Five9 Reports Fourth Quarter Revenue Growth of 39% to a Record $127.9 Million

Nachrichtenquelle: Business Wire (engl.)
22.02.2021, 22:05  |  73   |   |   

Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Financial Results

  • Revenue for the fourth quarter of 2020 increased 39% to a record $127.9 million, compared to $92.3 million for the fourth quarter of 2019.
  • GAAP gross margin was 59.9% for the fourth quarter of 2020, compared to 58.9% for the fourth quarter of 2019.
  • Adjusted gross margin was 66.4% for the fourth quarter of 2020, compared to 64.4% for the fourth quarter of 2019.
  • GAAP net loss for the fourth quarter of 2020 was $(7.2) million, or $(0.11) per diluted share, compared to GAAP net income of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2019.
  • Non-GAAP net income for the fourth quarter of 2020 was $23.7 million, or $0.34 per diluted share, compared to non-GAAP net income of $17.0 million, or $0.27 per diluted share, for the fourth quarter of 2019.
  • Adjusted EBITDA for the fourth quarter of 2020 was $29.2 million, or a record 22.8% of revenue, compared to $19.6 million, or 21.2% of revenue, for the fourth quarter of 2019.
  • GAAP operating cash flow for the fourth quarter of 2020 was $19.3 million, compared to GAAP operating cash flow of $15.6 million for the fourth quarter of 2019.

2020 Financial Results

  • Total revenue for 2020 increased 33% to a record $434.9 million, compared to $328.0 million in 2019.
  • GAAP gross margin was 58.5% for 2020, compared to 59.0% in 2019.
  • Adjusted gross margin was 65.5% for 2020, compared to 64.2% in 2019.
  • GAAP net loss for 2020 was $(42.1) million, or $(0.66) per basic share, compared to a GAAP net loss of $(4.6) million, or $(0.08) per basic share, in 2019.
  • Non-GAAP net income for 2020 was $67.4 million, or $0.99 per diluted share, compared to a non-GAAP net income of $52.1 million, or $0.82 per diluted share, in 2019.
  • Adjusted EBITDA for 2020 was $85.7 million, or a record 19.7% of revenue, compared to $60.8 million, or 18.5% of revenue, in 2019.
  • GAAP operating cash flow for 2020 was $67.3 million, compared to GAAP operating cash flow of $51.2 million in 2019.

"Our outstanding fourth quarter results capped a tremendous year for Five9. We delivered fourth quarter revenue of $127.9 million, accelerating 39% year-over-year and 14% sequentially, both all-time highs, and Adjusted EBITDA margin was a record 22.8%. Our performance underscores our leadership in the market and momentum on our mission to help customers modernize and transform their contact center and reimagine their customer experience. Our results were driven by continued exceptional execution, new product innovation, including AI-powered automation technologies, and portfolio expansion along with international traction and positive market tailwinds. I’m incredibly proud of what we achieved, particularly during these challenging times. We enter 2021 well positioned to capture the massive market opportunity and expand our leadership position."

- Rowan Trollope, CEO, Five9

Business Outlook

Five9 provides guidance based on current market conditions and expectations. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the section entitled "Forward-Looking Statements" below, including risks and uncertainties associated with the COVID-19 pandemic.

  • For the full year 2021, Five9 expects to report:
    • Revenue in the range of $518.5 to $521.5 million.
    • GAAP net loss in the range of $(63.9) to $(60.9) million, or $(0.92) to $(0.88) per basic share.
    • Non-GAAP net income in the range of $59.1 to $62.1 million, or $0.75 to $0.79 per diluted share.
  • For the first quarter of 2021, Five9 expects to report:
    • Revenue in the range of $122.0 to $123.0 million.
    • GAAP net loss in the range of $(19.2) to $(18.2) million, or a loss of $(0.28) to $(0.27) per basic share.
    • Non-GAAP net income in the range of $9.5 to $10.5 million, or $0.12 to $0.14 per diluted share.

Conference Call Details

Five9 will discuss its fourth quarter and full year 2020 results today, February 22, 2021, via Zoom webinar at 4:30 p.m. Eastern Time. To access the webinar, please register by clicking here. A copy of this press release will be furnished to the Securities and Exchange Commission on a Current Report on Form 8-K, and will be posted to our website, prior to the conference call.

