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Our purpose-built, highly scalable and secure Virtual Contact Center, or VCC, cloud platform delivers a comprehensive suite of easy-to-use applications that enable the breadth of contact center-related customer service, sales and marketing functions.
−Removed: We have become an established leader in the cloud contact center market, facilitating more than seven billion call minutes between our more than 2,000 clients and their customers per year.
+Added: We have become an established leader in the cloud contact center market, facilitating more than nine billion call minutes between our more than 2,500 clients and their customers per year.
We believe our ability to combine software and telephony into a single unified platform that is delivered in the cloud creates a significant advantage.
−Removed: We believe there are two key industry trends driving growth in the cloud contact center market.
+Added: We believe there are three key industry trends driving growth in the cloud contact center market.
First is the rapid increase in adoption of cloud contact center software solutions as a result of several distinct factors.
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Consumers have the ability to easily and quickly switch brands after experiencing poor customer service.
−Removed: Therefore, it is more critical than ever to provide the tools and technologies to meet consumer demands for a seamless experience across digital channels of their choice.
+Added: Therefore, it is more critical than ever to provide the tools and technologies to meet consumer demands for a seamless experience across their engagement channels of choice.
Cloud contact center software solutions provide organizations with the agility to adapt to a rapidly evolving environment and innovative functionalities to reimagine the way they engage with customers.
−Removed: Additionally, with the advent of real-time, accurate and increasingly economical automatic speech recognition and natural language processing, or NLP, previously analog voice conversations with consumers can now be digitized.
−Removed: This newly-digitized data along with text channels such as WhatsApp, SMS, chat and social are increasingly allowing mundane contact center tasks to be handled economically and efficiently by virtual agents and making live agents more efficient.
−Removed: Our solution, comprised of our VCC cloud platform and various associated applications such as Workforce Optimization, or WFO, Workforce Automation, or WFA, and interactive virtual agent, or IVA, allows simultaneous management and optimization of customer interactions across voice, chat, email, web, social media and mobile channels, either directly or through our application programming interfaces, or APIs.
+Added: Third is cloud-based technology advancements in areas such as artificial intelligence, or AI, which are enabling improved customer experience, significant operational efficiencies and business insights.
+Added: For example, real-time, accurate and increasingly cost-effective automatic speech recognition and natural language processing are increasingly allowing mundane contact center tasks to be handled efficiently and effectively by virtual agents, allowing live agents to focus on more complex issues.
+Added: Our solution, comprised of our VCC cloud platform, AI and automation portfolio, including Interactive Virtual Agent, or IVA, Agent Assist, Workflow Automation, or WFA, and Workforce Optimization, or WFO, allows simultaneous management and optimization of customer interactions across voice, chat, email, web, social media and mobile channels, either directly or through our application programming interfaces, or APIs.
Our VCC cloud platform matches each customer interaction with an appropriate agent resource and delivers relevant customer data to the agent in real-time through integrations with adjacent enterprise applications, such as CRM software, to optimize the customer experience and improve agent productivity.
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Delivered on-demand, our solution enables our clients to quickly deploy agent seats in any geographic location with only a computer, headset and broadband internet connection, and rapidly adjust the number of contact center agent seats in response to changing business requirements.
−Removed: Unlike legacy on-premise contact center systems, our solution requires minimal up-front investment, can be rapidly deployed and are maintained by us in the cloud.
+Added: Unlike legacy on-premise contact center systems, our solution requires limited up-front investment, can be rapidly deployed and are maintained by us in the cloud.
Our sales model consists of a field sales team that sells our solution into larger opportunities and a telesales team that sells our solution into smaller opportunities.
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Our resellers have assisted us in expanding in both domestic and international markets.
−Removed: We provide our solution through a software-as-a-service, or SaaS, business model with recurring subscriptions based primarily on the number of agent seats and minutes of usage, as well as the specific functionalities and applications our clients deploy.
