Five9 Reports Third Quarter 2024 Accelerated Revenue Growth of 15% to $264 Million
Five9 (NASDAQ:FIVN) reported a 15% increase in revenue for Q3 2024, reaching $264.2 million, compared to $230.1 million in Q3 2023. The company also saw a 20% growth in subscription revenue and a record $41 million in operating cash flow.
GAAP gross margin for the quarter was 53.8%, up from 51.7% in Q3 2023, while the adjusted gross margin rose to 61.8% from 60.6%. The GAAP net loss decreased to $(4.5) million or $(0.06) per basic share, compared to $(20.4) million or $(0.28) per basic share in the same period last year. Non-GAAP net income increased to $50.5 million or $0.67 per diluted share, up from $38.0 million or $0.52 per diluted share in Q3 2023. Adjusted EBITDA was $52.4 million or 19.8% of revenue, compared to $41.3 million or 17.9% of revenue in the previous year.
Based on these results, Five9 has raised its 2024 guidance for revenue and bottom line.
Five9 (NASDAQ:FIVN) ha riportato un aumento del 15% dei ricavi per il terzo trimestre del 2024, raggiungendo 264,2 milioni di dollari, rispetto ai 230,1 milioni di dollari del terzo trimestre del 2023. L'azienda ha anche visto una crescita del 20% nei ricavi da abbonamento e un record di 41 milioni di dollari di flusso di cassa operativo.
Il margine lordo GAAP per il trimestre è stato del 53,8%, in aumento rispetto al 51,7% del terzo trimestre del 2023, mentre il margine lordo rettificato è salito al 61,8% dal 60,6%. La perdita netta GAAP è diminuita a $(4,5) milioni o $(0,06) per azione base, rispetto ai $(20,4) milioni o $(0,28) per azione base nello stesso periodo dell'anno scorso. L'utile netto non-GAAP è aumentato a 50,5 milioni di dollari o $0,67 per azione diluita, rispetto ai 38,0 milioni di dollari o $0,52 per azione diluita nel terzo trimestre del 2023. L'EBITDA rettificato è stato di 52,4 milioni di dollari o il 19,8% dei ricavi, rispetto ai 41,3 milioni di dollari o il 17,9% dei ricavi dell'anno precedente.
Sulla base di questi risultati, Five9 ha aumentato le previsioni per il 2024 riguardo ai ricavi e al risultato finale.
Five9 (NASDAQ:FIVN) reportó un aumento del 15% en los ingresos para el tercer trimestre de 2024, alcanzando $264.2 millones, en comparación con $230.1 millones en el tercer trimestre de 2023. La compañía también experimentó un crecimiento del 20% en los ingresos por suscripción y un récord de $41 millones en flujo de caja operativo.
El margen bruto GAAP para el trimestre fue del 53.8%, en comparación con el 51.7% en el tercer trimestre de 2023, mientras que el margen bruto ajustado aumentó al 61.8% desde el 60.6%. La pérdida neta GAAP se redujo a $(4.5) millones o $(0.06) por acción básica, en comparación con $(20.4) millones o $(0.28) por acción básica en el mismo período del año pasado. El ingreso neto no GAAP aumentó a $50.5 millones o $0.67 por acción diluida, subiendo desde $38.0 millones o $0.52 por acción diluida en el tercer trimestre de 2023. El EBITDA ajustado fue de $52.4 millones o el 19.8% de los ingresos, en comparación con $41.3 millones o el 17.9% de los ingresos del año anterior.
Basado en estos resultados, Five9 ha aumentado su guía para 2024 en cuanto a ingresos y resultados finales.
Five9 (NASDAQ:FIVN)은 2024년 3분기에 15%의 매출 증가를 보고했으며, 매출은 2억 6천 4백 20만 달러에 이르렀습니다. 이는 2023년 3분기의 2억 3천 1백만 달러와 비교됩니다. 회사는 또한 20%의 구독 매출 성장을 기록했으며, 운영 현금 흐름에서 4100만 달러로 기록을 세웠습니다.
