eGain Corp (EGAN) 2026 Q1 法說會逐字稿

Good day, and welcome to eGain Fiscal 2026 first quarter financial results call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加eGain 2026財年第一季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給 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 2026 First Quarter 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 2026財年第一季財務業績電話會議。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, 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. Forward-looking statements are protected by the 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 material respects. Information on various factors that could affect eGain's results are detailed in the company's reports filed with the Securities and Exchange Commission. eGain is making these statements as of today, November 12, 2025, and assumes no obligation to publicly update or revise any of the forward-looking information in this conference call.

在會議開始之前，我想提醒大家，在本次電話會議中，管理階層將發表一些前瞻性聲明，這些聲明表達了管理階層對未來財務和營運績效的預期、信念、計畫和目標。前瞻性陳述通常以「相信」、「計畫」、「打算」、「預期」、「預期」或類似表達方式開頭。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，可能導致實際結果與預期結果在重大方面有差異。可能影響eGain業績的各種因素的詳細資訊已在公司向美國證券交易委員會提交的報告中列出。 eGain於2025年11月12日發布上述聲明，且不承擔公開更新或修訂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 a reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP financial measures. eGain's earnings press release can be found by clicking the press release link on the Investor Relations page of eGain's website at egain.com. Along with the earnings release, we will also 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.

除了 GAAP 結果外，我們還將討論某些非 GAAP 財務指標，例如非 GAAP 營業收入。獲利新聞稿中包含的表格列出了歷史非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。您可以點擊eGain官網egain.com「投資者關係」頁面上的新聞稿連結查看eGain的獲利新聞稿。我們將在eGain官網「投資者關係」頁面同時發布更新後的投資人簡報。最後，本次電話會議的錄音回放將保留一週。

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

現在，我想把電話交給 eGain 的執行長 Ashu Roy。

Thank you, Jim, and good afternoon, everyone. We are off to a good start to our fiscal year with strong first quarter results across the board and ahead of consensus. Our total revenue was up 8% year-over-year. Our SaaS revenue was up 10% year-over-year. And our AI knowledge line of product business, the ARR for it was up 23% year-over-year. So we're making progress in the right direction in this exciting space of AI knowledge that we are now firmly leading.

謝謝你，吉姆，大家下午好。本財年開局良好，第一季各項業績表現強勁，超乎市場預期。我們的總收入年增了 8%。我們的SaaS營收年增了10%。我們的人工智慧知識產品線業務的年度經常性收入年增了 23%。因此，我們在人工智慧知識這個令人興奮的領域正朝著正確的方向取得進展，我們現在牢牢佔據著領先地位。

Turning to business highlights. Let me share a couple of notable new logo wins in the quarter. First, we signed up one of New York's largest insurers health insurers. They serve 2 million members roughly. This company saw the critical gap in their business operation where lack of trusted knowledge that was available to all their employees and clinical staff was hurting compliance. They were struggling with their knowledge content fragmented across silos, some were SharePoint, some were Confluence and then many other repositories. So following an extensive process RFP and so on, they selected us to centralize their knowledge across the business for 8,000 users.

接下來是業務亮點。讓我來分享一下本季幾個值得關注的新標誌設計案例。首先，我們與紐約最大的保險公司之一——一家健康保險公司——簽約合作。他們擁有大約200萬會員。這家公司發現其業務運作中存在一個關鍵缺陷，即缺乏所有員工和臨床人員都能獲得的可靠知識，這損害了合規性。他們的知識內容分散在各個孤島中，有的在 SharePoint 中，有的在 Confluence 中，還有許多其他儲存庫，這給他們帶來了極大的困擾。經過廣泛的流程（包括 RFP 等），他們最終選擇我們來集中管理其業務中 8,000 名用戶的知識。

Now what's interesting to us is within 100 days, they've gone live with our solution with a powerful, scalable AI experience that aligns perfectly with their mission to deliver great health care to New Yorkers.

現在讓我們感興趣的是，在 100 天內，他們就上線了我們的解決方案，該方案擁有強大、可擴展的 AI 體驗，與他們為紐約市民提供優質醫療保健的使命完美契合。

Another one, which is quite interesting is a multinational energy company that we recently won. They serve over 20 million customers across gas and electricity. This company, they have set up an ambitious goal to achieve a top quartile CSAT ranking because that would enable them to compete for millions of pounds of government incentives.

另一個很有趣的項目是我們最近贏得的跨國能源公司。他們為超過2000萬客戶提供天然氣和電力服務。這家公司設定了一個雄心勃勃的目標，即達到客戶滿意度排名前四分之一，因為這將使他們能夠競爭數百萬英鎊的政府獎勵。

A key challenge for them as part of this is replacing their outdated knowledge experience for something that is spread across thousands of different documents, PowerPoints, SharePoint, word documents. And so they're replacing that with eGain, a modern solution to support their contact center, their field agents and their service engineers. Again, this client went live within 100 days. They're already live now with our AI knowledge solution. They internally call it WATT, WATT, a fitting name for a knowledge tool in an energy company.

