eGain Reports SaaS Revenue Growth of 21% for First Six Months of Fiscal 2021
February 10 2021 - 4:05PM
eGain (NASDAQ: EGAN), a leading provider of omnichannel customer
engagement solutions, today announced financial results for its
fiscal 2021 second quarter ended December 31, 2020.
“We delivered solid results in the quarter, with healthy SaaS
revenue growth and expanding gross margins,” said Ashu Roy, eGain’s
CEO. “Our SaaS logo wins are up again 100% year over year for the
second quarter in a row. We continue to win new logos with our
partner Cisco and during the quarter we added our first Avaya CcaaS
customers. Our recently launched SmartIVR™ capability is generating
strong market interest, enabling enterprises to quickly shift from
voice to digital to cater to customer preference, while driving
self-service automation. Our investments in sales and marketing are
starting to pay off with the doubling of our sales pipeline, year
over year, and we look forward to accelerated SaaS revenue growth
in the quarters to come.”
Fiscal 2021 Second Quarter Financial
Highlights
- SaaS revenue was $16.2 million, up 15% year over year.
- Total revenue was $19.2 million, up 6% year over year.
- Subscription gross margin was 82%, up 400 basis points year
over year.
- Total gross margin was 76%, up 500 basis points year over
year.
- GAAP net income was $1.6 million, or $0.05 per diluted share,
compared to GAAP net income of $2.0 million, or $0.06 per diluted
share, in the year ago quarter.
- Non-GAAP net income was $2.0 million, or $0.06 per diluted
share, compared to non-GAAP net income of $2.5 million, or $0.08
per diluted share, in the year ago quarter.
- Total cash and cash equivalents were $54.2 million, compared to
$40.3 million, in the year ago quarter.
Fiscal 2021 First Six Months Financial
Highlights
- SaaS revenue was $32.1 million, up 21% year over year.
- Total revenue was $38.3 million, up 8% year over year.
- Subscription gross margin was 82%, up 500 basis points year
over year.
- Total gross margin was 76%, up 600 basis points year over
year.
- GAAP net income was $3.7 million, or $0.11 per diluted share,
compared to GAAP net income of $3.2 million, or $0.10 per diluted
share, in the year ago quarter.
- Non-GAAP net income was $4.6 million, or $0.14 per diluted
share, compared to non-GAAP net income of $4.3 million, or $0.13
per diluted share, in the year ago quarter.
- Cash provided by operations was $5.9 million, or 16% operating
cash flow margin.
Fiscal 2021 Third Quarter Financial
Guidance
For the third quarter of fiscal 2021 ending March 31, 2021,
eGain expects:
- SaaS revenue of between $15.8 million to $16.3 million.
- Total revenue of between $18.3 million to $18.8 million.
- GAAP net loss of $500,000 to $1.5 million, or $(0.02) to
$(0.05) per share.
- Non-GAAP net loss of breakeven to $1.0 million, or $0.00 per
basic share to $(0.03) per share.
Guidance Assumptions:
- Includes an expected $300,000 sequential decline in SaaS
revenue due to fewer days in the fiscal third quarter than in the
second quarter.
- Includes an expected $400,000 sequential decline in SaaS
revenue due to seasonal volume increases in the second quarter that
are not expected to repeat in the fiscal third quarter.
- Includes stock-based compensation expense of approximately
$500,000.
- Includes depreciation and amortization of approximately
$100,000.
- Weighted average shares outstanding of approximately 32.9
million.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures
as supplemental information relating to our operating results. Such
non-GAAP financial measures are adjusted for stock-based
compensation expense and amortization of acquired intangible
assets. Non-GAAP results are presented for supplemental
informational purposes only and should not be considered a
substitute for financial information presented in accordance with
generally accepted accounting principles, and may be different from
non-GAAP measures used by other companies. eGain’s management uses
these non-GAAP measures to compare the Company’s performance to
that of prior periods for trend analysis and for budgeting and
planning purposes. eGain believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
the Company’s financial measures with other software companies,
many of which present similar non-GAAP financial measures to
investors, and that it allows for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making. Reconciliation tables of the most comparable
GAAP financial measures to the non-GAAP financial measures used in
this press release are included with the financial tables at the
end of this release. eGain urges investors to review the
reconciliation and not to rely on any single financial measure to
evaluate the Company’s business.
