eGain Announces Fiscal 2016 Second Quarter Financial Results
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SUNNYVALE, CA -- (Marketwired) -- 02/04/16 -- eGain (NASDAQ: EGAN), a leading provider of cloud customer engagement solutions, today announced financial results for its fiscal 2016 second quarter ended December 31, 2015.
Ashu Roy, eGain's CEO, commented, "I am pleased with our performance this quarter, with gross bookings up 35% year over year including a large Cisco SolutionsPlus license expansion deal. We were also awarded a large expansion of our agreement with the Veterans Administration that significantly increased their web self-service sessions. On the cloud front, we signed a leading US financial institution that will deploy eGain's Knowledge Management solution."
"We continued to streamline our operations to increase efficiencies and saw significant improvement to our adjusted EBITDA and cash flow for the quarter. This improvement was driven by a 16% reduction in operating expenses year to date, which included a 21% year to date decrease in sales and marketing, while still improving our overall sales productivity. With a growing pipeline, particularly around new cloud business, we look to finish the fiscal year strong as we execute on our new land and expand sales strategy."
Fiscal 2016 Second Quarter Results:
Total GAAP revenue for the fiscal 2016 second quarter was $19.0 million, compared to $18.9 million in the same period last year. Subscription and support revenue for the fiscal second quarter was $10.8 million, compared to $11.0 million in the same period last year. License revenue for the fiscal second quarter was $5.1 million, an increase of 41% on a year-over-year basis. Professional services revenue for the fiscal second quarter was $3.1 million, a decrease of 28% on a year-over-year basis.
For the six months ended December 31, 2015, total GAAP revenue was $35.5 million, a decrease of 10% from the same period last year. Subscription and support revenue was $21.6 million, an increase of 1% from the same period last year. License revenue was $7.5 million, a decrease of 27% from the same period last year. Professional services revenue was $6.3 million, a decrease of 20% from the same period last year.
Gross profit for the fiscal second quarter was $13.0 million, compared to $10.7 million for the second quarter of fiscal 2015. Gross margin for the fiscal second quarter was 69%, compared to 56% in the second quarter last year, attributable to the business mix. The subscription and support revenue gross margin for the fiscal second quarter was 71%, compared to 70% in the same quarter last year.
For the six months ended December 31, 2015, gross profit was $23.0 million, compared to $24.4 million for the same period last year. Gross margin was 65%, compared to 62% for the same period last year. The subscription and support revenue gross margin for the six months ended December 31, 2015 was 71%, compared to 71% for the same period last year.
Adjusted EBITDA for the fiscal second quarter was $1.0 million, or $0.04 per share on a basic and diluted basis, compared to an adjusted EBITDA net loss of $2.4 million, or $0.09 per share on a basic and diluted basis, for the second quarter of fiscal 2015.
For the six months ended December 31, 2015, adjusted EBITDA was $274,000, or $0.01 per share on a basic and diluted basis compared to an adjusted EBITDA net loss of $1.5 million, or $0.06 per share on a basic and diluted basis, for the same period last year.
GAAP net loss for the fiscal second quarter was $1.4 million, or a loss of $0.05 per share on a basic and diluted basis, compared to a GAAP net loss of $5.5 million, or a loss of $0.20 per share on a basic and diluted basis, for the second quarter of last year. Net loss for the fiscal second quarter includes amortization of acquired intangible assets of $695,000, stock-based compensation expense of $229,000 and interest, net expense of $676,000 and tax expense of $113,000, compared to amortization of acquired intangible assets of $695,000, stock-based compensation expense of $750,000 and interest, net expense of $145,000 and tax benefit of $191,000 in the second quarter last year.
For the six months ended December 31, 2015, GAAP net loss was $4.6 million, or a loss of $0.17 per share on a basic and diluted basis, compared to net loss of $7.1 million, or $0.27 per share on a basic and diluted basis, for the same period last year. Net loss for the six months ended December 31, 2015 includes amortization of acquired intangible assets of $1.4 million, stock-based compensation expense of $742,000 and interest, net expense of $1.0 million and tax expense of $447,000, compared to amortization of acquired intangible assets of $1.1 million, stock-based compensation expense of $1.3 million and interest, net expense of $268,000 and tax benefit of $159,000 for the same period last year.
Total cash, cash equivalents increased to $9.8 million as of December 31, 2015, from $8.6 million as of June 30, 2015.
