36% Growth in LTM Enterprise Subscription
Revenue
Fourth Quarter GAAP Net Income of $3.7
Million
Fourth Quarter Adjusted EBITDA of $16.4
Million, a Record 22.7% of Revenue
Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact
center software for the digital enterprise, today reported results1
for the fourth quarter and full year ended December 31,
2018.
Fourth Quarter 2018 Financial Results
- Revenue for the fourth quarter of 2018
increased 31% to a record $72.3 million, compared to $55.4 million
for the fourth quarter of 2017.
- GAAP gross margin was 60.8% for the
fourth quarter of 2018, compared to 59.6% for the fourth quarter of
2017.
- Adjusted gross margin was 65.1% for the
fourth quarter of 2018, compared to 63.6% for the fourth quarter of
2017.
- GAAP net income for the fourth quarter
of 2018 was $3.7 million, or $0.06 per diluted share, compared to
GAAP net loss of $(0.6) million, or $(0.01) per basic share, for
the fourth quarter of 2017.
- Non-GAAP net income for the fourth
quarter of 2018 was $14.5 million, or $0.23 per diluted share,
compared to non-GAAP net income of $4.0 million, or $0.07 per
diluted share, for the fourth quarter of 2017.
- Adjusted EBITDA for the fourth quarter
of 2018 was $16.4 million, or a record 22.7% of revenue, compared
to $6.9 million, or 12.4% of revenue, for the fourth quarter of
2017.
- GAAP operating cash flow for the fourth
quarter of 2018 was $15.5 million, compared to GAAP operating cash
flow of $2.9 million for the fourth quarter of 2017.
2018 Financial Results
- Total revenue for 2018 increased 29% to
a record $257.7 million, compared to $200.2 million in 2017.
- GAAP gross margin was 59.6% for 2018,
compared to 58.5% in 2017.
- Adjusted gross margin was 63.9% for
2018, compared to 62.7% in 2017.
- GAAP net loss for 2018 was $(0.2)
million, or $(0.00) per basic share, compared to a GAAP net loss of
$(9.0) million, or $(0.16) per basic share, in 2017.
- Non-GAAP net income for 2018 was $37.0
million, or $0.60 per diluted share, compared to a non-GAAP net
income of $6.3 million, or $0.11 per diluted share, in 2017.
- Adjusted EBITDA for 2018 was $46.4
million, or a record 18.0% of revenue, compared to
$17.6 million, or 8.8% of revenue, in 2017.
- GAAP operating cash flow for 2018 was
$38.6 million, compared to GAAP operating cash flow of $11.1
million in 2017.
“We closed 2018 with our strongest quarter ever with fourth
quarter revenue growth accelerating to 31%. This accelerating
revenue growth, combined with our strong execution and expense
discipline, allowed us to deliver 22.7% adjusted EBITDA margin.
These stand-out results are representative of the large market
opportunity we are addressing and continued momentum in our
Enterprise business. As customer experience becomes a strategic
priority and the market shifts towards the cloud, we believe Five9
is extremely well positioned to capitalize on this opportunity. Our
customers view Five9 as a trusted strategic partner who can help
them at every stage of the customer experience journey. We believe
that we are at the nexus of a transformative opportunity, and that
this will enable us to continue to deliver sustained growth and
advance our goal of creating the world’s best intelligent contact
center delivered through the cloud and powered by AI.”
- Rowan Trollope, CEO, Five9
Business Outlook
- For the full year 2019, Five9
expects to report:
- Revenue in the range of $298.5 to
$301.5 million.
- GAAP net loss in the range of $(22.1)
to $(19.1) million, or $(0.36) to $(0.31) per basic share.
- Non-GAAP net income in the range of
$36.8 to $39.8 million, or $0.58 to $0.62 per diluted share.
- For the first quarter of 2019, Five9
expects to report:
- Revenue in the range of $70.0 to $71.0
million.
- GAAP net loss in the range of $(5.7) to
$(4.7) million, or a loss of $(0.10) to $(0.08) per basic
share.
