Verint Systems (VRNT) 10-Q6 Sep 232024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 31, 2023	Aug. 15, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2023
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	175 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		64,271,128
Entity Central Index Key	0001166388
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Current Assets:
Cash and cash equivalents	$ 231,296	$ 282,099
Short-term investments	1,452	697
Accounts receivable, net of allowance for credit losses of $1.4 million and $1.3 million, respectively	140,031	188,414
Contract assets, net	57,690	60,444
Inventories	15,755	12,628
Prepaid expenses and other current assets	70,637	75,374
Total current assets	516,861	619,656
Property and equipment, net	49,003	64,810
Operating lease right-of-use assets	29,523	37,649
Goodwill	1,362,227	1,347,213
Intangible assets, net	69,812	85,272
Other assets	153,927	159,001
Total assets	2,181,353	2,313,601
Current Liabilities:
Accounts payable	35,365	43,631
Accrued expenses and other current liabilities	119,169	155,944
Contract liabilities	238,738	271,476
Total current liabilities	393,272	471,051
Long-term debt	409,958	408,908
Long-term contract liabilities	12,327	18,047
Operating lease liabilities	33,009	40,744
Other liabilities	70,418	80,381
Total liabilities	918,984	1,019,131
Commitments and Contingencies
Temporary Equity:
Preferred Stock	436,321	436,321
Stockholders' Equity:
Common stock — $0.001 par value; authorized 240,000,000 shares; issued 64,271,000 and 65,404,000 shares; outstanding 64,271,000 and 65,404,000 shares at July 31, 2023 and January 31, 2023, respectively.	64	65
Additional paid-in capital	1,009,269	1,055,157
Accumulated deficit	(48,038)	(45,333)
Accumulated other comprehensive loss	(137,667)	(154,099)
Total Verint Systems Inc. stockholders' equity	823,628	855,790
Noncontrolling interest	2,420	2,359
Total stockholders' equity	826,048	858,149
Total liabilities, temporary equity, and stockholders' equity	2,181,353	2,313,601
Series A Preferred Stock
Temporary Equity:
Preferred Stock	200,628	200,628
Series B Preferred Stock
Temporary Equity:
Preferred Stock	$ 235,693	$ 235,693

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Allowance for credit losses	$ 1,400	$ 1,300
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)	64,271,000	65,404,000
Common Stock, outstanding (in shares)	64,271,000	65,404,000
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	$ 200,867	$ 206,067
Preferred stock, redemption value	$ 200,867	$ 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	$ 200,867	$ 206,067
Preferred stock, redemption value	$ 200,867	$ 206,067

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Revenue:
Revenue	$ 210,165	$ 222,899	$ 426,731	$ 440,805
Cost of revenue:
Amortization of acquired technology	1,937	3,553	3,902	7,192
Total cost of revenue	68,876	75,105	137,279	151,840
Gross profit	141,289	147,794	289,452	288,965
Operating expenses:
Research and development, net	34,057	33,956	65,839	64,903
Selling, general and administrative	108,374	105,705	209,653	208,587
Amortization of other acquired intangible assets	6,370	6,623	12,700	13,467
Total operating expenses	148,801	146,284	288,192	286,957
Operating (loss) income	(7,512)	1,510	1,260	2,008
Other income (expense), net:
Interest income	1,808	498	3,790	697
Interest expense	(2,604)	(1,863)	(5,385)	(3,364)
Other (expense) income, net	(24)	467	0	2,141
Total other expense, net	(820)	(898)	(1,595)	(526)
(Loss) income before (benefit from) provision for income taxes	(8,332)	612	(335)	1,482
(Benefit from) provision for income taxes	(2,544)	2,848	1,819	3,144
Net loss	(5,788)	(2,236)	(2,154)	(1,662)
Net income attributable to noncontrolling interests	212	176	551	464
Net loss attributable to Verint Systems Inc.	(6,000)	(2,412)	(2,705)	(2,126)
Dividends on preferred stock	(5,200)	(5,200)	(10,400)	(10,400)
Net loss attributable to Verint Systems Inc. common shares	$ (11,200)	$ (7,612)	$ (13,105)	$ (12,526)
Net loss per common share attributable to Verint Systems Inc.:
Basic (in dollars per share)	$ (0.17)	$ (0.12)	$ (0.20)	$ (0.19)
Diluted (in dollars per share)	$ (0.17)	$ (0.12)	$ (0.20)	$ (0.19)
Weighted-average common shares outstanding:
Basic (in shares)	64,294	64,958	64,603	64,948
Diluted (in shares)	64,294	64,958	64,603	64,948
Recurring
Revenue:
Revenue	$ 160,999	$ 166,440	$ 327,438	$ 325,807
Cost of revenue:
Cost of revenue	39,567	40,852	79,210	81,880
Nonrecurring
Revenue:
Revenue	49,166	56,459	99,293	114,998
Cost of revenue:
Cost of revenue	$ 27,372	$ 30,700	$ 54,167	$ 62,768

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,788)	$ (2,236)	$ (2,154)	$ (1,662)
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	7,845	(13,783)	16,457	(43,673)
Net increase (decrease) from foreign exchange contracts designated as hedges	93	43	(30)	(145)
(Provision for) benefit from income taxes on net increase (decrease) from foreign exchange contracts designated as hedges	(16)	(7)	5	26
Other comprehensive income (loss)	7,922	(13,747)	16,432	(43,792)
Comprehensive income (loss)	2,134	(15,983)	14,278	(45,454)
Comprehensive income attributable to noncontrolling interests	212	176	551	464
Comprehensive income (loss) attributable to Verint Systems Inc.	$ 1,922	$ (16,159)	$ 13,727	$ (45,918)

Condensed Consolidated Statem_3

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	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balances (in shares) at Jan. 31, 2022			66,211
Beginning balances at Jan. 31, 2022	$ 954,579	$ 952,194	$ 66	$ 1,125,152	$ 0	$ (54,509)	$ (118,515)	$ 2,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	574	286				286		288
Other comprehensive income (loss)	(30,045)	(30,045)					(30,045)
Stock-based compensation — equity-classified awards	16,011	16,011		16,011
Common stock issued for stock awards and stock bonuses (in shares)			466
Common stock issued for stock awards and stock bonuses	0		$ 1	(1)
Treasury stock acquired (in shares)			(2,000)
Treasury stock acquired	(105,666)	(105,666)			(105,666)
Ending balances (in shares) at Apr. 30, 2022			64,677
Ending balances at Apr. 30, 2022	835,453	832,780	$ 67	1,141,162	(105,666)	(54,223)	(148,560)	2,673
Beginning balances (in shares) at Jan. 31, 2022			66,211
Beginning balances at Jan. 31, 2022	954,579	952,194	$ 66	1,125,152	0	(54,509)	(118,515)	2,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,662)
Other comprehensive income (loss)	(43,792)
Ending balances (in shares) at Jul. 31, 2022			65,208
Ending balances at Jul. 31, 2022	838,355	835,996	$ 65	1,054,873	0	(56,635)	(162,307)	2,359
Beginning balances (in shares) at Apr. 30, 2022			64,677
Beginning balances at Apr. 30, 2022	835,453	832,780	$ 67	1,141,162	(105,666)	(54,223)	(148,560)	2,673
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(2,236)	(2,412)				(2,412)		176
Other comprehensive income (loss)	(13,747)	(13,747)					(13,747)
Stock-based compensation — equity-classified awards	23,362	23,362		23,362
Common stock issued for stock awards and stock bonuses (in shares)			531
Common stock issued for stock awards and stock bonuses	6,427	6,427		6,427
Treasury stock acquired	(14)	(14)			(14)
Treasury stock retired	0		$ (2)	(105,678)	105,680
Preferred stock dividends	(10,400)	(10,400)		(10,400)
Distribution to noncontrolling interest	(490)							(490)
Ending balances (in shares) at Jul. 31, 2022			65,208
Ending balances at Jul. 31, 2022	838,355	835,996	$ 65	1,054,873	0	(56,635)	(162,307)	2,359
Beginning balances (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 (loss) 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 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 balances (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 balances (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 (loss) income	(2,154)
Other comprehensive income (loss)	16,432
Ending balances (in shares) at Jul. 31, 2023			64,271
Ending balances at Jul. 31, 2023	826,048	823,628	$ 64	1,009,269	0	(48,038)	(137,667)	2,420
Beginning balances (in shares) at Apr. 30, 2023			64,286
Beginning balances at Apr. 30, 2023	823,388	820,935	$ 64	1,008,498	0	(42,038)	(145,589)	2,453
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(5,788)	(6,000)				(6,000)		212
Other comprehensive income (loss)	7,922	7,922					7,922
Stock-based compensation — equity-classified awards	17,404	17,404		17,404
Common stock issued for stock awards and stock bonuses (in shares)			388
Common stock issued for stock awards and stock bonuses	7,735	7,735		7,735
Common stock repurchased and retired (in shares)			(403)
Common stock repurchased and retired	(13,968)	(13,968)		(13,968)
Preferred stock dividends	(10,400)	(10,400)		(10,400)
Distribution to noncontrolling interest	(245)							(245)
Ending balances (in shares) at Jul. 31, 2023			64,271
Ending balances at Jul. 31, 2023	$ 826,048	$ 823,628	$ 64	$ 1,009,269	$ 0	$ (48,038)	$ (137,667)	$ 2,420

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash flows from operating activities:
Net loss	$ (2,154)	$ (1,662)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	42,792	35,348
Stock-based compensation, excluding cash-settled awards	34,156	44,053
Losses on early retirements of debt	237	0
Other, net	4,500	7,631
Changes in operating assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable	49,006	41,641
Contract assets	3,230	(1,600)
Inventories	(3,166)	(1,344)
Prepaid expenses and other assets	13,668	(28,580)
Accounts payable and accrued expenses	(29,506)	(6,289)
Contract liabilities	(40,697)	(38,626)
Deferred income taxes	204	(301)
Other, net	(8,938)	(3,591)
Net cash provided by operating activities	63,332	46,680
Cash flows from investing activities:
Cash paid for asset acquisitions and business combinations, including adjustments, net of cash acquired	(916)	0
Purchases of property and equipment	(8,548)	(10,160)
Maturities and sales of investments	2,422	250
Purchases of investments	(3,180)	(250)
Cash paid for capitalized software development costs	(4,388)	(3,816)
Change in restricted bank time deposits, and other investing activities, net	(1,211)	22
Net cash used in investing activities	(15,821)	(13,954)
Cash flows from financing activities:
Proceeds from borrowings	100,000	0
Repayments of borrowings and other financing obligations	(101,191)	(1,675)
Payments of debt-related costs	(232)	(224)
Purchases of treasury stock and common stock for retirement	(74,266)	(105,666)
Preferred stock dividend payments	(20,800)	(20,800)
Distributions paid to noncontrolling interest	(490)	(490)
Payments of contingent consideration for business combinations (financing portion), and other financing activities	(2,591)	(3,582)
Net cash used in financing activities	(99,570)	(132,437)
Foreign currency effects on cash, cash equivalents, restricted cash, and restricted cash equivalents	1,257	(2,575)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents	(50,802)	(102,286)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	282,161	358,868
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$ 231,359	$ 256,582

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Cash and cash equivalents	$ 231,296	$ 256,502
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	231,359	256,582
Prepaid expenses and other current assets
Restricted cash and cash equivalents	5	23
Other assets
Restricted cash and cash equivalents	$ 58	$ 57

