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Verint Systems Inc. (VRNT-0.30%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports an increase in total revenue to $224.2 million for the quarter, up from $218.5 million in the same period the previous year. This growth was driven by a 12% increase in recurring revenue, primarily due to higher SaaS revenue.
Recurring revenue for the quarter was $179.9 million, with bundled and unbundled SaaS revenue contributing significantly to this increase. However, support and optional managed services revenue saw declines.
Nonrecurring revenue decreased by 23% to $44.3 million, attributed to a drop in professional services and perpetual license revenue.
The company reported an operating income of $21.7 million, down from $26.7 million in the previous year. This decrease was due to higher operating expenses, including increased research and development costs and selling, general, and administrative expenses.
Net income attributable to Verint Systems Inc. common shares was $24.7 million, compared to $7.4 million in the previous year, with diluted net income per share at $0.39.
Verint completed several acquisitions during the quarter, including the purchase of Cogito Corporation, which contributed to an increase in goodwill.
The company reported total assets of $2.25 billion, with cash and cash equivalents amounting to $182.8 million as of October 31, 2024.
Verint continues to focus on its cloud-first strategy, with an emphasis on expanding its SaaS offerings and AI-powered solutions.
The company repurchased approximately 1,701,000 shares of its common stock during the nine months ended October 31, 2024, under its stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Verint Systems Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.