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In addition, we face additional risks and challenges related to having a portion of our workforce working from home, including added pressure on our IT systems and the security of our network, and new challenges as our team adjust to online collaboration.
−Removed: If significant portions of our workforce are unable to work effectively, including
−Removed: due to illness, quarantines, social distancing, government actions or other restrictions in connection with the COVID-19 pandemic, our operations will be impacted.
−Removed: The extent to which the COVID-19 pandemic impacts our business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating activities can resume.
+Added: If significant portions of our workforce are unable to work effectively, including due to illness, quarantines, social distancing, government actions or other restrictions in connection with the COVID-19 pandemic, our operations will be impacted.
+Added: The extent to which the COVID-19 pandemic impacts our business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent
+Added: normal economic and operating activities can resume.
The COVID-19 pandemic could cause fluctuations in foreign currency markets, impact the availability of future borrowings and our ability to access capital, increase the cost of borrowings, increase credit risks of our customers, negatively affect our liquidity and the liquidity and stability of markets of our securities.
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In such cases, we may be required to defer revenue recognition on sales to affected customers.
−Removed: In the future, we may have to record additional reserves or write-offs, or defer revenue on sales transactions, which could negatively impact our financial results.
+Added: future, we may have to record additional reserves or write-offs, or defer revenue on sales transactions, which could negatively impact our financial results.
We cannot accurately predict subscription renewal rates and the impact these rates may have on our future revenue and operating results.
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Moreover, if these firms fail to implement our products successfully for their customers, we may not have the resources to implement our products on the schedule required by their customers.
−Removed: To the extent we devote resources to these relationships and the partnerships do not proceed
−Removed: as anticipated or provide revenue or other results as anticipated, our business may be harmed.
+Added: To the extent we devote resources to these relationships and the partnerships do not proceed as anticipated or provide revenue or other results as anticipated, our business may be harmed.
Once partnerships are forged, there can be no guarantee that such relationships will be renewed in the future or available on acceptable terms.
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If an arrangement requires significant customization or implementation services from us, recognition of the associated license or subscription and service revenue could be delayed.
−Removed: The timing of the commencement and completion of these services is subject to factors that may be beyond our control, as this process may require access to the customer’s facilities and coordination with the customer’s personnel after delivery of the software.
+Added: The timing of the commencement and completion of these services is subject to factors
+Added: that may be beyond our control, as this process may require access to the customer’s facilities and coordination with the customer’s personnel after delivery of the software.
In addition, customers could cancel or delay product implementations.
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These risks in turn could cause our operating results and financial condition to suffer.
−Removed: We derived 28% and 44% of our revenue from international sales during three months ended September 30, 2020 and 2019, respectively.
+Added: We derived 32% and 40% of our revenue from international sales during three months ended December 31, 2020 and 2019, respectively.
+Added: We derived 30% and 42% of our revenue from international sales during the six months ended December 31, 2020 and 2019, respectively.
In addition to those discussed elsewhere in this section, our international sales operations are subject to a number of specific risks, such as:
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● reduced intellectual property protections in some countries.
−Removed: As of September 30, 2020 approximately 49% of our workforce was employed in India.
+Added: As of December 31, 2020 approximately 46% of our workforce was employed in India.
Of our employees in India, 49% are allocated to research and development.
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We believe that these interruptions will continue to occur from time to time.
−Removed: These interruptions could be due to hardware and operating system failures.
+Added: These interruptions could be due to hardware and operating system
As a result, our business will suffer if we experience frequent or long system interruptions that result in the unavailability or reduced performance of our hosted operations or reduce our ability to provide remote management services.
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We maintain a business continuity plan for our customers in the event of an outage.
−Removed: We maintain other co-locations for the purpose of disaster recovery as well as maintaining backups of our customer’s information.
+Added: We maintain other co-locations for the purposes of disaster recovery as well as maintaining backups of our customer’s information.
We provide premium disaster recovery and standard disaster recovery to our customers.
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If we incur substantial costs to correct any errors of this nature, our operating margins could be adversely affected.
−Removed: Because our customers depend on our solutions for critical business functions, any service interruptions could result in lost or
−Removed: delayed market acceptance and lost sales, higher service-level credits and warranty costs, diversion of development resources and product liability suits.
+Added: Because our customers depend on our solutions for critical business functions, any service interruptions could result in lost or delayed market acceptance and lost sales, higher service-level credits and warranty costs, diversion of development resources and product liability suits.
The terms we agree to in our Service Level Agreements or other contracts may result in increased costs or liabilities, which would in turn affect our results of operations.
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In addition, the market for online sales, marketing, customer service and expert advice solutions is relatively new.
