Verint Systems Inc (NASDAQ:VRNT) Raises Guidance, Three-Year Targets

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Verint Systems Inc.(NASDAQ:VRNT) stock rose 0.59% (As on Dec 3, 11:54:40 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. For the third quarter, strong Software Bookings Growth with New perpetual license equivalent (PLE) bookings up 14% year-over-year. The company has got 21 orders each in excess of $1 million Total Contract Value (TCV).

VRNT in the third quarter of FY 22 has reported the adjusted earnings per share of 69 cents, beating the analysts’ estimates for the adjusted earnings per share of 53 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 4 percent to $226.93 million in the third quarter of FY 22, beating the analysts’ estimates for revenue by 4.06%.

The company has increased the non-GAAP annual outlook for the year ending January 31, 2022. The company expects Cloud Revenue Growth to be in a range of 35% to 37% (up from the prior guidance of 35% last quarter and 30% at the start of the year), New PLE Bookings Growth to be in a range of 15% to 17% (up from the prior guidance of 15% last quarter and 10% at the start of the year), Revenue is expected to be $875 million +/- 1% (up from the prior guidance of $872 million last quarter and $860 million at the start of the year) and Diluted EPS is expected to be $2.25 at the midpoint of the revenue guidance (up from the prior guidance of $2.20 at the start of the year). 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.

The company is introducing the non-GAAP annual outlook for the year ending January 31, 2023, above our prior targets. The company expects Cloud Revenue to have 30% growth resulting in cloud revenue of over $500 million, New PLE Bookings Growth to be in a range of 10% to 12%, Revenue is expected to be $935 million +/- 2% reflecting 7% year-over-year growth and Diluted EPS is expected to be $2.49 at the midpoint of the revenue guidance, reflecting 11% year-year-year growth. Costs associated with modifying the workplace in response to the post-spin and COVID work environment, including assumed lease terminations and abandonments, IT infrastructure costs, and other charges are expected to be between approximately $20 million and $30 million.

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