28% Growth in LTM Enterprise Subscription
Revenue
Record GAAP Operating Cash Flow of $37.0
Million
Five9, Inc. (NASDAQ:FIVN), the Intelligent CX Platform provider,
today reported results for the third quarter ended September 30,
2023.
Third Quarter 2023 Financial Results
- Revenue for the third quarter of 2023 increased 16% to a record
$230.1 million, compared to $198.3 million for the third quarter of
2022.
- GAAP gross margin was 51.7% for the third quarter of 2023,
compared to 52.6% for the third quarter of 2022.
- Adjusted gross margin was 60.6% for the third quarter of 2023,
compared to 61.4% for the third quarter of 2022.
- GAAP net loss for the third quarter of 2023 was $(20.4)
million, or $(0.28) per basic share, and (8.9)% of revenue,
compared to GAAP net loss of $(23.2) million, or $(0.33) per basic
share, and (11.7)% of revenue, for the third quarter of 2022.
- Non-GAAP net income for the third quarter of 2023 was $38.0
million, or $0.52 per diluted share, and 16.5% of revenue, compared
to non-GAAP net income of $27.8 million, or $0.39 per diluted
share, and 14.0% of revenue, for the third quarter of 2022.
- Adjusted EBITDA for the third quarter of 2023 was $41.3
million, or 17.9% of revenue, compared to $36.7 million, or 18.5%
of revenue, for the third quarter of 2022.
- GAAP operating cash flow for the third quarter of 2023 was
$37.0 million, compared to GAAP operating cash flow of $30.5
million for the third quarter of 2022.
“We are pleased to report strong third quarter results with
revenue growing 16% year-over-year to a record $230.1 million. This
growth continues to be driven by our Enterprise business where LTM
subscription revenue grew 28% year-over-year. In the third quarter,
we achieved adjusted EBITDA margin of 18%, which drove an all-time
record for GAAP operating cash flow. We continue to focus on
innovation with our industry leading AI and Automation portfolio,
where we are seeing unprecedented adoption. We also continue to see
strong momentum up-market as our pipeline increased to a record
level. We are confident in the market opportunity ahead as we
empower enterprises to enhance their customer experience and we
continue to execute on product innovation, our march up-market and
international expansion.”
- 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 $908.5 to $909.5 million.
- GAAP net loss per share in the range of $(1.39) to $(1.33),
assuming basic shares outstanding of approximately 72.1
million.
- Non-GAAP net income per share in the range of $1.91 to $1.93,
assuming diluted shares outstanding of approximately 73.0
million.
- For the fourth quarter of 2023, Five9 expects to report:
- Revenue in the range of $237.1 to $238.1 million.
- GAAP net loss per share in the range of $(0.42) to $(0.36),
assuming basic shares outstanding of approximately 73.0
million.
- Non-GAAP net income per share in the range of $0.47 to $0.49,
assuming diluted shares outstanding of approximately 73.8
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 third quarter 2023 results today,
November 2, 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, lease amortization for
finance leases 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, lease amortization
for finance leases 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
within the meaning of Private Securities Litigation Reform Act of
1995, including the statements in the quote from our Chairman and
Chief Executive Officer, including statements regarding Five9’s
business strategies and areas of emphasis, market opportunity and
ability to capitalize on that opportunity, up-market momentum,
Five9's AI and automation initiatives, results and outlook,
international expansion, and the fourth 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 continuing
inflation, increased interest rates, supply chain disruptions,
decreased economic output and fluctuations in currency rates, the
impact of the Russia-Ukraine conflict, the impact of the conflict
in Israel, 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 or 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, 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) failure to adequately retain and expand
