Financial Data and Key Metrics Changes - In Q1, revenue reached $221 million, exceeding guidance by $7 million, with a 5% year-over-year increase [8][15] - Non-GAAP diluted EPS was $0.59, which is $0.05 above guidance and represents an 11% year-over-year increase [8][37] - Non-GAAP gross margins expanded by 260 basis points year-over-year to 72.4% [8][37] - The company raised its revenue and EPS guidance for the year, now expecting non-GAAP revenue of $933 million, reflecting over 5% growth compared to fiscal '24 [68] Business Line Data and Key Metrics Changes - SaaS revenue increased by 20% year-over-year, with bundled SaaS new ACV bookings growing by 25% year-over-year [16][17] - The average SaaS contract term length increased by about 30% compared to the previous year, indicating growing customer confidence [38] - The advanced stage pipeline for bundled SaaS was up more than 20% year-over-year, with over 80% of the pipeline including AI-powered bots [17] Market Data and Key Metrics Changes - The company reported strong SaaS bookings driven by customer adoption of AI-powered bots, with significant wins including a $14 million contract with a major retailer [9][10] - The insurance company deploying Verint bots saw a 30% reduction in agent attrition, showcasing the effectiveness of the AI solutions [11] - A bank utilizing Verint Coaching Bots achieved a 48% increase in upsell close rates, demonstrating the revenue-enhancing capabilities of the technology [12] Company Strategy and Development Direction - The company is focused on leading the new CX automation category with its differentiated open platform, which is designed to quickly deploy AI-powered bots [6][13] - Verint aims to accelerate revenue growth to 10% in fiscal '27, consistent with its Rule of 40 target, while also expanding margins [13][21] - The strategy emphasizes delivering tangible AI business outcomes to customers, which is expected to drive further adoption of Verint's solutions [21][66] Management's Comments on Operating Environment and Future Outlook - Management noted that the AI opportunity in the contact center market is substantial, with brands increasingly seeking AI-powered solutions to enhance customer experience [6][27] - The current macro environment is mixed, but there is a clear demand for AI business outcomes, leading to increased customer investment in Verint's solutions [44][47] - The company is well-positioned to deliver strong AI business outcomes quickly, which is a key differentiator in the competitive landscape [47][81] Other Important Information - The company is targeting a greater than 40% increase in free cash flow to approximately $180 million for the full year [20] - A stock buyback program of $200 million is in place, with approximately $37 million of shares repurchased in Q1 [70] Q&A Session Summary Question: What is driving the recent momentum and large contract wins? - Management indicated that large contracts reflect customer confidence in Verint's strategy and the effectiveness of its open platform [44][45] Question: How is the macro environment affecting software investments? - Management acknowledged that while customers are cautious, they are willing to invest in solutions that deliver tangible business outcomes [47] Question: What is the competitive landscape like? - The market is shifting towards AI and data-centric platforms, with customers focusing on vendors that can deliver measurable AI business outcomes [81][82] Question: Are there any trends in agent count and utilization? - Management noted that while there hasn't been a decline in agent numbers, customers are using AI to create additional capacity and improve customer experience [77][96]

Verint Systems (VRNT) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.54 per share. This compares to earnings of $0.53 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 9.26%. A quarter ago, it was expected that this maker of software for analyzing intercepted communications would post earnings of $0.99 per share when it actually produced earnings of $1.07, delivering a surprise o ...