Total deferred revenue (which includes both deferred revenue on the balance sheet of $12.7 million and unbilled deferred revenue that remains off balance sheet of $28.3 million, collectively representing contractual commitments that have not been recognized as revenue) was $41.0 million as of December 31, 2015, compared to $42.3 million as of June 30, 2015.
Non-GAAP Financial Measures These reported results include Annual Contract Value (ACV), Gross Bookings, Backlog and Adjusted EBITDA as supplemental information relating to our operating results. Adjusted EBITDA is a non-GAAP financial measure, defined as net income (loss), adjusted for the impact of purchase accounting adjustments to deferred revenue related to acquisitions, depreciation and amortization, stock-based compensation expense, interest expense, net, income tax provision, amortization of acquired intangible assets, acquisition-related expenses and severance and related charges. 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 analyses, 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.
Quarterly Conference Call eGain will discuss its quarterly results today via teleconference at 2:00 p.m. Pacific Standard Time. To access the live call, please dial (888) 395-3227 (U.S./Canada toll free) or (719) 457-2645 (international), and give the participant pass code 8593463. A live webcast of the call can be accessed from the investors section at www.egain.com. An audio replay of the conference call can be accessed at (888) 203-1112 (U.S. toll-free) or (719) 457-0820 (international). The replay will be available starting two hours after the call and remain in effect for one week. The required pass code is 8593463. An archive of the webcast will also be available on the investors section at www.egain.com.
About eGain eGain's customer engagement solutions power digital transformation for leading brands. Our top-rated cloud applications for social, mobile, web, and contact centers help clients deliver connected customer journeys in a multichannel world. To find out more about eGain Corporation, visit http://www.egain.com/company/investors/
Headquartered in Sunnyvale, California, eGain has operating presence in North America, EMEA, and APAC. To learn more about us, visit www.eGain.com or call our offices: +1-800-821-4358 (US), +44-(0)-1753-464646 (EMEA), or +91-(0)-20-6608-9200 (APAC).
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 include our belief that we are seeing and will continue to see benefits of the Company's organizational changes, including a growing business pipeline, particularly around new cloud business, the Company's belief that it will finish the fiscal year strongly, and that we can execute on our new land and expand sales strategy, among other matters. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties referred to above include, but are not limited to: our ability to capitalize on customer engagement; the success of organization changes; risks that our hybrid revenue model and lengthy sales cycles may negatively affect our operating results; 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 associated with new product releases; risks related to our international operations; our ability to invest resources to improve our products and continue to innovate; and other risks detailed from time to time in eGain's filings with the Securities and Exchange Commission, including eGain's annual report on Form 10-K filed on September 11, 2015, and eGain's quarterly reports on Form 10-Q, 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 to update these forward-looking statements.
Note: eGain is a registered trademark, and the other eGain product and service names appearing in this release are trademarks or service marks, of eGain. All other company names and products are trademarks or registered trademarks of their respective companies.
eGain Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, June 30,
2015 2015
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 9,792 $ 8,633
Restricted cash 17 676
Accounts receivable, net 10,830 13,118
Deferred commissions 514 633
Prepaid and other current assets 1,445 1,625
------------- -------------
Total current assets 22,598 24,685
Property and equipment, net 2,542 3,136
Deferred commissions, net of current portion 342 297
Intangible assets, net 6,229 7,620
Goodwill 13,186 13,186
Other assets 783 807
------------- -------------
Total assets $ 45,680 $ 49,731
============= =============
