Five9 Reports First Quarter Revenue Growth of 28% to a Record $95.1M 

SAN RAMON, Calif., May 5, 2020 -- Five9, Inc. reported results for the first quarter ended March 31, 2020.

First Quarter 2020 Financial Results

• Revenue for the first quarter of 2020 increased 28% to a record $95.1 million, compared to $74.5 million for the first quarter of 2019.
• GAAP gross margin was 57.9% for the first quarter of 2020, compared to 58.6% for the first quarter of 2019.
• Adjusted gross margin was 64.1% for the first quarter of 2020, compared to 63.4% for the first quarter of 2019.
• GAAP net loss for the first quarter of 2020 was $(7.4) million, or $(0.12) per basic share, compared to GAAP net loss of $(1.9) million, or $(0.03) per basic share, for the first quarter of 2019.
• Non-GAAP net income for the first quarter of 2020 was $11.1 million, or $0.17 per diluted share, compared to non-GAAP net income of $10.0 million, or $0.16 per diluted share, for the first quarter of 2019.
• Adjusted EBITDA for the first quarter of 2020 was $14.1 million, or 14.9% of revenue, compared to $11.8 million, or 15.9% of revenue, for the first quarter of 2019.
• GAAP operating cash flow for the first quarter of 2020 was $10.4 million, compared to GAAP operating cash flow of $11.2 million for the first quarter of 2019.

“We delivered strong first quarter results, with revenue of $95.1 million, up 28% year-over-year, driven by our continued success in our Enterprise business," said Rowan Trollope, CEO, Five9. "I am extremely proud of the ways in which we’ve delivered exceptional service to our customers during the COVID-19 pandemic. In recent weeks we’ve helped our customers transition tens of thousands of agents to work from home, and mobilized a rapid response team and toolset to give customers flexibility to scale up and scale down on the platform. Throughout this challenging time and when it mattered most, we delivered the highest uptime in the history of the Company. We believe the steady migration of premise to cloud only stands to accelerate given the crucial need for people to work from home, and, the increasing importance around customer service and retention. As we move through 2020, we will strive to continue to deliver the extraordinary service Five9 is known for and maintain our focus on disciplined and balanced growth.”

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 2020, Five9 expects to report:
  • Revenue in the range of $380.5 to $383.5 million, same as the prior guidance range that was previously provided on February 19, 2020.
  • GAAP net loss in the range of $(45.4) to $(42.4) million, or $(0.72) to $(0.67) per basic share, lower than the prior guidance range of $(30.9) to $(27.9) million, or $(0.48) to $(0.43) per basic share, that was previously provided on February 19, 2020.
  • Non-GAAP net income in the range of $48.3 to $51.3 million, or $0.72 to $0.76 per diluted share, lower than the prior guidance range of $55.5 to $58.5 million, or $0.83 to $0.87 per diluted share, that was previously provided on February 19, 2020.
• For the second quarter of 2020, Five9 expects to report:
  • Revenue in the range of $90.5 to $91.5 million.
  • GAAP net loss in the range of $(16.7) to $(15.7) million, or $(0.27) to $(0.25) per basic share.
  • Non-GAAP net income in the range of $9.8 to $10.8 million, or $0.15 to $0.16 per diluted share.

For full details, visit https://www.five9.com/news/news-releases/five9-reports-first-quarter-revenue-growth-of-28-percent