Slide 1: Q2 2025 Investor Presentation
Q2 2025 Investor Presentation Five9 (NASDAQ: FIVN)
Slide 2: Safe Harbor
Safe Harbor This presentation is proprietary and is intended solely for the information of the persons to whom it is presented. Disclosure of this presentation, its contents, extracts or abstracts to third parties is not authorized without the express written permission of Five9, Inc. (the “Company”
Slide 3: Q2'25 Results and Key Metrics
Q2’25 Results and Key Metrics 12% Total Revenue YoY Growth 16% Subscription Revenue YoY Growth 81% Subscription Revenue as % of Total Statement Income 90% LTM Enterprise Revenue as % of Total 63% Adjusted Gross Margin 24% (All-time High) Adjusted EBITDA Margin 63% Adjusted EBITDA YoY $ Growth 12% Op
Slide 4: Q2'25 AI Metrics and Innovation
Q2’25 AI Metrics and Innovation 42% Enterprise AI Revenue YoY Growth 10% AI as % of Enterprise Subscription Revenue 20%+ AI as % of Enterprise New Logo ACV Bookings Metrics Virtually All AI Attach on $1M+ ARR New Logo Deals 3x+ Enterprise AI Bookings YoY Growth 2x+ Enterprise AI New Logo Bookings Yo
Slide 5: Q2'25 AI Customer Examples
Q2’25 AI Customer Examples Key Drivers of 1 View Five9 as their core CX 2 View Five9 as their core 3 Achieving significant and Momentum platform, including AI CX platform with the AI tangible ROI with Five9’s AI expertise, products and solutions integrations Customer #1 Customer #3 Customer #5 Healt
Slide 6: Key Customer Wins and Expansion
Key Customer Wins and Expansion Chose Five9 to modernize from a rigid legacy platform to a scalable, AI-powered CX solution to elevate New Customer #1 customer engagement and drive operational efficiency Global data and analytics company $3.3M in anticipated ARR Chose Five9 to replace legacy systems
Slide 7: Consistent Revenue Growth
Consistent Revenue Growth Quarterly Revenue ($M) Annual Revenue ($M) 12% YoY Growth 14% YoY Growth 279 280 283 1,042 264 247 252 910 239 230 218 223 208 779 198 183 189 174 154 610 138 144 128 112 435 95 100 328 258 2018 2019 2020 2021 2022 2023 2024 ©Five9, Inc. All rights reserved. | 7
Slide 8: High Customer Retention
High Customer Retention % Annual Dollar Based Retention Rate (DBRR) 121% 123% 123% 122% 120% 118% 118% 117% 115% 114% 114% 112% 111% 111% 110% 110% 109% 108% 108% 108% 107% 108% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1
Slide 9: Executing on Enterprise Opportunity
Executing on Enterprise Opportunity Enterprise as a % of Total Revenue (LTM) Enterprise Customers $1M+ ARR (Q4’24 Ann.) 90% 211 60% 3 Q2'14 (IPO) Q2'25 Q2'14 (IPO) Q4'24 Note: Historical results prior to 2018 based on ASC 605; Results 2018 onward are based on ASC 606; $1M+ ARR based on Q4’24 annuali
Slide 10: Continued Adjusted Gross Profit Expansion
Continued Adjusted Gross Profit Expansion Non-GAAP $250.0 50.0% Adjusted Gross Profit and Margin ($M) 70 .0% 45.0% 63.5% 62.4% 63.0% 60.8% 60.5% 61.8% $200.0 40.0% $176.8 $178.5 60 .0% $174.6 $163.3 35.0% $150.2 $152.4 $150.0 50 .0% 30.0% 25.0% 21% 40 .0% $100.0 17% 17% 20.0% 16% 14% 30 .0% 15.0% 11
Slide 11: Robust Margin Expansion and Operating Leverage
Robust Margin Expansion and Operating Leverage Non-GAAP Adj. Gross Margin Non-GAAP Opex (% of revenue) Adj. EBITDA Margin 11.5% point expansion 40.3% point improvement 51.8% point expansion 63.0% 79.3% 51.5% G&A 21.4% 24.0% 39.0% S&M 37.5% 6.8% 22.6% R&D 20.4% (27.8%) 9.7% Q2'14 (IPO) Q2'25 Q2'14 (I
Slide 12: YoY Improvement in Stock-Based Compensation Expense
YoY Improvement in Stock-Based Compensation Expense $50.0 50% $44.7 $43.6 $45.0 $41.9 45% $39.6 $38.4 $39.2 $40.0 40% $35.0 35% $30.0 30% $25.0 25% $20.0 18% 17% 20% 15% 14% 14% 15% $15.0 15% $10.0 10% $5.0 5% $0.0 0% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Stock-Based Compensation Expense ($M) Stock-Ba
Slide 13: Continuing to Drive Balanced Growth
Continuing to Drive Balanced Growth % YoY Revenue Growth % EBITDA Margin 61%61%61% 55% 55% 57% 53% 50% 49% 16% 17% 49% 46% 47% 23% 47% 45% 46% 44% 42% 42% 18% 21% 21% 42% 40% 38%38% 20% 23% 13% 17% 36% 34%34% 18% 21% 18% 18% 36%36%34%35% 35% 33% 16% 19% 15% 32% 31% 16% 29%29%29% 12% 13% 28% 30% 27%
Slide 14: Operating and Free Cash Flow
Operating and Free Cash Flow LTM Operating Cash Flow ($M) LTM Free Cash Flow ($M) DSO of 35 days in Q2’25 Operating Cash Flow Free Cash Flow % Operating Cash Flow Margin % Free Cash Flow Margin 15.8% 20 .0% $2 00 .0 14.0% 13.0% 9.9% 11 .0% 9.2% $2 00 .0 $1 80 .0 $174.5 10 .0% $1 60 .0 8.1% 9. 0% 7.
