eGain Corp (EGAN) 2026 Q3 法說會逐字稿

Good day, and welcome to the eGain fiscal 2026 third-quarter financial results call.

各位好，歡迎參加 eGain 2026 會計年度第三季財務業績電話會議。

(Operator Instructions)

(接線員指示)

Please note, this event is being recorded. I would now like to turn the conference over to Jim Byers, PondelWilkinson, Investor Relations. Please go ahead.

請注意，本活動將進行錄音。現在我想把會議交給 Jim Byers，PondelWilkinson 投資人關係。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to eGain's fiscal 2026 third-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 會計年度第三季財務業績電話會議。今天與會的有 eGain 執行長 Ashu Roy，以及財務長 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.

在開始之前，我想提醒各位，在本次電話會議中，管理層將發表若干前瞻性陳述，傳達管理層對未來財務與營運表現的預期、信念、計畫與目標。

Forward-looking statements are generally preceded by words such as believe, plan, intend, expect, anticipate or similar expressions. 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 material respects.

前瞻性陳述通常以 believe（相信）、plan（計畫）、intend（打算）、expect（預期）、anticipate（預估）或類似用語作為開頭。前瞻性陳述受 1995 年《私人證券訴訟改革法案》所載的安全港條款保護。這些前瞻性陳述受到廣泛風險與不確定性的影響，可能導致實際結果出現重大差異。

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, May 14, 2026, and assumes no obligation to publicly update or revise any of the forward-looking information in this conference call.

可能影響 eGain 業績的各項因素之相關資訊，已詳載於公司向美國證券交易委員會提交的報告中。eGain 於今日（2026 年 5 月 14 日）發表上述陳述，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 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.

除 GAAP 結果外，我們也將討論若干非 GAAP 財務衡量指標，例如非 GAAP 營業利益。隨同財報新聞稿所附的表格，包含歷史非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表。eGain 的財報新聞稿可於 egain.com 的投資人關係頁面點選「Press Releases（新聞稿）」連結取得。此外，我們也將與財報新聞稿一併在 eGain 官網投資人關係頁面發布更新後的投資人簡報。最後，本次電話會議的電話重播將提供一週。

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

接下來，我想把電話會議交給 eGain 執行長 Ashu Roy。

Thank you, Jim, and good afternoon, everyone. Thanks for joining us. We delivered a strong third-quarter with continued momentum in our AI Knowledge business, driven by customer expansion, growing partner engagement and new products. Revenue was in line with expectations and profitability remains strong. Year-to-date, our AI Knowledge ARR has grown 26%, and we have generated $18.7 million in operating cash flow year-to-date, which is a 27% margin.

謝謝你，Jim，各位下午好。感謝各位加入。我們第三季表現強勁，AI Knowledge 業務動能持續，主要受客戶擴張、合作夥伴參與度提升以及新產品帶動。營收符合預期，獲利能力依然強勁。年初至今，我們的 AI Knowledge ARR 成長 26%，年初至今已產生 1,870 萬美元的營運現金流，營運現金流利潤率為 27%。

Let me share some of the interesting highlights that we are seeing in the business. In the last 60 days, we've seen a meaningful increase in RFP activity in the US, most of it from Fortune 1000 BFSI, which is banking and insurance and health care enterprises. These RFPs almost always seem to focus on AI readiness of knowledge, an open architecture for APIs and MCPs and deep integration into the customer service, customer experience stack.

我來分享一些我們在業務上看到的有趣亮點。過去 60 天，我們看到美國的 RFP 活動明顯增加，多數來自《財富》1000 大的 BFSI（即銀行與保險）以及醫療保健企業。這些 RFP 幾乎總是聚焦於知識的 AI 就緒度、API 與 MCP 的開放式架構，以及與客服／客戶體驗技術堆疊的深度整合。

Equally importantly, many of these RFPs are coming through our partners. Year-to-date, our partner-sourced opportunities are up 67%. We see the growing interest in AI knowledge as a natural progression from an early adopter phase to an early majority phase of the adoption curve. Knowledge management, we see is being increasingly seen as a core AI infrastructure, a must-have, not a nice-to-have.

同樣重要的是，許多這些 RFP 是透過我們的合作夥伴而來。年初至今，由合作夥伴帶來的商機成長 67%。我們將 AI 知識日益升溫的興趣視為採用曲線從「早期採用者」階段邁向「早期大眾」階段的自然演進。我們看到知識管理正日益被視為核心 AI 基礎設施，是「必備」而非「可有可無」。

Switching to customers. Now, we had a very nice quarter for product adoption and expansion. These expansions reflect a pattern of customers standardizing on eGain as their enterprise knowledge platform.

接著談客戶。本季在產品採用與擴張方面表現相當不錯。這些擴張反映出一種趨勢：客戶正將 eGain 標準化為其企業級知識平台。

Let me highlight some examples. The first one is a top 10 US insurance company. This client expanded from an initial deployment of about 3,000 licenses in one business unit to an additional 5,600 licenses in a second major business unit. This creates a single knowledge hub across these divisions, replacing the fragmented and siloed content and knowledge they had before.