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	Jul. 31, 2023
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 helps the world’s most iconic brands continuously elevate the customer experience (“CX”) and reduce operating costs. More than 10,000 organizations in 175 countries – including over 85 of the Fortune 100 companies – rely on Verint’s open customer engagement platform to harness the power of data and artificial intelligence (“AI”) to maximize CX automation. Through the Verint Customer Engagement Cloud Platform, we offer our customers and partners solutions that are based on AI and are developed specifically for customer engagement. These solutions automate workflows across enterprise silos to optimize the workforce expense and at the same time drive an elevated consumer experience. Our customers, which span a diverse set of verticals, including financial services, healthcare, utilities, technology, and government, include large enterprises with thousands of employees, as well as small to medium sized business organizations. Verint is headquartered in Melville, New York, and has approximately 16 offices worldwide, in addition to a number of on-demand, flexible coworking spaces. We have approximately 4,100 passionate employees plus a few hundred contractors around the globe exclusively focused on helping brands provide Boundless Customer Engagement™. Spin-Off of Cognyte Software Ltd. 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. The Spin-Off of Cognyte was completed by way of a pro rata distribution in which holders of Verint’s common stock, par value $0.001 per share, received one ordinary share of Cognyte, no par value, for every share of common stock of Verint held of record as of the close of business on January 25, 2021. After the distribution, we do not beneficially own any ordinary shares of Cognyte and no longer consolidate Cognyte into our financial results for periods ending after January 31, 2021. The Spin-Off was intended to be generally tax-free to our stockholders for U.S. federal income tax purposes. 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”). 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 July 31, 2023, Apax’s ownership in us on an as-converted basis was approximately 12.9%. 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, 2023 filed with the U.S. Securities and Exchange Commission (“SEC”), except for the recently adopted accounting pronouncements described below. The condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the periods ended July 31, 2023 and 2022, and the condensed consolidated balance sheet as of July 31, 2023, 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, 2023 is derived from the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended January 31, 2023. 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, 2023 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. Actual results could differ from those estimates. Significant Accounting Policies There have been no material changes in our significant accounting policies during the six months ended July 31, 2023, 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, 2023. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. We adopted this standard on a prospective basis for the annual and interim periods beginning February 1, 2023. The adoption of this standard did not have any impact on our condensed consolidated financial statements as the ultimate impact is dependent on the size and frequency of future acquisitions and does not affect contract assets or contract liabilities related to acquisitions completed prior to the adoption date. In August 2022, the Inflation Reduction Act (the "IRA") was signed into law. The IRA establishes a new book minimum tax of 15% on consolidated adjusted GAAP pre-tax earnings for corporations with average income in excess of $1 billion and is effective for us in tax years beginning after December 31, 2022. We do not expect to be subject to the corporate minimum tax. In addition, the IRA also introduced a nondeductible 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. During the six months ended July 31, 2023, the calculated excise tax was $0.4 million and was recognized as part of the cost basis of shares acquired in our consolidated statement of stockholders' equity. We do not expect taxes due on future repurchases of our shares to have a material effect on our business. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time entities can utilize the reference rate reform relief guidance under ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting from December 31, 2022 to December 31, 2024. We expect to elect various optional expedients for contract modifications related to financial instruments affected by the reference rate reform through the effective date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have any impact on our consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jul. 31, 2023
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 ◦ Optional managed services revenue. ◦ Support revenue, which consists of initial and renewal support. • Nonrecurring revenue primarily consists of our perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties. Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Recurring revenue: Bundled SaaS revenue $ 62,066 $ 54,679 $ 121,519 $ 103,964 Unbundled SaaS revenue 51,375 47,875 109,070 93,320 Total SaaS revenue 113,441 102,554 230,589 197,284 Optional managed services revenue 12,165 15,778 25,030 31,691 Support revenue 35,393 48,108 71,819 96,832 Total recurring revenue 160,999 166,440 327,438 325,807 Nonrecurring revenue: Perpetual revenue 25,212 30,790 49,546 64,048 Professional services revenue 23,954 25,669 49,747 50,950 Total nonrecurring revenue 49,166 56,459 99,293 114,998 Total revenue $ 210,165 $ 222,899 $ 426,731 $ 440,805 Contract Balances The following table provides information about accounts receivable, contract assets, and contract liabilities from contracts with customers: (in thousands) July 31, 2023 January 31, 2023 Accounts receivable, net $ 140,031 $ 188,414 Contract assets, net $ 57,690 $ 60,444 Long-term contract assets, net (included in other assets) $ 34,014 $ 37,950 Contract liabilities $ 238,738 $ 271,476 Long-term contract liabilities $ 12,327 $ 18,047 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 six months ended July 31, 2023 and 2022. As of July 31, 2023, 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 16% and Partner B was approximately 15%. As of January 31, 2023, Partner A and Partner B each accounted for approximately 15% 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 six months ended July 31, 2023 and 2022 from amounts included in contract liabilities at the beginning of each period was $174.9 million and $170.5 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 up to three years, with a significant portion being one year or less. 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 is 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) July 31, 2023 January 31, 2023 Remaining performance obligations: Expected to be recognized within 1 year $ 426,906 $ 464,346 Expected to be recognized in more than 1 year 254,336 262,695 Total remaining performance obligations $ 681,242 $ 727,041

NET LOSS PER COMMON SHARE ATTRI

NET LOSS PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC.	6 Months Ended
	Jul. 31, 2023
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC.	NET LOSS PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. The following table summarizes the calculation of basic and diluted net loss per common share attributable to Verint Systems Inc. for the three and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Net loss $ (5,788) $ (2,236) $ (2,154) $ (1,662) Net income attributable to noncontrolling interests 212 176 551 464 Net loss attributable to Verint Systems Inc. (6,000) (2,412) (2,705) (2,126) Dividends on preferred stock (5,200) (5,200) (10,400) (10,400) Net loss attributable to Verint Systems Inc. for basic net loss per common share (11,200) (7,612) (13,105) (12,526) Dilutive effect of dividends on preferred stock — — — — Net loss attributable to Verint Systems Inc. for diluted net loss per common share $ (11,200) $ (7,612) $ (13,105) $ (12,526) Weighted-average shares outstanding: Basic 64,294 64,958 64,603 64,948 Dilutive effect of employee equity award plans — — — — Dilutive effect of 2021 Notes — — — — Dilutive effect of assumed conversion of preferred stock — — — — Diluted 64,294 64,958 64,603 64,948 Net loss per common share attributable to Verint Systems Inc.: Basic $ (0.17) $ (0.12) $ (0.20) $ (0.19) Diluted $ (0.17) $ (0.12) $ (0.20) $ (0.19) We excluded the following weighted-average potential common shares from the calculations of diluted net loss per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Common shares excluded from calculation: Restricted stock-based awards 1,477 2,580 1,779 2,075 Series A Preferred Stock 5,498 5,498 5,498 5,498 Series B Preferred Stock 3,980 3,980 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 and six months ended July 31, 2023, the average price of our common stock did not exceed the $62.08 per share conversion price of our 2021 Notes (as defined in Note 7, “Long-Term Debt”), and other requirements for the 2021 Notes 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 loss per common share for the three and six months ended July 31, 2023 and 2022, as their effect would have been anti-dilutive. Further details regarding the Preferred Stock investment appear in Note 9, “Convertible Preferred Stock”.

CASH, CASH EQUIVALENTS, AND SHO

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS	6 Months Ended
CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023: July 31, 2023 (in thousands) Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 138,124 $ — $ — $ 138,124 Money market funds 57,816 — — 57,816 Commercial paper 34,858 — — 34,858 U.S. Treasury bills 498 — — 498 Total cash and cash equivalents $ 231,296 $ — $ — $ 231,296 Short-term investments: Bank time deposits $ 1,452 $ — $ — $ 1,452 Total short-term investments $ 1,452 $ — $ — $ 1,452 January 31, 2023 (in thousands) Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 134,289 $ — $ — $ 134,289 Money market funds 96,941 — — 96,941 Commercial paper 50,869 — — 50,869 Total cash and cash equivalents $ 282,099 $ — $ — $ 282,099 Short-term investments: Bank time deposits $ 697 $ — $ — $ 697 Total short-term investments $ 697 $ — $ — $ 697 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.

BUSINESS COMBINATIONS, ASSET AC

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES	6 Months Ended
BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES	Jul. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES	BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES Six Months Ended July 31, 2023 We did not complete any business combinations during the six months ended July 31, 2023. Year Ended January 31, 2023 During the year ended January 31, 2023, we completed two business combinations: • In August 2022, we completed the acquisition of a company with conversational AI technology including six employees. • In January 2023, we completed the acquisition of a provider of appointment scheduling solutions including approximately 20 employees. These business combinations were not material to our consolidated financial statements. The combined consideration for these business combinations was approximately $38.4 million, including $26.1 million of combined cash paid at the closings, contingent consideration with an estimated fair value of $12.2 million, and purchase price adjustments of $0.1 million. The combined consideration was partially offset by $4.2 million of combined cash received in the acquisitions. The contingent consideration had a maximum payout amount of approximately $21.4 million as of the respective acquisition dates, and is contingent upon the achievement of certain performance targets over periods extending through January 2026. Cash paid for these business combinations was funded by cash on hand. The combined purchase prices were allocated to intangible assets, including the recognition of $6.0 million of developed technology, $4.2 million of customer relationships, and $0.1 million of trade names. The acquisitions resulted in the recognition of $25.6 million of goodwill, of which $5.1 million is deductible for income tax purposes and $20.5 million is not deductible. Included among the factors contributing to the recognition of goodwill in these transactions were synergies in products and technologies, and the addition of skilled, assembled workforces. The combined transaction and related costs, consisting primarily of professional fees and integration expenses were $0.2 million and $0.4 million for the three and six months ended July 31, 2023, respectively. All transaction and related costs were expensed as incurred and are included in selling, general and administrative expenses. Revenue and net income (loss) attributable to these acquisitions for the three and six months ended July 31, 2023 were not material. Other Business Combination Information For the three months ended July 31, 2023, we recorded a benefit of $2.4 million, and for the six months ended July 31, 2023 and 2022, we recorded a benefit of $2.2 million and $0.2 million, respectively, within selling, general and administrative expenses Payments of contingent consideration earned under these agreements were $2.8 million and $4.8 million for the three months ended July 31, 2023 and 2022, respectively, and $3.1 million and $7.5 million for the six months ended July 31, 2023 and 2022, respectively. Asset Acquisition In July 2023, we entered into an agreement to acquire source code that qualifies 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 purchase deposit payment and direct transaction costs were capitalized as other assets in our condensed consolidated balance sheets as of July 31, 2023. The acquisition agreement stipulates the establishment of additional milestone payments totaling $3.0 million. These milestone payments are contingent upon the successful delivery of the source code and the attainment of specific developmental objectives within the upcoming twelve months and will be reduced by any amounts paid under a separate transition services agreement, which the parties have also entered into. During August 2023, $2.0 million of these milestone payments was paid into a third-party escrow account in accordance with the transaction agreement, and $1.0 million was paid to the seller upon satisfaction of the source code delivery milestone. The transaction also provides for additional consideration 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, 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. 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. Divestiture In March 2023, we completed the sale of an insignificant product line that we inherited as part of a legacy acquisition and did not 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. 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, which was recorded within other (expense) income, net in our condensed consolidated statement of operations.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
INTANGIBLE ASSETS AND GOODWILL	Jul. 31, 2023
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 removed from our condensed consolidated balance sheets, consisted of the following as of July 31, 2023 and January 31, 2023: July 31, 2023 (in thousands) Cost Accumulated Net Intangible assets with finite lives: Customer relationships $ 461,273 $ (405,376) $ 55,897 Acquired technology 228,829 (215,007) 13,822 Trade names 4,495 (4,402) 93 Distribution network 2,440 (2,440) — Total intangible assets $ 697,037 $ (627,225) $ 69,812 January 31, 2023 (in thousands) Cost Accumulated Net Intangible assets with finite lives: Customer relationships $ 458,013 $ (390,113) $ 67,900 Acquired technology 229,317 (212,065) 17,252 Trade names 4,479 (4,359) 120 Distribution network 2,440 (2,440) — Total intangible assets $ 694,249 $ (608,977) $ 85,272 Total amortization expense recorded for acquisition-related intangible assets was $8.3 million and $10.2 million for the three months ended July 31, 2023 and 2022, respectively, and $16.6 million and $20.7 million for the six months ended July 31, 2023 and 2022, 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 2024 (remainder of year) $ 15,928 2025 16,878 2026 15,474 2027 11,684 2028 6,967 2029 and thereafter 2,881 Total $ 69,812 There were no impairments of acquired intangible assets during the six months ended July 31, 2023 and 2022. Goodwill activity for the six months ended July 31, 2023 was as follows: (in thousands) Amount Six Months Ended July 31, 2023: Goodwill, gross, at January 31, 2023 $ 1,403,256 Accumulated impairment losses through January 31, 2023 (56,043) Goodwill, net, at January 31, 2023 1,347,213 Foreign currency translation and other 14,874 Business combinations, including adjustments to prior period acquisitions 140 Goodwill, net, at July 31, 2023 $ 1,362,227 Balance at July 31, 2023 Goodwill, gross, at July 31, 2023 $ 1,418,270 Accumulated impairment losses through July 31, 2023 (56,043) Goodwill, net, at July 31, 2023 $ 1,362,227

