28% Growth in LTM Enterprise Subscription
Revenue
Q2 Record GAAP Operating Cash Flow of $21.9
Million
Five9, Inc. (NASDAQ:FIVN), the intelligent CX Platform provider,
today reported results for the second quarter ended June 30,
2023.
Second Quarter 2023 Financial Results
- Revenue for the second quarter of 2023 increased 18% to a
record $222.9 million, compared to $189.4 million for the second
quarter of 2022.
- GAAP gross margin was 53.2% for the second quarter of 2023,
compared to 53.4% for the second quarter of 2022.
- Adjusted gross margin was 61.8% for the second quarter of 2023,
compared to 60.7% for the second quarter of 2022.
- GAAP net loss for the second quarter of 2023 was $(21.7)
million, or $(0.30) per basic share, and (9.8)% of revenue,
compared to GAAP net loss of $(23.7) million, or $(0.34) per basic
share, and (12.5)% of revenue, for the second quarter of 2022.
- Non-GAAP net income for the second quarter of 2023 was $37.4
million, or $0.52 per diluted share, and 16.8% of revenue, compared
to non-GAAP net income of $24.3 million, or $0.34 per diluted
share, and 12.8% of revenue, for the second quarter of 2022.
- Adjusted EBITDA for the second quarter of 2023 was $41.5
million, or 18.6% of revenue, compared to $33.1 million, or 17.5%
of revenue, for the second quarter of 2022.
- GAAP operating cash flow for the second quarter of 2023 was
$21.9 million, compared to GAAP operating cash flow of $(3.1)
million for the second quarter of 2022.
“We are pleased to report strong second quarter results with
revenue growing 18% year-over-year to a record $222.9 million. This
growth continues to be driven by our Enterprise business where LTM
subscription revenue grew 28% year-over-year. In the second
quarter, we achieved another record for GAAP operating cash flow,
as adjusted EBITDA margin reached 19%. We experienced a
particularly strong quarter for new logo bookings, demonstrating
our strong go-to-market execution. We have been a leader in AI and
Automation and will continue to push this industry forward, as AI
serves as a tailwind for our business and leads to TAM expansion.
We remain strategically focused on enabling enterprises to
reimagine their customer experience by providing our Intelligent CX
Platform combined with our passionate experts.”
- Mike Burkland, Chairman and CEO, Five9
Business Outlook
Five9 provides guidance based on current market conditions and
expectations. Five9 emphasizes that the guidance is subject to
various important cautionary factors referenced in the section
entitled "Forward-Looking Statements" below, including risks and
uncertainties associated with the ongoing macroeconomic
conditions.
- For the full year 2023, Five9 expects to report:
- Revenue in the range of $908.0 to $910.0 million.
- GAAP net loss per share in the range of $(1.48) to $(1.37),
assuming basic shares outstanding of approximately 72.2
million.
- Non-GAAP net income per share in the range of $1.79 to $1.83,
assuming diluted shares outstanding of approximately 73.3
million.
- For the third quarter of 2023, Five9 expects to report:
- Revenue in the range of $223.5 to $224.5 million.
- GAAP net loss per share in the range of $(0.40) to $(0.35),
assuming basic shares outstanding of approximately 72.4
million.
- Non-GAAP net income per share in the range of $0.42 to $0.44,
assuming diluted shares outstanding of approximately 73.7
million.
With respect to Five9’s guidance as provided above, please refer
to the “Reconciliation of GAAP Net Loss to Non-GAAP net income -
Guidance” table for more details, including important assumptions
upon which such guidance is based.
Conference Call Details
Five9 will discuss its second quarter 2023 results today, August
7, 2023, via Zoom webinar at 4:30 p.m. Eastern Time. To access the
webinar, please register by clicking here. 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 website,
prior to the conference call.
