0001166388-24-000015 | 10-K | XBRL Viewer

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SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Raw materials	$ 4,402	$ 3,325
Work-in-process	69	40
Finished goods	9,738	9,263
Inventories	$ 14,209	$ 12,628

CONVERTIBLE PREFERRED STOCK - Conversion And Future Tranche Right (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	May 07, 2023	Apr. 06, 2021	May 07, 2020	Apr. 30, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Feb. 01, 2021
Class of Stock [Line Items]
Shares issuable upon conversion (in shares)					9,800,000
Common stock, trading days	30 days
Convertible preferred stock, threshold percentage of conversion trigger	175.00%				175.00%
Preferred stock, redemption price in percentage			100.00%
Internal rate of return			8.00%
Preferred stock dividends, unpaid and undeclared					$ 12,100
Future tranche right, fair value			$ 3,400
Carrying value of preferred stock					436,321	$ 436,321
Change in fair value of future tranche right					$ 0	0	$ (15,810)
Apax
Class of Stock [Line Items]
Percentage ownership of outstanding shares					13.50%
Series A Preferred Stock
Class 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
Preferred stock, liquidation preference value					$ 200,000
Preferred stock dividends, unpaid and undeclared					6,100
Carrying value of preferred stock			$ 203,400		200,628	200,628
Series B Preferred Stock
Class of Stock [Line Items]
Conversion price (in dollars per share)		$ 50.25
Conversion price, trading days		20 days
Preferred stock, liquidation preference value					200,000
Preferred stock dividends, unpaid and undeclared					6,100
Carrying value of preferred stock		$ 237,000			$ 235,693	$ 235,693
Change in fair value of future tranche right				$ 15,800
Future tranche right		$ 37,000
Series B Preferred Stock \| Series B Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued (in shares)		200,000

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Losses Recognized on Derivative Financial Instruments Not Designated As Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Losses on derivative financial instruments, net	$ 0	$ 0	$ (14,374)
Not designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Losses on derivative financial instruments, net	0	0	(14,374)
Interest rate swap agreement \| Not designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Losses on derivative financial instruments, net	$ 0	$ 0	$ (14,374)

CONVERTIBLE PREFERRED STOCK	12 Months Ended
CONVERTIBLE PREFERRED STOCK	Jan. 31, 2024
Equity [Abstract]
CONVERTIBLE PREFERRED STOCK	CONVERTIBLE PREFERRED STOCK On December 4, 2019, we entered into the Investment Agreement with the Apax Investor whereby, subject to certain closing conditions, the Apax Investor agreed to make an investment in us in an amount up to $400.0 million as follows: •On May 7, 2020, we issued a total of 200,000 shares of our Series A Preferred Stock for an aggregate purchase price of $200.0 million, or $1,000 per share, to the Apax Investor. In connection therewith, we incurred direct and incremental costs of $2.7 million, including financial advisory fees, closing costs, legal fees, and other offering-related costs. These direct and incremental costs reduced the carrying amount of the Series A Preferred Stock. •In connection with the completion of the Spin-Off, on April 6, 2021, we issued a total of 200,000 shares of our Series B Preferred Stock for an aggregate purchase price of $200.0 million, or $1,000 per share, to the Apax Investor. In connection therewith, we incurred direct and incremental costs of $1.3 million, including financial advisory fees, closing costs, legal fees, and other offering-related costs. These direct and incremental costs reduced the carrying amount of the Series B Preferred Stock. Each of the rights, preferences, and privileges of the Series A Preferred Stock and Series B Preferred Stock are set forth in separate certificates of designation filed with the Secretary of State of the State of Delaware on the applicable issuance date. Voting Rights Holders of the Preferred Stock have the right to vote on matters submitted to a vote of the holders of our common stock, on an as-converted basis; however, in no event will the holders of Preferred Stock have the right to vote shares of the Preferred Stock on an as-converted basis in excess of 19.9% of the voting power of the common stock outstanding immediately prior to December 4, 2019. Dividends and Liquidation Rights The Preferred Stock ranks senior to the shares of our common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of our affairs. Shares of Preferred Stock have a liquidation preference of the greater of $1,000 per share or the amount that would be received if the shares are converted at the then applicable conversion price at the time of such liquidation. Each series of Preferred Stock 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 year ended January 31, 2024, we paid $20.8 million of preferred stock dividends, $10.4 million of which was accrued as of January 31, 2023, and there were $12.1 million of cumulative unpaid preferred stock dividends at January 31, 2024, of which $10.4 million was declared and recorded within accrued expenses and other liabilities on our consolidated balance sheet as of January 31, 2024. We reflected $20.8 million, $20.8 million, and $18.9 million of preferred stock dividends in our consolidated results of operations, for purposes of computing net loss attributable to Verint Systems Inc. common shares, for the years ended January 31, 2024, 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 January 31, 2024, the maximum number of shares of common stock that could be required to be issued upon conversion of the outstanding shares of Preferred Stock was approximately 9.8 million shares and Apax’s ownership in us on an as-converted basis was approximately 13.5%. Beginning May 7, 2023, in the case of the Series A Preferred Stock, and April 6, 2024, in the case of the Series B Preferred Stock, we have the option to require that all (but not less than all) of the then-outstanding shares of Preferred Stock of the series convert into common stock if the volume-weighted average price per share of the common stock for at least 30 trading days in any 45 consecutive trading day period exceeds 175% of the then-applicable conversion price of such series (a “Mandatory Conversion”). As of January 31, 2024, the volume-weighted average price per share of common stock has not exceeded 175% of the $36.38 conversion price of the Series A Preferred Stock. 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 consolidated balance sheets as of January 31, 2024 and 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 January 31, 2024, the Preferred Stock was not redeemable, and we have concluded that it is currently not probable of becoming redeemable, including from the occurrence of a change in control triggering event. The holders’ redemption rights which occur at November 7, 2028, in the case of the Series A Preferred Stock, and October 6, 2029, in the case of the Series B Preferred Stock, are not considered probable because there is a more than remote likelihood that the Mandatory Conversion may occur prior to such redemption rights. We therefore did not adjust the carrying amount of the Preferred Stock to its current redemption amount, which was its liquidation preference at January 31, 2024 plus accrued and unpaid dividends. As of January 31, 2024, the stated value of the liquidation preference for each series of Preferred Stock was $200.0 million and cumulative, unpaid dividends on the Series A Preferred Stock and the Series B Preferred Stock were $6.1 million and $6.1 million, respectively. 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 in the 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 to fair value and as a result we recorded a non-cash benefit of $15.8 million related to the change in fair value of the Future Tranche Right for the three months ended April 30, 2021, within other income (expense), net. Upon the issuance of the Series B Preferred Stock in April 2021, the Future Tranche Right was settled, resulting in a reclassification of the $37.0 million fair value of the Future Tranche Right liability at that time to the carrying value of the Series B Preferred Stock. This resulted in a $237.0 million carrying value, before direct and incremental issuance costs, for the Series B Preferred Stock. As a result of the issuance of the Series B Preferred Stock, we no longer recognize changes in the fair value of the Future Tranche Right in our consolidated statement of operations.

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Business Combinations For Year Ended January 31, 2024 (Details)	Jan. 31, 2024 employee
Business Acquisition [Line Items]
Entity number of employees	3,700
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Entity number of employees	3

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. (Tables)

12 Months Ended

Jan. 31, 2024

Earnings Per Share [Abstract]

Schedule Of Calculation Of Basic And Diluted Net Income (Loss) Per Common Share Attributable To Verint Systems Inc.

The following table summarizes the calculation of basic and diluted net income (loss) per common share attributable to Verint Systems Inc. for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands, except per share amounts)	2024		2023		2022
Net income	$	39,634	$	15,659	$	15,651
Net income attributable to noncontrolling interests	1,024		761		1,238
Net income attributable to Verint Systems Inc.	38,610		14,898		14,413
Dividends on preferred stock	(20,800)		(20,800)		(18,922)
Net income (loss) attributable to Verint Systems Inc. for basic net income (loss) per common share	17,810		(5,902)		(4,509)
Dilutive effect of dividends on preferred stock	—		—		—


	Year Ended January 31,
(in thousands, except per share amounts)	2024		2023		2022
Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share	$	17,810	$	(5,902)	$	(4,509)

Weighted-average shares outstanding:
Basic	63,990		65,332		65,591
Dilutive effect of employee equity award plans	328		—		—
Dilutive effect of 2021 Notes	—		—		—
Dilutive effect of 2014 Notes	—		—		—
Dilutive effect of warrants	—		—		—
Dilutive effect of assumed conversion of preferred stock	—		—		—
Diluted	64,318		65,332		65,591

Net income (loss) income per common share attributable to Verint Systems Inc.:
Basic	$	0.28	$	(0.09)	$	(0.07)
Diluted	$	0.28	$	(0.09)	$	(0.07)

Schedule Of Anti-dilutive Securities

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


	Year Ended January 31,
(in thousands)	2024	2023	2022
Common shares excluded from calculation:
Restricted and performance stock-based awards	1,840	2,120	1,580
2014 Notes	—	—	481
Warrants	—	—	117
Series A Preferred Stock	5,498	5,498	5,498
Series B Preferred Stock	3,980	3,980	3,282

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2024
Audit Information [Abstract]
Auditor Location	New York, New York
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 39,634	$ 15,659	$ 15,651
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments	10,909	(35,545)	(11,668)
Distribution of Cognyte Software Ltd.	0	0	17,123
Net increase (decrease) from foreign exchange contracts designated as hedges	277	(47)	(147)
Net increase from interest rate swap designated as a hedge	0	0	1,014
Net increase from settlement of interest rate swap due to partial early retirement of Term Loan	0	0	12,017
(Provision for) Benefit from income taxes on net increase (decrease) from foreign exchange contracts and interest rate swap designated as hedges	(49)	8	24
Other comprehensive income (loss)	11,137	(35,584)	18,363
Comprehensive income (loss)	50,771	(19,925)	34,014
Comprehensive income attributable to noncontrolling interests	1,024	761	1,238
Comprehensive income (loss) attributable to Verint Systems Inc.	$ 49,747	$ (20,686)	$ 32,776

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations Of Credit Risk (Details) - Customer Concentration Risk	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Accounts Receivable \| Partner A
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%
Accounts Receivable \| Partner B
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%
Contract Assets \| Partner A
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%
Contract Assets \| Partner B
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Other liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Unrecognized tax benefits, including interest and penalties	$ 71,330	$ 52,887
Contingent consideration - long-term portion	2,815	8,221
Finance lease obligations - long-term portion	1,087	2,308
CTI litigation settlement liability - long-term portion	0	4,750
Other	833	466
Total other liabilities	$ 76,065	$ 68,632

STOCKHOLDERS' EQUITY

12 Months Ended

Jan. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Common Stock Dividends

We did not declare or pay any cash dividends on our common stock during the years ended January 31, 2024, 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.

In connection with the Spin-Off, each holder of Verint’s common stock received one ordinary share of Cognyte for every share of common stock of Verint held of record as of the close of business on January 25, 2021.

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 January 31, 2024 and 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, 2024, we repurchased approximately 4,124,000 shares of our common stock for a cost of $124.4 million, including an excise tax of $0.8 million, under the current stock repurchase program, as well as approximately 1,000 shares to facilitate income tax withholding or payments as described above. During the year ended January 31, 2024, we retired all 4,125,000 shares of our common stock with a cost of $124.4 million, 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. Subsequent to January 31, 2024, through March 25, 2024, we repurchased approximately 463,000 shares of our common stock for $14.4 million under this program. Repurchases were financed with available cash in the United States. Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the IRA. The excise tax of $0.8 million was recognized as part of the cost basis of shares acquired in the consolidated statements of stockholders’ equity during the year ended January 31, 2024.

During the year ended January 31, 2023 we repurchased approximately 2,659,000 shares of our common stock for a cost of $129.6 million, which included $105.7 million of share repurchases under a prior authorized stock repurchase program, $23.5 million under the current stock repurchase program, as well as other repurchases to facilitate income tax withholding or payments as described above. During the year ended January 31, 2023, we retired all 2,659,000 shares of our common stock with a cost of $129.6 million, 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.

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 January 31, 2024, Apax’s ownership in us on an as-converted basis was approximately 13.5%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment.

Accumulated Other Comprehensive Loss

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

The following table summarizes changes in the components of our accumulated other comprehensive loss by component for the years ended January 31, 2024 and 2023:


(in thousands)	Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges		Foreign Currency Translation Adjustments		Total
Accumulated other comprehensive loss at January 31, 2022	$	(48)	$	(118,467)	$	(118,515)
Other comprehensive loss before reclassifications	(588)		(35,545)		(36,133)
Amounts reclassified out of accumulated other comprehensive loss	(549)		—		(549)
Net other comprehensive loss	(39)		(35,545)		(35,584)
Accumulated other comprehensive loss at January 31, 2023	(87)		(154,012)		(154,099)
Other comprehensive (loss) income before reclassifications	(329)		10,123		9,794
Amounts reclassified out of accumulated other comprehensive loss	(557)		—		(557)
Cumulative currency translation loss realized from divestiture	—		(786)		(786)
Net other comprehensive income	228		10,909		11,137
Accumulated other comprehensive income (loss) at January 31, 2024	$	141	$	(143,103)	$	(142,962)

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 consolidated statements of operations, with presentation location, for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,						Financial Statement Location
(in thousands)	2024		2023		2022
Unrealized (losses) gains on derivative financial instruments:
Foreign currency forward contracts	$	(7)	$	(1)	$	1	Cost of recurring revenue
	(59)		(60)		24		Cost of nonrecurring revenue
	(416)		(392)		142		Research and development, net
	(194)		(207)		65		Selling, general and administrative
	(676)		(660)		232		Total, before income taxes
	119		111		(39)		Provision for income taxes
	$	(557)	$	(549)	$	193	Total, net of income taxes

Interest rate swap agreement	$	—	$	—	$	(1,014)	Interest expense
	—		—		(15,655)		Other income (expense), net
	—		—		(16,669)		Total, before income taxes
	—		—		3,638		Benefit from income taxes
	$	—	$	—	$	(13,031)	Total, net of income taxes

Foreign currency translation loss:	$	(786)	$	—	$	—	Selling, general and administrative
	—		—		—		Provision for income taxes
	$	(786)	$	—	$	—	Total, net of income taxes

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

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-Topic 505
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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+ Details

LONG-TERM DEBT - Capped Calls, Note Hedges and Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands					5 Months Ended	12 Months Ended
	Jun. 01, 2021	Apr. 06, 2021	Feb. 01, 2021	Jun. 18, 2014	Jan. 21, 2022	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Apr. 09, 2021
Debt Instrument [Line Items]
Purchases of capped calls, net of taxes		$ 41,100				$ 0	$ 0	$ 41,060
2021 Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share)		$ 62.08							$ 62.08
Capped calls, initial cap price (in dollars per share)		$ 100.00
2014 Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share)			$ 40.55
Exercise price of warrants (in dollars per share)			$ 47.18	$ 75.00
Note hedges, number of shares with right to acquire from counterparties (in shares)			9,865,000
Note hedges, shares with right to acquire from counterparties, price (in dollars per share)			$ 40.55
Payment for note hedges				$ 60,800
Note hedges, shares received upon settlement (in shares)	1,250,000
Note hedges, number of shares received pertaining to reimbursement	42,000
Proceeds from issuance of warrants				$ 45,200
Warrants issued (in shares)					293,143
Warrants exercised on a cashless basis (in shares)					5,031,000

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Operating Loss Carryforwards [Line Items]
Tax credits	$ (17,012)	$ 321	$ 117
Research tax credits, amount	$ 14,300
Effective income tax rate, decreased due to tax incentive	8.80%	6.90%	16.10%
Tax credit carryforward, amount	$ 18,000
Tax credit carryforward amount indefinite carryforward	5,100
Tax credit carryforward amount subject to expiration	12,900
Taxes withholding with respect to certain cash may be repatriated	3,100
Unrecognized tax benefits	83,264	$ 87,928	$ 84,229	$ 84,847
Unrecognized tax benefits, income tax penalties and interest expense	1,400	1,400	500
Unrecognized tax benefits, income tax penalties and interest accrued	6,400	5,200
Decrease in unrecognized tax benefits is reasonably possible	7,600
Discontinued Operations \| Cognyte
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits		4,700
Adjustment to additional paid-in capital, uncertain tax position indemnified amount		5,700
Valuation Allowance of Deferred Tax Assets
Operating Loss Carryforwards [Line Items]
Valuation allowances amount	28,891	$ 20,357	$ 20,711
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	55,400
Operating loss carryforwards, not subject to expiration	11,100
State and Local Jurisdictions
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	164,000
Operating loss carryforwards, not subject to expiration	5,000
Foreign Countries
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	20,900
Operating loss carryforwards, subject to expiration	$ 500

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Additional Information (Details) - $ / shares	5 Months Ended
	Jan. 21, 2022	Apr. 09, 2021	Apr. 06, 2021	Feb. 01, 2021	Jun. 18, 2014
2021 Notes
Class of Stock [Line Items]
Conversion price (in dollars per share)		$ 62.08	$ 62.08
Capped calls, initial cap price (in dollars per share)			$ 100.00
2014 Notes
Class of Stock [Line Items]
Conversion price (in dollars per share)				$ 40.55
Exercise price of warrants (in dollars per share)				$ 47.18	$ 75.00
Number of shares of common stock upon conversion (in shares)				9,541,000
Warrants, number of underlying common shares (in shares)				9,865,000
Warrants issued (in shares)	293,143
Warrants exercised on a cashless basis (in shares)	5,031,000

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Movement in Capitalized Computer Software, Net [Roll Forward]
Beginning of the period	$ 23,527	$ 22,483	$ 19,250
Software development costs capitalized during the year	9,623	7,595	7,560
Amortization of capitalized software development costs	(7,798)	(6,407)	(4,247)
Write-offs of capitalized software development costs	(136)	(6)	0
Foreign currency translation and other	103	(138)	(80)
End of the period	$ 25,319	$ 23,527	$ 22,483

REVENUE RECOGNITION - Costs To Obtain And Fulfill Contracts (Details) - USD ($)	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Sales Commission
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 57,800,000	$ 58,600,000
Capitalized contract cost, amortization	34,200,000	33,100,000	$ 33,100,000
Capitalized contract cost, impairment losses	0	0	0
Sales Commission \| Prepaid expenses and other current assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	2,700,000	3,700,000
Sales Commission \| Other assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	55,100,000	54,900,000
Costs to Fulfill
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	3,200,000	5,100,000
Capitalized contract cost, amortization	3,000,000	3,000,000	$ 3,200,000
Costs to Fulfill \| Prepaid expenses and other current assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	200,000	200,000
Costs to Fulfill \| Other assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 3,000,000	$ 4,900,000

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Cash and cash equivalents	$ 241,400	$ 282,099	$ 358,805
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	242,669	282,161	358,868
Prepaid expenses and other current assets
Restricted cash and cash equivalents	1,269	5	6
Other assets
Restricted cash and cash equivalents	$ 0	$ 57	$ 57

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Activities Of Stock Bonus Program (Details) - Stock Bonus Program - shares shares in Thousands	3 Months Ended		12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Stock-Based Compensation Plans
Shares in lieu of cash bonus - granted and released (in shares)	27	119			0
Shares granted in respect of discount (in shares)			0	12	0
Shares released in respect of discount (in shares)			2	10	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Software Development Costs and Internal-Use Software Development Costs and Cloud Computing Arrangements (Details)	Jan. 31, 2024
Software Development Costs
Software Development Costs
Estimated useful lives, (in years)	5 years
Internal-Use Software \| Minimum
Software Development Costs
Estimated useful lives, (in years)	4 years
Internal-Use Software \| Maximum
Software Development Costs
Estimated useful lives, (in years)	7 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Transaction Gains And Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Accounting Policies [Abstract]
Foreign currency (losses) gains, net	$ (439)	$ 3,453	$ (1,644)

LONG-TERM DEBT (Tables)

12 Months Ended

Jan. 31, 2024

Debt Disclosure [Abstract]

Summary of Long-term Debt

The following table summarizes our long-term debt at January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
2021 Notes	$	315,000	$	315,000
Revolving Credit Facility	100,000		—
Term Loan	—		100,000
Less: unamortized debt discounts and issuance costs	(4,035)		(6,092)
Total debt	410,965		408,908
Less: current maturities	—		—
Long-term debt	$	410,965	$	408,908

Schedule of Components of Interest Expense

The following table presents the components of interest expense incurred on the 2021 Notes, the 2014 Notes, and on borrowings under our Credit Agreement for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
2021 Notes:
Interest expense at 0.25% coupon rate	$	788	$	787	$	639
Amortization of deferred debt issuance costs	1,776		1,762		1,416
Total Interest Expense — 2021 Notes	$	2,564	$	2,549	$	2,055

2014 Notes:
Interest expense at 1.50% coupon rate	$	—	$	—	$	1,933
Amortization of deferred debt issuance costs	—		—		522
Total Interest Expense — 2014 Notes	$	—	$	—	$	2,455

Borrowings under Credit Agreement:
Interest expense at contractual rates	$	6,896	$	4,114	$	3,366
Impact of interest rate swap agreement	—		—		1,014
Amortization of debt discounts	5		19		18
Amortization of deferred debt issuance costs	739		863		930
Losses on early retirements of debt	237		—		—
Total Interest Expense — Borrowings under Credit Agreement	$	7,877	$	4,996	$	5,328

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 38,610	$ 14,898	$ 14,413

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Foreign currency (losses) gains, net	$ (439)	$ 3,453	$ (1,644)
Losses on derivative financial instruments, net	0	0	(14,374)
Change in fair value of future tranche right	0	0	15,810
Other, net	(3,084)	(1,471)	5,435
Total other (expense) income, net	$ (3,523)	$ 1,982	$ 5,227