+Added: We provide our solution through a software-as-a-service, or SaaS, business model with recurring revenue made up of subscription revenue, based primarily on the number of agent seats, and usage, based on minutes, as well as the specific functionalities and applications our clients deploy such as virtual agents.
We have achieved significant growth in recent periods.
−Removed: For the years ended December 31, 2020, 2019 and 2018, our revenues were $434.9 million, $328.0 million and $257.7 million, respectively, representing year-over-year growth of 33% and 27%, respectively.
+Added: For the years ended December 31, 2021, 2020 and 2019, our revenue was $609.6 million, $434.9 million and $328.0 million, respectively, representing year-over-year growth of 40% and 33%, respectively.
We incurred net losses of $53.0 million, $42.1 million and $4.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, as a result of increased investment in our growth, along with higher stock-based compensation and interest expense.
As of December 31, 2021, 2020 and 2019, our total assets were $1,192.9 million, $1,063.7 million and $482.4 million, respectively.
−Removed: Our recurring revenue model combined with our Annual Dollar-Based Retention Rate, which was 110% under our prior calculation based on Net Invoicing and 117% under our new calculation based on Net Revenue, both as of December 31, 2020, have enhanced our ability to forecast our financial performance and plan future investments.
+Added: Our recurring revenue model combined with our Annual Dollar-Based Retention Rate, which was 122% as of December 31, 2021, have enhanced our ability to forecast our financial performance and plan future investments.
For a description of how our Annual Dollar-Based Retention Rate is calculated, please refer to ITEM 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of this Annual Report on Form 10-K.
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Risk Factors.”
−Removed: We deliver comprehensive, end-to-end cloud software solution for contact centers.
−Removed: Our solution enables organizations of all sizes to enhance customer experience through voice as well as digital engagement channels, improve customer service, retain loyal customers, proactively learn about their needs rather than be reactive only when they call with an issue, increase sales performance and improve the efficiency and cost of their operations.
+Added: We deliver a comprehensive, end-to-end cloud software solution for contact centers, which includes cloud software that allows automation of customer interactions leveraging technologies such as natural language processing and automatic speech recognition.
+Added: Our solution enables organizations of all sizes to enhance customer experience through voice as well as digital engagement channels, improve customer service and retain loyal customers.
+Added: Our solution is designed to enable our customers to increase their sales performance and improve the efficiency of their operations.
Our solution is designed to enable our customers to comprehensively and seamlessly engage through voice, video, website, mobile, chat, email, click-to-call, callback, social and messaging.
Our agent interface is an intuitive modern browser-based design that provides easy visualization of customer profile, context and cross channel history.
−Removed: This solution is built on a modern SaaS architecture, leveraging both our own data centers and the public cloud for certain international voice services.
−Removed: Our Freedom platform provides a modern micro services-based open enterprise architecture built with representational state transfer, or REST, APIs and powerful software development kits, or SDKs, that enables customers, partners and developers to deliver powerful solutions that bridge the context gap between their unique systems.
−Removed: We provide high voice quality at low costs with our Agent Connect service and our call-by-call carrier optimization routing.
−Removed: With our Artificial Intelligence, or AI, enablement layer, combined with our robust NLP we can determine customer sentiment, reason for contact and recommend the next best action, augmenting their agents capabilities and thereby enabling enterprises to transform their customers’ experience from reactive interactions into trusted, proactive engagements.
−Removed: Our complete end-to-end capabilities include computer-telephony integration, or CTI, IVA, interactive voice response, or IVR, visual IVR, low-no-code workflow automation, automatic contact distribution, or ACD, with skills-based routing, reporting, dashboards, agent and supervisor desktop, dialer, mobile applications for contact center and customer, pre-built CRM integrations, quality management, speech and desktop analytics, customer surveys and workforce management.
−Removed: Our cloud contact center solution, which we refer to as our solution, provide the following key elements:
+Added: This solution is built on a modern SaaS architecture, leveraging both our own data centers and the public cloud.
