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Five9 Reports Fourth Quarter Revenue Growth of 39% to a Record $127.9 Million

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39% Growth in LTM Enterprise Subscription Revenue
Fourth Quarter GAAP Operating Income of $2.7 Million
Fourth Quarter Adjusted EBITDA of $29.2 Million, or 22.8% of Revenue

Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Financial Results

  • Revenue for the fourth quarter of 2020 increased 39% to a record $127.9 million, compared to $92.3 million for the fourth quarter of 2019.

  • GAAP gross margin was 59.9% for the fourth quarter of 2020, compared to 58.9% for the fourth quarter of 2019.

  • Adjusted gross margin was 66.4% for the fourth quarter of 2020, compared to 64.4% for the fourth quarter of 2019.

  • GAAP net loss for the fourth quarter of 2020 was $(7.2) million, or $(0.11) per diluted share, compared to GAAP net income of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2019.

  • Non-GAAP net income for the fourth quarter of 2020 was $23.7 million, or $0.34 per diluted share, compared to non-GAAP net income of $17.0 million, or $0.27 per diluted share, for the fourth quarter of 2019.

  • Adjusted EBITDA for the fourth quarter of 2020 was $29.2 million, or a record 22.8% of revenue, compared to $19.6 million, or 21.2% of revenue, for the fourth quarter of 2019.

  • GAAP operating cash flow for the fourth quarter of 2020 was $19.3 million, compared to GAAP operating cash flow of $15.6 million for the fourth quarter of 2019.

2020 Financial Results

  • Total revenue for 2020 increased 33% to a record $434.9 million, compared to $328.0 million in 2019.

  • GAAP gross margin was 58.5% for 2020, compared to 59.0% in 2019.

  • Adjusted gross margin was 65.5% for 2020, compared to 64.2% in 2019.

  • GAAP net loss for 2020 was $(42.1) million, or $(0.66) per basic share, compared to a GAAP net loss of $(4.6) million, or $(0.08) per basic share, in 2019.

  • Non-GAAP net income for 2020 was $67.4 million, or $0.99 per diluted share, compared to a non-GAAP net income of $52.1 million, or $0.82 per diluted share, in 2019.

  • Adjusted EBITDA for 2020 was $85.7 million, or a record 19.7% of revenue, compared to $60.8 million, or 18.5% of revenue, in 2019.

  • GAAP operating cash flow for 2020 was $67.3 million, compared to GAAP operating cash flow of $51.2 million in 2019.

"Our outstanding fourth quarter results capped a tremendous year for Five9. We delivered fourth quarter revenue of $127.9 million, accelerating 39% year-over-year and 14% sequentially, both all-time highs, and Adjusted EBITDA margin was a record 22.8%. Our performance underscores our leadership in the market and momentum on our mission to help customers modernize and transform their contact center and reimagine their customer experience. Our results were driven by continued exceptional execution, new product innovation, including AI-powered automation technologies, and portfolio expansion along with international traction and positive market tailwinds. I’m incredibly proud of what we achieved, particularly during these challenging times. We enter 2021 well positioned to capture the massive market opportunity and expand our leadership position."

- Rowan Trollope, CEO, Five9

Business Outlook

Five9 provides guidance based on current market conditions and expectations. The Company 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 COVID-19 pandemic.

  • For the full year 2021, Five9 expects to report:

    • Revenue in the range of $518.5 to $521.5 million.

    • GAAP net loss in the range of $(63.9) to $(60.9) million, or $(0.92) to $(0.88) per basic share.

    • Non-GAAP net income in the range of $59.1 to $62.1 million, or $0.75 to $0.79 per diluted share.

  • For the first quarter of 2021, Five9 expects to report:

    • Revenue in the range of $122.0 to $123.0 million.

    • GAAP net loss in the range of $(19.2) to $(18.2) million, or a loss of $(0.28) to $(0.27) per basic share.

    • Non-GAAP net income in the range of $9.5 to $10.5 million, or $0.12 to $0.14 per diluted share.

