Apr. 24 at 3:03 PM
$FIVN 🤔 about Sell-side playbook on Five9: PTs slid ~
$50 → mid-
$20S '25-'26; ratings mostly Buy/OW. Multiple compression, not estimate cuts. PT-first, downgrade-later?
Real CCaaS question: substitution ratio, AI revenue per seat lost, at what margin, net of compute COGS seats never carried?
App / CCaaS (denominator problem): Five9,
$EGHT ,
$RNG . Unit of value is the seat.
CPaaS (bimodal):
$TWLO messaging = pipes; Flex = same blast radius as FIVN.
Infra (cleanest "own what agents consume"):
$BAND paid per interaction. Agents make more calls?