對他們來說，這其中的一個關鍵挑戰是，如何用分散在成千上萬份不同文件、PowerPoint、SharePoint 和 Word 文件中的過時知識經驗來取代它們。因此，他們用 eGain 取代了它，eGain 是一種現代化的解決方案，可以為他們的呼叫中心、現場代理和服務工程師提供支援。同樣，這位客戶在100天內就成功上線了。他們現在已經在使用我們的人工智慧知識解決方案了。他們內部稱之為 WATT，WATT，對於一家能源公司的知識工具來說，這是一個非常貼切的名字。

On the expansion front, we are seeing a nice pattern where existing knowledge clients are increasingly coming to us to add the AI agent products to leverage the trusted knowledge they have in their knowledge base and either going to the contact center to assist the agents or in some cases, expand it into customer self-service directly. So for example, one of our branded manufacturing clients last quarter decided to expand their core knowledge implementation now into customer self-service.

在擴展方面，我們看到了一個不錯的趨勢，即現有知識客戶越來越多地來找我們，希望添加 AI 代理產品，以利用他們知識庫中值得信賴的知識，然後要么進入聯絡中心協助代理，要么在某些情況下，直接擴展到客戶自助服務。例如，我們的一位品牌製造客戶在上個季度決定將其核心知識應用擴展到客戶自助服務領域。

And this is a leading manufacturer of premium bicycles. And what we have been able to now do is reduce a lot of their inbound contact center volume, and they can drive a lot more growth without increasing cost of service. So this combination of AI and knowledge is really working for our customers now, and we are seeing more and more of them starting to drive that expansion and build-out of agentic capabilities on top of a trusted knowledge infrastructure from us.

這是一家領先的高端自行車製造商。我們現在能夠做的，是減少他們大量的來電呼叫中心流量，這樣他們就可以在不增加服務成本的情況下實現更大的成長。因此，人工智慧與知識的結合現在確實為我們的客戶帶來了效益，我們看到越來越多的客戶開始在我們提供的值得信賴的知識基礎設施之上，推動智慧體能力的擴展和建構。

The other thing, just looking at the exciting stuff we've announced recently is we made a whole bunch of new product announcements at our Solve 25 event last month. It was very successful. We held it in Chicago. About half a dozen of our Global 2000 clients shared success stories with pretty much a common theme, and that was the power of trusted knowledge and agentic AI working hand-in-hand to deliver both contact center improvements in performance as well as self-service improvements.

另外，看看我們最近宣布的令人興奮的消息，我們在上個月的 Solve 25 活動上發布了一系列新產品。非常成功。我們在芝加哥舉辦了這次活動。大約有六家全球 2000 強客戶分享了他們的成功案例，這些案例幾乎都有一個共同的主題，那就是可信知識和智能 AI 攜手合作，既能提高聯絡中心的績效，又能提高自助服務能力。

The three new capabilities that we announced at the event, incidentally, that's our biggest product announcement ever where we have announced three new capabilities. So that's sort of testimonial to the great work that I've been our team has been doing for the last 1.5 years in this area of AI knowledge. So the first product we announced was more a process that we have now translated into a product. This was our what used to be called the eGain Knowledge method.

順便一提，我們在本次活動中宣布的三項新功能，是我們迄今為止最大的產品發表會，我們同時宣布了三項新功能。所以，這在某種程度上證明了我和我的團隊在過去一年半的時間裡在人工智慧知識領域所做的出色工作。所以我們最初發布的產品更像是一個流程，現在我們已經將其轉化為產品。這就是我們以前所說的 eGain Knowledge 方法。

The knowledge method was our way, our proprietary way of building out and maintaining enterprise knowledge in a very efficient way for our business clients. And what we've been able to do is to apply AI to that and develop what we are now calling the eGain AI knowledge method. This includes comprehensive AI-powered knowledge intelligence, content orchestration and answer synthesis capabilities. All that put together with expert in the loop to ensure that quality and compliance are always front and center.

知識方法就是我們為企業客戶高效建構和維護企業知識的專有方法。而我們所做的，就是將人工智慧應用於此，並發展出我們現在稱為 eGain AI 知識方法的技術。這包括全面的人工智慧驅動的知識智慧、內容編排和答案合成功能。所有這些工作都與專家的參與相結合，以確保品質和合規性始終是首要任務。

With these automation capabilities, we are confident that we can accelerate most knowledge management tasks by a factor of 10, and also reduce customer implementation time by 2 times to 3 times. In fact, when I mentioned the other two clients earlier, they were benefiting from some of the early usage of this capability of AI knowledge methods.

憑藉這些自動化功能，我們有信心將大多數知識管理任務的速度提高 10 倍，並將客戶的實施時間縮短 2 到 3 倍。事實上，我前面提到的另外兩位客戶，他們已經受益於人工智慧知識方法的早期應用。

Our attendees at the conference were simply delighted with this because for the longest time, knowledge management has been a great ROI, but the investment required has been a lot of manual labor. Now with automating that with our AI capabilities, that just creates a lot of energy around knowledge and the priority businesses are able to put on to knowledge automation, not knowledge management.