我舉幾個例子。第一個是一家美國前十大保險公司。該客戶從某一事業單位約 3,000 個授權的初始部署，擴張到第二個主要事業單位新增 5,600 個授權。這在各事業部之間建立單一的知識中樞，取代先前零散且各自為政的內容與知識。

With this platform, the client is now establishing consistent taxonomy, knowledge workflows and content life cycle governance across these business units, while analytics and AI help them continuously refine knowledge. This client is also piloting AI Agent, which is one of our products for the contact center, powered by the trusted knowledge coming from our platform.

透過此平台，客戶目前正在這些事業單位之間建立一致的分類法、知識工作流程與內容生命週期治理，同時透過分析與 AI 協助其持續精進知識。該客戶也正在試點 AI Agent，這是我們面向聯絡中心的產品之一，由我們平台所提供的可信知識驅動。

The second example I want to share is a top 10 global airline. To support growth in their customer care department, the client has added licenses to ensure consistent knowledge access across all the new teams, reinforcing eGain as the single platform for knowledge-powered service and operational efficiencies.

第二個例子是一家全球前十大航空公司。為了支援其客戶關懷部門的成長，該客戶新增授權，以確保所有新團隊都能一致地存取知識，進一步鞏固 eGain 作為以知識驅動服務與營運效率的單一平台。

We're also seeing rapid follow-on expansion from newer clients. I'd give you a couple of examples. After selecting eGain to support a large-scale digital transformation a few months ago, this European financial services conglomerate is now expanding usage across other business units beyond customer service in the contact center to look at self-service options for all their touch points.

我們也看到較新的客戶快速出現後續擴張。我舉兩個例子。一家歐洲金融服務集團在數月前選擇 eGain 以支援大規模數位轉型後，現在正將使用範圍擴展到客服以外的其他事業單位，從聯絡中心的客戶服務延伸，並評估涵蓋所有接觸點的自助服務選項。

Another example is a global engineering services leader. They initially deployed our solution for field service knowledge, and now they're expanding to assist all their service personnel, including contact centers and partners. Across these examples, there is a theme, and that is that once we are deployed in a CX or customer service use case, the eGain platform naturally expands to become the centralized enterprise knowledge platform, both for AI and humans.

另一個例子是一家全球工程服務領導企業。他們最初將我們的解決方案部署於現場服務知識，現在正擴張以協助其所有服務人員，包括聯絡中心與合作夥伴。在這些例子中有一個共同主題：一旦我們在 CX 或客戶服務的使用情境中完成部署，eGain 平台便會自然擴展，成為集中式的企業知識平台，同時服務 AI 與人員。

Looking at products during the quarter, we introduced several innovations to deliver greater value in some of our strong verticals and also deepen our ecosystem integrations.

就本季產品而言，我們推出多項創新，以在部分強勢垂直領域提供更高價值，並深化我們的生態系整合。

First, we launched the eGain AI Knowledge Suite for retail banking. The solution is purpose-built for banks and credit unions to unify knowledge and enable AI-driven service and needs-based guided selling. Early clients like Rogue Credit Union are very excited about the positive user adoption and accelerated time to value, something they shared during a joint webinar last month. Then we introduced our AI Agent for Cisco Webex Contact Center, strengthening our proposition in the Cisco ecosystem.

首先，我們推出面向零售銀行的 eGain AI Knowledge Suite。該解決方案專為銀行與信用合作社打造，用於整合知識，並啟用 AI 驅動的服務與以需求為導向的引導式銷售。像 Rogue Credit Union 這樣的早期客戶，對於正向的使用者採用度與加速的價值實現時間感到非常振奮，並在上個月的聯合網路研討會中分享了這點。接著，我們推出適用於 Cisco Webex Contact Center 的 AI Agent，強化我們在 Cisco 生態系中的價值主張。

Third, we announced connectors into UCaaS platforms, Microsoft Teams, Slack and Zoom Team Chat, all with the goal to enhance employee collaboration with the same trusted knowledge. These connectors will help our clients build knowledge once for CX use cases and then reuse it for employee-facing use cases across their business.

第三，我們宣布推出連接器，串接 UCaaS 平台、Microsoft Teams、Slack 與 Zoom Team Chat，目標是以同一套可信知識強化員工協作。這些連接器將協助客戶針對 CX 使用情境建置一次知識，並在其業務中跨各種面向員工的使用情境重複利用。

And it's, again, a pattern that we are seeing emerging where we land into the CX world, which is customer service or contact center. And once we show our solution and deploy the success of that then drives a natural extension of that knowledge platform across the rest of the use cases, which are more employee-facing.

而且我們再次看到一個正在浮現的模式：我們先在 CX 領域落地，也就是客戶服務或聯絡中心。一旦我們展示解決方案並成功部署，這樣的成功就會推動知識平台自然延伸到其他使用情境，而那些情境更多是面向員工的。

Finally, we announced enterprise AI connectors to agentic development environments, including Copilot, Claude, Gemini and Cursor. These connectors enable developers to tap into trusted knowledge managed within the eGain platform via APIs and MCP protocols right from their favorite development environment. As I said before, this idea of a trusted governed knowledge base and a hub is very compelling. It connects and controls all the AI projects, including prototypes and offers governance, explainability, observability to developers and business users alike in the business.

