Company Announcements

Five9 Reports Second Quarter Results

Revenue Growth of 44%

50% Growth in LTM Enterprise Subscription Revenue

SAN RAMON, Calif.--(BUSINESS WIRE)--Jul. 27, 2021-- Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial Results

  • Revenue for the second quarter of 2021 increased 44% to a record $143.8 million, compared to $99.8 million for the second quarter of 2020.
  • GAAP gross margin was 55.2% for the second quarter of 2021, compared to 57.5% for the second quarter of 2020.
  • Adjusted gross margin was 63.3% for the second quarter of 2021, compared to 65.7% for the second quarter of 2020.
  • GAAP net loss for the second quarter of 2021 was $(16.5) million, or $(0.25) per basic share, compared to GAAP net loss of $(16.1) million, or $(0.25) per basic share, for the second quarter of 2020.
  • Non-GAAP net income for the second quarter of 2021 was $16.0 million, or $0.23 per diluted share, compared to non-GAAP net income of $14.1 million, or $0.21 per diluted share, for the second quarter of 2020.
  • Adjusted EBITDA for the second quarter of 2021 was $24.0 million, or 16.7% of revenue, compared to $18.3 million, or 18.3% of revenue, for the second quarter of 2020.
  • GAAP operating cash flow for the second quarter of 2021 was $11.4 million, compared to GAAP operating cash flow of $14.8 million for the second quarter of 2020.

Revenue Composition

  • Total revenue for the second quarter of 2021 was comprised of 92% recurring and 8% one-time professional services.
  • Enterprise customers accounted for 84% of LTM total revenue.

Business Outlook

Given the announcement made on July 18, 2021 regarding Five9’s entry into a definitive agreement to be acquired by Zoom Video Communications, Inc., the Company will not be providing financial guidance for the third quarter or full year 2021. The Company’s previously issued full year financial guidance should no longer be relied upon.

Conference Call Details

Due to the pending transaction, the Company will not host a conference call in conjunction with this release. Please visit the Investor Relations section of the Company’s website at http://investors.five9.com/ for the latest Five9 releases and information.

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, other expense and interest (income), 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 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 and the statements regarding the proposed acquisition of Five9 by Zoom. These forward-looking statements are made as of the date they were first issued and were based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate, including risks and uncertainties related to the announcement of the Zoom transaction, the restrictive covenants contained in the definitive agreement with Zoom, and the impact of the announcement of the Zoom transaction on our business and operations. 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; (xxii) closing of the proposed transaction with Zoom on anticipated timing or at all (including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason) and terms (including obtaining the anticipated tax treatment, regulatory approvals, required consents or authorizations); and (xxiii) 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)

 

 

 

June 30, 2021

 

December 31, 2020

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

175,199

 

 

 

$

220,372

 

 

Marketable investments

 

390,986

 

 

 

383,171

 

 

Accounts receivable, net

 

53,811

 

 

 

48,731

 

 

Prepaid expenses and other current assets

 

22,110

 

 

 

16,149

 

 

Deferred contract acquisition costs, net

 

26,791

 

 

 

20,695

 

 

Total current assets

 

668,897

 

 

 

689,118

 

 

Property and equipment, net

 

63,107

 

 

 

51,213

 

 

Operating lease right-of-use assets

 

46,966

 

 

 

9,010

 

 

Intangible assets, net

 

45,790

 

 

 

51,684

 

 

Goodwill

 

165,420

 

 

 

165,420

 

 

Marketable investments

 

72,758

 

 

 

42,127

 

 

Other assets

 

3,089

 

 

 

3,236

 

 

Deferred contract acquisition costs, net — less current portion

 

69,689

 

 

 

51,934

 

 

Total assets

 

$

1,135,716

 

 

 

$

1,063,742

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

17,632

 

 

 

$

17,145

 

 

Accrued and other current liabilities

 

74,024

 

 

 

44,450

 

 

Operating lease liabilities

 

7,758

 

 

 

3,912

 

 

Accrued federal fees

 

5,138

 

 

 

3,745

 

 

Sales tax liabilities

 

1,588

 

 

 

1,714

 

 

Finance lease liabilities

 

36

 

 

 

612

 

 

Deferred revenue

 

33,237

 

 

 

31,983

 

 

