eGain Reports Record Revenue in First Quarter of Fiscal 2023, Up 20% Year Over Year; Announces $20 Million Stock Repurchase Program

About this update from Egain Corporation

[{"type":"text","content":"SUNNYVALE, Calif., Nov. 14, 2022 (GLOBE NEWSWIRE) -- eGain (Nasdaq: EGAN), the leading AI knowledge platform for customer engagement automation, today announced financial results for its fiscal 2023 first quarter ended September 30, 2022. “We delivered record revenue and top and bottom-line results that exceeded our guidance and street consensus,” said Ashu Roy, eGain’s CEO. “Inbound interest and market demand remain high for our industry-leading Knowledge Hub, as businesses continue to invest in improving agent experience and customer satisfaction technologies.” “We are building a healthy new business pipeline, but in the current economic environment we see sales cycles lengthening, accordingly we are optimizing our growth and profitability targets for full year fiscal 2023 guidance. We remain excited about the tremendous market opportunity. “As such, we are announcing a $20 million stock repurchase plan. Given our strong balance sheet and positive cash flow, we have sufficient reserves to invest in our long-term growth.” Fiscal 2023 First Quarter Financial Highlights Total revenue was $24.8 million, up 15% year over year (20% in constant currency).SaaS revenue was $22.6 million, up 18% year over year (23% in constant currency).GAAP net loss was $16,000, or $0.00 per share, compared to GAAP net income of $551,000, or $0.02 per share in Q1 2022.Non-GAAP net income was $2.0 million, or $0.06 per share, compared to non-GAAP net income of $2.7 million, or $0.08 per share in Q1 2022.Cash flow from operations was $760,000, or 3% operating cash flow margin.Cash and cash equivalents were $71.5 million on September 30, 2022. Fiscal 2023 Second Quarter Financial Guidance For the second quarter of fiscal 2023 ending December 31, 2022, eGain expects: Total revenue of between $25.0 million to $25.4 million, representing growth of 8% to 10% year over year.Non-GAAP total revenue, adjusted for constant currency, of between $25.8 million to $26.2 million, representing growth of 12% to 13%.GAAP net loss of $700,000 to $1.0 million, or $0.02 to $0.03 per share. Includes stock-based compensation expense of approximately $2.0 million.Includes depreciation and amortization of approximately $130,000. Non-GAAP net income of $1.1 million to $1.4 million, or $0.03 to $0.04 per share. Fiscal 2023 Financial Guidance For the fiscal 2023 full year ending Ju...

More updates from Egain Corporation