2023 Enterprise Subscription Revenue Growth of
25%
Q4 Revenue Growth of 15% to $239 Million
Q4 Record GAAP Operating Cash Flow of $37
Million
Five9, Inc. (NASDAQ:FIVN), the Intelligent CX Platform provider,
today reported results for the fourth quarter and full year ended
December 31, 2023.
Fourth Quarter 2023 Financial Results
- Revenue for the fourth quarter of 2023 increased 15% to a
record $239.1 million, compared to $208.3 million for the fourth
quarter of 2022.
- GAAP gross margin was 52.9% for the fourth quarter of 2023,
compared to 53.8% for the fourth quarter of 2022.
- Adjusted gross margin was 61.3% for the fourth quarter of 2023,
compared to 62.3% for the fourth quarter of 2022.
- GAAP net loss for the fourth quarter of 2023 was $(12.4)
million, or (5.2)% of revenue and $(0.17) per basic share, compared
to GAAP net loss of $(13.7) million, or (6.6)% of revenue and
$(0.19) per basic share, for the fourth quarter of 2022.
- Non-GAAP net income for the fourth quarter of 2023 was $45.1
million, or 18.9% of revenue and $0.61 per diluted share, compared
to non-GAAP net income of $39.0 million, or 18.7% of revenue and
$0.54 per diluted share, for the fourth quarter of 2022.
- Adjusted EBITDA for the fourth quarter of 2023 was $48.3
million, or 20.2% of revenue, compared to $46.2 million, or 22.2%
of revenue, for the fourth quarter of 2022.
- GAAP operating cash flow for the fourth quarter of 2023 was
$36.5 million, compared to GAAP operating cash flow of $32.7
million for the fourth quarter of 2022.
2023 Financial Results
- Total revenue for 2023 increased 17% to a record $910.5
million, compared to $778.8 million in 2023.
- GAAP gross margin was 52.5% for 2023, compared to 52.8% in
2022.
- Adjusted gross margin was 61.0% for 2023, compared to 61.3% in
2022.
- GAAP net loss for 2023 was $(81.8) million, or (9.0)% of
revenue and $(1.13) per basic share, compared to GAAP net loss of
$(94.7) million, or (12.2)% of revenue and $(1.35) per basic share,
in 2022.
- Non-GAAP net income for 2023 was $149.9 million, or 16.5% of
revenue and $2.05 per diluted share, compared to non-GAAP net
income of $106.7 million, or 13.7% of revenue and $1.50 per diluted
share, in 2022.
- Adjusted EBITDA for 2023 was $166.3 million, or 18.3% of
revenue, compared to $140.4 million, or 18.0% of revenue, in
2022.
- GAAP operating cash flow for 2023 was $128.8 million, compared
to GAAP operating cash flow of $88.9 million, in 2022.
“We are pleased to report strong revenue growth of 17% for full
year 2023. This growth continues to be driven by our Enterprise
business where subscription revenue grew 25% in 2023. In the fourth
quarter, revenue grew 15% year-over-year, and we achieved adjusted
EBITDA margin of 20%, which drove a fourth quarter record for GAAP
operating cash flow. We continue to strengthen our AI leadership in
CX, gaining meaningful traction with our offerings and
significantly enhancing our platform throughout 2023. In addition,
we are experiencing strong momentum up-market, evidenced by our
fourth quarter record in Enterprise bookings, an acceleration in
top-of-funnel growth, and pipeline reaching another all-time high.
The market remains massive and underpenetrated, and we believe we
are well positioned to capitalize on this durable, multi-year
opportunity as we focus on further strengthening our platform,
marching up-market and expanding internationally.”
- 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 ongoing macroeconomic conditions.
- For the full year 2024, Five9 expects to report:
- Revenue in the range of $1.053 to $1.057 billion.
- GAAP net loss per share in the range of $(0.61) to $(0.53),
assuming basic shares outstanding of approximately 74.6
million.
- Non-GAAP net income per share in the range of $2.14 to $2.18,
assuming diluted shares outstanding of approximately 75.9
million.
- For the first quarter of 2024, Five9 expects to report:
- Revenue in the range of $239.0 to $240.0 million.
- GAAP net loss per share in the range of $(0.34) to $(0.28),
assuming basic shares outstanding of approximately 73.6
million.