Total current liabilities

 

139,413

 

 

 

103,561

 

 

Convertible senior notes

 

773,588

 

 

 

643,316

 

 

Sales tax liabilities — less current portion

 

867

 

 

 

857

 

 

Operating lease liabilities — less current portion

 

46,029

 

 

 

5,379

 

 

Other long-term liabilities

 

13,113

 

 

 

31,465

 

 

Total liabilities

 

973,010

 

 

 

784,578

 

 

Stockholders’ equity:

 

 

 

 

Common stock

 

68

 

 

 

67

 

 

Additional paid-in capital

 

366,637

 

 

 

476,941

 

 

Accumulated other comprehensive income

 

299

 

 

 

335

 

 

Accumulated deficit

 

(204,298

)

 

 

(198,179

)

 

Total stockholders’ equity

 

162,706

 

 

 

279,164

 

 

Total liabilities and stockholders’ equity

 

$

1,135,716

 

 

 

$

1,063,742

 

 

 

 

 

 

 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

 

 

 

 

 

 

 

 

 

Revenue

 

$

143,782

 

 

 

$

99,792

 

 

 

$

281,664

 

 

 

$

194,880

 

 

Cost of revenue

 

64,395

 

 

 

42,453

 

 

 

124,198

 

 

 

82,490

 

 

Gross profit

 

79,387

 

 

 

57,339

 

 

 

157,466

 

 

 

112,390

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

24,648

 

 

 

17,208

 

 

 

46,769

 

 

 

32,397

 

 

Sales and marketing

 

46,024

 

 

 

32,231

 

 

 

90,823

 

 

 

62,391

 

 

General and administrative

 

22,909

 

 

 

16,129

 

 

 

45,154

 

 

 

30,787

 

 

Total operating expenses

 

93,581

 

 

 

65,568

 

 

 

182,746

 

 

 

125,575

 

 

Loss from operations

 

(14,194

)

 

 

(8,229

)

 

 

(25,280

)

 

 

(13,185

)

 

Other (expense) income, net:

 

 

 

 

 

 

 

 

Interest expense

 

(2,118

)

 

 

(5,734

)

 

 

(4,056

)

 

 

(9,218

)

 

Loss on early extinguishment of debt

 

 

 

 

(5,794

)

 

 

 

 

 

(5,794

)

 

Other (expense) and interest income

 

(353

)

 

 

829

 

 

 

(178

)

 

 

1,901

 

 

Total other (expense) income, net

 

(2,471

)

 

 

(10,699

)

 

 

(4,234

)

 

 

(13,111

)

 

Loss before income taxes

 

(16,665

)

 

 

(18,928

)

 

 

(29,514

)

 

 

(26,296

)

 

Benefit from income taxes

 

(135

)

 

 

(2,876

)

 

 

(652

)

 

 

(2,807

)

 

Net loss

 

$

(16,530

)

 

 

$

(16,052

)

 

 

$

(28,862

)

 

 

$

(23,489

)

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.25

)

 

 

$

(0.25

)

 

 

$

(0.43

)

 

 

$

(0.38

)

 

Shares used in computing net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

67,292

 

 

 

63,282

 

 

 

67,008

 

 

 

62,494

 

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Six Months Ended

 

 

June 30, 2021

 

June 30, 2020

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(28,862

)

 

 

$

(23,489

)

 

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

 

 

 

 

Depreciation and amortization

 

18,414

 

 

 

11,213

 

 

Amortization of operating lease right-of-use assets

 

4,473

 

 

 

2,786

 

 

Amortization of deferred contract acquisition costs

 

11,468

 

 

 

7,305

 

 

Amortization of premium on marketable investments

 

3,521

 

 

 

630

 

 

Provision for doubtful accounts

 

337

 

 

 

353

 

 

Stock-based compensation

 

45,809

 

 

 

30,585

 

 

Loss on early extinguishment of debt

 

 

 

 

5,794

 

 

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

 

1,959

 

 

 

8,571

 

 

Change in fair of value of contingent consideration

 

5,200

 

 

 

 

 

Tax benefit of valuation allowance associated with an acquisition

 

 

 

 

(2,910

)

 

Other

 

226

 

 

 

82

 

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(5,526

)

 

 

(2,119

)

 