Financial Performance - Total revenue for the three months ended April 30, 2024, was $221,277,000, a 2.6% increase from $216,566,000 in the same period of 2023[21]. - Net income attributable to Verint Systems Inc. for the three months ended April 30, 2024, was $15,241,000, compared to $3,295,000 in the same period of 2023, representing a significant increase[21]. - Operating income increased to $24,445,000 for the three months ended April 30, 2024, compared to $8,772,000 in the same period of 2023, reflecting a strong operational performance[21]. - The company reported a comprehensive income of $7,962,000 for the three months ended April 30, 2024, down from $11,805,000 in the same period of 2023, primarily due to foreign currency translation adjustments[23]. - The diluted net income per common share attributable to Verint Systems Inc. was $0.16 for the three months ended April 30, 2024, compared to a loss of $0.03 in the same period of 2023[21]. - Net income attributable to Verint Systems Inc. for Q1 2024 was $15.2 million, compared to $3.3 million in Q1 2023, indicating a substantial increase of 361.5%[59]. - Basic net income per common share for Q1 2024 was $0.16, a recovery from a loss of $0.03 per share in Q1 2023[60]. Assets and Liabilities - Total current assets decreased from $573.2 million as of January 31, 2024, to $530.1 million as of April 30, 2024, a decline of approximately 7.5%[19]. - Accounts receivable decreased from $190.5 million to $155.9 million, reflecting a reduction of about 18.2%[19]. - Total liabilities decreased from $957.4 million to $934.8 million, a decrease of approximately 2.4%[19]. - Long-term debt remained relatively stable, increasing slightly from $411.0 million to $411.4 million[19]. - Stockholders' equity decreased from $832.7 million to $818.9 million, a decline of about 1.7%[19]. - Cash and cash equivalents decreased from $241.4 million to $236.6 million, a decline of about 2.3%[19]. - Contract liabilities decreased from $254.4 million to $242.5 million, a reduction of approximately 4.7%[19]. - Total cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period were $237,666,000, down from $260,783,000 at the end of the same period in 2023[29]. - Remaining performance obligations totaled $717.4 million as of April 30, 2024, down from $744.3 million as of January 31, 2024[58]. - Total inventories increased to $16.589 million as of April 30, 2024, from $14.209 million on January 31, 2024[104]. - Accrued expenses and other current liabilities totaled $122.391 million as of April 30, 2024, compared to $137.433 million on January 31, 2024[106]. Cash Flow and Expenses - Cash flows from operating activities were $60,717,000 for the three months ended April 30, 2024, slightly up from $60,007,000 in the same period of 2023[29]. - The company incurred total operating expenses of $133,071,000 for the three months ended April 30, 2024, compared to $139,391,000 in the same period of 2023, showing improved cost management[21]. - Research and development expenses rose to $36,730,000 for the three months ended April 30, 2024, up from $31,782,000 in the same period of 2023, indicating increased investment in innovation[21]. - Total interest expense for the 2021 Notes was $643,000 for the three months ended April 30, 2024, compared to $640,000 for the same period in 2023[103]. - The company reported cash payments for interest of $2.210 million for the three months ended April 30, 2024, down from $2.513 million in 2023[108]. Strategic Initiatives - The company is focusing on enhancing its software as a service (SaaS) transition and improving subscription renewal rates[10]. - Future growth strategies include potential mergers and acquisitions to expand market presence and capabilities[10]. - The company completed the acquisition of an AI-powered analytics company for a total consideration of $13.9 million, including $8.8 million in cash and $5.1 million in contingent consideration and previously held investment[67]. - The company invested approximately $1.7 million in a privately-held company via SAFE agreements, which were consolidated into its financial statements following the acquisition[161]. Stock and Dividends - The company repurchased and retired common stock amounting to $38,118,000 during the three months ended April 30, 2024[29]. - The company did not declare or pay any cash dividends on common stock during the three months ended April 30, 2024 and 2023 due to restrictions under its Credit Agreement[128]. - For the three months ended April 30, 2024, the company paid $10.4 million in preferred stock dividends, with $6.9 million of cumulative undeclared and unpaid preferred stock dividends[115]. - The company has a stock repurchase program authorized for up to $200.0 million from December 12, 2022, until January 31, 2025[131]. Legal and Regulatory Matters - Verint agreed to pay a total of $16.0 million as compensation to plaintiffs and class members, with payments structured in three phases[192]. - The company collected a total of $14.5 million in insurance recovery related to legal settlements, offsetting settlement and legal expenses[200]. - The Israeli Supreme Court rejected CTI's motion to appeal, allowing proceedings in the District Court to resume[191]. - Verint's financial results may be influenced by macroeconomic conditions, including inflation and geopolitical events[204]. Tax and Compliance - The effective income tax rate for the three months ended April 30, 2024, was 34.1%, with an income tax provision of $8.0 million on pretax income of $23.3 million[140]. - As of April 30, 2024, the company had unrecognized income tax benefits of $82.5 million, which could decrease by approximately $8.1 million in the next twelve months due to potential settlements of tax audits[144]. - The company is monitoring the OECD Pillar 2 guidelines, which propose a global minimum tax of 15% effective for tax years beginning in 2024, but does not anticipate a material impact on its income tax provision this year[145].

Exhibit 99.1 Investor Relations Contact Matthew Frankel, CFA Verint Systems Inc. (631) 962-9600 matthew.frankel@verint.com Verint Announces Strong Q1 FYE 2025 Results Revenue and Diluted EPS Come in Ahead of Guidance World's Leading Brands Select Verint Open Platform for Tangible AI Business Outcomes Raising Revenue and Diluted EPS Outlook for FYE25 MELVILLE, N.Y., June 4, 2024 - Verint® (Nasdaq: VRNT), The CX Automation Company™, today announced results for the three months ended April 30, 2024 (FYE 2025). ...

