Five9, Inc. (NASDAQ:FIVN) Q1 2022 Earnings Conference Call April 28, 2022 4:30 PM ET
Company Participants
Lauren Sloane - Investor Relations
Rowan Trollope - Chief Executive Officer
Dan Burkland - President
Barry Zwarenstein - Chief Financial Officer
Conference Call Participants
DJ Hynes - Canaccord
Ryan MacWilliams - Barclays
Meta Marshall - Morgan Stanley
Scott Berg - Needham
Taylor McGinnis - UBS
Samad Samana - Jefferies
Jim Fish - Piper Sandler
Terry Tillman - Truist
Will Power - R.W. Baird
Mike Latimore - Northland Capital Markets
Lauren Sloane
Thank you for joining us today. On the call are Rowan Trollope, CEO, Dan Burkland, President, and Barry Zwarenstein, CFO. Certain statements made during the course of this conference call that are not historical facts, including those regarding the future financial performance of the Company, industry trends, Company initiatives, and other future events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are simply predictions, should not be unduly relied upon by investors. Actual events or results may differ materially, and the Company undertakes no obligation to update the information in such statements. These statements are subject to substantial risks and uncertainties that could adversely affect Five9’s future result and cause these forward-looking statements to be inaccurate, including the impact of the COVID-19 pandemic and the other risks discussed under the caption Risk Factors and elsewhere in Five9’s annual and quarterly reports filed with the Securities and Exchange Commission.
In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is currently available in our press release issued earlier this afternoon, as well as in the appendix of our investor deck and available in the Investor Relations section of Five9’s website at investors.five9.com.
And now I’d like to turn the call over to Five9 CEO, Rowan Trollope. Please, go ahead.
Rowan Trollope
Thanks, Lauren, and thanks to all of you for joining our call this afternoon. I'm extremely pleased to report a strong start to the year. First quarter revenue grew 33% year-over-year. This growth continues to be driven primarily by the strength of our Enterprise business.
Enterprise subscription revenue, which accounts for approximately 60% of total corporate revenue, increased 46% on an LTM basis. Additionally, our quarter-over-quarter growth rate of 5% continued to outpace pre-pandemic levels of sequential growth, demonstrating the ongoing retention of the COVID benefit we experienced through Q1 2021.