+Added: Our VCC platform is based on a modern micro services-based open enterprise architecture built with representational state transfer, or REST, APIs and software development kits, or SDKs, that enable customers, partners and developers to bridge any operational gaps within their unique systems.
+Added: We provide high voice quality at low cost with our Agent Connect service and our call-by-call carrier optimization routing.
+Added: Our complete end-to-end capabilities include Computer-Telephony Integration, or CTI, IVA, Interactive Voice Response, or IVR, WFA, Agent Assist, 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 workforce management.
+Added: Our cloud contact center solution, which we refer to as our solution, provides the following key elements:
• Rapid implementation, seamless updates and pre-built integrations.
Our solution is designed to be deployed quickly and seamlessly with minimal disruption to a client’s operations.
−Removed: The pre-built integrations with leading CRM and other enterprise applications reduce the complexity and burden-of-effort of integrating with the client’s business applications.
+Added: The pre-built integrations with leading CRM and other enterprise applications reduce the complexity and burden of integrating with the client’s business applications.
Our solution is designed to be seamlessly updated so that clients are always operating on the latest version of the software, while maintaining their existing configurations, ensuring minimal disruption to the client’s contact center operations.
• Highly flexible platform.
−Removed: Our solution provides easy administration, configuration and role-based functionalities for agents, supervisors and administrators enabling the rapid adjustment of contact center resources to meet a changing mix of contact channels and peaks-and-troughs in contact volumes.
+Added: Our solution provides easy administration, configuration and role-based functionalities for agents, supervisors and administrators enabling the rapid adjustment of contact center resources to meet a changing mix of contact channels and peaks-and-troughs in contact center volumes.
• Scalable, secure and reliable multi-tenant architecture.
Our solution provides organizations of all sizes with the robust contact center functionality, scalability, flexibility and security required in the most sophisticated and distributed environments.
−Removed: Our solution provides the following key benefits to clients:
+Added: Our solution is designed to provide the following key benefits to clients:
• Higher agent productivity.
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Our solution gives agents the ability to switch between media channels through an easy-to-use, unified interface that provides agents with all of the relevant content and tools needed to complete the task at hand.
−Removed: Furthermore, our AI enabled automation features enable agent efficiency and other cost reductions, including by utilization of NLP.
+Added: Furthermore, our AI enabled automation features enable agent efficiency and other cost reductions, including by utilization of natural language processing, or NLP.
• Improved customer experience.
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• Cloud-based, enterprise-grade platform and end-to-end application suite.
−Removed: We deliver a cloud-based enterprise-grade platform and applications suite with multi-channel capabilities that allows our clients to
−Removed: manage their entire contact center operation.
+Added: We deliver a cloud-based enterprise-grade platform and applications suite with multi-channel capabilities that allows our clients to manage their entire contact center operation.
Our highly scalable, secure and multi-tenant architecture enables us to serve large, distributed enterprises with complex contact center requirements, as well as smaller organizations, all from a single cloud platform.
• Rapid deployment and support of our comprehensive solution.
−Removed: Our high-touch engagement model for larger implementations leverages a proven lifecycle approach including detailed discovery, design, testing, training and optimization.
−Removed: This not only accelerates agent activation, but also targets desired business outcomes.
−Removed: Through the use of tools and processes that have been refined over thousands of customers, we can also efficiently meet the needs of our smaller clients.
+Added: Our high-touch engagement model for larger implementations accelerates agent activation and targets desired business outcomes by leveraging a proven lifecycle approach including detailed discovery, design, testing, training and optimization.
+Added: Through the use of tools and processes that have been refined over thousands of customers, we can also efficiently
+Added: meet the needs of our smaller clients.
We offer flexibility and integrate with a number of leading CRM vendors, including:
−Removed: salesforce.com, Inc., or Salesforce, Oracle Corporation, or Oracle, Zendesk, Inc., or Zendesk, Microsoft Corporation, or Microsoft, ServiceNow, Inc., or ServiceNow, and others.