A live webcast and a replay will be available on the Investor
Relations section of the Company’s web-site 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 and adjusted gross margin by adding back the following items
to gross profit: depreciation, intangibles amortization,
stock-based compensation, exit costs related to the closure and
relocation of our Russian operations, acquisition-related
transaction and one-time integration costs, and refund for prior
year overpayment of USF fees. We calculate adjusted EBITDA by
adding back or removing the following items to or from GAAP net
loss: depreciation and amortization, stock-based compensation,
interest expense, interest (income) and other, exit costs related
to closure and relocation of our Russian operations,
acquisition-related transaction costs and one-time integration
costs, contingent consideration expense, refund for prior year
overpayment of USF fees and provision for income taxes. We
calculate non-GAAP operating income by adding back or removing the
following items to or from GAAP loss from operations: stock-based
compensation, intangibles amortization, exit costs related to the
closure and relocation of our Russian operations,
acquisition-related transaction and one-time integration costs,
contingent consideration expense and refund for prior year
overpayment of USF fees. We calculate non-GAAP net income by adding
back or removing the following items to or from GAAP net loss:
stock-based compensation, intangibles amortization, amortization of
discount and issuance costs on convertible senior notes, exit costs
related to the closure and relocation of our Russian operations,
acquisition-related transaction costs and one-time integration
costs, contingent consideration expense, refund for prior year
overpayment of USF fees and tax provision associated with acquired
companies. For the periods presented, these adjustments from GAAP
net loss to non-GAAP net income do not include any presentation of
the net tax effect of such adjustments given our significant net
operating loss carryforwards. 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. The Company 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 in this release.
Forward-Looking Statements
This news release contains certain forward-looking statements,
including the statements in the quotes from our Chairman and Chief
Executive Officer, including statements regarding Five9’s business
strategies, market opportunity, and ability to capitalize on that
opportunity, Five9's AI and automation initiatives, and the
potential impact of these initiatives on Five9's business and total
addressable market, and the third quarter and full year 2023
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) the impact of adverse economic conditions, including
the impact of macroeconomic deterioration, including increased
inflation, increased interest rates, supply chain disruptions,
decreased economic output and fluctuations in currency rates, the
impact of the Russia-Ukraine conflict, and other factors, that may
continue to harm our business; (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) if our existing clients terminate their subscriptions, reduce
their subscriptions and related usage, or fail to grow
subscriptions at the rate they have in the past or that we might
expect, our revenues and gross margins will be harmed and we will
be required to spend more money to grow our client base; (iv)
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; (v) we have established, and are continuing to
increase, our network of technology solution brokers and resellers
to sell our solution; our failure to effectively develop, manage,
and maintain this network could materially harm our revenues; (vi)
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, and may not fully reflect the
underlying performance of our business and may result in decreases
in the price of our common stock; (vii) 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; (viii)
our recent Chief Executive Officer transition could disrupt our
operations, result in additional executive and personnel
transitions and make it more difficult for us to hire and retain
employees; (ix) failure to adequately retain and expand our sales
force will impede our growth; (x) 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; (xi) further
development of our AI solutions may not be successful and may
result in reputational harm and our future operating results could
be materially harmed; (xii) the AI technology and features
incorporated into our solution include new and evolving
technologies that may present both legal and business risks; (xiii)
the use of AI by our workforce may present risks to our business;
(xiv) our growth depends in part on the success of our strategic
relationships with third parties and our failure to successfully
maintain, grow and manage these relationships could harm our
business; (xv) the markets in which we participate involve a high
number of competitors that are continuing to increase, and if we do
not compete effectively, our operating results could be harmed;
(xvi) we continue to expand our international operations, which
exposes us to significant macroeconomic and other risks; (xvii)
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
our business; (xviii) we may acquire other companies or
technologies, or be the target of strategic transactions, or be
impacted by transactions by other companies, which could divert our
management’s attention, result in additional dilution to our
stockholders or use a significant amount of our cash resources and
otherwise disrupt our operations and harm our operating results;
(xix) 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; (xx) 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; (xxi) we have a history of losses and we may be
unable to achieve or sustain profitability; (xxii) the contact
center software solutions market is subject to rapid technological
change, and we must develop and sell incremental and new cloud
contact center solutions, which we refer to as our solution, in
order to maintain and grow our business; (xxiii) our stock price
has been volatile, may continue to be volatile and may decline,
including due to factors beyond our control; (xxiv) we may not be
able to secure additional financing on favorable terms, or at all,
to meet our future capital needs; (xxv) failure to comply with laws
and regulations could harm our business and our reputation; (xxvi)
we may not have sufficient cash to service our convertible senior
notes and repay such notes, if required, and other risks attendant
to our convertible senior notes and increased debt levels; and
(xxvii) 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 annual report on Form 10-K and quarterly reports 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
The Five9 Intelligent CX Platform provides a comprehensive suite
of solutions for orchestrating fluid customer experiences. Our
cloud-native, multi-tenant, scalable, reliable, and secure platform
includes contact center; omni-channel engagement; Workforce
Engagement Management; extensibility through more than 1,000
partners; and innovative, practical AI, automation and journey
analytics that are embedded as part of the platform. Five9 brings
the power of people, technology, and partners to more than 2,500
organizations worldwide. For more information, visit
www.five9.com.