Conference Call Information
eGain will discuss its fiscal 2021 second quarter results today
via teleconference at 2:00 p.m., Pacific Time. To access the live
call, dial 800-437-2398 (US and Canada) or +1 929-477-0577
(international) and give the participant passcode 4421302. A live
and archived webcast of the call will also be accessible on the
“Investor relations” section of the Company’s website at
www.egain.com. In addition, a phone replay will be available
approximately two hours following the end of the call and will
remain available for one week. To access the replay dial-in
information, please click here.
About eGain
eGain customer engagement solutions deliver digital
transformation for leading brands – powered by virtual assistance,
AI, knowledge, and analytics. Our comprehensive suite of
applications helps clients deliver memorable, digital-first
customer experiences in an omnichannel world. To find out more
about eGain, visit http://www.egain.com.
Cautionary Note Regarding Forward-Looking
Statements.
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations and include our
expectations with respect to revenue and GAAP and non-GAAP net
income for the third quarter of fiscal year 2021. The achievement
or success of the matters covered by such forward-looking
statements, including future financial guidance, involves risks,
uncertainties and assumptions, many of which involve factors or
circumstances that are beyond our control. If any such risks or
uncertainties materialize or if any of the assumptions prove
incorrect, the Company’s actual results could differ materially
from the results expressed or implied by the forward-looking
statements we make, including our ability to achieve our targets
for the fiscal year ending June 30, 2021 and third quarter of
fiscal year 2021. The risks and uncertainties referred to above
include, but are not limited to: risks associated with current
economic uncertainties tied to the COVID-19 pandemic, including but
not limited to its effect on customer demand for the Company’s
products and services and the impact of potential delays in
customer payments; risks associated with the transition to a
work-from-home environment; risks associated with new product
releases and new services and products features; risks that
customer demand may fluctuate or decrease; risks that we are unable
to collect unbilled contractual commitments, particularly in the
current economic environment; risks that our lengthy sales cycles
may negatively affect our operating results; currency risks; our
ability to capitalize on customer engagement; risks related to our
reliance on a relatively small number of customers for a
substantial portion of our revenue; our ability to compete
successfully and manage growth; our ability to develop and expand
strategic and third party distribution channels; risks related to
our international operations; our ability to continue to innovate;
our strategy of making investments in sales to drive growth;
current general economic and market conditions associated with the
COVID-19 pandemic and otherwise, which may adversely affect our
industry; general political or destabilizing events, including war,
conflict or acts of terrorism; the effect of evolving domestic and
foreign government regulations, including those addressing data
privacy and cross-border data transfers; and other risks detailed
from time to time in eGain’s public filings, including eGain’s
annual report on Form 10-K filed on September 11, 2020 and
subsequent reports filed with the Securities and Exchange
Commission, which are available on the Securities and Exchange
Commission’s Web site at www.sec.gov. These forward-looking
statements are based on current expectations and speak only as of
the date hereof. The Company assumes no obligation and does
not intend to update these forward-looking statements, except as
required by law.
eGain, the eGain logo, and all other eGain product names and
slogans are trademarks or registered trademarks of eGain Corp. in
the United States and/or other countries. All other company names
and products mentioned in this release may be trademarks or
registered trademarks of the respective companies.
MKR Investor RelationsTodd Kehrli or Jim
ByersPhone: 213-277-5550Email: egan@mkr-group.com
eGain
Corporation Condensed Consolidated Balance
Sheets(in
thousands)(unaudited)
|
|
|
|
|
|
|
December 31, |
|
June 30, |
|
2020 |
|
2020 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
54,203 |
|
|
$ |
46,609 |
