eGain Reports Record Revenue in Third Quarter of Fiscal 2022, Up 21% Year Over Year
May 05 2022 - 4:05PM
eGain (Nasdaq: EGAN), the leading AI knowledge platform for
customer engagement automation, today announced financial results
for its fiscal 2022 third quarter ended March 31, 2022.
“We delivered another quarter of record revenue, ahead of our
guidance and consensus estimates, demonstrating accelerating
revenue growth over the last three quarters,” said Ashu Roy,
eGain’s CEO. “We are seeing increased demand for our AI Knowledge
solution, and we continue to build out our platform to expand our
market coverage.”
Fiscal 2022 Third Quarter Financial
Highlights
- Total revenue was $23.9 million, up 21% year over year.
- SaaS revenue was $20.7 million, up 23% year over year.
- GAAP net loss was $615,000, or $0.02 per share on a basic and
diluted basis, compared to GAAP net income of $1.3 million, or
$0.04 per share on a basic and diluted basis, in Q3 2021.
- Non-GAAP net income was $2.4 million, or $0.08 per share on a
basic basis and $0.07 per share on a diluted basis, compared to
non-GAAP net income of $1.6 million, or $0.05 per share on a basic
and diluted basis, in Q3 2021.
- Total cash and cash equivalents were $70.5 million, compared to
$53.4 million in Q3 2021.
Fiscal 2022 First Nine Months Financial
Highlights
- Total revenue was $68.4 million, up 18% year over year.
- SaaS revenue was $60.3 million, up 23% year over year.
- GAAP net loss was $890,000, or $0.03 per share on a basic and
diluted basis, compared to GAAP net income of $4.9 million, or
$0.16 per share on a basic basis and $0.15 per share on a diluted
basis, in the first nine months of fiscal 2021.
- Non-GAAP net income was $8.0 million, or $0.26 per share on a
basic basis and $0.25 per share on a diluted basis, compared to
non-GAAP net income of $6.2 million, or $0.20 per share on a basic
basis and $0.19 per share on a diluted basis, in the first nine
months of fiscal 2021.
- Cash provided from operations was $5.8 million, or an operating
cash flow margin of 9%.
Fiscal 2022 Fourth Quarter Financial
Guidance
For the fourth quarter of fiscal 2022 ending June 30, 2022,
eGain expects:
- Total revenue of between $23.1 million to $23.5 million,
representing growth of 14% to 16% year over year.
- Non-GAAP total revenue, adjusted for constant currency, of
between $23.6 million to $24.0 million, representing growth of 17%
to 19%.
- GAAP net loss of $3.1 million to $3.7 million, or $0.10 to
$0.12 per share.
- Includes stock-based compensation expense of approximately $3.0
million.
- Includes depreciation and amortization of approximately
$120,000.
- Non-GAAP net loss of $0.0 million to $700,000, or $0.00 to
$0.02 per share.
Guidance Assumption:
- Weighted average shares outstanding are expected to be
approximately 31.7 million for the fourth quarter of fiscal
2022.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures
as supplemental information relating to our operating results,
including non-GAAP total revenue that is only adjusted for constant
currency to provide better visibility into the underlying business
trends and non-GAAP net income. The non-GAAP net income measures
are adjusted for stock-based compensation expense and amortization
of acquired intangible assets. eGain’s management has analyzed the
effect of these non-GAAP adjustments on our income tax provision
and believes the change in our income tax provision would be
minimal due to these non-GAAP adjustments being attributed to the
U.S. jurisdiction where it has recorded full valuation allowance
against the deferred taxes. 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, or GAAP,
and may be different from non-GAAP measures used by other
companies. eGain’s management uses these non-GAAP measures to
compare our 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 our 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 our
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 our business.
Conference Call Information
eGain will discuss its fiscal 2022 third quarter results today
via teleconference at 2:00 p.m. Pacific Time. To access the live
call, dial 888-256-1007 (US and Canada) or +1 773-305-6853
(international) and give the participant passcode 1668312. A live
and archived webcast of the call will also be accessible on the
“Investor relations” section of our 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
Infused with AI, our knowledge-powered software automates
digital-first experiences for enterprises and government agencies.
