Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation Five9 (NASDAQ: FIVN) April 30, 2026
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: Q1'26 Results and Key Metrics
Q1’26 Results and Key Metrics Metric Result YoY Growth (%) % of Total Revenue Revenues Total Revenue $305M 9% 100% Subscription(1) 13% 82% Telecom(1) 12% Professional Services(1) 6% Margins Adjusted Gross Profit $194M 11% 64% Adjusted EBITDA $74M 41% 24% Operating Cash Flow $64M 32% 21% Free Cash Fl
Slide 4: Industry Recognition in CCaaS + AI
Industry Recognition in CCaaS + AI IDC Recognized by Aragon Research as a Leader in first-ever European MarketScape leader for driving innovation in AI Agent 2025 + 2026 platforms, blending real-time CCaaS MarketScape European Globe Leader orchestration, LLMs, and low-code CCaaS design for smarter,
Slide 5: TAM Expansion Driven by AI
TAM Expansion Driven by AI $24B Cloud Contact Center Software + $210B Contact Center Labor Arbitrage Opportunity Through AI AN EXP SIO AI N $24B Cloud Contact Center Software Source: Company estimates; Gartner estimates; MZA estimates; Statista estimates. ©Five9, Inc. All rights reserved. | 5 Note:
Slide 6: Consistent Revenue Growth
Consistent Revenue Growth Quarterly Revenue ($M) Annual Revenue ($M) $1,149 $300 $305 $283 $286 $1,042 $279 $280 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 2024 2025 YoY Growth 17% 13% 12% 8% 8% 9% 14% 10% ©Five9, Inc. All rights reserved. | 6
Slide 7: Increasing Subscription Revenue Mix Expected to Drive Adjusted Gross Margin Expansion
Increasing Subscription Revenue Mix Expected to Drive Adjusted Gross Margin Expansion Subscription Total Revenue ($M) and % of Total Revenue Telecom PS $300 $305 $3 00 $279 $280 $283 $286 6% 7% 7% 7% 7% 12% 7% 11% $2 50 13% 12% 12% 14% $2 00 $1 50 82% 82% 79% 80% 81% 81% $1 00 $5 0 $0 Q4'24 Q1'25 Q2
Slide 8: High Customer Retention
High Customer Retention LTM Subscription + Telecom LTM Subscription Dollar-Based Retention Rate Dollar-Based Retention Rate Stabilized Stabilized 111% 109% 109% 108% 107% 108% 107% 107% 106% 107% 105% 105% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: LTM DBRR based o
Slide 9: Driving Operational Efficiency to Fund Profitable Growth
Driving Operational Efficiency to Fund Profitable Growth Adjusted EBITDA Margin Free Cash Flow Margin DSO of 35 days in Q1’26 6% pt YoY increase 4% pt YoY increase 25% 26% 24% 24% 23% 22% 19% 16% 12% 13% 12% 8% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: Non-GAAP an
Slide 10: YoY Reduction and Improvement in Stock-Based Compensation Expense
YoY Reduction and Improvement in Stock-Based Compensation (SBC) Expense SBC Expense SBC Expense ($M and % of Revenue) Prior Year vs. In-Year Grants (% of Revenue) 9% pt total reduction in SBC % of revenue 3% pt YoY decrease in SBC % of revenue 2% pt reduction in in-year grants (includes new CEO gran
Slide 11: Continuing to Drive Balanced Growth
Continuing to Drive Balanced Growth YoY Revenue Growth Adjusted EBITDA Margin 40% 36% 33% 34% 34% 32% 23% 24% 19% 25% 26% 24% 17% 13% 12% 8% 8% 9% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: Non-GAAP and adjusted metrics exclude depreciation, intangibles amortization, stock-based compensation and unus
Slide 12: Share Repurchase Programs
Share Repurchase Programs • $150M inaugural share repurchase program announced on November 6, 2025, including a $50M ASR completed on February 2, 2026 Inaugural $150M Program • $10M shares were repurchased during Q1'26 Completed • We intend to enter into a second ASR program to repurchase the remain
Slide 13: Q2'26 and 2026 Guidance
Q2’26 and 2026 Guidance Issued on April 30, 2026 Q2’26 2026 Revenue $303.0M – $309.0M $1.254B – $1.266B GAAP Net Income (Loss) Per Basic Share ($0.09) – $0.00 $0.83 – $0.96 GAAP Net Income (Loss) Per Diluted Share ($0.09) – $0.00 $0.73 – $0.85 Non-GAAP Net Income Per Diluted Share $0.65 – $0.69 $3.2
