Good day and welcome to the eGain Fiscal 2015 Fourth Quarter and Full Year Financial Results Conference Call. Today’s conference is being recorded. At this time I would like to turn the conference over to Charles Messman, Vice President of Finance of eGain Corporation. Please go ahead, sir.

Good afternoon. Thank you for joining us today for eGain’s conference call to discuss results for our fiscal 2015 fourth quarter and year-ended June 30, 2015. Please note this call is being recorded and will be available for replay from the Investor Relations section of our website at www.egain.com for seven days following the call. Before I begin I’d like to remind all listeners that this conference call contains forward-looking statements within the meanings of the Safe Harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. This conference call contains forward-looking statements that involve risk and uncertainties. These forward-looking statements include, among other, statements about the company’s market opportunities; statements pertaining to the company’s integration of Exony; statements about the company’s financial results for the fourth quarter and year-end fiscal 2015, with respect to total revenues; statements regarding deferred revenue, subscription and support revenue, license revenue, and statements regarding our 2015 guidance, including source of revenue and business mix. The achievement or success of matters covered by such forward-looking statement involve risks, uncertainties and assumptions. If any such risk or uncertainties materialize, or if any assumptions prove incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements we make. The risk and uncertainties referred to include but are not limited to, risks that our hybrid revenue model and lengthy sales cycles may negatively affect our operating results; risk related to our reliance on a relatively small number of customers for a substantial portion of our revenue; our ability to successfully integrate Exony; our ability to compete successfully and manage growth; our ability to develop and expand strategic and third-party distribution channels; risks associated with new product releases; risk related to our international operations; our ability to invest resources to improve…

Thank you Charlie and good afternoon everyone. As we pre-announced a few weeks ago, our fourth quarter revenue and fiscal 2015 revenue came in below our guidance. This was due to a shortfall in on-premise license revenues. At the same time bookings in the fourth quarter shifted significantly to the cloud. 57% of our new bookings in the fourth quarter were in the cloud compared to 25% in the prior quarter. Overall our annual gross bookings increased 26% year-over-year. Looking back, fiscal 2015 has been a transformative year for eGain. First we launched version 14, a new simplified cloud-ready product suite in November. Second, we took advantage of the out-of-the-box richness of the new version and organized our services team to rapidly implement cloud-based solutions with best practice guidance. As a result we delivered quicker value by accelerating these services' engagements by up to 40%, especially for cloud accounts. Third, building on the first two, early in the fourth quarter we introduced eGain Try+Buy, a unique cloud-based guided pilot service designed to minimize risk and fuel innovation. Over the past four months, prospects and clients have enthusiastically opted for Try+Buy, as we guide them to quick value in their digital engagement initiatives. Based on the progress we've seen on these three fronts, moving forward in fiscal 2016, we intend to only sell cloud solutions to new clients through our direct sales team, a move that puts us firmly on the path to becoming a cloud business. Not only do we see growing interest among enterprise customers in our cloud solution, our existing on-premise customers are increasingly open to migrating to the eGain Cloud. In March we launched a promotion to migrate our on-premise customers to the cloud, and as a result of that in the fourth quarter we signed up…

Thank you, Ashu and thanks for joining us today. Before I begin my prepared remarks I would like to note that as Charles stated, the numbers I'll be sharing are non-GAAP unless otherwise noted. I will start by reviewing our ACV and booking metrics, then go into details of our financial results and close with an update on our guidance for fiscal 2016. First, our total subscription and support revenue ACV at the end of the fourth quarter was $43.2 million compared to $41.9 million at the end of the fourth quarter last year, and $42 million at the end of the third quarter of fiscal 2015. With our commitments to becoming a cloud business, in addition to the total subscription and support revenue ACV, going forward, we will also provide the cloud ACV number separate from our legacy on-premise support ACV. So for the end of the fourth quarter, our cloud ACV number was $23.2 million, compared to $25.7 million at the end of the fourth quarter last year, and $21.7 million at the end of the third quarter of fiscal 2015. Now turning to our bookings, gross bookings or revenue plus change in deferred for the fourth quarter was $21.3 million compared to $15.6 million last quarter and $23.7 million in the fourth quarter last year. For the full fiscal year, our bookings were $78.5 million, up 26% year-over-year. Gross bookings on a constant currency basis for the quarter were $21.4 million, down 9% from the comparable year-ago quarter, while gross bookings on a constant currency basis for the full year were $83 million, up 36% year-over-year. Backlog as of June 30, 2015 or total deferred revenue plus unbilled and collected, was $42.3 million compared to $36.3 million at the end of the fourth quarter last year. Backlog…

Thank you. [Operator Instructions]. And at this time we will take our first question from Mark Schappel, Benchmark. Please go ahead.

Hi, good evening. Thanks for taking my question. Eric starting with you, no seasonal revenue guidance going forward, and I know there is some uncertainty as you guys make this migration to the cloud and the migration to more subscription revenue. Is there really that much uncertainty in the business though that you would suspend revenue guidance for the year?

Yes, Mark. I think that obviously if you look at our results for Q4 and the expectations that we had set in that quarter and where we ended up we feel that at this time really focusing on the cloud ACV and continue to move the business in that direction is the right thing. We feel that by, even though we obviously have internal expectations as to what the license business will be for the year, what we would rather not get into is influencing our short-term decision making around guidance that we had set around the expectations on that license business. So that’s the reason for us at this stage of holding back on our total revenue guidance. Obviously this is something that we will monitor from quarter-to-quarter but for now this is the decision that we have made.

Okay, thanks. And then on the Exony business my recollection was that, that business was pretty much a license model. Is it fair to assume that, that business is also going to be moving pretty much to a 100% cloud business?

So Mark, this is Ashu here. So you are right in assuming that when we acquired the business it was 100% licensed. And so we have made investments on the product side to make it cloud ready, and so what you will see moving forward is for us to provide increasing incentives to migrate our customers to the cloud on the Exony, meaning the analytic product as well and that might take a little longer just because it’s a standing start from where it is today, which is 100% license but the direction is the same for those products as well.

I think in addition to that Mark, as Ashu indicated that the Cisco SPlus channel is near [ph] that we are still telling on the direct business and certainly there is elements of that, that would continue from that side.

Okay great. And then the -- I didn’t catch this number Eric that you gave on the call earlier. It was the foreign exchange impact on total revenue. Could you repeat that one again?

Sure. So for the total revenue on a constant currency basis was $78.9 million for the full year versus $76.3 million.

How about for the quarter?

And for the quarter it was $18 million versus $17.1 million.

Okay, thank you. That’s all from me.

[Operator Instructions]. And it appears we have no further questions in the queue. I will turn the call back over to Mr. Messman for closing remarks.

Thanks again everyone for joining us today. Should you have any further questions or comments please feel free to give us a call and we will look forward to talking to you soon on our first quarter earnings conference. Thanks and have a great day.

And again, this does conclude today's conference call. Thank you all for your participation.