−Removed: Changes in customer and Internet user requirements and preferences, frequent new product and service introductions embodying new technologies and the emergence of new industry standards and practices such as but not limited to security standards could render our services and our proprietary technology and systems obsolete.
+Added: Changes in customer and Internet user requirements and preferences, frequent new product and service introductions embodying new technologies and the emergence of new industry standards and practices such as but not limited to security standards could render our services
+Added: and our proprietary technology and systems obsolete.
The rapid evolution of these products and services will require that we continually improve the performance, features and reliability of our services.
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This in turn would harm our business and operating results.
−Removed: We may be unable to respond to the rapid technological change and changing customer preferences in the online sales, marketing, customer service, and/or online consumer services industries and this may cause our business to suffer.
−Removed: If we are unable, for technological, legal, financial or other reasons, to adapt in a timely manner to changing market conditions in the online sales, marketing, customer service and/or e-commerce industry or our customers’ or Internet users’ requirements or preferences, our business, results of operations and financial condition would be materially and adversely affected.
−Removed: Business on the Internet is characterized by rapid technological change.
−Removed: In addition, the market for online sales, marketing, customer service and expert advice solutions is relatively new.
−Removed: Changes in customer and Internet user requirements and preferences, frequent new product and service introductions embodying new technologies and the emergence of new industry standards and practices such as but not limited to security standards could render our services and our proprietary technology and systems obsolete.
−Removed: The rapid evolution of these products and services will require that
−Removed: we continually improve the performance, features and reliability of our services.
−Removed: Our success will depend, in part, on our ability to:
−Removed: ● enhance the features and performance of our services;
−Removed: ● develop and offer new services that are valuable to companies doing business online as well as Internet users;
−Removed: ● respond to technological advances and emerging industry standards and practices in a cost-effective and timely manner.
−Removed: If any of our new services, including upgrades to our current services, do not meet our customers’ or Internet users’ expectations, our business may be harmed.
−Removed: Updating our technology may require significant additional capital expenditures and could materially and adversely affect our business, results of operations and financial condition.
−Removed: If new services require us to grow rapidly, this could place a significant strain on our managerial, operational, technical and financial resources.
−Removed: In order to manage our growth, we could be required to implement new or upgraded operating and financial systems, procedures and controls.
−Removed: Our failure to expand our operations in an efficient manner could cause our expenses to grow, our revenue to decline or grow more slowly than expected and could otherwise have a material adverse effect on our business, results of operations and financial condition.
Our offshore product development, support and professional services may prove difficult to manage or may not allow us to realize our cost reduction goals, produce effective new solutions and provide professional services to drive growth.
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If we cannot hire and retain qualified personnel, our ability to expand our business would be impaired and our results of operations would suffer.
−Removed: We may not be able to realize the benefits of offering the limited, free “Innovation in 30 days” version of our service.
+Added: We may not be able to realize the benefits of offering the limited “Innovation in 30 days” free version of our service.
We offer a limited version of our subscription service to customers or potential customers free of charge (known as “Innovation in 30 days”) in order to promote usage, brand and product awareness, and adoption, and we invest time and resources for such initial engagements without compensation from the customers.
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Our service involves the storage and transmission of customers’ proprietary information, and security breaches could expose us to a risk of loss of this information, loss of access, litigation and possible liability.
−Removed: These security measures may be breached as a result of third-party action, including intentional misconduct by computer hackers (which may involve nation states and individuals sponsored by them), employee error, malfeasance or otherwise and result in someone obtaining unauthorized access to our customers’ data or our data, including our intellectual property and other confidential business information, or our IT systems.
+Added: These security measures may be breached as a result of third-party action, including intentional misconduct by computer hackers (which may involve nation states and individuals sponsored by them), employee error, malfeasance or otherwise and result in someone
+Added: obtaining unauthorized access to our customers’ data or our data, including our intellectual property and other confidential business information, or our IT systems.
Additionally, third parties may attempt to fraudulently induce employees or customers into disclosing sensitive information such as user names, passwords or other information in order to gain access to our customers’ data or our data or IT systems.
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These cybersecurity attacks threaten to misappropriate our proprietary information, cause interruptions of our IT services and commit fraud.
−Removed: Because the techniques used to obtain unauthorized access, or to sabotage systems, change frequently and generally are not recognized until launched against a target, we may be unable to
−Removed: anticipate these techniques or to implement adequate preventative measures.
+Added: Because the techniques used to obtain unauthorized access, or to sabotage systems, change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures.
Further, if unauthorized access or sabotage remains undetected for an extended period of time, the effects of such breach could be exacerbated.
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Our publication of our privacy policy and other statements we publish that provide promises and assurances about privacy and security can subject us to potential governmental action if they are found to be deceptive or misrepresentative of our practices.