Slide 14: Medium-Term Operating Model
Medium-Term Operating Model Today Medium-Term Model Q1’26 (In 2027) Key Assumptions Revenue (YoY Growth) Revenue (YoY Growth) • Stable macro conditions Total Revenue 9% 10% - 15% • Potential further upside with AI Profit & Expenses (% of Revenue) Profit & Expenses (% of Revenue) • Subscription margi
Slide 15: Appendix
Appendix ©Five9, Inc. All rights reserved. | 15
Slide 16: Balance Sheet Summary
Balance Sheet Summary Quarter Ended $ in Millions March 31, 2026 December 31, 2025 Cash, cash equivalents and marketable investments $723.9 $696.9 Working capital 782.6 746.7 Total assets 1,865.3 1,790.1 Total debt1 736.4 735.5 Total stockholders’ equity 829.6 785.8 (1) Total principal amount of deb
Slide 17: GAAP to Adjusted Gross Profit Reconciliation
GAAP to Adjusted Gross Profit Reconciliation Q4’24 – Q1’26 Quarter Ended Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP gross profit $ 155,997 $ 153,732 $ 155,404 $ 157,280 $ 166,438 $ 170,527 % GAAP gross margin 56.0% 55.0% 54.9% 55.0% 55.4% 55.9% Depreciation & amortization 12,087 11,883 12,161 13,381 1
Slide 18: GAAP Net Income to Adjusted EBITDA Reconciliation
GAAP Net Income to Adjusted EBITDA Reconciliation Q4’24 – Q1’26 Quarter Ended Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP net income $ 11,577 $ 576 $ 1,154 $ 17,973 $ 19,713 $ 18,412 Non-GAAP adjustments: Depreciation and amortization 14,640 14,490 14,649 15,772 16,853 17,842 Stock-based compensation 3
Slide 19: GAAP to Non-GAAP COR and OpEx Reconciliation
GAAP to Non-GAAP COR and OpEx Reconciliation Q4’24 – Q1’26 Quarter Ended Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP COR $ 122,663 $ 125,973 $ 127,865 $ 128,552 $ 133,844 $ 134,792 % of revenue 44.0 % 45.0 % 45.1 % 45.0 % 44.6 % 44.1 % Depreciation & amortization (12,087) (11,883) (12,161) (13,381) (14
Slide 20: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q4’24 – Q1’26 Quarter Ended Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP S&M $ 73,898 $ 82,855 $ 80,668 $ 71,657 $ 76,636 $ 79,489 % of revenue 26.5 % 29.6 % 28.5 % 25.1 % 25.5 % 26.0 % Depreciation & amortization (38) (36) (27) (11) (10) (5) Stock-based compensation
Slide 21: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Q4’24 – Q1’26 Quarter Ended Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP G&A $ 36,439 $ 35,205 $ 36,385 $ 34,362 $ 33,902 $ 32,869 % of revenue 13.1 % 12.6 % 12.8 % 12.0 % 11.3 % 10.8 % Depreciation & amortization (1,895) (1,891) (1,662) (1,649) (1,589) (1,625) Stock
Slide 22: GAAP to Non-GAAP Net Income Reconciliation
GAAP to Non-GAAP Net Income Reconciliation Three Months Ended Mar 31, 2026 Mar 31, 2025 GAAP net income $ 18,412 $ 576 Non-GAAP adjustments: Stock-based compensation 32,664 39,245 Intangibles amortization 3,410 4,100 Amortization of discount and issuance costs on convertible senior notes 879 1,407 E
Slide 23: Capital Expenditure and Free Cash Flow
Capital Expenditure and Free Cash Flow (Q1'24 – Q1’26) 12 mo ended 12 mo ended $ in Thousands Q1'24 Q2'24 Q3'24 Q4'24 12/31/2024 Q1'25 Q2'25 Q3'25 Q4'25 12/31/2025 Q1'26 Net cash provided by operating activities $ 32,353 $ 19,878 $ 41,122 $ 49,815 $ 143,168 $ 48,384 $ 35,061 $ 59,196 $ 83,566 $ 226,
Slide 24: GAAP to Non-GAAP Net Income (Loss) Reconciliation - Guidance
GAAP to Non-GAAP Net Income (Loss) Reconciliation Guidance(1) zzzzzzzz Three Months Ended Twelve Months Ended June 30, 2026 December 31, 2026 Low High Low High GAAP net income (loss) $ (6,840) $ 176 $ 62,394 $ 72,474 Non-GAAP adjustments: Stock-based compensation(2) 37,252 35,252 143,241 141,241 Int
Slide 25: Thank you
Thank you ©Five9, Inc. All rights reserved. | 25