Press release
Cognyte Announces Second 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 and six months ended July 31, 2023 (“Q2 FYE24” and “H1 FYE24”).\n\n\nQ2 FYE24 Highlights\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended July 31, 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$77,053\n\n\n\n\n\n\n \n\n\n\n\n\n\n$77,053\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n68.7%\n\n\n\n\n\n\n \n\n\n\n\n\n\n69.2%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$(0.13)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$(0.09)\n\n\n\n\n\n\n\nH1 FYE24 Highlights\n\n\n\n\n \n\n\n\n\n\n\nSix Months Ended July 31, 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$150,319\n\n\n\n\n\n\n \n\n\n\n\n\n\n$150,431\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n68.3%\n\n\n\n\n\n\n \n\n\n\n\n\n\n68.8%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$(0.26)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$(0.32)\n\n\n\n\n\n\n\n“I’m pleased to report solid Q2 results and that our positive momentum continues. We won deals with existing and new strategic customers who recognize the strength of our innovative technology and the value it delivers. Given the Q2 results, we are raising our outlook for the year for non-GAAP revenue, gross margin and EPS. Looking beyond FYE 24, we believe that our innovative technology, combined with recent AI developments and our large customer base, position us well for continued growth,” said Elad Sharon, Cognyte’s chief executive officer.\n\n\n“For the full year, we expect gross profit to grow faster than revenue, at more than 15 percent year over year on an SIS Adjusted non-GAAP basis. We also expect to have annual positive Adjusted EBITDA of about $2M at the mid-point of the revenue range, as a result of Q2 positive Adjusted EBITDA and our expectations for the second half of the 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: $307 million at the midpoint with a...