46% Growth in LTM Enterprise Subscription Revenue 16% Operating Cash Flow Margin in the First Quarter Raises 2022 Guidance for Both Revenue and Bottom Line
SAN RAMON, Calif.--(BUSINESS WIRE)--Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the first quarter ended March 31, 2022.
First Quarter 2022 Financial Results
“We are extremely pleased to report a strong start to the year with first quarter revenue growing 33% year-over-year to a record $182.8 million. This growth continues to be driven primarily by the strength of our Enterprise business where LTM subscription revenue grew 46% year-over-year as a result of our scalable, reliable and secure platform, our successful march up market, and our expanding global presence. Our platform can meet the needs of the largest companies in the world as demonstrated by our record customer win during the quarter with a healthcare conglomerate who is anticipated to roll out tens of thousands of seats with Five9, generating an anticipated annual recurring revenue of over $40 million in software subscription alone. Additionally, we have maintained our focus on balanced and efficient growth, achieving an adjusted EBITDA margin of 13% and operating cash flow margin of 16%, while continuing to make progress on expanding our public cloud footprint and capitalizing on the immutable trends surrounding digital transformation, the shift from premise to cloud and efficiency via AI and Automation.”
- 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 global economic impact of the Russia-Ukraine Conflict and the COVID-19 pandemic.
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 and one-time costs 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 first quarter 2022 results today, April 28, 2022, via Zoom webinar at 4:30 p.m. Eastern Time. To access the webinar, please register by clicking here. A copy of this press release will be furnished to the Securities and Exchange Commission on a Current Report on Form 8-K and will be posted to our website, prior to the conference call.
A live webcast and a replay will be available on the Investor Relations section of the Company’s web-site at http://investors.five9.com/.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures. We calculate adjusted gross profit and adjusted gross margin by adding back the following items to gross profit: depreciation, intangibles amortization, stock-based compensation, exit costs related to the closure and relocation of our Russian operations, and one-time integration costs. We calculate adjusted EBITDA by adding back or removing the following items to or from GAAP net loss: depreciation and amortization, stock-based compensation, interest expense, interest (income) and other, exit costs related to closure and relocation of our Russian operations, acquisition-related transaction costs and one-time integration costs, 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: stock-based compensation, intangibles amortization, exit costs related to the closure and relocation of our Russian operations, 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 loss: stock-based compensation, intangibles amortization, amortization of discount and issuance costs on convertible senior notes, exit costs related to the closure and relocation of our Russian operations, acquisition-related transaction costs and one-time integration costs, contingent consideration expense and tax provision associated with acquired companies. 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 ability to acquire larger customers, anticipated customer annual recurring revenue, investments and progress in public cloud, digital transformation, automation and AI, and the second quarter and full year 2022 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) the markets in which we participate involve a high number of competitors that is continuing to increase, and if we do not compete effectively, our operating results could be harmed; (ix) adverse economic conditions may harm our business; (x) 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; (xi) 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; (xii) we may acquire other companies or technologies, or be the target of strategic transactions, or be impacted by transactions by other companies, which could divert our management’s attention, result in additional dilution to our stockholders or use a significant amount of our cash resources and otherwise disrupt our operations and harm our operating results; (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 solutions 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) risks related to the Russia-Ukraine conflict, including its impact on the global economy; 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.
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 nine 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) |
||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
100,151 |
|
|
$ |
90,878 |
|
Marketable investments |
|
|
377,519 |
|
|
|