參加會議的與會者對此感到非常高興，因為長期以來，知識管理一直是一項投資回報率很高的舉措，但所需的投入卻是大量的體力勞動。現在，借助我們的人工智慧能力實現自動化，這為知識領域注入了大量活力，企業可以將重點放在知識自動化上，而不是知識管理上。

The next product we announced was the second version of eGain AI Agent. And so we -- it's a breakthrough approach we have taken now to enhance the first version to automate conversations in customer service. And what we are doing there is we are combining hybrid AI with in band expert assurance where needed. And by doing that, we can deliver nontrivial use cases, which involve transactions, which involve decisions that are compliance oriented to customers using AI and automation.

我們發布的下一個產品是 eGain AI Agent 的第二版。因此，我們—我們現在採取了一種突破性的方法，來增強第一個版本，以實現客戶服務中對話的自動化。我們在這裡所做的，是在需要的地方將混合人工智慧與帶內專家保證相結合。透過這樣做，我們可以提供非同尋常的用例，這些用例涉及交易，涉及使用人工智慧和自動化技術為客戶做出合規性決策。

And that's something which we have seen is a big gap in the industry where a lot of agentic solutions that are out there now talk about in automation, but really, when we see the automation in practice, it's all around very trivial use cases because these agentic AI solutions will occasionally make mistakes. And so you need to have a hybrid AI approach where you combine the deterministic reasoning with model reasoning and you do that intelligently and with compliance in mind. And that's what we have implemented in AI Agent to.

我們發現，目前業界存在著一個很大的差距，許多智能體解決方案都在談論自動化，但實際上，當我們看到這些自動化在實踐中應用時，它們都只是一些非常簡單的用例，因為這些智能體人工智慧解決方案偶爾會犯錯。因此，你需要一種混合人工智慧方法，將確定性推理與模型推理結合起來，並且以智慧的方式，同時考慮到合規性。而這正是我們在人工智慧代理中實現的。

Finally, we announced the eGain Composer, which is our first product, first product targeting developers. It's a modular AI knowledge platform for developers that leverages trusted knowledge sources to power agentic automation. And so now what we're doing is these developers can now mix and match the components we have on our platform, including the Knowledge Hub, the retrieval engine, the agentic flows and the user experiences. So they can decide to configure what we already have, or they can decide to develop their own components and plug them in to meet specific needs using our extensive APIs and SDKs and connectors that we announced as part of the Composer solution.

最後，我們發布了 eGain Composer，這是我們的第一款產品，也是第一款開發者的產品。這是一個面向開發者的模組化人工智慧知識平台，它利用可信賴的知識來源來支援智慧體自動化。因此，現在我們正在做的是，這些開發人員現在可以將我們平台上的元件進行混合搭配，包括知識中心、檢索引擎、代理流程和使用者體驗。因此，他們可以選擇配置我們已有的功能，也可以選擇開發自己的元件，並使用我們作為 Composer 解決方案的一部分而發布的豐富的 API、SDK 和連接器來插入這些元件以滿足特定需求。

Now over the last couple of years, we've been working with many enterprise AI teams in our clientele. And what we have seen is a common pattern where these AI teams are looking to deploy the same sort of reliable, trusted knowledge-powered agentic capabilities increasingly that we are doing in the customer service groups and CX groups. They want to do it outside of those groups. But in order to do that, they need more flexibility. They want to use the common knowledge architecture and infrastructure, but they also want the ability to develop their own Agentic layer on top of it. And the Composer offering allows them to do just that. So we've seen some good interest from our existing customers around Composer and some new partner interest in that in the short period of time that we have announced it. Very exciting for us.

在過去的幾年裡，我們一直與客戶中的許多企業人工智慧團隊合作。我們看到的是一種普遍的模式，即這些人工智慧團隊正尋求部署與我們在客戶服務團隊和客戶體驗團隊中所做的相同的可靠、值得信賴的知識驅動型代理能力。他們想在這些團體之外進行這件事。但要做到這一點，他們需要更大的彈性。他們希望使用通用的知識架構和基礎設施，但他們也希望能夠在這些架構和基礎設施之上開發自己的代理層。Composer 功能正好可以讓他們做到這一點。在我們宣布 Composer 以來的短時間內，我們已經看到了現有客戶對其表現出的濃厚興趣，也看到了新合作夥伴對此表現出的興趣。這對我們來說非常令人興奮。

Looking at the third aspect, which is, again, very interesting now for us is the team and how we are adding some key talent as we are growing the business and investing on top of this product-led growth plan that we have put in place. So a couple of new hires I want to highlight. We did a press release around John Copeland, who is our new VP of Marketing. He comes in from ServiceNow. And before that, he was with Adobe and eBay and McKinsey. He is leading our marketing effort. Our Solve event last month was his public introduction to the eGain stage.