−Removed: We also offer integrations into UC partners such as Zoom Video Communications, or Zoom , Microsoft Teams, RingCentral, Fuze and others.
+Added: Microsoft Corporation, or Microsoft, Oracle Corporation, or Oracle, Salesforce.com, Inc., or Salesforce, ServiceNow, Inc., or ServiceNow, Zendesk, Inc., or Zendesk, and others.
+Added: We also offer integrations into UC partners such as Microsoft Teams, Nextiva, RingCentral, Zoom Video Communications, or Zoom, and others.
We combined these comprehensive integrations with out-of-the-box application adapters that allow our customers to easily build workflow integrations without the need for dedicated developers.
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• Extensive partner ecosystem.
−Removed: We have cultivated a robust ecosystem of partners including a variety of leading CRM software vendors such as Salesforce, Oracle, Zendesk, Microsoft and ServiceNow;
−Removed: WFO vendors such as Verint Systems Inc., or Verint, and Calabrio, Inc., or Calabrio;
−Removed: unified communications vendors such as Zoom, Microsoft Teams, and Fuze;
+Added: We have cultivated a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;
+Added: WFO vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint;
+Added: unified communications vendors such as Microsoft Teams, Nextiva, RingCentral and Zoom;
system integrators such as Accenture PLC, Deloitte Consulting LLP, IBM, PwC LLP and Slalom Consulting, LLC;
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Our investment in research and development has driven our growth and enabled us to deliver a cloud contact center software solution with the features and functionality to power the most complex contact centers.
−Removed: Our extensive domain expertise enables us to enhance our solution and serves as a critical competitive differentiator.
We strive to be a thought leader in our industry, identifying and developing cloud capabilities to transform traditional contact center operations into customer engagement centers of excellence.
−Removed: One of the newest transformational technologies is AI, which relies on vast volumes of data.
−Removed: Contact centers are a rich source of this data, from call detail records to full recordings of calls and customer interactions.
+Added: Contact centers are a rich source of the data that powers AI, from call detail records to full recordings of calls and customer interactions.
With recent advances in automatic speech recognition, voice recordings are becoming a source for training machine-learning models.
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We have a large and diverse client base comprised of more than 2,500 organizations as of December 31, 2021, with no single client representing more than 10% of our revenues in 2021, 2020 or 2019.
−Removed: Our client base spans organizations of all sizes across multiple industries, including banking and financial services, business process outsourcers, consumer, healthcare and technology.
+Added: Our client base spans organizations of all sizes across multiple industries, including banking and financial services, business process outsourcers, retail, healthcare, technology and education.
Sales and Marketing
−Removed: To build client awareness and adoption of our solution, our lead generation activities consist primarily of client referrals, search engine marketing, internet advertising, digital marketing campaigns, social media, trade shows, industry events, co-marketing with strategic partners, telemarketing and out-of-home campaigns.
−Removed: We have adapted to various COVID-19 restrictions by converting our user group meeting from in-person to virtual and switching from in-person to virtual attendance at various trade shows.
+Added: To build client awareness and adoption of our solution, our lead generation activities consist primarily of search engine marketing, internet advertising, digital marketing campaigns, social media, trade shows, industry events, co-marketing with strategic partners, account-based marketing, client referrals and out-of-home campaigns.
+Added: We have adapted to various COVID-19 restrictions by converting our user group meeting from in-
+Added: person to virtual and switching from in-person to fully virtual or hybrid attendance at various trade shows.
In addition, our industry analyst, press and media outreach programs, and web site marketing initiatives are designed to build brand awareness and preference for our solution.
−Removed: We offer free trials and services to allow prospective clients to experience the quality and ease-of-use of our cloud solution, to learn about the features and functionality of our VCC cloud platform in more detail, and to quantify the benefits of our cloud solution.
+Added: We offer online self-service demos to allow prospective clients to learn about the features and functionality of our VCC cloud platform in more detail.