378,980 |
|
Accounts receivable, net |
|
|
77,912 |
|
|
|
83,731 |
|
Prepaid expenses and other current assets |
|
|
32,534 |
|
|
|
30,342 |
|
Deferred contract acquisition costs, net |
|
|
36,478 |
|
|
|
33,295 |
|
Total current assets |
|
|
624,594 |
|
|
|
617,226 |
|
Property and equipment, net |
|
|
91,476 |
|
|
|
77,785 |
|
Operating lease right-of-use assets |
|
|
46,536 |
|
|
|
48,703 |
|
Intangible assets, net |
|
|
36,950 |
|
|
|
39,897 |
|
Goodwill |
|
|
165,420 |
|
|
|
165,420 |
|
Marketable investments |
|
|
118,707 |
|
|
|
147,377 |
|
Other assets |
|
|
11,748 |
|
|
|
11,871 |
|
Deferred contract acquisition costs, net — less current portion |
|
|
92,964 |
|
|
|
84,663 |
|
Total assets |
|
$ |
1,188,395 |
|
|
$ |
1,192,942 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
31,981 |
|
|
$ |
20,510 |
|
Accrued and other current liabilities |
|
|
91,411 |
|
|
|
78,577 |
|
Operating lease liabilities |
|
|
10,135 |
|
|
|
9,826 |
|
Accrued federal fees |
|
|
1,650 |
|
|
|
2,282 |
|
Sales tax liabilities |
|
|
2,047 |
|
|
|
2,660 |
|
Deferred revenue |
|
|
46,564 |
|
|
|
43,720 |
|
Total current liabilities |
|
|
183,788 |
|
|
|
157,575 |
|
Convertible senior notes |
|
|
737,865 |
|
|
|
768,599 |
|
Sales tax liabilities — less current portion |
|
|
883 |
|
|
|
877 |
|
Operating lease liabilities — less current portion |
|
|
44,818 |
|
|
|
47,088 |
|
Other long-term liabilities |
|
|
6,682 |
|
|
|
7,671 |
|
Total liabilities |
|
|
974,036 |
|
|
|
981,810 |
|
Stockholders’ equity: |
|
|
|
|
||||
Common stock |
|
|
70 |
|
|
|
68 |
|
Additional paid-in capital |
|
|
480,215 |
|
|
|
439,787 |
|
Accumulated other comprehensive loss |
|
|
(3,370 |
) |
|
|
(287 |
) |
Accumulated deficit |
|
|
(262,556 |
) |
|
|
(228,436 |
) |
Total stockholders’ equity |
|
|
214,359 |
|
|
|
211,132 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,188,395 |
|
|
$ |
1,192,942 |
|
FIVE9, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
Revenue |
|
$ |
182,777 |
|
|
$ |
137,882 |
|
Cost of revenue |
|
|
88,867 |
|
|
|
59,803 |
|
Gross profit |
|
|
93,910 |
|
|
|
78,079 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
35,824 |
|
|
|
22,121 |
|
Sales and marketing |
|
|
64,611 |
|
|
|
44,799 |
|
General and administrative |
|
|
24,314 |
|
|
|
22,245 |
|
Total operating expenses |
|
|
124,749 |
|
|
|
89,165 |
|
Loss from operations |
|
|
(30,839 |
) |
|
|
(11,086 |
) |
Other (expense) income, net: |
|
|
|
|
||||
Interest expense |
|
|
(1,870 |
) |
|
|
(1,938 |
) |
Interest income and other |
|
|
845 |
|
|
|
175 |
|
Total other (expense) income, net |
|
|
(1,025 |
) |
|
|
(1,763 |
) |
Loss before income taxes |
|
|
(31,864 |
) |
|
|
(12,849 |
) |
Provision for (benefit from) income taxes |
|
|
2,256 |
|
|
|
(517 |
) |
Net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.49 |
) |
|
$ |
(0.18 |
) |
Shares used in computing net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
|
68,974 |
|
|
|
66,721 |
|
|
|
|
|
|
FIVE9, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
10,795 |
|
|
|
8,763 |
|
Amortization of operating lease right-of-use assets |
|
|
2,403 |
|
|
|
2,389 |
|
Amortization of deferred contract acquisition costs |
|
|
8,678 |
|
|
|
5,540 |
|
Amortization of premium on marketable investments |
|
|
700 |
|
|
|
1,682 |
|
Provision for doubtful accounts |
|
|
222 |
|
|
|
160 |
|
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
930 |
|
|
|
974 |
|
Deferred taxes |
|
|
1,889 |
|
|
|
— |
|
Change in fair of value of contingent consideration |
|
|
260 |
|
|
|
2,500 |
|
Other |
|
|
210 |
|
|
|
186 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
5,566 |
|
|
|
(3,543 |
) |
Prepaid expenses and other current assets |
|
|
(2,162 |
) |
|
|
(3,524 |
) |
Deferred contract acquisition costs |
|
|
(20,160 |
) |
|
|
(15,983 |
) |
Other assets |
|
|
234 |
|
|
|
101 |
|
Accounts payable |
|
|
11,133 |
|
|
|
351 |
|
Accrued and other current liabilities |
|
|
2,096 |
|
|
|
5,299 |
|
Accrued federal fees and sales tax liability |
|
|
(1,239 |
) |
|
|
738 |
|
Deferred revenue |
|
|
2,659 |
|
|
|
322 |
|
Other liabilities |
|
|
(764 |
) |
|
|
(766 |
) |
Net cash provided by operating activities |
|
|
28,724 |
|
|
|
13,765 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of marketable investments |
|
|
(105,277 |
) |
|
|
(163,683 |
) |
Proceeds from sales of marketable investments |
|
|
600 |
|
|
|
— |
|
Proceeds from maturities of marketable investments |
|
|
130,821 |
|
|
|
120,182 |
|
Purchases of property and equipment |
|
|
(12,398 |
) |
|
|
(8,229 |
) |
Capitalization of software development costs |
|
|
(569 |
) |
|
|
— |
|
Cash paid for an equity investment in a privately-held company |
|
|
(2,000 |
) |
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
11,177 |
|
|
|
(51,730 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repurchase of a portion of 2023 convertible senior notes, net of costs |
|
|
(31,905 |
) |
|
|
(7,840 |
) |
Proceeds from exercise of common stock options |
|
|
1,277 |
|
|
|
2,215 |
|
Payments of finance leases |