|
Restricted cash |
|
7 |
|
|
|
6 |
|
Accounts receivable, net |
|
16,649 |
|
|
|
22,708 |
|
Costs capitalized to obtain revenue contracts, net |
|
1,148 |
|
|
|
1,066 |
|
Prepaid expenses |
|
1,817 |
|
|
|
2,514 |
|
Other current assets |
|
575 |
|
|
|
617 |
|
Total current assets |
|
74,399 |
|
|
|
73,520 |
|
Property and equipment,
net |
|
851 |
|
|
|
713 |
|
Operating lease right-of-use
assets |
|
2,323 |
|
|
|
2,962 |
|
Costs capitalized to obtain
revenue contracts, net of current portion |
|
2,251 |
|
|
|
2,380 |
|
Intangible assets, net |
|
— |
|
|
|
26 |
|
Goodwill |
|
13,186 |
|
|
|
13,186 |
|
Other assets |
|
941 |
|
|
|
918 |
|
Total assets |
$ |
93,951 |
|
|
$ |
93,705 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
1,850 |
|
|
$ |
2,429 |
|
Accrued compensation |
|
5,822 |
|
|
|
7,916 |
|
Accrued liabilities |
|
3,765 |
|
|
|
3,423 |
|
Operating lease liabilities |
|
1,675 |
|
|
|
1,753 |
|
Deferred revenue |
|
33,724 |
|
|
|
36,644 |
|
Total current liabilities |
|
46,836 |
|
|
|
52,165 |
|
Deferred revenue, net of
current portion |
|
4,731 |
|
|
|
4,826 |
|
Operating lease liabilities,
net of current portion |
|
771 |
|
|
|
1,385 |
|
Other long-term
liabilities |
|
815 |
|
|
|
688 |
|
Total liabilities |
|
53,153 |
|
|
|
59,064 |
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock |
|
31 |
|
|
|
31 |
|
Additional paid-in capital |
|
376,546 |
|
|
|
374,399 |
|
Notes receivable from stockholders |
|
(91 |
) |
|
|
(90 |
) |
Accumulated other comprehensive loss |
|
(1,270 |
) |
|
|
(1,631 |
) |
Accumulated deficit |
|
(334,418 |
) |
|
|
(338,068 |
) |
Total stockholders' equity |
|
40,798 |
|
|
|
34,641 |
|
Total liabilities and stockholders' equity |
$ |
93,951 |
|
|
$ |
93,705 |
|
eGain
CorporationCondensed Consolidated Statements of
Operations(in thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Subscription |
$ |
17,699 |
|
|
$ |
16,343 |
|
|
$ |
35,447 |
|
|
$ |
31,914 |
|
Professional services |
|
1,534 |
|
|
|
1,812 |
|
|
|
2,849 |
|
|
|
3,430 |
|
Total revenue |
|
19,233 |
|
|
|
18,155 |
|
|
|
38,296 |
|
|
|
35,344 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription |
|
3,248 |
|
|
|
3,557 |
|
|
|
6,470 |
|
|
|
7,307 |
|
Cost of professional services |
|
1,463 |
|
|
|
1,687 |
|
|
|
2,873 |
|
|
|
3,251 |
|
Total cost of revenue |
|
4,711 |
|
|
|
5,244 |
|
|
|
9,343 |
|
|
|
10,558 |
|
Gross profit |
|
14,522 |
|
|
|
12,911 |
|
|
|
28,953 |
|
|
|
24,786 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
4,508 |
|
|
|
4,052 |
|
|
|
9,013 |
|
|
|
8,050 |
|
Sales and marketing |
|
6,266 |
|
|
|
4,821 |
|
|
|
11,897 |
|
|
|
9,559 |
|
General and administrative |
|
1,852 |
|
|
|
2,036 |
|
|
|
3,796 |
|
|
|
4,081 |
|
Total operating expenses |
|
12,626 |
|
|
|
10,909 |
|
|
|
24,706 |
|
|
|
21,690 |
|
Income from operations |
|
1,896 |
|
|
|
2,002 |
|
|
|
4,247 |
|
|
|
3,096 |
|
Interest income, net |
|
2 |
|
|
|
124 |
|
|
|
6 |
|
|
|
271 |
|
Other expense, net |
|
(160 |
) |
|
|
(186 |
) |
|
|
(323 |
) |
|
|
(21 |
) |
Income before income tax
(provision) benefit |
|
1,738 |
|
|
|
1,940 |
|
|
|
3,930 |
|
|
|
3,346 |
|
Income tax (provision)
benefit |
|
(132 |
) |
|
|
33 |
|
|
|
(280 |
) |
|
|
(156 |
) |
Net income |
$ |
1,606 |
|
|
$ |
1,973 |
|
|
$ |
3,650 |
|
|
$ |
3,190 |
|
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.10 |
|
Diluted |
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.11 |
|
|
$ |
0.10 |
|
Weighted-average shares used
in computation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
30,967 |
|
|
|
30,571 |
|
|
|
30,910 |
|
|
|
30,539 |
|
Diluted |
|
32,732 |
|
|
|
31,880 |
|
|
|
32,605 |
|
|
|
31,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
included in above costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
80 |
|
|
$ |
52 |
|
|
$ |
155 |
|
|
$ |
85 |
|
Research and development |
|
144 |
|
|
|
201 |
|
|
|
302 |
|
|
|
378 |
|
Sales and marketing |
|
175 |
|
|
|
131 |
|
|
|
306 |
|
|
|
278 |
|
General and administrative |
|
27 |
|
|
|
98 |
|
|
|
133 |
|
|
|
192 |
|
|
$ |
426 |
|
|
$ |
482 |
|
|
$ |
896 |
|
|
$ |
933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets included in above costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
— |
|
|
$ |
67 |
|
|
$ |
26 |
|
|
$ |
134 |
|
|
$ |
— |
|
|
$ |
67 |
|
|
$ |
26 |
|
|
$ |
134 |
|
eGain CorporationGAAP to
Non-GAAP Reconciliation Table(in thousands, except
per share data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Six Months EndedDecember 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Income from operations |