Pre-connected with leading CRM & contact center systems, the
eGain platform delivers quick value and easy innovation with
virtual assistance, customer self-service, and modern agent desktop
tools. Visit www.egain.com for more info.
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, including without
limitation our financial guidance for the full year of fiscal 2022
ending June 30, 2022; our market opportunity; and expectations
regarding our growth prospects. 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, our
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 fourth quarter and full year
of fiscal 2022 ending June 30, 2022. The risks and uncertainties
referred to above include, but are not limited to: risks to our
business, operating results, financial condition, and prospects
from the COVID-19 pandemic and related economic downturns,
including but not limited to, its effect on customer demand for our
products and services and the impact of potential delays in
customer payments; 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; general political or
destabilizing events, including war, intensified international
hostilities, conflict or acts of terrorism; the effect of
legislative initiatives or proposals, statutory changes,
governmental or other applicable regulations and/or changes in
industry requirements, including those addressing data privacy,
cyber-security 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 10, 2021 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. We assume no obligation and do 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
Corporation 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: 323-468-2300Email: egan@mkr-group.com
eGain
CorporationCondensed Consolidated Balance
Sheets(in
thousands)(unaudited)
|
|
|
|
|
|
|
March 31, |
|
June 30, |
|
2022 |
|
2021 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
70,495 |
|
|
$ |
63,231 |
|
Restricted cash |
|
7 |
|
|
|
7 |
|
Accounts receivable, less allowance for doubtful accounts of $83
and $384 as of March 31, 2022 and
June 30, 2021, respectively |
|
18,181 |
|
|
|
26,311 |
|
Costs capitalized to obtain revenue contracts, net |
|
1,505 |
|
|
|
1,323 |
|
Prepaid expenses |
|
2,252 |
|
|
|
3,028 |
|
Other current assets |
|
1,016 |
|
|
|
778 |
|
Total current assets |
|
93,456 |
|
|
|
94,678 |
|
Property and equipment,
net |
|
890 |
|
|
|
705 |
|
Operating lease right-of-use
assets |
|
4,177 |
|
|
|
2,191 |
|
Costs capitalized to obtain
revenue contracts, net of current portion |
|
3,216 |
|
|
|
2,612 |
|
Goodwill |
|
13,186 |
|
|
|
13,186 |
|
Other assets, net |
|
1,498 |
|
|
|
1,191 |
|
Total assets |
$ |
116,423 |
|
|
$ |
114,563 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,100 |
|
|
$ |
3,068 |
|
Accrued compensation |
|
8,133 |
|
|
|
8,444 |
|
Accrued liabilities |
|
4,133 |
|
|
|
4,352 |
|
Operating lease liabilities |
|
1,068 |
|
|
|
1,466 |
|
Deferred revenue |
|
38,051 |
|
|
|
46,211 |
|
Total current liabilities |
|
53,485 |
|
|
|
63,541 |
|
Deferred revenue, net of
current portion |
|
2,990 |
|
|
|
3,332 |
|
Operating lease liabilities,
net of current portion |
|
2,819 |
|
|
|
797 |
|
Other long-term
liabilities |
|
870 |
|
|
|
832 |
|
Total liabilities |
|
60,164 |
|
|
|
68,502 |
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock, par value $0.001 - authorized: 60,000 and 50,000
shares; outstanding: 31,821 and 31,231 shares as of March 31, 2022
and June 30, 2021, respectively |
