Verint Systems (VRNT) 6 Sep 232024 Q2 Earnings call transcript

Thank you, operator. Good afternoon, and thank you for joining our conference call today. I'm here with Dan Bodner, Verint's CEO; Grant Highlander, Verint's CFO; and Alan Roden, Verint's Chief Corporate Development Officer.

Before getting started, I'd like to mention that accompanying our call today the slide presentation.

If you would like to view these slides in real-time during the call, please visit the IR section of our Web site at verint.com, click on the Investor Relations tab and click on the webcast link and select today's conference call.

Private draw on to forward-looking provisions this the of to certain fact statements of like Act meaning discussed Reform laws. matters call the the also federal your and the attention that within of securities I'd XXXX Litigation other Securities may contain management's are are expectations not guarantees These forward-looking current statements of based on and future performance. statements. could in or these forward-looking expressed materially implied those from differ Actual results by as required The them. are except call, as and obligation date no the revise this law, forward-looking of by to statements made or assumes Verint as update are reliance statements. Investors cautioned these not undue to on place forward-looking

financial purposes. measures the The For see differ cause business and these limitations focus companies. results the the XX, for to our Verint's those from, Non-GAAP and provides peer company GAAP discussed the how information Form Web Please Relations supplemental a and today quarter used measures. considered our regarding our fiscal uses the measures financial our a these results should management in measures January make by for our informational The earnings not operating release we have when ended from information, among and slide could between investors in filed, it a to at see because assessing results financial and isolation in site non-GAAP with other or financial we filings differ useful believes XX-K in materially XXXX, for GAAP July Investor as for and for uncertainties in discussion XX-Q presentation to financial more verint.com ended our non-GAAP our section superior meaningful of included but and actual comparing reconciliation comparative measures those from non-GAAP be may Form detailed is other year substitute companies. those please of measures is as to other information XXXX, XX, statements, of believe indicated SEC. periods when today's risks include on forward-looking investors

like I'd to over call Dan? Now the to turn Dan.

I Then innovation review of key dynamics. and review with Thank our I the you, revenue metrics, start bots. QX our HX will our bookings including CX and automation latest Matt. Today, and specialized in AI-powered platform a will

Finally, differentiated I will and year. midyear the our ARR. the delivered in fast second In solid bookings, platform of growing SaaS and on capabilities. our provide performance new QX, CX we a SaaS automation key AI for expectations We update across including believe reflects customer our half interest SaaS renewals momentum metrics the our

SaaS and year. at Let from QX me last QX, bookings average deal $XX.X activity. quarterly and New our in level In start with throughout million, QX up ACV and with bookings strongly HX consistent came

cycle call, prior ACV our sales million expectations. elongated on shifted discussed QX, we to As we deals out of right the and QX our in relative due macroeconomic of environment to the saw $XX approximately to

We booked $XX deals QX. that in are to million QX pleased of all were report this subsequently

of million also bookings During expectations half. SaaS new of for $XX last more call, we first our than the our shared ACV

in of at Based shifting deals of QX. actual cycles to out leading we sales majority the million and $XX Our to came in to which ACV current be over results in million. QX. $X of persisted the expect forecast, right QX Elongated on booked

resulting shifting $XX of in conditions and QX in half economic the to Given assuming approximately shifting year. from same QX, in QX both in and right the of HX QX, million our remain we're the bookings bookings experience into will first next

of to expected approximately new later Grant prior our year. progression throughout ACV expectations SaaS For our compared the we bookings the of will $XXX the see of now million. year, $XXX million bookings discuss

than market $X trends. order large to excess With XXX than TCV we leading million respect one a the recent the look services in our more adapt financial closer in TCV platform. a company $XX million million wins brands received as Philip continue $X existing million take included logos, new have largest significant to in Morris. of a including order let's TCV customers, company Europe and as a orders region. applications leading Now and In With a large our from added existing across enterprises again These logos. across activity US, QX, Pacific we order in from the new QX, and to at such deal Samsung new continued and respect XX from banks orders $X and more we from of Asia to in the logos, expand globe a QX telecom TCV more

typically orders is with customers objective have expand to over in small them cloud logos and New our start our time. platform

Verint SaaS in trend interest strong in cycle customer bots. specialized the important more adoption ACV at one positioned or Verint Vinci stage Verint well QX of Da AI Another the the in of the is believe AI majority is that early the note with that AI our new of pleased is to core to booked We is platform. the I'm market included and report our capabilities.