|
|
— |
|
|
|
(456 |
) |
Net cash used in financing activities |
|
|
(30,628 |
) |
|
|
(6,081 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
9,273 |
|
|
|
(44,046 |
) |
Cash and cash equivalents: |
|
|
|
|
||||
Beginning of period |
|
|
90,878 |
|
|
|
220,372 |
|
End of period |
|
$ |
100,151 |
|
|
$ |
176,326 |
|
FIVE9, INC. |
||||||||
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT |
||||||||
(In thousands, except percentages) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
GAAP gross profit |
|
$ |
93,910 |
|
|
$ |
78,079 |
|
GAAP gross margin |
|
|
51.4 |
% |
|
|
56.6 |
% |
Non-GAAP adjustments: |
|
|
|
|
||||
Depreciation |
|
|
5,553 |
|
|
|
4,140 |
|
Intangibles amortization |
|
|
2,947 |
|
|
|
2,947 |
|
Stock-based compensation |
|
|
7,793 |
|
|
|
3,105 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
380 |
|
|
|
— |
|
One-time integration costs |
|
|
48 |
|
|
|
30 |
|
Adjusted gross profit |
|
$ |
110,631 |
|
|
$ |
88,301 |
|
Adjusted gross margin |
|
|
60.5 |
% |
|
|
64.0 |
% |
FIVE9, INC. |
||||||||
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA |
||||||||
(In thousands, except percentages) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Depreciation and amortization |
|
|
10,795 |
|
|
|
8,763 |
|
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Interest expense |
|
|
1,870 |
|
|
|
1,938 |
|
Interest (income) and other |
|
|
(845 |
) |
|
|
(175 |
) |
Exit costs related to closure and relocation of Russian operations (1) |
|
|
3,227 |
|
|
|
— |
|
Acquisition-related transaction costs and one-time integration costs |
|
|
1,638 |
|
|
|
1,094 |
|
Contingent consideration expense |
|
|
260 |
|
|
|
2,500 |
|
Provision for (benefit from) income taxes |
|
|
2,256 |
|
|
|
(517 |
) |
Adjusted EBITDA |
|
$ |
24,475 |
|
|
$ |
22,179 |
|
Adjusted EBITDA as % of revenue |
|
|
13.4 |
% |
|
|
16.1 |
% |
(1) Exit costs related to the closure and relocation of our Russian operations was $2.7 million during the three months ended March 31, 2022. The $3.2 million adjustment presented above is net of $0.1 million included in “Depreciation and amortization” and $(0.6) million included in “Interest (income) and other.” |
FIVE9, INC. |
||||||||
RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP OPERATING INCOME |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
Loss from operations |
|
$ |
(30,839 |
) |
|
$ |
(11,086 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Intangibles amortization |
|
|
2,947 |
|
|
|
2,947 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
3,332 |
|
|
|
— |
|
Acquisition-related transaction costs and one-time integration costs |
|
|
1,638 |
|
|
|
1,094 |
|
Contingent consideration expense |
|
|
260 |
|
|
|
2,500 |
|
Non-GAAP operating income |
|
$ |
16,732 |
|
|
$ |
16,363 |
|
FIVE9, INC. |
||||||||
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Intangibles amortization |
|
|
2,947 |
|
|
|
2,947 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
930 |
|
|
|
974 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
2,749 |
|
|
|
— |
|
Acquisition-related transaction costs and one-time integration costs |
|
|
1,638 |
|
|
|
1,094 |
|
Contingent consideration expense |
|
|
260 |
|
|
|
2,500 |
|
Tax provision associated with acquired companies |
|
|
1,830 |
|
|
|
— |
|
Non-GAAP net income |
|
$ |
15,628 |
|
|
$ |
16,091 |
|
GAAP net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.49 |
) |
|
$ |
(0.18 |
) |
Non-GAAP net income per share: |
|
|
|
|
||||
Basic |
|
$ |
0.23 |
|
|
$ |
0.24 |
|
Diluted |
|
$ |
0.22 |
|
|
$ |
0.23 |
|
Shares used in computing GAAP net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
|
68,974 |
|
|
|
66,721 |
|
Shares used in computing non-GAAP net income per share: |
|
|
|
|
||||
Basic |
|
|
68,974 |
|
|
|
66,721 |
|
Diluted |
|
|
70,671 |
|
|
|
70,659 |
|
|
|
|
|
|
FIVE9, INC. |
||||||||||||||||||
SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION |
||||||||||||||||||
(In thousands) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||||||||||||
|
|
Stock-Based
|
|
Depreciation |
|
Intangibles
|
|
Stock-Based
|
|
Depreciation |
|
Intangibles
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenue |
|
$ |
7,793 |
|
$ |
5,553 |
|
$ |
2,947 |
|
$ |
3,105 |
|
$ |
4,140 |
|
$ |
2,947 |
Research and development |
|
|
10,145 |
|
|
825 |
|
|
— |
|
|
4,763 |
|
|
596 |
|
|
— |
Sales and marketing |
|
|
13,424 |
|
|
1 |
|
|
— |
|
|
6,771 |
|
|
1 |
|
|
— |
General and administrative |
|
|
8,032 |
|
|
1,469 |
|
|
— |
|
|
6,269 |
|
|
1,079 |
|
|
— |
Total |
|
$ |
39,394 |
|
$ |
7,848 |
|
$ |
2,947 |
|
$ |
20,908 |
|
$ |
5,816 |
|
$ |
2,947 |
Рост доходов от подписки LTM Enterprise на 46% Маржа операционного денежного потока в Первом квартале составила 16% Повышает прогноз на 2022 год как по доходам, так и по прибыли
САН-РАМОН, Калифорния. - (ДЕЛОВАЯ ПЕРЕПИСКА) -Five9, Inc. (NASDAQ:FIVN), ведущий поставщик программного обеспечения для облачных контакт-центров, сегодня отчитался о результатах за первый квартал, закончившийся 31 марта 2022 года.
