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Press release content from Business Wire. The AP news staff was not involved in its creation.

Five9 Reports Third Quarter Revenue Growth of 28% to a Record $83.8 Million

November 5, 2019

SAN RAMON, Calif.--(BUSINESS WIRE)--Nov 5, 2019--

Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the third quarter ended September 30, 2019.

Third Quarter 2019 Financial Results

“We delivered strong third quarter results. Revenue of $83.8 million grew 28% year-over-year and was driven by our Enterprise business, which delivered 36% growth in LTM Enterprise subscription revenue. More than ever before we are seeing that enterprises have learned to trust the cloud, and company leaders recognize that transforming their customer service experience is a necessity. As increasingly larger enterprises have begun to demand cloud contact centers, we have responded by hiring more engineers and scaling our team, resulting in a substantial increase in throughput and innovation. In the third quarter we maintained our strong momentum in strengthening the channel, and made excellent inroads expanding internationally. Overall, our balanced approach to growth is succeeding, and we believe the investments we have made in leadership and talent position Five9 for sustained long-term growth.”

- Rowan Trollope, CEO, Five9

Mike Burkland Transitions from Executive Chairman to Chairman of the Board

Five9 also announced that former CEO and current Executive Chairman Mike Burkland has transitioned from his role of Executive Chairman to Chairman of the Board of Directors effective October 29, 2019. Mike Burkland served as CEO at Five9 for 10 years before transitioning to Executive Chairman in December of 2017, after being diagnosed with stage 4 cancer.

“It’s extremely gratifying for me to see Five9 achieve continued success under Rowan’s leadership as CEO these last 18 months. Given my confidence in his leadership and the business performance, I’ve made the decision to transition to Chairman of the Board. I look forward to continuing to work with Rowan and the team as we work to take Five9 to even greater heights,” said Mike Burkland, Chairman of the Board, Five9.

“Under Mike’s 10 years as CEO, Five9 grew from an early-stage private company to a market leading public company in the cloud contact center software market. I would like to thank Mike for his tremendous leadership here at Five9 and look forward to his continued service as Chairman of the Board,” said Rowan Trollope, CEO, Five9.

Business Outlook

Conference Call Details

Five9 will discuss its third quarter 2019 results today, November 5, 2019, via teleconference at 4:30 p.m. Eastern Time. To access the call (ID 9015206), please dial: 800-263-0877 or 786-460-7199. An audio replay of the call will be available through November 19, 2019 by dialing 888-203-1112 or 719-457-0820 and entering access code 9015206. 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 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 and stock-based compensation. 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, non-recurring litigation settlement costs and related indemnification fees, and provision for income taxes. We calculate non-GAAP operating income as operating income excluding stock-based compensation, intangibles amortization, and non-recurring litigation settlement costs and related indemnification fees. We calculate non-GAAP net income as GAAP net loss excluding stock-based compensation, intangibles amortization, amortization of debt discount and issuance costs, amortization of discount and issuance costs on convertible senior notes, non-recurring litigation settlement costs and related indemnification fees, and gain on sale of convertible note held for 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 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 expectations for future growth, our go-to-market capabilities, our international expansion, product innovation and throughput, business momentum, and the fourth quarter and full year 2019 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, 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 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, our clients’ data, their customers’ 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 involve numerous competitors and 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 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; (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) 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; (xiv) we have a history of losses and we may be unable to achieve or sustain profitability; (xv) 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; (xvi) we may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs; (xvii) failure to comply with laws and regulations could harm our business and our reputation; (xviii) we may not have sufficient cash to service our convertible senior notes and repay such notes, if required; and (xix) 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 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 intelligent contact center space, bringing the power of cloud innovation to customers and facilitating more than five billion call minutes annually. Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO and AI to increase agent productivity and deliver tangible business results. The Five9 Genius platform is reliable, secure, compliant and scalable; designed to create exceptional personalized customer experiences. For more information, visit www.five9.com.

