Open Cloud Platform Drives Large Cloud Wins
Verint®, The Customer Engagement Company™, today announced results for the three months ended April 30, 2021 (FYE 2022). Revenue for the three months ended April 30, 2021 was $201 million on a GAAP basis representing 8% year-over-year growth and $202 million on a non-GAAP basis representing 7% year-over-year growth. For the three months ended April 30, 2021, net loss per common share was ($0.04) on a GAAP basis, and diluted EPS was $0.44 on a non-GAAP basis.
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“Supplemental Information About Non-GAAP Financial Measures and Operating Metrics”
“We are pleased with our results coming in ahead of our expectations and our strong performance across all key cloud metrics. We believe our open cloud platform is a true differentiator helping brands connect work, data and experiences across the enterprise to support their digital transformation strategies,” said Dan Bodner, Verint CEO.
Bodner added: “Recent large multi-year cloud wins driven by our cloud platform include orders (total contract value) for $17 million (healthcare), $10 million (financial services), $4 million (business services), $4 million (logistics) and $3 million (insurance). In May, we held our annual Customer Engage Conference with 5,000 registrations, up nearly 40% year-over-year. During the event we showcased innovation across our open cloud platform including our new solutions for Real-time Work, providing in-the-moment AI based assistance to the workforce.”
First Quarter Key Cloud Metrics
- Strong Cloud Growth: Cloud revenue up more than 35% year-over-year
- Strong Software Bookings Growth: Perpetual license equivalent bookings (PLE) up 28% year-over-year with more than half derived from SaaS
- Improving Visibility from Multi-year Cloud Deals: Remaining performance obligations (RPO) increased 30% year-over-year to $619 million
FYE 2022 Outlook
Our non-GAAP outlook for the year ending January 31, 2022 is as follows:
- Cloud Revenue Growth: 30% to 35%
- New PLE Bookings Growth: 10+%
- Revenue: $860 million with a range of +/- 2%
- Diluted EPS: $2.23 at the midpoint of our revenue guidance
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Our non-GAAP outlook for the three months ending July 31, 2021 and year ending January 31, 2022 excludes the following GAAP measures which we are able to quantify with reasonable certainty:
- Amortization of intangible assets of approximately $12 million and $45 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
- Losses on early retirement of debt of $0 million and $2 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
- Favorable change in fair value of future tranche right of $0 million and $16 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
- Unrealized losses on derivatives, net of $0 million and $14 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
Our non-GAAP outlook for the three months ending July 31, 2021 and year ending January 31, 2022 excludes the following GAAP measures for which we are able to provide a range of probable significance:
- Revenue adjustments are expected to be between approximately $1 million and $2 million, and $3 million and $4 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
- Stock-based compensation is expected to be between approximately $17 million and $20 million, and $65 million and $72 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively, 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 $3 million and $5 million, and $12 million and $15 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
Our non-GAAP outlook does not include the potential impact of any in-process business acquisitions that may close after the date hereof, and, unless otherwise specified, reflects foreign currency exchange rates approximately consistent with current rates.
We are unable, without unreasonable efforts, to provide a reconciliation for other GAAP measures which are excluded from our non-GAAP outlook, including the impact of future business acquisitions or acquisition expenses, future restructuring expenses, and non-GAAP income tax adjustments due to the level of unpredictability and uncertainty associated with these items. For these same reasons, we are unable to assess the probable significance of these excluded items. While historical results may not be indicative of future results, actual amounts for the three months ended April 30, 2021 and 2020 for the GAAP measures excluded from our non-GAAP outlook appear in Tables 2, 3 and 4 of this press release.