Slide 15: TAM Expansion Driven by AI
TAM Expansion Driven by AI $234B $24B Cloud Contact Center Software + $210B Contact Center Labor Spend $24B Cloud Contact Center Software Source: Company estimates; Gartner estimates; MZA estimates; Statista estimates ©Five9, Inc. All rights reserved. | 15 Note: TAM as of 7/31/2025 based on Company
Slide 16: Q3'25 and 2025 Guidance
Q3’25 and 2025 Guidance Q3’25 2025 Revenue $283.0M – $286.0M $1.1435B – $1.1495B GAAP Net Income Per Diluted Share $0.06 – $0.12 $0.23 – $0.30 Non-GAAP Net Income Per Diluted Share $0.72 – $0.74 $2.86 – $2.90 Diluted Shares – GAAP 87.5M 88.5M Diluted Shares – Non-GAAP 78.1M 77.7M Taxes – Non-GAAP $2
Slide 17: Medium-Term Operating Model
Medium-Term Operating Model Today Medium-Term Model Q2’25 (In 2027) Key Assumptions Revenue (YoY Growth) Revenue (YoY Growth) • Assumes stable macro conditions Total Revenue 12% 10% - 15% • Potential further upside with AI Profit & Expenses (% of Revenue) Profit & Expenses (% of Revenue) • Subscript
Slide 18: Appendix
Appendix ©Five9, Inc. All rights reserved. | 18
Slide 19: Balance Sheet Summary
Balance Sheet Summary Quarter Ended $ in Millions June 30, 2025 December 31, 2024 Cash, cash equivalents and marketable investments $635.9 $1,006.0 Working capital 692.6 606.9 Total assets 1,704.9 2,051.2 Total debt¹ 733.6 1,165.3 Total stockholders’ equity 717.4 622.2 (1) Total principal amount of
Slide 20: GAAP to Adjusted Gross Profit Reconciliation
GAAP to Adjusted Gross Profit Reconciliation Q2’14 – Q4’17 Quarter Ended Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 GAAP gross profit $ 11,216 $ 12,365 $ 13,734 $ 15,496 $ 16,004 $ 17,475 $ 20,398 $ 21,405 $ 22,122 $ 23,192 $ 28,437 $ 27,043 $ 27,454 $
Slide 21: GAAP to Adjusted Gross Profit Reconciliation
GAAP to Adjusted Gross Profit Reconciliation Q1’18 – Q4’21 Quarter Ended Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 GAAP gross profit $ 34,203 $ 36,306 $ 39,125 $ 43,996 $ 43,687 $ 46,188 $ 49,297 $ 54,323 $ 55,051 $ 57,339 $ 65,582 $ 76,652 $ 78,
Slide 22: GAAP to Adjusted Gross Profit Reconciliation
GAAP to Adjusted Gross Profit Reconciliation Q1’22 – Q2’25 Quarter Ended Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 GAAP gross profit $ 93,910 $ 101,153 $ 104,231 $ 112,051 $ 113,683 $ 118,521 $ 119,025 $ 126,569 $ 132,480 $ 133,672 $ 142,249 $ 155,997 $ 153,
Slide 23: GAAP to Adjusted Gross Profit Reconciliation
GAAP to Adjusted Gross Profit Reconciliation 2014 – 2024 Year Ended 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP gross profit $ 48,441 $ 69,373 $ 95,156 $ 117,121 $ 153,630 $ 193,495 $ 254,624 $ 338,492 $ 411,345 $ 477,798 $ 564,398 % GAAP gross margin 47.0 % 53.8 % 58.7 % 58.5 % 59.6
Slide 24: GAAP Net Inc. (Loss) to Adj. EBITDA Reconciliation
GAAP Net Inc. (Loss) to Adj. EBITDA Reconciliation Q2’14 – Q4’17 Quarter Ended Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 GAAP net income (loss) $ (8,659) $ (11,435) $ (9,372) $ (8,903) $ (7,369) $ (6,048) $ (3,518) $ (4,911) $ (3,468) $ (3,890) $ 409 $
Slide 25: GAAP Net Inc. (Loss) to Adj. EBITDA Reconciliation
GAAP Net Inc. (Loss) to Adj. EBITDA Reconciliation Q1’18 – Q4’21 Quarter Ended Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 GAAP net income (loss) $ (607) $ (2,042) $ (1,305) $ 3,733 $ (1,924) $ (1,860) $ (1,604) $ 836 $ (7,437) $ (16,052) $ (11,431