FAIR VALUE MEASUREMENTS - Additional Information (Details) ft² in Thousands			1 Months Ended			3 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Apr. 27, 2023 USD ($)	Jan. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jul. 31, 2022 ft²	Apr. 30, 2021 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)
Assets and Liabilities Measured at Fair Value on Recurring Basis
Sale of business agreement terms, period following transaction closing date	6 years
Contingent consideration receivable	$ 2,685,000		$ 2,685,000					$ 2,685,000	$ 0
Impairment loss of assets to be disposed of									2,000,000
SAFE, investment during period			100,000	$ 500,000	$ 1,100,000
SAFE investment	1,700,000		1,700,000					1,700,000
Noncontrolling equity investments	5,146,000		5,146,000					5,146,000	5,146,000
Noncontrolling equity investment in privately-held companies, impairments								0	0
Recurring
Assets and Liabilities Measured at Fair Value on Recurring Basis
Contingent consideration receivable	2,700,000		2,700,000					2,700,000
Contingent consideration obligations, fair value	7,300,000		7,300,000					7,300,000
Selling, general and administrative
Assets and Liabilities Measured at Fair Value on Recurring Basis
Impairment loss of assets to be disposed of									1,800,000
Other income (expense), net
Assets and Liabilities Measured at Fair Value on Recurring Basis
Impairment loss of assets to be disposed of									200,000
Level 2 \| Recurring
Assets and Liabilities Measured at Fair Value on Recurring Basis
Contingent consideration receivable	0		0					0	8,000
Contingent consideration obligations, fair value	3,750,000		3,750,000					3,750,000	0
Level 3 \| Recurring
Assets and Liabilities Measured at Fair Value on Recurring Basis
Contingent consideration receivable	2,685,000		2,685,000					2,685,000	0
Contingent consideration obligations, fair value	3,511,000		3,511,000					3,511,000	12,717,000
Revolving Credit Facility \| Level 3
Assets and Liabilities Measured at Fair Value on Recurring Basis
Long-term debt	99,000,000		99,000,000					99,000,000	0
Term Loan
Assets and Liabilities Measured at Fair Value on Recurring Basis
Repayments of debt		$ 100,000,000					$ 309,000,000
Term Loan \| Level 3
Assets and Liabilities Measured at Fair Value on Recurring Basis
Long-term debt									100,000,000
2021 Notes \| Level 2
Assets and Liabilities Measured at Fair Value on Recurring Basis
Long-term debt	$ 281,000,000		$ 281,000,000					$ 281,000,000	$ 282,000,000
Minimum \| Discount Rate
Assets and Liabilities Measured at Fair Value on Recurring Basis
Contingent consideration, liability, measurement input	0.058		0.058					0.058	0.066
Contingent consideration, asset, measurement input	0.075		0.075					0.075
Maximum \| Discount Rate
Assets and Liabilities Measured at Fair Value on Recurring Basis
Contingent consideration, liability, measurement input	0.064		0.064					0.064	0.076
Contingent consideration, asset, measurement input	0.089		0.089					0.089
Weighted Average \| Discount Rate
Assets and Liabilities Measured at Fair Value on Recurring Basis
Contingent consideration, liability, measurement input	0.062		0.062					0.062	0.069
Contingent consideration, asset, measurement input	0.078		0.078					0.078
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets and Liabilities Measured at Fair Value on Recurring Basis
Consideration from divestiture	$ 6,000,000		$ 6,000,000					$ 6,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Office Building Held For Sale
Assets and Liabilities Measured at Fair Value on Recurring Basis
Area of assets held for sale \| ft²						50
Assets held for sale, carrying value										$ 900,000

LEASES (Tables)

12 Months Ended

Jan. 31, 2024

Leases [Abstract]

Schedule of Lease Expenses

The components of lease expenses for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Operating lease expenses	$	9,596	$	16,301	$	24,241
Finance lease expenses:
Amortization of right-of-use assets	2,481		3,057		3,223
Interest on lease liabilities	132		188		260
Total finance lease expenses	2,613		3,245		3,483
Variable lease expenses	2,829		6,318		6,344
Short-term lease expenses	148		774		1,055
Sublease income	(74)		(267)		(1,804)
Total lease expenses	$	15,112	$	26,371	$	33,319

Schedule of Supplemental Cash Flow Information Related to Leases

Other information related to leases was as follows:


	Year Ended January 31,
(dollars in thousands)	2024			2023			2022
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,524		$	21,261		$	19,360
Operating cash flows from finance leases	132			187			260
Financing cash flows from finance leases	2,018			2,870			3,189
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	6,274		$	19,490		$	11,282
Finance leases	579			647			4,041
Weighted average remaining lease terms
Operating leases	8 years			7 years			3 years
Finance leases	2 years			2 years			3 years
Weighted average discount rates
Operating leases	6.8		%	6.2		%	4.8		%
Finance leases	3.6		%	3.6		%	3.8		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of January 31, 2024 were as follows:


	January 31, 2024
(in thousands)	Operating Leases		Finance Leases
Year Ending January 31,
2025	$	7,234	$	1,472
2026	7,245		882
2027	6,161		182
2028	5,534		70
2029	4,838		—
Thereafter	18,601		—
Total future minimum lease payments	49,613		2,606
Less: imputed interest	(12,021)		(86)
Total	$	37,592	$	2,520

Reported as of January 31, 2024:
Accrued expenses and other current liabilities	$	5,492	$	1,433
Operating lease liabilities	32,100		—
Other liabilities	—		1,087
Total	$	37,592	$	2,520

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities as of January 31, 2024 were as follows:


	January 31, 2024
(in thousands)	Operating Leases		Finance Leases
Year Ending January 31,
2025	$	7,234	$	1,472
2026	7,245		882
2027	6,161		182
2028	5,534		70
2029	4,838		—
Thereafter	18,601		—
Total future minimum lease payments	49,613		2,606
Less: imputed interest	(12,021)		(86)
Total	$	37,592	$	2,520

Reported as of January 31, 2024:
Accrued expenses and other current liabilities	$	5,492	$	1,433
Operating lease liabilities	32,100		—
Other liabilities	—		1,087
Total	$	37,592	$	2,520

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Income tax provision at the U.S. federal statutory rate	$ 12,867	$ 11,499	$ 8,296
State income tax (benefit) provision	(695)	2,617	(1,238)
Foreign tax rate differential	6,556	3,244	6,262
Tax incentives	(5,403)	(3,779)	(6,378)
Valuation allowances	8,464	(292)	2,616
Stock-based and other compensation	5,612	3,347	897
Litigation and other non-deductible expenses	(475)	1,770	(238)
Tax credits	(17,012)	321	117
Tax contingencies	(1,597)	2,333	2,108
Change in fair value of future tranche right	0	0	(3,320)
Tax effects of business divestiture	(1,372)	0	0
Changes in tax laws	89	9	1,552
U.S. tax effects of foreign operations	14,903	18,642	13,480
Other, net	(299)	(608)	(301)
Total provision for income taxes	$ 21,638	$ 39,103	$ 23,853
Effective income tax rate	35.30%	71.40%	60.40%

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Asset Acquisition (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Jan. 31, 2024
Asset Acquisition [Line Items]
Asset acquisition, deposit payment	$ 1.0
Asset acquisition, direct deal costs	0.2
Milestone Payments
Asset Acquisition [Line Items]
Asset acquisition, milestone payments	3.0
Asset acquisition, contingent consideration held in third-party escrow account	$ 2.0	$ 1.2
Payment for asset acquisition contingent consideration		1.8
Integration Milestone
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration released from third-party escrow account		0.8
Consideration Contingent Upon Achieving Certain Performance Targets \| Maximum
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration		5.0
Consideration Contingent Upon Achieving Certain Performance Targets \| Minimum
Asset Acquisition [Line Items]
Asset acquisition, contingent consideration		$ 2.0

LEASES - Component Of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Leases [Abstract]
Operating lease expenses	$ 9,596	$ 16,301	$ 24,241
Amortization of right-of-use assets	2,481	3,057	3,223
Interest on lease liabilities	132	188	260
Total finance lease expenses	2,613	3,245	3,483
Variable lease expenses	2,829	6,318	6,344
Short-term lease expenses	148	774	1,055
Sublease income	(74)	(267)	(1,804)
Total lease expenses	$ 15,112	$ 26,371	$ 33,319

COMMITMENTS AND CONTINGENCIES - Purchase Obligations And Off-Balance Sheet Risk (Details) $ in Millions	Jan. 31, 2024 USD ($)
Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract]
Unconditional purchase obligations	$ 173.5
Concentration Risks, Types, No Concentration Percentage [Abstract]
Outstanding letters of credit and surety bonds	$ 0.9

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
Payments of stock issuance 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
Payments of stock issuance costs	$ 1,300,000

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Property and equipment, net (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 97,324	$ 131,381
Less: accumulated depreciation and amortization	(49,620)	(66,571)
Total property and equipment, net	47,704	64,810
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	779	820
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,837	15,026
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	56,203	73,569
Equipment, furniture, and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 28,505	$ 41,966

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Restricted Stock Units and Performance Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Shares or Units
Beginning balance (in shares)	2,230	2,454	2,950
Granted (in shares)	2,127	1,743	1,540
Released (in shares)	(1,433)	(1,733)	(1,800)
Forfeited (in shares)	(266)	(234)	(236)
Ending balance (in shares)	2,658	2,230	2,454
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 52.42	$ 42.99	$ 35.97
Granted (in dollars per share)	35.68	54.98	48.01
Released (in dollars per share)	46.12	42.13	36.14
Forfeited (in dollars per share)	43.70	48.86	40.23
Ending balance (in dollars per share)	$ 43.29	$ 52.42	$ 42.99
Additional disclosures
Granted (in shares)	2,127	1,743	1,540
RSUs
Shares or Units
Granted (in shares)	1,850
Additional disclosures
Granted (in shares)	1,850
Unrecognized compensation expense	$ 75.3
Remaining weighted-average vesting period over which expense is expected to be recognized (in years)	1 year 7 months 6 days

LEASES

12 Months Ended

Jan. 31, 2024

Leases [Abstract]

LEASES

We have entered into operating leases primarily for corporate offices, research and development facilities, datacenters, and automobiles. Our finance leases primarily relate to infrastructure equipment. Our leases have remaining lease terms of 1 year to 11 years, some of which may include options to extend the leases for up to 10 years, and some of which may include options to terminate the leases within 1 to 8 years. As of January 31, 2024 and 2023, assets recorded under finance leases were $8.4 million and $10.7 million, respectively. As of January 31, 2024 and 2023, accumulated depreciation associated with finance leases was $4.7 million and $4.9 million, respectively.

The components of lease expenses for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Operating lease expenses	$	9,596	$	16,301	$	24,241
Finance lease expenses:
Amortization of right-of-use assets	2,481		3,057		3,223
Interest on lease liabilities	132		188		260
Total finance lease expenses	2,613		3,245		3,483
Variable lease expenses	2,829		6,318		6,344
Short-term lease expenses	148		774		1,055
Sublease income	(74)		(267)		(1,804)
Total lease expenses	$	15,112	$	26,371	$	33,319

During the years ended January 31, 2024, 2023, and 2022, we exited certain leased offices primarily due to our workforce operating under a hybrid work model, under which the majority of our employees work from home on a full or part time basis, which resulted in the recognition of accelerated operating lease costs of $5.4 million, $8.3 million, and $9.8 million, respectively.

Other information related to leases was as follows:


	Year Ended January 31,
(dollars in thousands)	2024			2023			2022
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,524		$	21,261		$	19,360
Operating cash flows from finance leases	132			187			260
Financing cash flows from finance leases	2,018			2,870			3,189
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	6,274		$	19,490		$	11,282
Finance leases	579			647			4,041
Weighted average remaining lease terms
Operating leases	8 years			7 years			3 years
Finance leases	2 years			2 years			3 years
Weighted average discount rates
Operating leases	6.8		%	6.2		%	4.8		%
Finance leases	3.6		%	3.6		%	3.8		%

Maturities of lease liabilities as of January 31, 2024 were as follows:


	January 31, 2024
(in thousands)	Operating Leases		Finance Leases
Year Ending January 31,
2025	$	7,234	$	1,472
2026	7,245		882
2027	6,161		182
2028	5,534		70
2029	4,838		—
Thereafter	18,601		—
Total future minimum lease payments	49,613		2,606
Less: imputed interest	(12,021)		(86)
Total	$	37,592	$	2,520

Reported as of January 31, 2024:
Accrued expenses and other current liabilities	$	5,492	$	1,433
Operating lease liabilities	32,100		—
Other liabilities	—		1,087
Total	$	37,592	$	2,520

As of January 31, 2024, there were no material operating leases or finance leases that have not yet commenced.

LEASES

The components of lease expenses for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Operating lease expenses	$	9,596	$	16,301	$	24,241
Finance lease expenses:
Amortization of right-of-use assets	2,481		3,057		3,223
Interest on lease liabilities	132		188		260
Total finance lease expenses	2,613		3,245		3,483
Variable lease expenses	2,829		6,318		6,344
Short-term lease expenses	148		774		1,055
Sublease income	(74)		(267)		(1,804)
Total lease expenses	$	15,112	$	26,371	$	33,319

Other information related to leases was as follows:


	Year Ended January 31,
(dollars in thousands)	2024			2023			2022
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,524		$	21,261		$	19,360
Operating cash flows from finance leases	132			187			260
Financing cash flows from finance leases	2,018			2,870			3,189
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	6,274		$	19,490		$	11,282
Finance leases	579			647			4,041
Weighted average remaining lease terms
Operating leases	8 years			7 years			3 years
Finance leases	2 years			2 years			3 years
Weighted average discount rates
Operating leases	6.8		%	6.2		%	4.8		%
Finance leases	3.6		%	3.6		%	3.8		%

Maturities of lease liabilities as of January 31, 2024 were as follows:


	January 31, 2024
(in thousands)	Operating Leases		Finance Leases
Year Ending January 31,
2025	$	7,234	$	1,472
2026	7,245		882
2027	6,161		182
2028	5,534		70
2029	4,838		—
Thereafter	18,601		—
Total future minimum lease payments	49,613		2,606
Less: imputed interest	(12,021)		(86)
Total	$	37,592	$	2,520

Reported as of January 31, 2024:
Accrued expenses and other current liabilities	$	5,492	$	1,433
Operating lease liabilities	32,100		—
Other liabilities	—		1,087
Total	$	37,592	$	2,520

As of January 31, 2024, there were no material operating leases or finance leases that have not yet commenced.

INTANGIBLE ASSETS AND GOODWILL - Schedule of Acquisition-Related Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 693,166	$ 694,249
Accumulated Amortization	(635,700)	(608,977)
Net	57,466	85,272
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	455,184	458,013
Accumulated Amortization	(412,587)	(390,113)
Net	42,597	67,900
Acquired technology
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	231,815	229,317
Accumulated Amortization	(217,006)	(212,065)
Net	14,809	17,252
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	3,727	4,479
Accumulated Amortization	(3,667)	(4,359)
Net	60	120
Distribution network
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	2,440	2,440
Accumulated Amortization	(2,440)	(2,440)
Net	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Assets:
Contingent consideration receivable	$ 2,685	$ 0
Recurring
Assets:
Contingent consideration receivable	2,700
Liabilities:
Contingent consideration — business combinations	7,300
Recurring \| Level 1
Assets:
Money market funds	85,647	96,941
U.S. Treasury bills, classified as cash and cash equivalents	249
Commercial paper, classified as cash and cash equivalents		0
Foreign currency forward contracts	0	0
Contingent consideration receivable	0	0
Total assets	85,896	96,941
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		50,869
Foreign currency forward contracts	183	19
Contingent consideration receivable	0	8
Total assets	183	50,896
Liabilities:
Foreign currency forward contracts	11	124
Contingent consideration — business combinations	3,750	0
Total liabilities	3,761	124
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
Foreign currency forward contracts	0	0
Contingent consideration receivable	2,685	0
Total assets	2,685	0
Liabilities:
Foreign currency forward contracts	0	0
Contingent consideration — business combinations	3,511	12,717
Total liabilities	$ 3,511	$ 12,717

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

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

Verint helps brands increase CX automation across the enterprise so they can elevate customer experience and reduce their operating cost. For more than two decades, the world’s most iconic brands – including approximately 85 of the Fortune 100 companies – have trusted Verint to provide innovative solutions and domain expertise for their customer engagement operations.

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

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

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 January 31, 2024, Apax’s ownership in us on an as-converted basis was approximately 13.5%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment.

Principles of Consolidation

The accompanying 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 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 U.S. generally accepted accounting principles (“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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Key estimates in the accompanying consolidated financial statements, include, among others, revenue recognition, allowances for doubtful accounts, determining the fair value of assets and liabilities assumed in business combinations, recoverability of goodwill, amortization of intangibles, evaluation of contingencies, and the accounting for income taxes. Actual results could differ from those estimates.

Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of 90 days or less at the time of purchase to be cash equivalents. For further information regarding our cash and cash equivalents, see Note 4, “Cash, Cash Equivalents, and Short-Term Investments.”

Investments

Our investments generally consist of bank time deposits, and marketable debt securities of corporations, the U.S. government, and agencies of the U.S. government, all with remaining maturities in excess of 90 days at the time of purchase. We held $0.2 million of marketable debt securities at January 31, 2024 and no marketable debt securities at January 31, 2023. Investments with maturities in excess of one year are included in other assets.

Accounts Receivable, Net

Trade accounts receivable are comprised of invoiced amounts due from customers for which we have an unconditional right to collect and are not interest-bearing. Credit is extended to customers based on an evaluation of their financial condition and other factors. We generally do not require collateral or other security to support accounts receivable.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, bank time deposits, short-term investments, trade accounts receivable, and contract assets. We invest our cash in bank accounts, certificates of deposit, and money market accounts with major financial institutions, in U.S. government and agency obligations, and in debt securities of corporations. By policy, we seek to limit credit exposure on investments through diversification and by restricting our investments to highly rated securities.

We grant credit terms to our customers in the ordinary course of business. Concentrations of credit risk with respect to trade accounts receivable and contract assets are generally limited due to the large number of customers comprising our customer base and their dispersion across different industries and geographic areas. No end-customer represented more than 10% of our revenue during the years ended January 31, 2024, 2023, and 2022. We had two partners, both authorized global resellers of our solutions, that accounted for more than 10% of our aggregated accounts receivable and contract assets in recent years. Partner A accounted for approximately 14% and 15% of our aggregated accounts receivable and contract assets at January 31, 2024 and 2023, respectively, and Partner B accounted for approximately 14% and 15% of our aggregated accounts receivable and contract assets at January 31, 2024 and 2023, respectively. Neither partner represented 10% or greater of our total revenue for the years ended January 31, 2024, 2023, or 2022. Credit losses related to these partners have historically been immaterial.

Allowance for Credit Losses

We make judgments as to our ability to collect outstanding receivables and provide allowances for a portion of receivables over the lifetime of the receivables. Our allowance for expected credit losses is estimated based on an analysis of the aging of our accounts receivable and contract assets, historical write-offs, customer payment patterns, individual customer creditworthiness, current economic trends, reasonable and supportable forecasts of future economic conditions, and/or establishment of specific reserves for customers in adverse financial condition. We write off an account receivable and charge it against its recorded allowance at the point when it is considered uncollectible. We assess the adequacy of the allowance for credit losses on a quarterly basis.

The following table summarizes the activity in our allowance for credit losses for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Allowance for credit losses, beginning of year	$	1,290	$	1,260	$	1,609
Provisions charged to expense	2,082		565		1,242
Amounts written off	(2,094)		(566)		(1,666)
Other, including fluctuations in foreign exchange rates	(33)		31		75
Allowance for credit losses, end of year	$	1,245	$	1,290	$	1,260

Our estimated expected credit losses associated with contract assets were $0.1 million for the years ended January 31, 2024 and 2023, and were not material for the year ended January 31, 2022. Historical write-offs of contract assets have been insignificant.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average method of inventory accounting. The valuation of our inventories requires us to make estimates regarding excess or obsolete inventories, including making estimates of the future demand for our products. Although we make every effort to ensure the accuracy of our forecasts of future product demand, any significant unanticipated changes in demand, price, or technological developments could have a significant impact on the value of our inventory and reported operating results. Charges for excess and obsolete inventories are included within cost of revenue.

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method based over the estimated useful lives of the assets. The vast majority of equipment, furniture and other is depreciated over periods ranging from three years to seven years. Software is typically depreciated over periods ranging from three years to four years. Buildings are depreciated over ten years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. Finance leased assets are amortized over the related lease term.

The cost of maintenance and repairs of property and equipment is charged to operations as incurred. When assets are retired or disposed of, the cost and accumulated depreciation or amortization thereon are removed from the consolidated balance sheet and any resulting gain or loss is recognized in the consolidated statement of operations.

Software Development Costs

Costs incurred to acquire or develop software to be sold, leased or otherwise marketed are capitalized after technological feasibility is established, and continue to be capitalized through the general release of the related software product. Software development costs capitalized for software to be sold, leased, or marketed to external users are included within other assets in our consolidated balance sheets. Amortization of capitalized costs begins in the period in which the related product is available for general release to customers and is recorded on a straight-line basis, which approximates the pattern in which the economic benefits of the capitalized costs are expected to be realized, over the estimated economic lives of the related software products, generally five years.

Internal-Use Software Development Costs and Cloud Computing Arrangements

We expense costs associated with the assessment stage of software development projects. Capitalization begins when the preliminary project stage has been completed and management with the relevant authority authorizes and commits to the funding of the project. These capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related costs for employees who are directly associated with the development of the applications. Software development costs capitalized for internal-use software are included within property and equipment, net in our consolidated balance sheets. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance, minor upgrades, and enhancements; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are generally amortized over periods ranging from four years to seven years on a straight-line basis, which best represents the pattern of the software’s use. Capitalized implementation costs related to cloud computing arrangements that are hosted by third party vendors are included within prepaid and other current assets and other assets in our consolidated balance sheets, and are

amortized over the term of the hosting arrangement beginning when the component of the hosting arrangement is ready for its intended use. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.

Leases

We determine if an arrangement is a lease at inception. Operating lease assets are presented as operating lease right-of-use (“ROU”) assets, and corresponding operating lease liabilities are presented within accrued expenses and other current liabilities (current portions), and as operating lease liabilities (long-term portions), on our consolidated balance sheets. Finance lease assets are included in property and equipment, and corresponding finance lease liabilities are included within accrued expenses and other current liabilities (current portions), and other liabilities (long-term portions), on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the remaining lease payments over the lease term at commencement date. Our leases do not provide an implicit interest rate. We calculate the incremental borrowing rate to reflect the interest rate that we would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term, and consider our historical borrowing activities and market data in this determination. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which we account for as a single lease component. Some of our leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index updates are recorded as rent expense in the period incurred. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or less. The effect of short-term leases on our ROU assets and lease liabilities was not material. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In addition, our related party leases and our sublease transactions are de minimis.

Business Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the enterprise’s chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance.

We are a pure-play customer engagement company that operates as a single operating segment and single reporting segment as our Chief Executive Officer, who is our CODM, reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.

Goodwill and Other Acquired Intangible Assets

For business combinations, the purchase prices are allocated to the tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition dates, with the remaining unallocated purchase prices recorded as goodwill.

We test goodwill for impairment at the reporting unit level, which can be an operating segment or one level below an operating segment, on an annual basis as of November 1, or more frequently if changes in facts and circumstances indicate that impairment in the value of goodwill may exist.

In testing for goodwill impairment, we may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we elect to bypass a qualitative assessment, or if our qualitative assessment indicates that goodwill impairment is more likely than not, we perform quantitative impairment testing. If our quantitative testing determines that the carrying value of the reporting unit exceeds its fair value, goodwill impairment is recognized in an amount equal to that excess, limited to the total goodwill allocated to the reporting unit.

We utilize some or all of three primary approaches to assess the fair value of a reporting unit: (a) an income-based approach, using projected discounted cash flows, (b) a market-based approach, using valuation multiples of comparable companies, and (c) a transaction-based approach, using valuation multiples for recent acquisitions of similar businesses made in the marketplace. Our estimate of fair value of our reporting unit is based on a number of subjective factors, including: (a) appropriate consideration of valuation approaches (income approach, comparable public company approach, and comparable

transaction approach), (b) estimates of future growth rates, (c) estimates of our future cost structure, (d) discount rates for our estimated cash flows, (e) selection of peer group companies for the comparable public company and the comparable market transaction approaches, (f) required levels of working capital, (g) assumed terminal value, and (h) time horizon of cash flow forecasts.

The valuation methodology to determine the fair value of the reporting units is sensitive to management's forecasts of future revenue, profitability and market conditions. This methodology also considers various macroeconomic, industry-specific, and company-specific factors. Any resulting financial impact cannot be estimated reasonably at this time but may adversely affect our business and financial results. If there were an adverse change in facts and circumstances, then an impairment charge may be necessary in the future. Should the fair value of our reporting unit fall below its carrying amount because of reduced operating performance, market declines, changes in the discount rate, or other conditions, charges for impairment may be necessary. We monitor our reporting unit to determine if there is an indicator of potential impairment.

