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Five9(FIVN) - 2024 Q2 - Quarterly Results
FIVNFive9(FIVN)2024-08-08 20:08

Financial Performance - Revenue for Q2 2024 increased 13% to a record 252.1million,comparedto252.1 million, compared to 222.9 million for Q2 2023[2] - GAAP net loss for Q2 2024 was (12.8)million,or(12.8) million, or (0.17) per basic share, improving from a net loss of (21.7)million,or(21.7) million, or (0.30) per basic share, in Q2 2023[2] - Non-GAAP net income for Q2 2024 was 38.9million,or38.9 million, or 0.52 per diluted share, compared to 37.4million,or37.4 million, or 0.52 per diluted share, in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was 41.8million,or16.641.8 million, or 16.6% of revenue, compared to 41.5 million, or 18.6% of revenue, in Q2 2023[3] - Annual revenue run rate exceeded 1billion,drivenbya211 billion, driven by a 21% year-over-year growth in LTM enterprise subscription revenue[3] - For the full year 2024, revenue guidance is now expected in the range of 1.013 to 1.017billion[4]−ForQ32024,revenueisexpectedintherangeof1.017 billion[4] - For Q3 2024, revenue is expected in the range of 254.5 to 255.5million[5]−GAAPgrossprofitforQ22024was255.5 million[5] - GAAP gross profit for Q2 2024 was 133,672 thousand, compared to 118,521thousandinQ22023,reflectingagrowthof12.5118,521 thousand in Q2 2023, reflecting a growth of 12.5%[22] - Adjusted gross profit for Q2 2024 was 152,409 thousand, up from 137,729thousandinQ22023,representinganincreaseof10.0137,729 thousand in Q2 2023, representing an increase of 10.0%[22] - Non-GAAP net income for Q2 2024 was 38,874 thousand, compared to 37,391thousandinQ22023,markingagrowthof4.037,391 thousand in Q2 2023, marking a growth of 4.0%[27] Cash Flow and Assets - GAAP operating cash flow for Q2 2024 was 19.9 million, down from 21.9millioninQ22023[3]−CashprovidedbyoperatingactivitiesforthesixmonthsendedJune30,2024,was21.9 million in Q2 2023[3] - Cash provided by operating activities for the six months ended June 30, 2024, was 52,231, compared to 55,264inthesameperiodof2023[20]−Thecompanyreportedcashandcashequivalentsof55,264 in the same period of 2023[20] - The company reported cash and cash equivalents of 177,382 at the end of the period, down from 197,239inthepreviousyear[20]−Totalcurrentassetsincreasedto197,239 in the previous year[20] - Total current assets increased to 1,322,102 as of June 30, 2024, compared to 924,054attheendof2023,reflectingagrowthof43924,054 at the end of 2023, reflecting a growth of 43%[16] - Total liabilities increased to 1,384,502 as of June 30, 2024, from 956,483attheendof2023,markingariseof45956,483 at the end of 2023, marking a rise of 45%[16] Operating Expenses - Operating expenses for the three months ended June 30, 2024, totaled 153,037, which is a 6.5% increase from 143,764intheprioryear[18]−ResearchanddevelopmentexpensesforthethreemonthsendedJune30,2024,were143,764 in the prior year[18] - Research and development expenses for the three months ended June 30, 2024, were 40,717, slightly up from 39,210inthesameperiodlastyear[18]−Stock−basedcompensationforQ22024totaled39,210 in the same period last year[18] - Stock-based compensation for Q2 2024 totaled 43,632 thousand, down from 53,367thousandinQ22023,adecreaseof18.253,367 thousand in Q2 2023, a decrease of 18.2%[29] - Total stock-based compensation for the first half of 2024 was 88,316 thousand, compared to 104,110thousandinthesameperiodof2023,adecreaseof15.2104,110 thousand in the same period of 2023, a decrease of 15.2%[30] Acquisitions and Innovations - The company announced an agreement to acquire Acqueon to enhance its AI-powered CX platform and market reach[4] - Innovations in the Five9 Genius AI suite, including GenAI Studio and AI Knowledge, were highlighted as key advancements[4] - The company incurred acquisition and related transaction costs of 4,089 thousand in Q2 2024, compared to 877thousandinQ22023,indicatingasignificantincreaseincostsassociatedwithacquisitions[24]−AcquisitionandrelatedtransactioncostsforthethreemonthsendingSeptember30,2024,were877 thousand in Q2 2023, indicating a significant increase in costs associated with acquisitions[24] - Acquisition and related transaction costs for the three months ending September 30, 2024, were 1.467 million, with a total of 7.680millionfortheyearendingDecember31,2024[33]FutureOutlook−Thecompanyanticipatesnonewacquisitionsinthenearterm,focusingoncompletedacquisitionsandrelatedcosts[33]−GAAPnetlossforthethreemonthsendingSeptember30,2024,was7.680 million for the year ending December 31, 2024[33] Future Outlook - The company anticipates no new acquisitions in the near term, focusing on completed acquisitions and related costs[33] - GAAP net loss for the three months ending September 30, 2024, was 4.608 million, with a high estimate of 1.098millionfortheyearendingDecember31,2024[33]−Non−GAAPnetincomeforthethreemonthsendingSeptember30,2024,was1.098 million for the year ending December 31, 2024[33] - Non-GAAP net income for the three months ending September 30, 2024, was 43.035 million, with a high estimate of 44.545millionfortheyearendingDecember31,2024[33]−Non−GAAPnetincomepershare(basicanddiluted)forthethreemonthsendingSeptember30,2024,was44.545 million for the year ending December 31, 2024[33] - Non-GAAP net income per share (basic and diluted) for the three months ending September 30, 2024, was 0.57, with a high estimate of 0.59[33]−ThecompanyreportedaGAAPnetlosspershareof0.59[33] - The company reported a GAAP net loss per share of (0.06) for the three months ending September 30, 2024, with a high estimate of $(0.01) for the year ending December 31, 2024[33] - Non-GAAP adjustments do not have a material impact on the company's worldwide income tax provision due to available tax loss and credit attributes[33]