eGain Corp (EGAN) 2025 Q4 法說會逐字稿

Good afternoon and welcome to the eGain fiscal 2025 fourth-quarter and full-year financial results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 eGain 2025 財年第四季和全年財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jim Byers, PondelWilkinson Investor Relations. Please go ahead.

現在我想將會議交給 PondelWilkinson 投資者關係部的 Jim Byers。請繼續。

Thank you, operator, and good afternoon everyone. Welcome to eGain's Fiscal 2025 Fourth Quarter and Full Year Financial Results Conference Call. On the call today are eGain's Chief Executive Officer, Ashu Roy; and Chief Financial Officer, Eric Smit.

謝謝接線員，大家下午好。歡迎參加 eGain 2025 財年第四季和全年財務業績電話會議。今天參加電話會議的有 eGain 的執行長 Ashu Roy 和財務長 Eric Smit。

Before we begin, I would like to remind everyone that during this conference call, management will make certain forward-looking statements, which convey management's expectations, beliefs, plans, and objectives regarding future financial and operational performance. Forward looking statements are generally preceded by words such as believe, plan, intend, expect, anticipate, or similar expressions.

在我們開始之前，我想提醒大家，在這次電話會議中，管理層將做出某些前瞻性陳述，這些陳述傳達了管理層對未來財務和營運績效的期望、信念、計劃和目標。前瞻性陳述通常以相信、計劃、打算、期望、預期或類似表達等詞語開頭。

Forward looking statements are protected by Safe Harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a wide range of risks and uncertainties that could cause actual results to differ in materials respects.

前瞻性聲明受 1995 年《私人證券訴訟改革法案》中的安全港條款保護。這些前瞻性陳述受到多種風險和不確定性的影響，可能導致實際結果在重大方面有所不同。

Information on various factors that could affect eGain's results are detailed on the company's reports filed with the Securities and Exchange Commission. eGain is making these statements as of today, September 4, 2025, and assumes no obligation to publicly update or revise any of the forward-looking information in this conference call.

有關可能影響 eGain 業績的各種因素的詳細信息，請參閱公司向美國證券交易委員會提交的報告。 eGain 截至今天（2025 年 9 月 4 日）做出這些聲明，並且不承擔公開更新或修改本次電話會議中任何前瞻性資訊的義務。

In addition to GAAP results, we will also discuss certain non-GAAP financial measures such as non-GAAP operating income. The tables included with the earnings press release include reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP financial measures.

除了 GAAP 結果之外，我們還將討論某些非 GAAP 財務指標，例如非 GAAP 營業收入。收益新聞稿中包含的表格包括歷史非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳。

eGain's earnings press release can be found by clicking the Press Releases link on the Investor Relations page of eGain's website at egain.com, and along with the earnings release, we will post an updated investor presentation to the Investor Relations page of eGain's website. And lastly, a phone replay of this conference call will be available for one week.

您可以透過點擊 eGain 網站 egain.com 投資者關係頁面上的新聞稿連結來查看 eGain 的收益新聞稿，並且我們將與收益報告一起在 eGain 網站的投資者關係頁面上發布更新的投資者介紹。最後，本次電話會議的電話重播將保留一週。

And now with that, I'd like to turn the call over to eGain's CEO, Ashu Roy.

現在，我想將電話轉給 eGain 的執行長 Ashu Roy。

Thank you, Jim, and good afternoon, everyone. We finished fiscal 2025 with a strong bookings, a good revenue growth, and improved profitability in the fourth quarter, ahead of our projections and Street consensus. I note that our fourth quarter results also include onetime tax benefit from the release of our full income tax valuation allowance.

謝謝你，吉姆，大家下午好。我們在 2025 財年結束時取得了強勁的預訂量、良好的收入增長以及第四季度盈利能力的提高，超出了我們的預測和華爾街的共識。我注意到，我們的第四季業績還包括因釋放全部所得稅估值準備金而產生的一次性稅收優惠。

So let me start with some business highlights. Last quarter, we signed up the largest nonprofit health care network in New Jersey as a client. They run 18 hospitals and have 36,000 team members. This client faced an urgent need to unify their knowledge management with strong governance because it was critical to support their rapid growth.

那麼，讓我先從一些業務亮點開始。上個季度，我們簽約了新澤西州最大的非營利醫療保健網絡作為客戶。他們經營 18 家醫院，擁有 36,000 名團隊成員。該客戶迫切需要統一其知識管理與強有力的治理，因為這對於支持其快速成長至關重要。

They chose our solution to unify these knowledge assets and these correct, consistent, compliant answers now coming out of the Knowledge Hub will be delivered to their contact center agents on the desktop provided by Cisco in the flow of the conversation with the patients.

他們選擇我們的解決方案來統一這些知識資產，現在來自知識中心的這些正確、一致、合規的答案將在與患者的對話過程中透過思科提供的桌面傳遞給他們的聯絡中心代理。

Another new client we won was one of the nation's largest credit unions. They set out to implement an enterprise knowledge management system and in the past had, had a challenging experience with another vendor. They recognized the value of our AI Knowledge Hub. And now they'll be using it to deliver trusted answers to all employees, including contact center agents who are using a Genesys CCaaS desktop.

我們贏得的另一個新客戶是美國最大的信用合作社之一。他們著手實施企業知識管理系統，過去曾與其他供應商合作，但遭遇挑戰。他們認可了我們的人工智慧知識中心的價值。現在，他們將使用它向所有員工提供可信的答案，包括使用 Genesys CCaaS 桌面的聯絡中心代理。

Another great win for us last quarter was a deal we signed with an existing client. This is a global leader in workforce services. They support employees of over 4,300 businesses, including 70% of the Fortune 100. They will be deploying our AI Agent for contact center. As you know, this is a new product we launched last quarter.