|
31 |
|
|
|
31 |
|
Additional paid-in capital |
|
389,987 |
|
|
|
378,451 |
|
Notes receivable from stockholders |
|
(95 |
) |
|
|
(92 |
) |
Accumulated other comprehensive loss |
|
(1,665 |
) |
|
|
(1,220 |
) |
Accumulated deficit |
|
(331,999 |
) |
|
|
(331,109 |
) |
Total stockholders' equity |
|
56,259 |
|
|
|
46,061 |
|
Total liabilities and stockholders' equity |
$ |
116,423 |
|
|
$ |
114,563 |
|
eGain
CorporationCondensed Consolidated Statements of
Operations(in thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
March 31, |
|
March 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Subscription |
$ |
21,728 |
|
|
$ |
18,078 |
|
|
$ |
63,179 |
|
|
$ |
53,525 |
|
Professional services |
|
2,176 |
|
|
|
1,665 |
|
|
|
5,268 |
|
|
|
4,514 |
|
Total revenue |
|
23,904 |
|
|
|
19,743 |
|
|
|
68,447 |
|
|
|
58,039 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription |
|
3,803 |
|
|
|
3,341 |
|
|
|
10,811 |
|
|
|
9,811 |
|
Cost of professional services |
|
2,734 |
|
|
|
1,505 |
|
|
|
7,125 |
|
|
|
4,378 |
|
Total cost of revenue |
|
6,537 |
|
|
|
4,846 |
|
|
|
17,936 |
|
|
|
14,189 |
|
Gross profit |
|
17,367 |
|
|
|
14,897 |
|
|
|
50,511 |
|
|
|
43,850 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
6,193 |
|
|
|
4,371 |
|
|
|
17,988 |
|
|
|
13,384 |
|
Sales and marketing |
|
8,693 |
|
|
|
6,927 |
|
|
|
24,252 |
|
|
|
18,824 |
|
General and administrative |
|
2,957 |
|
|
|
2,022 |
|
|
|
8,687 |
|
|
|
5,818 |
|
Total operating expenses |
|
17,843 |
|
|
|
13,320 |
|
|
|
50,927 |
|
|
|
38,026 |
|
(Loss) Income from
operations |
|
(476 |
) |
|
|
1,577 |
|
|
|
(416 |
) |
|
|
5,824 |
|
Interest income |
|
3 |
|
|
|
5 |
|
|
|
7 |
|
|
|
10 |
|
Other income (expense),
net |
|
200 |
|
|
|
(378 |
) |
|
|
182 |
|
|
|
(700 |
) |
(Loss) Income before income
tax (provision) benefit |
|
(273 |
) |
|
|
1,204 |
|
|
|
(227 |
) |
|
|
5,134 |
|
Income tax (provision)
benefit |
|
(342 |
) |
|
|
57 |
|
|
|
(663 |
) |
|
|
(223 |
) |
Net (loss) income |
$ |
(615 |
) |
|
$ |
1,261 |
|
|
$ |
(890 |
) |
|
$ |
4,911 |
|
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
(Loss) Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.02 |
) |
|
$ |
0.04 |
|
|
$ |
(0.03 |
) |
|
$ |
0.16 |
|
Diluted |
$ |
(0.02 |
) |
|
$ |
0.04 |
|
|
$ |
(0.03 |
) |
|
$ |
0.15 |
|
Weighted-average shares used
in computation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
31,647 |
|
|
|
31,068 |
|
|
|
31,451 |
|
|
|
30,962 |
|
Diluted |
|
31,647 |
|
|
|
32,618 |
|
|
|
31,451 |
|
|
|
32,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
included in above costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
825 |
|
|
$ |
88 |
|
|
$ |
2,349 |
|
|
$ |
243 |
|
Research and development |
|
783 |
|
|
|
92 |
|
|
|
2,310 |
|
|
|
394 |
|
Sales and marketing |
|
580 |
|
|
|
169 |
|
|
|
1,840 |
|
|
|
475 |
|
General and administrative |
|
820 |
|
|
|
19 |
|
|
|
2,437 |
|
|
|
152 |
|
|
$ |
3,008 |
|
|
$ |
368 |
|
|
$ |
8,936 |
|
|
$ |
1,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets included in above costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26 |
|
eGain CorporationGAAP to
Non-GAAP Reconciliation Table(in thousands, except
per share data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
Nine Months Ended March
31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
(Loss) Income from operations |
$ |
(476 |
) |
|
$ |
1,577 |
|
$ |
(416 |
) |
|
$ |
5,824 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
