Verint Announces Third Quarter Results

Verint ® Systems Inc. (NASDAQ:VRNT), a global leader in Actionable Intelligence ® solutions and value-added services, today announced results for the three and nine months ended October 31, 2013.

“In Q3, we delivered $225 million of non-GAAP revenue representing 11% year over year growth, and 25% operating margin driving strong cash flow from operations and earnings per share. We are pleased with our strong Q3 results which are driven by our leadership in the Actionable Intelligence market. We are raising our guidance for this year and are introducing guidance for next year reflective of our strategy to accelerate our growth through innovation,” said Dan Bodner, CEO and President.

Financial Highlights

Below is selected unaudited financial information for the three and nine months ended October 31, 2013 prepared in accordance with generally accepted accounting principles (“GAAP”) and not in accordance with GAAP (“non-GAAP”).
   
Three Months Ended October 31, 2013 - GAAP Three Months Ended October 31, 2013 - Non-GAAP
  Revenue: $224.3 million   Revenue: $224.8 million
Operating Income: $37.8 million Operating Income: $56.4 million
Diluted EPS: $0.42 Diluted EPS: $0.80
 
   
Nine Months Ended October 31, 2013 - GAAP Nine Months Ended October 31, 2013 - Non-GAAP
  Revenue: $651.5 million   Revenue: $652.9 million
Operating Income: $82.8 million Operating Income: $144.5 million
Diluted EPS: $0.57 Diluted EPS: $1.93
 

Financial Outlook for the Year Ending January 31, 2014 Below is Verint’s non-GAAP outlook for the year ending January 31, 2014.
  • For the year ending January 31, 2014, we are raising revenue guidance and now expect revenue growth of between 6.5% and 7.5% compared to the year ended January 31, 2013. Our annual guidance implies fourth quarter revenue in the range of $250 million to $259 million.
  • For the year ending January 31, 2014, we are raising the mid-point of our diluted earnings per share guidance and now expect diluted earnings per share to be in the range of $2.75 to $2.80. Our annual guidance implies fourth quarter diluted earnings per share in the range of $0.81 to $0.86.

Initial Outlook for the Year Ending January 31, 2015 Below is Verint’s non-GAAP initial outlook for the year ending January 31, 2015.
  • For the year ending January 31, 2015, we expect revenue to increase between 7% and 9% compared to the mid-point of our guidance for the year ending January 31, 2014 and expect diluted earnings per share to grow at a similar rate.

Conference Call Information

We will conduct a conference call today at 4:30 p.m. ET to discuss our results for the three and nine months ended October 31, 2013 and outlook for the years ending January 31, 2014 and January 31, 2015. An online, real-time webcast of the conference call will be available on our website at www.verint.com. The conference call can also be accessed live via telephone at 1-866-318-8615 (United States and Canada) and 1-617-399-5134 (international) and the passcode is 66284139. Please dial in 5-10 minutes prior to the scheduled start time.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Tables 2 and 3 as well as "Supplemental Information About Non-GAAP Financial Measures" at the end of this press release. Because we do not predict special items that might occur in the future, and our outlook is developed at a level of detail different than that used to prepare GAAP financial measures, we are not providing a reconciliation to GAAP of our forward-looking financial measures for the years ending January 31, 2014 and January 31, 2015.

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