2025-06-05-Jefferies-维林特（VRNT）_2026财年第一季度回顾_年初表现出色；下半年收入增长加速_10页_764kb

Verint Systems, Inc. (VRNT) Equity Research

Key Highlights

F1Q26 Financial Performance

• Rev.: $208.1m (beat consensus by 7%, driven by unbundled SaaS pull-forward)
• EPS: $0.29 (beat consensus by 126%, aided by higher mgn & buyback)
• GM & Op Mgn: 69.9% & 12.2% (beat expectations)
• Segment:
  • Bundled SaaS: +23.7% y/y ($81.3m vs consensus $80.1m)
  • Unbundled SaaS: -12% y/y ($66.2m vs consensus $45m)
• AI ARR: $354m (24% y/y growth)

2026 Guidance & Outlook

• Rev.: $960m (unchanged from prior, in-line with consensus)
• EPS: $2.93 (unchanged, flat y/y vs 2025)
• 2H26 Rev.: Projects a 4.8% y/y decline (implying steeper H2 growth to compensate)
• Cash Flow: $145m FCF (12% y/y growth)

Analyst Ratings & Valuation

• Rating: Hold ($23 price target, $19 low)
• Valuation:
  • EV/Rev: 1.7x (FY2026E)
  • P/Rev: 1.4x (FY2026E)
• Up/Downside Scenarios:
  • Upside: 60% (based on aggressive bundled growth)
  • Downside: -45% (execution risks & margins)
• DCF Target: $23 vs $35 upside & $12 downside scenarios

Investment Thesis

Drivers

• SaaS Expansion: Cloud revenue growing at 40%+ CAGR
• AI Growth: $354m AI ARR (24% y/y)
• Margins: Steady mgn expansion (2H26 outlook cautious)

Risks

• Execution Risk: Below-consensus F2Q EPS (-59.5% vs market view)
• Macroeconomic Uncertainty: Impact on customer engagement revenue
• Valuation Sensitivity: DCF model depends heavily on H2 growth & margin expansion

Management Commentary

• Strategy: "AI-powered solutions driving recurring revenue"
• Catalysts: Bot adoption (already $14m TCV), M&A (undisclosed)
• ESG: Cybersecurity & energy-efficient cloud solutions

Balance Sheet & Liquidity

• Strong Cash: $215.7m in FY26
• Debt: $412m in FY26
• FCF Projection: Boosts liquidity capacity

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- **Analysts**: Samad Samana, Billy Fitzsimmons, Joey Pecora
- **Contact**: Equity Research @ Jefferies
- **Date**: June 5, 2025