Финансовые результаты за Первый квартал 2022 года
“Мы чрезвычайно рады сообщить о хорошем начале года: выручка за первый квартал выросла на 33% по сравнению с аналогичным периодом прошлого года и составила рекордные 182,8 миллиона долларов. Этот рост по-прежнему обусловлен главным образом силой нашего корпоративного бизнеса, где доходы от подписки на LTM выросли на 46% в годовом исчислении в результате нашей масштабируемой, надежной и безопасной платформы, нашего успешного продвижения на рынок и расширения нашего глобального присутствия. Наша платформа может удовлетворить потребности крупнейших компаний в мире, о чем свидетельствует наш рекордный выигрыш клиентов в течение квартала с конгломератом здравоохранения, который, как ожидается, предоставит десятки тысяч мест с Five9, что принесет ожидаемый годовой доход в размере более 40 миллионов долларов только за счет подписки на программное обеспечение. Кроме того, мы по-прежнему сосредоточены на сбалансированном и эффективном росте, достигнув скорректированной рентабельности по EBITDA в 13% и рентабельности операционного денежного потока в 16%, продолжая добиваться прогресса в расширении нашего присутствия в общедоступных облаках и извлекая выгоду из неизменных тенденций, связанных с цифровой трансформацией, переходом от локального к облачному и эффективности с помощью Искусственный интеллект и автоматизация”.
- Роуэн Троллоп, генеральный директор Five9
Перспективы бизнеса
Five9 предоставляет рекомендации, основанные на текущих рыночных условиях и ожиданиях. Five9 подчеркивает, что руководство зависит от различных важных предостерегающих факторов, упомянутых в разделе, озаглавленном "Прогнозные заявления" ниже, включая риски и неопределенности, связанные с глобальными экономическими последствиями Российско-украинского конфликта и пандемии COVID-19.
Что касается рекомендаций Five9, приведенных выше, Five9 не согласовала свои ожидания относительно чистой прибыли на акцию, не относящейся к GAAP, с чистым убытком на акцию по GAAP, поскольку компенсация на основе акций и единовременные затраты в настоящее время не могут быть разумно рассчитаны или предсказаны. Соответственно, согласование невозможно без необоснованных усилий.
Подробности конференц-звонка
Five9 обсудит свои результаты за первый квартал 2022 года сегодня, 28 апреля 2022 года, на вебинаре Zoom в 4:30 вечера по восточному времени. Чтобы получить доступ к вебинару, пожалуйста, зарегистрируйтесь, нажав здесь. Копия этого пресс-релиза будет предоставлена Комиссии по ценным бумагам и биржам вместе с Текущим отчетом по форме 8-K и будет размещена на нашем веб-сайте до телефонной конференции.
Прямая трансляция и повтор будут доступны в разделе по связям с инвесторами веб-сайта Компании по адресу http://investors .Five9.com /.
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к раскрытию финансовых показателей, подготовленных в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP), настоящий пресс-релиз и прилагаемые к нему таблицы содержат некоторые финансовые показатели, не относящиеся к GAAP. Мы рассчитываем скорректированную валовую прибыль и скорректированную валовую маржу, добавляя к валовой прибыли следующие статьи: амортизацию, амортизацию нематериальных активов, компенсацию на основе запасов, затраты на выход, связанные с закрытием и перемещением наших российских подразделений, а также единовременные затраты на интеграцию. Мы рассчитываем скорректированную EBITDA, добавляя обратно или удаляя следующие статьи из чистого убытка по GAAP или из него: износ и амортизация, компенсация на основе акций, процентные расходы, проценты (доходы) и прочее, расходы на выход, связанные с закрытием и перемещением наших российских подразделений, транзакционные издержки, связанные с приобретением, и единовременная интеграция расходы, расходы на условное возмещение и резерв под (льготы по) налогу на прибыль. Мы рассчитываем операционный доход, не относящийся к GAAP, путем добавления или исключения следующих статей к операционному доходу по GAAP или из него: компенсация на основе акций, амортизация нематериальных активов, затраты на выход, связанные с закрытием и перемещением наших российских подразделений, транзакционные издержки, связанные с приобретением, и единовременные затраты на интеграцию, а также расходы на условное возмещение. Мы рассчитываем чистую прибыль, не связанную с ОПБУ, путем добавления или исключения следующих статей из чистого убытка по ОПБУ или из чистого убытка по ОПБУ: компенсация на основе акций, амортизация нематериальных активов, амортизация дисконта и затрат на выпуск конвертируемых выпускных облигаций, затраты на выход, связанные с закрытием и переносом наших российских операций, транзакционные издержки, связанные с приобретением и единовременные затраты на интеграцию, расходы на условное возмещение и налоговые резервы, связанные с приобретенными компаниями. Финансовые показатели, не относящиеся к GAAP, не имеют какого-либо стандартизированного значения и поэтому вряд ли будут сопоставимы с аналогичными показателями, представленными другими компаниями. Компания считает эти финансовые показатели, не относящиеся к GAAP, важными, поскольку они обеспечивают полезные показатели операционной деятельности Компании, исключая факторы, которые напрямую не влияют на то, что мы считаем нашими основными операционными показателями, а также необычные события. Руководство Компании использует эти показатели, чтобы (i) проиллюстрировать основные тенденции в бизнесе Компании, которые в противном случае могли бы быть замаскированы влиянием доходов или расходов, которые исключены из показателей, не относящихся к GAAP, и (ii) установить бюджеты и операционные цели для управления бизнесом Компании и оценки его эффективности. Кроме того, инвесторы часто используют аналогичные показатели для оценки операционных показателей компании. Финансовые показатели, не относящиеся к GAAP, представлены только в качестве дополнительной информации для целей понимания операционных результатов Компании. Финансовые показатели, не относящиеся к ОПБУ, не следует рассматривать как замену финансовой информации, представленной в соответствии с ОПБУ. Пожалуйста, ознакомьтесь с выверкой финансовых показателей, не относящихся к GAAP, изложенных здесь и прилагаемых к настоящему релизу.
