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Five9, Inc.$42.97$.20.47%

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 Five9 Reports Second Quarter Revenue Growth of 23%
   Thursday, August 03, 2017 4:05:09 PM ET

--Positive Operating Cash Flow for Sixth Consecutive Quarter

--Raises 2017 Guidance for Revenue and Bottom Line

Five9, Inc. (FIVN ), a leading provider of cloud software for the enterprise contact center market, today reported results for the second quarter ended June 30, 2017.

Second Quarter 2017 Financial Results

-- Revenue for the second quarter of 2017 increased 23% to a record $47.7 million, compared to $38.9 million for the second quarter of 2016.

-- GAAP gross margin was 57.5% for the second quarter of 2017, compared to 56.9% for the second quarter of 2016.

-- Adjusted gross margin was 62.3% for the second quarter of 2017, compared to 61.9% for the second quarter of 2016.

-- GAAP net loss for the second quarter of 2017 was $(4.0) million, or $(0.07) per share, compared to a GAAP net loss of $(3.5) million, or $(0.07) per share, for the second quarter of 2016.

-- Non-GAAP net loss for the second quarter of 2017 was $(0.07) million, or $(0.00) per share, compared to a non-GAAP net loss of $(0.8) million, or $(0.02) per share, for the second quarter of 2016.

-- Adjusted EBITDA for the second quarter of 2017 was $3.0 million, or 6.2% of revenue, compared to $2.3 million, or 5.9% of revenue, for the second quarter of 2016.

-- GAAP operating cash flow for the second quarter of 2017 was $0.08 million, compared to GAAP operating cash flow of $2.2 million for the second quarter of 2016. Operating cash flow in the second quarter of 2017 was adversely impacted by the $1.7 million settlement payment, recorded in the first quarter of 2017, regarding a successor liability from a 2013 acquisition.

"Our second quarter revenue exceeded expectations, with revenue growing 23% to a record $47.7 million. This revenue growth continues to be driven by our Enterprise business, which delivered 39% growth in LTM Enterprise subscription revenue. I am extremely pleased that we had our best quarter ever for Enterprise bookings in the second quarter and our sales pipeline reached another all-time high. We also extended our product leadership with our recently announced 2017 Summer release for global enterprises. Given our leadership in the market and our strong business momentum, we are again raising 2017 guidance."

- Mike Burkland, President and CEO, Five9

Business Outlook

-- For the full year 2017, Five9 expects to report: -- Revenue in the range of $193.5 to $195.5 million, up from the prior guidance range of $190.6 to $193.6 million that was previously provided on May 3, 2017.

-- GAAP net loss in the range of $(15.3) to $(17.3) million, or $(0.28) to $(0.32) per share, improved from the prior guidance range of $(16.8) to $(19.8) million, or $(0.31) to $(0.37) per share, that was previously provided on May 3, 2017.

-- Non-GAAP net income or loss in the range of $1.8 to $(0.2) million, or $0.03 to $(0.00) per share, improved from the prior guidance range of $0.5 to $(2.5) million, or $0.01 to $(0.05) per share, that was previously provided on May 3, 2017.

-- For the third quarter of 2017, Five9 expects to report: -- Revenue in the range of $47.5 to $48.5 million.

-- GAAP net loss in the range of $(4.3) to $(5.3) million, or a loss of $(0.08) to $(0.10) per share.

-- Non-GAAP net loss in the range of $(0.2) to $(1.2) million, or a loss of $(0.00) to $(0.02) per share.

Conference Call Details

Five9 will discuss its second quarter 2017 results today, August 3, 2017, via teleconference at 4:30 p.m. Eastern Time. To access the call (ID 1761613), please dial: 877-723-9523 or 719-325-4776. An audio replay of the call will be available through August 17, 2017 by dialing 888-203-1112 or 719-457-0820 and entering access code 1761613. A copy of this press release will be furnished to the Securities and Exchange Commission on a Current Report on Form 8-K, and will be posted to our web site, prior to the conference call.

