FIVN

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How FIVN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

61%

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243

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Length

+945

words, now 34,761

New in FY2025

Consumers are able to engage using their channel of choice and customers are able to facilitate seamless experiences.
Our complete end-to-end, omni-channel capabilities include AI Agents, Agent Assist, WFA, AI Insights, AI Summaries, AI Knowledge, WEM, Automatic Call/Contact Distribution, or ACD, with skills-based routing, reporting, dashboards, agent and supervisor desktops, outbound dialer, pre-built third-party integrations, quality management, speech and desktop analytics, customer surveys and engagement through chat, email, social and web.
Our solution also includes revenue execution capabilities, including outbound campaigns, compliance and out-reach solutions.
Our solution is designed to provide the following key benefits to customers: • A complete omni-channel solution.
Our Intelligent CX Platform offers a comprehensive and rich collection of interaction capabilities including voice, email, SMS, chat, social and more.
Our intelligent contact routing and self-service IVA, IVR, and AI Agent capabilities, including pre-built CRM and other integrations, and omnichannel engagement are designed to ensure that consumers have a positive experience.
Furthermore, our Genius AI suite of solutions are designed to enable agent efficiency and cost reductions, including through the utilization of LLMs and natural language processing, or NLP. • Enhanced end-to-end visibility.
In addition, the combination of our reporting and analytic solutions enable us to connect disparate reporting and intelligence data sources, providing an organization-wide view of customer engagement performance and allowing customers to quickly address changing circumstances. • Global voice & telecommunications infrastructure.
Our solution integrates a global voice network and telecommunications foundation with cloud-based software to support reliable, scalable, and compliant customer engagement across multiple geographies.
Our solution is built on a distributed network architecture with redundant routing, regional points of presence, and diverse carrier interconnections, and is complemented by extensive customer self-service capabilities that enable customers to provision services, manage numbers and routing, configure policies, and control call flows without direct provider intervention.
Customers are also provided with embedded observability, monitoring, and alerting capabilities that offer visibility into call performance, traffic patterns, and service health, enabling proactive management of their operations. • Greater operational efficiency.
Our consultative approach to identifying business opportunities for enhancement and growth, leveraging our Genius AI suite of solutions is helping companies take advantage of these advanced technologies to improve CX and increase customer satisfaction.
We also have investments in a dedicated U.S.-based data center deployment to enable us to support any Federal Risk and Authorization Management Program, or FedRAMP, customers in the future. • Customer success with our consultative approach.
Our platform delivers what we believe is industry-leading reliability utilizing public and private cloud technology; cybersecurity using a defense-in-depth approach; scalability to accommodate the requirements of larger customers; and legal and regulatory compliance features designed to assist our customers in complying with applicable laws, regulations and industry standards. • Proven, repeatable and scalable go-to-market model.
We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk; WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture PLC, Deloitte Consulting LLP, Ernst & Young, IBM, Kyndryl, Inc., PwC LLP and Slalom Consulting, LLC; technology solution distributors such as Avant, LLC, Intelysis, Sandler Partners, Telarus, Amplix and Bridgepoint Technologies; value-added resellers such as AT&T Inc., Babble Cloud, British Telecom, Connect Managed Services (UK) Limited, CDW Corporation, NWN Carousel, Opus Technology and TELUS Communications; software vendors such as Cresta AI, Pindrop, Blackchair, Level AI, Calabrio and its recently acquired subsidiary, Verint; and telephony providers.
We believe this partner ecosystem has enabled us to increase our brand awareness and enhance the functionality and value of our solution for our customers. • Enabling Network and Telecommunications Services .