pipeline the of in our XXX HX, than close consistent saw strong with the years. to including trends, term resulting time, various the positive remaining At half and which interest two specialized we increased of in in summary, average rates and length new bots renewal the prior elevated In growth, bookings. sales we year, logos new saw impacted cycles orders same more timing

drove very of in normalizes aligned ratable operating the basis, year-over-year SaaS cash is Our all flow for solid as with a generation. SaaS QX SaaS in the combined to new with on and strong closely metric SaaS ARR consistent QX a it believe ACV growth growth following renewal contracts first bookings reflect quarter. SaaS We the review SaaS useful XX% SaaS strong ARR management ARR is annualized that and rates

largely bundled unbundled our accounting upfront difference is contracts ASC are ARR This SaaS addressed by under our metric. standards. while XXX ratably accounting recognized from perspective, contracts reminder, the SaaS As are recognized an a SaaS

help forward, growth ARR report better Going basis our to trends. quarterly investors understand to a intend SaaS we SaaS on

Turning innovation. to platform

bots, of of the human additional given cost as size processed bots majority over consumption not to our During ACV important looking just the the QX, that deploying AI included Verint strategic they more showcased leverage are increase their of platform platform And to the AI customer QX Engage automation experience I open we by is earlier, latest the can bot our to achieve to we the elevating conference available will customer Customer In the reaction customer of reducing We new bot is costs. bots type much mentioned workforce. one regards or platform. positive. level the objectives part increase with customer bots bot believe CX SaaS and hiring the so QX, unveiled consumption note are pricing which of our in in people. has of center. CX These of related significant innovation. held and of of as and designed extremely designed been in specialized lower labor human of to we and large the With data to the ROI. is automation time volume to at it's Verint bots. cost new the booked many customer's bots of currently deliver we augment team workforce in our Brands than

by ROI at bots. our take the Let's customer look of a delivered some

the functions. As the from can is perform team specific designed bots each a you assist Verint across of a slide, all bot human a customer single Customers can engagement and on see to roles from deploy is task enterprise helping to focused role. platform

a compliance potentially seconds call, deploying an can the XX% in bots, workforce. This work human Verint In reducing our with the dollars the ROI. In TAM bots from automating additional the from automate having the assist minutes For team of work that generate XX more compliance we and the to greater X to financial average bots. the summary, the the the the is assist questions tasks three consumption errors different significantly for handle consumers' capacity this management X,XXX call to wrap the platform customer Verint to our example, up by increase example, service increase program should services increased can monitoring believe agents customer respond after reduce deploy engagement investment is employees cost and time with of bots compliance drive and and company call avoid automating their bot effective by per containment by brands’ even bots customer bot dynamic bot agent of than deploying to customer and annually The to of significantly over millions size of and save platform the time. with to signs. increasing

that trends we year. the like second would of for I to the half Next, discuss see the

revenue and is sources to First, we come to XX% are on our planned, our transition track perpetual year. software from for achieve to the SaaS recurring as progressing of

a our current years perpetual couple experienced a for during over the on-premises to that preference behind financial year. foreseeable us most the Therefore, for from services As company the potential the from revenue and reminder, to last with revenue be remain are of expect on-premise year headwinds comes the and we them the of deployments, remaining transition future. we expected next

or resulting year of first to revenue of we SaaS later. growth and and full $XXX of approximately revenue will regarding QX Supporting discuss bookings expectations half is XX% expect XX% at SaaS second new for which significant we combination renewals million the growth amount in growth XX% half Second, the SaaS the a our growth had slightly, to growth, in HX scheduled midpoint. improve in a Grant revenue in of

revenue, outlook to and EBITDA Turning EPS. diluted adjusted our margins, total for

our the $XXX macroeconomic For to revenue, are environment. due to adjusting outlook million annual we

operating outlook. and and position in we now faster our to margin, are expect be For maintain a earnings expansion to growth margin pleased

previously adjusting in our the in resulting CX SaaS specialized next diluted QX, bot the of at renewal We year. In We adjusted to rates, of automation, midpoint $XX current revenue million persist maintaining guidance into the SaaS reflecting to second shifting power $X.XX the We're expect For strong of outlook. bookings half, environment to expect in delivering mid our our model ACV SaaS year, Verint and new ARR. ACV combined approximately macroeconomic new digit bookings, million now open In guidance we And flexibility very provide program. the workforce. driven XX% attractive is our executing on and customers. our in to our at flow center cash platform EBITDA improvement EPS, growth intend the our full continue summary, augment with is $XXX by buyback and of we bots of earnings and consumption growth margin. strong gross drove margins stock believe generation AI announced solid us single ongoing

me more turn detail. Grant let call to the Now in over financials our Grant? discuss to