3,008 |
|
|
|
368 |
|
|
8,936 |
|
|
|
1,264 |
Amortization of intangibles assets |
|
— |
|
|
|
— |
|
|
— |
|
|
|
26 |
Non-GAAP income from
operations |
$ |
2,532 |
|
|
$ |
1,945 |
|
$ |
8,520 |
|
|
$ |
7,114 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(615 |
) |
|
$ |
1,261 |
|
$ |
(890 |
) |
|
$ |
4,911 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
3,008 |
|
|
|
368 |
|
|
8,936 |
|
|
|
1,264 |
Amortization of intangibles assets |
|
— |
|
|
|
— |
|
|
— |
|
|
|
26 |
Non-GAAP net income |
$ |
2,393 |
|
|
$ |
1,629 |
|
$ |
8,046 |
|
|
$ |
6,201 |
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
0.05 |
|
$ |
0.26 |
|
|
$ |
0.20 |
Diluted |
$ |
0.07 |
|
|
$ |
0.05 |
|
$ |
0.25 |
|
|
$ |
0.19 |
Weighted-average shares used
in computation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
31,647 |
|
|
|
31,068 |
|
|
31,451 |
|
|
|
30,962 |
Diluted |
|
32,932 |
|
|
|
32,618 |
|
|
32,827 |
|
|
|
32,646 |
eGain CorporationOther
GAAP to Non-GAAP Supplemental Financial
Information(in
thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
Growth Rates |
|
Constant Currency Growth Rates [1] |
|
2022 |
|
2021 |
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
SaaS revenue |
$ |
20,686 |
|
|
$ |
16,875 |
|
|
23% |
|
23% |
Legacy revenue |
|
1,042 |
|
|
|
1,203 |
|
|
(13%) |
|
(13%) |
GAAP subscription |
|
21,728 |
|
|
|
18,078 |
|
|
20% |
|
21% |
GAAP professional services |
|
2,176 |
|
|
|
1,665 |
|
|
31% |
|
32% |
Total GAAP revenue |
$ |
23,904 |
|
|
$ |
19,743 |
|
|
21% |
|
22% |
|
|
|
|
|
|
|
|
|
|
SaaS and professional
services revenue: |
|
|
|
|
|
|
|
|
|
SaaS revenue |
$ |
20,686 |
|
|
$ |
16,875 |
|
|
23% |
|
23% |
Professional Services |
|
2,176 |
|
|
|
1,665 |
|
|
31% |
|
32% |
Total SaaS and professional services revenue |
$ |
22,862 |
|
|
$ |
18,540 |
|
|
23% |
|
24% |
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue: |
|
|
|
|
|
|
|
|
|
GAAP subscription |
$ |
3,803 |
|
|
$ |
3,341 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Non-GAAP subscription |
$ |
3,803 |
|
|
$ |
3,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP professional services |
$ |
2,734 |
|
|
$ |
1,505 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(825 |
) |
|
|
(88 |
) |
|
|
|
|
Non-GAAP professional services |
$ |
1,909 |
|
|
$ |
1,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total cost of revenue |
$ |
6,537 |
|
|
$ |
4,846 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(825 |
) |
|
|
(88 |
) |
|
|
|
|
Non-GAAP total cost of revenue |
$ |
5,712 |
|
|
$ |
4,758 |
|
|
20% |
|
21% |
|
|
|
|
|
|
|
|
|
|
Gross
Profit: |
|
|
|
|
|
|
|
|
|
Non-GAAP subscription |
$ |
17,925 |
|
|
$ |
14,737 |
|
|
|
|
|
Non-GAAP professional services |
|
267 |
|
|
|
248 |
|
|
|
|
|
Non-GAAP gross profit |
$ |
18,192 |
|
|
$ |
14,985 |
|
|
21% |
|
22% |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
GAAP research and development |
$ |
6,193 |
|
|
$ |
4,371 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(783 |
) |
|
|
(92 |
) |
|
|
|
|
Non-GAAP research and development |
$ |
5,410 |
|
|
$ |
4,279 |
|
|
26% |
|
28% |
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
$ |
8,693 |
|
|
$ |
6,927 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(580 |
) |
|
|
(169 |
) |
|
|
|
|
Non-GAAP sales and marketing |
$ |
8,113 |
|
|
$ |
6,758 |
|
|
20% |
|
21% |
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
$ |
2,957 |
|
|
$ |
2,022 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(820 |