FIVE9, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

September 30, 2019

 

December 31, 2018

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

120,573

 

 

$

81,912

 

Marketable investments

 

200,385

 

 

209,907

 

Accounts receivable, net

 

31,407

 

 

24,797

 

Prepaid expenses and other current assets

 

11,140

 

 

8,014

 

Deferred contract acquisition costs

 

11,947

 

 

9,372

 

Total current assets

 

375,452

 

 

334,002

 

Property and equipment, net

 

28,399

 

 

25,885

 

Operating lease right-of-use assets

 

8,933

 

 

 

Intangible assets, net

 

367

 

 

631

 

Goodwill

 

11,798

 

 

11,798

 

Other assets

 

1,100

 

 

836

 

Deferred contract acquisition costs — less current portion

 

27,975

 

 

21,514

 

Total assets

 

$

454,024

 

 

$

394,666

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

6,757

 

 

$

7,010

 

Accrued and other current liabilities

 

20,141

 

 

13,771

 

Operating lease liabilities

 

5,010

 

 

 

Accrued federal fees

 

1,981

 

 

1,434

 

Sales tax liabilities

 

1,435

 

 

1,741

 

Finance lease liabilities

 

4,457

 

 

6,647

 

Deferred revenue

 

21,858

 

 

17,391

 

Total current liabilities

 

61,639

 

 

47,994

 

Convertible senior notes

 

206,301

 

 

196,763

 

Sales tax liabilities — less current portion

 

833

 

 

841

 

Operating lease liabilities — less current portion

 

4,530

 

 

 

Finance lease liabilities — less current portion

 

1,516

 

 

4,509

 

Other long-term liabilities

 

1,234

 

 

1,811

 

Total liabilities

 

276,053

 

 

251,918

 

Stockholders’ equity:

 

 

 

 

Common stock

 

61

 

 

59

 

Additional paid-in capital

 

334,568

 

 

294,279

 

Accumulated other comprehensive income (loss)

 

227

 

 

(93

)

Accumulated deficit

 

(156,885

)

 

(151,497

)

Total stockholders’ equity

 

177,971

 

 

142,748

 

Total liabilities and stockholders’ equity

 

$

454,024

 

 

$

394,666

 

 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,
2019

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

 

 

 

 

 

 

 

 

 

Revenue

 

$

83,769

 

 

$

65,304

 

 

$

235,743

 

 

$

185,329

 

Cost of revenue

 

34,472

 

 

26,179

 

 

96,571

 

 

75,695

 

Gross profit

 

49,297

 

 

39,125

 

 

139,172

 

 

109,634

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

11,665

 

 

9,582

 

 

33,022

 

 

25,721

 

Sales and marketing

 

25,014

 

 

17,818

 

 

69,965

 

 

53,208

 

General and administrative

 

12,146

 

 

10,746

 

 

35,950

 

 

29,682

 

Total operating expenses

 

48,825

 

 

38,146

 

 

138,937

 

 

108,611

 

Income from operations

 

472

 

 

979

 

 

235

 

 

1,023

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

(3,486

)

 

(3,595

)

 

(10,288

)

 

(6,783

)

Interest income and other

 

1,460

 

 

1,352

 

 

4,695

 

 

1,956

 

Total other income (expense), net

 

(2,026

)

 

(2,243

)

 

(5,593

)

 

(4,827

)

Loss before income taxes

 

(1,554

)

 

(1,264

)

 

(5,358

)

 

(3,804

)

Provision for income taxes

 

50

 

 

41

 

 

30

 

 

150

 

Net loss

 

$

(1,604

)

 

$

(1,305

)

 

$

(5,388

)

 

$

(3,954

)

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.03

)

 

$

(0.02

)

 

$

(0.09

)

 

$

(0.07

)

Shares used in computing net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

60,781

 

 

58,454

 

 

60,074

 

 

57,790

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended

 

 

September 30, 2019

 

September 30, 2018

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(5,388

)

 

$

(3,954

)

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

 

 

 

 

Depreciation and amortization

 

10,050

 

 

7,436

 

Amortization of operating lease right-of-use assets

 

3,420

 

 

 

Amortization of premium on marketable investments

 

(1,036

)

 

(317

)

Provision for doubtful accounts

 

78

 

 

81

 

Stock-based compensation

 

30,197

 

 

20,991

 

Gain on sale of convertible note held for investment

 

(217

)

 

(312

)

Amortization of discount and issuance costs on convertible senior notes

 

9,484

 

 

4,782

 

Others

 

2

 

 

74

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(6,677

)

 

(4,931

)

Prepaid expenses and other current assets

 

(3,172

)

 

(2,755

)

Deferred contract acquisition costs

 

(9,035

)

 

(5,094

)

Other assets

 

(264

)

 

68

 

Accounts payable

 

100

 

