Company Quick10K Filing
Quick10K
Verint Systems
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$53.26 65 $3,476
10-Q 2019-07-31 Quarter: 2019-07-31
10-Q 2019-04-30 Quarter: 2019-04-30
10-K 2019-01-31 Annual: 2019-01-31
10-Q 2018-10-31 Quarter: 2018-10-31
10-Q 2018-07-31 Quarter: 2018-07-31
10-Q 2018-04-30 Quarter: 2018-04-30
10-K 2018-01-31 Annual: 2018-01-31
10-Q 2017-10-31 Quarter: 2017-10-31
10-Q 2017-07-31 Quarter: 2017-07-31
10-Q 2017-04-30 Quarter: 2017-04-30
10-K 2017-01-31 Annual: 2017-01-31
10-Q 2016-10-31 Quarter: 2016-10-31
10-Q 2016-07-31 Quarter: 2016-07-31
10-Q 2016-04-30 Quarter: 2016-04-30
10-K 2016-01-31 Annual: 2016-01-31
10-Q 2015-10-31 Quarter: 2015-10-31
10-Q 2015-07-31 Quarter: 2015-07-31
10-Q 2015-04-30 Quarter: 2015-04-30
10-K 2015-01-31 Annual: 2015-01-31
10-Q 2014-10-31 Quarter: 2014-10-31
10-Q 2014-07-31 Quarter: 2014-07-31
10-Q 2014-04-30 Quarter: 2014-04-30
10-K 2014-01-31 Annual: 2014-01-31
8-K 2019-09-19 Regulation FD, Exhibits
8-K 2019-09-04 Earnings, Exhibits
8-K 2019-08-28 Regulation FD, Exhibits
8-K 2019-07-08 Regulation FD, Exhibits
8-K 2019-06-20 Officers, Shareholder Vote, Exhibits
8-K 2019-06-06 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-29 Earnings, Exhibits
8-K 2019-05-23 Regulation FD, Exhibits
8-K 2019-05-21 Regulation FD, Exhibits
8-K 2019-05-20 Regulation FD, Exhibits
8-K 2019-05-10 Regulation FD, Exhibits
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-04-01 Regulation FD, Exhibits
8-K 2019-03-27 Earnings, Exhibits
8-K 2019-03-20 Regulation FD, Exhibits
8-K 2019-01-07 Regulation FD, Exhibits
8-K 2018-12-21 M&A, Exhibits
8-K 2018-12-17 Regulation FD, Exhibits
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-12-06 Earnings, Exhibits
8-K 2018-12-03 Regulation FD, Exhibits
8-K 2018-11-27 Regulation FD, Exhibits
8-K 2018-09-17 Regulation FD, Exhibits
8-K 2018-09-05 Earnings, Exhibits
8-K 2018-08-29 Officers
8-K 2018-08-28 Regulation FD, Exhibits
8-K 2018-06-22 Shareholder Vote
8-K 2018-06-13 Regulation FD, Exhibits
8-K 2018-06-07 Earnings, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-14 Regulation FD, Exhibits
8-K 2018-03-28 Earnings, Exhibits
8-K 2018-03-21 Regulation FD, Other Events, Exhibits
8-K 2018-01-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-19 Regulation FD
CTSH Cognizant 36,411
ZEN Zendesk 8,771
SGMS Scientific Games 1,619
UPWK Upwork 1,542
PRFT Perficient 1,199
KEYW Keyw Holding 482
AGMH AGM Group Holdings 345
CPSI Computer Programs & Systems 305
ASUR Asure Software 94
NETE Net Element 20
VRNT 2019-07-31
Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 vrnt-ex31120190731xfor.htm
EX-31.2 vrnt-ex31220190731xfor.htm
EX-32.1 vrnt-ex32120190731xfor.htm
EX-32.2 vrnt-ex32220190731xfor.htm

Verint Systems Earnings 2019-07-31

VRNT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended July 31, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from                                to                                     .
 
Commission File No. 001-34807

verintlogoa08.jpg
Verint Systems Inc
(Exact Name of Registrant as Specified in its Charter) 
Delaware
 
11-3200514
(State or Other Jurisdiction of Incorporation or
Organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
175 Broadhollow Road
 
 
Melville,
New York
 
11747
(Address of Principal Executive Offices)
 
(Zip Code)
 
(631)
962-9600
 
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
 
 
 
The NASDAQ Stock Market, LLC
Common Stock, $.001 par value per share
 
VRNT
 
(NASDAQ Global Select Market)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes
No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
 
There were 66,771,479 shares of the registrant’s common stock outstanding on August 15, 2019.
 