+Added: We also offer proof of concept service packages to allow prospects to experience the quality and ease-of-use of our cloud solution and quantify the potential benefits of our deployment.
Direct Sales.
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We have cultivated strong partner relationships with master sales agents, system integrators and resellers to drive sales of our solution.
−Removed: We have established, and continue to increase, our network of master sales agents, which provide sales leads, and resellers, which sell our solution to new clients.
+Added: We have established, and continue to increase, our network of master sales agents, which provide sales leads, system integrators, which also provide sales leads and help integrate our solution with our client systems, and resellers, which sell our solution to new clients.
This network has helped us attract additional clients.
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Technology and Operations
−Removed: Our highly scalable and flexible VCC cloud platform is the result of our extensive research, development, client engagement and operational experience.
+Added: Our highly scalable and flexible cloud platform is the result of our extensive research, development, client engagement and operational experience.
Our platform is comprised of in-house developed intellectual property, open source products and commercially available hardware and software.
−Removed: Our platform is designed to be redundant and we believe that all components can be upgraded, expanded or replaced with minimal or no interruption in service.
−Removed: We currently deliver our services globally from third-party co-location data center facilities located in the United States, the United Kingdom, Europe and Australia and from a public cloud location in Canada.
+Added: Our platform is designed to be redundant.
+Added: We believe that all components can be upgraded, expanded or replaced with minimal or no interruption in service.
+Added: We currently deliver our services globally from third-party co-location data center facilities located in the United States, the United Kingdom, Europe and Australia and from public cloud locations in Canada, the United Kingdom and Europe.
We also host some of our voice services on the public cloud in Europe, Asia, South America and Australia.
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Our infrastructure is built with redundant, fault-tolerant components divided into distinct security zones forming protective layers for our applications and customer data.
−Removed: We have designed and maintain an operations, capacity and security program to monitor and maintain our platform, ensure efficient utilization of the platform capacity and protect against security threats or data breaches.
+Added: We have designed and maintain an operations, capacity and security program to monitor and maintain our platform, ensure efficient utilization of our platform capacity and protect against security threats or data breaches.
Our operations team monitors our data centers for potential performance issues, unauthorized attempts to access secure data or applications and the overall integrity of the platform.
−Removed: The market for contact center software is fragmented, highly competitive and evolving rapidly in response to shifting consumer behavior, especially the rapid adoption of mobile devices and social media.
−Removed: The proliferation of each is driving change in contact center technology, as customers expect companies to give them the option of seamless communication across any channel according to their preference and needs.
+Added: The market for contact center software is fragmented, highly competitive and evolving rapidly in response to shifting consumer behavior, especially the rapid adoption of mobile devices and new channels of engagement, such as social media.
+Added: The proliferation of each is driving change in contact center technology, as customers expect companies to give them the option of seamless communication across all channels without losing the overall context of customer interactions according to their preference and needs.
Combined with the disruptive nature of the cloud in the contact center, this has resulted in competitors who come from different market and product heritages, and who vary in size, breadth and scope of the products and services offered.
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These legacy telephony vendors are increasingly supplementing their traditional on-premise contact center systems with competing cloud offerings, through a combination of acquisitions, partnerships and in-house development.
−Removed: Additionally, we compete with vendors that historically provided other contact center services and technologies and expanded to offer cloud contact center software such as NICE Ltd., or NICE, and Genesys Telecommunications Laboratories, Inc., or Genesys.
−Removed: We also face competition from many smaller contact center service providers such as Talkdesk and Seranova, as well as vendors offering both unified communications and contact center solutions.
−Removed: In addition, Amazon.com, Inc., or Amazon, and Twilio Inc., or Twilio, have introduced solutions aimed at companies who wish to build their own contact centers with in-house developers.
+Added: Additionally, we compete with vendors that historically provided other contact center services and technologies and expanded to offer cloud contact center software such as Genesys Telecommunications Laboratories, Inc., or Genesys, and NICE Ltd., or NICE.
