VRNT Verint Systems Inc

---

---

---

---

---

---

---

---

---

---

---

 

Description of Business

 

Unless the context otherwise requires, the terms “Verint”, “we”, “us”, and “our” in these notes to condensed consolidated financial statements refer to Verint Systems Inc. and its consolidated subsidiaries.

Verint is a leader in customer experience (“CX”) automation. The world’s most iconic brands – including more than 80 of the Fortune 100 companies – use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise.

Verint is uniquely positioned to help brands increase CX automation with our differentiated AI-powered Open Platform. Brands today are challenged to delight their customers while facing limited budgets and resources. As a result, organizations are turning to AI-powered platforms specifically designed for the customer engagement domain to increase the level of their CX automation rather than hire additional employees.

Verint is headquartered in Melville, New York, and has approximately 15 offices worldwide, in addition to a number of on-demand, flexible coworking spaces. We have approximately 3,700 employees plus a few hundred contractors around the globe focused on helping brands increase CX automation.

Apax Convertible Preferred Stock Investment

On December 4, 2019, we announced that an affiliate (the “Apax Investor”) of Apax Partners (“Apax”) would make an investment in us in an amount of up to $400.0 million. Under the terms of the Investment Agreement, dated as of December 4, 2019 (the “Investment Agreement”), on May 7, 2020, the Apax Investor purchased $200.0 million of our Series A convertible preferred stock (“Series A Preferred Stock”). On February 1, 2021, we completed the spin-off (the “Spin-Off”) of Cognyte Software Ltd. (“Cognyte”), a company limited by shares incorporated under the laws of the State of Israel whose business and operations consist of our former Cyber Intelligence Solutions business. In connection with the completion of the Spin-Off, on April 6, 2021, the Apax Investor purchased $200.0 million of our Series B convertible preferred stock (the “Series B Preferred Stock” and together with the Series A Preferred Stock, the “Preferred Stock”). As of April 30, 2024, Apax’s ownership in us on an as-converted basis was approximately 13.5%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment.

Preparation of Condensed Consolidated Financial Statements

The condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”). The condensed consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for the periods ended April 30, 2024 and 2023, and the condensed consolidated balance sheet as of April 30, 2024, are not audited but reflect all adjustments that, in the opinion of management, are of a normal recurring nature and that are considered necessary for a fair presentation of the results for the periods shown. The condensed consolidated balance sheet as of January 31, 2024 is derived from the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended January 31, 2024. Certain information and disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by GAAP for a complete set of financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended January 31, 2024 filed with the SEC. The results for interim periods are not necessarily indicative of a full year’s results.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Verint Systems Inc., and our wholly owned or otherwise controlled subsidiaries. Noncontrolling interests in less than wholly owned subsidiaries are reflected within stockholders’ equity on our condensed consolidated balance sheet, but separately from our stockholders’ equity.

---

Equity investments in companies in which we have less than a 20% ownership interest and cannot exercise significant influence, and which do not have readily determinable fair values, are accounted for at cost, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, less any impairment.

We include the results of operations of acquired companies from the date of acquisition. All significant intercompany transactions and balances are eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Key estimates in the accompanying condensed consolidated financial statements include, among others, revenue recognition, allowances for doubtful accounts, determining the fair value of assets and liabilities assumed in business combinations, recoverability of goodwill, amortization of intangibles, evaluation of contingencies, and the accounting for income taxes. Actual results could differ from those estimates.

Significant Accounting Policies

There have been no material changes in our significant accounting policies during the three months ended April 30, 2024, as compared to the significant accounting policies described in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2024.

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements since the filing of our Annual Report on Form 10-K for the year ended January 31, 2024 that may have a material impact on our condensed consolidated financial statements.

New Accounting Pronouncements Not Yet Effective

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require public companies to report incremental segment information on an annual and interim basis, including enhanced disclosures of significant segment expenses included within each reported measure of segment profit or loss. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. We plan to adopt ASU No. 2023-07 effective for the annual report on Form 10-K for the year ending January 31, 2025 and subsequent interim periods, and are currently evaluating the impact of this standard on our condensed consolidated financial statement disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require greater disaggregation of a reporting entity’s effective tax rate reconciliation as well as income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statement disclosures.

We derive our revenue primarily from providing customers the right to access our cloud-based solutions, the right to use our software for an indefinite or specified period of time, and related services and support based on when access or control of the software passes to our customers or the services are provided, in an amount that reflects the consideration we expect to be entitled to in exchange for such goods or services. Revenue is reported net of applicable sales and use tax, value-added tax and other transaction taxes imposed on the related transactions, including mandatory government charges that are passed through to our customers.

We determine revenue recognition through the following five steps:

•Identification of the contract, or contracts, with a customer

---

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, performance obligations are satisfied

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable.

Disaggregation of Revenue

The following table provides a disaggregation of our recurring and nonrecurring revenue. Recurring revenue is the portion of our revenue that we believe is likely to be renewed in the future. The recurrence of these revenue streams in future periods depends on a number of factors including contractual periods and customers' renewal decisions.

•Recurring revenue primarily consists of:

◦Software as a service (“SaaS”) revenue, which consists predominately of bundled SaaS (software access rights with standard managed services) and unbundled SaaS (software licensing rights accounted for as term-based licenses whereby customers have a license to our software with related support for a specific period).

▪Bundled SaaS revenue is recognized over time.

▪Unbundled SaaS revenue is recognized at a point in time, except for the related support which is recognized over time. Unbundled SaaS contracts are eligible for renewal after the initial fixed term, which in most cases is between a one- and three-year time frame. Unbundled SaaS can be deployed in the cloud, either by us or a cloud partner.

◦Optional managed services revenue.

◦Support revenue, which consists of initial and renewal support on our perpetual licenses.

•Nonrecurring revenue primarily consists of our perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties.

						Three Months Ended April 30,
(in thousands)						2024						2023
Recurring revenue:
Bundled SaaS revenue						$	65,695					$	59,453
Unbundled SaaS revenue						75,288						57,695
Total SaaS revenue						140,983						117,148
Optional managed services revenue						5,168						12,865
Support revenue						27,377						36,426
Total recurring revenue						173,528						166,439
Nonrecurring revenue:
Perpetual revenue						24,900						24,334
Professional services and other revenue						22,849						25,793
Total nonrecurring revenue						47,749						50,127
Total revenue						$	221,277					$	216,566

Contract Balances

The following table provides information about accounts receivable, contract assets, and contract liabilities from contracts with customers:

(in thousands)						April 30, 2024						January 31, 2024
Accounts receivable, net						$	155,903					$	190,461
Contract assets, net						$	71,490					$	66,913
Long-term contract assets, net (included in other assets)						$	38,115					$	31,379
Contract liabilities						$	242,478					$	254,437
Long-term contract liabilities						$	9,394					$	10,581

---

We receive payments from customers based upon contractual billing schedules, and accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets are rights to consideration in exchange for goods or services that we have transferred to a customer when that right is conditional on something other than the passage of time. The majority of our contract assets represent unbilled amounts related to multi-year unbundled SaaS contracts and arrangements where our right to consideration is subject to the contractually agreed upon billing schedule. We expect billing and collection of a majority of our contract assets to occur within the next twelve months and asset impairment charges related to contract assets were immaterial in the three months ended April 30, 2024 and 2023. As of April 30, 2024, two partners, both authorized global resellers of our solutions, accounted for more than 10% of our aggregated accounts receivable and contract assets; Partner A was approximately 13% and Partner B was approximately 14%. As of January 31, 2024, Partner A and Partner B each accounted for approximately 14% of our aggregated accounts receivable and contract assets. Credit losses relating to these customers have historically been immaterial.

Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract. Revenue recognized during the three months ended April 30, 2024 and 2023 from amounts included in contract liabilities at the beginning of each period was $99.1 million and $101.5 million, respectively.

Remaining Performance Obligations

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes contract liabilities and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. The majority of our arrangements are for periods of one to three years, although the contract term can extend up to five years.

We elected to exclude amounts of variable consideration attributable to sales- or usage-based royalties in exchange for a license of our IP from the remaining performance obligations. The timing and amount of revenue recognition for our remaining performance obligations are influenced by several factors, including seasonality, the timing of renewals, the timing of delivery of software licenses, the average length of the contract terms, and foreign currency exchange rates.

The following table provides information about when we expect to recognize our remaining performance obligations:

(in thousands)						April 30, 2024						January 31, 2024
Remaining performance obligations:
Expected to be recognized within 1 year						$	437,659					$	464,600
Expected to be recognized in more than 1 year						279,785						279,702
Total remaining performance obligations						$	717,444					$	744,302

The following table summarizes the calculation of basic and diluted net income (loss) per common share attributable to Verint Systems Inc. for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
(in thousands, except per share amounts)						2024						2023
Net income						$	15,379					$	3,634
Net income attributable to noncontrolling interests						138						339
Net income attributable to Verint Systems Inc.						15,241						3,295
Dividends on preferred stock						(5,200)						(5,200)
Net income (loss) attributable to Verint Systems Inc. for basic net loss per common share						10,041						(1,905)
Dilutive effect of dividends on preferred stock						—						—
Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share						$	10,041					$	(1,905)
Weighted-average shares outstanding:
Basic						62,335						64,940

---

						Three Months Ended April 30,
(in thousands, except per share amounts)						2024						2023
Dilutive effect of employee equity award plans						510						—
Dilutive effect of 2021 Notes						—						—
Dilutive effect of assumed conversion of preferred stock						—						—
Diluted						62,845						64,940
Net income (loss) per common share attributable to Verint Systems Inc.:
Basic						$	0.16					$	(0.03)
Diluted						$	0.16					$	(0.03)

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

						Three Months Ended April 30,
(in thousands)						2024						2023
Common shares excluded from calculation:
Restricted and performance stock-based awards						1,733						2,080
Series A Preferred Stock						5,498						5,498
Series B Preferred Stock						3,980						3,980

In periods for which we report a net loss attributable to Verint Systems Inc. common shares, basic net loss per common share and diluted net loss per common share are identical since the effect of all potential common shares is anti-dilutive and therefore excluded.

For the three months ended April 30, 2024, the average price of our common stock did not exceed the $62.08 per share conversion price of our 2021 Notes, and other requirements for the 2021 Notes (as defined in Note 7, “Long-Term Debt”), to be convertible were not met. The 2021 Notes will have a dilutive impact on net income per common share at any time when the average market price of our common stock for a quarterly reporting period exceeds the conversion price.

The Capped Calls (as defined in Note 7, “Long-Term Debt”) do not impact our diluted earnings per common share calculations as their effect would be anti-dilutive. The Capped Calls are generally intended to reduce the potential dilution to our common stock upon any conversion of the 2021 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2021 Notes, in the event that at the time of conversion our common stock price exceeds the $62.08 conversion price, with such reduction and/or offset subject to a cap of $100.00.

Further details regarding the 2021 Notes and Capped Calls appear in Note 7, “Long-Term Debt”.

The weighted-average common shares underlying the assumed conversion of the Preferred Stock, on an as-converted basis, were excluded from the calculations of diluted net income (loss) per common share for the three months ended April 30, 2024 and 2023, as their effect would have been anti-dilutive. Further details regarding the Preferred Stock investment appear in Note 9, “Convertible Preferred Stock”.

The following tables summarize our cash, cash equivalents, and short-term investments as of April 30, 2024 and January 31, 2024:

---

						April 30, 2024
(in thousands)						Cost Basis						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Cash and cash equivalents:
Cash and bank time deposits						$	184,041					$	—					$	—					$	184,041
Money market funds						52,053						—						—						52,053
U.S. Treasury bills						498						—						—						498
Total cash and cash equivalents						$	236,592					$	—					$	—					$	236,592
Short-term investments:
Bank time deposits						$	785					$	—					$	—					$	785
Total short-term investments						$	785					$	—					$	—					$	785

						January 31, 2024
(in thousands)						Cost Basis						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Cash and cash equivalents:
Cash and bank time deposits						$	155,504					$	—					$	—					$	155,504
Money market funds						85,647						—						—						85,647
U.S. Treasury Bills						249						—						—						249
Total cash and cash equivalents						$	241,400					$	—					$	—					$	241,400
Short-term investments:
Bank time deposits						$	686					$	—					$	—					$	686
Total short-term investments						$	686					$	—					$	—					$	686

Bank time deposits which are reported within short-term investments consist of deposits held outside of the United States with maturities of greater than 90 days, or without specified maturity dates which we intend to hold for periods in excess of 90 days. All other bank deposits are included within cash and cash equivalents.

Three Months Ended April 30, 2024

During the three months ended April 30, 2024, we completed the acquisition of an AI-powered analytics company, including fourteen employees. Pursuant to the terms of the purchase agreement, the purchase price consisted of $8.8 million of cash paid at closing, contingent consideration with an estimated fair value of $3.4 million, and the acquisition date fair value of our previously held investment via a simple agreement for future equity (“SAFE”), which was approximately $1.7 million. Further discussion regarding this SAFE investment appears in Note 12, “Fair Value Measurements”. We recognized intangible assets of $5.2 million for developed technology, $0.2 million for the acquired customer relationships, and goodwill of $8.3 million. The acquisition qualified as a stock transaction for tax purposes. This transaction was not material to our condensed consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted.

Year Ended January 31, 2024

During the year ended January 31, 2024, we completed the acquisition of a provider of solutions for workforce scheduling automation, including three employees. This transaction resulted in increases to goodwill, customer relationships, and acquired technology intangible assets, but was not material to our condensed consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted.

Revenue and net income (loss) attributable to this acquisition for the three months ended April 30, 2024 was not material.

---

Other Business Combination Information

For the three months ended April 30, 2024 and 2023, we recorded a benefit of $0.4 million and a charge of $0.2 million, respectively, within selling, general and administrative expenses for changes in the fair values of contingent consideration obligations associated with business combinations, which was based on our historical business combinations achieving certain objectives and milestones. The aggregate fair values of the remaining contingent consideration obligations associated with business combinations was $6.9 million at April 30, 2024, of which $2.1 million was recorded within accrued expenses and other current liabilities, and $4.8 million was recorded within other liabilities.

Payments of contingent consideration earned under these agreements were $3.3 million and $0.3 million for the three months ended April 30, 2024 and 2023, respectively.

Asset Acquisition

In July 2023, we entered into an agreement to acquire source code that qualified as an asset acquisition and made an initial deposit payment of $1.0 million upon the execution of the contract and incurred direct transaction costs related to such asset acquisition of $0.2 million. The agreement also stipulates the establishment of additional milestone payments totaling $3.0 million, of which $2.0 million was deposited into a third-party escrow account in connection with the closing of the transaction. These milestone payments are contingent upon the successful delivery of the source code and the attainment of specific developmental objectives subject to reduction by certain amounts paid under a separate transition services agreement entered into by the parties. During the year ended January 31, 2024, we made $1.8 million in milestone payments to the seller, of which $0.8 million was released from the escrow account upon the achievement of certain source code delivery and integration milestones. During the three months ended April 30, 2024, we made an additional $0.2 million integration milestone payment to the seller, which was released from the escrow account. The remaining $1.0 million of milestone payments remains in the third-party escrow account, is classified as restricted cash, and is included in prepaid expenses and other current assets on our condensed consolidated balance sheet as of April 30, 2024.

The transaction also provides for additional consideration that is contingent upon achieving certain performance targets for the years ending January 31, 2025 and 2026 of up to $5.0 million, with a minimum of $2.0 million guaranteed over the period, contingent upon achieving the milestones outlined above by the agreed upon dates, plus the opportunity to receive additional payments from us based on any revenue we receive from sales of products based on the acquired technology in adjacent markets. During the three months ended April 30, 2024, we made a $0.3 million noncontingent prepayment against the first period earn-out. Contingent consideration is not recorded in an asset acquisition until the contingency is resolved (when the contingent consideration is paid or becomes payable) or when probable and reasonably estimable.

Divestitures

On January 31, 2024, we completed the sale of a services business for manual quality managed services. We sold the business to the former managers, who were our employees. Today, our platform includes an AI-powered solution for automating the quality monitoring process. We expect our customers to adopt AI over time and believe that a people centric managed services offering is no longer core to our offering.

We estimated the sale price under the sale agreement to be $6.0 million based on (i) the estimated fair value of our share of the future adjusted operating income (as defined in the sale agreement) of the business, to be paid annually over a minimum of six years following the transaction closing date, (ii) the amount by which the closing working capital of the business exceeds the working capital target, and (iii) the estimated amount of future collections of outstanding receivables as of the closing date from a certain customer, net of certain expenses. We determined the estimated fair value of the contingent consideration with the assistance of a third-party valuation specialist and estimates made by management. During the three months ended January 31, 2024, we recognized a pre-tax loss on the sale of $9.7 million, which was recorded as part of selling, general, and administrative expenses in our consolidated statement of operations, and included $0.8 million of cumulative foreign translation loss that was released from accumulated other comprehensive loss and divestiture-related expenses were not material. As part of the transaction, we divested $6.5 million of cash, most of which was intended as reimbursement for certain liabilities assumed by the buyer, as well as $1.0 million of tangible net assets, $0.5 million of intangible assets, and $6.8 million of goodwill. The divested services business generated $6.8 million of revenue during the three months ended April 30, 2023, and several hundred employees dedicated to this managed services business were transferred or terminated as part of the transaction. During the three months ended April 30, 2024, we received $1.5 million of the outstanding receivables as of the closing date.

---

In March 2023, we completed the sale of an insignificant product line that we inherited as part of a legacy acquisition and that no longer fit with our current business priorities or strategic direction. The total consideration for the sale was $0.7 million, which is payable to us in three equal installments through March 2025, the first installment of which was received in July 2023, and the second installment of which was received in February 2024. The transaction reduced goodwill by $0.3 million and intangible assets by $0.2 million and resulted in a gain of approximately $0.2 million during the three months ended April 30, 2023.

 

Acquisition-related intangible assets, excluding certain intangible assets previously acquired that were fully amortized and intangible assets of the businesses we divested which were removed from our condensed consolidated balance sheets, consisted of the following as of April 30, 2024 and January 31, 2024:

 

						April 30, 2024
(in thousands)						Cost						Accumulated Amortization						Net
Intangible assets with finite lives:
Customer relationships						$	453,183					$	(413,670)					$	39,513
Acquired technology						236,203						(217,310)						18,893
Trade names						3,725						(3,681)						44
Distribution network						2,440						(2,440)						—
Total intangible assets						$	695,551					$	(637,101)					$	58,450

 

						January 31, 2024
(in thousands)						Cost						Accumulated Amortization						Net
Intangible assets with finite lives:
Customer relationships						$	455,184					$	(412,587)					$	42,597
Acquired technology						231,815						(217,006)						14,809
Trade names						3,727						(3,667)						60
Distribution network						2,440						(2,440)						—
Total intangible assets						$	693,166					$	(635,700)					$	57,466

Total amortization expense recorded for acquisition-related intangible assets was $4.4 million and $8.3 million for the three months ended April 30, 2024 and 2023, respectively. The reported amount of net acquisition-related intangible assets can fluctuate from the impact of changes in foreign currency exchange rates on intangible assets not denominated in U.S. dollars.

Estimated future amortization expense on finite-lived acquisition-related intangible assets is as follows:

(in thousands)
Years Ending January 31,						Amount
2025 (remainder of year)						$	13,451
2026						17,419
2027						13,652
2028						8,849
2029						3,968
2030 and thereafter						1,111
Total						$	58,450

 

There were no impairments of acquired intangible assets during the three months ended April 30, 2024 and 2023.

---

Goodwill activity for the three months ended April 30, 2024 was as follows: 

(in thousands)						Amount
Three Months Ended April 30, 2024:
Goodwill, gross, at January 31, 2024						$	1,408,758
Accumulated impairment losses through January 31, 2024						(56,043)
Goodwill, net, at January 31, 2024						1,352,715
Foreign currency translation and other						(6,123)
Business combinations						8,341
Goodwill, net, at April 30, 2024						$	1,354,933
Balance at April 30, 2024
Goodwill, gross, at April 30, 2024						$	1,410,976
Accumulated impairment losses through April 30, 2024						(56,043)
Goodwill, net, at April 30, 2024						$	1,354,933

No events or circumstances indicating the potential for goodwill impairment were identified during the three months ended April 30, 2024.

The following table summarizes our long-term debt at April 30, 2024 and January 31, 2024:

						April 30,						January 31,
(in thousands)						2024						2024
2021 Notes						$	315,000					$	315,000
Revolving Credit Facility						100,000						100,000
Less: unamortized debt discounts and issuance costs						(3,635)						(4,035)
Total debt						411,365						410,965
Less: current maturities						—						—
Long-term debt						$	411,365					$	410,965

2021 Notes

On April 9, 2021, we issued $315.0 million in aggregate principal amount of 0.25% convertible senior notes due April 15, 2026 (the “2021 Notes”), unless earlier converted by the holders pursuant to their terms. The 2021 Notes are unsecured and pay interest in cash semiannually in arrears at a rate of 0.25% per annum.

We used a portion of the net proceeds from the issuance of the 2021 Notes to pay the costs of the Capped Calls described below. We also used a portion of the net proceeds from the issuance of the 2021 Notes, together with the net proceeds from the April 6, 2021 issuance of $200.0 million of Series B Preferred Stock, to repay a portion of the outstanding indebtedness under our Credit Agreement described below, to terminate an interest rate swap, and to repurchase shares of our common stock. The remainder is being used for working capital and other general corporate purposes.

The 2021 Notes are convertible into shares of our common stock at an initial conversion rate of 16.1092 shares per $1,000 principal amount of 2021 Notes, which represents an initial conversion price of approximately $62.08 per share, subject to adjustment upon the occurrence of certain events, and subject to customary anti-dilution adjustments. Prior to January 15, 2026, the 2021 Notes will be convertible only upon the occurrence of certain events and during certain periods, and will be convertible thereafter at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2021 Notes. Upon conversion of the 2021 Notes, holders will receive cash up to the aggregate principal amount, with any remainder to be settled with cash or common stock, or a combination thereof, at our election. As of April 30, 2024, the 2021 Notes were not convertible.

We incurred approximately $8.9 million of issuance costs in connection with the 2021 Notes, which were deferred and are presented as a reduction of long-term debt, and which are being amortized as interest expense over the term of the 2021 Notes.

---

Including the impact of the deferred debt issuance costs, the effective interest rate on the 2021 Notes was approximately 0.83% at April 30, 2024.

Based on the closing market price of our common stock on April 30, 2024, the if-converted value of the 2021 Notes was less than their aggregate principal amount.

Capped Calls

In connection with the issuance of the 2021 Notes, on April 6, 2021 and April 8, 2021, we entered into capped call transactions (the “Capped Calls”) with certain counterparties. The Capped Calls are generally intended to reduce the potential dilution to our common stock upon any conversion of the 2021 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2021 Notes, in the event that at the time of conversion our common stock price exceeds the conversion price, with such reduction and/or offset subject to a cap.

The Capped Calls exercise price is equal to the $62.08 initial conversion price of each of the 2021 Notes, and the cap price is $100.00, each subject to certain adjustments under the terms of the Capped Calls. Our exercise rights under the Capped Calls generally trigger upon conversion of the 2021 Notes, and the Capped Calls terminate upon maturity of the 2021 Notes, or the first day the 2021 Notes are no longer outstanding. As of April 30, 2024, no Capped Calls have been exercised.

Pursuant to their terms, the Capped Calls qualify for classification within stockholders’ equity, and their fair value is not remeasured and adjusted as long as they continue to qualify for stockholders’ equity classification. We paid approximately $41.1 million for the Capped Calls, including applicable transaction costs, which was recorded as a reduction to additional paid-in capital.

Credit Agreement

On June 29, 2017, we entered into a credit agreement with certain lenders and terminated a prior credit agreement. The credit agreement was amended in 2018, 2020, 2021, and 2023, as further described below (as amended, the “Credit Agreement”).

The Credit Agreement provides for $725.0 million of senior secured credit facilities, comprised of a $425.0 million term loan that was scheduled to mature on June 29, 2024 (the “Term Loan”) prior to being repaid by us in full, and a $300.0 million revolving credit facility maturing on April 9, 2026 (the “Revolving Credit Facility”). The Revolving Credit Facility replaced our prior $300.0 million revolving credit facility (the “Prior Revolving Credit Facility”) and is subject to increase and reduction from time to time according to the terms of the Credit Agreement. The majority of the proceeds from the Term Loan were used to repay all outstanding term loans under our prior credit agreement.

Optional prepayments of loans under the Credit Agreement are generally permitted without premium or penalty. During the three months ended April 30, 2021, in addition to our regular quarterly $1.1 million principal payment, we repaid $309.0 million of our Term Loan, reducing the outstanding principal balance to $100.0 million. On April 27, 2023, we repaid the remaining $100.0 million outstanding principal balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility, along with $0.5 million of accrued interest thereon. As a result, $0.2 million of combined deferred debt issuance costs and unamortized discount associated with the Term Loan were written off and were included within interest expense on our condensed consolidated statement of operations for the three months ended April 30, 2023.

Interest rates on loans under the Credit Agreement are periodically reset, at our option, originally at either a Eurodollar Rate (which was derived from LIBOR) or an alternative base rate (“ABR”) (each as defined in the Credit Agreement), plus in each case a margin.

