Five9, Inc.

Thank you for joining us today. Certain statements made during the course of this conference call that are not historical facts, including those regarding the future financial performance and cash position of the company, expected improvements in financial and related metrics, expected ARR from certain customers, certain expected revenue mix shifts, expectations regarding seasonality, customer growth, anticipated customer benefit from our solution, including from AI, the extent of the anticipated TAM expansion, and our ability to take advantage of any such expansion our AI and our CCaaS revenue opportunities, and current estimations regarding SANE, including the ability to leverage data in support of AI revenue opportunities, company growth, enhancements to and development of our solution. Statements regarding our share purchase program, market size and trends, our expectations regarding macroeconomic conditions, company market and leadership positions, initiatives, Pipeline technology and product initiatives, including investment in R&D and AI and other future events or results, 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 results and cause these forward-looking statements to be inaccurate, including the impact of adverse economic conditions, including the impact of macroeconomic challenges, including continuing inflation, uncertainty regarding consumer spending, high interest rates, fluctuations in currency exchange rates, lower growth rates within our installed base of customers, and the other risks discussed under the caption risk factors and elsewhere in 5.9'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 and guidance is currently available in our press release issued earlier this afternoon, as well as in the appendix of our investor relations deck that can be found in the investor relations section of Five9's website at investors.five9.com. Also, please note that the information provided on this call speaks only to management's views as of today and may no longer be accurate at the time of a replay. Lastly, a reminder that, unless otherwise indicated, financial figures discussed are non-GAF. And now I'd like to turn the call over to Five9's Chairman and CEO, Mike Berkman.

Thanks, Tony, and thanks, everyone, for joining our call this afternoon. We're pleased to report a solid Q3 with continued momentum in bookings, highlighted by enterprise AI bookings growing more than 80% year over year, contributing to healthy improvements in backlog. Subscription revenue, which makes up 81% of total revenue, grew 10% year-over-year, primarily driven by enterprise AI revenue, growing 41% year-over-year in the third quarter. In terms of profitability, adjusted EBITDA grew 37% year-over-year to a margin of 25%. We also generated record free cash flow, which grew 84% year-over-year to a margin of 13%. The meaningful increase in profitability and cash flow is driven by the transformation initiatives we announced earlier this year. We continue to take action to drive operational improvements while investing in AI and go-to-market initiatives, maintaining a line of sight to our 2027 medium-term targets as we work toward the Rule of 40 and beyond. Turning now to our business updates, today I'd like to focus my commentary on three key areas. First, our significant and evolving market opportunity ahead. Second, how we believe we're uniquely positioned to win in this new market of AI-powered CX. And third, our momentum with strategic partners. We are in the early innings of an industry shift in CX where our market opportunity is being driven by multiple growth factors. For instance, Gartner forecasts the market for traditional CCaaS to grow at a 9% CAGR and the GenAI customer service market to grow at a 34% CAGR through 2029 to a combined annual spend of $48 billion. We believe this growth will create a powerful tailwind for category leaders like Five9 as we continue to execute against this durable multi-year opportunity. Furthermore, we believe Five9 is uniquely positioned to be the platform for orchestrating end-to-end customer experience across both AI agents and human agents. At the heart of our advantage is data. The contact center holds a brand's richest customer data, the full conversation history across every channel and every interaction. Our platform essentially remembers everything a customer has said, whether they spoke with a live agent or an AI agent through voice or digital. This creates what we call a relationship-based experience, like when your favorite app greets you by name, remembers your preferences, and picks up exactly where you left off. Every engagement feels personal, contextual, and connected. AI point solutions can't replicate that because they only see isolated transactions, not the full relationship. At its core, our platform is a real-time orchestration engine for every interaction across all channels, whether handled by a human agent or an AI agent. In addition to our suite of AI products, which you're all familiar with, we also infuse AI within our core platform. For example, we now have AI-based routing, which leverages AI to dynamically manage and route every interaction with context to the best human agent or AI agent, regardless of channel. Additionally, our platform is uniquely positioned to deliver experiences that will allow human agents and AI agents to collaborate in real time. This can include experiences such as in-queue self-service, where during a time a customer waits in queue for a live agent, An AI agent can proactively help resolve the issue, turning hold time into resolution time. Also, Agent Sidebar, where AI agents can quietly consult a human agent in conversation to get help without interrupting the customer. And AI Bar Gym, where a human can seamlessly step into an AI interaction to ensure the issue is resolved and the experience remains positive. These experiences showcase what only an end-to-end AI-powered CX platform can deliver, a continuous collaboration between human agents and AI agents where each interaction enriches the next. That feedback loop compounds over time, creating a powerful data flywheel that strengthens performance, accuracy, and personalization. In addition, we're being recognized by industry analysts for our platform-driven approach. For example, Five9 was named a leader in the 2025 Gartner Magic Quadrant for CCaaS for the eighth year, and we're also named a leader in IDC's inaugural MarketScape for European CCaaS. Analysts are recognizing us for strengths in our AI capabilities, cloud-native architecture, global scalability, and strong European market presence. This dual recognition validates our strong market position, innovation, and consistent customer satisfaction. These platform advantages are also driving momentum with our strategic partner ecosystem, including a major milestone we achieved in the third quarter. In September, we launched 5.9 Fusion for ServiceNow, a turnkey AI-powered integration that unifies voice and digital interactions through real-time transcription and intelligent routing. This launch delivers two key capabilities. First, our transcript stream integrates directly with ServiceNow Workspace, enabling Now Assist to generate AI-powered summaries and resolution notes that dramatically reduce handle times. And second, our routing engine now directs ServiceNow digital channels and cases alongside 5.9 channels for true omnichannel orchestration. This represents a significant milestone in our eight-year partnership with ServiceNow, and they're leaning in stronger than ever, demonstrated by our year-to-date ACV bookings with ServiceNow quadrupling with even greater acceleration in this third quarter. We are also seeing strong traction with other key technology partners, including Salesforce, where year-to-date ACV bookings grew more than 60%, and Google Marketplace, where our pipeline has tripled since the announcement of that partnership in Q1. Our strategy of building meaningful partnerships remains a key strength as our long-standing alliances with key partners continue to differentiate us in the market. Additionally, we're seeing ongoing momentum, particularly upmarket, where enterprises are looking to create holistic customer experience strategies that seamlessly integrate with their core business systems. In conclusion, we're optimistic about the foundation we are building for the next decade. At our upcoming CX Summit, we'll be announcing new innovations that we believe will set the stage for the next wave of growth as we continue to lead the AI-powered CX revolution with our end-to-end platform to orchestrate interactions across the continuum of AI agents and human agents to deliver what we call the new CX. Importantly, we're doing so with a balanced approach by driving operating leverage and investing in what we believe are the highest return opportunities to drive innovation and durable growth for our business. I want to thank our team of Five Niners for their unwavering dedication to strengthening our leadership position. I'm extremely excited about the future of Five Nine and confident we have the platform and the expertise to drive long-term growth. Before turning it over to Andy, I'd like to provide a quick update on our CEO search. As you know, we're focused on identifying a leader with experience and a proven track record in product innovation, a commitment to operational excellence at scale, and a growth mindset to further capture market share in this expanding TAM driven by AI. I'm pleased to report that the search is progressing well with our ongoing goal of announcing a successor by year end. And with that, I'll turn it over to our president, Andy Dickin. Andy, go ahead.