−Removed: Further, the costs of compliance
−Removed: with, and other burdens imposed by, such laws, regulations and policies that are applicable to us may limit the use and adoption of our products and solutions and could have a material adverse impact on our results of operations.
+Added: Further, t he costs of compliance with, and other burdens imposed by, such laws, regulations and policies that are applicable to us may limit the use and adoption of our products and solutions and could have a material adverse impact on our results of operations.
Privacy concerns and laws, evolving regulation of cloud computing, cross-border data transfer restrictions and other domestic or foreign regulations may limit the use and adoption of our solutions and adversely affect our business.
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If we are unable to comply with these guidelines or controls, or if our customers are unable to obtain regulatory approval to use our service where required, our business may be harmed.
−Removed: In addition, an inability to satisfy the standards of certain voluntary third-
−Removed: party certification bodies that our customers may expect, such as an attestation of compliance with the PCI Data Security Standards, may have an adverse impact on our business.
+Added: In addition, an inability to satisfy the standards of certain voluntary third-party certification bodies that our customers may expect, such as an attestation of compliance with the PCI Data Security Standards, may have an adverse impact on our business.
If we are unable to achieve or maintain these industry-specific certifications or other requirements or standards relevant to our customers, it could adversely affect our ability to provide our services to certain customers and harm our business.
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As a result, Brexit could have an adverse effect on our future business, financial results, and operations.
−Removed: The UK formally left the EU on January 31, 2020, and is now in a transition period through December 31, 2020.
+Added: The UK formally left the EU on January 31, 2020, and has transitioned as of December 31, 2020.
Although the UK will remain in the EU single market and customs union during the transition period, the long-term nature of the UK’s relationship with the EU is unclear and there is considerable uncertainty about whether any agreement will be reached and implemented.
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Brexit could lead to legal uncertainty and potentially divergent national laws and regulations as the UK determines which EU laws to replace or replicate.
−Removed: Further, uncertainty around these and related issues could lead to adverse effects on the economy of the UK and the other economies in which we operate.
+Added: Further, uncertainty around these and related issues could lead to adverse effects on the economy of the UK and the other
+Added: economies in which we operate.
There can be no assurance that any or all of these events will not have a material adverse effect on our business operations, results of operations and financial condition.
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Our insiders who are significant stockholders have the ability to exercise significant control over matters requiring stockholder approval, including the election of our board of directors, and may have interests that conflict with those of other stockholders.
−Removed: Our directors and executive officers, together with their affiliates and members of their immediate families, beneficially owned, in the aggregate, approximately 32% of our outstanding capital stock as of September 30, 2020, of which our Chief Executive Officer, Ashutosh Roy, beneficially owned approximately 28% as of such date.
+Added: Our directors and executive officers, together with their affiliates and members of their immediate families, beneficially owned, in the aggregate, approximately 32% of our outstanding capital stock as of December 31, 2020, of which our Chief Executive Officer, Ashutosh Roy, beneficially owned approximately 28% as of such date.
As a result of these concentrated holdings, Mr.
−Removed: Roy individually or together with this group has the ability to exercise significant control over most matters
−Removed: requiring our stockholders’ approval, including the election and removal of directors and the approval of significant corporate transactions, such as a merger or sale of our company or its assets.
+Added: Roy individually or together with this group has the ability to exercise significant control over most matters requiring our stockholders’ approval, including the election and removal of directors and the approval of significant corporate transactions, such as a merger or sale of our company or its assets.
Description of Exhibits
+Added: eGain Corporation 2017 Employee Stock Purchase Plan.
Rule 13a-15(e)/15d-15(e) Certification of Chief Executive Officer.
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Interactive Data Files Pursuant to Rule 405 of Regulation S-T:
−Removed: (i) Condensed Consolidated Balance Sheets as of September 30, 2020 and June 30, 2020, (ii) Condensed Consolidated Statements of Operations for the three months ended September 30, 2020 and 2019, (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2020 and 2019, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended September 30, 2020 and 2019, (v) Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2020 and 2019 and (vi) Notes to Condensed Consolidated Financial Statements.
+Added: (i) Condensed Consolidated Balance Sheets as of December 31, 2020 and June 30, 2020, (ii) Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2020 and 2019, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2020 and 2019, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended December 31, 2020 and 2019, (v) Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2020 and 2019 and (vi) Notes to Condensed Consolidated Financial Statements.
XBRL Instance Document
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XBRL Taxonomy Extension Presentation Linkbase Document
+Added: Indicates management contract or compensatory plan or arrangement
In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No.
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Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: November 12, 2020
+Added: February 12, 2021
eGain Corporation
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.