Cognyte Software (CGNT) 11 Dec 242025 Q3 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cognyte's Third Quarter Fiscal Year 2025 Earnings Conference Call. [Operator Instructions]Please note that today's conference may be recorded. I will now hand the conference over to your speaker host Dean Ridlon, Head of Investor Relations. ahead. go Please

Cognyte's Hello, Investor operator. I'm Dean Cognyte's David Ridlon, with Thank Thank everyone. you of Abadi, and CEO; Relations. Sharon, today. for Head Elad you, Cognyte's I'm CFO. joining here us

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like the Now turn I over would Elad. to to call

Thank third conference execution you, This solid another of for Welcome, Dean. Cognyte. everyone, to quarter our call. quarter was

sustainable deliver is robust market We our The remain business growth advanced and solutions anticipated, for continue on plan evolving our and initiatives drive improved growth. our predictable and as to driving profitability.

of rapidly double-digit Our revenue with growth expanding adjusted in execution another quarter more EBITDA resulted than revenue.

performance, re-to-date demand, solid confidence our combined Our with in and sustained the business. visibility reinforces

result, to pleased we raise outlook. year our As are full a again

year-over-year by million generated year-over-year. During during the positive EBITDA XX% deal $X $XX significant strong, for and by the of by million. adjusted QX, we approximately to grew our strength increased year-over-year We the XX% financial our remains wins profit momentum fueled representing quarter, we quarter. believe XX% gross Non-GAAP highlighting revenue model, of growth,

ahead. and capabilities number this our evolving and with of the achieved to believe our pillar of engagements our wins and broadening We substantial strength growth and address groups leveraging to value by provide we customers that emerging the and validate deal additional offering results increasing deepening of is customers. by differentiated number A These and our the we strategy lie the existing opportunities priorities. of technology, solutions key the our users trends

transition XX%. exceeding and is including the traffic recently increased extract driven scale growing to variety need has advanced data underscores a to accessable XG, driving annual One of According data volume mobile solutions of for and by is This to the insights AI-powered in the expanding and the surge trends volumes the explosion issued which growing An analytics, they rapidly data in that handle to expansion analyze. by Erixon, significantly of our and data challenges. mobile example timely at from enabling data is to report the customers the rate their diversity complexity an need is landscape.

delivering the we QX, drive that customers' By $XX need, Two secured In solutions significant strengthened address from we our at more demand. existing than customers. sustained million. this and relationships X valued orders deals

consistently over issued X We notable $XX announcing past long-standing other The over customers were value valued weeks. our deals years. the solutions for these over releases have million. press drive These substantial few the at

reliability to challenges demonstrates We evolving power this effectively role addressing require the such complex indispensable quality, and customers that in solutions delivering operate our our customers believe play in environments.

customer expand this $X X signing $X new significant over X contracts our million and each valued alone. We continue includes at worth X quarter customers to contract base, This million.

spend the new customers regions and across market. segments, opportunity broad These the different highlighting in

North at establishing America this follow-on selected North our agency we and then, American over highly solution. initially our respected from in over a million solutions year the our few operational Additional just market. deliver. ago, superior incumbent to This a in ago agency. recognized foothold provider their our influential solution underscores loan valued announced agency a has progress steady Since $X replace in weeks intelligence a order A value

future expanding Cognyte likely critical exceeds highlighting measurable With $X and customer's anticipate improvements outcomes. order, customers operational over potential as this to our efficiency and orders needs. ability in meet the smaller North latest the starting with follow will that investment our realized We solutions' similar initial time the in the American and million, investment a total trust trajectory,

explore potential making the time of and continue to period for the solutions North actively American long a validate effectiveness We opportunities before test to Federal purchase. in pursue new market. federal rigorously customers,

what these is we be on As expected customers cycle the have a agencies. to result, than local longer sales with experienced and state with facet

understanding be invaluable we help initiatives To lead build U.S. our Nonetheless, this His in segment. experience effort strengthen Timoty with we have we market welcomed level Callahan, a our to engagement in with momentum aimed we our potential are of at brand and will in these presence. our Marshall of pleased retired important the chief this market. further operations expanding as U.S. customers deep the recently extensive

