Five9 Reports Third Quarter Revenue Growth of 38% to a Record $154.3 Million

51% Growth in LTM Enterprise Subscription Revenue

Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the third quarter ended September 30, 2021.

Third Quarter 2021 Financial Results

  • Revenue for the third quarter of 2021 increased 38% to a record $154.3 million, compared to $112.1 million for the third quarter of 2020.
  • GAAP gross margin was 56.5% for the third quarter of 2021, compared to 58.5% for the third quarter of 2020.
  • Adjusted gross margin was 64.1% for the third quarter of 2021, compared to 65.4% for the third quarter of 2020.
  • GAAP net loss for the third quarter of 2021 was $(20.5) million, or $(0.30) per basic share, compared to GAAP net loss of $(11.4) million, or $(0.17) per basic share, for the third quarter of 2020.
  • Non-GAAP net income for the third quarter of 2021 was $20.0 million, or $0.28 per diluted share, compared to non-GAAP net income of $18.5 million, or $0.27 per diluted share, for the third quarter of 2020.
  • Adjusted EBITDA for the third quarter of 2021 was $27.4 million, or 17.8% of revenue, compared to $24.1 million, or 21.5% of revenue, for the third quarter of 2020.
  • GAAP operating cash flow for the third quarter of 2021 was $(4.8) million, compared to GAAP operating cash flow of $22.8 million for the third quarter of 2020.

“We are pleased to report strong results for the third quarter. Revenue grew 38% year-over-year to a record $154.3 million, which continues to be driven by our Enterprise business, as evidenced by LTM Enterprise subscription revenue which grew by 51% year-over-year. Our performance for the quarter underscores the strength of our platform and the value we deliver to customers seeking to modernize and transform their contact centers. We have differentiated our platform by building a leadership position in AI-driven automation around customer experience and remain confident in the durability of our growth powered by market momentum, continued product innovation, and our go-to-market machine.”

- Rowan Trollope, 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 COVID-19 pandemic.

  • For the full year 2021, Five9 expects to report:
    • Revenue in the range of $600.5 to $601.5 million.
    • Non-GAAP net income per share in the range of $1.09 to $1.10, assuming diluted shares outstanding of approximately 71 million.
  • For the fourth quarter of 2021, Five9 expects to report:
    • Revenue in the range of $164.5 to $165.5 million.
    • Non-GAAP net income per share in the range of $0.36 to $0.37, assuming diluted shares outstanding of approximately 72 million.

With respect to Five9’s guidance as provided above, Five9 has not reconciled its expectations as to non-GAAP net income per share to GAAP net loss per share because stock-based compensation, one-time integration costs, and contingent consideration expense cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Conference Call Details

Five9 will discuss its third quarter 2021 results today, November 8, 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 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, COVID-19 relief bonus for employees and one-time integration costs. 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, loss on early extinguishment of debt, interest income and other (expense), acquisition-related transaction costs and one-time integration costs, COVID-19 relief bonus for employees, contingent consideration expense and provision for (benefit from) income taxes. We calculate non-GAAP operating income by adding back or removing the following items to or from GAAP operating income (loss): stock-based compensation, intangibles amortization, acquisition-related transaction costs and one-time integration costs, COVID-19 relief bonus for employees and contingent consideration expense. We calculate non-GAAP net income by adding back or removing the following items to or from GAAP net income (loss): stock-based compensation, intangibles amortization, amortization of discount and issuance costs on convertible senior notes, loss on early extinguishment of debt, acquisition-related transaction costs and one-time integration costs, COVID-19 relief bonus for employees, contingent consideration expense 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. 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 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 growth prospects, market momentum, product innovation and go-to-market capabilities, and the fourth 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. Other 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 a leading provider of cloud contact center software for the intelligent contact center space, bringing the power of cloud innovation to customers and facilitating more than seven billion call minutes annually. Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO and AI to increase agent productivity and deliver tangible business results. The Five9 Genius platform is reliable, secure, compliant and scalable; designed to create exceptional personalized customer experiences. For more information, visit www.five9.com.