이번 분기의 GAAP 총 마진은 53.8%로, 2023년 3분기의 51.7%에서 증가했습니다. 조정된 총 마진은 60.6%에서 61.8%로 상승했습니다. GAAP 순손실은 $(450만) 또는 기본주당 $(0.06)으로 감소했으며, 작년 같은 기간의 $(2040만) 또는 $(0.28)과 비교됩니다. 비GAAP 순이익은 5050만 달러 또는 희석주당 $0.67로 증가했으며, 2023년 3분기의 $3800만 또는 $0.52에서 증가한 수치입니다. 조정된 EBITDA는 5240만 달러 또는 매출의 19.8%로, 지난해의 4130만 달러 또는 매출의 17.9%와 비교됩니다.
이러한 결과를 바탕으로 Five9은 2024년 매출 및 손익 전망을 상향 조정했습니다.
Five9 (NASDAQ:FIVN) a annoncé une augmentation de 15% de son chiffre d'affaires pour le troisième trimestre 2024, atteignant 264,2 millions de dollars, contre 230,1 millions de dollars au troisième trimestre 2023. L'entreprise a également connu une croissance de 20% des revenus d'abonnement et un record de 41 millions de dollars de flux de trésorerie opérationnel.
La marge brute GAAP pour le trimestre était de 53,8%, en hausse par rapport à 51,7% au troisième trimestre 2023, tandis que la marge brute ajustée est passée à 61,8% contre 60,6%. La perte nette GAAP a diminué à $(4,5) millions ou $(0,06) par action ordinaire, contre $(20,4) millions ou $(0,28) par action ordinaire pendant la même période l'année dernière. Le résultat net non-GAAP a augmenté à 50,5 millions de dollars ou $0,67 par action diluée, contre 38,0 millions de dollars ou $0,52 par action diluée au troisième trimestre 2023. L'EBITDA ajusté était de 52,4 millions de dollars ou 19,8% du chiffre d'affaires, contre 41,3 millions de dollars ou 17,9% du chiffre d'affaires de l'année précédente.
Sur la base de ces résultats, Five9 a relevé ses prévisions pour 2024 concernant les revenus et le résultat net.
Five9 (NASDAQ:FIVN) meldete für das 3. Quartal 2024 einen Umsatzanstieg von 15%, der 264,2 Millionen Dollar erreichte, im Vergleich zu 230,1 Millionen Dollar im 3. Quartal 2023. Das Unternehmen verzeichnete auch 20% Wachstum bei den Abonnementeinnahmen und einen Rekord von 41 Millionen Dollar im operativen Cashflow.
Die GAAP-Bruttomarge für das Quartal lag bei 53,8%, gegenüber 51,7% im 3. Quartal 2023, während die bereinigte Bruttomarge auf 61,8% von 60,6% anstieg. Der GAAP-Nettoverlust verringerte sich auf $(4,5) Millionen oder $(0,06) pro Basisaktie, im Vergleich zu $(20,4) Millionen oder $(0,28) pro Basisaktie im gleichen Zeitraum des Vorjahres. Der Non-GAAP-Nettoertrag stieg auf 50,5 Millionen Dollar oder $0,67 pro verwässerte Aktie, gegenüber 38,0 Millionen Dollar oder $0,52 pro verwässerte Aktie im 3. Quartal 2023. Bereinigtes EBITDA betrug 52,4 Millionen Dollar oder 19,8% des Umsatzes, im Vergleich zu 41,3 Millionen Dollar oder 17,9% des Umsatzes im Vorjahr.
Aufgrund dieser Ergebnisse hat Five9 seine Prognose für 2024 angehoben in Bezug auf Umsatz und Nettoergebnis.
- Revenue increased by 15% to $264.2 million.
- Subscription revenue grew by 20%.
- Operating cash flow reached a record $41 million.
- GAAP gross margin increased to 53.8%.
- Adjusted gross margin rose to 61.8%.
- Non-GAAP net income increased to $50.5 million.
- Adjusted EBITDA increased to $52.4 million.
- Raised 2024 guidance for revenue and bottom line.
- GAAP net loss of $(4.5) million.
Insights
Five9's Q3 results demonstrate robust financial performance with several key improvements. The
The expansion in both GAAP gross margin (
Five9's strategic positioning in AI-powered CX solutions represents a significant competitive advantage in the rapidly evolving contact center market. The company's focus on hyper-personalized experiences and continuous engagement aligns perfectly with enterprise digital transformation trends. The accelerating adoption of AI in customer experience platforms suggests strong growth potential, particularly as businesses seek to optimize customer service operations while managing costs.