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable $ 2,170 $ 1,779
Accrued compensation 4,993 6,910
Accrued liabilities 3,089 2,664
Deferred revenue 11,510 14,395
Capital lease obligations 323 471
Bank borrowings 807 505
------------- -------------
Total current liabilities 22,892 26,724
Deferred revenue, net of current portion 1,198 1,417
Capital lease obligations, net of current
portion 227 295
Bank borrowings, net of current portion 22,348 18,259
Other long term liabilities 1,881 1,937
------------- -------------
Total liabilities 48,546 48,632
------------- -------------
Stockholders' (deficit) equity:
Common stock 27 27
Additional paid-in capital 342,145 341,329
Notes receivable from stockholders (78) (78)
Accumulated other comprehensive loss (1,335) (1,170)
Accumulated deficit (343,625) (339,009)
------------- -------------
Total stockholders' (deficit) equity (2,866) 1,099
------------- -------------
Total liabilities and stockholders'
(deficit) equity $ 45,680 $ 49,731
============= =============
eGain Corporation
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
------------------ ------------------
2015 2014 2015 2014
-------- -------- -------- --------
Revenue:
Subscription and support $ 10,783 $ 10,956 $ 21,625 $ 21,401
License 5,064 3,583 7,490 10,311
Professional services 3,139 4,364 6,347 7,895
-------- -------- -------- --------
Total revenue 18,986 18,903 35,462 39,607
-------- -------- -------- --------
Cost of subscription and support 3,116 3,264 6,195 6,143
Cost of license 9 26 16 54
Cost of professional services 2,851 4,951 6,237 9,031
-------- -------- -------- --------
Total cost of revenue 5,976 8,241 12,448 15,228
-------- -------- -------- --------
Gross profit 13,010 10,662 23,014 24,379
-------- -------- -------- --------
Operating expenses:
Research and development 4,016 4,160 7,916 7,901
Sales and marketing 7,617 9,599 14,285 18,104
General and administrative 1,893 2,573 4,139 5,515
-------- -------- -------- --------
Total operating expenses 13,526 16,332 26,340 31,520
-------- -------- -------- --------
Loss from operations (516) (5,670) (3,326) (7,141)
Interest expense, net (676) (145) (1,009) (268)
Other income (expense), net (74) 163 166 153
-------- -------- -------- --------
Loss before income tax benefit
(provision) (1,266) (5,652) (4,169) (7,256)
Income tax benefit (provision) (113) 191 (447) 159
-------- -------- -------- --------
Net loss $ (1,379) $ (5,461) $ (4,616) $ (7,097)
======== ======== ======== ========
Per share information:
Basic and diluted net loss per
common share $ (0.05) $ (0.20) $ (0.17) $ (0.27)
======== ======== ======== ========
Weighted average shares used in
computing basic and diluted net
loss per common share $ 27,036 $ 26,657 $ 27,029 $ 26,422
======== ======== ======== ========
Summary of amortization of purchased
intangibles from business
combinations in the costs and
expenses above:
Cost of revenue $ 67 $ 67 $ 134 $ 108
Research and development $ 437 $ 437 $ 874 $ 704
Sales and marketing $ 172 $ 172 $ 344 $ 278
General and administrative $ 19 $ 19 $ 38 $ 30
Summary of stock-based compensation
included in the costs and expenses
above:
Cost of revenue $ 66 $ 174 $ 160 $ 303
Research and development $ 123 $ 217 $ 270 $ 410
Sales and marketing $ (62) $ 195 $ 70 $ 319
General and administrative $ 102 $ 164 $ 242 $ 276
eGain Corporation
GAAP to Non-GAAP Reconciliation Table
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
------------------ ------------------
2015 2014 2015 2014
-------- -------- -------- --------
Revenue $ 18,986 $ 18,903 $ 35,462 $ 39,607
Add: Purchase accounting
adjustments to deferred revenue
related to acquisitions 19 162 39 248
-------- -------- -------- --------
Non-GAAP Revenue $ 19,005 $ 19,065 $ 35,501 $ 39,855
-------- -------- -------- --------
Adjusted EBITDA
Net loss $ (1,379) $ (5,461) $ (4,616) $ (7,097)
Add: Purchase accounting
adjustments to deferred revenue
related to acquisitions 19 162 39 248
Depreciation and amortization 543 623 1,092 1,291
Stock-based compensation expense 229 750 742 1,308
Interest expense, net 676 145 1,009 268
Income tax benefit (provision) 113 (191) 447 (159)
Amortization of acquired
intangible assets 695 695 1,390 1,120
Acquisition-related expenses - 229 - 844
Severance and related charges 147 644 171 704
-------- -------- -------- --------
Adjusted EBITDA $ 1,043 $ (2,404) $ 274 $ (1,473)
-------- -------- -------- --------
Per share information:
Basic Adjusted EBITDA per common
share $ 0.04 $ (0.09) $ 0.01 $ (0.06)
