eGain Financial Results: A Deep Dive into Fiscal 2024
eGain Reports Fourth Quarter and Full Year 2024 Results
eGain Corporation (NASDAQ: EGAN), a leader in AI knowledge for customer service, has recently announced its financial performance for the fiscal year ending June 30, 2024. The company highlighted robust growth in its AI-driven services despite facing a slight revenue decline. This article delves into eGain's key financial metrics and strategic insights as the company positions itself for future success.
Key Financial Highlights
In the fourth quarter, eGain reported total revenue of $22.5 million, a decrease of 9% compared to the previous year. However, the company achieved a GAAP net income of $1.5 million, or $0.05 per share. A notable drop from the same period last year, which recorded a net income of $2.6 million at $0.08 per share. Additionally, non-GAAP net income for the quarter was $2.5 million ($0.08 per share), reflecting a decrease from $3.6 million and $0.11 per share in the prior year.
Annual Performance Overview
For the full fiscal year 2024, total revenue was $92.8 million, down 5% from fiscal 2023. However, the GAAP net income significantly increased to $7.8 million, translating to $0.25 per share, compared to a mere $2.1 million ($0.07 per share) in fiscal 2023. In addition, the non-GAAP net income advanced to $12.3 million, up from $8.4 million the previous year.
Operational Highlights
On an operational front, eGain saw its adjusted EBITDA reach $11.2 million for fiscal 2024, marking a substantial increase compared to $8.9 million in 2023. Cash flows from operations stood at $12.5 million, achieving an operating cash flow margin of 13%. Furthermore, eGain continued its stock buyback program, purchasing approximately 2.7 million shares for a total of $17.3 million.
Fiscal 2025 Guidance
Looking ahead, eGain has provided its financial guidance for the first quarter of fiscal 2025, anticipating revenue between $21.4 million and $21.8 million. The company expects a GAAP net loss of between $400,000 and $1.3 million, representing a loss of $0.01 to $0.05 per share, inclusive of stock-based compensation and depreciation expenses. For the full fiscal year, eGain projects total revenue to range between $92 million and $93 million, with non-GAAP net income expected to be between $5 million and $6 million.
Significant Market Movements
eGain is currently navigating an expanding market for AI-driven customer service solutions. The CEO noted a 50% increase in new logo acquisitions and requests for proposals (RFPs) for AI knowledge solutions throughout fiscal 2024, indicating strong demand for their offerings. This growth underpins eGain's strategic focus on enhancing customer experience and cost-efficiency through its AI Knowledge Hub.
Company Overview
Founded in 1997, eGain provides software solutions designed to enhance customer engagement and service efficiency. The eGain Knowledge Hub assists businesses in delivering accurate and timely information to their customers, reducing operational costs while enhancing customer satisfaction.
Conclusion
As eGain continues its trajectory of growth, the financial results for fiscal 2024 reflect a strong foundation and a positive outlook for the upcoming year. The emphasis on AI in customer service positions eGain to leverage market opportunities, with the leadership committed to advancing the company's strategic objectives.
Frequently Asked Questions
What were eGain's revenue figures for fiscal 2024?
eGain reported total revenue of $92.8 million for fiscal 2024, down 5% compared to the prior year.
What is eGain's projected revenue for the first quarter of fiscal 2025?
eGain projects revenue between $21.4 million and $21.8 million for the first quarter of fiscal 2025.
How does eGain's net income for fiscal 2024 compare to previous years?
eGain's GAAP net income for fiscal 2024 was $7.8 million, a significant increase from $2.1 million in fiscal 2023.
What initiatives is eGain focusing on for growth?
eGain is focusing on expanding its AI-driven customer service solutions, particularly through its AI Knowledge Hub.
How much did eGain spend on its stock repurchase program in fiscal 2024?
In fiscal 2024, eGain repurchased approximately 2.7 million shares at an average cost of $6.28 per share, totaling $17.3 million.
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