最後，我們宣布推出面向代理式（agentic）開發環境的企業級 AI 連接器，包括 Copilot、Claude、Gemini 與 Cursor。這些連接器讓開發人員可在其偏好的開發環境中，透過 API 與 MCP 協定直接存取由 eGain 平台管理的可信知識。如我先前所說，這個「可信且受治理的知識庫」與「中樞」的概念非常有吸引力。它能連結並控管所有 AI 專案（包含原型），並為開發人員與業務使用者提供治理、可解釋性與可觀測性，涵蓋整個業務範圍。

As I zoom out of the customers and specific products that we announced last quarter, all of us would agree that the pace of innovation is accelerating in the market, and so it is with eGain. We see lots of opportunity to increasingly automate the capture, curation and consumption of knowledge, that loop as it relates to customer service and contact centers in regulated businesses and companies with complex products.

當我從我們上季宣布的客戶與特定產品拉高視角來看，我想大家都會同意，市場上的創新步伐正在加速，eGain 亦是如此。我們看到大量機會，可在受監管的企業以及產品複雜的公司之客戶服務與聯絡中心情境中，進一步自動化知識的擷取、策展與使用（消費）這個循環。

Last week, we hosted our annual Solve 26 event in London. We have another annual event in Chicago in October, but this one is a European event in London for customers and partners. The event reinforced what we are seeing across the market, trusted knowledge is becoming the essential foundation for enterprise AI.

上週，我們在倫敦舉辦了年度 Solve 26 活動。我們在 10 月也會於芝加哥舉辦另一場年度活動，但這一場是在倫敦舉行、面向客戶與合作夥伴的歐洲活動。本次活動再次印證我們在市場上所觀察到的趨勢：可信知識正成為企業 AI 的關鍵基礎。

The reason is simple. Conventional wisdom says that knowledge is nothing more than unstructured data, not true. Knowledge is the instruction layer for AI. It provides the what, and the how and occasionally the why that is used by the models to then deliver automated experiences that are reliable.

原因很簡單。一般的傳統觀點認為，知識不過是非結構化資料，這並不正確。知識是 AI 的指令層。它提供「做什麼」、以及「怎麼做」，有時也包含「為什麼」，供模型用來交付可靠的自動化體驗。

To build these agentic systems, enterprises must first centralize, govern and improve this knowledge. So the quality of knowledge determines the quality of AI outcomes. This is especially important in customer service and contact centers, which represents one of the largest near-term opportunities for AI transformation. At the same time, our research shows that more than 80% of organizations are still in the very early stages of their AI knowledge maturity and transformation journey, and that creates a significant opportunity for eGain.

要建置這些代理式系統，企業必須先將知識集中化、治理並加以改善。因此，知識品質決定 AI 產出品質。這在客戶服務與聯絡中心尤其重要，因為這是 AI 轉型近期最大的機會之一。同時，我們的研究顯示，超過 80% 的組織仍處於 AI 知識成熟度與轉型旅程的非常早期階段，這也為 eGain 創造了顯著機會。

At our Solve event, we also launched several new products beyond the ones we announced last quarter. And these help our clients consume the knowledge more easily in agentic workflows. They enable our clients to evaluate and ensure quality of these AI Knowledge pipelines they're building all the way from content to begin with and automated experiences that the AI tools deliver.

在我們的 Solve 活動上，除了上季宣布的產品之外，我們也推出了數項新產品。這些產品可協助客戶在代理式工作流程中更容易地使用知識。它們讓客戶能夠評估並確保其正在建置的 AI 知識管線品質，從最初的內容一路到 AI 工具所交付的自動化體驗。

We also launched an IVA product, which brings accurate conversational self-service to the voice channel. And finally, we announced an AI agent for Salesforce version 2, which is a pluggable solution that activates our AI Agent with full context of Salesforce content and data within the Salesforce Service Cloud desktop.

我們也推出了一款 IVA 產品，將精準的對話式自助服務帶到語音通路。最後，我們宣布推出 Salesforce 版 AI 代理（Agent）2.0，這是一個可插拔的解決方案，可在 Salesforce Service Cloud 桌面中，以完整的 Salesforce 內容與資料脈絡啟用我們的 AI Agent。

Customers and partners love the new capabilities and what they appreciated the most was their fellow customers sharing their knowledge journey and AI ROI stories. Customers like Achmea, BT, BMI, Specialized Bikes, Worldpay, they shared their insights, including tips and tricks, very, very valuable for attendees. And for us, it is gratifying and inspiring.

客戶與合作夥伴都很喜歡這些新功能，而他們最欣賞的是其他客戶分享其知識旅程與 AI 投資報酬（ROI）故事。像 Achmea、BT、BMI、Specialized Bikes、Worldpay 等客戶分享了他們的洞見，包括技巧與訣竅，對與會者非常、非常有價值。對我們而言，這令人欣慰也備受鼓舞。

On the team front, during the quarter, we strengthened our leadership team with the appointment of Steve Pappas as Head of Innovation. Steve brings deep expertise in knowledge management, AI and customer experience, along with a strong track record of scaling enterprise SaaS businesses and a sharp focus on helping clients modernize their knowledge architecture. His leadership will help us deliver more consumable innovation and accelerate market expansion as we continue to shape the AI Knowledge category.