- Non-GAAP net income in the range of
$7.1 to $8.1 million, or $0.11 to $0.13 per diluted share.
1On January 1, 2018, Five9 adopted Accounting Standards
Codification (ASC) 606 “Revenue from Contracts with Customers”
using the modified retrospective transition method. While the
financial results for the fourth quarter and full year 2018 are
presented under ASC 606, financial results for the fourth quarter
and full year 2017 are presented under ASC 605. A reconciliation of
the financial results for the fourth quarter and full year 2018
under ASC 606 and ASC 605 is presented in the “Reconciliation of
ASC 605 to ASC 606 P&L items” table included in this
release.
Conference Call Details
Five9 will discuss its fourth quarter and full year 2018 results
today, February 19, 2019, via teleconference at 4:30 p.m.
Eastern Time. To access the call (ID 2920436), please dial:
800-458-4121 or 323-794-2093. An audio replay of the call will be
available through March 5, 2019 by dialing 888-203-1112 or
719-457-0820 and entering access code 2920436. A copy of this press
release will be furnished to the Securities and Exchange Commission
on a Current Report on Form 8-K, and will be posted to our web
site, prior to the conference call.
A webcast of the call will be available on the Investor
Relations section of the Company’s website at
http://investors.five9.com/.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this press release and the accompanying tables contain
certain non-GAAP financial measures. We calculate adjusted gross
profit by adding back the following items to gross profit:
depreciation, intangibles amortization and stock-based
compensation. We calculate adjusted EBITDA by adding back or
removing the following items to or from GAAP net income (loss):
depreciation, amortization, stock-based compensation, interest
expense, interest (income) and other, non-recurring litigation
settlement costs and related indemnification fees, reversal of
interest and penalties on accrued federal fees, and provision for
income taxes. We calculate non-GAAP operating income as operating
income (loss) excluding stock-based compensation, intangibles
amortization, non-recurring litigation settlement costs and related
indemnification fees, and reversal of interest and penalties on
accrued federal fees. We calculate non-GAAP net income as GAAP net
income (loss) excluding stock-based compensation, intangibles
amortization, amortization of debt discount and issuance costs,
amortization of discount and issuance costs on convertible senior
notes, non-recurring litigation settlement costs and related
indemnification fees, reversal of interest and penalties on accrued
federal fees and non-cash adjustment on investment. Non-GAAP
financial measures do not have any standardized meaning and are
therefore unlikely to be comparable to similarly titled measures
presented by other companies. Five9 considers these
non-GAAP financial measures to be important because they provide
useful measures of the operating performance of the Company,
exclusive of factors that do not directly affect what we consider
to be our core operating performance, as well as unusual events.
The Company’s management uses these measures to (i) illustrate
underlying trends in the Company’s business that could otherwise be
masked by the effect of income or expenses that are excluded from
non-GAAP measures, and (ii) establish budgets and operational goals
for managing the Company’s business and evaluating its performance.
In addition, investors often use similar measures to evaluate the
operating performance of a company. Non-GAAP financial measures are
presented only as supplemental information for purposes of
understanding the Company's operating results. The non-GAAP
financial measures should not be considered a substitute for
financial information presented in accordance with GAAP. Please see
the reconciliation of non-GAAP financial measures set forth herein
and attached to this release.
