Five9 Reports Third Quarter Revenue Growth of 30% to a Record $65.3 Million

Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software for the digital enterprise, today reported results1 for the third quarter ended September 30, 2018.

Third Quarter 2018 Financial Results

  • Revenue for the third quarter of 2018 increased 30% to a record $65.3 million, compared to $50.1 million for the third quarter of 2017.
  • GAAP gross margin was 59.9% for the third quarter of 2018, compared to 59.1% for the third quarter of 2017.
  • Adjusted gross margin was 64.3% for the third quarter of 2018, compared to 63.1% for the third quarter of 2017.
  • GAAP net loss for the third quarter of 2018 was $(1.3) million, or $(0.02) per basic share, compared to GAAP net income of $0.9 million, or $0.02 per diluted share, for the third quarter of 2017. Included in the GAAP results for the third quarter of 2017 was a $2.1 million reversal of accrued disputed interest and penalties following a favorable ruling by the Universal Service Administration Company.
  • Non-GAAP net income for the third quarter of 2018 was $11.1 million, or $0.18 per diluted share, compared to non-GAAP net income of $2.6 million, or $0.04 per diluted share, for the third quarter of 2017.
  • Adjusted EBITDA for the third quarter of 2018 was $12.8 million, or a record 19.6% of revenue, compared to $5.2 million, or 10.3% of revenue, for the third quarter of 2017.
  • GAAP operating cash flow for the third quarter of 2018 was $9.4 million, compared to GAAP operating cash flow of $8.0 million for the third quarter of 2017.

1On January 1, 2018, Five9 adopted Accounting Standards Codification (ASC) 606 Revenue from Contracts with Customers using the modified retrospective transition method. While the financial results for the third quarter of 2018 are presented under ASC 606, financial results for the third quarter of 2017 are presented under ASC 605. A reconciliation of the financial results for the third quarter of 2018 under ASC 606 and ASC 605 is presented in the Reconciliation of ASC 605 to ASC 606 table included in this release.

Our third quarter results significantly exceeded our expectations. Revenue was a record $65.3 million, up 30% year-over-year, representing our fastest growth rate since Five9 went public in 2014. In the third quarter, we continued to execute crisply in a strong market and made solid progress on our strategic priorities, including building our talent bench, investing in R&D, and advancing our long-term investments. We are driving toward our goal of creating the worlds best self-learning intelligent contact center delivered through the cloud and powered by AI. Enterprise customers are recognizing the value of our innovative platform and our compelling vision for the future. That recognition was reinforced by Five9 being named as a leader both in the first ever Forrester Wave: Cloud Contact Center, and, for the fourth consecutive year, in the Gartner Magic Quadrant for Contact Center as a Service.

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– Rowan Trollope, CEO, Five9

Business Outlook

The guidance below includes the expected impact of the adoption of ASC 606.

  • For the full year 2018, Five9 expects to report:
    • Revenue in the range of $251.1 to $252.2 million, up from the prior guidance range of $244.5 to $246.5 million that was previously provided on August 6, 2018.
    • GAAP net loss in the range of $(6.7) to $(5.7) million, or $(0.12) to $(0.10) per basic share, compared to the prior guidance range of $(14.0) to $(12.0) million, or $(0.24) to $(0.20) per basic share, that was previously provided on August 6, 2018.
    • Non-GAAP net income in the range of $30.4 to $31.4 million, or $0.49 to $0.51 per diluted share, improved from the prior guidance range of $24.0 to $26.0 million, or $0.39 to $0.42 per diluted share, that was previously provided on August 6, 2018.
  • For the fourth quarter of 2018, Five9 expects to report:
    • Revenue in the range of $65.8 to $66.8 million.
    • GAAP net loss in the range of $(2.7) to $(1.7) million, or a loss of $(0.05) to $(0.03) per basic share.
    • Non-GAAP net income in the range of $8.0 to $9.0 million, or $0.13 to $0.14 per diluted share.

Conference Call Details

Five9 will discuss its third quarter 2018 results today, November 6, 2018, via teleconference at 4:30 p.m. Eastern Time. To access the call (ID 7616920), please dial: 888-204-4368 or 323-794-2423. An audio replay of the call will be available through November 20, 2018 by dialing 888-203-1112 or 719-457-0820 and entering access code 7616920. 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 web site, prior to the conference call.

