Five9, Inc
(NASDAQ:FIVN)

Five9, Inc., together with its subsidiaries, provides cloud software for contact centers in the United States and internationally. The company offers virtual contact center cloud platform that delivers a suite of applications, which enables the breadth of contact center-related customer service, sal...

Website: http://www.five9.com

Founded: 2001

Full Time Employees: 1,210

Founder: John Sung Kim

CEO: Rowan Trollope

Sector: Technology

Industry: Software-Infrastructure

Information Technology SaaS

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At a glance:

Cloud Contact Center Demand Remains the Core Growth Driver: Five9’s performance and outlook are primarily tied to enterprise adoption of cloud-based contact center software, including ongoing migration away from on-premise solutions.
Enterprise Expansion and Larger Deals Influence Results: Results can be meaningfully impacted by the timing and size of enterprise customer wins, renewals, and expansions, which may create quarter-to-quarter variability.
AI-Enabled Automation and Workforce Optimization as Key Differentiators: The company’s competitive positioning increasingly depends on AI features (e.g., agent assist, self-service automation) and analytics that can improve customer experience and reduce contact center costs.
Competitive Landscape Remains Intense: Five9 competes with other CCaaS providers and broader cloud platforms, making pricing, feature velocity, integrations, and customer support critical to retaining and winning accounts.
Profitability and Margin Execution Are Ongoing Focus Areas: Investors often track operating leverage, sales efficiency, and margin trends as Five9 balances growth investments with progress toward sustained profitability.

Bull Thesis:

Strong Market Position in Growing CCaaS: Five9 is a leading provider in the Contact Center as a Service (CCaaS) market, which continues to benefit from the secular shift of enterprises moving from on-premise to cloud-based contact center solutions. This trend provides a significant and expanding total addressable market for Five9 to capture, driven by the need for greater flexibility, scalability, and advanced features.
AI and Automation Innovation Driving Value: Five9 is heavily investing in and integrating Artificial Intelligence (AI) and automation capabilities, such as Intelligent Virtual Agents (IVAs) and Agent Assist tools, into its platform. These innovations enhance customer experience, improve agent efficiency, and expand the platform's utility, making it more attractive to enterprises looking to modernize their customer service operations and reduce operational costs.
Enterprise Momentum and Upselling Opportunities: The company continues to demonstrate strong traction with larger enterprise customers, which typically leads to higher average contract values and more stable, long-term revenue streams. Furthermore, Five9's modular platform allows for significant upselling and cross-selling opportunities as customers expand their usage of additional features, modules, and seats over time, driving net revenue retention.
High Customer Retention and Recurring Revenue Model: Once integrated, CCaaS platforms become critical infrastructure for businesses, leading to high switching costs and strong customer retention rates for Five9. The subscription-based, recurring revenue model provides predictability and stability, allowing for consistent revenue growth as the customer base expands and existing customers deepen their engagement with the platform.

Bear Thesis:

Intense Competition and Potential Pricing Pressure: The CCaaS market is highly competitive, with established players like Genesys and NICE, as well as emerging challengers and even large tech companies (e.g., Microsoft Teams Phone with Contact Center capabilities) vying for market share. This intense competition could lead to pricing pressure, increased sales and marketing expenses, and potentially slower market share gains for Five9.
Macroeconomic Headwinds Impacting Enterprise Spending: Enterprise software spending, particularly for new deployments or significant expansions, can be sensitive to broader macroeconomic conditions. An economic downturn or prolonged period of uncertainty could cause businesses to delay or reduce their investments in new CCaaS solutions, impacting Five9's sales cycles, bookings, and overall revenue growth.
Path to Sustainable Profitability and Free Cash Flow: Despite strong revenue growth, Five9 has historically struggled with consistent GAAP profitability and generating positive free cash flow. Continued high investments in research and development (R&D) for innovation and significant sales and marketing (S&M) expenses to acquire new customers could delay the company's path to sustainable profitability and robust free cash flow generation, raising concerns about long-term financial health.
High Sales & Marketing Expenses Relative to Revenue: Five9's go-to-market strategy relies heavily on direct sales, which, while effective, can be very expensive. The company's sales and marketing expenses often consume a significant portion of its revenue. While necessary for growth in a competitive market, a sustained high S&M spend could continue to pressure operating margins and make it challenging to achieve significant leverage as the company scales.

Main Competitors:

NICE Ltd. ($NICE) (NICE CXone), A direct and formidable competitor in the cloud contact center (CCaaS) market, NICE offers a comprehensive suite of customer experience solutions including omnichannel routing, workforce optimization, analytics, and AI-powered tools. They compete with Five9 for large enterprise and mid-market clients seeking robust, integrated platforms, often leveraging their long-standing presence in the contact center space.
Genesys (Genesys Cloud CX), A leading private company in the CCaaS market, Genesys offers a powerful cloud-native platform for customer experience orchestration. They compete with Five9 for enterprise clients by providing advanced omnichannel routing, AI, workforce engagement management, and analytics capabilities, often emphasizing scalability, customization, and a global footprint.
Talkdesk (Talkdesk CX Cloud), A rapidly growing private CCaaS provider, Talkdesk competes by offering an intuitive, AI-powered cloud contact center platform with a strong focus on ease of use, rapid deployment, and innovative features. They target mid-market and enterprise customers looking for a modern, agile solution, often emphasizing a strong developer ecosystem and marketplace.
Cisco Systems, Inc. ($CSCO) (Webex Contact Center), Cisco leverages its extensive enterprise network and unified communications presence to offer Webex Contact Center. They compete by integrating CCaaS with their broader collaboration suite, appealing to existing Cisco customers and those seeking a unified communication and contact center solution, often emphasizing reliability, security, and a global support infrastructure.
RingCentral, Inc. ($RNG) (RingCentral Contact Center (powered by NICE)), Primarily known for Unified Communications as a Service (UCaaS), RingCentral offers a contact center solution powered by NICE. They compete by providing an integrated UCaaS and CCaaS offering, appealing to businesses looking for a single vendor for their communication and customer service needs, leveraging their strong UCaaS customer base and channel partnerships.

Moat:

Five9 operates in a highly competitive and rapidly evolving Cloud Contact Center as a Service (CCaaS) market. Its primary moat stems from its early mover advantage as a pure-play cloud-native provider, offering a scalable, flexible, and feature-rich platform. Key differentiators include strong investments in AI and automation (e.g., Intelligent Virtual Agents, Agent Assist), robust integrations with leading CRM and enterprise systems, and a reputation for reliable service and successful enterprise deployments. However, competition is intense, with established players like NICE and Genesys offering comprehensive suites, agile disruptors like Talkdesk innovating rapidly, and UCaaS providers like RingCentral bundling CCaaS solutions. The market is characterized by a constant race for feature parity, AI innovation, and seamless integration capabilities, requiring Five9 to continuously enhance its platform and expand its market reach to maintain its leadership position.