上個季度我們的另一個重大勝利是與現有客戶簽署了一項協議。這是勞動力服務領域的全球領導者。他們為超過 4,300 家企業的員工提供支持，其中包括 70% 的財富 100 強企業。他們將為聯絡中心部署我們的 AI 代理程式。如您所知，這是我們上個季度推出的新產品。

This solution will help their service associates better handle over 15 million phone calls every year. This will scale up next year to that level with proactive real-time guidance powered by trusted answers from our Knowledge Hub. It's very exciting for us to see the early interest in our AI Agent products.

該解決方案將幫助他們的服務人員更好地處理每年超過 1500 萬通電話。明年，我們將透過知識中心的可靠答案提供主動的即時指導，將這一水平擴大到這一水平。我們很高興看到大家對我們的 AI Agent 產品很感興趣。

We are now engaged with many CX leaders who we note have been unsuccessful as they have tried to implement agent assist solutions from other providers over the past couple of years. They seem to now understand that without a trusted knowledge infrastructure, all the AI-powered agent tools cannot deliver value because you cannot rely on those answers.

我們目前正與許多 CX 領導者合作，我們注意到他們在過去幾年中嘗試實施其他提供者的代理協助解決方案，但都沒有成功。他們現在似乎明白，如果沒有可信的知識基礎設施，所有人工智慧代理工具都無法提供價值，因為你不能依賴這些答案。

Stepping back, I also want to share what I think is an important update to the large deal news that we talked about last quarter at the earnings call. As you may recall, we signed one of our largest deals in company history in April with a US mega bank.

退一步來說，我還想分享一下我認為是上個季度我們在財報電話會議上討論的重大交易新聞的重要更新。您可能還記得，我們​​今年四月與一家美國大型銀行簽署了公司歷史上最大的交易之一。

That bank is JPMorgan Chase. This deal was our third win inside the bank. Building on our success in their Travel Group and their international business unit. Our AI Knowledge Hub will now serve all bank employees in their US Chase business.

這家銀行就是摩根大通。這筆交易是我們在銀行內部贏得的第三筆交易。在我們在其旅遊集團和國際業務部門取得成功的基礎上。我們的人工智慧知識中心現在將為美國大通銀行業務的所有銀行員工提供服務。

What is exciting for us is that we are now actively partnering with JPMorgan Chase to improve customer experience and drive AI efficiencies across the business.

令我們興奮的是，我們現在正積極與摩根大通合作，以改善客戶體驗並提高整個業務的人工智慧效率。

To strengthen this partnership, we issued warrants to JPMC in August, and they agreed to nominate a senior executive to join our eGain Board as an observer. She will be a great addition to our strategic brain trust. I'm super excited about our innovative partnership with JPMC. As we know, they are one of the most tech-savvy banks in America. They understand the criticality of a trusted knowledge infrastructure to scale their AI ambitions.

為了加強這種合作關係，我們在 8 月向 JPMC 發行了認股權證，他們同意提名一位高階主管作為觀察員加入我們的 eGain 董事會。她將成為我們戰略智囊團的重要補充。我對我們與 JPMC 的創新合作感到非常興奮。眾所周知，他們是美國最精通科技的銀行之一。他們明白可信賴的知識基礎設施對於擴展他們的人工智慧抱負的重要性。

They are better in eGain, we will deliver. And we will also benefit from their strategic insights and needs as we partner with them to design our next-generation products.

他們在 eGain 方面表現更好，我們將會提供。當我們與他們合作設計下一代產品時，我們也將受益於他們的策略見解和需求。

Looking at the market, AI is starting to move down from what we would all agree as the hype peak towards more pragmatic pastures. Most of you probably read the recent MIT study based on an extensive survey of businesses, it reported that 95% of AI investments are not showing significant ROI. We know one big reason why. Without trusted knowledge, generative AI is stuck in the rut of garbage in, garbage out. No amount of language model improvement and deep reasoning solves this problem.

縱觀市場，人工智慧正開始從我們都認同的炒作高峰轉向更務實的領域。你們中的大多數人可能都讀過麻省理工學院最近基於對企業的廣泛調查的研究，該研究報告稱，95% 的人工智慧投資並沒有顯示出顯著的投資回報率。我們知道一個重要原因。如果沒有可信的知識，生成人工智慧就會陷入垃圾輸入、垃圾輸出的困境。無論多少語言模型改進和深度推理都無法解決這個問題。

The student can do only so well as the book she reads. Increasingly, businesses are recognizing this foundational need for trusted knowledge to deliver AI ROI.

學生的成績取決於她所讀的書。越來越多的企業認識到，需要可信的知識來實現人工智慧投資回報。

Our bookings in fiscal '25 have started to reflect this growing demand. Our total AI Knowledge ARR grew by 25% year over year. We expect that our total AI Knowledge ARR will grow by 20% or so in fiscal '26. To continue to extend our product leadership in this critical AI infrastructure market, we will continue to invest and, in fact, modestly increase our product development investments.

我們在 25 財年的預訂量已經開始反映出這種不斷增長的需求。我們的整體 AI 知識 ARR 年比增長了 25%。我們預計，26 財年我們的整體 AI 知識 ARR 將成長 20% 左右。為了繼續擴大我們在這個關鍵的人工智慧基礎設施市場的產品領導地位，我們將繼續投資，事實上，我們會適度增加我們的產品開發投資。

Our R&D spend in fiscal '26 will grow by roughly 6% year over year. At the same time, we are defocusing from less strategic products in our portfolio. So our messaging products, which have been in sustained mode for a few years, will now be sunset in fiscal 2026. On the operational front, we are streamlining our business with AI. This is improving productivity and quality, and we are deploying some of those savings into R&D and the rest goes to our bottom line.

