Technology

LivePerson Announces Fourth Quarter 2023 Financial Results

Published

2 years ago

February 28, 2024

— 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)

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

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)

4,629

(8,516)

IT transformation costs (4)

3,576

—

3,576

—

Acquisition and divestiture costs

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

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SOURCE LivePerson

Technology

Ellucian Announces 2026 Impact Award Winners, Honoring Institutions Leading with Data, SaaS, and Student-First Innovation

Published

49 minutes ago

April 22, 2026

Key Highlights:

Ellucian recognized four institutions for innovative use of the company’s technology solutions to improve student outcomes and operational efficiency.Award winners demonstrated measurable impact through SaaS transformation, data-driven decision-making, and student-first digital experiences.Each winning institution will receive $25,000 USD to support continued innovation and student success initiatives.

RESTON, Va., April 22, 2026 /PRNewswire/ — Ellucian, the leading higher education technology solutions provider, announced the winners of its eighth annual Impact Award at Ellucian Live, the industry’s premier technology conference. The annual Ellucian Impact Award Program celebrates visionary higher education institutions that are inspiring others to push the boundaries of technology and innovation. These institutions demonstrate the impactful use of Ellucian’s AI-powered platform and solutions to transform the student experience and institutional performance.

Recognizing Innovation that Transforms Higher Education

“Higher education is being redefined in real time, and this year’s Impact Award winners exemplify what it means to lead through change,” said Laura Ipsen, President and CEO, Ellucian. “These institutions are harnessing the full power of Ellucian’s AI-driven, SaaS-native solutions to break down barriers, unlock insights, and create more connected, student-centered experiences. Their work demonstrates how innovation, when grounded in purpose, can drive meaningful outcomes for students, faculty, staff, and communities worldwide.”

2026 Ellucian Impact Award-winning institutions will each receive a $25,000 USD award recognizing achievements across four categories, including Students First, Unlocking the Power of Data, Shaping the Future through SaaS, and Institutional Agility.

The 2026 Ellucian Impact Award Winners are:

Shaping the Future through SaaS

St. John’s University – Queens, N.Y.

St. John’s University earned recognition for its bold, institution-wide SaaS transformation through Project Genesis, modernizing core systems across student, finance, and HR on Ellucian’s SaaS-native platform. The university retired nearly 800 customizations, reduced support requests by 20%, and enabled faculty and staff to save 30–40% of their time through streamlined processes. Critical services are now significantly faster, with financial aid processing reduced from multiple days to one day and grade changes completed in about an hour instead of a full day. With 99.99% uptime and a more agile operating model, St. John’s is accelerating innovation while strengthening the experience for students, faculty, and staff.

Students First

Florida Polytechnic University – Lakeland, Fla.

Florida Polytechnic University was recognized for transforming the student experience with Ellucian solutions delivering a unified, student-first digital campus. The central workspace, MyFloridaPoly, is a single hub consolidating academic, administrative, and campus life resources. Streamlining access to essential tools and services reduced login barriers by 85%, increased mobile usage by 70%, and helped students save up to two hours per week. At the same time, the university retired more than 100 customizations and reduced infrastructure and licensing costs by 40%, creating a modern, scalable environment built around student success and continuous innovation.

Unlocking the Power of Data

Rend Lake College – Ina, Ill.

Rend Lake College earned recognition for using Ellucian Student powered by Colleague to transform a manual, paper-based state reporting process — collecting required student career and demographic data — into a fully automated, data-driven workflow. The institution expanded its data collection reach by 45%, increasing from 1,290 to more than 1,870 students, while boosting response rates by over 13%. Automation eliminated approximately two weeks of manual data entry, improving accuracy and freeing staff to focus on higher-value, student-centered support. The initiative also delivered measurable financial impact and supported a 5% enrollment growth, demonstrating how targeted data innovation can drive both operational efficiency and institutional outcomes.

Institutional Agility

American University of Beirut – Beirut, Lebanon

The American University of Beirut was recognized for its exceptional institutional agility, leveraging Ellucian solutions to sustain operations and expand global reach amid ongoing national crises. Through the launch of AUB Online and modernization of its digital ecosystem, the university increased its program portfolio to more than 30 offerings and generated $6 million in tuition revenue, with continued growth projected. At the same time, AUB unified access to services through Ellucian’s central workspace capability, simplifying the digital environment by 83% and increasing user adoption from 45% to 90%. Operational efficiency improved significantly, with 80% fewer support tickets, 20% faster registration processes, and a 40% reduction in IT costs — positioning the university to deliver resilient, scalable education to learners worldwide.