Forward-Looking Statements
This news release contains certain forward-looking statements,
including the statements in the quote from our Chief Executive
Officer, including statements regarding Five9’s market position,
business momentum, expectations for future growth, product
positioning, enterprise customer views of the value of our products
and vision for the future, the Company’s long-term goals, and the
first quarter and full year 2019 financial projections set forth
under the caption “Business Outlook,” that are based on our current
expectations and involve numerous risks and uncertainties that may
cause these forward-looking statements to be inaccurate. Risks that
may cause these forward-looking statements to be inaccurate
include, among others: (i) our quarterly and annual results may
fluctuate significantly, including as a result of the timing and
success of new product and feature introductions by us, may not
fully reflect the underlying performance of our business and may
result in decreases in the price of our common stock; (ii) if we
are unable to attract new clients or sell additional services and
functionality to our existing clients, our revenue and revenue
growth will be harmed; (iii) our recent rapid growth may not be
indicative of our future growth, and even if we continue to grow
rapidly, we may fail to manage our growth effectively; (iv) failure
to adequately expand our sales force could impede our growth; (v)
if we fail to manage our technical operations infrastructure, our
existing clients may experience service outages, our new clients
may experience delays in the deployment of our solution and we
could be subject to, among other things, claims for credits or
damages; (vi) security breaches and improper access to or
disclosure of our data or our clients’ data, or other cyber attacks
on our systems, could result in litigation and regulatory risk,
harm our reputation and adversely affect our business; (vii) the
markets in which we participate involve numerous competitors and
are highly competitive, and if we do not compete effectively, our
operating results could be harmed; (viii) if our existing clients
terminate their subscriptions or reduce their subscriptions and
related usage, our revenues and gross margins will be harmed and we
will be required to spend more money to grow our client base; (ix)
our growth depends in part on the success of our strategic
relationships with third parties and our failure to successfully
grow and manage these relationships could harm our business; (x) we
have established, and are continuing to increase, our network of
master agents and resellers to sell our solution; our failure to
effectively develop, manage, and maintain this network could
materially harm our revenues; (xi) we sell our solution to larger
organizations that require longer sales and implementation cycles
and often demand more configuration and integration services or
customized features and functions that we may not offer, any of
which could delay or prevent these sales and harm our growth rates,
business and operating results; (xii) because a significant
percentage of our revenue is derived from existing clients,
downturns or upturns in new sales will not be immediately reflected
in our operating results and may be difficult to discern; (xiii) we
rely on third-party telecommunications and internet service
providers to provide our clients and their customers with
telecommunication services and connectivity to our cloud contact
center software and any failure by these service providers to
provide reliable services could cause us to lose clients and
subject us to claims for credits or damages, among other things;
(xiv) we have a history of losses and we may be unable to achieve
or sustain profitability; (xv) the contact center software
solutions market is subject to rapid technological change, and we
must develop and sell incremental and new products in order to
maintain and grow our business; (xvi) we may not be able to secure
additional financing on favorable terms, or at all, to meet our
future capital needs; (xvii) failure to comply with laws and
regulations could harm our business and our reputation; (xviii) we
may not have sufficient cash to service our convertible senior
notes and repay such notes, if required; and (xix) the other risks
detailed from time-to-time under the caption “Risk Factors” and
elsewhere in our Securities and Exchange Commission filings and
reports, including, but not limited to, our most recent quarterly
report on Form 10-Q. Such forward-looking statements speak only as
of the date hereof and readers should not unduly rely on such
statements. We undertake no obligation to update the information
contained in this press release, including in any forward-looking
statements.
About Five9
Five9 is a leading provider of cloud contact center software for
the digital enterprise, bringing the power of cloud innovation to
customers and facilitating more than three billion customer
interactions annually. Five9 provides end-to-end
solutions with omnichannel routing, analytics, WFO, and AI to
increase agent productivity and deliver tangible
business results. The Five9 platform is reliable, secure,
compliant, and scalable; designed to create exceptional
personalized customer experiences. For more information, visit
www.five9.com.