Dan. afternoon, Thanks, Good everyone.

compensation metrics. A reconciliation with than non-GAAP financial in P&L our related our EPS period Matt measures. expenses, our to financial period. IT our today significantly expenses, XX accelerated to $X.XX. diluted vary mentioned, as and Web Non-GAAP Differences measures of expenses, certain section at expanded fair other $XXX well basis non-GAAP separation non-GAAP adjustments discussion Revenue between came GAAP can amortization release Our site. and million. adjustments, available, other realignment based as financial in year-over-year XX%, as revenue between points GAAP non-GAAP Starting in IR came costs, including value more acquisitions, will gross in to that and at include earnings QX infrastructure and facilities measures from up of and related acquisition-related amount acquisition our is items lease certain and frequency margins the related intangibles, include stock in

Turning to metrics. our SaaS

we at bookings annual a XX% software The a strong our to SaaS of compared that strongly XX% solid QX. same is revenue ARR increased SaaS in XX% came period at SaaS year with this SaaS million, year-over-year. Earlier recurring SaaS or year, of from monitor SaaS up in a New ago is to revenue came growth our an a ARR. the in percentage ACV increase to $XX.X to recurring and introduced recurring shift uses rate ARR contracts value we ARR end quarterly active as of period. to metric business customer annual of the signed annualized end period and the the of understand operating reporting or contracts the represents run that recurring SaaS. of Management the value as SaaS of

for on happened for to ARR of SaaS Non-GAAP benefits view annualized of ARR bundled the reflecting growth level is similar achieved which consistent different contracts year-over-year normalizes the under that level and last treatments SaaS ASC a One accounting XX% ratable new recognized SaaS year, and normalized all SaaS to it basis. upfront going SaaS despite reflect unbundled SaaS, we XXX is year in growth ratably SaaS SaaS. impact term contracts. year-over-year bookings disclose important forward, in that and this more which reason is revenue. QX over The mix of bookings recognized what vary SaaS quarter-to-quarter, SaaS ACV and our was quarter-to-quarter QX increased that this SaaS is QX. is SaaS the increase the in booking the our of can in vary To This trends exactly in The unbundled However, address our bundled to bundled of on SaaS SaaS the revenue towards the weighted ratable we basis. compared ARR can the bookings a to quarterly intend was fact mix mix XX% is

how our the in QX Let's take SaaS it dynamics at a and closer bookings revenue. look impacted QX

elongated cycles we HX, As the Dan mentioned, sales environment. to due experienced macroeconomic during

and XX.X majority is QX, book of which out QX. which shifted QX. to QX. million million we to QX. worth we ACV XX be ACV closed were to QX ACV For QX, booked which were It's XX million that note expected deals to and XX million were These XX similar in our million subsequently and in Similarly, of we expectations XX shifted of of of X in booked expecting around million of the booked out over previously slip the lost discussed not important deals million

term to we the X.X unbundled bookings. from to didn't also million of QX. highlight or approximately the I'd were million like quarter, the XX% $XX years, deal upfront a in of the impact SaaS the revenue ACV shift the in was mix the million from three recognized X.X deals. addition with of In million book Of SaaS revenue standard are deals Since shortfall right, for to our revenue X unbundled

unbundled slight level. we As QX's a a our expectations prior from below and sequential deals of were coming for in the total SaaS revenue primary QX the revenue result, reason the discussed increase SaaS

'XX to fiscal Turning guidance.

into shift it's macroeconomic our environment believe the We the year. to to for we HX in experienced expect the ACV adjust SaaS prudent to new right for continue the to due HX and outlook bookings

of the original expect shift we Our million, and new growth our around outlook to XX million out SaaS the approximately bookings year for ACV now or year. of XX% XXX was for

million Our current ACV outlook for million, full SaaS the new the XX to second half year with bookings is XXX of year. flat taking last

outlook to shift, growth. we of adjusting of are SaaS for year XX% the range result a full bookings our XX% revenue As the a to