我們在 26 財年的研發支出將年增約 6%。同時，我們正在減少產品組合中策略性較弱的產品的關注。因此，我們的通訊產品已經持續運作了幾年，但現在將在 2026 財年停止銷售。在營運方面，我們正在利用人工智慧簡化業務。這提高了生產力和質量，我們將節省下來的部分資金投入到研發中，其餘的則用於我們的獲利。

Thanks to increased investment in R&D in fiscal '25, we launched our new AI Agent products, one for customer self-service in March and the other for contact center in June. Since then, we have enhanced the products with deep connectors to enterprise platforms like SharePoint, Genesys and Salesforce. These products are well received now in the CX market, where businesses are looking for solutions that deliver real ROI.

由於 25 財年加大了研發投入，我們推出了新的 AI Agent 產品，一款用於客戶自助服務，於 3 月推出，另一款用於聯絡中心，於 6 月推出。從那時起，我們透過與 SharePoint、Genesys 和 Salesforce 等企業平台的深度連接器增強了產品。這些產品目前在 CX 市場上廣受歡迎，企業正在尋找能夠帶來真正投資回報的解決方案。

We saw this interest firsthand at our eGain Solve customer event in London this June. Our demo lounge and the AI Agent workshop were packed with attendees who wanted to play with the product and configure their own use cases. And so new pipeline opportunities have started to grow out of those engagements. Our next eGain Solve customer event will be held in Chicago on October -- sorry, October 14 and 15 at the Hyatt Regency O'Hare. In addition to customer success stories, new product intros, demos, workshops, we will also host an Analyst Day at the event, and we look forward to seeing some of you there.

今年 6 月，我們在倫敦舉行的 eGain Solve 客戶活動上親眼見證了這種興趣。我們的示範休息室和 AI Agent 研討會擠滿了想要試用產品並配置自己的用例的與會者。因此，新的通路機會開始從這些合作中產生。我們的下一次 eGain Solve 客戶活動將於 10 月在芝加哥舉行——抱歉，是 10 月 14 日和 15 日，地點是奧黑爾凱悅酒店。除了客戶成功案例、新產品介紹、演示、研討會之外，我們還將在活動中舉辦分析師日，我們期待在那裡見到你們。

So to conclude, I believe we have made good progress in fiscal 2025. With a sharp focus on the AI Knowledge opportunity and customer service, we invested early and heavily on R&D. We launched eGain AI Agent, a new product set that effectively leverages our deep differentiation in knowledge management. We also acquired good logos in our target market, including JPMC, a marquee client and now a design partner in our journey to deliver the most trusted knowledge infrastructure for AI.

總而言之，我相信我們在 2025 財年取得了良好的進展。我們高度關注人工智慧知識機會和客戶服務，並在早期就對研發進行了大力投資。我們推出了 eGain AI Agent，這是一套新的產品，可以有效利用我們在知識管理方面的深度差異化。我們還在目標市場獲得了良好的口碑，其中包括 JPMC，一家大型客戶，現在是我們為 AI 提供最值得信賴的知識基礎設施之旅的設計合作夥伴。

With that, I'll hand it over to Eric Smit, our CFO, to provide more detail on the financials. Eric?

接下來，我將把電話交給我們的財務長 Eric Smit，以提供更多有關財務的詳細資訊。艾瑞克？

Thanks, Ashu, and thanks, everyone, for joining us today. Before I begin, I want to mention that this is the first time we are using slides to support our earnings call. We believe this will provide helpful context and make it easier for you to follow our results and outlook. In addition to the webcast, you can find the slides in the Investor Relations section of the website under the updated investor presentation, and I will refer to them throughout my remarks today.

謝謝阿舒，也謝謝大家今天加入我們。在開始之前，我想提一下，這是我們第一次使用幻燈片來支持我們的收益電話會議。我們相信這將提供有用的背景信息，並使您更容易關注我們的結果和展望。除了網路廣播之外，您還可以在網站的投資者關係部分中找到更新的投資者簡報中的幻燈片，我將在今天的演講中參考它們。

As Ashu noted, we finished the year with solid bookings, a return to revenue growth and strong profitability in the fourth quarter. Let me share more details about our financial results for the fourth quarter and full fiscal year of fiscal '25 before discussing our outlook and guidance for fiscal '26.

正如阿舒所指出的，我們以穩定的預訂量、收入恢復成長以及第四季度強勁的盈利能力結束了這一財年。在討論我們對 26 財年的展望和指導之前，讓我先分享更多有關 25 財年第四季和全年財務業績的詳細資訊。

Looking at our revenue, total revenue for the fourth quarter was $23.2 million, up 11% sequentially and up 3% year over year. This represents our first year-over-year increase in revenue in eight quarters. We believe we are now poised for growth in the coming fiscal year with momentum building in our AI Knowledge business.

從我們的營收來看，第四季總營收為 2,320 萬美元，季增 11%，年增 3%。這是我們八個季度以來首次營收年增。我們相信，隨著人工智慧知識業務的勢頭增強，我們已準備好在下一個財年實現成長。

Looking at non-GAAP gross profits and gross margins. Total gross margin for the quarter was 73%, up from 71% a year ago. SaaS gross margin for the quarter was 80%, up from 76% a year ago.

