Thu, Sep 5, 10:01 AM (131 days ago)
Verint Systems Inc. reported steady financial performance for Q2 2024, with total revenue of $210.2 million, slightly up from $210.2 million in Q2 2023. Recurring revenue showed modest growth, driven by increased demand for SaaS solutions, while nonrecurring revenue declined. Operating income rose significantly to $13.9 million from a loss of $7.5 million, attributed to improved gross profit margins and reduced operating expenses. Net income attributable to common shares reached $1.5 million, a turnaround from a $11.2 million loss in the prior year. Cash flow from operations remained robust at $64.6 million, supporting capital needs despite a $21.7 million cash outflow for investments. The company used $77.5 million for financing activities, primarily for stock repurchases and preferred stock dividends. As of July 31, 2024, total debt stood at $411.7 million, with a leverage ratio of approximately 1.0. Despite macroeconomic challenges, Verint continues to focus on AI-driven solutions, anticipating ongoing shifts toward SaaS offerings in its revenue mix.