On May 10, 2023, we entered into an amendment to the Credit Agreement (the “Fourth Amendment”) related to the phase-out of LIBOR by the UK Financial Conduct Authority. Effective July 1, 2023, borrowings under the Credit Agreement bear interest, at our option, at either: (i) the ABR, plus the applicable margin therefor or (ii) the adjusted Term Secured Overnight Financing Rate published by the CME Term SOFR Administrator (as more fully defined and set forth in the Credit Agreement, “Adjusted Term SOFR”), plus the applicable margin therefor. The applicable margin in each case is determined based on our Leverage Ratio (as defined below) and ranges from 0.25% to 1.25% for borrowings bearing interest at the ABR and from 1.25% to 2.25% for borrowings bearing interest based on Adjusted Term SOFR.

Borrowings outstanding under the Revolving Credit Facility were $100.0 million at April 30, 2024 and January 31, 2024, which is included in long-term debt on our condensed consolidated balance sheet. For borrowings under the Revolving Credit Facility, the applicable margin is determined by reference to our Consolidated Total Debt to Consolidated EBITDA (each as defined in

---

the Credit Agreement) leverage ratio (the "Leverage Ratio"). As of April 30, 2024, the interest rate on our Revolving Credit Facility borrowings was 6.93%. In addition, we are required to pay a commitment fee with respect to unused availability under the Revolving Credit Facility at rates per annum determined by reference to our Leverage Ratio. The proceeds of borrowings under the Revolving Credit Facility may be used for working capital and general corporate purposes, including for permitted acquisitions and permitted stock repurchases, and the repayment of term loans, if any.

Our obligations under the Credit Agreement are guaranteed by each of our direct and indirect existing and future material domestic wholly owned restricted subsidiaries, and are secured by a security interest in substantially all of our assets and the assets of the guarantor subsidiaries, subject to certain exceptions.

The Credit Agreement contains certain customary affirmative and negative covenants for credit facilities of this type. The Credit Agreement also contains a financial covenant that, solely with respect to the Revolving Credit Facility, requires us to maintain a Leverage Ratio of no greater than 4.50 to 1. The limitations imposed by the covenants are subject to certain exceptions as detailed in the Credit Agreement.

The Credit Agreement provides for events of default with corresponding grace periods that we believe are customary for credit facilities of this type. Upon an event of default, all of our obligations owed under the Credit Agreement may be declared immediately due and payable, and the lenders’ commitments to make loans under the Credit Agreement may be terminated.

Deferred debt issuance costs associated with the Term Loan were amortized using the effective interest rate method, and deferred debt issuance costs associated with the Revolving Credit Facility are being amortized on a straight-line basis.

Interest Expense

The following table presents the components of interest expense incurred on the 2021 Notes and on borrowings under our Credit Agreement, for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
(in thousands)						2024						2023
2021 Notes:
Interest expense at 0.25% coupon rate						$	197					$	197
Amortization of deferred debt issuance costs						446						443
Total Interest Expense — 2021 Notes						$	643					$	640
Borrowings under Credit Agreement:
Interest expense at contractual rates						$	1,736					$	1,650
Amortization of deferred debt issuance costs						172						204
Amortization of debt discounts						—						5
Losses on early retirements of debt						—						237
Total Interest Expense — Borrowings under Credit Agreement						$	1,908					$	2,096

 

Condensed Consolidated Balance Sheets

 

Inventories consisted of the following as of April 30, 2024 and January 31, 2024:

 

						April 30,						January 31,
(in thousands)						2024						2024
Raw materials						$	5,813					$	4,402
Work-in-process						487						69
Finished goods						10,289						9,738
Total inventories						$	16,589					$	14,209

Accrued expenses and other current liabilities consisted of the following as of April 30, 2024 and January 31, 2024:

---

						April 30,						January 31,
(in thousands)						2024						2024
Accrued bonus						$	30,057					$	25,816
Other						92,334						111,617
Total accrued expenses and other current liabilities						$	122,391					$	137,433

Other liabilities consisted of the following as of April 30, 2024 and January 31, 2024:

						April 30,						January 31,
(in thousands)						2024						2024
Unrecognized tax benefits, including interest and penalties						$	72,589					$	71,330
Other						16,303						14,290
Total other liabilities						$	88,892					$	85,620

Condensed Consolidated Statements of Operations

 

Other (expense) income, net consisted of the following for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
(in thousands)						2024						2023
Foreign currency (losses) gains, net						$	(537)					$	237
Other, net						39						(213)
Total other (expense) income, net						$	(498)					$	24

Condensed Consolidated Statements of Cash Flows

 

The following table provides supplemental information regarding our condensed consolidated cash flows for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
(in thousands)						2024						2023
Cash paid for interest						$	2,210					$	2,513
Cash payments of income taxes, net						$	6,298					$	3,758
Cash payments for operating leases						$	2,037					$	1,640
Non-cash investing and financing transactions:
Finance leases of property and equipment						$	634					$	212
Accrued but unpaid purchases of property and equipment						$	1,081					$	360
Liabilities for contingent consideration in business combinations						$	3,397					$	—
Accrued but unpaid purchases of treasury stock						$	773					$	—
Excise tax on share repurchases						$	250					$	417

On December 4, 2019, we entered into the Investment Agreement with the Apax Investor whereby, subject to certain closing conditions, the Apax Investor agreed to make an investment in us in an amount up to $400.0 million as follows:

•On May 7, 2020, we issued a total of 200,000 shares of our Series A Preferred Stock for an aggregate purchase price of $200.0 million, or $1,000 per share, to the Apax Investor. In connection therewith, we incurred direct and incremental costs of $2.7 million, including financial advisory fees, closing costs, legal fees, and other offering-related costs. These direct and incremental costs reduced the carrying amount of the Series A Preferred Stock.

---

•In connection with the completion of the Spin-Off, on April 6, 2021, we issued a total of 200,000 shares of our Series B Preferred Stock for an aggregate purchase price of $200.0 million, or $1,000 per share, to the Apax Investor. In connection therewith, we incurred direct and incremental costs of $1.3 million, including financial advisory fees, closing costs, legal fees, and other offering-related costs. These direct and incremental costs reduced the carrying amount of the Series B Preferred Stock.

Each of the rights, preferences, and privileges of the Series A Preferred Stock and Series B Preferred Stock are set forth in separate certificates of designation filed with the Secretary of State of the State of Delaware on the applicable issuance date.

Voting Rights

Holders of the Preferred Stock have the right to vote on matters submitted to a vote of the holders of our common stock, on an as-converted basis; however, in no event will the holders of Preferred Stock have the right to vote shares of the Preferred Stock on an as-converted basis in excess of 19.9% of the voting power of the common stock outstanding immediately prior to December 4, 2019.

Dividends and Liquidation Rights

The Preferred Stock ranks senior to the shares of our common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of our affairs. Shares of Preferred Stock have a liquidation preference of the greater of $1,000 per share or the amount that would be received if the shares are converted at the then applicable conversion price at the time of such liquidation.

Each series of Preferred Stock paid dividends at an annual rate of 5.2% until May 7, 2024, and thereafter pays at a rate of 4.0%, subject to adjustment under certain circumstances. Dividends on the Preferred Stock are cumulative and payable semi-annually in arrears in cash. All dividends that are not paid in cash will remain accumulated dividends with respect to each share of Preferred Stock. The dividend rate is subject to increase (i) to 6.0% per annum in the event the number of shares of common stock into which the Preferred Stock could be converted exceeds 19.9% of the voting power of outstanding common stock on December 4, 2019 (unless we obtain shareholder approval of the issuance of common stock upon conversion of the Preferred Stock) and (ii) by 1.0% each year, up to a maximum dividend rate of 10.0% per annum, in the event we fail to satisfy our obligations to redeem the Preferred Stock in specified circumstances.

For the three months ended April 30, 2024, we paid $10.4 million of preferred stock dividends, all of which was accrued as of January 31, 2024, and there were $6.9 million of cumulative undeclared and unpaid preferred stock dividends at April 30, 2024. There were no accrued dividends as of April 30, 2024. We reflected $5.2 million of preferred stock dividends in our condensed consolidated results of operations, for purposes of computing net income (loss) attributable to Verint Systems Inc. common shares, for each of the three months ended April 30, 2024 and 2023.

Conversion

The Series A Preferred Stock was initially convertible into common stock at the election of the holder, subject to certain conditions, at an initial conversion price of $53.50 per share. The initial conversion price represented a conversion premium of 17.1% over the volume-weighted average price per share of our common stock over the 45 consecutive trading days immediately prior to December 4, 2019. In accordance with the Investment Agreement, the Series A Preferred Stock did not participate in the Spin-Off distribution of the Cognyte shares, which occurred on February 1, 2021, and the Series A Preferred Stock conversion price was instead adjusted to $36.38 per share based on the ratio of the relative trading prices of Verint and Cognyte following the Spin-Off.

The Series B Preferred Stock is convertible at a conversion price of $50.25, based in part on our trading price over the 20-day trading period following the Spin-Off.

As of April 30, 2024, the maximum number of shares of common stock that could be required to be issued upon conversion of the outstanding shares of Preferred Stock was approximately 9.6 million shares and Apax’s ownership in us on an as-converted basis was approximately 13.5%.

Beginning May 7, 2023, in the case of the Series A Preferred Stock, and April 6, 2024, in the case of the Series B Preferred Stock, we have the option to require that all (but not less than all) of the then-outstanding shares of Preferred Stock of the series convert into common stock if the volume-weighted average price per share of the common stock for at least 30 trading days in any 45 consecutive trading day period exceeds 175% of the then-applicable conversion price of such series (a “Mandatory

---

Conversion”). As of April 30, 2024, the volume-weighted average price per share of common stock has not exceeded 175% of the $36.38 conversion price of the Series A Preferred Stock or the $50.25 conversion price of the Series B Preferred Stock.

We may redeem any or all of the Preferred Stock of a series for cash at any time after May 7, 2026, in the case of the Series A Preferred Stock, and April 6, 2027, in the case of the Series B Preferred Stock, at a redemption price equal to 100% of the liquidation preference of the shares of the Preferred Stock, plus any accrued and unpaid dividends to, but excluding, the redemption date, plus a make-whole amount designed to allow the Apax Investor to earn a total 8.0% internal rate of return on such shares.

The Preferred Stock may not be sold or transferred without our prior written consent. The common stock issuable upon conversion of the Preferred Stock is not subject to this restriction. The restriction on the sale or transfer of the Preferred Stock does not apply to certain transfers to one or more permitted co-investors or transfers or pledges of the Preferred Stock pursuant to the terms of specified margin loans entered into by the Apax Investor as well as transfers effected pursuant to a merger, consolidation, or similar transaction consummated by us and transfers that are approved by our board of directors.

At any time after November 7, 2028, in the case of the Series A Preferred Stock, and October 6, 2029, in the case of the Series B Preferred Stock, or upon the occurrence of a change of control triggering event (as defined in the certificates of designation), the holders of the applicable series of Preferred Stock will have the right to cause us to redeem all of the outstanding shares of Preferred Stock for cash at a redemption price equal to 100% of the liquidation preference of the shares of such series, plus any accrued and unpaid dividends to, but excluding, the redemption date. Therefore, the Preferred Stock has been classified as temporary equity on our condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024, separate from permanent equity, as the potential required repurchase of the Preferred Stock, however remote in likelihood, is not solely under our control.

As of April 30, 2024, the Preferred Stock was not redeemable, and we have concluded that it is currently not probable of becoming redeemable, including from the occurrence of a change in control triggering event. The holders’ redemption rights which occur at November 7, 2028, in the case of the Series A Preferred Stock, and October 6, 2029, in the case of the Series B Preferred Stock, are not considered probable because there is a more than remote likelihood that the Mandatory Conversion may occur prior to such redemption rights. We therefore did not adjust the carrying amount of the Preferred Stock to its current redemption amount, which was its liquidation preference at April 30, 2024 plus accrued and unpaid dividends. As of April 30, 2024, the stated value of the liquidation preference for each series of Preferred Stock was $200.0 million and cumulative, unpaid dividends on each series of Preferred Stock was $3.5 million.

Future Tranche Right

We determined that our obligation to issue and the Apax Investor’s obligation to purchase 200,000 shares of the Series B Preferred Stock in connection with the completion of the Spin-Off and the satisfaction of other customary closing conditions (the “Future Tranche Right”) met the definition of a freestanding financial instrument as the Future Tranche Right is legally detachable and separately exercisable from the Series A Preferred Stock. At issuance, we allocated a portion of the proceeds from the issuance of the Series A Preferred Stock to the Future Tranche Right based upon its fair value at such time, with the remaining proceeds being allocated to the Series A Preferred Stock. The Future Tranche Right was remeasured at fair value each reporting period until the settlement of the right (at the time of the issuance of the Series B Preferred Stock), and changes in its fair value were recognized as a non-cash charge or benefit within other income (expense), net on the condensed consolidated statements of operations.

Upon issuance of the Series A Preferred Stock on May 7, 2020, the Future Tranche Right was recorded as an asset of $3.4 million, as the purchase price of the Series B Preferred Stock was greater than its estimated fair value at the expected settlement date. This resulted in a $203.4 million carrying value, before direct and incremental issuance costs, for the Series A Preferred Stock.

---

 

Common Stock Dividends

We did not declare or pay any cash dividends on our common stock during the three months ended April 30, 2024 and 2023. Under the terms of our Credit Agreement, we are subject to certain restrictions on declaring and paying cash dividends on our common stock.

Treasury Stock

We periodically purchase common stock from our directors, officers, and other employees to facilitate income tax withholding or payments in connection with the vesting of equity awards occurring during a Company-imposed trading blackout or lockup period. Any such repurchases of common stock occur at prevailing market prices and are recorded as treasury stock. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired.

No treasury stock remained outstanding at April 30, 2024 and January 31, 2024, respectively.

Stock Repurchase Programs

On December 7, 2022, we announced that our board of directors had authorized a stock repurchase program for the period from December 12, 2022 until January 31, 2025, whereby we may repurchase shares of common stock in an amount not to exceed, in the aggregate, $200.0 million during the repurchase period.

During the three months ended April 30, 2024, we repurchased approximately 1,233,000 shares of our common stock for a cost of $38.1 million, including excise tax of $0.3 million, under the current stock repurchase program, as well as an insignificant number of shares to facilitate income tax withholding or payments as described above. During the three months ended April 30, 2024, we retired all 1,234,000 shares, which was recorded as a reduction of common stock and additional paid-in capital. These shares were returned to the status of authorized and unissued shares. Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act (“IRA”). The excise tax of $0.3 million was recognized as part of the cost basis of shares acquired in the condensed consolidated statements of stockholders’ equity during the three months ended April 30, 2024. Subsequent to April 30, 2024 through May 30, 2024, we repurchased approximately 270,000 shares of our common stock for $8.5 million under this program.

During the three months ended April 30, 2023, we repurchased and retired 1,593,000 shares of our common stock for a cost of $60.1 million, including excise tax of $0.4 million.

Issuance of Convertible Preferred Stock

On December 4, 2019, in conjunction with the planned Spin-Off, we announced that an affiliate of Apax Partners would invest up to $400.0 million in us, in the form of convertible preferred stock. Under the terms of the Investment Agreement, the Apax Investor purchased $200.0 million of our Series A Preferred Stock, which closed on May 7, 2020. In connection with the completion of the Spin-Off, the Apax Investor purchased $200.0 million of our Series B Preferred Stock, which closed on April 6, 2021. As of April 30, 2024, Apax’s ownership in us on an as-converted basis was approximately 13.5%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment.

Accumulated Other Comprehensive Loss

 

Accumulated other comprehensive loss includes items such as foreign currency translation adjustments and unrealized gains and losses on derivative financial instruments designated as hedges. Accumulated other comprehensive loss is presented as a separate line item in the stockholders’ equity section of our condensed consolidated balance sheets. Accumulated other comprehensive loss items have no impact on our net income (loss) as presented in our condensed consolidated statements of operations.

The following table summarizes changes in the components of our accumulated other comprehensive loss by component for the three months ended April 30, 2024:

---

(in thousands)						Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges						Foreign Currency Translation Adjustments						Total
Accumulated other comprehensive income (loss) at January 31, 2024						$	141					$	(143,103)					$	(142,962)
Other comprehensive loss before reclassifications						(192)						(7,060)						(7,252)
Amounts reclassified out of accumulated other comprehensive loss						27						—						27
Net other comprehensive loss						(219)						(7,060)						(7,279)
Accumulated other comprehensive loss at April 30, 2024						$	(78)					$	(150,163)					$	(150,241)

All amounts presented in the table above are net of income taxes, if applicable. The accumulated net losses in foreign currency translation adjustments primarily reflect the strengthening of the U.S. dollar against the British pound sterling, which has resulted in lower U.S. dollar-translated balances of British pound sterling-denominated goodwill and intangible assets.

The amounts reclassified out of accumulated other comprehensive loss into the condensed consolidated statements of operations, with presentation location, for the three months ended April 30, 2024 and 2023 were as follows:

						Three Months Ended April 30,
(in thousands)						2024						2023						Financial Statement Location
Unrealized gains (losses) on derivative financial instruments:
Foreign currency forward contracts						$	—					$	(2)					Cost of recurring revenue
						3						(20)						Cost of nonrecurring revenue
						21						(140)						Research and development, net
						9						(65)						Selling, general and administrative
						33						(227)						Total, before income taxes
						(6)						39						(Provision for) benefit from income taxes
						$	27					$	(188)					Total, net of income taxes

 

Our interim provision for income taxes is measured using an estimated annual effective income tax rate, adjusted for discrete items that occur within the periods presented.

For the three months ended April 30, 2024, we recorded an income tax provision of $8.0 million on pretax income of $23.3 million, which represented an effective income tax rate of 34.1%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions.

For the three months ended April 30, 2023, we recorded an income tax provision of $4.4 million on pretax income of $8.0 million, which represented an effective income tax rate of 54.6%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions.

We evaluate the realizability of deferred income tax assets on a jurisdictional basis at each reporting date. A valuation allowance is established when it is more-likely-than-not that all or a portion of the deferred income tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred income tax assets are not more-likely-than-not realizable, we establish a valuation allowance. We determined that there is sufficient negative evidence to maintain the valuation allowances against certain state and foreign deferred income tax assets as a result of historical losses in

---

the most recent three-year period in certain state and foreign jurisdictions. We intend to maintain valuation allowances until sufficient positive evidence exists to support a reversal.

We had unrecognized income tax benefits of $82.5 million and $83.3 million (excluding interest and penalties) as of April 30, 2024 and January 31, 2024, respectively, that if recognized, would impact our effective income tax rate. The accrued liability for interest and penalties was $7.2 million and $6.4 million at April 30, 2024 and January 31, 2024, respectively. Interest and penalties are recorded as a component of the provision for income taxes in our condensed consolidated statements of operations. We regularly assess the adequacy of our provisions for income tax contingencies in accordance with the applicable authoritative guidance on accounting for income taxes. As a result, we may adjust the reserves for unrecognized income tax benefits for the impact of new facts and developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities, and lapses of statutes of limitation. Further, we believe that it is reasonably possible that the total amount of unrecognized income tax benefits at April 30, 2024 could decrease by approximately $8.1 million in the next twelve months as a result of settlement of certain tax audits or lapses of statutes of limitation. Such decreases may involve the payment of additional income taxes, the adjustment of deferred income taxes including the need for additional valuation allowances, and the recognition of income tax benefits. Our income tax returns are subject to ongoing tax examinations in several jurisdictions in which we operate. We also believe that it is reasonably possible that new issues may be raised by tax authorities or developments in tax audits may occur, which would require increases or decreases to the balance of reserves for unrecognized income tax benefits; however, an estimate of such changes cannot reasonably be made.

The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines address the increasing digitalization of the global economy, re-allocating taxing rights among countries. The European Union and many other member states have committed to adopting Pillar 2 which calls for a global minimum tax of 15% to be effective for tax years beginning in 2024. Certain jurisdictions in which we operate have enacted Pillar 2 legislation and others are considering changes to their tax laws to adopt the Pillar 2 proposals. We are monitoring developments and evaluating the impacts these new rules will have on our tax rate, including eligibility to qualify for safe harbor rules. We do not currently anticipate that the rules will have a material impact on our income tax provision this year.

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

Our assets and liabilities measured at fair value on a recurring basis consisted of the following as of April 30, 2024 and January 31, 2024:

						April 30, 2024
						Fair Value Hierarchy Category
(in thousands)						Level 1						Level 2						Level 3
Assets:
Money market funds						$	52,053					$	—					$	—
U.S. Treasury bills, classified as cash and cash equivalents						498						—						—
Foreign currency forward contracts						—						23						—
Contingent consideration receivable						—						—						2,345
Total assets						$	52,551					$	23					$	2,345
Liabilities:
Foreign currency forward contracts						$	—					$	117					$	—
Contingent consideration — business combinations						—						750						6,182
Total liabilities						$	—					$	867					$	6,182

---

 

						January 31, 2024
						Fair Value Hierarchy Category
(in thousands)						Level 1						Level 2						Level 3
Assets:
Money market funds						$	85,647					$	—					$	—
U.S. Treasury bills, classified as cash and cash equivalents						249						—						—
Foreign currency forward contracts						—						183						—
Contingent consideration receivable						—						—						2,685
Total assets						$	85,896					$	183					$	2,685
Liabilities:
Foreign currency forward contracts						$	—					$	11					$	—
Contingent consideration — business combinations						—						3,750						3,511
Total liabilities						$	—					$	3,761					$	3,511

On January 31, 2024, we completed the sale of a service business for manual quality managed services for no upfront cash consideration. We estimated the sale price under the sale agreement to be $6.0 million based on (i) the estimated fair value of our share of the future adjusted operating income (as defined in the agreement) of the business, to be paid annually over a minimum of six years following the transaction closing date, (ii) the amount by which the closing working capital of the business exceeds the working capital target, and (iii) the estimated amount of future collections of outstanding receivables as of the closing date from a certain customer, net of certain expenses. We determined the estimated fair value of the contingent consideration with the assistance of a third-party valuation specialist and estimates made by management. The fair value of the contingent consideration receivable was $2.3 million as of April 30, 2024, which is included within other assets on our condensed consolidated balance sheets. During the three months ended April 30, 2024, we did not receive any contingent consideration payments, and we recorded a charge of $0.3 million for the change in the estimated fair value of this contingent receivable.

The following table presents the changes in the estimated fair values of our liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
(in thousands)						2024						2023
Fair value measurement at beginning of period						$	3,511					$	12,717
Contingent consideration liabilities recorded for business combinations						3,397						—
Changes in fair values, recorded in operating expenses						(433)						220
Payments of contingent consideration						(277)						(250)
Foreign currency translation and other						(16)						197
Fair value measurement at end of period						$	6,182					$	12,884

 

Our estimated liability for contingent consideration represents potential payments of additional consideration for business combinations, payable if certain defined performance goals are achieved. Changes in fair value of contingent consideration are recorded in the condensed consolidated statements of operations within selling, general and administrative expenses.

There were no transfers between levels of the fair value measurement hierarchy during the three months ended April 30, 2024 and 2023.

Fair Value Measurements

 

Money Market Funds and U.S. Treasury Bills — We value our money market funds and U.S. treasury bills using quoted active market prices for such instruments.

Short-term Investments, Corporate Debt Securities, and Commercial Paper — The fair values of short-term investments, as well as corporate debt securities and commercial paper classified as cash equivalents, are estimated using observable market prices for identical securities that are traded in less-active markets, if available. When observable market prices for identical securities are not available, we value these short-term investments using non-binding market price quotes from brokers which

---

we review for reasonableness using observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model.

Foreign Currency Forward Contracts — The estimated fair value of foreign currency forward contracts is based on quotes received from the counterparties thereto. These quotes are reviewed for reasonableness by discounting the future estimated cash flows under the contracts, considering the terms and maturities of the contracts and market foreign currency exchange rates using readily observable market prices for similar contracts.

Contingent Consideration Assets and Liabilities — Business Combinations and Divestitures — The fair value of the contingent consideration related to business combinations and divestitures is estimated using a probability-adjusted discounted cash flow model. These fair value measurements are based on significant inputs not observable in the market. The key internally developed assumptions used in these models are discount rates and the probabilities assigned to the milestones to be achieved. We remeasure the fair value of the contingent consideration at each reporting period, and any changes in fair value resulting from either the passage of time or events occurring after the acquisition date, such as changes in discount rates, or in the expectations of achieving the performance targets, are recorded within selling, general, and administrative expenses. Increases or decreases in discount rates would have inverse impacts on the related fair value measurements, while favorable or unfavorable changes in expectations of achieving performance targets would result in corresponding increases or decreases in the related fair value measurements. We utilized discount rates ranging from 6.1% to 7.0%, with a weighted average discount rate of 6.7% in our calculation of the estimated fair values of our contingent consideration liabilities as of April 30, 2024. We utilized discount rates ranging from 9.6% to 10.8%, with a weighted average discount rate of 9.7% in our calculation of the estimated fair value of our contingent consideration asset as of April 30, 2024. We utilized discount rates ranging from 5.8% to 6.4%, with a weighted average discount rate of 6.2% in our calculations of the estimated fair values of our contingent consideration liabilities as of January 31, 2024. We utilized discount rates ranging from 7.5% to 8.9%, with a weighted average discount rate of 7.8% in our calculation of the estimated fair value of our contingent consideration asset as of January 31, 2024.

As of January 31, 2024, $3.8 million of the fair value of the contingent consideration liability was based on actual achievement through the performance periods ended January 31, 2024, and was transferred to Level 2 of the fair value hierarchy as the fair value was determined based on other significant observable inputs. Payments of contingent consideration earned under this agreement were $3.0 million and there was no change in the fair value of the remaining contingent consideration obligation associated with this business combination for the three months ended April 30, 2024.

Other Financial Instruments

The carrying amounts of accounts receivable, contract assets, accounts payable, and accrued liabilities and other current liabilities approximate fair value due to their short maturities.

