operating loss excluding interest (income) expense, other (income) expense, amortization of purchased intangibles and finance leases, stock-based compensation expense, contingent earn-out adjustments, restructuring costs, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, IT transformation costs, gain on divestiture, acquisition and divestiture costs, and other litigation, consulting and other employee costs and (iv) 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: strain on our personnel resources and infrastructure from supporting our customer base; our ability to retain existing customers and cause them to purchase additional services and to attract new customers; our ability to retain key personnel, attract new personnel and to manage staff attrition; our ability to successfully integrate past or potential future acquisitions; our ability to refinance our substantial indebtedness before it becomes due or to secure necessary additional financing on commercially reasonable terms, or at all; lengthy sales cycles; 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; our ability to develop and maintain successful relationships with partners, service partners, social media and other third-party consumer messaging platforms and endpoints; our ability to effectively operate on mobile devices; the highly competitive markets in which we operate; general economic conditions; failures or security breaches in our services, those of our third party service providers, or in the websites of our customers; regulation or possible misappropriation of personal information belonging to our customers’ Internet users; US and international laws and regulations regarding privacy data protection and AI and increased public scrutiny of privacy,security and AI issues that could result in increased government regulation and other legal obligations; ongoing litigation and legal matters; 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; technology-related defects that could disrupt the LivePerson services; 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 or by our vendors; 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 and cryptocurrency exchange rate fluctuations; additional regulatory requirements, tax liabilities, currency exchange rate fluctuations and other risks if and as we expand; risks related to our operations in Israel; 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; 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.
Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Data)
Unaudited
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Revenue
$ 95,468
$ 122,477
$ 401,983
$ 514,800
Costs, expenses and other:
Cost of revenue
39,818
46,402
142,823
184,699
Sales and marketing
32,365
46,464
125,677
214,027
General and administrative
21,554
28,473
91,619
120,625
Product development
29,859
37,120
124,792
193,688
Impairment of goodwill
—
—
11,895
—
Impairment of intangibles and other assets
5,015
—
7,974
—
Restructuring costs
6,665
2,018
22,664
19,967
Gain on divestiture
—
—
(17,591)
—
Amortization of purchased intangible assets
861
936
3,505
3,678
Total costs, expenses and other
136,137
161,413
513,358
736,684
Loss from operations
(40,669)
(38,936)
(111,375)
(221,884)
Other income (expense), net:
Interest income (expense), net
1,664
1,361
4,669
(352)
Other income (expense), net
1,043
(3,692)
10,434
(1,784)
Total other income (expense), net
2,707
(2,331)
15,103
(2,136)
Loss before provision for income taxes
(37,962)
(41,267)
(96,272)
(224,020)
Provision for income taxes
2,563
457
4,163
1,727
Net loss
$ (40,525)
$ (41,724)
$ (100,435)
$ (225,747)
Net loss per share of common stock:
Basic
$ (0.48)
$ (0.55)
$ (1.28)
$ (3.03)
Diluted
$ (0.48)
$ (0.55)
$ (1.28)
$ (3.03)
Weighted-average shares used to compute net loss per share:
Basic
83,610,995
75,538,133
78,593,274
74,509,404
Diluted
83,610,995
75,538,133
78,593,274
74,509,404
LivePerson, Inc.