A live webcast and a replay will be available on the Investor Relations section of the Company’s 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 and adjusted gross margin by adding back the following items to gross profit: depreciation, intangibles amortization, stock-based compensation and COVID-19 relief bonus for employees. We calculate adjusted EBITDA by adding back or removing the following items to or from GAAP net income (loss): depreciation and amortization, stock-based compensation, interest expense, interest (income) and other, loss on early extinguishment of debt, acquisition-related transaction costs and one-time integration costs, non-recurring litigation settlement costs and related indemnification fees, COVID-19 relief bonus for employees and provision for (benefit from) income taxes. We calculate non-GAAP operating income as GAAP operating income (loss) excluding stock-based compensation, intangibles amortization, acquisition-related transaction costs and one-time integration costs, non-recurring litigation settlement costs and related indemnification fees, and COVID-19 relief bonus for employees. We calculate non-GAAP net income as GAAP net income (loss) excluding stock-based compensation, intangibles amortization, amortization of discount and issuance costs on convertible senior notes, acquisition-related transaction costs and one-time integration costs, non-recurring litigation settlement costs and related indemnification fees, gain on sale of convertible note held for investment, COVID-19 relief bonus for employees, loss on early extinguishment of debt, and tax benefit of valuation allowance associated with an acquisition. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. 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 market position, opportunity and expectation of expanding its leadership position, the size of the market opportunity, Five9’s growth expectations, and the first quarter and full year 2021 financial projections set forth under the caption “Business Outlook,” that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (i) our quarterly and annual results may fluctuate significantly, including as a result of the timing and success of new product and feature introductions by us, may not fully reflect the underlying performance of our business and may result in decreases in the price of our common stock; (ii) if we are unable to attract new clients or sell additional services and functionality to our existing clients, our revenue and revenue growth will be harmed; (iii) our recent rapid growth may not be indicative of our future growth, and even if we continue to grow rapidly, we may fail to manage our growth effectively; (iv) failure to adequately retain and expand our sales force will impede our growth; (v) if we fail to manage our technical operations infrastructure, our existing clients may experience service outages, our new clients may experience delays in the deployment of our solution and we could be subject to, among other things, claims for credits or damages; (vi) our growth depends in part on the success of our strategic relationships with third parties and our failure to successfully maintain, grow and manage these relationships could harm our business; (vii) we have established, and are continuing to increase, our network of master agents and resellers to sell our solution; our failure to effectively develop, manage, and maintain this network could materially harm our revenues; (viii) adverse economic conditions may harm our business; (ix) the effects of the COVID-19 pandemic have materially affected how we, our clients and business partners are operating, and the duration and extent to which this will impact our future results of operations and overall financial performance remains uncertain; (x) security breaches and improper access to or disclosure of our data or our clients’ data, or other cyber attacks on our systems, could result in litigation and regulatory risk, harm our reputation and our business; (xi) we may acquire other companies or technologies, or be the target of strategic transactions, or be impacted by transactions by other companies, which could divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our operations and harm our operating results; (xii) the markets in which we participate involve numerous competitors and are highly competitive, and if we do not compete effectively, our operating results could be harmed; (xiii) if our existing clients terminate their subscriptions or reduce their subscriptions and related usage, our revenues and gross margins will be harmed and we will be required to spend more money to grow our client base; (xiv) we sell our solution to larger organizations that require longer sales and implementation cycles and often demand more configuration and integration services or customized features and functions that we may not offer, any of which could delay or prevent these sales and harm our growth rates, business and operating results; (xv) because a significant percentage of our revenue is derived from existing clients, downturns or upturns in new sales will not be immediately reflected in our operating results and may be difficult to discern; (xvi) we rely on third-party telecommunications and internet service providers to provide our clients and their customers with telecommunication services and connectivity to our cloud contact center software and any failure by these service providers to provide reliable services could cause us to lose clients and subject us to claims for credits or damages, among other things; (xvii) we have a history of losses and we may be unable to achieve or sustain profitability; (xviii) the contact center software solutions market is subject to rapid technological change, and we must develop and sell incremental and new products in order to maintain and grow our business; (xix) we may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs; (xx) failure to comply with laws and regulations could harm our business and our reputation; (xxi) we may not have sufficient cash to service our convertible senior notes and repay such notes, if required, and other risks attendant to our convertible senior notes and increased debt levels; and (xxii) the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Such forward-looking statements speak only as of the date hereof and readers should not unduly rely on such statements. We undertake no obligation to update the information contained in this press release, including in any forward-looking statements.