our sales force will impede our growth; (ix) 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; (x) 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; (xi) the AI technology and features
incorporated into our solution include new and evolving
technologies that may present both legal and business risks; (xii)
the use of AI by our workforce may present risks to our business;
(xiii) 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; (xiv) 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;
(xv) we continue to expand our international operations, which
exposes us to significant macroeconomic and other risks; (xvi)
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, our
business or financial results; (xvii) 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; (xviii) 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; (xix) 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; (xx) we have a history of losses and we may be
unable to achieve or sustain profitability; (xxi) 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; (xxii) our stock price has
been volatile, may continue to be volatile and may decline,
including due to factors beyond our control; (xxiii) we may not be
able to secure additional financing on favorable terms, or at all,
to meet our future capital needs; (xxiv) failure to comply with
laws and regulations could harm our business and our reputation;
(xxv) 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 (xxvi) 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)
September 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
127,828
$
180,520
Marketable investments
572,462
433,743
Accounts receivable, net
94,436
87,494
Prepaid expenses and other current
assets
37,627
29,711
Deferred contract acquisition costs,
net
58,320
47,242
Total current assets
890,673
778,710
Property and equipment, net
102,029
101,221
Operating lease right-of-use assets
41,522
44,120
Finance lease right-of-use assets
4,612
—
Intangible assets, net
41,469
28,192
Goodwill
227,412
165,420
Marketable investments
—
885
Other assets
16,603
11,057
Deferred contract acquisition costs, net —
less current portion
132,124
114,880
Total assets
$
1,456,444
$
1,244,485
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
28,528
$
23,629
Accrued and other current liabilities
59,511
53,092
Operating lease liabilities
11,454
10,626
Finance lease liabilities
1,617
—
Accrued federal fees
3,336
2,471
Sales tax liabilities
2,965
2,973
Deferred revenue
64,565
57,816
Convertible senior notes
—
169
Total current liabilities
171,976
150,776
Convertible senior notes - less current
portion
741,169
738,376
Sales tax liabilities — less current
portion
919
899
Operating lease liabilities — less current
portion
38,336
41,389
Finance lease liabilities — less current
portion
3,048
—
Other long-term liabilities
7,126
3,080
Total liabilities
962,574
934,520
Stockholders’ equity:
Common stock
73
71
Additional paid-in capital
887,087
635,668
Accumulated other comprehensive loss
(798
)
(2,688
)
Accumulated deficit
(392,492
)
(323,086
)
Total stockholders’ equity
493,870
309,965
Total liabilities and stockholders’
equity
$
1,456,444
$
1,244,485
FIVE9, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Revenue
$
230,105
$
198,342
$
671,426
$
570,501
Cost of revenue
111,080
94,111
320,197
271,207
Gross profit
119,025
104,231
351,229
299,294
Operating expenses:
Research and development
40,391
34,113
117,709
104,929
Sales and marketing
73,366
67,353
223,757
196,062
General and administrative
31,006
24,496
89,741
72,634
Total operating expenses
144,763
125,962
431,207
373,625
Loss from operations
(25,738
)
(21,731
)
(79,978
)
(74,331
)
Other income (expense), net:
Interest expense
(1,972
)
(1,879
)
(5,683
)
(5,606
)
Interest income and other
8,233
982
18,477
2,107
Total other income (expense), net
6,261
(897
)
12,794
(3,499
)
Loss before income taxes
(19,477
)
(22,628
)
(67,184
)
(77,830
)
Provision for income taxes
942
579
2,222
3,167
Net loss
$
(20,419
)
$
(23,207
)
$
(69,406
)
$
(80,997
)
Net loss per share:
Basic and diluted
$
(0.28
)
$
(0.33
)
$
(0.97
)
$
(1.16
)
Shares used in computing net loss per
share:
Basic and diluted
72,356
70,232
71,751
69,656
FIVE9, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
September 30, 2023
September 30, 2022
