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Apr 30, 2021
Verint Q1 2022 Earnings Report
Announced strong cloud growth driven by open cloud platform, leading to large cloud wins.
Key Takeaways
Verint reported revenue of $201 million on a GAAP basis, representing 8% year-over-year growth, and $202 million on a non-GAAP basis, representing 7% year-over-year growth. The company's cloud revenue increased by more than 35% year-over-year, and perpetual license equivalent bookings grew by 28% year-over-year.
Cloud revenue was up more than 35% year-over-year.
Perpetual license equivalent bookings (PLE) were up 28% year-over-year, with over half derived from SaaS.
Remaining performance obligations (RPO) increased 30% year-over-year to $619 million.
Recent large multi-year cloud wins driven by our cloud platform include orders (total contract value) for $17 million (healthcare), $10 million (financial services), $4 million (business services), $4 million (logistics) and $3 million (insurance).
Verint
Verint
Verint Revenue by Segment
Revenue by Segment
Recurring Revenue
CapyFin.com Forward Guidance
Verint provided non-GAAP outlook for the year ending January 31, 2022.
Positive Outlook
- Cloud Revenue Growth: 30% to 35%
- New PLE Bookings Growth: 10+%
- Revenue: $860 million with a range of +/- 2%
- Diluted EPS: $2.23 at the midpoint of our revenue guidance