在團隊方面，本季我們任命 Steve Pappas 擔任創新主管（Head of Innovation），以強化領導團隊。Steve 在知識管理、AI 與客戶體驗方面具備深厚專業，並擁有擴展企業級 SaaS 業務的卓越實績，同時高度聚焦於協助客戶現代化其知識架構。他的領導將協助我們交付更易於使用的創新，並在我們持續塑造 AI Knowledge 類別的同時，加速市場擴張。

To conclude, we delivered strong financial performance, expanded within customers and are building a high-quality pipeline driven by growing enterprise demand for AI-powered knowledge. As the market increasingly recognizes Trusted Knowledge as the foundation for enterprise AI, we are well positioned to lead this category.

總結來說，我們交出強勁的財務表現、在既有客戶中持續擴張，並建立由企業對 AI 驅動知識日益成長的需求所帶動的高品質商機管線。隨著市場愈來愈認可「可信知識」是企業 AI 的基礎，我們已具備領先此類別的有利位置。

With that, I'll hand it over to Eric.

接下來我把時間交給 Eric。

Thanks, Ashu, and thanks, everyone, for joining us today. Before I begin, I'd like to note that we are again using slides to support today's call. We believe this provides helpful context and makes it easier to follow our results and outlook. You can access the slides in the Investor Relations section of our website alongside the webcast. As Ashu noted, we delivered a solid third-quarter with year-over-year growth in both revenue and ARR, along with continued strong profitability.

謝謝你，Ashu，也謝謝各位今天加入我們。在我開始之前，我想先說明，我們再次使用投影片來輔助今天的電話會議。我們相信這能提供有用的背景資訊，並讓大家更容易理解我們的業績與展望。您可在我們網站的投資人關係（Investor Relations）專區，於網路直播旁取得投影片。如 Ashu 所提到的，我們第三季表現穩健，營收與 ARR 皆較去年同期成長，且獲利能力持續強勁。

Let me walk you through our Q3 financial results, followed by our outlook. Looking at our revenue. Total revenue for the third-quarter was $22.5 million, up 7% year-over-year. SaaS revenue also grew 7% year-over-year and represented 93% of total revenue. Excluding the approximately $600,000 quarterly impact from noncore messaging products we are sunsetting, total revenue and SaaS revenue would have been up 13% and 14%, respectively, year-over-year. Revenue was also impacted by approximately $450,000 due to the two fewer days this quarter compared to the prior quarter.

我將帶各位回顧我們第三季（Q3）的財務結果，接著說明我們的展望。先看營收。第三季總營收為 2,250 萬美元，年增 7%。SaaS 營收亦年增 7%，占總營收的 93%。若排除我們正逐步下架的非核心訊息產品所帶來約 60 萬美元的單季影響，總營收與 SaaS 營收將分別年增 13% 與 14%。由於本季較前一季少了兩天，營收亦受到約 45 萬美元的影響。

Looking at non-GAAP gross profits and gross margins. Total gross margin for the quarter was 74%, up 500 basis points from 69% a year ago. SaaS gross margin was 78%, up 100 basis points year-over-year. This expansion was driven by continued improvements in SaaS margins and a greater mix shift of higher-margin SaaS revenue relative to professional services revenue.

再看非 GAAP 毛利與毛利率。本季總毛利率為 74%，較一年前的 69% 提升 500 個基點。SaaS 毛利率為 78%，年增 100 個基點。此一擴張主要來自 SaaS 毛利率持續改善，以及高毛利的 SaaS 營收占比相對於專業服務營收提高所帶來的組合改善。

Now turning to our operations. Non-GAAP operating costs for the third-quarter was $13.9 million, up 1% year-over-year and down 3% sequentially, reflecting ongoing discipline as we streamline operations and benefit from automation and our shift towards a product-led sales model.

接著看營運面。第三季非 GAAP 營運成本為 1,390 萬美元，年增 1%，季減 3%，反映我們在精簡營運、受惠於自動化，以及轉向產品主導（product-led）的銷售模式下，持續維持紀律。

R&D was up 3% sequentially, reflecting continued investment in engineering talent and leadership. We expect the trend towards approximately 30% of revenue over time as we invest to support innovation and growth. Sales and marketing expense was $4.5 million for the quarter, down 11% sequentially, though we expect this to increase in Q4 as we invest in go-to-market initiatives, including our recently completed eGain Solve event in London.

研發費用季增 3%，反映我們持續投資於工程人才與領導團隊。隨著我們投資以支持創新與成長，我們預期長期趨勢將接近營收的約 30%。本季銷售與行銷費用為 450 萬美元，季減 11%；不過我們預期第四季（Q4）將增加，因為我們將投資於市場推進（go-to-market）計畫，包括近期在倫敦完成的 eGain Solve 活動。

Looking at our bottom line. Non-GAAP net income was $3.2 million or $0.12 per share on a basic basis and $0.11 per share on a diluted basis, up significantly from $765,000 or $0.03 per share on a basic basis and diluted basis in the year ago quarter. Adjusted EBITDA margin was 14% at the high end of our guidance range and up from 6% a year ago.