FIVE9, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
June 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
195,592
$
180,520
Marketable investments
464,244
433,743
Accounts receivable, net
88,461
87,494
Prepaid expenses and other current
assets
38,476
29,711
Deferred contract acquisition costs,
net
54,462
47,242
Total current assets
841,235
778,710
Property and equipment, net
98,879
101,221
Operating lease right-of-use assets
43,748
44,120
Finance lease right-of-use assets
2,167
—
Intangible assets, net
22,501
28,192
Goodwill
165,420
165,420
Marketable investments
85,110
885
Other assets
17,329
11,057
Deferred contract acquisition costs, net —
less current portion
126,555
114,880
Total assets
$
1,402,944
$
1,244,485
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
23,286
$
23,629
Accrued and other current liabilities
58,860
53,092
Operating lease liabilities
11,931
10,626
Finance lease liabilities
704
—
Accrued federal fees
3,384
2,471
Sales tax liabilities
2,547
2,973
Deferred revenue
57,539
57,816
Convertible senior notes
—
169
Total current liabilities
158,251
150,776
Convertible senior notes - less current
portion
740,215
738,376
Sales tax liabilities — less current
portion
912
899
Operating lease liabilities — less current
portion
39,973
41,389
Finance lease liabilities — less current
portion
1,463
—
Other long-term liabilities
3,331
3,080
Total liabilities
944,145
934,520
Stockholders’ equity:
Common stock
72
71
Additional paid-in capital
832,197
635,668
Accumulated other comprehensive loss
(1,397
)
(2,688
)
Accumulated deficit
(372,073
)
(323,086
)
Total stockholders’ equity
458,799
309,965
Total liabilities and stockholders’
equity
$
1,402,944
$
1,244,485
FIVE9, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Revenue
$
222,882
$
189,382
$
441,321
$
372,159
Cost of revenue
104,361
88,229
209,117
177,096
Gross profit
118,521
101,153
232,204
195,063
Operating expenses:
Research and development
39,210
34,992
77,318
70,816
Sales and marketing
74,077
64,098
150,391
128,709
General and administrative
30,477
23,824
58,735
48,138
Total operating expenses
143,764
122,914
286,444
247,663
Loss from operations
(25,243
)
(21,761
)
(54,240
)
(52,600
)
Other (expense) income, net:
Interest expense
(1,866
)
(1,857
)
(3,711
)
(3,727
)
Interest income and other
6,123
280
10,244
1,125
Total other income (expense), net
4,257
(1,577
)
6,533
(2,602
)
Loss before income taxes
(20,986
)
(23,338
)
(47,707
)
(55,202
)
Provision for income taxes
753
332
1,280
2,588
Net loss
$
(21,739
)
$
(23,670
)
$
(48,987
)
$
(57,790
)
Net loss per share:
Basic and diluted
$
(0.30
)
$
(0.34
)
$
(0.69
)
$
(0.83
)
Shares used in computing net loss per
share:
Basic and diluted
71,627
69,748
71,444
69,363
FIVE9, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2023
June 30, 2022
Cash flows from operating
activities:
Net loss
$
(48,987
)
$
(57,790
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
23,071
22,435
Amortization of operating lease
right-of-use assets
5,838
4,942
Amortization of deferred contract
acquisition costs
25,710
18,653
(Accretion of discount) amortization of
premium on marketable investments
(4,315
)
1,114
Provision for credit losses
528
505
Stock-based compensation
104,110
84,179
Amortization of discount and issuance
costs on convertible senior notes
1,839
1,852
Deferred taxes
250
2,054
Change in fair of value of contingent
consideration
—
260
Payment of contingent consideration
liability in excess of acquisition-date fair value
—
(5,900
)
Other
622
172
Changes in operating assets and
liabilities:
Accounts receivable
(1,494
)
310
Prepaid expenses and other current
assets
(8,764
)
(8,092
)
Deferred contract acquisition costs
(44,606
)
(42,854
)
Other assets
(5,344
)
(92
)
Accounts payable
2,316
4,487
Accrued and other current liabilities
3,966
(4,107
)
Accrued federal fees and sales tax
liability
500
(2,677
)
Deferred revenue
(680
)
7,571
Other liabilities
704
(1,423
)
Net cash provided by operating
activities
55,264
25,599
Cash flows from investing
activities:
Purchases of marketable investments
(337,595
)
(151,712
)
Proceeds from sales of marketable
investments
245
600
Proceeds from maturities of marketable
investments
227,836
214,585
Purchases of property and equipment
(16,642
)
(34,474
)
Capitalization of software development
costs
(3,565
)
(1,392
)
Cash paid for an equity investment in a
privately-held company
—
(2,000
)
Net cash (used in) provided by investing
activities
(129,721
)
25,607
Cash flows from financing
activities:
Repayment of outstanding 2023 convertible
senior notes at maturity
(169
)
—
Cash received from the settlement at
maturity of the outstanding capped calls associated with the 2023
convertible senior notes
74,453
—
Repurchase of a portion of 2023
convertible senior notes, net of costs
—
(34,034
)
Proceeds from exercise of common stock
options
6,981
3,005
Proceeds from sale of common stock under
ESPP
9,444
8,338
Payment of contingent consideration
liability up to acquisition-date fair value
—
(18,100
)
Net cash provided by (used in) financing
activities
90,709
(40,791
)
Net (decrease) increase in cash and cash
equivalents
16,252
10,415
Cash, cash equivalents and restricted
cash:
Beginning of period
180,987
91,391
End of period
$
197,239
$
101,806
FIVE9, INC.