The
Record
Raises 2024 Guidance for Revenue and Bottom Line
Third Quarter 2024 Financial Results
-
Revenue for the third quarter of 2024 increased
15% to a record , compared to$264.2 million for the third quarter of 2023.$230.1 million -
GAAP gross margin was
53.8% for the third quarter of 2024, compared to51.7% for the third quarter of 2023. -
Adjusted gross margin was
61.8% for the third quarter of 2024, compared to60.6% for the third quarter of 2023. -
GAAP net loss for the third quarter of 2024 was
, or$(4.5) million per basic share, and (1.7)% of revenue, compared to GAAP net loss of$(0.06) , or$(20.4) million per basic share, and (8.9)% of revenue, for the third quarter of 2023.$(0.28) -
Non-GAAP net income for the third quarter of 2024 was
, or$50.5 million per diluted share, and$0.67 19.1% of revenue, compared to non-GAAP net income of , or$38.0 million per diluted share, and$0.52 16.5% of revenue, for the third quarter of 2023. -
Adjusted EBITDA for the third quarter of 2024 was
, or$52.4 million 19.8% of revenue, compared to , or$41.3 million 17.9% of revenue, for the third quarter of 2023. -
GAAP operating cash flow for the third quarter of 2024 was
, compared to GAAP operating cash flow of$41.1 million for the third quarter of 2023.$37.0 million
“We are very pleased to report strong third quarter results, which exceeded our guidance across all key metrics. Subscription revenue grew
- 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 impact of macroeconomic challenges.
-
For the full year 2024, Five9 now expects to report:
-
Revenue in the range of
to$1.03 0 .$1.03 1 billion -
GAAP net loss per share in the range of
to$(0.30) , assuming basic shares outstanding of approximately 74.5 million.$(0.23) -
Non-GAAP net income per share in the range of
to$2.36 , assuming diluted shares outstanding of approximately 75.0 million.$2.38
-
Revenue in the range of
-
For the fourth quarter of 2024, Five9 expects to report:
-
Revenue in the range of
to$267.0 .$268.0 million -
GAAP net income per share in the range of
to$0.03 , assuming diluted shares outstanding of approximately 88.6 million.$0.08 -
Non-GAAP net income per share in the range of
to$0.69 , assuming diluted shares outstanding of approximately 76.0 million.$0.71
-
Revenue in the range of
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 2024 results today, November 7, 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
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements in the quote from our Chairman and Chief Executive Officer, including statements regarding the effect of AI on the CX market,
Five9’s AI platform and its market position and expected impact on the Company's growth, Five9's market opportunity and ability to capitalize on that opportunity, and the fourth 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 challenges, including continued inflation, increased interest rates, supply chain disruptions, decreased economic output and fluctuations in currency rates, the impact of the
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) |
||||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
290,959 |
|
|
$ |
143,201 |
|
Marketable investments |
|
|
675,704 |
|
|
|
587,096 |
|
Accounts receivable, net |
|
|
116,430 |
|
|
|
97,424 |
|
Prepaid expenses and other current assets |
|
|
48,640 |
|
|
|
34,622 |
|
Deferred contract acquisition costs, net |
|
|
72,534 |
|
|
|
61,711 |
|
Total current assets |
|
|
1,204,267 |
|
|
|
924,054 |
|
Property and equipment, net |
|
|
136,052 |