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jul. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The following table summarizes our long-term debt at July 31, 2023 and January 31, 2023: July 31, January 31, (in thousands) 2023 2023 2021 Notes $ 315,000 $ 315,000 Term Loan — 100,000 Revolving Credit Facility 100,000 — Less: unamortized debt discounts and issuance costs (5,042) (6,092) Total debt 409,958 408,908 Less: current maturities — — Long-term debt $ 409,958 $ 408,908 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 July 31, 2023, 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 July 31, 2023. Based on the closing market price of our common stock on July 31, 2023, 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 July 31, 2023, 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 originally set to mature on June 29, 2024 (the “Term Loan”), 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 are included within interest expense on our condensed consolidated statement of operations for the six months ended July 31, 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 ABR Rate (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 planned phase-out of LIBOR by the UK Financial Conduct Authority. Effective July 1, 2023, borrowings under the Credit Agreement will bear interest, at our option, at either: (i) the alternate base rate (as defined in the Credit Agreement), plus the applicable margin therefor (as defined in the Credit Agreement) 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 alternate base rate 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 July 31, 2023, which is included in long-term debt on our condensed consolidated balance sheet. For borrowings under the Revolving Credit Facility, the 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 July 31, 2023, 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 our 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 and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 2021 Notes: Interest expense at 0.25% coupon rate $ 197 $ 197 $ 394 $ 392 Amortization of deferred debt issuance costs 443 440 886 879 Total Interest Expense — 2021 Notes $ 640 $ 637 $ 1,280 $ 1,271 Borrowings under Credit Agreement: Interest expense at contractual rates $ 1,697 $ 813 $ 3,347 $ 1,373 Amortization of debt discounts — 4 5 9 Amortization of deferred debt issuance costs 183 217 387 428 Losses on early retirements of debt — — 237 — Total Interest Expense — Borrowings under Credit Agreement $ 1,880 $ 1,034 $ 3,976 $ 1,810

SUPPLEMENTAL CONDENSED CONSOLID

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023: July 31, January 31, (in thousands) 2023 2023 Raw materials $ 4,075 $ 3,325 Work-in-process 225 40 Finished goods 11,455 9,263 Total inventories $ 15,755 $ 12,628 Other liabilities consisted of the following as of July 31, 2023 and January 31, 2023: July 31, January 31, (in thousands) 2023 2023 Unrecognized tax benefits, including interest and penalties $ 53,517 $ 52,887 Other 16,901 27,494 Total other liabilities $ 70,418 $ 80,381 Condensed Consolidated Statements of Operations Other (expense) income, net consisted of the following for the three and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Foreign currency (losses) gains, net $ (64) $ 547 $ 173 $ 2,260 Other, net 40 (80) (173) (119) Total other (expense) income, net $ (24) $ 467 $ — $ 2,141 Condensed Consolidated Statements of Cash Flows The following table provides supplemental information regarding our condensed consolidated cash flows for the six months ended July 31, 2023 and 2022: Six Months Ended (in thousands) 2023 2022 Cash paid for interest $ 4,211 $ 1,693 Cash payments of income taxes, net $ 9,922 $ 5,403 Cash payments for operating leases $ 10,175 $ 18,656 Non-cash investing and financing transactions: Finance leases of property and equipment $ 272 $ 189 Accrued but unpaid purchases of property and equipment $ 806 $ 2,035 Retirement of treasury stock $ — $ 105,680 Excise tax on share repurchases $ 414 $ —

CONVERTIBLE PREFERRED STOCK

CONVERTIBLE PREFERRED STOCK	6 Months Ended
CONVERTIBLE PREFERRED STOCK	Jul. 31, 2023
Equity [Abstract]
CONVERTIBLE PREFERRED STOCK	CONVERTIBLE PREFERRED STOCKOn 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 pays dividends at an annual rate of 5.2% until May 7, 2024, and thereafter 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 and six months ended July 31, 2023, we paid $10.4 million and $20.8 million of preferred stock dividends, respectively, $10.4 million of which was accrued as of January 31, 2023, and there were $1.7 million of cumulative undeclared and unpaid preferred stock dividends at July 31, 2023. There were no accrued dividends as of July 31, 2023. We reflected $5.2 million and $10.4 million of preferred stock dividends in our condensed consolidated results of operations, for purposes of computing net loss attributable to Verint Systems Inc. common shares, for the three and six months ended July 31, 2023 and 2022, respectively. 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 July 31, 2023, 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 9.5 million shares and Apax’s ownership in us on an as-converted basis was approximately 12.9%. 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 July 31, 2023, 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. 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 July 31, 2023 and January 31, 2023, 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 July 31, 2023, 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 July 31, 2023 plus accrued and unpaid dividends. As of July 31, 2023, 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 $0.9 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 statement 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

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jul. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Common Stock Dividends We did not declare or pay any cash dividends on our common stock during the six months ended July 31, 2023 and 2022. 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 From time to time, our board of directors has approved limited programs to repurchase shares of our common stock from our directors or officers in connection with the vesting of restricted stock or restricted stock units to facilitate required income tax withholding by us or the payment of required income taxes by such holders. In addition, the terms of some of our equity award agreements with all grantees provide for automatic repurchases by us for the same purpose if a vesting-related or delivery-related tax event occurs at a time when the holder is not permitted to sell shares in the market. Our stock bonus program contains similar terms. Any such repurchases of common stock occur at prevailing market prices and are recorded as treasury stock. We periodically purchase common stock from our directors, officers, and other employees to facilitate income tax withholding by us or the payment of required income taxes by such holders in connection with the vesting of equity awards occurring during a Company-imposed trading blackout or lockup period. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. No treasury stock remained outstanding at July 31, 2023 and January 31, 2023, 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 year ended January 31, 2023, we repurchased approximately 649,000 shares of our common stock for a cost of $23.5 million under the current stock repurchase program. During the six months ended July 31, 2023, we repurchased approximately 1,996,000 shares of our common stock for a cost of $74.1 million, including excise tax of $0.4 million, under the current stock repurchase program. During the six months ended July 31, 2023, we retired all 1,996,000 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 IRA. The excise tax of $0.4 million was recognized as part of the cost basis of shares acquired in the condensed consolidated statements of stockholders’ equity during the six months ended July 31, 2023. During the six months ended July 31, 2022, we repurchased and retired 2,000,000 shares of our common stock for a cost of $105.7 million under a prior stock repurchase program as well as an insignificant number of shares to facilitate income tax withholding or payments as described above. 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 July 31, 2023, Apax’s ownership in us on an as-converted basis was approximately 12.9%. 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 certain marketable securities and 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 as presented in our condensed consolidated statements of operations. The following table summarizes changes in the components of our accumulated other comprehensive loss for the six months ended July 31, 2023: (in thousands) Unrealized Losses on Foreign Exchange Contracts Designated as Hedges Foreign Currency Translation Adjustments Total Accumulated other comprehensive loss at January 31, 2023 $ (87) $ (154,012) $ (154,099) Other comprehensive (loss) income before reclassifications (374) 16,457 16,083 Amounts reclassified out of accumulated other comprehensive loss (349) — (349) Net other comprehensive (loss) income (25) 16,457 16,432 Accumulated other comprehensive loss at July 31, 2023 $ (112) $ (137,555) $ (137,667) 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 and six months ended July 31, 2023 and 2022 were as follows: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Financial Statement Location Unrealized losses on derivative financial instruments: Foreign currency forward contracts $ (2) $ — $ (4) $ — Cost of recurring revenue (17) (22) (37) (31) Cost of nonrecurring revenue (122) (138) (262) (187) Research and development, net (55) (73) (120) (97) Selling, general and administrative (196) (233) (423) (315) Total, before income taxes 35 41 74 55 Benefit from income taxes $ (161) $ (192) $ (349) $ (260) Total, net of income taxes

