Press release
Cognyte Announces First Quarter Fiscal 2024 Results
Increases Full-Year Outlook HERZLIYA, Israel--(BUSINESS WIRE)-- Cognyte Software Ltd. (NASDAQ: CGNT) (the “Company,” “Cognyte,” “we,” “us” and “our”), a
About this update from Cognyte Software Ltd.
[{"type":"text","content":"\nIncreases Full-Year Outlook\n\n\n HERZLIYA, Israel--(BUSINESS WIRE)--\nCognyte 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 ended April 30, 2023 (“Q1 FYE24”).\n\n\nQ1 Highlights\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended April 30, 2023\n\n\n\n\n\n\n\n\n(in thousands, except per share data)\n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$73,266\n\n\n\n\n\n\n \n\n\n\n\n\n\n$73,378\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n67.9%\n\n\n\n\n\n\n \n\n\n\n\n\n\n68.4%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$(0.13)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$(0.23)\n\n\n\n\n\n\n\n“I’m pleased to report a good start for the year, with solid Q1 results, which enables us to raise our outlook for the year on non-GAAP revenue, gross profit, EPS and cash flow. We now expect gross profit to grow faster than revenue, at more than ten percent year over year on an SIS Adjusted non-GAAP basis. Looking beyond this year, recent innovations in Artificial Intelligence present opportunities to increase the value of our investigative analytics solutions for our customers and expand our business over time. We believe that our innovative technology combined with recent AI developments, current positive industry trends, and our large customer base position us well for long-term growth,” said Elad Sharon, Cognyte’s chief executive officer.\n\n\n“We are expecting significant gross margin improvement for the full year primarily due to an increase in software revenue. I am also very pleased with the strong cash flow in the first quarter and we are now expecting positive cash flow from operations for the full year,” said David Abadi, Cognyte’s chief financial officer.\n\n\nUpdated FYE24 Outlook\n\n\nOur non-GAAP outlook for the year ending January 31, 2024 (“FYE24” and “Fiscal 2024”) is as follows:\n\n\n\nRevenue: $303 million at the midpoint with a range of +/- 2%, approximately 7% growth from previous year SIS Adjusted non-GAAP revenue.\n\n\n\nDiluted EPS: Loss of $0.53 at the midpoint of our revenue outlook.\n\n\n\nOur non-GAAP outlook for FYE24, excludes the following GAAP measures which we are able to quantify with reasonable certainty, as described further below under \"Supplemental Informat...