RECONCILIATION OF GAAP GROSS
PROFIT TO ADJUSTED GROSS PROFIT
(In thousands, except
percentages)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
GAAP gross profit
$
118,521
$
101,153
$
232,204
$
195,063
GAAP gross margin
53.2
%
53.4
%
52.6
%
52.4
%
Non-GAAP adjustments:
Depreciation
6,424
5,812
12,485
11,365
Intangibles amortization
2,845
2,935
5,691
5,882
Stock-based compensation
9,888
8,538
19,221
16,330
Exit costs related to closure and
relocation of Russian operations
51
3
75
383
Acquisition-related and one-time
integration costs
—
80
34
128
Refund for prior year overpayment of USF
fees
—
(3,511
)
—
(3,511
)
Adjusted gross profit
$
137,729
$
115,010
$
269,710
$
225,640
Adjusted gross margin
61.8
%
60.7
%
61.1
%
60.6
%
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO ADJUSTED EBITDA
(In thousands, except
percentages)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
GAAP net loss
$
(21,739
)
$
(23,670
)
$
(48,987
)
$
(57,790
)
Non-GAAP adjustments:
Depreciation and amortization
11,724
11,640
23,071
22,435
Stock-based compensation
53,367
44,786
104,110
84,179
Interest expense
1,866
1,857
3,711
3,727
Interest (income) and other
(6,123
)
(280
)
(10,244
)
(1,125
)
Exit costs related to closure and
relocation of Russian operations (1)
815
214
1,411
3,441
Acquisition-related transaction and
one-time integration costs
877
1,714
2,332
3,352
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
(3,511
)
—
(3,511
)
Provision for income taxes
753
332
1,280
2,588
Adjusted EBITDA
$
41,540
$
33,082
$
76,684
$
57,556
Adjusted EBITDA as % of revenue
18.6
%
17.5
%
17.4
%
15.5
%
(1) Exit costs related to the closure and
relocation of our Russian operations was $1.1 million and $1.8
million during the three and six months ended June 30, 2023. The
$0.8 million and $1.4 million adjustments presented above were net
of $0.3 million and $0.4 million included in “Interest (income) and
other.” Exit costs related to the closure and relocation of our
Russian operations was $1.1 million and $3.9 million during the
three and six months ended June 30, 2022. The $0.2 million and $3.4
million adjustments presented above were net of $0.7 million and
$0.8 million included in “Depreciation and amortization” and $0.2
million and $(0.3) million included in “Interest (income) and
other.”
FIVE9, INC.