 

307

 

Accrued and other current liabilities

 

3,522

 

 

2,575

 

Accrued federal fees and sales tax liability

 

233

 

 

366

 

Deferred revenue

 

4,391

 

 

3,910

 

Other liabilities

 

(33

)

 

(75

)

Net cash provided by operating activities

 

35,655

 

 

23,152

 

Cash flows from investing activities:

 

 

 

 

Purchases of marketable investments

 

(274,401

)

 

(203,953

)

Proceeds from maturities of marketable investments

 

285,281

 

 

4,047

 

Purchases of property and equipment

 

(12,776

)

 

(4,503

)

Proceeds from sale of convertible note held for investment

 

217

 

 

1,923

 

Net cash used in investing activities

 

(1,679

)

 

(202,486

)

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

 

6,097

 

 

7,111

 

Proceeds from sale of common stock under ESPP

 

3,996

 

 

2,884

 

Repayments on revolving line of credit

 

 

 

(32,594

)

Payments of notes payable

 

 

 

(318

)

Payments of finance leases

 

(5,408

)

 

(6,379

)

Net cash provided by financing activities

 

4,685

 

 

190,006

 

Net increase in cash and cash equivalents

 

38,661

 

 

10,672

 

Cash and cash equivalents:

 

 

 

 

Beginning of period

 

81,912

 

 

68,947

 

End of period

 

$

120,573

 

 

$

79,619

 

 

 

 

 

 

FIVE9, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT

(In thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

49,297

 

 

$

39,125

 

 

$

139,172

 

 

$

109,634

 

GAAP gross margin

 

58.8

%

 

59.9

%

 

59.0

%

 

59.2

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

2,514

 

 

1,933

 

 

7,208

 

 

5,415

 

Intangibles amortization

 

88

 

 

88

 

 

264

 

 

264

 

Stock-based compensation

 

1,702

 

 

860

 

 

4,589

 

 

2,391

 

Adjusted gross profit

 

$

53,601

 

 

$

42,006

 

 

$

151,233

 

 

$

117,704

 

Adjusted gross margin

 

64.0

%

 

64.3

%

 

64.2

%

 

63.5

%

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(In thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(1,604

)

 

$

(1,305

)

 

$

(5,388

)

 

$

(3,954

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

3,497

 

 

2,667

 

 

10,050

 

 

7,436

 

Stock-based compensation

 

11,075

 

 

8,869

 

 

30,197

 

 

20,991

 

Interest expense

 

3,486

 

 

3,595

 

 

10,288

 

 

6,783

 

Interest income and other

 

(1,460

)

 

(1,352

)

 

(4,695

)

 

(1,956

)

Legal settlement

 

 

 

 

 

420

 

 

 

Legal and indemnification fees related to settlement

 

 

 

258

 

 

356

 

 

499

 

Provision for income taxes

 

50

 

 

41

 

 

30

 

 

150

 

Adjusted EBITDA

 

$

15,044

 

 

$

12,773

 

 

$

41,258

 

 

$

29,949

 

Adjusted EBITDA as % of revenue

 

18.0

%

 

19.6

%

 

17.5

%

 

16.2

%

 

 

 

 

 

 

 

 

 

FIVE9, INC.

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

 

 

 

 

 

 

 

 

 

Income from operations

 

$

472

 

 

$

979

 

 

$

235

 

 

$

1,023

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

11,075

 

 

8,869

 

 

30,197

 

 

20,991

 

Intangibles amortization

 

88

 

 

117

 

 

264

 

 

349

 

Legal settlement

 

 

 

 

 

420

 

 

 

Legal and indemnification fees related to settlement

 

 

 

258

 

 

356

 

 

499

 

Non-GAAP operating income

 

$

11,635

 

 

$

10,223

 

 

$

31,472

 

 

$

22,862

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(1,604

)

 

$

(1,305

)

 

$

(5,388

)

 

$

(3,954

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

11,075

 

 

8,869

 

 

30,197

 

 

20,991

 

Intangibles amortization

 

88

 

 

117

 

 

264

 

 

349

 

Amortization of debt discount and issuance costs

 

 

 

89

 

 

 

 

129

 

Amortization of discount and issuance costs on convertible senior notes

 

3,250

 

 

3,049

 

 

9,484

 

 

4,782

 

Legal settlement

 

 

 

 

 

420

 

 

 