About Five9

Five9 is an industry-leading provider of cloud contact center solutions, bringing the power of cloud innovation to more than 2,000 customers worldwide and facilitating billions of customer engagements annually. The Five9 Intelligent Cloud Contact Center provides digital engagement, analytics, workflow automation, workforce optimization, and practical AI to help customers reimagine their customer experience. Designed to be reliable, secure, compliant, and scalable, the Five9 platform helps increase agent and supervisor productivity, connects the contact center to the business, and ultimately deliver tangible business results including increased revenue and enhanced customer trust and loyalty. For more information, visit www.five9.com.

FIVE9, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

 

 

 

December 31, 2020

 

December 31, 2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

220,372

 

 

$

77,976

 

Marketable investments

 

383,171

 

 

241,973

 

Accounts receivable, net

 

48,731

 

 

37,655

 

Prepaid expenses and other current assets

 

16,149

 

 

10,656

 

Deferred contract acquisition costs

 

20,695

 

 

13,014

 

Total current assets

 

689,118

 

 

381,274

 

Property and equipment, net

 

51,213

 

 

33,190

 

Operating lease right-of-use assets

 

9,010

 

 

8,746

 

Intangible assets, net

 

51,684

 

 

15,533

 

Goodwill

 

165,420

 

 

11,798

 

Marketable investments

 

42,127

 

 

 

Other assets

 

3,236

 

 

1,184

 

Deferred contract acquisition costs — less current portion

 

51,934

 

 

30,655

 

Total assets

 

$

1,063,742

 

 

$

482,380

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

17,145

 

 

$

10,156

 

Accrued and other current liabilities

 

44,450

 

 

18,385

 

Operating lease liabilities

 

3,912

 

 

5,064

 

Accrued federal fees

 

3,745

 

 

2,303

 

Sales tax liabilities

 

1,714

 

 

1,885

 

Finance lease liabilities

 

612

 

 

3,518

 

Deferred revenue

 

31,983

 

 

24,681

 

Total current liabilities

 

103,561

 

 

65,992

 

Convertible senior notes

 

643,316

 

 

209,604

 

Sales tax liabilities — less current portion

 

857

 

 

838

 

Operating lease liabilities — less current portion

 

5,379

 

 

4,329

 

Finance lease liabilities — less current portion

 

 

 

809

 

Other long-term liabilities

 

31,465

 

 

4,350

 

Total liabilities

 

784,578

 

 

285,922

 

Stockholders’ equity:

 

 

 

 

Common stock

 

67

 

 

61

 

Additional paid-in capital

 

474,678

 

 

351,870

 

Treasury stock

 

2,263

 

 

 

Accumulated other comprehensive income

 

335

 

 

576

 

Accumulated deficit

 

(198,179

)

 

(156,049

)

Total stockholders’ equity

 

279,164

 

 

196,458

 

Total liabilities and stockholders’ equity

 

$

1,063,742

 

 

$

482,380

 

 

 

 

 

 

FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

Revenue

 

$

127,885

 

 

$

92,263

 

 

$

434,908

 

 

$

328,006

 

Cost of revenue

 

51,233

 

 

37,940

 

 

180,284

 

 

134,511

 

Gross profit

 

76,652

 

 

54,323

 

 

254,624

 

 

193,495

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

18,676

 

 

12,168

 

 

68,747

 

 

45,190

 

Sales and marketing

 

37,053

 

 

25,627

 

 

132,413

 

 

95,592

 

General and administrative

 

18,258

 

 

13,496

 

 

65,769

 

 

49,446

 

Total operating expenses

 

73,987

 

 

