Cash Flow and Financial Position - LiveVox reported a net cash used in operating activities of $23.8 million for fiscal 2022, a decrease of $45.2 million from $69.1 million in fiscal 2021[338]. - The company had net cash used in investing activities of $1.4 million in fiscal 2022, down from $49.8 million in fiscal 2021, primarily due to a decrease in purchases of debt securities by $37.9 million[339]. - Financing activities resulted in a net cash outflow of $0.9 million in fiscal 2022, a significant decrease of $147.6 million compared to inflows of $146.7 million in fiscal 2021, largely due to the net cash proceeds of $159.7 million from the merger in 2021[341]. - The company recorded a net increase in cash, cash equivalents, and restricted cash of $(26.6) million in fiscal 2022, compared to an increase of $27.8 million in fiscal 2021[337]. - LiveVox's cash requirements for the next 12 months primarily consist of operating and administrative expenses, including employee-related costs and current maturities of its term loan[330]. - The company believes that cash generated from operating activities and debt will be sufficient to meet anticipated cash requirements for at least the next 12 months[335]. Debt and Financing - The company has a term loan of $57.6 million due on December 31, 2025, and was in compliance with all debt covenants as of December 31, 2022[331]. - The term loan portion of the Credit Facility is subject to interest rate risk, with the Company electing a LIBOR rate as of December 31, 2022[374]. Revenue and Business Model - LiveVox's revenue is primarily derived from cloud-based contact center products under a usage-based model, with professional services accounting for approximately 1% of total revenue[353]. Incentive Programs - The Company established a Management Incentive Unit program in 2019, with MIUs vesting ratably over five years, accelerating upon a "sale of the company"[359]. - The 2021 Equity Incentive Plan was approved on June 16, 2021, allowing for RSUs and PSUs to be granted, with vesting periods ranging from one to six years[361]. Market and Customer Concentration - As of December 31, 2022, no single issuer represented more than 10% of the Company's marketable securities, and no single customer represented more than 10% of accounts receivable or revenue for the years ended December 31, 2022, 2021, and 2020[372]. - One vendor accounted for approximately 38% of total accounts payable as of December 31, 2022, down from 43% in 2021, indicating a potential risk if the relationship ceases[373]. Foreign Currency and Translation - The Company reports results in U.S. dollars, with foreign subsidiaries translating monetary assets and liabilities at current exchange rates, resulting in translation adjustments recorded in stockholders' equity[375]. - Exchange gains and losses from foreign currency transactions were not significant in any period and are reported in other income (expense), net[376]. Strategic Opportunities - LiveVox is exploring acquisition opportunities in the cloud-based services sector, which may require significant capital commitments[336].
LiveVox (LVOX) - 2022 Q4 - Annual Report