{"id":470223,"date":"2023-03-13T21:45:07","date_gmt":"2023-03-14T04:45:07","guid":{"rendered":"https:\/\/www.genesys.com\/blog\/post\/genesys-message-on-silicon-valley-bank-news"},"modified":"2023-03-19T21:48:58","modified_gmt":"2023-03-20T04:48:58","slug":"genesys-message-on-silicon-valley-bank-news","status":"publish","type":"blog","link":"https:\/\/www.genesys.com\/en-sg\/blog\/post\/genesys-message-on-silicon-valley-bank-news","title":{"rendered":"Genesys Message on Silicon Valley Bank News"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_section full_width=&#8221;stretch_row&#8221;][vc_row][vc_column][vc_column_text]With the news of the closure of Silicon Valley Bank\u00a0and 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.<\/p>\n<p>As we shared in our\u00a0<a href=\"https:\/\/www.genesys.com\/en-sg\/company\/newsroom\/announcements\/genesys-announces-strong-fiscal-year-2023-results\" target=\"_blank\" rel=\"noopener\">FY23 Financial Results press release<\/a> last week, Genesys ended its 2023 fiscal year (12 months ended January 31, 2023) with more than\u202f$500 million\u202fin 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\u00a0these banks.<\/p>\n<p>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\u00a0will not have any material impact on our financial condition or results of operations.<\/p>\n<p><strong><em>Updated March 13, 2023<\/em><\/strong>[\/vc_column_text][\/vc_column][\/vc_row][\/vc_section]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_section full_width=&#8221;stretch_row&#8221;][vc_row][vc_column][vc_column_text]With the news of the closure of Silicon Valley Bank\u00a0and 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\u00a0FY23 Financial Results press release last week, Genesys [&hellip;]<\/p>\n","protected":false},"author":1009,"featured_media":469416,"template":"","tax_priority":[54],"tax_blogtype":[17766],"tax_blogcategory":[15977],"tax_contenttheme":[14907],"tax_bundle":[],"tax_contenttheme2":[],"tax_capability_sitewide":[],"tax_products_programs":[],"tax_buying_job":[],"tax_buyer_persona":[],"tax_sector":[],"tax_segment":[],"class_list":["post-470223","blog","type-blog","status-publish","has-post-thumbnail","hentry","tax_priority-54","tax_blogtype-genesys-executives-en-sg","tax_blogcategory-announcements-en-sg","tax_contenttheme-grow-your-business-en-sg"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog\/470223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/users\/1009"}],"version-history":[{"count":3,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog\/470223\/revisions"}],"predecessor-version":[{"id":470226,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog\/470223\/revisions\/470226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/media\/469416"}],"wp:attachment":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/media?parent=470223"}],"wp:term":[{"taxonomy":"tax_priority","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_priority?post=470223"},{"taxonomy":"tax_blogtype","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_blogtype?post=470223"},{"taxonomy":"tax_blogcategory","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_blogcategory?post=470223"},{"taxonomy":"tax_contenttheme","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_contenttheme?post=470223"},{"taxonomy":"tax_bundle","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_bundle?post=470223"},{"taxonomy":"tax_contenttheme2","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_contenttheme2?post=470223"},{"taxonomy":"tax_capability_sitewide","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_capability_sitewide?post=470223"},{"taxonomy":"tax_products_programs","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_products_programs?post=470223"},{"taxonomy":"tax_buying_job","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_buying_job?post=470223"},{"taxonomy":"tax_buyer_persona","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_buyer_persona?post=470223"},{"taxonomy":"tax_sector","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_sector?post=470223"},{"taxonomy":"tax_segment","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_segment?post=470223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}