Verint announces third quarter results

Verint announces third quarter results
Verint Systems, an actionable intelligence solutions and value-added services provider recently announced results for the three and nine months ended October 31, 2015.

"Year-to-date non-GAAP revenue increased 5 percent on a constant currency basis, lower than our long-term target of double digit growth. We are pleased to have received several large orders in both enterprise intelligence and security intelligence, but continue to see longer customer approval cycles and are making adjustments to our go-to-market strategy to reduce our dependency on large projects," said Dan Bodner, CEO and President.

"We are also pleased with our strong third quarter non-GAAP operating margins of 22.1 percent driving adjusted EBITDA of US$69 million. Going forward, we expect margins to continue to expand with earnings growing faster than revenue," continued Bodner.

Financial Highlights
Below is selected unaudited financial information for the three and nine months ended October 31, 2015 prepared in accordance with generally accepted accounting principles ("GAAP") and not in accordance with GAAP ("non-GAAP").


Three Months Ended October 31, 2015 - GAAP Revenue: $284.1 million Operating income: $22.3 million Diluted net income per share: $0.1

Three Months Ended October 31, 2015 - Non-GAAP Revenue: $285.3 million(2); Operating income: $63.2 million; Diluted net income per share: $0.8

Nine Months Ended October 31, 2015 - GAAP Revenue: $849.5 million; Operating income: $40.6 million; Diluted net income per share: $0.00

Nine Months Ended October 31, 2015 - Non-GAAP Revenue: $852.8 million; Operating income: $173.5 million; Diluted net income per share: $2.1

Non-GAAP revenue on a constant currency basis was $298.0 million for the three months ended October 31, 2015 and $887.0 million for the nine months ended October 31, 2015.

Non-GAAP diluted net income per share would have been $0.8, excluding $2.3 million in foreign exchange charges related to balance sheet translations

Financial Outlook
Below is Verint's current non-GAAP outlook for the year ending January 31, 2016.
• We expect revenue in the range of $1.15 billion to $1.19 billion
• We expect operating margins between 22 percent and 23 percent
• We expect $3.3 of diluted earnings per share at the mid-point of our revenue outlook

Our non-GAAP outlook for the year ending January 31, 2016 excludes the following known GAAP measures:
• Amortization of intangible assets - approximately $79 million
• Amortization of discount on convertible notes - approximately $10 million.
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