+Added: We also face competition from many smaller contact center service providers such as Content Guru and Talkdesk, as well as vendors offering both unified communications and contact center solutions such as Zoom .
+Added: 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.
In addition, CRM vendors are increasingly offering features and functionality that were traditionally provided by contact center service providers.
−Removed: CRM vendors also continue to partner with contact center service providers to provide integrated solutions and may, in the future, acquire competitive contact center service providers.
+Added: CRM and customer experience vendors also continue to partner with contact center service providers to provide integrated solutions and may, in the future, acquire competitive contact center service providers.
These factors could cause CRM vendors to reduce or terminate their partnerships with us, and could result in increased competition.
Because CRM integration and partnerships are critical to the success of our solution, these factors could harm our revenue and results of operations.
−Removed: Our actual and potential competitors may enjoy competitive advantages over us, including greater name recognition, longer operating histories and larger marketing budgets, as well as greater financial and technical resources.
+Added: Our actual and potential competitors may enjoy competitive advantages over us, including greater name recognition, longer operating histories and larger marketing and product development budgets, as well as greater financial and technical resources.
With the introduction of new technologies and market entrants, we expect competition to continue to intensify in the future.
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We also rely on a number of registered and unregistered trademarks to protect our brand.
−Removed: In addition, we require our employees and independent contractors involved in development of intellectual property on our behalf to enter into agreements acknowledging that all works or other intellectual property generated or conceived by them on our behalf are our property, and assigning to us any rights, including intellectual property rights, that they may claim or otherwise have in those works or property, to the extent allowable under applicable law.
+Added: In addition, we
+Added: require our employees and independent contractors involved in development of intellectual property on our behalf to enter into agreements acknowledging that all works, or other intellectual property generated or conceived by them on our behalf, are our property, and assigning to us any rights, including intellectual property rights, that they may claim or otherwise have in those works or property, to the extent allowable under applicable law.
As of December 31, 2021, our intellectual property portfolio included three registered U.S.
trademarks, 14 issued U.S.
−Removed: patents, four pending U.S.
−Removed: patent application and one registered U.S.
+Added: patents, two pending U.S.
+Added: patent application, two pending international Patent Cooperation Treaty, or PCT, patent applications and one registered U.S.
As of December 31, 2021, outside the U.S.
−Removed: we also had five issued patents and nine trademark registrations.
+Added: we also had five issued patents and 10 trademark registrations.
The expiration dates of our issued patents range from 2030 to 2041.
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Our employee turnover for the last three years has averaged 6.9%.
−Removed: The key human capital measures and objectives that we focus on in managing our business are maintaining our company culture, increasing our diversity and inclusion, compensation philosophy and COVID-19 and employee safety.
+Added: The key human capital measures and objectives that we focus on in managing our business are maintaining our company culture, increasing our diversity and inclusion, our compensation philosophy and our employees’ safety, including as a result of COVID-19, and our talent development.
Company Culture
−Removed: We have built a culture of high performance based upon our Five9 values:
+Added: We have built a culture of high performance based upon our values:
Always do the right thing for the customer.
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Less is more.
−Removed: The Five9 values are woven through the entire employee lifecycle and used in the interview process to ensure we hire candidates that have personal values that align with our values, they are instrumental in the employee performance self-reflection cycle by having employees share how they’ve lived our values, Five9 regularly celebrates employees that live our values through recognition and rewards.
+Added: Our values are woven through the entire employee lifecycle and used in the interview process to ensure we hire candidates that have personal values that align with ours.
+Added: 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.
+Added: 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 resources pages.
−Removed: Our CEO also weaves the values into quarterly company meetings and regular meet ups, such as “Thursdays in the Cloud” where one of the values may be highlighted through a story and employee example.
+Added: Our CEO also weaves these values into quarterly company meetings and regular meet ups, such as “Thursdays in the Cloud” 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.
−Removed: 77% of employees participated in our most recent employee survey in 2020.