Прогнозные заявления
Этот пресс-релиз содержит определенные прогнозные заявления, в том числе заявления, приведенные в цитате нашего главного исполнительного директора, в том числе заявления относительно способности Five9 привлекать более крупных клиентов, ожидаемого годового дохода клиентов, инвестиций и прогресса в области общедоступных облаков, цифровой трансформации, автоматизации и искусственного интеллекта, а также во втором квартале и за весь год Финансовые прогнозы на 2022 год, изложенные под заголовком “Перспективы бизнеса”, основаны на наших текущих ожиданиях и связаны с многочисленными рисками и неопределенностями, которые могут привести к тому, что эти прогнозные заявления будут неточными. Другие риски, которые могут вызвать эти прогнозные заявления должен быть неточными, включают, среди прочего: (I) наши квартальные и годовые результаты могут существенно колебаться, в том числе о сроках и успех нового продукта и возможности введения на нас, может не в полной мере отражают основную деятельность нашей компании и может повлечь за собой снижение цен на обыкновенные акции; (II) если мы не можем привлечь новых клиентов и продажи дополнительных услуг и возможностей для наших существующих клиентов, наш объем продаж и рост выручки будет причинен вред, и (III) наш недавний быстрый рост не может быть свидетельством нашего роста в будущем, и даже если мы продолжаем стремительно расти, мы не управляем нашими роста эффективно; (IV) отсутствие надлежащим образом сохранять и расширять наш отдел продаж будет тормозить наше роста; (V) Если мы не управляем нашими техническими операциями инфраструктуры, наши действующие клиенты могут испытывать перебои в работе сервиса, наши новые клиенты могут испытывать задержки в развертывании нашего решения, и мы могли бы быть объектом, между прочим, исковые требования по кредитам или ущерб; (VI) и наш рост зависит успех наших стратегических отношений с третьими лицами и нашими неудачами, поддерживать, развивать и управлять эти отношения могут нанести ущерб нашей деятельности; и (VII) мы создали, и продолжают расти, наша сеть МАСТЕР агенты и посредники продавали наше решение; наша неспособность эффективно развивать, управлять и поддерживать эти сети могут существенно навредить нашим доходы; (VIII вида) рынки, в которых мы участвуем привлекать большое число конкурентов, что продолжает увеличиваться, и если мы не конкурируем эффективно, наши результаты могли бы быть причинен ущерб; (IX) в неблагоприятных экономических условиях может повредить нашему бизнесу; (х) последствия COVID-19 пандемией существенно повлияло как мы, наши клиенты и бизнес-партнеры работают, и, насколько это повлияет на наши будущие результаты деятельности и финансовые показатели в целом остается неопределенной; (Си) нарушений требований безопасности и несанкционированный доступ или разглашение данных или клиентов данных или других кибер-атаки на наши системы, может привести к судебным разбирательствам и регуляторный риск, нанести ущерб нашей репутации и наших бизнес; (XII в.) мы можем приобретения других компаний или технологий, или быть объектом стратегических операций, или попасть под влияние сделок с другими компаниями, которые могли бы отвлечь наше внимание руководства, в результате дополнительного разбавления перед нашими акционерами или использовать значительную долю денежных средств и иным образом помешать нашей деятельности и повредить наши операционные результаты; (XIII), и если наши существующие клиенты завершить подписку или уменьшить их подписок и соответствующего использования, выручки и валовой прибыли будет нанесен вред, и мы должны потратить больше средств для роста нашей клиентской базы; (XIV век) мы продаем наши решения для крупных организаций, которым требуется больше продаж и выполнение циклов и часто требуют дополнительные настройки и интеграции услуг или индивидуальные особенности и функции, которые мы не может предложить, которые могут задержать или предотвратить эти продажи и вред наших темпов роста, бизнес-и операционные результаты; (XV в.), поскольку значительная доля наших доходов, полученных от существующих клиентов, спады или подъемы в Нью-продажи не будет немедленно отражаться в наших операционных результатов и может быть трудно различить; (XVI в.) мы полагаемся на сторонние