To learn more about Ellucian solutions, visit: https://www.ellucian.com/

WHAT IS ELLUCIAN
Ellucian powers innovation for higher education, partnering with approximately 3,000 customers across 50 countries, serving more than 21 million students. Ellucian’s AI-powered platform, trained on the richest dataset available in higher education, drives efficiency, personalized experiences, and strengthened engagement for all students, faculty and staff. Fueled by decades of experience with a singular focus on the unique needs of learning institutions, the Ellucian platform features best-in-class SaaS capabilities and delivers insights needed now and into the future. These solutions and services span the entire student lifecycle, including data-rich tools for student recruitment, enrolment, and retention to workforce analytics, fundraising, and alumni engagement. Ellucian’s innovative solutions, vast ecosystem of partners and user community of more than 45,000 provides best practices leading to greater institutional success and achieving better student outcomes.

Media Contacts
Greg Giangrande, Chief Marketing Officer
Greg.Giangrande@Ellucian.com

Jess Weston, Manager, Communications
Jess.Weston@Ellucian.com

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SOURCE Ellucian

Technology

Bahamas Grid Company Appoints Two New Board Directors

Published

49 minutes ago

April 22, 2026

NASSAU, The Bahamas, April 22, 2026 /PRNewswire/ — Bahamas Grid Company (BGC) today announced the appointment of Nikolai Sawyer and Debra Symonette to its Board of Directors, effective April 20, 2026.

These appointments follow the company’s recent transition to a fully independent, Bahamian-led operating model, including the conclusion of Island Grid Solutions’ management role and the appointment of new executive leadership.

Mr. Sawyer is a senior financial attorney with over 20 years of experience across corporate law, banking, and financial services. He brings deep expertise in regulatory strategy, risk management, and corporate governance.

Ms. Symonette is President and Director of Super Value Food Stores Limited and a Certified Public Accountant with over 25 years of financial leadership experience. She has held senior roles in accounting, audit, and corporate governance, and currently serves as a Director of Commonwealth Bank.

“With these appointments, BGC continues to strengthen its governance as we move forward as a fully Bahamian-led organization,” said Anthony Ferguson, Chairman of BGC. “Nikolai and Debra bring extensive legal, financial, and operational experience that will support the company’s long-term performance and accountability.”

“This is an important step in BGC’s continued evolution,” said Dareo McKenzie, Chief Executive Officer. “I look forward to working with the Board to drive long-term performance and reliability across the system.”

The company’s Board of Directors now comprises Anthony Ferguson (Chairman), Nikolai Sawyer, and Debra Symonette.

About Bahamas Grid Company
Bahamas Grid Company (BGC) is a utility company in New Providence responsible for upgrading, maintaining, and operating the island’s transmission and distribution infrastructure, with the goal of delivering reliable, resilient, and sustainable power to all residents and businesses.

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SOURCE Bahamas Grid Company

Technology

Auburn’s College of Education embraces an AI-powered future to advance its mission

Published

49 minutes ago

April 22, 2026

AUBURN, Ala., April 22, 2026 /PRNewswire/ — As Artificial Intelligence (AI) becomes more integrated into daily life, Auburn University’s College of Education is sharpening its focus on this powerful tool and exploring how it can strengthen the preparation of future educators and healthcare workers.

Throughout the College of Education (and featured in the recent release of the college’s Keystone Magazine), artificial intelligence is being thoughtfully integrated across its four academic units, reflecting both the breadth of the college and a shared commitment to ethical, human-centered practice. Auburn College of Education Dean Jeffrey Fairbrother shared his perspective on how artificial intelligence aligns with the college’s vision for the future.

“In the College of Education, we’re committed to opening doors and improving lives, and artificial intelligence is an important door to opportunity,” he said. “I am proud of our faculty who are embracing AI to expand access, enhance learning and empower educators, always guided by ethics and integrity. By opening these doors today, we’re building a better future for all, far into the future.”

In the Department of Curriculum and Teaching, faculty are focused on teacher preparation and continuously improving methods of learning. Paul Fitchett, head of C&T, oversees several faculty members leading AI-focused initiatives, including some who are developing a course on the applied use of AI in the workplace that will come with industry credentialing.

“We are exploring AI through a number of different, applied facets,” Fitchett said. “Some individuals are leveraging AI to expand research capabilities while others are engaging AI to support teaching and learning, improving the educational experience for instructors and students alike.”