Consolidated Statements of Cash Flows
(In Thousands)
Unaudited
Year Ended December 31,
2023
2022
OPERATING ACTIVITIES:
Net loss
$ (100,435)
$ (225,747)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation expense
11,854
109,638
Depreciation
32,557
32,284
Amortization of purchased intangible assets and finance leases
22,196
22,112
Amortization of debt issuance costs
4,043
3,778
Accretion of debt discount on convertible senior notes
—
—
Impairment of goodwill
11,895
—
Impairment of intangible and other assets
7,974
—
Change in fair value of contingent consideration
4,629
(8,516)
Gain on repurchase of convertible notes
(7,200)
—
Allowance for credit losses
3,319
5,644
Gain on divestiture
(17,591)
—
Gain on settlement of leases
—
(242)
Deferred income taxes
1,046
(1,161)
Equity loss in joint venture
2,264
—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
1,457
(38)
Prepaid expenses and other current assets
(3,411)
(5,979)
Contract acquisition costs
4,992
(6,370)
Other assets
1,361
(153)
Accounts payable
(13,570)
12,050
Accrued expenses and other current liabilities
24,343
7,485
Deferred revenue
(3,169)
(12,341)
Operating lease liabilities
(523)
(2,638)
Other liabilities
(7,796)
8,093
Net cash used in operating activities
(19,765)
(62,101)
INVESTING ACTIVITIES:
Purchases of property and equipment, including capitalized software
(28,657)
(48,486)
Proceeds from divestiture
13,819
—
Payments for acquisitions, net of cash acquired
—
(3,430)
Purchases of intangible assets
(4,004)
(2,680)
Investment in joint venture
—
(2,264)
Net cash used in investing activities
(18,842)
(56,860)
FINANCING ACTIVITIES:
Principal payments for financing leases
(3,330)
(3,734)
Repurchase of common stock
—
(221)
Proceeds from issuance of common stock in connection with the exercise of options and ESPP
1,890
5,573
Payment for repurchase of convertible senior notes
(149,702)
—
Net cash (used in) provided by financing activities
(151,142)
1,618
Effect of foreign exchange rate changes on cash and cash equivalents
465
(3,980)
Net decrease in cash, cash equivalents, and restricted cash
(189,284)
(121,323)
Cash classified within current assets held for sale
10,011
(10,011)
Cash, cash equivalents, and restricted cash – beginning of year
392,198
523,532
Cash, cash equivalents, and restricted cash – end of year
$ 212,925
$ 392,198
LivePerson, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In Thousands)
Unaudited
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Reconciliation of Adjusted EBITDA (Loss):
GAAP net loss
$ (40,525)
$ (41,724)
$ (100,435)
$ (225,747)
Add/(less):
Depreciation
7,705
10,870
32,557
32,284
Other litigation, consulting and other employee costs (1)
5,553
4,569
32,266
17,212
Restructuring costs (2)
6,665
2,018
22,664
19,967
Amortization of purchased intangibles and finance leases
5,827
5,582
22,196
22,112
Impairment of goodwill
—
—
11,895
—
Stock-based compensation expense (3)
8,525
9,315
10,187
109,638
Leadership transition costs
1,418
—
8,384
—
Impairment of intangibles and other assets
5,015
—
7,974
—
Contingent earn-out adjustments
(812)
52
4,629
(8,516)
Provision for income taxes
2,563
457
4,163
1,727
IT transformation costs (4)
3,576
—
3,576
—
Acquisition and divestiture costs
96
1,368
3,131
4,492
Interest (income) expense, net
(1,664)
(1,361)
(4,669)
352
Gain on divestiture
—
—
(17,591)
—
Other (income) expense, net (5)
(231)
3,640
(15,063)
10,300
Adjusted EBITDA (loss)
$ 3,711
$ (5,214)
$ 25,864
$ (16,179)
Reconciliation of Adjusted Operating Loss
Loss before provision for income taxes
(37,962)
(41,267)
(96,272)
(224,020)
Add/(less):
Other litigation, consulting and other employee costs (1)
5,553
4,569
32,266
17,212
Restructuring costs (2)
6,665
2,018
22,664
19,967
Amortization of purchased intangibles and finance leases
5,827
5,582
22,196
22,112
Impairment of goodwill
—
—
11,895
—
Stock-based compensation expense (3)
8,525
9,315
10,187
109,638
Leadership transition costs
1,418
—
8,384
—
Impairment of intangibles and other assets
5,015
—
7,974
—
Contingent earn-out adjustments
(812)
52
4,629
(8,516)
IT transformation costs (4)
3,576
—
3,576
—
Acquisition and divestiture costs
96
1,368
3,131
4,492
Interest (income) expense, net
(1,664)
(1,361)
(4,669)
352
Gain on divestiture
—
—
(17,591)
—
Other (income) expense, net (5)
(231)
3,640
(15,063)
10,300
Adjusted operating loss
$ (3,994)
$ (16,084)
$ (6,693)
$ (48,463)
(1)
Includes litigation costs of $4.4 million and consulting fees and related costs of $1.2 million for the three months ended December 31, 2023. Includes litigation costs of $3.6 million, employee benefit costs of $0.5 million and consulting costs of $0.5 million for the three months ended December 31, 2022. Includes litigation costs of $28.0 million, consulting fees and related costs of $4.4 million, offset by sales tax liability reversals of $0.1 million for the year ended December 31, 2023. Includes litigation costs of $11.0 million, employee benefit costs of $1.6 million, consulting fees and related costs of $2.2 million, employee-related costs of $2.1 million and reserve for sales and use tax liability of $0.3 million for the year ended December 31, 2022.