Acquired identifiable intangible assets include identifiable acquired technologies, customer relationships, trade names, distribution networks, non-competition agreements, sales backlog, and in-process research and development. We amortize the cost of finite-lived identifiable intangible assets over their estimated useful lives, which are periods of 10 years or less. Amortization is based on the pattern in which the economic benefits of the intangible asset are expected to be realized, which typically is on a straight-line basis. The fair values assigned to identifiable intangible assets acquired in business combinations are determined primarily by using the income approach, which discounts expected future cash flows attributable to these assets to present value using estimates and assumptions determined by management. The acquired identifiable finite-lived intangible assets are being amortized primarily on a straight-line basis, which we believe approximates the pattern in which the assets are utilized, over their estimated useful lives.

Please refer to Note 6, “Intangible Assets and Goodwill”, for further details related to our intangible assets and for the results of our annual goodwill impairment testing.

Fair Value Measurements

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This fair value hierarchy consists of three levels of inputs that may be used to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities;

•Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or

•Level 3: unobservable inputs that are supported by little or no market activity.

We review the fair value hierarchy classification of our applicable assets and liabilities at each reporting period. Changes in the observability of valuation inputs may result in transfers within the fair value measurement hierarchy. Please refer to Note 12, “Fair Value Measurements”, for further discussion regarding transfers between levels of the fair value measurement hierarchy.

Fair Values of Financial Instruments

Our recorded amounts of cash and cash equivalents, restricted cash and cash equivalents, and restricted bank time deposits, accounts receivable, contract assets, investments, accounts payable, and accrued expenses approximate fair value, due to the short-term nature of these instruments. We measure certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.

Derivative Financial Instruments

As part of our risk management strategy, when considered appropriate, we use derivative financial instruments including foreign currency forward contracts and interest rate swap agreements to hedge against certain foreign currency and interest rate

exposures. Our intent is to mitigate gains and losses caused by the underlying exposures with offsetting gains and losses on the derivative contracts. By policy, we do not enter into speculative positions with derivative instruments.

We record all derivatives as assets or liabilities on our consolidated balance sheets at their fair values. Gains and losses from the changes in values of these derivatives are accounted for based on the use of the derivative and whether it qualifies for hedge accounting.

The counterparties to our derivative financial instruments consist of international financial institutions. We regularly monitor the financial strength of these institutions. While the counterparties to these contracts expose us to credit-related losses in the event of a counterparty’s non-performance, the risk would be limited to the unrealized gains on such affected contracts. We do not anticipate any such losses and we do not have a material portfolio of derivative financial instruments.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Please refer to Note 2, “Revenue Recognition” for a discussion of our accounting policies related to revenue.

Cost of Revenue

Our cost of revenue includes costs of materials, compensation and benefit costs for operations and service personnel, subcontractor costs, royalties and license fees related to third-party software included in our products, cloud infrastructure costs, depreciation of equipment used in operations and service, amortization of capitalized software development costs and certain purchased intangible assets, and related overhead costs. Costs that relate to satisfied (or partially satisfied) performance obligations in customer contracts (i.e., costs that relate to past performance) are expensed as incurred.

Costs to Obtain and Fulfill Contracts

We capitalize commissions paid to internal sales personnel and agent commissions that are incremental to obtaining customer contracts. We have determined that these commissions are in fact incremental and would not have occurred absent the customer contract. Deferred commissions also include the associated payroll taxes and fringe benefit costs associated with payments to our sales employees to the extent they are incremental. Sales and agent commissions are primarily deferred and amortized on a straight-line basis over the period the goods or services are transferred to the customer to which the assets relate, which ranges from immediate to as long as six years, if commission amounts paid upon renewal are not commensurate with amounts paid on the initial contract. A portion of the initial commission payable on the majority of our contracts is amortized over the anticipated renewal period, which is generally five to six years, due to commissions paid on renewal contracts not being commensurate with amounts paid on the initial contract. We determine the period of benefit for commissions paid for the acquisition of the initial customer contract by taking into consideration the initial estimated customer life and the technological life of our solutions. We periodically review these deferred commission costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit.

We capitalize costs incurred to fulfill our contracts when the costs relate directly to the contract and are expected to generate resources that will be used to satisfy the performance obligation under the contract and are expected to be recovered through revenue generated under the contract. Costs to fulfill contracts are expensed to cost of revenue as we satisfy the related performance obligations. Deferred cost of revenue is classified in its entirety as current or long-term based on whether the related revenue will be recognized within twelve months of the origination date of the arrangement. The amounts capitalized primarily relate to one-time costs incurred in the initial phase of our bundled SaaS arrangements (i.e., setup costs), which consist of costs related to the installation of systems and processes. Capitalized setup costs are amortized on a straight-line basis over the expected period of benefit, which includes anticipated contract renewals or extensions, consistent with the transfer to the customer of the services to which the asset relates.

Research and Development, net

With the exception of certain software development costs, all research and development costs are expensed as incurred, and consist primarily of personnel and consulting costs, travel, depreciation of research and development equipment, and related overhead and other costs associated with research and development activities.

We periodically derive benefits from participation in government-sponsored programs in certain jurisdictions, for the support of research and development activities conducted in those locations.

Income Taxes

We account for income taxes under the asset and liability method which includes the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements. Under this approach, deferred taxes are recorded for the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus deferred taxes. Deferred taxes result from differences between the financial statement and tax bases of our assets and liabilities, and are adjusted for changes in tax rates and tax laws when changes are enacted. The effects of future changes in income tax laws or rates are not anticipated.

We are subject to income taxes in the United States and numerous foreign jurisdictions. The calculation of our income tax provision involves the application of complex tax laws and requires significant judgment and estimates.

We evaluate the realizability of our deferred tax assets for each jurisdiction in which we operate at each reporting date, and establish valuation allowances when it is more likely than not that all or a portion of our deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the same character and in the same jurisdiction. We consider all available positive and negative evidence in making this assessment, including, but not limited to, the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. In circumstances where there is sufficient negative evidence indicating that our deferred tax assets are not more-likely-than-not realizable, we establish a valuation allowance.

We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate tax positions taken or expected to be taken in a tax return by assessing whether they are more-likely-than-not sustainable, based solely on their technical merits, upon examination and including resolution of any related appeals or litigation process. The second step is to measure the associated tax benefit of each position as the largest amount that we believe is more-likely-than-not realizable. Differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements represent our unrecognized income tax benefits, which we either record as a liability or as a reduction of deferred tax assets. Our policy is to include interest (expense and/or income) and penalties related to unrecognized income tax benefits as a component of the provision for income taxes.

Functional Currencies and Foreign Currency Transaction Gains and Losses

The functional currency for most of our foreign subsidiaries is the applicable local currency, although we have some subsidiaries with functional currencies that differ from their local currency, of which the most notable exception is our subsidiary in Israel, whose functional currency is the U.S. dollar.

Transactions denominated in currencies other than a functional currency are converted to the functional currency on the transaction date, and any resulting assets or liabilities are further remeasured at each reporting date and at settlement. Gains and losses recognized upon such remeasurements are included within other income (expense), net in the consolidated statements of operations. We recorded net foreign currency losses of $0.4 million and $1.6 million for the years ended January 31, 2024 and 2022, respectively. We recorded net foreign currency gains of $3.5 million for the year ended January 31, 2023.

For consolidated reporting purposes, in those instances where a foreign subsidiary has a functional currency other than the U.S. dollar, revenue and expenses are translated into U.S. dollars using average exchange rates for the reporting period, while assets and liabilities are translated into U.S. dollars using period-end rates. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets.

Stock-Based Compensation

We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of the award. We recognize the fair value of the award as compensation expense over the period during which an employee is required to provide service in exchange for the award.

For performance stock units for which vesting is in part dependent on total shareholder return, the fair value of the award is estimated on the date of grant using a Monte Carlo Simulation. Expected volatility and expected term are input factors for that model and may require significant management judgment. Expected volatility is estimated utilizing daily historical volatility for Verint common stock price and the constituents of the specific comparator index over a period commensurate with the

remaining award performance period. The risk-free interest rate used is equal to the implied daily yield of the zero-coupon U.S. Treasury bill that corresponds with the remaining performance period of the award as of the valuation date.

Net Income (Loss) Per Common Share Attributable to Verint Systems Inc.

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average common stock outstanding during the respective period. Net income (loss) attributable to common shareholders is computed by deducting both the dividends declared in the period on the Preferred Stock and the dividends accumulated for the period on the Preferred Stock from net income (loss). Shares used in the calculation of basic net income (loss) per common share include vested but unissued shares underlying awards of restricted stock units when all necessary conditions for earning those shares have been satisfied at the award’s vesting date, but exclude unvested shares of restricted stock because they are contingent upon future service conditions.

Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common and common equivalent shareholders by the total of the weighted-average common stock outstanding and common equivalent shares outstanding during the respective period. The number of common equivalent shares outstanding has been determined in accordance with the if-converted method for the Preferred Stock and the treasury stock method for unvested restricted stock units to the extent they are dilutive. Under the treasury stock method, the exercise price paid by the holder and average future share-based compensation expense that we have not yet recognized are assumed to be used to repurchase shares. Any incremental difference between the assumed number of shares issued and repurchased is included in the diluted share computation.

Upon conversion of our 0.25% convertible senior notes due April 15, 2026 (the “2021 Notes”), further details for which appear in Note 7, “Long-Term Debt,” we are currently obligated to settle the principal amount of the 2021 Notes in cash upon conversion and as a result, only the amounts payable in excess of the principal amounts of the 2021 Notes, if any, are assumed to be settled with shares of common stock for purposes of computing diluted net income per share.

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

Recent Accounting Pronouncements

New Accounting Pronouncements Recently Adopted

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 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 were not subject to the corporate minimum tax for the year ended January 31, 2024. 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 year ended January 31, 2024, the calculated excise tax was $0.8 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.

New Accounting Pronouncements Not Yet Effective

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require public companies to report incremental segment information on an annual and interim basis, including enhanced disclosures of significant segment expenses included within each reported measure of segment profit or loss. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and disclosures.

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

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Divestitures (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($) employee	Mar. 31, 2023 USD ($) installment	Jan. 31, 2024 USD ($) employee	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business agreement terms, period following transaction closing date	6 years
Proceeds from divestiture of businesses			$ (9,541)	$ 0	$ 0
Entity number of employees \| employee	3,700		3,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from divestiture	$ 6,000		$ 6,000
Proceeds from divestiture of businesses	(9,700)
Cumulative foreign translation adjustment	800
Cash divested from deconsolidation	6,500
Tangible assets	1,000		1,000
Intangible assets disposed	500		500
Goodwill disposed	$ 6,800		6,800
Revenue			$ 25,200	$ 33,200	$ 34,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Product Line Inherited As Part Of Legacy Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from divestiture		$ 700
Proceeds from divestiture of businesses		200
Intangible assets disposed		200
Goodwill disposed		$ 300
Consideration from divestiture, number of installments \| installment		3

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jan. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Our assets and liabilities measured at fair value on a recurring basis consisted of the following as of January 31, 2024 and 2023:


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


	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 years ended January 31, 2024 and 2023:



	Year Ended January 31,
(in thousands)	2024		2023
Fair value measurement, beginning of year	$	12,717	$	—
Contingent consideration liabilities recorded for business combinations	2,265		12,184
Changes in fair values, recorded in operating expenses	(3,043)		408
Payments of contingent consideration	(4,906)		—
Foreign currency translation and other	228		125
Transfer of contingent consideration liability to Level 2 of the fair value hierarchy	(3,750)		—
Fair value measurement, end of year	$	3,511	$	12,717

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Loss Contingencies [Line Items]
Compensation and benefits, excluding bonus	$ 54,727	$ 53,460
Accrued bonus	25,816	20,306
Taxes other than income taxes	13,148	16,346
Preferred Stock dividends payable	10,400	10,400
Operating lease obligations - current portion	5,492	7,965
Contingent consideration - current portion	4,446	4,496
Income taxes	2,394	443
Professional and consulting fees	1,983	2,635
Other	14,277	21,643
Total accrued expenses and other current liabilities	137,433	155,944
CTI Litigation
Loss Contingencies [Line Items]
Litigation settlement liability	4,750	11,250
DOJ False Claims Act Litigation
Loss Contingencies [Line Items]
Litigation settlement liability	$ 0	$ 7,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Costs to Obtain and Fulfill Contracts (Details)	12 Months Ended
	Jan. 31, 2024
Minimum
Disaggregation of Revenue [Line Items]
Customer engagement contracts renewal period	5 years
Maximum
Disaggregation of Revenue [Line Items]
Sales and agent commissions, amortization period	6 years
Customer engagement contracts renewal period	6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Spin-Off, Apax Convertible Preferred Stock Investment and Principles of Consolidation (Details) - USD ($)	Apr. 06, 2021	Feb. 01, 2021	May 07, 2020	Dec. 04, 2019	Jan. 31, 2024	Jan. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, par value (in dollars per share)		$ 0.001			$ 0.001	$ 0.001
Spin-off transaction, number of shares received (in shares)		1
Apax
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage ownership of outstanding shares					13.50%
Convertible Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, consideration received on transaction				$ 400,000,000
Series A Preferred Stock \| Series A Private Placement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, consideration received on transaction			$ 200,000,000
Series B Preferred Stock \| Series B Private Placement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, consideration received on transaction	$ 200,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill And Other Acquired Intangible Assets (Details)	Jan. 31, 2024
Accounting Policies [Abstract]
Estimated useful lives of finite-lived intangible assets (in years)	10 years

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS

12 Months Ended

Jan. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS

Stock-Based Compensation Plans

Plan Summaries

We issue stock-based incentive awards to eligible employees, directors and consultants, including restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options (both incentive and non-qualified), and other awards, under the terms of our outstanding stock benefit plans (the “Plans” or “Stock Plans”) and forms of equity award agreements approved by our board of directors.

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. Upon issuance of restricted stock, exercise of stock options, or issuance of shares under the Plans, we generally issue new shares of common stock, but may issue treasury shares.

Stock-Based Compensation Plans

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

Stock-Based Compensation Expense

We recognized stock-based compensation expense in the following line items on the consolidated statements of operations for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Component of income before provision for income taxes:
Cost of revenue - recurring	$	2,114	$	2,856	$	1,999
Cost of revenue - nonrecurring	2,017		2,806		3,029
Research and development, net	11,918		12,576		7,565
Selling, general and administrative	51,550		57,876		52,672
Total stock-based compensation expense	67,599		76,114		65,265
Income tax benefits related to stock-based compensation (before consideration of valuation allowances)	11,580		12,368		10,615
Total stock-based compensation, net of taxes	$	56,019	$	63,746	$	54,650

The following table summarizes stock-based compensation expense by type of award for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Restricted stock units and restricted stock awards	$	62,006	$	68,258	$	58,678
Stock bonus program and bonus share program	5,616		7,793		6,568
Total equity-settled awards	67,622		76,051		65,246
Phantom stock units (cash-settled awards)	(23)		63		19
Total stock-based compensation expense	$	67,599	$	76,114	$	65,265

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.

We recorded a $2.8 million net excess tax deficiency, and $0.6 million, and $2.5 million of net excess tax benefits resulting from our Stock Plans as a component of income tax expense for the years ended January 31, 2024, 2023, and 2022, respectively.

Restricted Stock Units and Performance Stock Units

We periodically award RSUs to our directors, officers, and other employees. The fair value of these awards is equivalent to the market value of our common stock on the grant date. RSUs are not shares of our common stock and do not have any of the rights or privileges thereof, including voting or dividend rights. On the applicable vesting date, the holder of an RSU becomes entitled to a share of our common stock. RSUs are subject to certain restrictions and forfeiture provisions prior to vesting.

We periodically award PSUs to executive officers and certain employees that vest upon the achievement of specified performance goals or market conditions. We separately recognize compensation expense for each tranche of a PSU award as if it were a separate award with its own vesting date. For certain PSUs, an accounting grant date may be established prior to the requisite service period.

Once a performance vesting condition has been defined and communicated, and the requisite service period has begun, our estimate of the fair value of PSUs requires an assessment of the probability that the specified performance criteria will be achieved, which we update at each reporting date and adjust our estimate of the fair value of the PSUs, if necessary. All compensation expense for PSUs with market conditions is recognized if the requisite service period is fulfilled, even if the market condition is not satisfied.

RSUs, PSUs, or phantom stock units that are expected to settle with cash payments upon vesting, if any, are reflected as liabilities on our consolidated balance sheets. Such awards were insignificant at January 31, 2024, 2023, and 2022.

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 years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
	2024			2023			2022
(in thousands, except grant date fair values)	Shares or Units	Weighted-Average Grant-Date Fair Value		Shares or Units	Weighted-Average Grant-Date Fair Value		Shares or Units	Weighted-Average Grant-Date Fair Value
Beginning balance	2,230	$	52.42	2,454	$	42.99	2,950	$	35.97
Granted	2,127	$	35.68	1,743	$	54.98	1,540	$	48.01
Released	(1,433)	$	46.12	(1,733)	$	42.13	(1,800)	$	36.14
Forfeited	(266)	$	43.70	(234)	$	48.86	(236)	$	40.23
Ending balance	2,658	$	43.29	2,230	$	52.42	2,454	$	42.99

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 January 31, 2024, for such awards that are outstanding, settlement with cash payments was not considered probable, and therefore these awards have been accounted for as equity-classified awards and are included in the table above.

The following table summarizes PSU activity in isolation under the Plans for the years ended January 31, 2024, 2023, and 2022 (these amounts are also included in the Award Activity Table above for 2024, 2023, and 2022):


	Year Ended January 31,
(in thousands)	2024	2023	2022
Beginning balance	532	547	743
Granted	277	278	212
Released	(230)	(279)	(381)
Forfeited	(47)	(14)	(27)
Ending balance	532	532	547

Excluding PSUs, we granted 1,850,000 RSUs during the year ended January 31, 2024.

As of January 31, 2024, there was approximately $75.3 million of total unrecognized compensation expense, net of estimated forfeitures, related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.6 years.

Stock Options

We did not grant stock options during the years ended January 31, 2024, 2023, and 2022, and there was no activity from stock options awarded in prior periods during these years.

Phantom Stock Units

We have periodically issued phantom stock units to certain employees that settle, or are expected to settle, with cash payments upon vesting. Like equity-settled awards, phantom stock units are awarded with vesting conditions and are subject to certain forfeiture provisions prior to vesting.

Phantom stock unit activity for the years ended January 31, 2024, 2023, and 2022 was not significant.

Adjustment in Connection with the Spin-Off

In accordance with the terms of our applicable equity incentive plans, following the completion of the Spin-Off on February 1, 2021, we equitably adjusted the number of shares underlying our remaining unvested awards by a factor of approximately 1.45 based on the ratio of the trading prices of our common stock prior to the Spin-Off to the trading prices of our common stock following the Spin-Off.

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. Obligations under this program are accounted for as liabilities, 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 common stock determined using a discounted average price of our common stock. Shares earned under the program are issued after the end of the performance period, in the subsequent fiscal year.

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. Similar to the accounting for the stock bonus program, obligations for these bonuses are accounted for as liabilities, because the obligations are based predominantly on fixed monetary amounts that are generally known, to be settled with a variable number of shares of common stock. As noted above, all shares issued under this program are included in the Award Activity Table above. Like the stock bonus program, shares awarded under the program are issued after the end of the performance period, in the subsequent fiscal year.

For bonuses in respect of the year ended January 31, 2021, 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%, for awards under our stock bonus program. However, these two programs were not used for the performance period ended January 31, 2021, and no shares were issued during the year ended January 31, 2022. Bonuses in respect of the year ended January 31, 2021 were paid solely in cash.

For bonuses in respect of the year ended January 31, 2022, 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 300,000 shares of common stock, and a discount of 15%, approved for awards under our stock bonus program. We issued approximately 119,000 shares under the stock bonus program during the three months ended July 31, 2022, in respect of the performance period ended January 31, 2022. The bonus share program was not used, and no shares were issued under this program, in respect of the performance period ended January 31, 2022.

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 of these 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 years ended January 31, 2024, 2023, and 2022 in isolation from other share activity. As noted above, shares issued in a given fiscal year are in respect of the prior fiscal year’s program period. Also, 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.


	Year Ended January 31,
(in thousands)	2024	2023	2022
Shares in lieu of cash bonus — granted and released (not included in the Award Activity Table above)	27	119	—
Shares in respect of discount (included in the Award Activity Table above):
Granted	—	12	—
Released	2	10	—

For bonuses in respect of the year ended January 31, 2024, our board of directors approved the use of up to 300,000 shares of common stock in the aggregate 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. Any shares earned under these programs for the performance period ended January 31, 2024 will be issued during the first half of the year ending January 31, 2025.

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

The combined accrued liabilities for the stock bonus program and the bonus share program were $5.8 million and $7.9 million at January 31, 2024 and 2023, respectively.

Other Benefit Plans

401(k) Plan and Other Retirement Plans

We maintain a 401(k) Plan for our full-time employees in the United States. The plan allows eligible employees who attain the age of 21 beginning with the first of the month following their date of hire to elect to contribute up to 60% of their annual compensation, subject to the prescribed maximum amount. We match employee contributions at a rate of 50%, up to a maximum annual matched contribution of $2,000 per employee.

Employee contributions are always fully vested, while our matching contributions for each year vest on the last day of the calendar year provided the employee remains employed with us on that day.

Our matching contribution expenses for our 401(k) Plan were $2.5 million, $2.7 million, and $2.6 million for the years ended January 31, 2024, 2023, and 2022, respectively.

We provide retirement benefits for non-U.S. employees as required by local laws or to a greater extent as we deem appropriate through plans that function similar to 401(k) plans. Funding requirements for programs required by local laws are determined on an individual country and plan basis and are subject to local country practices and market circumstances.

Severance Pay

We are obligated to make severance payments for the benefit of certain employees of our foreign subsidiaries. Severance payments made to Israeli employees are considered significant compared to all other subsidiaries with severance payment arrangements. Under Israeli law, we are obligated to make severance payments to employees of our Israeli subsidiary, subject to certain conditions. In most cases, our liability for these severance payments is fully provided for by regular deposits to funds administered by insurance providers and by an accrual for the amount of our liability which has not yet been deposited.

Severance expenses for our Israeli employees for the years ended January 31, 2024, 2023, and 2022 were $1.7 million, $1.6 million, and $1.3 million, respectively.