The estimated fair value of our Revolving Credit Facility borrowing was approximately $99.0 million at April 30, 2024 and January 31, 2024. On April 27, 2023, we repaid in full the remaining $100.0 million outstanding balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility. The estimated fair value of borrowings under our Revolving Credit Facility is based upon indicative market values provided by one of our lenders. The indicative prices provided to us at April 30, 2024 and January 31, 2024 did not significantly differ from par value.

The estimated fair values of our 2021 Notes were approximately $289.0 million and $281.0 million at April 30, 2024 and January 31, 2024, respectively. The estimated fair values of the 2021 Notes were determined based on quoted bid and ask prices in the over-the-counter market in which the 2021 Notes traded. We consider these inputs to be within Level 2 of the fair value hierarchy.

Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

In addition to assets and liabilities that are measured at fair value on a recurring basis, we also measure certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

Investments

In March 2023, we invested approximately $1.1 million in a privately-held company via a SAFE. In July 2023, we made a second SAFE investment of $0.5 million, and in January 2024, we made a third SAFE investment of $0.1 million for a total

---

investment of approximately $1.7 million. The SAFE provided that, upon the completion by such company of a qualified equity financing, we would automatically receive the number of shares of capital stock of such company equal to the SAFE purchase amount divided by the Discount Price (as such term is defined in the SAFE). If there was a liquidity event affecting such company, such as a change in control or initial public offering, we would receive a cash payment equal to the greater of (a) the SAFE purchase amount or (b) the amount payable on the number of shares of common stock of such company equal to the SAFE purchase amount divided by the Liquidity Price (as such term is defined in the SAFE). Our investment was carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and was included within other assets on the condensed consolidated balance sheets as of January 31, 2024. During the three months ended April 30, 2024, we completed the acquisition of this company. The approximately $1.7 million acquisition date fair value of the SAFE was included in the measurement of the consideration transferred. The company and its results of operations are now consolidated in our condensed consolidated financial statements, and the SAFE investment has been removed from our condensed consolidated balance sheet as of April 30, 2024. Please refer to Note 5, “Business Combinations, Asset Acquisitions, and Divestitures” for further discussion related to this acquisition.

The carrying amount of our noncontrolling equity investments in privately-held companies without readily determinable fair values was $5.1 million as of April 30, 2024 and January 31, 2024. These investments are included within other assets on the condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024. There were no observable price changes in our investments in privately-held companies during the three months ended April 30, 2024 and 2023. We did not recognize any impairments during the three months ended April 30, 2024 and 2023.

Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and not for speculative purposes.

Foreign Currency Forward Contracts

Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Israeli shekel. We also periodically utilize foreign currency forward contracts to manage exposures resulting from forecasted customer collections to be remitted in currencies other than the applicable functional currency, and exposures from cash, cash equivalents and short-term investments denominated in currencies other than the applicable functional currency. These foreign currency forward contracts generally have maturities of no longer than twelve months, although occasionally we will execute a contract that extends beyond twelve months, depending upon the nature of the underlying risk.

We held outstanding foreign currency forward contracts with notional amounts of $6.3 million as of April 30, 2024 and January 31, 2024.

Fair Values of Derivative Financial Instruments

 

The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024 were as follows:

---

									Fair Value at
									April 30,						January 31,
(in thousands)			Balance Sheet Classification						2024						2024
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges			Prepaid expenses and other current assets						$	23					$	183
Total derivative assets									$	23					$	183
Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges			Accrued expenses and other current liabilities						$	117					$	11
Total derivative liabilities									$	117					$	11

Derivative Financial Instruments in Cash Flow Hedging Relationships

The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statement of operations for the three months ended April 30, 2024 and 2023 were as follows:

						Three Months Ended April 30,
(in thousands)						2024						2023
Net losses recognized in AOCL:
Foreign currency forward contracts						$	(233)					$	(350)
Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations:
Foreign currency forward contracts						$	33					$	(227)

 

For information regarding the line item locations of the net gains (losses) on derivative financial instruments reclassified out of AOCL into the condensed consolidated statements of operations, see Note 10, “Stockholders’ Equity”.

Stock-Based Compensation Plan

On June 22, 2023, our stockholders approved the Verint Systems Inc. 2023 Long-Term Stock Incentive Plan (the “2023 Plan”). Upon approval of the 2023 Plan, new awards were no longer permitted under our prior stock-based compensation plan (the “2019 Plan”). Awards outstanding at June 22, 2023 under the 2019 Plan or other previous stock-based compensation plans were not impacted by the approval of the 2023 Plan. Collectively, our stock-based compensation plans are referred to herein as the “Plans”.

The 2023 Plan authorizes our board of directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance awards, other stock-based awards, and performance compensation awards. Subject to adjustment as provided in the 2023 Plan, up to an aggregate of (i) 9,000,000 shares of our common stock plus (ii) 3,982,168 shares of our common stock available for issuance under the 2019 Plan as of June 22, 2023, plus (iii) the number of shares of our common stock that become available for issuance as a result of awards made under the 2019 Plan or the 2023 Plan that are forfeited, cancelled, exchanged, or that terminate or expire, may be issued or transferred in connection with awards under the 2023 Plan. Each stock option or stock-settled stock appreciation right granted under the 2023 Plan will reduce the available plan capacity by one share and each other award denominated in shares that is granted under the 2023 Plan will reduce the available plan capacity by 1.9 shares.

---

Stock-Based Compensation Expense

We recognized stock-based compensation expense in the following line items on the condensed consolidated statements of operations for the three months ended April 30, 2024 and 2023: 

						Three Months Ended April 30,
(in thousands)						2024						2023
Cost of revenue — recurring						$	549					$	296
Cost of revenue — nonrecurring						533						140
Research and development, net						3,543						2,327
Selling, general and administrative						13,396						12,216
Total stock-based compensation expense						$	18,021					$	14,979

The following table summarizes stock-based compensation expense by type of award for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
(in thousands)						2024						2023
Restricted stock units and restricted stock awards						$	16,508					$	13,436
Stock bonus program and bonus share program						1,501						1,378
Total equity-settled awards						18,009						14,814
Phantom stock units (cash-settled awards)						12						165
Total stock-based compensation expense						$	18,021					$	14,979

 

Awards are generally subject to multi-year vesting periods. We recognize compensation expense for awards on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods, reduced by estimated forfeitures.

Awards under our stock bonus and bonus share programs are accounted for as liability-classified awards, because the obligations are based predominantly on fixed monetary amounts that are generally known at inception of the obligation, to be settled with a variable number of shares of our common stock, which for a portion of the awards under our stock bonus program is determined using a discounted average price of our common stock.

Restricted Stock Units and Performance Stock Units

 

We periodically award RSUs to our directors, officers, and other employees. These awards contain various vesting conditions and are subject to certain restrictions and forfeiture provisions prior to vesting. Some of these awards to executive officers and certain other employees vest upon the achievement of specified performance goals or market conditions (performance stock units or “PSUs”).

The following table (“Award Activity Table”) summarizes activity for RSUs, PSUs, and other stock awards that reduce available Plan capacity under the Plans for the three months ended April 30, 2024 and 2023:

						Three Months Ended April 30,
						2024												2023
(in thousands, except grant date fair values)						Shares or Units						Weighted-Average Grant Date Fair Value						Shares or Units						Weighted-Average Grant Date Fair Value
Beginning balance						2,658						$	43.29					2,230						$	52.42
Granted						2,261						$	29.56					1,665						$	37.36
Released						(410)						$	52.28					(475)						$	50.22
Forfeited						(111)						$	55.71					(32)						$	50.63
Ending balance						4,398						$	35.08					3,388						$	45.34

---

With respect to our stock bonus program, the activity presented in the table above only includes shares earned and released in consideration of the discount provided under that program. Consistent with the provisions of the Plans under which such shares are issued, other shares issued under the stock bonus program are not included in the table above because they do not reduce available plan capacity (since such shares are deemed to be purchased by the grantee at fair value in lieu of receiving an earned cash bonus). Activity presented in the table above includes all shares awarded and released under the bonus share program. Further details appear below under “Stock Bonus Program and Bonus Share Program”.

Our RSU and PSU awards may include a provision which allows the awards to be settled with cash payments upon vesting, rather than with delivery of common stock, at the discretion of our board of directors. As of April 30, 2024, for such awards that are outstanding, settlement with cash payments was not considered probable, and therefore these awards have been accounted for as equity-classified awards and are included in the table above.

The following table summarizes PSU activity in isolation under the Plans for the three months ended April 30, 2024 and 2023 (these amounts are also included in the Award Activity Table above for 2024 and 2023):

						Three Months Ended April 30,
(in thousands)						2024						2023
Beginning balance						532						532
Granted						358						277
Released						(160)						(230)
Forfeited						(81)						(10)
Ending balance						649						569

Excluding PSUs, we granted 1,903,000 RSUs during the three months ended April 30, 2024.

As of April 30, 2024, there was approximately $117.3 million of total unrecognized compensation expense, net of estimated forfeitures, related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.2 years.

Stock Bonus Program and Bonus Share Program

Our stock bonus program permits eligible employees to receive a portion of their earned bonuses, otherwise payable in cash, in the form of discounted shares of our common stock. Executive officers are eligible to participate in this program to the extent that capacity remains available under the program following the enrollment of all other participants. Shares awarded to executive officers with respect to the discount feature of the program are subject to a one-year vesting period. This program is subject to annual funding approval by our board of directors and an annual cap on the number of shares that can be issued. Subject to these limitations, the number of shares to be issued under the program for a given year is determined using a five-day trailing average price of our common stock when the awards are calculated, reduced by a discount determined by the board of directors each year (the “discount”). To the extent that this program is not funded in a given year or the number of shares of common stock needed to fully satisfy employee enrollment exceeds the annual cap, the applicable portion of the employee bonuses will generally revert to being paid in cash.

Under our bonus share program, we may provide discretionary bonuses to employees or pay earned bonuses that are outside the stock bonus program in the form of shares of common stock. Unlike the stock bonus program, there is no enrollment for this program and no discount feature.

 

For bonuses in respect of the year ended January 31, 2024, our board of directors approved the use of up to 300,000 shares of common stock in the aggregate for awards under these two programs, with up to 200,000 of these shares of common stock, and a discount of 15% approved for awards under our stock bonus program. We currently expect to issue approximately 22,000 shares under the stock bonus program and 178,000 shares under the bonus share program, in respect of the year ended January 31, 2024, during the first half of the year ending January 31, 2025.

In March 2024, our board of directors approved the use of up to 300,000 shares of common stock in the aggregate under these two programs, with up to 200,000 of these shares of common stock, and a discount of 15%, for awards under our stock bonus program for the performance period ending January 31, 2025. Any shares earned under these programs will be issued during the year ending January 31, 2026.

---

Legal Proceedings

CTI Litigation

In March 2009, one of our former employees, Ms. Orit Deutsch, commenced legal actions in Israel against our former primary Israeli subsidiary, Cognyte Technologies Ltd. (formerly known as Verint Systems Limited or “VSL”) (Case Number 4186/09) and against our former affiliate CTI (Case Number 1335/09). Also, in March 2009, a former employee of Comverse Limited (CTI’s primary Israeli subsidiary at the time), Ms. Roni Katriel, commenced similar legal actions in Israel against Comverse Limited (Case Number 3444/09). In these actions, the plaintiffs generally sought to certify class action suits against the defendants on behalf of current and former employees of VSL and Comverse Limited who had been granted stock options in Verint and/or CTI and who were allegedly damaged as a result of a suspension on option exercises during an extended filing delay period that is discussed in our and CTI’s historical public filings. On June 7, 2012, the Tel Aviv District Court, where the cases had been filed or transferred, allowed the plaintiffs to consolidate and amend their complaints against the three defendants: VSL, CTI, and Comverse Limited.

On October 31, 2012, CTI distributed all of the outstanding shares of common stock of Comverse, Inc., its principal operating subsidiary and parent company of Comverse Limited, to CTI’s shareholders (the “Comverse Share Distribution”). In the period leading up to the Comverse Share Distribution, CTI either sold or transferred substantially all of its business operations and assets (other than its equity ownership interests in Verint and in its then-subsidiary, Comverse, Inc.) to Comverse, Inc. or to unaffiliated third parties. As the result of these transactions, Comverse, Inc. became an independent company and ceased to be affiliated with CTI, and CTI ceased to have any material assets other than its equity interests in Verint. Prior to the completion of the Comverse Share Distribution, the plaintiffs sought to compel CTI to set aside up to $150.0 million in assets to secure any future judgment, but the District Court did not rule on this motion. In February 2017, Mavenir Inc. became successor-in-interest to Comverse, Inc.

On February 4, 2013, Verint acquired the remaining CTI shell company in a merger transaction (the “CTI Merger”). As a result of the CTI Merger, Verint assumed certain rights and liabilities of CTI, including any liability of CTI arising out of the foregoing legal actions. However, under the terms of a Distribution Agreement entered into in connection with the Comverse Share Distribution, we, as successor to CTI, are entitled to indemnification from Comverse, Inc. (now Mavenir) for any losses we may suffer in our capacity as successor to CTI related to the foregoing legal actions.

Following an unsuccessful mediation process, on August 28, 2016, the District Court (i) denied the plaintiffs’ motion to certify the suit as a class action with respect to all claims relating to Verint stock options, (ii) dismissed the motion to certify the suit against VSL and Comverse Limited, and (iii) approved the plaintiffs’ motion to certify the suit as a class action against CTI with respect to claims of current or former employees of Comverse Limited (now part of Mavenir) or of VSL who held unexercised CTI stock options at the time CTI suspended option exercises. The court also ruled that the merits of the case would be evaluated under New York law.

As a result of this ruling (which excluded claims related to Verint stock options from the case), one of the original plaintiffs in the case, Ms. Deutsch, was replaced by a new representative plaintiff, Mr. David Vaaknin. CTI appealed portions of the District Court’s ruling to the Israeli Supreme Court. On August 8, 2017, the Israeli Supreme Court partially allowed CTI’s appeal and ordered the case to be returned to the District Court to determine whether a cause of action exists under New York law based on the parties’ expert opinions.

Following two unsuccessful rounds of mediation in mid to late 2018 and in mid-2019, the proceedings resumed. On April 16, 2020, the District Court accepted the plaintiffs’ application to amend the motion to certify a class action and set deadlines for filing amended pleadings by the parties. CTI submitted a motion to appeal the District Court’s decision to the Israeli Supreme Court, as well as a motion to stay the proceedings in the District Court pending the resolution of the appeal. On July 6, 2020, the Israeli Supreme Court granted the motion for a stay. On July 27, 2020, the plaintiffs filed their response on the merits of the motion for leave to appeal. On December 15, 2021, the Israeli Supreme Court rejected CTI’s motion to appeal and the proceedings in the District Court resumed.

---

At the recommendation of the District Court, in June 2022, the parties conducted another round of mediation in New York. On July 10, 2022, the parties reached an agreement to settle the matter on terms set forth in a settlement agreement that was executed by all parties and submitted a motion for approval of the settlement agreement to the District Court. Under the terms of the settlement agreement, subject to full and final waiver, Mavenir Inc. and/or Comverse, Inc. and/or Mavenir Ltd. agreed to pay a total of $16.0 million (such amount to be paid in three phases as set forth in the settlement agreement) as compensation to the plaintiffs and members of the class. The compensation amount is comprehensive, final and absolute and includes within it all the amounts and expenses to be paid in connection with the settlement agreement. Under the terms of an associated guaranty agreement, Verint has guaranteed the payment of the compensation amount in the event it is not paid by the primary obligors. On February 7, 2023, the District Court approved the settlement without material changes. As of April 30, 2024, all installments of the compensation amount had been paid by Mavenir. There was no impact to our condensed consolidated statements of operations.

Under the terms of the Separation and Distribution Agreement entered into between Verint and Cognyte, Cognyte has agreed to indemnify Verint for Cognyte’s share of any losses that Verint may suffer related to the foregoing legal actions either in its capacity as successor to CTI, to the extent not indemnified by Mavenir, or due to its former ownership of Cognyte and VSL.

Unfair Competition Litigation and Related Investigation

As previously disclosed, Verint Americas Inc., as successor to ForeSee Results, Inc. (“ForeSee”), was the defendant in two Eastern District of Michigan cases captioned ACSI LLC v. ForeSee Results, Inc., and CFI Group USA LLC v. Verint Americas Inc. The former case was filed on October 24, 2018 against ForeSee by American Customer Satisfaction Index, LLC (“ACSI LLC”) (Case No. 2:18-cv-13319) and alleged infringement of two federally registered trademarks and common law unfair competition under federal and state law. The latter case was filed on September 5, 2019 against Verint Americas Inc. (as successor in interest to ForeSee) by CFI Group USA LLC (“CFI”) (Case No. 2:19-cv-12602) and alleged unfair competition and false advertising under federal and state law, as well as tortious interference with contract. We believe that the claims asserted by the plaintiffs in these matters were without merit. Following the filing of the Eastern District of Michigan litigation, ForeSee filed affirmative litigation in the U.S. District Court for the District of Delaware (Case No. 1:21-cv-00674, Complaint filed on May 7, 2021) against ACSI LLC, CFI, Claes Fornell, and CFI Software LLC (the “Fornell Group”) asserting fraud and other claims against ACSI LLC, CFI, Fornell Group, and CFI Software for, among other things, their breach of a “Joinder and Waiver Agreement” entered into in connection with the December 2013 sale of ForeSee to its previous owner and misrepresentations in the associated deal documents. Verint acquired ForeSee in December 2018.

In April 2023, the parties reached an agreement in principle to settle these actions, and on June 1, 2023, the parties signed a definitive settlement agreement. Under the terms of the settlement agreement, Verint paid $9.0 million to the Fornell Group in July 2023 and the parties have agreed to certain restrictive covenants with respect to the future business activities of both ForeSee and the Fornell Group. The agreement provides that the settlement does not constitute a ruling on the merits, an admission as to any issue of fact or principle of law, or an admission of liability or wrongdoing by either ForeSee or Verint. Following the execution of the settlement agreement, the two cases in Michigan against us have been dismissed, and the case in Delaware filed by us has been dismissed.

The U.S. Attorney’s Office for the Eastern District of Michigan’s Civil Division (“USAO”) also conducted a False Claims Act investigation concerning allegations ForeSee and/or Verint failed to provide the federal government the services described in certain government contracts related to ForeSee’s products inherited by Verint in the ForeSee acquisition. Verint received a Civil Investigation Demand (“CID”) in connection with this investigation and provided responses. The False Claims Act contains provisions that allow for private persons (“relators”) to initiate actions by filing claims under seal. We believed and subsequently confirmed that this investigation was initiated by ACSI LLC and CFI in coordination with the Eastern District of Michigan litigation discussed above.

In March 2023, Verint and the Assistant U.S. Attorney overseeing the USAO investigation reached an agreement in principle to resolve the USAO matter. The definitive settlement agreement, which provides that it is not an admission of liability by us, was signed in July 2023 including by the USAO and the relators. Under the terms of the settlement agreement, Verint paid $7.0 million to the government in August 2023 (a portion of which is payable by the government to the relators) in exchange for a release of the asserted claims, and an associated civil action brought by the relators has been dismissed.

As of January 31, 2023, we recognized a $7.0 million legal settlement liability in respect of the USAO matter and a $3.5 million legal settlement liability in respect of the ACSI and CFI matters within accrued expenses and other current liabilities, and a corresponding insurance recovery receivable in prepaid expenses and other current assets on our consolidated balance sheets. These loss accruals and insurance recoveries were offset within selling, general and administrative expenses in our consolidated

---

statements of operations for the year ended January 31, 2023, resulting in no impact on our consolidated statements of operations.

The incremental settlement costs of $5.5 million related to the ACSI and CFI matters as a result of the settlement described above was included within selling, general and administrative expenses in our consolidated statement of operations for the year ended January 31, 2024. We reached a final settlement with one of our insurance carriers for a total cumulative insurance recovery of $14.5 million for the losses we incurred related to these actions, which offset settlement and legal expenses during the year ended January 31, 2023. We collected $2.0 million during the year ended January 31, 2023 and $12.5 million was collected in April 2023.

We are a party to various other litigation matters and claims that arise from time to time in the ordinary course of our business. While we believe that the ultimate outcome of any such current matters will not have a material adverse effect on us, their outcomes are not determinable and negative outcomes may adversely affect our financial position, liquidity, or results of operations.

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

v3.24.1.1.u2

Cover Page - shares	3 Months Ended
	Apr. 30, 2024	May 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	001-34807
Entity Registrant Name	Verint Systems Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3200514
Entity Address, Address Line One	225 Broadhollow Road
Entity Address, City or Town	Melville,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11747
City Area Code	(631)
Local Phone Number	962-9600
Title of 12(b) Security	Common Stock, $.001 par value per share
Trading Symbol	VRNT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,776,686
Entity Central Index Key	0001166388
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

v3.24.1.1.u2

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Current Assets:
Cash and cash equivalents	$ 236,592	$ 241,400
Short-term investments	785	686
Accounts receivable, net of allowance for credit losses of $1.3 million and $1.2 million, respectively	155,903	190,461
Contract assets, net	71,490	66,913
Inventories	16,589	14,209
Prepaid expenses and other current assets	48,775	59,505
Total current assets	530,134	573,174
Property and equipment, net	48,689	47,704
Operating lease right-of-use assets	28,836	30,118
Goodwill	1,354,933	1,352,715
Intangible assets, net	58,450	57,466
Other assets	168,970	165,247
Total assets	2,190,012	2,226,424
Current Liabilities:
Accounts payable	29,327	26,301
Accrued expenses and other current liabilities	122,391	137,433
Contract liabilities	242,478	254,437
Total current liabilities	394,196	418,171
Long-term debt	411,365	410,965
Long-term contract liabilities	9,394	10,581
Operating lease liabilities	30,933	32,100
Other liabilities	88,892	85,620
Total liabilities	934,780	957,437
Commitments and Contingencies
Temporary Equity:
Total temporary equity	436,321	436,321
Stockholders' Equity:
Common stock — $0.001 par value; authorized 240,000,000 shares; issued 61,914,000 and 62,738,000 shares; outstanding 61,914,000 and 62,738,000 shares at April 30, 2024 and January 31, 2024, respectively.	62	63
Additional paid-in capital	958,062	979,671
Retained earnings (accumulated deficit)	8,518	(6,723)
Accumulated other comprehensive loss	(150,241)	(142,962)
Total Verint Systems Inc. stockholders' equity	816,401	830,049
Noncontrolling interest	2,510	2,617
Total stockholders' equity	818,911	832,666
Total liabilities, temporary equity, and stockholders' equity	2,190,012	2,226,424
Series A Preferred Stock
Temporary Equity:
Total temporary equity	200,628	200,628
Series B Preferred Stock
Temporary Equity:
Total temporary equity	$ 235,693	$ 235,693

v3.24.1.1.u2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Allowance for credit losses	$ 1,300	$ 1,200
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	2,207,000	2,207,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	240,000,000	240,000,000
Common stock, issued (in shares)	61,914,000	62,738,000
Common Stock, outstanding (in shares)	61,914,000	62,738,000
Series A Preferred Stock
Preferred stock, issued (in shares)	200,000	200,000
Preferred stock, outstanding (in shares)	200,000	200,000
Preferred stock, liquidation preference value	$ 203,467	$ 206,067
Preferred stock, redemption value	$ 203,467	$ 206,067
Series B Preferred Stock
Preferred stock, issued (in shares)	200,000	200,000
Preferred stock, outstanding (in shares)	200,000	200,000
Preferred stock, liquidation preference value	$ 203,467	$ 206,067
Preferred stock, redemption value	$ 203,467	$ 206,067

v3.24.1.1.u2

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Revenue:
Total revenue	$ 221,277	$ 216,566
Cost of revenue:
Amortization of acquired technology	1,358	1,965
Total cost of revenue	63,761	68,403
Gross profit	157,516	148,163
Operating expenses:
Research and development, net	36,730	31,782
Selling, general and administrative	93,276	101,279
Amortization of other acquired intangible assets	3,065	6,330
Total operating expenses	133,071	139,391
Operating income	24,445	8,772
Other income (expense), net:
Interest income	1,978	1,982
Interest expense	(2,591)	(2,781)
Other (expense) income, net	(498)	24
Total other expense, net	(1,111)	(775)
Income before provision for income taxes	23,334	7,997
Provision for income taxes	7,955	4,363
Net income	15,379	3,634
Net income attributable to noncontrolling interests	138	339
Net income attributable to Verint Systems Inc.	15,241	3,295
Dividends on preferred stock	(5,200)	(5,200)
Net income (loss) attributable to Verint Systems Inc. common shares	$ 10,041	$ (1,905)
Net income (loss) per common share attributable to Verint Systems Inc.:
Basic (in dollars per share)	$ 0.16	$ (0.03)
Diluted (in dollars per share)	$ 0.16	$ (0.03)
Weighted-average common shares outstanding:
Basic (in shares)	62,335	64,940
Diluted (in shares)	62,845	64,940
Recurring
Revenue:
Total revenue	$ 173,528	$ 166,439
Cost of revenue:
Cost of revenue	35,923	39,643
Nonrecurring
Revenue:
Total revenue	47,749	50,127
Cost of revenue:
Cost of revenue	$ 26,480	$ 26,795

v3.24.1.1.u2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 15,379	$ 3,634
Other comprehensive (loss) income, net of reclassification adjustments:
Foreign currency translation adjustments	(7,060)	8,612
Net decrease from foreign exchange contracts designated as hedges	(266)	(123)
Benefit from income taxes on net decrease from foreign exchange contracts designated as hedges	47	21
Other comprehensive (loss) income	(7,279)	8,510
Comprehensive income	8,100	12,144
Comprehensive income attributable to noncontrolling interests	138	339
Comprehensive income attributable to Verint Systems Inc.	$ 7,962	$ 11,805