Cash flows from operating
activities:
Net loss
$
(69,406
)
$
(80,997
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
35,553
33,650
Amortization of operating lease
right-of-use assets
9,234
7,491
Amortization of deferred contract
acquisition costs
40,088
29,245
(Accretion of discount) amortization of
premium on marketable investments
(7,684
)
1,006
Provision for credit losses
795
812
Stock-based compensation
156,721
128,682
Amortization of discount and issuance
costs on convertible senior notes
2,793
2,796
Deferred taxes
438
2,076
Change in fair of value of contingent
consideration
—
260
Payment of contingent consideration
liability in excess of acquisition-date fair value
—
(5,900
)
Other
669
503
Changes in operating assets and
liabilities:
Accounts receivable
(6,661
)
(5,337
)
Prepaid expenses and other current
assets
(6,537
)
(2,228
)
Deferred contract acquisition costs
(68,410
)
(62,835
)
Other assets
(4,892
)
(213
)
Accounts payable
5,562
1,008
Accrued and other current liabilities
(2,006
)
796
Accrued federal fees and sales tax
liability
877
(2,001
)
Deferred revenue
1,544
9,519
Other liabilities
3,616
(2,208
)
Net cash provided by operating
activities
92,294
56,125
Cash flows from investing
activities:
Purchases of marketable investments
(544,713
)
(250,278
)
Proceeds from sales of marketable
investments
971
600
Proceeds from maturities of marketable
investments
415,117
321,311
Purchases of property and equipment
(19,941
)
(46,028
)
Capitalization of software development
costs
(5,820
)
(2,420
)
Cash paid to acquire Aceyus
(80,588
)
—
Payments of initial direct costs
—
(282
)
Cash paid for an equity investment in a
privately-held company
—
(2,000
)
Net cash (used in) provided by investing
activities
(234,974
)
20,903
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
—
(34,057
)
Proceeds from exercise of common stock
options
8,315
5,358
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
)
Payment of hold back related to an
acquisition
(500
)
—
Payments of finance leases
(496
)
—
Net cash provided by (used in) financing
activities
91,047
(38,461
)
Net (decrease) increase in cash and cash
equivalents
(51,633
)
38,567
Cash, cash equivalents and restricted
cash:
Beginning of period
180,987
91,391
End of period
$
129,354
$
129,958
FIVE9, INC.
RECONCILIATION OF GAAP GROSS
PROFIT TO ADJUSTED GROSS PROFIT
(In thousands, except
percentages)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP gross profit
$
119,025
$
104,231
$
351,229
$
299,294
GAAP gross margin
51.7
%
52.6
%
52.3
%
52.5
%
Non-GAAP adjustments:
Depreciation
6,893
5,970
19,378
17,336
Intangibles amortization
3,182
2,934
8,873
8,816
Stock-based compensation
9,856
8,329
29,077
24,659
Exit costs related to closure and
relocation of Russian operations
18
96
93
479
Acquisition-related and one-time
integration costs
—
187
34
315
Lease amortization for finance leases
492
—
492
—
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Adjusted gross profit
$
139,466
$
121,747
$
409,176
$
347,388
Adjusted gross margin
60.6
%
61.4
%
60.9
%
60.9
%
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO ADJUSTED EBITDA
(In thousands, except
percentages)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP net loss
$
(20,419
)
$
(23,207
)
$
(69,406
)
$
(80,997
)
Non-GAAP adjustments:
Depreciation and amortization
12,482
11,215
35,553
33,650
Stock-based compensation
52,611
44,503
156,721
128,682
Interest expense
1,972
1,879
5,683
5,606
Interest (income) and other
(8,233
)
(982
)
(18,477
)
(2,107
)
Exit costs related to closure and
relocation of Russian operations (1)
659
774
2,070
4,215
Acquisition-related transaction and
one-time integration costs
778
1,944
3,110
5,296
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Lease amortization for finance leases
492
—
492
—
Provision for income taxes
942
579
2,222
3,167
Adjusted EBITDA
$
41,284
$
36,705
$
117,968
$
94,261
Adjusted EBITDA as % of revenue
17.9
%
18.5
%
17.6
%
16.5
%
(1) Exit costs related to the closure and relocation of our
Russian operations was $0.9 million and $2.7 million during the
three and nine months ended September 30, 2023. The $0.7 million
and $2.1 million adjustments presented above were net of $0.2
million and $0.6 million included in “Interest (income) and other.”