телекоммуникаций и провайдеров интернет-услуг, чтобы предоставить нашим клиентам и их клиентам услуги связи и подключения к нашим облачным контакт-центр программного обеспечения, и отказ от этих услуг, чтобы обеспечить надежные услуги, может привести к потере клиентов и нам с претензиями по кредитам или ущерб, между прочим; (XVII в.) мы имеем историю потери, и мы можем быть не в состоянии достичь или сохранить прибыльность; (XVIII в.) контакт-центра программных решений на рынке подлежит быстрые технологические изменения, и мы должны разрабатывать и продавать дополнительные и новые решения для того, чтобы поддерживать и развивать наш бизнес; (XIX в.) мы не можем быть в состоянии обеспечить дополнительное финансирование на льготных условиях, или на все, чтобы удовлетворить наших будущих потребностей в капитале; (ХХ) несоблюдение законов и нормативных актов может навредить наш бизнес и нашу репутацию; (ХХІ) у нас может не быть достаточно средств для обслуживания наших конвертируемых старших облигаций и погасить такие облигации, при необходимости, и других рисков, сопутствующих наш кабриолет и увеличение объема долга; (ХХІІ) риски, связанные с конфликтом между Россией и Украиной, в том числе ее влияния на мировую экономику; и (ХХІІІ) от других рисков, от времени до времени под заголовком “факторы риска” и в других местах в нашей ценным бумагам и биржам заявок и отчетов, в том числе, но не ограничиваясь, нашем последнем годовом отчете по форме 10-К и квартальные отчеты по форме 10-Q. Такие прогнозные заявления относятся только к дате настоящего документа, и читатели не должны чрезмерно полагаться на такие заявления. Мы не берем на себя никаких обязательств по обновлению информации, содержащейся в этом пресс-релизе, в том числе в любых прогнозных заявлениях.
Five9 - ведущий поставщик программного обеспечения для облачных контакт-центров для интеллектуального пространства контакт-центров, предоставляющий клиентам возможности облачных инноваций и обеспечивающий более девяти миллиардов минут звонков в год. Five9 предоставляет комплексные решения с омниканальной маршрутизацией, аналитикой, WFO и искусственным интеллектом для повышения производительности агентов и достижения ощутимых бизнес-результатов. Платформа Five9 Genius надежна, безопасна, совместима и масштабируема; предназначена для создания исключительного персонализированного обслуживания клиентов. Для получения дополнительной информации посетите веб-сайт www.Five9.com .
Five9, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands) |
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(Unaudited) |
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|
|
March 31, 2022 |
|
December 31, 2021 |
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ASSETS |
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Current assets: |
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|
||||
Cash and cash equivalents |
|
$ |
100,151 |
|
|
$ |
90,878 |
|
Marketable investments |
|
|
377,519 |
|
|
|
378,980 |
|
Accounts receivable, net |
|
|
77,912 |
|
|
|
83,731 |
|
Prepaid expenses and other current assets |
|
|
32,534 |
|
|
|
30,342 |
|
Deferred contract acquisition costs, net |
|
|
36,478 |
|
|
|
33,295 |
|
Total current assets |
|
|
624,594 |
|
|
|
617,226 |
|
Property and equipment, net |
|
|
91,476 |
|
|
|
77,785 |
|
Operating lease right-of-use assets |
|
|
46,536 |
|
|
|
48,703 |
|
Intangible assets, net |
|
|
36,950 |
|
|
|
39,897 |
|
Goodwill |
|
|
165,420 |
|
|
|
165,420 |
|
Marketable investments |
|
|
118,707 |
|
|
|
147,377 |
|
Other assets |
|
|
11,748 |
|
|
|
11,871 |
|
Deferred contract acquisition costs, net — less current portion |
|
|
92,964 |
|
|
|
84,663 |
|
Total assets |
|
$ |
1,188,395 |
|
|
$ |
1,192,942 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
31,981 |
|
|
$ |
20,510 |
|
Accrued and other current liabilities |
|
|
91,411 |
|
|
|
78,577 |
|
Operating lease liabilities |
|
|
10,135 |
|
|
|
9,826 |
|
Accrued federal fees |
|
|
1,650 |
|
|
|
2,282 |
|
Sales tax liabilities |
|
|
2,047 |
|
|
|
2,660 |
|
Deferred revenue |
|
|
46,564 |
|
|
|
43,720 |
|
Total current liabilities |
|
|
183,788 |
|
|
|
157,575 |
|
Convertible senior notes |
|
|
737,865 |
|
|
|
768,599 |
|
Sales tax liabilities — less current portion |
|
|
883 |
|
|
|