Conference Call Details

Five9 will discuss its fourth quarter and full year 2020 results today, February 22, 2021, 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 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 and adjusted gross margin by adding back the following items to gross profit: depreciation, intangibles amortization, stock-based compensation and COVID-19 relief bonus for employees. We calculate adjusted EBITDA by adding back or removing the following items to or from GAAP net income (loss): depreciation and amortization, stock-based compensation, interest expense, interest (income) and other, loss on early extinguishment of debt, acquisition-related transaction costs and one-time integration costs, non-recurring litigation settlement costs and related indemnification fees, COVID-19 relief bonus for employees and provision for (benefit from) income taxes. We calculate non-GAAP operating income as GAAP operating income (loss) excluding stock-based compensation, intangibles amortization, acquisition-related transaction costs and one-time integration costs, non-recurring litigation settlement costs and related indemnification fees, and COVID-19 relief bonus for employees. We calculate non-GAAP net income as GAAP net income (loss) excluding stock-based compensation, intangibles amortization, amortization of discount and issuance costs on convertible senior notes, acquisition-related transaction costs and one-time integration costs, non-recurring litigation settlement costs and related indemnification fees, gain on sale of convertible note held for investment, COVID-19 relief bonus for employees, loss on early extinguishment of debt, and tax benefit of valuation allowance associated with an acquisition. 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, opportunity and expectation of expanding its leadership position, the size of the market opportunity, Five9’s growth expectations, and the first quarter and full year 2021 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 retain and expand our sales force will 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) 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; (vii) 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; (viii) adverse economic conditions may harm our business; (ix) the effects of the COVID-19 pandemic have materially affected how we, our clients and business partners are operating, and the duration and extent to which this will impact our future results of operations and overall financial performance remains uncertain; (x) 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; (xi) 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 and otherwise disrupt our operations and harm our operating results; (xii) 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; (xiii) 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; (xiv) 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; (xv) 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; (xvi) 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; (xvii) we have a history of losses and we may be unable to achieve or sustain profitability; (xviii) 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; (xix) we may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs; (xx) failure to comply with laws and regulations could harm our business and our reputation; (xxi) 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 (xxii) 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

Five9 is an industry-leading provider of cloud contact center solutions, bringing the power of cloud innovation to more than 2,000 customers worldwide and facilitating billions of customer engagements annually. The Five9 Intelligent Cloud Contact Center provides digital engagement, analytics, workflow automation, workforce optimization, and practical AI to help customers reimagine their customer experience. Designed to be reliable, secure, compliant, and scalable, the Five9 platform helps increase agent and supervisor productivity, connects the contact center to the business, and ultimately deliver tangible business results including increased revenue and enhanced customer trust and loyalty. For more information, visit www.five9.com.

FIVE9, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

December 31, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

220,372

$

77,976

Marketable investments

383,171

241,973

Accounts receivable, net

48,731

37,655

Prepaid expenses and other current assets

16,149

10,656

Deferred contract acquisition costs

20,695

13,014

Total current assets

689,118

381,274

Property and equipment, net

51,213

33,190

Operating lease right-of-use assets

9,010

8,746

Intangible assets, net

51,684

15,533

Goodwill

165,420

11,798

Marketable investments

42,127

Other assets

3,236

1,184

Deferred contract acquisition costs — less current portion

51,934

30,655

Total assets

$

1,063,742

$

482,380

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

17,145

$

10,156

Accrued and other current liabilities

44,450

18,385

Operating lease liabilities

3,912

5,064

Accrued federal fees

3,745

2,303

Sales tax liabilities

1,714

1,885

Finance lease liabilities

612

3,518

Deferred revenue

31,983

24,681

Total current liabilities

103,561

65,992

Convertible senior notes

643,316

209,604

Sales tax liabilities — less current portion

857

838

Operating lease liabilities — less current portion

5,379

4,329

Finance lease liabilities — less current portion

809

Other long-term liabilities

31,465

4,350

Total liabilities

784,578

285,922

Stockholders’ equity:

Common stock

67

61

Additional paid-in capital

474,678

351,870

Treasury stock

2,263

Accumulated other comprehensive income

335

576

Accumulated deficit

(198,179

)

(156,049

)

Total stockholders’ equity

279,164

196,458

Total liabilities and stockholders’ equity

$

1,063,742

$

482,380

FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

Revenue

$

127,885

$

92,263

$

434,908

$

328,006

Cost of revenue

51,233

37,940

180,284

134,511

Gross profit

76,652

54,323

254,624

193,495

Operating expenses:

Research and development

18,676

12,168

68,747

45,190

Sales and marketing

37,053

25,627

132,413

95,592

General and administrative

18,258

13,496

65,769

49,446

Total operating expenses

73,987

51,291

266,929

190,228

Income (loss) from operations

2,665

3,032

(12,305

)

3,267

Other income (expense), net:

Interest expense

(9,481

)

(3,506

)

(28,348

)

(13,794

)

Loss on early extinguishment of debt

(887

)

(6,964

)

Interest income and other

501

1,384

3,034

6,079

Total other income (expense), net

(9,867

)

(2,122

)

(32,278

)

(7,715

)

