Business
Five9 Reports First Quarter Revenue Growth of 20% to a Record $218.4 Million
31% Growth in LTM Enterprise Subscription Revenue 48% Growth in LTM International Revenue Record GAAP Operating Cash Flow of $33.4 Million SAN RAMON,
About this update from Five9, Inc.
[{"type":"text","content":"\n31% Growth in LTM Enterprise Subscription Revenue\n\n\n48% Growth in LTM International Revenue\n\n\nRecord GAAP Operating Cash Flow of $33.4 Million\n\n\n SAN RAMON, Calif.--(BUSINESS WIRE)--\nFive9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Financial Results\n\n\n\nRevenue for the first quarter of 2023 increased 20% to a record $218.4 million, compared to $182.8 million for the first quarter of 2022.\n\n\n\nGAAP gross margin was 52.0% for the first quarter of 2023, compared to 51.4% for the first quarter of 2022.\n\n\n\nAdjusted gross margin was 60.4% for the first quarter of 2023, compared to 60.5% for the first quarter of 2022.\n\n\n\nGAAP net loss for the first quarter of 2023 was $(27.2) million, or $(0.38) per basic share, and (12.5)% of revenue, compared to GAAP net loss of $(34.1) million, or $(0.49) per basic share, and (18.7)% of revenue, for the first quarter 2022.\n\n\n\nNon-GAAP net income for the first quarter of 2023 was $29.4 million, or $0.41 per diluted share, and 13.5% of revenue, compared to non-GAAP net income of $15.6 million, or $0.22 per diluted share, and 8.6% of revenue, for the first quarter of 2022.\n\n\n\nAdjusted EBITDA for the first quarter of 2023 was $35.1 million, or 16.1% of revenue, compared to $24.5 million, or 13.4% of revenue, for the first quarter of 2022.\n\n\n\nGAAP operating cash flow for the first quarter of 2023 was $33.4 million, compared to GAAP operating cash flow of $28.7 million for the first quarter of 2022.\n\n\n\n“We are pleased to report strong first quarter results with revenue growing 20% year-over-year to a record $218.4 million, exceeding our expectations. This growth was driven by the continued strength of our Enterprise business where LTM subscription revenue grew 31% year-over-year. Our investments in international expansion are also paying off as LTM international revenue grew 48% year-over-year. In the first quarter, we achieved another record for GAAP operating cash flow, driven by adjusted EBITDA margin reaching 16%. These financial results demonstrate that we continue to be a leader in delivering on a massive, under-penetrated market opportunity. We continue to be a leader in the industry in AI and Automation, which is becoming front and cent...