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jul. 31, 2023
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 July 31, 2023, we recorded an income tax benefit of $2.5 million on a pretax loss of $8.3 million, which represented an effective income tax rate of 30.5%. 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 July 31, 2022, we recorded an income tax provision of $2.8 million on pretax income of $0.6 million, which represented an effective income tax rate of 465.4%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to a discrete income tax provision of $2.1 million attributable to the recording of a valuation allowance against a deferred tax asset related to an asset held for sale in a foreign jurisdiction and the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions. Excluding the discrete income tax provision attributable to the foreign jurisdiction valuation allowance, the result was an income tax provision of $0.7 million on pre-tax income of $0.6 million resulting in an effective tax rate of 124.8%. For the six months ended July 31, 2023, we recorded an income tax provision of $1.8 million on a pretax loss of $0.3 million, which represented a negative effective income tax rate of 543.0%. The effective tax rate varies significantly from the U.S. federal statutory rate of 21% due to the impact of recurring discrete income tax adjustments against the near break-even pretax loss. In addition, the effective tax rate differs from the U.S. federal statutory rate of 21% due to the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions. For the six months ended July 31, 2022, we recorded an income tax provision of $3.1 million on pretax income of $1.5 million, which represented an effective income tax rate of 212.1%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to a discrete income tax provision of $2.1 million attributable to the recording of a valuation allowance against a deferred tax asset related to an asset held for sale in a foreign jurisdiction and the U.S. taxation of certain foreign activities, offset by lower statutory rates in certain foreign jurisdictions. Excluding the discrete income tax provision attributable to the foreign jurisdiction valuation allowance, the result was an income tax provision of $1.0 million on pre-tax income of $1.5 million resulting in an effective tax rate of 71.5%. As required by the authoritative guidance on accounting for income taxes, we evaluate the realizability of deferred income tax assets on a jurisdictional basis at each reporting date. Accounting for income taxes guidance requires that a valuation allowance be 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 $87.7 million and $87.9 million (excluding interest and penalties) as of July 31, 2023 and January 31, 2023, respectively, that if recognized, would impact our effective income tax rate. The accrued liability for interest and penalties was $6.0 million and $5.2 million at July 31, 2023 and January 31, 2023, 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 July 31, 2023 could decrease by approximately $7.0 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. The OECD guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax. We are monitoring developments and evaluating the impacts these new rules will have on our tax rate, including eligibility to qualify for these safe harbor rules.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023: July 31, 2023 Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets: Money market funds $ 57,816 $ — $ — U.S. Treasury bills, classified as cash and cash equivalents 498 — — Commercial paper, classified as cash and cash equivalents — 34,858 — Foreign currency forward contracts — 12 — Total assets $ 58,314 $ 34,870 $ — Liabilities: Foreign currency forward contracts $ — $ 147 $ — Contingent consideration — business combinations — — 7,878 Total liabilities $ — $ 147 $ 7,878 January 31, 2023 Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets: Money market funds $ 96,941 $ — $ — Commercial paper, classified as cash and cash equivalents — 50,869 — Foreign currency forward contracts — 19 — Contingent consideration receivable — 8 — Total assets $ 96,941 $ 50,896 $ — Liabilities: Foreign currency forward contracts $ — $ 124 $ — Contingent consideration — business combinations — — 12,717 Total liabilities $ — $ 124 $ 12,717 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 six months ended July 31, 2023: Six Months Ended (in thousands) 2023 Fair value measurement at beginning of period $ 12,717 Changes in fair values, recorded in operating expenses (2,178) Payments of contingent consideration (3,064) Foreign currency translation and other 403 Fair value measurement at end of period $ 7,878 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 liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the six months ended July 31, 2022. There were no transfers between levels of the fair value measurement hierarchy during the six months ended July 31, 2023 and 2022. 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 7.6% to 8.1%, with a weighted average discount rate of 7.9% in our calculation of the estimated fair values of our contingent consideration liabilities as of July 31, 2023. We utilized discount rates ranging from 6.6% to 7.6%, with a weighted average discount rate of 6.9% in our calculations of the estimated fair values of our contingent consideration liabilities as of January 31, 2023. The contingent consideration receivable was fully paid as of July 31, 2023. 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 July 31, 2023. The estimated fair value of our Term Loan borrowing was approximately $100 million at January 31, 2023. On April 27, 2023, we repaid in full the remaining $100 million outstanding balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility. We had no borrowings under our Revolving Credit Facility at January 31, 2023. The estimated fair values of the Term Loan borrowings were based upon indicative bid and ask prices as determined by the agent responsible for the syndication of our term loans. We considered these inputs to be within Level 3 of the fair value hierarchy because we cannot reasonably observe activity in the limited market in which participation in our Term Loan traded. 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 July 31, 2023 and January 31, 2023 did not significantly differ from par value. The estimated fair values of our 2021 Notes were approximately $283.0 million and $282.0 million at July 31, 2023 and January 31, 2023, 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 simple agreement for future equity (“SAFE”). In July 2023, we made a second SAFE investment of $0.5 million for a total investment of approximately $1.6 million. The SAFE provides that, upon the completion by such company of a qualified equity financing, we will 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 is a liquidity event affecting such company, such as a change in control or initial public offering, we will 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 is 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 is included within other assets on the condensed consolidated balance sheets as of July 31, 2023. The carrying amount of our noncontrolling equity investments in privately-held companies without readily determinable fair values was $5.1 million as of July 31, 2023 and January 31, 2023. These investments were included within other assets on the condensed consolidated balance sheets as of July 31, 2023 and January 31, 2023. There were no observable price changes in our investments in privately-held companies during the six months ended July 31, 2023 and 2022. We did not recognize any impairments during the three and six months ended July 31, 2023 and 2022.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Jul. 31, 2023
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 $6.5 million and $6.8 million as of July 31, 2023 and January 31, 2023, respectively. 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 July 31, 2023 and January 31, 2023 were as follows: Fair Value at July 31, January 31, (in thousands) Balance Sheet Classification 2023 2023 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Prepaid expenses and other current assets $ 12 $ 19 Total derivative assets $ 12 $ 19 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Accrued expenses and other current liabilities $ 147 $ 124 Total derivative liabilities $ 147 $ 124 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 and six months ended July 31, 2023 and 2022 were as follows: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Net losses recognized in AOCL: Foreign currency forward contracts $ (103) $ (190) $ (453) $ (460) Net losses reclassified from AOCL to the condensed consolidated statements of operations: Foreign currency forward contracts $ (196) $ (233) $ (423) $ (315) For information regarding the line item locations of the net losses on derivative financial instruments reclassified out of AOCL into the condensed consolidated statements of operations, s ee Note 10, “Stockholders’ Equity”.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jul. 31, 2023
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) the number of 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 1.90 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 and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Cost of revenue — recurring $ 686 $ 933 $ 982 $ 1,458 Cost of revenue — nonrecurring 690 818 830 1,458 Research and development, net 3,466 4,419 5,793 6,838 Selling, general and administrative 14,279 19,524 26,495 34,309 Total stock-based compensation expense $ 19,121 $ 25,694 $ 34,100 $ 44,063 The following table summarizes stock-based compensation expense by type of award for the three and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Restricted stock units and restricted stock awards $ 17,404 $ 23,362 $ 30,840 $ 39,373 Stock bonus program and bonus share program 1,938 2,328 3,316 4,680 Total equity-settled awards 19,342 25,690 34,156 44,053 Phantom stock units (cash-settled awards) (221) 4 (56) 10 Total stock-based compensation expense $ 19,121 $ 25,694 $ 34,100 $ 44,063 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 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 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 six months ended July 31, 2023 and 2022: Six Months Ended July 31, 2023 2022 (in thousands, except per share data) Shares or Units Weighted-Average Grant Date Fair Value Shares or Units Weighted-Average Grant Date Fair Value Beginning balance 2,230 $ 52.42 2,454 $ 42.99 Granted 1,859 $ 37.20 1,600 $ 56.14 Released (836) $ 46.44 (878) $ 43.15 Forfeited (104) $ 45.05 (94) $ 45.73 Ending balance 3,149 $ 45.27 3,082 $ 49.69 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 July 31, 2023, 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 six months ended July 31, 2023 and 2022 (these amounts are also included in the Award Activity Table above for 2023 and 2022): Six Months Ended (in thousands) 2023 2022 Beginning balance 532 547 Granted 277 278 Released (230) (89) Forfeited (14) — Ending balance 565 736 Excluding PSUs, we granted 1,582,000 RSUs during the six months ended July 31, 2023. As of July 31, 2023, there was approximately $101.9 million of total unrecognized compensation expense, net of estimated forfeitures, related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.0 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, 2023, 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 shares of common stock, and a discount of 15% approved for awards under our stock bonus program. During the three months ended July 31, 2023, we issued approximately 27,000 shares under the stock bonus program and 178,000 shares under the bonus share program, in respect of the year ended January 31, 2023. The following table summarizes activity under the stock bonus program during the six months ended July 31, 2023 and 2022 in isolation. As noted above, shares issued in respect of the discount feature under the program reduce available plan capacity and are included in the Award Activity Table above. Other shares issued under the program do not reduce available plan capacity and are therefore excluded from the Award Activity Table above. Six Months Ended (in thousands) 2023 2022 Shares in lieu of cash bonus — granted and released (not included in Award Activity Table above) 27 131 Shares in respect of discount (included in Award Activity Table above): Granted 0 25 Released 2 23 In March 2023, 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 shares of common stock, and a discount of 15%, for awards under our stock bonus program for the performance period ending January 31, 2024. Any shares earned under these programs will be issued during the year ended January 31, 2025.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 31, 2023
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 July 31, 2023, the first installment of the compensation amount had been paid by Mavenir, leaving two installments of approximately $4.7 million each, one of which was paid in September 2023 with the final installment to be paid in April 2024. 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. As of July 31, 2023, we had a remaining liability of $9.5 million, which is included within accrued expenses and other current liabilities, and an offsetting indemnification receivable of $9.5 million, which is included in prepaid expenses and other current assets. There was no impact to our condensed consolidated statement of operations. 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 Results, Inc. 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, 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 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. As of July 31, 2023, we had accrued a $7.0 million legal settlement liability in respect of the USAO matter within accrued expenses and other current liabilities, which was paid in August 2023. The incremental settlement costs of $5.5 million related to the ACSI and CFI matters as a result of the settlement described above is included within selling, general and administrative expenses in our condensed consolidated statement of operations for the six months ended July 31, 2023. 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jul. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In August 2023, we paid a $7.0 million legal settlement liability in respect of the USAO matter. Please refer to Note 15, “Commitments and Contingencies” for additional information.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net loss attributable to Verint Systems Inc.	$ (6,000)	$ (2,412)	$ (2,705)	$ (2,126)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2023
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

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 31, 2023
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, 2023 filed with the U.S. Securities and Exchange Commission (“SEC”), except for the recently adopted accounting pronouncements described below. The condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the periods ended July 31, 2023 and 2022, and the condensed consolidated balance sheet as of July 31, 2023, 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, 2023 is derived from the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended January 31, 2023. 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
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. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. We adopted this standard on a prospective basis for the annual and interim periods beginning February 1, 2023. The adoption of this standard did not have any impact on our condensed consolidated financial statements as the ultimate impact is dependent on the size and frequency of future acquisitions and does not affect contract assets or contract liabilities related to acquisitions completed prior to the adoption date. In August 2022, the Inflation Reduction Act (the "IRA") was signed into law. The IRA establishes a new book minimum tax of 15% on consolidated adjusted GAAP pre-tax earnings for corporations with average income in excess of $1 billion and is effective for us in tax years beginning after December 31, 2022. We do not expect to be subject to the corporate minimum tax. In addition, the IRA also introduced a nondeductible 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. During the six months ended July 31, 2023, the calculated excise tax was $0.4 million and was recognized as part of the cost basis of shares acquired in our consolidated statement of stockholders' equity. We do not expect taxes due on future repurchases of our shares to have a material effect on our business. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time entities can utilize the reference rate reform relief guidance under ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting from December 31, 2022 to December 31, 2024. We expect to elect various optional expedients for contract modifications related to financial instruments affected by the reference rate reform through the effective date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have any impact on our consolidated financial statements.
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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jul. 31, 2023
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 ◦ Optional managed services revenue. ◦ Support revenue, which consists of initial and renewal support. • Nonrecurring revenue primarily consists of our perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties. Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Recurring revenue: Bundled SaaS revenue $ 62,066 $ 54,679 $ 121,519 $ 103,964 Unbundled SaaS revenue 51,375 47,875 109,070 93,320 Total SaaS revenue 113,441 102,554 230,589 197,284 Optional managed services revenue 12,165 15,778 25,030 31,691 Support revenue 35,393 48,108 71,819 96,832 Total recurring revenue 160,999 166,440 327,438 325,807 Nonrecurring revenue: Perpetual revenue 25,212 30,790 49,546 64,048 Professional services revenue 23,954 25,669 49,747 50,950 Total nonrecurring revenue 49,166 56,459 99,293 114,998 Total revenue $ 210,165 $ 222,899 $ 426,731 $ 440,805
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) July 31, 2023 January 31, 2023 Accounts receivable, net $ 140,031 $ 188,414 Contract assets, net $ 57,690 $ 60,444 Long-term contract assets, net (included in other assets) $ 34,014 $ 37,950 Contract liabilities $ 238,738 $ 271,476 Long-term contract liabilities $ 12,327 $ 18,047
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) July 31, 2023 January 31, 2023 Remaining performance obligations: Expected to be recognized within 1 year $ 426,906 $ 464,346 Expected to be recognized in more than 1 year 254,336 262,695 Total remaining performance obligations $ 681,242 $ 727,041

