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Apr 30, 2022
Verint Q1 2023 Earnings Report
Verint's first quarter results exceeded guidance, demonstrating strength across key cloud metrics and favorable shift to SaaS bookings.
Key Takeaways
Verint announced strong first quarter results, exceeding guidance with significant cloud momentum. The company reported an 8.5% year-over-year increase in GAAP revenue and raised its FYE 2023 non-GAAP cloud revenue growth guidance to 32-34%.
Cloud revenue increased 38% year-over-year.
Non-GAAP revenue and diluted EPS were ahead of guidance.
58% of New PLE bookings came from SaaS, up from 51% in the prior year.
Operating cash flow increased 43% year-over-year to $54 million.
Verint
Verint
Forward Guidance
Verint anticipates continued cloud momentum and has raised its annual guidance for cloud revenue growth to a range of 32% to 34%.
Positive Outlook
- Revenue: $940 million +/- 2%, reflecting 7% year-over-year growth
- Cloud Revenue Growth: 32% to 34% year-over-year
- Diluted EPS: $2.50 at the midpoint of our revenue guidance, reflecting 10% year-over-year growth
- Expect our cloud momentum to continue
- Focus on helping brands close the engagement capacity gap with our highly differentiated customer engagement cloud platform
Challenges Ahead
- Amortization of intangible assets of approximately $10 million for the three months ending July 31, 2022
- Revenue adjustments are expected to be between approximately $0 million and $1 million, for the three months ending July 31, 2022
- Stock-based compensation expenses are expected to be between approximately $25 million and $29 million for the three months ending July 31, 2022
- Costs associated with modifying our workplace following the spin-off of our former cyber intelligence business and in response to our decision to move to a hybrid work environment, including assumed lease terminations and abandonments, IT infrastructure costs, and other charges are expected to be between approximately $7 million and $9 million, for the three months ending July 31, 2022.
- Our non-GAAP guidance does not include the potential impact of any in-process business acquisitions that may close after the date hereof