877 |
|
Operating lease liabilities — less current portion |
|
|
44,818 |
|
|
|
47,088 |
|
Other long-term liabilities |
|
|
6,682 |
|
|
|
7,671 |
|
Total liabilities |
|
|
974,036 |
|
|
|
981,810 |
|
Stockholders’ equity: |
|
|
|
|
||||
Common stock |
|
|
70 |
|
|
|
68 |
|
Additional paid-in capital |
|
|
480,215 |
|
|
|
439,787 |
|
Accumulated other comprehensive loss |
|
|
(3,370 |
) |
|
|
(287 |
) |
Accumulated deficit |
|
|
(262,556 |
) |
|
|
(228,436 |
) |
Total stockholders’ equity |
|
|
214,359 |
|
|
|
211,132 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,188,395 |
|
|
$ |
1,192,942 |
|
Five9, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
Revenue |
|
$ |
182,777 |
|
|
$ |
137,882 |
|
Cost of revenue |
|
|
88,867 |
|
|
|
59,803 |
|
Gross profit |
|
|
93,910 |
|
|
|
78,079 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
35,824 |
|
|
|
22,121 |
|
Sales and marketing |
|
|
64,611 |
|
|
|
44,799 |
|
General and administrative |
|
|
24,314 |
|
|
|
22,245 |
|
Total operating expenses |
|
|
124,749 |
|
|
|
89,165 |
|
Loss from operations |
|
|
(30,839 |
) |
|
|
(11,086 |
) |
Other (expense) income, net: |
|
|
|
|
||||
Interest expense |
|
|
(1,870 |
) |
|
|
(1,938 |
) |
Interest income and other |
|
|
845 |
|
|
|
175 |
|
Total other (expense) income, net |
|
|
(1,025 |
) |
|
|
(1,763 |
) |
Loss before income taxes |
|
|
(31,864 |
) |
|
|
(12,849 |
) |
Provision for (benefit from) income taxes |
|
|
2,256 |
|
|
|
(517 |
) |
Net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.49 |
) |
|
$ |
(0.18 |
) |
Shares used in computing net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
|
68,974 |
|
|
|
66,721 |
|
|
|
|
|
|
Five9, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
10,795 |
|
|
|
8,763 |
|
Amortization of operating lease right-of-use assets |
|
|
2,403 |
|
|
|
2,389 |
|
Amortization of deferred contract acquisition costs |
|
|
8,678 |
|
|
|
5,540 |
|
Amortization of premium on marketable investments |
|
|
700 |
|
|
|
1,682 |
|
Provision for doubtful accounts |
|
|
222 |
|
|
|
160 |
|
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
930 |
|
|
|
974 |
|
Deferred taxes |
|
|
1,889 |
|
|
|
— |
|
Change in fair of value of contingent consideration |
|
|
260 |
|
|
|
2,500 |
|
Other |
|
|
210 |
|
|
|
186 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
5,566 |
|
|
|
(3,543 |
) |
Prepaid expenses and other current assets |
|
|
(2,162 |
) |
|
|
(3,524 |
) |
Deferred contract acquisition costs |
|
|
(20,160 |
) |
|
|
(15,983 |
) |
Other assets |
|
|
234 |
|
|
|
101 |
|
Accounts payable |
|
|
11,133 |
|
|
|
351 |
|
Accrued and other current liabilities |
|
|
2,096 |
|
|
|
5,299 |
|
Accrued federal fees and sales tax liability |
|
|
(1,239 |
) |
|
|
738 |
|
Deferred revenue |
|
|
2,659 |
|
|
|
322 |
|
Other liabilities |
|
|
(764 |
) |
|
|
(766 |
) |
Net cash provided by operating activities |
|
|
28,724 |
|
|
|
13,765 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of marketable investments |
|
|
(105,277 |
) |
|
|
(163,683 |
) |
Proceeds from sales of marketable investments |
|
|
600 |
|
|
|
— |
|
Proceeds from maturities of marketable investments |
|
|
130,821 |
|
|
|
120,182 |
|
Purchases of property and equipment |
|
|
(12,398 |
) |
|
|
(8,229 |
) |
Capitalization of software development costs |
|
|
(569 |
) |
|
|
— |
|
Cash paid for an equity investment in a privately-held company |
|
|
(2,000 |
) |
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
11,177 |
|
|
|
(51,730 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repurchase of a portion of 2023 convertible senior notes, net of costs |
|
|
(31,905 |
) |
|
|
(7,840 |
) |
Proceeds from exercise of common stock options |
|
|
1,277 |
|
|
|
2,215 |
|
Payments of finance leases |
|
|
— |
|
|
|
(456 |
) |
Net cash used in financing activities |
|
|
(30,628 |
) |
|
|
(6,081 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
9,273 |
|
|
|
(44,046 |
) |
Cash and cash equivalents: |
|
|
|
|
||||
Beginning of period |
|
|
90,878 |
|
|
|
220,372 |
|
End of period |
|
$ |
100,151 |
|
|
$ |
176,326 |
|
Five9, INC. |
||||||||
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT |
||||||||
(In thousands, except percentages) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
GAAP gross profit |
|
$ |
93,910 |
|