v3.24.1.1.u2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Verint Systems Inc. Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Treasury Stock	(Accumulated Deficit) / Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balance (in shares) at Jan. 31, 2023			65,404
Beginning balances at Jan. 31, 2023	$ 858,149	$ 855,790	$ 65	$ 1,055,157	$ 0	$ (45,333)	$ (154,099)	$ 2,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,634	3,295				3,295		339
Other comprehensive income (loss)	8,510	8,510					8,510
Stock-based compensation — equity-classified awards	13,436	13,436		13,436
Common stock issued for stock awards and stock bonuses (in shares)			475
Common stock issued for stock awards and stock bonuses	0
Common stock repurchased and retired (in shares)			(1,593)
Common stock repurchased and retired	(60,096)	(60,096)	$ (1)	(60,095)
Distribution to noncontrolling interest	(245)							(245)
Ending balance (in shares) at Apr. 30, 2023			64,286
Ending balances at Apr. 30, 2023	$ 823,388	820,935	$ 64	1,008,498	0	(42,038)	(145,589)	2,453
Beginning balance (in shares) at Jan. 31, 2024	62,738		62,738
Beginning balances at Jan. 31, 2024	$ 832,666	830,049	$ 63	979,671	0	(6,723)	(142,962)	2,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,379	15,241				15,241		138
Other comprehensive income (loss)	(7,279)	(7,279)					(7,279)
Stock-based compensation — equity-classified awards	16,508	16,508		16,508
Common stock issued for stock awards and stock bonuses (in shares)			410
Common stock issued for stock awards and stock bonuses	0
Common stock repurchased and retired (in shares)			(1,234)
Common stock repurchased and retired	(38,118)	(38,118)	$ (1)	(38,117)
Distribution to noncontrolling interest	$ (245)							(245)
Ending balance (in shares) at Apr. 30, 2024	61,914		61,914
Ending balances at Apr. 30, 2024	$ 818,911	$ 816,401	$ 62	$ 958,062	$ 0	$ 8,518	$ (150,241)	$ 2,510

v3.24.1.1.u2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities:
Net income	$ 15,379	$ 3,634
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,367	17,503
Stock-based compensation, excluding cash-settled awards	18,009	14,814
Losses on early retirements of debt	0	237
Other, net	179	45
Changes in operating assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable	33,802	31,124
Contract assets	(4,776)	1,923
Inventories	(2,372)	(937)
Prepaid expenses and other assets	1,404	21,278
Accounts payable and accrued expenses	(2,410)	(6,821)
Contract liabilities	(12,418)	(19,245)
Deferred income taxes	775	90
Other, net	1,778	(3,638)
Net cash provided by operating activities	60,717	60,007
Cash flows from investing activities:
Cash paid for asset acquisitions and business combinations, including adjustments, net of cash acquired	(9,206)	0
Divestitures, net of cash divested	1,300	0
Purchases of property and equipment	(3,591)	(4,923)
Maturities and sales of investments	228	232
Purchases of investments	(330)	(3,180)
Cash paid for capitalized software development costs	(2,538)	(1,868)
Change in restricted bank time deposits, and other investing activities, net	2	(1,019)
Net cash used in investing activities	(14,135)	(10,758)
Cash flows from financing activities:
Proceeds from borrowings	0	100,000
Repayments of borrowings and other financing obligations	(553)	(100,530)
Purchases of treasury stock and common stock for retirement	(37,095)	(60,294)
Preferred stock dividend payments	(10,400)	(10,400)
Distributions paid to noncontrolling interest	(245)	(245)
Payments of contingent consideration for business combinations (financing portion)	(2,658)	(18)
Cash received for contingent consideration for business divestitures (financing portion) and other financing activities	214	1
Net cash used in financing activities	(50,737)	(71,486)
Foreign currency effects on cash, cash equivalents, restricted cash, and restricted cash equivalents	(848)	859
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents	(5,003)	(21,378)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	242,669	282,161
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 237,666	$ 260,783

v3.24.1.1.u2

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Cash and cash equivalents	$ 236,592	$ 260,719
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	237,666	260,783
Prepaid expenses and other current assets
Restricted cash and cash equivalents	1,074	6
Other assets
Restricted cash and cash equivalents	$ 0	$ 58

v3.24.1.1.u2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES   Description of Business   Unless the context otherwise requires, the terms “Verint”, “we”, “us”, and “our” in these notes to condensed consolidated financial statements refer to Verint Systems Inc. and its consolidated subsidiaries. Verint is a leader in customer experience (“CX”) automation. The world’s most iconic brands – including more than 80 of the Fortune 100 companies – use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise. Verint is uniquely positioned to help brands increase CX automation with our differentiated AI-powered Open Platform. Brands today are challenged to delight their customers while facing limited budgets and resources. As a result, organizations are turning to AI-powered platforms specifically designed for the customer engagement domain to increase the level of their CX automation rather than hire additional employees. Verint is headquartered in Melville, New York, and has approximately 15 offices worldwide, in addition to a number of on-demand, flexible coworking spaces. We have approximately 3,700 employees plus a few hundred contractors around the globe focused on helping brands increase CX automation. Apax Convertible Preferred Stock Investment On December 4, 2019, we announced that an affiliate (the “Apax Investor”) of Apax Partners (“Apax”) would make an investment in us in an amount of up to $400.0 million. Under the terms of the Investment Agreement, dated as of December 4, 2019 (the “Investment Agreement”), on May 7, 2020, the Apax Investor purchased $200.0 million of our Series A convertible preferred stock (“Series A Preferred Stock”). On February 1, 2021, we completed the spin-off (the “Spin-Off”) of Cognyte Software Ltd. (“Cognyte”), a company limited by shares incorporated under the laws of the State of Israel whose business and operations consist of our former Cyber Intelligence Solutions business. In connection with the completion of the Spin-Off, on April 6, 2021, the Apax Investor purchased $200.0 million of our Series B convertible preferred stock (the “Series B Preferred Stock” and together with the Series A Preferred Stock, the “Preferred Stock”). As of April 30, 2024, Apax’s ownership in us on an as-converted basis was approximately 13.5%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment. Preparation of Condensed Consolidated Financial Statements The condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”). The condensed consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for the periods ended April 30, 2024 and 2023, and the condensed consolidated balance sheet as of April 30, 2024, are not audited but reflect all adjustments that, in the opinion of management, are of a normal recurring nature and that are considered necessary for a fair presentation of the results for the periods shown. The condensed consolidated balance sheet as of January 31, 2024 is derived from the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended January 31, 2024. Certain information and disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by GAAP for a complete set of financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended January 31, 2024 filed with the SEC. The results for interim periods are not necessarily indicative of a full year’s results. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Verint Systems Inc., and our wholly owned or otherwise controlled subsidiaries. Noncontrolling interests in less than wholly owned subsidiaries are reflected within stockholders’ equity on our condensed consolidated balance sheet, but separately from our stockholders’ equity. Equity investments in companies in which we have less than a 20% ownership interest and cannot exercise significant influence, and which do not have readily determinable fair values, are accounted for at cost, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, less any impairment. We include the results of operations of acquired companies from the date of acquisition. All significant intercompany transactions and balances are eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Key estimates in the accompanying condensed consolidated financial statements include, among others, revenue recognition, allowances for doubtful accounts, determining the fair value of assets and liabilities assumed in business combinations, recoverability of goodwill, amortization of intangibles, evaluation of contingencies, and the accounting for income taxes. Actual results could differ from those estimates. Significant Accounting Policies There have been no material changes in our significant accounting policies during the three months ended April 30, 2024, as compared to the significant accounting policies described in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2024. Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements since the filing of our Annual Report on Form 10-K for the year ended January 31, 2024 that may have a material impact on our condensed consolidated financial statements. New Accounting Pronouncements Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require public companies to report incremental segment information on an annual and interim basis, including enhanced disclosures of significant segment expenses included within each reported measure of segment profit or loss. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. We plan to adopt ASU No. 2023-07 effective for the annual report on Form 10-K for the year ending January 31, 2025 and subsequent interim periods, and are currently evaluating the impact of this standard on our condensed consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require greater disaggregation of a reporting entity’s effective tax rate reconciliation as well as income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statement disclosures.

v3.24.1.1.u2

REVENUE RECOGNITION	3 Months Ended
	Apr. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION We derive our revenue primarily from providing customers the right to access our cloud-based solutions, the right to use our software for an indefinite or specified period of time, and related services and support based on when access or control of the software passes to our customers or the services are provided, in an amount that reflects the consideration we expect to be entitled to in exchange for such goods or services. Revenue is reported net of applicable sales and use tax, value-added tax and other transaction taxes imposed on the related transactions, including mandatory government charges that are passed through to our customers. We determine revenue recognition through the following five steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, performance obligations are satisfied We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Disaggregation of Revenue The following table provides a disaggregation of our recurring and nonrecurring revenue. Recurring revenue is the portion of our revenue that we believe is likely to be renewed in the future. The recurrence of these revenue streams in future periods depends on a number of factors including contractual periods and customers' renewal decisions. •Recurring revenue primarily consists of: ◦Software as a service (“SaaS”) revenue, which consists predominately of bundled SaaS (software access rights with standard managed services) and unbundled SaaS (software licensing rights accounted for as term-based licenses whereby customers have a license to our software with related support for a specific period). ▪Bundled SaaS revenue is recognized over time. ▪Unbundled SaaS revenue is recognized at a point in time, except for the related support which is recognized over time. Unbundled SaaS contracts are eligible for renewal after the initial fixed term, which in most cases is between a one- and three-year time frame. Unbundled SaaS can be deployed in the cloud, either by us or a cloud partner. ◦Optional managed services revenue. ◦Support revenue, which consists of initial and renewal support on our perpetual licenses. •Nonrecurring revenue primarily consists of our perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties. Three Months Ended April 30, (in thousands) 2024 2023 Recurring revenue: Bundled SaaS revenue $ 65,695  $ 59,453  Unbundled SaaS revenue 75,288  57,695  Total SaaS revenue 140,983  117,148  Optional managed services revenue 5,168  12,865  Support revenue 27,377  36,426  Total recurring revenue 173,528  166,439  Nonrecurring revenue: Perpetual revenue 24,900  24,334  Professional services and other revenue 22,849  25,793  Total nonrecurring revenue 47,749  50,127  Total revenue $ 221,277  $ 216,566  Contract Balances The following table provides information about accounts receivable, contract assets, and contract liabilities from contracts with customers: (in thousands) April 30, 2024 January 31, 2024 Accounts receivable, net $ 155,903  $ 190,461  Contract assets, net $ 71,490  $ 66,913  Long-term contract assets, net (included in other assets) $ 38,115  $ 31,379  Contract liabilities $ 242,478  $ 254,437  Long-term contract liabilities $ 9,394  $ 10,581  We receive payments from customers based upon contractual billing schedules, and accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets are rights to consideration in exchange for goods or services that we have transferred to a customer when that right is conditional on something other than the passage of time. The majority of our contract assets represent unbilled amounts related to multi-year unbundled SaaS contracts and arrangements where our right to consideration is subject to the contractually agreed upon billing schedule. We expect billing and collection of a majority of our contract assets to occur within the next twelve months and asset impairment charges related to contract assets were immaterial in the three months ended April 30, 2024 and 2023. As of April 30, 2024, two partners, both authorized global resellers of our solutions, accounted for more than 10% of our aggregated accounts receivable and contract assets; Partner A was approximately 13% and Partner B was approximately 14%. As of January 31, 2024, Partner A and Partner B each accounted for approximately 14% of our aggregated accounts receivable and contract assets. Credit losses relating to these customers have historically been immaterial. Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract. Revenue recognized during the three months ended April 30, 2024 and 2023 from amounts included in contract liabilities at the beginning of each period was $99.1 million and $101.5 million, respectively. Remaining Performance Obligations Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes contract liabilities and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. The majority of our arrangements are for periods of one to three years, although the contract term can extend up to five years. We elected to exclude amounts of variable consideration attributable to sales- or usage-based royalties in exchange for a license of our IP from the remaining performance obligations. The timing and amount of revenue recognition for our remaining performance obligations are influenced by several factors, including seasonality, the timing of renewals, the timing of delivery of software licenses, the average length of the contract terms, and foreign currency exchange rates. The following table provides information about when we expect to recognize our remaining performance obligations: (in thousands) April 30, 2024 January 31, 2024 Remaining performance obligations: Expected to be recognized within 1 year $ 437,659  $ 464,600  Expected to be recognized in more than 1 year 279,785  279,702  Total remaining performance obligations $ 717,444  $ 744,302

v3.24.1.1.u2

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC.	3 Months Ended
	Apr. 30, 2024
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC.	NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. The following table summarizes the calculation of basic and diluted net income (loss) per common share attributable to Verint Systems Inc. for the three months ended April 30, 2024 and 2023: Three Months Ended April 30, (in thousands, except per share amounts)  2024 2023 Net income $ 15,379  $ 3,634  Net income attributable to noncontrolling interests 138  339  Net income attributable to Verint Systems Inc. 15,241  3,295  Dividends on preferred stock (5,200) (5,200) Net income (loss) attributable to Verint Systems Inc. for basic net loss per common share 10,041  (1,905) Dilutive effect of dividends on preferred stock —  —  Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share $ 10,041  $ (1,905) Weighted-average shares outstanding:   Basic 62,335  64,940  Three Months Ended April 30, (in thousands, except per share amounts)  2024 2023 Dilutive effect of employee equity award plans 510  —  Dilutive effect of 2021 Notes —  —  Dilutive effect of assumed conversion of preferred stock —  —  Diluted 62,845  64,940  Net income (loss) per common share attributable to Verint Systems Inc.: Basic $ 0.16  $ (0.03) Diluted $ 0.16  $ (0.03) We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended April 30, (in thousands)  2024 2023 Common shares excluded from calculation:     Restricted and performance stock-based awards 1,733  2,080  Series A Preferred Stock 5,498  5,498  Series B Preferred Stock 3,980  3,980  In periods for which we report a net loss attributable to Verint Systems Inc. common shares, basic net loss per common share and diluted net loss per common share are identical since the effect of all potential common shares is anti-dilutive and therefore excluded. For the three months ended April 30, 2024, the average price of our common stock did not exceed the $62.08 per share conversion price of our 2021 Notes, and other requirements for the 2021 Notes (as defined in Note 7, “Long-Term Debt”), to be convertible were not met. The 2021 Notes will have a dilutive impact on net income per common share at any time when the average market price of our common stock for a quarterly reporting period exceeds the conversion price. The Capped Calls (as defined in Note 7, “Long-Term Debt”) do not impact our diluted earnings per common share calculations as their effect would be anti-dilutive. The Capped Calls are generally intended to reduce the potential dilution to our common stock upon any conversion of the 2021 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2021 Notes, in the event that at the time of conversion our common stock price exceeds the $62.08 conversion price, with such reduction and/or offset subject to a cap of $100.00. Further details regarding the 2021 Notes and Capped Calls appear in Note 7, “Long-Term Debt”. The weighted-average common shares underlying the assumed conversion of the Preferred Stock, on an as-converted basis, were excluded from the calculations of diluted net income (loss) per common share for the three months ended April 30, 2024 and 2023, as their effect would have been anti-dilutive. Further details regarding the Preferred Stock investment appear in Note 9, “Convertible Preferred Stock”.

v3.24.1.1.u2

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS	3 Months Ended
	Apr. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS	CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS The following tables summarize our cash, cash equivalents, and short-term investments as of April 30, 2024 and January 31, 2024: April 30, 2024 (in thousands)  Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 184,041  $ —  $ —  $ 184,041  Money market funds 52,053  —  —  52,053  U.S. Treasury bills 498  —  —  498  Total cash and cash equivalents $ 236,592  $ —  $ —  $ 236,592  Short-term investments: Bank time deposits $ 785  $ —  $ —  $ 785  Total short-term investments $ 785  $ —  $ —  $ 785  January 31, 2024 (in thousands) Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 155,504  $ —  $ —  $ 155,504  Money market funds 85,647  —  —  85,647  U.S. Treasury Bills 249  —  —  249  Total cash and cash equivalents $ 241,400  $ —  $ —  $ 241,400  Short-term investments: Bank time deposits $ 686  $ —  $ —  $ 686  Total short-term investments $ 686  $ —  $ —  $ 686  Bank time deposits which are reported within short-term investments consist of deposits held outside of the United States with maturities of greater than 90 days, or without specified maturity dates which we intend to hold for periods in excess of 90 days. All other bank deposits are included within cash and cash equivalents. During each of the three months ended April 30, 2024 and 2023, proceeds from maturities and sales of short-term investments were $0.2 million.

v3.24.1.1.u2

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES	3 Months Ended
	Apr. 30, 2024
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES	BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES Three Months Ended April 30, 2024 During the three months ended April 30, 2024, we completed the acquisition of an AI-powered analytics company, including fourteen employees. Pursuant to the terms of the purchase agreement, the purchase price consisted of $8.8 million of cash paid at closing, contingent consideration with an estimated fair value of $3.4 million, and the acquisition date fair value of our previously held investment via a simple agreement for future equity (“SAFE”), which was approximately $1.7 million. Further discussion regarding this SAFE investment appears in Note 12, “Fair Value Measurements”. We recognized intangible assets of $5.2 million for developed technology, $0.2 million for the acquired customer relationships, and goodwill of $8.3 million. The acquisition qualified as a stock transaction for tax purposes. This transaction was not material to our condensed consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted. Year Ended January 31, 2024 During the year ended January 31, 2024, we completed the acquisition of a provider of solutions for workforce scheduling automation, including three employees. This transaction resulted in increases to goodwill, customer relationships, and acquired technology intangible assets, but was not material to our condensed consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted. Revenue and net income (loss) attributable to this acquisition for the three months ended April 30, 2024 was not material. Other Business Combination Information For the three months ended April 30, 2024 and 2023, we recorded a benefit of $0.4 million and a charge of $0.2 million, respectively, within selling, general and administrative expenses for changes in the fair values of contingent consideration obligations associated with business combinations, which was based on our historical business combinations achieving certain objectives and milestones. The aggregate fair values of the remaining contingent consideration obligations associated with business combinations was $6.9 million at April 30, 2024, of which $2.1 million was recorded within accrued expenses and other current liabilities, and $4.8 million was recorded within other liabilities. Payments of contingent consideration earned under these agreements were $3.3 million and $0.3 million for the three months ended April 30, 2024 and 2023, respectively. Asset Acquisition In July 2023, we entered into an agreement to acquire source code that qualified as an asset acquisition and made an initial deposit payment of $1.0 million upon the execution of the contract and incurred direct transaction costs related to such asset acquisition of $0.2 million. The agreement also stipulates the establishment of additional milestone payments totaling $3.0 million, of which $2.0 million was deposited into a third-party escrow account in connection with the closing of the transaction. These milestone payments are contingent upon the successful delivery of the source code and the attainment of specific developmental objectives subject to reduction by certain amounts paid under a separate transition services agreement entered into by the parties. During the year ended January 31, 2024, we made $1.8 million in milestone payments to the seller, of which $0.8 million was released from the escrow account upon the achievement of certain source code delivery and integration milestones. During the three months ended April 30, 2024, we made an additional $0.2 million integration milestone payment to the seller, which was released from the escrow account. The remaining $1.0 million of milestone payments remains in the third-party escrow account, is classified as restricted cash, and is included in prepaid expenses and other current assets on our condensed consolidated balance sheet as of April 30, 2024. The transaction also provides for additional consideration that is contingent upon achieving certain performance targets for the years ending January 31, 2025 and 2026 of up to $5.0 million, with a minimum of $2.0 million guaranteed over the period, contingent upon achieving the milestones outlined above by the agreed upon dates, plus the opportunity to receive additional payments from us based on any revenue we receive from sales of products based on the acquired technology in adjacent markets. During the three months ended April 30, 2024, we made a $0.3 million noncontingent prepayment against the first period earn-out. Contingent consideration is not recorded in an asset acquisition until the contingency is resolved (when the contingent consideration is paid or becomes payable) or when probable and reasonably estimable. Divestitures On January 31, 2024, we completed the sale of a services business for manual quality managed services. We sold the business to the former managers, who were our employees. Today, our platform includes an AI-powered solution for automating the quality monitoring process. We expect our customers to adopt AI over time and believe that a people centric managed services offering is no longer core to our offering. We estimated the sale price under the sale agreement to be $6.0 million based on (i) the estimated fair value of our share of the future adjusted operating income (as defined in the sale agreement) of the business, to be paid annually over a minimum of six years following the transaction closing date, (ii) the amount by which the closing working capital of the business exceeds the working capital target, and (iii) the estimated amount of future collections of outstanding receivables as of the closing date from a certain customer, net of certain expenses. We determined the estimated fair value of the contingent consideration with the assistance of a third-party valuation specialist and estimates made by management. During the three months ended January 31, 2024, we recognized a pre-tax loss on the sale of $9.7 million, which was recorded as part of selling, general, and administrative expenses in our consolidated statement of operations, and included $0.8 million of cumulative foreign translation loss that was released from accumulated other comprehensive loss and divestiture-related expenses were not material. As part of the transaction, we divested $6.5 million of cash, most of which was intended as reimbursement for certain liabilities assumed by the buyer, as well as $1.0 million of tangible net assets, $0.5 million of intangible assets, and $6.8 million of goodwill. The divested services business generated $6.8 million of revenue during the three months ended April 30, 2023, and several hundred employees dedicated to this managed services business were transferred or terminated as part of the transaction. During the three months ended April 30, 2024, we received $1.5 million of the outstanding receivables as of the closing date. In March 2023, we completed the sale of an insignificant product line that we inherited as part of a legacy acquisition and that no longer fit with our current business priorities or strategic direction. The total consideration for the sale was $0.7 million, which is payable to us in three equal installments through March 2025, the first installment of which was received in July 2023, and the second installment of which was received in February 2024. The transaction reduced goodwill by $0.3 million and intangible assets by $0.2 million and resulted in a gain of approximately $0.2 million during the three months ended April 30, 2023. These divestitures did not meet the criteria to be reported as discontinued operations in our condensed consolidated financial statements as our decision to divest these businesses did not represent a strategic shift that would have a major effect on our operations and financial results.

v3.24.1.1.u2

INTANGIBLE ASSETS AND GOODWILL	3 Months Ended
	Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL   Acquisition-related intangible assets, excluding certain intangible assets previously acquired that were fully amortized and intangible assets of the businesses we divested which were removed from our condensed consolidated balance sheets, consisted of the following as of April 30, 2024 and January 31, 2024:     April 30, 2024 (in thousands) Cost Accumulated Amortization Net Intangible assets with finite lives:       Customer relationships $ 453,183  $ (413,670) $ 39,513  Acquired technology 236,203  (217,310) 18,893  Trade names 3,725  (3,681) 44  Distribution network 2,440  (2,440) —  Total intangible assets $ 695,551  $ (637,101) $ 58,450      January 31, 2024 (in thousands) Cost Accumulated Amortization Net Intangible assets with finite lives:       Customer relationships $ 455,184  $ (412,587) $ 42,597  Acquired technology 231,815  (217,006) 14,809  Trade names 3,727  (3,667) 60  Distribution network 2,440  (2,440) —      Total intangible assets $ 693,166  $ (635,700) $ 57,466  Total amortization expense recorded for acquisition-related intangible assets was $4.4 million and $8.3 million for the three months ended April 30, 2024 and 2023, respectively. The reported amount of net acquisition-related intangible assets can fluctuate from the impact of changes in foreign currency exchange rates on intangible assets not denominated in U.S. dollars. Estimated future amortization expense on finite-lived acquisition-related intangible assets is as follows: (in thousands)   Years Ending January 31, Amount 2025 (remainder of year) $ 13,451  2026 17,419  2027 13,652  2028 8,849  2029 3,968  2030 and thereafter 1,111     Total $ 58,450    There were no impairments of acquired intangible assets during the three months ended April 30, 2024 and 2023. Goodwill activity for the three months ended April 30, 2024 was as follows:  (in thousands) Amount Three Months Ended April 30, 2024: Goodwill, gross, at January 31, 2024 $ 1,408,758  Accumulated impairment losses through January 31, 2024 (56,043)    Goodwill, net, at January 31, 2024 1,352,715  Foreign currency translation and other (6,123) Business combinations 8,341     Goodwill, net, at April 30, 2024 $ 1,354,933  Balance at April 30, 2024   Goodwill, gross, at April 30, 2024 $ 1,410,976  Accumulated impairment losses through April 30, 2024 (56,043)    Goodwill, net, at April 30, 2024 $ 1,354,933  No events or circumstances indicating the potential for goodwill impairment were identified during the three months ended April 30, 2024.