A webcast of the call will be available on the Investor Relations section of the Companys website at http://investors.five9.com/.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures. We calculate adjusted gross profit by adding back the following items to gross profit: depreciation, intangibles amortization and stock-based compensation expense. We calculate adjusted EBITDA by adding back or removing the following items to or from GAAP net income (loss): depreciation, amortization, interest expense, provision for income taxes, stock-based compensation expense, non-recurring litigation settlement costs, reversal of interest and penalties on accrued federal fees and interest income and other. We calculate non-GAAP operating income as operating income (loss) excluding stock-based compensation expense, intangibles amortization, reversal of interest and penalties on accrued federal fees and non-recurring litigation settlement costs. We calculate non-GAAP net income as GAAP net income (loss) excluding stock-based compensation expense, intangibles amortization, amortization of debt discount and issuance costs, amortization of discount and issuance costs on convertible senior notes, non-recurring litigation settlement costs, reversal of interest and penalties on accrued federal fees and non-cash adjustments on investment. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Five9 considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Companys management uses these measures to (i) illustrate underlying trends in the Companys 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 Companys 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 Five9s market position, business momentum, product positioning, enterprise customer views of the value of our products and vision for the future, the Companys long-term goals, and the fourth quarter and full year 2018 financial projections set forth under the caption Business Outlook, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (i) our quarterly and annual results may fluctuate significantly, 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 expand our sales force could 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) 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 adversely affect our business; (vii) the markets in which we participate are highly competitive, and if we do not compete effectively, our operating results could be harmed; (viii) 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; (ix) our growth depends in part on the success of our strategic relationships with third parties and our failure to successfully grow and manage these relationships could harm our business; (x) we are establishing a 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; (xi) 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; (xii) 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; (xiii) any disruption, price increase or degradation in the third-party telecommunications and internet services used by our clients and their customers to connect to and use our cloud contact center software, could impair or reduce our clients use of our solution, cause us to lose clients and subject us to reputational harm as well as claims for credits or damages; (xiv) we have a history of losses and we may be unable to achieve or sustain profitability; (xv) we may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs; (xvi) failure to comply with laws and regulations could harm our business and our reputation; and (xvii) 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 quarterly report 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 digital enterprise, bringing the power of cloud innovation to customers and facilitating more than three billion customer interactions 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 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, 2018 December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 79,619 $ 68,947
Marketable investments 200,007
Accounts receivable, net 23,903 19,048
Prepaid expenses and other current assets 7,962 4,840
Deferred contract acquisition costs 8,633    
Total current assets 320,124 92,835
Property and equipment, net 22,909 19,888
Intangible assets, net 724 1,073
Goodwill 11,798 11,798
Other assets 962 2,602
Deferred contract acquisition costs less current portion 19,599    
Total assets $ 376,116   $ 128,196  
 
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable $ 4,528 $ 4,292
Accrued and other current liabilities 14,144 11,787
Accrued federal fees 1,681 1,151
Sales tax liability 1,322 1,326
Notes payable 336
Capital leases 6,909 6,651
Deferred revenue 17,490   13,975  
Total current liabilities 46,074 39,518
Convertible senior notes 193,664
Revolving line of credit 32,594
Sales tax liability less current portion 884 1,044
Capital leases less current portion 6,250 7,161
Other long-term liabilities 1,360   1,041  
Total liabilities 248,232   81,358  
Stockholders equity:
Common stock 59 57
Additional paid-in capital 283,055 222,202
Accumulated deficit (155,230 ) (175,421 )
Total stockholders equity 127,884     46,838  
Total liabilities and stockholders equity $ 376,116     $ 128,196  
 
       
FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 30,     September 30, September 30,     September 30,
2018 2017 2018 2017
 