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31

revenue	300,282,000	285,832,000	283,269,000	279,705,000	278,660,000	264,182,000	252,086,000	247,010,000	239,062,000	230,105,000	222,882,000	218,439,000	208,345,000	198,342,000	189,382,000	182,777,000	173,599,000	154,328,000	143,782,000	137,882,000	127,885,000	112,143,000	99,792,000	95,088,000	92,263,000	83,769,000	77,436,000	74,538,000	72,335,000	65,304,000	61,120,000	58,905,000	55,403,000	50,081,000	47,727,000	47,014,000	44,207,000	40,982,000	38,886,000	38,015,000	36,033,000	32,287,000	30,274,000	30,274,000	28,274,000	25,869,000	24,685,000	24,274,000
yoy	7.76%	8.20%	12.37%	13.24%	16.56%	14.81%	13.10%	13.08%	14.74%	16.01%	17.69%	19.51%	20.02%	28.52%	31.71%	32.56%	35.75%	37.62%	44.08%	45.00%	38.61%	33.87%	28.87%	27.57%	27.55%	28.28%	26.70%	26.54%	30.56%	30.40%	28.06%	25.29%	25.33%	22.20%	22.74%	23.67%	22.68%	26.93%	28.45%	25.57%	27.44%	24.81%	22.64%	24.72%
qoq	5.06%	0.90%	1.27%	0.38%	5.48%	4.80%	2.05%	3.32%	3.89%	3.24%	2.03%	4.84%	5.04%	4.73%	3.61%	5.29%	12.49%	7.33%	4.28%	7.82%	14.04%	12.38%	4.95%	3.06%	10.14%	8.18%	3.89%	3.05%	10.77%	6.85%	3.76%	6.32%	10.63%	4.93%	1.52%	6.35%	7.87%	5.39%	2.29%	5.50%	11.60%	6.65%	0.00%	7.07%	9.30%	4.80%	1.69%
cost of revenue	133,844,000	128,552,000	127,865,000	125,973,000	122,663,000	121,933,000	118,414,000	114,530,000	112,493,000	111,080,000	104,361,000	104,756,000	96,294,000	94,111,000	88,229,000	88,867,000	79,764,000	67,137,000	64,395,000	59,803,000	51,233,000	46,561,000	42,453,000	40,037,000	37,940,000	34,472,000	31,248,000	30,851,000	28,339,000	26,179,000	24,814,000	24,702,000	22,363,000	20,497,000	20,273,000	19,971,000	15,770,000	17,790,000	16,764,000	16,610,000	15,635,000	14,812,000	14,270,000	14,778,000	14,540,000	13,504,000	13,469,000	13,148,000
gross profit	166,438,000	157,280,000	155,404,000	153,732,000	155,997,000	142,249,000	133,672,000	132,480,000	126,569,000	119,025,000	118,521,000	113,683,000	112,051,000	104,231,000	101,153,000	93,910,000	93,835,000	87,191,000	79,387,000	78,079,000	76,652,000	65,582,000	57,339,000	55,051,000	54,323,000	49,297,000	46,188,000	43,687,000	43,996,000	39,125,000	36,306,000	34,203,000	33,040,000	29,584,000	27,454,000	27,043,000	28,437,000	23,192,000	22,122,000	21,405,000	20,398,000	17,475,000	16,004,000	15,496,000	13,734,000	12,365,000	11,216,000	11,126,000
yoy	6.69%	10.57%	16.26%	16.04%	23.25%	19.51%	12.78%	16.53%	12.96%	14.19%	17.17%	21.06%	19.41%	19.54%	27.42%	20.28%	22.42%	32.95%	38.45%	41.83%	41.10%	33.03%	24.14%	26.01%	23.47%	26.00%	27.22%	27.73%	33.16%	32.25%	32.24%	26.48%	16.19%	27.56%	24.10%	26.34%	39.41%	32.72%	38.23%	38.13%	48.52%	41.33%	42.69%	39.28%
qoq	5.82%	1.21%	1.09%	-1.45%	9.66%	6.42%	0.90%	4.67%	6.34%	0.43%	4.26%	1.46%	7.50%	3.04%	7.71%	0.08%	7.62%	9.83%	1.68%	1.86%	16.88%	14.38%	4.16%	1.34%	10.20%	6.73%	5.72%	-0.70%	12.45%	7.76%	6.15%	3.52%	11.68%	7.76%	1.52%	-4.90%	22.62%	4.84%	3.35%	4.94%	16.73%	9.19%	3.28%	12.83%	11.07%	10.24%	0.81%
gross margin %	55.43%	55.03%	54.86%	54.96%	55.98%	53.85%	53.03%	53.63%	52.94%	51.73%	53.18%	52.04%	53.78%	52.55%	53.41%	51.38%	54.05%	56.50%	55.21%	56.63%	59.94%	58.48%	57.46%	57.89%	58.88%	58.85%	59.65%	58.61%	60.82%	59.91%	59.40%	58.06%	59.64%	59.07%	57.52%	57.52%	64.33%	56.59%	56.89%	56.31%	56.61%	54.12%	52.86%	51.19%	48.57%	47.80%	45.44%	45.84%
operating expenses:
research and development	36,104,000	35,218,000	39,912,000	41,100,000	41,480,000	42,482,000	40,717,000	41,518,000	38,873,000	40,391,000	39,210,000	38,108,000	36,865,000	34,113,000	34,992,000	35,824,000	30,448,000	29,680,000	24,648,000	22,121,000	18,676,000	17,674,000	17,208,000	15,189,000	12,168,000	11,665,000	10,811,000	10,546,000	8,451,000	9,582,000	8,367,000	7,772,000	6,748,000	6,689,000	6,836,000	6,847,000	6,236,000	6,041,000	5,799,000	5,802,000	5,580,000	5,473,000	5,568,000	6,038,000	5,828,000	5,503,000	5,554,000	5,225,000
sales and marketing	76,636,000	71,657,000	80,668,000	82,855,000	73,898,000	78,615,000	78,332,000	81,109,000	72,956,000	73,366,000	74,077,000	76,314,000	65,928,000	67,353,000	64,098,000	64,611,000	53,394,000	49,712,000	46,024,000	44,799,000	37,053,000	32,969,000	32,231,000	30,160,000	25,627,000	25,014,000	23,250,000	21,701,000	18,793,000	17,818,000	17,912,000	17,478,000	17,358,000	16,502,000	16,932,000	15,778,000	14,480,000	12,925,000	12,637,000	12,706,000	10,720,000	10,797,000	10,594,000	9,931,000	9,453,000	9,296,000	9,674,000	9,022,000
general and administrative	33,902,000	34,362,000	36,385,000	35,205,000	36,439,000	36,575,000	33,988,000	30,548,000	33,338,000	31,006,000	30,477,000	28,258,000	22,509,000	24,496,000	23,824,000	24,314,000	21,972,000	26,790,000	22,909,000	22,245,000	18,258,000	16,724,000	16,129,000	14,658,000	13,496,000	12,146,000	12,042,000	11,762,000	10,766,000	10,746,000	9,833,000	9,103,000	8,767,000	4,679,000	6,845,000	8,860,000	6,511,000	6,143,000	5,882,000	6,536,000	6,433,000	6,087,000	6,027,000	7,275,000	6,763,000	7,967,000	3,515,000	6,171,000
total operating expenses	146,642,000	141,237,000	156,965,000	159,160,000	151,817,000	157,672,000	153,037,000	153,175,000	145,167,000	144,763,000	143,764,000	142,680,000	125,302,000	125,962,000	122,914,000	124,749,000	105,814,000	106,182,000	93,581,000	89,165,000	73,987,000	67,367,000	65,568,000	60,007,000	51,291,000	48,825,000	46,103,000	44,009,000	38,010,000	38,146,000	36,112,000	34,353,000	32,873,000	27,870,000	30,613,000	31,485,000	27,227,000	25,109,000	24,318,000	25,044,000	22,733,000	22,357,000	22,189,000	23,244,000	22,044,000	22,766,000	18,743,000	20,418,000
income from operations	19,796,000	16,043,000	-1,561,000	-5,428,000	4,180,000	-15,423,000	-19,365,000	-20,695,000	-18,598,000	-25,738,000	-25,243,000	-28,997,000	-13,251,000	-21,731,000	-21,761,000	-30,839,000	-11,979,000	-18,991,000	-14,194,000	-11,086,000	2,665,000	-1,785,000	-8,229,000	-4,956,000	3,032,000	472,000	85,000	-322,000	5,986,000	979,000	194,000	-150,000	167,000	1,714,000	-3,159,000	-4,442,000	1,210,000	-1,917,000	-2,196,000	-3,639,000	-2,335,000	-4,882,000	-6,185,000	-7,748,000	-8,310,000	-10,401,000	-7,527,000	-9,292,000
yoy	373.59%	-204.02%	-91.94%	-73.77%	-122.48%	-40.08%	-23.29%	-28.63%	40.35%	18.44%	16.00%	-5.97%	10.62%	14.43%	53.31%	178.18%	-549.49%	963.92%	72.49%	123.69%	-12.10%	-478.18%	-9781.18%	1439.13%	-49.35%	-51.79%	-56.19%	114.67%	3484.43%	-42.88%	-106.14%	-96.62%	-86.20%	-189.41%	43.85%	22.07%	-151.82%	-60.73%	-64.49%	-53.03%	-71.90%	-53.06%	-17.83%	-16.62%
qoq	23.39%	-1127.74%	-71.24%	-229.86%	-127.10%	-20.36%	-6.43%	11.28%	-27.74%	1.96%	-12.95%	118.83%	-39.02%	-0.14%	-29.44%	157.44%	-36.92%	33.80%	28.04%	-515.98%	-249.30%	-78.31%	66.04%	-263.46%	542.37%	455.29%	-126.40%	-105.38%	511.44%	404.64%	-229.33%	-189.82%	-90.26%	-154.26%	-28.88%	-467.11%	-163.12%	-12.70%	-39.65%	55.85%	-52.17%	-21.07%	-20.17%	-6.76%	-20.10%	38.18%	-18.99%
operating margin %	6.59%	5.61%	-0.55%	-1.94%	1.50%	-5.84%	-7.68%	-8.38%	-7.78%	-11.19%	-11.33%	-13.27%	-6.36%	-10.96%	-11.49%	-16.87%	-6.90%	-12.31%	-9.87%	-8.04%	2.08%	-1.59%	-8.25%	-5.21%	3.29%	0.56%	0.11%	-0.43%	8.28%	1.50%	0.32%	-0.25%	0.30%	3.42%	-6.62%	-9.45%	2.74%	-4.68%	-5.65%	-9.57%	-6.48%	-15.12%	-20.43%	-25.59%	-29.39%	-40.21%	-30.49%	-38.28%