查看非公認會計準則毛利潤和毛利率。本季總毛利率為 73%，高於去年同期的 71%。本季 SaaS 毛利率為 80%，高於去年同期的 76%。

Now turning to our operations. Non-GAAP operating costs for the fourth quarter were $13.3 million, down 3% sequentially and down 2% year over year. Looking at our bottom line. In the quarter, we recorded an income tax valuation allowance of approximately $29 million, which resulted in GAAP net income of $30.9 million or $1.13 per share on a basic basis and $1.11 on a diluted basis.

現在談談我們的營運。第四季非公認會計準則營運成本為 1,330 萬美元，季減 3%，年減 2%。看看我們的底線。本季度，我們記錄了約 2,900 萬美元的所得稅估值準備金，導致 GAAP 淨收入為 3,090 萬美元，基本每股收益為 1.13 美元，稀釋每股收益為 1.11 美元。

Adjusted EBITDA margin for the quarter was 19%, up from 11% in the year ago quarter. For Q4, non-GAAP net income, excluding the valuation allowance was $2.4 million or $0.09 per share compared to non-GAAP net income of $2.5 million or $0.08 per share in the year ago quarter. Last note on the quarter, we bought back $3.8 million in stock at an average price of $5.97 per share.

本季調整後的 EBITDA 利潤率為 19%，高於去年同期的 11%。第四季度，不含估值準備金的非 GAAP 淨收入為 240 萬美元或每股 0.09 美元，而去年同期的非 GAAP 淨收入為 250 萬美元或每股 0.08 美元。本季最後一筆記錄顯示，我們以每股平均 5.97 美元的價格回購了價值 380 萬美元的股票。

Turning to the full-year results. Looking at our revenue, for the full year, total revenue was $88.4 million, down 5% year over year, mainly due to the churn in our messaging business at the end of fiscal year '24, which we had previously discussed. For the full year, SaaS revenue was $81.9 million, accounting for 93% of total revenue.

談到全年業績。從我們的收入來看，全年總收入為 8,840 萬美元，年減 5%，這主要是由於我們之前討論過的 24 財年末消息業務的流失。全年SaaS收入為8,190萬美元，佔總收入的93%。

Looking at non-GAAP gross profits and gross margins for fiscal '25, SaaS gross margin was 78% up from 77% in fiscal '24, and total gross margin was 71% compared to 72% in fiscal '24.

從 25 財年的非 GAAP 毛利和毛利率來看，SaaS 毛利率為 78%，高於 24 財年的 77%，總毛利率為 71%，而 24 財年為 72%。

Now turning to our operations. Non-GAAP operating costs for the full fiscal year were $56 million, flat compared to the prior year. R&D for the full fiscal year was up 15% year over year, reflecting our investment in product innovation to capitalize on the significant AI Knowledge market opportunity.

現在談談我們的營運。整個財年的非公認會計準則營運成本為 5,600 萬美元，與上年持平。整個財年的研發費用年增 15%，反映了我們對產品創新的投資，以利用重要的人工智慧知識市場機會。

Looking at our bottom line, adjusted EBITDA margin for the fiscal year was 10% compared to 12% in the prior fiscal year. For the full fiscal year, non-GAAP net income, excluding the tax benefit, was $5.7 million or $0.20 per share compared to non-GAAP net income of $12.3 million or $0.40 per share on a basic and $0.39 per share on a diluted basis in the prior fiscal year.

從我們的底線來看，本財年的調整後 EBITDA 利潤率為 10%，而上一財年為 12%。整個財年，不包括稅收優惠的非 GAAP 淨收入為 570 萬美元或每股 0.20 美元，而上一財年的非 GAAP 淨收入為 1,230 萬美元或基本每股 0.40 美元，攤薄每股 0.39 美元。

Turning to our balance sheet and cash flows. For the full fiscal year, we generated $5.3 million in cash flow from operations or 6% operating cash flow margin compared to $12.5 million or a 13% operating cash flow margin generated in fiscal '24. Our balance sheet remains very strong. Total cash and cash equivalents at the end of the year was $62.9 million compared to $70 million as of June 30, 2024.

轉向我們的資產負債表和現金流。在整個財政年度，我們的經營現金流為 530 萬美元，經營現金流利潤率為 6%，而 24 財年我們的經營現金流為 1,250 萬美元，經營現金流利潤率為 13%。我們的資產負債表依然非常強勁。截至年底的現金及現金等價物總額為 6,290 萬美元，而截至 2024 年 6 月 30 日為 7,000 萬美元。

During fiscal '25, under our share repurchase program, we repurchased 2.6 million shares at an average price of $6.03 per share, totaling $15.8 million. Of the $40 million authorized, $1.2 million remain available under the program at year-end.

在 25 財年，根據我們的股票回購計劃，我們以每股 6.03 美元的平均價格回購了 260 萬股，總計 1,580 萬美元。在已授權的 4000 萬美元中，到年底該計劃仍可使用 120 萬美元。

As we announced today in a separate press release, our Board of Directors approved a $20 million increase in our stock repurchase program, bringing the aggregate amount we may purchase from $40 million to $60 million of our outstanding common stock. This reflects our belief that our shares are undervalued and our confidence in our AI Knowledge market opportunity.

正如我們今天在另一份新聞稿中宣布的那樣，我們的董事會批准將股票回購計劃增加 2000 萬美元，使我們可購買的流通普通股總額從 4000 萬美元增加到 6000 萬美元。這反映了我們認為我們的股票被低估的信念以及我們對人工智慧知識市場機會的信心。

Now turning to our customer metrics. I've broken out the ARR Knowledge metrics from total metrics to highlight the momentum in our Knowledge business. Also before sharing the metrics, one additional point is I will share actual and constant currency numbers, where on previous calls, the ARR numbers shared were only in constant currency.

