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Oct 31, 2021
Verint Q3 2022 Earnings Report
Verint announced strong third quarter results and raised guidance and three-year targets.
Key Takeaways
Verint reported strong Q3 results with revenue of $225 million on a GAAP basis and $227 million on a non-GAAP basis, both representing 4% year-over-year growth. The company is raising its annual outlook for total revenue, cloud revenue, and new PLE bookings.
Cloud revenue was up 32% year-over-year.
New perpetual license equivalent (PLE) bookings were up 14% year-over-year.
21 orders each in excess of $1 million Total Contract Value (TCV).
Company is tracking ahead of three-year targets.
Verint
Verint
Verint Revenue by Segment
Revenue by Segment
Recurring Revenue
CapyFin.com Forward Guidance
Verint is increasing its non-GAAP annual outlook for the year ending January 31, 2022 and introducing its non-GAAP annual outlook for the year ending January 31, 2023.
Positive Outlook
- Cloud Revenue Growth: a range of 35% to 37%
- New PLE Bookings Growth: a range of 15% to 17%
- Revenue: $875 million +/- 1%
- Diluted EPS: $2.25 at the midpoint of our revenue guidance
- Cloud Revenue: 30% growth resulting in cloud revenue of over $500 million
Challenges Ahead
- Revenue adjustments are expected to be between approximately $5 million and $7 million.
- Stock-based compensation expenses are expected to be between approximately $65 million and $70 million for the year ending January 31, 2022, assuming market prices for our common stock approximately consistent with current levels.
- Further costs associated with Verint’s February 1, 2021 separation into two independent public companies are expected to be between approximately $13 million and $15 million.
- Revenue adjustments are expected to be between approximately $2 million and $4 million.
- Stock-based compensation expenses are expected to be between approximately $67 million and $73 million for the year ending January 31, 2023, assuming market prices for our common stock approximately consistent with current levels.