Slide 26: GAAP Net Inc. (Loss) to Adj. EBITDA Reconciliation
GAAP Net Inc. (Loss) to Adj. EBITDA Reconciliation Q1’22 – Q2’25 Quarter Ended Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 GAAP net income (loss) $ (34,120) $ (23,670) $ (23,207) $ (13,653) $ (27,248) $ (21,739) $ (20,419) $ (12,358) $ (7,077) $ (12,816) $ (4,
Slide 27: GAAP Net Loss to Adjusted EBITDA Reconciliation
GAAP Net Loss to Adjusted EBITDA Reconciliation 2014 – 2019 Year Ended 2014 2015 2016 2017 2018 2019 GAAP net income (loss) $ (37,786) $ (25,838) $ (11,860) $ (8,969) $ (221) $ (4,552) Non-GAAP adjustments: Depreciation and amortization 6,463 7,388 8,390 8,314 10,274 14,374 Stock-based compensation
Slide 28: GAAP Net Loss to Adjusted EBITDA Reconciliation
GAAP Net Loss to Adjusted EBITDA Reconciliation 2020 – 2024 Year Ended 2020 2021 2022 2023 2024 GAAP net income (loss) $ (42,130) $ (53,000) $ (94,650) $ (81,764) $ (12,795) Non-GAAP adjustments: Depreciation and amortization 25,087 38,732 44,671 48,515 52,905 Stock-based compensation 64,747 108,805
Slide 29: GAAP to Non-GAAP COR and OpEx Reconciliation
GAAP to Non-GAAP COR and OpEx Reconciliation Q2’14 – Q4’17 Quarter Ended Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 GAAP COR $ 13,469 $ 13,504 $ 14,540 $ 14,778 $ 14,270 $ 14,812 $ 15,635 $ 16,610 $ 16,764 $ 17,790 $ 15,770 $ 19,971 $ 20,273 $ 20,497 $
Slide 30: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q2’14 – Q4’17 Quarter Ended Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 GAAP S&M $ 9,674 $ 9,296 $ 9,453 $ 9,931 $ 10,594 $ 10,797 $ 10,720 $ 12,706 $ 12,637 $ 12,925 $ 14,480 $ 15,778 $ 16,932 $ 16,502 $ 17,358 % of
Slide 31: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q2’14 – Q4’17 Quarter Ended Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 GAAP G&A $ 3,515 $ 7,967 $ 6,763 $ 7,275 $ 6,027 $ 6,087 $ 6,433 $ 6,536 $ 5,882 $ 6,143 $ 6,511 $ 8,860 $ 6,845 $ 4,679 $ 8,767 % of revenue 14.
Slide 32: GAAP to Non-GAAP COR and OpEx Reconciliation
GAAP to Non-GAAP COR and OpEx Reconciliation Q1’18 – Q4’21 Quarter Ended Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 GAAP COR $ 24,702 $ 24,814 $ 26,179 $ 28,339 $ 30,851 $ 31,248 $ 34,472 $ 37,940 $ 40,037 $ 42,453 $ 46,561 $ 51,233 $ 59,803 $ 64,
Slide 33: GAAP to Non-GAAP COR and OpEx Reconciliation
GAAP to Non-GAAP COR and OpEx Reconciliation Q1’22 – Q2’25 Quarter Ended Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 GAAP COR $ 88,867 $ 88,229 $ 94,111 $ 96,294 $ 104,756 $ 104,361 $ 111,080 $ 112,493 $ 114,530 $ 118,414 $ 121,933 $ 122,663 $ 125,973 $ 127,86
Slide 34: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q1’18 – Q4’21 Quarter Ended Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 GAAP S&M $ 17,478 $ 17,912 $ 17,818 $ 18,793 $ 21,701 $ 23,250 $ 25,014 $ 25,627 $ 30,160 $ 32,231 $ 32,969 $ 37,053 $ 44,799 $ 46,024 $ 49
Slide 35: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q1’22 – Q2’25 Quarter Ended Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 GAAP S&M $ 64,611 $ 64,098 $ 67,353 $ 65,928 $ 76,314 $ 74,077 $ 73,366 $ 72,956 $ 81,109 $ 78,332 $ 78,615 $ 73,898 $ 82,855 $ 80,668 % of revenue 35.