other income, net:
interest expense	-3,054,000	-3,087,000	-3,820,000	-4,115,000	-4,271,000	-4,068,000	-3,906,000	-2,567,000	-1,963,000	-1,972,000	-1,866,000	-1,845,000	-1,887,000	-1,879,000	-1,857,000	-1,870,000	-2,024,000	-1,947,000	-2,118,000	-1,938,000	-9,481,000	-9,649,000	-5,734,000	-3,484,000	-3,506,000	-3,486,000	-3,406,000	-3,396,000	-3,462,000	-3,595,000	-2,378,000	-810,000	-836,000	-865,000	-888,000	-882,000	-869,000	-961,000	-1,197,000	-1,199,000	-1,198,000	-1,235,000	-1,155,000	-1,139,000	-1,175,000	-1,116,000	-1,092,000	-778,000
gain on early extinguishment of debt								6,615,000
interest income and other	6,288,000	5,660,000	7,917,000	10,303,000	11,242,000	11,144,000	13,800,000	10,559,000	8,322,000	8,233,000	6,123,000	4,121,000	526,750	982,000	280,000	845,000	8,750	213,000		175,000	6,578,000	349,000	-4,965,000	1,072,000	1,384,000	1,460,000	1,490,000	1,745,000	1,359,000	1,352,000	206,000	398,000	164,000	118,000	90,000	118,000	54,000	12,000	-33,000	-45,000	28,000	119,000	-49,000	2,000	146,000	95,000	-28,000
total other income	3,234,000	2,573,000	4,097,000	6,188,000	6,971,000	7,076,000	9,894,000	14,607,000	6,359,000	6,261,000	4,257,000	2,276,000	819,000	-897,000	-1,577,000	-1,025,000	-2,067,000	-1,734,000	-2,471,000	-1,763,000	-9,867,000	-9,300,000	-10,699,000	-2,412,000	-2,122,000	-2,026,000	-1,916,000	-1,651,000	-2,103,000	-2,243,000	-2,172,000	-412,000			-798,000	-764,000	-815,000	-1,975,000		-1,244,000	-1,170,000	-1,116,000	-1,204,000	-1,137,000	-1,029,000	-1,021,000	-1,120,000	999,000
income before income taxes	23,030,000	18,616,000	2,536,000	760,000	11,151,000	-8,347,000	-9,471,000	-6,088,000	-12,239,000	-19,477,000	-20,986,000	-26,721,000	-12,432,000	-22,628,000	-23,338,000	-31,864,000	-14,046,000	-20,725,000	-16,665,000	-12,849,000	-7,202,000	-11,085,000	-18,928,000	-7,368,000	910,000	-1,554,000	-1,831,000	-1,973,000	3,883,000	-1,264,000	-1,978,000	-562,000	-505,000	967,000	-3,957,000	-5,206,000	395,000	-3,892,000	-3,426,000	-4,883,000
provision for income taxes	3,317,000	643,000	1,382,000	184,000	-426,000	-3,868,000	3,345,000	989,000	119,000	942,000	753,000	527,000	1,221,000	579,000	332,000	2,256,000	-10,445,000	-188,000		-517,000	8,000	346,000	-2,876,000	69,000	74,000	50,000	29,000	-49,000	150,000	41,000	64,000	45,000	126,000	43,000	50,000	49,000	-14,000	-2,000	42,000	28,000	13,000	50,000	-20,000	18,000	33,000	13,000	12,000	27,000
net income	19,713,000	17,973,000	1,154,000	576,000	11,577,000	-4,479,000	-12,816,000	-7,077,000	-12,358,000	-20,419,000	-21,739,000	-27,248,000	-13,653,000	-23,207,000	-23,670,000	-34,120,000	-3,601,000	-20,537,000	-16,530,000	-12,332,000	-7,210,000	-11,431,000	-16,052,000	-7,437,000	836,000	-1,604,000	-1,860,000	-1,924,000	3,733,000	-1,305,000	-2,042,000	-607,000	-631,000	924,000	-4,007,000	-5,255,000	409,000	-3,890,000	-3,468,000	-4,911,000	-3,518,000	-6,048,000	-7,369,000	-8,903,000	-9,372,000	-11,435,000	-8,659,000	-8,320,000
yoy	70.28%	-501.27%	-109.00%	-108.14%	-193.68%	-78.06%	-41.05%	-74.03%	-9.49%	-12.01%	-8.16%	-20.14%	279.14%	13.00%	43.19%	176.68%	-50.06%	79.66%	2.98%	65.82%	-962.44%	612.66%	763.01%	286.54%	-77.61%	22.91%	-8.91%	216.97%	-691.60%	-241.23%	-49.04%	-88.45%	-254.28%	-123.75%	15.54%	7.00%	-111.63%	-35.68%	-52.94%	-44.84%	-62.46%	-47.11%	-14.90%	7.01%
qoq	9.68%	1457.45%	100.35%	-95.02%	-358.47%	-65.05%	81.09%	-42.73%	-39.48%	-6.07%	-20.22%	99.58%	-41.17%	-1.96%	-30.63%	847.51%	-82.47%	24.24%	34.04%	71.04%	-36.93%	-28.79%	115.84%	-989.59%	-152.12%	-13.76%	-3.33%	-151.54%	-386.05%	-36.09%	236.41%	-3.80%	-168.29%	-123.06%	-23.75%	-1384.84%	-110.51%	12.17%	-29.38%	39.60%	-41.83%	-17.93%	-17.23%	-5.00%	-18.04%	32.06%	4.07%
net income margin %	6.56%	6.29%	0.41%	0.21%	4.15%	-1.70%	-5.08%	-2.87%	-5.17%	-8.87%	-9.75%	-12.47%	-6.55%	-11.70%	-12.50%	-18.67%	-2.07%	-13.31%	-11.50%	-8.94%	-5.64%	-10.19%	-16.09%	-7.82%	0.91%	-1.91%	-2.40%	-2.58%	5.16%	-2.00%	-3.34%	-1.03%	-1.14%	1.85%	-8.40%	-11.18%	0.93%	-9.49%	-8.92%	-12.92%	-9.76%	-18.73%	-24.34%	-29.41%	-33.15%	-44.20%	-35.08%	-34.28%
net income per share
basic	0.25	0.23	0.02	0.01																									-0.018	-0.02			-0.038	0.02
diluted	0.23	0.21	0.01	0.01																									-0.018	-0.02			-0.038	0.02
shares used in computing net income per share:
basic	200	77,528	76,654	75,949																									14,447.5	58,454			13,644.75	55,310
diluted	-411	87,295	88,523	89,275																									14,447.5	58,454			13,644.75	59,441
comprehensive income:
other comprehensive income	148	641			-1,192	2,330	-199	-885	1,380	599	-436	1,727	-953.5	433		-3,083	-512	-74	-80	44	-426	-243	-626	1,054	349	81	65	174
comprehensive income	19,861	18,614	765	437
other comprehensive loss			-389	-139											-1,164
net income per share
basic and diluted					0.16	-0.06	-0.17	-0.1	-0.16	-0.28	-0.3	-0.38	-0.19	-0.33	-0.34	-0.49	-0.06	-0.3	-0.25	-0.18	-0.11	-0.17	-0.25	-0.12	0.01	-0.03	-0.03	-0.03			-0.04	-0.01			-0.07	-0.1	0.01	-0.07	-0.07	-0.1	-0.07	-0.12	-0.15	-0.18	-0.16	-0.24	-0.18	-1.48
shares used in computing net loss per share:
basic and diluted					311	74,876	74,203	73,488	297	72,356	71,627	71,259	264	70,232	69,748	68,974	234	67,800	67,292	66,721	664	65,460	63,282	61,705	297	60,781	60,058	59,367			57,903	56,399			54,723	53,688	264	52,708	52,143	51,377	210	50,369	49,980	49,433	3,842	48,310	46,898	5,608
comprehensive loss:
comprehensive loss					10,385	-2,149	-13,015	-7,962	-10,978	-19,820	-22,175	-25,521	-12,240	-22,774	-24,834	-37,203	-4,113	-20,611	-16,610	-12,288	-7,636	-11,674	-16,678	-6,383	1,185	-1,523	-1,795	-1,750											-3,468	-4,911	-3,518	-6,048	-7,368	-8,904	-9,373	-11,434	-8,659	-8,320
loss on early extinguishment of debt
other (expense) and interest income																			-353,000
benefit from income taxes																			-135,000
net income and comprehensive income																													-988.5	-1,305			-2,084.5	924
net loss and comprehensive loss																															-2,042	-607			-4,007	-5,255	409	-3,890
extinguishment of debt																																						-1,026,000
total other expense																																	-577,250	-747,000					-1,230,000
other expense, net:
other comprehensive income:
change in unrealized gain/loss on short-term investments, net of tax																																											1	-1
change in fair value of convertible preferred and common stock warrant liabilities																																																1,745,000
income before provision for income taxes																																									-5,568,000	-5,998,000	-7,389,000	-8,885,000	-9,339,000	-11,422,000	-8,647,000	-8,293,000
other comprehensive loss:
change in unrealized gain on short-term investments, net of tax																																													0.25	1
other income																																																32,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31