|
$ |
78,079 |
|
GAAP gross margin |
|
|
51.4 |
% |
|
|
56.6 |
% |
Non-GAAP adjustments: |
|
|
|
|
||||
Depreciation |
|
|
5,553 |
|
|
|
4,140 |
|
Intangibles amortization |
|
|
2,947 |
|
|
|
2,947 |
|
Stock-based compensation |
|
|
7,793 |
|
|
|
3,105 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
380 |
|
|
|
— |
|
One-time integration costs |
|
|
48 |
|
|
|
30 |
|
Adjusted gross profit |
|
$ |
110,631 |
|
|
$ |
88,301 |
|
Adjusted gross margin |
|
|
60.5 |
% |
|
|
64.0 |
% |
Five9, INC. |
||||||||
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA |
||||||||
(In thousands, except percentages) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Depreciation and amortization |
|
|
10,795 |
|
|
|
8,763 |
|
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Interest expense |
|
|
1,870 |
|
|
|
1,938 |
|
Interest (income) and other |
|
|
(845 |
) |
|
|
(175 |
) |
Exit costs related to closure and relocation of Russian operations (1) |
|
|
3,227 |
|
|
|
— |
|
Acquisition-related transaction costs and one-time integration costs |
|
|
1,638 |
|
|
|
1,094 |
|
Contingent consideration expense |
|
|
260 |
|
|
|
2,500 |
|
Provision for (benefit from) income taxes |
|
|
2,256 |
|
|
|
(517 |
) |
Adjusted EBITDA |
|
$ |
24,475 |
|
|
$ |
22,179 |
|
Adjusted EBITDA as % of revenue |
|
|
13.4 |
% |
|
|
16.1 |
% |
(1) Exit costs related to the closure and relocation of our Russian operations was $2.7 million during the three months ended March 31, 2022. The $3.2 million adjustment presented above is net of $0.1 million included in “Depreciation and amortization” and $(0.6) million included in “Interest (income) and other.” |
Five9, INC. |
||||||||
RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP OPERATING INCOME |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
Loss from operations |
|
$ |
(30,839 |
) |
|
$ |
(11,086 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Intangibles amortization |
|
|
2,947 |
|
|
|
2,947 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
3,332 |
|
|
|
— |
|
Acquisition-related transaction costs and one-time integration costs |
|
|
1,638 |
|
|
|
1,094 |
|
Contingent consideration expense |
|
|
260 |
|
|
|
2,500 |
|
Non-GAAP operating income |
|
$ |
16,732 |
|
|
$ |
16,363 |
|
Five9, INC. |
||||||||
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(34,120 |
) |
|
$ |
(12,332 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Stock-based compensation |
|
|
39,394 |
|
|
|
20,908 |
|
Intangibles amortization |
|
|
2,947 |
|
|
|
2,947 |
|
Amortization of discount and issuance costs on convertible senior notes |
|
|
930 |
|
|
|
974 |
|
Exit costs related to closure and relocation of Russian operations |
|
|
2,749 |
|
|
|
— |
|
Acquisition-related transaction costs and one-time integration costs |
|
|
1,638 |
|
|
|
1,094 |
|
Contingent consideration expense |
|
|
260 |
|
|
|
2,500 |
|
Tax provision associated with acquired companies |
|
|
1,830 |
|
|
|
— |
|
Non-GAAP net income |
|
$ |
15,628 |
|
|
$ |
16,091 |
|
GAAP net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.49 |
) |
|
$ |
(0.18 |
) |
Non-GAAP net income per share: |
|
|
|
|
||||
Basic |
|
$ |
0.23 |
|
|
$ |
0.24 |
|
Diluted |
|
$ |
0.22 |
|
|
$ |
0.23 |
|
Shares used in computing GAAP net loss per share: |
|
|
|
|
||||
Basic and diluted |
|
|
68,974 |
|
|
|
66,721 |
|
Shares used in computing non-GAAP net income per share: |
|
|
|
|
||||
Basic |
|
|
68,974 |
|
|
|
66,721 |
|
Diluted |
|
|
70,671 |
|
|
|
70,659 |
|
|
|
|
|
|
Five9, INC. |
||||||||||||||||||
SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION |
||||||||||||||||||
(In thousands) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
||||||||||||||
|
|
Stock-Based
|
|
Depreciation |
|
Intangibles
|
|
Stock-Based
|
|
Depreciation |
|
Intangibles
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenue |
|
$ |
7,793 |
|
$ |
5,553 |
|
$ |
2,947 |
|
$ |
3,105 |
|
$ |
4,140 |
|
$ |
2,947 |
Research and development |
|
|
10,145 |
|
|
825 |
|
|
— |
|
|
4,763 |
|
|
596 |
|
|
— |
Sales and marketing |
|
|
13,424 |
|
|
1 |
|
|
— |
|
|
6,771 |
|
|
1 |
|
|
— |
General and administrative |
|
|
8,032 |
|
|
1,469 |
|
|
— |
|
|
6,269 |
|
|
1,079 |
|
|
— |
Total |
|
$ |
39,394 |
|
$ |
7,848 |
|
$ |
2,947 |
|
$ |
20,908 |
|
$ |
5,816 |
|
$ |
2,947 |