Business
Five9 Reports Second Quarter Revenue Growth of 18% to a Record $222.9 Million
28% Growth in LTM Enterprise Subscription Revenue Q2 Record GAAP Operating Cash Flow of $21.9 Million SAN RAMON, Calif.--(BUSINESS WIRE)-- Five9, Inc.
About this update from Five9, Inc.
[{"type":"text","content":"\n28% Growth in LTM Enterprise Subscription Revenue\n\n\nQ2 Record GAAP Operating Cash Flow of $21.9 Million\n\n\n SAN RAMON, Calif.--(BUSINESS WIRE)--\nFive9, Inc. (NASDAQ:FIVN), the intelligent CX Platform provider, today reported results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Financial Results\n\n\n\nRevenue for the second quarter of 2023 increased 18% to a record $222.9 million, compared to $189.4 million for the second quarter of 2022.\n\n\n\nGAAP gross margin was 53.2% for the second quarter of 2023, compared to 53.4% for the second quarter of 2022.\n\n\n\nAdjusted gross margin was 61.8% for the second quarter of 2023, compared to 60.7% for the second quarter of 2022.\n\n\n\nGAAP net loss for the second quarter of 2023 was $(21.7) million, or $(0.30) per basic share, and (9.8)% of revenue, compared to GAAP net loss of $(23.7) million, or $(0.34) per basic share, and (12.5)% of revenue, for the second quarter of 2022.\n\n\n\nNon-GAAP net income for the second quarter of 2023 was $37.4 million, or $0.52 per diluted share, and 16.8% of revenue, compared to non-GAAP net income of $24.3 million, or $0.34 per diluted share, and 12.8% of revenue, for the second quarter of 2022.\n\n\n\nAdjusted EBITDA for the second quarter of 2023 was $41.5 million, or 18.6% of revenue, compared to $33.1 million, or 17.5% of revenue, for the second quarter of 2022.\n\n\n\nGAAP operating cash flow for the second quarter of 2023 was $21.9 million, compared to GAAP operating cash flow of $(3.1) million for the second quarter of 2022.\n\n\n\n“We are pleased to report strong second quarter results with revenue growing 18% year-over-year to a record $222.9 million. This growth continues to be driven by our Enterprise business where LTM subscription revenue grew 28% year-over-year. In the second quarter, we achieved another record for GAAP operating cash flow, as adjusted EBITDA margin reached 19%. We experienced a particularly strong quarter for new logo bookings, demonstrating our strong go-to-market execution. We have been a leader in AI and Automation and will continue to push this industry forward, as AI serves as a tailwind for our business and leads to TAM expansion. We remain strategically focused on enabling enterprises to reimagine their customer experience by providing our Intelligent CX Platform combined with ou...