In Agricultural Education, Leadership and Communications, AI is treated as both a research tool and an object of study, with faculty developing a new AI course and even patent-pending technologies that support agriculture, Extension work and global food systems, always emphasizing the “expert in the loop” and transparency over blind automation. In Elementary Education, future teachers learn to use AI as a collaborative planning and efficiency tool, refining outputs through pedagogical expertise and deep knowledge of learners.

Margaret Flores, interim head of the Department of Special Education, Rehabilitation, and Counseling, emphasized the importance of research regarding how AI will impact these professions. SERC faculty members are working to integrate AI into their classrooms to inform their students about future uses in their careers.

In Clinical Rehabilitation Counseling, faculty are embedding AI directly into applied coursework, training students to critically evaluate AI-generated vocational data, labor market information and assessment recommendations while grounding decisions in professional judgment and ethics. In the School Counseling Program, students are prepared to navigate AI’s possibilities and limits through ethics-focused coursework and national research, reinforcing that empathy, nuance and confidentiality remain irreplaceable.

Meanwhile, the Education to Accomplish Growth in Life Experiences for Success (EAGLES) Program is leveraging AI as an equalizer for students with intellectual disabilities, using federally funded digital literacy and AI modules to promote independence, self-advocacy and access.

“AI can enhance the services or instruction that we provide, reduce administrative tasks and increase efficiency in research,” Flores said. “We must ensure that researchers are shaping how AI is changing our fields.”

In the Department of Educational Foundations, Leadership, and Technology, faculty are working with AI in multiple ways. Through basic and applied research, faculty are addressing early childhood vocabulary learning and mathematics learning, and learning how AI can help with research workflow, STEM learning and even the development of education policy.

Several faculty members are also incorporating AI into their classrooms, including the use of an AU tutor to support independent learning and AI-explicit language in teaching materials such as syllabi.

EFLT Department Head Hank Murrah said that his unit’s approach is about embracing the changes that come with AI while also working to shape how it will affect the future of education.

“We view AI as both a transformative research tool and a catalyst for innovation in teaching and learning,” Murrah said. “Our faculty are developing AI-driven interventions for STEM education, leveraging AI to streamline research workflows and exploring ethical frameworks for its use in classrooms. These efforts position us to prepare graduates who are not only AI-literate but capable of shaping evidence-based policy and practice. We believe AI will redefine how educators design learning experiences and how researchers generate insights—making education more adaptive, fair and impactful.”

Matt Miller serves as the director of the School of Kinesiology, whose faculty members are exploring how AI can help with conducting research and processing data to find ways to improve a person’s health. Within the School of Kinesiology, AI is being introduced in coursework related to exercise prescription and programming, helping students analyze data, tailor training plans and think critically about how emerging technologies can support safe, individualized, evidence-based practice.

“School of Kinesiology faculty members conduct research that yields large and complex datasets involving measures related to human movement, including but not limited to their physical activity throughout the day, brain activity during exercise, joint angles while walking or throwing a ball and protein expression after exercise training,” Miller said. “AI helps faculty members make sense of these measures to translate research findings into practical knowledge that can be used to enhance health and performance.”

Additionally, in the School of Kinesiology, the Sensorimotor and Rehabilitation (SMART) Neuroscience Lab studies the neuroscience of human movement using virtual and augmented reality simulations. And now, a new member of the lab has joined the team to help understand things like balance and walking: Circuit, the robotic “dog” who comes complete with artificial intelligence built in. Circuit is what’s called a quadruped robot (“robot dog”), and he’s used to explore new ways of supporting older adults’ safety at home.

Led by Director of Physical Therapy Harsimran Baweja, the SMART Neuroscience Lab is using Circuit to study whether robot dogs equipped with artificial intelligence and advanced sensors can reliably track human movement during everyday activities.

While there are many uses for AI, College of Education faculty members are also acutely aware that the human touch is an essential part of their work. The overall goal is to use AI to enhance the service provided to another human being, whether they are a student or a patient.

“Whatever their approach, integrity and professional ethics remain the driving force for our use of generative Artificial Intelligence,” Fitchett said. “Maintaining these principles is essential as we navigate an ever-changing landscape.”

Together, these efforts highlight a college-wide approach to AI that spans disciplines and populations, using emerging technologies not as replacements for human expertise, but as tools to expand opportunity, insight and impact.

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SOURCE Auburn University College of Education