- Non-GAAP net income per share in the range of $0.37 to $0.39,
assuming diluted shares outstanding of approximately 74.7
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 fourth quarter 2023 results today,
February 21, 2024, 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 and 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 and 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 and
related transaction costs 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 and 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
enterprise growth market opportunity and size and ability to
capitalize on that opportunity, up-market momentum and outlook,
market position, AI and automation initiatives, results and
outlook, platform strengthening initiatives, international
expansion, and the first quarter and full year 2024 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 continued 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) 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) we have established,
and are continuing to increase, our network of technology solution
distributors and resellers to sell our solution; our failure to
effectively develop, manage, and maintain this network could
materially harm our revenues; (vii) 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;
(viii) our historical 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; (ix) failure to adequately retain
and expand our sales force will impede our growth; (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) 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;
(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 is 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, use of, 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; (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) 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 3,000
organizations worldwide. For more information, visit
www.five9.com.
FIVE9, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
December 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
143,201
$
180,520
Marketable investments
587,096
433,743
Accounts receivable, net
97,424
87,494
Prepaid expenses and other current
assets
34,622
29,711
Deferred contract acquisition costs,
net
61,711
47,242
Total current assets
924,054
778,710
Property and equipment, net
108,572
101,221
Operating lease right-of-use assets
38,873
44,120
Finance lease right-of-use assets
4,564
—
Intangible assets, net
38,323
28,192
Goodwill
227,412
165,420
Marketable investments
—
885
Other assets
16,199
11,057
Deferred contract acquisition costs, net —
less current portion
136,571
114,880
Total assets
$
1,494,568
$
1,244,485
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
24,399
$
23,629
Accrued and other current liabilities
62,131
58,536
Operating lease liabilities
10,731
10,626
Finance lease liabilities
1,767
—
Deferred revenue
68,187
57,816
Convertible senior notes
—
169
Total current liabilities
167,215
150,776
Convertible senior notes - less current
portion
742,125
738,376
Operating lease liabilities — less current
portion
36,378
41,389
Finance lease liabilities — less current
portion
2,877
—
Other long-term liabilities
7,888
3,979
Total liabilities
956,483
934,520
Stockholders’ equity:
Common stock
73
71
Additional paid-in capital
942,280
635,668
Accumulated other comprehensive income
(loss)
582
(2,688
)
Accumulated deficit
(404,850
)
(323,086
)
Total stockholders’ equity
538,085
309,965
Total liabilities and stockholders’
equity
$
1,494,568
$
1,244,485
FIVE9, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Revenue
$
239,062
$
208,345
$
910,488
$
778,846
Cost of revenue
112,493
96,294
432,690
367,501
Gross profit
126,569
112,051
477,798
411,345
Operating expenses:
Research and development
38,873
36,865
156,582
141,794
Sales and marketing
72,956
65,928
296,713
261,990
General and administrative
33,338
22,509
123,079
95,143
Total operating expenses
145,167
125,302
576,374
498,927
Loss from operations
(18,598
)
(13,251
)
(98,576
)
(87,582
)
Other income (expense), net:
Interest expense
(1,963
)
(1,887
)
(7,646
)
(7,493
)
Interest income and other
8,322
2,706
26,799
4,813
Total other income (expense), net
6,359
819
19,153
(2,680
)
Loss before income taxes
(12,239
)
(12,432
)
(79,423
)
(90,262
)
Provision for income taxes
119
1,221
2,341
4,388
Net loss
$
(12,358
)
$
(13,653
)
$
(81,764
)
$
(94,650
)
Net loss per share:
Basic and diluted
$
(0.17
)
$
(0.19
)
$
(1.13
)
$
(1.35
)
Shares used in computing net loss per
share:
Basic and diluted
72,926
70,704
72,048
69,920
FIVE9, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended
December 31, 2023
December 31, 2022
Cash flows from operating
activities:
Net loss
$
(81,764
)
$
(94,650
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
48,515
44,671
Amortization of operating lease
right-of-use assets
12,642
10,377
Amortization of deferred contract
acquisition costs
55,384
41,034
(Accretion of discount) on marketable
investments
(11,351
)
(90
)