NET LOSS PER COMMON SHARE ATT_2

NET LOSS PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. (Tables)	6 Months Ended
	Jul. 31, 2023
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Common Share Attributable To Verint Systems Inc.	The following table summarizes the calculation of basic and diluted net loss per common share attributable to Verint Systems Inc. for the three and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Net loss $ (5,788) $ (2,236) $ (2,154) $ (1,662) Net income attributable to noncontrolling interests 212 176 551 464 Net loss attributable to Verint Systems Inc. (6,000) (2,412) (2,705) (2,126) Dividends on preferred stock (5,200) (5,200) (10,400) (10,400) Net loss attributable to Verint Systems Inc. for basic net loss per common share (11,200) (7,612) (13,105) (12,526) Dilutive effect of dividends on preferred stock — — — — Net loss attributable to Verint Systems Inc. for diluted net loss per common share $ (11,200) $ (7,612) $ (13,105) $ (12,526) Weighted-average shares outstanding: Basic 64,294 64,958 64,603 64,948 Dilutive effect of employee equity award plans — — — — Dilutive effect of 2021 Notes — — — — Dilutive effect of assumed conversion of preferred stock — — — — Diluted 64,294 64,958 64,603 64,948 Net loss per common share attributable to Verint Systems Inc.: Basic $ (0.17) $ (0.12) $ (0.20) $ (0.19) Diluted $ (0.17) $ (0.12) $ (0.20) $ (0.19)
Schedule of Anti-dilutive Securities	We excluded the following weighted-average potential common shares from the calculations of diluted net loss per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Common shares excluded from calculation: Restricted stock-based awards 1,477 2,580 1,779 2,075 Series A Preferred Stock 5,498 5,498 5,498 5,498 Series B Preferred Stock 3,980 3,980 3,980 3,980

CASH, CASH EQUIVALENTS, AND S_2

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Tables)	6 Months Ended
CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Tables)	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023: July 31, 2023 (in thousands) Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 138,124 $ — $ — $ 138,124 Money market funds 57,816 — — 57,816 Commercial paper 34,858 — — 34,858 U.S. Treasury bills 498 — — 498 Total cash and cash equivalents $ 231,296 $ — $ — $ 231,296 Short-term investments: Bank time deposits $ 1,452 $ — $ — $ 1,452 Total short-term investments $ 1,452 $ — $ — $ 1,452 January 31, 2023 (in thousands) Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents: Cash and bank time deposits $ 134,289 $ — $ — $ 134,289 Money market funds 96,941 — — 96,941 Commercial paper 50,869 — — 50,869 Total cash and cash equivalents $ 282,099 $ — $ — $ 282,099 Short-term investments: Bank time deposits $ 697 $ — $ — $ 697 Total short-term investments $ 697 $ — $ — $ 697

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
INTANGIBLE ASSETS AND GOODWILL (Tables)	Jul. 31, 2023
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 removed from our condensed consolidated balance sheets, consisted of the following as of July 31, 2023 and January 31, 2023: July 31, 2023 (in thousands) Cost Accumulated Net Intangible assets with finite lives: Customer relationships $ 461,273 $ (405,376) $ 55,897 Acquired technology 228,829 (215,007) 13,822 Trade names 4,495 (4,402) 93 Distribution network 2,440 (2,440) — Total intangible assets $ 697,037 $ (627,225) $ 69,812 January 31, 2023 (in thousands) Cost Accumulated Net Intangible assets with finite lives: Customer relationships $ 458,013 $ (390,113) $ 67,900 Acquired technology 229,317 (212,065) 17,252 Trade names 4,479 (4,359) 120 Distribution network 2,440 (2,440) — Total intangible assets $ 694,249 $ (608,977) $ 85,272
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 2024 (remainder of year) $ 15,928 2025 16,878 2026 15,474 2027 11,684 2028 6,967 2029 and thereafter 2,881 Total $ 69,812
Schedule of Goodwill Activity	Goodwill activity for the six months ended July 31, 2023 was as follows: (in thousands) Amount Six Months Ended July 31, 2023: Goodwill, gross, at January 31, 2023 $ 1,403,256 Accumulated impairment losses through January 31, 2023 (56,043) Goodwill, net, at January 31, 2023 1,347,213 Foreign currency translation and other 14,874 Business combinations, including adjustments to prior period acquisitions 140 Goodwill, net, at July 31, 2023 $ 1,362,227 Balance at July 31, 2023 Goodwill, gross, at July 31, 2023 $ 1,418,270 Accumulated impairment losses through July 31, 2023 (56,043) Goodwill, net, at July 31, 2023 $ 1,362,227

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
LONG-TERM DEBT (Tables)	Jul. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table summarizes our long-term debt at July 31, 2023 and January 31, 2023: July 31, January 31, (in thousands) 2023 2023 2021 Notes $ 315,000 $ 315,000 Term Loan — 100,000 Revolving Credit Facility 100,000 — Less: unamortized debt discounts and issuance costs (5,042) (6,092) Total debt 409,958 408,908 Less: current maturities — — Long-term debt $ 409,958 $ 408,908
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 and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 2021 Notes: Interest expense at 0.25% coupon rate $ 197 $ 197 $ 394 $ 392 Amortization of deferred debt issuance costs 443 440 886 879 Total Interest Expense — 2021 Notes $ 640 $ 637 $ 1,280 $ 1,271 Borrowings under Credit Agreement: Interest expense at contractual rates $ 1,697 $ 813 $ 3,347 $ 1,373 Amortization of debt discounts — 4 5 9 Amortization of deferred debt issuance costs 183 217 387 428 Losses on early retirements of debt — — 237 — Total Interest Expense — Borrowings under Credit Agreement $ 1,880 $ 1,034 $ 3,976 $ 1,810

SUPPLEMENTAL CONDENSED CONSOL_2

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jul. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following as of July 31, 2023 and January 31, 2023: July 31, January 31, (in thousands) 2023 2023 Raw materials $ 4,075 $ 3,325 Work-in-process 225 40 Finished goods 11,455 9,263 Total inventories $ 15,755 $ 12,628
Schedule of Other Liabilities	Other liabilities consisted of the following as of July 31, 2023 and January 31, 2023: July 31, January 31, (in thousands) 2023 2023 Unrecognized tax benefits, including interest and penalties $ 53,517 $ 52,887 Other 16,901 27,494 Total other liabilities $ 70,418 $ 80,381
Schedule of Other (Expense) Income, Net	Other (expense) income, net consisted of the following for the three and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Foreign currency (losses) gains, net $ (64) $ 547 $ 173 $ 2,260 Other, net 40 (80) (173) (119) Total other (expense) income, net $ (24) $ 467 $ — $ 2,141
Schedule of Supplemental Information Regarding Condensed Consolidated Cash Flows	The following table provides supplemental information regarding our condensed consolidated cash flows for the six months ended July 31, 2023 and 2022: Six Months Ended (in thousands) 2023 2022 Cash paid for interest $ 4,211 $ 1,693 Cash payments of income taxes, net $ 9,922 $ 5,403 Cash payments for operating leases $ 10,175 $ 18,656 Non-cash investing and financing transactions: Finance leases of property and equipment $ 272 $ 189 Accrued but unpaid purchases of property and equipment $ 806 $ 2,035 Retirement of treasury stock $ — $ 105,680 Excise tax on share repurchases $ 414 $ —

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jul. 31, 2023
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The following table summarizes changes in the components of our accumulated other comprehensive loss for the six months ended July 31, 2023: (in thousands) Unrealized Losses on Foreign Exchange Contracts Designated as Hedges Foreign Currency Translation Adjustments Total Accumulated other comprehensive loss at January 31, 2023 $ (87) $ (154,012) $ (154,099) Other comprehensive (loss) income before reclassifications (374) 16,457 16,083 Amounts reclassified out of accumulated other comprehensive loss (349) — (349) Net other comprehensive (loss) income (25) 16,457 16,432 Accumulated other comprehensive loss at July 31, 2023 $ (112) $ (137,555) $ (137,667)
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 and six months ended July 31, 2023 and 2022 were as follows: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Financial Statement Location Unrealized losses on derivative financial instruments: Foreign currency forward contracts $ (2) $ — $ (4) $ — Cost of recurring revenue (17) (22) (37) (31) Cost of nonrecurring revenue (122) (138) (262) (187) Research and development, net (55) (73) (120) (97) Selling, general and administrative (196) (233) (423) (315) Total, before income taxes 35 41 74 55 Benefit from income taxes $ (161) $ (192) $ (349) $ (260) Total, net of income taxes

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023: July 31, 2023 Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets: Money market funds $ 57,816 $ — $ — U.S. Treasury bills, classified as cash and cash equivalents 498 — — Commercial paper, classified as cash and cash equivalents — 34,858 — Foreign currency forward contracts — 12 — Total assets $ 58,314 $ 34,870 $ — Liabilities: Foreign currency forward contracts $ — $ 147 $ — Contingent consideration — business combinations — — 7,878 Total liabilities $ — $ 147 $ 7,878 January 31, 2023 Fair Value Hierarchy Category (in thousands) Level 1 Level 2 Level 3 Assets: Money market funds $ 96,941 $ — $ — Commercial paper, classified as cash and cash equivalents — 50,869 — Foreign currency forward contracts — 19 — Contingent consideration receivable — 8 — Total assets $ 96,941 $ 50,896 $ — Liabilities: Foreign currency forward contracts $ — $ 124 $ — Contingent consideration — business combinations — — 12,717 Total liabilities $ — $ 124 $ 12,717
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 six months ended July 31, 2023: Six Months Ended (in thousands) 2023 Fair value measurement at beginning of period $ 12,717 Changes in fair values, recorded in operating expenses (2,178) Payments of contingent consideration (3,064) Foreign currency translation and other 403 Fair value measurement at end of period $ 7,878