Exit costs related to the closure and relocation of our Russian
operations was $0.7 million and $4.6 million during the three and
nine months ended September 30, 2022. The $0.8 million and $4.2
million adjustments presented above were net of $0.0 million and
$0.8 million included in “Depreciation and amortization” and $(0.1)
million and $(0.4) 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
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Loss from operations
$
(25,738
)
$
(21,731
)
$
(79,978
)
$
(74,331
)
Non-GAAP adjustments:
Stock-based compensation
52,611
44,503
156,721
128,682
Intangibles amortization
3,182
2,934
8,873
8,816
Exit costs related to closure and
relocation of Russian operations
659
774
2,070
4,989
Acquisition-related transaction and
one-time integration costs
778
1,944
3,110
5,296
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Non-GAAP operating income
$
31,492
$
28,424
$
90,796
$
70,201
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO NON-GAAP NET INCOME
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
GAAP net loss
$
(20,419
)
$
(23,207
)
$
(69,406
)
$
(80,997
)
Non-GAAP adjustments:
Stock-based compensation
52,611
44,503
156,721
128,682
Intangibles amortization
3,182
2,934
8,873
8,816
Amortization of discount and issuance
costs on convertible senior notes
954
944
2,793
2,796
Exit costs related to closure and
relocation of Russian operations
854
714
2,705
4,588
Acquisition-related transaction and
one-time integration costs
778
1,944
3,110
5,296
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Tax provision associated with acquired
companies
—
—
—
1,830
Income tax expense effects (1)
—
—
—
—
Non-GAAP net income
$
37,960
$
27,832
$
104,796
$
67,760
GAAP net loss per share:
Basic and diluted
$
(0.28
)
$
(0.33
)
$
(0.97
)
$
(1.16
)
Non-GAAP net income per share:
Basic
$
0.52
$
0.40
$
1.46
$
0.97
Diluted
$
0.52
$
0.39
$
1.44
$
0.95
Shares used in computing GAAP net loss per
share:
Basic and diluted
72,356
70,232
71,751
69,656
Shares used in computing non-GAAP net
income per share:
Basic
72,356
70,232
71,751
69,656
Diluted
73,426
71,441
72,790
71,054
(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
September 30, 2023
September 30, 2022
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Cost of revenue
$
9,856
$
6,893
$
3,182
$
8,329
$
5,970
$
2,934
Research and development
12,980
831
—
10,603
768
—
Sales and marketing
16,404
36
—
15,761
1
—
General and administrative
13,371
1,540
—
9,810
1,542
—
Total
$
52,611
$
9,300
$
3,182
$
44,503
$
8,281
$
2,934
Nine Months Ended
September 30, 2023
September 30, 2022
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Cost of revenue
$
29,077
$
19,378
$
8,873
$
24,659
$
17,336
$
8,816
Research and development
38,375
2,571
—
32,567
2,396
—
Sales and marketing
50,840
38
—
44,148
3
—
General and administrative
38,429
4,693
—
27,308
5,099
—
Total
$
156,721
$
26,680
$
8,873
$
128,682
$
24,834
$
8,816
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
December 31, 2023
December 31, 2023
Low
High
Low
High
GAAP net loss
$
(30,698
)
$
(26,222
)
$
(100,096
)
$
(95,636
)
Non-GAAP adjustments:
Stock-based compensation(2)
52,275
50,275
208,996
206,996
Intangibles amortization
3,645
3,645
12,518
12,518
Amortization of discount and issuance
costs on convertible senior notes
956
956
3,749
3,749
Exit costs related to closure and
relocation of Russian operations
630
630
3,335
3,335
Acquisition-related transaction and
one-time integration costs(3)
7,878
6,878
10,988
9,988
Income tax expense effects(4)
—
—
—
—
Non-GAAP net income
$
34,686
$
36,162
$
139,490
$
140,950
GAAP net loss per share, basic and
diluted
$
(0.42
)
$
(0.36
)
$
(1.39
)
$
(1.33
)
Non-GAAP net income per share:
Basic
$
0.48
$
0.50
$
1.93
$
1.95
Diluted
$
0.47
$
0.49
$
1.91
$
1.93
Shares used in computing GAAP net loss per
share and non-GAAP net income per share:
Basic
73,000
73,000
72,100
72,100
Diluted
73,800
73,800
73,000
73,000
(1)
Represents guidance discussed on November
2, 2023. Reader shall not construe presentation of this information
after November 2, 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 costs and
one-time integration costs are based on a range of probable
significance for completed acquisitions, and no new acquisitions
assumed.
(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/20231102277528/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. Lauren Sloane
lauren@blueshirtgroup.com
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