Provision for credit losses
989
1,105
Stock-based compensation
206,292
172,507
Amortization of discount and issuance
costs on convertible senior notes
3,749
3,743
Deferred taxes
53
3,088
Change in fair of value of contingent
consideration
—
260
Payment of contingent consideration
liability in excess of acquisition-date fair value
—
(5,900
)
Other
807
188
Changes in operating assets and
liabilities:
Accounts receivable
(9,844
)
(4,899
)
Prepaid expenses and other current
assets
(3,532
)
661
Deferred contract acquisition costs
(91,544
)
(85,197
)
Other assets
(3,988
)
(319
)
Accounts payable
2,932
845
Accrued and other current liabilities
(9,274
)
(7,878
)
Deferred revenue
4,958
13,176
Other liabilities
3,814
(3,857
)
Net cash provided by operating
activities
128,838
88,865
Cash flows from investing
activities:
Purchases of marketable investments
(795,002
)
(435,768
)
Proceeds from sales of marketable
investments
1,211
600
Proceeds from maturities of marketable
investments
655,588
524,568
Purchases of property and equipment
(31,234
)
(52,272
)
Capitalization of software development
costs
(9,537
)
(3,899
)
Payments of initial direct costs
—
(266
)
Cash paid for an equity investment in a
privately-held company
—
(2,000
)
Cash paid to acquire Aceyus
(80,588
)
—
Net cash (used in) provided by investing
activities
(259,562
)
30,963
Cash flows from financing
activities:
Repurchase of a portion of 2023
convertible senior notes, net of costs
—
(34,067
)
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
—
Proceeds from exercise of common stock
options
9,127
8,522
Proceeds from sale of common stock under
ESPP
15,927
13,413
Payment of employee taxes related to
vested RSUs
(3,270
)
—
Payment of contingent consideration
liability up to acquisition-date fair value
—
(18,100
)
Payment of holdback related to
acquisition
(500
)
—
Payments of finance leases
(989
)
—
Net cash provided by (used in) financing
activities
94,579
(30,232
)
Net (decrease) increase in cash and cash
equivalents
(36,145
)
89,596
Cash, cash equivalents and restricted
cash:
Beginning of period
180,987
91,391
End of period
$
144,842
$
180,987
FIVE9, INC.
RECONCILIATION OF GAAP GROSS
PROFIT TO ADJUSTED GROSS PROFIT
(In thousands, except
percentages)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
GAAP gross profit
$
126,569
$
112,051
$
477,798
$
411,345
GAAP gross margin
52.9
%
53.8
%
52.5
%
52.8
%
Non-GAAP adjustments:
Depreciation
7,162
5,913
26,540
23,250
Intangibles amortization
3,146
2,890
12,019
11,705
Stock-based compensation
9,182
8,638
38,259
33,297
Exit costs related to closure and
relocation of Russian operations
12
219
105
698
Acquisition and related transaction costs
and one-time integration costs
—
86
34
401
Lease amortization for finance leases
449
—
941
—
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Adjusted gross profit
$
146,520
$
129,797
$
555,696
$
477,185
Adjusted gross margin
61.3
%
62.3
%
61.0
%
61.3
%
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO ADJUSTED EBITDA
(In thousands, except
percentages)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
GAAP net loss
$
(12,358
)
$
(13,653
)
$
(81,764
)
$
(94,650
)
Non-GAAP adjustments:
Depreciation and amortization
12,962
11,021
48,515
44,671
Stock-based compensation
49,571
43,824
206,292
172,507
Interest expense
1,963
1,887
7,646
7,493
Interest (income) and other
(8,322
)
(2,706
)
(26,799
)
(4,813
)
Exit costs related to closure and
relocation of Russian operations(1)
243
2,975
2,313
7,190
Acquisition related transaction costs and
one-time integration costs
3,670
1,605
6,780
6,901
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Lease amortization for finance leases
449
—
941
—
Provision for income taxes
119
1,221
2,341
4,388
Adjusted EBITDA
$
48,297
$
46,174
$
166,265
$
140,436
Adjusted EBITDA as % of revenue
20.2
%
22.2
%
18.3
%
18.0
%
(1) Exit costs related to the closure and relocation of our
Russian operations were $2.8 million during the year ended December
31, 2023. The $2.3 million adjustment presented above was net of
$0.5 million included in “Interest (income) and other.” Exit costs
related to the closure and relocation of our Russian operations
were $7.9 million during the year ended December 31, 2022. The $7.2
million adjustment presented above was net of $0.8 million included
in “Depreciation and amortization” and $(0.1) 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
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Loss from operations
$
(18,598
)
$
(13,251
)
$
(98,576
)
$
(87,582
)
Non-GAAP adjustments:
Stock-based compensation
49,571
43,824
206,292
172,507
Intangibles amortization
3,146
2,890
12,019
11,705
Exit costs related to closure and
relocation of Russian operations
243
2,975
2,313
7,964
Acquisition and related transaction costs
and one-time integration costs
3,670
1,605
6,780
6,901
Contingent consideration expense
—
—
—
260
Refund for prior year overpayment of USF
fees
—
—
—
(3,511
)
Non-GAAP operating income
$
38,032
$
38,043
$
128,828
$
108,244
FIVE9, INC.
