Business
eGain Reports Improved Profitability and Operating Cash Flow in Q1 2024
Company Extends Stock Repurchase Program SUNNYVALE, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- eGain (Nasdaq: EGAN), a knowledge automation platform for
About this update from Egain Corporation
[{"type":"text","content":"Company Extends Stock Repurchase Program\nSUNNYVALE, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- eGain (Nasdaq: EGAN), a knowledge automation platform for customer engagement, today announced financial results for its fiscal 2024 first quarter ended September 30, 2023. “We delivered top and bottom-line results ahead of both our projections and street expectations,” said Ashu Roy, eGain’s CEO. “Our disciplined execution significantly improved profitability and operating cash flow in the quarter. And our recently launched eGain AssistGPT™ solution, the first-of-its-kind to automate knowledge for customer engagement, is being enthusiastically received by the market.” Fiscal 2024 First Quarter Financial Highlights Total revenue was $24.2 million, down 2% year over year.GAAP net income was $2.6 million, or $0.08 per share on a basic and diluted basis, up from GAAP net loss of $16,000, or $0.00 per share on a basic and diluted basis in Q1 2023.Non-GAAP net income was $3.8 million, or $0.12 per share on a basic and diluted basis, up from non-GAAP net income of $2.0 million, or $0.06 per share on a basic and diluted basis in Q1 2023.Cash provided by operations was $8.1 million, or an operating cash flow margin of 34%.Total cash and cash equivalents were $79.8 million, up from $73.2 million in Q4 2023.Adjusted EBITDA was $2.8 million compared to $1.6 million in Q1 2023.Total shares purchased through the repurchase program were approximately 83,000 at an average cost per share of $6.23, totaling $517,000. Fiscal 2024 Second Quarter Financial GuidanceFor the second quarter of fiscal 2024 ending December 31, 2023, eGain expects: Total revenue of between $23.0 million to $23.6 million.GAAP net income of $800,000 to $1.4 million, or $0.03 to $0.04 per share. Includes stock-based compensation expense of approximately $1.5 million.Includes depreciation and amortization of approximately $125,000. Non-GAAP net income of $2.3 million to $2.9 million, or $0.07 to $0.09 per share. Fiscal 2024 Financial GuidanceFor the fiscal 2024 full year ending June 30, 2024, eGain expects: Total revenue of between $96.0 million to $98.0 million.GAAP net income of $6.6 million to $7.1 million, or $0.20 to $0.22 per share. Includes stock-based compensation expense of approximately $5.5 million.Includes depreciation and amortization of approximately $500,000. Non-GAAP...