Financial Data and Key Metrics Changes - In Q4, revenue increased by 12% year-over-year to $265 million, exceeding guidance by a couple of million dollars, driven by a 28% increase in SaaS revenue [4][20] - Non-GAAP diluted EPS for Q4 was $1.07, up 42% year-over-year, and $0.08 ahead of guidance, attributed to revenue overachievement and strong margin expansion [4][49] - Non-GAAP gross margins improved to 74.7%, up 320 basis points year-over-year, reflecting the strength of AI innovation [49] Business Line Data and Key Metrics Changes - Bundled SaaS new ACV bookings increased by 16% year-over-year in Q4, with a 12-month bundled SaaS pipeline growing over 20% year-over-year [21][42] - The company divested its manual quality managed service offering, which generated $25 million in revenue last year, to focus on AI-powered solutions [22] - The transition from perpetual to SaaS revenue is complete, with perpetual revenue expected to remain flat in fiscal '25 [23] Market Data and Key Metrics Changes - The customer engagement industry is experiencing increased demand for CX automation, with brands recognizing that hiring more workers is not a sustainable solution [14][43] - The company reported approximately 50 orders in Q4 with over $1 million TCV each, including notable clients like AT&T and Goldman Sachs [17] Company Strategy and Development Direction - The company aims to become a "Rule of 40" company by fiscal '27, focusing on revenue acceleration and margin expansion through AI-driven solutions [27][47] - The open platform strategy allows customers to leverage their existing infrastructure while integrating AI innovations, providing flexibility and reducing disruption [31][32] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand for AI-powered CX automation as a key driver of momentum, with expectations for continued growth in bundled SaaS bookings [30][51] - The company anticipates over 40% growth in free cash flow for the current year, with free cash flow expected to grow faster than revenue over the next three years [14][54] Other Important Information - The company expects revenue for fiscal '25 to be approximately $930 million, reflecting a 5% growth compared to fiscal '24 [23][52] - The company has reduced its share count by 3 million shares and plans to use free cash flow primarily for share buybacks [55] Q&A Session Summary Question: What has been driving the recent momentum and what is likely to continue driving demand trends? - Management indicated that AI is the primary driver of momentum, with strong demand for CX automation contributing to a 28% growth in SaaS revenue in Q4 [30] Question: Any changes within the competitive landscape, especially in light of the changing AI environment? - Management believes their differentiation lies in delivering AI business outcomes effectively, which they claim to do better than competitors [30] Question: Can you give us a sense of how big the bundled SaaS is and what percentage of revenue that is? - Bundled SaaS made up approximately 28% of overall revenue in fiscal '24, with expectations for growth to around 32% of the projected $930 million revenue in fiscal '25 [108]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-34807 Verint Systems Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 11-3200514 (State or Other Jurisdiction of Incorporation ...