Let year With bookings million respect additional to color to guidance. revenue impact we to million. expect you are million outlook revenue, annual me on some give XX to our this adjusting our shift ACV and revenue $XX have a $XXX our

are margin operating guidance expect for expansion margins. year, from improvements the greater SaaS accelerated in we we our and adjusting revenue margin gross While our

the we maintaining year. diluted of are As our such, of outlook EPS for $X.XX

our year-over-year adjusted Our $XXX along with diluted X% EPS EBITDA growth guidance, represents of both guidance million metrics. for

of million expect before We non-GAAP operations to cash also items. onetime $XXX continue from

of $XXX,XXX expense expect interest be about Regarding on $XXX,XXX average should line per per other income from interest non-controlling we quarter. quarter. the and assumptions, below Net

rate XX% around million and expect about XX should shares be diluted fully outstanding. cash tax we Our

how Let me with the QX, Starting we new for ACV the expect come bookings, bookings year second in half at level to we also discuss a of similar see to QX. SaaS progressing.

sequential gradual we expect gross SaaS expect revenue, QX million, for driven margins, we to around QX. And increase another sequential from continued For growth. increase by $XXX the in

to Turning QX.

expect to sequentially we in $XX from bookings bookings, QX, new grow total. For million ACV HX SaaS to taking

the expect around QX. sequentially revenue, million, $XX year $XXX For from very strong we to with up million finish

increase year. significant QX increase While concentrated renewals coming this this being is this seems SaaS like in most sequentially, unbundled of a from

$XX increase by we in QX margins, million significant we concentration million revenue from fact, the QX. increase gross revenue to in driven compared larger only for QX, renewals. of renewal a expect approximately in And sequential $XX expect In sequential of the

discuss will seeing are year. model I should our trends Next, we financial benefit this the next how year

We growth see Let with some next me revenue trends. year. details with provide on these Starting benefits. three positive you

strong a from time bot AI customers our see over of solutions. we latest to ROI high and our more our to interest innovation and expect the we of platform due in First, consume level

cycles off, With growth largely our And us. behind with cash generation faster growing be to is grow from Second, are SaaS to ARR while expectation cash our our post-COVID growth. SaaS sales with strongly declining year third, perpetual than as there as believe revenue the Behind the some at perpetual a office we well onetime headwinds double expenditures revenue impact flow, digit ARR pipeline from growing respect we demand. associated rate leveling realignment had cash to our will behind the have next pent-up positive our is and and elongating, expect will be fact our that we revenue this is flow us.

our to Turning sheet. balance

to in a continue good be We position. very financial

EBITDA under cash XX is month Our by strong net our further supported remains debt times last X well and flow.

growth deal time, outlook pleased and slippage in SaaS our strong same a in believe At bookings SaaS it's and year. momentum, to sheet We expect experienced full have cash date, the the ARR. laid XX% regarding including increase completing worth are key our of HX spin, Despite we the to committed stock And announced we for be our as forward margins guidance revenue mid this previously more some our adjust we performance improvement resulting prudent and shares digit and metrics, going to since $XXX operating SaaS we balance the flow. to across we program, EBITDA $XXX year. gross delivered a to expect in to in we in in solid position and margin QX, our buyback expect single million program. benefit EPS to and get adjusted EPS In repurchased continued close foundation and expansion stronger and summary, from even are diluted we for diluted million maintain

an innovative to customer to increase sustain us automation ability growth. we'll and in more questions. in before our take that hosting long I'd Day latest we please questions, consumption drive With highlight and innovations be Investor line and open our deliver that, Finally, operator, our model mention ROI for like to detail. in December review our significant to term financial platform CX positions And the

comes & the from Ryan Company. MacDonald [Operator and Needham first Instructions] question from

thorough more looking if the and start bit how so little between changed, I appreciate maybe updated and into will, guidance the first you materially, I the the Dan, back getting there expectations. to viewpoint could walk-through feel that long to just this you second I and you're a the sales of provide guess, on trough quarter maybe having, you what's color And or guess, what in half? in time you're like line of how extent for? the sort on cycle we're terms persists conversations point do the a of elongation, on your

in saw what So QX we in continued QX.

now continue elongated it assume QX. that's we sales also in cycle. So will and QX basically And

we when trend by pushed them any got So changes. in we customers. [scrutiny], And of shortfall we mentioned look and shift elongated more happy million to expect lose didn't basically them more multiple then see that had there's right. shifting we magnitude the you quarters, them to closed didn't deals just to later good. of approval book similar We we cycles QX, out that to QX that in but and the year, to the see not the in it's QX right, $XX that but we And right basically was it's the so $X we were from million booked it's at mentioned trends, other We QX. of and a

QX as new more in So we year. throughout had than in new QX XXX and logos, well last logos

saw XX of similar, so We TCV sizes, length In the over deal. $X deal we two average very million had years. half the about deal terms and

did enterprises. actually large on for QX of booking QX. deals increased that's year-over-year similar XX% total number We the in versus last this So see

then in but mentioned but the see So in consumption that of increase and to of small that deals that deals over And part we could suggests that as there smaller, we they and half be more customers, part that or the the QX. start AI, is we at macro new environment more announced but bots look included that time. of QX one they bots also tend

of So another kind that's change.

