Verint Systems reported fourth-quarter fiscal 2022 non-GAAP earnings of 57 cents per share, which fell short of the Zacks Consensus Estimate by 1.7%. The figure is -12.3% lower from the year-ago quarter.
Non-GAAP revenues rose +4.1% year over year to $236.2 million, and beat the Zacks Consensus Estimate by 1.8%. GAAP revenues of $234.2 million increased 4% year over year.
On a non-GAAP basis, Verint’s cloud revenues rose +35% from the prior-year quarter to $118.6 million. Non-GAAP software-as-a-service (SaaS) revenues climbed +43.7% from the year-ago quarter to $102.6 million.
The company’s new perpetual license equivalent (PLE) bookings rose +12.5% year over year to $92.6 million. The percentage of new PLE bookings from SaaS was 60.8% for the fiscal fourth quarter compared with 48.6% in the prior-year period.
New SaaS annual contract value surged +38.3% from the year-ago quarter to $30.3 million.
Non-GAAP gross profit rose 1.6% year over year to $160.1 million, while Non-GAAP gross margin contracted 170 basis points (bps) to 67.8%.
For fiscal 2023 (ending Jan 31, 2023), Verint expects non-GAAP revenues of $940 million (+/-2%) compared with the prior outlook of $935 million (+/-2%). Non-GAAP earnings per share are expected to be $2.50, implying 10% year-over-year growth.
For fiscal 2023, cloud revenue growth is projected in the range of 30-32%.