Financial Performance - Revenue for Q4 FYE 2024 was $265 million, representing a 12% year-over-year growth[1] - For the year ended January 31, 2024, revenue was $910 million on a GAAP basis and $911 million on a non-GAAP basis[1] - Diluted EPS for Q4 FYE 2024 was $0.37 on a GAAP basis and $1.07 on a non-GAAP basis[1] - Total revenue for the three months ended January 31, 2024, was $265,109,000, representing a 12.2% increase from $236,247,000 in the same period of 2023[17] - Net income for the year ended January 31, 2024, was $39,634 thousand, significantly up from $15,659 thousand in 2023, representing an increase of 153.5%[52] - Net income attributable to Verint Systems Inc. for the three months ended January 31, 2024, was $28,703,000, compared to $12,948,000 in 2023, representing a significant increase of 121.5%[17] - GAAP net income attributable to common shares for the three months ended January 31, 2024, was $23,503,000, compared to $7,748,000 in 2023, indicating a significant increase of 203.5%[32] Revenue Growth - SaaS revenue grew approximately 28% year-over-year, with 89% of software revenue being recurring[5] - Bundled SaaS New ACV bookings increased by 16% year-over-year in Q4, with a pipeline growth of over 20%[2] - Recurring revenue for the year ended January 31, 2024, was $699,248,000, up from $685,537,000 in 2023, reflecting a growth of 2.1%[17] - SaaS revenue for the three months ended January 31, 2024, reached $168,588,000, a 28.5% increase compared to $131,134,000 in the same period of 2023[19] - SaaS Annual Recurring Revenue (ARR) as of January 31, 2024, was $534,438,000, an increase from $497,982,000 in 2023, reflecting a growth of 7.3%[21] Profitability Metrics - Gross margin improved by approximately 300 basis points year-over-year[5] - Gross profit for the three months ended January 31, 2024, was $190,814,000, with a gross margin of 72.0%, compared to a gross profit of $163,416,000 and a margin of 69.2% in 2023[24] - Non-GAAP diluted EPS guidance for the year ending January 31, 2025 is projected at $2.89, reflecting a 6% year-over-year growth[12] - Adjusted EBITDA for the three months ended January 31, 2024, was $88,700,000, representing a 30.5% increase from $67,968,000 in 2023[35] - Non-GAAP total revenue for the year ended January 31, 2024, was $911.5 million, compared to $905.2 million for the previous year, indicating a slight increase of 0.7%[45] Expenses and Costs - Selling, general and administrative expenses for the three months ended January 31, 2024, were $108,383,000, which is 40.9% of GAAP revenue, compared to 38.3% in 2023[27] - Research and development expenses for the three months ended January 31, 2024, were $35,881,000, accounting for 13.5% of GAAP revenue, compared to 13.9% in the same period of 2023[25] - The company incurred acquisition and divestitures expenses of $9,856,000 for the three months ended January 31, 2024, compared to a benefit of $(1,346,000) in the same period of 2023[32] Cash Flow and Debt - Free cash flow is expected to increase by more than 40% for FYE 2025, targeting approximately $180 million[3] - Net cash provided by operating activities increased to $150,642 thousand in 2024 from $139,816 thousand in 2023, a rise of 7.6%[52] - Gross debt remained stable at $415,000,000 as of January 31, 2024, compared to the same amount in 2023[36] - Net debt, including long-term restricted cash and cash equivalents, was $171,464,000 as of January 31, 2024, up from $131,617,000 in 2023, reflecting a 30.2% increase[36] Strategic Focus - The company ended Q4 with approximately 1,300 engineers in R&D and Cloud Operations, focusing on AI adoption[3] - The company expects customers to adopt AI solutions over time, indicating a strategic shift away from traditional managed services offerings[38] Tax and Regulatory - The company reported a GAAP effective income tax rate of 19.2% for the three months ended January 31, 2024, down from 58.6% in the same period of 2023[31] - The non-GAAP effective income tax rate for the year ended January 31, 2024, is 8%, down from 9% for the year ended January 31, 2023[68] Asset Management - Total assets decreased to $2,226,424 thousand in 2024 from $2,313,601 thousand in 2023, a decline of approximately 3.75%[50] - Total current liabilities decreased to $418,171 thousand in 2024 from $471,051 thousand in 2023, a reduction of 11.2%[50] - Total stockholders' equity decreased to $832,666 thousand in 2024 from $858,149 thousand in 2023, a decline of 3.0%[50]

MELVILLE, N.Y.--(BUSINESS WIRE)--Verint® (NASDAQ: VRNT), The Customer Engagement Company®, today announced the launch of the Verint TimeFlex Bot to redefine agent scheduling flexibility in the contact center, dramatically elevating employee experience (EX) and reducing manual effort for scheduling changes by supervisors. The Verint TimeFlex Bot is one of many Verint bots powered by sophisticated artificial intelligence (AI) models now available on the Verint Open Platform. The TimeFlex Bot leverages AI w ...

MELVILLE, N.Y.--(BUSINESS WIRE)--Verint® (NASDAQ: VRNT) will conduct a conference call on Wednesday, March 27, 2024 at 4:30 p.m. ET to review its fourth quarter and full-year financial results (for the quarter and year ended January 31, 2024) and discuss its outlook. An earnings press release will be issued after the market closes on March 27th. A real-time webcast of the conference call with presentation slides will be available on Verint's Investor Relations webcast page. Participants may register for th ...

SYDNEY & MELVILLE, N.Y.--(BUSINESS WIRE)--Verint® (NASDAQ: VRNT), The Customer Engagement Company®, today announced that it has been recognized as the leading workforce management (WFM), quality monitoring (QM) and analytics solutions provider in Asia Pacific (APAC) by the research firm Frost & Sullivan. The company’s contact center platform achieved the top market share leadership scores from Frost & Sullivan for each of these segments in a report entitled Asia-Pacific Contact Center Applications Tracke ...