Good day everyone and welcome to the eGain Fiscal 2016 Third Quarter Financial Results Conference Call. Today's call is being recorded. At this time, I would like to turn the conference over to Charles Messman. Please go ahead sir.

Good afternoon and thank you for joining us today for eGain's conference call to discuss results for our fiscal 2016 third quarter ended March 31, 2016. Please note, the call is being recorded and will be available for replay on the Investor Relation section of our website at www.egain.com for seven days following this call. Before we begin, I would like to remind all listeners that this conference call contains forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include our belief that we are seeing and will continue to see benefits of the Company’s organizational changes, including our growing business pipeline, particularly around new cloud business, the Company’s belief that it will finish the fiscal year strongly, and that we can execute our new land and expand strategy among other matters. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results could differ materially from the results expressed or implied by forward-looking statements we make. The risks and uncertainties referred to above include, but are not limited to our ability to capitalize on customer engagement; the success of organizational changes; risks that our hybrid revenue model and lengthy sales cycles may negatively affect our operating results; risks related to our reliance on a relatively small number of customers for a substantial portion of our revenue; 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; risks related to our international operations; our ability to invest resources to improve our products and continue to innovate; and…

Thank you Charlie, and hello everyone. I’m pleased with the overall performance during the quarter as we continue our transition to the cloud. In the quarter our cloud booking represented 40% of new bookings, this was up from 25% in the fiscal second quarter. Now cloud represented 34% of our year-to-date booking, compared to 17% year-to-date last year. With our cloud transition well under way, we are now introducing a new metric, that we have been following internally for the past couple of years, and believe will be good indicator of the overall progress we are making with our sales efforts. This metric is new subscription ACV, which is the annualized value of the new cloud and term license contract, signed during the period. For the quarter, new subscription ACV was $1.9 million up 159% year over year. Later in the Eric will give more details around the metrics. I’m also pleased with the continued progress and stream lining our operations, in line with our cloud transition and our easy with eGain brand promise. In the quarter, we delivered $2.8 million in cash flow from operations. We expect that our operating cash flow will continue to be positive moving forward. Turning to our sales team and a quick update, we have several solid customer win during the quarter. A couple of notable one for us a seven figure cloud deals with IRS that’s the Internal Revenue Service for enhancing digital interaction with tax payers, this by-the-way is our first large cloud deal to the Cisco channel, so that’s significant. Another nice new wind for us, was Do, a large telecom operator in the middle east, they selected eGain knowledge management solutions for their contact senders, this too was incidentally was a win through the Cisco channels, but unlike, IRS this…

Thanks Ashu. And thanks for joining the call today. Before I begin my prepaid remarks, I would like to note that the numbers I will be sharing are non-GAAP unless otherwise noted. I'll start by reviewing our ACV and bookings metrics for the quarter, then go into details of our financial results. As Ashu mentioned, for this call and going forward we plan to share new subscription ACV numbers. Our new subscription ACV for the quarter was $1.9 million up 159% year-over-year and 160% in constant currency. For the nine-months our new subscription ACV was $4.3 million, up 155% year-over-year and 152% in constant currency. Turning to our total subscription ACV at the end of the quarter, this was $24.2 million up 4% year-over-year and 13% in constant currency. Our total subscription and supports revenue ACV at the end of the third quarter was $44.7 million, up 6% year-over-year and 8% in constant currency. We will continue to provide the gross booking metric, but to remind that this is a total contract value number that includes renewals, comparisons against prior period often not that relevant due to the timing of multiyear renewals and duration of contract signed, which in our case vary from typically one to three-years, but sometimes up to five-years. Gross booking or revenue plus change for the third quarter, was $4.8 million down 18% year over year and 4% in constant currency for the months bookings were $47 million compared to $57.1 million for the same period year ago. Backlog as if March 31, 2015 or total revenue plus un-built and unconnected was $37.5 million compared to $38.1 million at the end of the third quarter last year. Now turning to our revenue, total revenue for the third quarter was $16.3 million compare to $19.3 million in…

Yes, thank you, [Operator Instructions] and we will take our first question today from Nick Altmann with Northland Capital. Please go ahead.

Hey guys. I know you gave some color on this low bit earlier, but if you could just elaborate, you guys said that you are about halfway through the transitioning into the cloud. Is there anymore color you can give on that and how that’s been going and perhaps it timeline for the rest of year is for when that might get wrapped up?

This is Ashu here. So we the way we see it in fiscal 2016 we have which is this fiscal year now we have been only selling on-premise options or perpetual license options through the Cisco channels for new customers and to some large existing clients who have been in the perpetual on-premise mode for some time. And that we are going to increasingly, the Cisco part we have less control over, but my sense is that by - as we look at fiscal 2017 that’s when the change on the number of cloud opportunities coming through the Cisco channel are going to go up. And that by the end of fiscal 2017, I do expect that our perpetual license business is going to be quite small enough that on a new booking basis we will essentially be focused on just the subscription ACV, which is where we want to end up. So that’s how I’m looking at the journey as looking at the mix five quarter then we have substantially completed the transition. Does that help?

Yes. Thank you.

[Operator Instructions] It appears there are no other questions. So I would like to turn it back to Charles Messman for any additional or closing remarks.

Want to thank you for joining us today. Should you have any further questions or comments, please feel free to give us a call. Thanks and have great day.

Thank you very much. And that does conclude today’s conference for today.