======== ======== ======== ========
Diluted Adjusted EBITDA per common
share $ 0.04 $ (0.09) $ 0.01 $ (0.06)
======== ======== ======== ========
Weighted average shares used in
computing basic Adjusted EBITDA
per common share 27,036 26,657 27,029 26,422
======== ======== ======== ========
Weighted average shares used in
computing diluted Adjusted EBITDA
per common share 27,625 26,657 27,614 26,422
======== ======== ======== ========
eGain Corporation
GAAP to Non-GAAP Reconciliation Table
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
------------------ ------------------
2015 2014 2015 2014
-------- -------- -------- --------
Revenue $ 18,986 $ 18,903 $ 35,462 $ 39,607
Add: Purchase accounting
adjustments to deferred revenue
related to acquisitions 19 162 39 248
-------- -------- -------- --------
Non-GAAP Revenue $ 19,005 $ 19,065 $ 35,501 $ 39,855
-------- -------- -------- --------
Adjusted EBITDA
Net loss $ (1,379) $ (5,461) $ (4,616) $ (7,097)
Add: Purchase accounting
adjustments to deferred revenue
related to acquisitions 19 162 39 248
Depreciation and amortization 543 623 1,092 1,291
Stock-based compensation expense 229 750 742 1,308
Interest expense, net 676 145 1,009 268
Income tax benefit (provision) 113 (191) 447 (159)
Amortization of acquired
intangible assets 695 695 1,390 1,120
Acquisition-related expenses - 229 - 844
Severance and related charges 147 644 171 704
-------- -------- -------- --------
Adjusted EBITDA $ 1,043 $ (2,404) $ 274 $ (1,473)
-------- -------- -------- --------
Per share information:
Basic Adjusted EBITDA per common
share $ 0.04 $ (0.09) $ 0.01 $ (0.06)
======== ======== ======== ========
Diluted Adjusted EBITDA per common
share $ 0.04 $ (0.09) $ 0.01 $ (0.06)
======== ======== ======== ========
Weighted average shares used in
computing basic Adjusted EBITDA
per common share 27,036 26,657 27,029 26,422
======== ======== ======== ========
Weighted average shares used in
computing diluted Adjusted EBITDA
per common share 27,625 26,657 27,614 26,422
======== ======== ======== ========
eGain Corporation
Other GAAP to Non-GAAP Supplemental Financial Information
(in thousands)
(unaudited)
Constant
December 31, currency
------------------ Growth growth
2015 2014 rates rates [4]
-------- --------
Total recurring revenue ACV[1]:
Subscription $ 22,759 $ 21,845 4% 6%
Support 20,538 19,684 4% 8%
-------- --------
Total recurring revenue ACV $ 43,297 $ 41,529 4% 7%
======== ========
Backlog [2] $ 40,998 $ 41,672 -2% 0%
======== ========
Three Months Ended Constant
December 31, currency
------------------ Growth growth
2015 2014 rates rates [4]
-------- --------
Gross bookings [3] $ 20,292 $ 14,991 35% 42%
======== ========
Revenue:
GAAP Subscription and support $ 10,783 $ 10,956
GAAP License 5,064 3,583
GAAP Professional services 3,139 4,364
-------- --------
GAAP total revenue 18,986 18,903
Purchase accounting adjustments to
deferred revenue related to
acquisitions 19 162
-------- --------
Non-GAAP revenue $ 19,005 $ 19,065 0% 2%
======== ========
Cost of revenue:
GAAP subscription and support $ 3,116 $ 3,264
Add back:
Depreciation and amortization (332) (354)
Amortization of acquired
intangible assets (67) (67)
-------- --------
Non-GAAP subscription and support $ 2,717 $ 2,843
======== ========
GAAP professional services $ 2,851 $ 4,951
Add back:
Depreciation and amortization (58) (91)
Stock-based compensation expense (66) (174)
-------- --------
Non-GAAP professional services $ 2,727 $ 4,686
======== ========
GAAP total cost of revenue $ 5,976 $ 8,241
Add back:
Depreciation and amortization (390) (445)
Stock-based compensation expense (66) (174)
Amortization of acquired
intangible assets (67) (67)
-------- --------
Non-GAAP total cost of revenue $ 5,453 $ 7,555 -28% -26%
======== ========
Gross profit:
Non-GAAP subscription and support $ 8,085 $ 8,230
Non-GAAP license 5,055 3,601
Non-GAAP professional services 412 (321)
-------- --------
Non-GAAP gross profit $ 13,552 $ 11,510 18% 20%
======== ========
Operating expenses:
GAAP research and development $ 4,016 $ 4,160
Add back:
Depreciation and amortization (78) (79)
Stock-based compensation expense (123) (217)
Amortization of acquired
intangible assets (437) (437)
Severance and related charges - (10)
-------- --------
Non-GAAP research and development $ 3,378 $ 3,417 -1% 1%
======== ========
GAAP sales and marketing $ 7,617 $ 9,599
Add back:
Depreciation and amortization (58) (77)
Stock-based compensation expense 62 (195)
Amortization of acquired