(2)
Includes IT contract termination cost of $5.7 million and severance costs and other compensation related costs of $0.9 million for the three months ended December 31, 2023. Includes severance costs and other compensation related costs of $1.9 million and lease restructuring costs of $0.1 million for the three months ended December 31, 2022. Includes severance costs and other compensation related costs of $16.9 million and IT contract termination costs of $5.7 million for the year ended December 31, 2023. Includes severance costs and other compensation related costs of $19.5 million and lease restructuring costs of $0.4 million for the year ended December 31, 2022.
(3)
Excludes $1.7 million of accelerated stock-based compensation for the three months ended and year ended December 31, 2023 in connection with the CEO departure, as these costs are presented in leadership transition costs.
(4)
Includes IT infrastructure realignment costs related to consolidating and migrating data centers to the cloud. We expect these costs to continue in 2024.
(5)
Includes $10.0 million of other income related to a litigation settlement, a $7.2 million gain related to convertible senior notes repurchases and losses related to the Company’s equity method investment during the year ended December 31, 2023. The remaining amount of other (income) expense, net fluctuation is attributable to currency rate fluctuations for the three months and year ended December 31, 2023. Includes $3.3 million of losses related to the Company’s equity method investment for the three months ended December 31, 2022. Includes $0.2 million of other income related to the settlement of leases, offset by $7.7 million of losses related to the Company’s equity method investment for the year ended December 31, 2022.
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Calculation of Free Cash Flow:
Net cash used in operating activities
$ 4,537
$ 17,370
$ (19,765)
$ (62,101)
Purchases of property and equipment, including capitalized software
(6,220)
(13,274)
(28,657)
(48,486)
Total Free Cash Flow
$ (1,683)
$ 4,096
$ (48,422)
$ (110,587)
LivePerson, Inc.
Consolidated Balance Sheets
(In Thousands)
Unaudited
December 31,
2023
December 31,
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 210,782
$ 391,781
Restricted cash
2,143
417
Accounts receivable, net
81,802
86,537
Prepaid expenses and other current assets
26,981
23,747
Assets held for sale
—
30,984
Total current assets
321,708
533,466
Operating lease right-of-use asset
4,135
1,604
Property and equipment, net
119,325
126,499
Contract acquisition costs
37,354
43,804
Intangible assets, net
61,625
78,103
Goodwill
285,631
296,214
Deferred tax assets, net
4,527
4,423
Investment in joint venture
—
2,264
Other assets
1,208
2,563
Total assets
$ 835,513
$ 1,088,940
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$ 13,555
$ 25,303
Accrued expenses and other current liabilities
97,024
129,244
Deferred revenue
81,858
84,494
Convertible senior notes
72,393
—
Operating lease liabilities
2,719
2,160
Liabilities associated with assets held for sale
—
10,357
Total current liabilities
267,549
251,558
Convertible senior note, net of current portion
511,565
737,423
Operating lease liabilities, net of current portion
2,173
682
Deferred tax liabilities
2,930
2,550
Other liabilities
3,158
28,639
Total liabilities
787,375
1,020,852
Total stockholders’ equity
48,138
68,088
Total liabilities and stockholders’ equity
$ 835,513
$ 1,088,940
Investor Relations contact
ir-lp@liveperson.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/liveperson-announces-fourth-quarter-2023-financial-results-302074769.html
SOURCE LivePerson
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Technology
G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2
Published
59 mins agoon
September 20, 2024By
ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.
The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.
Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.
Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”
In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.
“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”
By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.
About G42
G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.
Media contacts
Media and PR Team, G42
media@g42.ai
View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html
Technology
Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
Published
2 hours agoon
September 20, 2024By
HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.
“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”
Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.
“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”
Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.
About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below:
Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/kawasaki-and-cbi-sign-strategic-collaborative-agreement-for-promoting-commercial-use-liquefied-hydrogen-supply-chain-302253698.html
SOURCE McDermott International, Ltd
Technology
Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style
Published
2 hours agoon
September 20, 2024By
BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.
The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide. According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists. However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.
“Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc. This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.
Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.
Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.
“Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.
The Halal Route application is free to download on both iOS and Android systems.
Read the full article at https://www.chula.ac.th/en/highlight/185916/
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/halal-route-application—eat-travel-around-thailand-safe-and-sound-halal-style-302251312.html
SOURCE Chulalongkorn University
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