SaaS no did But will is $XX QX. sales to took now We what change no we new into we into QX cycles. clearly, same change next then million ratio, ACV to be rates, assume the today and that And really win pushed trend year. of longer it's basically new

we So $XXX talked this about million million. adjusted and now to $XXX year that we outlook

of new as SaaS So saw more the accounting, we -- pushed we the bundle in SaaS. deals of SaaS, are we not is but apply the being bundle Grant SaaS when SaaS also lot time, revenue. at we impact Obviously, think unbundled unbundled explained, right unbundled and a XXX SaaS change that material shift ACV, is what ratable, is unbundled the significant. a same because as the SaaS becoming revenue SaaS upfront see And is less is to

not margin we a to was a we gross bundle big SaaS outlook. But gross what So better adjustment impact revenue more is on $XX to and creating SaaS booking margin. move get expanded our million as

revenue So the maintaining and EBITDA, million EPS, impact or are of $XXX operating $XXX we that and offset margin million. adjustment

this So that's of the impact year. kind for

to Now going be asking since when you're over. that's

had that macro pipeline XX slowdowns there's while there that in in grew actually we grown. is So new has uptick things slowdowns And was sales cycle, we one the in suggested there years that also environment saw pipeline elongated to that And when bookings. interesting for thing improve XX%. also next prior is our by that demand and months note actually the an pent-up

but our hope soon, still that the platform open So bots. for and we to suggests pipeline demand see good there is that

yet, sort or help Engage? seeing of to like the net. bats you Are some been sort of think big just that Open the CCaaS Maybe navigate And clicking growing shots or CCaaS. talked of you around new obviously, at pipeline conversations strategy of At Dan. what's the since Engage I at one was debuts double the offerings. the more Open on the product about had opportunity, conference, the from And desired was effect

and really customers excited platform. I an partners open think about that are

for to elevating CX our labor truly is looking I think was where is. this the on industry the reducing which open platform is that allows open exactly experience, And focus automation, customer a them cost. AI platform driven,

industry since have coverage, some coverage, very research then. We good industry

really partners. We getting are the partnership We with just Microsoft good announced momentum recently.

work Microsoft but their important So sales be also true people commissions, not of obviously marketplace, to just get in driven one and their and the only platform when sell, being too we by our partnership our by think partnership a element Microsoft more it's selected they is they is were most in which many. But anyone bots I open fits bring existing deploy seamlessly their their existing with industry and help the to augment move they the They very customer and telephony, the existing value to to ability they the workforce can with AI. -- and customers with in CRM can keep forward to keep also can to workforce innovation vendor, into environment.

think customers. compelling I that's all to very

question And ISI. from Peter from Levine next Evercore our comes

putting out here enough folks do sense second you Just do in achieving that the better for successful their you a of as experience at of that the this versus the you're I of have converting were the a numbers have sales a expectations you people, churn? to to second, kind top metrics, sales plans you then are at level you look understanding on at and enough like half? I think, I'm adding get just feel trying general market any leads funnel similar front have if they if Maybe your or do leads the lines, coverage, did hit you or quota?

Yes.

So I the see the is and then good think is but also pipeline in the cycle. leading we obviously elongated the pipeline growing the sales indicator and progression but pipeline that's

with buy quick, make and investments. to easier smaller not AI sell we they see an at can we the So based consumption consumption then model, level and everything deals because a for time. and where it ROI consumption because it's pricing them definitely initial increase over takes experiment big also longer to is customers quickly And have and

people deal they time, lot consumption, deals, when with decommissioned. XXX over the grow market purchases perspective, of sales big of obviously initial because having consumption, sales a platform, will it's would to seeding are than moving cloud logos, that's believe force the to the to which more sales force, get obviously, When bots right the they the size size. for them of the through the have easier a don't the the rather forces it have we get from platform, So again. new half that to But increase with them workforce, go the I open much cloud comes whole

at the customer We lots with understand understand people and have year many They relationship what trying deep of customers personally. they with also They very customers are back know to go challenges. customers solve.

