[May 01, 2018] |
|
Five9 Reports First Quarter Revenue Growth of 25% to a Record $58.9 Million
Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud-based software
for the enterprise contact center market, today reported results for the
first quarter ended March 31, 2018.
First Quarter 2018 Financial Results
-
Revenue for the first quarter of 2018 increased 25% to a record $58.9
million, compared to $47.0 million for the first quarter of 2017.
Under ASC 605, revenue for the first quarter of 2018 would have
increased 24% to a record $58.2 million.
-
GAAP gross margin was 58.1% for the first quarter of 2018, compared to
57.5% for the first quarter of 2017. Under ASC 605, GAAP gross margin
for the first quarter of 2018 would have been 57.9%.
-
Adjusted gross margin was 62.3% for the first quarter of 2018,
compared to 61.8% for the first quarter of 2017. Under ASC 605,
adjusted gross margin for the first quarter of 2018 would have been
62.2%.
-
GAAP net loss for the first quarter of 2018 was $(0.6) million, or
$(0.01) per basic share, compared to a GAAP net loss of $(5.3)
million, or $(0.10) per basic share, for the first quarter of 2017.
Under ASC 605, GAAP net loss for the first quarter of 2018 would have
been $(2.8) million, or $(0.05) per basic share.
-
Non-GAAP net income for the first quarter of 2018 was $4.5 million, or
$0.08 per diluted share, compared to a non-GAAP net loss of $(0.3)
million, or $(0.00) per basic share, for the first quarter of 2017.
Under ASC 605, non-GAAP net income for the first quarter of 2018 would
have been $2.3 million, or $0.04 per diluted share.
-
Adjusted EBITDA for the first quarter of 2018 was $7.5 million, or
12.7% of revenue, compared to $2.6 million, or 5.6% of revenue, for
the first quarter of 2017. Under ASC 605, adjusted EBITDA for the
first quarter of 2018 would have been $5.3 million, or 9.2% of revenue.
-
GAAP operating cash flow for the first quarter of 2018 was $8.0
million, compared to GAAP operating cash flow of $0.2 million for the
first quarter of 2017.
"We had a strong start to the year with both bottom and top line results
significantly exceeding our expectations. Revenue grew by 25% year over
year to a record $58.9 million. Our revenue growth continues to be
driven by our Enterprise business, which delivered 38% growth in LTM
Enterprise subscription revenue. Our strong enterprise growth and the
operating leverage in our business model drove substantial improvements
to our bottom line. Additionally, we set a first quarter record for
Enterprise bookings and the pipeline reached an all-time high. Customer
experience has become more strategic to enterprises as customers have
become more empowered, more mobile and more digital. We believe our
powerful, differentiated cloud contact center software, combined with
our continuing execution, places Five9 in a great position in the
customer experience market that is still in the early days of a massive
shift to the cloud."
- Barry Zwarenstein, Interim CEO and Chief Financial Officer, Five9
Business Outlook
On January 1, 2018, Five9 adopted Accounting Standards Codification
(ASC) 606 "Revenue from Contracts with Customers" using the modified
retrospective transition method. The guidance below includes the
expected impact of the adoption of this new revenue standard, which
replaced ASC 605.
-
For the full year 2018, Five9 expects to report:
-
Revenue in the range of $235.8 to $238.8 million, up from the
prior guidance range of $231.0 to $234.0 million that was
previously provided on February 21, 2018.
-
GAAP net loss in the range of $(13.0) to $(10.0) million, or
$(0.22) to $(0.17) per basic share, improved from the prior
guidance range of $(13.4) to $(10.4) million, or $(0.23) to
$(0.18) per basic share, that was previously provided
on February 21, 2018.
-
Non-GAAP net income in the range of $15.4 to $18.4 million, or
$0.25 to $0.30 per diluted share, improved from the prior guidance
range of $12.6 to $15.6 million, or $0.20 to $0.25 per diluted
share, that was previously provided on February 21, 2018.
-
For the second quarter of 2018, Five9 expects to report:
-
Revenue in the range of $55.8 to $56.8 million.
-
GAAP net loss in the range of $(5.9) to $(4.9) million, or a loss
of $(0.10) to $(0.08) per basic share.
-
Non-GAAP net income in the range of $1.7 to $2.7 million, or $0.03
to $0.04 per diluted share.