the our with customers our engage we Summit air-powered enforcement, law event security introduced agencies, the to of Service, intelligence Commander national Intelligence by explore their -- The Cognyte the today's United a role globe challenges. from who help Chief transformative and understand technology. NSA of and better the in into Global event them keynote of Security intelligence and the shared States address admiral countries, a of Europe, Caterommand, technology. critical hosted where of former Over XXX and security and a continuously the representing Central we our innovations. challenges Recently, our latest retired featured XX We intersection landmark around Director about attendees national insights

are challenges agencies not getting any that The easier. Admiral underscore face

the must these He and present environment. They with a leveraging highlighted adversaries that communicate, interactions recognize transfer engage they opportunities. technology, this However, need lives, these they to to access move into interactions intelligence. actionable money. with And technology need to broader to transform need right and Advantage is

success in and that knowledge into work with We We outcomes. know proactively technology. positioning for tools also future landscape, things, environment Age themselves X while deep emphasize actionable is present the right operational challenges and addressing excelling to about information transforming generate the

external development, evolving At a the counterterrorism our hosted to our we the representatives speakers, that future pro tanks principles we use agencies, product think leader and exact from the summit, experts threat also on head are position in focus including XX landscape. fostering readiness. of align global both tools, advanced as actional These former reinforcing and and thought insights discussions

protecting of underscores crime how Criminals the the from insights are each more networks globalized futocurrency are like tactics, the to summit terrorists leveraging the creating Eva exploits defenses. increasingly communications, key challenges citizens and are diversified crime. to and competing for becoming blurred. operations encrypted and security advanced complex creating traditional AI The detection. different world's they and Bad every tasked darked between agencies, and that unprecedented types obscure adopting challenges networks actors other's technologies Increasingly, with lines

how members their valuable structures, by inevitably digital the Agencies This and leadership efforts networks, the posed sources organized addresses behind criminal of to footprint. challenges organizations mapping this our critical to Despite highlight I our funding activities, intentions. group quarter, including of identifying concile crime. technology and faced live task want

and grow This is actional optional. leveraging is becomes where advanced no complex. technology extracting the exponentially, increasingly However, longer volume insights information as digital of It diversity is essential.

vast successful the analyze solutions ours, efficiently hidden amounts and With structured unstructured outcomes. connections agencies achieve data, uncovered of to can right like accelerate investigations and

global solutions largest drug illustrate, To the scale. have security This authorities of X right by combating agencies impact ago, dismantle example providing insights a of at the been trafficking a solutions Central decisive on few continent's the to the organized coast. network off cocaine demonstrates the America, in X right crime time tons months our our intercepted enabled

and a We our are address customers, evolving for them making to difference threats. empowering meaningful significant

make proven methodologies, to a world in wide with to the trust everything place we we solutions. decision-making, and This faster safer drives the accelerate investigations is their threats. technology range enable do. why Our a help combining mitigate of around customers globe place continue cutting-edge mission By our

X% be EBITDA. once ability by new are approximately These with full and during strengthen capabilities revenue as million, range. year expect first outlook to existing quarters new or to reach raise We expanding year-over-year the fiscal minus advanced for a relationships solid In summary, our the at representing about we ones. our growth introducing our we continue midpoint XX% execution adjusted growth. position again the to our with 'XX accomplishments to customers X grow revenue plus well $XXX deepening deliver With of in now of as

in 'XX. almost now the expect the leverage we revenue fiscal be guidance of the what generated we Xx adjusted million increased we EBITDA $XX Given financial range, it our in midpoint model, our to and at about

remains market for increased operational on year, resilient beyond deepening excellence leadership. long growth Looking term, and profitability, our focus this our driving the

market that positions and capitalize customers both value our create conditions believe our to well the shareholders. and favorable We strategy on for us

QX to the Now and David? results details provide our fiscal call let turn outlook. David more 'XX updated about to over me

you, Elad, hello, everyone. Thank and

our strategic deliver disciplined revenue results execution by million. focus. and QX XX.X% and grew We underscore year-over-year $XX continue was to that

subscription was year-over-year the more with This had quarter same $XX quarter, software year. revenue we last flat in than revenue million,