51,291

 

 

266,929

 

 

190,228

 

Income (loss) from operations

 

2,665

 

 

3,032

 

 

(12,305

)

 

3,267

 

Other income (expense), net:

 

 

 

 

 

 

 

 

Interest expense

 

(9,481

)

 

(3,506

)

 

(28,348

)

 

(13,794

)

Loss on early extinguishment of debt

 

(887

)

 

 

 

(6,964

)

 

 

Interest income and other

 

501

 

 

1,384

 

 

3,034

 

 

6,079

 

Total other income (expense), net

 

(9,867

)

 

(2,122

)

 

(32,278

)

 

(7,715

)

Income (loss) before income taxes

 

(7,202

)

 

910

 

 

(44,583

)

 

(4,448

)

Provision for income taxes

 

8

 

 

74

 

 

(2,453

)

 

104

 

Net income (loss)

 

$

(7,210

)

 

$

836

 

 

$

(42,130

)

 

$

(4,552

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.11

)

 

$

0.01

 

 

$

(0.66

)

 

$

(0.08

)

Diluted

 

$

(0.11

)

 

$

0.01

 

 

$

(0.66

)

 

$

(0.08

)

Shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

66,133

 

 

61,253

 

 

64,154

 

 

60,371

 

Diluted

 

66,133

 

 

65,962

 

 

64,154

 

 

60,371

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 

 

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(42,130

)

 

$

(4,552

)

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

 

 

 

 

Depreciation and amortization

 

25,087

 

 

14,374

 

Amortization of operating lease right-of-use assets

 

5,687

 

 

4,735

 

Amortization of premium on marketable investments

 

3,090

 

 

(1,108

)

Provision for doubtful accounts

 

754

 

 

90

 

Stock-based compensation

 

64,747

 

 

42,065

 

Amortization of discount and issuance costs on convertible senior notes

 

25,738

 

 

12,788

 

Gain on sale of convertible note held for investment

 

 

 

(217

)

Loss on early extinguishment of debt

 

6,964

 

 

 

Deferred taxes

 

(178

)

 

 

Tax benefit of valuation allowance associated with an acquisition

 

(2,910

)

 

 

Other

 

(147

)

 

448

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(9,958

)

 

(12,935

)

Prepaid expenses and other current assets

 

(5,313

)

 

(2,671

)

Deferred contract acquisition costs

 

(28,959

)

 

(12,783

)

Other assets

 

(1,911

)

 

(348

)

Accounts payable

 

6,181

 

 

2,549

 

Accrued and other current liabilities

 

9,374

 

 

(544

)

Accrued federal fees and sales tax liability

 

1,302

 

 

1,010

 

Deferred revenue

 

7,971

 

 

8,695

 

Other liabilities

 

1,913

 

 

(375

)

Net cash provided by operating activities

 

67,302

 

 

51,221

 

Cash flows from investing activities:

 

 

 

 

Purchases of marketable investments

 

(620,948

)

 

(359,470

)

Proceeds from maturities of marketable investments

 

434,478

 

 

328,740

 

Purchases of property and equipment

 

(30,422

)

 

(19,228

)

Cash paid to acquire Inference and Virtual Observer

 

(165,338

)

 

 

Cash paid to acquire substantially all of the assets of Whendu

 

(100

)

 

(13,890

)

Proceeds from sale of convertible note held for investment

 

 

 

217

 

Net cash used in investing activities

 

(382,330

)

 

(63,631

)

Cash flows from financing activities:

 

 

 

 

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

 

728,812

 

 

 

Payments for capped call transactions related to the 2025 convertible senior notes

 

(90,448

)

 

 

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

 

(200,350

)

 

 

Proceeds from exercise of common stock options

 

11,656

 

 

7,705

 

Proceeds from sale of common stock under ESPP

 

11,469

 

 

7,823

 

Payments of finance leases

 

(3,715

)

 

(7,054

)

Net cash provided by financing activities

 

457,424

 

 

8,474

 

Net increase (decrease) in cash and cash equivalents

 

142,396

 

 

(3,936

)

Cash and cash equivalents:

 

 

 

 

Beginning of period

 

77,976

 

