# EDGAR Filing Document

**Accession Number:** 0001723648
**File Stem:** 0001104659-23-003944
**Filing Date:** 2023-1
**Character Count:** 15359
**Document Hash:** 49d6e00abbb3c0bbb68f3f3aee37459e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-003944.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001104659-23-003944

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230113

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LiveVox Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001723648
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 823447941
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38825
- **FILM NUMBER:** 23530061

**BUSINESS ADDRESS:**
- **STREET 1:** 655 MONTGOMERY STREET
- **STREET 2:** SUITE 1000
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-671-6000

**MAIL ADDRESS:**
- **STREET 1:** 655 MONTGOMERY STREET
- **STREET 2:** SUITE 1000
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Crescent Acquisition Corp
- **DATE OF NAME CHANGE:** 20181105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Crescent Funding Inc.
- **DATE OF NAME CHANGE:** 20171122

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): January 13, 2023**

**LIVEVOX HOLDINGS, INC.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware**<br> **(State or other jurisdiction of <br> incorporation<br> or organization)** | **001-38825**<br> **(Commission File<br> Number)** | **82-3447941**<br> **(I.R.S. Employer Identification<br> Number)** |

---

**655 Montgomery Street, Suite 1000**

**San Francisco, CA 94111**

**(Address of principal executive offices and zip code)**

(**415) 671-6000**

**(Registrant's telephone number, including area code)**

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**☐** **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**☐** **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐** **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**☐** **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol** | **Name of each exchange<br> on which registered** |
| **Class A common stock, par value $0.0001 per share** | **LVOX** | **The NASDAQ Stock Market LLC** |
| **Redeemable Warrants, each whole Warrant exercisable to purchase one share of Class A common stock at an exercise price of $11.50** | **LVOXW** | **The NASDAQ Stock Market LLC** |
| **Units, each consisting of one share of Class A common stock and one-half of one redeemable Warrant** | **LVOXU** | **The NASDAQ Stock Market LLC** |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).**

**Emerging growth company x**

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐**

**Item 2.05 - Costs** **Associated with Exit or Disposal Activities**

On January 13, 2023, LiveVox Holdings, Inc. (the "Company") authorized a new cost reduction plan (the "CRP"). Management, with the oversight and guidance of the Company's board of directors, determined to implement the CRP following a review of the Company's business, operating expenses and the macroeconomic environment. The CRP is intended to reduce the Company's cost structure and improve its operational efficiency.

The CRP will include a reduction of approximately 96 employees, comprising approximately 16% of the Company's global workforce. In connection with the CRP, the Company estimates that it will record an aggregate restructuring charge in the first quarter related to one-time termination benefits in the range of $3.0 million to $3.5 million, the substantial majority of which will result in cash expenditures.

Cash expenditures in connection with the CRP consist of payments for salary, benefits, and unused paid time off for the affected employees through their termination date. The CRP will also consist of a severance package that includes a cash severance payment, payments to cover the employer premiums and administration fees for continuation of healthcare coverage for a limited period, and outplacement services.

Each affected employee's eligibility for the severance benefits is contingent upon such employee's execution (and non - revocation) of a separation agreement, which includes a general release of claims against the Company. The Company expects payments relating to the CRP to be completed by the end of the first quarter of 2023.

The estimates of the charges and expenditures that the Company expects to incur in connection with the CRP, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the CRP. A letter to the Company's employees from John DiLullo, the Company's Chief Executive Officer, regarding the employee restructuring under the CRP is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference.

**Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

On January 13, 2023, the employment of Erik Fowler, our former Chief Revenue Officer, was terminated, to be effective January 20, 2023, in connection with the CRP. In connection with his departure, Mr. Fowler is expected to receive payment of a lump sum equal to 36 weeks of his base salary, two months of continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and up to three months of outplacement services to be paid by the Company, subject to his execution of a separation and release agreement and compliance with post-termination restrictive covenants.