A webcast of the call will be available on the Investor Relations section of the Company’s website at http://investors.five9.com/ .

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures. We calculate adjusted gross profit by adding back the following items to gross profit: depreciation, intangibles amortization, and stock-based compensation expense. We calculate adjusted EBITDA by adding back or removing the following items to or from net loss: depreciation, intangibles amortization, interest expense, income tax expense, stock-based compensation expense, non-recurring litigation settlement costs, and interest income and other, which consists primarily of non-cash adjustment on investment, interest income and foreign exchange gains and losses. We calculate non-GAAP operating income (loss) as operating loss excluding stock-based compensation expense, intangibles amortization and non-recurring litigation settlement costs. We calculate non-GAAP net loss as net loss excluding stock-based compensation expense, intangibles amortization, amortization of debt discount and issuance costs, non-recurring litigation settlement costs, and non-cash adjustments on investment. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Five9 considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company’s management uses these measures to (i) illustrate underlying trends in the Company’s business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company’s business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP. Please see the reconciliation of non-GAAP financial measures set forth herein and attached to this release.

Forward Looking Statements

This news release contains certain forward-looking statements, including the statements in the quote from our Chief Executive Officer, including statements regarding Five9’s market position, enterprise bookings and momentum and sales pipeline, and the third quarter 2017 and full year 2017 financial projections set forth under the caption "Business Outlook," that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (i) our quarterly and annual results may fluctuate significantly, may not fully reflect the underlying performance of our business and may result in decreases in the price of our common stock; (ii) if we are unable to attract new clients or sell additional services and functionality to our existing clients, our revenue and revenue growth will be harmed; (iii) our recent rapid growth may not be indicative of our future growth, and if we continue to grow rapidly, we may fail to manage our growth effectively; (iv) failure to adequately expand our direct sales force will impede our growth; (v) if we fail to manage our technical operations infrastructure, our existing clients may experience service outages, security breaches, or other issues, our new clients may experience delays in the deployment of our solution and we could be subject to, among other things, claims for credits or damages; (vi) the markets in which we participate are highly competitive, and if we do not compete effectively, our operating results could be harmed; (vii) if our existing clients terminate their subscriptions or reduce their subscriptions and related usage, our revenues and gross margins will be harmed and we will be required to spend more money to grow our client base; (viii) we sell our solution to larger organizations that require longer sales and implementation cycles and often demand more configuration and integration services or customized features and functions that we may not offer, any of which could delay or prevent these sales and harm our growth rates, business and operating results; (ix) because a significant percentage of our revenue is derived from existing clients, downturns or upturns in new sales will not be immediately reflected in our operating results and may be difficult to discern; (x) we rely on third-party telecommunications and internet service providers to provide our clients and their customers with telecommunication services and connectivity to our cloud contact center software and any failure by these service providers to provide reliable services could subject us to, among other things, claims for credits or damages; (xi) we have a history of losses and we may be unable to achieve or sustain profitability; (xii) we may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs; and (xiii) the other risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our most recent annual report on Form 10-K. Such forward looking statements speak only as of the date hereof and readers should not unduly rely on such statements. We undertake no obligation to update the information contained in this press release, including in any forward-looking statements.

About Five9

Five9 is a leading provider of cloud software for the enterprise contact center market, bringing the power of the cloud to thousands of customers and facilitating more than three billion customer interactions annually. Since 2001, Five9 has led the cloud revolution in contact centers, helping organizations transition from legacy premise-based solutions to the cloud. Five9 provides businesses with cloud contact center software that is reliable, secure, compliant, and scalable, which is designed to create exceptional customer experiences, increase agent productivity, and deliver tangible business results. For more information, visit www.five9.com.