現在轉向我們的客戶指標。我將 ARR 知識指標從整體指標中分離出來，以突顯我們知識業務的發展動能。此外，在分享指標之前，還有一點是，我將分享實際和恆定貨幣數字，而在先前的電話會議中，分享的 ARR 數字僅以恆定貨幣表示。

Looking at ARR first, SaaS ARR for Knowledge customers increased 25% year over year or 22% in constant currency, while SaaS ARR for all customers increased 11% year over year or 9% in constant currency.

首先來看 ARR，知識客戶的 SaaS ARR 年成長 25%，以固定匯率計算成長 22%，而所有客戶的 SaaS ARR 年成長 11%，以固定匯率計算成長 9%。

Turning to our net retention rates. LTM dollar-based SaaS net retention for Knowledge customers was 115% or 104% in constant currency, up from 98% a year ago, while net retention for all customers was 105% or 103% in constant currency, up from 88% a year ago. Our LTM dollar-based SaaS net expansion rate was 121% or 118% in constant currency for our Knowledge customers and 114% or 111% in constant currency for all our customers.

轉向我們的淨保留率。基於 LTM 美元的 SaaS Knowledge 客戶淨保留率為 115% 或以固定匯率計算為 104%，高於一年前的 98%，而所有客戶的淨保留率為 105% 或以固定匯率計算為 103%，高於一年前的 88%。對於我們的知識客戶，我們的 LTM 美元 SaaS 淨擴張率為 121% 或按固定匯率計算為 118%，對於我們所有客戶，我們的 LTM 美元 SaaS 淨擴張率為 114% 或按固定匯率計算為 111%。

Looking at our remaining performance obligations. Total RPO increased 17% year over year and our short-term RPO of $63 million was up 4% year over year.

查看我們剩餘的履約義務。總 RPO 年成長 17%，其中短期 RPO 為 6,300 萬美元，較去年同期成長 4%。

Now turning to guidance. For the first quarter of fiscal 2026, we expect total revenue of between $23 million to $23.5 million.

現在轉向指導。對於 2026 財年第一季，我們預計總營收在 2,300 萬美元至 2,350 萬美元之間。

Turning to the bottom line, for Q1, we expect GAAP net income of $900,000 to $1.6 million or $0.03 to $0.06 per share, which includes stock-based compensation expense of approximately $800,000 and warrant expense of approximately $1.4 million. The estimated warrant expenses in connection with the warrant we issued to JPMorgan as discussed by Ashu. For more details, please refer to the 8-K we filed August 18, 2025.

談到底線，對於第一季度，我們預計 GAAP 淨收入為 90 萬美元至 160 萬美元或每股 0.03 美元至 0.06 美元，其中包括約 80 萬美元的股票薪酬費用和約 140 萬美元的認股權證費用。正如 Ashu 所討論的，我們向摩根大通發行的認股權證預計費用。有關更多詳細信息，請參閱我們於 2025 年 8 月 18 日提交的 8-K 表。

We expect non-GAAP net income of $3.1 million to $3.8 million or $0.11 to $0.14 per share and adjusted EBITDA of $3.7 million to $4.4 million or a margin of 16% to 19%.

我們預計非公認會計準則淨收入為 310 萬美元至 380 萬美元，或每股 0.11 美元至 0.14 美元，調整後 EBITDA 為 370 萬美元至 440 萬美元，或利潤率為 16% 至 19%。

Looking at fiscal 2026 full year ending June 30, 2026, total revenue is expected to return to growth for the full fiscal year and be between $90.5 million and $92 million. GAAP net income of $3.5 million to $5 million or $0.13 to $0.18 per share; non-GAAP net income of $8.3 million to $9.8 million or $0.30 to $0.36 per share, where we estimate stock-based comp expense of approximately $3.4 million and warrant expense of approximately $1.4 million.

展望截至 2026 年 6 月 30 日的 2026 財年全年，整個財年總收入預計將恢復成長，達到 9,050 萬美元至 9,200 萬美元之間。GAAP 淨收入為 350 萬美元至 500 萬美元或每股 0.13 美元至 0.18 美元；非 GAAP 淨收入為 830 萬美元至 980 萬美元或每股 0.30 美元至 0.36 美元，其中我們估計股票補償費用約為 340 萬美元，認股權證費用約為 140 萬美元。

Adjusted EBITDA of $10.4 million to $11.9 million or a margin of 11% to 13%. Looking at weighted average shares outstanding, we expect approximately 27.5 million shares for the first quarter and for the full year.

調整後的 EBITDA 為 1,040 萬美元至 1,190 萬美元，利潤率為 11% 至 13%。從加權平均流通股數來看，我們預期第一季及全年流通股數約為 2,750 萬股。

In closing, our FY -- our fiscal '26 guidance reflects our excitement in the market opportunity as increasingly businesses are recognizing the foundational need of the Knowledge Hub to feed trusted knowledge to AI agents. Based on this, we are targeting 20% plus growth in ARR from our core AI Knowledge offering.

最後，我們的財年——我們的 26 財年指導反映了我們對市場機會的興奮，因為越來越多的企業認識到知識中心向人工智慧代理商提供可信知識的基礎需求。基於此，我們的目標是使核心 AI 知識產品的 ARR 成長 20% 以上。

This growth will be partially offset by the sunsetting of our noncore messaging product, as Ashu mentioned, as of -- this will take place through fiscal '26, and the current ARR impact of that is approximately $4.7 million. We expect to see gross margin expansion to be between 74% and 75% for the year, up from 71% in fiscal '25, driven by streamlining our business with AI automation.