Revenue $ 65,304 $ 50,081 $ 185,329 $ 144,822
Cost of revenue 26,179   20,497   75,695   60,741  
Gross profit 39,125 29,584 109,634 84,081
Operating expenses:
Research and development 9,582 6,689 25,721 20,372
Sales and marketing 17,818 16,502 53,208 49,212
General and administrative 10,746   4,679   29,682   20,384  
Total operating expenses 38,146   27,870   108,611   89,968  
Income (loss) from operations 979 1,714 1,023 (5,887 )
Other income (expense), net:
Interest expense (3,595 ) (865 ) (6,783 ) (2,635 )
Interest income and other 1,352   118   1,956   326  
Total other income (expense), net (2,243 ) (747 ) (4,827 ) (2,309 )
Income (loss) before income taxes (1,264 ) 967 (3,804 ) (8,196 )
Provision for income taxes 41   43   150   142  
Net income (loss) $ (1,305 ) $ 924   $ (3,954 ) $ (8,338 )
Net income (loss) per share:
Basic $ (0.02 ) $ 0.02   $ (0.07 ) $ (0.15 )
Diluted $ (0.02 ) $ 0.02   $ (0.07 ) $ (0.15 )
Shares used in computing net income (loss) per share:
Basic 58,454   55,310   57,790   54,579  
Diluted 58,454   59,441   57,790   54,579  
 
   
FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 
Nine Months Ended
September 30, 2018     September 30, 2017
Cash flows from operating activities:
Net loss $ (3,954 ) $ (8,338 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 7,436 6,246
Amortization of premium on marketable investments (317 )
Provision for doubtful accounts 81 66
Stock-based compensation 20,991 10,703
Reversal of interest and penalties on accrued federal fees (2,133 )
Gain on sale of convertible note held for investment (312 )
Non-cash adjustment on investment (40 ) (233 )
Amortization of debt discount and issuance costs 129 60
Amortization of discount and issuance costs on convertible senior notes 4,782
Accretion of interest 44 16
Others (59 ) (50 )
Changes in operating assets and liabilities:
Accounts receivable (4,931 ) (3,406 )
Prepaid expenses and other current assets (2,755 ) (1,861 )
Deferred contract acquisition costs (5,094 )
Other assets 68 71
Accounts payable 307 1,409
Accrued and other current liabilities 2,575 1,774
Accrued federal fees and sales tax liability 366 95
Deferred revenue 3,910 3,676
Other liabilities (75 ) 131  
Net cash provided by operating activities 23,152   8,226  
Cash flows from investing activities:
Purchases of marketable investments (203,953 )
Proceeds from maturities of marketable investments 4,047
Purchases of property and equipment (4,503 ) (1,809 )
Proceeds from sale of convertible note held for investment 1,923    
Net cash used in investing activities (202,486 ) (1,809 )
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $8,036 250,714
Payments for capped call transactions (31,412 )
Proceeds from exercise of common stock options 7,111 3,280
Proceeds from sale of common stock under ESPP 2,884 1,800
Repayments on revolving line of credit (32,594 )
Payments of notes payable (318 ) (547 )
Payments of capital leases (6,379 ) (5,708 )
Net cash provided by (used in) financing activities 190,006   (1,175 )
Net increase in cash and cash equivalents 10,672 5,242
Cash and cash equivalents:
Beginning of period 68,947   58,122  
End of period $ 79,619   $ 63,364  
 
   
FIVE9, INC.
RECONCILIATION OF ASC 605 TO ASC 606 P&L ITEMS – GAAP

(In thousands, except per share data and percentages)

(Unaudited)

 
Three Months Ended
September 30, 2018
ASC 605     Adjustments     ASC 606
Revenue $ 65,041 $ 263 $ 65,304
Cost of revenue 26,040   139   26,179  
GAAP gross profit 39,001 124 39,125
GAAP gross margin 60.0 % 59.9 %
Operating expenses:
Research and development 9,582 9,582
Sales and marketing 19,574 (1,756 ) 17,818
General and administrative 10,746     10,746  
Total operating expenses 39,902   (1,756 ) 38,146  
GAAP income (loss) from operations (901 ) 1,880 979
GAAP Operating Margin (1.4 )% 1.5 %
Other income (expense), net (2,243 )   (2,243 )
Loss before income taxes (3,144 ) 1,880 (1,264 )
Provision for income taxes 41     41  
GAAP net loss $ (3,185 ) $ 1,880   $ (1,305 )
Net loss per share:
Basic and diluted $ (0.05 ) $ 0.03   $ (0.02 )
Shares used in computing net loss per share:
Basic and diluted 58,454     58,454  
 
   

FIVE9, INC.