 
                                                                                                                     FIVE9, INC.
                                                                                                        CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                                   (In thousands)
                                                                                                                                                                         
                                                                                               June 30, 2017                                  December 31, 2016
                                                                                           ---------------------------------------------------------------------------------------------                        ---------------------------------
                                                                                                                                      (Unaudited)
ASSETS
Current assets:
   Cash and cash equivalents                                                                                             $                          57,149                                                           $  58,122
   Accounts receivable, net                                                                                                                         16,281                                                              13,881
   Prepaid expenses and other current assets                                                                                                         7,074                                            3,008  
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Total current assets                                                                                                                                80,504                                                              75,011
Property and equipment, net                                                                                                                         15,656                                                              14,688
Intangible assets, net                                                                                                                               1,306                                                               1,539
Goodwill                                                                                                                                            11,798                                                              11,798
Other assets                                                                                                                                         2,199                                            2,203  
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Total assets                                                                                                             $                         111,463                                        $ 105,239  
                                                                                           =============================== =============================== ===============================                      ====== ======= ====================
                                                                                                                                                                                                                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
   Accounts payable                                                                                                      $                           4,586                                                           $   3,366
   Accrued and other current liabilities                                                                                                            10,277                                                               9,604
   Accrued federal fees                                                                                                                              3,261                                                               2,742
   Sales tax liability                                                                                                                               1,191                                                               1,347
   Notes payable                                                                                                                                       663                                                                 742
   Capital leases                                                                                                                                    6,155                                                               6,230
   Deferred revenue                                                                                                                                 11,903                                           10,047  
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Total current liabilities                                                                                                                           38,036                                                              34,078
Revolving line of credit                                                                                                                            32,594                                                              32,594
Sales tax liability -- less current portion                                                                                              1,284                                                               1,476
Notes payable -- less current portion                                                                                           --                                                                 318
Capital leases -- less current portion                                                                                                   6,384                                                               5,915
Other long-term liabilities                                                                                                                          1,010                                              530  
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Total liabilities                                                                                                                                   79,308                                           74,911  
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Stockholders’ equity:
Common stock                                                                                                                                            55                                                                  53
Additional paid-in capital                                                                                                                         207,813                                                             196,555
Accumulated deficit                                                                                                                               (175,713 )                                                          (166,280 )
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Total stockholders’ equity                                                                                               32,155                                           30,328  
                                                                                           -----------------------------------------------------------------------------------------------                      -----------------------------------
Total liabilities and stockholders’ equity                                                    $                         111,463                                        $ 105,239  
                                                                                           =============================== =============================== ===============================                      ====== ======= ====================
                                                                                                                                                                                                                                
                                                                                                                              FIVE9, INC.
                                                                                                            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                           (Unaudited, in thousands, except per share data)
                                                                                                                                       
                                                                                                    Three Months Ended                                                                                            Six Months Ended
                                                                  ---------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------
                                                                            June 30, 2017                      June 30, 2016                                         June 30, 2017                       June 30, 2016
                                                                  ---------------------------------                     ---------------------------------                     ---------------------------------                     -----------------------------------
                                                                                                                                                                                                                                     
Revenue                                                              $ 47,727                                              $ 38,886                                              $ 94,741                                                $ 76,901
Cost of revenue                                                        20,273                             16,764                             40,244                               33,374  
                                                                  --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Gross profit                                                           27,454                                                22,122                                                54,497                                                  43,527
Operating expenses:
   Research and development                                             6,836                                                 5,799                                                13,683                                                  11,601
   Sales and marketing                                                 16,932                                                12,637                                                32,710                                                  25,343
   General and administrative                                           6,845                              5,882                             15,705                               12,418  
                                                                  --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Total operating expenses                                               30,613                             24,318                             62,098                               49,362  
                                                                  --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Loss from operations                                                   (3,159 )                                              (2,196 )                                              (7,601 )                                                (5,835 )
Other income (expense), net:
   Interest expense                                                      (888 )                                              (1,197 )                                              (1,770 )                                                (2,396 )
   Interest income and other                                               90                                (33 )                                                 208                                  (78 )
                                                                  --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Total other income (expense), net                                        (798 )                                              (1,230 )                                              (1,562 )                                                (2,474 )
                                                                  --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Loss before income taxes                                               (3,957 )                                              (3,426 )                                              (9,163 )                                                (8,309 )
Provision for income taxes                                                 50                                 42                                 99                                   70  
                                                                  --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Net loss                                                             $ (4,007 )                                            $ (3,468 )                                            $ (9,262 )                                              $ (8,379 )
                                                                  ==== ====== ====================                      ==== ====== ====================                      ==== ====== ====================                      ====== ====== ====================
Net loss per share:
   Basic and diluted                                                 $  (0.07 )                                            $  (0.07 )                                            $  (0.17 )                                              $  (0.16 )
                                                                  ==== ====== ====================                      ==== ====== ====================                      ==== ====== ====================                      ====== ====== ====================
Shares used in computing net loss per share:
   Basic and diluted                                                   54,723                             52,143                             54,208                               51,760  
                                                                  ================================                      ================================                      ================================                      ==================================
                                                                                                                                                                                                                                                   