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Other Benefit Plans (Details) - USD ($)	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
401(k) Plan and Other Retirement Plans
Employee contribution limit (as a percentage of compensation)	60.00%
Company's matching contribution as percentage of employee's annual compensation (as a percentage of compensation)	50.00%
Matching contribution per employee maximum amount	$ 2,000
Matching contribution expense	2,500,000	$ 2,700,000	$ 2,600,000
Liability for Severance Pay
Severance expenses	$ 1,700,000	$ 1,600,000	$ 1,300,000

LONG-TERM DEBT - 2014 Notes (Details) - USD ($) shares in Thousands			3 Months Ended	12 Months Ended
	Jun. 01, 2021	Jun. 18, 2014	Jul. 31, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Debt Instrument [Line Items]
Payment for debt extinguishment, principal				$ 0	$ 0	$ 386,887,000
2014 Notes
Debt Instrument [Line Items]
Debt principal amount		$ 400,000,000
Coupon interest rate		1.50%
Proceeds from issuance of convertible notes, net of underwriting discounts		$ 391,900,000
Repurchased amount in cash							$ 13,100,000
Principal amount - repurchased notes							13,000,000
Payment for debt extinguishment	$ 389,800,000
Payment for debt extinguishment, principal	386,900,000
Payment for debt extinguishment, interest	2,900,000
Incremental conversion value	$ 57,700,000
Treasury stock reissued (in shares)			1,250
2014 Notes \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Equity component of currently redeemable convertible notes							$ 78,000,000

REVENUE RECOGNITION - Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation	$ 744,302	$ 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		464,346
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	464,600	$ 262,695
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation	$ 279,702

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Verint Systems Inc. Stockholders’ Equity	Total Verint Systems Inc. Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balances (in shares) at Jan. 31, 2021					65,773
Beginning balances at Jan. 31, 2021	$ 1,282,564	$ 1,430	$ 1,267,437	$ 1,430	$ 70	$ 1,726,166	$ (43,445)	$ (208,124)	$ (113,797)	$ 44,875	$ (136,878)	$ 15,127
Increase (Decrease) in Stockholders' Equity
Net income	15,651		14,413						14,413			1,238
Other comprehensive income, excluding the distribution of Cognyte Software Ltd.	1,240		1,240								1,240
Other comprehensive (loss) income	18,363
Distribution of Cognyte Software Ltd.	(277,412)		(264,542)			(281,665)					17,123	(12,870)
Stock-based compensation — equity-classified awards	58,679		58,679			58,679
Common stock issued for stock awards and stock bonuses (in shares)					1,800
Common stock issued for stock awards and stock bonuses	0				$ 2	(2)
Common stock repurchased and retired (in shares)					(1,058)
Common stock repurchased and retired	(49,581)		(49,581)		$ (1)	(49,580)
Settlement of conversion premium upon maturity of 2014 Notes (in shares)					1,250
Settlement of conversion premium upon maturity of 2014 Notes	(8)		(8)			(59,139)		59,131
Common stock received from exercise of Note Hedges (in shares)					(1,250)
Common stock received from exercise of Note Hedges	3		3			57,695		(57,692)
Common stock received from exercise of Note Hedges related to repurchased 2014 Notes (in shares)					(42)
Common stock received from exercise of Note Hedges related to repurchased 2014 Notes	0					1,959		(1,959)
Common stock issued upon settlement of Warrants (in shares)					293
Common stock issued upon settlement of Warrants	(5)		(5)			(25)		20
Purchases of capped calls, net of taxes	(32,441)		(32,441)			(32,441)
Treasury stock acquired (in shares)					(555)
Treasury stock acquired	(26,375)		(26,375)					(26,375)
Treasury stock retired	0				$ (5)	(234,994)		234,999
Distribution to noncontrolling interest	(1,110)											(1,110)
Preferred stock dividends	(18,056)		(18,056)			(18,056)
Ending balances (in shares) at Jan. 31, 2022					66,211
Ending 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
Net income	15,659		14,898						14,898			761
Other comprehensive (loss) income	(35,584)		(35,584)								(35,584)
Stock-based compensation — equity-classified awards	68,257		68,257			68,257
Common stock issued for stock awards and stock bonuses (in shares)					1,853
Common stock issued for stock awards and stock bonuses	$ 6,427		6,427		$ 2	6,425
Common stock repurchased and retired (in shares)	(2,659)				(649)
Common stock repurchased and retired	$ (23,456)		(23,456)		$ (1)	(23,455)
Treasury stock acquired (in shares)					(2,011)
Treasury stock acquired	(106,146)		(106,146)					(106,146)
Treasury stock retired	0				$ (2)	(106,144)		106,146
Distribution to noncontrolling interest	(787)											(787)
Preferred stock dividends	(20,800)		(20,800)			(20,800)
Other reclasses	$ 0					5,722			(5,722)
Ending balances (in shares) at Jan. 31, 2023	65,404				65,404
Ending 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
Net income	39,634		38,610						38,610			1,024
Other comprehensive (loss) income	11,137		11,137								11,137
Stock-based compensation — equity-classified awards	62,006		62,006			62,006
Common stock issued for stock awards and stock bonuses (in shares)					1,459
Common stock issued for stock awards and stock bonuses	$ 7,737		7,737		$ 2	7,735
Common stock repurchased and retired (in shares)	(4,125)				(4,125)
Common stock repurchased and retired	$ (124,431)		(124,431)		$ (4)	(124,427)
Distribution to noncontrolling interest	(766)											(766)
Preferred stock dividends	$ (20,800)		(20,800)			(20,800)
Ending balances (in shares) at Jan. 31, 2024	62,738				62,738
Ending balances at Jan. 31, 2024	$ 832,666		$ 830,049		$ 63	$ 979,671		$ 0	$ (6,723)		$ (142,962)	$ 2,617

LEASES - Maturities Of Lease Liabilities (Details) $ in Thousands	Jan. 31, 2024 USD ($)
Operating Leases
2025	$ 7,234
2026	7,245
2027	6,161
2028	5,534
2029	4,838
Thereafter	18,601
Total future minimum lease payments	49,613
Less: imputed interest	(12,021)
Total	37,592
Finance Leases
2025	1,472
2026	882
2027	182
2028	70
2029	0
Thereafter	0
Total future minimum lease payments	2,606
Less: imputed interest	(86)
Total	$ 2,520

STOCKHOLDERS' EQUITY - Amounts Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Class of Stock [Line Items]
Research and development, net	$ (133,804)	$ (130,644)	$ (123,291)
Selling, general and administrative	(405,915)	(392,939)	(376,808)
Interest expense	(10,334)	(7,877)	(10,325)
Total, before income taxes	61,272	54,762	39,504
Provision for income taxes	(21,638)	(39,103)	(23,853)
Net income	39,634	15,659	15,651
Recurring
Class of Stock [Line Items]
Cost of revenue	(162,868)	(162,347)	(156,569)
Nonrecurring
Class of Stock [Line Items]
Cost of revenue	(107,110)	(119,530)	(124,226)
Foreign currency forward contracts \| Reclassification out of Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Research and development, net	(416)	(392)	142
Selling, general and administrative	(194)	(207)	65
Total, before income taxes	(676)	(660)	232
Provision for income taxes	119	111	(39)
Net income	(557)	(549)	193
Foreign currency forward contracts \| Recurring \| Reclassification out of Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Cost of revenue	(7)	(1)	1
Foreign currency forward contracts \| Nonrecurring \| Reclassification out of Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Cost of revenue	(59)	(60)	24
Interest rate swap agreement \| Reclassification out of Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Interest expense	0	0	(1,014)
Other income (expense), net	0	0	(15,655)
Total, before income taxes	0	0	(16,669)
Provision for income taxes	0	0	3,638
Net income	0	0	(13,031)
Foreign currency translation loss: \| Reclassification out of Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Selling, general and administrative	(786)	0	0
Provision for income taxes	0	0	0
Net income	$ (786)	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Description of Business (Details)	12 Months Ended
	Jan. 31, 2024 employee office company
Accounting Policies [Abstract]
Percentage of fortune 100 companies as customers \| company	85
Number of offices \| office	15
Entity number of employees \| employee	3,700

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2021
Debt Instrument [Line Items]
Less: unamortized debt discounts and issuance costs	$ (4,035)	$ (6,092)
Total debt	410,965	408,908
Less: current maturities	0	0
Long-term debt	410,965	408,908
2021 Notes
Debt Instrument [Line Items]
Long-term debt outstanding	315,000	315,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt outstanding	100,000	0
Term Loan
Debt Instrument [Line Items]
Long-term debt outstanding	$ 0	$ 100,000	$ 100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Schedule of Stock-Based Compensation Expense by Type of Award (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Stock-based compensation expense
Share-based payment arrangement, expense	$ 67,599	$ 76,114	$ 65,265
Net excess tax deficiency (benefit) resulting from Stock Plans	(2,800)	600	2,500
Total equity-settled awards
Stock-based compensation expense
Share-based payment arrangement, expense	67,622	76,051	65,246
Restricted stock units and restricted stock awards \| Total equity-settled awards
Stock-based compensation expense
Share-based payment arrangement, expense	62,006	68,258	58,678
Stock bonus program and bonus share program \| Total equity-settled awards
Stock-based compensation expense
Share-based payment arrangement, expense	5,616	7,793	6,568
Phantom stock units (cash-settled awards) \| Phantom stock units (cash-settled awards)
Stock-based compensation expense
Share-based payment arrangement, expense	$ (23)	$ 63	$ 19

REVENUE RECOGNITION - Additional Information (Details)	12 Months Ended
REVENUE RECOGNITION - Additional Information (Details)	Jan. 31, 2024
Disaggregation of Revenue [Line Items]
Software maintenance, period	1 year
Software
Disaggregation of Revenue [Line Items]
Warranty period (in days/years)	90 days
Minimum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	1 year
Minimum \| Hardware
Disaggregation of Revenue [Line Items]
Warranty period (in days/years)	1 year
Maximum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	3 years
Maximum \| Hardware
Disaggregation of Revenue [Line Items]
Warranty period (in days/years)	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Future Amortization Expense on Finite-lived Acquisition-related Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Amount
2025	$ 17,217
2026	16,367
2027	12,587
2028	7,744
2029	2,837
Thereafter	714
Net	$ 57,466	$ 85,272

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income (Loss) Per Common Share (Details)	Apr. 09, 2021
2021 Notes
Debt Conversion
Coupon interest rate	0.25%

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Stock-Based Compensation Plans
Share-based payment arrangement, expense	$ 67,599	$ 76,114	$ 65,265
Income tax benefits related to stock-based compensation (before consideration of valuation allowances)	11,580	12,368	10,615
Total stock-based compensation, net of taxes	56,019	63,746	54,650
Cost of revenue - recurring
Stock-Based Compensation Plans
Share-based payment arrangement, expense	2,114	2,856	1,999
Cost of revenue - nonrecurring
Stock-Based Compensation Plans
Share-based payment arrangement, expense	2,017	2,806	3,029
Research and development, net
Stock-Based Compensation Plans
Share-based payment arrangement, expense	11,918	12,576	7,565
Selling, general and administrative
Stock-Based Compensation Plans
Share-based payment arrangement, expense	$ 51,550	$ 57,876	$ 52,672

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE RECOGNITION

12 Months Ended

Jan. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to be entitled to in exchange for such goods or services. When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We recognize revenue through the application of the following five steps:

1) Identify the contract(s) with a customer

A contract with a customer exists when (i) we enter into an enforceable contract with the customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or in the case of a new customer, published credit and financial information pertaining to the customer. Our customary business practice is to enter into legally enforceable written contracts with our customers. The majority of our contracts are governed by a master agreement between us and the customer, which sets forth the general terms and conditions of any individual contract between the parties, which is then supplemented by a customer purchase order to specify the different goods and services, the associated prices, and any additional terms for an individual contract. Multiple contracts with a single counterparty entered into within a close timeframe are evaluated to determine if the contracts should be combined and accounted for as a single contract.

2) Identify the performance obligations in the contract

Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, we must apply judgment to determine whether promised goods or services are capable of being distinct and are distinct in the context of the contract. If these criteria are not met the promised goods or services are accounted for as a combined performance obligation. Generally, our contracts do not include non-distinct goods or services.

3) Determine the transaction price

The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods or services to the customer. We assess the timing of the transfer of goods and services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, we do not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is a year or less, which is the case in the majority of our customer contracts. The primary purpose of our invoicing terms is not to receive or provide financing from or to customers. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price, if we assessed that it is probable that a significant future reversal of cumulative revenue under the contract will not occur.

Typically, our contracts do not provide our customers with any right of return or refund, and we do not constrain the contract price as it is probable that there will not be a significant revenue reversal due to a return or refund.

4) Allocate the transaction price to the performance obligations in the contract

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct goods or services that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, we must determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. We allocate the variable amount to one or more distinct performance obligations but not all or to one or more distinct services that form a part of a single performance obligation, when the payment terms of the variable amount relate solely to our efforts to satisfy that distinct performance obligation and it results in an allocation that is consistent with the overall allocation objective of the revenue standard. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation. We determine standalone selling price (“SSP”) based on the price at which the performance obligation is sold separately. If the SSP is not observable through past transactions, we estimate the SSP taking into account available information such as market conditions, including geographic or regional specific factors, competitive positioning, internal costs, profit objectives, and internally approved pricing guidelines related to the performance obligation. In addition, variable consideration attributable to sales- or usage-based royalties in exchange for a license of our IP are excluded from the transaction price in accordance with the revenue guidance.

5) Recognize revenue when (or as) the entity satisfies a performance obligation

We satisfy performance obligations either over time or at a point in time depending on the nature of the underlying promise. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer. In the case of contracts that include customer acceptance criteria, revenue is not recognized until we can objectively conclude that the product or service meets the agreed-upon specifications in the contract. Revenue related to sales- or usage-based royalties are recognized when the associated sales occur, and relevant thresholds are met. For royalty arrangements that include fixed considerations related to a minimum guarantee from a customer, the fixed consideration allocated to the license is recognized when the control of the license passes to the customer.

We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to our customers. Revenue is measured based on consideration specified in a contract with a customer, and excludes taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by us from a customer.

Shipping and handling activities that are billed to the customer and occur after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of revenue. Historically, these expenses have not been material.

Nature of Goods and Services

We derive and report our revenue in two categories: (a) recurring revenue, which includes bundled SaaS, unbundled SaaS, hosting services, optional managed services, initial and renewal support revenue, and product warranties, and (b) nonrecurring revenue, which primarily consists of perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties.

Our bundled SaaS contracts are typically comprised of a right to access our software, maintenance, hosting fees and standard managed services. We do not provide the customer with the contractual right to take possession of the software at any time during the hosting period under these contracts. The customer can only benefit from the SaaS license, maintenance and standard managed services when combined with the hosting service as the hosting service is the only way for the customer to access the software and benefit from the maintenance and managed services. Accordingly, each of the license, maintenance, hosting and standard managed services is not considered a distinct performance obligation in the context of the contract, and are combined into a single performance obligation (“bundled SaaS services”) and recognized ratably over the contract period. Our bundled SaaS customer contracts can consist of fixed, variable, and usage-based fees. Typically, we invoice fees on an annual basis at the outset of the contract, though quarterly or monthly billing terms are included in certain contracts. Certain bundled SaaS contracts include a nonrefundable upfront fee for setup services, which are not distinct from the bundled SaaS services. Non-distinct setup services represent an advanced payment for future bundled SaaS services, and are recognized as revenue when

those bundled SaaS services are satisfied, unless the nonrefundable fee is considered to be a material right, in which case the nonrefundable fee is recognized over the expected benefit period, which includes anticipated renewals. We determine SSP for our bundled SaaS services based on the price at which the performance obligation is sold separately, which is observable through past renewal transactions. We satisfy our bundled SaaS services by providing access to our software over time and processing transactions for usage-based contracts. For non-usage based fees, the period of time over which we perform is commensurate with the contract term because that is the period during which we have an obligation to provide the service. The performance obligation is recognized on a time elapsed basis, by day for which the services are provided.

Our software licenses either provide our customers a perpetual right to use our software or, in the case of unbundled SaaS, the right to use our software for only a fixed term, in most cases between a one- and three-year time frame. Generally, our contracts do not provide significant services of integration and customization and installation services are not required to be purchased directly from us. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We have concluded that the software license is distinct as the customer can benefit from the software on its own. Software revenue is typically recognized when the software is delivered or made available for download to the customer. We rarely sell our software licenses on a standalone basis and as a result SSP is not directly observable and must be estimated. We apply the adjusted market assessment approach, considering both market conditions and entity specific factors such as assessment of historical data of sales of software licenses in combination with other promised goods and services in order to maximize the use of observable inputs. Software SSP is established based on an appropriate discount from our established list price, taking into consideration whether there are certain stratifications of the population with different pricing practices. Revenue for hardware is recognized at a point in time, generally upon shipment or delivery.

Our patent license royalty agreements grant customers the right to use our intellectual property in their products for resale. Royalties are recognized as revenue in the period when the products containing our intellectual property are sold by the licensees to their customers. Differences between actual results and estimated amounts are adjusted in the following period as such sales are typically reported by the customer a month or quarter in arrears.

Professional services revenues primarily consist of fees for deployment and optimization services, as well as training, and are generally recognized over time as the customer simultaneously receives and consumes the benefits of the professional services as the services are performed. Professional services that are billed on a time and materials basis are recognized over time as the services are performed. For contracts billed on a fixed price basis, revenue is recognized over time using an input method based on labor hours expended to date relative to the total labor hours expected to be required to satisfy the related performance obligation. We determine SSP for our professional services based on the price at which the performance obligation is sold separately, which is observable through past transactions.

Customer support revenue is derived from providing remote technical support services, bug fixes and unspecified software updates and upgrades to customers on a when-and-if-available basis. Each of these performance obligations provide benefit to the customer on a standalone basis and are distinct in the context of the contract. Each of these distinct performance obligations represent a stand ready obligation to provide service to a customer, which is concurrently delivered and has the same pattern of transfer to the customer, which is why we account for these support services as a single performance obligation. We recognize support services ratably over the contractual term, which typically is one year for perpetual licenses and one to three years for unbundled SaaS arrangements. SSP for support services for perpetual licenses is developed based on standalone renewal contracts. SSP for support services included in unbundled SaaS arrangements is not directly observable and is estimated using information that may include market conditions and other observable inputs.

Our solutions are generally sold with a warranty of one year to three years for hardware and 90 days for software. These warranties do not represent an additional performance obligation as services beyond assuring that the software license and hardware comply with agreed-upon specifications are not provided.

Disaggregation of Revenue

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

•Recurring revenue primarily consists of:

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

▪Bundled SaaS revenue is recognized over time.

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

◦Optional managed services revenue.

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

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


	Year Ended January 31,
(in thousands)	2024		2023		2022
Recurring revenue:
Bundled SaaS revenue	$	250,526	$	222,560	$	183,035
Unbundled SaaS revenue	264,302		221,645		139,729
Total SaaS revenue	514,828		444,205		322,764
Optional managed services revenue	47,718		61,388		65,648
Support revenue	136,702		179,944		244,717
Total recurring revenue	699,248		685,537		633,129
Nonrecurring revenue:
Perpetual revenue	99,853		116,611		138,078
Professional services and other revenue	111,286		100,097		103,302
Total nonrecurring revenue	211,139		216,708		241,380
Total revenue	$	910,387	$	902,245	$	874,509

Contract Balances

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


	January 31,
(in thousands)	2024		2023
Accounts receivable, net	$	190,461	$	188,414
Contract assets, net	$	66,913	$	60,444
Long-term contract assets, net (included in other assets)	$	31,379	$	37,950
Contract liabilities	$	254,437	$	271,476
Long-term contract liabilities	$	10,581	$	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 for each of the years ended January 31, 2024, 2023, and 2022. We had two partners, both authorized global resellers of our solutions, that accounted for more than 10% of our aggregated accounts receivable and contract assets in recent years. Partner A accounted for approximately 14% and 15% of our aggregated accounts receivable and contract assets as of January 31, 2024 and 2023, respectively, and Partner B accounted for approximately 14% and 15% of our aggregated accounts receivable and contract assets as of January 31, 2024 and 2023, respectively. Credit losses related to these partners have historically been immaterial. During the years ended January 31, 2024 and 2023, we transferred $56.0 million and $43.2 million, respectively, to accounts receivable from contract assets recognized at the beginning of each period, as a result of the right to the transaction consideration becoming unconditional. We recognized $52.9 million and $69.9 million of contract assets during the years ended January 31, 2024 and 2023, respectively. Contract assets recognized during each year primarily related to multi-year unbundled SaaS contracts that are invoiced annually with license revenue recognized upfront.

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 years ended

January 31, 2024 and 2023 from amounts included in contract liabilities at the beginning of each period was $252.7 million and $242.4 million, respectively.

Remaining Performance Obligations

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

We elected to exclude amounts of variable consideration attributable to sales- or usage-based royalties in exchange for a license of our IP from the remaining performance obligations. The timing and amount of revenue recognition for our remaining

performance obligations are influenced by several factors, including seasonality, the timing of renewals, the timing of

delivery of software licenses, the average length of the contract terms, and foreign currency exchange rates.

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


	January 31,
(in thousands)	2024		2023
Remaining performance obligations:
Expected to be recognized within 1 year	$	464,600	$	464,346
Expected to be recognized in more than 1 year	279,702		262,695
Total remaining performance obligations	$	744,302	$	727,041

Costs to Obtain and Fulfill Contracts

Total capitalized costs to obtain contracts were $57.8 million as of January 31, 2024, of which $2.7 million is included in prepaid expenses and other current assets and $55.1 million is included in other assets on our consolidated balance sheet. Total capitalized costs to obtain contracts were $58.6 million as of January 31, 2023, of which $3.7 million is included in prepaid expenses and other current assets and $54.9 million is included in other assets on our consolidated balance sheet. During the years ended January 31, 2024, 2023, and 2022, we expensed $34.2 million, $33.1 million and $33.1 million, respectively, of sales and agent commissions, which are included in selling, general and administrative expenses and there were no impairment losses recognized for these capitalized costs.

Total capitalized costs to fulfill contracts were $3.2 million as of January 31, 2024, of which $0.2 million is included in prepaid expenses and other current assets and $3.0 million is included in other assets on our consolidated balance sheet. Total capitalized costs to fulfill contracts were $5.1 million as of January 31, 2023, of which $0.2 million is included in prepaid expenses and other current assets and $4.9 million is included in other assets on our consolidated balance sheet. During each of the years ended January 31, 2024 and 2023, we amortized $3.0 million of contract fulfillment costs, and during the year ended January 31, 2022, we amortized $3.2 million of contract fulfillment costs.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Operating Leases
Operating lease obligations - current portion	$ 5,492	$ 7,965
Operating lease liabilities, noncurrent	32,100	$ 40,744
Total	$ 37,592
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Leases
Finance lease liability, current	$ 1,433
Finance lease obligations - long-term portion	1,087	$ 2,308
Total	$ 2,520
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES (Tables)

12 Months Ended

Jan. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocations

The following table sets forth the components and the allocation of the purchase price for our acquisition of Conversocial, including adjustments identified subsequent to the valuation date none of which were material:


(in thousands)	Amount
Components of Purchase Price:
Cash	$	53,409
Other purchase price adjustments	(190)
Total purchase price	$	53,219

Allocation of Purchase Price:
Net tangible assets (liabilities):
Accounts receivable	$	1,694
Other current assets, including cash acquired	5,462
Other assets	511
Current and other liabilities	(1,945)
Contract liabilities - current and long-term	(3,410)
Deferred income taxes	(301)
Net tangible assets	2,011
Identifiable intangible assets:
Customer relationships	9,800
Developed technology	9,900
Trademarks and trade names	200
Total identifiable intangible assets	19,900
Goodwill	31,308
Total purchase price allocation	$	53,219

REVENUE RECOGNITION (Tables)

12 Months Ended

Jan. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

•Recurring revenue primarily consists of:

▪Bundled SaaS revenue is recognized over time.

◦Optional managed services revenue.