Software -- million an software includes over software of increase XX% XX% of million, strength from of our of million, services approximately $X.X incremental noteworthy $XX.X $X.X recurring total year, an revenue. subscription the service is underscoring revenue was million base. of software of and representing about that the revenue to year increase revenue, revenue, compared software came $XX.X last last strong growth revenue It which total

strength last support primarily over Recurring same Recurring remains subscription growth. compared $XX.X and million comprised million revenue year. period visibility XX% $XX key revenue million million, last some a strong revenue and is year. QX in It of of provides increase long-term to and or business. total of revenue $XX.X in was was support our services offering of contracts an the cornerstone Professional $X.X the

Professional of as services revenue high percentage due timing a QX was recognition. to revenue of the in

its basis FY 'XX mix will that XX% revenue. this about into annual share revenue and call, and lower additional insight expect at our will be land Later We an streams different I of on our on total revenue outlook. provide

gross margin Non-GAAP XX.X%. was quarter the for

software to XXX year-over-year versus total improved of Our year, gross XX.X% basis last a improvement non-GAAP points. margin XX.X%

X.X% XX.X% non-GAAP year. negative Our versus professional was services gross margin last

highlights Our an margin strong optimized as our well differentiation cost the value of the structure. and of solutions competitive gross benefit as

than and increase model. adjusted we of million income, in Non-GAAP non-GAAP versus increase versus EBITDA year resulting of faster of year, income $X.X $X.X about reflecting operating an our revenue, of financial $X.XX. last operating of adjusted EPS last EBITDA, generated strength an positive XXX% XX% the non-GAAP grew million of QX, In and

was Looking gross at our non-GAAP growth. with growing year-over-year, revenue year-to-date at million $XXX.X profit results, XX.X%, our outpacing revenue XX.X%

million, versus was year-to-date X.X% $XX.X increase last of revenue Software an year.

by XX% revenue million growth Services supporting $XXX revenue revenue was our revenue or increase year. XX% of incremental software million, last of was growth. an driven X% of About kind total Software year-to-date subscription versus $XX.X

improvements year. while Professional revenue first software strong results. $XX.X year. of efficiently was our services increase revenue our leverage last profitability the and in XX.X% X million, of the business delivering inherent The model to scale revenue year-over-year our other Total ability significant underscoring months during year-to-date drove in was versus an of XX% financial

Our $X.X an of improvement year-to-date income $X.X million non-GAAP X during compared of months of $XX.X the fiscal to operating first year. a operating last loss was million million, non-GAAP

the period of compared year, same EBITDA year. The $XX.X an our $X.X our with business in strong us leverage strengthen million, to enabled increase has was previous performance the adjusted to year-to-date Similarly, million million of in the this our sheet. balance combined $XX.X model

versus end at short- at during periods, the previous QX, of commonly significant billings revenue long-term performance the referred as Our and reflecting a contract to quarter. deferred increase remained strong liabilities driven $XXX.X million robust by

million debt. during position X million, since This cash over in year-end increase cash year. by no primarily our cash the of $XX of was Our growth the fueled at balance with flow first operations an $XXX.X strong from remained months

QX, our financial from operations During generated million in million model of operational the $XX.X in and strength efficiency. cash flow, we free cash $X.X reflecting and

past is few quarters, new demonstrate progressing. have greater transparency our business how to the Over provide introduced KPIs we and

walk me against each factors cycle, lines, contract Let timing of are which key renewal revenue Apio, you time to remaining influenced lengths, future indicators. our seasonality. these be recognized deployment in through obligations performance performance sales by periods represents our such as contracted and

multi-year of given next levels not previous with of includes Long-term support And just in the $XXX.X increased $XXX.X quarter to fluctuate timing. Total necessarily a million. months. end the QX, a contracts end at healthy RPO growth Total resilience of We expected the our to total QX deferred due continue XX which these and of revenue growth to future solid further At strength RPO, in business indicative our and believe sum into of $XXX.X of RPO RPO are RPO revenue support the also is to million, over consistent expectations, visibility the $XXX.X was million validating model. is of quarter. million RPO rates. renewal revenue providing backlog

