Five9(US:FIVN)2024-08-08 20:08Financial Performance - Revenue for Q2 2024 increased 13% to a record $252.1 million, compared to $222.9 million for Q2 2023[2] - GAAP net loss for Q2 2024 was $(12.8) million, or $(0.17) per basic share, improving from a net loss of $(21.7) million, or $(0.30) per basic share, in Q2 2023[2] - Non-GAAP net income for Q2 2024 was $38.9 million, or $0.52 per diluted share, compared to $37.4 million, or $0.52 per diluted share, in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $41.8 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 $1 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 $1.017 billion[4] - For Q3 2024, revenue is expected in the range of $254.5 to $255.5 million[5] - GAAP gross profit for Q2 2024 was $133,672 thousand, compared to $118,521 thousand in Q2 2023, reflecting a growth of 12.5%[22] - Adjusted gross profit for Q2 2024 was $152,409 thousand, up from $137,729 thousand in Q2 2023, representing an increase of 10.0%[22] - Non-GAAP net income for Q2 2024 was $38,874 thousand, compared to $37,391 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 $21.9 million in Q2 2023[3] - Cash provided by operating activities for the six months ended June 30, 2024, was $52,231, compared to $55,264 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 $197,239 in the previous year[20] - Total current assets increased to $1,322,102 as of June 30, 2024, compared to $924,054 at the end of 2023, reflecting a growth of 43%[16] - Total liabilities increased to $1,384,502 as of June 30, 2024, from $956,483 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 $143,764 in the prior year[18] - Research and development expenses for the three months ended June 30, 2024, were $40,717, slightly up from $39,210 in the same period last year[18] - Stock-based compensation for Q2 2024 totaled $43,632 thousand, down from $53,367 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 $104,110 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 $877 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 $7.680 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 $1.098 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 $44.545 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] - 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]