                                                                                       FIVE9, INC.
                                                                     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                (Unaudited, in thousands)
                                                                     
                                                                                                                                Six Months Ended
                                                                                         -----------------------------------------------------------------------------------------------
                                                                                                     June 30, 2017                          June 30, 2016
                                                                                         -------------------------------------                     -------------------------------------
                                                                                                                                                    
Cash flows from operating activities:
Net loss                                                                                       $  (9,262 )                                               $  (8,379 )
                                                                                                                                                                    
Adjustments to reconcile net loss to net cash provided by operating
activities:
   Depreciation and amortization                                                                   4,365                                                     4,163
   Provision for doubtful accounts                                                                    45                                                        41
   Stock-based compensation                                                                        6,983                                                     4,408
   Loss (gain) on disposal of property and equipment                                                 (13 )                                                       2
   Non-cash adjustment on investment                                                                (161 )                                          --
   Amortization of debt discount and issuance costs                                                   40                                                       178
   Accretion of interest                                                                              10                                            --
   Others                                                                                             (1 )                                                      (7 )
Changes in operating assets and liabilities:
   Accounts receivable                                                                            (2,426 )                                                    (245 )
   Prepaid expenses and other current assets                                                      (4,106 )                                                  (1,206 )
   Other assets                                                                                      166                                                        62
   Accounts payable                                                                                1,187                                                       357
   Accrued and other current liabilities                                                             909                                                     1,389
   Accrued federal fees and sales tax liability                                                      171                                                        12
   Deferred revenue                                                                                2,025                                                     1,535
   Other liabilities                                                                                 311                                    (53 )
                                                                                         ------------------------------------                      ------------------------------------
Net cash provided by operating activities                                                            243                                  2,257  
                                                                                         ------------------------------------                      ------------------------------------
Cash flows from investing activities:
Purchases of property and equipment                                                               (1,178 )                                                    (568 )
Increase in restricted cash                                                               --                                    (60 )
                                                                                         ------------------------------------                      ------------------------------------
Net cash used in investing activities                                                             (1,178 )                                                    (628 )
                                                                                         ------------------------------------                      ------------------------------------
Cash flows from financing activities:
Proceeds from exercise of common stock options                                                     2,303                                                     3,352
Proceeds from sale of common stock under ESPP                                                      1,800                                                       792
Repayments of notes payable                                                                         (400 )                                                  (3,563 )
Payments of capital leases                                                                        (3,741 )                                                  (3,056 )
                                                                                         ------------------------------------                      ------------------------------------
Net cash used in financing activities                                                                (38 )                                                  (2,475 )
                                                                                         ------------------------------------                      ------------------------------------
Net decrease in cash and cash equivalents                                                           (973 )                                                    (846 )
Cash and cash equivalents:
   Beginning of period                                                                            58,122                                 58,484  
                                                                                         ------------------------------------                      ------------------------------------
   End of period                                                                               $  57,149                              $  57,638  
                                                                                         ======= ======= ====================                      ======= ======= ====================
                                                                                                                      FIVE9, INC.
                                                                                             RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT
                                                                                                     (Unaudited, in thousands, except percentages)
                                                                                                                      