Conference Call Details
Five9 will discuss its first quarter 2018 results today, May 1, 2018,
via teleconference at 4:30 p.m. Eastern Time. To access the call (ID
7507925), please dial: 888-211-0353 or 719-457-2642. An audio replay of
the call will be available through May 15, 2018 by dialing 888-203-1112
or 719-457-0820 and entering access code 7507925. 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 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 or removing 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 and interest income and other, which consists primarily
of a non-cash adjustment on investment, interest income and foreign
exchange gains and losses. We calculate non-GAAP operating income (loss)
as operating income (loss) excluding stock-based compensation expense,
intangibles amortization and non-recurring litigation settlement costs.
We calculate non-GAAP net income (loss) as GAAP net income (loss)
excluding stock-based compensation expense, intangibles amortization,
amortization of debt discount and issuance costs, non-recurring
litigation settlement costs, 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 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 Interim Chief Executive Officer and
Chief Financial Officer, including statements regarding Five9's market
position, business momentum, product positioning, the state of the cloud
customer experience market, the industry shift to the cloud and the
second quarter 2018 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) 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, any increase in the cost thereof,
reduction in efficacy or any failure by these service providers to
provide reliable services could cause us to lose customers, increase our
customers' cost of using our solution and subject us to, among other
things, 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)
|
|
|
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
80,676
|
|
|
$
|
68,947
|
|
Accounts receivable, net
|
|
18,534
|
|
|
19,048
|
|
Prepaid expenses and other current assets
|
|
7,150
|
|
|
4,840
|
|
Deferred contract acquisition costs
|
|
7,562
|
|
|
-
|
|
Total current assets
|
|
113,922
|
|
|
92,835
|
|
Property and equipment, net
|
|
20,876
|
|
|
19,888
|
|
Intangible assets, net
|
|
957
|
|
|
1,073
|
|
Goodwill
|
|
11,798
|
|
|
11,798
|
|
Other assets
|
|
1,120
|
|
|
2,602
|
|
Deferred contract acquisition costs - less current portion
|
|
17,238
|
|
|
-
|
|
Total assets
|
|
$
|
165,911
|
|
|
$
|
128,196
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
5,482
|
|
|
$
|
4,292
|
|
Accrued and other current liabilities
|
|
14,132
|
|
|
11,787
|
|
Accrued federal fees
|
|
1,331
|
|
|
1,151
|
|
Sales tax liability
|
|
1,097
|
|
|
1,326
|
|
Notes payable
|
|
180
|
|
|
336
|
|
Capital leases
|
|
6,810
|
|
|
6,651
|
|
Deferred revenue
|
|
13,700
|
|
|
13,975
|
|
Total current liabilities
|
|
42,732
|
|
|
39,518
|
|
Revolving line of credit
|
|
32,594
|
|
|
32,594
|
|
Sales tax liability - less current portion
|
|
979
|
|
|
1,044
|
|
Capital leases - less current portion
|
|
7,654
|
|
|
7,161
|
|
Other long-term liabilities
|
|
1,500
|
|
|
1,041
|
|
Total liabilities
|
|
85,459
|
|
|
81,358
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
58
|
|
|
57
|
|
Additional paid-in capital
|
|
232,277
|
|
|
222,202
|
|
Accumulated deficit
|
|
(151,883
|
)
|
|
(175,421
|
)
|
Total stockholders' equity
|
|
80,452
|
|
|
46,838
|
|
Total liabilities and stockholders' equity
|
|
$
|
165,911
|
|
|
$
|
128,196
|
|
|
|
|
|
|
|
|
|
|
FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
Revenue
|
|
$
|
58,905
|
|
|
$
|
47,014
|
|
Cost of revenue
|
|
24,702
|
|
|
19,971
|
|
Gross profit
|
|
34,203
|
|
|
27,043
|
|
Operating expenses:
|
|
|
|
|
Research and development
|
|
7,772
|
|
|
6,847
|
|
Sales and marketing
|
|
17,478
|
|
|
15,778
|
|
General and administrative
|
|
9,103
|
|
|
8,860
|
|