再看最終獲利。非 GAAP 淨利為 320 萬美元，基本每股盈餘 0.12 美元，稀釋後每股盈餘 0.11 美元；相較去年同期的 76.5 萬美元、基本與稀釋後每股盈餘皆為 0.03 美元，顯著提升。調整後 EBITDA 利潤率為 14%，位於我們指引區間的高端，並高於一年前的 6%。

Turning to our balance sheet and cash flows. We used $1.8 million of cash in the third-quarter, reflecting typical seasonality and collections, which are weighted toward the first half of the fiscal year. For the first nine months, cash flow from operations was $18.7 million, representing a 27% cash flow margin, well ahead of our expectations. We end the quarter with $80.5 million in cash, up from $62.9 million as of June 30, 2025, and we have no debt, maintaining a strong balance sheet and financial flexibility.

最後看資產負債表與現金流。第三季我們使用了 180 萬美元現金，反映典型的季節性與收款節奏，收款通常偏重於會計年度上半年。在前九個月，營運活動現金流為 1,870 萬美元，代表 27% 的現金流利潤率，明顯優於我們的預期。本季末現金為 8,050 萬美元，高於 2025 年 6 月 30 日的 6,290 萬美元；且我們沒有負債，維持強健的資產負債表與財務彈性。

Now turning to our customer metrics. To highlight the strength of our Knowledge business, we are breaking out our ARR metrics for Knowledge customers. SaaS ARR for Knowledge customers increased 26% year-over-year and SaaS ARR for all customers increased 7% year-over-year. Excluding noncore messaging products, SaaS ARR growth for all customers increased -- would have increased 11% year-over-year.

現在轉到我們的客戶指標。為了凸顯我們 Knowledge 業務的實力，我們將 Knowledge 客戶的 ARR 指標獨立揭露。Knowledge 客戶的 SaaS ARR 年增 26%，而所有客戶的 SaaS ARR 年增 7%。若排除非核心的訊息傳遞產品，所有客戶的 SaaS ARR 成長——本來會是年增 11%。

During Q3 2026, one on-premise subscription customer in EMEA chose not to migrate to our product suite in the eGain Cloud and as a result, terminated the agreement with us. This reduced our total SaaS ARR impact of approximately $1.6 million. And of that, the AI knowledge component of their business was approximately $900,000. We view this as a one-off event given the restrictions in the customers' country of origin on the use of cloud-based services. Also, as expected, bookings reflected normal seasonal trends with Q3 typically being the softer quarter based on historical patterns.

在 2026 會計年度第三季期間，EMEA 地區有一位地端（on-premise）訂閱客戶選擇不遷移至我們 eGain Cloud 的產品套件，因此終止了與我們的合約。這使我們的 SaaS ARR 總額約減少 160 萬美元。其中，該客戶業務中的 AI knowledge 組成約為 90 萬美元。鑑於該客戶原屬國家對使用雲端服務的限制，我們將此視為一次性事件。此外，如預期，訂單（bookings）反映正常的季節性趨勢，依歷史模式第三季通常是相對較疲弱的季度。

Our retention rates also improved significantly. LTM dollar-based SaaS net retention for Knowledge customers was 116%, up from 97% a year ago, while net retention for all customers was 101%, up from 88% a year ago. LTM dollar-based SaaS net expansion rate was 120% for our Knowledge customers and 107% for all customers. Looking at our remaining performance obligations, total RPO increased 11% year-over-year, and our short-term RPO of $48.5 million was up 9% year-over-year. These metrics reflect strong engagement and expansion, particularly within our AI Knowledge offering.

我們的留存率也顯著改善。Knowledge 客戶的 LTM（過去十二個月）以美元計的 SaaS 淨留存率為 116%，高於一年前的 97%；所有客戶的淨留存率為 101%，高於一年前的 88%。LTM 以美元計的 SaaS 淨擴張率，Knowledge 客戶為 120%，所有客戶為 107%。從剩餘履約義務（RPO）來看，總 RPO 年增 11%，短期 RPO 為 4,850 萬美元，年增 9%。這些指標反映出強勁的使用黏著與擴張，尤其是在我們的 AI Knowledge 產品上。

Before turning to our guidance, I'd like to share some additional color on the factors influencing our updated FY26 revenue estimates. As Ashu stated, we are seeing a clear shift in the market. AI Knowledge is now being evaluated as enterprise infrastructure rather than solely as a contact center solution. This aligns directly with how we're positioning the platform and is creating larger, more strategic opportunities that we believe we are well positioned to win.

在進入我們的財測之前，我想補充一些影響我們更新後 FY26 營收預估的因素。如 Ashu 所說，我們看到市場出現明顯轉變。AI Knowledge 現在被評估為企業基礎設施，而不僅僅是聯絡中心解決方案。這與我們對平台的定位完全一致，並帶來更大、更具策略性的機會，我們相信自己具備良好條件贏得這些案子。

That said, these larger opportunities typically involve longer sales cycles, which are affecting the timing of revenue conversion. But, to the guidance, for the fourth-quarter of fiscal 2026, we expect total revenue of between $21.5 million to $22 million.