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Jul. 31, 2023
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 July 31, 2023 and January 31, 2023 were as follows: Fair Value at July 31, January 31, (in thousands) Balance Sheet Classification 2023 2023 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Prepaid expenses and other current assets $ 12 $ 19 Total derivative assets $ 12 $ 19 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Accrued expenses and other current liabilities $ 147 $ 124 Total derivative liabilities $ 147 $ 124
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 and six months ended July 31, 2023 and 2022 were as follows: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Net losses recognized in AOCL: Foreign currency forward contracts $ (103) $ (190) $ (453) $ (460) Net losses reclassified from AOCL to the condensed consolidated statements of operations: Foreign currency forward contracts $ (196) $ (233) $ (423) $ (315)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jul. 31, 2023
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 and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Cost of revenue — recurring $ 686 $ 933 $ 982 $ 1,458 Cost of revenue — nonrecurring 690 818 830 1,458 Research and development, net 3,466 4,419 5,793 6,838 Selling, general and administrative 14,279 19,524 26,495 34,309 Total stock-based compensation expense $ 19,121 $ 25,694 $ 34,100 $ 44,063
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 and six months ended July 31, 2023 and 2022: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Restricted stock units and restricted stock awards $ 17,404 $ 23,362 $ 30,840 $ 39,373 Stock bonus program and bonus share program 1,938 2,328 3,316 4,680 Total equity-settled awards 19,342 25,690 34,156 44,053 Phantom stock units (cash-settled awards) (221) 4 (56) 10 Total stock-based compensation expense $ 19,121 $ 25,694 $ 34,100 $ 44,063
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 six months ended July 31, 2023 and 2022: Six Months Ended July 31, 2023 2022 (in thousands, except per share data) Shares or Units Weighted-Average Grant Date Fair Value Shares or Units Weighted-Average Grant Date Fair Value Beginning balance 2,230 $ 52.42 2,454 $ 42.99 Granted 1,859 $ 37.20 1,600 $ 56.14 Released (836) $ 46.44 (878) $ 43.15 Forfeited (104) $ 45.05 (94) $ 45.73 Ending balance 3,149 $ 45.27 3,082 $ 49.69
Schedule of Performance Share Activity	The following table summarizes PSU activity in isolation under the Plans for the six months ended July 31, 2023 and 2022 (these amounts are also included in the Award Activity Table above for 2023 and 2022): Six Months Ended (in thousands) 2023 2022 Beginning balance 532 547 Granted 277 278 Released (230) (89) Forfeited (14) — Ending balance 565 736
Schedule of Activity under Stock Bonus Program	The following table summarizes activity under the stock bonus program during the six months ended July 31, 2023 and 2022 in isolation. As noted above, shares issued in respect of the discount feature under the program reduce available plan capacity and are included in the Award Activity Table above. Other shares issued under the program do not reduce available plan capacity and are therefore excluded from the Award Activity Table above. Six Months Ended (in thousands) 2023 2022 Shares in lieu of cash bonus — granted and released (not included in Award Activity Table above) 27 131 Shares in respect of discount (included in Award Activity Table above): Granted 0 25 Released 2 23

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, organization in Thousands					6 Months Ended
	Apr. 06, 2021 USD ($)	Feb. 01, 2021 $ / shares shares	May 07, 2020 USD ($)	Dec. 04, 2019 USD ($)	Jul. 31, 2023 USD ($) professional office country organization $ / shares	Jul. 31, 2022 USD ($)	Jan. 31, 2023 $ / shares
Description of Business [Line Items]
Number of organizations as customer \| organization					10
Number of countries customers located \| country					175
Percentage of fortune 100 companies as customers					85%
Number of offices \| office					16
Entity number of employees \| professional					4,100
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001			$ 0.001		$ 0.001
Spin-off transaction, number of shares received (in shares) \| shares		1
Excise tax on share repurchases					$ 414,000	$ 0
Apax
Description of Business [Line Items]
Percentage ownership of outstanding shares					12.90%
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

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Current period revenue recognized from beginning balance of contract liabilities	$ 174.9	$ 170.5
Accounts Receivable \| Customer Concentration Risk \| Partner A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	16%		15%
Accounts Receivable \| Customer Concentration Risk \| Partner B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15%		15%
Contract assets \| Customer Concentration Risk \| Partner A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	16%		15%
Contract assets \| Customer Concentration Risk \| Partner B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15%		15%
Minimum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	3 years

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 210,165	$ 222,899	$ 426,731	$ 440,805
Bundled SaaS revenue
Disaggregation of Revenue [Line Items]
Revenue	62,066	54,679	121,519	103,964
Unbundled SaaS revenue
Disaggregation of Revenue [Line Items]
Revenue	51,375	47,875	109,070	93,320
Total SaaS revenue
Disaggregation of Revenue [Line Items]
Revenue	113,441	102,554	230,589	197,284
Optional managed services revenue
Disaggregation of Revenue [Line Items]
Revenue	12,165	15,778	25,030	31,691
Support revenue
Disaggregation of Revenue [Line Items]
Revenue	35,393	48,108	71,819	96,832
Total recurring revenue
Disaggregation of Revenue [Line Items]
Revenue	160,999	166,440	327,438	325,807
Perpetual revenue
Disaggregation of Revenue [Line Items]
Revenue	25,212	30,790	49,546	64,048
Professional services revenue
Disaggregation of Revenue [Line Items]
Revenue	23,954	25,669	49,747	50,950
Total nonrecurring revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 49,166	$ 56,459	$ 99,293	$ 114,998

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 140,031	$ 188,414
Contract assets, net	57,690	60,444
Long-term contract assets, net (included in other assets)	34,014	37,950
Contract liabilities	238,738	271,476
Long-term contract liabilities	$ 12,327	$ 18,047

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 681,242	$ 727,041
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)		1 year
Remaining performance obligations		$ 464,346
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)	1 year
Remaining performance obligations	$ 426,906
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01 \| 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]: 2024-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)
Remaining performance obligations		$ 262,695
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period (up to)
Remaining performance obligations	$ 254,336

NET LOSS PER COMMON SHARE ATT_3

NET LOSS PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Schedule of Calculation of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2022	Apr. 30, 2022	Jul. 31, 2023	Jul. 31, 2022
Net Income Attributable to Verint Systems Inc. [Abstract]
Net loss	$ (5,788)	$ 3,634	$ (2,236)	$ 574	$ (2,154)	$ (1,662)
Net income attributable to noncontrolling interests	212		176		551	464
Net loss attributable to Verint Systems Inc.	(6,000)		(2,412)		(2,705)	(2,126)
Dividends on preferred stock	(5,200)		(5,200)		(10,400)	(10,400)
Net loss attributable to Verint Systems Inc. for basic net loss per common share	(11,200)		(7,612)		(13,105)	(12,526)
Dilutive effect of dividends on preferred stock	0		0		0	0
Net loss attributable to Verint Systems Inc. for diluted net loss per common share	$ (11,200)		$ (7,612)		$ (13,105)	$ (12,526)
Weighted-average shares outstanding:
Basic (in shares)	64,294		64,958		64,603	64,948
Dilutive effect of employee equity award plans (in shares)	0		0		0	0
Dilutive effect of assumed conversion of preferred stock (in shares)	0		0		0	0
Diluted (in shares)	64,294		64,958		64,603	64,948
Net loss per common share attributable to Verint Systems Inc.:
Basic (in dollars per share)	$ (0.17)		$ (0.12)		$ (0.20)	$ (0.19)
Diluted (in dollars per share)	$ (0.17)		$ (0.12)		$ (0.20)	$ (0.19)
2021 Notes
Weighted-average shares outstanding:
Dilutive effect of 2021 Notes (in shares)	0		0		0	0

NET LOSS PER COMMON SHARE ATT_4

NET LOSS PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Schedule of Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Restricted stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from calculations of diluted net loss per share (in shares)	1,477	2,580	1,779	2,075
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from calculations of diluted net loss per share (in shares)	5,498	5,498	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 loss per share (in shares)	3,980	3,980	3,980	3,980

NET LOSS PER COMMON SHARE ATT_5

NET 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

CASH, CASH EQUIVALENTS, AND S_3

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	$ 231,296	$ 256,502	$ 282,099
Cash and cash equivalents, fair value	231,296		282,099
Cost Basis	1,452		697
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Estimated Fair Value	1,452		697
Proceeds from maturities and sales of short-term investments	2,400	$ 300
Bank time deposits
Cash and Cash Equivalents [Line Items]
Cost Basis	1,452		697
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Estimated Fair Value	1,452		697
Cash and bank time deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	138,124		134,289
Cash and cash equivalents, fair value	138,124		134,289
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	57,816		96,941
Cash and cash equivalents, fair value	57,816		96,941
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	34,858		50,869
Cash and cash equivalents, fair value	34,858		$ 50,869
U.S. Treasury bills
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, cost basis	498
Cash and cash equivalents, fair value	$ 498

BUSINESS COMBINATIONS, ASSET _2

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Business Combinations For Year Ended January 31, 2023 (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2023 USD ($) professional	Jul. 31, 2023 USD ($) professional	Jan. 31, 2023 USD ($) employee business_combination	Aug. 31, 2022 employee
Business Acquisition [Line Items]
Number of businesses acquired \| business_combination			2
Entity number of employees \| professional	4,100	4,100
Contingent consideration obligations, fair value	$ 7,900	$ 7,900
Goodwill	1,362,227	1,362,227	$ 1,347,213
August 2022 Acquisition
Business Acquisition [Line Items]
Entity number of employees \| employee				6
January 2023 Acquisition
Business Acquisition [Line Items]
Entity number of employees \| employee			20
Business Combinations During Year Ended January 31, 2023
Business Acquisition [Line Items]
Total consideration for business combinations			$ 38,400
Purchase price transaction costs			26,100
Contingent consideration obligations, fair value			12,200
Purchase price adjustments of business combinations			100
Cash acquired from acquisition			4,200
Contingent consideration maximum payout amount			21,400
Goodwill			25,600
Business acquisition, goodwill deductible for income tax purposes			5,100
Business acquisition, goodwill not deductible for income tax purposes			20,500
Business acquisition related costs	$ 200	$ 400
Business Combinations During Year Ended January 31, 2023 \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets			6,000
Business Combinations During Year Ended January 31, 2023 \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets			4,200
Business Combinations During Year Ended January 31, 2023 \| Trade names
Business Acquisition [Line Items]
Identifiable intangible assets			$ 100

BUSINESS COMBINATIONS, ASSET _3

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Other Business Combination Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Business Acquisition [Line Items]
Changes in fair values, recorded in operating expenses	$ 2,400,000	$ 0	$ 2,200,000	$ 200,000
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	Selling, general and administrative	Selling, general and administrative
Contingent consideration obligations, fair value	$ 7,900,000		$ 7,900,000
Payments of contingent consideration earned	2,800,000	$ 4,800,000	3,100,000	$ 7,500,000
Accrued expenses and other current liabilities
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	5,200,000		5,200,000
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	$ 2,700,000		$ 2,700,000

BUSINESS COMBINATIONS, ASSET _4

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Asset Acquisition (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2023	Jul. 31, 2023
Asset Acquisition [Line Items]
Asset acquisition, deposit payment		$ 1
Asset acquisition, direct deal costs		0.2
Milestone Payments
Asset Acquisition [Line Items]
Asset acquisition, milestone payments		3
Consideration Contingent Upon Achieving Certain Performance Targets \| Maximum
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration		5
Consideration Contingent Upon Achieving Certain Performance Targets \| Minimum
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration		$ 2
Subsequent Event \| Milestone Payments
Asset Acquisition [Line Items]
Asset acquisition milestone payments paid into escrow account	$ 2
Asset acquisition milestone payments paid to seller	$ 1

BUSINESS COMBINATIONS, ASSET _5

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Divestiture (Details) - Disposed of by Sale - Product Line Inherited As Part Of Legacy Acquisition $ in Millions	1 Months Ended
	Mar. 31, 2023 USD ($) installment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from divestiture	$ 0.7
Consideration from divestiture, number of installments \| installment	3
Goodwill disposed	$ 0.3
Intangible assets disposed	0.2
Gain on sale of transaction	$ 0.2