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

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


	Year Ended January 31,
(in thousands)	2024		2023		2022
Recurring revenue:
Bundled SaaS revenue	$	250,526	$	222,560	$	183,035
Unbundled SaaS revenue	264,302		221,645		139,729
Total SaaS revenue	514,828		444,205		322,764
Optional managed services revenue	47,718		61,388		65,648
Support revenue	136,702		179,944		244,717
Total recurring revenue	699,248		685,537		633,129
Nonrecurring revenue:
Perpetual revenue	99,853		116,611		138,078
Professional services and other revenue	111,286		100,097		103,302
Total nonrecurring revenue	211,139		216,708		241,380
Total revenue	$	910,387	$	902,245	$	874,509

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:


	January 31,
(in thousands)	2024		2023
Accounts receivable, net	$	190,461	$	188,414
Contract assets, net	$	66,913	$	60,444
Long-term contract assets, net (included in other assets)	$	31,379	$	37,950
Contract liabilities	$	254,437	$	271,476
Long-term contract liabilities	$	10,581	$	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:


	January 31,
(in thousands)	2024		2023
Remaining performance obligations:
Expected to be recognized within 1 year	$	464,600	$	464,346
Expected to be recognized in more than 1 year	279,702		262,695
Total remaining performance obligations	$	744,302	$	727,041

INCOME TAXES - Income Before Provision before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (13,507)	$ (6,676)	$ (12,492)
Foreign	74,779	61,438	51,996
Income before provision for income taxes	$ 61,272	$ 54,762	$ 39,504

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 940
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 13, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Sep. 06, 2019
Derivative [Line Items]
Payments for derivative instrument		$ 0	$ 0	$ 16,502
Unrealized gain on derivatives		$ 0	0	(14,374)
Deferred tax asset reclassified upon derivative settlement				$ 3,700
Foreign currency forward contracts
Derivative [Line Items]
Derivative, term		12 months
Derivative - notional amount		$ 6,300	$ 6,800
Maximum maturity of foreign currency derivatives		12 months
2018 Interest Rate Swap
Derivative [Line Items]
Derivative - notional amount					$ 200,000
Derivative - fixed interest rate					2.949%
Derivative - index interest rate floor					0.00%
Payments for derivative instrument	$ 16,500
Unrealized gain on derivatives	1,300
Reclassification of cash flow hedge loss, before tax	$ 15,700

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($)	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Accounting Policies [Abstract]
Minimum maturity period of short term investments in time deposits (in days)	90 days
Marketable debt securities	$ 200,000	$ 0

SEGMENT, GEOGRAPHIC, AND SIGNIFICANT CUSTOMER INFORMATION - Reportable Operating Segments (Details)	12 Months Ended
	Jan. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details)					1 Months Ended			12 Months Ended			15 Months Ended
	Jul. 31, 2023 USD ($)	Jul. 10, 2022 USD ($) phase	Oct. 31, 2012 USD ($)	Jun. 07, 2012 defendant	Mar. 27, 2024 USD ($)	Aug. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Jan. 31, 2024 USD ($) installment claim	Jan. 31, 2023 USD ($)	Jun. 30, 2019 round	Apr. 30, 2023 USD ($)	Sep. 05, 2019 claim	Oct. 24, 2018 trademark
Loss Contingencies [Line Items]
Loss contingency, alleged trademarks infringed, number \| trademark													2
Loss contingency, claims settled and dismissed, number \| claim								2
Insurance recoveries							$ 12,500,000		$ 2,000,000		$ 14,500,000
CTI Litigation
Loss Contingencies [Line Items]
Number of rounds of mediation \| round										2
Litigation settlement liability								$ 4,750,000	11,250,000
CTI Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Number of defendants \| defendant				3
Loss contingency, damages sought, value			$ 150,000,000
Litigation settlement, amount		$ 16,000,000
Litigation settlement, number of payment phases \| phase		3
Litigation settlement, number of payment installments paid \| installment								2
Litigation liability								$ 4,700,000
Litigation settlement indemnification receivables								4,700,000
Litigation settlement, income statement impact								0
CTI Litigation \| Settled Litigation \| Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements					$ 4,700,000
ACSI and CFI Complaints
Loss Contingencies [Line Items]
Number of pending cases \| claim												2
ACSI and CFI Complaints \| Settled Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount	$ 9,000,000
Litigation settlement, income statement impact									0
Litigation settlement liability									3,500,000
Estimated litigation liability, incremental settlement costs								5,500,000
DOJ False Claims Act Litigation
Loss Contingencies [Line Items]
Litigation settlement liability								$ 0	7,000,000
DOJ False Claims Act Litigation \| Settled Litigation
Loss Contingencies [Line Items]
Payments for legal settlements						$ 7,000,000
Litigation settlement, income statement impact									0
Litigation settlement liability									$ 7,000,000

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Jan. 31, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash, Cash Equivalents and Short-term Investments

The following tables summarize our cash, cash equivalents, and short-term investments as of January 31, 2024 and 2023:


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

Short-term investments:
Bank time deposits	$	686	$	—	$	—	$	686
Total short-term investments	$	686	$	—	$	—	$	686


	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

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

12 Months Ended

Jan. 31, 2024

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

Consolidated Balance Sheets

Inventories consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Raw materials	$	4,402	$	3,325
Work-in-process	69		40
Finished goods	9,738		9,263
Total inventories	$	14,209	$	12,628

Property and equipment, net consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Land and buildings	$	779	$	820
Leasehold improvements	11,837		15,026
Software	56,203		73,569
Equipment, furniture, and other	28,505		41,966
Total cost	97,324		131,381
Less: accumulated depreciation and amortization	(49,620)		(66,571)
Total property and equipment, net	$	47,704	$	64,810

Depreciation expense on property and equipment was $27.9 million, $18.6 million, and $20.7 million in the years ended January 31, 2024, 2023, and 2022, respectively.

Prepaid and other current assets consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Prepaid expenses	$	25,718	$	23,766
Other current assets	25,614		27,257
CTI litigation settlement indemnification asset - current portion	4,750		11,250
Cloud computing implementation costs, net - current portion	3,423		598
Insurance recovery receivable	—		12,503
Total prepaid expenses and other current assets	$	59,505	$	75,374

Other assets consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Deferred commissions	$	54,757	$	54,512
Long-term contract assets, net	31,379		37,950
Capitalized software development costs, net	25,319		23,527
Cloud computing implementation costs, net - long-term portion	6,579		2,591
Noncontrolling equity investments	5,146		5,146
Long-term deferred cost of revenue	3,026		4,951
Contingent consideration receivable - long-term portion	2,685		—
SAFE investment	1,700		—
CTI litigation settlement indemnification asset - long-term portion	—		4,750
Other	8,959		14,855
Total other assets	$	139,550	$	148,282

We expensed $1.5 million, $0.1 million, and $0.1 million of capitalized cloud computing implementation costs in the years ended January 31, 2024, 2023, and 2022, respectively. Accumulated amortization for these costs was $1.6 million and $0.1 million as of January 31, 2024 and 2023, respectively.

Accrued expenses and other current liabilities consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Compensation and benefits, excluding bonus	$	54,727	$	53,460
Accrued bonus	25,816		20,306
Taxes other than income taxes	13,148		16,346
Preferred Stock dividends payable	10,400		10,400
Operating lease obligations - current portion	5,492		7,965
CTI litigation settlement liability - current portion	4,750		11,250
Contingent consideration - current portion	4,446		4,496
Income taxes	2,394		443
Professional and consulting fees	1,983		2,635
DOJ legal settlement liability	—		7,000
Other	14,277		21,643
Total accrued expenses and other current liabilities	$	137,433	$	155,944

Other liabilities consisted of the following as of January 31, 2024 and 2023:


	January 31
(in thousands)	2024		2023
Unrecognized tax benefits, including interest and penalties	$	71,330	$	52,887
Contingent consideration - long-term portion	2,815		8,221
Finance lease obligations - long-term portion	1,087		2,308
CTI litigation settlement liability - long-term portion	—		4,750
Other	833		466
Total other liabilities	$	76,065	$	68,632

We capitalize certain costs incurred to develop our commercial software products, and we then recognize those costs within cost of revenue as the products are sold. Activity for our capitalized software development costs for the years ended January 31, 2024, 2023, and 2022 was as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Capitalized software development costs, net, beginning of year	$	23,527	$	22,483	$	19,250
Software development costs capitalized during the year	9,623		7,595		7,560
Amortization of capitalized software development costs	(7,798)		(6,407)		(4,247)
Write-offs of capitalized software development costs	(136)		(6)		—
Foreign currency translation and other	103		(138)		(80)
Capitalized software development costs, net, end of year	$	25,319	$	23,527	$	22,483

There were no material impairments of previously capitalized software development costs during the years ended January 31, 2024, 2023 and 2022.

Consolidated Statements of Operations

Other income (expense), net consisted of the following for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Foreign currency (losses) gains, net	$	(439)	$	3,453	$	(1,644)
Losses on derivative financial instruments, net	—		—		(14,374)
Change in fair value of future tranche right	—		—		15,810
Other, net	(3,084)		(1,471)		5,435
Total other (expense) income, net	$	(3,523)	$	1,982	$	5,227

Please refer to Note 9, “Convertible Preferred Stock” for additional information regarding the future tranche right.

Consolidated Statements of Cash Flows

The following table provides supplemental information regarding our consolidated cash flows for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Cash paid for interest	$	8,094	$	4,661	$	9,716
Cash payments of income taxes, net	$	14,970	$	15,886	$	42,917
Non-cash investing and financing transactions:
Liabilities for contingent consideration in business combinations	$	2,265	$	12,184	$	900
Preferred Stock dividends declared	$	10,400	$	10,400	$	10,400
Finance leases of property and equipment	$	579	$	647	$	4,041
Settlement of Future Tranche Right upon issuance of Series B Preferred Stock	$	—	$	—	$	36,962
Retirement of treasury stock	$	—	$	106,146	$	234,999
Settlement of convertible note premium with common stock	$	—	$	—	$	59,131
Receipt of common stock from the counterparties under the Note Hedges	$	—	$	—	$	59,651
Accrued but unpaid purchases of property and equipment	$	371	$	2,353	$	750
Accrued but unpaid purchases of treasury stock	$	—	$	616	$	—
Receivable in exchange for sale of divested businesses	$	6,491	$	—	$	—
Excise tax on share repurchases	$	754	$	—	$	—

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 190,461	$ 188,414
Contract assets, net	66,913	60,444
Long-term contract assets, net (included in other assets)	31,379	37,950
Contract liabilities	254,437	271,476
Long-term contract liabilities	$ 10,581	$ 18,047

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Revenue:
Total revenue	$ 910,387	$ 902,245	$ 874,509
Cost of revenue:
Amortization of acquired technology	7,134	13,191	17,777
Total cost of revenue	277,112	295,068	298,572
Gross profit	633,275	607,177	575,937
Operating expenses:
Research and development, net	133,804	130,644	123,291
Selling, general and administrative	405,915	392,939	376,808
Amortization of other acquired intangible assets	25,371	26,238	28,995
Total operating expenses	565,090	549,821	529,094
Operating income	68,185	57,356	46,843
Other income (expense), net:
Interest income	6,944	3,301	233
Interest expense	(10,334)	(7,877)	(10,325)
Losses on early retirements of debt	0	0	(2,474)
Other (expense) income, net	(3,523)	1,982	5,227
Total other expense, net	(6,913)	(2,594)	(7,339)
Income before provision for income taxes	61,272	54,762	39,504
Provision for income taxes	21,638	39,103	23,853
Net income	39,634	15,659	15,651
Net income attributable to noncontrolling interests	1,024	761	1,238
Net income attributable to Verint Systems Inc.	38,610	14,898	14,413
Dividends on preferred stock	(20,800)	(20,800)	(18,922)
Net income (loss) attributable to Verint Systems Inc. common shares	$ 17,810	$ (5,902)	$ (4,509)
Net income (loss) per common share attributable to Verint Systems Inc.:
Basic (in dollars per share)	$ 0.28	$ (0.09)	$ (0.07)
Diluted (in dollars per share)	$ 0.28	$ (0.09)	$ (0.07)
Weighted-average common shares outstanding:
Basic (in shares)	63,990	65,332	65,591
Diluted (in shares)	64,318	65,332	65,591
Recurring
Revenue:
Total revenue	$ 699,248	$ 685,537	$ 633,129
Cost of revenue:
Cost of revenue	162,868	162,347	156,569
Nonrecurring
Revenue:
Total revenue	211,139	216,708	241,380
Cost of revenue:
Cost of revenue	$ 107,110	$ 119,530	$ 124,226

INCOME TAXES - Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Current provision for income taxes:
Federal	$ 20,128	$ 30,637	$ 3,215
State	2,784	2,733	1,121
Foreign	16,365	15,277	30,840
Total current provision for income taxes	39,277	48,647	35,176
Deferred (benefit from) provision for income taxes:
Federal	(17,086)	(8,010)	6,714
State	(133)	(699)	255
Foreign	(420)	(835)	(18,292)
Total deferred benefit from income taxes	(17,639)	(9,544)	(11,323)
Total provision for income taxes	$ 21,638	$ 39,103	$ 23,853

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 910,387	$ 902,245	$ 874,509
Bundled SaaS revenue
Disaggregation of Revenue [Line Items]
Total revenue	250,526	222,560	183,035
Unbundled SaaS revenue
Disaggregation of Revenue [Line Items]
Total revenue	264,302	221,645	139,729
Total SaaS revenue
Disaggregation of Revenue [Line Items]
Total revenue	514,828	444,205	322,764
Optional managed services revenue
Disaggregation of Revenue [Line Items]
Total revenue	47,718	61,388	65,648
Support revenue
Disaggregation of Revenue [Line Items]
Total revenue	136,702	179,944	244,717
Recurring
Disaggregation of Revenue [Line Items]
Total revenue	699,248	685,537	633,129
Perpetual revenue
Disaggregation of Revenue [Line Items]
Total revenue	99,853	116,611	138,078
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	111,286	100,097	103,302
Nonrecurring
Disaggregation of Revenue [Line Items]
Total revenue	$ 211,139	$ 216,708	$ 241,380
Minimum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Unbundled contracts renewal term	3 years

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Loss Contingencies [Line Items]
Prepaid expenses	$ 25,718	$ 23,766
Other current assets	25,614	27,257
Cloud computing implementation costs, net - current portion	3,423	598
Total prepaid expenses and other current assets	59,505	75,374
Other
Loss Contingencies [Line Items]
Insurance recovery receivable	0	12,503
CTI Litigation
Loss Contingencies [Line Items]
CTI litigation settlement indemnification asset - current portion	$ 4,750	$ 11,250

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS (Tables)

12 Months Ended

Jan. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

We recognized stock-based compensation expense in the following line items on the consolidated statements of operations for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Component of income before provision for income taxes:
Cost of revenue - recurring	$	2,114	$	2,856	$	1,999
Cost of revenue - nonrecurring	2,017		2,806		3,029
Research and development, net	11,918		12,576		7,565
Selling, general and administrative	51,550		57,876		52,672
Total stock-based compensation expense	67,599		76,114		65,265
Income tax benefits related to stock-based compensation (before consideration of valuation allowances)	11,580		12,368		10,615
Total stock-based compensation, net of taxes	$	56,019	$	63,746	$	54,650

Summary of Stock-based Compensation Expense by Type of Award

The following table summarizes stock-based compensation expense by type of award for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Restricted stock units and restricted stock awards	$	62,006	$	68,258	$	58,678
Stock bonus program and bonus share program	5,616		7,793		6,568
Total equity-settled awards	67,622		76,051		65,246
Phantom stock units (cash-settled awards)	(23)		63		19
Total stock-based compensation expense	$	67,599	$	76,114	$	65,265

Schedule of RSU Activity


	Year Ended January 31,
	2024			2023			2022
(in thousands, except grant date fair values)	Shares or Units	Weighted-Average Grant-Date Fair Value		Shares or Units	Weighted-Average Grant-Date Fair Value		Shares or Units	Weighted-Average Grant-Date Fair Value
Beginning balance	2,230	$	52.42	2,454	$	42.99	2,950	$	35.97
Granted	2,127	$	35.68	1,743	$	54.98	1,540	$	48.01
Released	(1,433)	$	46.12	(1,733)	$	42.13	(1,800)	$	36.14
Forfeited	(266)	$	43.70	(234)	$	48.86	(236)	$	40.23
Ending balance	2,658	$	43.29	2,230	$	52.42	2,454	$	42.99

Schedule of Performance Share Activity


	Year Ended January 31,
(in thousands)	2024	2023	2022
Beginning balance	532	547	743
Granted	277	278	212
Released	(230)	(279)	(381)
Forfeited	(47)	(14)	(27)
Ending balance	532	532	547

Summary of Key Data for Stock Bonus Program


	Year Ended January 31,
(in thousands)	2024	2023	2022
Shares in lieu of cash bonus — granted and released (not included in the Award Activity Table above)	27	119	—
Shares in respect of discount (included in the Award Activity Table above):
Granted	—	12	—
Released	2	10	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Summary of Activity in Allowance for Credit Losses

The following table summarizes the activity in our allowance for credit losses for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Allowance for credit losses, beginning of year	$	1,290	$	1,260	$	1,609
Provisions charged to expense	2,082		565		1,242
Amounts written off	(2,094)		(566)		(1,666)
Other, including fluctuations in foreign exchange rates	(33)		31		75
Allowance for credit losses, end of year	$	1,245	$	1,290	$	1,260

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Cash flows from operating activities:
Net income	$ 39,634	$ 15,659	$ 15,651
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,485	67,960	75,449
Provision for credit losses	2,162	629	1,396
Stock-based compensation, excluding cash-settled awards	67,622	76,051	65,246
Change in fair value of future tranche right	0	0	(15,810)
Benefit from deferred income taxes	(17,639)	(9,544)	(11,323)
Non-cash losses on derivative financial instruments, net	0	0	14,374
Losses on early retirements of debt	237	0	2,474
Net losses on divested businesses	9,541	0	0
Other non-cash items, net	5,347	9,652	7,416
Changes in operating assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable	(9,409)	3,060	11,712
Contract assets	(6,351)	(18,762)	(6,391)
Inventories	(1,812)	(7,753)	(713)
Prepaid expenses and other assets	35,027	(44,247)	(33,107)
Accounts payable and accrued expenses	(25,343)	6,394	(1,772)
Contract liabilities	(26,068)	5,395	7,820
Other liabilities	13,762	40,852	(2,321)
Other, net	(7,553)	(5,530)	4,553
Net cash provided by operating activities — continuing operations	150,642	139,816	134,654
Net cash used in operating activities — discontinued operations	0	0	(9,055)
Net cash provided by operating activities	150,642	139,816	125,599
Cash flows from investing activities:
Cash paid for business combinations, including adjustments, net of cash acquired	(3,997)	(21,928)	(57,024)
Divestitures, net of cash divested	(6,278)	0	0
Purchases of property and equipment	(16,114)	(27,950)	(16,962)
Purchases of investments	(4,094)	(10,627)	(751)
Maturities and sales of investments	4,083	10,709	46,299
Cash paid for capitalized software development costs	(9,623)	(7,595)	(7,560)
Other investing activities	(1,356)	808	98
Net cash used in investing activities	(37,379)	(56,583)	(35,900)
Cash flows from financing activities:
Proceeds from issuance of preferred stock and future tranche right, net of issuance costs	0	0	198,731
Proceeds from borrowings	100,000	0	315,000
Repayments of borrowings and other financing obligations	(103,084)	(3,658)	(313,354)
Settlement of 2014 Notes	0	0	(386,887)
Purchases of capped calls	0	0	(41,060)
Payments of equity issuance, debt issuance, and other debt-related costs	(232)	(224)	(10,708)
Distributions paid to noncontrolling interest	(766)	(787)	(1,110)
Purchases of treasury stock and common stock for retirement	(124,290)	(128,985)	(75,955)
Preferred stock dividend payments	(20,800)	(20,800)	(12,856)
Payment for termination of interest rate swap	0	0	(16,502)
Net cash transferred to Cognyte Software Ltd.	0	0	(114,657)
Dividend and other settlements received from Cognyte Software Ltd.	0	0	38,280
Payments of contingent consideration for business combinations (financing portion) and other financing activities	(4,182)	(3,453)	(9,045)
Net cash used in financing activities	(153,354)	(157,907)	(430,123)
Foreign currency effects on cash, cash equivalents, restricted cash, and restricted cash equivalents	599	(2,033)	(841)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents	(39,492)	(76,707)	(341,265)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year	282,161	358,868	700,133
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year	$ 242,669	$ 282,161	$ 358,868

FAIR VALUE MEASUREMENTS - Contingent consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Changes in the estimated fair value of liability for contingent consideration measured using significant unobservable inputs (Level 3)
Changes in fair values, recorded in operating expenses	$ (3,000)	$ 200	$ 900
Liability for contingent consideration
Changes in the estimated fair value of liability for contingent consideration measured using significant unobservable inputs (Level 3)
Fair value measurement, beginning of year	12,717	0
Contingent consideration liabilities recorded for business combinations	2,265	12,184
Changes in fair values, recorded in operating expenses	(3,043)	408
Payments of contingent consideration	(4,906)	0
Foreign currency translation and other	228	125
Transfer of contingent consideration liability to Level 2 of the fair value hierarchy	(3,750)	0
Fair value measurement, end of year	$ 3,511	$ 12,717	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Fair Values of Derivative Financial Instruments
Assets, fair value	$ 183	$ 19
Liabilities, fair value	11	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	183	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	$ 11	$ 124

