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Jun 30, 2022
Five9 Q2 2022 Earnings Report
Reported a record revenue growth of 32% and a 41% growth in LTM enterprise subscription revenue.
Key Takeaways
Five9 reported strong second quarter results with revenue growing 32% year-over-year to a record $189.4 million. The growth continues to be driven primarily by the strength of their Enterprise business where LTM subscription revenue grew 41% year-over-year.
Revenue for the second quarter of 2022 increased 32% to a record $189.4 million, compared to $143.8 million for the second quarter of 2021.
GAAP gross margin was 53.4% for the second quarter of 2022, compared to 55.2% for the second quarter of 2021.
Non-GAAP net income for the second quarter of 2022 was $24.3 million, or $0.34 per diluted share, compared to non-GAAP net income of $16.0 million, or $0.23 per diluted share, for the second quarter of 2021.
Adjusted EBITDA for the second quarter of 2022 was $33.1 million, or 17.5% of revenue, compared to $24.0 million, or 16.7% of revenue, for the second quarter of 2021.
Five9
Five9
Forward Guidance
Five9 provides guidance based on current market conditions and expectations. For the third quarter of 2022, Five9 expects to report revenue in the range of $192.5 to $193.5 million and non-GAAP net income per share in the range of $0.31 to $0.33, assuming diluted shares outstanding of approximately 73.0 million. For the full year 2022, Five9 expects to report revenue in the range of $780.5 to $782.5 million and non-GAAP net income per share in the range of $1.38 to $1.40, assuming diluted shares outstanding of approximately 72.8 million.
Positive Outlook
- Revenue in the range of $192.5 to $193.5 million for Q3 2022.
- Non-GAAP net income per share in the range of $0.31 to $0.33 for Q3 2022, assuming diluted shares outstanding of approximately 73.0 million.
- Revenue in the range of $780.5 to $782.5 million for the full year 2022.
- Non-GAAP net income per share in the range of $1.38 to $1.40 for the full year 2022, assuming diluted shares outstanding of approximately 72.8 million.
- Company remains confident in delivering durable and profitable growth.
Challenges Ahead
- Guidance is subject to various important cautionary factors referenced in the section entitled "Forward-Looking Statements".
- Risks and uncertainties associated with the global macroeconomic environment, including the impact of the Russia-Ukraine conflict and the COVID-19 pandemic.
- Quarterly and annual results may fluctuate significantly, including as a result of the timing and success of new product and feature introductions.
- Adverse economic conditions may harm the business, including the current global economic downturn.
- Failure to adequately retain and expand the sales force will impede growth.