intangible assets (172) (172)
Severance and related charges (147) (491)
-------- --------
Non-GAAP sales and marketing $ 7,302 $ 8,664 -16% -7%
======== ========
GAAP general and administrative $ 1,893 $ 2,573
Add back:
Depreciation and amortization (17) (22)
Stock-based compensation expense (102) (164)
Amortization of acquired
intangible assets (19) (19)
Severance and related charges - (143)
Acquisition-related expenses - (229)
-------- --------
Non-GAAP general and administrative $ 1,755 $ 1,996 -12% -9%
======== ========
GAAP operating expenses $ 13,526 $ 16,332
Add back:
Depreciation and amortization (153) (178)
Stock-based compensation expense (163) (576)
Amortization of acquired
intangible assets (628) (628)
Severance and related charges (147) (644)
Acquisition-related expenses - (229)
-------- --------
Non-GAAP operating expenses $ 12,435 $ 14,077 -12% -5%
======== ========
Six Months Ended Constant
December 31, currency
------------------ Growth growth
2015 2014 rates rates [4]
-------- --------
Gross bookings [3] $ 34,148 $ 41,551 -18% -13%
======== ========
Revenue:
GAAP Subscription and support $ 21,625 $ 21,401
GAAP License 7,490 10,311
GAAP Professional services 6,347 7,895
-------- --------
GAAP total revenue 35,462 39,607
Purchase accounting adjustments to
deferred revenue related to
acquisitions 39 248
-------- --------
Non-GAAP revenue $ 35,501 $ 39,855 -11% -8%
======== ========
Cost of revenue:
GAAP subscription and support $ 6,195 $ 6,143
Add back:
Depreciation and amortization (662) (752)
Amortization of acquired
intangible assets (134) (108)
-------- --------
Non-GAAP subscription and support $ 5,399 $ 5,283
======== ========
GAAP professional services $ 6,237 $ 9,031
Add back:
Depreciation and amortization (127) (178)
Stock-based compensation expense (160) (303)
-------- --------
Non-GAAP professional services $ 5,950 $ 8,550
======== ========
GAAP total cost of revenue $ 12,448 $ 15,228
Add back:
Depreciation and amortization (789) (930)
Stock-based compensation expense (160) (303)
Amortization of acquired
intangible assets (134) (108)
-------- --------
Non-GAAP total cost of revenue $ 11,365 $ 13,887 -18% -15%
======== ========
Gross profit:
Non-GAAP subscription and support $ 16,265 $ 16,321
Non-GAAP license 7,474 10,301
Non-GAAP professional services 397 (654)
-------- --------
Non-GAAP gross profit $ 24,136 $ 25,968 -7% -5%
======== ========
Operating expenses:
GAAP research and development $ 7,916 $ 7,901
Add back:
Depreciation and amortization (149) (151)
Stock-based compensation expense (270) (410)
Amortization of acquired
intangible assets (874) (704)
Severance and related charges - (10)
-------- --------
Non-GAAP research and development $ 6,623 $ 6,626 0% 3%
======== ========
GAAP sales and marketing $ 14,285 $ 18,104
Add back:
Depreciation and amortization (120) (165)
Stock-based compensation expense (70) (319)
Amortization of acquired
intangible assets (344) (278)
Severance and related charges (171) (551)
-------- --------
Non-GAAP sales and marketing $ 13,580 $ 16,791 -19% -12%
======== ========
GAAP general and administrative $ 4,139 $ 5,515
Add back:
Depreciation and amortization (34) (45)
Stock-based compensation expense (242) (276)
Amortization of acquired
intangible assets (38) (30)
Severance and related charges - (143)
Acquisition-related expenses - (844)
-------- --------
Non-GAAP general and administrative $ 3,825 $ 4,177 -8% -6%
======== ========
GAAP operating expenses $ 26,340 $ 31,520
Add back:
Depreciation and amortization (303) (361)
Stock-based compensation expense (582) (1,005)
Amortization of acquired
intangible assets (1,256) (1,012)
Severance and related charges (171) (704)
Acquisition-related expenses - (844)
-------- --------
Non-GAAP operating expenses $ 24,028 $ 27,594 -13% -7%
======== ========
[1] Annual Contract Value (ACV) is defined as the annualized value of the
contractual obligations in place at the end of the reporting period.
[2] Backlog presented are derived from the deferred revenue on balance sheet
plus unbilled and uncollected contractual commitments.
[3] Gross bookings presented are derived from GAAP revenue plus change in
Backlog from the beginning and the end of the reporting period.
[4] 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 Charles Messman, VP Finance Phone: 408-636-4500 Email: [email protected] MKR Group Investor Relations Todd Kehrli or Jim Byers Phone: 323-468-2300 Email: [email protected]
Source: eGain
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