不過，這些更大型的機會通常伴隨更長的銷售週期，進而影響營收轉換的時點。回到財測，對於 2026 會計年度第四季，我們預期總營收介於 2,150 萬至 2,200 萬美元。

Turning to the bottom line. For Q4, we expect GAAP net loss of $300,000 to net income of $400,000 or $0.01 negative to $0.01 positive per share, which includes stock-based compensation expense of approximately $900,000. We expect non-GAAP net income of $600,000 to $1.3 million or $0.02 to $0.05 per share and adjusted EBITDA of $500,000 to $1 million or a range of 2% to 5%.

接著看損益底線。第四季我們預期 GAAP 淨損為 30 萬美元至 GAAP 淨利 40 萬美元，或每股 -0.01 美元至 +0.01 美元，其中包含約 90 萬美元的股票基礎報酬費用。我們預期 non-GAAP 淨利為 60 萬至 130 萬美元，或每股 0.02 至 0.05 美元；調整後 EBITDA 為 50 萬至 100 萬美元，或 2% 至 5% 的區間。

For the full fiscal year ending June 30, 2026, we expect total revenue to be between $90.5 million to $91 million, representing a return to growth for the year. GAAP net income of $7 million to $7.8 million or $0.25 to $0.28 per share. This includes stock-based compensation expense of approximately $2.9 million.

對於截至 2026 年 6 月 30 日的完整會計年度，我們預期總營收介於 9,050 萬至 9,100 萬美元，代表全年重回成長。GAAP 淨利為 700 萬至 780 萬美元，或每股 0.25 至 0.28 美元。其中包含約 290 萬美元的股票基礎報酬費用。

It also includes warrant expense of approximately $1.4 million, and non-GAAP net income of $11.3 million to $12.1 million or $0.39 to $0.42 per share. and adjusted EBITDA margin of $11.9 million to $12.4 million or a margin of 13%. We expect weighted average shares outstanding of approximately 28 million for both the fourth-quarter and the full fiscal 2026.

其中也包含約 140 萬美元的認股權證費用（warrant expense），以及 non-GAAP 淨利 1,130 萬至 1,210 萬美元，或每股 0.39 至 0.42 美元；調整後 EBITDA 為 1,190 萬至 1,240 萬美元，或 13% 的利潤率。我們預期第四季與 2026 全年加權平均流通股數約為 2,800 萬股。

In conclusion, we delivered a solid quarter with revenue and ARR growth and strong profitability. Our AI Knowledge Hub ARR grew 26%, highlighting continued momentum. We are executing well against our go-to-market strategy. While it's still early, we are seeing encouraging signs, including increased high-quality RFP activity and pilot programs. We remain focused on expanding our market reach and building on our leadership position in AI knowledge.

總結來說，我們交出穩健的一季，營收與 ARR 成長並具備強勁獲利能力。我們的 AI Knowledge Hub ARR 成長 26%，凸顯動能持續。我們正有效執行我們的市場進入（go-to-market）策略。雖然仍在早期階段，但我們看到令人鼓舞的跡象，包括高品質 RFP 活動增加以及試點專案。我們將持續專注於擴大市場觸及範圍，並鞏固我們在 AI knowledge 領域的領導地位。

With that, I'll turn it back to operator for Q&A.

接下來我把時間交回給主持人進行問答。

(Operator Instructions)

(主持人指示)

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Just a few for me. On Ashu, I guess this would be for both of you. On the RFP surge and the increase in activity, can you just put a little more scoping around that in terms of the magnitude of late-stage opportunities at this point maybe versus 6 months, 12 months, 18 months ago? Just I don't know, put some context around that increase in RFP activity that you referenced.

我這邊只有幾個問題。Ashu，我想這題可能你們兩位都可以回答。關於 RFP 的激增與活動量的提升，你能否就規模多補充一些範圍界定，例如目前後期機會（late-stage opportunities）的量級，相較於 6 個月、12 個月、18 個月前如何？也就是說，請就你提到的 RFP 活動增加提供一些背景脈絡。

Sure. I would say that the number of RFPs that we are actively -- that we have responded to, right, in the last 60 days is probably about double of what our average rate in 60 days would be, right? So that's one lens to look at.

當然。我會說，我們在過去 60 天內積極處理——也就是我們已回覆的——RFP 數量，大概是我們一般 60 天平均水準的兩倍左右，對吧？這是一個觀察角度。

In terms of the stage of decision around those RFPs and the eventual conclusion into wrap up, I'd say that's a two to four month process, I would assume for most of them, right? So those are the two comments I would make.

至於這些 RFP 的決策階段，以及最終收斂到結案，我認為多數大概是 2 到 4 個月的流程，對吧？以上是我會補充的兩點。

Got it. And then maybe I know you're not giving formal guidance for '27, but can you put some bounds around how you think about the year based on what you've got in ARR, what you're looking at there in pipeline, even if it's broad ranges, do you see positive top line? Is there -- are there scenarios where you think double-digit top line is credible? I don't know, anything you would offer there would be helpful.