REVENUE RECOGNITION - Contract Balances Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Concentration Risk [Line Items]
Accounts receivable from contract assets recognized at the beginning of each period	$ 56.0	$ 43.2
Contract assets recognized in current period	52.9	69.9
Current period revenue recognized from beginning balance of contract liabilities	$ 252.7	$ 242.4
Accounts Receivable \| Customer Concentration Risk \| Partner A
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%
Accounts Receivable \| Customer Concentration Risk \| Partner B
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%
Contract Assets \| Customer Concentration Risk \| Partner A
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%
Contract Assets \| Customer Concentration Risk \| Partner B
Concentration Risk [Line Items]
Concentrations of credit risk, percentage	14.00%	15.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jan. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying 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 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 U.S. generally accepted accounting principles (“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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Key estimates in the accompanying consolidated financial statements, include, among others, revenue recognition, allowances for doubtful accounts, determining the fair value of assets and liabilities assumed in business combinations, recoverability of goodwill, amortization of intangibles, evaluation of contingencies, and the accounting for income taxes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with original maturities of 90 days or less at the time of purchase to be cash equivalents.
Investments	Investments Our investments generally consist of bank time deposits, and marketable debt securities of corporations, the U.S. government, and agencies of the U.S. government, all with remaining maturities in excess of 90 days at the time of purchase. We held $0.2 million of marketable debt securities at January 31, 2024 and no marketable debt securities at January 31, 2023. Investments with maturities in excess of one year are included in other assets.
Accounts Receivable, Net	Accounts Receivable, Net Trade accounts receivable are comprised of invoiced amounts due from customers for which we have an unconditional right to collect and are not interest-bearing. Credit is extended to customers based on an evaluation of their financial condition and other factors. We generally do not require collateral or other security to support accounts receivable.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, bank time deposits, short-term investments, trade accounts receivable, and contract assets. We invest our cash in bank accounts, certificates of deposit, and money market accounts with major financial institutions, in U.S. government and agency obligations, and in debt securities of corporations. By policy, we seek to limit credit exposure on investments through diversification and by restricting our investments to highly rated securities. We grant credit terms to our customers in the ordinary course of business. Concentrations of credit risk with respect to trade accounts receivable and contract assets are generally limited due to the large number of customers comprising our customer base and their dispersion across different industries and geographic areas. No end-customer represented more than 10% of our revenue during the years ended January 31, 2024, 2023, and 2022. We had two partners, both authorized global resellers of our solutions, that accounted for more than 10% of our aggregated accounts receivable and contract assets in recent years. Partner A accounted for approximately 14% and 15% of our aggregated accounts receivable and contract assets at January 31, 2024 and 2023, respectively, and Partner B accounted for approximately 14% and 15% of our aggregated accounts receivable and contract assets at January 31, 2024 and 2023, respectively. Neither partner represented 10% or greater of our total revenue for the years ended January 31, 2024, 2023, or 2022. Credit losses related to these partners have historically been immaterial.
Allowance for Credit Losses	Allowance for Credit Losses We make judgments as to our ability to collect outstanding receivables and provide allowances for a portion of receivables over the lifetime of the receivables. Our allowance for expected credit losses is estimated based on an analysis of the aging of our accounts receivable and contract assets, historical write-offs, customer payment patterns, individual customer creditworthiness, current economic trends, reasonable and supportable forecasts of future economic conditions, and/or establishment of specific reserves for customers in adverse financial condition. We write off an account receivable and charge it against its recorded allowance at the point when it is considered uncollectible. We assess the adequacy of the allowance for credit losses on a quarterly basis.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average method of inventory accounting. The valuation of our inventories requires us to make estimates regarding excess or obsolete inventories, including making estimates of the future demand for our products. Although we make every effort to ensure the accuracy of our forecasts of future product demand, any significant unanticipated changes in demand, price, or technological developments could have a significant impact on the value of our inventory and reported operating results. Charges for excess and obsolete inventories are included within cost of revenue.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method based over the estimated useful lives of the assets. The vast majority of equipment, furniture and other is depreciated over periods ranging from three years to seven years. Software is typically depreciated over periods ranging from three years to four years. Buildings are depreciated over ten years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. Finance leased assets are amortized over the related lease term. The cost of maintenance and repairs of property and equipment is charged to operations as incurred. When assets are retired or disposed of, the cost and accumulated depreciation or amortization thereon are removed from the consolidated balance sheet and any resulting gain or loss is recognized in the consolidated statement of operations.
Software Development Costs	Software Development Costs Costs incurred to acquire or develop software to be sold, leased or otherwise marketed are capitalized after technological feasibility is established, and continue to be capitalized through the general release of the related software product. Software development costs capitalized for software to be sold, leased, or marketed to external users are included within other assets in our consolidated balance sheets. Amortization of capitalized costs begins in the period in which the related product is available for general release to customers and is recorded on a straight-line basis, which approximates the pattern in which the economic benefits of the capitalized costs are expected to be realized, over the estimated economic lives of the related software products, generally five years.
Internal-Use Software Development Costs and Cloud Computing Arrangements	Internal-Use Software Development Costs and Cloud Computing Arrangements We expense costs associated with the assessment stage of software development projects. Capitalization begins when the preliminary project stage has been completed and management with the relevant authority authorizes and commits to the funding of the project. These capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related costs for employees who are directly associated with the development of the applications. Software development costs capitalized for internal-use software are included within property and equipment, net in our consolidated balance sheets. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance, minor upgrades, and enhancements; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are generally amortized over periods ranging from four years to seven years on a straight-line basis, which best represents the pattern of the software’s use. Capitalized implementation costs related to cloud computing arrangements that are hosted by third party vendors are included within prepaid and other current assets and other assets in our consolidated balance sheets, and are amortized over the term of the hosting arrangement beginning when the component of the hosting arrangement is ready for its intended use. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.
Leases	Leases We determine if an arrangement is a lease at inception. Operating lease assets are presented as operating lease right-of-use (“ROU”) assets, and corresponding operating lease liabilities are presented within accrued expenses and other current liabilities (current portions), and as operating lease liabilities (long-term portions), on our consolidated balance sheets. Finance lease assets are included in property and equipment, and corresponding finance lease liabilities are included within accrued expenses and other current liabilities (current portions), and other liabilities (long-term portions), on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the remaining lease payments over the lease term at commencement date. Our leases do not provide an implicit interest rate. We calculate the incremental borrowing rate to reflect the interest rate that we would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term, and consider our historical borrowing activities and market data in this determination. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which we account for as a single lease component. Some of our leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index updates are recorded as rent expense in the period incurred. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or less. The effect of short-term leases on our ROU assets and lease liabilities was not material. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In addition, our related party leases and our sublease transactions are de minimis.
Business Segment Information	Business Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the enterprise’s chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. We are a pure-play customer engagement company that operates as a single operating segment and single reporting segment as our Chief Executive Officer, who is our CODM, reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Goodwill and Other Acquired Intangible Assets	Goodwill and Other Acquired Intangible Assets For business combinations, the purchase prices are allocated to the tangible assets and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition dates, with the remaining unallocated purchase prices recorded as goodwill. We test goodwill for impairment at the reporting unit level, which can be an operating segment or one level below an operating segment, on an annual basis as of November 1, or more frequently if changes in facts and circumstances indicate that impairment in the value of goodwill may exist. In testing for goodwill impairment, we may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we elect to bypass a qualitative assessment, or if our qualitative assessment indicates that goodwill impairment is more likely than not, we perform quantitative impairment testing. If our quantitative testing determines that the carrying value of the reporting unit exceeds its fair value, goodwill impairment is recognized in an amount equal to that excess, limited to the total goodwill allocated to the reporting unit. We utilize some or all of three primary approaches to assess the fair value of a reporting unit: (a) an income-based approach, using projected discounted cash flows, (b) a market-based approach, using valuation multiples of comparable companies, and (c) a transaction-based approach, using valuation multiples for recent acquisitions of similar businesses made in the marketplace. Our estimate of fair value of our reporting unit is based on a number of subjective factors, including: (a) appropriate consideration of valuation approaches (income approach, comparable public company approach, and comparable transaction approach), (b) estimates of future growth rates, (c) estimates of our future cost structure, (d) discount rates for our estimated cash flows, (e) selection of peer group companies for the comparable public company and the comparable market transaction approaches, (f) required levels of working capital, (g) assumed terminal value, and (h) time horizon of cash flow forecasts. The valuation methodology to determine the fair value of the reporting units is sensitive to management's forecasts of future revenue, profitability and market conditions. This methodology also considers various macroeconomic, industry-specific, and company-specific factors. Any resulting financial impact cannot be estimated reasonably at this time but may adversely affect our business and financial results. If there were an adverse change in facts and circumstances, then an impairment charge may be necessary in the future. Should the fair value of our reporting unit fall below its carrying amount because of reduced operating performance, market declines, changes in the discount rate, or other conditions, charges for impairment may be necessary. We monitor our reporting unit to determine if there is an indicator of potential impairment. Acquired identifiable intangible assets include identifiable acquired technologies, customer relationships, trade names, distribution networks, non-competition agreements, sales backlog, and in-process research and development. We amortize the cost of finite-lived identifiable intangible assets over their estimated useful lives, which are periods of 10 years or less. Amortization is based on the pattern in which the economic benefits of the intangible asset are expected to be realized, which typically is on a straight-line basis. The fair values assigned to identifiable intangible assets acquired in business combinations are determined primarily by using the income approach, which discounts expected future cash flows attributable to these assets to present value using estimates and assumptions determined by management. The acquired identifiable finite-lived intangible assets are being amortized primarily on a straight-line basis, which we believe approximates the pattern in which the assets are utilized, over their estimated useful lives.
Fair Value Measurements	Fair Value Measurements Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This fair value hierarchy consists of three levels of inputs that may be used to measure fair value: •Level 1: quoted prices in active markets for identical assets or liabilities; •Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or •Level 3: unobservable inputs that are supported by little or no market activity. We review the fair value hierarchy classification of our applicable assets and liabilities at each reporting period. Changes in the observability of valuation inputs may result in transfers within the fair value measurement hierarchy.
Fair Values of Financial Instruments	Fair Values of Financial Instruments Our recorded amounts of cash and cash equivalents, restricted cash and cash equivalents, and restricted bank time deposits, accounts receivable, contract assets, investments, accounts payable, and accrued expenses approximate fair value, due to the short-term nature of these instruments. We measure certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.
Derivative Financial Instruments	Derivative Financial Instruments As part of our risk management strategy, when considered appropriate, we use derivative financial instruments including foreign currency forward contracts and interest rate swap agreements to hedge against certain foreign currency and interest rate exposures. Our intent is to mitigate gains and losses caused by the underlying exposures with offsetting gains and losses on the derivative contracts. By policy, we do not enter into speculative positions with derivative instruments. We record all derivatives as assets or liabilities on our consolidated balance sheets at their fair values. Gains and losses from the changes in values of these derivatives are accounted for based on the use of the derivative and whether it qualifies for hedge accounting. The counterparties to our derivative financial instruments consist of international financial institutions. We regularly monitor the financial strength of these institutions. While the counterparties to these contracts expose us to credit-related losses in the event of a counterparty’s non-performance, the risk would be limited to the unrealized gains on such affected contracts. We do not anticipate any such losses and we do not have a material portfolio of derivative financial instruments.
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to be entitled to in exchange for such goods or services. When an arrangement contains multiple performance obligations, we account for individual performance obligations separately if they are distinct. We recognize revenue through the application of the following five steps: 1) Identify the contract(s) with a customer A contract with a customer exists when (i) we enter into an enforceable contract with the customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or in the case of a new customer, published credit and financial information pertaining to the customer. Our customary business practice is to enter into legally enforceable written contracts with our customers. The majority of our contracts are governed by a master agreement between us and the customer, which sets forth the general terms and conditions of any individual contract between the parties, which is then supplemented by a customer purchase order to specify the different goods and services, the associated prices, and any additional terms for an individual contract. Multiple contracts with a single counterparty entered into within a close timeframe are evaluated to determine if the contracts should be combined and accounted for as a single contract. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, we must apply judgment to determine whether promised goods or services are capable of being distinct and are distinct in the context of the contract. If these criteria are not met the promised goods or services are accounted for as a combined performance obligation. Generally, our contracts do not include non-distinct goods or services. 3) Determine the transaction price The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods or services to the customer. We assess the timing of the transfer of goods and services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, we do not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is a year or less, which is the case in the majority of our customer contracts. The primary purpose of our invoicing terms is not to receive or provide financing from or to customers. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price, if we assessed that it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Typically, our contracts do not provide our customers with any right of return or refund, and we do not constrain the contract price as it is probable that there will not be a significant revenue reversal due to a return or refund. 4) Allocate the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct goods or services that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, we must determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. We allocate the variable amount to one or more distinct performance obligations but not all or to one or more distinct services that form a part of a single performance obligation, when the payment terms of the variable amount relate solely to our efforts to satisfy that distinct performance obligation and it results in an allocation that is consistent with the overall allocation objective of the revenue standard. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation. We determine standalone selling price (“SSP”) based on the price at which the performance obligation is sold separately. If the SSP is not observable through past transactions, we estimate the SSP taking into account available information such as market conditions, including geographic or regional specific factors, competitive positioning, internal costs, profit objectives, and internally approved pricing guidelines related to the performance obligation. In addition, variable consideration attributable to sales- or usage-based royalties in exchange for a license of our IP are excluded from the transaction price in accordance with the revenue guidance. 5) Recognize revenue when (or as) the entity satisfies a performance obligation We satisfy performance obligations either over time or at a point in time depending on the nature of the underlying promise. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer. In the case of contracts that include customer acceptance criteria, revenue is not recognized until we can objectively conclude that the product or service meets the agreed-upon specifications in the contract. Revenue related to sales- or usage-based royalties are recognized when the associated sales occur, and relevant thresholds are met. For royalty arrangements that include fixed considerations related to a minimum guarantee from a customer, the fixed consideration allocated to the license is recognized when the control of the license passes to the customer. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to our customers. Revenue is measured based on consideration specified in a contract with a customer, and excludes taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by us from a customer. Shipping and handling activities that are billed to the customer and occur after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of revenue. Historically, these expenses have not been material. Nature of Goods and Services We derive and report our revenue in two categories: (a) recurring revenue, which includes bundled SaaS, unbundled SaaS, hosting services, optional managed services, initial and renewal support revenue, and product warranties, and (b) nonrecurring revenue, which primarily consists of perpetual licenses, hardware, installation services, business advisory consulting and training services, and patent license royalties. Our bundled SaaS contracts are typically comprised of a right to access our software, maintenance, hosting fees and standard managed services. We do not provide the customer with the contractual right to take possession of the software at any time during the hosting period under these contracts. The customer can only benefit from the SaaS license, maintenance and standard managed services when combined with the hosting service as the hosting service is the only way for the customer to access the software and benefit from the maintenance and managed services. Accordingly, each of the license, maintenance, hosting and standard managed services is not considered a distinct performance obligation in the context of the contract, and are combined into a single performance obligation (“bundled SaaS services”) and recognized ratably over the contract period. Our bundled SaaS customer contracts can consist of fixed, variable, and usage-based fees. Typically, we invoice fees on an annual basis at the outset of the contract, though quarterly or monthly billing terms are included in certain contracts. Certain bundled SaaS contracts include a nonrefundable upfront fee for setup services, which are not distinct from the bundled SaaS services. Non-distinct setup services represent an advanced payment for future bundled SaaS services, and are recognized as revenue when those bundled SaaS services are satisfied, unless the nonrefundable fee is considered to be a material right, in which case the nonrefundable fee is recognized over the expected benefit period, which includes anticipated renewals. We determine SSP for our bundled SaaS services based on the price at which the performance obligation is sold separately, which is observable through past renewal transactions. We satisfy our bundled SaaS services by providing access to our software over time and processing transactions for usage-based contracts. For non-usage based fees, the period of time over which we perform is commensurate with the contract term because that is the period during which we have an obligation to provide the service. The performance obligation is recognized on a time elapsed basis, by day for which the services are provided. Our software licenses either provide our customers a perpetual right to use our software or, in the case of unbundled SaaS, the right to use our software for only a fixed term, in most cases between a one- and three-year time frame. Generally, our contracts do not provide significant services of integration and customization and installation services are not required to be purchased directly from us. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We have concluded that the software license is distinct as the customer can benefit from the software on its own. Software revenue is typically recognized when the software is delivered or made available for download to the customer. We rarely sell our software licenses on a standalone basis and as a result SSP is not directly observable and must be estimated. We apply the adjusted market assessment approach, considering both market conditions and entity specific factors such as assessment of historical data of sales of software licenses in combination with other promised goods and services in order to maximize the use of observable inputs. Software SSP is established based on an appropriate discount from our established list price, taking into consideration whether there are certain stratifications of the population with different pricing practices. Revenue for hardware is recognized at a point in time, generally upon shipment or delivery. Our patent license royalty agreements grant customers the right to use our intellectual property in their products for resale. Royalties are recognized as revenue in the period when the products containing our intellectual property are sold by the licensees to their customers. Differences between actual results and estimated amounts are adjusted in the following period as such sales are typically reported by the customer a month or quarter in arrears. Professional services revenues primarily consist of fees for deployment and optimization services, as well as training, and are generally recognized over time as the customer simultaneously receives and consumes the benefits of the professional services as the services are performed. Professional services that are billed on a time and materials basis are recognized over time as the services are performed. For contracts billed on a fixed price basis, revenue is recognized over time using an input method based on labor hours expended to date relative to the total labor hours expected to be required to satisfy the related performance obligation. We determine SSP for our professional services based on the price at which the performance obligation is sold separately, which is observable through past transactions. Customer support revenue is derived from providing remote technical support services, bug fixes and unspecified software updates and upgrades to customers on a when-and-if-available basis. Each of these performance obligations provide benefit to the customer on a standalone basis and are distinct in the context of the contract. Each of these distinct performance obligations represent a stand ready obligation to provide service to a customer, which is concurrently delivered and has the same pattern of transfer to the customer, which is why we account for these support services as a single performance obligation. We recognize support services ratably over the contractual term, which typically is one year for perpetual licenses and one to three years for unbundled SaaS arrangements. SSP for support services for perpetual licenses is developed based on standalone renewal contracts. SSP for support services included in unbundled SaaS arrangements is not directly observable and is estimated using information that may include market conditions and other observable inputs. Our solutions are generally sold with a warranty of one year to three years for hardware and 90 days for software. These warranties do not represent an additional performance obligation as services beyond assuring that the software license and hardware comply with agreed-upon specifications are not provided.
Cost of Revenue and Costs to Obtain and Fulfill Contracts	Cost of Revenue Our cost of revenue includes costs of materials, compensation and benefit costs for operations and service personnel, subcontractor costs, royalties and license fees related to third-party software included in our products, cloud infrastructure costs, depreciation of equipment used in operations and service, amortization of capitalized software development costs and certain purchased intangible assets, and related overhead costs. Costs that relate to satisfied (or partially satisfied) performance obligations in customer contracts (i.e., costs that relate to past performance) are expensed as incurred. Costs to Obtain and Fulfill Contracts We capitalize commissions paid to internal sales personnel and agent commissions that are incremental to obtaining customer contracts. We have determined that these commissions are in fact incremental and would not have occurred absent the customer contract. Deferred commissions also include the associated payroll taxes and fringe benefit costs associated with payments to our sales employees to the extent they are incremental. Sales and agent commissions are primarily deferred and amortized on a straight-line basis over the period the goods or services are transferred to the customer to which the assets relate, which ranges from immediate to as long as six years, if commission amounts paid upon renewal are not commensurate with amounts paid on the initial contract. A portion of the initial commission payable on the majority of our contracts is amortized over the anticipated renewal period, which is generally five to six years, due to commissions paid on renewal contracts not being commensurate with amounts paid on the initial contract. We determine the period of benefit for commissions paid for the acquisition of the initial customer contract by taking into consideration the initial estimated customer life and the technological life of our solutions. We periodically review these deferred commission costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. We capitalize costs incurred to fulfill our contracts when the costs relate directly to the contract and are expected to generate resources that will be used to satisfy the performance obligation under the contract and are expected to be recovered through revenue generated under the contract. Costs to fulfill contracts are expensed to cost of revenue as we satisfy the related performance obligations. Deferred cost of revenue is classified in its entirety as current or long-term based on whether the related revenue will be recognized within twelve months of the origination date of the arrangement. The amounts capitalized primarily relate to one-time costs incurred in the initial phase of our bundled SaaS arrangements (i.e., setup costs), which consist of costs related to the installation of systems and processes. Capitalized setup costs are amortized on a straight-line basis over the expected period of benefit, which includes anticipated contract renewals or extensions, consistent with the transfer to the customer of the services to which the asset relates.
Research and Development, net	Research and Development, net With the exception of certain software development costs, all research and development costs are expensed as incurred, and consist primarily of personnel and consulting costs, travel, depreciation of research and development equipment, and related overhead and other costs associated with research and development activities. We periodically derive benefits from participation in government-sponsored programs in certain jurisdictions, for the support of research and development activities conducted in those locations.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method which includes the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements. Under this approach, deferred taxes are recorded for the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus deferred taxes. Deferred taxes result from differences between the financial statement and tax bases of our assets and liabilities, and are adjusted for changes in tax rates and tax laws when changes are enacted. The effects of future changes in income tax laws or rates are not anticipated. We are subject to income taxes in the United States and numerous foreign jurisdictions. The calculation of our income tax provision involves the application of complex tax laws and requires significant judgment and estimates. We evaluate the realizability of our deferred tax assets for each jurisdiction in which we operate at each reporting date, and establish valuation allowances when it is more likely than not that all or a portion of our deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the same character and in the same jurisdiction. We consider all available positive and negative evidence in making this assessment, including, but not limited to, the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. In circumstances where there is sufficient negative evidence indicating that our deferred tax assets are not more-likely-than-not realizable, we establish a valuation allowance. We use a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate tax positions taken or expected to be taken in a tax return by assessing whether they are more-likely-than-not sustainable, based solely on their technical merits, upon examination and including resolution of any related appeals or litigation process. The second step is to measure the associated tax benefit of each position as the largest amount that we believe is more-likely-than-not realizable. Differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements represent our unrecognized income tax benefits, which we either record as a liability or as a reduction of deferred tax assets. Our policy is to include interest (expense and/or income) and penalties related to unrecognized income tax benefits as a component of the provision for income taxes.
Functional Currencies and Foreign Currency Transaction Gains and Losses	Functional Currencies and Foreign Currency Transaction Gains and Losses The functional currency for most of our foreign subsidiaries is the applicable local currency, although we have some subsidiaries with functional currencies that differ from their local currency, of which the most notable exception is our subsidiary in Israel, whose functional currency is the U.S. dollar. Transactions denominated in currencies other than a functional currency are converted to the functional currency on the transaction date, and any resulting assets or liabilities are further remeasured at each reporting date and at settlement. Gains and losses recognized upon such remeasurements are included within other income (expense), net in the consolidated statements of operations. We recorded net foreign currency losses of $0.4 million and $1.6 million for the years ended January 31, 2024 and 2022, respectively. We recorded net foreign currency gains of $3.5 million for the year ended January 31, 2023. For consolidated reporting purposes, in those instances where a foreign subsidiary has a functional currency other than the U.S. dollar, revenue and expenses are translated into U.S. dollars using average exchange rates for the reporting period, while assets and liabilities are translated into U.S. dollars using period-end rates. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets.
Stock-Based Compensation	Stock-Based Compensation We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of the award. We recognize the fair value of the award as compensation expense over the period during which an employee is required to provide service in exchange for the award. For performance stock units for which vesting is in part dependent on total shareholder return, the fair value of the award is estimated on the date of grant using a Monte Carlo Simulation. Expected volatility and expected term are input factors for that model and may require significant management judgment. Expected volatility is estimated utilizing daily historical volatility for Verint common stock price and the constituents of the specific comparator index over a period commensurate with the remaining award performance period. The risk-free interest rate used is equal to the implied daily yield of the zero-coupon U.S. Treasury bill that corresponds with the remaining performance period of the award as of the valuation date.
Net Income (Loss) Per Common Share Attributable to Verint Systems Inc.	Net Income (Loss) Per Common Share Attributable to Verint Systems Inc. Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average common stock outstanding during the respective period. Net income (loss) attributable to common shareholders is computed by deducting both the dividends declared in the period on the Preferred Stock and the dividends accumulated for the period on the Preferred Stock from net income (loss). Shares used in the calculation of basic net income (loss) per common share include vested but unissued shares underlying awards of restricted stock units when all necessary conditions for earning those shares have been satisfied at the award’s vesting date, but exclude unvested shares of restricted stock because they are contingent upon future service conditions. Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common and common equivalent shareholders by the total of the weighted-average common stock outstanding and common equivalent shares outstanding during the respective period. The number of common equivalent shares outstanding has been determined in accordance with the if-converted method for the Preferred Stock and the treasury stock method for unvested restricted stock units to the extent they are dilutive. Under the treasury stock method, the exercise price paid by the holder and average future share-based compensation expense that we have not yet recognized are assumed to be used to repurchase shares. Any incremental difference between the assumed number of shares issued and repurchased is included in the diluted share computation. Upon conversion of our 0.25% convertible senior notes due April 15, 2026 (the “2021 Notes”), further details for which appear in Note 7, “Long-Term Debt,” we are currently obligated to settle the principal amount of the 2021 Notes in cash upon conversion and as a result, only the amounts payable in excess of the principal amounts of the 2021 Notes, if any, are assumed to be settled with shares of common stock for purposes of computing diluted net income per share. In periods for which we report a net loss, basic net loss per common share and diluted net loss per common share are identical since the effect of potential common shares is anti-dilutive and therefore excluded.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted 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 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 were not subject to the corporate minimum tax for the year ended January 31, 2024. 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 year ended January 31, 2024, the calculated excise tax was $0.8 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. New Accounting Pronouncements Not Yet Effective In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require public companies to report incremental segment information on an annual and interim basis, including enhanced disclosures of significant segment expenses included within each reported measure of segment profit or loss. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require greater disaggregation of a reporting entity’s effective tax rate reconciliation as well as income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and disclosures.