RECONCILIATION OF ASC 605 TO ASC 606 P&L ITEMS – NON-GAAP

(In thousands, except per share data and percentages)

(Unaudited)

 
Three Months Ended
September 30, 2018
ASC 605     Adjustments     ASC 606
Revenue $ 65,041 $ 263 $ 65,304
Cost of revenue 23,159   139   23,298  
Adjusted gross profit 41,882 124 42,006
Adjusted gross margin 64.4 % 64.3 %
Operating expenses:
Research and development 6,952 6,952
Sales and marketing 17,931 (1,756 ) 16,175
General and administrative 6,106     6,106  
Total operating expenses 30,989   (1,756 ) 29,233  
Adjusted EBITDA 10,893 1,880 12,773
Adjusted EBITDA margin 16.7 % 19.6 %
Depreciation 2,550     2,550  
Non-GAAP operating income 8,343 1,880 10,223
Non-GAAP operating margin 12.8 % 15.7 %
Other income (expense), net 895     895  
Income before income taxes 9,238 1,880 11,118
Provision for income taxes 41     41  
Non-GAAP net income $ 9,197   $ 1,880   $ 11,077  
 
Non-GAAP net income per share:
Basic $ 0.16   $ 0.03   $ 0.19  
Diluted $ 0.15   $ 0.03   $ 0.18  
Shares used in computing non-GAAP net income per share:
Basic 58,454     58,454  
Diluted 61,997     61,997  
 
       
FIVE9, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT

(In thousands, except percentages)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 30, 2018     September 30, 2017 September 30, 2018     September 30, 2017
 
GAAP gross profit $ 39,125 $ 29,584 $ 109,634 $ 84,081
GAAP gross margin 59.9 % 59.1 % 59.2 % 58.1 %
Non-GAAP adjustments:
Depreciation 1,933 1,310 5,415 4,426
Intangibles amortization 88 87 264 263
Stock-based compensation 860   599   2,391   1,608  
Adjusted gross profit $ 42,006   $ 31,580   $ 117,704   $ 90,378  
Adjusted gross margin 64.3 % 63.1 % 63.5 % 62.4 %
 
       
FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 30, 2018     September 30, 2017 September 30, 2018     September 30, 2017
 
GAAP net income (loss) $ (1,305 ) $ 924 $ (3,954 ) $ (8,338 )
Non-GAAP adjustments:
Depreciation and amortization 2,667 1,881 7,436 6,246
Stock-based compensation 8,869 3,720 20,991 10,703
Interest expense 3,595 865 6,783 2,635
Interest income and other (1,352 ) (118 ) (1,956 ) (326 )
Legal settlement 1,700
Legal and indemnification fees related to settlement 258 499 135
Reversal of interest and penalties on accrued federal fees (G&A) (2,133 ) (2,133 )
Provision for income taxes 41   43   150   142  
Adjusted EBITDA $ 12,773   $ 5,182   $ 29,949   $ 10,764  
Adjusted EBITDA as % of revenue 19.6 % 10.3 % 16.2 % 7.4 %
 
       
FIVE9, INC.

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

(In thousands)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 30, 2018     September 30, 2017 September 30, 2018     September 30, 2017
 
Income (loss) from operations $ 979 $ 1,714 $ 1,023 $ (5,887 )
Non-GAAP adjustments:
Stock-based compensation 8,869 3,720 20,991 10,703
Intangibles amortization 117 115 349 349
Legal settlement 1,700
Legal and indemnification fees related to settlement 258 499 135
Reversal of interest and penalties on accrued federal fees (G&A)   (2,133 )   (2,133 )
Non-GAAP operating income $ 10,223   $ 3,416   $ 22,862   $ 4,867  
 
       
FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME

(In thousands, except per share data)

(Unaudited)

 
Three Months Ended Nine Months Ended
September 30, 2018     September 30, 2017 September 30, 2018     September 30, 2017
 
