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Apr 30, 2023
Verint Q1 2024 Earnings Report
Verint's Q1 2024 results were announced, with revenue and diluted EPS exceeding guidance, driven by strong SaaS revenue growth and expanding gross margins.
Key Takeaways
Verint reported Q1 FYE 2024 results with revenue of $217 million and non-GAAP diluted EPS of $0.53, both exceeding guidance. The results were driven by strong SaaS momentum, which increased approximately 24% year-over-year on a constant currency basis, and expanding gross margins.
SaaS revenue increased approximately 24% year-over-year on a constant currency basis.
Gross margin increased by more than 200bps year-over-year.
87% of software revenue is recurring, up approximately 400bps year-over-year.
The company is on track to complete its SaaS transition next year, with the goal of 90% of software revenue coming from recurring sources.
Verint
Verint
Forward Guidance
Verint is providing its non-GAAP annual outlook for the year ending January 31, 2024.
Positive Outlook
- Revenue: $935 million +/- 2%
- SaaS Revenue: 25% - 30% year-over-year growth
- Diluted EPS: $2.65 at the midpoint of our revenue guidance