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Schedule of Acquisition-Related Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 697,037	$ 694,249
Accumulated Amortization	(627,225)	(608,977)
Net	69,812	85,272
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	461,273	458,013
Accumulated Amortization	(405,376)	(390,113)
Net	55,897	67,900
Acquired technology
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	228,829	229,317
Accumulated Amortization	(215,007)	(212,065)
Net	13,822	17,252
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	4,495	4,479
Accumulated Amortization	(4,402)	(4,359)
Net	93	120
Distribution network
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	2,440	2,440
Accumulated Amortization	(2,440)	(2,440)
Net	$ 0	$ 0

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 8,300,000	$ 10,200,000	$ 16,600,000	$ 20,700,000
Impairment of intangible assets, finite-lived			$ 0	$ 0

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Future Amortization Expense on Finite-lived Acquisition-related Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remainder of year)	$ 15,928
2025	16,878
2026	15,474
2027	11,684
2028	6,967
2029 and thereafter	2,881
Net	$ 69,812	$ 85,272

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jan. 31, 2023
Goodwill [Roll Forward]
Goodwill, gross at the beginning of the period	$ 1,418,270	$ 1,403,256
Accumulated impairment losses	(56,043)	$ (56,043)
Goodwill, net at the beginning of the period	1,347,213
Foreign currency translation and other	14,874
Business combinations, including adjustments to prior period acquisitions	140
Goodwill, net, at the end of the period	$ 1,362,227

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023	Apr. 30, 2021
Debt Instrument [Line Items]
Less: unamortized debt discounts and issuance costs	$ (5,042)	$ (6,092)
Total debt	409,958	408,908
Less: current maturities	0	0
Long-term debt	409,958	408,908
2021 Notes
Debt Instrument [Line Items]
Long-term debt outstanding	315,000	315,000
Term Loan
Debt Instrument [Line Items]
Long-term debt outstanding	0	100,000	$ 100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt outstanding	$ 100,000	$ 0

LONG-TERM DEBT - 2021 Notes (De

LONG-TERM DEBT - 2021 Notes (Details)			6 Months Ended
LONG-TERM DEBT - 2021 Notes (Details)	Apr. 09, 2021 USD ($)	Apr. 06, 2021 USD ($) $ / shares	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)
Debt Instrument [Line Items]
Payments of debt-related costs			$ 232,000	$ 224,000
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-related costs	$ 8,900,000
Effective interest rate (as a percent)			0.83%

LONG-TERM DEBT - Capped Calls (

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]
Capped calls, initial conversion price (in dollars per share)	$ 62.08
Capped calls, initial cap price (in dollars per share)	$ 100

LONG-TERM DEBT - Credit Agreeme

LONG-TERM DEBT - Credit Agreement (Details)			3 Months Ended	6 Months Ended
LONG-TERM DEBT - Credit Agreement (Details)	May 10, 2023	Apr. 27, 2023 USD ($)	Apr. 30, 2021 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)	Jun. 29, 2017 USD ($)
Debt Instrument [Line Items]
Accrued interest paid				$ 4,211,000	$ 1,693,000
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	0		$ 100,000,000
Accrued interest paid		$ 500,000
Deferred debt issuance costs				200,000
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		$ 0
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%

LONG-TERM DEBT - Components of

LONG-TERM DEBT - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Apr. 09, 2021
Debt Instrument [Line Items]
Losses on early retirements of debt			$ 237	$ 0
2021 Notes
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	$ 197	$ 197	394	392
Amortization of deferred debt issuance costs	443	440	886	879
Total interest expense	640	637	1,280	1,271
Coupon interest rate					0.25%
Credit Agreement
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	1,697	813	3,347	1,373
Amortization of debt discounts	0	4	5	9
Amortization of deferred debt issuance costs	183	217	387	428
Losses on early retirements of debt	0	0	237	0
Total interest expense	$ 1,880	$ 1,034	$ 3,976	$ 1,810

SUPPLEMENTAL CONDENSED CONSOL_3

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Raw materials	$ 4,075	$ 3,325
Work-in-process	225	40
Finished goods	11,455	9,263
Total inventories	$ 15,755	$ 12,628

SUPPLEMENTAL CONDENSED CONSOL_4

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Unrecognized tax benefits, including interest and penalties	$ 53,517	$ 52,887
Other	16,901	27,494
Other liabilities	$ 70,418	$ 80,381

SUPPLEMENTAL CONDENSED CONSOL_5

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Foreign currency (losses) gains, net	$ (64)	$ 547	$ 173	$ 2,260
Other, net	40	(80)	(173)	(119)
Total other (expense) income, net	$ (24)	$ 467	$ 0	$ 2,141

SUPPLEMENTAL CONDENSED CONSOL_6

SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Supplemental Information Regarding Condensed Consolidated Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Cash paid for interest	$ 4,211	$ 1,693
Cash payments of income taxes, net	9,922	5,403
Cash payments for operating leases	10,175	18,656
Non-cash investing and financing transactions:
Finance leases of property and equipment	272	189
Accrued but unpaid purchases of property and equipment	806	2,035
Retirement of treasury stock	0	105,680
Excise tax on share repurchases	$ 414	$ 0

CONVERTIBLE PREFERRED STOCK - A

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

CONVERTIBLE PREFERRED STOCK - V

CONVERTIBLE PREFERRED STOCK - Voting Rights (Details)	Dec. 04, 2019
Equity [Abstract]
Holders of preferred stock voting rights, as percentage of voting power of common stock outstanding	19.90%

CONVERTIBLE PREFERRED STOCK - D

CONVERTIBLE PREFERRED STOCK - Dividends and Liquidation Rights (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 07, 2020	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 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		$ 20,800,000	$ 20,800,000
Dividends payable		0		0		$ 10,400,000
Preferred stock dividends, unpaid and undeclared		1,700,000		1,700,000
Dividends on preferred stock		$ 5,200,000	$ 5,200,000	$ 10,400,000	$ 10,400,000
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%
Preferred Stock \| Maximum
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, increase percentage each year	10%
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%
Preferred Stock \| Dividend increase term in the event
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	6%

CONVERTIBLE PREFERRED STOCK - C

CONVERTIBLE PREFERRED STOCK - Conversion (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	May 07, 2023	Apr. 06, 2021	May 07, 2020	Jul. 31, 2023	Feb. 01, 2021
Subsidiary, Sale of Stock [Line Items]
Shares issuable upon conversion (in shares)				9.5
Common stock, trading days	30 days
Convertible preferred stock, threshold percentage of conversion trigger	175%
Preferred stock, redemption price in percentage			100%
Internal rate of return			8%
Preferred stock dividends, unpaid and undeclared				$ 1.7
Apax
Subsidiary, Sale of Stock [Line Items]
Percentage ownership of outstanding shares				12.90%
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
Preferred stock dividends, unpaid and undeclared				0.9
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
Preferred stock dividends, unpaid and undeclared				$ 0.9
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, redemption price in percentage			100%

CONVERTIBLE PREFERRED STOCK - F

CONVERTIBLE PREFERRED STOCK - Future Tranche Right (Details) - USD ($) $ in Thousands	Apr. 06, 2021	Jul. 31, 2023	Jan. 31, 2023	May 07, 2020
Subsidiary, Sale of Stock [Line Items]
Future tranche right, fair value				$ 3,400
Temporary equity		$ 436,321	$ 436,321
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Temporary equity	$ 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
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Temporary equity		$ 200,628	$ 200,628	$ 203,400

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividends (Details) - USD ($)	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Equity [Abstract]
Dividends on common stock	$ 0	$ 0

STOCKHOLDERS' EQUITY - Treasury

STOCKHOLDERS' EQUITY - Treasury Stock (Details) - shares	Jul. 31, 2023	Jan. 31, 2023
Stockholders' Equity Note [Abstract]
Treasury stock outstanding (in shares)	0	0

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Programs (Details) - USD ($) shares in Thousands	6 Months Ended		12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023	Dec. 07, 2022
Class of Stock [Line Items]
Excise tax on share repurchases	$ 414,000	$ 0
December 2022 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 200,000,000
Stock repurchased during period (in shares)	1,996		649
Stock repurchased during period, value	$ 74,100,000		$ 23,500,000
Excise tax on share repurchases	$ 400,000
Shares retired (in shares)	1,996
Prior Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchased during period (in shares)		2,000
Stock repurchased during period, value		$ 105,700,000

STOCKHOLDERS' EQUITY - Issuance

STOCKHOLDERS' EQUITY - Issuance of Convertible Preferred Stock (Details) - USD ($)	Apr. 06, 2021	May 07, 2020	Dec. 04, 2019	Jul. 31, 2023
Apax
Class of Stock [Line Items]
Percentage ownership of outstanding shares				12.90%
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

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2022	Apr. 30, 2022	Jul. 31, 2023	Jul. 31, 2022
Activity in Accumulated Other Comprehensive Loss
Beginning balances	$ 823,388	$ 858,149	$ 835,453	$ 954,579	$ 858,149	$ 954,579
Other comprehensive (loss) income before reclassifications					16,083
Amounts reclassified out of accumulated other comprehensive loss					(349)
Other comprehensive income (loss)	7,922	8,510	(13,747)	(30,045)	16,432	(43,792)
Ending balances	826,048	823,388	838,355	835,453	826,048	838,355
Unrealized Losses on Foreign Exchange Contracts Designated as Hedges
Activity in Accumulated Other Comprehensive Loss
Beginning balances		(87)			(87)
Other comprehensive (loss) income before reclassifications					(374)
Amounts reclassified out of accumulated other comprehensive loss					(349)
Other comprehensive income (loss)					(25)
Ending balances	(112)				(112)
Foreign Currency Translation Adjustments
Activity in Accumulated Other Comprehensive Loss
Beginning balances		(154,012)			(154,012)
Other comprehensive (loss) income before reclassifications					16,457
Amounts reclassified out of accumulated other comprehensive loss					0
Other comprehensive income (loss)					16,457
Ending balances	(137,555)				(137,555)
AOCI Attributable to Parent
Activity in Accumulated Other Comprehensive Loss
Beginning balances	(145,589)	(154,099)	(148,560)	(118,515)	(154,099)	(118,515)
Other comprehensive income (loss)	7,922	8,510	(13,747)	(30,045)
Ending balances	$ (137,667)	$ (145,589)	$ (162,307)	$ (148,560)	$ (137,667)	$ (162,307)

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2022	Apr. 30, 2022	Jul. 31, 2023	Jul. 31, 2022
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Research and development, net	$ (34,057)		$ (33,956)		$ (65,839)	$ (64,903)
Selling, general and administrative	(108,374)		(105,705)		(209,653)	(208,587)
Total, before income taxes	(8,332)		612		(335)	1,482
Benefit from income taxes	2,544		(2,848)		(1,819)	(3,144)
Net loss	(5,788)	$ 3,634	(2,236)	$ 574	(2,154)	(1,662)
Recurring
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	(39,567)		(40,852)		(79,210)	(81,880)
Nonrecurring
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	(27,372)		(30,700)		(54,167)	(62,768)
Foreign currency forward contracts \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Research and development, net	(122)		(138)		(262)	(187)
Selling, general and administrative	(55)		(73)		(120)	(97)
Total, before income taxes	(196)		(233)		(423)	(315)
Benefit from income taxes	35		41		74	55
Net loss	(161)		(192)		(349)	(260)
Foreign currency forward contracts \| Recurring \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	(2)		0		(4)	0
Foreign currency forward contracts \| Nonrecurring \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Cost of revenue	$ (17)		$ (22)		$ (37)	$ (31)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Income Tax Contingency [Line Items]
(Benefit from) provision for income taxes	$ (2,544)	$ 2,848	$ 1,819	$ 3,144
Income (loss) before provision of income taxes	$ (8,332)	$ 612	$ (335)	$ 1,482
Effective income tax rate (as a percent)	30.50%	465.40%	(543.00%)	212.10%
Unrecognized tax benefits (excluding interest and penalties)	$ 87,700		$ 87,700		$ 87,900
Unrecognized tax benefits, income tax penalties and interest accrued	6,000		6,000		$ 5,200
Decrease in unrecognized tax benefits is reasonably possible	$ 7,000		$ 7,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, discrete income tax provisions related to held for sale asset		$ 2,100
Excluding Foreign Tax Authority
Income Tax Contingency [Line Items]
(Benefit from) provision for income taxes		$ 700		$ 1,000
Effective income tax rate (as a percent)		124.80%		71.50%