assets
current assets:
cash and cash equivalents	232,084,000	193,409,000	205,479,000	370,344,000	362,546,000	290,959,000	175,699,000	240,190,000	143,201,000	127,828,000	195,592,000	141,359,000	180,520,000	129,492,000	101,315,000	100,151,000	90,878,000	82,465,000	175,199,000	176,326,000	220,372,000	301,767,000	233,235,000	155,863,000	77,976,000	120,573,000	110,469,000	93,492,000	81,912,000	79,619,000	166,162,000	80,676,000	68,947,000	63,364,000	57,149,000	56,452,000	58,122,000	57,333,000	57,638,000	57,767,000	58,484,000	59,501,000	65,333,000		58,289,000	53,489,000	61,577,000	29,238,000
marketable investments	464,835,000	482,747,000	430,397,000	671,394,000	643,410,000	675,704,000	930,639,000	843,212,000	587,096,000	572,462,000	464,244,000	488,381,000	433,743,000	447,612,000	397,067,000	377,519,000	378,980,000	332,824,000	390,986,000	467,143,000	383,171,000	479,141,000	452,708,000	170,433,000	241,973,000	200,385,000	197,007,000	205,450,000	209,907,000	200,007,000	108,140,000
accounts receivable	130,984,000	138,486,000	127,835,000	118,614,000	115,172,000	116,430,000	104,382,000	103,157,000	97,424,000	94,436,000	88,461,000	88,085,000	87,494,000	88,225,000	82,885,000	77,912,000	83,731,000	60,383,000	53,811,000	51,987,000	48,731,000	42,542,000	39,607,000	39,972,000	37,655,000	31,407,000	28,153,000	25,840,000	24,797,000	23,903,000	20,167,000	18,534,000	19,048,000	17,231,000	16,281,000	15,453,000	13,881,000	12,899,000	10,765,000	12,528,000	10,567,000	9,309,000	8,250,000	8,719,000	8,335,000	7,725,000	7,098,000	6,650,000
prepaid expenses and other current assets	43,107,000	49,590,000	47,986,000	47,832,000	50,840,000	48,640,000	41,760,000	35,627,000	34,622,000	37,627,000	38,476,000	32,018,000	29,711,000	32,600,000	38,464,000	32,534,000	30,342,000	29,814,000	22,110,000	19,673,000	16,149,000	15,908,000	17,529,000	13,396,000	10,656,000	11,140,000	12,036,000	9,719,000	8,014,000	7,962,000	8,437,000	7,150,000	4,840,000	4,809,000	7,074,000	5,117,000	3,008,000	4,097,000	3,390,000	3,899,000	2,184,000	2,917,000	4,228,000	3,170,000	1,960,000	2,726,000	2,779,000	2,647,000
deferred contract acquisition costs	88,714,000	85,181,000	82,497,000	79,267,000	76,600,000	72,534,000	69,622,000	67,169,000	61,711,000	58,320,000	54,462,000	50,566,000	47,242,000	43,587,000	40,306,000	36,478,000	33,295,000	29,649,000	26,791,000	23,249,000	20,695,000	17,932,000	16,151,000	14,317,000	13,014,000	11,947,000	10,954,000	10,095,000	9,372,000	8,633,000	8,083,000	7,562,000
total current assets	959,724,000	949,413,000	894,194,000	1,287,451,000	1,248,568,000	1,204,267,000	1,322,102,000	1,289,355,000	924,054,000	890,673,000	841,235,000	800,409,000	778,710,000	741,516,000	660,037,000	624,594,000	617,226,000	535,135,000	668,897,000	738,378,000	689,118,000	857,290,000	759,230,000	393,981,000	381,274,000	375,452,000	358,619,000	344,596,000	334,002,000	320,124,000	310,989,000	113,922,000	92,835,000	85,404,000	80,504,000	77,022,000	75,011,000	74,329,000	71,793,000	74,194,000	71,235,000	71,727,000	77,811,000	82,534,000	88,584,000	93,939,000	101,449,000	38,535,000
property and equipment	164,635,000	164,305,000	154,499,000	146,460,000	144,888,000	136,052,000	124,600,000	113,640,000	108,572,000	102,029,000	98,879,000	101,057,000	101,221,000	101,969,000	99,994,000	91,476,000	77,785,000	71,444,000	63,107,000	58,296,000	51,213,000	41,676,000	39,799,000	34,940,000	33,190,000	28,399,000	28,255,000	27,496,000	25,885,000	22,909,000	22,019,000	20,876,000	19,888,000	17,958,000	15,656,000	15,830,000	14,688,000	13,690,000	13,188,000	12,795,000	13,225,000	12,376,000	11,964,000	12,426,000	12,571,000	12,117,000	11,521,000	11,179,000
operating lease right-of-use assets	46,375,000	37,695,000	37,433,000	36,444,000	38,880,000	43,480,000	34,107,000	36,215,000	38,873,000	41,522,000	43,748,000	45,339,000	44,120,000	44,941,000	43,593,000	46,536,000	48,703,000	45,778,000	46,966,000	44,960,000	9,010,000	8,669,000	10,006,000	11,034,000	8,746,000	8,933,000	10,219,000	6,735,000
finance lease right-of-use assets	14,216,000	16,507,000	18,803,000	21,113,000	19,269,000	21,262,000	3,653,000	4,108,000	4,564,000	4,612,000	2,167,000
intangible assets	51,166,000	54,604,000	58,068,000	61,532,000	65,632,000	69,731,000	33,027,000	35,675,000	38,323,000	41,469,000	22,501,000	25,346,000	28,192,000	31,081,000	34,015,000	36,950,000	39,897,000	42,843,000	45,790,000	48,737,000	51,684,000	23,867,000	25,605,000	14,543,000	15,533,000	367,000	455,000	543,000	631,000	724,000	841,000	957,000	1,073,000	1,190,000	1,306,000	1,422,000	1,539,000	1,657,000	1,785,000	1,913,000	2,041,000	2,169,000	2,297,000	2,425,000	2,553,000	2,681,000	2,809,000	2,937,000
goodwill	366,253,000	366,253,000	366,698,000	366,698,000	365,436,000	365,450,000	227,269,000	227,269,000	227,412,000	227,412,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	165,420,000	34,444,000	34,444,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000	11,798,000
other assets	10,725,000	11,107,000	11,252,000	12,669,000	13,384,000	17,765,000	17,755,000	16,668,000	16,199,000	16,603,000	17,329,000	15,240,000	11,057,000	11,963,000	11,886,000	11,748,000	11,871,000	5,432,000	3,089,000	3,135,000	3,236,000	3,258,000	2,789,000	3,316,000	1,184,000	1,100,000	1,000,000	936,000	836,000	962,000	1,026,000	1,120,000	2,602,000	2,365,000	2,199,000	2,276,000	2,203,000	1,225,000	932,000	964,000	934,000	800,000	709,000	863,000	1,428,000	1,339,000	1,350,000	4,786,000
deferred contract acquisition costs, net — less current portion	176,976,000	168,521,000	163,913,000	157,557,000	155,157,000	149,885,000	147,867,000	148,408,000	136,571,000	132,124,000	126,555,000	119,799,000	114,880,000	107,961,000	101,854,000	92,964,000	84,663,000	76,386,000	69,689,000	59,823,000
total assets	1,790,070,000	1,768,405,000	1,704,860,000	2,089,924,000	2,051,214,000	2,007,892,000	1,910,380,000	1,871,338,000	1,494,568,000	1,456,444,000	1,402,944,000	1,286,108,000	1,244,485,000	1,206,812,000	1,177,223,000	1,188,395,000	1,192,942,000	1,150,906,000	1,135,716,000	1,118,749,000	1,063,742,000	1,013,287,000	993,303,000	503,659,000	482,380,000	454,024,000	435,767,000	415,366,000	394,666,000	376,116,000	365,066,000	165,911,000	128,196,000	118,715,000	111,463,000	108,348,000	105,239,000	102,699,000	99,496,000	101,664,000	99,233,000	98,870,000	104,579,000	110,046,000	116,934,000	121,874,000	128,927,000	69,235,000
liabilities and stockholders’ equity
current liabilities:
accounts payable	29,973,000	30,430,000	31,063,000	29,477,000	26,282,000	33,876,000	29,405,000	25,671,000	24,399,000	28,528,000	23,286,000	22,461,000	23,629,000	21,153,000	25,931,000	31,981,000	20,510,000	21,330,000	17,632,000	16,056,000	17,145,000	12,829,000	12,045,000	8,367,000	10,156,000	6,757,000	7,534,000	7,233,000	7,010,000	4,528,000	6,035,000	5,482,000	4,292,000	4,787,000	4,586,000	3,394,000	3,366,000	3,609,000	3,004,000	3,376,000	2,569,000	2,865,000	2,766,000	2,541,000	4,179,000	2,856,000	3,373,000	3,753,000
accrued and other current liabilities	84,120,000	80,568,000	81,870,000	80,354,000	83,720,000	84,297,000	76,320,000	79,185,000	62,131,000	59,511,000	58,860,000	62,196,000	53,092,000	63,122,000	56,894,000	91,411,000	78,577,000	77,905,000	74,024,000	52,960,000	44,450,000	40,814,000	34,817,000	24,738,000	18,385,000	20,141,000	14,925,000	17,965,000	13,771,000	14,144,000	13,615,000	14,132,000	11,787,000	11,967,000	10,277,000	13,028,000	9,604,000	10,500,000	9,153,000	9,747,000	7,911,000	8,053,000	8,718,000	8,107,000	7,318,000	7,778,000	8,152,000	7,788,000
operating lease liabilities	12,922,000	11,187,000	11,473,000	11,131,000	11,258,000	11,446,000	9,509,000	9,880,000	10,731,000	11,454,000	11,931,000	11,739,000	10,626,000	10,201,000	9,836,000	10,135,000	9,826,000	8,849,000	7,758,000	5,478,000	3,912,000	4,307,000	5,247,000	6,087,000	5,064,000	5,010,000	5,132,000	4,322,000
finance lease liabilities	8,480,000	8,826,000	9,174,000	9,090,000	7,768,000	7,695,000	1,819,000	1,791,000	1,767,000	1,617,000	704,000								36,000	156,000	612,000	1,299,000	2,032,000	2,812,000	3,518,000	4,457,000	5,545,000	6,208,000
deferred revenue	77,515,000	74,737,000	68,009,000	74,809,000	79,173,000	80,000,000	65,286,000	67,019,000	68,187,000	64,565,000	57,539,000	58,082,000	57,816,000	53,834,000	51,553,000	46,564,000	43,720,000	36,887,000	33,237,000	32,835,000	31,983,000	28,527,000	26,306,000	25,632,000	24,681,000	21,858,000	19,991,000	17,853,000	17,391,000	17,490,000	14,750,000	13,700,000	13,975,000	13,699,000	11,903,000	10,920,000	10,047,000	8,838,000	7,898,000	7,832,000	6,413,000	5,562,000	5,525,000	5,641,000	5,346,000	4,991,000	5,009,000	4,957,000
convertible senior notes				434,031,000	433,490,000	432,927,000	432,364,000	1,160,972,000				169,000	169,000	176,000	187,000	737,865,000	768,599,000	773,353,000	773,588,000	782,241,000	643,316,000	646,592,000	642,203,000	212,924,000	209,604,000	206,301,000	203,051,000	199,842,000	196,763,000	193,664,000	190,615,000