Thank you, Mike, and good afternoon, everyone. We were pleased to deliver another solid bookings quarter in Q3. We won the highest number of million-dollar-plus ARR new logos in two years, and our install-based bookings hit another all-time high, driven by ongoing strength in upsell and cross-sell activities. For example, a major U.S. card servicer chose 5.9 in a $3.7 million ARR deal. A multi-state hospital system selected 5.9 in a $2.7 million ARR deal. A leading European mobile and broadband provider partnered with 5.9 in a $1.3 million ARR deal. And a global partial delivery leader expanded their relationship with 5.9 in a $3.5 million ARR deal. Looking ahead, we remain encouraged by the momentum of our business fueled by pipeline and RFP activities sustaining elevated levels. In addition, we are increasingly winning competitive evaluations against AI point solution providers as enterprises recognize the value of our unified platform where AI is natively embedded across the entire customer journey. I'd like to talk about four examples of customers experiencing AI-elevated CX because of the 5.9 platform advantages. The first example is the global partial delivery leader already on our core platform who is moving off an AI point solution in order to take advantage of our contextual data for hyper-personalization plus our deep integrations to their third-party systems. In addition, the efficiency gain for being able to have real-time insights across human agents and AI agents was another key reason they selected our AI-powered platform. The second example is a commercial vehicle financing provider who uses 5.9 AI to support multilingual F&I servicing across North America, orchestrating seamless journeys from AI agents to human agents with deep CRM integration and omni-channel visibility. The third example is a regional digital bank who monetized their services with 5.9 AI-powered routing, agent-assist, Tor banking integrations, enabling real-time orchestration of financial interactions while preserving full customer context across channels. And the last example is a major academic health system who replaced legacy IVRs with 5.9 AI to improve patient access and scheduling. using our end-to-end platform to orchestrate voice and digital journeys with shared context between AI agents and human agents. And with that, I'd like to turn it over to Brian to take you through the financials. Brian?