Table of Contents


Verint Systems Inc. and Subsidiaries
Index to Form 10-Q
As of and For the Period Ended July 31, 2019
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Table of Contents

Cautionary Note on Forward-Looking Statements
 
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include financial projections, statements of plans and objectives for future operations, statements of future economic performance, and statements of assumptions relating thereto. Forward-looking statements may appear throughout this report, including without limitation, Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and are often identified by future or conditional words such as “will”, “plans”, “expects”, “intends”, “believes”, “seeks”, “estimates”, or “anticipates”, or by variations of such words or by similar expressions. There can be no assurance that forward-looking statements will be achieved. By their very nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause our actual results or conditions to differ materially from those expressed or implied by such forward-looking statements. Important risks, uncertainties, assumptions, and other factors that could cause our actual results or conditions to differ materially from our forward-looking statements include, among others:
 
uncertainties regarding the impact of general economic conditions in the United States and abroad, particularly in information technology spending and government budgets, on our business;
risks associated with our ability to keep pace with technological advances and challenges and evolving industry standards; to adapt to changing market potential from area to area within our markets; and to successfully develop, launch, and drive demand for new, innovative, high-quality products that meet or exceed customer needs, while simultaneously preserving our legacy businesses and migrating away from areas of commoditization;
risks due to aggressive competition in all of our markets, including with respect to maintaining revenues, margins, and sufficient levels of investment in our business and operations;
risks created by the continued consolidation of our competitors or the introduction of large competitors in our markets with greater resources than we have;
risks associated with our ability to successfully compete for, consummate, and implement mergers and acquisitions, including risks associated with valuations, reputational considerations, capital constraints, costs and expenses, maintaining profitability levels, expansion into new areas, management distraction, post-acquisition integration activities, and potential asset impairments;
risks relating to our ability to properly manage investments in our business and operations, execute on growth initiatives, and enhance our existing operations and infrastructure, including the proper prioritization and allocation of limited financial and other resources;
risks associated with our ability to retain, recruit, and train qualified personnel in regions in which we operate, including in new markets and growth areas we may enter;
risks that we may be unable to establish and maintain relationships with key resellers, partners, and systems integrators and risks associated with our reliance on third-party suppliers, partners, or original equipment manufacturers (“OEMs”) for certain components, products, or services, including companies that may compete with us or work with our competitors;
risks associated with the mishandling or perceived mishandling of sensitive or confidential information, including information that may belong to our customers or other third parties, and with security vulnerabilities or lapses, including cyber-attacks, information technology system breaches, failures, or disruptions;
risks that our products or services, or those of third-party suppliers, partners, or OEMs which we use in or with our offerings or otherwise rely on, including third-party hosting platforms, may contain defects, develop operational problems, or be vulnerable to cyber-attacks;
risks associated with our significant international operations, including, among others, in Israel, Europe, and Asia, exposure to regions subject to political or economic instability, fluctuations in foreign exchange rates, and challenges associated with a significant portion of our cash being held overseas;

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Table of Contents

risks associated with political factors related to our business or operations, including reputational risks associated with our security solutions and our ability to maintain security clearances where required, as well as risks associated with a significant amount of our business coming from domestic and foreign government customers;
risks associated with complex and changing local and foreign regulatory environments in the jurisdictions in which we operate, including, among others, with respect to trade compliance, anti-corruption, information security, data privacy and protection, tax, labor, government contracts, relating to our own operations as well as to the use of our solutions by our customers;
challenges associated with selling sophisticated solutions, including with respect to assisting customers in understanding and realizing the benefits of our solutions, and developing, offering, implementing, and maintaining a broad and sophisticated solution portfolio;
challenges associated with pursuing larger sales opportunities, including with respect to longer sales cycles, transaction reductions, deferrals, or cancellations during the sales cycle, risk of customer concentration, our ability to accurately forecast when a sales opportunity will convert to an order, or to forecast revenue and expenses, and increased volatility of our operating results from period to period;
risks that our intellectual property rights may not be adequate to protect our business or assets or that others may make claims on our intellectual property, claim infringement on their intellectual property rights, or claim a violation of their license rights, including relative to free or open source components we may use;
risks that our customers delay or cancel orders or are unable to honor contractual commitments due to liquidity issues, challenges in their business, or otherwise;
risks that we may experience liquidity or working capital issues and related risks that financing sources may be unavailable to us on reasonable terms or at all;
risks associated with significant leverage resulting from our current debt position or our ability to incur additional debt, including with respect to liquidity considerations, covenant limitations and compliance, fluctuations in interest rates, dilution considerations (with respect to our convertible notes), and our ability to maintain our credit ratings;
risks arising as a result of contingent or other obligations or liabilities assumed in our acquisition of our former parent company, Comverse Technology, Inc. (“CTI”), or associated with formerly being consolidated with, and part of a consolidated tax group with, CTI, or as a result of the successor to CTI’s business operations, Mavenir Inc. (“Mavenir”), being unwilling or unable to provide us with certain indemnities to which we are entitled;
risks relating to the adequacy of our existing infrastructure, systems, processes, policies, procedures, internal controls, and personnel, and our ability to successfully implement and maintain enhancements to the foregoing, for our current and future operations and reporting needs, including related risks of financial statement omissions, misstatements, restatements, or filing delays;
risks associated with changing accounting principles or standards, tax laws and regulations, tax rates, and the continuing availability of expected tax benefits; and
risks associated with market volatility in the prices of our common stock and convertible notes based on our performance, third-party publications or speculation, or other factors and risks associated with actions of activist stockholders.
These risks, uncertainties, assumptions, and challenges, as well as other factors, are discussed in greater detail in “Risk Factors” under Item 1A of our Annual Report on Form 10-K for the year ended January 31, 2019 and under Item 1A of our Quarterly Report on Form 10-Q for the quarter ended April 30, 2019. You are cautioned not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date of this report. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as otherwise required under the federal securities laws. If we were in any particular instance to update or correct a forward-looking statement, investors and others should not conclude that we would make additional updates or corrections thereafter except as otherwise required under the federal securities laws.