So we're customers' to really sell bring solutions. trying not our to technology, just we ROI driven

selling we bookings, we the also more of commissions for customers. new sales based our to terms And innovation accelerators also goals. In obviously renewals important people renewals pay on sales commissions, but pay and are very for our achieving

So quarters. innovation, our [present] people see million while year to year, successfully accelerators. and $XX reduced million cloud next just hope they as sales that people they for get as ACV by $XX we'll But selling coming expectations the for booking we are achieve year. our many can I cloud And more the

that Maybe given to, when we'll first a follow-up as visibility you question really Ryan's don't here. I into was, trough think, have out

plans So as fiscal about then half plans second 'XX? one you is, initial your think are what your and are into hiring the hiring what

our expenses right assumes QX, QX similar so in and guidance So now, flat to QX. operating

can new obviously that we is that signs remainder But see we pent-up their for things more the assumed to think and this as will we have right starting materialize our expense resume customer hiring. And environment, we push it's really innovation have today and build pipeline. I we as And maintain now. getting focus logos. remain no the the positioned to soon then see base the to in change in to I we're And and on pipeline growth that going people of guidance the now, view this before, as level have to hiring So demand same. that we us said our into plans, our of the year, sales

from [Operator our question from Mason comes And Jefferies. Marin Instructions] next

to focus you I you the customer to existing color with base existing would on guidance. seeing be or regards there Any based in appreciated. So wanted the your any on macro licenses change seeing [churn] are Are reduce customers environment?

changes see the [indiscernible] there's as the and Customer change our in bring we June only into more bots launched The approval bots, Engage and they is executive interest growing Conference. the are definitely we longer two cycle -- in in that

the saw the you some investors, analysts think really I and were and you there excitement, thrilled bots. of were with the customers

XX-plus this our about XX more year. platform, about year expect bots XX and more now next in have we introduce we introduce We to will

And very, that's but So commercial augment is bring just on innovation. and us it gene rapid quickly to the DaVinci AI do to the bots because any not the workforce train and different into AI, core platform, Verint platform tasks. it AI of to it helps release bring the that data very new

So exciting that's clearly customers.

on sales on in other hand, cycle, So the interest elongated one and hand, pipeline. more growing bots

strong change and low QX. our So Gross were to NRR. change -- no, we more no than in in renewals, renewals, mid-XXs didn’t renewals XXX%

term didn't rates two deals. length, years. saw close We half to We change. big renewal So saw and same

sales behavior, in cycle no bot the different behavior and interest. than really other elongated So the difference no in

in on a then you deals been or vertical that industry are pushed And clustering any seeing out, have perhaps? the particular

very all. at It's Not random.

other of Some a rules, approach pushed by things so got already pushed really to we It's just No some QX deals in QX, by gets and company are no pattern. and two deals that some industry cautious little IT spending. company by we the month. just generally weeks start

that should Last from a regarding about per of an on that one How ARPU me a lot is talked AI seeing thumb rule ARPU basis, you're we that about your like like any customers uplift are customer from you've adopting? impacting think bots.

$X good on they're last and uplift quarter base, of talked we is of deploy XXx bots thing, they for labor bots to save than it's engagement. automating but their kind of we one the the to large in top This really large normal clearly embedded that getting So easy workflow, customer very see just a -- spend so a and our easy our they're price they potential on create. disruption spend We at and there's very very from doing deployed deploy customers. while annually doing task, is analyzing on compare savings labor based the bot. and obviously, makes platform, can about people one that the customer on to bots that's work, in are right? task more Each one are And trillion from -- to team both just help talked bot bots in customers that them their no

same automation for a we call or CX it's and At elevation it's good automation. what experience, start customers So increase customer time, very to very, automation, to the way easy. very

base. think, we what see that's So and bot mentioned we'll that our increase in consumption in we

numbers to agents. the leading over consumption the goal creates didn't before that start We new in terms fingertips bot small exist way our to bringing really And and time. Verint have that a is AI whole increase of new is the AI will they that of that TAM

questions. call I back remarks. Frankel further to no the And closing over I would for showing turn now Matthew like am to

Thanks, us thanks, [Justin]. everyone, And today. joining for

reach have. you with Have to as any questions we me follow-up good free And soon. Of you always, speaking to course, a feel out night. look to to forward again

you for conference participating. today's call. concludes Thank This

disconnect. now may You