than impact our achieved ongoing performance several the of deals During are assets balances. a in few for $XXX.X the contract higher business Billings significant occur QX, This higher that might significantly million, both billings this may be we milestones plus and strong every expected. larger and revenue quarter, of figure deals what resulting billings change the secured as not typically unbilled reflects contract quarter. and making key than calculated liabilities, in revenue

visibility. the increase an of at at performance to revenue, our billing quarter, which foundation revenue products contributed strong deferred the $XXX.X financial stood end This in million strengthening and

our $XX.X gross of QX million, year-over-year. the Our with or were non-GAAP was million, $X.X expectations. quarter for $XX profit XX% non-GAAP an operating expenses million aligned increase

growth, combination The profitability. structure notable of drove effective improved revenue a increase cost in margins and

on continuing we million focused $X.X income. our adjusted We QX, non-GAAP remained and achieved driving of operating margins. and in expand financial million EBITDA $X.X to further During improvements

stream. Before our improved want I to additional outlook, turn our FY provide I 'XX to into insight revenue

revenue X streams. main from generate We

and licenses Software subscription. some revenue is with term primarily licenses perpetual appliances

and to extent, can and and support from cloud-based Software deployment, customer offering. And mainly completion contracts accounting. revenue, development, Services hardware of which to is largely other to SaaS mainly reflecting fluctuate training. subscription a of and services professional recognition revenue due percentage lesser timing related selling All streams readiness revenue quarter-to-quarter,

the revenue, reflects revenue or the the evaluate may of and a contracts. and software signing recognition full addition, customer. It In timing. focusing holistic as software services the capture its as This perpetual sales new immune our appliances reflects contracts and as services. value that metric contribution on subscription technology support manage support we subscription impact revenue licenses, by well and its includes software through combines business of enhance total support approach better which deliver We reduction. performance This the and from

and to greater annual basis, value customers percentage software revenue we driver. On a expect These to to annual deployments. point ultimately revenue overall an Professional and solutions in basis is at it customers. It's help revenue continue to goals. the the as them revenue the be extract factors, teens with which with we These scale our quarter-to-quarter share total operationalize to and driving out a varies enable total natural quickly, opportunities aligns services including be we our fluctuations low revenue that ensure professional those important financial professional crucial. target strategic on services of the services and of additional services of look due an to several are growth from to timing more

We the for Turning Based of minus are year-to-date now plus to approximately fiscal midpoint XX% year million, and our or our the performance growth year market range. we at $XXX representing on X%, outlook of guidance. favorable revenue strong to full full expect conditions, XXXX. be year-over-year approximately raising

goals. software XX% outlook, revenue, revenue revenue of revenue with aligned this XX% we expect to $XXX Professional and services total approximately total of to million be at $XX of strategic the about our about million, representing now about $X model. be midpoint EBITDA the up Out last total to revenue year, represent revenue leverage million adjusted inherent of expect We from the range, reflecting business our in

be updated improved tax tax on non-GAAP -- about positive to million, be We million. and made planning with this now progress With improvement the strategic $X the revenue an range. of expenses project to of outlook, $X.XX initial expect our at from have estimate we our midpoint $XX now

we to Finally, reflecting strong $XX operations to our of of year, about continue for million generate this business. capability from expect cash-generating cash the

Directors our of next approved of to our XX a up Board to $XX ordinary program to November, share value shares In buyback the commitment in million shareholders. delivering months, reaffirming over

Friday, the easily notice repurchases X year. of period low, can share first summarize, the the begin consistent required December through on To demonstrated results that strong they delivering have months we execution, 'XX. Following XX-day

Our and we enhance the ongoing commitment advanced for leveraging to continues including innovation to technologies, value solutions, AI, customers. the latest provide our expanding

we progress, profitability fiscal again revenue for 'XX. this have and outlook raised Reflecting

anticipate profit our with additional this that growth, to strong gross and flow profitability faster operating we expenses. revenue positioned beyond year, significant expect growing than believe meaningful improvement continue from we model, sustainable in cash leverage for Looking are business operations. we well in We growth and

cash continue also to generate expect to We free positive meaningful flow.