第三個方面，也是我們現在非常感興趣的方面，是團隊，以及我們如何在發展業務的同時，增加一些關鍵人才，並在我們制定的產品驅動成長計劃的基礎上進行投資。我想重點介紹幾位新員工。我們發布了一份關於約翰·科普蘭的新聞稿，他是我們新任行銷副總裁。他之前在 ServiceNow 工作。在此之前，他曾任職於 Adob​​e、eBay 和麥肯錫。他負責領導我們的行銷工作。上個月的 Solve 活動是他首次公開亮相 eGain 舞台。

The next person that I want to mention and very happy to have him on board is Vikas Paliwal. Vikas has joined as our VP of Product Marketing. He comes to us from the AWS AI team. And before that, he was with Intel and Broadcom and a host of other technology-heavy companies. He brings deep experience in the product development, the product management and now leading product marketing. So at eGain, his first mandate is to drive the GTM for our new Composer product. As I mentioned, we are targeting developers and partners who are looking for a composable platform to operationalize their AI solutions built on trusted knowledge.

接下來我要提到的，也是我很高興能讓他加入我們團隊的人，是 Vikas Paliwal。Vikas 已加入我們，擔任產品行銷副總裁。他來自 AWS AI 團隊。在此之前，他曾任職於英特爾、博通以及其他眾多科技巨頭公司。他在產品開發、產品管理以及現在的產品行銷方面擁有豐富的經驗。因此，他在 eGain 的首要任務是推動我們新 Composer 產品的上市。正如我之前提到的，我們的目標客戶是正在尋找可組合平台的開發者和合作夥伴，以便將基於可信任知識構建的人工智慧解決方案投入營運。

And finally, we're very happy to have Gautam Garg, who's joined us as the VP of Finance. He's joined Eric's team and comes to us from BTIS, which is a respected investment bank and before that with Oracle in a variety of roles, starting in engineering and moving on to business and product. So Eric, I know is quite excited about having him on the team, looking to kind of further automate our finance and operations as we drive our growth plans.

最後，我們非常高興 Gautam Garg 加入我們，擔任財務副總裁。他加入了 Eric 的團隊，此前他曾在 BTIS（一家受人尊敬的投資銀行）工作，在此之前，他曾在 Oracle 擔任過各種職務，從工程開始，後來轉到業務和產品領域。所以，我知道埃里克對他的加入感到非常興奮，希望能夠進一步實現財務和營運的自動化，以推進我們的成長計劃。

So with a lot going on, just to conclude, we are pleased with our first quarter financial performance and what I see as growing market momentum. Our recent product introductions are resonating in the marketplace, the three we talked about. So that's the time we are now investing in building out the team. And so we are excited to expand our leadership team with the hires that I just mentioned.

綜上所述，我們對第一季的財務表現以及我所看到的不斷增長的市場勢頭感到滿意。我們最近推出的三款產品在市場上引起了反響。所以，我們現在正投入時間組建團隊。因此，我們很高興能夠透過我剛才提到的這些招募來擴充我們的領導團隊。

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

接下來，我將把發言權交給我們的財務長埃里克，讓他提供更詳細的財務資訊。艾瑞克？

Great. Thanks, Ashu, and thanks, everyone, for joining us today. Before I begin, I want to mention that we are again 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 our website and the updated investor presentation.

偉大的。謝謝阿舒，也謝謝大家今天收看我們的節目。在開始之前，我想提一下，我們將再次使用投影片來輔助我們的財報電話會議。我們相信這將提供有用的背景信息，使您更容易理解我們的研究結果和展望。除了網路直播外，您還可以在我們網站的投資者關係部分找到幻燈片和更新後的投資者簡報。

As Ashu noted, we are off to a good start to our fiscal year with revenue and ARR growth year-over-year, expanded margins, increased profitability and strong cash flow from operations. Let me share more details about our financial results for Q1 before discussing our outlook and guidance for Q2 of fiscal 2026.

正如 Ashu 指出的那樣，我們的財政年度開局良好，收入和 ARR 同比增長，利潤率擴大，盈利能力提高，經營現金流強勁。在討論我們對 2026 財年第二季度的展望和指導之前，讓我先分享我們第一季的財務表現詳情。

Looking at our revenue, total revenue for the first quarter was $23.5 million, reaching the high end of our guidance and increasing 8% year-over-year.

從營收來看，第一季總營收為 2,350 萬美元，達到我們預期的上限，年增 8%。

SaaS revenue increased by 10% year-over-year and accounted for 93% of total revenue versus 91% of total revenue in Q1 of '25.

SaaS 營收年增 10%，佔總營收的 93%，而 2025 年第一季佔總營收的 91%。

Looking at non-GAAP gross profits and gross margins. Total gross margin for the quarter was 76%, up 600 basis points from 70% a year ago. SaaS gross margin for the quarter was 81%, up from 77% a year ago. Total gross margin expansion was driven by SaaS gross margin expansion plus a greater shift towards SaaS versus professional services revenue.

查看非GAAP毛利和毛利率。本季總毛利率為 76%，比去年同期的 70% 提高了 600 個基點。本季 SaaS 毛利率為 81%，高於去年同期的 77%。總毛利率的成長主要得益於 SaaS 毛利率的成長以及 SaaS 收入相對於專業服務收入的更大成長。

Notably, SaaS gross margin expansion was primarily driven by our product enhancements that enabled more cost-efficient deployments and delivered operational efficiencies within our cloud and customer support teams.