正如 Ashu 所提到的那樣，這一增長將被我們非核心訊息傳遞產品的淘汰所部分抵消，這一淘汰將持續到 26 財年，目前對 ARR 的影響約為 470 萬美元。我們預計，由於人工智慧自動化簡化業務，今年的毛利率將成長 74% 至 75%，高於 25 財年的 71%。

To extend our product leadership in the AI infrastructure market, we plan to redeploy some of the savings into R&D investment with an increase of 6% year over year, while still targeting an adjusted EBITDA increase of between 20% to 40% year over year.

為了擴大我們在人工智慧基礎設施市場的產品領導地位，我們計劃將部分節省下來的資金重新部署到研發投資中，年增 6%，同時仍將調整後的 EBITDA 成長率定為 20% 至 40%。

Lastly, we will be hosting an Investor and Analyst Day event in conjunction with our upcoming eGain Solve customer event in October 14 and 15 in Chicago. This event is a great opportunity for prospective investors and analysts to meet with customers and learn more about our business. You can register for the event on our website. We hope you can join us. And in November, eGain will be meeting with investors at the ROTH Conference taking place on November 19 in New York.

最後，我們將於 10 月 14 日至 15 日在芝加哥舉辦投資者和分析師日活動，同時舉辦即將舉行的 eGain Solve 客戶活動。此次活動為潛在投資者和分析師與客戶會面並了解我們的業務提供了絕佳的機會。您可以在我們的網站上註冊參加活動。我們希望您能加入我們。11 月，eGain 將於 11 月 19 日在紐約舉行的 ROTH 會議上與投資者會面。

We'll be providing more details as we get closer to that date and hope to see some of you there in person.

隨著日期的臨近，我們將提供更多詳細信息，並希望親自見到你們。

With that, I would like to open the call for questions. Operator?

現在，我想開始提問。操作員？

(Operator Instructions) Richard Baldry, ROTH Capital.

（操作員指示）Richard Baldry，ROTH Capital。

Thanks. So curious about the timing on the sunsetting of the messaging products. It looks like you'd be queued up for a pretty good year and instead that's going to be a pretty meaningful OpEx headwind. So what really drives that choice heading into fiscal '26?

謝謝。我對訊息傳遞產品停產的時間感到好奇。看起來你將迎來一個相當不錯的年份，但相反，這將是一個非常有意義的營運支出逆風。那麼，進入 26 財年，真正促使我們做出這項選擇的因素是什麼呢？

Good question there, Rich. So two things. One, we realized that we -- because we are not investing as much in that -- well, we're not investing much at all in new product capability. We are coming under increasing pressure trying to hold on to clients, and these clients are looking for new solutions, and they're looking for new capability, and we have a choice to make. And we believe that focusing on AI Knowledge, which is what we are doing now, will have a much bigger ROI for us.

問得好，Rich。所以有兩件事。首先，我們意識到——因為我們沒有在這方面投入太多——嗯，我們在新產品能力方面根本沒有投入太多。我們面臨越來越大的壓力，試圖留住客戶，而這些客戶正在尋找新的解決方案，他們正在尋找新的能力，我們必須做出選擇。我們相信，專注於人工智慧知識（也就是我們現在所做的）將為我們帶來更大的投資回報。

Okay. And can you talk about the pacing at which you expect that to come out of the numbers so that we get an idea for -- you've guided for first quarter, but how should we look at that headwind versus the other side coming up as an offset throughout the year?

好的。您能否談談您預計數字會出現怎樣的變化，以便我們了解一下——您已經為第一季度做出了預測，但我們應該如何看待這一逆風與全年出現的其他抵消因素？

Yeah. Rich, I'll take that. So I think the expectation is that we will see the impact beginning in Q2, where the run rate will reduce by roughly 50%. And then by the end of fiscal '26, as we get into the first quarter of fiscal '27, we'd expect that to go down to zero.

是的。里奇，我會接受的。因此我認為我們預計會從第二季開始看到影響，屆時運行率將下降約 50%。然後到 26 財年末，進入 27 財年第一季時，我們預計這一數字將降至零。

Got it. Then on the JPMorgan side, can you talk about the thought process around, structures around intentions on that the Board seat the warrant $1.4 million in compensation for that. It's a one-off event. So the more you could flesh that out, I think the better for us.

知道了。那麼，在摩根大通方面，您能否談談圍繞董事會席位保證 140 萬美元補償的意圖的思考過程和結構。這是一次性事件。所以我認為你越能充實這一點，對我們就越有利。

Yeah. Look, we see JPMorgan as not just a great client, but also given how much they are investing in AI and automation, we see them as an amazing design partner for us and a thought partner. So this is our way of strengthening that relationship so that, of course, we are still vendors to them, and that is important to keep in mind, so we do have to deliver.

是的。你看，我們認為摩根大通不僅是一個優秀的客戶，而且考慮到他們在人工智慧和自動化方面的投資，我們認為他們是我們出色的設計合作夥伴和思想合作夥伴。因此，這是我們加強這種關係的方式，當然，我們仍然是他們的供應商，記住這一點很重要，所以我們必須兌現承諾。

At the same time, I think we'll be able to get ahead of a lot of other providers in terms of knowing what the needs are and how best to address them, especially in the financial services vertical. So I see it as a strategic opportunity for us to get an unfair advantage to build on top of the core technology that we have.

同時，我認為我們將能夠在了解需求和如何最好地滿足這些需求方面領先許多其他供應商，特別是在金融服務垂直領域。因此，我認為這對我們來說是一個戰略機遇，讓我們能夠利用我們現有的核心技術來獲得不公平的優勢。

And we're hearing a lot of people are tire kicking on the AI type solutions. Can you talk how much you're working on active betas and how the conversion to live deals, paid deals, active deals is working, how that's trending?