result indicators positive the across half ahead. key and business our momentum by quarter's that this opportunities driven reflect of closing, the In lie

flexibility. sustainable the turn like including I opportunities With we open a line to sheet, are questions. solid seize that, would positioned and this revenue Our to to Operator? deliver growth. visibility into to call ensure balance cash over financial foundation, the operator well ahead for the future strong robust With and position

Needham of [Operator first question the Mike with line Company. Instructions] Now Cikos & coming from

well. agreements quarter deal profile or they're from about guys, $XX the to with some to the large materially the you $XX or a other that the customers? $XX the million wanted million announcements that talk a of customer $XX million is come you some Can announced If as Cognyte differ on or I through million features quarter, looking from back just not these came Congrats necessarily? at do customer the products first customers. these of signing you customers with and

Mike. Yes. Thanks,

the So the facing are in similar actually, customers to complexity the market.

look So more drivers, are to if the drivers bad And on difficult actually, hands to and is complexity put growing to the related the guys, them. related volume you at demand which finding better it's related high. demand the of to being to is them data that your It's now the diversity. in able

to things. do have customers So X

which The means terms more and increase uncover first and is of users to more you means X that data if and to also have improve which expand to more insights. you to capacity use in licenses to hidden to solution, terms of data allow and sources, also the increase volumes capacity functionality, in diversity,

neutralize not backward, to need are solution insight, the them actually more modernize some that to and than future anomalies prevent capabilities. also even that, allow You find you including threats. to And the predictive just are with to uncover insights intentions into and going investigate more but by and analytics, driven of

many on than is relevant customers those. for for national for Obviously, So force, something larger only customers, example. sometimes are that is not this security

quarter both. expect drivers customers come demand So upgrade we either segments, We expansion large in kind this deals, continue depends of don't and more data it to more capacity or the but expect and have. customers to is the to also it do in certain relevant. X the or every more functionality in to it of in intensify And

something So future. this the also that we in is expect

starting And remain on the from it is accelerating from customers help I budget hearing point, think drivers build if from there. today. on to you like stand other demand the we where these as intact, as dollars just us you to us help sounds wanted expanding that where far think are But not today? macro significantly But you about flowing Are last that Or stand we pockets? into touch there item? area secular from can incremental Can this budgets budgets? -- what

Yes, sure, Mike.

view market. So give a see what we the on maybe I'll you in wider

the So you our will also it give and point judgment market. data how a on see we

existing of from a So see demand new all, customers. first healthy very we and

look added XX If new we about fiscal XX the you year-to-date, compared to at new full in logo customers 'XX.

logos are new see we that the this and expansions in So budget, that customers reflected We we do and larger see see. with upgrades already. this more budgeting more is higher year

growing and healthy, drivers also and in We customers the just asking we mentioned is challenges are see what and And they terms we with that hear the I've are that continuously discussed the a that momentum intensified see of we for demand earlier. is and we increasing do tailwind demand. get budgets, and

help can we where call the press that and point you stand data Summit, also which understand Another is in earlier Intelligence discussed release. we Cognyte in the the

for Cognyte This the an This see have. an about attendees event countries, industry to not that to innovation, you what new the to to can say to we imagine event. listen countries see XXX solutions almost that have the XX XX drive is to see came we solutions, And is only. from general

there, So to logos They're orders it are more new to insights is to of upgrades willing and to the and willing are what's customers get coming means expansions demand that for listen put new. and us.

you high very good that drivers, and the also future overall, we look position summer if our in in and for market had have that we advanced the and overall, customers deals, confidence all we frequently recently growth. recent about our give and very from the us the you engage large of that together So we general a value hear with health. high we And technology combined what feel demand

with the [Operator Levine line Instructions] from coming of Peter Next question Evercore.

data traffic from I'll customers a of building R&D maybe some are say your product, your mobile with data know summit, for like initiatives talk advanced analytics. lot becoming you about around asking? your that I what but You like can't and start need What are mind, remarks, the in mentioned top your prepared of you there's the meaning one.

