Verint Q2 2023 Earnings Report
Key Takeaways
Verint announced strong second quarter results with revenue of $223 million on a GAAP basis, representing 3.9% year-over-year growth, and non-GAAP diluted EPS of $0.56. The company added 100+ new logos and saw double-digit New Perpetual License Equivalent (PLE) Bookings growth, with a continued shift to SaaS.
Revenue for the three months ended July 31, 2022 was $223 million on a GAAP basis representing 3.9% year-over-year growth and $224 million on a non-GAAP basis, representing 3.7% year-over-year growth.
Net loss per share was $(0.12) on a GAAP basis and diluted EPS was $0.56 on a non-GAAP basis.
New PLE Bookings Growth: 10% reported, 12% constant currency
Favorable Mix Shift: 65% of New PLE bookings came from SaaS (up from 53% in Q2 of the prior year)
Verint
Verint
Forward Guidance
Our non-GAAP annual outlook for the year ending January 31, 2023 has been adjusted to reflect FX changes in H1 and recent rates for the second half of the year:
Positive Outlook
- Revenue: $920 million +/- 2%, reflecting 7% year-over-year growth on a constant currency basis
- Cloud Revenue Growth: 32% to 34% year-over-year on a constant currency basis
- Diluted EPS: $2.50 at the midpoint of our revenue guidance, reflecting 10% year-over-year growth
- About one-third of our cost of revenue and operating expenses are in foreign currencies and therefore, the appreciating dollar reduces our non-U.S. dollar cost of revenue and operating expenses largely offsetting the revenue reduction.
- This natural hedge results in no real change due to FX to our bottom-line reported results and guidance.