FIVE9, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
December 31, 2018 December 31,
2017 ASSETS Current assets: Cash and cash
equivalents $ 81,912 $ 68,947 Marketable investments 209,907 —
Accounts receivable, net 24,797 19,048 Prepaid expenses and other
current assets 8,014 4,840 Deferred contract acquisition costs
9,372 — Total current assets 334,002 92,835 Property
and equipment, net 25,885 19,888 Intangible assets, net 631 1,073
Goodwill 11,798 11,798 Other assets 836 2,602 Deferred contract
acquisition costs — less current portion 21,514 —
Total assets $ 394,666 $ 128,196
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 7,010 $ 4,292 Accrued and other
current liabilities 13,771 11,787 Accrued federal fees 1,434 1,151
Sales tax liability 1,741 1,326 Notes payable — 336 Capital leases
6,647 6,651 Deferred revenue 17,391 13,975 Total
current liabilities 47,994 39,518 Convertible senior notes 196,763
— Revolving line of credit — 32,594 Sales tax liability — less
current portion 841 1,044 Capital leases — less current portion
4,509 7,161 Other long-term liabilities 1,811 1,041
Total liabilities 251,918 81,358
Stockholders’ equity: Common stock 59 57 Additional paid-in
capital 294,279 222,202 Accumulated other comprehensive loss (93 )
— Accumulated deficit (151,497 ) (175,421 )
Total stockholders’
equity 142,748 46,838
Total liabilities and
stockholders’ equity $ 394,666 $ 128,196
FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months
Ended
December 31,2018
December 31,2017
December 31,2018
December 31,2017
Revenue $ 72,335 $ 55,403 $ 257,664 $ 200,225 Cost of
revenue 28,339 22,363 104,034 83,104
Gross profit 43,996 33,040 153,630 117,121 Operating expenses:
Research and development 8,451 6,748 34,172 27,120 Sales and
marketing 18,793 17,358 72,001 66,570 General and administrative
10,766 8,767 40,448 29,151 Total
operating expenses 38,010 32,873 146,621
122,841 Income (loss) from operations 5,986 167 7,009 (5,720
) Other income (expense), net: Interest expense (3,462 ) (836 )
(10,245 ) (3,471 ) Interest income and other 1,359 164
3,315 490 Total other income (expense), net
(2,103 ) (672 ) (6,930 ) (2,981 ) Income (loss) before income taxes
3,883 (505 ) 79 (8,701 ) Provision for income taxes 150 126
300 268 Net income (loss) $ 3,733 $
(631 ) $ (221 ) $ (8,969 ) Net income (loss) per share: Basic $
0.06 $ (0.01 ) $ — $ (0.16 ) Diluted $ 0.06 $
(0.01 ) $ — $ (0.16 ) Shares used in computing net income
(loss) per share: Basic 58,926
56,034 58,076 54,946 Diluted 62,071
56,034 58,076 54,946
FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2018
December 31, 2017 Cash flows from operating
activities: Net loss $ (221 ) $ (8,969 ) Adjustments to
reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 10,274 8,314 Amortization of premium
on marketable investments (670 ) — Provision for doubtful accounts
90 95 Stock-based compensation 28,484 15,343 Amortization of debt
discount and issuance costs 129 80 Amortization of discount and
issuance costs on convertible senior notes 7,881 — Reversal of
interest and penalties on accrued federal fees — (2,133 ) Gain on
sale of convertible note held for investment (312 ) — Non-cash
adjustment on investment (40 ) (366 ) Accretion of interest 44 21
Others 27 (48 ) Changes in operating assets and liabilities:
Accounts receivable (5,829 ) (5,163 ) Prepaid expenses and other
current assets (2,806 ) (1,912 ) Deferred contract acquisition
costs (7,748 ) — Other assets 193 (33 ) Accounts payable 2,418 813
Accrued and other current liabilities 1,865 1,061 Accrued federal
fees and sales tax liability 495 90 Deferred revenue 3,956 3,882
Other liabilities 392 31 Net cash provided by
operating activities 38,622 11,106
Cash flows from
investing activities: Purchases of marketable investments
(220,704 ) — Proceeds from maturities of marketable investments
11,293 — Purchases of property and equipment (9,261 ) (2,650 )
Proceeds from sale of convertible note held for investment 1,923
— Net cash (used in) investing activities (216,749 )
(2,650 )
Cash flows from financing activities: Proceeds from
issuance of convertible senior notes, net of issuance costs paid of
$8,039 250,711 — Payments for capped call transactions (31,412 ) —
Proceeds from exercise of common stock options 7,779 6,035 Proceeds
from sale of common stock under ESPP 5,730 4,101 Payments of
employee taxes related to vested common stock (260 ) — Repayments
on revolving line of credit (32,594 ) — Payments of notes payable
(318 ) (699 ) Payments of capital leases (8,544 ) (7,068 ) Net cash
provided by financing activities 191,092 2,369 Net
increase in cash and cash equivalents 12,965 10,825
Cash and
cash equivalents: Beginning of period 68,947 58,122
End of period $ 81,912 $ 68,947
FIVE9, INC.