Yes, Sure.

actually XG demand So what I customers adversaries certain activities convert into of because to our as is driver doing are the mentioned insights. trying a

and material. to they to have on between to transfer So And have they have of to data. their They money. it move, hands is digital get communicate have They put themselves. adversaries, to all money actually

actually XG in respect, So increasing this bandwidth data. the of is

So customers have amounts increasing. to that vast with data of deal are

And us that I that in actually the XX% also Eric than shared more that report with mentioned year-over-year. the data growing is

So because to data. this new will the more new is increasing, a means it significant come. growing, the change they so for that now launched with bandwidth that is when will applications is bandwidth our customers means do applications be have It that

they communicate different in and So varied more can ways.

better. can is customers, to And they a for have -- our challenge. They this hide

more uncover to out analytics same the to second that improve them and So thing, all, have that, by address data. able of predict able, to in to unfold. on they And later and insights AI in prioritize, to get threats solutions expand before for more to have. the first order of be order of And they it, all, to of neutralize to the they to capacity hidden they need the being capabilities first data sets

demand are upgrades the So for how XG the is X market, in example and expansions evolving analytics. functionality driving drivers and demand of

growth, just next obviously, some Can but know thinking meaningful love Are double-digit mentioned X%. call you're little QX track through growth bit guide how if you're was environment, you in a a think expense on it just we a David, year? see can thinking give about year. you us to growth? around us guardrails thinking you're it, in didn't about you mentioned for guidance faster 'XX operating about here expenses, you factoring the how than you Could to but kind on of operating year, next that? next I give of you fiscal provide would walk do Kind how more year,

Peter. you, Thank

quarter, in our quarter-over-quarter, more that the if you were to able at we look can So and you drive last see performance, profitability. about more

If by you year-to-date we results, look our at grew line top the XX.X%.

by grew basis, grew Our XX% gross profit X-month X.X%. the only by and OpEx a on

year $X is to out you top that line of of certain see the million the guidances incremental increased million $X there can profitability. started the $X We with So a and to in leverage. we million lot went

So existing model. the the leverage

Looking are the ahead, future. we for positioned very well

total us be the have and future. believe profit are strong CRPO we'll We And giving we in confidence able go can the revenue faster very grow and that and to which that we gross RPO than and meaning better the that gross and the that a versus in the go result also year. a strong go drive pace we will will profitability profitability, faster next much OpEx, and revenue profit

of market. maybe if for the U.S. 'XX expanding evolving update give calendar to quarter? here terms can to you talked U.S. U.S. quarter, in that trended plans further X And the in. Can squeeze reach then of Sorry, you the last Last maybe about kind go your X I in a lot expanding just us or in an on how

sure. Yes,

there healthy opportunity a are first all, market and America growth the potential continue So customers, it's a of for presents Obviously, believe we market. to us. many

And execute our we make on potential and we there. presence continue I visiting very, U.S., customer in I progress. the that can technology. tell and they feedback focusing get are we you expanding plan, on existing our very So good

Some already became of customers. reference the customers

that For testimonial we but come happy which -- they got a it's just to is are don't already get. another the They follow-on deal, not first what some for us customers, just just orders, we honeymoon.

very U.S. significant good that a also using I for a to of you competition. the for another they and technology. success it to ago, significant few our that And a tell come and expand agency, And on that earlier also us very can a reason, generate value I weeks feedback They in very also mentioned in I I loan compared visited lot in call. story got the X -- the

Cognyte. execution far, become continue more beyond. get. in the business given 'XX North to see, for So customers' the significant grow I will the recent fiscal feedback that a we American wins expect business so and that It I do

showing remarks. further time. to turn questions no Instructions]I'm back I the at any will the for over [Operator call this now Dean queue closing in

you, January and thank meet in free out me joining with And Elad, call. York please have everyone, New operator, of you In reach to then. the today's feel for David us. Thank and for any we in you some with I you Thank you, will speaking to questions. again hope next joining look you us forward see and all to be meantime, on to should quarter. investors to

participation, may does you for conclude that our for Ladies now and gentlemen, disconnect. your and conference Thank today. you