值得注意的是，SaaS 毛利率的成長主要得益於我們的產品改進，這些改進實現了更具成本效益的部署，並提高了我們雲端和客戶支援團隊的營運效率。

Now turning to our operations. Non-GAAP operating costs for the first quarter were $18.8 million, down 9% year-over-year as we have streamlined and realigned our business operations because of automation and the continued shift towards a product-led sales model. Notably, we have redeployed these cost savings into R&D, which reflects our ongoing focus on growth and product innovation.

現在來談談我們的營運狀況。由於自動化和持續向產品主導的銷售模式轉變，我們精簡並調整了業務運營，因此第一季的非GAAP營運成本為1880萬美元，年減9%。值得一提的是，我們將這些節省的成本重新投入到研發中，這反映了我們對成長和產品創新的持續關注。

Looking at our bottom-line, our GAAP net income includes a $1.4 million warrant expense recorded as a onetime stock-based charge during the quarter. As we mentioned on our last call, this expense relates to the warrant we issued to JPMorgan in August as part of the strategic agreement that includes the appointment of a senior JPMC executive as a Board observer.

從我們的最終結果來看，我們的 GAAP 淨收入包括本季一次性股票相關費用計入的 140 萬美元認股權證支出。正如我們在上次電話會議中提到的，這筆費用與我們 8 月向摩根大通發行的認股權證有關，這是戰略協議的一部分，該協議包括任命摩根大通的一名高級管理人員擔任董事會觀察員。

Non-GAAP net income was $4.7 million or $0.17 per share up significantly from non-GAAP net income of $1.3 million or $0.04 per share in the year ago quarter. Adjusted EBITDA margin for the quarter was 21%, exceeding our guidance and up from 6% in the year ago quarter.

非GAAP淨利為470萬美元，即每股0.17美元，較去年同期非GAAP淨利130萬美元，即每股0.04美元大幅成長。本季調整後 EBITDA 利潤率為 21%，超過了我們的預期，高於去年同期的 6%。

Turning to our balance sheet and cash flows. For the first quarter, we generated strong cash flow from operations of $10.4 million or 44% operating cash flow margin compared to $1 million or 4% operating cash flow margin in the year ago quarter. This was ahead of our internal target due to better-than-expected cash collection efforts in the quarter.

接下來來看看我們的資產負債表和現金流量表。第一季度，我們的經營活動產生了強勁的現金流，達到 1,040 萬美元，經營現金流利潤率為 44%，而去年同期僅為 100 萬美元，經營現金流利潤率為 4%。由於本季現金回收工作進展順利，因此超出了我們的內部目標。

During the quarter, we bought back $1.5 million in stock at an average price of $6.38 per share.

本季度，我們以每股 6.38 美元的平均價格回購了價值 150 萬美元的股票。

Our balance sheet remains very strong. Total cash and cash equivalents at the end of the quarter was $70.9 million, up from $62.9 million as of June 30, 2025.

我們的資產負債表依然非常穩健。截至本季末，現金及現金等價物總額為 7,090 萬美元，高於 2025 年 6 月 30 日的 6,290 萬美元。

Now turning to our customer metrics. I've broken out the ARR AI Knowledge metrics from the total metrics to highlight the momentum in our AI Knowledge business. Looking at ARR, SaaS ARR for Knowledge customers increased 23% year-over-year, while SaaS ARR for all customers increased 8% year-over-year.

現在來看看我們的客戶指標。我從總指標中單獨列出了 ARR AI 知識指標，以突出我們 AI 知識業務的發展勢頭。從 ARR 來看，知識型客戶的 SaaS ARR 年比成長 23%，而所有客戶的 SaaS ARR 年成長 8%。

Turning to our net retention rates. LTM dollar-based SaaS net retention for Knowledge customers was 112%, up from 103% a year ago, while net retention for all customers was 102%, up from 90% a year ago. Our LTM dollar-based SaaS net expansion rate was 119% for our Knowledge customers and 110% for all our other customers, all customers.

接下來我們來看看淨留存率。過去 12 個月，Knowledge 客戶的 SaaS 淨留存率（以美元計）為 112%，高於一年前的 103%；所有客戶的淨留存率為 102%，高於一年前的 90%。我們過去 12 個月的 SaaS 美元淨擴張率，對於我們的知識型客戶為 119%，對於我們所有其他客戶（所有客戶）為 110%。

Looking at remaining performance obligations. Total RPO increased 23% year-over-year, and our short-term RPO of $58 million was up 7% year-over-year.

檢視剩餘履約義務。總 RPO 年成長 23%，短期 RPO 為 5800 萬美元，年增 7%。

Now turning to our guidance. For the second quarter of fiscal 2026, we expect total revenue of between $22.3 million to $22.8 million. The sequential decline is primarily due to an approximate $600,000 reduction in revenue from our messaging platform business, which, as we had mentioned on our last call, we will be sunsetting over the next year. Furthermore, the recent government shutdown has introduced delays and near-term uncertainty for certain professional services engagements with some of our government customers.