Total operating expenses
|
|
34,353
|
|
|
31,485
|
|
Loss from operations
|
|
(150
|
)
|
|
(4,442
|
)
|
Other income (expense), net:
|
|
|
|
|
Interest expense
|
|
(810
|
)
|
|
(882
|
)
|
Interest income and other
|
|
398
|
|
|
118
|
|
Total other income (expense), net
|
|
(412
|
)
|
|
(764
|
)
|
Loss before income taxes
|
|
(562
|
)
|
|
(5,206
|
)
|
Provision for income taxes
|
|
45
|
|
|
49
|
|
Net loss
|
|
$
|
(607
|
)
|
|
$
|
(5,255
|
)
|
Net loss per share:
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.01
|
)
|
|
$
|
(0.10
|
)
|
Shares used in computing net loss per share:
|
|
|
|
|
Basic and diluted
|
|
56,399
|
|
|
53,688
|
|
|
|
|
|
|
|
|
FIVE9, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(607
|
)
|
|
$
|
(5,255
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
2,320
|
|
|
2,095
|
|
Provision for doubtful accounts
|
|
48
|
|
|
24
|
|
Stock-based compensation
|
|
5,325
|
|
|
3,129
|
|
Gain on sale of convertible notes held for investment
|
|
(312
|
)
|
|
-
|
|
Non-cash adjustment on investment
|
|
(40
|
)
|
|
(103
|
)
|
Amortization of debt discount and issuance costs
|
|
20
|
|
|
20
|
|
Accretion of interest
|
|
16
|
|
|
5
|
|
Others
|
|
(10
|
)
|
|
(8
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
519
|
|
|
(1,595
|
)
|
Prepaid expenses and other current assets
|
|
(1,833
|
)
|
|
(2,129
|
)
|
Deferred contract acquisition costs
|
|
(1,662
|
)
|
|
-
|
|
Other assets
|
|
(90
|
)
|
|
30
|
|
Accounts payable
|
|
1,181
|
|
|
(95
|
)
|
Accrued and other current liabilities
|
|
2,791
|
|
|
3,119
|
|
Accrued federal fees and sales tax liability
|
|
(115
|
)
|
|
(11
|
)
|
Deferred revenue
|
|
121
|
|
|
909
|
|
Other liabilities
|
|
325
|
|
|
24
|
|
Net cash provided by operating activities
|
|
7,997
|
|
|
159
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases of property and equipment
|
|
(433
|
)
|
|
(514
|
)
|
Proceeds from sale of convertible notes held for investment
|
|
1,923
|
|
|
-
|
|
Net cash provided by (used in) investing activities
|
|
1,490
|
|
|
(514
|
)
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from exercise of common stock options
|
|
4,751
|
|
|
793
|
|
Payments of notes payable
|
|
(157
|
)
|
|
(258
|
)
|
Payments of capital leases
|
|
(2,352
|
)
|
|
(1,850
|
)
|
Net cash provided by (used in) financing activities
|
|
2,242
|
|
|
(1,315
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
11,729
|
|
|
(1,670
|
)
|
Cash and cash equivalents:
|
|
|
|
|
Beginning of period
|
|
68,947
|
|
|
58,122
|
|
End of period
|
|
$
|
80,676
|
|
|
$
|
56,452
|
|
|
|
|
|
|
|
|
|
|
FIVE9, INC.
RECONCILIATION OF ASC 605 TO ASC 606 STATEMENTS OF OPERATIONS
ITEMS - GAAP
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
|
ASC 605
|
|
Adjustments
|
|
ASC 606
|
Revenue
|
|
$
|
58,152
|
|
|
$
|
753
|
|
|
$
|
58,905
|
|
Cost of revenue
|
|
24,457
|
|
|
245
|
|
|
24,702
|
|
GAAP gross profit
|
|
33,695
|
|
|
508
|
|
|
34,203
|
|
GAAP gross margin
|
|
57.9
|
%
|
|
|
|
58.1
|
%
|
Operating expenses:
|
|
|
|
|
|
|
Research and development
|
|
7,772
|
|
|
-
|
|
|
$
|
7,772
|
|
Sales and marketing
|
|
19,140
|
|
|
(1,662
|
)
|
|
$
|
17,478
|
|
General and administrative
|
|
9,103
|
|
|
-
|
|
|
$
|
9,103
|
|
Total operating expenses
|
|
36,015
|
|
|
(1,662
|
)
|
|
34,353
|
|
GAAP loss from operations
|
|
(2,320
|
)
|
|
2,170
|
|
|
(150
|
)
|
GAAP operating margin
|
|
(4.0
|
)%
|
|
|
|
(0.3
|
)%
|
Other income (expense), net
|
|
(412
|
)
|
|
-
|
|
|
$
|
(412
|
)
|
Loss before income taxes
|
|
(2,732
|
)
|
|
2,170
|
|
|
(562
|
)
|
Provision for income taxes
|
|
45
|
|
|
-
|
|
|
45
|
|
Net loss
|
|
$
|
(2,777
|
)
|
|
$
|
2,170
|
|
|
$
|
(607
|
)
|
Net loss per share:
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.05
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.01
|
)
|
Shares used in computing net loss per share:
|
|
|
|
|
|
|
Basic and diluted
|
|
56,399
|
|
|
-
|
|
|
56,399
|
|
|
|
|
|
|
|
|
|
|
|
FIVE9, INC.