                                                                                   Three Months Ended                                                                                            Six Months Ended
                                                 ---------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------
                                                           June 30, 2017                      June 30, 2016                                         June 30, 2017                       June 30, 2016
                                                 ---------------------------------                     ---------------------------------                     ---------------------------------                     -----------------------------------
                                                                                                                                                                                                                    
GAAP gross profit                                   $ 27,454                                              $ 22,122                                              $ 54,497                                                $ 43,527
GAAP gross margin                                       57.5 %                                                56.9 %                                                57.5 %                                                  56.6 %
Non-GAAP adjustments:
   Depreciation                                        1,628                                                 1,528                                                 3,116                                                   3,120
   Intangibles amortization                               88                                                    88                                                   176                                                     176
   Stock-based compensation                              575                                329                              1,009                                  594  
                                                 --------------------------------                      --------------------------------                      --------------------------------                      ----------------------------------
Adjusted gross profit                               $ 29,745                           $ 24,067                           $ 58,798                             $ 47,417  
                                                 ==== ====== ====================                      ==== ====== ====================                      ==== ====== ====================                      ====== ====== ====================
Adjusted gross margin                                   62.3 %                                                61.9 %                                                62.1 %                                                  61.7 %
                                                                                                                                                                                                                                  
                                                                                                                     RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
                                                                                                                                  (Unaudited, in thousands)
                                                                                                                                                          
                                                                                                                   Three Months Ended                                                                                                 Six Months Ended
                                                                             -----------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------
                                                                                         June 30, 2017                          June 30, 2016                                           June 30, 2017                        June 30, 2016
                                                                             -------------------------------------                     -------------------------------------                     ---------------------------------                     -------------------------------------
                                                                                                                                                                                                                                                        
GAAP net loss                                                                      $  (4,007 )                                               $  (3,468 )                                            $ (9,262 )                                               $  (8,379 )
Non-GAAP adjustments:
   Depreciation and amortization                                                       2,270                                                     2,060                                                 4,365                                                     4,163
   Stock-based compensation                                                            3,854                                                     2,414                                                 6,983                                                     4,408
   Interest expense                                                                      888                                                     1,197                                                 1,770                                                     2,396
   Interest income and other                                                             (90 )                                                      33                                                  (208 )                                                      78
   Legal settlement                                                           --                                            --                                                 1,700                                            --
   Legal and indemnification fees related to settlement                       --                                            --                                                   135                                            --
   Provision for income taxes                                                             50                                     42                                 99                                     70  
                                                                             ------------------------------------                      ------------------------------------                      --------------------------------                      ------------------------------------
Adjusted EBITDA                                                                    $   2,965                              $   2,278                           $  5,582                              $   2,736  
                                                                             ======= ======= ====================                      ======= ======= ====================                      ==== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                        
                                                                                                                                         FIVE9, INC.
                                                                                                                 RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP OPERATING
                                                                                                                                        INCOME (LOSS)
                                                                                                                                  (Unaudited, in thousands)
                                                                                                                                                          
                                                                                                                   Three Months Ended                                                                                                 Six Months Ended
                                                                             -----------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------
                                                                                         June 30, 2017                          June 30, 2016                                           June 30, 2017                        June 30, 2016
                                                                             -------------------------------------                     -------------------------------------                     ---------------------------------                     -------------------------------------
                                                                                                                                                                                                                                                        
Loss from operations                                                               $  (3,159 )                                               $  (2,196 )                                            $ (7,601 )                                               $  (5,835 )
Non-GAAP adjustments:
   Stock-based compensation                                                            3,854                                                     2,414                                                 6,983                                                     4,408
   Intangibles amortization                                                              117                                                       128                                                   234                                                       256
   Legal settlement                                                           --                                            --                                                 1,700                                            --
   Legal and indemnification fees related to settlement                       --                         --                                135                         --  
                                                                             ------------------------------------                      ------------------------------------                      --------------------------------                      ------------------------------------
Non-GAAP operating income (loss)                                                   $     812                              $     346                           $  1,451                              $  (1,171 )
                                                                             ======= ======= ====================                      ======= ======= ====================                      ==== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                        
                                                                                                                           RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
                                                                                                                             (Unaudited, in thousands, except per share data)
                                                                                                                                                                        