 

81,912

 

End of period

 

$

220,372

 

 

$

77,976

 

 

 

 

 

 

FIVE9, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT
(In thousands, except percentages)
(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

76,652

 

 

$

54,323

 

 

$

254,624

 

 

$

193,495

 

GAAP gross margin

 

59.9

%

 

58.9

%

 

58.5

%

 

59.0

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

3,665

 

 

2,766

 

 

13,330

 

 

9,974

 

Intangibles amortization

 

2,283

 

 

618

 

 

6,849

 

 

882

 

Stock-based compensation

 

2,331

 

 

1,745

 

 

9,422

 

 

6,334

 

COVID-19 relief bonus for employees

 

 

 

 

 

618

 

 

 

Adjusted gross profit

 

$

84,931

 

 

$

59,452

 

 

$

284,843

 

 

$

210,685

 

Adjusted gross margin

 

66.4

%

 

64.4

%

 

65.5

%

 

64.2

%

FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands, except percentages)
(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(7,210

)

 

$

836

 

 

$

(42,130

)

 

$

(4,552

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

7,337

 

 

4,324

 

 

25,087

 

 

14,374

 

Stock-based compensation

 

16,876

 

 

11,868

 

 

64,747

 

 

42,065

 

Interest expense

 

9,481

 

 

3,506

 

 

28,348

 

 

13,794

 

Interest (income) and other

 

(501

)

 

(1,384

)

 

(3,034

)

 

(6,079

)

Legal settlement

 

 

 

 

 

 

 

420

 

Legal and indemnification fees related to settlement

 

 

 

 

 

 

 

356

 

Acquisition-related transaction costs and one-time integration costs

 

2,339

 

 

338

 

 

6,335

 

 

338

 

COVID-19 relief bonuses for employees

 

 

 

 

 

1,817

 

 

 

Loss on early extinguishment of debt

 

887

 

 

 

 

6,964

 

 

 

Provision for income taxes (benefit from)

 

8

 

 

74

 

 

(2,453

)

 

104

 

Adjusted EBITDA

 

$

29,217

 

 

$

19,562

 

 

$

85,681

 

 

$

60,820

 

Adjusted EBITDA as % of revenue

 

22.8

%

 

21.2

%

 

19.7

%

 

18.5

%

 

 

 

 

 

 

 

 

 

FIVE9, INC.
RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
(In thousands)
(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

2,665

 

 

$

3,032

 

 

$

(12,305)

 

 

$

3,267

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

16,876

 

 

11,868

 

 

64,747

 

 

42,065

 

Intangibles amortization

 

2,283

 

 

618

 

 

6,849

 

 

882

 

Legal settlement

 

 

 

 

 

 

 

420

 

Legal and indemnification fees related to settlement

 

 

 

 

 

 

 

356

 

Acquisition-related transaction costs and one-time integration costs

 

2,339

 

 

338

 

 

6,335

 

 

338

 

COVID-19 relief bonus for employees

 

 

 

 

 

1,817

 

 

 

Non-GAAP operating income

 

$

24,163

 

 

$

15,856

 

 

$

67,443

 

 

$

47,328

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(In thousands, except per share data)
(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(7,210

)

 

$

836

 

 

$

(42,130

)

 

$

(4,552

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

16,876

 

 

11,868

 

 

64,747

 

 

42,065

 

Intangibles amortization

 

2,283

 

 

618

 

 

6,849

 

 

882

 

Amortization of discount and issuance costs on convertible senior notes

 

8,534

 

 

3,304

 

 

25,738

 

 

12,788

 

Legal settlement

 

 

 

 

 

 

 

420

 

Legal and indemnification fees related to settlement

 

 

 

 

 

 

 

356

 

Acquisition-related transaction costs and one-time integration costs

 

2,339

 

 

338

 

 

6,335

 

 

338

 

COVID-19 relief bonus for employees

 

 

 

 

 

1,817

 

 

 

Loss on early extinguishment of debt

 

887

 

 

 

 

6,964

 

 

 

Gain on sale of convertible note held for investment

 

 

 

 

 

 

 

(217

)

Tax benefit of valuation allowance associated with an acquisition

 