Legal and indemnification fees related to settlement

 

 

 

258

 

 

356

 

 

499

 

Gain on sale of convertible note held for investment

 

 

 

 

 

(217

)

 

(352

)

Non-GAAP net income

 

$

12,809

 

 

$

11,077

 

 

$

35,116

 

 

$

22,444

 

GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.03

)

 

$

(0.02

)

 

$

(0.09

)

 

$

(0.07

)

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

0.19

 

 

$

0.58

 

 

$

0.39

 

Diluted

 

$

0.20

 

 

$

0.18

 

 

$

0.56

 

 

$

0.37

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

60,781

 

 

58,454

 

 

60,074

 

 

57,790

 

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

 

 

 

 

 

 

 

 

Basic

 

60,781

 

 

58,454

 

 

60,074

 

 

57,790

 

Diluted

 

63,438

 

 

61,997

 

 

63,042

 

 

61,191

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.

SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

September 30, 2019

 

September 30, 2018

 

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

1,702

 

 

$

2,514

 

 

$

88

 

 

$

860

 

 

$

1,933

 

 

$

88

 

Research and development

 

2,022

 

 

450

 

 

 

 

2,352

 

 

278

 

 

 

Sales and marketing

 

3,017

 

 

2

 

 

 

 

1,613

 

 

1

 

 

29

 

General and administrative

 

4,334

 

 

443

 

 

 

 

4,044

 

 

338

 

 

 

Total

 

$

11,075

 

 

$

3,409

 

 

$

88

 

 

$

8,869

 

 

$

2,550

 

 

$

117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30, 2019

 

September 30, 2018

 

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

4,589

 

 

$

7,208

 

 

$

264

 

 

$

2,391

 

 

$

5,415

 

 

$

264

 

Research and development

 

5,399

 

 

1,340

 

 

 

 

4,293

 

 

705

 

 

 

Sales and marketing

 

8,015

 

 

4

 

 

 

 

4,560

 

 

4

 

 

85

 

General and administrative

 

12,194

 

 

1,234

 

 

 

 

9,747

 

 

963

 

 

 

Total

 

$

30,197

 

 

$

9,786

 

 

$

264

 

 

$

20,991

 

 

$

7,087

 

 

$

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, 2019

 

December 31, 2019

 

 

Low

 

High

 

Low

 

High

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(1,379

)

 

$

(379

)

 

$

(6,765

)

 

$

(5,765

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

11,688

 

 

11,688

 

 

41,884

 

 

41,884

 

Intangibles amortization

 

87

 

 

87

 

 

351

 

 

351

 

Amortization of discount and issuance costs on convertible senior notes

 

3,304

 

 

3,304

 

 

12,788

 

 

12,788

 

Legal settlement

 

 

 

 

 

420

 

 

420

 

Legal and indemnification fees related to settlement

 

 

 

 

 

356

 

 

356

 

Gain on sale of convertible note held for investment

 

 

 

 

 

(217

)

 

(217

)

Income tax expense effects (1)

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

13,700

 

 

$

14,700

 

 

$

48,817

 

 

$

49,817

 

GAAP net loss per share, basic and diluted

 

$

(0.02

)

 

$

(0.01

)

 

$

(0.11

)

 

$

(0.10

)

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

 

$

0.24

 

 

$

0.81

 

 

$

0.82

 

Diluted

 

$

0.21

 

 

$

0.23

 

 

$

0.77

 

 

$

0.78

 

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

 

 

 

 

 

 

 

 

Basic

 

62,000

 

 

62,000

 

 

60,600

 

 

60,600

 

Diluted

 

64,800

 

 

64,800

 

 

63,500

 

 

63,500

 

 

 

 

 

 

 

 

 

 

(1)

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

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191105005997/en/

CONTACT: Investor Relations Contacts:

Five9, Inc.

Barry Zwarenstein

Chief Financial Officer

925-201-2000 ext. 5959

IR@five9.comThe Blueshirt Group for Five9, Inc.

Lisa Laukkanen

415-217-4967

Lisa@blueshirtgroup.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: NETWORKS INTERNET DATA MANAGEMENT TECHNOLOGY SOFTWARE

SOURCE: Five9, Inc.

Copyright Business Wire 2019.

PUB: 11/05/2019 04:05 PM/DISC: 11/05/2019 04:05 PM

http://www.businesswire.com/news/home/20191105005997/en