iii

Table of Contents

Part I

Item 1.     Financial Statements



VERINT SYSTEMS INC. AND SUBSIDIARIES
Index to Condensed Consolidated Financial Statements (Unaudited)
 
Page
 
 
Condensed Consolidated Balance Sheets as of July 31, 2019 and January 31, 2019



1

Table of Contents

VERINT SYSTEMS INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
 
 
July 31,
 
January 31,
(in thousands, except share and per share data)

2019
 
2019
Assets

 


 

Current Assets:

 


 

Cash and cash equivalents

$
388,546


$
369,975

Restricted cash and cash equivalents, and restricted bank time deposits

24,239


42,262

Short-term investments
 
25,590

 
32,329

Accounts receivable, net of allowance for doubtful accounts of $5.5 million and $3.8 million, respectively

349,161


375,663

Contract assets
 
55,239

 
63,389

Inventories

28,459


24,952

Prepaid expenses and other current assets

89,556


97,776

  Total current assets

960,790


1,006,346

Property and equipment, net

106,393


100,134

Operating lease right-of-use assets
 
100,924

 

Goodwill

1,430,082


1,417,481

Intangible assets, net

215,332


225,183

Other assets

118,185


117,883

  Total assets

$
2,931,706


$
2,867,027








Liabilities and Stockholders' Equity

 


 

Current Liabilities:

 


 

Accounts payable

$
73,021


$
71,621

Accrued expenses and other current liabilities

218,533


212,824

Contract liabilities

347,226


377,376

  Total current liabilities

638,780


661,821

Long-term debt

782,589


777,785

Long-term contract liabilities

34,967


30,094

Operating lease liabilities
 
93,137

 

Other liabilities

94,255


136,523

  Total liabilities

1,643,728


1,606,223

Commitments and Contingencies






Stockholders' Equity:

 


 

Preferred stock - $0.001 par value; authorized 2,207,000 shares at July 31, 2019 and January 31, 2019, respectively; none issued.
 

 

Common stock - $0.001 par value; authorized 120,000,000 shares. Issued 68,444,000 and 66,998,000 shares; outstanding 66,771,000 and 65,333,000 shares at July 31, 2019 and January 31, 2019, respectively.

68


67

Additional paid-in capital

1,628,665


1,586,266

Treasury stock, at cost - 1,673,000 and 1,665,000 shares at July 31, 2019 and January 31, 2019, respectively.

(58,072
)

(57,598
)
Accumulated deficit

(122,140
)

(134,274
)
Accumulated other comprehensive loss

(175,197
)

(145,225
)
Total Verint Systems Inc. stockholders' equity

1,273,324


1,249,236

Noncontrolling interests

14,654


11,568

  Total stockholders' equity

1,287,978


1,260,804

  Total liabilities and stockholders' equity

$
2,931,706


$
2,867,027


See notes to condensed consolidated financial statements.