 

 

 

 

(2,910

)

 

 

Non-GAAP net income

 

$

23,709

 

 

$

16,964

 

 

$

67,410

 

 

$

52,080

 

GAAP net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.11

)

 

$

0.01

 

 

$

(0.66

)

 

$

(0.08

)

Diluted

 

$

(0.11

)

 

$

0.01

 

 

$

(0.66

)

 

$

(0.08

)

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.36

 

 

$

0.28

 

 

$

1.05

 

 

$

0.86

 

Diluted

 

$

0.34

 

 

$

0.27

 

 

$

0.99

 

 

$

0.82

 

Shares used in computing GAAP net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

66,133

 

 

61,253

 

 

64,154

 

 

60,371

 

Diluted

 

66,133

 

 

65,962

 

 

64,154

 

 

60,371

 

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

 

 

 

 

 

 

 

 

Basic

 

66,133

 

 

61,253

 

 

64,154

 

 

60,371

 

Diluted

 

70,320

 

 

63,853

 

 

68,040

 

 

63,245

 

 

 

 

 

 

 

 

 

 

FIVE9, INC.
SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION
(In thousands)
(Unaudited)

 

 

 

Three Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

2,331

 

 

$

3,665

 

 

$

2,283

 

 

$

1,745

 

 

$

2,766

 

 

$

618

 

Research and development

 

3,675

 

 

488

 

 

 

 

2,259

 

 

461

 

 

 

Sales and marketing

 

5,366

 

 

2

 

 

 

 

3,353

 

 

2

 

 

 

General and administrative

 

5,504

 

 

899

 

 

 

 

4,511

 

 

477

 

 

 

Total

 

$

16,876

 

 

$

5,054

 

 

$

2,283

 

 

$

11,868

 

 

$

3,706

 

 

$

618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

December 31, 2020

 

December 31, 2019

 

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

9,422

 

 

$

13,330

 

 

$

6,849

 

 

$

6,334

 

 

$

9,974

 

 

$

882

 

Research and development

 

14,043

 

 

1,964

 

 

 

 

7,658

 

 

1,801

 

 

 

Sales and marketing

 

20,164

 

 

5

 

 

 

 

11,368

 

 

6

 

 

 

General and administrative

 

21,118

 

 

2,939

 

 

 

 

16,705

 

 

1,711

 

 

 

Total

 

$

64,747

 

 

$

18,238

 

 

$

6,849

 

 

$

42,065

 

 

$

13,492

 

 

$

882

 

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

 

 

March 31, 2021

 

December 31, 2021

 

 

Low

 

High

 

Low

 

High

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(19,236

)

 

$

(18,236

)

 

$

(63,853

)

 

$

(60,853

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

20,960

 

 

20,960

 

 

93,677

 

 

93,677

 

Intangibles amortization

 

2,947

 

 

2,947

 

 

11,787

 

 

11,787

 

Amortization of issuance costs on convertible senior notes

 

759

 

 

759

 

 

3,131

 

 

3,131

 

One-time integration costs

 

4,070

 

 

4,070

 

 

14,358

 

 

14,358

 

Income tax expense effects (1)

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

9,500

 

 

$

10,500

 

 

$

59,100

 

 

$

62,100

 

GAAP net loss per share, basic and diluted

 

$

(0.28

)

 

$

(0.27

)

 

$

(0.92

)

 

$

(0.88

)

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.14

 

 

$

0.16

 

 

$

0.85

 

 

$

0.89

 

Diluted

 

$

0.12

 

 

$

0.14

 

 

$

0.75

 

 

$

0.79

 

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

 

 

 

 

 

 

 

 

Basic

 

67,500

 

 

67,500

 

 

69,500

 

 

69,500

 

Diluted

 

76,500

 

 

76,500

 

 

78,600

 

 

78,600

 

 

 

 

 

 

 

 

 

 

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

 



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Disclaimer

Five9 Reports Fourth Quarter Revenue Growth of 39% to a Record $127.9 Million Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the fourth quarter and full year ended December 31, 2020. Fourth Quarter 2020 Financial Results Revenue for the fourth quarter of 2020 …

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