Verint Systems (VRNT) Tops Q4 EPS by 7c, Revenues Beat; Raises FY20 EPS/Revenue Mid-Point Guidance Above Consensus
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Verint Systems (NASDAQ: VRNT) reported Q4 EPS of $1.08, $0.07 better than the analyst estimate of $1.01. Revenue for the quarter came in at $337 million versus the consensus estimate of $332.54 million.
“We believe our strong results and over achievement reflect the successful execution of the growth strategy that we implemented approximately two years ago. We learned about our customers\' mounting business and security challenges, and we responded by accelerating our automation and cloud innovation. We believe our automation and cloud strategy will further differentiate Verint in a market that is increasingly embracing Actionable Intelligence solutions. We are experiencing strong business momentum including cloud growth acceleration. We entered the new year with improved visibility, are raising our annual guidance and also providing targets for cloud growth over the next three years,” said Dan Bodner, Verint CEO.
Bodner continued, “The momentum we experienced throughout FY2019 continued in Q4, and we finished the year strong. I am pleased with our cloud acceleration, ending the year with approximately 40% ARR growth, laying a strong foundation for future growth. We expect non-GAAP cloud revenue to increase by more than 40% this year to nearly $250 million, and to increase at a 30% to 40% CAGR over the next three years. We are also pleased with our GAAP cash from operations which came in strong at $215 million, a 22% increase year-over-year. We believe our strong results and momentum reflect the strategic decisions we have made over the last two years and the growing adoption of Actionable Intelligence solutions by the market. We have accelerated our pace of innovation and we are well positioned with a differentiated portfolio for sustained growth and market leadership."
Verint Systems sees FY2020 EPS of $3.60, versus the consensus of $3.53. Verint Systems sees FY2020 revenue of $1.37 billion, versus the consensus of $1.33 billion.
For earnings history and earnings-related data on Verint Systems (VRNT) click here.
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