Business
Five9 Reports First Quarter Revenue Growth of 28% to a Record $95.1 Million
33% Growth in LTM Enterprise Subscription Revenue Seventeenth Consecutive Quarter of Positive Operating Cash Flow at $10.4 Million SAN RAMON,
About this update from Five9, Inc.
[{"type":"text","content":"\n33% Growth in LTM Enterprise Subscription Revenue\n\n\nSeventeenth Consecutive Quarter of Positive Operating Cash Flow at $10.4 Million\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, 2020.\n\n\nFirst Quarter 2020 Financial Results\n\n\n\nRevenue 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.\n\n\nGAAP gross margin was 57.9% for the first quarter of 2020, compared to 58.6% for the first quarter of 2019.\n\n\nAdjusted gross margin was 64.1% for the first quarter of 2020, compared to 63.4% for the first quarter of 2019.\n\n\nGAAP 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.\n\n\nNon-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.\n\n\nAdjusted 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.\n\n\nGAAP 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.\n\n\n\n“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. 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 co...