Five9 Reports Fourth Quarter Revenue Growth of 36% to a Record $173.6 Million

51% Growth in LTM Enterprise Subscription Revenue

Five9, Inc., a leading provider of cloud contact center software, reported results for the fourth quarter and full year ended .

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Fourth Quarter 2021 Financial Results

• Revenue for the fourth quarter of 2021 increased 36% to a record $173.6 million, compared to $127.9 million for the fourth quarter of 2020.
• GAAP gross margin was 54.1% for the fourth quarter of 2021, compared to 59.9% for the fourth quarter of 2020.
• Adjusted gross margin was 62.8% for the fourth quarter of 2021, compared to 66.4% for the fourth quarter of 2020.
• GAAP net loss for the fourth quarter of 2021 was $(3.6) million, or $(0.05) per diluted share, compared to GAAP net loss of $(7.2) million, or $(0.11) per diluted share, for the fourth quarter of 2020.
• Non-GAAP net income for the fourth quarter of 2021 was $30.1 million, or $0.42 per diluted share, compared to non-GAAP net income of $23.7 million, or $0.34 per diluted share, for the fourth quarter of 2020.
• Adjusted EBITDA for the fourth quarter of 2021 was $36.9 million, or 21.3% of revenue, compared to $29.2 million, or 22.8% of revenue, for the fourth quarter of 2020.
• GAAP operating cash flow for the fourth quarter of 2021 was $8.1 million, compared to GAAP operating cash flow of $19.3 million for the fourth quarter of 2020.

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2021 Financial Results

• Total revenue for 2021 increased 40% to a record $609.6 million, compared to $434.9 million in 2020.
• GAAP gross margin was 55.5% for 2021, compared to 58.5% in 2020.
• Adjusted gross margin was 63.5% for 2021, compared to 65.5% in 2020.
• GAAP net loss for 2021 was $(53.0) million, or $(0.79) per basic share, compared to a GAAP net loss of $(42.1) million, or $(0.66) per basic share, in 2020.
• Non-GAAP net income for 2021 was $82.2 million, or $1.16 per diluted share, compared to a non-GAAP net income of $67.4 million, or $0.99 per diluted share, in 2020.
• Adjusted EBITDA for 2021 was $110.5 million, or 18.1% of revenue, compared to $85.7 million, or 19.7% of revenue, in 2020.
• GAAP operating cash flow for 2021 was $28.5 million, compared to GAAP operating cash flow of $67.3 million in 2020.

“We are pleased to report that we finished the year with excellent results for the fourth quarter. Revenue grew 36% year-over-year to a record $173.6 million, driven by the continuing strength of our Enterprise business where LTM subscription revenue grew 51% year-over-year. Our results were driven by the growing market adoption of our AI and Automation offerings, in addition to the success we have made in our march up market, as prospective enterprise customers turn to Five9 for the reliable and innovative platform we have built as a company. We continue to build out our leadership position while delivering on a massive and barely penetrated opportunity, and we plan to continue investing in key strategic initiatives around AI, product innovation, traction with larger enterprises and global expansion to drive growth in the year ahead.”

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