eGain Corporation Reports Net Income of $2.6 Million for Fiscal Year 2023
Company Achieves Record Revenue of $98.0 Million
eGain Corporation,(EGAN) a leading provider of cus tomer engagement solutions, has released its financial results for the fiscal year ending June 30, 2023. The company reported a net income of $2.6 million for the year, marking a significant turnaround from the previous year's loss. Additionally, eGain announced record-breaking revenue of $98.0 million, demonstrating its continued growth and success in the market.
Condensed Consolidated Balance Sheets
ASSETS
Current Assets: eGain's current assets for the year 2023 totaled $109.8 million, compared to $104.1 million in 2022. Notable components include cash and cash equivalents of $73.2 million and accounts receivable of $31.6 million.
Non-Current Assets: The company's non-current assets include property and equipment, operating lease right-of-use assets, costs capitalized to obtain revenue contracts, goodwill, and other assets, totaling $20.3 million.
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities: eGain's current liabilities amounted to $63.7 million, including accounts payable, accrued compensation, and deferred revenue.
Non-Current Liabilities: The company's non-current liabilities, including deferred revenue and operating lease liabilities, totaled $4.9 million.
Stockholders’ Equity: With a total stockholders’ equity of $61.7 million, eGain demonstrates a strong financial position.
Condensed Consolidated Statements of Operations
Revenue: eGain reported a total revenue of $98.0 million for the fiscal year 2023, with subscription revenue contributing $22.8 million and professional services generating $1.8 million.
Cost of Revenue: The cost of revenue amounted to $27.3 million, resulting in a gross profit of $70.7 million.
Operating Expenses: Operating expenses, including research and development, sales and marketing, and general and administrative costs, reached $69.3 million.
Income (Loss) from Operations: The company achieved an income from operations of $2.4 million for the year, a significant improvement over the previous year's loss.
Net Income (Loss): eGain reported a net income of $2.6 million for fiscal year 2023, signaling a turnaround from the previous year's loss of $1.6 million.
Per Share Information
- Earnings (Loss) per Share: Basic and diluted earnings per share for 2023 were $0.08 and $0.08, respectively, compared to a loss of $0.05 for both basic and diluted earnings per share in the previous year.
GAAP to Non-GAAP Reconciliation Table
Non-GAAP Income from Operations: eGain reported non-GAAP income from operations of $3.3 million for the year 2023, compared to $0.7 million in the previous year.
Adjusted EBITDA: Adjusted EBITDA for 2023 amounted to $4.0 million, showcasing the company's improved financial performance.
Non-GAAP Net Income: The company reported non-GAAP net income of $3.6 million for fiscal year 2023, compared to $0.9 million in the previous year.
Per Share Information (Non-GAAP): Non-GAAP earnings per share for basic and diluted calculations were $0.11 and $0.11, respectively, in 2023, demonstrating the company's profitability.
eGain Corporation's impressive financial results for fiscal year 2023, including a return to profitability and record-breaking revenue, underscore its position as a leader in the customer engagement solutions market.