                                                                                                                              Three Months Ended                                                                                                    Six Months Ended
                                                                                    ------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------
                                                                                                    June 30, 2017                             June 30, 2016                                           June 30, 2017                        June 30, 2016
                                                                                    --------------------------------------------                     -------------------------------------                     ---------------------------------                     -------------------------------------
                                                                                                                                                                                                                                                                      
GAAP net loss                                                                             $         (4,007 )                                               $  (3,468 )                                            $ (9,262 )                                               $  (8,379 )
Non-GAAP adjustments:
   Stock-based compensation                                                                          3,854                                                     2,414                                                 6,983                                                     4,408
   Intangibles amortization                                                                            117                                                       128                                                   234                                                       256
   Amortization of debt discount and issuance costs                                                     20                                                        87                                                    40                                                       178
   Legal settlement                                                                         --                                            --                                                 1,700                                            --
   Legal and indemnification fees related to settlement                                     --                                            --                                                   135                                            --
   Non-cash adjustment on investment                                                                   (58 )                                          --                               (161 )                                          --  
                                                                                    -------------------------------------------                      ------------------------------------                      --------------------------------                      ------------------------------------
Non-GAAP net loss                                                                         $            (74 )                                               $    (839 )                                            $   (331 )                                               $  (3,537 )
                                                                                    ======= ============== ====================                      ======= ======= ====================                      ==== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                      
GAAP net loss per share:
   Basic and diluted                                                                      $          (0.07 )                                               $   (0.07 )                                            $  (0.17 )                                               $   (0.16 )
                                                                                    ======= ============== ====================                      ======= ======= ====================                      ==== ====== ====================                      ======= ======= ====================
Non-GAAP net loss per share:
   Basic and diluted                                                                      $ --                              $   (0.02 )                                            $  (0.01 )                                               $   (0.07 )
                                                                                    ======= ============== ====================                      ======= ======= ====================                      ==== ====== ====================                      ======= ======= ====================
Shares used in computing GAAP and non-GAAP net loss per share:
   Basic and diluted                                                                                54,723                                 52,143                             54,208                                 51,760  
                                                                                    ===========================================                      ====================================                      ================================                      ====================================
                                                                                                                                                                                                                                                                                      
                                                                                                                                                     SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND
                                                                                                                                                                   INTANGIBLES AMORTIZATION
                                                                                                                                                                   (Unaudited, in thousands)
                            
                                                                                                                                                                                              Three Months Ended
                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 June 30, 2017                                                                                                                                  June 30, 2016
                                                -----------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------
                                                           Stock-Based                      Depreciation                         Intangibles                                             Stock-Based                      Depreciation                       Intangibles
                                                          Compensation                                                                                                Amortization                                            Compensation                                                                                              Amortization
                                                -----------------------------                        -----------------------------                        ----------------------------------                        -----------------------------                        -----------------------------                        ------------------------------
                                                                                                                                                                                                                                                                                                                               
Cost of revenue                                    $   575                                              $ 1,628                                                 $      88                                              $   329                                              $ 1,528                                                    $                   88
Research and development                               801                                                  237                                            --                                                  528                                                  161                                                            --
Sales and marketing                                  1,224                                                    1                                                        29                                                  544                                                   26                                                                        28
General and administrative                           1,254                               287                         --                             1,013                               217                                                     12
                                                -------------------------------                      -------------------------------                      ------------------------------------                      -------------------------------                      -------------------------------                      --------------------------------
   Total                                           $ 3,854                           $ 2,153                              $     117                           $ 2,414                           $ 1,932                                 $                  128
                                                ==== ===== ====================                      ==== ===== ====================                      ======= ======= ====================                      ==== ===== ====================                      ==== ===== ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                               Six Months Ended
                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 June 30, 2017                                                                                                                                                     June 30, 2016
                                                -----------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------
                                                           Stock-Based                                         Depreciation                                            Intangibles                                             Stock-Based                                         Depreciation                                          Intangibles
                                                          Compensation                                                                                                Amortization                                            Compensation                                                                                              Amortization
                                                -----------------------------                        -----------------------------                        ----------------------------------                        -----------------------------                        -----------------------------                        ------------------------------
                                                                                                                                                                                                                                                                                                                               