現在來看我們的指導意見。我們預計 2026 財年第二季總營收將在 2,230 萬美元至 2,280 萬美元之間。環比下降的主要原因是我們的即時通訊平台業務收入減少了約 60 萬美元，正如我們在上次電話會議上提到的，我們將在未來一年內逐步停止這項業務。此外，最近的政府停擺也為我們的部分政府客戶的一些專業服務項目帶來了延誤和短期不確定性。

Turning to the bottom-line. For Q2, we expect GAAP net income of $1.2 million to $1.7 million or $0.04 to $0.06 per share, which includes stock-based compensation expense of approximately $700,000.

回到最終結果。對於第二季度，我們預計 GAAP 淨收入為 120 萬美元至 170 萬美元，即每股 0.04 美元至 0.06 美元，其中包括約 70 萬美元的股票選擇權費用。

We expect non-GAAP net income of $1.9 million to $2.4 million or $0.07 to $0.08 per share and adjusted EBITDA of $2.7 million to $3.2 million or a margin of 12% to 14%.

我們預期非GAAP淨利潤為190萬美元至240萬美元，即每股0.07美元至0.08美元；調整後EBITDA為270萬美元至320萬美元，利潤率為12%至14%。

Looking at our full fiscal year ended June 30, 2026, we expect total revenue to be between $90.5 million and $92 million, representing a return to growth for the year.

展望截至 2026 年 6 月 30 日的整個財政年度，我們預計總收入將在 9,050 萬美元至 9,200 萬美元之間，這意味著該年度將恢復成長。

GAAP net income of $3.5 million to $5 million or $0.12 to $0.17 per share. This includes stock-based comp expense of approximately $3.4 million and the warrant expense of approximately $1.4 million.

GAAP淨利為350萬美元至500萬美元，或每股0.12美元至0.17美元。這包括約 340 萬美元的股票選擇權費用和約 140 萬美元的認股權證費用。

Non-GAAP net income of $8.3 million to $9.8 million or $0.29 to $0.34 per share and adjusted EBITDA of $10.4 million to $11.9 million or a margin of 11% to 13%.

非GAAP淨利為830萬美元至980萬美元，即每股0.29美元至0.34美元；調整後EBITDA為1,040萬美元至1,190萬美元，利潤率為11%至13%。

Looking at our diluted weighted average shares outstanding with the recent stock price movement, we now expect approximately 28.8 million shares for both the second quarter and full year. This expected increase in outstanding shares has a 1% impact to our EPS guidance for FY26.

根據我們稀釋後的加權平均流通股數以及最近的股價走勢，我們現在預計第二季和全年的流通股數約為 2,880 萬股。預計流通股數量的增加將對我們 2026 財年的每股盈餘預期產生 1% 的影響。

In conclusion, we are off to a good start to the year with solid results that beat consensus across the board. Customers and partners are responding enthusiastically to our expanded suite of AI-enabling knowledge solutions, and we are well positioned to build on this momentum and drive sustainable growth and profitability going forward.

總之，今年開局良好，我們取得了全面超出預期的穩健表現。客戶和合作夥伴對我們擴展的 AI 賦能知識解決方案套件反應熱烈，我們已做好充分準備，鞏固這一勢頭，並推動未來的可持續增長和盈利能力。

Finally, on the IR front, eGain will be meeting with investors at the 14th Annual ROTH Technology Conference in New York City on November 19. We look forward to seeing some of you there in person.

最後，在投資者關係方面，eGain 將於 11 月 19 日在紐約市舉行的第 14 屆 ROTH 年度技術大會上與投資者會面。我們期待在那裡見到你們中的一些人。

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

接下來，我想接受大家的提問。操作員？

(Operator Instructions)

（操作說明）

Richard Baldry with ROTH Capital.

理查德·鮑德里，羅斯資本公司。

Thanks, It looks like sales trends are sort of firming up and but by contrast, the actual dollar spent on sales and marketing in the quarter stepped down sort of sequentially and year-over-year. Can you talk about what your strategy is there, whether you think that it might be time to start investing there more aggressively? Or do you feel that you have the capacity you need to address the opportunities that are starting to come?

謝謝。銷售趨勢似乎正在趨於穩定，但與之形成鮮明對比的是，本季實際用於銷售和行銷的美元金額環比和同比均有所下降。您能否談談您在該地區的投資策略，以及您是否認為現在是時候加大在該地區的投資力度了？或者，您覺得自己有能力抓住即將出現的機會？

Yeah. So two things. One, there's just a summer slowdown with marketing spend. So for example, for this current quarter, again, things will go up, right, because the marketing spend is going up.

是的。所以有兩件事。第一，夏季行銷支出有所放緩。例如，就本季而言，各項指標都會上升，對吧，因為行銷支出正在增加。

Second, to your point about sort of building out capacity, I think right now, people-wise, we have good capacity because we are driving, as we mentioned, sort of a product-led sales motion with much more solution expertise-oriented pipeline execution. And so that is working well for us. But we do think that in the second half of this fiscal year, we will step up the sales hiring investment as well.