RECONCILIATION OF ASC 605 TO ASC 606
P&L ITEMS - GAAP
(In thousands, except per share data and
percentages)
(Unaudited)
Three Months Ended Twelve Months
Ended December 31, 2018 December 31, 2018 ASC
605 Adjustments ASC 606 ASC
605 Adjustments ASC 606
Revenue $ 72,583 $ (248 )
$ 72,335 $ 256,548 $
1,116 $ 257,664 Cost of revenue 28,360
(21 ) 28,339 103,525 509 104,034
GAAP gross profit 44,223 (227 )
43,996 153,023 607 153,630 GAAP
gross margin 60.9 % 60.8 %
59.6 % 59.6 % Operating expenses:
Research and development 8,451 — 8,451 34,172 — 34,172 Sales and
marketing 21,447 (2,654 ) 18,793 79,749 (7,748 ) 72,001 General and
administrative 10,766 — 10,766 40,448 —
40,448 Total operating expenses 40,664 (2,654
) 38,010 154,369 (7,748 ) 146,621
GAAP
income (loss) from operations 3,559 2,427
5,986 (1,346 ) 8,355 7,009
GAAP Operating Margin 4.9 % 8.3
% (0.5 )% 2.7 % Other income
(expense), net (2,103 ) — (2,103 ) (6,930 ) — (6,930
) Income (loss) before income taxes 1,456 2,427 3,883 (8,276 )
8,355 79 Provision for income taxes 150 — 150
300 — 300
GAAP net income (loss)
$ 1,306 $ 2,427 $
3,733 $ (8,576 ) $
8,355 $ (221 ) Net income (loss)
per share: Basic $ 0.02 $ 0.04 $ 0.06 $ (0.15
) $ 0.15 $ — Diluted $ 0.02 $ 0.04 $
0.06 $ (0.15 ) $ 0.15 $ — Shares used in
computing net income (loss) per share: Basic 58,926 —
58,926 58,076 — 58,076 Diluted 62,071
— 62,071 58,076 — 58,076
FIVE9, INC.
RECONCILIATION OF ASC 605 TO ASC 606
P&L ITEMS - NON-GAAP
(In thousands, except per share data and
percentages)
(Unaudited)
Three Months Ended Twelve Months
Ended December 31, 2018 December 31, 2018 ASC
605 Adjustments ASC 606 ASC
605 Adjustments ASC 606
Revenue $ 72,583 $ (248 )
$ 72,335 $ 256,548 $
1,116 $ 257,664 Cost of revenue 25,289
(21 ) 25,268 92,384 509 92,893
Adjusted gross profit 47,294 (227 )
47,067 164,164 607 164,771 Adjusted
gross margin 65.2 % 65.1 %
64.0 % 63.9 % Operating expenses:
Research and development 7,110 — 7,110 27,833 — 27,833 Sales and
marketing 19,694 (2,654 ) 17,040 73,347 (7,748 ) 65,599 General and
administrative 6,507 — 6,507 24,980 —
24,980 Total operating expenses 33,311 (2,654
) 30,657 126,160 (7,748 ) 118,412
Adjusted
EBITDA 13,983 2,427 16,410 38,004
8,355 46,359 Adjusted EBITDA margin
19.3 % 22.7 % 14.8 %
18.0 % Depreciation 2,745 — 2,745
9,832 — 9,832
Non-GAAP operating
income 11,238 2,427 13,665 28,172
8,355 36,527 Non-GAAP operating margin
15.5 % 18.9 % 11.0 %
14.2 % Other income (expense), net 996 —
996 728 — 728 Income before
income taxes 12,234 2,427 14,661 28,900 8,355 37,255 Provision for
income taxes 150 — 150 300 — 300
Non-GAAP net income $ 12,084
$ 2,427 $ 14,511 $
28,600 $ 8,355 $
36,955 Non-GAAP net income per share: Basic $
0.21 $ 0.04 $ 0.25 $ 0.49 $ 0.15
$ 0.64 Diluted $ 0.19 $ 0.04 $ 0.23 $
0.47 $ 0.13 $ 0.60 Shares used in computing
non-GAAP net income per share: Basic 58,926 — 58,926
58,076 — 58,076 Diluted 62,071 —
62,071 61,428 — 61,428
FIVE9, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO
ADJUSTED GROSS PROFIT
(In thousands, except percentages)
(Unaudited)
Three Months Ended Twelve Months
Ended December 31, 2018 December 31, 2017