Cost of revenue                                    $ 1,009                                              $ 3,116                                                 $     176                                              $   594                                              $ 3,120                                                    $                  176
Research and development                             1,438                                                  443                                            --                                                  963                                                  309                                                            --
Sales and marketing                                  2,152                                                    2                                                        58                                                  978                                                   51                                                                        56
General and administrative                           2,384                               570                         --                             1,873                               427                                                     24
                                                -------------------------------                      -------------------------------                      ------------------------------------                      -------------------------------                      -------------------------------                      --------------------------------
   Total                                           $ 6,983                           $ 4,131                              $     234                           $ 4,408                           $ 3,907                                 $                  256
                                                ==== ===== ====================                      ==== ===== ====================                      ======= ======= ====================                      ==== ===== ====================                      ==== ===== ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                   FIVE9, INC.
                                                                                                                  RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS) -
                                                                                                                                                    GUIDANCE
                                                                                                                                (Unaudited, in thousands, except per share data)
                                                                                                                                                                        
                                                                                                                              Three Months Ending                                                                                                          Year Ending
                                                                                                                              September 30, 2017                                                                                                        December 31, 2017
                                                                                    ------------------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------------
                                                                                                         Low                                      High                                                      Low                                    High
                                                                                    -----------------------------------------                        ----------------------------------                        -------------------------------                        ----------------------------------------
                                                                                                                                                                                                                                                                       
GAAP net loss                                                                             $         (4,327 )                                               $  (5,327 )                                            $ (15,307 )                                              $        (17,307 )
Non-GAAP adjustments:
   Stock-based compensation                                                                          3,991                                                     3,991                                                 14,887                                                          14,887
   Intangibles amortization                                                                            116                                                       116                                                    465                                                             465
   Legal settlement                                                                         --                                            --                                                  1,700                                                           1,700
   Legal and indemnification fees related to settlement                                     --                                            --                                                    135                                                             135
   Non-cash adjustment on investment                                                        --                                            --                                                   (161 )                                                          (161 )
   Amortization of debt discount and issuance costs                                                     20                                     20                                  81                                           81  
                                                                                    -------------------------------------------                      ------------------------------------                      ---------------------------------                      ------------------------------------------
Non-GAAP net income (loss)                                                                $           (200 )                                               $  (1,200 )                                            $   1,800                             $           (200 )
                                                                                    ======= ============== ====================                      ======= ======= ====================                      ==== ======= ====================                      ====== ============== ====================
GAAP net loss per share, basic and diluted                                                $          (0.08 )                                               $   (0.10 )                                            $   (0.28 )                                              $          (0.32 )
                                                                                    ======= ============== ====================                      ======= ======= ====================                      ==== ======= ====================                      ====== ============== ====================
Non-GAAP net income (loss) per share, basic and diluted                                   $ --                              $   (0.02 )                                            $    0.03                             $ --  
                                                                                    ======= ============== ====================                      ======= ======= ====================                      ==== ======= ====================                      ====== ============== ====================
Shares used in computing GAAP net loss and non-GAAP net income
(loss) per share:
   Basic                                                                                            54,900                                                    54,900                                                 54,700                                                          54,700
   Diluted                                                                                          54,900                                                    54,900                                                 59,000                                                          54,700
                                                                                                                                                                                                                                                                                             

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170803006226r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170803006226/en/

SOURCE: Five9, Inc.

Investor Relations: 
Five9, Inc. 
Barry Zwarenstein, 925-201-2000 ext. 5959 
Chief Financial Officer 
IR@five9.com 
or 
The Blueshirt Group for Five9, Inc. 
Lisa Laukkanen, 415-217-4967 
Lisa@blueshirtgroup.com


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