total current liabilities	213,010,000	205,748,000	201,589,000	638,892,000	641,691,000	650,241,000	614,703,000	183,546,000	167,215,000	171,976,000	158,251,000	160,216,000	150,776,000	151,410,000	146,654,000	183,788,000	157,575,000	147,052,000	139,413,000	113,677,000	103,561,000	91,967,000	83,682,000	71,113,000	65,992,000	61,639,000	55,970,000	56,333,000	47,994,000	46,074,000	44,712,000	42,732,000	39,518,000	39,316,000	38,036,000	38,150,000	34,078,000	36,831,000	51,625,000	53,067,000	48,523,000	33,469,000	32,976,000	33,036,000	32,350,000	42,915,000	40,837,000	40,385,000
convertible senior notes — less current portion	735,490,000									741,169,000	740,215,000	739,284,000		737,429,000	736,485,000
operating lease liabilities — less current portion	42,116,000	35,398,000	35,225,000	34,987,000	37,071,000	39,976,000	32,177,000	34,207,000	36,378,000	38,336,000	39,973,000	41,703,000	41,389,000	42,487,000	42,186,000	44,818,000	47,088,000	45,144,000	46,029,000	45,135,000	5,379,000	4,679,000	5,249,000	5,438,000	4,329,000	4,530,000	5,707,000	3,012,000
finance lease liabilities — less current portion	6,090,000	8,042,000	10,012,000	12,321,000	11,688,000	13,716,000	1,949,000	2,414,000	2,877,000	3,048,000	1,463,000												100,000	286,000	809,000	1,516,000	2,402,000	3,316,000
other long-term liabilities	7,547,000	9,378,000	7,037,000	6,717,000	6,717,000	7,441,000	5,661,000	6,601,000	7,888,000	7,126,000	3,331,000	4,913,000	3,080,000	5,147,000	6,108,000	6,682,000	7,671,000	13,415,000	13,113,000	32,628,000	31,465,000	6,809,000	6,814,000	6,589,000	4,350,000	1,234,000	1,231,000	1,358,000	1,811,000	1,360,000	1,436,000	1,500,000	1,041,000	959,000	1,010,000	590,000	530,000	532,000	579,000	798,000	582,000	640,000	672,000	748,000	548,000	607,000	613,000	668,000
total liabilities	1,004,253,000	993,119,000	987,483,000	1,425,638,000	1,429,022,000	1,442,306,000	1,384,502,000	1,387,740,000	956,483,000	962,574,000	944,145,000	947,022,000	934,520,000	937,367,000	932,321,000	974,036,000	981,810,000	979,836,000	973,010,000	974,543,000	784,578,000	750,898,000	738,895,000	297,193,000	285,922,000	276,053,000	269,197,000	264,700,000	251,918,000	248,232,000	245,560,000	85,459,000	81,358,000	80,943,000	79,308,000	79,363,000	74,911,000	76,920,000	73,043,000	75,905,000	72,953,000	72,328,000	74,004,000	74,845,000	75,181,000	73,724,000	71,410,000	78,233,000
commitments and contingencies
stockholders’ equity:
preferred stock, 0.001 par value...
common stock, 0.001 par value...	77,000				76,000				73,000				71,000				68,000				67,000				61,000				59,000	59,000	58,000	58,000	57,000	56,000	55,000	54,000	53,000	53,000	53,000	52,000	51,000	51,000	50,000	50,000	49,000	48,000	48,000
additional paid-in capital	1,163,072,000	1,172,401,000	1,133,107,000	1,080,782,000	1,039,125,000	992,905,000	951,048,000	895,754,000	942,280,000	887,087,000	832,197,000	690,309,000	635,668,000	582,908,000	535,592,000	480,215,000	439,787,000	395,612,000	366,637,000	331,528,000	474,678,000	452,531,000	432,877,000	368,260,000	351,870,000	334,568,000	321,644,000	303,946,000	294,279,000	283,055,000	273,373,000	232,277,000	222,202,000	212,505,000	207,813,000	200,637,000	196,555,000	192,415,000	189,199,000	185,038,000	180,649,000	177,393,000	175,379,000	172,637,000	170,286,000	167,311,000	165,244,000	35,868,000
accumulated other comprehensive income	897,000	749,000	108,000	497,000	636,000	1,828,000	-502,000	-303,000	582,000								-287,000	225,000	299,000	379,000	335,000	761,000	1,004,000	1,630,000	576,000	227,000	146,000	81,000																		1,000
accumulated deficit	-378,229,000	-397,942,000	-415,915,000	-417,069,000	-417,645,000	-429,222,000	-424,743,000	-411,927,000	-404,850,000	-392,492,000	-372,073,000	-350,334,000	-323,086,000	-309,433,000	-286,226,000	-262,556,000	-228,436,000	-224,835,000	-204,298,000	-187,768,000	-198,179,000	-190,969,000	-179,538,000	-163,486,000	-156,049,000	-156,885,000	-155,281,000	-153,421,000	-151,497,000	-155,230,000	-153,925,000	-151,883,000	-175,421,000	-174,789,000	-175,713,000	-171,706,000	-166,280,000	-166,689,000	-162,799,000	-159,331,000	-154,420,000	-150,902,000	-144,854,000	-137,485,000	-128,582,000	-119,210,000	-107,775,000	-99,116,000
total stockholders’ equity	785,817,000	775,286,000	717,377,000	664,286,000	622,192,000	565,586,000	525,878,000	483,598,000	538,085,000	493,870,000	458,799,000	339,086,000	309,965,000	269,445,000	244,902,000	214,359,000	211,132,000	171,070,000	162,706,000	144,206,000	279,164,000	262,389,000	254,408,000	206,466,000	196,458,000	177,971,000	166,570,000	150,666,000	142,748,000	127,884,000	119,506,000	80,452,000	46,838,000	37,772,000	32,155,000	28,985,000	30,328,000	25,779,000	26,453,000	25,759,000	26,280,000	26,542,000	30,575,000	35,201,000	41,753,000	48,150,000	57,517,000
total liabilities and stockholders’ equity	1,790,070,000	1,768,405,000	1,704,860,000	2,089,924,000	2,051,214,000	2,007,892,000	1,910,380,000	1,871,338,000	1,494,568,000	1,456,444,000	1,402,944,000	1,286,108,000	1,244,485,000	1,206,812,000	1,177,223,000	1,188,395,000	1,192,942,000	1,150,906,000	1,135,716,000	1,118,749,000	1,063,742,000	1,013,287,000	993,303,000	503,659,000	482,380,000	454,024,000	435,767,000	415,366,000	394,666,000	376,116,000	365,066,000	165,911,000	128,196,000	118,715,000	111,463,000	108,348,000	105,239,000	102,699,000	99,496,000	101,664,000	99,233,000	98,870,000	104,579,000	110,046,000	116,934,000	121,874,000	128,927,000
convertible senior notes - less current portion		734,553,000	733,620,000	732,721,000	731,855,000	730,932,000	730,012,000		742,125,000				738,376,000
common stock		78,000	77,000	76,000		75,000	75,000	74,000		73,000	72,000	72,000		71,000	70,000	70,000		68,000	68,000	67,000		66,000	65,000	62,000		61,000	61,000	60,000																				6,000
accrued federal fees										3,336,000	3,384,000	3,360,000	2,471,000	439,000		1,650,000	2,282,000	242,000	5,138,000	5,024,000	3,745,000	2,562,000	1,670,000	1,754,000	2,303,000	1,981,000	1,577,000	1,348,000	1,434,000	1,681,000	1,638,000	1,331,000	1,151,000	1,146,000	3,261,000	3,018,000	2,742,000	5,873,000	6,008,000	5,885,000	5,684,000	5,595,000	5,658,000	7,531,000	7,215,000	6,430,000	4,361,000	4,353,000
sales tax liabilities										2,965,000	2,547,000	2,209,000	2,973,000	2,485,000	2,253,000	2,047,000	2,660,000	1,839,000	1,588,000	1,168,000	1,714,000	1,629,000	1,565,000	1,723,000	1,885,000	1,435,000	1,266,000	1,404,000
sales tax liabilities — less current portion										919,000	912,000	906,000	899,000	894,000	888,000	883,000	877,000	872,000	867,000	862,000	857,000	851,000	847,000	843,000	838,000	833,000	836,000	839,000
accumulated other comprehensive loss										-798,000	-1,397,000	-961,000	-2,688,000	-4,101,000	-4,534,000	-3,370,000													-93,000															-1,000
deferred contract acquisition costs — less current portion																					51,934,000	44,083,000	39,366,000	34,047,000	30,655,000	27,975,000	25,421,000	23,262,000	21,514,000	19,599,000	18,393,000	17,238,000
treasury stock																					2,263,000
sales tax liability																													1,741,000	1,322,000	1,201,000	1,097,000	1,326,000	1,174,000	1,191,000	1,138,000	1,347,000	1,307,000	1,215,000	1,167,000	1,262,000	1,036,000	863,000	1,221,000	297,000	260,000	127,000	90,000
notes payable																															31,000	180,000	336,000	486,000	663,000	643,000	742,000	1,070,000	6,576,000	7,375,000	7,212,000	6,045,000	5,081,000	3,528,000	3,146,000	3,112,000	2,573,000	2,037,000
capital leases																													6,647,000	6,909,000	7,442,000	6,810,000	6,651,000	6,057,000	6,155,000	6,009,000	6,230,000	5,634,000	5,271,000	5,185,000	4,972,000	4,313,000	4,365,000	4,467,000	4,849,000	4,988,000	4,742,000	4,907,000
revolving line of credit																																32,594,000	32,594,000	32,594,000	32,594,000	32,594,000			12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000
sales tax liability — less current portion																													841,000	884,000	928,000	979,000	1,044,000	1,207,000	1,284,000	1,399,000	1,476,000	1,591,000	1,650,000	1,902,000	1,915,000	1,949,000	2,063,000	2,303,000	2,582,000	2,177,000	2,358,000	5,735,000
capital leases — less current portion																													4,509,000	6,250,000	7,869,000	7,654,000	7,161,000	6,867,000	6,384,000	6,468,000	5,915,000	4,902,000	4,617,000	4,494,000	4,606,000	4,538,000	4,676,000	4,560,000	4,423,000	4,499,000	3,355,000	3,836,000
notes payable — less current portion																																				162,000	318,000	470,000	14,572,000	15,644,000	17,327,000	19,232,000	21,117,000	21,698,000	22,778,000	23,526,000	24,247,000	24,962,000
revolving line of credit — less current portion																																					32,594,000	32,594,000
short-term investments																																												19,999,000	20,000,000	29,999,000	29,995,000
cash																																												50,646,000
convertible preferred and common stock warrant liabilities																																																2,647,000
stockholders’ equity
convertible preferred stock, 0.001 par value...																																																54,244,000
liabilities and stockholders’ deficit
stockholders’ deficit:
total stockholders’ deficit																																																-8,998,000
total liabilities and stockholders’ deficit																																																69,235,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31