v3.24.1.1.u2

LONG-TERM DEBT	3 Months Ended
	Apr. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The following table summarizes our long-term debt at April 30, 2024 and January 31, 2024: April 30, January 31, (in thousands) 2024 2024 2021 Notes $ 315,000  $ 315,000  Revolving Credit Facility 100,000  100,000  Less: unamortized debt discounts and issuance costs (3,635) (4,035) Total debt 411,365  410,965  Less: current maturities —  —  Long-term debt $ 411,365  $ 410,965  2021 Notes On April 9, 2021, we issued $315.0 million in aggregate principal amount of 0.25% convertible senior notes due April 15, 2026 (the “2021 Notes”), unless earlier converted by the holders pursuant to their terms. The 2021 Notes are unsecured and pay interest in cash semiannually in arrears at a rate of 0.25% per annum. We used a portion of the net proceeds from the issuance of the 2021 Notes to pay the costs of the Capped Calls described below. We also used a portion of the net proceeds from the issuance of the 2021 Notes, together with the net proceeds from the April 6, 2021 issuance of $200.0 million of Series B Preferred Stock, to repay a portion of the outstanding indebtedness under our Credit Agreement described below, to terminate an interest rate swap, and to repurchase shares of our common stock. The remainder is being used for working capital and other general corporate purposes. The 2021 Notes are convertible into shares of our common stock at an initial conversion rate of 16.1092 shares per $1,000 principal amount of 2021 Notes, which represents an initial conversion price of approximately $62.08 per share, subject to adjustment upon the occurrence of certain events, and subject to customary anti-dilution adjustments. Prior to January 15, 2026, the 2021 Notes will be convertible only upon the occurrence of certain events and during certain periods, and will be convertible thereafter at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2021 Notes. Upon conversion of the 2021 Notes, holders will receive cash up to the aggregate principal amount, with any remainder to be settled with cash or common stock, or a combination thereof, at our election. As of April 30, 2024, the 2021 Notes were not convertible. We incurred approximately $8.9 million of issuance costs in connection with the 2021 Notes, which were deferred and are presented as a reduction of long-term debt, and which are being amortized as interest expense over the term of the 2021 Notes. Including the impact of the deferred debt issuance costs, the effective interest rate on the 2021 Notes was approximately 0.83% at April 30, 2024. Based on the closing market price of our common stock on April 30, 2024, the if-converted value of the 2021 Notes was less than their aggregate principal amount. Capped Calls In connection with the issuance of the 2021 Notes, on April 6, 2021 and April 8, 2021, we entered into capped call transactions (the “Capped Calls”) with certain counterparties. The Capped Calls are generally intended to reduce the potential dilution to our common stock upon any conversion of the 2021 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2021 Notes, in the event that at the time of conversion our common stock price exceeds the conversion price, with such reduction and/or offset subject to a cap. The Capped Calls exercise price is equal to the $62.08 initial conversion price of each of the 2021 Notes, and the cap price is $100.00, each subject to certain adjustments under the terms of the Capped Calls. Our exercise rights under the Capped Calls generally trigger upon conversion of the 2021 Notes, and the Capped Calls terminate upon maturity of the 2021 Notes, or the first day the 2021 Notes are no longer outstanding. As of April 30, 2024, no Capped Calls have been exercised. Pursuant to their terms, the Capped Calls qualify for classification within stockholders’ equity, and their fair value is not remeasured and adjusted as long as they continue to qualify for stockholders’ equity classification. We paid approximately $41.1 million for the Capped Calls, including applicable transaction costs, which was recorded as a reduction to additional paid-in capital. Credit Agreement On June 29, 2017, we entered into a credit agreement with certain lenders and terminated a prior credit agreement. The credit agreement was amended in 2018, 2020, 2021, and 2023, as further described below (as amended, the “Credit Agreement”). The Credit Agreement provides for $725.0 million of senior secured credit facilities, comprised of a $425.0 million term loan that was scheduled to mature on June 29, 2024 (the “Term Loan”) prior to being repaid by us in full, and a $300.0 million revolving credit facility maturing on April 9, 2026 (the “Revolving Credit Facility”). The Revolving Credit Facility replaced our prior $300.0 million revolving credit facility (the “Prior Revolving Credit Facility”) and is subject to increase and reduction from time to time according to the terms of the Credit Agreement. The majority of the proceeds from the Term Loan were used to repay all outstanding term loans under our prior credit agreement. Optional prepayments of loans under the Credit Agreement are generally permitted without premium or penalty. During the three months ended April 30, 2021, in addition to our regular quarterly $1.1 million principal payment, we repaid $309.0 million of our Term Loan, reducing the outstanding principal balance to $100.0 million. On April 27, 2023, we repaid the remaining $100.0 million outstanding principal balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility, along with $0.5 million of accrued interest thereon. As a result, $0.2 million of combined deferred debt issuance costs and unamortized discount associated with the Term Loan were written off and were included within interest expense on our condensed consolidated statement of operations for the three months ended April 30, 2023. Interest rates on loans under the Credit Agreement are periodically reset, at our option, originally at either a Eurodollar Rate (which was derived from LIBOR) or an alternative base rate (“ABR”) (each as defined in the Credit Agreement), plus in each case a margin. On May 10, 2023, we entered into an amendment to the Credit Agreement (the “Fourth Amendment”) related to the phase-out of LIBOR by the UK Financial Conduct Authority. Effective July 1, 2023, borrowings under the Credit Agreement bear interest, at our option, at either: (i) the ABR, plus the applicable margin therefor or (ii) the adjusted Term Secured Overnight Financing Rate published by the CME Term SOFR Administrator (as more fully defined and set forth in the Credit Agreement, “Adjusted Term SOFR”), plus the applicable margin therefor. The applicable margin in each case is determined based on our Leverage Ratio (as defined below) and ranges from 0.25% to 1.25% for borrowings bearing interest at the ABR and from 1.25% to 2.25% for borrowings bearing interest based on Adjusted Term SOFR. Borrowings outstanding under the Revolving Credit Facility were $100.0 million at April 30, 2024 and January 31, 2024, which is included in long-term debt on our condensed consolidated balance sheet. For borrowings under the Revolving Credit Facility, the applicable margin is determined by reference to our Consolidated Total Debt to Consolidated EBITDA (each as defined in the Credit Agreement) leverage ratio (the "Leverage Ratio"). As of April 30, 2024, the interest rate on our Revolving Credit Facility borrowings was 6.93%. In addition, we are required to pay a commitment fee with respect to unused availability under the Revolving Credit Facility at rates per annum determined by reference to our Leverage Ratio. The proceeds of borrowings under the Revolving Credit Facility may be used for working capital and general corporate purposes, including for permitted acquisitions and permitted stock repurchases, and the repayment of term loans, if any. Our obligations under the Credit Agreement are guaranteed by each of our direct and indirect existing and future material domestic wholly owned restricted subsidiaries, and are secured by a security interest in substantially all of our assets and the assets of the guarantor subsidiaries, subject to certain exceptions. The Credit Agreement contains certain customary affirmative and negative covenants for credit facilities of this type. The Credit Agreement also contains a financial covenant that, solely with respect to the Revolving Credit Facility, requires us to maintain a Leverage Ratio of no greater than 4.50 to 1. The limitations imposed by the covenants are subject to certain exceptions as detailed in the Credit Agreement. The Credit Agreement provides for events of default with corresponding grace periods that we believe are customary for credit facilities of this type. Upon an event of default, all of our obligations owed under the Credit Agreement may be declared immediately due and payable, and the lenders’ commitments to make loans under the Credit Agreement may be terminated. Deferred debt issuance costs associated with the Term Loan were amortized using the effective interest rate method, and deferred debt issuance costs associated with the Revolving Credit Facility are being amortized on a straight-line basis. Interest Expense The following table presents the components of interest expense incurred on the 2021 Notes and on borrowings under our Credit Agreement, for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 2021 Notes: Interest expense at 0.25% coupon rate $ 197  $ 197  Amortization of deferred debt issuance costs 446  443  Total Interest Expense — 2021 Notes $ 643  $ 640  Borrowings under Credit Agreement: Interest expense at contractual rates $ 1,736  $ 1,650  Amortization of deferred debt issuance costs 172  204  Amortization of debt discounts —  5  Losses on early retirements of debt —  237  Total Interest Expense — Borrowings under Credit Agreement $ 1,908  $ 2,096

v3.24.1.1.u2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION	3 Months Ended
	Apr. 30, 2024
Condensed Financial Information Disclosure [Abstract]
SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION	SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION   Condensed Consolidated Balance Sheets   Inventories consisted of the following as of April 30, 2024 and January 31, 2024:   April 30, January 31, (in thousands) 2024 2024 Raw materials $ 5,813  $ 4,402  Work-in-process 487  69  Finished goods 10,289  9,738     Total inventories $ 16,589  $ 14,209  Accrued expenses and other current liabilities consisted of the following as of April 30, 2024 and January 31, 2024: April 30, January 31, (in thousands) 2024 2024 Accrued bonus $ 30,057  $ 25,816  Other 92,334  111,617  Total accrued expenses and other current liabilities $ 122,391  $ 137,433  Other liabilities consisted of the following as of April 30, 2024 and January 31, 2024: April 30, January 31, (in thousands) 2024 2024 Unrecognized tax benefits, including interest and penalties $ 72,589  $ 71,330  Other 16,303  14,290  Total other liabilities $ 88,892  $ 85,620  Condensed Consolidated Statements of Operations   Other (expense) income, net consisted of the following for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 Foreign currency (losses) gains, net $ (537) $ 237  Other, net 39  (213) Total other (expense) income, net $ (498) $ 24  Condensed Consolidated Statements of Cash Flows   The following table provides supplemental information regarding our condensed consolidated cash flows for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 Cash paid for interest $ 2,210  $ 2,513  Cash payments of income taxes, net $ 6,298  $ 3,758  Cash payments for operating leases $ 2,037  $ 1,640  Non-cash investing and financing transactions:   Finance leases of property and equipment $ 634  $ 212  Accrued but unpaid purchases of property and equipment $ 1,081  $ 360  Liabilities for contingent consideration in business combinations $ 3,397  $ —  Accrued but unpaid purchases of treasury stock $ 773  $ —  Excise tax on share repurchases $ 250  $ 417

v3.24.1.1.u2

CONVERTIBLE PREFERRED STOCK	3 Months Ended
	Apr. 30, 2024
Equity [Abstract]
CONVERTIBLE PREFERRED STOCK	CONVERTIBLE PREFERRED STOCK On December 4, 2019, we entered into the Investment Agreement with the Apax Investor whereby, subject to certain closing conditions, the Apax Investor agreed to make an investment in us in an amount up to $400.0 million as follows: •On May 7, 2020, we issued a total of 200,000 shares of our Series A Preferred Stock for an aggregate purchase price of $200.0 million, or $1,000 per share, to the Apax Investor. In connection therewith, we incurred direct and incremental costs of $2.7 million, including financial advisory fees, closing costs, legal fees, and other offering-related costs. These direct and incremental costs reduced the carrying amount of the Series A Preferred Stock. •In connection with the completion of the Spin-Off, on April 6, 2021, we issued a total of 200,000 shares of our Series B Preferred Stock for an aggregate purchase price of $200.0 million, or $1,000 per share, to the Apax Investor. In connection therewith, we incurred direct and incremental costs of $1.3 million, including financial advisory fees, closing costs, legal fees, and other offering-related costs. These direct and incremental costs reduced the carrying amount of the Series B Preferred Stock. Each of the rights, preferences, and privileges of the Series A Preferred Stock and Series B Preferred Stock are set forth in separate certificates of designation filed with the Secretary of State of the State of Delaware on the applicable issuance date. Voting Rights Holders of the Preferred Stock have the right to vote on matters submitted to a vote of the holders of our common stock, on an as-converted basis; however, in no event will the holders of Preferred Stock have the right to vote shares of the Preferred Stock on an as-converted basis in excess of 19.9% of the voting power of the common stock outstanding immediately prior to December 4, 2019. Dividends and Liquidation Rights The Preferred Stock ranks senior to the shares of our common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of our affairs. Shares of Preferred Stock have a liquidation preference of the greater of $1,000 per share or the amount that would be received if the shares are converted at the then applicable conversion price at the time of such liquidation. Each series of Preferred Stock paid dividends at an annual rate of 5.2% until May 7, 2024, and thereafter pays at a rate of 4.0%, subject to adjustment under certain circumstances. Dividends on the Preferred Stock are cumulative and payable semi-annually in arrears in cash. All dividends that are not paid in cash will remain accumulated dividends with respect to each share of Preferred Stock. The dividend rate is subject to increase (i) to 6.0% per annum in the event the number of shares of common stock into which the Preferred Stock could be converted exceeds 19.9% of the voting power of outstanding common stock on December 4, 2019 (unless we obtain shareholder approval of the issuance of common stock upon conversion of the Preferred Stock) and (ii) by 1.0% each year, up to a maximum dividend rate of 10.0% per annum, in the event we fail to satisfy our obligations to redeem the Preferred Stock in specified circumstances. For the three months ended April 30, 2024, we paid $10.4 million of preferred stock dividends, all of which was accrued as of January 31, 2024, and there were $6.9 million of cumulative undeclared and unpaid preferred stock dividends at April 30, 2024. There were no accrued dividends as of April 30, 2024. We reflected $5.2 million of preferred stock dividends in our condensed consolidated results of operations, for purposes of computing net income (loss) attributable to Verint Systems Inc. common shares, for each of the three months ended April 30, 2024 and 2023. Conversion The Series A Preferred Stock was initially convertible into common stock at the election of the holder, subject to certain conditions, at an initial conversion price of $53.50 per share. The initial conversion price represented a conversion premium of 17.1% over the volume-weighted average price per share of our common stock over the 45 consecutive trading days immediately prior to December 4, 2019. In accordance with the Investment Agreement, the Series A Preferred Stock did not participate in the Spin-Off distribution of the Cognyte shares, which occurred on February 1, 2021, and the Series A Preferred Stock conversion price was instead adjusted to $36.38 per share based on the ratio of the relative trading prices of Verint and Cognyte following the Spin-Off. The Series B Preferred Stock is convertible at a conversion price of $50.25, based in part on our trading price over the 20-day trading period following the Spin-Off. As of April 30, 2024, the maximum number of shares of common stock that could be required to be issued upon conversion of the outstanding shares of Preferred Stock was approximately 9.6 million shares and Apax’s ownership in us on an as-converted basis was approximately 13.5%. Beginning May 7, 2023, in the case of the Series A Preferred Stock, and April 6, 2024, in the case of the Series B Preferred Stock, we have the option to require that all (but not less than all) of the then-outstanding shares of Preferred Stock of the series convert into common stock if the volume-weighted average price per share of the common stock for at least 30 trading days in any 45 consecutive trading day period exceeds 175% of the then-applicable conversion price of such series (a “Mandatory Conversion”). As of April 30, 2024, the volume-weighted average price per share of common stock has not exceeded 175% of the $36.38 conversion price of the Series A Preferred Stock or the $50.25 conversion price of the Series B Preferred Stock. We may redeem any or all of the Preferred Stock of a series for cash at any time after May 7, 2026, in the case of the Series A Preferred Stock, and April 6, 2027, in the case of the Series B Preferred Stock, at a redemption price equal to 100% of the liquidation preference of the shares of the Preferred Stock, plus any accrued and unpaid dividends to, but excluding, the redemption date, plus a make-whole amount designed to allow the Apax Investor to earn a total 8.0% internal rate of return on such shares. The Preferred Stock may not be sold or transferred without our prior written consent. The common stock issuable upon conversion of the Preferred Stock is not subject to this restriction. The restriction on the sale or transfer of the Preferred Stock does not apply to certain transfers to one or more permitted co-investors or transfers or pledges of the Preferred Stock pursuant to the terms of specified margin loans entered into by the Apax Investor as well as transfers effected pursuant to a merger, consolidation, or similar transaction consummated by us and transfers that are approved by our board of directors. At any time after November 7, 2028, in the case of the Series A Preferred Stock, and October 6, 2029, in the case of the Series B Preferred Stock, or upon the occurrence of a change of control triggering event (as defined in the certificates of designation), the holders of the applicable series of Preferred Stock will have the right to cause us to redeem all of the outstanding shares of Preferred Stock for cash at a redemption price equal to 100% of the liquidation preference of the shares of such series, plus any accrued and unpaid dividends to, but excluding, the redemption date. Therefore, the Preferred Stock has been classified as temporary equity on our condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024, separate from permanent equity, as the potential required repurchase of the Preferred Stock, however remote in likelihood, is not solely under our control. As of April 30, 2024, the Preferred Stock was not redeemable, and we have concluded that it is currently not probable of becoming redeemable, including from the occurrence of a change in control triggering event. The holders’ redemption rights which occur at November 7, 2028, in the case of the Series A Preferred Stock, and October 6, 2029, in the case of the Series B Preferred Stock, are not considered probable because there is a more than remote likelihood that the Mandatory Conversion may occur prior to such redemption rights. We therefore did not adjust the carrying amount of the Preferred Stock to its current redemption amount, which was its liquidation preference at April 30, 2024 plus accrued and unpaid dividends. As of April 30, 2024, the stated value of the liquidation preference for each series of Preferred Stock was $200.0 million and cumulative, unpaid dividends on each series of Preferred Stock was $3.5 million. Future Tranche Right We determined that our obligation to issue and the Apax Investor’s obligation to purchase 200,000 shares of the Series B Preferred Stock in connection with the completion of the Spin-Off and the satisfaction of other customary closing conditions (the “Future Tranche Right”) met the definition of a freestanding financial instrument as the Future Tranche Right is legally detachable and separately exercisable from the Series A Preferred Stock. At issuance, we allocated a portion of the proceeds from the issuance of the Series A Preferred Stock to the Future Tranche Right based upon its fair value at such time, with the remaining proceeds being allocated to the Series A Preferred Stock. The Future Tranche Right was remeasured at fair value each reporting period until the settlement of the right (at the time of the issuance of the Series B Preferred Stock), and changes in its fair value were recognized as a non-cash charge or benefit within other income (expense), net on the condensed consolidated statements of operations. Upon issuance of the Series A Preferred Stock on May 7, 2020, the Future Tranche Right was recorded as an asset of $3.4 million, as the purchase price of the Series B Preferred Stock was greater than its estimated fair value at the expected settlement date. This resulted in a $203.4 million carrying value, before direct and incremental issuance costs, for the Series A Preferred Stock. Immediately prior to the issuance of the Series B Preferred Stock, the Future Tranche Right was remeasured and upon the issuance of the Series B Preferred Stock in April 2021, the Future Tranche Right was settled, resulting in a reclassification of the $37.0 million fair value of the Future Tranche Right liability at that time to the carrying value of the Series B Preferred Stock. This resulted in a $237.0 million carrying value, before direct and incremental issuance costs, for the Series B Preferred Stock. As a result of the issuance of the Series B Preferred Stock, we no longer recognize changes in the fair value of the Future Tranche Right in our condensed consolidated statements of operations.

v3.24.1.1.u2

STOCKHOLDERS' EQUITY	3 Months Ended
	Apr. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY   Common Stock Dividends We did not declare or pay any cash dividends on our common stock during the three months ended April 30, 2024 and 2023. Under the terms of our Credit Agreement, we are subject to certain restrictions on declaring and paying cash dividends on our common stock. Treasury Stock We periodically purchase common stock from our directors, officers, and other employees to facilitate income tax withholding or payments in connection with the vesting of equity awards occurring during a Company-imposed trading blackout or lockup period. Any such repurchases of common stock occur at prevailing market prices and are recorded as treasury stock. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. No treasury stock remained outstanding at April 30, 2024 and January 31, 2024, respectively. Stock Repurchase Programs On December 7, 2022, we announced that our board of directors had authorized a stock repurchase program for the period from December 12, 2022 until January 31, 2025, whereby we may repurchase shares of common stock in an amount not to exceed, in the aggregate, $200.0 million during the repurchase period. During the three months ended April 30, 2024, we repurchased approximately 1,233,000 shares of our common stock for a cost of $38.1 million, including excise tax of $0.3 million, under the current stock repurchase program, as well as an insignificant number of shares to facilitate income tax withholding or payments as described above. During the three months ended April 30, 2024, we retired all 1,234,000 shares, which was recorded as a reduction of common stock and additional paid-in capital. These shares were returned to the status of authorized and unissued shares. Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act (“IRA”). The excise tax of $0.3 million was recognized as part of the cost basis of shares acquired in the condensed consolidated statements of stockholders’ equity during the three months ended April 30, 2024. Subsequent to April 30, 2024 through May 30, 2024, we repurchased approximately 270,000 shares of our common stock for $8.5 million under this program. During the three months ended April 30, 2023, we repurchased and retired 1,593,000 shares of our common stock for a cost of $60.1 million, including excise tax of $0.4 million. Issuance of Convertible Preferred Stock On December 4, 2019, in conjunction with the planned Spin-Off, we announced that an affiliate of Apax Partners would invest up to $400.0 million in us, in the form of convertible preferred stock. Under the terms of the Investment Agreement, the Apax Investor purchased $200.0 million of our Series A Preferred Stock, which closed on May 7, 2020. In connection with the completion of the Spin-Off, the Apax Investor purchased $200.0 million of our Series B Preferred Stock, which closed on April 6, 2021. As of April 30, 2024, Apax’s ownership in us on an as-converted basis was approximately 13.5%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment. Accumulated Other Comprehensive Loss   Accumulated other comprehensive loss includes items such as foreign currency translation adjustments and unrealized gains and losses on derivative financial instruments designated as hedges. Accumulated other comprehensive loss is presented as a separate line item in the stockholders’ equity section of our condensed consolidated balance sheets. Accumulated other comprehensive loss items have no impact on our net income (loss) as presented in our condensed consolidated statements of operations. The following table summarizes changes in the components of our accumulated other comprehensive loss by component for the three months ended April 30, 2024: (in thousands) Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges Foreign Currency Translation Adjustments Total Accumulated other comprehensive income (loss) at January 31, 2024 $ 141  $ (143,103) $ (142,962) Other comprehensive loss before reclassifications (192) (7,060) (7,252) Amounts reclassified out of accumulated other comprehensive loss 27  —  27  Net other comprehensive loss (219) (7,060) (7,279) Accumulated other comprehensive loss at April 30, 2024 $ (78) $ (150,163) $ (150,241) All amounts presented in the table above are net of income taxes, if applicable. The accumulated net losses in foreign currency translation adjustments primarily reflect the strengthening of the U.S. dollar against the British pound sterling, which has resulted in lower U.S. dollar-translated balances of British pound sterling-denominated goodwill and intangible assets. The amounts reclassified out of accumulated other comprehensive loss into the condensed consolidated statements of operations, with presentation location, for the three months ended April 30, 2024 and 2023 were as follows: Three Months Ended April 30, (in thousands) 2024 2023 Financial Statement Location Unrealized gains (losses) on derivative financial instruments: Foreign currency forward contracts $ —  $ (2) Cost of recurring revenue 3  (20) Cost of nonrecurring revenue 21  (140) Research and development, net 9  (65) Selling, general and administrative 33  (227) Total, before income taxes (6) 39  (Provision for) benefit from income taxes $ 27  $ (188) Total, net of income taxes

v3.24.1.1.u2

INCOME TAXES	3 Months Ended
	Apr. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES   Our interim provision for income taxes is measured using an estimated annual effective income tax rate, adjusted for discrete items that occur within the periods presented. For the three months ended April 30, 2024, we recorded an income tax provision of $8.0 million on pretax income of $23.3 million, which represented an effective income tax rate of 34.1%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions. For the three months ended April 30, 2023, we recorded an income tax provision of $4.4 million on pretax income of $8.0 million, which represented an effective income tax rate of 54.6%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions. We evaluate the realizability of deferred income tax assets on a jurisdictional basis at each reporting date. A valuation allowance is established when it is more-likely-than-not that all or a portion of the deferred income tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred income tax assets are not more-likely-than-not realizable, we establish a valuation allowance. We determined that there is sufficient negative evidence to maintain the valuation allowances against certain state and foreign deferred income tax assets as a result of historical losses in the most recent three-year period in certain state and foreign jurisdictions. We intend to maintain valuation allowances until sufficient positive evidence exists to support a reversal. We had unrecognized income tax benefits of $82.5 million and $83.3 million (excluding interest and penalties) as of April 30, 2024 and January 31, 2024, respectively, that if recognized, would impact our effective income tax rate. The accrued liability for interest and penalties was $7.2 million and $6.4 million at April 30, 2024 and January 31, 2024, respectively. Interest and penalties are recorded as a component of the provision for income taxes in our condensed consolidated statements of operations. We regularly assess the adequacy of our provisions for income tax contingencies in accordance with the applicable authoritative guidance on accounting for income taxes. As a result, we may adjust the reserves for unrecognized income tax benefits for the impact of new facts and developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities, and lapses of statutes of limitation. Further, we believe that it is reasonably possible that the total amount of unrecognized income tax benefits at April 30, 2024 could decrease by approximately $8.1 million in the next twelve months as a result of settlement of certain tax audits or lapses of statutes of limitation. Such decreases may involve the payment of additional income taxes, the adjustment of deferred income taxes including the need for additional valuation allowances, and the recognition of income tax benefits. Our income tax returns are subject to ongoing tax examinations in several jurisdictions in which we operate. We also believe that it is reasonably possible that new issues may be raised by tax authorities or developments in tax audits may occur, which would require increases or decreases to the balance of reserves for unrecognized income tax benefits; however, an estimate of such changes cannot reasonably be made. The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines address the increasing digitalization of the global economy, re-allocating taxing rights among countries. The European Union and many other member states have committed to adopting Pillar 2 which calls for a global minimum tax of 15% to be effective for tax years beginning in 2024. Certain jurisdictions in which we operate have enacted Pillar 2 legislation and others are considering changes to their tax laws to adopt the Pillar 2 proposals. We are monitoring developments and evaluating the impacts these new rules will have on our tax rate, including eligibility to qualify for safe harbor rules. We do not currently anticipate that the rules will have a material impact on our income tax provision this year.