Our global network and telecommunications capabilities represent a competitive strength because we directly operate and manage critical elements of our voice infrastructure, service delivery workflows, and telecom integrations, rather than relying primarily on third-party aggregation.
This level of operational control allows us to optimize routing, manage capacity, respond to incidents, and evolve our network while deploying these capabilities with our customers through integrated self-service, monitoring, and alerting tools that provide real-time insight into service performance.
By unifying telecom engineering, operations, regulatory expertise, and customer-facing controls within a single operating model, we are able to support complex, high-volume, and multi-region deployments, while adapting to changing customer requirements, carrier dynamics, and regulatory environments, which we believe enhances our ability to compete effectively in the enterprise contact center market. • Focus on innovation and thought leadership .
We believe that AI, and Generative AI in particular, will continue to profoundly impact how businesses deliver experiences to their customers.
Customers We have a large, diverse and global customer base comprised of more than 3,000 organizations as of December 31, 2025, with no single customer representing more than 10% of our revenues in 2025, 2024 or 2023.
Competition The market for contact center software is fragmented, highly competitive and rapidly evolving.
In addition, Amazon.com, Inc., or Amazon, Twilio Inc., or Twilio, and Microsoft, have introduced solutions aimed at companies who wish to build their own contact centers and/or contact center components with developers.
As of December 31, 2025, our intellectual property portfolio included 9 registered U.S. trademarks, 2 pending U.S. trademark applications, 26 issued U.S. patents, 4 pending U.S. patent applications and 1 registered U.S. copyright.
As of December 31, 2025, outside the U.S. we also had 27 trademark registrations across various countries, 2 pending trademark applications, 5 issued patents and 3 pending international national phase patent applications.
The expiration dates of our issued patents range from 2030 to 2044.
During 2025, 2024 and 2023, 51%, 52%, and 52% of our total revenues were generated in the second half of each year.
As of December 31, 2025, we had 2,910 full-time employees. 43% of our employees are in various cost of revenue functions, 25% in research and development, 20% in sales and marketing and 12% in general and administrative.
Our Five9 values are woven throughout the entire employee lifecycle and used in the interview process to ensure we hire candidates who have values that align with ours.
These values are a key element of our semi-annual employee performance self-reflection cycle, where our leaders request that employees share how they have lived our values.
In addition, we periodically celebrate employees that live our values through recognition and rewards.
We introduce new employees to our values during new hire orientation and our values are visible in employee resource pages.
We regularly gather employee feedback to better understand the employee experience and identify opportunities to continuously strengthen our culture.
In our most recent survey in 2025, 83% of our employees participated and our engagement score was 72%, exceeding the Culture Amp benchmark by three percentage points and placing us in the top quartile of nearly 2,000 companies in the Engagement and Inclusion benchmark.
Standout results included employees noting high team effectiveness (90%) and growth and development (81%).
We endeavor to integrate our core values of honesty and respect in how we engage with one another, encourage leading with transparency and inclusivity and are committed to building a workplace culture where every employee feels they belong.
Our goal is to empower our employees to have a voice that is heard and foster a community where they feel they belong.
In our recruiting, we seek candidates from a wide array of sources to enable us to access the best candidates and build a broad base of skill sets and experience.
Women represented 32% of our worldwide employees and racial and ethnic minorities represented 36% of our U.S. employees as of December 31, 2025.
Women and ethnic minorities each represented 13% and 38%, respectively, of our executive leadership team and 30% and 50%, respectively, of our Board of Directors, or Board, as of December 31, 2025.

