Verint Systems Inc. (NASDAQ:VRNT) Q4 2019 Earnings Conference Call - Final Transcript
Mar 31, 2020 • 04:30 pm ET
and software model transition, which is ahead of plan; and the progress we are making towards our separation into two independent public companies.
Our top priority is ensuring the health and safety of all our employees around the globe, as we continue to serve our customers. Our employees remain fully engaged working either from home or from offices that have been authorized to remain open. We've made modifications, and we believe our business continuity plan is working well. We're working closely with our global base of customers to help them navigate the COVID-19 challenges, including the urgent need for advanced analytics to gain disability into their changing environment. Our engagement with customers is very high, and we are helping them through a variety of programs. I will discuss few examples later as we review each business.
Now, let me review our fiscal 2020 results. Our annual results on a GAAP basis were $1.3 billion of revenue and $0.43 of diluted earnings per share. On a non-GAAP basis, we achieved $1.34 billion of revenue and $3.59 of diluted EPS. On a constant-currency basis, non-GAAP revenue increased 8.3%. Non-GAAP EPS increased faster than revenue at 12% year-over-year. This was our third consecutive year of double-digit earnings growth on a non-GAAP basis. We are pleased with our full-year results, the growth we experienced over the last three years and the significant progress we are making with our strategic objective.
And now, let's review our Customer Engagement results. Last year, we experienced a notable shift in cloud adoption by large enterprises. And during Q4, we received many large cloud orders consistent with this trend, including an $18 million cloud renewal from a leading technology company and $8 million cloud order from a new healthcare customer, where we displaced an on-premise solution from another vendor, a $5 million order from an existing insurance customer that is migrating from Verint's on-premises solution to Verint's cloud solution, and multiple $3 million plus orders from customers that are expanding their cloud deployments.
Looking back at cloud adoption in our industry, much of the initial adoption was driven by SMB customers, and we believe that adoption by enterprise customers has been accelerating. Our customer and partner composition make us uniquely positioned to help both SMB and large enterprise customers, and we expand the mix of our business to continue shifting towards the cloud.
Verint offer the highly differentiated portfolio for large enterprise customers, and I'm pleased to share that the Social Security Administration selected Verint solutions for large projects, including $35 million in perpetual software licenses, plus services and supports to be delivered over several phases. The project award was initially announced by the Social Security Administration in July last year, and we had expected to begin recognizing revenue in fiscal 2020 Q4. Due to appeals, the start of the project is being delayed, and we now expect it to contribute to revenue in the current year.
Customer Engagement revenue last year increased 8.7% on a non-GAAP constant-currency basis,