v3.24.1.1.u2

FAIR VALUE MEASUREMENTS	3 Months Ended
	Apr. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS   Assets and Liabilities Measured at Fair Value on a Recurring Basis   Our assets and liabilities measured at fair value on a recurring basis consisted of the following as of April 30, 2024 and January 31, 2024:   April 30, 2024   Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets:       Money market funds $ 52,053  $ —  $ —  U.S. Treasury bills, classified as cash and cash equivalents 498  —  —  Foreign currency forward contracts —  23  —  Contingent consideration receivable —  —  2,345  Total assets $ 52,551  $ 23  $ 2,345  Liabilities:       Foreign currency forward contracts $ —  $ 117  $ —  Contingent consideration — business combinations —  750  6,182  Total liabilities $ —  $ 867  $ 6,182      January 31, 2024   Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets:       Money market funds $ 85,647  $ —  $ —  U.S. Treasury bills, classified as cash and cash equivalents 249  —  —  Foreign currency forward contracts —  183  —  Contingent consideration receivable —  —  2,685  Total assets $ 85,896  $ 183  $ 2,685  Liabilities:       Foreign currency forward contracts $ —  $ 11  $ —  Contingent consideration — business combinations —  3,750  3,511  Total liabilities $ —  $ 3,761  $ 3,511  On January 31, 2024, we completed the sale of a service business for manual quality managed services for no upfront cash consideration. We estimated the sale price under the sale agreement to be $6.0 million based on (i) the estimated fair value of our share of the future adjusted operating income (as defined in the agreement) of the business, to be paid annually over a minimum of six years following the transaction closing date, (ii) the amount by which the closing working capital of the business exceeds the working capital target, and (iii) the estimated amount of future collections of outstanding receivables as of the closing date from a certain customer, net of certain expenses. We determined the estimated fair value of the contingent consideration with the assistance of a third-party valuation specialist and estimates made by management. The fair value of the contingent consideration receivable was $2.3 million as of April 30, 2024, which is included within other assets on our condensed consolidated balance sheets. During the three months ended April 30, 2024, we did not receive any contingent consideration payments, and we recorded a charge of $0.3 million for the change in the estimated fair value of this contingent receivable. The following table presents the changes in the estimated fair values of our liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 Fair value measurement at beginning of period $ 3,511  $ 12,717  Contingent consideration liabilities recorded for business combinations 3,397  —  Changes in fair values, recorded in operating expenses (433) 220  Payments of contingent consideration (277) (250) Foreign currency translation and other (16) 197  Fair value measurement at end of period $ 6,182  $ 12,884    Our estimated liability for contingent consideration represents potential payments of additional consideration for business combinations, payable if certain defined performance goals are achieved. Changes in fair value of contingent consideration are recorded in the condensed consolidated statements of operations within selling, general and administrative expenses. There were no transfers between levels of the fair value measurement hierarchy during the three months ended April 30, 2024 and 2023. Fair Value Measurements   Money Market Funds and U.S. Treasury Bills — We value our money market funds and U.S. treasury bills using quoted active market prices for such instruments. Short-term Investments, Corporate Debt Securities, and Commercial Paper — The fair values of short-term investments, as well as corporate debt securities and commercial paper classified as cash equivalents, are estimated using observable market prices for identical securities that are traded in less-active markets, if available. When observable market prices for identical securities are not available, we value these short-term investments using non-binding market price quotes from brokers which we review for reasonableness using observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model. Foreign Currency Forward Contracts — The estimated fair value of foreign currency forward contracts is based on quotes received from the counterparties thereto. These quotes are reviewed for reasonableness by discounting the future estimated cash flows under the contracts, considering the terms and maturities of the contracts and market foreign currency exchange rates using readily observable market prices for similar contracts. Contingent Consideration Assets and Liabilities — Business Combinations and Divestitures — The fair value of the contingent consideration related to business combinations and divestitures is estimated using a probability-adjusted discounted cash flow model. These fair value measurements are based on significant inputs not observable in the market. The key internally developed assumptions used in these models are discount rates and the probabilities assigned to the milestones to be achieved. We remeasure the fair value of the contingent consideration at each reporting period, and any changes in fair value resulting from either the passage of time or events occurring after the acquisition date, such as changes in discount rates, or in the expectations of achieving the performance targets, are recorded within selling, general, and administrative expenses. Increases or decreases in discount rates would have inverse impacts on the related fair value measurements, while favorable or unfavorable changes in expectations of achieving performance targets would result in corresponding increases or decreases in the related fair value measurements. We utilized discount rates ranging from 6.1% to 7.0%, with a weighted average discount rate of 6.7% in our calculation of the estimated fair values of our contingent consideration liabilities as of April 30, 2024. We utilized discount rates ranging from 9.6% to 10.8%, with a weighted average discount rate of 9.7% in our calculation of the estimated fair value of our contingent consideration asset as of April 30, 2024. We utilized discount rates ranging from 5.8% to 6.4%, with a weighted average discount rate of 6.2% in our calculations of the estimated fair values of our contingent consideration liabilities as of January 31, 2024. We utilized discount rates ranging from 7.5% to 8.9%, with a weighted average discount rate of 7.8% in our calculation of the estimated fair value of our contingent consideration asset as of January 31, 2024. As of January 31, 2024, $3.8 million of the fair value of the contingent consideration liability was based on actual achievement through the performance periods ended January 31, 2024, and was transferred to Level 2 of the fair value hierarchy as the fair value was determined based on other significant observable inputs. Payments of contingent consideration earned under this agreement were $3.0 million and there was no change in the fair value of the remaining contingent consideration obligation associated with this business combination for the three months ended April 30, 2024. Other Financial Instruments The carrying amounts of accounts receivable, contract assets, accounts payable, and accrued liabilities and other current liabilities approximate fair value due to their short maturities. The estimated fair value of our Revolving Credit Facility borrowing was approximately $99.0 million at April 30, 2024 and January 31, 2024. On April 27, 2023, we repaid in full the remaining $100.0 million outstanding balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility. The estimated fair value of borrowings under our Revolving Credit Facility is based upon indicative market values provided by one of our lenders. The indicative prices provided to us at April 30, 2024 and January 31, 2024 did not significantly differ from par value. The estimated fair values of our 2021 Notes were approximately $289.0 million and $281.0 million at April 30, 2024 and January 31, 2024, respectively. The estimated fair values of the 2021 Notes were determined based on quoted bid and ask prices in the over-the-counter market in which the 2021 Notes traded. We consider these inputs to be within Level 2 of the fair value hierarchy. Assets and Liabilities Not Measured at Fair Value on a Recurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, we also measure certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized. Investments In March 2023, we invested approximately $1.1 million in a privately-held company via a SAFE. In July 2023, we made a second SAFE investment of $0.5 million, and in January 2024, we made a third SAFE investment of $0.1 million for a total investment of approximately $1.7 million. The SAFE provided that, upon the completion by such company of a qualified equity financing, we would automatically receive the number of shares of capital stock of such company equal to the SAFE purchase amount divided by the Discount Price (as such term is defined in the SAFE). If there was a liquidity event affecting such company, such as a change in control or initial public offering, we would receive a cash payment equal to the greater of (a) the SAFE purchase amount or (b) the amount payable on the number of shares of common stock of such company equal to the SAFE purchase amount divided by the Liquidity Price (as such term is defined in the SAFE). Our investment was carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and was included within other assets on the condensed consolidated balance sheets as of January 31, 2024. During the three months ended April 30, 2024, we completed the acquisition of this company. The approximately $1.7 million acquisition date fair value of the SAFE was included in the measurement of the consideration transferred. The company and its results of operations are now consolidated in our condensed consolidated financial statements, and the SAFE investment has been removed from our condensed consolidated balance sheet as of April 30, 2024. Please refer to Note 5, “Business Combinations, Asset Acquisitions, and Divestitures” for further discussion related to this acquisition. The carrying amount of our noncontrolling equity investments in privately-held companies without readily determinable fair values was $5.1 million as of April 30, 2024 and January 31, 2024. These investments are included within other assets on the condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024. There were no observable price changes in our investments in privately-held companies during the three months ended April 30, 2024 and 2023. We did not recognize any impairments during the three months ended April 30, 2024 and 2023.

v3.24.1.1.u2

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and not for speculative purposes. Foreign Currency Forward Contracts Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Israeli shekel. We also periodically utilize foreign currency forward contracts to manage exposures resulting from forecasted customer collections to be remitted in currencies other than the applicable functional currency, and exposures from cash, cash equivalents and short-term investments denominated in currencies other than the applicable functional currency. These foreign currency forward contracts generally have maturities of no longer than twelve months, although occasionally we will execute a contract that extends beyond twelve months, depending upon the nature of the underlying risk. We held outstanding foreign currency forward contracts with notional amounts of $6.3 million as of April 30, 2024 and January 31, 2024. Fair Values of Derivative Financial Instruments   The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024 were as follows: Fair Value at April 30, January 31, (in thousands)  Balance Sheet Classification 2024 2024 Derivative assets: Foreign currency forward contracts:    Designated as cash flow hedges Prepaid expenses and other current assets $ 23  $ 183        Total derivative assets $ 23  $ 183  Derivative liabilities: Foreign currency forward contracts:    Designated as cash flow hedges Accrued expenses and other current liabilities $ 117  $ 11        Total derivative liabilities $ 117  $ 11  Derivative Financial Instruments in Cash Flow Hedging Relationships The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statement of operations for the three months ended April 30, 2024 and 2023 were as follows: Three Months Ended April 30, (in thousands)  2024 2023 Net losses recognized in AOCL: Foreign currency forward contracts $ (233) $ (350) Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations: Foreign currency forward contracts $ 33  $ (227)   For information regarding the line item locations of the net gains (losses) on derivative financial instruments reclassified out of AOCL into the condensed consolidated statements of operations, see Note 10, “Stockholders’ Equity”. All of the foreign currency forward contracts underlying the net unrealized losses recorded in our accumulated other comprehensive loss at April 30, 2024 mature within twelve months, and therefore we expect all such losses to be reclassified into earnings within the next twelve months.

v3.24.1.1.u2

STOCK-BASED COMPENSATION	3 Months Ended
	Apr. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock-Based Compensation Plan On June 22, 2023, our stockholders approved the Verint Systems Inc. 2023 Long-Term Stock Incentive Plan (the “2023 Plan”). Upon approval of the 2023 Plan, new awards were no longer permitted under our prior stock-based compensation plan (the “2019 Plan”). Awards outstanding at June 22, 2023 under the 2019 Plan or other previous stock-based compensation plans were not impacted by the approval of the 2023 Plan. Collectively, our stock-based compensation plans are referred to herein as the “Plans”. The 2023 Plan authorizes our board of directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance awards, other stock-based awards, and performance compensation awards. Subject to adjustment as provided in the 2023 Plan, up to an aggregate of (i) 9,000,000 shares of our common stock plus (ii) 3,982,168 shares of our common stock available for issuance under the 2019 Plan as of June 22, 2023, plus (iii) the number of shares of our common stock that become available for issuance as a result of awards made under the 2019 Plan or the 2023 Plan that are forfeited, cancelled, exchanged, or that terminate or expire, may be issued or transferred in connection with awards under the 2023 Plan. Each stock option or stock-settled stock appreciation right granted under the 2023 Plan will reduce the available plan capacity by one share and each other award denominated in shares that is granted under the 2023 Plan will reduce the available plan capacity by 1.9 shares. Stock-Based Compensation Expense We recognized stock-based compensation expense in the following line items on the condensed consolidated statements of operations for the three months ended April 30, 2024 and 2023:  Three Months Ended April 30, (in thousands) 2024 2023 Cost of revenue — recurring $ 549  $ 296  Cost of revenue — nonrecurring 533  140  Research and development, net 3,543  2,327  Selling, general and administrative 13,396  12,216  Total stock-based compensation expense $ 18,021  $ 14,979  The following table summarizes stock-based compensation expense by type of award for the three months ended April 30, 2024 and 2023: Three Months Ended April 30, (in thousands) 2024 2023 Restricted stock units and restricted stock awards $ 16,508  $ 13,436  Stock bonus program and bonus share program 1,501  1,378  Total equity-settled awards 18,009  14,814  Phantom stock units (cash-settled awards) 12  165  Total stock-based compensation expense $ 18,021  $ 14,979    Awards are generally subject to multi-year vesting periods. We recognize compensation expense for awards on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods, reduced by estimated forfeitures. Awards under our stock bonus and bonus share programs are accounted for as liability-classified awards, because the obligations are based predominantly on fixed monetary amounts that are generally known at inception of the obligation, to be settled with a variable number of shares of our common stock, which for a portion of the awards under our stock bonus program is determined using a discounted average price of our common stock. Restricted Stock Units and Performance Stock Units   We periodically award RSUs to our directors, officers, and other employees. These awards contain various vesting conditions and are subject to certain restrictions and forfeiture provisions prior to vesting. Some of these awards to executive officers and certain other employees vest upon the achievement of specified performance goals or market conditions (performance stock units or “PSUs”). The following table (“Award Activity Table”) summarizes activity for RSUs, PSUs, and other stock awards that reduce available Plan capacity under the Plans for the three months ended April 30, 2024 and 2023: Three Months Ended April 30, 2024 2023 (in thousands, except grant date fair values) Shares or Units Weighted-Average Grant Date Fair Value Shares or Units Weighted-Average Grant Date Fair Value Beginning balance 2,658  $ 43.29  2,230  $ 52.42  Granted 2,261  $ 29.56  1,665  $ 37.36  Released (410) $ 52.28  (475) $ 50.22  Forfeited (111) $ 55.71  (32) $ 50.63  Ending balance 4,398  $ 35.08  3,388  $ 45.34  With respect to our stock bonus program, the activity presented in the table above only includes shares earned and released in consideration of the discount provided under that program. Consistent with the provisions of the Plans under which such shares are issued, other shares issued under the stock bonus program are not included in the table above because they do not reduce available plan capacity (since such shares are deemed to be purchased by the grantee at fair value in lieu of receiving an earned cash bonus). Activity presented in the table above includes all shares awarded and released under the bonus share program. Further details appear below under “Stock Bonus Program and Bonus Share Program”. Our RSU and PSU awards may include a provision which allows the awards to be settled with cash payments upon vesting, rather than with delivery of common stock, at the discretion of our board of directors. As of April 30, 2024, for such awards that are outstanding, settlement with cash payments was not considered probable, and therefore these awards have been accounted for as equity-classified awards and are included in the table above. The following table summarizes PSU activity in isolation under the Plans for the three months ended April 30, 2024 and 2023 (these amounts are also included in the Award Activity Table above for 2024 and 2023): Three Months Ended April 30, (in thousands) 2024 2023 Beginning balance 532  532  Granted 358  277  Released (160) (230) Forfeited (81) (10) Ending balance 649  569  Excluding PSUs, we granted 1,903,000 RSUs during the three months ended April 30, 2024. As of April 30, 2024, there was approximately $117.3 million of total unrecognized compensation expense, net of estimated forfeitures, related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.2 years. Stock Bonus Program and Bonus Share Program Our stock bonus program permits eligible employees to receive a portion of their earned bonuses, otherwise payable in cash, in the form of discounted shares of our common stock. Executive officers are eligible to participate in this program to the extent that capacity remains available under the program following the enrollment of all other participants. Shares awarded to executive officers with respect to the discount feature of the program are subject to a one-year vesting period. This program is subject to annual funding approval by our board of directors and an annual cap on the number of shares that can be issued. Subject to these limitations, the number of shares to be issued under the program for a given year is determined using a five-day trailing average price of our common stock when the awards are calculated, reduced by a discount determined by the board of directors each year (the “discount”). To the extent that this program is not funded in a given year or the number of shares of common stock needed to fully satisfy employee enrollment exceeds the annual cap, the applicable portion of the employee bonuses will generally revert to being paid in cash. Under our bonus share program, we may provide discretionary bonuses to employees or pay earned bonuses that are outside the stock bonus program in the form of shares of common stock. Unlike the stock bonus program, there is no enrollment for this program and no discount feature.   For bonuses in respect of the year ended January 31, 2024, our board of directors approved the use of up to 300,000 shares of common stock in the aggregate for awards under these two programs, with up to 200,000 of these shares of common stock, and a discount of 15% approved for awards under our stock bonus program. We currently expect to issue approximately 22,000 shares under the stock bonus program and 178,000 shares under the bonus share program, in respect of the year ended January 31, 2024, during the first half of the year ending January 31, 2025. In March 2024, our board of directors approved the use of up to 300,000 shares of common stock in the aggregate under these two programs, with up to 200,000 of these shares of common stock, and a discount of 15%, for awards under our stock bonus program for the performance period ending January 31, 2025. Any shares earned under these programs will be issued during the year ending January 31, 2026. The combined accrued liabilities for these two programs were $7.3 million and $5.8 million at April 30, 2024 and January 31, 2024, respectively.

v3.24.1.1.u2

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Apr. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings CTI Litigation In March 2009, one of our former employees, Ms. Orit Deutsch, commenced legal actions in Israel against our former primary Israeli subsidiary, Cognyte Technologies Ltd. (formerly known as Verint Systems Limited or “VSL”) (Case Number 4186/09) and against our former affiliate CTI (Case Number 1335/09). Also, in March 2009, a former employee of Comverse Limited (CTI’s primary Israeli subsidiary at the time), Ms. Roni Katriel, commenced similar legal actions in Israel against Comverse Limited (Case Number 3444/09). In these actions, the plaintiffs generally sought to certify class action suits against the defendants on behalf of current and former employees of VSL and Comverse Limited who had been granted stock options in Verint and/or CTI and who were allegedly damaged as a result of a suspension on option exercises during an extended filing delay period that is discussed in our and CTI’s historical public filings. On June 7, 2012, the Tel Aviv District Court, where the cases had been filed or transferred, allowed the plaintiffs to consolidate and amend their complaints against the three defendants: VSL, CTI, and Comverse Limited. On October 31, 2012, CTI distributed all of the outstanding shares of common stock of Comverse, Inc., its principal operating subsidiary and parent company of Comverse Limited, to CTI’s shareholders (the “Comverse Share Distribution”). In the period leading up to the Comverse Share Distribution, CTI either sold or transferred substantially all of its business operations and assets (other than its equity ownership interests in Verint and in its then-subsidiary, Comverse, Inc.) to Comverse, Inc. or to unaffiliated third parties. As the result of these transactions, Comverse, Inc. became an independent company and ceased to be affiliated with CTI, and CTI ceased to have any material assets other than its equity interests in Verint. Prior to the completion of the Comverse Share Distribution, the plaintiffs sought to compel CTI to set aside up to $150.0 million in assets to secure any future judgment, but the District Court did not rule on this motion. In February 2017, Mavenir Inc. became successor-in-interest to Comverse, Inc. On February 4, 2013, Verint acquired the remaining CTI shell company in a merger transaction (the “CTI Merger”). As a result of the CTI Merger, Verint assumed certain rights and liabilities of CTI, including any liability of CTI arising out of the foregoing legal actions. However, under the terms of a Distribution Agreement entered into in connection with the Comverse Share Distribution, we, as successor to CTI, are entitled to indemnification from Comverse, Inc. (now Mavenir) for any losses we may suffer in our capacity as successor to CTI related to the foregoing legal actions. Following an unsuccessful mediation process, on August 28, 2016, the District Court (i) denied the plaintiffs’ motion to certify the suit as a class action with respect to all claims relating to Verint stock options, (ii) dismissed the motion to certify the suit against VSL and Comverse Limited, and (iii) approved the plaintiffs’ motion to certify the suit as a class action against CTI with respect to claims of current or former employees of Comverse Limited (now part of Mavenir) or of VSL who held unexercised CTI stock options at the time CTI suspended option exercises. The court also ruled that the merits of the case would be evaluated under New York law. As a result of this ruling (which excluded claims related to Verint stock options from the case), one of the original plaintiffs in the case, Ms. Deutsch, was replaced by a new representative plaintiff, Mr. David Vaaknin. CTI appealed portions of the District Court’s ruling to the Israeli Supreme Court. On August 8, 2017, the Israeli Supreme Court partially allowed CTI’s appeal and ordered the case to be returned to the District Court to determine whether a cause of action exists under New York law based on the parties’ expert opinions. Following two unsuccessful rounds of mediation in mid to late 2018 and in mid-2019, the proceedings resumed. On April 16, 2020, the District Court accepted the plaintiffs’ application to amend the motion to certify a class action and set deadlines for filing amended pleadings by the parties. CTI submitted a motion to appeal the District Court’s decision to the Israeli Supreme Court, as well as a motion to stay the proceedings in the District Court pending the resolution of the appeal. On July 6, 2020, the Israeli Supreme Court granted the motion for a stay. On July 27, 2020, the plaintiffs filed their response on the merits of the motion for leave to appeal. On December 15, 2021, the Israeli Supreme Court rejected CTI’s motion to appeal and the proceedings in the District Court resumed. At the recommendation of the District Court, in June 2022, the parties conducted another round of mediation in New York. On July 10, 2022, the parties reached an agreement to settle the matter on terms set forth in a settlement agreement that was executed by all parties and submitted a motion for approval of the settlement agreement to the District Court. Under the terms of the settlement agreement, subject to full and final waiver, Mavenir Inc. and/or Comverse, Inc. and/or Mavenir Ltd. agreed to pay a total of $16.0 million (such amount to be paid in three phases as set forth in the settlement agreement) as compensation to the plaintiffs and members of the class. The compensation amount is comprehensive, final and absolute and includes within it all the amounts and expenses to be paid in connection with the settlement agreement. Under the terms of an associated guaranty agreement, Verint has guaranteed the payment of the compensation amount in the event it is not paid by the primary obligors. On February 7, 2023, the District Court approved the settlement without material changes. As of April 30, 2024, all installments of the compensation amount had been paid by Mavenir. There was no impact to our condensed consolidated statements of operations. Under the terms of the Separation and Distribution Agreement entered into between Verint and Cognyte, Cognyte has agreed to indemnify Verint for Cognyte’s share of any losses that Verint may suffer related to the foregoing legal actions either in its capacity as successor to CTI, to the extent not indemnified by Mavenir, or due to its former ownership of Cognyte and VSL. Unfair Competition Litigation and Related Investigation As previously disclosed, Verint Americas Inc., as successor to ForeSee Results, Inc. (“ForeSee”), was the defendant in two Eastern District of Michigan cases captioned ACSI LLC v. ForeSee Results, Inc., and CFI Group USA LLC v. Verint Americas Inc. The former case was filed on October 24, 2018 against ForeSee by American Customer Satisfaction Index, LLC (“ACSI LLC”) (Case No. 2:18-cv-13319) and alleged infringement of two federally registered trademarks and common law unfair competition under federal and state law. The latter case was filed on September 5, 2019 against Verint Americas Inc. (as successor in interest to ForeSee) by CFI Group USA LLC (“CFI”) (Case No. 2:19-cv-12602) and alleged unfair competition and false advertising under federal and state law, as well as tortious interference with contract. We believe that the claims asserted by the plaintiffs in these matters were without merit. Following the filing of the Eastern District of Michigan litigation, ForeSee filed affirmative litigation in the U.S. District Court for the District of Delaware (Case No. 1:21-cv-00674, Complaint filed on May 7, 2021) against ACSI LLC, CFI, Claes Fornell, and CFI Software LLC (the “Fornell Group”) asserting fraud and other claims against ACSI LLC, CFI, Fornell Group, and CFI Software for, among other things, their breach of a “Joinder and Waiver Agreement” entered into in connection with the December 2013 sale of ForeSee to its previous owner and misrepresentations in the associated deal documents. Verint acquired ForeSee in December 2018. In April 2023, the parties reached an agreement in principle to settle these actions, and on June 1, 2023, the parties signed a definitive settlement agreement. Under the terms of the settlement agreement, Verint paid $9.0 million to the Fornell Group in July 2023 and the parties have agreed to certain restrictive covenants with respect to the future business activities of both ForeSee and the Fornell Group. The agreement provides that the settlement does not constitute a ruling on the merits, an admission as to any issue of fact or principle of law, or an admission of liability or wrongdoing by either ForeSee or Verint. Following the execution of the settlement agreement, the two cases in Michigan against us have been dismissed, and the case in Delaware filed by us has been dismissed. The U.S. Attorney’s Office for the Eastern District of Michigan’s Civil Division (“USAO”) also conducted a False Claims Act investigation concerning allegations ForeSee and/or Verint failed to provide the federal government the services described in certain government contracts related to ForeSee’s products inherited by Verint in the ForeSee acquisition. Verint received a Civil Investigation Demand (“CID”) in connection with this investigation and provided responses. The False Claims Act contains provisions that allow for private persons (“relators”) to initiate actions by filing claims under seal. We believed and subsequently confirmed that this investigation was initiated by ACSI LLC and CFI in coordination with the Eastern District of Michigan litigation discussed above. In March 2023, Verint and the Assistant U.S. Attorney overseeing the USAO investigation reached an agreement in principle to resolve the USAO matter. The definitive settlement agreement, which provides that it is not an admission of liability by us, was signed in July 2023 including by the USAO and the relators. Under the terms of the settlement agreement, Verint paid $7.0 million to the government in August 2023 (a portion of which is payable by the government to the relators) in exchange for a release of the asserted claims, and an associated civil action brought by the relators has been dismissed. As of January 31, 2023, we recognized a $7.0 million legal settlement liability in respect of the USAO matter and a $3.5 million legal settlement liability in respect of the ACSI and CFI matters within accrued expenses and other current liabilities, and a corresponding insurance recovery receivable in prepaid expenses and other current assets on our consolidated balance sheets. These loss accruals and insurance recoveries were offset within selling, general and administrative expenses in our consolidated statements of operations for the year ended January 31, 2023, resulting in no impact on our consolidated statements of operations. The incremental settlement costs of $5.5 million related to the ACSI and CFI matters as a result of the settlement described above was included within selling, general and administrative expenses in our consolidated statement of operations for the year ended January 31, 2024. We reached a final settlement with one of our insurance carriers for a total cumulative insurance recovery of $14.5 million for the losses we incurred related to these actions, which offset settlement and legal expenses during the year ended January 31, 2023. We collected $2.0 million during the year ended January 31, 2023 and $12.5 million was collected in April 2023. We are a party to various other litigation matters and claims that arise from time to time in the ordinary course of our business. While we believe that the ultimate outcome of any such current matters will not have a material adverse effect on us, their outcomes are not determinable and negative outcomes may adversely affect our financial position, liquidity, or results of operations.