FIVE9, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

September 30, 2021

 

December 31, 2020

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

82,465

 

 

 

$

220,372

 

 

Marketable investments

 

332,824

 

 

 

383,171

 

 

Accounts receivable, net

 

60,383

 

 

 

48,731

 

 

Prepaid expenses and other current assets

 

29,814

 

 

 

16,149

 

 

Deferred contract acquisition costs, net

 

29,649

 

 

 

20,695

 

 

Total current assets

 

535,135

 

 

 

689,118

 

 

Property and equipment, net

 

71,444

 

 

 

51,213

 

 

Operating lease right-of-use assets

 

45,778

 

 

 

9,010

 

 

Intangible assets, net

 

42,843

 

 

 

51,684

 

 

Goodwill

 

165,420

 

 

 

165,420

 

 

Marketable investments

 

208,468

 

 

 

42,127

 

 

Other assets

 

5,432

 

 

 

3,236

 

 

Deferred contract acquisition costs, net — less current portion

 

76,386

 

 

 

51,934

 

 

Total assets

 

$

1,150,906

 

 

 

$

1,063,742

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

21,330

 

 

 

$

17,145

 

 

Accrued and other current liabilities

 

77,905

 

 

 

44,450

 

 

Operating lease liabilities

 

8,849

 

 

 

3,912

 

 

Accrued federal fees

 

242

 

 

 

3,745

 

 

Sales tax liabilities

 

1,839

 

 

 

1,714

 

 

Finance lease liabilities

 

 

 

 

612

 

 

Deferred revenue

 

36,887

 

 

 

31,983

 

 

Total current liabilities

 

147,052

 

 

 

103,561

 

 

Convertible senior notes

 

773,353

 

 

 

643,316

 

 

Sales tax liabilities — less current portion

 

872

 

 

 

857

 

 

Operating lease liabilities — less current portion

 

45,144

 

 

 

5,379

 

 

Other long-term liabilities

 

13,415

 

 

 

31,465

 

 

Total liabilities

 

979,836

 

 

 

784,578

 

 

Stockholders’ equity:

 

 

 

 

Common stock

 

68

 

 

 

67

 

 

Additional paid-in capital

 

395,612

 

 

 

476,941

 

 

Accumulated other comprehensive income

 

225

 

 

 

335

 

 

Accumulated deficit

 

(224,835

)

 

 

(198,179

)

 

Total stockholders’ equity

 

171,070

 

 

 

279,164

 

 

Total liabilities and stockholders’ equity

 

$

1,150,906

 

 

 

$

1,063,742

 

 

 

 

 

 

 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

2021

 

September 30,

2020

 

September 30,

2021

 

September 30,

2020

 

 

 

 

 

 

 

 

 

Revenue

 

$

154,328

 

 

 

$

112,143

 

 

 

$

435,992

 

 

 

$

307,023

 

 

Cost of revenue

 

67,137

 

 

 

46,561

 

 

 

191,335

 

 

 

129,051

 

 

Gross profit

 

87,191

 

 

 

65,582

 

 

 

244,657

 

 

 

177,972

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

29,680

 

 

 

17,674

 

 

 

76,449

 

 

 

50,071

 

 

Sales and marketing

 

49,712

 

 

 

32,969

 

 

 

140,535

 

 

 

95,360

 

 

General and administrative

 

26,790

 

 

 

16,724

 

 

 

71,944

 

 

 

47,511

 

 

Total operating expenses

 

106,182

 

 

 

67,367

 

 

 

288,928

 

 

 

192,942

 

 

Loss from operations

 

(18,991

)

 

 

(1,785

)

 

 

(44,271

)

 

 

(14,970

)

 

Other (expense) income, net:

 

 

 

 

 

 

 

 

Interest expense

 

(1,947

)

 

 

(9,649

)

 

 

(6,003

)

 

 

(18,867

)

 

Loss on early extinguishment of debt

 

 

 

 

(283

)

 

 

 

 

 

(6,077

)

 

Interest income and other (expense)

 

213

 

 

 

632

 

 

 

35

 

 

 

2,533

 

 

Total other (expense) income, net

 

(1,734

)

 

 

(9,300

)

 

 

(5,968

)

 

 

(22,411

)

 

Loss before income taxes

 

(20,725

)

 

 

(11,085

)

 

 

(50,239

)

 

 

(37,381

)

 

(Benefit from) provision for income taxes

 

(188

)

 

 

346

 

 

 

(840

)

 

 

(2,461

)

 

Net loss

 

$

(20,537

)

 

 

$

(11,431

)

 

 

$

(49,399

)

 

 

$

(34,920

)

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.30

)

 

 

$

(0.17

)

 

 

$

(0.73

)

 

 

$

(0.55

)

 

Shares used in computing net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

67,800

 

 

 

65,460

 

 

 

67,278

 

 

 

63,490

 

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended

 

 

September 30, 2021

 

September 30, 2020

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(49,399

)

 

$

(34,920

)

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

 

 

 

 

Depreciation and amortization

 

28,194

 

 

17,750

 

Amortization of operating lease right-of-use assets

 

6,445

 

 

4,227

 

Amortization of deferred contract acquisition costs

 

18,358

 

 

11,632

 

Amortization of premium on marketable investments

 

5,114

 

 

1,819

 

Provision for doubtful accounts

 

502

 

 