December 31, 2018 December 31, 2017
GAAP gross profit $ 43,996 $ 33,040 $ 153,630 $ 117,121 GAAP gross
margin 60.8 % 59.6 % 59.6 % 58.5 % Non-GAAP adjustments:
Depreciation 2,041 1,523 7,456 5,949 Intangibles amortization 88 88
352 351 Stock-based compensation 942 594 3,333
2,202 Adjusted gross profit $ 47,067 $ 35,245
$ 164,771 $ 125,623 Adjusted gross margin 65.1 % 63.6
% 63.9 % 62.7 %
FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME
(LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended Twelve Months
Ended December 31, 2018 December 31, 2017
December 31, 2018 December 31, 2017
GAAP net income (loss) $ 3,733 $ (631 ) $ (221 ) $ (8,969 )
Non-GAAP adjustments: Depreciation and amortization 2,838 2,068
10,274 8,314 Stock-based compensation 7,493 4,640 28,484 15,343
Interest expense 3,462 836 10,245 3,471 Interest (income) and other
(1,359 ) (164 ) (3,315 ) (490 ) Legal settlement — — — 1,700 Legal
and indemnification fees related to settlement 93 — 592 135
Reversal of interest and penalties on accrued federal fees
(G&A) — — — (2,133 ) Provision for income taxes 150 126
300 268 Adjusted EBITDA $ 16,410 $
6,875 $ 46,359 $ 17,639 Adjusted EBITDA as %
of revenue 22.7 % 12.4 % 18.0 % 8.8 %
FIVE9, INC.
RECONCILIATION OF GAAP OPERATING INCOME
(LOSS) TO NON-GAAP OPERATING INCOME
(In thousands)
(Unaudited)
Three Months Ended Twelve Months
Ended December 31, 2018 December 31, 2017
December 31, 2018 December 31, 2017
GAAP operating income (loss) $ 5,986 $ 167 $ 7,009 $ (5,720 )
Non-GAAP adjustments: Stock-based compensation 7,493 4,640 28,484
15,343 Intangibles amortization 93 116 442 465 Legal settlement — —
— 1,700 Legal and indemnification fees related to settlement 93 —
592 135 Reversal of interest and penalties on accrued federal fees
(G&A) — — — (2,133 ) Non-GAAP operating
income $ 13,665 $ 4,923 $ 36,527 $ 9,790
FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME
(LOSS) TO NON-GAAP NET INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months
Ended December 31, 2018 December 31, 2017
December 31, 2018 December 31, 2017
GAAP net income (loss) $ 3,733 $ (631 ) $ (221 ) $ (8,969 )
Non-GAAP adjustments: Stock-based compensation 7,493 4,640 28,484
15,343 Intangibles amortization 93 116 442 465 Amortization of debt
discount and issuance costs — 20 129 80 Amortization of discount
and issuance costs on convertible senior notes 3,099 — 7,881 —
Legal settlement — — — 1,700 Legal and indemnification fees related
to settlement 93 — 592 135 Reversal of interest and penalties on
accrued federal fees (G&A) — — — (2,133 ) Non-cash adjustment
on investment — (133 ) (352 ) (366 ) Non-GAAP net income $
14,511 $ 4,012 $ 36,955 $ 6,255 GAAP
net income (loss) per share: Basic $ 0.06 $ (0.01 ) $ —
$ (0.16 ) Diluted $ 0.06 $ (0.01 ) $ — $ (0.16
) Non-GAAP net income per share: Basic $ 0.25 $ 0.07
$ 0.64 $ 0.11 Diluted $ 0.23 $ 0.07 $
0.60 $ 0.11 Shares used in computing GAAP net income
(loss) per share: Basic 58,926 56,034 58,076
54,946 Diluted 62,071 56,034 58,076
54,946 Shares used in computing non-GAAP net income per
share: Basic 58,926 56,034 58,076 54,946
Diluted 62,071 59,905 61,428 59,073
FIVE9, INC.