−Removed: Last year we achieved 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 1,801 companies.
+Added: 76% of employees participated in our most recent employee
+Added: survey in 2021.
+Added: Last year we achieved 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.
Employees’ highest rated areas were the following:
−Removed: contribution to broader purpose (97%) and engagement (97%).
+Added: contribution to broader purpose (96%) and diversity (91%).
Diversity & Inclusion at Five9
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We embrace authenticity and trust and lead with transparency, empowering our employees to have a voice that's heard.
−Removed: We are committed to learning, empowering, advocating, allying and supporting each other within the company and in our communities.
+Added: We are committed to learning, empowering, advocating, allying and supporting each other within our company and in our communities.
Our recruiting programs support and encourage diversity.
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Our ERGs include Women In Tech, Blatinx, Five9 Faith and Pride @ Five9.
−Removed: We are currently working with Black Girls Code to offer an online educational session for underserved girls enlisted in their program and female employees are facilitating the class.
−Removed: We have also created a mentorship programs with a specific eye towards diversity.
+Added: We are currently working with Black Girls Code to offer an online educational session for underserved girls enlisted in their program and our female employees are facilitating the class.
+Added: We have also created a mentorship program with a specific eye towards diversity.
Executive sponsors of the program reach out to employees from underrepresented groups to promote the program and encourage employees to participate.
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employees as of December 31, 2021.
+Added: Women and ethnic minorities represent 30% and 17%, respectively, of our leadership team and Board as of December 31, 2021.
Compensation Philosophy
−Removed: At Five9, we strive to attract and retain the best employees by providing a total rewards package that is at or above market rates to enable us to attract and retain employee talent needed to accomplish our goals and objectives.
+Added: We strive to attract and retain the best employees by providing a total rewards package that is at or above market rates to enable us to attract and retain employee talent needed to accomplish our goals and objectives.
Our competitive rewards packages include cash, bonus programs dependent upon the position, equity awards and benefits aligned to prevailing market practices, and in cases where business demands are unique, we may lead the competitive market.
−Removed: Full-time employees and their family members enjoy comprehensive benefits programs and perks because we believe they often provide much needed resources and improve the daily life of our employees.
+Added: Full-time employees and their family members enjoy comprehensive benefits programs and perks.
In an effort to attract and retain the best talent, we strive to offer benefit programs that will enable our employees to thrive both at work and at home.
We cover 100% of the employee portion of our healthcare benefits and share a high portion of the dependent costs.
−Removed: Our competitive global benefits include a Parental Leave Policy, flexible schedules, financial and physical wellness programs and fertility benefits.
+Added: Our competitive global benefits include a Parental Leave Policy, flexible schedules, financial and physical wellness programs, fertility benefits and 401(k) matching.
COVID-19 and Employee Safety
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Director and below to help offset the financial impact of the pandemic.
−Removed: We assisted employees with a work from home stipend that employees could use to make their home office more conducive to comfortably working from home.
−Removed: In addition, we offered a meal delivery service discount to employees during the summer months to assist employees with balancing the demands of working from home and managing the distance learning requirements of their children.
−Removed: We also offered benefits that enabled employees to prioritize their wellness by offering health and wellness resources such as yoga, meditation and counseling resources if needed.
+Added: In addition, we assisted employees with a work from home stipend that employees could use to make their home office more conducive to comfortably working from home.
+Added: During the fourth quarter of 2021, we also provided a wellness cash benefit for our global employees.
+Added: We also offered our employees’ health and wellness resources such as yoga, meditation and counseling resources if needed.
Talent Development
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This development series aims to provide educational opportunities for leadership and growth for our employees.
−Removed: We also have succession planning that focuses on identifying employees that are high potential and high performing and plans for developing them into future leadership roles by creating action plans and a path for the employee’s progression.
+Added: We also have a succession planning
+Added: program that focuses on identifying employees that are high potential and high performing and plans for developing them into future leadership roles by creating action plans and a path for the employee’s progression.