578

 

Stock-based compensation

 

73,204

 

 

47,871

 

Loss on early extinguishment of debt

 

 

 

6,077

 

Amortization of discount and issuance costs on convertible senior notes (1)

 

2,960

 

 

17,204

 

Change in fair of value of contingent consideration

 

5,260

 

 

 

Tax benefit of valuation allowance associated with an acquisition

 

 

 

(2,910

)

Other

 

211

 

 

73

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(12,181

)

 

(5,306

)

Prepaid expenses and other current assets

 

(13,665

)

 

(5,445

)

Deferred contract acquisition costs

 

(51,765

)

 

(29,977

)

Other assets

 

(2,196

)

 

(2,074

)

Accounts payable

 

5,319

 

 

2,667

 

Accrued and other current liabilities

 

20,528

 

 

13,528

 

Accrued federal fees and sales tax liability

 

(3,363

)

 

16

 

Deferred revenue

 

4,006

 

 

5,246

 

Other liabilities

 

(17,183

)

 

(66

)

Net cash provided by operating activities

 

20,349

 

 

47,990

 

Cash flows from investing activities:

 

 

 

 

Purchases of marketable investments

 

(543,544

)

 

(507,046

)

Proceeds from sales of marketable investments

 

2,369

 

 

1,899

 

Proceeds from maturities of marketable investments

 

419,922

 

 

266,308

 

Purchases of property and equipment

 

(28,478

)

 

(20,412

)

Cash paid to acquire Virtual Observer

 

 

 

(28,313

)

Cash paid to acquire substantially all of the assets of Whendu

 

 

 

(100

)

Net cash used in investing activities

 

(149,731

)

 

(287,664

)

Cash flows from financing activities:

 

 

 

 

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

 

 

 

728,812

 

Payments for capped call transactions

 

 

 

(90,448

)

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

 

(18,870

)

 

(186,465

)

Proceeds from exercise of common stock options

 

6,029

 

 

8,928

 

Proceeds from sale of common stock under ESPP

 

8,128

 

 

5,666

 

Payment of holdback related to the Virtual Observer acquisition

 

(3,200

)

 

 

Payments of finance leases

 

(612

)

 

(3,028

)

Net cash (used in) provided by financing activities

 

(8,525

)

 

463,465

 

Net (decrease) increase in cash and cash equivalents

 

(137,907

)

 

223,791

 

Cash and cash equivalents:

 

 

 

 

Beginning of period

 

220,372

 

 

77,976

 

End of period

 

$

82,465

 

 

$

301,767

 

(1)

During the first quarter of 2021, the Company early adopted ASU 2020-06 which resulted in the elimination of amortization of discount on the convertible senior notes from January 1, 2021.

 

FIVE9, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT

(In thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

87,191

 

 

$

65,582

 

 

$

244,657

 

 

$

177,972

 

GAAP gross margin

 

56.5

%

 

58.5

%

 

56.1

%

 

58.0

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

4,711

 

 

3,433

 

 

13,729

 

 

9,665

 

Intangibles amortization

 

2,947

 

 

1,738

 

 

8,841

 

 

4,566

 

Stock-based compensation

 

3,994

 

 

2,603

 

 

10,880

 

 

7,091

 

COVID-19 relief bonus for employees

 

 

 

 

 

 

 

618

 

One-time integration costs

 

37

 

 

 

 

69

 

 

 

Adjusted gross profit

 

$

98,880

 

 

$

73,356

 

 

$

278,176

 

 

$

199,912

 

Adjusted gross margin

 

64.1

%

 

65.4

%

 

63.8

%

 

65.1

%

 

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(In thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(20,537

)

 

$

(11,431

)

 

$

(49,399

)

 

$

(34,920

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

9,780

 

 

6,537

 

 

28,194

 

 

17,750

 

Stock-based compensation

 

27,395

 

 

17,286

 

 

73,204

 

 

47,871

 

Interest expense

 

1,947

 

 

9,649

 

 

6,003

 

 

18,867

 

Loss on early extinguishment of debt

 

 

 

283

 

 

 

 

6,077

 

Interest (income) and other expense

 

(213

)

 

(632

)

 

(35

)

 

(2,533

)

Acquisition-related transaction costs and one-time integration costs

 

9,158

 

 

2,030

 

 

11,225

 

 

3,996

 

COVID-19 relief bonus for employees

 

 

 

 

 

 

 

1,817

 

Contingent consideration expense

 

60

 

 

 

 

5,260

 

 

 

(Benefit from) provision for income taxes

 

(188

)

 

346

 

 

(840

)

 

(2,461

)

Adjusted EBITDA

 

$

27,402

 

 

$

24,068

 

 

$

73,612

 

 

$

56,464

 

Adjusted EBITDA as % of revenue

 

17.8

%

 

21.5

%

 

16.9

%

 

18.4

%

 

 

 

 

 

 

 

 

 

FIVE9, INC.

RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP OPERATING INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

 

 

 

 

 

 

 

 

 

Loss from operations

 

$

(18,991

)

 

$

(1,785

)

 

$

(44,271

)

 

$

(14,970

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

27,395

 

 

17,286

 

 

73,204

 

 

47,871

 

Intangibles amortization

 

2,947

 

 

1,738

 

 

8,841

 

 

4,566

 

Acquisition-related transaction costs and one-time integration costs

 

9,158

 

 

2,030

 

 

11,225

 

 

3,996

 

COVID-19 relief bonus for employees

 

 

 

 

 

 

 

1,817

 

Contingent consideration expense

 

60

 

 

 

 

5,260

 

 

 

Non-GAAP operating income

 

$

20,569

 

 

$

19,269

 

 

$

54,259

 

 

$

43,280

 

 

 

 

 

 

 

 

 

 

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, 2021

 

September 30, 2020

 

September 30, 2021

 

September 30, 2020

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(20,537

)

 

$

(11,431

)

 

$

(49,399

)

 

$

(34,920

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

27,395

 

 

17,286

 

 

73,204

 

 

47,871

 

Intangibles amortization

 

2,947

 

 

1,738

 

 

8,841

 

 

4,566

 

Amortization of discount and issuance costs on convertible senior notes (1)

 

1,001

 

 

8,633

 

 

2,960

 

 

17,204

 

Loss on early extinguishment of debt

 

 

 

283

 

 

 

 

6,077

 

Acquisition-related transaction costs and one-time integration costs

 

9,158

 

 

2,030

 

 

11,225

 

 

3,996

 

COVID-19 relief bonus for employees

 

 

 

 

 

 

 

1,817

 

Contingent consideration expense

 

60

 

 

 

 

5,260

 

 

 

Tax benefit of valuation allowance associated with an acquisition

 

 

 

 

 

 

 

(2,910

)

Non-GAAP net income

 

$

20,024

 

 

$

18,539

 

 

$

52,091

 

 

$

43,701

 

GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.30

)

 

$

(0.17

)

 

$

(0.73

)

 

$

(0.55

)

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.28

 

 

$

0.77

 

 

$

0.69

 

Diluted

 

$

0.28

 

 

$

0.27

 

 

$

0.74

 

 

$

0.65

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

67,800

 

 

65,460

 

 

67,278

 

 

63,490

 

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

 

 

 

 

 

 

 

 

Basic

 

67,800

 

 

65,460

 

 

67,278

 

 

63,490

 

Diluted

 

71,102

 

 

69,605

 

 

70,781

 

 

67,214

 

(1)

During the first quarter of 2021, the Company early adopted ASU 2020-06 which resulted in the elimination of amortization of discount on the convertible senior notes from January 1, 2021.

 

FIVE9, INC.

SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

September 30, 2021

 

September 30, 2020

 

 

Stock-Based

Compensation

 

Depreciation

 

Intangibles

Amortization

 

Stock-Based

Compensation

 

Depreciation

 

Intangibles

Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

3,994

 

 

$

4,711

 

 

$

2,947

 

 

$

2,603

 

 

$

3,433

 

 

$

1,738

 

Research and development

 

9,101

 

 

1,004

 

 

 

 

3,876

 

 

512

 

 

 

Sales and marketing

 

8,304

 

 

1

 

 

 

 

5,427

 

 

1

 

 

 

General and administrative

 

5,996

 

 

1,117

 

 

 

 

5,380

 

 

853

 

 

 

Total

 

$

27,395

 

 

$

6,833

 

 

$

2,947

 

 

$

17,286

 

 

$

4,799

 

 

$

1,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30, 2021

 

September 30, 2020

 

 

Stock-Based

Compensation

 

Depreciation

 

Intangibles

Amortization

 

Stock-Based

Compensation

 

Depreciation

 

Intangibles

Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

10,880

 

 

$

13,729

 

 

$

8,841

 

 

$

7,091

 

 

$

9,665

 

 

$

4,566

 

Research and development

 

20,016

 

 

2,329

 

 

 

 

10,368

 

 

1,476

 

 

 

Sales and marketing

 

23,282

 

 

3

 

 

 

 

14,798

 

 

3

 

 

 

General and administrative

 

19,026

 

 

3,292

 

 

 

 

15,614

 

 

2,040

 

 

 

Total

 

$

73,204

 

 

$

19,353

 

 

$

8,841

 

 

$

47,871

 

 

$

13,184

 

 

$

4,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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