cash flows from operating activities:
net income	19,713,000	17,973,000	1,154,000	576,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	16,853,000	15,772,000	14,649,000	14,490,000	14,640,000	13,144,000	12,938,000	12,183,000	12,962,000	12,482,000	11,724,000	11,347,000	11,021,000	11,215,000	11,640,000	10,795,000	10,538,000	9,780,000	9,651,000	8,763,000	7,337,000	6,537,000	6,243,000	4,970,000	4,324,000	3,497,000	3,361,000	3,192,000	2,838,000	2,667,000	2,449,000	2,320,000	2,068,000	1,881,000	2,270,000	2,095,000	2,088,000	2,139,000	2,060,000	2,103,000	1,863,000	1,840,000	1,910,000	1,775,000	1,605,000	1,567,000	1,699,000	1,592,000
reduction in the carrying amount of right-of-use assets	5,103,000	5,094,000	4,996,000	5,084,000
amortization of deferred contract acquisition costs	22,438,000	22,040,000	21,166,000	20,362,000	19,331,000	18,327,000	17,556,000	16,269,000	15,296,000	14,378,000	13,287,000	12,423,000	11,789,000	10,592,000	9,975,000	8,678,000	7,692,000	6,890,000
accretion of discount on marketable investments	-1,234,000	-1,333,000	-2,012,000	-3,313,000	-3,985,000	-5,616,000	-6,282,000	-4,935,000
provision for credit losses	363,000	309,000	522,000	423,000	344,000	129,000	325,000	352,000	194,000	267,000	211,000	317,000
stock-based compensation	33,625,000	33,339,000	41,859,000	39,245,000	38,443,000	39,556,000	43,632,000	44,684,000	49,571,000	52,611,000	53,367,000	50,743,000	43,825,000	44,503,000	44,785,000	39,394,000	35,601,000	27,395,000	24,901,000	20,908,000	16,876,000	17,286,000	16,791,000	13,794,000	11,868,000	11,075,000	10,436,000	8,686,000	7,493,000	8,869,000	6,797,000	5,325,000	4,640,000	3,720,000	3,854,000	3,129,000	2,716,000	2,519,000	2,414,000	1,994,000	1,720,000	1,945,000	1,830,000	2,235,000	1,957,000	1,877,000	1,723,000	1,196,000
amortization of discount and issuance costs on convertible senior notes	936,000	934,000	1,273,000	1,407,000	1,487,000	1,482,000	1,435,000	1,074,000	956,000	954,000	931,000	908,000	947,000	944,000	922,000	930,000	997,000	1,001,000	985,000	974,000	8,534,000	8,633,000	5,251,000	3,320,000	3,304,000	3,250,000	3,155,000	3,079,000	3,099,000	3,049,000
gain on early extinguishment of debt					0	0	0	-6,615,000
impairment charge of an equity investment					0
impairment charge related to closure of operating lease facilities
interest on finance lease obligations	290,000	195,000	282,000	266,000	6,000
deferred taxes - excluding tax benefit from acquisition
deferred taxes - tax benefit from acquisition
other	-114,000	360,000	-38,000	-163,000	-906,000	-81,000	222,000	-286,000	138,000	47,000	183,000	439,000	-315,000	331,000	-38,000	210,000	185,000	-15,000	40,000	186,000
changes in operating assets and liabilities:
accounts receivable	7,139,000	-10,961,000	-9,742,000	-3,866,000	914,000	-7,924,000	-1,550,000	-6,085,000	-3,183,000	-5,167,000	-586,000	-908,000	438,000	-5,647,000	-5,256,000	5,566,000	-23,805,000	-6,655,000	-1,983,000	-3,543,000	-4,652,000	-3,187,000	501,000	-2,620,000	-6,258,000	-3,299,000	-2,332,000	-1,046,000	-898,000	-3,817,000	-1,633,000	519,000	-1,757,000	-980,000	-831,000	-1,595,000	-1,006,000	-2,138,000	1,745,000	-1,990,000	-1,261,000	-1,092,000	453,000	-510,000	-646,000	-618,000	-470,000	344,000
prepaid expenses and other current assets	6,483,000	-1,563,000	-154,000	3,008,000	-2,586,000	-2,425,000	-6,134,000	-1,003,000	3,005,000	2,227,000	-6,457,000	-2,307,000	2,889,000	5,864,000	-5,930,000	-2,162,000	-528,000	-7,703,000	-2,438,000	-3,524,000	132,000	1,620,000	-4,311,000	-2,754,000	501,000	881,000	-2,332,000	-1,721,000	-51,000	385,000	-1,307,000	-1,833,000	-51,000	2,245,000	-1,977,000	-2,129,000	1,068,000	-721,000	509,000	-1,715,000	733,000	1,311,000	-1,057,000	-1,211,000	765,000	89,000	-105,000	-965,000
deferred contract acquisition costs	-34,427,000	-29,332,000	-30,752,000	-25,429,000	-28,669,000	-23,256,000	-19,467,000	-33,565,000	-23,134,000	-23,804,000	-23,941,000	-20,665,000	-22,362,000	-19,981,000	-22,694,000	-20,160,000	-19,615,000	-16,446,000	-19,336,000	-15,983,000	-10,614,000	-6,497,000	-7,153,000	-4,695,000	-3,748,000	-3,547,000	-3,017,000	-2,471,000	-2,654,000	-1,756,000	-1,676,000	-1,662,000
other assets	-15,000	93,000	1,709,000	843,000	4,567,000	416,000	-1,087,000	-781,000	904,000	452,000	-1,113,000	-4,231,000	-106,000	-143,000	-304,000	234,000	467,000	-2,343,000	46,000	101,000	163,000	-470,000	528,000	-2,132,000	-84,000	12,307,000	-4,726,000	-7,845,000	125,000	64,000	94,000	-90,000	-104,000	-95,000	136,000	30,000	228,000	-87,000	92,000	-30,000	-134,000	-91,000	7,000	-94,000	-89,000	16,000	10,000	-65,000
accounts payable	2,667,000	-3,330,000	1,122,000	2,731,000	-7,594,000	4,720,000	2,652,000	1,279,000	-2,630,000	3,246,000	759,000	1,557,000	-163,000	-3,479,000	-6,646,000	11,133,000	-1,014,000	3,594,000	1,374,000	351,000	3,514,000	114,000	3,674,000	-1,121,000	2,449,000	-59,000	-393,000	552,000	2,111,000	-1,186,000	312,000	1,181,000	-596,000	222,000	1,282,000	-95,000	-228,000	682,000	-468,000	825,000	-281,000	65,000	235,000	-1,629,000	1,318,000	-510,000	-287,000	-221,000
accrued and other current liabilities	2,373,000	23,000	-4,888,000	-3,208,000	-2,541,000	1,446,000	-11,898,000	15,832,000	-7,268,000	-5,972,000	-3,633,000	7,599,000	-9,175,000	4,903,000	-6,203,000	2,096,000	34,000	-2,815,000	18,044,000	5,299,000	-4,154,000	3,967,000	4,759,000	4,802,000	-4,066,000	-2,994,000	-1,208,000	7,724,000	-710,000	160,000	-376,000	2,791,000	-713,000	865,000	-2,210,000	3,119,000	-487,000	1,360,000	-546,000	1,935,000	-362,000	-1,247,000	912,000	1,123,000	-695,000	573,000	1,110,000	875,000
deferred revenue	2,556,000	8,008,000	-6,961,000	-4,561,000	-609,000	3,668,000	-2,032,000	-1,452,000	3,414,000	2,224,000	-861,000	181,000	3,657,000	1,948,000	4,912,000	2,659,000	6,456,000	6,124,000	-2,440,000	322,000	2,725,000	1,954,000	-86,000	3,378,000	4,304,000	1,852,000	2,123,000	416,000	46,000	2,740,000	1,049,000	121,000	206,000	1,651,000	1,116,000	909,000	1,231,000	914,000	-124,000	1,659,000	846,000	29,000	-123,000	286,000	346,000	32,000	52,000	582,000
other long-term liabilities
net cash from operating activities	83,566,000	59,196,000	35,061,000	48,384,000	49,815,000	41,122,000	19,878,000	32,353,000	36,544,000	37,030,000	21,852,000	33,412,000	32,740,000	30,504,000	-3,103,000	28,724,000	8,136,000	-4,808,000	11,392,000	13,765,000	19,312,000	22,831,000	14,765,000	10,394,000	15,566,000	17,677,000	6,788,000	11,190,000	15,470,000	9,444,000	5,711,000	7,997,000	2,880,000	7,983,000	84,000	159,000	2,834,000	1,747,000	2,205,000	52,000	-66,000	-3,163,000	-3,957,000	-5,753,000	-3,520,000	-6,361,000	-8,218,000	-6,180,000
capital expenditures	-6,241,000	-10,504,000	-3,494,000	-4,724,000	-9,291,000	-14,375,000	-6,771,000	-11,951,000	-11,293,000	-3,299,000	-6,714,000	-9,928,000	-6,244,000	-11,554,000	-22,076,000	-12,398,000	-13,738,000	-9,001,000	-11,248,000	-8,229,000	-10,010,000	-5,521,000	-8,846,000	-6,045,000	-6,452,000	-4,550,000	-4,241,000	-3,985,000	-4,758,000	-3,411,000	-659,000	-433,000	-841,000	-631,000	-664,000	-514,000	-158,000	-405,000	-316,000	-252,000	-427,000	-275,000	-216,000	-198,000	-547,000	-142,000	-265,000	-71,000
free cash flows	77,325,000	48,692,000	31,567,000	43,660,000	40,524,000	26,747,000	13,107,000	20,402,000	25,251,000	33,731,000	15,138,000	23,484,000	26,496,000	18,950,000	-25,179,000	16,326,000	-5,602,000	-13,809,000	144,000	5,536,000	9,302,000	17,310,000	5,919,000	4,349,000	9,114,000	13,127,000	2,547,000	7,205,000	10,712,000	6,033,000	5,052,000	7,564,000	2,039,000	7,352,000	-580,000	-355,000	2,676,000	1,342,000	1,889,000	-200,000	-493,000	-3,438,000	-4,173,000	-5,951,000	-4,067,000	-6,503,000	-8,483,000	-6,251,000
cash flows from investing activities:
purchases of marketable investments	-176,228,000	-254,004,000	-39,207,000	-275,939,000	-295,874,000	-176,991,000	-291,627,000	-524,865,000	-250,289,000	-207,118,000	-196,703,000	-140,892,000	-185,490,000	-98,566,000	-46,435,000	-105,277,000	-136,946,000	-217,916,000	-161,945,000	-163,683,000	-113,902,000	-46,147,000	-398,560,000	-62,339,000	-85,069,000	-123,093,000	-116,881,000	-34,427,000	-16,751,000	-94,447,000
proceeds from sales of marketable investments	13,570,000	23,904,000			28,143,000	81,478,000	0	12,517,000	240,000	726,000			0	0	0	600,000	41,919,000
proceeds from maturities of marketable investments	182,065,000	179,371,000	191,363,000	251,292,000	303,210,000	358,367,000	210,136,000	260,619,000	240,471,000	187,281,000	150,896,000	76,940,000	203,257,000	106,726,000	83,764,000	130,821,000	108,018,000	136,317,000	163,423,000	120,182,000	166,271,000	100,357,000	33,240,000	134,610,000	43,459,000	119,927,000	125,857,000	39,497,000	7,246,000	2,647,000