了解。另外，我知道你們沒有提供 2027 年的正式財測，但能否就你們如何看待那一年給一些範圍界線？基於你們目前的 ARR、以及你們看到的銷售管線（pipeline），即便是很寬的區間也可以，你們是否預期營收會正成長？是否存在你們認為營收雙位數成長是可信的情境？不管你能提供什麼，都會很有幫助。

So a couple of thoughts there. One, I don't know if I have the numbers right away to give you numbers, but I would say that the number of new logos is going to go up substantially, perhaps, in the sort of the target profile that we are going after, right? So that I'm feeling pretty optimistic about.

我有幾點想法。第一，我不確定我是否能立刻給你具體數字，但我會說，新客戶（new logos）的數量將會大幅增加，尤其是在我們鎖定的目標客群輪廓上，對吧？所以這點我相當樂觀。

And the other thing I would say is that the expansion in existing accounts is picking steam, and that's something we saw even in the last quarter. And so that to me bodes well in terms of average ARR per customer. So put those two together, I feel like our AI Knowledge ARR should definitely grow double digits in the '27 time frame. Eric, do you have anything to add?

第二點是，既有客戶的擴張正在加速，這也是我們在上一季就看到的趨勢。因此我認為這對每位客戶的平均 ARR 來說是正向訊號。把這兩點合在一起，我覺得我們的 AI Knowledge ARR 在 2027 年期間肯定會有雙位數成長。Eric，你有要補充的嗎？

Exactly. Yes. I think, as we see the AI Knowledge piece now 64% of total business, and that will -- we expect that to continue to increase. And certainly, that component certainly we would expect that to continue to grow in double-digit numbers.

沒錯。是的。我認為，正如我們現在看到的，AI Knowledge 這一塊已占整體業務的 64%，而且我們——預期這個占比會持續提高。當然，這個組成部分我們也預期會持續以兩位數成長。

Helpful. Maybe just one last question. The -- I guess, there is a two-part. Just maybe any update on the Cisco relationship. And then obviously, you're building cash. You got a pretty healthy cash balance at this point. Just thoughts on use of cash, returns of capital, how you're thinking about that?

很有幫助。也許最後再問一個問題。我想——這是兩個部分。先請問一下與 Cisco 的合作關係有沒有任何更新。然後很明顯，你們正在累積現金。目前你們的現金餘額相當充裕。想請教你們對現金運用、資本回饋，以及你們如何思考這件事的看法？

I'll take the first one. Maybe you can take the second one, Eric.

我先回答第一個。第二個也許你來回答，Eric。

Okay.

好的。

So my -- so the Cisco relationship is active and healthy. I think there is more that we can do. And so we are working on seeing how we can partner with them more, especially as some of the AI Agent capability that we have, as you noted, we've announced last quarter in their Webex Contact Center platform. So yes, that's an area that I think is an opportunity for us to further expand our engagement with them in their ecosystem.

所以——我們與 Cisco 的合作關係是活躍且健康的。我認為我們還能做得更多。因此我們正在推進，看看如何能與他們有更多合作，特別是就我們具備的一些 AI Agent 能力而言，如你所提到的，我們在上一季已在他們的 Webex Contact Center 平台上宣布。所以是的，這是我認為我們有機會在他們的生態系中進一步擴大合作深度的領域。

And then I think on the use of cash, I mean, obviously, in this environment, having a very healthy balance sheet, we feel very comfortable in this position, both in our focus on the go-to-market execution. So obviously, continuing to be careful in that investment, but recognizing how dynamic and exciting this opportunity is, we want to make sure that we continue to invest in sort of the position and the go-to-market.

至於現金運用，我的意思是，很明顯在這樣的環境下，擁有非常健康的資產負債表，讓我們在這個位置上感到很安心，同時也能專注於 go-to-market 的執行。所以當然，我們會持續謹慎地進行投資，但也要認知到這個機會有多麼動態且令人振奮，我們希望確保持續投資於我們的布局與 go-to-market。

Obviously, there are seasonal aspects of when the money gets spent. So Q3 is historically a slower spend for us. That's why the numbers were down, but that's spend -- as I indicated, we are spending more in Q4, especially with the big customer events. So that's typically what you would see.

當然，資金支出在季節性上也有差異。所以第三季歷來對我們而言支出較慢。這就是為什麼數字會下降，但那個支出——如我所說，我們在第四季會花得更多，特別是有大型客戶活動。所以通常你會看到這樣的情況。

And then certainly, we will be opportunistic when it comes to other options, especially in this environment, if there's a plan to acquire customers through inorganic means, we're always open to that. But our primary focus here is driving execution on the core business operation. And we do have $20 million -- roughly $20 million available in our buyback program. So again, depending upon where the stock price is, we would certainly look to sort of reengage on the buyback that we paused for the last quarter or so.

