Genesys Cloud revenue growth of approximately 50% year-over-year propels company past$2 billion total revenue
SAN FRANCISCO, March 7, 2023 /PRNewswire/ — Genesys®, a leader in cloud experience orchestration, today announced highlights from the company’s fiscal year 2023 (February 1, 2022, to January 31, 2023). The company continued its strong momentum, surpassing $2 billion total revenue. The Genesys Cloud™ platform continues to gain market share, with revenue increasing approximately 50% year-over-year to greater than $800 million and has achieved its largest new bookings quarter ever in Q4. Additionally, Genesys was named a Leader for its ability to execute and completeness of vision in the 2022 Gartner® Magic Quadrant™ for Contact Center as a Service (CCaaS).i Genesys was also ranked number one in three out of five use cases in the Gartner Critical Capabilities report.ii
"Today’s economic uncertainty has underscored the importance of the experience in winning customer and employee loyalty and ultimately driving the bottom line," said Tony Bates, CEO and Chairman of Genesys. "Companies see Genesys industry leading experience orchestration capabilities as a game changer in this predominantly digital landscape for its ability to turn impersonal transactions into personal connections."
"Our Genesys Cloud platform provides the flexibility and fluidity that enables organizations to innovate their customer and employee experiences and deliver empathetic, personalized experiences at scale," continued Bates. "As an all-in-one platform, it’s unmatched in its ability to transform and modernize how organizations connect with people, integrate real-time data, optimize proactive, personalized engagement and deliver a true loyalty differentiator."
Genesys Growth and Profitability
Total revenue of greater than $2 billion
Genesys Cloud revenue of greater than $800 million, up approximately 50% year-over-year
Approximately 45% of total revenue from outside of North America
Genesys Cloud net revenue retention of greater than 120% in the fiscal fourth quarter
More than 400 customers with greater than $1 million annual recurring revenue (ARR), including 200 Genesys Cloud customers
The average number of unique agents for each of the top 50 Genesys Cloud customers increased approximately 30% year-over-year to nearly 8,000
Genesys Cloud software gross margin of greater than 80%
Strong profitability and liquidity, delivering mid-20s Adjusted EBITDA margin and ending the year with over $500 million in cash and cash equivalentsiii
Expanded Genesys Cloud to 12 core regions and 4 satellite regions around the world with three new satellite regions launched in Paris, Jakarta and Hong Kong. Genesys Cloud services are deployed in Amazon Web Services (AWS) Regions and AWS Availability Zones.
Genesys continues to receive industry recognition and accolades for its market leadership in experience orchestration, innovation, execution strength, and fostering a workplace culture focused on the needs and growth of all employees, among other areas. During the year, the company was recognized as:
A Leader in The Forrester Wave™: Journey Orchestration Platforms, Q2 2022iv; and the Omdia Universe: Customer Engagement Platforms, 2022-2023v evaluated for its orchestration and analytics capabilities that provide individual context across the customer journey, important capabilities in connecting every touchpoint and experience across sales, marketing and service
A Driver of ROI for customers with differentiated AI and automation capabilities in the IDC PeerScape: Lessons Learned from Implementing Conversational AIvi
A Leader in cloud contact center by Frost and Sullivanvii, earning first place in innovation around the world
A Leader in the Forrester New Wave™: Conversation Automation Solutions, Q3 2022viii for its comprehensive conversational AI capabilities that span marketing, sales and service use cases, including Exceed.ai® by Genesys
A Great Place to Work® throughout the world, with certifications in the United States, United Kingdom, Canada, Ireland, Japan, Brazil, Philippines and India. It also has been named a Best Place to Work for Women in India and the UK.
Every year, Genesys orchestrates billions of remarkable customer experiences for organizations in more than 100 countries. Through the power of our cloud, digital and AI technologies, organizations can realize Experience as a Service®, our vision for empathetic customer experiences at scale. With Genesys, organizations have the power to deliver proactive, predictive, and hyper personalized experiences to deepen their customer connection across every marketing, sales, and service moment on any channel, while also improving employee productivity and engagement. By transforming back-office technology to a modern revenue velocity engine Genesys enables true intimacy at scale to foster customer trust and loyalty. Visit www.genesys.com.
Preliminary Financial Information
The unaudited financial results for the fiscal year ended January 31, 2023 included in this press release are preliminary and represent the most current information available to management and are not a comprehensive statement of the financial results for the period discussed. Actual results may differ from the preliminary unaudited results included in this release due to the completion of the company’s year-end financial closing procedures, including final adjustments, completion of the audit by the company’s independent registered public accounting firm, and other developments that may arise between the date of this press release and the time that financial results for the fiscal year ended January 31, 2023 are finalized.
i Gartner® Magic Quadrant™ for Contact Center as a Service, Drew Kraus, Steve Blood, Pri Rathnayake, Pankil Sheth, 22 August 2022 Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
ii Gartner, Critical Capabilities for Contact Center as a Service, Steve Blood, Pri Rathnayake, Pankil Sheth, Drew Kraus, 23, August, 2022. Gartner Disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
This Magic Quadrant was earlier named as Magic Quadrant for Contact Center as a Service, North America and Magic Quadrant for Contact Center as a Service, Western Europe till 2019 Genesys was referred to Interactive Intelligence in the 2015 & 2016 Magic Quadrant report.
iii (1) Adjusted EBITDA represents Earnings before Interest, Taxes, Depreciation & Amortization, plus other adjustments such as one-time expenses, restructuring charges and stock-based compensation expense
iv The Forrester Wave: Journey Orchestration Platforms, Q2 2022, Forrester Research, Inc, Joana de Quintanilla, Paul McKay, June 27, 2022 v Omdia Universe: Customer Engagement Platforms, 2022-23 Report vi IDC PeerScape: Lessons Learned From Implementing Conversational AI, (IDC #US47715822, June 2022)
vii Frost Cloud Contact Center report series: Frost Radar™: North American Enterprise Cloud Contact Center Market, 2022, published October 28, 2022 Frost Radar™: Latin American Cloud Contact Center Market, 2021, published August 18, 2021 Frost Radar™: Asia-Pacific Cloud Contact Center Services, 2022, published March 11, 2022 Frost Radar™: European Contact Center as a Service (CCaaS) Market, 2021, published March 3, 2022
viii The Forrester New Wave: Conversation Automation Solutions, Q3 2022, Forrester Research, Inc. Jessie Johnson, Steven Casey, Faith Born, Arianne Burnette, September 1, 2022
Every year, Genesys® orchestrates billions of remarkable customer experiences for organizations in more than 100 countries. Through the power of our cloud, digital and AI technologies, organizations can realize Experience as a Service®, our vision for empathetic customer experiences at scale. With Genesys, organizations have the power to deliver proactive, predictive, and hyper personalized experiences to deepen their customer connection across every marketing, sales, and service moment on any channel, while also improving employee productivity and engagement. By transforming back-office technology to a modern revenue velocity engine Genesys enables true intimacy at scale to foster customer trust and loyalty.