Five9 (FIVN) Gets a Buy from Evercore ISIWe believe the current valuation at these levels presents an attractive risk/reward profile that does not fully reflect FIVN’s strategic value. However, this thesis favors those willing to play the long game. The company exited 4Q with strong momentum, highlighted by a record number of +$1mn ARR deals, the highest in any quarter of CY24. Installed base bookings hit an eight-quarter high, RFP activity surged, and mgmt’s pipeline commentary suggests a much stronger position entering CY25 compared to a year ago. Based on what we gathered on our call back, there is potential for a meaningful re-acceleration in the back half, as mgmt is targeting/focused in on achieving 20%-30% ent subscription revenue growth. FIVN continues to push its AI agenda, with ent AI rev growing 46% in 4Q, and now making up 9%