v3.24.1.1.u2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,241	$ 3,295

v3.24.1.1.u2

Insider Trading Arrangements	3 Months Ended
	Apr. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.1.1.u2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preparation of Condensed Consolidated Financial Statements	Preparation of Condensed Consolidated Financial Statements The condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”). The condensed consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for the periods ended April 30, 2024 and 2023, and the condensed consolidated balance sheet as of April 30, 2024, are not audited but reflect all adjustments that, in the opinion of management, are of a normal recurring nature and that are considered necessary for a fair presentation of the results for the periods shown. The condensed consolidated balance sheet as of January 31, 2024 is derived from the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended January 31, 2024. Certain information and disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by GAAP for a complete set of financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended January 31, 2024 filed with the SEC. The results for interim periods are not necessarily indicative of a full year’s results.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Verint Systems Inc., and our wholly owned or otherwise controlled subsidiaries. Noncontrolling interests in less than wholly owned subsidiaries are reflected within stockholders’ equity on our condensed consolidated balance sheet, but separately from our stockholders’ equity. Equity investments in companies in which we have less than a 20% ownership interest and cannot exercise significant influence, and which do not have readily determinable fair values, are accounted for at cost, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, less any impairment. We include the results of operations of acquired companies from the date of acquisition. All significant intercompany transactions and balances are eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Key estimates in the accompanying condensed consolidated financial statements include, among others, revenue recognition, allowances for doubtful accounts, determining the fair value of assets and liabilities assumed in business combinations, recoverability of goodwill, amortization of intangibles, evaluation of contingencies, and the accounting for income taxes. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements since the filing of our Annual Report on Form 10-K for the year ended January 31, 2024 that may have a material impact on our condensed consolidated financial statements. New Accounting Pronouncements Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require public companies to report incremental segment information on an annual and interim basis, including enhanced disclosures of significant segment expenses included within each reported measure of segment profit or loss. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. We plan to adopt ASU No. 2023-07 effective for the annual report on Form 10-K for the year ending January 31, 2025 and subsequent interim periods, and are currently evaluating the impact of this standard on our condensed consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require greater disaggregation of a reporting entity’s effective tax rate reconciliation as well as income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statement disclosures.
Revenue Recognition	We derive our revenue primarily from providing customers the right to access our cloud-based solutions, the right to use our software for an indefinite or specified period of time, and related services and support based on when access or control of the software passes to our customers or the services are provided, in an amount that reflects the consideration we expect to be entitled to in exchange for such goods or services. Revenue is reported net of applicable sales and use tax, value-added tax and other transaction taxes imposed on the related transactions, including mandatory government charges that are passed through to our customers. We determine revenue recognition through the following five steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, performance obligations are satisfied We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable.

v3.24.1.1.u2

REVENUE RECOGNITION (Tables)	3 Months Ended
	Apr. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides a disaggregation of our recurring and nonrecurring revenue. Recurring revenue is the portion of our revenue that we believe is likely to be renewed in the future. The recurrence of these revenue streams in future periods depends on a number of factors including contractual periods and customers' renewal decisions. •Recurring revenue primarily consists of: ◦Software as a service (“SaaS”) revenue, which consists predominately of bundled SaaS (software access rights with standard managed services) and unbundled SaaS (software licensing rights accounted for as term-based licenses whereby customers have a license to our software with related support for a specific period). ▪Bundled SaaS revenue is recognized over time. ▪Unbundled SaaS revenue is recognized at a point in time, except for the related support which is recognized over time. Unbundled SaaS contracts are eligible for renewal after the initial fixed term, which in most cases is between a one- and three-year time frame. Unbundled SaaS can be deployed in the cloud, either by us or a cloud partner. ◦Optional managed services revenue. ◦Support revenue, which consists of initial and renewal support on our perpetual licenses. •Nonrecurring revenue primarily consists of our perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties. Three Months Ended April 30, (in thousands) 2024 2023 Recurring revenue: Bundled SaaS revenue $ 65,695  $ 59,453  Unbundled SaaS revenue 75,288  57,695  Total SaaS revenue 140,983  117,148  Optional managed services revenue 5,168  12,865  Support revenue 27,377  36,426  Total recurring revenue 173,528  166,439  Nonrecurring revenue: Perpetual revenue 24,900  24,334  Professional services and other revenue 22,849  25,793  Total nonrecurring revenue 47,749  50,127  Total revenue $ 221,277  $ 216,566
Schedule of Contracts with Customers - Assets and Liabilities	The following table provides information about accounts receivable, contract assets, and contract liabilities from contracts with customers: (in thousands) April 30, 2024 January 31, 2024 Accounts receivable, net $ 155,903  $ 190,461  Contract assets, net $ 71,490  $ 66,913  Long-term contract assets, net (included in other assets) $ 38,115  $ 31,379  Contract liabilities $ 242,478  $ 254,437  Long-term contract liabilities $ 9,394  $ 10,581
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table provides information about when we expect to recognize our remaining performance obligations: (in thousands) April 30, 2024 January 31, 2024 Remaining performance obligations: Expected to be recognized within 1 year $ 437,659  $ 464,600  Expected to be recognized in more than 1 year 279,785  279,702  Total remaining performance obligations $ 717,444  $ 744,302

v3.24.1.1.u2

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. (Tables)	3 Months Ended
	Apr. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Common Share Attributable To Verint Systems Inc.	The following table summarizes the calculation of basic and diluted net income (loss) per common share attributable to Verint Systems Inc. for the three months ended April 30, 2024 and 2023: Three Months Ended April 30, (in thousands, except per share amounts)  2024 2023 Net income $ 15,379  $ 3,634  Net income attributable to noncontrolling interests 138  339  Net income attributable to Verint Systems Inc. 15,241  3,295  Dividends on preferred stock (5,200) (5,200) Net income (loss) attributable to Verint Systems Inc. for basic net loss per common share 10,041  (1,905) Dilutive effect of dividends on preferred stock —  —  Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share $ 10,041  $ (1,905) Weighted-average shares outstanding:   Basic 62,335  64,940  Three Months Ended April 30, (in thousands, except per share amounts)  2024 2023 Dilutive effect of employee equity award plans 510  —  Dilutive effect of 2021 Notes —  —  Dilutive effect of assumed conversion of preferred stock —  —  Diluted 62,845  64,940  Net income (loss) per common share attributable to Verint Systems Inc.: Basic $ 0.16  $ (0.03) Diluted $ 0.16  $ (0.03)
Schedule of Anti-dilutive Securities	We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended April 30, (in thousands)  2024 2023 Common shares excluded from calculation:     Restricted and performance stock-based awards 1,733  2,080  Series A Preferred Stock 5,498  5,498  Series B Preferred Stock 3,980  3,980

v3.24.1.1.u2

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Tables)	3 Months Ended
	Apr. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of Cash, Cash Equivalents and Short-term Investments	The following tables summarize our cash, cash equivalents, and short-term investments as of April 30, 2024 and January 31, 2024: April 30, 2024 (in thousands)  Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 184,041  $ —  $ —  $ 184,041  Money market funds 52,053  —  —  52,053  U.S. Treasury bills 498  —  —  498  Total cash and cash equivalents $ 236,592  $ —  $ —  $ 236,592  Short-term investments: Bank time deposits $ 785  $ —  $ —  $ 785  Total short-term investments $ 785  $ —  $ —  $ 785  January 31, 2024 (in thousands) Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 155,504  $ —  $ —  $ 155,504  Money market funds 85,647  —  —  85,647  U.S. Treasury Bills 249  —  —  249  Total cash and cash equivalents $ 241,400  $ —  $ —  $ 241,400  Short-term investments: Bank time deposits $ 686  $ —  $ —  $ 686  Total short-term investments $ 686  $ —  $ —  $ 686

v3.24.1.1.u2

INTANGIBLE ASSETS AND GOODWILL (Tables)	3 Months Ended
	Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquisition-Related Intangible Assets	Acquisition-related intangible assets, excluding certain intangible assets previously acquired that were fully amortized and intangible assets of the businesses we divested which were removed from our condensed consolidated balance sheets, consisted of the following as of April 30, 2024 and January 31, 2024:     April 30, 2024 (in thousands) Cost Accumulated Amortization Net Intangible assets with finite lives:       Customer relationships $ 453,183  $ (413,670) $ 39,513  Acquired technology 236,203  (217,310) 18,893  Trade names 3,725  (3,681) 44  Distribution network 2,440  (2,440) —  Total intangible assets $ 695,551  $ (637,101) $ 58,450      January 31, 2024 (in thousands) Cost Accumulated Amortization Net Intangible assets with finite lives:       Customer relationships $ 455,184  $ (412,587) $ 42,597  Acquired technology 231,815  (217,006) 14,809  Trade names 3,727  (3,667) 60  Distribution network 2,440  (2,440) —      Total intangible assets $ 693,166  $ (635,700) $ 57,466
Schedule of Estimated Future Amortization Expense on Finite-lived Acquisition-related Intangible Assets	Estimated future amortization expense on finite-lived acquisition-related intangible assets is as follows: (in thousands)   Years Ending January 31, Amount 2025 (remainder of year) $ 13,451  2026 17,419  2027 13,652  2028 8,849  2029 3,968  2030 and thereafter 1,111     Total $ 58,450
Schedule of Goodwill Activity	Goodwill activity for the three months ended April 30, 2024 was as follows:  (in thousands) Amount Three Months Ended April 30, 2024: Goodwill, gross, at January 31, 2024 $ 1,408,758  Accumulated impairment losses through January 31, 2024 (56,043)    Goodwill, net, at January 31, 2024 1,352,715  Foreign currency translation and other (6,123) Business combinations 8,341     Goodwill, net, at April 30, 2024 $ 1,354,933  Balance at April 30, 2024   Goodwill, gross, at April 30, 2024 $ 1,410,976  Accumulated impairment losses through April 30, 2024 (56,043)    Goodwill, net, at April 30, 2024 $ 1,354,933

v3.24.1.1.u2

LONG-TERM DEBT (Tables)	3 Months Ended
	Apr. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table summarizes our long-term debt at April 30, 2024 and January 31, 2024: April 30, January 31, (in thousands) 2024 2024 2021 Notes $ 315,000  $ 315,000  Revolving Credit Facility 100,000  100,000  Less: unamortized debt discounts and issuance costs (3,635) (4,035) Total debt 411,365  410,965  Less: current maturities —  —  Long-term debt $ 411,365  $ 410,965
Schedule of Components of Interest Expense	The following table presents the components of interest expense incurred on the 2021 Notes and on borrowings under our Credit Agreement, for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 2021 Notes: Interest expense at 0.25% coupon rate $ 197  $ 197  Amortization of deferred debt issuance costs 446  443  Total Interest Expense — 2021 Notes $ 643  $ 640  Borrowings under Credit Agreement: Interest expense at contractual rates $ 1,736  $ 1,650  Amortization of deferred debt issuance costs 172  204  Amortization of debt discounts —  5  Losses on early retirements of debt —  237  Total Interest Expense — Borrowings under Credit Agreement $ 1,908  $ 2,096

v3.24.1.1.u2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
	Apr. 30, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following as of April 30, 2024 and January 31, 2024:   April 30, January 31, (in thousands) 2024 2024 Raw materials $ 5,813  $ 4,402  Work-in-process 487  69  Finished goods 10,289  9,738     Total inventories $ 16,589  $ 14,209
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following as of April 30, 2024 and January 31, 2024: April 30, January 31, (in thousands) 2024 2024 Accrued bonus $ 30,057  $ 25,816  Other 92,334  111,617  Total accrued expenses and other current liabilities $ 122,391  $ 137,433
Schedule of Other Liabilities	Other liabilities consisted of the following as of April 30, 2024 and January 31, 2024: April 30, January 31, (in thousands) 2024 2024 Unrecognized tax benefits, including interest and penalties $ 72,589  $ 71,330  Other 16,303  14,290  Total other liabilities $ 88,892  $ 85,620
Schedule of Other Income, Net	Other (expense) income, net consisted of the following for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 Foreign currency (losses) gains, net $ (537) $ 237  Other, net 39  (213) Total other (expense) income, net $ (498) $ 24
Schedule of Supplemental Information Regarding Condensed Consolidated Cash Flows	The following table provides supplemental information regarding our condensed consolidated cash flows for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 Cash paid for interest $ 2,210  $ 2,513  Cash payments of income taxes, net $ 6,298  $ 3,758  Cash payments for operating leases $ 2,037  $ 1,640  Non-cash investing and financing transactions:   Finance leases of property and equipment $ 634  $ 212  Accrued but unpaid purchases of property and equipment $ 1,081  $ 360  Liabilities for contingent consideration in business combinations $ 3,397  $ —  Accrued but unpaid purchases of treasury stock $ 773  $ —  Excise tax on share repurchases $ 250  $ 417

v3.24.1.1.u2

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Apr. 30, 2024
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The following table summarizes changes in the components of our accumulated other comprehensive loss by component for the three months ended April 30, 2024: (in thousands) Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges Foreign Currency Translation Adjustments Total Accumulated other comprehensive income (loss) at January 31, 2024 $ 141  $ (143,103) $ (142,962) Other comprehensive loss before reclassifications (192) (7,060) (7,252) Amounts reclassified out of accumulated other comprehensive loss 27  —  27  Net other comprehensive loss (219) (7,060) (7,279) Accumulated other comprehensive loss at April 30, 2024 $ (78) $ (150,163) $ (150,241)
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss	The amounts reclassified out of accumulated other comprehensive loss into the condensed consolidated statements of operations, with presentation location, for the three months ended April 30, 2024 and 2023 were as follows: Three Months Ended April 30, (in thousands) 2024 2023 Financial Statement Location Unrealized gains (losses) on derivative financial instruments: Foreign currency forward contracts $ —  $ (2) Cost of recurring revenue 3  (20) Cost of nonrecurring revenue 21  (140) Research and development, net 9  (65) Selling, general and administrative 33  (227) Total, before income taxes (6) 39  (Provision for) benefit from income taxes $ 27  $ (188) Total, net of income taxes

v3.24.1.1.u2

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Apr. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	Our assets and liabilities measured at fair value on a recurring basis consisted of the following as of April 30, 2024 and January 31, 2024:   April 30, 2024   Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets:       Money market funds $ 52,053  $ —  $ —  U.S. Treasury bills, classified as cash and cash equivalents 498  —  —  Foreign currency forward contracts —  23  —  Contingent consideration receivable —  —  2,345  Total assets $ 52,551  $ 23  $ 2,345  Liabilities:       Foreign currency forward contracts $ —  $ 117  $ —  Contingent consideration — business combinations —  750  6,182  Total liabilities $ —  $ 867  $ 6,182      January 31, 2024   Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets:       Money market funds $ 85,647  $ —  $ —  U.S. Treasury bills, classified as cash and cash equivalents 249  —  —  Foreign currency forward contracts —  183  —  Contingent consideration receivable —  —  2,685  Total assets $ 85,896  $ 183  $ 2,685  Liabilities:       Foreign currency forward contracts $ —  $ 11  $ —  Contingent consideration — business combinations —  3,750  3,511  Total liabilities $ —  $ 3,761  $ 3,511
Schedule of Changes in the Estimated Fair Value Using Significant Unobservable Inputs (Level 3)	The following table presents the changes in the estimated fair values of our liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended April 30, 2024 and 2023:   Three Months Ended April 30, (in thousands) 2024 2023 Fair value measurement at beginning of period $ 3,511  $ 12,717  Contingent consideration liabilities recorded for business combinations 3,397  —  Changes in fair values, recorded in operating expenses (433) 220  Payments of contingent consideration (277) (250) Foreign currency translation and other (16) 197  Fair value measurement at end of period $ 6,182  $ 12,884

v3.24.1.1.u2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Financial Instruments	The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024 were as follows: Fair Value at April 30, January 31, (in thousands)  Balance Sheet Classification 2024 2024 Derivative assets: Foreign currency forward contracts:    Designated as cash flow hedges Prepaid expenses and other current assets $ 23  $ 183        Total derivative assets $ 23  $ 183  Derivative liabilities: Foreign currency forward contracts:    Designated as cash flow hedges Accrued expenses and other current liabilities $ 117  $ 11        Total derivative liabilities $ 117  $ 11
Schedule of the Effects of Derivative Financial Instruments Designated as Cash Flow Hedging Instruments	The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statement of operations for the three months ended April 30, 2024 and 2023 were as follows: Three Months Ended April 30, (in thousands)  2024 2023 Net losses recognized in AOCL: Foreign currency forward contracts $ (233) $ (350) Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations: Foreign currency forward contracts $ 33  $ (227)

v3.24.1.1.u2

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Apr. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	We recognized stock-based compensation expense in the following line items on the condensed consolidated statements of operations for the three months ended April 30, 2024 and 2023:  Three Months Ended April 30, (in thousands) 2024 2023 Cost of revenue — recurring $ 549  $ 296  Cost of revenue — nonrecurring 533  140  Research and development, net 3,543  2,327  Selling, general and administrative 13,396  12,216  Total stock-based compensation expense $ 18,021  $ 14,979
Schedule of Stock-Based Compensation Expense by Type of Award	The following table summarizes stock-based compensation expense by type of award for the three months ended April 30, 2024 and 2023: Three Months Ended April 30, (in thousands) 2024 2023 Restricted stock units and restricted stock awards $ 16,508  $ 13,436  Stock bonus program and bonus share program 1,501  1,378  Total equity-settled awards 18,009  14,814  Phantom stock units (cash-settled awards) 12  165  Total stock-based compensation expense $ 18,021  $ 14,979
Schedule of RSU Activity	The following table (“Award Activity Table”) summarizes activity for RSUs, PSUs, and other stock awards that reduce available Plan capacity under the Plans for the three months ended April 30, 2024 and 2023: Three Months Ended April 30, 2024 2023 (in thousands, except grant date fair values) Shares or Units Weighted-Average Grant Date Fair Value Shares or Units Weighted-Average Grant Date Fair Value Beginning balance 2,658  $ 43.29  2,230  $ 52.42  Granted 2,261  $ 29.56  1,665  $ 37.36  Released (410) $ 52.28  (475) $ 50.22  Forfeited (111) $ 55.71  (32) $ 50.63  Ending balance 4,398  $ 35.08  3,388  $ 45.34
Schedule of Performance Share Activity	The following table summarizes PSU activity in isolation under the Plans for the three months ended April 30, 2024 and 2023 (these amounts are also included in the Award Activity Table above for 2024 and 2023): Three Months Ended April 30, (in thousands) 2024 2023 Beginning balance 532  532  Granted 358  277  Released (160) (230) Forfeited (81) (10) Ending balance 649  569

v3.24.1.1.u2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)				3 Months Ended
	Apr. 06, 2021 USD ($)	May 07, 2020 USD ($)	Dec. 04, 2019 USD ($)	Apr. 30, 2024 employee office company
Description of Business [Line Items]
Number of fortune 100 companies as customers | company				80
Number of offices | office				15
Entity number of employees | employee				3,700
Apax
Description of Business [Line Items]
Percentage ownership of outstanding shares				13.50%
Convertible Preferred Stock
Description of Business [Line Items]
Sale of stock, consideration received on transaction			$ 400,000,000
Series A Preferred Stock | Series A Private Placement
Description of Business [Line Items]
Sale of stock, consideration received on transaction		$ 200,000,000
Series B Preferred Stock | Series B Private Placement
Description of Business [Line Items]
Sale of stock, consideration received on transaction	$ 200,000,000

v3.24.1.1.u2

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024
Disaggregation of Revenue [Line Items]
Current period revenue recognized from beginning balance of contract liabilities	$ 99.1	$ 101.5
Accounts Receivable | Customer Concentration Risk | Partner A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13.00%		14.00%
Accounts Receivable | Customer Concentration Risk | Partner B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	14.00%		14.00%
Contract assets | Customer Concentration Risk | Partner A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13.00%		14.00%
Contract assets | Customer Concentration Risk | Partner B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	14.00%		14.00%
Minimum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	3 years

v3.24.1.1.u2

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 221,277	$ 216,566
Bundled SaaS revenue
Disaggregation of Revenue [Line Items]
Total revenue	65,695	59,453
Unbundled SaaS revenue
Disaggregation of Revenue [Line Items]
Total revenue	75,288	57,695
Total SaaS revenue
Disaggregation of Revenue [Line Items]
Total revenue	140,983	117,148
Optional managed services revenue
Disaggregation of Revenue [Line Items]
Total revenue	5,168	12,865
Support revenue
Disaggregation of Revenue [Line Items]
Total revenue	27,377	36,426
Total recurring revenue
Disaggregation of Revenue [Line Items]
Total revenue	173,528	166,439
Perpetual revenue
Disaggregation of Revenue [Line Items]
Total revenue	24,900	24,334
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	22,849	25,793
Total nonrecurring revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 47,749	$ 50,127

v3.24.1.1.u2

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 155,903	$ 190,461
Contract assets, net	71,490	66,913
Long-term contract assets, net (included in other assets)	38,115	31,379
Contract liabilities	242,478	254,437
Long-term contract liabilities	$ 9,394	$ 10,581

v3.24.1.1.u2

REVENUE RECOGNITION - Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 717,444	$ 744,302
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 464,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)	5 years
Remaining performance obligations	$ 437,659
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 279,702
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)		3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 279,785
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)		5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-05-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)	5 years

v3.24.1.1.u2

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Net Income Attributable to Verint Systems Inc. [Abstract]
Net income	$ 15,379	$ 3,634
Net income attributable to noncontrolling interests	138	339
Net income attributable to Verint Systems Inc.	15,241	3,295
Dividends on preferred stock	(5,200)	(5,200)
Net income (loss) attributable to Verint Systems Inc. common shares	10,041	(1,905)
Dilutive effect of dividends on preferred stock	0	0
Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share	$ 10,041	$ (1,905)
Weighted-average shares outstanding:
Basic (in shares)	62,335	64,940
Dilutive effect of employee equity award plans (in shares)	510	0
Dilutive effect of assumed conversion of preferred stock (in shares)	0	0
Diluted (in shares)	62,845	64,940
Net income (loss) per common share attributable to Verint Systems Inc.:
Basic (in dollars per share)	$ 0.16	$ (0.03)
Diluted (in dollars per share)	$ 0.16	$ (0.03)
2021 Notes
Weighted-average shares outstanding:
Dilutive effect of 2021 Notes (in shares)	0	0

v3.24.1.1.u2

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Schedule of Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Restricted and performance stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from calculations of diluted net income (loss) per share (in shares)	1,733	2,080
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from calculations of diluted net income (loss) per share (in shares)	5,498	5,498
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from calculations of diluted net income (loss) per share (in shares)	3,980	3,980

v3.24.1.1.u2

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Additional Information (Details) - 2021 Notes	Apr. 06, 2021 $ / shares
Class of Stock [Line Items]
Conversion price (in dollars per share)	$ 62.08
Capped calls, initial cap price (in dollars per share)	$ 100.00

v3.24.1.1.u2

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	$ 236,592	$ 260,719	$ 241,400
Cash and cash equivalents, fair value	236,592		241,400
Proceeds from maturities and sales of short-term investments	200	$ 200
Bank time deposits
Cash and Cash Equivalents [Line Items]
Cost Basis	785		686
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Estimated Fair Value	785		686
Total short-term investments
Cash and Cash Equivalents [Line Items]
Cost Basis	785		686
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Estimated Fair Value	785		686
Cash and bank time deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	184,041		155,504
Cash and cash equivalents, fair value	184,041		155,504
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	52,053		85,647
Cash and cash equivalents, fair value	52,053		85,647
U.S. Treasury bills
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	498		249
Cash and cash equivalents, fair value	$ 498		$ 249

v3.24.1.1.u2

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Business Combinations For Three Months Ended April 30, 2024 (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2024 USD ($) employee	Jan. 31, 2024 USD ($) employee
Business Acquisition [Line Items]
Entity number of employees | employee	3,700
SAFE investment		$ 1,700
Goodwill	$ 1,354,933	$ 1,352,715
Other Business Combination
Business Acquisition [Line Items]
Entity number of employees | employee	14	3
Business Combinations Three Months Ended April 30 2024
Business Acquisition [Line Items]
Purchase price transaction costs	$ 8,800
Contingent consideration — business combinations	3,400
SAFE investment	1,700
Goodwill	8,300
Business Combinations Three Months Ended April 30 2024 | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets	5,200
Business Combinations Three Months Ended April 30 2024 | Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 200

v3.24.1.1.u2

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Other Business Combination Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Business Acquisition [Line Items]
Changes in fair values, recorded in operating expenses	$ (0.4)	$ 0.2
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative	Selling, general and administrative
Payments of contingent consideration	$ (3.3)	$ (0.3)
Recurring
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	6.9
Accrued expenses and other current liabilities | Recurring
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	2.1
Other Noncurrent Liabilities | Recurring
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	$ 4.8

