Five9, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
FIVN$27.75-3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $39,416 | $(12,795) | $(81,764) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 61,764 | 52,905 | 48,515 |
| Reduction in the carrying amount of right-of-use assets | 20,277 | 15,358 | 12,642 |
| Amortization of deferred contract acquisition costs | 86,006 | 71,483 | 55,384 |
| Accretion of discount on marketable investments | (7,892) | (20,818) | (11,351) |
| Provision for credit losses | 1,617 | 1,150 | 989 |
| Stock-based compensation | 148,068 | 166,315 | 206,292 |
| Amortization of discount and issuance costs on convertible senior notes | 4,550 | 5,478 | 3,749 |
| Gain on early extinguishment of debt | — | (6,615) | — |
| Impairment charge of an equity investment | — | 1,250 | — |
| Impairment charge related to closure of operating lease facilities | 835 | 2,202 | — |
| Interest on finance lease obligations | 1,033 | 264 | 150 |
| Deferred taxes - excluding tax benefit from acquisition | 446 | 647 | 53 |
| Deferred taxes - tax benefit from acquisition | 524 | (5,482) | — |
| Other | 45 | (1,051) | 657 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (17,430) | (14,645) | (9,844) |
| Prepaid expenses and other current assets | 7,774 | (12,148) | (3,532) |
| Deferred contract acquisition costs | (119,940) | (104,957) | (91,544) |
| Other assets | 2,630 | 3,115 | (3,988) |
| Accounts payable | 3,190 | 1,057 | 2,932 |
| Accrued and other current liabilities | (5,700) | 2,839 | (9,274) |
| Deferred revenue | (958) | (425) | 4,958 |
| Other long-term liabilities (including non-current portions of operating and finance lease liabilities) | (48) | (1,959) | 3,814 |
| Net cash provided by operating activities | 226,207 | 143,168 | 128,838 |
| Cash flows from investing activities: | |||
| Purchases of marketable investments | (745,378) | (1,289,357) | (795,002) |
| Proceeds from sales of marketable investments | 127,976 | 122,138 | 1,211 |
| Proceeds from maturities of marketable investments | 804,091 | 1,132,332 | 655,588 |
| Purchases of property and equipment | (24,963) | (42,388) | (31,234) |
| Capitalization of internal-use software development costs | (39,135) | (22,223) | (9,537) |
| Payments of initial direct lease costs | (286) | — | — |
| Cash paid to acquire Acqueon Inc. | — | (167,151) | — |
| Cash settlement to acquire Aceyus, Inc. | — | 99 | (80,588) |
| Net cash provided by (used in) investing activities | 122,305 | (266,550) | (259,562) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of 2029 convertible senior notes | — | 731,055 | — |
| Payment of debt issuance costs | — | (2,212) | — |
| Payments for capped call transactions associated with the 2029 convertible senior notes | — | (93,438) | — |
| Repurchase of a portion of 2025 convertible senior notes | — | (304,485) | — |
| Repayment of outstanding 2023 convertible senior notes at maturity | — | — | (169) |
| Cash received from the settlement at maturity of the outstanding capped calls associated with the 2023 convertible senior notes | — | — | 74,453 |
| Cash received from partial termination of capped calls associated with the 2025 convertible senior notes | — | 539 | — |
| Repayment of outstanding 2025 convertible senior notes at maturity | (434,405) | — | — |
| Proceeds from exercise of common stock options | 3,137 | 481 | 9,127 |
| Proceeds from sale of common stock under ESPP | 12,472 | 14,797 | 15,927 |
| Payment of employee taxes related to vested RSUs | — | — | (3,270) |
| Cash paid for repurchase of the Company's common stock | (50,000) | — | — |
| Payment of holdbacks related to acquisitions | — | — | (500) |
| Payments of finance leases | (9,770) | (4,012) | (989) |
| Net cash (used in) provided by financing activities | (478,566) | 342,725 | 94,579 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (130,054) | 219,343 | (36,145) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of period | 364,185 | 144,842 | 180,987 |
| End of period | $234,131 | $364,185 | $144,842 |
| Supplemental disclosures of cash flow data: | |||
| Cash paid for interest | $9,698 | $6,593 | $3,897 |
| Cash paid for income taxes | 4,843 | 3,751 | 1,589 |
| Non-cash investing and financing activities: | |||
| Equipment purchased and unpaid at period-end | 6,428 | 11,890 | 11,243 |
| Capitalization of leasehold improvement through non-cash lease incentive | — | 37 | — |
| Acquisition and related transaction costs accrued at period-end | — | 594 | — |
| Stock-based compensation included in capitalized software development costs | 10,272 | 8,153 | 4,085 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets - Beginning of Period: | |||
| Cash and cash equivalents | $362,546 | $143,201 | $180,520 |
| Restricted cash in other assets | 1,639 | 1,641 | 467 |
| Total cash, cash equivalents and restricted cash | $364,185 | $144,842 | $180,987 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets - End of Period: | |||
| Cash and cash equivalents | $232,084 | $362,546 | $143,201 |
| Restricted cash in other assets | 2,047 | 1,639 | 1,641 |
| Total cash, cash equivalents and restricted cash | $234,131 | $364,185 | $144,842 |
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