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Jul 31, 2020
Verint Q2 2021 Earnings Report
Announced strong Q2 FY2021 results with sequential growth and cloud momentum.
Key Takeaways
Verint Systems Inc. reported a solid Q2 with strong sequential revenue growth, year-over-year operating income growth, and cash from operations growth. The cloud business accelerated, and the on-premises business began to recover from the initial impact of COVID-19.
Revenue for the three months ended July 31, 2020 was $309 million on a GAAP basis and $313 million on a non-GAAP basis.
Diluted EPS was $0.09 on a GAAP basis, and $1.06 on a non-GAAP basis.
New SaaS ACV was up 65% year-over-year.
The company is on track to complete the separation shortly after fiscal year-end.
Verint
Verint
Forward Guidance
The company expects non-GAAP revenue to improve sequentially both in Q3 and Q4 and adjusted EBITDA for the year to be similar to last year.
Positive Outlook
- Non-GAAP revenue is expected to improve sequentially in Q3.
- Non-GAAP revenue is expected to improve sequentially in Q4.
- Adjusted EBITDA for the year is expected to be similar to last year.
- The company expects to make its initial confidential submission to the SEC later this month.
- Strong cloud momentum is expected to continue.