GAAP net income (loss) $ (1,305 ) $ 924 $ (3,954 ) $ (8,338 )
Non-GAAP adjustments:
Stock-based compensation 8,869 3,720 20,991 10,703
Intangibles amortization 117 115 349 349
Amortization of debt discount and issuance costs 89 20 129 60
Amortization of discount and issuance costs on convertible senior notes 3,049 4,782
Legal settlement 1,700
Legal and indemnification fees related to settlement 258 499 135
Reversal of interest and penalties on accrued federal fees (G&A) (2,133 ) (2,133 )
Non-cash adjustment on investment   (72 ) (352 ) (233 )
Non-GAAP net income $ 11,077   $ 2,574   $ 22,444   $ 2,243  
GAAP net income (loss) per share:
Basic $ (0.02 ) $ 0.02   $ (0.07 ) $ (0.15 )
Diluted $ (0.02 ) $ 0.02   $ (0.07 ) $ (0.15 )
Non-GAAP net income per share:
Basic $ 0.19   $ 0.05   $ 0.39   $ 0.04  
Diluted $ 0.18   $ 0.04   $ 0.37   $ 0.04  
Shares used in computing GAAP net income (loss) per share:
Basic 58,454   55,310   57,790   54,579  
Diluted 58,454   59,441   57,790   54,579  
Shares used in computing non-GAAP net income per share:
Basic 58,454   55,310   57,790   54,579  
Diluted 61,997   59,441   61,191   58,916  
 
   

FIVE9, INC.

SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION

(In thousands)

(Unaudited)

 
Three Months Ended
September 30, 2018     September 30, 2017
Stock-Based         Intangibles Stock-Based         Intangibles
Compensation Depreciation Amortization Compensation Depreciation Amortization
 
Cost of revenue $ 860 $ 1,933 $ 88 $ 599 $ 1,310 $ 87
Research and development 2,352 278 797 182
Sales and marketing 1,613 1 29 1,084 2 28
General and administrative 4,044   338     1,240   272  
Total $ 8,869   $ 2,550   $ 117   $ 3,720   $ 1,766   $ 115
 
Nine Months Ended
September 30, 2018 September 30, 2017
Stock-Based Intangibles Stock-Based Intangibles
Compensation Depreciation Amortization Compensation Depreciation Amortization
 
Cost of revenue $ 2,391 $ 5,415 $ 264 $ 1,608 $ 4,426 $ 263
Research and development 4,293 705 2,235 625
Sales and marketing 4,560 4 85 3,236 4 86
General and administrative 9,747   963     3,624   842  
Total $ 20,991   $ 7,087   $ 349   $ 10,703   $ 5,897   $ 349
 
       
FIVE9, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME “ GUIDANCE
(In thousands, except per share data)
(Unaudited)
 
Three Months Ending Year Ending
December 31, 2018 December 31, 2018
Low     High Low     High
 
GAAP net loss $ (2,719 ) $ (1,719 ) $ (6,673 ) $ (5,673 )
Non-GAAP adjustments:
Stock-based compensation 7,527 7,527 28,518 28,518
Intangibles amortization 93 93 442 442
Amortization of discount and issuance costs on convertible senior notes 3,099 3,099 7,881 7,881
Amortization of debt discount and issuance costs 129 129
Legal and indemnification fees related to settlement 499 499
Non-cash adjustment on investment (352 ) (352 )
Income tax expense effects (1)        
Non-GAAP net income $ 8,000   $ 9,000   $ 30,444   $ 31,444  
GAAP net loss per share, basic and diluted $ (0.05 ) $ (0.03 ) $ (0.12 ) $ (0.10 )
Non-GAAP net income per share:
Basic $ 0.13   $ 0.15   $ 0.52   $ 0.54  
Diluted $ 0.13   $ 0.14   $ 0.49   $ 0.51  
Shares used in computing GAAP net loss per share and non-GAAP net income per share:
Basic 59,500   59,500   58,000   58,000  
Diluted 63,500   63,500   62,000   62,000  
 

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

Investor Relations Contacts:
Five9, Inc.
Barry
Zwarenstein, 925-201-2000 ext. 5959
Chief Financial Officer
[email protected]
or
The
Blueshirt Group for Five9, Inc.
Lisa Laukkanen, 415-217-4967
[email protected]

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