Five9, Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

Five9, Inc. (FIVN) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Five9, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 3001 Bishop Drive, Suite 350, San Ramon, CA 94583. Five9, Inc. is incorporated in Delaware. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Five9, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details of Five9, Inc. for the first quarter of 2024. Understanding the specifics of this report is crucial for assessing the company's current financial health, strategic direction, and potential investment value.

Risk Assessment

Risk Level: low — Five9, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or immediate risks.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Five9's performance trends and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (The end date for the reporting period of the 10-Q.)
• 2024-05-02 — Filing Date (The date the 10-Q was filed with the SEC.)
• 2024-01-01 — Quarter Start Date (The start date for the Q1 2024 reporting period.)
• 2023-03-31 — Prior Year Quarter End (The end date for the comparative period in the prior year.)

Key Players & Entities

• Five9, Inc. (company) — Filer name and subject of the report.
• 3001 Bishop Drive, Suite 350, San Ramon, CA 94583 (location) — Business and mailing address of the company.
• DE (location) — State of incorporation.
• 2024-03-31 (date) — Period of report for the 10-Q filing.
• 2024-05-02 (date) — Filing date of the 10-Q.

FAQ

Industry Context

Five9, Inc. operates in the cloud contact center software industry, providing solutions for customer service and engagement.

Regulatory Implications

As a publicly traded company, Five9, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of Form 10-Q.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review any disclosures regarding significant business developments or risks mentioned in the report.
3. Compare key financial metrics to previous quarters and the same quarter last year.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for Five9, Inc. in fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.001 — ich Registered Common stock, par value $0.001 per share FIVN The NASDAQ Global Market

Filing Documents

• fivn-20240331.htm (10-Q) — 1379KB
• a033124exhibit311.htm (EX-31.1) — 11KB
• a033124exhibit312.htm (EX-31.2) — 11KB
• a033124exhibit321.htm (EX-32.1) — 8KB
• 0001288847-24-000061.txt ( ) — 8801KB
• fivn-20240331.xsd (EX-101.SCH) — 59KB
• fivn-20240331_cal.xml (EX-101.CAL) — 104KB
• fivn-20240331_def.xml (EX-101.DEF) — 305KB
• fivn-20240331_lab.xml (EX-101.LAB) — 763KB
• fivn-20240331_pre.xml (EX-101.PRE) — 560KB
• fivn-20240331_htm.xml (XML) — 1453KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) 5 Condensed Consolidated Statements of Stockholder' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Overview 29 Key Operating and Non-GAAP Financial Performance Metrics 30 Key Components of Our Results of Operations 32 Results of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 33 Liquidity and Capital Resources 36 Critical Accounting Policies and Estimates 38 Recent Accounting Pronouncements 38 Contractual and Other Obligations 38

Quantitative and Qualitative Disclosure about Market Risk

ITEM 3. Quantitative and Qualitative Disclosure about Market Risk 40

Controls and Procedures

ITEM 4. Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 42

Risk Factors

ITEM 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 44

Other Information

ITEM 5. Other Information 44

Exhibits

ITEM 6. Exhibits 45

SIGNATURES

SIGNATURES 46 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve substantial risks and uncertainties. These statements reflect the current views of our senior management with respect to our future events, strategies and financial trends and performance. These forward-looking statements include statements with respect to our business, expenses, strategies, losses, growth plans, product and client initiatives, market growth projections, and our industry. Statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. These factors include the information under the caption "Risk Factors" set forth in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and Part II, Item 1A, of this Quarterly Report, which we encourage you to carefully read, and include the following: adverse economic conditions, including the impact of macroeconomic deterioration, including continued inflation, increased interest rates, supply chain disruptions, decreased economic output and fluctuations in currency rates, the impact of the Russia-Ukraine conflict, the impact of the conflict in Israel, and other factors, may continue to harm our business; if we are unable to attract new clients or sell additional services and functionality to our existing clients, our revenue a

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements FIVE9, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 240,190 $ 143,201 Marketable investments 843,212 587,096 Accounts receivable, net 103,157 97,424 Prepaid expenses and other current assets 35,627 34,622 Deferred contract acquisition costs, net 67,169 61,711 Total current assets 1,289,355 924,054 Property and equipment, net 113,640 108,572 Operating lease right-of-use assets 36,215 38,873 Finance lease right-of-use assets 4,108 4,564 Intangible assets, net 35,675 38,323 Goodwill 227,269 227,412 Other assets 16,668 16,199 Deferred contract acquisition costs, net — less current portion 148,408 136,571 Total assets $ 1,871,338 $ 1,494,568 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 25,671 $ 24,399 Accrued and other current liabilities 79,185 62,131 Operating lease liabilities 9,880 10,731 Finance lease liabilities 1,791 1,767 Deferred revenue 67,019 68,187 Total current liabilities 183,546 167,215 Convertible senior notes 1,160,972 742,125 Operating lease liabilities — less current portion 34,207 36,378 Finance lease liabilities — less current portion 2,414 2,877 Other long-term liabilities 6,601 7,888 Total liabilities 1,387,740 956,483 Commitments and contingencies (Note 10) Stockholders' equity: Common stock 74 73 Additional paid-in capital 895,754 942,280 Accumulated other comprehensive (loss) income ( 303 ) 582 Accumulated deficit ( 411,927 ) ( 404,850 ) Total stockholders' equity 483,598 538,085 Total liabilities and stockholders' equity $ 1,871,338 $ 1,494,568 See accompanying notes to the unaudited condensed consolidated financial statements. 4 Table of Contents FIVE9, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited, in thousands, except per share data) Three Months Ended

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