Cognyte Announces Fourth Quarter and Fiscal Year Ended January 31, 2023 Results Quarter Results
Herzliya, Israel, April 11, 2023 –– Cognyte Software Ltd. (NASDAQ: CGNT) (the “Company,” “Cognyte,” “we,” “us” and “our”), a global leader in investigative analytics software, today announced results for the three months and year ended January 31, 2023 (“Q4 FYE23”, “FYE23” and “Fiscal 2023”).
For the full Press Release, click here.
“I’m pleased to report fourth quarter Non-GAAP revenue coming in at the upper end of our expectations with positive cash flow from operations. We continued to win large deals and increase backlog (remaining performance obligations), driving improved visibility and enabling us to raise our revenue guidance for Fiscal 2024. We believe that the combination of our cutting-edge technology, large customer base and significant backlog positions us well for long-term growth,” said Elad Sharon, Cognyte’s chief executive officer.
“Throughout Fiscal 2023 we improved our cost structure in response to market dynamics. We are entering Fiscal 2024 with the appropriate cost structure to drive revenue growth. We are expecting to achieve positive quarterly EBITDA in the fourth quarter of Fiscal 2024 given our operating leverage as we grow our revenue throughout the year,” said David Abadi, Cognyte’s chief financial officer.
Our non-GAAP outlook for the year ending January 31, 2024 (“FYE24” and “Fiscal 2024”) is as follows:
- Revenue: $300 million at the midpoint with a range of +/- 2% , approximately 6% growth from FYE23 SIS Adjusted non-GAAP revenue.
- Diluted EPS: Loss of $0.60 at the midpoint of our revenue outlook.
Our non-GAAP outlook for the year ended January 31, 2024, excludes the following GAAP measures which we are able to quantify with reasonable certainty, as described further below under “Supplemental Information About non-GAAP Financial Measures and Operating Metrics”:
- Revenue adjustments are expected to be approximately $0.1 million.
- Amortization of intangible assets of approximately $0.3 million.
Our non-GAAP outlook for FYE24 excludes the following GAAP measures for which we are able to provide a range of probable significance:
- Stock-based compensation is expected to be between approximately $11.0 million and $14.0 million, assuming market prices for our ordinary shares are generally consistent with current levels.
For additional information about our expectations for FYE24, please refer to the Q4 FYE23 conference call we will conduct on April 11, 2023.
Our non-GAAP outlook does not include the potential impact of any in-process business acquisitions that may close after the date hereof, and, unless otherwise specified, reflects foreign currency exchange rates approximately consistent with current rates.
We are unable, without unreasonable effort, to provide a reconciliation for other GAAP measures which are excluded from our non-GAAP outlook, including the impact of future business acquisitions or acquisition expenses, future restructuring expenses, and non-GAAP income tax adjustments due to the level of unpredictability and uncertainty associated with these items. For these same reasons, we are unable to assess the probable significance of these excluded items. While historical results may not be indicative of future results, actual amounts for the three months ended and the year ended January 31, 2023, and 2022, respectively, for the GAAP measures excluded from our non-GAAP outlook appear in Table 4 of this press release.
Conference Call Information
We will conduct a conference call today at 8:30 a.m. ET to discuss our results for the three months ended and the year ended January 31, 2023. A real-time webcast of the conference call with presentation slides will be available in the Investor Relations section of Cognyte’s website. Those interested in participating in the question-and-answer session need to register at: https://register.vevent.com/register/BI4df19fa7d6fb4a46b123f84931ec4e7e to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). An archived webcast of the conference call will also be available in the “Investors” section of the company’s website.
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of non-GAAP financial measures presented for completed periods to the most directly comparable financial measures prepared in accordance with GAAP, please see the tables below as well as “Supplemental Information About Non-GAAP Financial Measures” at the end of this press release.
About Cognyte Software Ltd.
Cognyte Software Ltd. is a global leader in investigative analytics software that empowers a variety of government and other organizations with Actionable Intelligence for a Safer World™. Our open interface software is designed to help customers accelerate and improve the effectiveness of investigations and decision-making. Hundreds of customers rely on our solutions to accelerate and conduct investigations and derive insights, with which they identify, neutralize, and tackle threats to national security and address different forms of criminal and terror activities. Learn more at www.cognyte.com.
Caution About Forward-Looking Statements
For the full Press Release, click here.