RECONCILIATION OF ASC 605 TO ASC 606 STATEMENTS OF OPERATIONS
ITEMS - NON-GAAP
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
|
ASC 605
|
|
Adjustments
|
|
ASC 606
|
Revenue
|
|
$
|
58,152
|
|
|
$
|
753
|
|
|
$
|
58,905
|
|
Cost of revenue
|
|
21,985
|
|
|
245
|
|
|
22,230
|
|
Adjusted gross profit
|
|
36,167
|
|
|
508
|
|
|
36,675
|
|
Adjusted gross margin
|
|
62.2
|
%
|
|
|
|
62.3
|
%
|
Operating expenses:
|
|
|
|
|
|
|
Research and development
|
|
6,701
|
|
|
-
|
|
|
6,701
|
|
Sales and marketing
|
|
17,749
|
|
|
(1,662
|
)
|
|
16,087
|
|
General and administrative
|
|
6,392
|
|
|
-
|
|
|
6,392
|
|
Total operating expenses
|
|
30,842
|
|
|
(1,662
|
)
|
|
29,180
|
|
Adjusted EBITDA
|
|
5,325
|
|
|
2,170
|
|
|
7,495
|
|
Adjusted EBITDA margin
|
|
9.2
|
%
|
|
|
|
12.7
|
%
|
Depreciation
|
|
2,204
|
|
|
-
|
|
|
2,204
|
|
Non-GAAP operating income
|
|
3,121
|
|
|
2,170
|
|
|
5,291
|
|
Non-GAAP operating margin
|
|
5.4
|
%
|
|
|
|
9.0
|
%
|
Other income (expense), net
|
|
(744
|
)
|
|
-
|
|
|
(744
|
)
|
Income before income taxes
|
|
2,377
|
|
|
2,170
|
|
|
4,547
|
|
Provision for income taxes
|
|
45
|
|
|
-
|
|
|
45
|
|
Non-GAAP net income
|
|
$
|
2,332
|
|
|
$
|
2,170
|
|
|
$
|
4,502
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.08
|
|
Diluted
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.08
|
|
Shares used in computing non-GAAP net income per share:
|
|
|
|
|
|
|
Basic
|
|
56,399
|
|
|
-
|
|
|
56,399
|
|
Diluted
|
|
59,744
|
|
|
-
|
|
|
59,744
|
|
|
|
|
|
|
|
|
|
|
|
FIVE9, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT
(In thousands, except percentages)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
34,203
|
|
|
$
|
27,043
|
|
GAAP gross margin
|
|
58.1
|
%
|
|
57.5
|
%
|
Non-GAAP adjustments:
|
|
|
|
|
Depreciation
|
|
1,706
|
|
|
1,488
|
|
Intangibles amortization
|
|
88
|
|
|
88
|
|
Stock-based compensation
|
|
678
|
|
|
434
|
|
Adjusted gross profit
|
|
$
|
36,675
|
|
|
$
|
29,053
|
|
Adjusted gross margin
|
|
62.3
|
%
|
|
61.8
|
%
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(607
|
)
|
|
$
|
(5,255
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
Depreciation and amortization
|
|
2,320
|
|
|
2,095
|
|
Stock-based compensation
|
|
5,325
|
|
|
3,129
|
|
Interest expense
|
|
810
|
|
|
882
|
|
Interest income and other
|
|
(398
|
)
|
|
(118
|
)
|
Legal settlement
|
|
-
|
|
|
1,700
|
|
Legal and indemnification fees related to settlement
|
|
-
|
|
|
135
|
|
Provision for income taxes
|
|
45
|
|
|
49
|
|
Adjusted EBITDA
|
|
$
|
7,495
|
|
|
$
|
2,617
|
|
|
|
|
|
|
|
|
|
|
FIVE9, INC.
RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP OPERATING
INCOME
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
Loss from operations
|
|
$
|
(150
|
)
|
|
$
|
(4,442
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
Stock-based compensation
|
|
5,325
|
|
|
3,129
|
|
Intangibles amortization
|
|
116
|
|
|
117
|
|
Legal settlement
|
|
-
|
|
|
1,700
|
|
Legal and indemnification fees related to settlement
|
|
-
|
|
|
135
|
|
Non-GAAP operating income
|
|
$
|
5,291
|
|
|
$
|
639
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(607
|
)
|
|
$
|
(5,255
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
Stock-based compensation
|
|
5,325
|
|
|
3,129
|
|
Intangibles amortization
|
|
116
|
|
|
117
|
|
Amortization of debt discount and issuance costs
|
|
20
|
|
|
20
|
|
Legal settlement
|
|
-
|
|
|
1,700
|
|
Legal and indemnification fees related to settlement
|
|
-
|
|
|
135
|
|
Non-cash adjustment on investment
|
|
(352
|
)
|
|
(103
|
)
|
Non-GAAP net income (loss)
|
|
$
|
4,502
|
|
|
$
|
(257
|
)
|
GAAP net loss per share:
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.01
|
)
|
|
$
|
(0.10
|
)
|
Non-GAAP net income (loss) per share:
|
|
|
|
|
Basic
|
|
$
|
0.08
|
|
|
$
|
-
|
|
Diluted
|
|
$
|
0.08
|
|
|
$
|
-
|
|
Shares used in computing GAAP net loss per share:
|
|
|
|
|
Basic and diluted
|
|
56,399
|
|
|
53,688
|
|
Shares used in computing non-GAAP net income (loss) per share:
|
|
|
|
|
Basic
|
|
56,399
|
|
|
53,688
|
|
Diluted
|
|
59,744
|
|
|
53,688
|
|
|
|
|
|
|
|
|
FIVE9, INC.
SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND
INTANGIBLES AMORTIZATION
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
Stock-Based Compensation
|
|
Depreciation
|
|
Intangibles Amortization
|
|
Stock-Based Compensation
|
|
Depreciation
|
|
Intangibles Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
678
|
|
|
$
|
1,706
|
|
|
$
|
88
|
|
|
$
|
434
|
|
|
$
|
1,488
|
|
|
$
|
88
|
Research and development
|
|
877
|
|
|
194
|
|
|
-
|
|
|
637
|
|
|
206
|
|
|
-
|
Sales and marketing
|
|
1,362
|
|
|
1
|
|
|
28
|
|
|
928
|
|
|
1
|
|
|
29
|
General and administrative
|
|
2,408
|
|
|
303
|
|
|
-
|
|
|
1,130
|
|
|
283
|
|
|
-
|
Total
|
|
$
|
5,325
|
|
|
$
|
2,204
|
|
|
$
|
116
|
|
|
$
|
3,129
|
|
|
$
|
1,978
|
|
|
$
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
June 30, 2018
|
|
December 31, 2018
|
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(5,864
|
)
|
|
$
|
(4,864
|
)
|
|
$
|
(13,042
|
)
|
|
$
|
(10,042
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
7,428
|
|
|
7,428
|
|
|
28,248
|
|
|
28,248
|
|
Intangibles amortization
|
|
116
|
|
|
116
|
|
|
465
|
|
|
465
|
|
Amortization of debt discount and issuance costs
|
|
20
|
|
|
20
|
|
|
(271
|
)
|
|
(271
|
)
|
Income tax expense effects (1)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Non-GAAP net income
|
|
$
|
1,700
|
|
|
$
|
2,700
|
|
|
$
|
15,400
|
|
|
$
|
18,400
|
|
GAAP net loss per share, basic and diluted
|
|
$
|
(0.10
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.17
|
)
|
Non-GAAP net income per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
|
$
|
0.05
|
|
|
$
|
0.27
|
|
|
$
|
0.32
|
|
Diluted
|
|
$
|
0.03
|
|
|
$
|
0.04
|
|
|
$
|
0.25
|
|
|
$
|
0.30
|
|
Shares used in computing GAAP net loss per share and non-GAAP net
income per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
57,500
|
|
|
57,500
|
|
|
58,000
|
|
|
58,000
|
|
Diluted
|
|
61,000
|
|
|
61,000
|
|
|
61,500
|
|
|
61,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/20180501006704/en/
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