and 203 more.

Gone since FY2024

Consumers are able to engage using their channel of choice and customers are able to facilitate seamless experiences that benefit from digital transformation.
Our complete end-to-end capabilities include IVA, Interactive Voice Response, or IVR, WFA, WEM, Agent Assist, AI Insights, AI Summaries, Revenue Execution, AI Knowledge, AI Agents, Automatic Call/Contact Distribution, or ACD, with skills-based routing, reporting, dashboards, agent and supervisor desktops, outbound dialer, pre-built third-party integrations, quality management, speech and desktop analytics, customer surveys and more.
Our solution also includes revenue execution capabilities, including outbound campaigns, compliance and out-reach solutions through our acquisition of Acqueon Inc., or Acqueon, in 2024.
Our solution is designed to provide the following key benefits to customers: • A complete omnichannel solution.
Our Intelligent CX Platform offers a comprehensive and rich collection of interaction capabilities including voice, email, SMS, chat, and more.
Our intelligent contact routing and self-service IVA, IVR, and AI Agent capabilities, including pre-built CRM and other integrations, and omnichannel engagement ensure that consumers have a great experience.
Furthermore, our AI enabled automation features are designed to enable agent efficiency and cost reductions, including through the utilization of LLMs and natural language processing, or NLP. • Enhanced end-to-end visibility.
Our acquisition of Aceyus, Inc., or Aceyus, enables us to connect disparate reporting and intelligence data sources, and synthesize them for use across different systems.
The combination of Five9 reporting, Five9 Analytics, and Aceyus VUE provides an organization-wide view of customer engagement performance and allows customers to quickly address changing circumstances. • Greater operational efficiency.
Our consultative approach to identifying business opportunities for enhancement and growth, leveraging Generative AI is helping companies take advantage of these new technologies to improve CX and increase customer satisfaction.
We have also commenced investments in a dedicated U.S.-based data center deployment to support Federal Risk and Authorization Management Program, or FedRAMP, customers. • Customer success with our consultative approach.
Our pla tform delivers what we believe is industry-leading reliability utilizing public and private cloud technology; cybersecurity using a defense-in-depth approach; scalability to accommodate the requirements of larger customers; and legal and regulatory compliance features designed to assist our customers in complying with applicable laws, regulations and industry standards. • Proven, repeatable and scalable go-to-market model.
We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk; WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture PLC, Deloitte Consulting LLP, IBM, Kyndryl, Inc., PwC LLP and Slalom Consulting, LLC; technology solution distributors such as Avant, LLC, Intelysis and Telarus, value-added resellers such as AT&T Inc. and British Telecom, CDW Corporation, NWN Carousel, Presidio Networked Solutions Group, LLC, and Worldwide Technologies; independent software vendors such as Cresta AI, Pindrop, Blackchair, Level AI, Calabrio and Verint; and telephony providers.
We believe this partner ecosystem has enabled us to increase our brand awareness and enhance the functionality and value of our solution for our customers. • Focus on innovation and thought leadership .
We believe that AI, and Generative AI in particular, will profoundly impact how businesses deliver experiences to their customers.
Customers We have a large, diverse and global customer base comprised of more than 3,000 organizations as of December 31, 2024, with no single customer representing more than 10% of our revenues in 2024, 2023 or 2022.
In January 2023, we opened our new European Research and Development Hub in Porto, Portugal, which serves as our European engineering headquarters.
Competition The market for contact center software is fragmented, highly competitive and evolving rapidly.
In addition, Amazon.com, Inc., or Amazon, Twilio Inc., or Twilio, and most recently, Microsoft, have introduced solutions aimed at companies who wish to build their own contact centers and/or contact center components with developers.
As of December 31, 2024, our intellectual property portfolio included nine registered U.S. trademarks, three pending U.S. trademark applications, 23 issued U.S. patents, seven pending U.S. patent applications and one registered U.S. copyright.
As of December 31, 2024, outside the U.S. we also had 27 trademark registrations across various countries, two pending trademark applications, five issued patents and three pending international national phase patent applications.
The expiration dates of our issued patents range from 2025 to 2043.
During 2024, 2023 and 2022, 52%, 52%, and 52% of our total revenues were generated in the second half of each year.
As of December 31, 2024, we had 3,073 full-time employees. 43% of our employees are in various cost of revenue functions, 25% in research and development, 20% in sales and marketing and 12% in general and administrative.
Our employee turnover for the last three years has averaged 14.7%.
Our values are woven throughout the entire employee lifecycle and used in the interview process to ensure we hire candidates that have personal values that align with ours.
Our values are instrumental in the semi-annual employee performance self-reflection cycle, and we request that employees share how they have lived our values.
In addition, we regularly celebrate employees that live our values through recognition and rewards.
We introduce new employees to our values during new hire orientation and our values are visible in the offer package as well as company employee resource pages.
Our CEO also weaves these values into quarterly company meetings and regular smaller meetings, where one of the values may be highlighted through a story and employee example.
We regularly collect feedback to better understand and improve the employee experience and identify opportunities to continually strengthen our culture. 82% of our employees participated in our most recent employee survey in 2024.
Last year we maintained the highest level of employee engagement according to our vendor, Culture Amp, as noted in its Engagement and Inclusion benchmark (top quartile) based upon responses from approximately 2,000 companies.
The areas rated highest by our employees were: growth and development (77%) and collaboration and communication (70%).
We integrate our core values of honesty and respect and lead with transparency and inclusivity.
We are committed to building belonging in our workplace and society at large.
Our goal is to empower our employees to have a voice that’s heard and foster a community where they feel they belong.
In our recruiting, we seek candidates from a broad array of sources to enable us to access the best candidates and build a broad base of skill sets and experience.
Additionally, we have various employee-led affinity groups that are open to all of our employees.
Women represented 31% of our worldwide employees and racial and ethnic minorities represented 35% of our U.S. employees as of December 31, 2024.
Women and ethnic minorities each represented 23% and 23%, respectively, of our executive leadership team and 30% and 40%, respectively, of our Board of Directors, or Board, as of December 31, 2024.

and 183 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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