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Jun 30, 2023
Five9 Q2 2023 Earnings Report
Reported record revenue with strong growth in the Enterprise business and achieved another record for GAAP operating cash flow.
Key Takeaways
Five9 reported strong second quarter results with revenue growing 18% year-over-year to a record $222.9 million. The growth was driven by the Enterprise business where LTM subscription revenue grew 28% year-over-year. The company achieved another record for GAAP operating cash flow, as adjusted EBITDA margin reached 19%.
Revenue for the second quarter of 2023 increased 18% to a record $222.9 million, compared to $189.4 million for the second quarter of 2022.
GAAP gross margin was 53.2% for the second quarter of 2023, compared to 53.4% for the second quarter of 2022.
Non-GAAP net income for the second quarter of 2023 was $37.4 million, or $0.52 per diluted share.
GAAP operating cash flow for the second quarter of 2023 was $21.9 million, compared to GAAP operating cash flow of $(3.1) million for the second quarter of 2022.
Forward Guidance
For the third quarter of 2023, Five9 expects revenue in the range of $223.5 to $224.5 million and non-GAAP net income per share in the range of $0.42 to $0.44.
Positive Outlook
- Revenue in the range of $223.5 to $224.5 million.
- GAAP net loss per share in the range of $(0.40) to $(0.35).
- Non-GAAP net income per share in the range of $0.42 to $0.44.
- Revenue in the range of $908.0 to $910.0 million for the full year 2023.
- Non-GAAP net income per share in the range of $1.79 to $1.83 for the full year 2023.
Challenges Ahead
- GAAP net loss per share in the range of $(0.40) to $(0.35) for Q3 2023.
- GAAP net loss per share in the range of $(1.48) to $(1.37) for the full year 2023.
- Guidance is subject to various important cautionary factors referenced in the section entitled "Forward-Looking Statements".
Historical Earnings Impact
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