|
|
|
108,572 |
|
Operating lease right-of-use assets |
|
|
43,480 |
|
|
|
38,873 |
|
Finance lease right-of-use assets |
|
|
21,262 |
|
|
|
4,564 |
|
Intangible assets, net |
|
|
69,731 |
|
|
|
38,323 |
|
Goodwill |
|
|
365,450 |
|
|
|
227,412 |
|
Other assets |
|
|
17,765 |
|
|
|
16,199 |
|
Deferred contract acquisition costs, net — less current portion |
|
|
149,885 |
|
|
|
136,571 |
|
Total assets |
|
$ |
2,007,892 |
|
|
$ |
1,494,568 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
33,876 |
|
|
$ |
24,399 |
|
Accrued and other current liabilities |
|
|
84,297 |
|
|
|
62,131 |
|
Operating lease liabilities |
|
|
11,446 |
|
|
|
10,731 |
|
Finance lease liabilities |
|
|
7,695 |
|
|
|
1,767 |
|
Deferred revenue |
|
|
80,000 |
|
|
|
68,187 |
|
Convertible senior notes |
|
|
432,927 |
|
|
|
— |
|
Total current liabilities |
|
|
650,241 |
|
|
|
167,215 |
|
Convertible senior notes — less current portion |
|
|
730,932 |
|
|
|
742,125 |
|
Operating lease liabilities — less current portion |
|
|
39,976 |
|
|
|
36,378 |
|
Finance lease liabilities — less current portion |
|
|
13,716 |
|
|
|
2,877 |
|
Other long-term liabilities |
|
|
7,441 |
|
|
|
7,888 |
|
Total liabilities |
|
|
1,442,306 |
|
|
|
956,483 |
|
Stockholders’ equity: |
|
|
|
|
||||
Common stock |
|
|
75 |
|
|
|
73 |
|
Additional paid-in capital |
|
|
992,905 |
|
|
|
942,280 |
|
Accumulated other comprehensive income |
|
|
1,828 |
|
|
|
582 |
|
Accumulated deficit |
|
|
(429,222 |
) |
|
|
(404,850 |
) |
Total stockholders’ equity |
|
|
565,586 |
|
|
|
538,085 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,007,892 |
|
|
$ |
1,494,568 |
|
FIVE9, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
Revenue |
|
$ |
264,182 |
|
|
$ |
230,105 |
|
|
$ |
763,278 |
|
|
$ |
671,426 |
|
Cost of revenue |
|
|
121,933 |
|
|
|
111,080 |
|
|
|
354,877 |
|
|
|
320,197 |
|
Gross profit |
|
|
142,249 |
|
|
|
119,025 |
|
|
|
408,401 |
|
|
|
351,229 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
42,482 |
|
|
|
40,391 |
|
|
|
124,717 |
|
|
|
117,709 |
|
Sales and marketing |
|
|
78,615 |
|
|
|
73,366 |
|
|
|
238,056 |
|
|
|
223,757 |
|
General and administrative |
|
|
36,575 |
|
|
|
31,006 |
|
|
|
101,111 |
|
|
|
89,741 |
|
Total operating expenses |
|
|
157,672 |
|
|
|
144,763 |
|
|
|
463,884 |
|
|
|
431,207 |
|
Loss from operations |
|
|
(15,423 |
) |
|
|
(25,738 |
) |
|
|
(55,483 |
) |
|
|
(79,978 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(4,068 |
) |
|
|
(1,972 |
) |
|
|
(10,541 |
) |
|
|
(5,683 |
) |
Gain on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
6,615 |
|
|
|
— |
|
Interest income and other |
|
|
11,144 |
|
|
|
8,233 |
|
|
|
35,503 |
|
|
|
18,477 |
|
Total other income (expense), net |
|
|
7,076 |
|
|
|
6,261 |
|
|
|
31,577 |
|
|
|
12,794 |
|
Loss before income taxes |
|
|
(8,347 |
) |
|
|
(19,477 |
) |
|
|
(23,906 |
) |
|
|
(67,184 |
) |
(Benefit from) provision for income taxes |
|
|
(3,868 |
) |
|
|
942 |
|
|
|
466 |
|
|
|
2,222 |
|
Net loss |
|
$ |
(4,479 |
) |
|
$ |
(20,419 |
) |
|
$ |
(24,372 |
) |
|
$ |
(69,406 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.97 |
) |
Shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
74,876 |
|
|
|
72,356 |
|
|
|
74,192 |
|
|
|
71,751 |
|
|
|
|
|
|
|
|
|
|
FIVE9, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Nine Months Ended |
||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(24,372 |
) |
|
$ |
(69,406 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
38,265 |
|
|
|
35,553 |
|
Amortization of operating lease right-of-use assets |