RECONCILIATION OF GAAP
OPERATING LOSS TO NON-GAAP OPERATING INCOME
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Loss from operations
$
(25,243
)
$
(21,761
)
$
(54,240
)
$
(52,600
)
Non-GAAP adjustments:
Stock-based compensation
53,367
44,786
104,110
84,179
Intangibles amortization
2,845
2,935
5,691
5,882
Exit costs related to closure and
relocation of Russian operations
815
883
1,411
4,215
Acquisition-related transaction and
one-time integration costs
877
1,714
2,332
3,352
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
(3,511
)
—
(3,511
)
Non-GAAP operating income
$
32,661
$
25,046
$
59,304
$
41,777
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO NON-GAAP NET INCOME
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
GAAP net loss
$
(21,739
)
$
(23,670
)
$
(48,987
)
$
(57,790
)
Non-GAAP adjustments:
Stock-based compensation
53,367
44,786
104,110
84,179
Intangibles amortization
2,845
2,935
5,691
5,882
Amortization of discount and issuance
costs on convertible senior notes
931
922
1,839
1,852
Exit costs related to closure and
relocation of Russian operations
1,110
1,125
1,851
3,874
Acquisition-related transaction and
one-time integration costs
877
1,714
2,332
3,352
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
(3,511
)
—
(3,511
)
Tax provision associated with acquired
companies
—
—
—
1,830
Income tax expense effects (1)
—
—
—
—
Non-GAAP net income
$
37,391
$
24,301
$
66,836
$
39,928
GAAP net loss per share:
Basic and diluted
$
(0.30
)
$
(0.34
)
$
(0.69
)
$
(0.83
)
Non-GAAP net income per share:
Basic
$
0.52
$
0.35
$
0.94
$
0.58
Diluted
$
0.52
$
0.34
$
0.92
$
0.56
Shares used in computing GAAP net loss per
share:
Basic and diluted
71,627
69,748
71,444
69,363
Shares used in computing non-GAAP net
income per share:
Basic
71,627
69,748
71,444
69,363
Diluted
72,600
71,083
72,474
70,869
(1)
Non-GAAP adjustments do not have an impact
on our federal income tax provision due to past non-GAAP losses,
and state taxes are immaterial.
FIVE9, INC.
SUMMARY OF STOCK-BASED
COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2023
June 30, 2022
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Cost of revenue
$
9,888
$
6,424
$
2,845
$
8,538
$
5,812
$
2,935
Research and development
13,013
868
—
11,818
804
—
Sales and marketing
17,391
1
—
14,963
1
—
General and administrative
13,075
1,586
—
9,467
2,088
—
Total
$
53,367
$
8,879
$
2,845
$
44,786
$
8,705
$
2,935
Six Months Ended
June 30, 2023
June 30, 2022
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Cost of revenue
$
19,221
$
12,485
$
5,691
$
16,330
$
11,365
$
5,882
Research and development
25,395
1,740
—
21,963
1,629
—
Sales and marketing
34,436
2
—
28,387
2
—
General and administrative
25,058
3,153
—
17,499
3,557
—
Total
$
104,110
$
17,380
$
5,691
$
84,179
$
16,553
$
5,882
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO NON-GAAP NET INCOME – GUIDANCE(1)
(In thousands, except per share
data)
(Unaudited)
Three Months Ending
Year Ending
September 30, 2023
December 31, 2023
Low
High
Low
High
GAAP net loss
$
(29,086
)
$
(25,512
)
$
(107,060
)
$
(99,128
)
Non-GAAP adjustments:
Stock-based compensation(2)
55,016
53,016
210,914
206,914
Intangibles amortization
2,884
2,884
11,459
11,459
Amortization of discount and issuance
costs on convertible senior notes
954
954
4,189
4,189
Exit costs related to closure and
relocation of Russian operations
600
600
3,051
3,051
Acquisition-related transaction and
one-time integration costs(3)
585
485
8,367
7,367
Income tax expense effects(4)
—
—
—
—
Non-GAAP net income
$
30,953
$
32,427
$
130,920
$
133,852
GAAP net loss per share, basic and
diluted
$
(0.40
)
$
(0.35
)
$
(1.48
)
$
(1.37
)
Non-GAAP net income per share:
Basic
$
0.43
$
0.45
$
1.81
$
1.85
Diluted
$
0.42
$
0.44
$
1.79
$
1.83
Shares used in computing GAAP net loss per
share and non-GAAP net income per share:
Basic
72,400
72,400
72,200
72,200
Diluted
73,700
73,700
73,300
73,300
(1)
Represents guidance discussed on August 7,
2023. Reader shall not construe presentation of this information
after August 7, 2023 as an update or reaffirmation of such
guidance.
(2)
Stock-based compensation expenses are
based on a range of probable significance, assuming market price
for our common stock that is approximately consistent with current
levels.
(3)
Acquisition-related transaction and
one-time integration costs are based on a range of probable
significance for pending acquisition.
(4)
Non-GAAP adjustments do not have an impact
on our federal income tax provision due to past non-GAAP losses,
and state taxes are immaterial.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807865830/en/
Investor Relations Contacts:
Five9, Inc. Barry Zwarenstein Chief Financial Officer
925-201-2000 ext. 5959 IR@five9.com
The Blueshirt Group for Five9, Inc. Lisa Laukkanen 415-217-4967
Lisa@blueshirtgroup.com
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