v3.24.1.1.u2

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Asset Acquisition (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2023	Apr. 30, 2024	Jan. 31, 2024
Asset Acquisition [Line Items]
Asset acquisition, deposit payment	$ 1.0
Asset acquisition, direct deal costs	0.2
Milestone Payments
Asset Acquisition [Line Items]
Asset acquisition, milestone payments	3.0
Payment for asset acquisition contingent consideration			$ 1.8
Asset acquisition, contingent consideration released from third-party escrow account		$ 0.2
Asset acquisition, contingent consideration held in third-party escrow account	$ 2.0	1.0
Integration Milestone
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration released from third-party escrow account			$ 0.8
Consideration Contingent Upon Achieving Certain Performance Targets
Asset Acquisition [Line Items]
Asset acquisition, non contingent consideration		0.3
Consideration Contingent Upon Achieving Certain Performance Targets | Maximum
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration		5.0
Consideration Contingent Upon Achieving Certain Performance Targets | Minimum
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration		$ 2.0

v3.24.1.1.u2

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Divestiture (Details) $ in Millions		3 Months Ended
	Jan. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) installment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business agreement terms, period following transaction closing date	6 years
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from divestiture	$ 6.0
Sale of business agreement terms, period following transaction closing date	6 years
Gain on sale of transaction	$ (9.7)
Cumulative foreign translation adjustment	0.8
Cash divested from deconsolidation	6.5
Tangible assets	1.0
Intangible assets disposed	0.5
Goodwill disposed	$ 6.8
Revenue			$ 6.8
Collection of outstanding receivables		$ 1.5
Disposed of by Sale | Product Line Inherited As Part Of Legacy Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from divestiture				$ 0.7
Gain on sale of transaction			$ 0.2
Intangible assets disposed				0.2
Goodwill disposed				$ 0.3
Consideration from divestiture, number of installments | installment				3

v3.24.1.1.u2

INTANGIBLE ASSETS AND GOODWILL - Schedule of Acquisition-Related Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 695,551	$ 693,166
Accumulated Amortization	(637,101)	(635,700)
Net	58,450	57,466
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	453,183	455,184
Accumulated Amortization	(413,670)	(412,587)
Net	39,513	42,597
Acquired technology
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	236,203	231,815
Accumulated Amortization	(217,310)	(217,006)
Net	18,893	14,809
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	3,725	3,727
Accumulated Amortization	(3,681)	(3,667)
Net	44	60
Distribution network
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	2,440	2,440
Accumulated Amortization	(2,440)	(2,440)
Net	$ 0	$ 0

v3.24.1.1.u2

INTANGIBLE ASSETS AND GOODWILL - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4,400,000	$ 8,300,000
Impairment of intangible assets, finite-lived	$ 0	$ 0

v3.24.1.1.u2

INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Future Amortization Expense on Finite-lived Acquisition-related Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remainder of year)	$ 13,451
2026	17,419
2027	13,652
2028	8,849
2029	3,968
2030 and thereafter	1,111
Net	$ 58,450	$ 57,466

v3.24.1.1.u2

INTANGIBLE ASSETS AND GOODWILL - Goodwill Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Jan. 31, 2024
Goodwill [Roll Forward]
Goodwill, gross at the beginning of the period	$ 1,410,976	$ 1,408,758
Accumulated impairment losses	(56,043)	$ (56,043)
Goodwill, net at the beginning of the period	1,352,715
Foreign currency translation and other	(6,123)
Business combinations	8,341
Goodwill, net, at the end of the period	$ 1,354,933

v3.24.1.1.u2

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Less: unamortized debt discounts and issuance costs	$ (3,635)	$ (4,035)
Total debt	411,365	410,965
Less: current maturities	0	0
Long-term debt	411,365	410,965
2021 Notes
Debt Instrument [Line Items]
Long-term debt outstanding	315,000	315,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt outstanding	$ 100,000	$ 100,000

v3.24.1.1.u2

LONG-TERM DEBT - 2021 Notes (Details)	Apr. 09, 2021 USD ($)	Apr. 06, 2021 USD ($) $ / shares	Apr. 30, 2024
Series B Preferred Stock | Series B Private Placement
Debt Instrument [Line Items]
Sale of stock, consideration received on transaction		$ 200,000,000
2021 Notes
Debt Instrument [Line Items]
Debt principal amount	$ 315,000,000
Coupon interest rate	0.25%
Convertible debt, conversion ratio	0.0161092
Convertible debt, conversion price (in dollars per share) | $ / shares		$ 62.08
Payments of debt issuance costs	$ 8,900,000
Effective interest rate (as a percent)			0.83%

v3.24.1.1.u2

LONG-TERM DEBT - Capped Calls (Details) $ / shares in Units, $ in Millions	Apr. 06, 2021 USD ($) $ / shares
Debt Instrument [Line Items]
Purchases of capped calls, net of taxes | $	$ 41.1
2021 Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share)	$ 62.08
Capped calls, initial cap price (in dollars per share)	$ 100.00

v3.24.1.1.u2

LONG-TERM DEBT - Credit Agreement (Details)			3 Months Ended
	May 10, 2023	Apr. 27, 2023 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2021 USD ($)	Jan. 31, 2024 USD ($)	Jun. 29, 2017 USD ($)
Debt Instrument [Line Items]
Accrued interest paid			$ 2,210,000	$ 2,513,000
Combined deferred debt issuance costs and unamortized debt discount			3,635,000			$ 4,035,000
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 725,000,000
Term Loan
Debt Instrument [Line Items]
Debt face amount							425,000,000
Required quarterly principal payment					$ 1,100,000
Repayments of debt		$ 100,000,000			309,000,000
Long-term debt outstanding					$ 100,000,000
Accrued interest paid		$ 500,000
Combined deferred debt issuance costs and unamortized debt discount				$ 200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 300,000,000
Long-term debt outstanding			$ 100,000,000			$ 100,000,000
Interest rate at end of period (as a percent)			6.93%
Consolidated total debt to consolidated EBITDA ratio			4.50
Fourth Amendment To Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.25%
Fourth Amendment To Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.25%
Fourth Amendment To Credit Agreement | Adjusted Term SOFR | Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.25%
Fourth Amendment To Credit Agreement | Adjusted Term SOFR | Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	2.25%

v3.24.1.1.u2

LONG-TERM DEBT - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 09, 2021
Debt Instrument [Line Items]
Losses on early retirements of debt	$ 0	$ 237
2021 Notes
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	197	197
Amortization of deferred debt issuance costs	446	443
Total interest expense	643	640
Coupon interest rate			0.25%
Credit Agreement
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	1,736	1,650
Amortization of deferred debt issuance costs	172	204
Amortization of debt discounts	0	5
Losses on early retirements of debt	0	237
Total interest expense	$ 1,908	$ 2,096

v3.24.1.1.u2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Raw materials	$ 5,813	$ 4,402
Work-in-process	487	69
Finished goods	10,289	9,738
Total inventories	$ 16,589	$ 14,209

v3.24.1.1.u2

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Accrued bonus	$ 30,057	$ 25,816
Other	92,334	111,617
Total accrued expenses and other current liabilities	$ 122,391	$ 137,433

v3.24.1.1.u2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Unrecognized tax benefits, including interest and penalties	$ 72,589	$ 71,330
Other	16,303	14,290
Total other liabilities	$ 88,892	$ 85,620

v3.24.1.1.u2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Condensed Financial Information Disclosure [Abstract]
Foreign currency (losses) gains, net	$ (537)	$ 237
Other, net	39	(213)
Total other (expense) income, net	$ (498)	$ 24

v3.24.1.1.u2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Supplemental Information Regarding Condensed Consolidated Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Condensed Financial Information Disclosure [Abstract]
Cash paid for interest	$ 2,210	$ 2,513
Cash payments of income taxes, net	6,298	3,758
Cash payments for operating leases	2,037	1,640
Non-cash investing and financing transactions:
Finance leases of property and equipment	634	212
Accrued but unpaid purchases of property and equipment	1,081	360
Liabilities for contingent consideration in business combinations	3,397	0
Accrued but unpaid purchases of treasury stock	773	0
Excise tax on share repurchases	$ 250	$ 417

v3.24.1.1.u2

CONVERTIBLE PREFERRED STOCK - Additional Information (Details) - USD ($)	Apr. 06, 2021	May 07, 2020	Dec. 04, 2019
Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction			$ 400,000,000
Series A Preferred Stock | Series A Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 200,000,000
Sale of stock, number of shares issued (in shares)		200,000
Sale of stock, price per share (in dollars per share)		$ 1,000
Sale of stock, direct and indirect costs		$ 2,700,000
Series B Preferred Stock | Series B Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 200,000,000
Sale of stock, number of shares issued (in shares)	200,000
Sale of stock, price per share (in dollars per share)	$ 1,000
Sale of stock, direct and indirect costs	$ 1,300,000

v3.24.1.1.u2

CONVERTIBLE PREFERRED STOCK - Voting Rights, Dividends and Liquidation Rights (Details) - USD ($)		3 Months Ended
	May 07, 2020	Apr. 30, 2024	Apr. 30, 2023	Dec. 04, 2019
Subsidiary, Sale of Stock [Line Items]
Holders of preferred stock voting rights, as percentage of voting power of common stock outstanding				19.90%
Preferred stock dividend payments		$ 10,400,000	$ 10,400,000
Dividends payable		0
Preferred stock dividends, unpaid and undeclared		6,900,000
Dividends on preferred stock		$ 5,200,000	$ 5,200,000
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 1,000
Preferred Stock | Minimum
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, increase percentage each year	1.00%
Preferred Stock | Maximum
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, increase percentage each year	10.00%
Preferred Stock | Dividend for the first 48-month anniversary of closing date
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	5.20%
Preferred Stock | Dividend after the first 48-month anniversary of closing date
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	4.00%
Preferred Stock | Dividend increase term in the event
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	6.00%

v3.24.1.1.u2

CONVERTIBLE PREFERRED STOCK - Conversion And Future Tranche Right (Details) - USD ($) $ / shares in Units, $ in Thousands	May 07, 2023	Apr. 06, 2021	May 07, 2020	Apr. 30, 2024	Jan. 31, 2024	Feb. 01, 2021
Subsidiary, Sale of Stock [Line Items]
Shares issuable upon conversion (in shares)				9,600,000
Common stock, trading days	30 days
Convertible preferred stock, threshold percentage of conversion trigger	175.00%
Preferred stock, redemption price in percentage			100.00%
Internal rate of return			8.00%
Preferred stock dividends, unpaid and undeclared				$ 6,900
Future tranche right, fair value			$ 3,400
Carrying value of preferred stock				$ 436,321	$ 436,321
Apax
Subsidiary, Sale of Stock [Line Items]
Percentage ownership of outstanding shares				13.50%
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Conversion price (in dollars per share)			$ 53.50			$ 36.38
Conversion premium			17.10%
Common stock, consecutive trading days	45 days		45 days
Preferred stock, liquidation preference				$ 200,000
Preferred stock dividends, unpaid and undeclared				3,500
Carrying value of preferred stock			$ 203,400	200,628	200,628
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Conversion price (in dollars per share)		$ 50.25
Conversion price, trading days		20 days
Preferred stock, liquidation preference				200,000
Preferred stock dividends, unpaid and undeclared				3,500
Carrying value of preferred stock		$ 237,000		$ 235,693	$ 235,693
Future tranche right		$ 37,000
Series B Preferred Stock | Series B Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)		200,000
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, redemption price in percentage			100.00%

v3.24.1.1.u2

STOCKHOLDERS' EQUITY - Common Stock Dividends (Details) - USD ($)	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Equity [Abstract]
Dividends on common stock	$ 0	$ 0

v3.24.1.1.u2

STOCKHOLDERS' EQUITY - Treasury Stock (Details) - shares	Apr. 30, 2024	Jan. 31, 2024
Equity [Abstract]
Treasury stock outstanding (in shares)	0	0

v3.24.1.1.u2

STOCKHOLDERS' EQUITY - Stock Repurchase Programs (Details) - USD ($) shares in Thousands	1 Months Ended	3 Months Ended
	May 30, 2024	Apr. 30, 2024	Apr. 30, 2023	Dec. 07, 2022
Class of Stock [Line Items]
Excise tax on share repurchases		$ 250,000	$ 417,000
December 2022 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 200,000,000
Stock repurchased during period (in shares)		1,233
Stock repurchased during period, value		$ 38,100,000
Excise tax on share repurchases		$ 300,000	$ 400,000
Shares retired (in shares)		1,234
December 2022 Repurchase Program | Subsequent Event
Class of Stock [Line Items]
Stock repurchased during period (in shares)	270
Stock repurchased during period, value	$ 8,500,000
Prior Stock Repurchase Program
Class of Stock [Line Items]
Treasury stock repurchased (in shares)			1,593
Treasury stock repurchased			$ 60,100,000

v3.24.1.1.u2

STOCKHOLDERS' EQUITY - Issuance of Convertible Preferred Stock (Details) - USD ($)	Apr. 06, 2021	May 07, 2020	Dec. 04, 2019	Apr. 30, 2024
Apax
Class of Stock [Line Items]
Percentage ownership of outstanding shares				13.50%
Convertible Preferred Stock
Class of Stock [Line Items]
Sale of stock, consideration received on transaction			$ 400,000,000
Series A Preferred Stock | Series A Private Placement
Class of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 200,000,000
Series B Preferred Stock | Series B Private Placement
Class of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 200,000,000

v3.24.1.1.u2

STOCKHOLDERS' EQUITY - Summary of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Activity in Accumulated Other Comprehensive Loss
Beginning balances	$ 832,666	$ 858,149
Other comprehensive loss before reclassifications	(7,252)
Amounts reclassified out of accumulated other comprehensive loss	27
Other comprehensive (loss) income	(7,279)	8,510
Ending balances	818,911	823,388
Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges
Activity in Accumulated Other Comprehensive Loss
Beginning balances	141
Other comprehensive loss before reclassifications	(192)
Amounts reclassified out of accumulated other comprehensive loss	27
Other comprehensive (loss) income	(219)
Ending balances	(78)
Foreign Currency Translation Adjustments
Activity in Accumulated Other Comprehensive Loss
Beginning balances	(143,103)
Other comprehensive loss before reclassifications	(7,060)
Amounts reclassified out of accumulated other comprehensive loss	0
Other comprehensive (loss) income	(7,060)
Ending balances	(150,163)
AOCI Attributable to Parent
Activity in Accumulated Other Comprehensive Loss
Beginning balances	(142,962)	(154,099)
Other comprehensive (loss) income	(7,279)	8,510
Ending balances	$ (150,241)	$ (145,589)

v3.24.1.1.u2

STOCKHOLDERS' EQUITY - Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Research and development, net	$ (36,730)	$ (31,782)
Selling, general and administrative	(93,276)	(101,279)
Total, before income taxes	23,334	7,997
(Provision for) benefit from income taxes	(7,955)	(4,363)
Net income	15,379	3,634
Recurring
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	(35,923)	(39,643)
Nonrecurring
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	(26,480)	(26,795)
Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Research and development, net	21	(140)
Selling, general and administrative	9	(65)
Total, before income taxes	33	(227)
(Provision for) benefit from income taxes	(6)	39
Net income	27	(188)
Foreign currency forward contracts | Recurring | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	0	(2)
Foreign currency forward contracts | Nonrecurring | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	$ 3	$ (20)

v3.24.1.1.u2

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 7,955	$ 4,363
Income (loss) before provision of income taxes	$ 23,334	$ 7,997
Effective income tax rate (as a percent)	34.10%	54.60%
Unrecognized tax benefits (excluding interest and penalties)	$ 82,500		$ 83,300
Unrecognized tax benefits, income tax penalties and interest accrued	7,200		$ 6,400
Decrease in unrecognized tax benefits is reasonably possible	$ 8,100

v3.24.1.1.u2

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Assets:
Contingent consideration receivable	$ 2,300
Liabilities:
Contingent consideration — business combinations	6,900
Level 1
Assets:
Money market funds	52,053	$ 85,647
U.S. Treasury bills, classified as cash and cash equivalents	498	249
Foreign currency forward contracts	0	0
Contingent consideration receivable	0	0
Total assets	52,551	85,896
Liabilities:
Foreign currency forward contracts	0	0
Contingent consideration — business combinations	0	0
Total liabilities	0	0
Level 2
Assets:
Money market funds	0	0
U.S. Treasury bills, classified as cash and cash equivalents	0	0
Foreign currency forward contracts	23	183
Contingent consideration receivable	0	0
Total assets	23	183
Liabilities:
Foreign currency forward contracts	117	11
Contingent consideration — business combinations	750	3,750
Total liabilities	867	3,761
Level 3
Assets:
Money market funds	0	0
U.S. Treasury bills, classified as cash and cash equivalents	0	0
Foreign currency forward contracts	0	0
Contingent consideration receivable	2,345	2,685
Total assets	2,345	2,685
Liabilities:
Foreign currency forward contracts	0	0
Contingent consideration — business combinations	6,182	3,511
Total liabilities	$ 6,182	$ 3,511

v3.24.1.1.u2

FAIR VALUE MEASUREMENTS - Contingent consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair values, recorded in operating expenses	$ 400	$ (200)
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value measurement at beginning of period	3,511	12,717
Contingent consideration liabilities recorded for business combinations	3,397	0
Changes in fair values, recorded in operating expenses	(433)	220
Payments of contingent consideration	(277)	(250)
Foreign currency translation and other	(16)	197
Fair value measurement at end of period	$ 6,182	$ 12,884

v3.24.1.1.u2

FAIR VALUE MEASUREMENTS - Additional Information (Details)		1 Months Ended			3 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Sale of business agreement terms, period following transaction closing date	6 years
Payments of contingent consideration					$ (3,300,000)	$ (300,000)
SAFE, investment during period		$ 100,000	$ 500,000	$ 1,100,000
SAFE investment	$ 1,700,000	1,700,000
Noncontrollling equity investment in privately-held companies without readily determinable fair values	5,100,000	5,100,000			5,100,000
Noncontrollling equity investment in privately-held companies, impairments					0	$ 0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration receivable					2,300,000
Contingent consideration receivable, change in estimated fair value					(300,000)
Contingent consideration — business combinations					$ 6,900,000
Disposed of by Sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Consideration from divestiture	$ 6,000,000	$ 6,000,000
Sale of business agreement terms, period following transaction closing date	6 years
Discount Rate | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration, liability, measurement input	0.058	0.058			0.061
Contingent consideration, asset, measurement input	0.075	0.075			0.096
Discount Rate | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration, liability, measurement input	0.064	0.064			0.070
Contingent consideration, asset, measurement input	0.089	0.089			0.108
Discount Rate | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration, liability, measurement input	0.062	0.062			0.067
Contingent consideration, asset, measurement input	0.078	0.078			0.097
Level 3 | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration receivable	$ 2,685,000	$ 2,685,000			$ 2,345,000
Contingent consideration — business combinations	3,511,000	3,511,000			6,182,000
Level 3 | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of debt	99,000,000	99,000,000			99,000,000
Level 2 | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration receivable	0	0			0
Contingent consideration — business combinations	3,750,000	3,750,000			750,000
Payments of contingent consideration					(3,000,000)
Level 2 | 2021 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of debt	$ 281,000,000	$ 281,000,000			$ 289,000,000

v3.24.1.1.u2

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2024	Jan. 31, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, term (no longer than)	12 months
Notional amounts of derivative financial instruments	$ 6.3	$ 6.3
Maximum maturity of foreign currency derivatives	12 months

v3.24.1.1.u2

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Fair Values of Derivative Financial Instruments
Assets, fair value	$ 23	$ 183
Liabilities, fair value	117	11
Prepaid expenses and other current assets | Foreign currency forward contracts | Designated as cash flow hedges
Fair Values of Derivative Financial Instruments
Assets, fair value	23	183
Accrued expenses and other current liabilities | Foreign currency forward contracts | Designated as cash flow hedges
Fair Values of Derivative Financial Instruments
Liabilities, fair value	$ 117	$ 11

v3.24.1.1.u2

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of the Effects of Derivative Financial Instruments Designated as Cash Flow Hedging Instruments (Details) - Foreign currency forward contracts - Cash flow hedging - Designated as cash flow hedges - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Net (losses) recognized in accumulated other comprehensive (loss) income	$ (233)	$ (350)
Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations	$ 33	$ (227)

v3.24.1.1.u2

STOCK-BASED COMPENSATION - Stock-Based Compensation Plan (Details) - shares	Apr. 30, 2024	Jun. 22, 2023
2023 Long-Term Stock Incentive Plan
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	9,000,000
Reduction of available plan capacity for each stock option or stock-settled stock appreciation right (in shares)	1
Reduction of available plan capacity for each other award (in shares)	1.9
2019 Long-Term Stock Incentive Plan
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)		3,982,168

v3.24.1.1.u2

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Stock-Based Compensation Plans
Stock-based compensation	$ 18,021	$ 14,979
Cost of revenue — recurring
Stock-Based Compensation Plans
Stock-based compensation	549	296
Cost of revenue — nonrecurring
Stock-Based Compensation Plans
Stock-based compensation	533	140
Research and development, net
Stock-Based Compensation Plans
Stock-based compensation	3,543	2,327
Selling, general and administrative
Stock-Based Compensation Plans
Stock-based compensation	$ 13,396	$ 12,216

v3.24.1.1.u2

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense by Type of Award (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Stock-Based Compensation Plans
Stock-based compensation	$ 18,021	$ 14,979
Equity Settled Awards
Stock-Based Compensation Plans
Stock-based compensation	18,009	14,814
Restricted stock units and restricted stock awards | Equity Settled Awards
Stock-Based Compensation Plans
Stock-based compensation	16,508	13,436
Stock bonus program and bonus share program | Equity Settled Awards
Stock-Based Compensation Plans
Stock-based compensation	1,501	1,378
Phantom stock units (cash-settled awards) | Cash Settled Awards
Stock-Based Compensation Plans
Stock-based compensation	$ 12	$ 165

v3.24.1.1.u2

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Shares or Units
Beginning balance (in shares)	2,658	2,230
Granted (in shares)	2,261	1,665
Released (in shares)	(410)	(475)
Forfeited (in shares)	(111)	(32)
Ending balance (in shares)	4,398	3,388
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 43.29	$ 52.42
Granted (in dollars per share)	29.56	37.36
Released (in dollars per share)	52.28	50.22
Forfeited (in dollars per share)	55.71	50.63
Ending balance (in dollars per share)	$ 35.08	$ 45.34
Additional disclosures
Granted (in shares)	2,261	1,665
Restricted Stock Units (RSUs)
Shares or Units
Granted (in shares)	1,903
Additional disclosures
Granted (in shares)	1,903
Unrecognized compensation expense	$ 117.3
Remaining weighted-average vesting period over which expense is expected to be recognized (in years)	2 years 2 months 12 days

v3.24.1.1.u2

STOCK-BASED COMPENSATION - Schedule of PSU Activity (Details) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Shares or Units
Beginning balance (in shares)	2,658	2,230
Granted (in shares)	2,261	1,665
Released (in shares)	(410)	(475)
Forfeited (in shares)	(111)	(32)
Ending balance (in shares)	4,398	3,388
Performance- based RSUs
Shares or Units
Beginning balance (in shares)	532	532
Granted (in shares)	358	277
Released (in shares)	(160)	(230)
Forfeited (in shares)	(81)	(10)
Ending balance (in shares)	649	569

v3.24.1.1.u2

STOCK-BASED COMPENSATION - Stock Bonus Program and Bonus Share Program (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Apr. 30, 2024	Jan. 31, 2024
Stock Bonus Program
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, award vesting period		1 year
Share-based compensation arrangement by share-based payment award, determination of shares issuable trailing period of average price of common stock		5 days
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	200,000		200,000
Discount from market price (as a percent)	15.00%		15.00%
Shares expected to issue (in shares)		22,000
Stock bonus program and bonus share program
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	300,000		300,000
Accrued bonuses		$ 7.3	$ 5.8
Bonus Share Program
Stock-Based Compensation Plans
Shares expected to issue (in shares)		178,000

v3.24.1.1.u2

COMMITMENTS AND CONTINGENCIES (Details)					1 Months Ended		3 Months Ended	12 Months Ended			15 Months Ended
	Jul. 31, 2023 USD ($)	Jul. 10, 2022 USD ($) phase	Oct. 31, 2012 USD ($)	Jun. 07, 2012 defendant	Aug. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Apr. 30, 2024 USD ($) claim	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jun. 30, 2019 round	Apr. 30, 2023 USD ($)	Sep. 05, 2019 claim	Oct. 24, 2018 trademark
Loss Contingencies [Line Items]
Loss contingency, alleged trademarks infringed, number | trademark													2
Loss contingency, claims settled and dismissed | claim							2
Insurance recoveries collected						$ 12,500,000			$ 2,000,000		$ 14,500,000
CTI Litigation
Loss Contingencies [Line Items]
Litigation settlement, rounds of mediation, number | round										2
CTI Litigation | Settled Litigation
Loss Contingencies [Line Items]
Number of defendants | defendant				3
Loss contingency, damages sought, value			$ 150,000,000
Litigation settlement, amount agreed to pay		$ 16,000,000
Litigation settlement, number of payment phases | phase		3
Litigation settlement, income statement impact							$ 0
DOJ False Claims Act Litigation | Settled Litigation
Loss Contingencies [Line Items]
Payments for legal settlements					$ 7,000,000
Estimated litigation liability, current									7,000,000
DOJ False Claims Act Litigation | Pending Litigation
Loss Contingencies [Line Items]
Litigation settlement, income statement impact									0
ACSI And CFI Complaints
Loss Contingencies [Line Items]
Loss contingency, pending claims, number | claim												2
ACSI And CFI Complaints | Settled Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount agreed to pay	$ 9,000,000
Estimated litigation liability, current									3,500,000
Estimated litigation liability, incremental settlement costs								$ 5,500,000
ACSI And CFI Complaints | Pending Litigation
Loss Contingencies [Line Items]
Litigation settlement, income statement impact									$ 0

---