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Depreciation expense	$ 27.9	$ 18.6	$ 20.7
Capitalized cloud computing implementation costs	1.5	0.1	$ 0.1
Accumulated amortization	$ 1.6	$ 0.1

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Changes in the balance of gross unrecognized tax benefits
Gross unrecognized tax benefits, beginning of year	$ 87,928	$ 84,229	$ 84,847
Increases related to tax positions taken during the current year	853	645	672
Increases related to tax positions taken during prior years	1,598	4,260	430
(Decreases) increases related to foreign currency exchange rates	(174)	(404)	45
Reductions for tax positions of prior years	(843)	(84)	(152)
Lapses of statutes of limitations	(6,098)	(718)	(1,613)
Gross unrecognized tax benefits, end of year	$ 83,264	$ 87,928	$ 84,229

FAIR VALUE MEASUREMENTS

12 Months Ended

Jan. 31, 2024

Fair Value Disclosures [Abstract]

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 January 31, 2024 and 2023:


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


	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

On January 31, 2024, we completed the sale of a service business for manual quality managed services for no upfront cash consideration. We estimated the sale price under the sale agreement to be $6.0 million based on (i) the estimated fair value of our share of the future adjusted operating income (as defined in the agreement) of the business, to be paid annually over a minimum of six years following the transaction closing date, (ii) the amount by which the closing working capital of the business exceeds the working capital target, and (iii) the estimated amount of future collections of outstanding receivables as of the closing date from a certain customer, net of certain expenses. We determined the estimated fair value of the contingent consideration with the assistance of a third-party valuation specialist and estimates made by management. The fair value of the contingent consideration receivable was $2.7 million as of January 31, 2024, which is included within other assets on our consolidated balance sheets.



	Year Ended January 31,
(in thousands)	2024		2023
Fair value measurement, beginning of year	$	12,717	$	—
Contingent consideration liabilities recorded for business combinations	2,265		12,184
Changes in fair values, recorded in operating expenses	(3,043)		408
Payments of contingent consideration	(4,906)		—
Foreign currency translation and other	228		125
Transfer of contingent consideration liability to Level 2 of the fair value hierarchy	(3,750)		—
Fair value measurement, end of year	$	3,511	$	12,717

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 consolidated statements of operations within selling, general and administrative expenses.

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 5.8% to 6.4%, with a weighted average discount rate of 6.2% in our calculations of the estimated fair values of our contingent consideration liabilities as of January 31, 2024. We utilized discount rates ranging from 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. We utilized discount rates ranging from 7.5% to 8.9%, with a weighted average discount rate of 7.8% in our calculation of the estimated fair value of our contingent consideration asset as of January 31, 2024.

As of January 31, 2024, $3.8 million of the fair value of the contingent consideration liability was based on actual achievement

through the performance periods ended January 31, 2024, and was transferred to Level 2 of the fair value hierarchy as the fair

value was determined based on other significant observable inputs. There was no transfer between levels of the fair value measurement hierarchy during the year ended January 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 January 31, 2024. The estimated fair value of our Term Loan borrowing was approximately $100.0 million at January 31, 2023. On April 27, 2023, we repaid in full the remaining $100.0 million outstanding balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility. 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 could not reasonably observe activity in the limited market in which participation in our Term Loan was 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 January 31, 2024 and 2023 did not significantly differ from par value.

The estimated fair values of our 2021 Notes were approximately $281.0 million and $282.0 million at January 31, 2024 and 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. Further details regarding our regular impairment reviews appear in Note 1, “Summary of Significant Accounting Policies”.

Assets Held for Sale

We initially measure an asset that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. We assess the fair value of an asset less costs to sell each reporting period that it remains classified as held for sale, and report any subsequent changes as an adjustment to the carrying amount of the asset. Assets are not depreciated or amortized while they are classified as held for sale.

During the three months ended July 31, 2022, we commenced plans to sell an approximately 50,000-square foot office building. In November 2022, we completed the sale of the office building and removed the carrying value of approximately $0.9 million

from our consolidated balance sheet, which was included within property and equipment, net. We recorded an impairment loss of $2.0 million which adjusted the carrying amount of the asset to its fair value less costs to sell, of which $1.8 million was recorded within selling, general, and administrative expenses and $0.2 million was recorded within other income (expense), net in our consolidated statement of operations for the year ended January 31, 2023.

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, and in January 2024, we made a third SAFE investment of $0.1 million for a total investment of approximately $1.7 million. The SAFE 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 consolidated balance sheets as of January 31, 2024.

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCOME TAXES

12 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of income before provision for income taxes for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Domestic	$	(13,507)	$	(6,676)	$	(12,492)
Foreign	74,779		61,438		51,996
Total income before provision for income taxes	$	61,272	$	54,762	$	39,504

The provision for income taxes for the years ended January 31, 2024, 2023, and 2022 consisted of the following:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Current provision for income taxes:
Federal	$	20,128	$	30,637	$	3,215
State	2,784		2,733		1,121
Foreign	16,365		15,277		30,840
Total current provision for income taxes	39,277		48,647		35,176
Deferred (benefit from) provision for income taxes:
Federal	(17,086)		(8,010)		6,714
State	(133)		(699)		255
Foreign	(420)		(835)		(18,292)
Total deferred benefit from income taxes	(17,639)		(9,544)		(11,323)
Total provision for income taxes	$	21,638	$	39,103	$	23,853

The reconciliation of the U.S. federal statutory rate to our effective tax rate on income before provision for income taxes for the years ended January 31, 2024, 2023, and 2022 was as follows:


	Year Ended January 31,
(in thousands)	2024			2023			2022
U.S. federal statutory income tax rate	21.0		%	21.0		%	21.0		%

Income tax provision at the U.S. federal statutory rate	$	12,867		$	11,499		$	8,296
State income tax (benefit) provision	(695)			2,617			(1,238)
Foreign tax rate differential	6,556			3,244			6,262
Tax incentives	(5,403)			(3,779)			(6,378)
Valuation allowances	8,464			(292)			2,616
Stock-based and other compensation	5,612			3,347			897
Litigation and other non-deductible expenses	(475)			1,770			(238)
Tax credits	(17,012)			321			117
Tax contingencies	(1,597)			2,333			2,108
Change in fair value of future tranche right	—			—			(3,320)
Tax effects of business divestiture	(1,372)			—			—
Changes in tax laws	89			9			1,552
U.S. tax effects of foreign operations	14,903			18,642			13,480
Other, net	(299)			(608)			(301)
Total provision for income taxes	$	21,638		$	39,103		$	23,853
Effective income tax rate	35.3		%	71.4		%	60.4		%

The January 31, 2024 tax credits benefit of $17.0 million includes a benefit of $14.3 million related to the generation of research tax credits.

Our operations in Israel qualify for an alternative tax incentive program known as a Preferred Technological Enterprise (“PTE”). Pursuant to Amendment 73 to the Investment Law adopted in 2017, a company located in the Center of Israel that meets the conditions for PTE is subject to a 12% tax rate on eligible income. Income not eligible for PTE benefits is taxed at the regular corporate rate of 23%, excluding income derived from manufacturing activity which is entitled to tax benefits according to the “Preferred Enterprise” regime. Income eligible for tax benefits under the Preferred Enterprise regime is taxed at 16%.

In total, tax incentives decreased our effective tax rate by 8.8%, 6.9%, and 16.1% for the years ended January 31, 2024, 2023, and 2022, respectively.

Deferred tax assets and liabilities consisted of the following at January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Deferred tax assets:
Accrued expenses	$	2,843	$	4,506
Operating lease liabilities	6,054		7,974
Loss carryforwards	23,171		20,483
Tax credits	14,241		5,408
Stock-based and other compensation	5,593		3,963
Capitalized research and development expenses	31,530		18,669
Other, net	1,193		995
Total deferred tax assets	84,625		61,998
Deferred tax liabilities:
Prepaid expenses	(2,497)		(2,600)
Depreciation of property and equipment	(1,931)		(2,732)
Deferred cost of revenue	(8,810)		(9,707)
Goodwill and other intangible assets	(19,252)		(20,607)
Unremitted earnings of foreign subsidiaries	(3,137)		(1,784)
Operating lease right-of-use assets	(3,965)		(5,241)
Total deferred tax liabilities	(39,592)		(42,671)
Valuation allowance	(28,891)		(20,357)
Net deferred tax assets (liabilities)	$	16,142	$	(1,030)

Recorded as:
Deferred tax assets	$	25,697	$	10,719
Deferred tax liabilities	(9,555)		(11,749)
Net deferred tax assets (liabilities)	$	16,142	$	(1,030)

As required by the 2017 Tax Cuts and Jobs Act, effective February 1, 2022 certain research and development expenditures were capitalized and amortized for U.S. income tax purposes. These expenditures are the primary component of the capitalized research and development deferred tax asset.

At January 31, 2024, we had U.S. federal NOL carryforwards of approximately $55.4 million. Except for $11.1 million of NOLs that can be carried forward indefinitely, these loss carryforwards expire in various years ending from January 31, 2025 to January 31, 2037. We had state NOL carryforwards of approximately $164.0 million. Except for $5.0 million of NOLs that can be carried forward indefinitely, those loss carryforwards expire in various years ending from January 31, 2025 to January 31, 2042. We had foreign NOL carryforwards of approximately $20.9 million. At January 31, 2024, all but $0.5 million of these foreign loss carryforwards had indefinite carryforward periods. Certain of these federal, state, and foreign loss carryforwards and credits are subject to Internal Revenue Code Section 382 or similar provisions, which impose limitations on their utilization following certain changes in ownership of the entity generating the loss carryforward. We had U.S. federal, state, and foreign tax credit carryforwards of approximately $18.0 million at January 31, 2024, the utilization of which is subject to limitation. At January 31, 2024, approximately $5.1 million of these tax credit carryforwards may be carried forward indefinitely. The balance of $12.9 million expires in various years ending from January 31, 2028 to January 31, 2043.

We currently intend to continue to indefinitely reinvest a portion of the earnings of our foreign subsidiaries to finance foreign activities. Except to the extent that earnings of our foreign subsidiaries have been subject to U.S. taxation as of January 31, 2024, and withholding taxes of $3.1 million accrued as of January 31, 2024 with respect to certain identified cash that may be repatriated to the United States, we have not provided tax on the outside basis difference of foreign subsidiaries nor have we provided for any additional withholding or other tax that may be applicable should a future distribution be made from any unremitted earnings of foreign subsidiaries. Due to complexities in the laws of the foreign jurisdictions and the assumptions that would have to be made, it is not practicable to estimate the total amount of income and withholding taxes that would have to be provided on such earnings.

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 have recorded valuation allowances in the amounts of $28.9 million and $20.4 million at January 31, 2024 and 2023, respectively.

Activity in the recorded valuation allowance consisted of the following for the years ended January 31, 2024 and 2023:


	Year Ended January 31,
(in thousands)	2024		2023
Valuation allowance, beginning of year	$	(20,357)	$	(20,711)
Income tax (provision) benefit	(8,464)		292
Currency translation adjustment and other	(70)		62
Valuation allowance, end of year	$	(28,891)	$	(20,357)

In accordance with the authoritative guidance on accounting for uncertainty in income taxes, differences between the amount of tax benefits taken or expected to be taken in our income tax returns and the amount of tax benefits recognized in our financial statements, determined by applying the prescribed methodologies of accounting for uncertainty in income taxes, represent our unrecognized income tax benefits, which we either record as a liability or as a reduction of deferred tax assets.

For the years ended January 31, 2024, 2023, and 2022, the aggregate changes in the balance of gross unrecognized tax benefits were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Gross unrecognized tax benefits, beginning of year	$	87,928	$	84,229	$	84,847
Increases related to tax positions taken during the current year	853		645		672
Increases related to tax positions taken during prior years	1,598		4,260		430
(Decreases) increases related to foreign currency exchange rates	(174)		(404)		45
Reductions for tax positions of prior years	(843)		(84)		(152)
Lapses of statutes of limitations	(6,098)		(718)		(1,613)
Gross unrecognized tax benefits, end of year	$	83,264	$	87,928	$	84,229

During the fourth quarter of the year ended January 31, 2023, we identified and recorded a $4.7 million out-of-period adjustment related to uncertain tax positions associated with Cognyte in fiscal years prior to the Spin-Off. We recorded a corresponding indemnification asset, within other assets in our consolidated balance sheet, as we are indemnified by Cognyte under the Tax Matters Agreement for this uncertain tax position. We also recorded a $5.7 million adjustment to increase additional paid-in capital and accumulated deficit in stockholders’ equity during the fourth quarter of the year ended January 31, 2023 in connection with this adjustment. The impact of these adjustments was not material, individually or in the aggregate, to any of our previously issued consolidated financial statements. During the fourth quarter of the year ended January 31, 2024, the uncertain tax positions associated with Cognyte, as well as the corresponding indemnification asset, were reversed due to the expiration of the statute of limitations.

We had unrecognized income tax benefits of $83.3 million (excluding interest and penalties) as of January 31, 2024, that, if recognized, would impact the effective income tax rate. We recorded $1.4 million, $1.4 million, and $0.5 million of tax expense for interest and penalties related to uncertain tax positions in our provision for income taxes for the years ended January 31, 2024, 2023, and 2022, respectively. The accrued liability for interest and penalties was $6.4 million and $5.2 million at January 31, 2024 and 2023, respectively. Interest and penalties are recorded as a component of the provision for income taxes in the consolidated statements of operations.

Our income tax returns are subject to ongoing tax examinations in several jurisdictions in which we operate. In the United Kingdom, with the exception of years which are currently under examination, we are no longer subject to income tax examination for years prior to January 31, 2021. In the United States, our federal returns are no longer subject to income tax examination for years prior to January 31, 2021. However, to the extent we generated NOLs or tax credits in closed tax years, future use of the NOL or tax credit carry forward balance would be subject to examination within the relevant statute of limitations for the year in which the carryforward is utilized.

As of January 31, 2024, income tax returns are under examination in the following significant tax jurisdictions:


Jurisdiction						Tax Years
United Kingdom						December 31, 2006, January 31, 2008
India						March 31, 2010 - March 31, 2013, March 31, 2017, March 31, 2020, March 31, 2022
Israel						January 31, 2019 - January 31, 2022
Brazil						December 31, 2018
Philippines						January 31, 2021 - January 31, 2023

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 January 31, 2024 could decrease by approximately $7.6 million in the next twelve months as a result of settlement of certain tax audits or lapses of statutes of limitation. Such decreases may involve the payment of additional income taxes, the adjustment of deferred income taxes including the need for additional valuation allowances, and the recognition of income tax benefits. Our income tax returns are subject to ongoing tax examinations in several jurisdictions in which we operate. We also believe that it is reasonably possible that new issues may be raised by tax authorities or developments in tax audits may occur, which would require increases or decreases to the balance of reserves for unrecognized income tax benefits; however, an estimate of such changes cannot reasonably be made.

The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines address the increasing digitalization of the global economy, re-allocating taxing rights among countries. The European Union and many other member states have committed to adopting Pillar 2 which calls for a global minimum tax of 15% to be effective for tax years beginning in 2024. Certain jurisdictions in which we operate have enacted Pillar 2 legislation and others are considering changes to their tax laws to adopt the Pillar 2 proposals. We are monitoring developments and evaluating the impacts these new rules will have on our tax rate, including eligibility to qualify for safe harbor rules.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Other assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Deferred commissions	$ 54,757	$ 54,512
Long-term contract assets, net	31,379	37,950
Capitalized software development costs, net	25,319	23,527	$ 22,483	$ 19,250
Cloud computing implementation costs, net - long-term portion	6,579	2,591
Noncontrolling equity investments	5,146	5,146
Long-term deferred cost of revenue	3,026	4,951
Contingent consideration receivable - long-term portion	2,685	0
SAFE investment	1,700	0
CTI litigation settlement indemnification asset - long-term portion	0	4,750
Other	8,959	14,855
Other assets	$ 139,550	$ 148,282

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Conversocial Limited - Schedule of Purchase Price allocation (Details) - USD ($) $ in Thousands	Aug. 23, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,352,715	$ 1,347,213	$ 1,353,421
Conversocial Limited
Business Acquisition [Line Items]
Cash	$ 53,409
Other purchase price adjustments	(190)
Total purchase price	53,219
Accounts receivable	1,694
Other current assets, including cash acquired	5,462
Other assets	511
Current and other liabilities	(1,945)
Contract liabilities - current and long-term	(3,410)
Deferred income taxes	(301)
Net tangible assets	2,011
Identifiable intangible assets	19,900
Goodwill	31,308
Total purchase price allocation	53,219
Conversocial Limited \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	9,800
Conversocial Limited \| Developed technology
Business Acquisition [Line Items]
Identifiable intangible assets	9,900
Conversocial Limited \| Trademarks and trade names
Business Acquisition [Line Items]
Identifiable intangible assets	$ 200

LEASES - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 16,524	$ 21,261	$ 19,360
Operating cash flows from finance leases	132	187	260
Financing cash flows from finance leases	2,018	2,870	3,189
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	6,274	19,490	11,282
Finance leases	$ 579	$ 647	$ 4,041
Weighted average remaining lease terms
Operating leases	8 years	7 years	3 years
Finance leases	2 years	2 years	3 years
Weighted average discount rates
Operating leases	6.80%	6.20%	4.80%
Finance leases	3.60%	3.60%	3.80%

LEASES - Additional Information (Details) - USD ($)	12 Months Ended
LEASES - Additional Information (Details) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Lessee, Lease, Description [Line Items]
Lessee operating and finance leases options to extend lease terms	10 years
Finance lease, right-of-use asset	$ 8,400,000	$ 10,700,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance lease, accumulated depreciation	$ 4,700,000	$ 4,900,000
Accelerated operating lease costs	5,400,000	$ 8,300,000	$ 9,800,000
Operating leases, not yet commenced with future lease obligations, amount	0
Finance leases, not yet commenced with future lease obligations, amount	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lessee operating and finance leases remaining lease term	1 year
Lessee operating and finance leases options to terminate leases term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee operating and finance leases remaining lease term	11 years
Lessee operating and finance leases options to terminate leases term	8 years

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Business Combinations For Year Ended January 31, 2023 (Details) $ in Thousands	12 Months Ended
	Jan. 31, 2024 USD ($) employee	Jan. 31, 2023 USD ($) employee business_combination	Aug. 31, 2022 employee	Jan. 31, 2022 USD ($)
Business Acquisition [Line Items]
Number of businesses acquired \| business_combination		2
Entity number of employees \| employee	3,700
Goodwill	$ 1,352,715	$ 1,347,213		$ 1,353,421
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 Year Ended January 31 2023
Business Acquisition [Line Items]
Total purchase prices		$ 38,400
Cash		26,100
Contingent consideration obligations, fair value		12,200
Purchase price adjustments of business combinations		100
Cash acquired from acquisition		4,200
Business combination, contingent consideration (up to)		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	$ 700	1,100
Business Combinations Year Ended January 31 2023 \| Developed technology
Business Acquisition [Line Items]
Identifiable intangible assets		6,000
Business Combinations Year Ended January 31 2023 \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		4,200
Business Combinations Year Ended January 31 2023 \| Trade names
Business Acquisition [Line Items]
Identifiable intangible assets		$ 100

INTANGIBLE ASSETS AND GOODWILL - Additional Information (Details)	12 Months Ended
	Jan. 31, 2024 USD ($) reporting_unit	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 32,500,000	$ 39,400,000	$ 46,800,000
Impairment of intangible assets, finite-lived	$ 0	0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, general and administrative
Number of reporting units \| reporting_unit	1
Impairments of goodwill	$ 0	$ 0	$ 0
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets, finite-lived			$ 400,000

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost basis	$ 241,400	$ 282,099	$ 358,805
Cash and cash equivalents, fair value	241,400	282,099
Proceeds from maturities and sales of short-term investments	4,100	10,700	$ 46,300
Bank time deposits
Debt Securities, Available-for-sale [Line Items]
Cost Basis	686	697
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	686	697
Total short-term investments
Debt Securities, Available-for-sale [Line Items]
Cost Basis	686	697
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	686	697
Cash and bank time deposits
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost basis	155,504	134,289
Cash and cash equivalents, fair value	155,504	134,289
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost basis	85,647	96,941
Cash and cash equivalents, fair value	85,647	96,941
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost basis		50,869
Cash and cash equivalents, fair value		$ 50,869
U.S. Treasury bills
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost basis	249
Cash and cash equivalents, fair value	$ 249

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Cash paid for interest	$ 8,094	$ 4,661	$ 9,716
Cash payments of income taxes, net	14,970	15,886	42,917
Non-cash investing and financing transactions:
Liabilities for contingent consideration in business combinations	2,265	12,184	900
Preferred Stock dividends declared	10,400	10,400	10,400
Finance leases of property and equipment	579	647	4,041
Settlement of Future Tranche Right upon issuance of Series B Preferred Stock	0	0	36,962
Retirement of treasury stock	0	106,146	234,999
Settlement of convertible note premium with common stock	0	0	59,131
Receipt of common stock from the counterparties under the Note Hedges	0	0	59,651
Accrued but unpaid purchases of property and equipment	371	2,353	750
Accrued but unpaid purchases of treasury stock	0	616	0
Receivable in exchange for sale of divested businesses	6,491	0	0
Excise tax on share repurchases	$ 754	$ 0	$ 0

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Adjustment in Connection with the Spin-Off (Details)	Feb. 01, 2021
2019 Long-Term Stock Incentive Plan
Stock-Based Compensation Plans
Unvested awards conversion factor	1.45

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Cover Page - USD ($) $ in Thousands	12 Months Ended
Cover Page - USD ($) $ in Thousands	Jan. 31, 2024	Mar. 15, 2024	Jul. 31, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2024
Current Fiscal Year End Date	--01-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 2,294,561
Entity Common Stock, Shares Outstanding		62,376,546
Documents Incorporated by Reference	The information required by Part III of this report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2024, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001166388
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

INCOME TAXES (Tables)

12 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Provision for Income Taxes

The components of income before provision for income taxes for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Domestic	$	(13,507)	$	(6,676)	$	(12,492)
Foreign	74,779		61,438		51,996
Total income before provision for income taxes	$	61,272	$	54,762	$	39,504

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended January 31, 2024, 2023, and 2022 consisted of the following:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Current provision for income taxes:
Federal	$	20,128	$	30,637	$	3,215
State	2,784		2,733		1,121
Foreign	16,365		15,277		30,840
Total current provision for income taxes	39,277		48,647		35,176
Deferred (benefit from) provision for income taxes:
Federal	(17,086)		(8,010)		6,714
State	(133)		(699)		255
Foreign	(420)		(835)		(18,292)
Total deferred benefit from income taxes	(17,639)		(9,544)		(11,323)
Total provision for income taxes	$	21,638	$	39,103	$	23,853

Schedule of Reconciliation of the U.S. Federal Statutory Rate to the Entity's Effective Tax Rate on Income Before Income Taxes

The reconciliation of the U.S. federal statutory rate to our effective tax rate on income before provision for income taxes for the years ended January 31, 2024, 2023, and 2022 was as follows:


	Year Ended January 31,
(in thousands)	2024			2023			2022
U.S. federal statutory income tax rate	21.0		%	21.0		%	21.0		%

