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Jan 31, 2022
Verint Q4 2022 Earnings Report
Announced strong fourth quarter and annual results and raised guidance.
Key Takeaways
Verint's Q4 results exceeded guidance, driven by strong cloud momentum. The company crossed the midpoint of its cloud transition, with 61% of new PLE bookings coming from SaaS. FYE 2023 guidance was raised for revenue, cloud revenue growth, and diluted EPS.
Non-GAAP revenue and diluted EPS were ahead of guidance.
Cloud revenue grew 36% (GAAP) and 35% (non-GAAP) year-over-year.
61% of new PLE bookings came from SaaS.
Finished the year with a record backlog of $722 million.
Verint
Verint
Forward Guidance
Verint increased its non-GAAP annual outlook for the year ending January 31, 2023.
Positive Outlook
- Revenue: $940 million +/- 2%, reflecting 7% year-over-year growth
- Cloud Revenue Growth: 30% to 32% year-over-year
- Diluted EPS: $2.50 at the midpoint of our revenue guidance, reflecting 10% year-year-year growth
- Targeting total revenue growth to accelerate to 7% this year and to 10% next year.
- Expect cloud momentum to continue.
Challenges Ahead
- Amortization of intangible assets of approximately $11 million for the three months ending April 30, 2022.
- Revenue adjustments are expected to be between approximately $1 million and $3 million for the three months ending April 30, 2022.
- Stock-based compensation expenses are expected to be between approximately $17 million and $19 million for the three months ending April 30, 2022.
- Costs associated with modifying our workplace in response to the spin-off and COVID-19 work environment are expected to be between approximately $7 million and $9 million for the three months ending April 30, 2022.
- The non-GAAP guidance and targets do not include the potential impact of any in-process business acquisitions that may close after the date hereof.