purchases of property and equipment	-6,241,000	-10,504,000	-3,494,000	-4,724,000	-9,291,000	-14,375,000	-6,771,000	-11,951,000	-11,293,000	-3,299,000	-6,714,000	-9,928,000	-6,244,000	-11,554,000	-22,076,000	-12,398,000	-13,738,000	-9,001,000	-11,248,000	-8,229,000	-10,010,000	-5,521,000	-8,846,000	-6,045,000	-6,452,000	-4,550,000	-4,241,000	-3,985,000	-4,758,000	-3,411,000	-659,000	-433,000	-841,000	-631,000	-664,000	-514,000	-158,000	-405,000	-316,000	-252,000	-427,000	-275,000	-216,000	-198,000	-547,000	-142,000	-265,000	-71,000
capitalization of internal-use software development costs
payments of initial direct lease costs	0
cash paid to acquire acqueon inc.					15,000
cash settlement to acquire aceyus, inc.
net cash from investing activities	3,152,000	-71,910,000	229,166,000	-38,103,000	18,191,000	75,362,000	-93,280,000	-266,823,000	-24,588,000	-105,253,000	-54,035,000	-75,686,000	10,060,000	-4,704,000	14,430,000	11,177,000	-747,000	-88,231,000	-9,770,000	-51,730,000	-94,666,000	48,689,000	-402,479,000	66,126,000	-61,952,000	-7,716,000	4,735,000	1,302,000	-14,263,000	-95,211,000	-108,765,000	1,490,000	-841,000	-631,000	-664,000	-514,000	-1,364,000	-405,000	-376,000	-252,000	-427,000	-275,000	19,930,000	462,000	9,454,000	-142,000	-30,258,000	-96,000
cash flows from financing activities:
proceeds from issuance of 2029 convertible senior notes
payment of debt issuance costs
payments for capped call transactions associated with the 2029 convertible senior notes					0	0	0	-93,438,000
repurchase of a portion of 2025 convertible senior notes
repayment of outstanding 2023 convertible senior notes at maturity									0	0
cash received from the settlement at maturity of the outstanding capped calls associated with the 2023 convertible senior notes									0	0
cash received from partial termination of capped calls associated with the 2025 convertible senior notes					0	0	0	539,000
repayment of outstanding 2025 convertible senior notes at maturity	0	0
proceeds from exercise of common stock options	19,000	3,088,000			58,000	26,000	11,000	386,000	812,000	1,334,000	3,856,000	3,125,000	3,164,000	2,353,000	1,728,000	1,277,000	1,373,000	1,590,000	2,224,000	2,215,000	2,728,000	2,848,000	3,484,000	2,596,000	1,608,000	1,849,000	3,266,000	982,000	668,000	1,290,000	1,070,000	4,751,000		977,000	1,510,000	793,000		698,000	955,000	2,397,000								556,000
proceeds from sale of common stock under espp	4,551,000	0	7,918,000	3,000	5,275,000	0			6,483,000	0			5,075,000	0			7,269,000	0			5,803,000	0			3,827,000	0			2,846,000	0			2,301,000	0			1,187,000	0			689,000	0
payment of employee taxes related to vested rsus
cash paid for repurchase of the company's common stock
payment of holdbacks related to acquisitions
payments of finance leases									-493,000								0	-37,000	-119,000	-456,000	-687,000	-833,000	-966,000	-1,229,000	-1,646,000	-1,706,000	-1,808,000	-1,894,000
net cash from financing activities	-48,017,000	576,000	-428,962,000	-2,163,000	3,327,000	-1,014,000	9,016,000	331,396,000	3,532,000	338,000	87,584,000	3,125,000	8,229,000	2,330,000	-10,163,000	-30,628,000	1,024,000	305,000	-2,749,000	-6,081,000	-6,041,000	-2,988,000	465,086,000	1,367,000	3,789,000	143,000	5,454,000	-912,000	1,086,000	-776,000	188,540,000	2,242,000	3,544,000	-1,137,000	1,277,000	-1,315,000	-681,000	-1,647,000	-1,958,000	-517,000	-524,000	-2,394,000	-1,286,000	-2,352,000	-1,134,000	-1,585,000	70,815,000	17,766,000
net increase in cash, cash equivalents and restricted cash	38,701,000	-12,138,000	-164,735,000	8,118,000	71,333,000	115,470,000	-64,386,000	96,926,000		-67,885,000	55,401,000	-39,149,000
cash, cash equivalents and restricted cash:
beginning of period	0	0	0	364,185,000		0	0	144,842,000		0	0	180,987,000		513,000	0	90,878,000		0	0	220,372,000		0	0	77,976,000		0	0	81,912,000		0	0	68,947,000	0	0	0	58,122,000	0	0	0	58,484,000	0	0	0	58,289,000	0	0	0	17,748,000
end of period	38,701,000	-12,138,000	-164,735,000	372,303,000		115,470,000	-64,386,000	241,768,000		-67,885,000	55,401,000	141,838,000		28,643,000	1,164,000	100,151,000		-92,734,000	-1,127,000	176,326,000		68,532,000	77,372,000	155,863,000		10,104,000	16,977,000	93,492,000		-86,543,000	85,486,000	80,676,000	5,583,000	6,215,000	697,000	56,452,000	789,000	-305,000	-129,000	57,767,000	-1,017,000	-5,832,000	14,687,000	50,646,000	4,800,000	-8,088,000	32,339,000	29,238,000
supplemental disclosures of cash flow data:
cash paid for interest	248,000	4,022,000	1,402,000	4,026,000	829,000	4,161,000	1,145,000	458,000	1,941,000	84,000	1,870,000	2,000	1,874,000	0			2,160,000	1,000	1,899,000	13,000	1,978,000	41,000	223,000	82,000	283,000	156,000	355,000	235,000	438,000	393,000	692,000	765,000
cash paid for income taxes	1,679,000	241,000			414,000	1,825,000	1,500,000	12,000	465,000	312,000	780,000	32,000	101,000	285,000	310,000	337,000	-16,000	-116,000	90,000	73,000	132,000	20,000	32,000	109,000	77,000	51,000	111,000	42,000	8,000	84,000	34,000	33,000
non-cash investing and financing activities:
equipment purchased and unpaid at period-end													-1,040,000	-2,769,000	-6,224,000	22,365,000	166,000	5,887,000	303,000	7,515,000	4,393,000	883,000	558,000	2,280,000	2,028,000	-740,000	-273,000	1,875,000	804,000	42,000	456,000	281,000			-108,000	159,000	150,000	-89,000	-35,000	137,000	67,000	50,000	18,000	16,000	8,000	-20,000	3,000	20,000
capitalization of leasehold improvement through non-cash lease incentive																									37,000	0
acquisition and related transaction costs accrued at period-end					3,000
stock-based compensation included in capitalized software development costs	2,476,000	2,868,000	2,519,000	2,409,000	2,446,000	2,275,000	2,129,000	1,303,000	1,598,000	945,000	769,000	773,000	700,000	470,000
reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets - beginning of period:
cash and cash equivalents	0	0	0	362,546,000	0	0	0	143,201,000	0	0	0	180,520,000	0
restricted cash in other assets	0	0	0	1,639,000	0	0	0	1,641,000	0	0	0	467,000	0
total cash, cash equivalents and restricted cash	0	0	0	364,185,000	0	0	0	144,842,000	0	0	0	180,987,000	0
reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets - end of period:
impairment charge of long-lived assets		0	513,000	322,000
deferred taxes - excluding tax adjustments from an acquisition
deferred taxes - tax adjustments from an acquisition
other liabilities		1,061,000	522,000	-25,000		934,000	-713,000	-1,092,000		2,912,000	-1,290,000	1,994,000	-1,672,000	-785,000	-659,000	-764,000	-5,440,000	-2,228,000	-14,189,000	-766,000	1,979,000	215,000	96,000	-377,000	-342,000	-5,445,000	2,808,000	2,604,000	467,000	-336,000	-64,000	325,000	-100,000	-180,000	287,000	24,000	-24,000	-22,000	-29,000	-24,000	-52,000	-25,000	-67,000	9,000	-50,000	-56,000	-55,000	-47,000
capitalization of software development costs		-10,391,000	-9,998,000	-8,732,000		-5,951,000	-5,018,000	-3,242,000		-2,255,000	-1,759,000	-1,806,000	-1,479,000	-1,028,000	-823,000	-569,000
cash settlement for acquisition of businesses
repurchase of a portion of 2025 convertible senior notes, net of costs						0	0	-304,485,000
payment of finance lease liabilities		-2,512,000	-2,505,000	-2,166,000		-1,040,000	-487,000	-479,000
property and equipment unpaid at period-end		-1,644,000	3,728,000	9,330,000		-3,740,000	7,349,000	9,335,000
capitalization of leasehold improvements and furniture and fixtures through non-cash lease incentive														0				250,000	0	4,815,000
reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets - beginning of period:
reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets - end of period:
deferred taxes			-159,000	192,000		85,000	108,000	248,000	-385,000	188,000	191,000	59,000	1,012,000	22,000	165,000	1,889,000
net loss					11,577,000	-4,479,000	-12,816,000	-7,077,000	-12,358,000	-20,419,000	-21,739,000	-27,248,000	-13,653,000	-23,207,000	-23,670,000	-34,120,000	-3,601,000	-20,537,000	-16,530,000	-12,332,000	-7,210,000	-11,431,000	-16,052,000	-7,437,000	836,000	-1,604,000	-1,860,000	-1,924,000	3,733,000	-1,305,000	-2,042,000	-607,000	-631,000	924,000	-4,007,000	-5,255,000	409,000	-3,890,000	-3,468,000	-4,911,000	-3,518,000	-6,048,000	-7,369,000	-8,903,000	-9,372,000	-11,435,000	-8,659,000	-8,320,000
adjustments to reconcile net loss to net cash from operating activities:
change in fair value of contingent consideration
payment of contingent consideration liability in excess of acquisition-date fair value													0	0
payments of initial direct costs													16,000
cash paid for an equity investment in a privately-held company													0	0	0	-2,000,000
repurchase of a portion of 2023 convertible senior notes
payment of contingent consideration liability up to acquisition-date fair value													0	0
beginning of year
end of year
amortization of operating lease right-of-use assets						4,319,000	2,989,000	3,323,000	3,408,000	3,396,000	2,904,000	2,934,000	2,886,000	2,549,000	2,539,000	2,403,000	2,253,000	1,972,000	2,084,000	2,389,000	1,460,000	1,441,000	1,392,000	1,394,000	1,315,000	1,273,000
tax benefit of valuation allowance associated with an acquisition																					0	0