|
|
10,631 |
|
|
|
9,234 |
|
Amortization of deferred contract acquisition costs |
|
|
52,152 |
|
|
|
40,088 |
|
Accretion of discount on marketable investments |
|
|
(16,833 |
) |
|
|
(7,684 |
) |
Provision for credit losses |
|
|
806 |
|
|
|
795 |
|
Stock-based compensation |
|
|
127,872 |
|
|
|
156,721 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
3,991 |
|
|
|
2,793 |
|
Gain on early extinguishment of debt |
|
|
(6,615 |
) |
|
|
— |
|
Impairment charge of an equity investment |
|
|
1,250 |
|
|
|
— |
|
Interest on finance lease obligations |
|
|
258 |
|
|
|
77 |
|
Deferred taxes |
|
|
441 |
|
|
|
438 |
|
Tax benefit of valuation allowance associated with an acquisition |
|
|
(4,831 |
) |
|
|
— |
|
Other |
|
|
(145 |
) |
|
|
592 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(15,559 |
) |
|
|
(6,661 |
) |
Prepaid expenses and other current assets |
|
|
(9,562 |
) |
|
|
(6,537 |
) |
Deferred contract acquisition costs |
|
|
(76,288 |
) |
|
|
(68,410 |
) |
Other assets |
|
|
(1,452 |
) |
|
|
(4,892 |
) |
Accounts payable |
|
|
8,651 |
|
|
|
5,562 |
|
Accrued and other current liabilities |
|
|
5,380 |
|
|
|
(1,149 |
) |
Deferred revenue |
|
|
184 |
|
|
|
1,544 |
|
Other liabilities |
|
|
(871 |
) |
|
|
3,636 |
|
Net cash provided by operating activities |
|
|
93,353 |
|
|
|
92,294 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of marketable investments |
|
|
(993,483 |
) |
|
|
(544,713 |
) |
Proceeds from sales of marketable investments |
|
|
93,995 |
|
|
|
971 |
|
Proceeds from maturities of marketable investments |
|
|
829,122 |
|
|
|
415,117 |
|
Purchases of property and equipment |
|
|
(33,097 |
) |
|
|
(19,941 |
) |
Capitalization of software development costs |
|
|
(14,211 |
) |
|
|
(5,820 |
) |
Cash paid to acquire Acqueon Inc. |
|
|
(167,166 |
) |
|
|
— |
|
Cash paid to acquire Aceyus, Inc. |
|
|
99 |
|
|
|
(80,588 |
) |
Net cash used in investing activities |
|
|
(284,741 |
) |
|
|
(234,974 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from issuance of 2029 convertible senior notes, net of issuance costs |
|
|
728,843 |
|
|
|
— |
|
Payments for capped call transactions associated with the 2029 convertible senior notes |
|
|
(93,438 |
) |
|
|
— |
|
Repurchase of a portion of 2025 convertible senior notes, net of costs |
|
|
(304,485 |
) |
|
|
— |
|
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 |
|
Cash received from partial termination of capped calls associated with the 2025 convertible senior notes |
|
|
539 |
|
|
|
— |
|
Proceeds from exercise of common stock options |
|
|
423 |
|
|
|
8,315 |
|
Proceeds from sale of common stock under ESPP |
|
|
9,522 |
|
|
|
9,444 |
|
Payment of holdback related to an acquisition |
|
|
— |
|
|
|
(500 |
) |
Payment of finance lease liabilities |
|
|
(2,006 |
) |
|
|
(496 |
) |
Net cash provided by financing activities |
|
|
339,398 |
|
|
|
91,047 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
148,010 |
|
|
|
(51,633 |
) |
Cash, cash equivalents and restricted cash: |
|
|
|
|
||||
Beginning of period |
|
|
144,842 |
|
|
|
180,987 |
|
End of period |
|
$ |
292,852 |
|
|
$ |
129,354 |
|
|
|
|
|
|
FIVE9, INC. RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT (In thousands, except percentages) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
|
$ |
142,249 |
|
|
$ |
119,025 |
|
|
$ |
408,401 |
|
|
$ |
351,229 |
|
GAAP gross margin |
|
|
53.8 |
% |
|
|
51.7 |
% |
|
|
53.5 |
% |
|
|
52.3 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Depreciation |
|
|