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Liabilities:
Contingent consideration — business combinations	$ 7,900,000
Recurring \| Level 1
Assets:
Money market funds	57,816,000	$ 96,941,000
U.S. Treasury bills, classified as cash and cash equivalents	498,000
Commercial paper, classified as cash and cash equivalents	0	0
Foreign currency forward contracts	0	0
Contingent consideration receivable		0
Total assets	58,314,000	96,941,000
Liabilities:
Foreign currency forward contracts	0	0
Contingent consideration — business combinations	0	0
Total liabilities	0	0
Recurring \| Level 2
Assets:
Money market funds	0	0
U.S. Treasury bills, classified as cash and cash equivalents	0
Commercial paper, classified as cash and cash equivalents	34,858,000	50,869,000
Foreign currency forward contracts	12,000	19,000
Contingent consideration receivable		8,000
Total assets	34,870,000	50,896,000
Liabilities:
Foreign currency forward contracts	147,000	124,000
Contingent consideration — business combinations	0	0
Total liabilities	147,000	124,000
Recurring \| Level 3
Assets:
Money market funds	0	0
U.S. Treasury bills, classified as cash and cash equivalents	0
Commercial paper, classified as cash and cash equivalents	0	0
Foreign currency forward contracts	0	0
Contingent consideration receivable		0
Total assets	0	0
Liabilities:
Foreign currency forward contracts	0	0
Contingent consideration — business combinations	7,878,000	12,717,000	$ 0
Total liabilities	$ 7,878,000	$ 12,717,000

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Changes in the Estimated Fair Value of Contingent Consideration (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair values, recorded in operating expenses	$ (2,400,000)	$ 0	$ (2,200,000)	$ (200,000)
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value measurement at beginning of period			12,717,000
Changes in fair values, recorded in operating expenses			(2,178,000)
Payments of contingent consideration			(3,064,000)
Foreign currency translation and other			403,000
Fair value measurement at end of period	$ 7,878,000		$ 7,878,000

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details)		1 Months Ended		3 Months Ended			6 Months Ended
FAIR VALUE MEASUREMENTS - Additional Information (Details)	Apr. 27, 2023 USD ($)	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Apr. 30, 2021 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration — business combinations		$ 7,900,000		$ 7,900,000			$ 7,900,000
SAFE, investment during period		500,000	$ 1,100,000
SAFE investment		1,600,000		1,600,000			1,600,000
Noncontrollling equity investment in privately-held companies without readily determinable fair values		$ 5,100,000		5,100,000			5,100,000		$ 5,100,000
Noncontrollling equity investment in privately-held companies, impairments				$ 0	$ 0		$ 0	$ 0
Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Repayments of debt	$ 100,000,000					$ 309,000,000
Discount Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration, liability, measurement input		0.076		0.076			0.076		0.066
Discount Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration, liability, measurement input		0.081		0.081			0.081		0.076
Discount Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration, liability, measurement input		0.079		0.079			0.079		0.069
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		$ 0
Level 3 \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of debt									100,000,000
Level 3 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration — business combinations		7,878,000		7,878,000	$ 0		7,878,000	$ 0	12,717,000
Level 2 \| 2021 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of debt		283,000,000		283,000,000			283,000,000		282,000,000
Level 2 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Contingent consideration — business combinations		$ 0		$ 0			$ 0		$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - Unrealized Losses on Foreign Exchange Contracts Designated as Hedges - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2023	Jan. 31, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative, term (no longer than)	12 months
Notional amounts of derivative financial instruments	$ 6.5	$ 6.8
Maximum maturity of foreign currency derivatives	12 months

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Fair Values of Derivative Financial Instruments
Assets, fair value	$ 12	$ 19
Liabilities, fair value	147	124
Prepaid expenses and other current assets \| Foreign currency forward contracts \| Designated as cash flow hedges
Fair Values of Derivative Financial Instruments
Assets, fair value	12	19
Accrued expenses and other current liabilities \| Foreign currency forward contracts \| Designated as cash flow hedges
Fair Values of Derivative Financial Instruments
Liabilities, fair value	$ 147	$ 124

DERIVATIVE FINANCIAL INSTRUME_5

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		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Net (losses) recognized in accumulated other comprehensive (loss) income	$ (103)	$ (190)	$ (453)	$ (460)
Net (losses) reclassified from accumulated other comprehensive (loss) income to the consolidated statements of operations	$ (196)	$ (233)	$ (423)	$ (315)

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation Plan (Details) - 2023 Long-Term Stock Incentive Plan	Jul. 31, 2023 shares
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)	1.90

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Stock-Based Compensation Plans
Stock-based compensation	$ 19,121	$ 25,694	$ 34,100	$ 44,063
Cost of revenue — recurring
Stock-Based Compensation Plans
Stock-based compensation	686	933	982	1,458
Cost of revenue — nonrecurring
Stock-Based Compensation Plans
Stock-based compensation	690	818	830	1,458
Research and development, net
Stock-Based Compensation Plans
Stock-based compensation	3,466	4,419	5,793	6,838
Selling, general and administrative
Stock-Based Compensation Plans
Stock-based compensation	$ 14,279	$ 19,524	$ 26,495	$ 34,309

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense by Type of Award (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Stock-Based Compensation Plans
Stock-based compensation	$ 19,121	$ 25,694	$ 34,100	$ 44,063
Equity Settled Awards
Stock-Based Compensation Plans
Stock-based compensation	19,342	25,690	34,156	44,053
Equity Settled Awards \| Restricted stock units and restricted stock awards
Stock-Based Compensation Plans
Stock-based compensation	17,404	23,362	30,840	39,373
Equity Settled Awards \| Stock bonus program and bonus share program
Stock-Based Compensation Plans
Stock-based compensation	1,938	2,328	3,316	4,680
Cash Settled Awards \| Phantom stock units (cash-settled awards)
Stock-Based Compensation Plans
Stock-based compensation	$ (221)	$ 4	$ (56)	$ 10

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Summary of award activity
Beginning balance (in shares)	2,230	2,454
Granted (in shares)	1,859	1,600
Released (in shares)	(836)	(878)
Forfeited (in shares)	(104)	(94)
Ending balance (in shares)	3,149	3,082
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 52.42	$ 42.99
Granted (in dollars per share)	37.20	56.14
Released (in dollars per share)	46.44	43.15
Forfeited (in dollars per share)	45.05	45.73
Ending balance (in dollars per share)	$ 45.27	$ 49.69
Additional disclosures
Shares issued (in shares)	1,859	1,600
Restricted Stock Units (RSUs)
Summary of award activity
Granted (in shares)	1,582
Additional disclosures
Shares issued (in shares)	1,582
Unrecognized compensation expense	$ 101.9
Remaining weighted-average vesting period over which expense is expected to be recognized (in years)	2 years

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of PSU Activity (Details) - shares shares in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Summary of award activity
Beginning balance (in shares)	2,230	2,454
Granted (in shares)	1,859	1,600
Released (in shares)	(836)	(878)
Forfeited (in shares)	(104)	(94)
Ending balance (in shares)	3,149	3,082
Performance- based RSUs
Summary of award activity
Beginning balance (in shares)	532	547
Granted (in shares)	277	278
Released (in shares)	(230)	(89)
Forfeited (in shares)	(14)	0
Ending balance (in shares)	565	736

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock Bonus Program and Bonus Share Program (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2023	Jul. 31, 2023	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
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%				15%
Shares issued in period (in shares)		27,000	27,000	131,000
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		$ 3.5	$ 3.5		$ 7.9
Bonus Share Program
Stock-Based Compensation Plans
Shares issued in period (in shares)		178,000

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activities Of Stock Bonus Program (Details) - Stock Bonus Program - shares	3 Months Ended	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2023	Jul. 31, 2022
Stock-Based Compensation Plans
Shares in lieu of cash bonus - granted and released (in shares)	27,000	27,000	131,000
Shares granted in respect of discount (in shares)		0	25,000
Shares released in respect of discount (in shares)		2,000	23,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)

1 Months Ended

6 Months Ended

12 Months Ended

15 Months Ended

Jul. 31, 2023 USD ($) installment

Jul. 10, 2022 USD ($) phase

Oct. 31, 2012 USD ($)

Jun. 07, 2012 defendant

Aug. 31, 2023 USD ($)

Apr. 30, 2023 USD ($)

Jul. 31, 2023 USD ($) Claim installment

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, claims settled and dismissed | Claim

Insurance recoveries collected

$ 12,500,000

$ 2,000,000

$ 14,500,000

Loss Contingency, Alleged Trademarks Infringed, Number | trademark

CTI Litigation

Loss Contingencies [Line Items]

Litigation settlement, rounds of mediation, number | round

CTI Litigation | Settled Litigation

Loss Contingencies [Line Items]

Number of defendants | defendant

Loss contingency, damages sought, value

$ 150,000,000

Litigation settlement, amount agreed to pay

$ 16,000,000

Litigation settlement, number of payment phases | phase

Litigation settlement, number of payment installments remaining | installment

Litigation liability

$ 9,500,000

Litigation settlement indemnification receivable

9,500,000

Litigation settlement, income statement impact

CTI Litigation | Settled Litigation | Accrued expenses and other current liabilities

Loss Contingencies [Line Items]

Litigation liability

4,700,000

CTI Litigation | Settled Litigation | Other Liabilities

Loss Contingencies [Line Items]

Litigation liability

4,700,000

DOJ False Claims Act Litigation | Settled Litigation

Loss Contingencies [Line Items]

Estimated litigation liability, current

7,000,000

DOJ False Claims Act Litigation | Settled Litigation | Subsequent Event

Loss Contingencies [Line Items]

Payments for legal settlements

$ 7,000,000

DOJ False Claims Act Litigation | Pending Litigation

Loss Contingencies [Line Items]

Litigation settlement, income statement impact

Estimated litigation liability, current

7,000,000

ACSI And CFI Complaints

Loss Contingencies [Line Items]

Loss contingency, pending claims, number | Claim

ACSI And CFI Complaints | Settled Litigation

Loss Contingencies [Line Items]

Litigation settlement, amount agreed to pay

$ 9,000,000

Estimated litigation liability, incremental settlement costs

$ 5,500,000

ACSI And CFI Complaints | Pending Litigation

Loss Contingencies [Line Items]

Litigation settlement, income statement impact

Estimated litigation liability, current

$ 3,500,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	1 Months Ended
SUBSEQUENT EVENTS (Details) $ in Millions	Aug. 31, 2023 USD ($)
DOJ False Claims Act Litigation \| Settled Litigation \| Subsequent Event
Subsequent Event [Line Items]
Payments for legal settlements	$ 7