Slide 36: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q1’18 – Q4’21 Quarter Ended Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 GAAP G&A $ 9,103 $ 9,833 $ 10,746 $ 10,766 $ 11,762 $ 12,042 $ 12,146 $ 13,496 $ 14,658 $ 16,129 $ 16,724 $ 18,258 $ 22,245 $ 22,909 $ 26,7
Slide 37: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q1’22 – Q2’25 Quarter Ended Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 GAAP G&A $ 24,314 $ 23,824 $ 24,496 $ 22,509 $ 28,258 $ 30,477 $ 31,006 $ 33,338 $ 30,548 $ 33,988 $ 36,575 $ 36,439 $ 35,205 $ 36,385 % of revenue 13.
Slide 38: GAAP to Non-GAAP COR Reconciliation
GAAP to Non-GAAP COR Reconciliation 2014 – 2024 Year Ended 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP COR $ 54,661 $ 59,495 $ 66,934 $ 83,104 $ 104,034 $ 134,511 $ 180,284 $ 271,099 $ 367,501 $ 432,690 $ 477,540 % of revenue 53.0 % 46.2 % 41.3 % 41.5 % 40.4 % 41.0 % 41.5 % 44.5 % 47
Slide 39: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation 2014 – 2024 Year Ended 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP R&D $ 22,110 $ 22,659 $ 23,878 $ 27,120 $ 34,172 $ 45,190 $ 68,747 $ 106,897 $ 141,794 $ 156,582 $ 166,197 % of revenue 21.4 % 17.6 % 14.7 % 13.5 % 13.3 % 13.8 % 15.8 % 17.5 % 18.2
Slide 40: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation 2014 – 2024 Year Ended 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP S&M $ 37,445 $ 42,042 $ 52,748 $ 66,570 $ 72,001 $ 95,592 $ 132,413 $ 193,929 $ 261,990 $ 296,713 $ 311,954 % of revenue 36.3 % 32.6 % 32.5 % 33.2 % 27.9 % 29.1 % 30.4 % 31.8 % 33.
Slide 41: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation 2014 – 2024 t Year Ended 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP G&A $ 24,416 $ 25,822 $ 25,072 $ 29,151 $ 40,448 $ 49,446 $ 65,769 $ 93,916 $ 95,143 $ 123,079 $ 137,550 % of revenue 23.7 % 20.0 % 15.5 % 14.6 % 15.7 % 15.1 % 15.1 % 15.4 % 12.2
Slide 42: GAAP to Non-GAAP Net Income (Loss) Reconciliation
GAAP to Non-GAAP Net Income (Loss) Reconciliation Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GAAP net income (loss) $ 1,154 $ (12,816) $ 1,730 $ (19,893) Non-GAAP adjustments: Stock-based compensation 41,859 43,632 81,104 88,316 Intangibles amortizati
Slide 43: Capital Expenditure and Free Cash Flow
Capital Expenditure and Free Cash Flow Q1'22 - Q4'23 12 mo 12 mo ended ended $ in Thousands Q1'22 Q2'22 Q3'22 Q4'22 12/31/2022 Q1'23 Q2'23 Q3'23 Q4'23 12/31/2023 Net cash provided by operating activities $ 28,724 $ (3,125) $ 30,526 $ 32,740 $ 88,865 $ 33,412 $ 21,852 $ 37,030 $ 36,544 $ 128,838 (Ref
Slide 44: Capital Expenditure and Free Cash Flow
Capital Expenditure and Free Cash Flow Q1’24 – Q2’25 12 mo ended $ in Thousands Q1'24 Q2'24 Q3'24 Q4'24 12/31/2024 Q1'25 Q2'25 Net cash provided by operating activities $ 32,353 $ 19,878 $ 41,122 $ 49,815 $ 143,168 $ 48,384 $ 35,061 (Refer to cash flows from operating activities in cash flow stmt) C
Slide 45: GAAP to Non-GAAP Net Income Reconciliation
GAAP to Non-GAAP Net Income Reconciliation Guidance(1) Three Months Ended Twelve Months Ended September 30, 2025 December 31, 2025 Low High Low High GAAP net income $ 5,515 $ 10,077 $ 20,238 $ 26,346 Non-GAAP adjustments: Stock-based compensation(2) 41,509 39,509 162,022 160,022 Intangibles amortiza
Slide 46: Thank you
Thank you ©Five9, Inc. All rights reserved. | 46