7,218 |
|
|
|
6,893 |
|
|
|
21,956 |
|
|
|
19,378 |
|
Intangibles amortization |
|
|
3,196 |
|
|
|
3,182 |
|
|
|
8,492 |
|
|
|
8,873 |
|
Stock-based compensation |
|
|
7,512 |
|
|
|
9,856 |
|
|
|
22,904 |
|
|
|
29,077 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
93 |
|
Acquisition and related transaction costs and one-time integration costs |
|
|
94 |
|
|
|
— |
|
|
|
219 |
|
|
|
34 |
|
Lease amortization for finance leases |
|
|
895 |
|
|
|
492 |
|
|
|
1,807 |
|
|
|
492 |
|
Costs related to a reduction in force plan |
|
|
2,115 |
|
|
|
— |
|
|
|
2,115 |
|
|
|
— |
|
Adjusted gross profit |
|
$ |
163,279 |
|
|
$ |
139,466 |
|
|
$ |
465,894 |
|
|
$ |
409,176 |
|
Adjusted gross margin |
|
|
61.8 |
% |
|
|
60.6 |
% |
|
|
61.0 |
% |
|
|
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, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
|
$ |
(4,479 |
) |
|
$ |
(20,419 |
) |
|
$ |
(24,372 |
) |
|
$ |
(69,406 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
13,144 |
|
|
|
12,482 |
|
|
|
38,265 |
|
|
|
35,553 |
|
Stock-based compensation |
|
|
39,556 |
|
|
|
52,611 |
|
|
|
127,872 |
|
|
|
156,721 |
|
Interest expense |
|
|
4,068 |
|
|
|
1,972 |
|
|
|
10,541 |
|
|
|
5,683 |
|
Gain on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(6,615 |
) |
|
|
— |
|
Interest income and other |
|
|
(11,144 |
) |
|
|
(8,233 |
) |
|
|
(35,503 |
) |
|
|
(18,477 |
) |
Exit costs related to closure and relocation of Russian operations (1) |
|
|
21 |
|
|
|
659 |
|
|
|
78 |
|
|
|
2,070 |
|
Acquisition and related transaction costs and one-time integration costs |
|
|
4,486 |
|
|
|
778 |
|
|
|
9,506 |
|
|
|
3,110 |
|
Lease amortization for finance leases |
|
|
951 |
|
|
|
492 |
|
|
|
1,863 |
|
|
|
492 |
|
Costs related to a reduction in force plan |
|
|
9,625 |
|
|
|
— |
|
|
|
9,625 |
|
|
|
— |
|
(Benefit from) provision for income taxes |
|
|
(3,868 |
) |
|
|
942 |
|
|
|
466 |
|
|
|
2,222 |
|
Adjusted EBITDA |
|
$ |
52,360 |
|
|
$ |
41,284 |
|
|
$ |
131,726 |
|
|
$ |
117,968 |
|
Adjusted EBITDA as % of revenue |
|
|
19.8 |
% |
|
|
17.9 |
% |
|
|
17.3 |
% |
|
|
17.6 |
% |
(1) Exit costs related to the closure and relocation of our Russian operations were
FIVE9, INC. RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP OPERATING INCOME (In thousands) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Loss from operations |
|
$ |
(15,423 |
) |
|
$ |
(25,738 |
) |
|
$ |
(55,483 |
) |
|
$ |
(79,978 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
|
39,556 |
|
|
|
52,611 |
|
|
|
127,872 |
|
|
|
156,721 |
|
Intangibles amortization |
|
|
3,196 |
|
|
|
3,182 |
|
|
|
8,492 |
|
|
|
8,873 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
21 |
|
|
|
659 |
|
|
|
78 |
|
|
|
2,070 |
|
Acquisition and related transaction costs and one-time integration costs |
|
|
4,486 |
|
|
|
778 |
|
|
|
9,506 |
|
|
|
3,110 |
|
Costs related to a reduction in force plan |
|
|
9,625 |
|
|
|
— |
|
|
|
9,625 |
|
|
|
— |
|
Non-GAAP operating income |
|
$ |
41,461 |
|
|
$ |
31,492 |
|
|
$ |
100,090 |
|
|
$ |
90,796 |
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
|
$ |
(4,479 |
) |
|
$ |
(20,419 |
) |
|
$ |
(24,372 |
) |
|
$ |
(69,406 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
|
39,556 |
|
|
|
52,611 |
|
|
|
127,872 |
|
|
|
156,721 |
|
Intangibles amortization |
|
|
3,196 |
|
|
|
3,182 |
|
|
|
8,492 |
|
|
|
8,873 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
1,482 |
|
|
|
954 |
|
|
|
3,991 |
|
|
|
2,793 |
|
Gain on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(6,615 |