我們聽說很多人正在對人工智慧類型的解決方案進行嘗試。您能否談談您在活躍測試版上做了多少工作，以及即時交易、付費交易、活躍交易的轉換情況如何，趨勢如何？

Yeah. No, that's -- you're right. I think pure AI solutions are getting pick tested and pressure tested. And I would say we are getting the same treatment, right? People are running pilots with us, and we are happy to run them for them using our innovation in 30 days.

是的。不，那是——你是對的。我認為純人工智慧解決方案正在接受挑選測試和壓力測試。我想說我們得到的是同樣的待遇，對嗎？人們正在與我們一起進行試點，我們很高興在 30 天內使用我們的創新為他們運行這些試點。

And now we have the self-sign-up model as well, so people can sign up and play with solutions. Of course, they can't build complex use cases without some guidance from us. So what we are seeing is that our AI pilot to conversion to deal rate.

現在我們也有自助註冊模式，因此人們可以註冊並使用解決方案。當然，如果沒有我們的指導，他們就無法建立複雜的用例。因此，我們看到的是我們的 AI 試點轉化為交易率。

In the beginning, it was, I would say, a year ago, it was very volatile because we were learning how to make the solution work really well. And there was also the managing the expectation and understanding the expectation of the customer. But now I think we are in a better place. I'd say the two out of three conversion still stands even on AI solutions for us now. So I'm feeling good about that.

我想說，一年前一開始，情況非常不穩定，因為我們正在學習如何讓解決方案真正發揮作用。此外，也要管理期望並了解客戶的期望。但現在我認為我們的處境更好了。我想說，即使現在我們採用人工智慧解決方案，三分之二的轉換率仍然成立。所以我對此感覺很好。

And last for me, back to the P&L. There's a pretty good increase in or decrease to the OpEx side and the COGS side. How do we think about whether each of those lines are one-off or more sustainable in nature, maybe particularly on the COGS side. And if there's some costs coming out as you sunset the messaging product, where would those typically be coming out of?

最後，回到損益表。營運支出 (OpEx) 和銷售成本 (COGS) 方面都有相當好的增加或減少。我們如何看待這些生產線是否都是一次性的，或者本質上是否更具可持續性，尤其是在 COGS 方面。如果在停止使用訊息傳遞產品時會產生一些成本，那麼這些成本通常來自哪裡？

So I'll make a couple of comments maybe because they do go deep into the way we are organized. So two things that have happened on the COGS side, I'll focus on that. One is that we completed our migration of all clients over to the new architecture, the new platform, the cloud platform that we have been working on for a few -- couple of years now. So we had mentioned that in the past. So that is one place where we are seeing benefits, which now will continue to be there, right? So that's one.

因此，我可能要發表幾點評論，因為它們確實深入探討了我們的組織方式。因此，我將重點放在 COGS 方面發生的兩件事。一是我們完成了所有客戶向新架構、新平台、雲端平台的遷移，我們已經為此工作了幾年。我們過去曾提到過這一點。所以這是我們看到好處的一個地方，而且這種好處還會繼續存在，對嗎？這就是其中之一。

But the second one is with not just AI, but also our ability to develop new products and capabilities faster, we are automating the process of supporting and operating our cloud and being much more efficient on the cloud resources that we are using, all three of those. And so that is another big chunk of improvement that we are able to create on a sustainable basis.

但第二個不僅僅是人工智慧，還有我們更快開發新產品和新功能的能力，我們正在自動化支援和操作雲端的過程，並提高我們正在使用的雲端資源的效率，所有這三個。這是我們能夠在可持續的基礎上實現的又一大進步。

All right. Thanks and congrats on the big step-up to the EBITDA.

好的。感謝並祝賀 EBITDA 的大幅提升。

Thank you.

謝謝。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Can you hear me?

你聽得到我嗎？

Now we can.

現在我們可以了。

Okay. Great. Weird on my end. So, yeah, thanks for taking the questions. Maybe just -- maybe I missed it, but Eric, in terms of the SaaS, the ARR related to the SaaS side, if you could break it up Knowledge, I think you gave last quarter was 54%. Just break down the components because it sounds like the messaging is going away, but I'm a little hazy on what the breakup of the ARR is.

好的。偉大的。我覺得很奇怪。是的，感謝您回答這些問題。也許只是——也許我錯過了，但是 Eric，就 SaaS 而言，與 SaaS 方面相關的 ARR，如果你能分解一下知識，我認為你上個季度給出的比例是 54%。只需分解組件，因為這聽起來像是訊息傳遞正在消失，但我對 ARR 的分解有點模糊。

Yes. So I think the 54% we get -- we're almost up to 60% now of the total ARR is for the AI Knowledge and yes. So that's --

是的。所以我認為我們獲得的 54%——現在幾乎達到總 ARR 的 60% 是用於 AI 知識的，是的。這就是--

And of the remaining 40%, we've got messaging, which you're sunsetting. And then what's the remainder?

剩下的 40% 是訊息傳遞功能，而你們正在停止使用該功能。那剩下的是什麼？

The remainder is then broken out between the Analytics Hub and the Conversation Hub component making up the balance of that.

然後將剩餘部分分配到分析中心和對話中心組件之間，以形成平衡。

Yeah. So obviously, you've got some pretty good momentum on the knowledge side, and congratulations. I mean it sounds like you're definitely tapping into a real need there. On the Analytics and Conversation Hub, how do you feel there? I mean I know messaging, you can see that with LivePerson and others has been really difficult and has changed pretty dramatically.