Prepaid expenses and other current assets

 

(5,962

)

 

 

(7,065

)

 

Deferred contract acquisition costs

 

(35,319

)

 

 

(19,153

)

 

Other assets

 

147

 

 

 

(1,604

)

 

Accounts payable

 

1,725

 

 

 

2,553

 

 

Accrued and other current liabilities

 

23,343

 

 

 

9,561

 

 

Accrued federal fees and sales tax liability

 

1,277

 

 

 

(945

)

 

Deferred revenue

 

(2,118

)

 

 

3,292

 

 

Other liabilities

 

(14,955

)

 

 

(281

)

 

Net cash provided by operating activities

 

25,157

 

 

 

25,159

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of marketable investments

 

(325,628

)

 

 

(460,899

)

 

Proceeds from maturities of marketable investments

 

283,605

 

 

 

167,850

 

 

Purchases of property and equipment

 

(19,477

)

 

 

(14,891

)

 

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

 

(61,500

)

 

 

(336,353

)

 

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

 

(17,622

)

 

 

(181,462

)

 

Proceeds from exercise of common stock options

 

4,439

 

 

 

6,080

 

 

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

 

(575

)

 

 

(2,195

)

 

Net cash (used in) provided by financing activities

 

(8,830

)

 

 

466,453

 

 

Net (decrease) increase in cash and cash equivalents

 

(45,173

)

 

 

155,259

 

 

Cash and cash equivalents:

 

 

 

 

Beginning of period

 

220,372

 

 

 

77,976

 

 

End of period

 

$

175,199

 

 

 

$

233,235

 

 

(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

 

Six Months Ended

 

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

 

 

 

 

 

GAAP gross profit

$

79,387

 

 

$

57,339

 

 

$

157,466

 

 

$

112,390

 

GAAP gross margin

 

55.2

%

 

 

57.5

%

 

 

55.9

%

 

 

57.7

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

Depreciation

 

4,878

 

 

 

3,382

 

 

 

9,018

 

 

 

6,232

 

Intangibles amortization

 

2,947

 

 

 

1,738

 

 

 

5,894

 

 

 

2,828

 

Stock-based compensation

 

3,781

 

 

 

2,499

 

 

 

6,886

 

 

 

4,488

 

COVID-19 relief bonus for employees

 

 

 

 

618

 

 

 

 

 

 

618

 

One-time integration costs

 

2

 

 

 

 

 

 

32

 

 

 

 

Adjusted gross profit

$

90,995

 

 

$

65,576

 

 

$

179,296

 

 

$

126,556

 

Adjusted gross margin

 

63.3

%

 

 

65.7

%

 

 

63.7

%

 

 

64.9

%

 
 

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(In thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

 

 

 

 

 

 

GAAP net loss

 

$

(16,530

)

 

$

(16,052

)

 

$

(28,862

)

 

$

(23,489

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

9,651

 

 

 

6,243

 

 

 

18,414

 

 

 

11,213

 

Stock-based compensation

 

 

24,901

 

 

 

16,791

 

 

 

45,809

 

 

 

30,585

 

Interest expense

 

 

2,118

 

 

 

5,734

 

 

 

4,056

 

 

 

9,218

 

Loss on early extinguishment of debt

 

 

 

 

 

5,794

 

 

 

 

 

 

5,794

 

Other expense and interest (income)

 

 

353

 

 

 

(829

)

 

 

178

 

 

 

(1,901

)

Acquisition-related transaction costs and one-time integration costs

 

 

973

 

 

 

1,637

 

 

 

2,067

 

 

 

1,966

 

COVID-19 relief bonus for employees

 

 

 

 

 

1,817

 

 

 

 

 

 

1,817

 

Contingent consideration expense

 

 

2,700

 

 

 

 

 

 

5,200

 

 

 

 

Benefit from income taxes

 

 

(135

)

 

 

(2,876

)

 

 

(652

)

 

 

(2,807

)

Adjusted EBITDA

 

$

24,031

 

 

$

18,259

 

 

$

46,210

 

 

$

32,396

 

Adjusted EBITDA as % of revenue

 

 

16.7

%

 

 

18.3

%

 

 

16.4

%

 

 

16.6

%

 

 

 

 

 

 

FIVE9, INC.

RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

 

 

 

 

 

 

 

 

 

Loss from operations

 

$

(14,194

)

 

 

$

(8,229

)

 

 

$

(25,280

)

 

 

$

(13,185

)

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

24,901

 

 

 

16,791

 

 

 

45,809

 

 

 

30,585

 

 

Intangibles amortization

 

2,947

 

 

 

1,738

 

 

 

5,894

 

 

 

2,828

 

 

Acquisition-related transaction costs and one-time integration costs

 

973

 

 

 

1,637

 

 

 

2,067

 

 

 

1,966

 

 

COVID-19 relief bonus for employees

 

 

 

 

1,817

 

 

 

 

 

 

1,817

 

 

Contingent consideration expense

 

2,700

 

 

 

 

 

 

5,200

 

 

 

 

 

Non-GAAP operating income

 

$

17,327

 

 

 

$

13,754

 

 

 

$

33,690

 

 

 

$

24,011

 

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(16,530

)

 

 

$

(16,052

)

 

 

$

(28,862

)

 

 

$

(23,489

)

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

24,901

 

 

 

16,791

 

 

 

45,809

 

 

 

30,585

 

 

Intangibles amortization

 

2,947

 

 

 

1,738

 

 

 

5,894

 

 

 

2,828

 

 

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

 

985

 

 

 

5,251

 

 

 

1,959

 

 

 

8,571

 

 

Loss on early extinguishment of debt

 

 

 

 

5,794

 

 

 

 

 

 

5,794

 

 

Acquisition-related transaction costs and one-time integration costs

 

973

 

 

 

1,637

 

 

 

2,067

 

 

 

1,966

 

 

COVID-19 relief bonus for employees

 

 

 

 

1,817

 

 

 

 

 

 

1,817

 

 

Contingent consideration expense

 

2,700

 

 

 

 

 

 

5,200

 

 

 

 

 

Tax benefit of valuation allowance associated with an acquisition

 

 

 

 

(2,910

)

 

 

 

 

 

(2,910

)

 

Non-GAAP net income

 

$

15,976

 

 

 

$

14,066

 

 

 

$

32,067

 

 

 

$

25,162

 

 

GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.25

)

 

 

$

(0.25

)

 

 

$

(0.43

)

 

 

$

(0.38

)

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.24

 

 

 

$

0.22

 

 

 

$

0.48

 

 

 

$

0.40

 

 

Diluted

 

$

0.23

 

 

 

$

0.21

 

 

 

$

0.45

 

 

 

$

0.38

 

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

67,292

 

 

 

63,282

 

 

 

67,008

 

 

 

62,494

 

 

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

 

 

 

 

 

 

 

 

Basic

 

67,292

 

 

 

63,282

 

 

 

67,008

 

 

 

62,494

 

 

Diluted

 

70,774

 

 

 

67,171

 

 

 

70,640

 

 

 

65,960

 

 

(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

 

 

June 30, 2021

 

June 30, 2020

 

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

3,781

 

 

$

4,878

 

 

$

2,947

 

 

$

2,499

 

 

$

3,382

 

 

$

1,738

 

Research and development

 

6,152

 

 

729

 

 

 

 

3,684

 

 

497

 

 

 

Sales and marketing

 

8,208

 

 

1

 

 

 

 

5,265

 

 

2

 

 

 

General and administrative

 

6,760

 

 

1,096

 

 

 

 

5,343

 

 

624

 

 

 

Total

 

$

24,901

 

 

$

6,704

 

 

$

2,947

 

 

$

16,791

 

 

$

4,505

 

 

$

1,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

June 30, 2021

 

June 30, 2020

 

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

6,886

 

 

$

9,018

 

 

$

5,894

 

 

$

4,488

 

 

$

6,232

 

 

$

2,828

 

Research and development

 

10,915

 

 

1,325

 

 

 

 

6,491

 

 

963

 

 

 

Sales and marketing

 

14,979

 

 

2

 

 

 

 

9,371

 

 

3

 

 

 

General and administrative

 

13,029

 

 

2,175

 

 

 

 

10,235

 

 

1,187

 

 

 

Total

 

$

45,809

 

 

$

12,520

 

 

$

5,894

 

 

$

30,585

 

 

$

8,385

 

 

$

2,828

 

 

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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