cash paid to acquire aceyus, inc.						0	0	99,000
proceeds from issuance of 2029 convertible senior notes, net of issuance costs						0	-30,000	728,873,000
payment of holdback related to an acquisition
(accretion of discount) amortization of premium on marketable investments									-3,667,000	-3,369,000	-2,452,000	-1,863,000
repurchase of a portion of 2023 convertible senior notes, net of costs													-10,000	-23,000	-2,129,000	-31,905,000	-5,818,000	-1,248,000	-9,782,000	-7,840,000	-13,885,000	-5,003,000
net increase in cash and cash equivalents															1,164,000	9,273,000	8,413,000	-92,734,000	-1,127,000	-44,046,000	-81,395,000	68,532,000	77,372,000	77,887,000	-42,597,000	10,104,000	16,977,000	11,580,000	2,293,000	-86,543,000	85,486,000	11,729,000	5,583,000				789,000	-305,000			-1,017,000	-5,832,000	14,687,000	-7,643,000	4,800,000	-8,088,000	32,339,000	11,490,000
cash and cash equivalents:
change in fair of value of contingent consideration														0	0	260,000		60,000	2,700,000	2,500,000
accrued federal fees and sales tax liabilities										377,000	367,000	133,000	2,525,000	676,000	-1,438,000	-1,239,000		-4,640,000	539,000	738,000
cash paid to acquire aceyus
equipment and software purchased and unpaid at period-end										5,570,000	-2,461,000	8,310,000
amortization of premium on marketable investments													-1,096,000	-108,000	414,000	700,000	1,271,000	1,593,000	1,839,000	1,682,000	1,271,000	1,189,000	453,000	177,000	-72,000	-153,000	-462,000	-421,000	-353,000	-274,000
provision for doubtful accounts													293,000	307,000	283,000	222,000	306,000	165,000	177,000	160,000	176,000	225,000	98,000	255,000	12,000	48,000	16,000	14,000	9,000	15,000	18,000	48,000	29,000	21,000	21,000	24,000	17,000	17,000	16,000	25,000	14,000	23,000	21,000	113,000	33,000	4,000	19,000	20,000
loss on early extinguishment of debt																					887,000	283,000
cash paid to acquire inference and virtual observer
cash paid to acquire substantially all of the assets of whendu
proceeds from issuance of convertible senior notes
payments for capped call transactions																													0	0
gain on sale of convertible note held for investment																									0	0	0	-217,000	0	0
accrued federal fees and sales tax liability																					1,286,000	961,000	-238,000	-707,000	777,000	570,000	88,000	-425,000	129,000	120,000	361,000	-115,000	-5,000	-76,000	182,000	-11,000	-92,000	-102,000	-81,000	93,000	280,000	-4,000	-795,000	960,000	1,227,000	2,021,000	-3,331,000	523,000
proceeds from sale of convertible note held for investment																									0	0	0	217,000	0	0
cash paid to acquire virtual observer																						0
proceeds from issuance of convertible senior notes, net of issuance costs
payment of holdback related to the virtual observer acquisition																		0
amortization of commission costs																				5,540,000
payments of employee taxes related to vested common stock
repayments on revolving line of credit																													0	0							0
repayments of notes payable																																	-152,000	-147,000	-142,000	-258,000	-485,000	-20,303,000	-1,955,000	-1,608,000	-825,000	-1,050,000	-791,000	-781,000	-773,000	-264,000	-255,000	-264,000
equipment obtained under finance lease
others																						-9,000	-65,000	147,000	446,000	25,000	-6,000	-17,000	86,000	-40,000	-9,000	-10,000	2,000	-49,000	10,000	-11,000	-1,000	-3,000	-3,000	-4,000	-4,000	41,000	0	-1,000
cash paid to acquire substantially all of the assets of whendu llc																						0	0	-100,000
proceeds from issuance of 2025 convertible senior notes, net of issuance costs																						0
payments for capped call transactions related to the 2025 convertible senior notes																						0
reversal of interest and penalties on accrued federal fees																																	0
cash paid to acquire substantially all of the assets of whendu, llc
proceeds from issuance of convertible senior notes, net of issuance costs paid 8,039
proceeds from issuance of convertible senior notes, net of issuance costs paid of 8,036
payments of notes payable																														0	-161,000	-157,000
equipment obtained under capital lease																													161,000	-12,000	2,358,000	2,635,000			1,409,000	2,603,000	2,654,000	2,196,000	2,045,000	1,307,000	2,091,000	1,799,000	1,085,000	1,309,000	1,374,000	1,914,000	1,829,000	769,000
proceeds from issuance of convertible senior notes, net of issuance costs paid of 7,946
amortization of operating lease right-of-use asset																												1,010,000
amortization of debt discount and issuance costs																													0	89,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000
loss on extinguishment of debt																																					0
reversal of accrued federal fees
non-cash adjustment on investment																													0	0	0	-40,000	-133,000	-72,000	-58,000	-103,000
accretion of interest																													0	0	28,000	16,000	5,000	6,000	5,000	5,000	9,000
purchases of convertible notes held for investment
increase in restricted cash
proceeds from revolving line of credit																																					0
payments of capital leases																													-2,165,000	-1,976,000	-2,051,000	-2,352,000	-1,360,000	-1,967,000	-1,891,000	-1,850,000	-1,619,000	-1,562,000	-1,750,000	-1,306,000	-1,235,000	-1,414,000	-1,408,000	-1,687,000	-1,441,000	-1,383,000	-1,343,000	-1,282,000
payment of prepayment penalty and related fees																																					0
payments for debt issuance costs																																					0
gain on sale of convertible notes held for investment																																-312,000
proceeds from sale of convertible notes held for investment																																1,923,000
decrease in restricted cash																																					0	0			0	0	146,000	660,000
purchase of short-term investments																																									0	0	0	-20,000,000	-19,999,000	0
proceeds from maturity of short-term investments																																									0	0	20,000,000	20,000,000
proceeds from exercise of common stock options and warrants																																									847,000	70,000	233,000	116,000	445,000	62,000
conversion of accrued federal fees to note payable
loss on disposal of property and equipment																																			-16,000	3,000	0	-1,000	1,000	1,000
net decrease in cash and cash equivalents																																			697,000	-1,670,000				-717,000
changes in fair value of convertible preferred and common stock warrant liabilities																																													0	0	0	-1,745,000
net proceeds from ipo, net of payments for offering costs
proceeds from notes payable																																													-25,000	0	0	19,561,000
reclass of deferred ipo costs to additional paid-in capital
net cashless exercise of preferred stock warrants to series a-2 convertible preferred stock																																													0	0	0	509,000
vesting of early exercised stock options																																													15,000	128,000	29,000	28,000
reclass of warrants liabilities to additional paid-in capital upon ipo
conversion of convertible preferred stock to common stock upon ipo
amortization of debt discount
non-cash interest expense																																								91,000	90,000	89,000	87,000	84,000	83,000	81,000	78,000	51,000
cash paid to acquire face it, corp., net of cash acquired of 128
payments for deferred offering costs																																																-805,000
net proceeds from issuance of convertible preferred stock
deferred ipo costs incurred but unpaid at period-end
loss on the disposal of property and equipment																																										1,000	-1,000	10,000
net proceeds from initial public offering, net of payments for offering costs																																														0
reclass of deferred initial public offering costs to additional paid-in capital																																														0
reclass of warrants liabilities to additional paid-in capital upon initial public offering																																														0
conversion of convertible preferred stock to common stock upon initial public offering																																														0
deferred initial public offering costs incurred but unpaid at period-end																																																1,787,000
accretion of discounts on short-term investments																																													-2,000	-3,000
restricted cash																																													0	0	0	-25,000
proceeds from sale of short-term investments
proceeds from equipment financing

Five9, Inc(NASDAQ:FIVN)

Five9, Inc
(NASDAQ:FIVN)