) |
|
|
(19 |
) |
|
|
|
|
Non-GAAP general and administrative |
$ |
2,137 |
|
|
$ |
2,003 |
|
|
7% |
|
7% |
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
17,843 |
|
|
$ |
13,320 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(2,183 |
) |
|
|
(280 |
) |
|
|
|
|
Non-GAAP operating expenses |
$ |
15,660 |
|
|
$ |
13,040 |
|
|
20% |
|
21% |
[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)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended March
31, |
|
Growth Rates |
|
Constant CurrencyGrowth Rates [1] |
|
2022 |
|
2021 |
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
SaaS |
$ |
60,331 |
|
|
$ |
49,023 |
|
|
23% |
|
23% |
Legacy revenue |
|
2,848 |
|
|
|
4,502 |
|
|
(37%) |
|
(38%) |
GAAP subscription |
|
63,179 |
|
|
|
53,525 |
|
|
18% |
|
17% |
GAAP professional services |
|
5,268 |
|
|
|
4,514 |
|
|
17% |
|
16% |
Total GAAP revenue |
$ |
68,447 |
|
|
$ |
58,039 |
|
|
18% |
|
17% |
|
|
|
|
|
|
|
|
|
|
SaaS and professional
services revenue: |
|
|
|
|
|
|
|
|
|
SaaS |
$ |
60,331 |
|
|
$ |
49,023 |
|
|
23% |
|
23% |
Professional Services |
|
5,268 |
|
|
|
4,514 |
|
|
17% |
|
16% |
Total SaaS and professional services revenue |
$ |
65,599 |
|
|
$ |
53,537 |
|
|
23% |
|
22% |
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue: |
|
|
|
|
|
|
|
|
|
GAAP subscription |
$ |
10,811 |
|
|
$ |
9,811 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
|
(26 |
) |
|
|
|
|
Non-GAAP subscription |
$ |
10,811 |
|
|
$ |
9,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP professional services |
$ |
7,125 |
|
|
$ |
4,378 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(2,349 |
) |
|
|
(243 |
) |
|
|
|
|
Non-GAAP professional services |
$ |
4,776 |
|
|
$ |
4,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total cost of revenue |
$ |
17,936 |
|
|
$ |
14,189 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(2,349 |
) |
|
|
(243 |
) |
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
|
(26 |
) |
|
|
|
|
Non-GAAP total cost of revenue |
$ |
15,587 |
|
|
$ |
13,920 |
|
|
12% |
|
12% |
|
|
|
|
|
|
|
|
|
|
Gross
Profit: |
|
|
|
|
|
|
|
|
|
Non-GAAP subscription |
$ |
52,368 |
|
|
$ |
43,740 |
|
|
|
|
|
Non-GAAP professional services |
|
492 |
|
|
|
379 |
|
|
|
|
|
Non-GAAP gross profit |
$ |
52,860 |
|
|
$ |
44,119 |
|
|
20% |
|
19% |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
GAAP research and development |
$ |
17,988 |
|
|
$ |
13,384 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(2,310 |
) |
|
|
(394 |
) |
|
|
|
|
Non-GAAP research and development |
$ |
15,678 |
|
|
$ |
12,990 |
|
|
21% |
|
21% |
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
$ |
24,252 |
|
|
$ |
18,824 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(1,840 |
) |
|
|
(475 |
) |
|
|
|
|
Non-GAAP sales and marketing |
$ |
22,412 |
|
|
$ |
18,349 |
|
|
22% |
|
22% |
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
$ |
8,687 |
|
|
$ |
5,818 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(2,437 |
) |
|
|
(152 |
) |
|
|
|
|
Non-GAAP general and administrative |
$ |
6,250 |
|
|
$ |
5,666 |
|
|
10% |
|
10% |
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
50,927 |
|
|
$ |
38,026 |
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(6,587 |
) |
|
|
(1,021 |
) |
|
|
|
|
Non-GAAP operating expenses |
$ |
44,340 |
|
|
$ |
37,005 |
|
|
20% |
|
19% |
[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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