Business
Five9 Reports Third Quarter Revenue Growth of 29% to a Record $198.3 Million
37% Growth in LTM Enterprise Subscription Revenue Record Operating and Free Cash Flow SAN RAMON, Calif.--(BUSINESS WIRE)-- Five9, Inc. (NASDAQ:FIVN), a
About this update from Five9, Inc.
[{"type":"text","content":"\n37% Growth in LTM Enterprise Subscription Revenue\n\nRecord Operating and Free Cash Flow\n\n SAN RAMON, Calif.--(BUSINESS WIRE)--\nFive9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software, today reported results for the third quarter ended September 30, 2022.\n\nThird Quarter 2022 Financial Results\n\n\nRevenue for the third quarter of 2022 increased 29% to a record $198.3 million, compared to $154.3 million for the third quarter of 2021.\n\n\nGAAP gross margin was 52.6% for the third quarter of 2022, compared to 56.5% for the third quarter of 2021.\n\n\nAdjusted gross margin was 61.4% for the third quarter of 2022, compared to 64.1% for the third quarter of 2021.\n\n\nGAAP net loss for the third quarter of 2022 was $(23.2) million, or $(0.33) per basic share, compared to GAAP net loss of $(20.5) million, or $(0.30) per basic share, for the third quarter 2021.\n\n\nNon-GAAP net income for the third quarter of 2022 was $27.8 million, or $0.39 per diluted share, compared to non-GAAP net income of $20.0 million, or $0.28 per diluted share, for the third quarter of 2021.\n\n\nAdjusted EBITDA for the third quarter of 2022 was $36.7 million, or 18.5% of revenue, compared to $27.4 million, or 17.8% of revenue, for the third quarter of 2021.\n\n\nGAAP operating cash flow for the third quarter of 2022 was $30.5 million, compared to GAAP operating cash flow of $(4.8) million for the third quarter of 2021.\n\n\n“We are pleased to report strong third quarter results with revenue growing 29% year-over-year to a record $198.3 million. This growth was driven by the strength of our Enterprise business where LTM subscription revenue grew 37% year-over-year. This quarter, we achieved an adjusted EBITDA margin of 18.5%, as we continued our disciplined approach of driving balanced growth. We believe there are three immutable trends gathering steam around us, namely the demand for cloud solutions, the digital transformation of contact centers and a growing yet barely penetrated TAM, that will be with us for many years to come. We are still in the early innings of the long-term shift to the cloud and we believe Five9 is very well positioned in this massive market as we continue to execute on product innovation, our march up market and international expansion.”\n\n- Mike Burkland, Chairman and Incoming CEO, Five9\n\n“I strongly...