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With the news of the closure of Silicon Valley Bank and Signature Bank, and the unfolding situation with First Republic Bank and other regional banks, I want to assure our customers and partners that the situation has had no material impact on Genesys.
As we shared in our FY23 Financial Results press release last week, Genesys ended its 2023 fiscal year (12 months ended January 31, 2023) with more than $500 million in cash and cash equivalents, held primarily in deposits at global systemically important banks (G-SIB) and in money market funds. Less than $10 million, representing less than 2%, of our cash and cash equivalents balance was held at Silicon Valley Bank. In addition, Genesys has an undrawn $250 million revolving credit facility, and Silicon Valley Bank is not a lender under that credit facility. So, in aggregate we have over $750 million in liquidity with virtually no exposure to these banks.
Although we continue to monitor the situation, we have a strong cash management program in place and remain confident that the closure of these banks will not have any material impact on our financial condition or results of operations.
Updated March 13, 2023