Income (loss) before income taxes

(7,202

)

910

(44,583

)

(4,448

)

Provision for income taxes

8

74

(2,453

)

104

Net income (loss)

$

(7,210

)

$

836

$

(42,130

)

$

(4,552

)

Net income (loss) per share:

Basic

$

(0.11

)

$

0.01

$

(0.66

)

$

(0.08

)

Diluted

$

(0.11

)

$

0.01

$

(0.66

)

$

(0.08

)

Shares used in computing net income (loss) per share:

Basic

66,133

61,253

64,154

60,371

Diluted

66,133

65,962

64,154

60,371

FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Twelve Months Ended

December 31, 2020

December 31, 2019

Cash flows from operating activities:

Net loss

$

(42,130

)

$

(4,552

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

25,087

14,374

Amortization of operating lease right-of-use assets

5,687

4,735

Amortization of premium on marketable investments

3,090

(1,108

)

Provision for doubtful accounts

754

90

Stock-based compensation

64,747

42,065

Amortization of discount and issuance costs on convertible senior notes

25,738

12,788

Gain on sale of convertible note held for investment

(217

)

Loss on early extinguishment of debt

6,964

Deferred taxes

(178

)

Tax benefit of valuation allowance associated with an acquisition

(2,910

)

Other

(147

)

448

Changes in operating assets and liabilities:

Accounts receivable

(9,958

)

(12,935

)

Prepaid expenses and other current assets

(5,313

)

(2,671

)

Deferred contract acquisition costs

(28,959

)

(12,783

)

Other assets

(1,911

)

(348

)

Accounts payable

6,181

2,549

Accrued and other current liabilities

9,374

(544

)

Accrued federal fees and sales tax liability

1,302

1,010

Deferred revenue

7,971

8,695

Other liabilities

1,913

(375

)

Net cash provided by operating activities

67,302

51,221

Cash flows from investing activities:

Purchases of marketable investments

(620,948

)

(359,470

)

Proceeds from maturities of marketable investments

434,478

328,740

Purchases of property and equipment

(30,422

)

(19,228

)

Cash paid to acquire Inference and Virtual Observer

(165,338

)

Cash paid to acquire substantially all of the assets of Whendu

(100

)

(13,890

)

Proceeds from sale of convertible note held for investment

217

Net cash used in investing activities

(382,330

)

(63,631

)

Cash flows from financing activities:

Proceeds from issuance of convertible senior notes, net of issuance costs

728,812

Payments for capped call transactions related to the 2025 convertible senior notes

(90,448

)

Repurchase of a portion of 2023 convertible senior notes, net of costs

(200,350

)

Proceeds from exercise of common stock options

11,656

7,705

Proceeds from sale of common stock under ESPP

11,469

7,823

Payments of finance leases

(3,715

)

(7,054

)

Net cash provided by financing activities

457,424

8,474

Net increase (decrease) in cash and cash equivalents

142,396

(3,936

)

Cash and cash equivalents:

Beginning of period

77,976

81,912

End of period

$

220,372

$

77,976

FIVE9, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT
(In thousands, except percentages)
(Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

GAAP gross profit

$

76,652

$

54,323

$

254,624

$

193,495

GAAP gross margin

59.9

%

58.9

%

58.5

%

59.0

%

Non-GAAP adjustments:

Depreciation

3,665

2,766

13,330

9,974

Intangibles amortization

2,283

618

6,849

882

Stock-based compensation

2,331

1,745

9,422

6,334

COVID-19 relief bonus for employees

618

Adjusted gross profit

$

84,931

$

59,452

$

284,843

$

210,685

Adjusted gross margin

66.4

%

64.4

%

65.5

%

64.2

%

FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands, except percentages)
(Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

GAAP net income (loss)

$

(7,210

)

$

836

$

(42,130

)

$

(4,552

)

Non-GAAP adjustments:

Depreciation and amortization

7,337

4,324

25,087

14,374

Stock-based compensation

16,876

11,868

64,747

42,065

Interest expense

9,481

3,506

28,348

13,794

Interest (income) and other

(501

)

(1,384

)

(3,034

)

(6,079

)

Legal settlement

420

Legal and indemnification fees related to settlement

356

Acquisition-related transaction costs and one-time integration costs

2,339

338

6,335

338

COVID-19 relief bonuses for employees

1,817

Loss on early extinguishment of debt

887

6,964

Provision for income taxes (benefit from)

8

74

(2,453

)

104

Adjusted EBITDA

$

29,217

$

19,562

$

85,681

$

60,820

Adjusted EBITDA as % of revenue

22.8

%

21.2

%

19.7

%

18.5

%

FIVE9, INC.
RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
(In thousands)
(Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