) |
|
|
— |
|
Exit costs related to closure and relocation of Russian operations |
|
|
176 |
|
|
|
854 |
|
|
|
156 |
|
|
|
2,705 |
|
Acquisition and related transaction costs and one-time integration costs |
|
|
4,486 |
|
|
|
778 |
|
|
|
9,506 |
|
|
|
3,110 |
|
Impairment charge of an equity investment |
|
|
1,250 |
|
|
|
— |
|
|
|
1,250 |
|
|
|
— |
|
Costs related to a reduction in force plan |
|
|
9,625 |
|
|
|
— |
|
|
|
9,625 |
|
|
|
— |
|
Tax benefit associated with an acquired company |
|
|
(4,831 |
) |
|
|
— |
|
|
|
(4,831 |
) |
|
|
— |
|
Income tax expense effects (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net income |
|
$ |
50,461 |
|
|
$ |
37,960 |
|
|
$ |
125,074 |
|
|
$ |
104,796 |
|
GAAP net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.97 |
) |
Non-GAAP net income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.67 |
|
|
$ |
0.52 |
|
|
$ |
1.69 |
|
|
$ |
1.46 |
|
Diluted |
|
$ |
0.67 |
|
|
$ |
0.52 |
|
|
$ |
1.68 |
|
|
$ |
1.44 |
|
Shares used in computing GAAP net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
74,876 |
|
|
|
72,356 |
|
|
|
74,192 |
|
|
|
71,751 |
|
Shares used in computing non-GAAP net income per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
74,876 |
|
|
|
72,356 |
|
|
|
74,192 |
|
|
|
71,751 |
|
Diluted |
|
|
75,137 |
|
|
|
73,426 |
|
|
|
74,653 |
|
|
|
72,790 |
|
|
|
|
|
|
|
|
|
|
- Non-GAAP adjustments do not have a material impact on our worldwide income tax provision due to the tax treatment of the non-GAAP adjustments reported, and the Company’s domestic valuation allowance position.
FIVE9, INC. SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION (In thousands) (Unaudited) |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||
|
|
Stock-Based Compensation |
|
Depreciation |
|
Intangibles Amortization |
|
Stock-Based Compensation |
|
Depreciation |
|
Intangibles Amortization |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenue |
|
$ |
7,512 |
|
$ |
7,218 |
|
$ |
3,196 |
|
$ |
9,856 |
|
$ |
6,893 |
|
$ |
3,182 |
Research and development |
|
|
8,244 |
|
|
721 |
|
|
— |
|
|
12,980 |
|
|
831 |
|
|
— |
Sales and marketing |
|
|
12,490 |
|
|
32 |
|
|
— |
|
|
16,404 |
|
|
36 |
|
|
— |
General and administrative |
|
|
11,310 |
|
|
1,977 |
|
|
— |
|
|
13,371 |
|
|
1,540 |
|
|
— |
Total |
|
$ |
39,556 |
|
$ |
9,948 |
|
$ |
3,196 |
|
$ |
52,611 |
|
$ |
9,300 |
|
$ |
3,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended |
||||||||||||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||
|
|
Stock-Based Compensation |
|
Depreciation |
|
Intangibles Amortization |
|
Stock-Based Compensation |
|
Depreciation |
|
Intangibles Amortization |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenue |
|
$ |
22,904 |
|
$ |
21,956 |
|
$ |
8,492 |
|
$ |
29,077 |
|
$ |
19,378 |
|
$ |
8,873 |
Research and development |
|
|
29,001 |
|
|
2,352 |
|
|
— |
|
|
38,375 |
|
|
2,571 |
|
|
— |
Sales and marketing |
|
|
40,334 |
|
|
85 |
|
|
— |
|
|
50,840 |
|
|
38 |
|
|
— |
General and administrative |
|
|
35,633 |
|
|
5,380 |
|
|
— |
|
|
38,429 |
|
|
4,693 |
|
|
— |
Total |
|
$ |
127,872 |
|
$ |
29,773 |
|
$ |
8,492 |
|
$ |
156,721 |
|
$ |
26,680 |
|
$ |
8,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
December 31, 2024 |
||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||
|
|
|
|
|
|
|
|
|
||||||
GAAP net income (loss) |
|
$ |
2,687 |
|
$ |
7,207 |
|
$ |
(22,000 |
) |
|
$ |
(17,500 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||
Stock-based compensation(2) |
|
|
43,479 |
|
|
41,479 |
|