**Forward-Looking Statements** 

This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements related to the expected benefits of and timing of completion of the CRP, and the expected costs and charges of the CRP. Words such as "expects," "anticipates," "aims," "projects," "intends," "plans," "believes," "estimates," "seeks," "assumes," "may," "should," "could," "would," "foresees," "forecasts," "predicts," "targets," "commitments," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based upon the Company's current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the Company's control. Actual results and the timing of events may differ materially from those contemplated by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the risk that the restructuring costs and charges may be greater than anticipated; the risk that the Company's restructuring efforts may adversely affect the Company's internal programs and the Company's ability to recruit and retain skilled and motivated personnel, and may be distracting to employees and management; the risk that the Company's restructuring efforts may negatively impact the Company's business operations and reputation with or ability to serve customers; the risk that the Company's restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated; and other risks and uncertainties included in the reports on Forms 10-K, 10-Q and 8-K and in other filings the Company makes with the Securities and Exchange Commission from time to time, available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained herein speak only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibit.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm233456d1_ex99-1.htm) | [Letter to LiveVox Holdings, Inc. Employees from John DiLullo dated January 13, 2023.](tm233456d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **LIVEVOX HOLDINGS, INC.** | **LIVEVOX HOLDINGS, INC.** |
| Date: January 17, 2023 | **By:** | /s/ Gregg Clevenger |
|  | **Name:** | Gregg Clevenger |
|  | **Title:** | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

Fellow LiveVox employees,

Today, we are announcing several changes to our global business operations and the LiveVox team. These changes, while difficult, will help us better adapt to evolving macroeconomic conditions and allow us to aggressively pivot our business toward more attractive growth prospects and greater profitability. I sincerely believe that in the long run these changes will benefit all LiveVox stakeholders, including customers, partners, investors, and employees.

This pivot of our business model includes an immediate reduction of approximately 16% of our global team. Our employees are the lifeblood of the company – they are family – and taking this action has been incredibly difficult. As of today, all impacted team members have been notified and we are taking steps to see that they are treated with the utmost professionalism and fairness in this difficult process. We are neither planning nor do we anticipate the need to make any further workforce reductions.

The team members leaving LiveVox have been valued contributors and friends, and I want to offer my most sincere gratitude and appreciation for their innumerable contributions. In addition to the team members whose roles have been eliminated today, approximately 10% of the team is taking on new or expanded responsibilities. These changes were not applied evenly across the organization – certain departments had very few reduced or changed roles, while other departments were affected more significantly.

The decision to make these changes did not come easily. LiveVox has a storied past, one rich with innovation, thought leadership, and a fanatical dedication to customer success. Evidence of LiveVox's success reached a crescendo last year when we celebrated our 20<sup>th</sup> consecutive quarter of year over year growth and, in 2021, when we were listed on the NASDAQ stock exchange. In combination, these accomplishments are a distinction that less than 1% of all US companies ever achieve. LiveVox has many things of which to be proud, but all of them were unequivocally the result of the LiveVox team's commitment, tenacity, and grit.

But times have changed.

Our traditional prospects and clients have altered their business models to adjust not only to a changing financial environment, but also to embrace changing demographic behaviors and habits in the wake of the COVID pandemic and the increasingly digital nature of the modern support experience. Our 100% cloud-based, CCaaS product prophetically and elegantly supports four sweeping, tectonic contact center changes that are simultaneously disrupting our incumbent competitors' traditional businesses: 1) Omnichannel, 2) AI-driven Automation, 3) Work from anywhere, and 4) Consumption-based pricing. What's more, on-premises customers, representing millions of legacy contact center seats, are aggressively migrating to CCaaS solutions. The opportunity for LiveVox has never been brighter.

Michael Porter wrote nearly 50 years ago that the essence of strategy is often knowing what *not to do.* While our business pivots to take advantage of accelerating markets, other areas will necessarily be deemphasized. The rewards for transforming these areas of our business will be plentiful and long-lasting. Our new efforts will include embracing more commercial partnerships, forming strategic product alliances, and reducing the complexity of our business. These transformative initiatives hold the joint promise of opening the aperture to a previously unexplored universe of prospects and offering existing customers a superior LiveVox experience with a richer set of differentiated solutions.

I have been with the company for only a few months but have spent much of that time meeting with and getting to know our customers. One common theme in all my customer interactions is that our customers love us. They love our people, they love our products, and they want us to become a bigger part of their business. They need us to help them reduce costs, to help them migrate to the cloud, and to help them leverage the awesome power of our omnichannel solutions. They want us to grow with them, both domestically and abroad. We have a unique opportunity and, in many ways, an obligation as partners to rise to that challenge.

The success LiveVox has enjoyed to date is the result of your hard work. It is the result of attentive customer listening, teamwork, commitment, and execution. That is the culture of LiveVox. And, those are the hallmarks of a culture that will endure and thrive in these complicated times.

I look forward to discussing the changes announced today in our "all employee" town hall on Tuesday, January 17<sup>th</sup> at 7:00am PST.

Thanks for all that you do and thanks for being part of LiveVox.

**John DiLullo**

CEO, LiveVox