$ |
1,896 |
|
$ |
2,002 |
|
$ |
4,247 |
|
$ |
3,096 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
426 |
|
|
482 |
|
|
896 |
|
|
933 |
Amortization of intangibles assets |
|
— |
|
|
67 |
|
|
26 |
|
|
134 |
Non-GAAP income from
operations |
$ |
2,322 |
|
$ |
2,551 |
|
$ |
5,169 |
|
$ |
4,163 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,606 |
|
$ |
1,973 |
|
$ |
3,650 |
|
$ |
3,190 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
426 |
|
|
482 |
|
|
896 |
|
|
933 |
Amortization of intangibles assets |
|
— |
|
|
67 |
|
|
26 |
|
|
134 |
Non-GAAP net income |
$ |
2,032 |
|
$ |
2,522 |
|
$ |
4,572 |
|
$ |
4,257 |
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
$ |
0.08 |
|
$ |
0.15 |
|
$ |
0.14 |
Diluted |
$ |
0.06 |
|
$ |
0.08 |
|
$ |
0.14 |
|
$ |
0.13 |
Weighted-average shares used
in computation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
30,967 |
|
|
30,571 |
|
|
30,910 |
|
|
30,539 |
Diluted |
|
32,732 |
|
|
31,880 |
|
|
32,605 |
|
|
31,858 |
eGain CorporationOther
GAAP to Non-GAAP Supplemental Financial
Information(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Growth Rates |
|
Constant Currency Growth Rates [1] |
|
2020 |
|
2019 |
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
SaaS revenue |
$ |
16,177 |
|
|
$ |
14,045 |
|
|
|
15% |
|
|
14% |
Legacy revenue |
|
1,522 |
|
|
|
2,298 |
|
|
|
(34%) |
|
|
(32%) |
GAAP subscription |
|
17,699 |
|
|
|
16,343 |
|
|
|
8% |
|
|
8% |
GAAP professional services |
|
1,534 |
|
|
|
1,812 |
|
|
|
(15%) |
|
|
(16%) |
Total GAAP revenue |
$ |
19,233 |
|
|
$ |
18,155 |
|
|
|
6% |
|
|
6% |
|
|
|
|
|
|
|
|
|
|
|
|
SaaS and professional
services revenue: |
|
|
|
|
|
|
|
|
|
|
|
SaaS revenue |
$ |
16,177 |
|
|
$ |
14,045 |
|
|
|
15% |
|
|
14% |
Professional Services |
|
1,534 |
|
|
|
1,812 |
|
|
|
(15%) |
|
|
(16%) |
Total SaaS and professional services revenue |
$ |
17,711 |
|
|
$ |
15,857 |
|
|
|
12% |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
GAAP subscription |
$ |
3,248 |
|
|
$ |
3,557 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
|
(67 |
) |
|
|
|
|
|
|
Non-GAAP subscription |
$ |
3,248 |
|
|
$ |
3,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP professional services |
$ |
1,463 |
|
|
$ |
1,687 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(80 |
) |
|
|
(52 |
) |
|
|
|
|
|
|
Non-GAAP professional services |
$ |
1,383 |
|
|
$ |
1,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total cost of revenue |
$ |
4,711 |
|
|
$ |
5,244 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(80 |
) |
|
|
(52 |
) |
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
|
(67 |
) |
|
|
|
|
|
|
Non-GAAP total cost of revenue |
$ |
4,631 |
|
|
$ |
5,125 |
|
|
|
(10%) |
|
|
(9%) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit: |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP subscription |
$ |
14,451 |
|
|
$ |
12,853 |
|
|
|
|
|
|
|
Non-GAAP professional services |
|
151 |
|
|
|
177 |
|
|
|
|
|
|
|
Non-GAAP gross profit |
$ |
14,602 |
|
|
$ |
13,030 |
|
|
|
12% |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development |
$ |
4,508 |
|
|
$ |
4,052 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(144 |
) |
|
|
(201 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP research and development |
$ |
4,364 |
|
|
$ |
3,851 |
|
|
|
13% |
|
|
14% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
$ |
6,266 |
|
|
$ |
4,821 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(175 |
) |
|
|
(131 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP sales and marketing |
$ |
6,091 |
|
|
$ |
4,690 |
|
|
|
30% |
|
|
29% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
$ |
1,852 |
|
|
$ |
2,036 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(27 |
) |
|
|
(98 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP general and administrative |
$ |
1,825 |
|
|
$ |
1,938 |
|
|
|
(6%) |
|
|
(6%) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
12,626 |
|
|
$ |
10,909 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(346 |
) |
|
|
(430 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP operating expenses |
$ |
12,280 |
|
|
$ |
10,479 |
|
|
|
17% |
|
|
17% |
[1] Constant currency growth rates presented are derived from
converting the current period results for entities reporting in
currencies other than U.S. Dollars into U.S. Dollars at the
exchange rates in effect during the prior period presented rather
than the actual exchange rates in effect during the current
period.