其次，關於您所提到的擴充產能的問題，我認為目前，就人員而言，我們擁有良好的產能，因為正如我們所提到的，我們正在推動以產品為主導的銷售模式，並更加重視解決方案專業知識的銷售管道執行。所以這對我們來說效果很好。但我們認為，在本財年下半年，我們將加大銷售招募的投入。

And it looks like agentic AI Agents starting to highly proliferate them, be generous. But none of the because it seems like integrating a Gen AI engine with some of that functionality is okay, easy enough, but they don't seem to have access to the data behind it. So do you think that the proliferation of those, what I think of as almost dumb agents actually helps you or does it commoditize that segment enough that it will push more people to try to have to work with partners like yourself to make them specifically intelligent on a customer-by-customer basis?

而且看起來，具有自主意識的人工智慧代理正在大量湧現，請慷慨地表達這種看法。但似乎將 Gen AI 引擎與其中一些功能整合起來是可以的，也很容易，但他們似乎無法存取其背後的數據。所以你認為這些在我看來幾乎是「笨」的代理商的激增，實際上對你有幫助嗎？還是說，這會使這個領域商品化，從而迫使更多的人不得不與像你這樣的合作夥伴合作，以便根據每個客戶的具體情況，使他們變得特別聰明？

I believe so. I believe so. I think that's what we are seeing. We are seeing people playing with AI, agentic AI, and then we are seeing them talking to us after that, right? And so yes, to your point, if you want to do something serious, you need to make sure that you're not feeding a garbage that you're connecting into really critical data systems to solve nontrivial experiences and use cases. And that's where we are coming in. And we are seeing that even with our existing customers. They have they are large companies. They have lots of AI teams that are developing cute little prototypes on the side, but they all are coming back to us to say, okay, we need to connect to your knowledge back end. So it's going to be exciting for us.

我相信是這樣。我相信是這樣。我認為這就是我們所看到的。我們看到人們在玩人工智慧、智慧體人工智慧，然後我們看到它們之後和我們對話，對吧？所以，是的，正如你所說，如果你想做一些嚴肅的事情，你需要確保你連接的不是垃圾數據，而是真正關鍵的數據系統，以解決重要的體驗和用例。這就是我們介入的地方。我們發現，這種情況甚至也發生在我們現有的客戶身上。它們都是大公司。他們有很多人工智慧團隊在業餘時間開發可愛的小原型，但他們最終都來找我們說，好的，我們需要連接到你們的知識後端。所以這對我們來說會很令人興奮。

And last for me, if you look at the Composer product, it's a new set of targets you're going after with developers. How complete is that for them to pull in to be able to work with not only the different components that you can bring to the table, but can they integrate with a variety of GenAI engines? Or is it specific to a few you've tuned it for? How difficult would it be to sort of pop in different AI engines on top of your system?

最後，對我來說，如果你看看 Composer 產品，你會發現它代表了開發者們正在追求的一系列新目標。讓他們能夠整合的組件不僅要能與您提供的不同組件配合使用，還要能與各種 GenAI 引擎集成，這有多完整？還是它只是針對你專門調校過的幾個人？在你的系統之上插入不同的AI引擎有多難？

Yeah. Great question. So to your point, this is the first version. So by definition, it's not the most comprehensive. But what we have going for us, I believe, is two things.

是的。問得好。所以，正如你所說，這是第一個版本。所以從定義上講，它並不是最全面的。但我認為，我們擁有兩點優勢。

One, we have the trusted knowledge back end and making that available very easily for people to plug into whatever agentic solution they are building. And so that we have made it very easy with our APIs and SDKs. So for example, we will plug into OpenAI's development environment or Azure, Copilot development environment. So if people are building agentic workflows in other places, we are providing a connector into those work environments so that they can use those -- use our APIs to get the trusted knowledge. So that is point one.

第一，我們擁有值得信賴的知識後端，並使其能夠非常輕鬆地被人們連接到他們正在建立的任何代理解決方案中。因此，我們透過 API 和 SDK 讓這一切變得非常簡單。例如，我們可以接取 OpenAI 的開發環境或 Azure Copilot 開發環境。因此，如果人們在其他地方建立代理工作流程，我們將提供連接到這些工作環境的連接器，以便他們可以使用這些工作環境——使用我們的 API 來獲取可信賴的知識。這是第一點。

The second is we are also to your earlie second part of your question, we are enabling it within what we call the bring your own model architecture. So if an enterprise says, no, we are going to use Claude and not use OpenAI, that's fine. We are making it possible for people to plug in their choice model into our platform to do AI stuff. So those are the two things that we have done to make it easy for people to start consuming right away.

第二點是，對於您之前提出的第二部分問題，我們正在我們所謂的「自帶模型架構」中啟用它。所以，如果一家企業說，不，我們要用 Claude 而不是 OpenAI，那也沒問題。我們正在讓人們能夠將他們的選擇模型連接到我們的平台，從而實現人工智慧功能。所以，為了方便人們立即開始消費，我們採取了以上兩項措施。

Great. I thought that was my last question, but I'll try to sneak in one more. You've got a pretty big cash balance now and it went up pretty substantially in the quarter despite some buybacks. Can you talk about strategically what you really think that's best deployed against? Is it a more aggressive buyback? Is it tuck-in acquisitions to expand your capabilities in this knowledge management, agentic world? So how do we think about that asset?