|
171,351 |
|
|
|
169,351 |
|
Intangibles amortization |
|
|
2,643 |
|
|
2,643 |
|
|
11,135 |
|
|
|
11,135 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
1,485 |
|
|
1,485 |
|
|
5,476 |
|
|
|
5,476 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
— |
|
|
— |
|
|
156 |
|
|
|
156 |
|
Acquisition and related transaction costs and one-time integration costs(3) |
|
|
2,146 |
|
|
1,146 |
|
|
11,652 |
|
|
|
10,652 |
|
Gain on early extinguishment of debt |
|
|
— |
|
|
— |
|
|
(6,615 |
) |
|
|
(6,615 |
) |
Impairment charge of an equity investment |
|
|
— |
|
|
— |
|
|
1,250 |
|
|
|
1,250 |
|
Costs related to a reduction in force plan |
|
|
— |
|
|
— |
|
|
9,625 |
|
|
|
9,625 |
|
Tax benefit of valuation allowance associated with an acquisition |
|
|
— |
|
|
— |
|
|
(4,831 |
) |
|
|
(4,831 |
) |
Income tax expense effects(4) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Non-GAAP net income |
|
$ |
52,440 |
|
$ |
53,960 |
|
$ |
177,199 |
|
|
$ |
178,699 |
|
GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
||||||
Basic |
|
$ |
0.04 |
|
$ |
0.10 |
|
$ |
(0.30 |
) |
|
$ |
(0.23 |
) |
Diluted |
|
$ |
0.03 |
|
$ |
0.08 |
|
$ |
(0.30 |
) |
|
$ |
(0.23 |
) |
Non-GAAP net income per share: |
|
|
|
|
|
|
|
|
||||||
Basic |
|
$ |
0.69 |
|
$ |
0.71 |
|
$ |
2.38 |
|
|
$ |
2.40 |
|
Diluted |
|
$ |
0.69 |
|
$ |
0.71 |
|
$ |
2.36 |
|
|
$ |
2.38 |
|
Shares used in computing GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
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Basic |
|
|
75,600 |
|
|
75,600 |
|
|
74,500 |
|
|
|
74,500 |
|
Diluted |
|
|
88,600 |
|
|
88,600 |
|
|
74,500 |
|
|
|
74,500 |
|
Shares used in computing non-GAAP net income per share: |
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
75,600 |
|
|
75,600 |
|
|
74,500 |
|
|
|
74,500 |
|
Diluted |
|
|
76,000 |
|
|
76,000 |
|
|
75,000 |
|
|
|
75,000 |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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|
- Represents guidance discussed on November 7, 2024. Reader shall not construe presentation of this information after November 7, 2024 as an update or reaffirmation of such guidance.
- 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.
- 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.
- Non-GAAP adjustments do not have a material impact on our worldwide income tax provision due to the tax treatment of the non-GAAP adjustments reported, and the Company’s domestic valuation allowance position.
FIVE9, INC. TAXES AND PURCHASES OF PROPERTY AND EQUIPMENT – GUIDANCE(1) (In thousands) (Unaudited) |
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|
|
Three Months Ending |
|
Year Ending |
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|
|
December 31, 2024 |
|
December 31, 2024 |
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|
|
Low |
|
High |
|
Low |
|
High |
||||
|
|
|
|
|
|
|
|
|
||||
Taxes - Non-GAAP |
|
$ |
2,500 |
|
$ |
2,700 |
|
$ |
7,797 |
|
$ |
7,997 |
Purchases of property and equipment |
|
|
13,000 |
|
|
14,000 |
|
|
46,097 |
|
|
47,097 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
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-
Represents guidance discussed on November 7, 2024. Reader shall not construe presentation of this information after November 7, 2024 as an update or reaffirmation of such guidance.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107022115/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
Source: Five9, Inc.
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