Income (loss) from operations

$

2,665

$

3,032

$

(12,305)

$

3,267

Non-GAAP adjustments:

Stock-based compensation

16,876

11,868

64,747

42,065

Intangibles amortization

2,283

618

6,849

882

Legal settlement

420

Legal and indemnification fees related to settlement

356

Acquisition-related transaction costs and one-time integration costs

2,339

338

6,335

338

COVID-19 relief bonus for employees

1,817

Non-GAAP operating income

$

24,163

$

15,856

$

67,443

$

47,328

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, 2020

December 31, 2019

December 31, 2020

December 31, 2019

GAAP net income (loss)

$

(7,210

)

$

836

$

(42,130

)

$

(4,552

)

Non-GAAP adjustments:

Stock-based compensation

16,876

11,868

64,747

42,065

Intangibles amortization

2,283

618

6,849

882

Amortization of discount and issuance costs on convertible senior notes

8,534

3,304

25,738

12,788

Legal settlement

420

Legal and indemnification fees related to settlement

356

Acquisition-related transaction costs and one-time integration costs

2,339

338

6,335

338

COVID-19 relief bonus for employees

1,817

Loss on early extinguishment of debt

887

6,964

Gain on sale of convertible note held for investment

(217

)

Tax benefit of valuation allowance associated with an acquisition

(2,910

)

Non-GAAP net income

$

23,709

$

16,964

$

67,410

$

52,080

GAAP net income (loss) per share:

Basic

$

(0.11

)

$

0.01

$

(0.66

)

$

(0.08

)

Diluted

$

(0.11

)

$

0.01

$

(0.66

)

$

(0.08

)

Non-GAAP net income per share:

Basic

$

0.36

$

0.28

$

1.05

$

0.86

Diluted

$

0.34

$

0.27

$

0.99

$

0.82

Shares used in computing GAAP net income (loss) per share:

Basic

66,133

61,253

64,154

60,371

Diluted

66,133

65,962

64,154

60,371

Shares used in computing non-GAAP net income per share:

Basic

66,133

61,253

64,154

60,371

Diluted

70,320

63,853

68,040

63,245

FIVE9, INC.
SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION
(In thousands)
(Unaudited)

Three Months Ended

December 31, 2020

December 31, 2019

Stock-Based
Compensation

Depreciation

Intangibles
Amortization

Stock-Based
Compensation

Depreciation

Intangibles
Amortization

Cost of revenue

$

2,331

$

3,665

$

2,283

$

1,745

$

2,766

$

618

Research and development

3,675

488

2,259

461

Sales and marketing

5,366

2

3,353

2

General and administrative

5,504

899

4,511

477

Total

$

16,876

$

5,054

$

2,283

$

11,868

$

3,706

$

618

Twelve Months Ended

December 31, 2020

December 31, 2019

Stock-Based
Compensation

Depreciation

Intangibles
Amortization

Stock-Based
Compensation

Depreciation

Intangibles
Amortization

Cost of revenue

$

9,422

$

13,330

$

6,849

$

6,334

$

9,974

$

882

Research and development

14,043

1,964

7,658

1,801

Sales and marketing

20,164

5

11,368

6

General and administrative

21,118

2,939

16,705

1,711

Total

$

64,747

$

18,238

$

6,849

$

42,065

$

13,492

$

882

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, 2021

December 31, 2021

Low

High

Low

High

GAAP net loss

$

(19,236

)

$

(18,236

)

$

(63,853

)

$

(60,853

)

Non-GAAP adjustments:

Stock-based compensation

20,960

20,960

93,677

93,677

Intangibles amortization

2,947

2,947

11,787

11,787

Amortization of issuance costs on convertible senior notes

759

759

3,131

3,131

One-time integration costs

4,070

4,070

14,358

14,358

Income tax expense effects (1)

Non-GAAP net income

$

9,500

$

10,500

$

59,100

$

62,100

GAAP net loss per share, basic and diluted

$

(0.28

)

$

(0.27

)

$

(0.92

)

$

(0.88

)

Non-GAAP net income per share:

Basic

$

0.14

$

0.16

$

0.85

$

0.89

Diluted

$

0.12

$

0.14

$

0.75

$

0.79

Shares used in computing GAAP net loss per share and non-GAAP net income per share:

Basic

67,500

67,500

69,500

69,500

Diluted

76,500

76,500

78,600

78,600

(1) Non-GAAP adjustments do not have an impact on our income tax provision due to past non-GAAP losses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005773/en/

Contacts

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