- Adjusted EBITDA grew 63% year-over-year, reaching a record margin of 24%.
- Commercial business declined in the single digits on an LTM basis, by design due to focus on large customers.
- Five9 reported strong Q2 results exceeding guidance across all key metrics.
- LTM dollar-based retention rate increased to 108% from 107% last quarter.
- Operating cash flow was $35.1 million (12.4% of revenue) and free cash flow was $21.6 million (7.6% of revenue), both Q2 records despite $7.8 million in one-time restructuring costs.
- Q2 non-GAAP EPS grew 45% year-over-year to $0.76 per diluted share.
- Subscription revenue grew 16% year-over-year, driven by Enterprise AI revenue growth accelerating to 42% year-over-year.
- Subscription revenue now makes up 81% of total revenue.
- The company paid off $434 million principal balance of 2025 convertible notes in cash on June 1.
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