eGain CorporationOther
GAAP to Non-GAAP Supplemental Financial
Information(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months EndedDecember 31, |
|
Growth Rates |
|
Constant Currency Growth Rates [1] |
|
2020 |
|
2019 |
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
SaaS |
$ |
32,148 |
|
|
$ |
26,462 |
|
|
|
21% |
|
|
20% |
Legacy revenue |
|
3,299 |
|
|
|
5,452 |
|
|
|
(39%) |
|
|
(41%) |
GAAP subscription |
|
35,447 |
|
|
|
31,914 |
|
|
|
11% |
|
|
10% |
GAAP professional services |
|
2,849 |
|
|
|
3,430 |
|
|
|
(17%) |
|
|
(18%) |
Total GAAP revenue |
$ |
38,296 |
|
|
$ |
35,344 |
|
|
|
8% |
|
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
SaaS and professional
services revenue: |
|
|
|
|
|
|
|
|
|
|
|
SaaS |
$ |
32,148 |
|
|
$ |
26,462 |
|
|
|
21% |
|
|
20% |
Professional Services |
|
2,849 |
|
|
|
3,430 |
|
|
|
(17%) |
|
|
(18%) |
Total SaaS and professional services revenue |
$ |
34,997 |
|
|
$ |
29,892 |
|
|
|
17% |
|
|
16% |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
GAAP subscription |
$ |
6,470 |
|
|
$ |
7,307 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
(26 |
) |
|
|
(134 |
) |
|
|
|
|
|
|
Non-GAAP subscription |
$ |
6,444 |
|
|
$ |
7,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP professional services |
$ |
2,873 |
|
|
$ |
3,251 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(155 |
) |
|
|
(85 |
) |
|
|
|
|
|
|
Non-GAAP professional services |
$ |
2,718 |
|
|
$ |
3,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total cost of revenue |
$ |
9,343 |
|
|
$ |
10,558 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(155 |
) |
|
|
(85 |
) |
|
|
|
|
|
|
Amortization of intangible assets |
|
(26 |
) |
|
|
(134 |
) |
|
|
|
|
|
|
Non-GAAP total cost of revenue |
$ |
9,162 |
|
|
$ |
10,339 |
|
|
|
(11%) |
|
|
(12%) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit: |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP subscription |
$ |
29,003 |
|
|
$ |
24,741 |
|
|
|
|
|
|
|
Non-GAAP professional services |
|
131 |
|
|
|
264 |
|
|
|
|
|
|
|
Non-GAAP gross profit |
$ |
29,134 |
|
|
$ |
25,005 |
|
|
|
17% |
|
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development |
$ |
9,013 |
|
|
$ |
8,050 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(302 |
) |
|
|
(378 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP research and development |
$ |
8,711 |
|
|
$ |
7,672 |
|
|
|
14% |
|
|
14% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
$ |
11,897 |
|
|
$ |
9,559 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(306 |
) |
|
|
(278 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP sales and marketing |
$ |
11,591 |
|
|
$ |
9,281 |
|
|
|
25% |
|
|
24% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
$ |
3,796 |
|
|
$ |
4,081 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(133 |
) |
|
|
(192 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP general and administrative |
$ |
3,663 |
|
|
$ |
3,889 |
|
|
|
(6%) |
|
|
(6%) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
24,706 |
|
|
$ |
21,690 |
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(741 |
) |
|
|
(848 |
) |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Non-GAAP operating expenses |
$ |
23,965 |
|
|
$ |
20,842 |
|
|
|
15% |
|
|
14% |
[1] Constant currency growth rates presented are derived from
converting the current period results for entities reporting in
currencies other than U.S. Dollars into U.S. Dollars at the
exchange rates in effect during the prior period presented rather
than the actual exchange rates in effect during the current
period.
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