+Added: Workplace Practices and Policies
+Added: We are committed to providing a workplace free of harassment or discrimination based on race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status, caste or other legally protected characteristic.
+Added: We are an equal opportunity employer committed to inclusion and diversity.
The following summarizes important, but not all, federal, state and foreign regulations that could impact our operations.
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• Federal Trade Commission Act and rules promulgated thereunder, which generally relate to avoiding unfair and deceptive trade practices, our advertising, and privacy practices;
−Removed: • The California Consumer Privacy Act of 2018, or the CCPA, which requires us to comply with a privacy framework and disclosure obligations to consumers for whom we hold or process personal data.
+Added: • State privacy laws require compliance with privacy frameworks and include disclosure obligations to consumers for whom we hold or process personal data including:
+Added: ◦ The California Consumer Privacy Act of 2018, or the CCPA,
+Added: ◦ The California Privacy Rights Act of 2020, or the CPRA, which will take effect on January 1, 2023;
+Added: ◦ Virginia Consumer Data Protection Act, or the VCDPA, which will take effect on January 1, 2023;
+Added: ◦ Colorado Privacy Act, or the CPA, which will take effect on July 1, 2023.
In addition, we must make contributions and other payments on our usage-based fees to state and local governmental entities.
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Non-compliance with the GDPR can trigger steep fines of up to €20 million or 4% of total worldwide annual turnover, whichever is higher.
−Removed: In addition, we are subject to Canada’s Personal Information Protection and Electronic Documents Act, or PIPEDA, and the analogous provincial laws, which similarly impose data privacy and security obligations on our processing of personal data.
−Removed: Our regulatory obligations in foreign jurisdictions could harm the use or cost of our solution in international locations as data protection and privacy laws and regulations around the world continue to evolve.
+Added: In addition, among other comprehensive privacy laws, we are subject to Canada’s Personal Information Protection and Electronic Documents Act, or PIPEDA, and the analogous provincial laws, which similarly impose data privacy and security obligations on our processing of personal data.
+Added: Our regulatory obligations in foreign jurisdictions could impact the use or cost of our solution in international locations as data protection and privacy laws and regulations around the world continue to evolve.
The legislative and regulatory scheme for telecommunications service providers and other solutions we provide will continue to evolve and can be expected to change the competitive environment for these services.
9 unchanged sentences
We own or have rights to trademarks or trade names that we use in connection with the operation of our business, including our corporate names, logos and domain names.
−Removed: In addition, we own or have the rights to copyrights, trade secrets and other proprietary rights that protect the content of our products.
−Removed: Solely for convenience, some of the copyrights, trademarks and trade names referred to in this annual report on Form 10-K are listed without ©, ® and ™ symbols,
−Removed: but we will assert, to the fullest extent under applicable law, our rights to our copyrights, trademarks and trade names.
+Added: In addition, we own or have the rights to copyrights, trade secrets and other proprietary rights that protect the content of our solution.
+Added: Solely for convenience, some of the copyrights, trademarks and trade names referred to in this annual report on Form 10-K are listed without ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights to our copyrights, trademarks and trade names.
Available Information
1 unchanged sentence
The SEC maintains a website at https://www.sec.gov that contains reports, proxy and information statements and other information regarding Five9 and other companies that file materials with the SEC electronically.
−Removed: Copies of our reports on Form 10-K, Forms 10-Q and Forms 8-K, may be obtained, free of charge, electronically through our internet website, http://investors.five9.com/sec.cfm as soon as reasonably practicable after such material is filed electronically with, or furnished to, the SEC.
+Added: Copies of our reports on Form 10-K, Forms 10-Q and Forms 8-K, may be obtained, free of charge, electronically through our internet website, http://investors.five9.com/sec.cfm as soon as reasonably practicable after such material is filed
+Added: electronically with, or furnished to, the SEC.
The information on our website is not a part of, or incorporated by reference into, this Annual Report on Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.