另外，對於其他選項我們也一定會把握機會，尤其在這樣的環境下，如果有透過非有機方式取得客戶的併購計畫，我們一向保持開放。但我們在這裡的首要重點是推動核心業務營運的執行。而且我們的庫藏股回購計畫中仍有 2,000 萬美元——約 2,000 萬美元可用額度。所以同樣地，視股價位置而定，我們當然會考慮重新啟動我們在過去一季左右暫停的回購。

Erik Suppiger with B. Riley.

B. Riley 的 Erik Suppiger。

Two questions. One, the RFP activity, why do you think that's increasing? Do you think that is a function of just market awareness for the need for better knowledge management? Or is that more a function of some of the outreach that you've had?

兩個問題。第一，RFP 活動為什麼你認為正在增加？你覺得這是市場對更好知識管理需求的認知提升所致嗎？還是更多是你們外部拓展（outreach）帶來的結果？

And then secondly, Salesforce announced that it's expanding into the Agentforce Contact Center. It sounds like they're going to be really pushing an integration between CRM and contact centers going forward. Do you think that changes market dynamics in terms of your opportunity going forward as CRM starts getting more blended or the vendors doing CRM get more blended with contact centers?

第二，Salesforce 宣布要擴展到 Agentforce Contact Center。聽起來他們接下來會大力推動 CRM 與聯絡中心之間的整合。你覺得這會改變市場動態、進而影響你們未來的機會嗎？也就是當 CRM 開始更融合，或做 CRM 的供應商與聯絡中心更融合時？

Right. So the first question about why I think the RFP activity, I would say -- I'd like to say that it has to do entirely with our marketing outreach, but I think it has, as much to do with the market awareness. And awareness around the fact that these AI investments are not scaling and not scaling in ROI positive ways. So that's the theme we are seeing even in our conversations with prospects who are not in our pipeline. They're all struggling with having made big bets on things like Copilot across the enterprise or a few of them working with Gemini, Google or OpenAI.

好的。所以第一個問題，關於我為什麼認為 RFP 活動增加，我會說——我很想說這完全是因為我們的行銷外展，但我認為這同樣也與市場認知有關。也就是大家意識到這些 AI 投資無法擴大規模，而且無法以 ROI 為正的方式擴大。所以即使在我們與不在我們管線中的潛在客戶對話時，也看到同樣的主題。他們都在苦於先前在企業內大舉押注像 Copilot 這類方案，或有些與 Gemini、Google 或 OpenAI 合作。

The theme we hear is consistent and that is the foundation is not right. And so it's like a whack-a-mole constantly trying to figure out what part of it broke down in terms of the inputs into the AI system. I think that is as much to -- as a contribution factor as our marketing efforts.

我們聽到的主題很一致：也就是基礎沒有打好。因此就像打地鼠一樣，不斷試著找出在 AI 系統輸入端到底哪個環節出了問題。我認為這個因素的貢獻度，至少不亞於我們的行銷努力。

In terms of your second question, I would say, at this point, I haven't seen that impact any conversations that we are in. And we -- let's say, the most popular CRM system in our target customers is Salesforce. So we do see a lot of Salesforce. We are used to -- we integrate with them, we enhance these -- we work with their content, all that. So we have not seen too many examples of people saying, oh, I'm going to throw away my XYZ CCaaS and just go with Salesforce as the entire solution for CRM plus CCaaS yet.

至於第二個問題，我會說，就目前而言，我還沒有看到它對我們正在進行的任何對話造成影響。而且——可以說，我們目標客戶中最常見的 CRM 系統就是 Salesforce。所以我們確實看到很多 Salesforce。我們也習慣了——我們與他們整合、強化這些——我們使用他們的內容等等。因此我們還沒有看到太多案例是人們說：喔，我要把我現有的 XYZ CCaaS 全部丟掉，改用 Salesforce 作為 CRM 加上 CCaaS 的完整解決方案（至少目前還沒有）。

Do you think it would be more difficult or easier for you to get into an account that has an integrated CRM and contact center solution?

你覺得對你們而言，進入一個採用整合式 CRM 與聯絡中心解決方案的客戶帳戶，會更困難還是更容易？

It's a hypothetical. I -- we haven't seen any of those, but I would say that Salesforce generally has an open ecosystem architecture. And so we have not seen that being a huge challenge if the clients decide they want to explore a best-in-class solution like ours for their knowledge layer in their AI kind of strategy.

這是假設性的問題。我——我們還沒看到那樣的案例，但我會說 Salesforce 一般而言有開放式的生態系架構。因此如果客戶決定在其 AI 策略中的知識層探索像我們這樣的同級最佳（best-in-class）解決方案，我們並沒有看到這會成為很大的挑戰。

(Operator Instructions)

（接線員指示）

Showing no further questions, this will conclude our question-and-answer session. I would like to hand the conference back over to management for any closing remarks.

目前沒有其他問題，本次問答環節到此結束。我想把電話會議交回管理層，請他們做任何結語。

Right. Thanks, operator, and thanks, everyone, for joining us today. Look forward to updating you once we finish out the year and give updated to our plans for FY27. Thank you.

好的。謝謝接線員，也謝謝各位今天參與。期待在我們完成本年度後向各位更新，並提供我們對 FY27 計畫的更新。謝謝。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。