Five9 (FIVN) Q2 2022 Earnings Results

Jul 29th, 2022 7:52 EST
  • Five9 (NASDAQ: FIVN) announced its Q2 2022 earnings results after the market closed yesterday. These are the details.

Five9 (NASDAQ: FIVN) announced its Q2 2022 earnings results after the market closed yesterday. These are the highlights.

Q2 2022 Financial Results

— Revenue for the second quarter of 2022 increased 32% to a record $189.4 million, compared to $143.8 million for the second quarter of 2021.

— GAAP gross margin was 53.4% for the second quarter of 2022, compared to 55.2% for the second quarter of 2021.

— The adjusted gross margin was 60.7% for the second quarter of 2022, compared to 63.3% for the second quarter of 2021.

— GAAP net loss for the second quarter of 2022 was $(23.7) million, or $(0.34) per basic share, compared to GAAP net loss of $(16.5) million, or $(0.25) per basic share, for the second quarter 2021.

— Non-GAAP net income for the second quarter of 2022 was $24.3 million, or $0.34 per diluted share, compared to non-GAAP net income of $16 million, or $0.23 per diluted share, for the second quarter of 2021.

— Adjusted EBITDA for the second quarter of 2022 was $33.1 million, or 17.5% of revenue, compared to $24.0 million, or 16.7% of revenue, for the second quarter of 2021.

— GAAP operating cash flow for the second quarter of 2022 was $(3.1) million, compared to GAAP operating cash flow of $11.4 million for the second quarter of 2021.

Business Outlook

Five9 provides guidance based on current market conditions and expectations. And Five9 emphasizes that the guidance is subject to various important cautionary factors, including risks and uncertainties associated with the global macroeconomic environment, including the impact of the Russia-Ukraine conflict and the COVID-19 pandemic.

For the full year 2022, Five9 expects to report:

— Revenue in the range of $780.5 to $782.5 million.

— Non-GAAP net income per share in the range of $1.38 to $1.40, assuming diluted shares outstanding of approximately 72.8 million.

For the third quarter of 2022, Five9 expects to report:

— Revenue in the range of $192.5 to $193.5 million.

— Non-GAAP net income per share in the range of $0.31 to $0.33, assuming diluted shares outstanding of approximately 73.0 million.

KEY QUOTE:

“We are excited to report strong second-quarter results with revenue growing 32% year-over-year to a record $189.4 million. This growth continues to be driven primarily by the strength of our Enterprise business where LTM subscription revenue grew 41% year-over-year. This quarter, we achieved an adjusted EBITDA margin of 17%, while continuing to make progress on platform innovation, our march up market and our international expansion. Despite the macro environment uncertainties, we continued to experience strong growth with second quarter record bookings for both new logos and our installed base. Given the mission criticality of contact centers and a massive yet barely penetrated TAM, as well as our leading platform, go-to-market machine and proven execution, we remain confident in delivering durable and profitable growth.”

— Rowan Trollope, CEO, Five9

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