2

Table of Contents

VERINT SYSTEMS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
 
 
Three Months Ended
July 31,
 
Six Months Ended
July 31,
(in thousands, except per share data)
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 

 
 

 
 
 
 
Product
 
$
109,983

 
$
110,042

 
$
214,207

 
$
215,906

Service and support
 
214,322

 
196,285

 
425,357

 
379,628

  Total revenue
 
324,305

 
306,327

 
639,564

 
595,534

Cost of revenue:
 
 

 
 

 
 
 
 
Product
 
29,424

 
32,984

 
57,544

 
67,793

Service and support
 
81,430

 
74,803

 
160,791

 
146,660

Amortization of acquired technology
 
5,587

 
5,520

 
12,294

 
12,946

  Total cost of revenue
 
116,441

 
113,307

 
230,629

 
227,399

Gross profit
 
207,864

 
193,020

 
408,935

 
368,135

Operating expenses:
 
 

 
 

 
 
 
 
Research and development, net
 
58,685

 
52,254

 
115,854

 
104,406

Selling, general and administrative
 
126,265

 
104,083

 
247,986

 
211,580

Amortization of other acquired intangible assets
 
7,639

 
7,452

 
15,352

 
15,136

  Total operating expenses
 
192,589

 
163,789

 
379,192

 
331,122

Operating income
 
15,275

 
29,231

 
29,743

 
37,013

Other income (expense), net:
 
 

 
 

 
 
 
 
Interest income
 
1,687

 
1,134

 
3,113

 
1,927

Interest expense
 
(10,107
)
 
(9,922
)
 
(20,041
)
 
(18,984
)
Other income (expense), net
 
909

 
(1,241
)
 
119

 
(1,705
)
  Total other expense, net
 
(7,511
)
 
(10,029
)
 
(16,809
)
 
(18,762
)
Income before benefit from income taxes
 
7,764

 
19,202

 
12,934

 
18,251

Benefit from income taxes
 
(4,507
)
 
(3,722
)
 
(3,098
)
 
(3,448
)
Net income
 
12,271

 
22,924

 
16,032

 
21,699

Net income attributable to noncontrolling interests
 
1,713

 
944

 
3,898

 
1,934

Net income attributable to Verint Systems Inc.
 
$
10,558

 
$
21,980

 
$
12,134

 
$
19,765

 
 
 
 
 
 
 
 
 
Net income per common share attributable to Verint Systems Inc.:
 
 

 
 

 
 
 
 
Basic
 
$
0.16

 
$
0.34

 
$
0.18

 
$
0.31

Diluted
 
$
0.16

 
$
0.33

 
$
0.18

 
$
0.30

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 

 
 

 
 
 
 
Basic
 
66,272

 
64,694

 
65,870

 
64,314

Diluted
 
67,519

 
65,840

 
67,338

 
65,509

 
See notes to condensed consolidated financial statements.





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Table of Contents

VERINT SYSTEMS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited) 
 
 
Three Months Ended
July 31,
 
Six Months Ended
July 31,
(in thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
12,271

 
$
22,924

 
$
16,032

 
$
21,699

Other comprehensive loss, net of reclassification adjustments:
 
 

 
 

 
 

 


Foreign currency translation adjustments
 
(23,611
)
 
(20,101
)
 
(27,573
)
 
(33,729
)
Net increase (decrease) from foreign exchange contracts designated as hedges
 
1,637

 
(1,354
)
 
2,918

 
(7,937
)
Net (decrease) increase from interest rate swap designated as a hedge
 
(4,541
)
 
392

 
(6,558
)
 
612

Benefit from income taxes on net increase (decrease) from foreign exchange contracts and interest rate swap designated as hedges
 
790

 
718

 
1,084

 
796

Other comprehensive loss
 
(25,725
)
 
(20,345
)
 
(30,129
)
 
(40,258
)
Comprehensive (loss) income
 
(13,454
)
 
2,579

 
(14,097
)
 
(18,559
)
Comprehensive income attributable to noncontrolling interests
 
1,662

 
726

 
3,741

 
1,764

Comprehensive (loss) income attributable to Verint Systems Inc.
 
$
(15,116
)
 
$
1,853

 
$
(17,838
)
 
$
(20,323
)
 
See notes to condensed consolidated financial statements.

