eGain Reports Growing Profitability in its Fiscal Second Quarter; New Logos Increase with AssistGPT AI Offering

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[{"type":"text","content":"SUNNYVALE, Calif., Feb. 08, 2024 (GLOBE NEWSWIRE) -- eGain (Nasdaq: EGAN), a knowledge platform for customer engagement, today announced financial results for its fiscal 2024 second quarter ended December 31, 2023. “Our AssistGPT offering helped us win new logos in the quarter,\" said Ashu Roy, eGain’s CEO. \"We see growing interest in knowledge management as a foundation for effective Generative AI use in customer service.” Fiscal 2024 Second Quarter Financial Highlights Total revenue was $23.8 million, down 7% year over year.GAAP net income was $2.2 million, or $0.07 per share on a basic and diluted basis, up from a GAAP net loss of $104,000, or $0.00 per share on a basic and diluted basis, in Q2 2023.Non-GAAP net income was $3.4 million, or $0.11 per share on a basic and diluted basis, up from a non-GAAP net income of $1.7 million, or $0.05 per share on a basic and diluted basis, in Q2 2023.Cash provided by operations was $7.7 million, or an operating cash flow margin of 32%.Total cash and cash equivalents were $86.8 million, up from $79.8 million in Q1 2024.Adjusted EBITDA was $3.8 million compared to $2.2 million in Q2 2023.Total shares purchased through the repurchase program were approximately 391,000 at an average cost per share of $6.39, totaling $2.5 million. Fiscal 2024 First Six Months Financial Highlights Total revenue was $48.0 million, down 5% year over year.GAAP net income was $4.8 million, or $0.15 per share on a basic and diluted basis, compared to GAAP net loss of $120,000, or $0.00 per share on a basic and diluted basis, in the same period last year.Non-GAAP net income was $7.2 million, or $0.23 per share on a basic basis and $0.22 per share on a diluted basis, compared to non-GAAP net income of $3.7 million, or $0.12 per share on a basic basis and $0.11 per share on a diluted basis, in the same period last year.Adjusted EBITDA was $6.6 million compared to $3.8 million in the same period last year.Cash provided from operations was $15.8 million, or an operating cash flow margin of 33%. Fiscal 2024 Third Quarter Financial Guidance For the third quarter of fiscal 2024 ending March 31, 2024, eGain expects: Total revenue of between $22.6 million to $23.0 million.GAAP net income of $400,000 to $1.0 million, or $0.01 to $0.03 per share. Includes stock-based compensation expense of approximately $1.2 million.Include...

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