2011 LivePerson, Inc. | LPSN Be an Owner, Help Others, Create Meaningful Connections. About LivePerson LivePerson, Inc. (NASDAQ: LPSN; TASE: LPSN) More than 8,500 companies rely on LivePerson’s offers a cloud-based platform that enables platform to increase conversions and improve businesses to proactively connect in real- consumer experience, including Hewlett- time with their consumers via chat, voice, and Packard, IBM, Microsoft, Verizon, Sky, Walt content delivery at the right time, through Disney, PNC, QVC and Orbitz. the right channel, including websites, social media, and mobile devices. This “intelligent LivePerson is headquartered in New York City engagement” is driven by real-time behavioral with offices in San Francisco, Atlanta, Tel Aviv, analytics, producing connections based on a London and Melbourne. true understanding of business objectives and consumer needs. Annual Revenue (in millions) Quarterly Revenue (in millions) 2011 2010 2009 Safe Harbor Provision Statements in this press release 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 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 progresses, 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. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Readers are referred to the reports and documents filed from time to time by us with the Securities and Exchange Commission, including the Annual Report on Form 10-K enclosed herein, for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in the forward-looking statements. Dear Fellow Shareholder, “Be an owner, help others, and create meaningful values and the building of our real-time platform for connections—who knows what magic could intelligent engagement. We focused on attracting happen from these three simple ideas.” This was the leadership that would embody these values and closing paragraph of last year’s shareholder letter. help drive the business forward. We hired a new These three simple phrases have guided us over the CFO, Dan Murphy, and also new heads of Marketing, past year to become a better company, a different Platform, and Professional Services, as well as type of company. several other new members of the leadership team. In 2011, looking at LivePerson from the outside, you There were a lot of changes in 2011 and I’m might have observed a company that continued its really proud of how our team took to the history of delivering strong growth rates and best- challenge of embracing our mission, realigning in-class operating margins. In 2011, revenue from our organizational structure and focusing on business operations increased by 24%, income from innovation—all while keeping the business operations grew by 37%, and our cash position growing at a strong pace. increased by more than 50% to $93 million. As a shareholder, you were probably pleased with these “Meaningful Connections” as more than a Sentiment results. However, what you may not have realized At a company meeting this past year, I was asked was the profound internal transformation that was by a team member named David “What does our happening from both a cultural and innovation mission of ‘creating meaningful connections’ have standpoint. to do with making money?” While his question was seemingly innocuous, it struck me as an Building on the Strength of Our Core opportunity to better align the business goals and At the core of what makes our chat products the cultural vision of our company. successful is our ability to take consumer behavior data and drive an intelligent, real-time action. This reminded me of a similar question that was In 2011, we started our transformation from a posed during a quarterly business review back in single product company, to one delivering an 2010. One of our sales leaders wondered how we intelligent engagement platform that can support would connect our new products and platform to multiple real-time products. By the end of 2011, our core values. He asked what was the “golden we introduced three new products to the market thread” that tied it all together? This inspired a including LP Marketer, LP Insights, and ADE. In thoughtful discussion that spread throughout 2011, we opened up our platform to third-party the entire company and ultimately helped us developers so they could deliver their own gain clarity on defining our mission. We realized innovative and original applications with a focus on that what we are passionate about as a company social, mobile, data, and real-time engagement. By aligns with what our products aim to deliver— the end of the year, we had over twenty ecosystem “meaningful connections” between people. This is partners with applications that leveraged the clearly the “golden thread” that ties our culture and strength of our platform and expanded the reach of products together. our core solutions. In today’s world there are many forms of It Starts with the People connection, some of them valuable and others Over the past 18 months we worked closely to align shallow, forgettable or meaningless. This is why we our products, processes, and people with our core believe our technology brings unique value to the world—it creates connections that are “meaningful.” vision for LivePerson is to deliver a very strong To us, a meaningful connection is made in real- intelligent engagement platform for fostering time, is engaging and personal, and can happen meaningful connections across all channels of through any device or channel. We believe that interaction, and also to empower our customers when our customers use our platform and products to build an entire culture around this type of to meaningfully connect with their customers, this connection. LivePerson has the opportunity to turn can generate a profound long-term value to their meaningful connections into a set of products that business. could really change how businesses operate in today’s environment. My hope is that one day our We also envisioned that a greater level of customers will send their employees to LivePerson connection between us as employees could create to see how we interact with each other, how we a deeper level of trust, fostering a more effective connect with our customers, and even how we take and cohesive work environment. We’re committed those connections to the community around us. to weaving that golden thread through everything I’m very excited about the road that lies ahead as we do. Today, we are focused on developing the we strive to execute on this vision. systems to consistently deliver connection at all touch points—with each other, our customers I will finish this letter with a small revision to my and with our entire community, including you, our 2010 closing statement: shareholders. Be an owner, help others, and create meaningful The Vision connections—There is a vision of what magic The greatest challenge for most companies these three ideals could bring to our company. today is to meaningfully connect with consumers The journey now is in clearly connecting the dots wherever they are—whether through chat, video, towards answering David’s question. mobile, social, the online or offline world. The Best regards, Rob [email protected] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ࠚ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2011 OR □ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to . Commission File Number 000-30141 LIVEPERSON, INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 13-3861628 (State of Incorporation) (I.R.S. Employer Identification Number) 475 Tenth Avenue, 5th Floor, New York, New York 10018 (Address of Principal Executive Offices) (Zip Code) (212) 609-4200 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock, par value $0.001 per share The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Ⅺ No ࠚ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes Ⅺ No ࠚ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ࠚ No Ⅺ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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