是的。顯然，你在知識方面已經取得了相當不錯的進展，恭喜你。我的意思是，這聽起來你肯定滿足了那裡的真正需求。在分析與對話中心，您感覺如何？我的意思是，我了解訊息傳遞，你可以看到使用 LivePerson 和其他公司的訊息傳遞確實很困難，而且發生了相當大的變化。

How do you feel about your competitive position on the Conversation Hub to the degree you're leaning in there on product development? Just a little thoughts on Conversation and Analytics of what you're seeing there.

就您在產品開發方面所依賴的程度而言，您如何看待自己在對話中心的競爭地位？這只是您在那裡看到的對話和分析的一些想法。

Yeah. So let me start with analytics. I would say that analytics, while we continue to have a lot of focus on analytics as it is integrated into the Knowledge Hub and the Conversation Hub, but the part that Eric is talking about for Analytics Hub revenue, that's really a stand-alone for contact center analytics and particularly around large voice contact centers and Cisco contact centers, right? So that -- as you know, that was a business we had acquired and then we built it up a little bit.

是的。那麼讓我從分析開始。我想說的是，雖然我們繼續將重點放在分析上，因為它已整合到知識中心和對話中心，但 Eric 談論的分析中心收入部分，對於聯絡中心分析來說，實際上是獨立的，特別是圍繞大型語音聯絡中心和思科聯絡中心，對嗎？所以 — — 如你所知，那是我們收購的一家企業，然後我們對其進行了一點拓展。

I feel that, that Analytics Hub revenue stream will be a cash cow for us and will slowly probably go away. But I think that trajectory is going to be fairly slow in terms of the reduction. On the Conversation Hub, I'm actually a little -- I'm optimistic because I feel like as the AI Knowledge Hub -- and we are seeing that a little bit now, as the AI Knowledge Hub business grows, that will pull in more and more of the -- what I would call now the escalation management because the front end is being automated. And so I feel like there'll be some positive win there, not necessarily in fiscal '26, but I feel that in fiscal '27, we will see some upside to that.

我覺得，Analytics Hub 的收入流將成為我們的搖錢樹，並且可能會慢慢消失。但我認為，就減少而言，這條軌跡將會相當緩慢。關於對話中心，我實際上有點——我很樂觀，因為我覺得作為人工智慧知識中心——我們現在看到，隨著人工智慧知識中心業務的成長，它將吸引越來越多的——我現在稱之為升級管理，因為前端正在實現自動化。因此，我覺得會有一些正面的進展，雖然不一定是在 26 財年，但我覺得在 27 財年，我們會看到一些好處。

Yeah. Helpful. And on the pipeline on the Knowledge side, I mean, obviously, JPMorgan, a huge win big flag waiver to help you drive other business. When you look at the pipeline and you look specifically at mega deals that you're working on, just give us some color, are there others of that caliber in the pipeline? And any other color on the pipeline would be helpful.

是的。很有幫助。在知識方面的管道方面，我的意思是，顯然，摩根大通獲得了巨大的勝利，大旗豁免可以幫助您推動其他業務。當您查看管道並特別關注您正在進行的大型交易時，請告訴我們一些信息，渠道中還有其他同等水平的交易嗎？管道上的任何其他顏色都會有幫助。

So I'll say a couple of things. First of all, at this point, I don't think we have a JPMC sized deal in the pipeline. But we do have a good set of what I would call 7-figure opportunities, right, which are also very attractive, and we want to get more of those. So that is a -- that's happening for two reasons. I would say one is, of course, the core AI pull, which is there.

所以我要說幾件事。首先，目前，我認為我們還沒有達成摩根大通規模的交易。但我們確實有一系列我稱之為 7 位數的機會，對吧，這些機會也非常有吸引力，我們希望獲得更多這樣的機會。所以這是——發生這種情況有兩個原因。我想說，其中之一當然是核心的人工智慧拉動，它就在那裡。

But the second one, which is a good one for us, is that these deals are starting out in the contact center, but they are encompassing the rest of the employees as part of the sale. And so that ups the size of these opportunities.

但第二個對我們來說是好的，那就是這些交易是從聯絡中心開始的，但它們涵蓋了銷售中其餘的員工。這就增加了這些機會的規模。

Okay. And Eric, on the number side, you gave a glimpse into the overall gross margins. I'm just curious your thinking on the services gross margins. Obviously, not the focus of the business going forward. Should we just think of it as a continued minus 15%, minus 20%? Or how do you think about service margins?

好的。艾瑞克，從數字方面來說，您簡要介紹了一下整體毛利率。我只是好奇您對服務毛利率的看法。顯然，這不是未來業務的重點。我們是否應該將其視為持續的-15%、-20%？或您如何看待服務利潤？

No. Thanks for the question. So I think our goal, I think along the lines of the optimization and efficiencies that we've been driving, we expect to get the services margins closer to breakeven, maybe slightly positive as the year progresses.

不。謝謝你的提問。因此，我認為我們的目標是，按照我們一直在推動的優化和效率，我們預計服務利潤率將更接近盈虧平衡，隨著時間的推移可能會略有上升。

Yeah. Got it. Very helpful. Thanks so much.

是的。知道了。非常有幫助。非常感謝。

Welcome.

歡迎。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Thanks, again, for joining us today. Hopefully, we see some of you at some of the upcoming events, and we'll catch up at the next earnings call. Thank you.

再次感謝您今天加入我們。希望我們能在即將舉行的一些活動中見到你們，我們將在下一次財報電話會議上見面。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。