Verint Systems Inc. (NASDAQ:VRNT) Q2 2020 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 04:30 pm ET


Verint Systems Inc. (NASDAQ:VRNT) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to Verint Systems Inc. Second Quarter 2021 Earnings Conference Call.

[Operator Instructions]

It is now my pleasure to introduce Senior VP, Corporate Development, Alan Roden.

Alan Roden

Thank you, operator. Good afternoon and thank you for joining our conference call today. I'm here with Dan Bodner, Verint's CEO; and Doug Robinson, Verint's CFO.

Before getting started, I'd like to mention that accompanying our call today is a WebEx slides. If you'd like to view these slides in real-time during the call, please visit the IR section of our website at, click on the Investor Relations tab, click on the webcast link, and select today's conference call.

I'd also like to draw your attention to the fact that certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other provisions of the Federal Securities Laws. These forward-looking statements are based on management's current expectations and are not guarantees of future performance.

Actual results could differ materially from those expressed in or implied by these forward-looking statements. The forward-looking statements are made as of the date of this call and except as required by law, Verint assumes no obligation to update or revise them. Investors are cautioned not to place undue reliance on these forward-looking statements. For more detailed discussion of these and other risks and uncertainties could cause Verint's actual results to differ materially from those indicated in these forward-looking statements, please see our Form 10-K for the fiscal year ended January 31st, 2020 and other filings we make with the SEC.

The financial measures discussed today include non-GAAP measures as we believe investors focus on those measures in comparing results between periods and among our peer companies. Please see today's WebEx slides, our earnings releases in the Investor Relations section of our website at for a reconciliation of non-GAAP financial measures to GAAP measures.

Non-GAAP financial information should not be considered in isolation from, as a substitute for, or superior to GAAP financial information, but included because management believes it provides meaningful supplemental information regarding our operating results when assessing our business and is useful to investors for informational and comparative purposes. The non-GAAP financial measures the Company uses have limitations and may differ from those used by other companies.

Now, I'd like to turn the call over to Dan. Dan?

Dan Bodner

Thank you, Alan. I'm pleased to report a strong second quarter with sequential revenue growth coming in better than expected. Cash from operations was also strong in Q2, and for the first six months, increased nearly 40% year-over-year. Looking ahead, our view of the year has improved and we believe the Q2 cloud momentum will continue in the second half of the year with sequential non-GAAP revenue growth in both Q3 and Q4. Also, I'm pleased to report that we expect to make an initial confidential submission to the SEC later this month and are on track