偉大的。我以為這是我的最後一個問題了，但我再偷偷問一個。你現在的現金餘額相當可觀，儘管進行了一些股票回購，但本季現金餘額仍大幅增加。您能否從策略角度談談您認為最有效的因應策略是什麼？這是更積極的回購計畫嗎？在這個知識管理和智能體主導的世界中，這是透過收購來擴展自身能力的手段嗎？那我們該如何看待這項資產呢？

Eric, do you want to talk to that?

艾瑞克，你想跟他談談嗎？

Sure. I mean I think we'll obviously continue to look at the buyback. I mean, as we've disclosed in the last call, we had increased that capacity. So that certainly still continues to be one avenue. But I think to your point of sort of exploring tuck-in acquisitions or inorganic, it's something that we're always open to, but for sure, it is not our primary focus. But I think more importantly, just having that ability to continue to invest in the business as well is something that gives us that comfort with that buffer. So we don't have any distraction around the viability of the business. So those are the items that I would highlight.

當然。我的意思是，我們顯然會繼續關注股票回購。我的意思是，正如我們在上次電話會議中所透露的那樣，我們已經提高了產能。所以這當然仍然是一條路。但我認為，就你提到的探索小型收購或非有機成長而言，我們始終持開放態度，但這肯定不是我們的主要關注點。但我認為更重要的是，能夠繼續投資這項業務本身就給了我們這種緩衝空間，讓我們感到安心。因此，我們不會因為業務可行性而分心。所以，以上就是我想重點介紹的內容。

Congrats on a good quarter.

恭喜你本季業績出色。

Thank you.

謝謝。

Jeff Van Rhee with Craig-Hallum.

Jeff Van Rhee 與 Craig-Hallum。

Hi, This is Vijay Homan on for Jeff Van Rhee. First for me, just last quarter, you talked about a pipeline of several seven-figure knowledge Hub opportunities and kind of an increasing pilot conversion rate. I was wondering if you could just give us an update on those opportunities and what you're seeing in those sales cycles.

大家好，我是Vijay Homan，替Jeff Van Rhee為您報道。首先，就在上個季度，您談到了幾個價值七位數的知識中心機會，以及不斷提高的試點轉換率。我想請您介紹一下這些機會的最新情況，以及您在這些銷售週期中觀察到的情況。

Yeah. So I think the progress is good. Progress is us I'd say these large opportunities take time to mature. And so what we are seeing is steady progress. So I'm quite pleased with that because with large opportunities, sometimes they stall along the way. I'm not seeing that. I'm seeing steady progression. So I'm quite excited. And I also see more engagement on the partner side. We are seeing more interest from partners who are starting to see this area as a viable category to add value. So those are two things that are quite exciting for us. First, the pipeline progression; and second, starting to see some good partner activity.

是的。所以我認為進展良好。進步就是我們自身。我認為，這些巨大的機會需要時間才能成熟。因此，我們看到的是穩步前進。所以我對此相當滿意，因為很多大機會有時會在過程中停滯不前。我沒看到這一點。我看到進展穩步推進。所以我非常興奮。我還看到合作夥伴的參與度有所提升。我們看到越來越多的合作夥伴開始將此領域視為一個可以創造價值的可行類別。所以這兩件事都讓我們感到非常興奮。首先是專案進度；其次，開始看到一些不錯的合作夥伴活動。

Got it. Appreciate that. And then next one, I know the intent was for the for JPMorgan to deploy by the late fall. I was just wondering how that deployment is going? And any other updates on that rollout or learnings would be helpful.

知道了。謝謝。接下來，我知道摩根大通的計畫是要在秋末部署。我只是想了解一下部署進度如何？關於推廣實施或經驗教訓的任何其他更新都將很有幫助。

Yeah. So yes, I'm happy to report that they have gone live with what the first phase plan was, and we are actively working the next phase. So I think it's gone to plan, which is great. As I think I've mentioned earlier, we deployed their first phase in half the time that we had originally discussed and agreed with them on. So it's pretty exciting for us. The speed of getting these projects live and used is, to me, a barometer of the interest and priority that enterprises start to place on these kinds of technologies.

是的。是的，我很高興地報告，他們已經上線了第一階段的計劃，我們正在積極推動下一階段的工作。所以我覺得一切都按計劃進行，這很好。正如我之前提到的，我們只花了最初與他們討論並商定的時間的一半就完成了第一階段的部署。所以這對我們來說非常令人興奮。在我看來，這些專案上線投入使用的速度，可以衡量企業對這類技術的興趣和重視程度。

Got it. Thanks for the color and I'll leave it there.

知道了。謝謝你提供的色彩，我就說到這裡吧。

You're welcome.

不客氣。

(Operator Instructions) We see no further questions. This will conclude our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

（操作說明）我們沒有其他問題了。我們的問答環節到此結束。我想把會議交還給管理階層，請他們作總結發言。

Thanks, operator, and thanks, everybody, for participating and look forward to updating you with our Q2 results. Thank you.

謝謝操作員，也謝謝大家的參與，期待盡快向大家報告第二季業績。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。