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  "documentTitle": "LivePerson, Inc. (LPSN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter Feld",
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  "presentationDate": "2023-05-05 00:00:00",
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  "notes": "This is a page from an activist investor letter (Starboard Value) criticizing LivePerson's board and management.",
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      "text": "As a result of this atrocious financial performance and investors’ complete lack of faith in management, LivePerson has been among the worst performing publicly-traded software companies over almost any time period.",
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      "text": "Total Shareholder Return: (394.7%)",
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      "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.",
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      "text": "Regrettably, just two weeks after the announcement of our settlement and the Board’s assertion that performance would improve, LivePerson reported results for Q2 2022 and materially lowered its outlook for the full year.",
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      "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.",
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      "kind": "source-note",
      "text": "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.",
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      "text": "Relative Total Shareholder Returns table showing LivePerson vs Software Sector ETF underperformance across 5 time periods.",
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