RECONCILIATION OF GAAP NET
LOSS TO NON-GAAP NET INCOME
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
GAAP net loss
$
(12,358
)
$
(13,653
)
$
(81,764
)
$
(94,650
)
Non-GAAP adjustments:
Stock-based compensation
49,571
43,824
206,292
172,507
Intangibles amortization
3,146
2,890
12,019
11,705
Amortization of discount and issuance
costs on convertible senior notes
956
947
3,749
3,743
Exit costs related to closure and
relocation of Russian operations
91
3,344
2,796
7,932
Acquisition and related transaction costs
and one-time integration costs
3,670
1,605
6,780
6,901
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
$
45,076
$
38,957
$
149,872
$
106,717
GAAP net loss per share:
Basic and diluted
$
(0.17
)
$
(0.19
)
$
(1.13
)
$
(1.35
)
Non-GAAP net income per share:
Basic
$
0.62
$
0.55
$
2.08
$
1.53
Diluted
$
0.61
$
0.54
$
2.05
$
1.50
Shares used in computing GAAP net loss per
share:
Basic and diluted
72,926
70,704
72,048
69,920
Shares used in computing non-GAAP net
income per share:
Basic
72,926
70,704
72,048
69,920
Diluted
73,785
71,537
73,011
71,229
(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
December 31, 2023
December 31, 2022
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Cost of revenue
$
9,182
$
7,162
$
3,146
$
8,638
$
5,913
$
2,890
Research and development
12,055
1,012
—
11,799
768
—
Sales and marketing
15,389
27
—
15,152
1
—
General and administrative
12,945
1,615
—
8,235
1,449
—
Total
$
49,571
$
9,816
$
3,146
$
43,824
$
8,131
$
2,890
Twelve Months Ended
December 31, 2023
December 31, 2022
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Stock-Based
Compensation
Depreciation
Intangibles
Amortization
Cost of revenue
$
38,259
$
26,540
$
12,019
$
33,297
$
23,250
$
11,705
Research and development
50,430
3,583
—
44,367
3,164
—
Sales and marketing
66,229
65
—
59,300
4
—
General and administrative
51,374
6,308
—
35,543
6,548
—
Total
$
206,292
$
36,496
$
12,019
$
172,507
$
32,966
$
11,705
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
March 31, 2024
December 31, 2024
Low
High
Low
High
GAAP net loss
$
(25,349
)
$
(20,855
)
$
(45,238
)
$
(39,202
)
Non-GAAP adjustments:
Stock-based compensation(2)
46,249
44,249
184,415
182,415
Intangibles amortization
2,643
2,643
10,570
10,570
Amortization of discount and issuance
costs on convertible senior notes
938
938
3,808
3,808
Acquisition and related transaction costs
and one-time integration costs(3)
3,159
2,159
8,817
7,817
Income tax expense effects(4)
—
—
—
—
Non-GAAP net income
$
27,640
$
29,134
$
162,372
$
165,408
GAAP net loss per share, basic and
diluted
$
(0.34
)
$
(0.28
)
$
(0.61
)
$
(0.53
)
Non-GAAP net income per share:
Basic
$
0.38
$
0.40
$
2.18
$
2.22
Diluted
$
0.37
$
0.39
$
2.14
$
2.18
Shares used in computing GAAP net loss per
share and non-GAAP net income per share:
Basic
73,600
73,600
74,600
74,600
Diluted
74,700
74,700
75,900
75,900
(1)
Represents guidance discussed on February
21, 2024. Reader shall not construe presentation of this
information after February 21, 2024 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 and 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/20240221037873/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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