Cognyte Software Ltd. · NASDAQ:CGNT
Cognyte Software — Q4 FYE24 Earnings Presentation
28 slides from Cognyte Software's earnings presentation, Apr 9, 2024
Slide 1: Q4 FYE24 Conference Call
Q4 FYE24 Conference Call +April 9, 2024 1
Slide 2: Disclaimers
Disclaimers Forward Looking Statements This presentation contains "forward-looking statements," including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Cognyte Software Ltd. These forward-looking stateme
Slide 3: Strong Execution in FYE24
Strong Execution in FYE24 Revenue* $83.7 $77.1 $79.4 $71.2 $73.4 + Non-GAAP Revenue of $313.5 million, an increase of approximately 11% year over year* + Non-GAAP Gross Profit growing faster than revenue* Q4 FYE23 Q1 FYE24 Q2 FYE24 Q3 FYE24 Q4 FYE24 + $9 million of positive Adjusted EBITDA Gross Pro
Slide 4: Creating Customer Value – Significant Wins
Creating Customer Value – Significant Wins National Security National Intelligence National Intelligence Existing Customer Existing Customer New Customer >$20 Million Deal ~$10 Million Deal ~$3 Million Deal Selected based on: Selected based on: Selected based on: Superior performance of Proven effec
Slide 5: Demand Drivers
Demand Drivers + Increasing sophistication of bad actors + Growing volumes, sources and diversity of data + Increasing value our solutions provide, including latest AI developments 5
Slide 6: FYE25 Outlook
FYE25 Outlook + Revenue of $340 million with a range of +/- 2% − Approximately 8.5% year-over-year growth at midpoint + Gross profit expected to grow faster than revenue − More than 10% year-over-year growth at midpoint + Adjusted EBITDA of ~$19 million − More than double FYE24 6
Slide 7: Financial Summary
Financial Summary 77
Slide 8: FYE24 Highlights
FYE24 Highlights Cash + Total cash of $83.3 million $83.3 $77.0 − No debt $72.8 $73.8 + Credit facility of $65 million − Available to borrow until end of January 2026 $56.6 + Cash from Operations of $34.6 million + Non-GAAP Revenue of $313.5 million − ~11% year-over-year growth* + Non-GAAP Gross Pro
Slide 9: FYE24 KPIs
FYE24 KPIs* Short-term RPO Revenue $302.5 $83.7 $79.4 $77.1 $290.9 $73.4 $282.8 $281.8 $71.2 $280.7 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 FYE23 FYE24 FYE24 FYE24 FYE24 FYE23 FYE24 FYE24 FYE24 FYE24 Gross Profit Adjusted EBITDA $57.8 $55.7 $4.6 $4.3 $53.3 $50.2 $2.3 $46.2 -$2.3 -$4.8 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2
Slide 10: FYE25 Outlook
FYE25 Outlook + Revenue of $340 million with a range of +/- 2% ‒ Approximately 8.5% year-over-year growth at midpoint + Gross profit expected to grow faster than revenue ‒ More than 10% year-over-year growth at midpoint + Non-GAAP gross margin of 70.5% ‒ 130 basis points year-over-year improvement +
Slide 11: Strong Execution
Strong Execution* GROSS PROFIT GROWING PROFITABILITY IMPROVING REVENUE GROWTH FASTER THAN REVENUE ADJUSTED EBIDTA INCREASING $83.7 $57.8 $4.6 $4.3 $77.1 $79.4 $55.7 $73.4 $53.3 $2.3 $71.2 $50.2 $46.2 -$2.3 -$4.8 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 FYE23 FYE24 FYE24 FYE24 FYE24 FYE23 FYE24 F
Slide 12: Thank you
Thank you cognyte.com 12
Slide 13: Appendix
Appendix 13 13
Slide 14: Reconciliation of Non-GAAP to SIS Adjusted Non-GAAP
Reconciliation of Non-GAAP to SIS Adjusted Non-GAAP Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 Revenue Total non-GAAP revenue 86.7 81.3 71.5 73.6 313.1 73.4 77.1 79.
Slide 15: Summary metrics
Summary metrics Three Months Ended Year Ended Three Months Ended Year ended 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 GAAP to Non-GAAP Reconciliation ($ in millions, except share and per share data; shares in thousands) GAAP Non-GAAP GAAP N
Slide 16: Summary metrics – SIS Adjusted
Summary metrics – SIS Adjusted Three Months Ended Year Ended Three Months Ended Year Ended 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 SIS Adjusted SIS Adjusted SIS Adjusted SIS Adjusted SIS Adjusted ($ in millions, except share and per share
Slide 17: Revenue metrics
Revenue metrics Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 Software and software services revenue - GAAP 70.7 72.5 65.0 65.8 274.0 66.5 66.7 71.6 73.8 278.6 Professi
Slide 18: Constant currency metrics
Constant currency metrics Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 GAAP Revenue for the prior period ended $ 114.7 $ 116.0 $ 118.4 $ 125.0 $ 474.0 $ 86.4 $ 81.1 $
Slide 19: Operating expenses
Operating expenses Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 GAAP research and development, net $ 38.0 $ 38.5 $ 33.1 $ 30.7 $ 140.3 $ 27.7 $ 27.1 $ 25.4 $ 27.0 $ 10
Slide 20: Gross Profit
Gross Profit Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 Total GAAP gross profit $ 51.6 $ 51.4 $ 44.2 $ 44.8 $ 192.1 $ 49.8 $ 52.9 $ 55.3 $ 57.4 $ 215.4 Total GAAP gr
Slide 21: Operating and Adjusted EBITDA margins
Operating and Adjusted EBITDA margins Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 GAAP operating profit (loss) $ (30.0) $ (26.4) $ (26.0) $ (20.9) $ (103.3) $ (6.9) $
Slide 22: Other Income, Tax and Net Income
Other Income, Tax and Net Income Three Months Ended Year Ended Three Months Ended Year ended ($ in millions) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 Other income (expense) reconciliation GAAP other income (expense), net $ 0.7 $ (1.0) $ 0.
Slide 23: EPS
EPS Three Months Ended Year Ended Three Months Ended Year ended (Shares in thousands) 4/30/2022 7/31/2022 10/31/2022 1/31/2023 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 1/31/2024 GAAP diluted net income (loss) per share attributable to Cognyte software Ltd. $ (0.45) $ (0.43) $ (0.41) $ (0.4
Slide 24: Footnotes
Footnotes (1) The actual cash tax paid, net of refunds, was $6.8 million and $2.4 million for the year and three months ended January 31, 2024, respectively and $11.3 million and $1.8 million for the year and three months ended January 31, 2023, respectively. (2) Revenue for the three months and yea
Slide 25: Supplemental information and non-GAAP measures
Supplemental information and non-GAAP measures 25
Slide 26: Supplemental information and non-GAAP measures
Supplemental information and non-GAAP measures 26
Slide 27: Supplemental information and non-GAAP measures
Supplemental information and non-GAAP measures 27
Slide 28: Supplemental information and non-GAAP measures
Supplemental information and non-GAAP measures 28