SUMMARY OF STOCK-BASED COMPENSATION,
DEPRECIATION AND INTANGIBLES AMORTIZATION
(In thousands)
(Unaudited)
Three Months Ended December 31, 2018
December 31, 2017
Stock-BasedCompensation
Depreciation
IntangiblesAmortization
Stock-BasedCompensation
Depreciation
IntangiblesAmortization
Cost of revenue $ 942 $ 2,041 $ 88 $ 594 $ 1,523 $ 88
Research and development 1,010 331 — 807 170 — Sales and marketing
1,747 1 5 1,128 2 28 General and administrative 3,794 372
— 2,111 257 — Total $ 7,493 $
2,745 $ 93 $ 4,640 $ 1,952 $ 116
Twelve Months Ended December 31, 2018 December 31,
2017
Stock-BasedCompensation
Depreciation
IntangiblesAmortization
Stock-BasedCompensation
Depreciation
IntangiblesAmortization
Cost of revenue $ 3,333 $ 7,456 $ 352 $ 2,202 $ 5,949 $ 351
Research and development 5,303 1,036 — 3,042 795 — Sales and
marketing 6,307 5 90 4,364 6 114 General and administrative 13,541
1,335 — 5,735 1,099 — Total $
28,484 $ 9,832 $ 442 $ 15,343 $ 7,849
$ 465
FIVE9, INC.
RECONCILIATION OF GAAP NET LOSS TO
NON-GAAP NET INCOME – GUIDANCE
(In thousands, except per share data)
(Unaudited)
Three Months Ending Year Ending
March 31, 2019 December 31, 2019 Low
High Low High GAAP net loss $
(5,725 ) $ (4,725 ) $ (22,075 ) $ (19,075 ) Non-GAAP adjustments:
Stock-based compensation 9,658 9,658 45,723 45,723 Intangibles
amortization 88 88 351 351 Amortization of discount and issuance
costs on convertible senior notes 3,079 3,079 12,801 12,801 Income
tax expense effects (1) — — — —
Non-GAAP net income $ 7,100 $ 8,100 $ 36,800 $
39,800 GAAP net loss per share, basic and diluted $ (0.10 )
$ (0.08 ) $ (0.36 ) $ (0.31 ) Non-GAAP net income per share: Basic
$ 0.12 $ 0.14 $ 0.60 $ 0.65 Diluted $
0.11 $ 0.13 $ 0.58 $ 0.62 Shares used
in computing GAAP net loss per share and non-GAAP net income per
share: Basic 60,000 60,000 61,000 61,000
Diluted 63,000 63,000 64,000 64,000
(1) Non-GAAP adjustments do not have an impact on our income tax
provision due to past non-GAAP losses.
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version on businesswire.com: https://www.businesswire.com/news/home/20190219005927/en/
Investor Relations Contacts:
Five9, Inc.Barry ZwarensteinChief Financial Officer925-201-2000
ext. 5959IR@five9.com
The Blueshirt Group for Five9, Inc.Lisa
Laukkanen415-217-4967Lisa@blueshirtgroup.com
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