4


VERINT SYSTEMS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
 
 
Verint Systems Inc. Stockholders’ Equity
 
 
 
 
 
 
Common Stock
 
Additional Paid-in Capital
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
Total Verint Systems Inc. Stockholders’ Equity
 
 
 
Total Stockholders’ Equity
(in thousands) 
 
Shares
 
Par
Value
 
 
Treasury
Stock
 
Accumulated
Deficit
 
 
 
Non-controlling
Interests
 
Balances as of January 31, 2018
 
63,836

 
$
65

 
$
1,519,724

 
$
(57,425
)
 
$
(238,312
)
 
$
(103,460
)
 
$
1,120,592

 
$
11,744

 
$
1,132,336

Net (loss) income
 

 

 

 

 
(2,215
)
 

 
(2,215
)
 
990

 
(1,225
)
Other comprehensive (loss) income
 

 

 

 

 

 
(19,961
)
 
(19,961
)
 
48

 
(19,913
)
Stock-based compensation - equity-classified awards
 

 

 
14,898

 

 

 

 
14,898

 

 
14,898

Common stock issued for stock awards and stock bonuses
 
180

 
1

 

 

 

 

 
1

 

 
1

Treasury stock acquired
 
(4
)
 

 

 
(173
)
 

 

 
(173
)
 

 
(173
)
Capital contributions by noncontrolling interest
 

 

 

 

 

 

 

 
60

 
60

Dividends to noncontrolling interest
 

 

 

 

 

 

 

 
(760
)
 
(760
)
Cumulative effect of adoption of ASU No. 2014-09
 

 

 

 

 
38,047

 

 
38,047

 

 
38,047

Balances as of April 30, 2018
 
64,012

 
66

 
1,534,622

 
(57,598
)
 
(202,480
)
 
(123,421
)
 
1,151,189


12,082

 
1,163,271

Net income
 

 

 

 

 
21,980

 

 
21,980

 
944

 
22,924

Other comprehensive loss
 

 

 

 

 

 
(20,127
)
 
(20,127
)
 
(218
)
 
(20,345
)
Stock-based compensation - equity-classified awards
 

 

 
15,113

 

 

 

 
15,113

 

 
15,113

Common stock issued for stock awards and stock bonuses
 
893

 
1

 
8,879

 

 

 

 
8,880

 

 
8,880

Balances as of July 31, 2018
 
64,905

 
$
67

 
$
1,558,614

 
$
(57,598
)
 
$
(180,500
)
 
$
(143,548
)
 
$
1,177,035

 
$
12,808

 
$
1,189,843

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances as of January 31, 2019
 
65,333

 
$
67

 
$
1,586,266

 
$
(57,598
)
 
$
(134,274
)
 
$
(145,225
)
 
$
1,249,236

 
$
11,568

 
$
1,260,804

Net income
 

 

 

 

 
1,576

 

 
1,576

 
2,185

 
3,761

Other comprehensive loss
 

 

 

 

 

 
(4,298
)
 
(4,298
)
 
(106
)
 
(4,404
)
Stock-based compensation - equity-classified awards
 

 

 
14,890

 

 

 

 
14,890

 

 
14,890

Common stock issued for stock awards and stock bonuses
 
448

 

 

 

 

 

 

 

 

Treasury stock acquired
 
(8
)
 

 

 
(474
)
 

 

 
(474
)
 

 
(474
)
Balances as of April 30, 2019
 
65,773

 
67

 
1,601,156

 
(58,072
)
 
(132,698
)
 
(149,523
)
 
1,260,930

 
13,647

 
1,274,577

Net income
 

 

 

 

 
10,558

 

 
10,558

 
1,713

 
12,271

Other comprehensive loss
 

 

 

 

 

 
(25,674
)
 
(25,674
)
 
(51
)
 
(25,725
)
Stock-based compensation - equity-classified awards
 

 

 
17,966

 

 

 

 
17,966

 

 
17,966

Common stock issued for stock awards and stock bonuses
 
998

 
1

 
9,543

 

 

 

 
9,544

 

 
9,544

Distribution to noncontrolling interest
 

 

 

 

 

 

 

 
(655
)
 
(655
)
Balances as of July 31, 2019
 
66,771

 
$
68

 
$
1,628,665

 
$
(58,072
)
 
$
(122,140
)
 
$
(175,197
)
 
$
1,273,324

 
$
14,654

 
$
1,287,978

 
See notes to condensed consolidated financial statements.

5

Table of Contents

VERINT SYSTEMS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended
July 31,
(in thousands) 
 
2019
 
2018
Cash flows from operating activities:
 
 

 
 

Net income
 
$
16,032

 
$
21,699

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
44,766

 
44,935

Stock-based compensation, excluding cash-settled awards
 
37,605

 
33,871

Amortization of discount on convertible notes
 
6,163

 
5,848

Non-cash gains on derivative financial instruments, net
 
(728
)
 
(2,709
)
Other non-cash items, net
 
3,305

 
(2,606
)
Changes in operating assets and liabilities, net of effects of business combinations:
 
 

 
 

Accounts receivable
 
23,439

 
45,515

Contract assets
 
7,884

 
(12,217
)
Inventories
 
(4,436
)
 
175

Prepaid expenses and other assets
 
8,169

 
(2,984