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In fact, LivePerson has not generated positive annual free cash flow in any of the last five years, and the Company is expected to burn cash again in 2023.1 After the Company reported results for the latest quarter, Q4 2022, the stock fell nearly 60% the next day, due to yet another severe cut to the forward outlook.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.712+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f05b76c-ce9a-4379-be1d-0472b45a416c", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.198 }, "kind": "paragraph", "text": "Therefore, in the spirit of constructive engagement and with the hope that the then-incumbent Board was correct in its assertions that the Company was at an inflection point, we agreed to allow Mr. LoCascio and the incumbent management team to remain in place, while ensuring that at least three new directors would join the nine-person Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.712+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37a276ae-3422-43ca-ac1a-aa635f6d2c27", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "that LivePerson needed a change of CEO, the Board insisted that it was committed to Mr. LoCascio, as it felt that LivePerson was finally well positioned for success after years of challenges. Moreover, the Company's stockholder-unfriendly staggered Board structure prohibited us from pursuing a level of change that would have resulted in a change in a majority of the Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.712+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfa3f15c-864f-4b92-8413-77348747588d", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.76 }, "kind": "paragraph", "text": "The only conclusion we can draw from the Board's lack of action despite these results is that more change is needed in order to ensure that a majority of the Board is made up of non-conflicted, independent, and qualified directors who can make better decisions on behalf of all stockholders. To that end, we have nominated a slate of directors for election at the 2023 Annual Meeting whom", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.712+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f63c710c-9905-4a7e-9c9e-060177beaf86", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.865 }, "kind": "source-note", "text": "1 Source: Public company filings and Bloomberg. Free cash flow calculated as Net cash provided by (used in) operating activities less Purchases of property and equipment, including capitalized software. Market data as of May 3, 2023.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As previously mentioned in our May 9, 2022, public letter to stockholders, anonymous employee reviews on Glassdoor reveal a troubling, yet clear, picture: LivePerson has a toxic work environment characterized by \"intimidation, lying, harassment, [and] nepotism\" as well as a lack of gender diversity.3 We believe the Company's poor culture is in part responsible for elevated employee turnover, which spans from entry-level employees to senior executives. 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We look forward to sharing more information regarding our nomination over the coming weeks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.889+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6231ef5f-2409-4365-a9f3-334859426655", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.8, "x": 0.1, "y": 0.34 }, "kind": "paragraph", "text": "We believe LivePerson's poor financial and stock price performance are attributable to the Company's lack of operational discipline and a pattern of constant strategy shifts, as well as significant executive turnover (that unfortunately has not yet included the CEO), internal control issues that have resulted in a delayed 10-K filing in two of the last three years, and troubling allegations of inappropriate behavior and a toxic work environment. We believe all of these issues are directly traceable to Mr. LoCascio.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.889+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a33a2042-ebc0-4324-a35c-537886e628f7", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "We were hopeful that initiating another contested election this year would not be necessary. In recent weeks, we again reached out to the Board to reiterate our view that a change in leadership was needed, and unfortunately, we again found that the Board was not willing to meaningfully engage to discuss a path forward that would be acceptable to stockholders. To be clear, we remain open to working with the Board to resolve this matter in a manner that would result in a strong, independent, and capable Board, along with a commitment to initiate an expeditious management transition and a search process to identify the best possible CEO to lead LivePerson, or a commitment to conduct a robust sale process to maximize value for stockholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.889+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de7303c7-33d9-4cc8-bded-b7c22c973a12", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.49 }, "kind": "paragraph", "text": "Mr. LoCascio's lack of focus and discipline is perhaps best illustrated by his repeated fascination with non-core ventures. Previous pet projects of Mr. LoCascio include LivePerson's short-lived and unsuccessful ventures into creating its own bank and clothing line; in the Company's previous two 10-K's, it has included a risk factor stating it anticipates \"potentially making investments in, and potentially holding, creating or managing blockchain-based assets, including cryptocurrency or other digital tokens and development of blockchain-based decentralized applications\"; and, most recently, Mr. LoCascio has been preoccupied with WildHealth, a precision health business that LivePerson acquired in early 2022, which includes an earnout that has the potential to dilute stockholders by more than 35%.2", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.889+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5323bc6-d4db-4952-98a2-4ca0a3e8aa15", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.68 }, "kind": "paragraph", "text": "To be clear, blame also lies with the legacy incumbent directors, who have done nothing to slow Mr. LoCascio's brazen lack of regard for protecting stockholder value and have instead seemingly gone out of their way to protect him as he has embarked on numerous reckless ventures with stockholder capital.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.889+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbfa823d-8e4f-4285-b3a0-0bc4d00992ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 2, "name": "Need", "beatId": "d3d6887a-b49e-4508-a9b2-dc5f848cf384", "matchId": "8e3734ad-0ad3-4159-b6aa-34c0eb6fd0e7", "beatType": { "name": "Need", "slug": "monroes-sequence-need", "status": "active", "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694", "version": 1, "description": null }, "evidence": "The key messages likely highlight a need for change", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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We look forward to engaging with our fellow stockholders moving forward, and we are hopeful we can reach a reasonable resolution without the need for another election contest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.106+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55805a2c-8aff-427d-b263-05c342937916", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "It is now unfortunately clear that stockholders must take action to ensure that real change is made in order to safeguard ourselves against further value destruction. It is clear to us that the newly appointed directors need more help, and that the majority incumbency of the Board still inexplicably supports a management team that has consistently failed us.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.106+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4bebc19-4050-4464-8583-eb978adcc6ac", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.085, "x": 0.588, "y": 0.615 }, "kind": "paragraph", "text": "Sincerely,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:56.106+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7078a06-82c9-4941-986d-9e4924ded6e6", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.245 }, "kind": "paragraph", "text": "It is our continuing hope that another election contest will not be necessary. We believe the overwhelming preponderance of evidence would lead any reasonable and rational group of fiduciaries to conclude that the Company needs a change in leadership. 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