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Jul 31, 2021
Verint Q2 2022 Earnings Report
Experienced strong cloud momentum and raised guidance for the year.
Key Takeaways
Verint announced strong cloud growth in Q2 2022, with cloud revenue up more than 43% year-over-year. The company is raising its annual outlook for non-GAAP revenue, cloud revenue, and diluted EPS.
Cloud revenue increased by more than 43% year-over-year.
New perpetual license equivalent (PLE) bookings increased by 17% year-over-year.
53% of PLE bookings were from SaaS, compared to 43% in the same quarter of the prior year.
Remaining performance obligations (RPO) increased 29% year-over-year to $627 million.
Forward Guidance
Verint is increasing its non-GAAP annual outlook for the year ending January 31, 2022.
Positive Outlook
- Cloud Revenue Growth: 35% (up from a range of 30% to 35%)
- New PLE Bookings Growth: 15% (up from 10%+)
- Revenue: $872 million with a range of +/- 2% (up from $860 million)
- Expect Q3 revenue to be between $215 to $220 million and to finish the year with our typical seasonally strong fourth quarter revenue.
- Diluted EPS: $2.25 at the midpoint of our revenue guidance (up from $2.23)
Challenges Ahead
- Amortization of intangible assets of approximately $11 million for the three months ending October 31, 2021.
- Expenses and losses on debt modification or retirement of $0 million for the three months ending October 31, 2021.
- Favorable change in fair value of future tranche right of $0 million for the three months ending October 31, 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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