Income tax provision at the U.S. federal statutory rate	$	12,867		$	11,499		$	8,296
State income tax (benefit) provision	(695)			2,617			(1,238)
Foreign tax rate differential	6,556			3,244			6,262
Tax incentives	(5,403)			(3,779)			(6,378)
Valuation allowances	8,464			(292)			2,616
Stock-based and other compensation	5,612			3,347			897
Litigation and other non-deductible expenses	(475)			1,770			(238)
Tax credits	(17,012)			321			117
Tax contingencies	(1,597)			2,333			2,108
Change in fair value of future tranche right	—			—			(3,320)
Tax effects of business divestiture	(1,372)			—			—
Changes in tax laws	89			9			1,552
U.S. tax effects of foreign operations	14,903			18,642			13,480
Other, net	(299)			(608)			(301)
Total provision for income taxes	$	21,638		$	39,103		$	23,853
Effective income tax rate	35.3		%	71.4		%	60.4		%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following at January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Deferred tax assets:
Accrued expenses	$	2,843	$	4,506
Operating lease liabilities	6,054		7,974
Loss carryforwards	23,171		20,483
Tax credits	14,241		5,408
Stock-based and other compensation	5,593		3,963
Capitalized research and development expenses	31,530		18,669
Other, net	1,193		995
Total deferred tax assets	84,625		61,998
Deferred tax liabilities:
Prepaid expenses	(2,497)		(2,600)
Depreciation of property and equipment	(1,931)		(2,732)
Deferred cost of revenue	(8,810)		(9,707)
Goodwill and other intangible assets	(19,252)		(20,607)
Unremitted earnings of foreign subsidiaries	(3,137)		(1,784)
Operating lease right-of-use assets	(3,965)		(5,241)
Total deferred tax liabilities	(39,592)		(42,671)
Valuation allowance	(28,891)		(20,357)
Net deferred tax assets (liabilities)	$	16,142	$	(1,030)

Recorded as:
Deferred tax assets	$	25,697	$	10,719
Deferred tax liabilities	(9,555)		(11,749)
Net deferred tax assets (liabilities)	$	16,142	$	(1,030)

Schedule of Valuation Allowance

Activity in the recorded valuation allowance consisted of the following for the years ended January 31, 2024 and 2023:


	Year Ended January 31,
(in thousands)	2024		2023
Valuation allowance, beginning of year	$	(20,357)	$	(20,711)
Income tax (provision) benefit	(8,464)		292
Currency translation adjustment and other	(70)		62
Valuation allowance, end of year	$	(28,891)	$	(20,357)

Schedule of Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits

For the years ended January 31, 2024, 2023, and 2022, the aggregate changes in the balance of gross unrecognized tax benefits were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Gross unrecognized tax benefits, beginning of year	$	87,928	$	84,229	$	84,847
Increases related to tax positions taken during the current year	853		645		672
Increases related to tax positions taken during prior years	1,598		4,260		430
(Decreases) increases related to foreign currency exchange rates	(174)		(404)		45
Reductions for tax positions of prior years	(843)		(84)		(152)
Lapses of statutes of limitations	(6,098)		(718)		(1,613)
Gross unrecognized tax benefits, end of year	$	83,264	$	87,928	$	84,229

Schedule of Income Tax Returns Under Examination in Major Tax Jurisdictions

As of January 31, 2024, income tax returns are under examination in the following significant tax jurisdictions:


Jurisdiction						Tax Years
United Kingdom						December 31, 2006, January 31, 2008
India						March 31, 2010 - March 31, 2013, March 31, 2017, March 31, 2020, March 31, 2022
Israel						January 31, 2019 - January 31, 2022
Brazil						December 31, 2018
Philippines						January 31, 2021 - January 31, 2023

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Current Assets:
Cash and cash equivalents	$ 241,400	$ 282,099
Short-term investments	686	697
Accounts receivable, net of allowance for credit losses of $1.2 million and $1.3 million, respectively	190,461	188,414
Contract assets, net	66,913	60,444
Inventories	14,209	12,628
Prepaid expenses and other current assets	59,505	75,374
Total current assets	573,174	619,656
Property and equipment, net	47,704	64,810
Operating lease right-of-use assets	30,118	37,649
Goodwill	1,352,715	1,347,213
Intangible assets, net	57,466	85,272
Long-term deferred income taxes	25,697	10,719
Other assets	139,550	148,282
Total assets	2,226,424	2,313,601
Current Liabilities:
Accounts payable	26,301	43,631
Accrued expenses and other current liabilities	137,433	155,944
Contract liabilities	254,437	271,476
Total current liabilities	418,171	471,051
Long-term debt	410,965	408,908
Long-term contract liabilities	10,581	18,047
Operating lease liabilities	32,100	40,744
Long-term deferred income taxes	9,555	11,749
Other liabilities	76,065	68,632
Total liabilities	957,437	1,019,131
Commitments and Contingencies
Temporary Equity:
Total temporary equity	436,321	436,321
Stockholders' Equity:
Common stock — $0.001 par value; authorized 240,000,000 shares; issued 62,738,000 and 65,404,000; outstanding 62,738,000 and 65,404,000 shares at January 31, 2024 and 2023, respectively.	63	65
Additional paid-in capital	979,671	1,055,157
Accumulated deficit	(6,723)	(45,333)
Accumulated other comprehensive loss	(142,962)	(154,099)
Total Verint Systems Inc. stockholders' equity	830,049	855,790
Noncontrolling interests	2,617	2,359
Total stockholders' equity	832,666	858,149
Total liabilities, temporary equity, and stockholders' equity	2,226,424	2,313,601
Series A Preferred Stock
Temporary Equity:
Total temporary equity	200,628	200,628
Series B Preferred Stock
Temporary Equity:
Total temporary equity	$ 235,693	$ 235,693

SEGMENT, GEOGRAPHIC, AND SIGNIFICANT CUSTOMER INFORMATION (Tables)

12 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The information below summarizes revenue from unaffiliated customers by geographic area for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Americas:
United States	$	580,124	$	572,837	$	552,680
Other	62,826		56,557		48,043
Total Americas	642,950		629,394		600,723
EMEA:
United Kingdom	101,990		99,360		100,606
Other	73,641		82,680		79,560
Total EMEA	175,631		182,040		180,166
APAC	91,806		90,811		93,620
Total revenue	$	910,387	$	902,245	$	874,509

Property and equipment, net by geographic area consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
United States	$	34,818	$	50,917
United Kingdom	5,797		7,244
Other countries	7,089		6,649
Total property and equipment, net	$	47,704	$	64,810

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Allowance for credit losses	$ 1,200	$ 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)	62,738,000	65,404,000
Common stock, outstanding (in shares)	62,738,000	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	$ 206,067	$ 206,067
Preferred stock, redemption value	$ 206,067	$ 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	$ 206,067	$ 206,067
Preferred stock, redemption value	$ 206,067	$ 206,067

STOCKHOLDERS' EQUITY - Summary of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	$ 858,149	$ 954,579	$ 1,282,564
Other comprehensive loss before reclassifications	9,794	(36,133)
Amounts reclassified out of accumulated other comprehensive loss	(557)	(549)
Cumulative currency translation loss realized from divestiture	(786)
Other comprehensive income (loss)	11,137	(35,584)	18,363
Ending balances	832,666	858,149	954,579
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(154,012)	(118,467)
Other comprehensive loss before reclassifications	10,123	(35,545)
Amounts reclassified out of accumulated other comprehensive loss	0	0
Cumulative currency translation loss realized from divestiture	(786)
Other comprehensive income (loss)	10,909	(35,545)
Ending balances	(143,103)	(154,012)	(118,467)
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(154,099)	(118,515)	(136,878)
Other comprehensive income (loss)	11,137	(35,584)
Ending balances	(142,962)	(154,099)	(118,515)
Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges \| Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(87)	(48)
Other comprehensive loss before reclassifications	(329)	(588)
Amounts reclassified out of accumulated other comprehensive loss	(557)	(549)
Cumulative currency translation loss realized from divestiture	0
Other comprehensive income (loss)	228	(39)
Ending balances	$ 141	$ (87)	$ (48)

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Other Business Combination Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Business Acquisition [Line Items]
Changes in fair values, recorded in operating expenses	$ (3.0)	$ 0.2	$ 0.9
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
Payments of contingent consideration earned	$ 4.9	$ 7.5	$ 9.6
Recurring
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	7.3
Recurring \| Accrued expenses and other current liabilities
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	4.5
Recurring \| Other Noncurrent Liabilities
Business Acquisition [Line Items]
Contingent consideration obligations, fair value	$ 2.8

LONG-TERM DEBT - Credit Agreement (Details) - USD ($)			3 Months Ended	12 Months Ended
LONG-TERM DEBT - Credit Agreement (Details) - USD ($)	May 10, 2023	Apr. 27, 2023	Apr. 30, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Jun. 29, 2017
Debt Instrument [Line Items]
Accrued interest paid				$ 8,094,000	$ 4,661,000	$ 9,716,000
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 725,000,000
Term Loan
Debt Instrument [Line Items]
Debt principal amount							425,000,000
Required quarterly principal payment			$ 1,100,000
Repayments of debt		$ 100,000,000	309,000,000
Long-term debt, gross			$ 100,000,000	0	100,000,000
Accrued interest paid		$ 500,000
Unamortized debt discount				200,000
Increase to debt issuance costs				200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 300,000,000
Long-term debt, gross				$ 100,000,000	$ 0
Interest rate at end of period (as a percent)				6.95%
Debt covenant, leverage ratio				4.50
Fourth Amendment To Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.25%
Fourth Amendment To Credit Agreement \| Minimum \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.25%
Fourth Amendment To Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.25%
Fourth Amendment To Credit Agreement \| Maximum \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)	2.25%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property And Equipment, Net (Details)	Jan. 31, 2024
Equipment, furniture, and other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives, (in years)	3 years
Equipment, furniture, and other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives, (in years)	7 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives, (in years)	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives, (in years)	4 years
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives, (in years)	10 years

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES - Conversocial Limited (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 23, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Business Acquisition [Line Items]
Cash paid for business combinations, including adjustments, net of cash acquired	$ 50,200
Goodwill		$ 1,352,715	$ 1,347,213	$ 1,353,421
Finite-lived intangible asset, useful life (in years)		10 years
Conversocial Limited
Business Acquisition [Line Items]
Cash	53,409
Cash acquired from acquisition	3,200
Other purchase price adjustments	(190)
Goodwill	31,308
Business acquisition, goodwill deductible for income tax purposes	500
Business acquisition, goodwill not deductible for income tax purposes	30,800
Current and long-term contract liabilities	3,410
Component of the purchase price allocation	$ 1,200
Business acquisition related costs		$ 100	$ 1,200	$ 3,400
Weighted-average estimated useful life of all finite-lived identifiable intangible assets (in years)	5 years 10 months 24 days
Conversocial Limited \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)	7 years
Conversocial Limited \| Developed technology
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years
Conversocial Limited \| Trademarks and trade names
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Conversocial Limited \| Prepaid expenses and other current assets
Business Acquisition [Line Items]
Component of the purchase price allocation	$ 700
Conversocial Limited \| Other assets
Business Acquisition [Line Items]
Component of the purchase price allocation	$ 500

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC.

12 Months Ended

Jan. 31, 2024

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC.

The following table summarizes the calculation of basic and diluted net income (loss) per common share attributable to Verint Systems Inc. for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands, except per share amounts)	2024		2023		2022
Net income	$	39,634	$	15,659	$	15,651
Net income attributable to noncontrolling interests	1,024		761		1,238
Net income attributable to Verint Systems Inc.	38,610		14,898		14,413
Dividends on preferred stock	(20,800)		(20,800)		(18,922)
Net income (loss) attributable to Verint Systems Inc. for basic net income (loss) per common share	17,810		(5,902)		(4,509)
Dilutive effect of dividends on preferred stock	—		—		—


	Year Ended January 31,
(in thousands, except per share amounts)	2024		2023		2022
Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share	$	17,810	$	(5,902)	$	(4,509)

Weighted-average shares outstanding:
Basic	63,990		65,332		65,591
Dilutive effect of employee equity award plans	328		—		—
Dilutive effect of 2021 Notes	—		—		—
Dilutive effect of 2014 Notes	—		—		—
Dilutive effect of warrants	—		—		—
Dilutive effect of assumed conversion of preferred stock	—		—		—
Diluted	64,318		65,332		65,591

Net income (loss) income per common share attributable to Verint Systems Inc.:
Basic	$	0.28	$	(0.09)	$	(0.07)
Diluted	$	0.28	$	(0.09)	$	(0.07)


	Year Ended January 31,
(in thousands)	2024	2023	2022
Common shares excluded from calculation:
Restricted and performance stock-based awards	1,840	2,120	1,580
2014 Notes	—	—	481
Warrants	—	—	117
Series A Preferred Stock	5,498	5,498	5,498
Series B Preferred Stock	3,980	3,980	3,282

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 year ended January 31, 2024, the average price of our common stock did not exceed the $62.08 per share conversion price of our 2021 Notes, and other requirements for the 2021 Notes (as defined in Note 7, “Long-Term Debt”), to be convertible were not met. The 2021 Notes will have a dilutive impact on net income per common share at any time when the average market price of our common stock for a quarterly reporting period exceeds the conversion price.

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

Following the completion of the Spin-Off on February 1, 2021, the strike prices of the conversion features of our 2014 Notes and Warrants (each as defined in Note 7, “Long-Term Debt”) were reduced to $40.55 per share and $47.18 per share, respectively, which increased the equivalent number of underlying common shares to 9,541,000 and 9,865,000, respectively.

Our Note Hedges (as defined in Note 7, “Long-Term Debt”) did not impact our diluted earnings per common share calculation because their effect would be anti-dilutive. However, in connection with the maturity of the 2014 Notes, the common shares delivered to us under the Note Hedges neutralized the dilutive effect of the common shares that we issued under the 2014 Notes to settle the conversion premium. As a result, the settlement of the outstanding 2014 Notes did not increase our outstanding common stock.

Our Warrants had a dilutive impact on net income per common share to the extent that we reported net income for the applicable period and the average market value of our common stock exceeded the strike price of the Warrants. The Warrants expired incrementally on a series of expiration dates between August 30, 2021 and January 21, 2022. At each expiration date the Warrants were exercised when the market price per share of our common stock exceeded the strike price of the Warrants, and we issued an aggregate of 293,143 shares of our common stock as part of the cashless exercise of approximately 5,031,000 Warrants. All outstanding Warrants were exercised or expired as of January 31, 2022.

Further details regarding the 2021 Notes, Capped Calls, 2014 Notes, Note Hedges, and the Warrants appear in Note 7, “Long-Term Debt”.

The weighted-average common shares underlying the assumed conversion of the Preferred Stock, on an as-converted basis, were excluded from the calculations of diluted net income (loss) per common share for the years ended January 31, 2024, 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”.

STOCKHOLDERS' EQUITY - Common Stock Dividends (Details) - USD ($)		12 Months Ended
	Feb. 01, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Equity [Abstract]
Dividends on common stock		$ 0	$ 0	$ 0
Spin-off transaction, number of shares received (in shares)	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Business Segment Information (Details)	12 Months Ended
	Jan. 31, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	1

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Schedule of Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Restricted and performance stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,840	2,120	1,580
2014 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	481
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	117
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,498	5,498	5,498
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,980	3,980	3,282

LONG-TERM DEBT - Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Apr. 09, 2021	Jun. 18, 2014
Debt Instrument [Line Items]
Losses on early retirements of debt	$ 237	$ 0	$ 2,474
2021 Notes
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	788	787	639
Amortization of deferred debt issuance costs	1,776	1,762	1,416
Total interest expense	2,564	2,549	2,055
Coupon interest rate				0.25%
2014 Notes
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	0	0	1,933
Amortization of deferred debt issuance costs	0	0	522
Total interest expense	0	0	2,455
Coupon interest rate					1.50%
Credit Agreement
Debt Instrument [Line Items]
Interest expense at coupon or contractual rate	6,896	4,114	3,366
Impact of interest rate swap agreement	0	0	1,014
Amortization of debt discounts	5	19	18
Amortization of deferred debt issuance costs	739	863	930
Losses on early retirements of debt	237	0	0
Total interest expense	$ 7,877	$ 4,996	$ 5,328

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Deferred tax assets:
Accrued expenses	$ 2,843	$ 4,506
Operating lease liabilities	6,054	7,974
Loss carryforwards	23,171	20,483
Tax credits	14,241	5,408
Stock-based and other compensation	5,593	3,963
Capitalized research and development expenses	31,530	18,669
Other, net	1,193	995
Total deferred tax assets	84,625	61,998
Deferred tax liabilities:
Prepaid expenses	(2,497)	(2,600)
Depreciation of property and equipment	(1,931)	(2,732)
Deferred cost of revenue	(8,810)	(9,707)
Goodwill and other intangible assets	(19,252)	(20,607)
Unremitted earnings of foreign subsidiaries	(3,137)	(1,784)
Operating lease right-of-use assets	(3,965)	(5,241)
Total deferred tax liabilities	(39,592)	(42,671)
Valuation allowance	(28,891)	(20,357)
Net deferred tax assets (liabilities)		(1,030)
Net deferred tax assets (liabilities)	16,142
Recorded as:
Deferred tax assets	25,697	10,719
Deferred tax liabilities	(9,555)	(11,749)
Net deferred tax assets (liabilities)		$ (1,030)
Net deferred tax assets (liabilities)	$ 16,142

LONG-TERM DEBT

12 Months Ended

Jan. 31, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

The following table summarizes our long-term debt at January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
2021 Notes	$	315,000	$	315,000
Revolving Credit Facility	100,000		—
Term Loan	—		100,000
Less: unamortized debt discounts and issuance costs	(4,035)		(6,092)
Total debt	410,965		408,908
Less: current maturities	—		—
Long-term debt	$	410,965	$	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, 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 call transactions 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 the 2018 Swap (as defined in Note 13, “Derivative Financial Instruments”), 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 January 31, 2024, the 2021 Notes were not convertible.

We incurred approximately $8.9 million of issuance costs in connection with the 2021 Notes, which were deferred and are presented as a reduction of long-term debt, and which are being amortized as interest expense over the term of the 2021 Notes. Including the impact of the deferred debt issuance costs, the effective interest rate on the 2021 Notes was approximately 0.83% at January 31, 2024.

Based on the closing market price of our common stock on January 31, 2024, the if-converted value of the 2021 Notes was less than their aggregate principal amount.

2014 Notes

On June 18, 2014, we issued $400.0 million in aggregate principal amount of 1.50% convertible senior notes, with a maturity date of June 1, 2021 (the “2014 Notes”). Net proceeds from the 2014 Notes after underwriting discounts were $391.9 million. The 2014 Notes were unsecured and paid interest in cash semiannually in arrears at a rate of 1.50% per annum.

During the year ended January 31, 2021, we repurchased $13.1 million principal amount of the 2014 Notes (the “Repurchased 2014 Notes”) in open market transactions for an aggregate of $13.0 million in cash.

On February 1, 2021, we early adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which eliminated the liability and equity separation model for convertible instruments with a cash conversion feature, such as the 2014 Notes. As a result, effective February 1, 2021, we no longer presented separate liability and equity components for the 2014 Notes on our consolidated balance sheet. The adoption of ASU No. 2020-06 resulted in the $78.0 million carrying value of the 2014 Notes’ equity component at January 31, 2021, which included applicable issuance costs and the portion classified within temporary equity, being reclassified and combined with the liability component of the 2014 Notes.

In connection with the maturity of the 2014 Notes on June 1, 2021, we paid an aggregate of $389.8 million in cash for the settlement of the 2014 Notes, which included $386.9 million in satisfaction of the outstanding principal of the 2014 Notes and $2.9 million related to the final interest payment on the 2014 Notes. Additionally, the 2014 Notes had an incremental

conversion value of $57.7 million as the market value per share of our common stock, as measured under the terms of the 2014 Notes, was greater than the conversion price of the 2014 Notes. We issued approximately 1,250,000 shares of common stock to the holders of the 2014 Notes as payment of the conversion premium, which we issued from treasury stock. See the discussion of the Note Hedges and Warrants below for more information.

Capped Calls, Note Hedges and Warrants

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 January 31, 2024, no Capped Calls have been exercised.

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

Note Hedges and Warrants

Concurrently with the issuance of the 2014 Notes, we entered into convertible note hedge transactions (the “Note Hedges”) and sold warrants (the “Warrants”). The combination of the Note Hedges and the Warrants served to increase the effective initial conversion price for the 2014 Notes to $75.00 per share. Subsequent to the Spin-Off, as a result of conversion rate adjustments, the Note Hedges and the Warrants served to increase the effective conversion price for the 2014 Notes to $47.18 per share. The Note Hedges and Warrants were each separate instruments from the 2014 Notes.

Note Hedges

Pursuant to the Note Hedges, we purchased call options on our common stock, under which we had the right to acquire from the counterparties up to approximately 9,865,000 shares of our common stock at a price of $40.55, which was equal to the adjusted conversion price of the 2014 Notes as a result of the Spin-Off. The Note Hedges were intended to reduce our exposure to potential dilution upon conversion of the 2014 Notes. We paid $60.8 million for the Note Hedges, which was recorded as a charge to additional paid-in capital. Our exercise rights under the Note Hedges were automatically triggered upon conversion of any 2014 Notes and the Note Hedges otherwise terminated upon maturity of the 2014 Notes on June 1, 2021. In connection with the maturity of the 2014 Notes on June 1, 2021, we received approximately 1,250,000 shares of our common stock from the counterparties under the Note Hedges, which offset the dilution resulting from the stock settlement of the conversion premium on the 2014 Notes as the market value per share of our common stock, as measured under the terms of the Note Hedges, was greater than the strike price of the Note Hedges.

The Repurchased 2014 Notes as described above did not change the number of common shares subject to the Note Hedges as the counterparties agreed that the options under the Note Hedges remained outstanding notwithstanding such repurchase. Upon maturity of the 2014 Notes, we received approximately 42,000 shares of our common stock from the counterparties to the Note Hedges as reimbursement for the in-the-money portion of the Repurchased 2014 Notes.

Warrants

We sold the Warrants to several counterparties. Proceeds from the sale of the Warrants were $45.2 million and were recorded as additional paid-in capital. The Warrants expired incrementally on a series of expiration dates between August 30, 2021 and January 21, 2022. At each expiration date, the Warrants were exercised when the market price per share of our common stock exceeded the strike price of the Warrants, and we issued an aggregate of 293,143 shares of our common stock as part of the cashless exercise of approximately 5,031,000 Warrants. All outstanding Warrants were exercised or expired as of January 31, 2022.

The Note Hedges and Warrants both qualified for classification within stockholders’ equity, and therefore no changes to their respective fair values were recorded in our consolidated statements of operations for any period.

Credit Agreement

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

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

Optional prepayments of loans under the Credit Agreement are generally permitted without premium or penalty. During the three months ended April 30, 2021, in addition to our regular quarterly $1.1 million principal payment, we repaid $309.0 million of our Term Loan, reducing the outstanding principal balance to $100.0 million. On April 27, 2023, we repaid the remaining $100.0 million outstanding principal balance on our Term Loan utilizing proceeds from borrowings under our Revolving Credit Facility, along with $0.5 million of accrued interest thereon. As a result, $0.2 million of combined deferred debt issuance costs and unamortized discount associated with the Term Loan were written off and are included within interest expense in our consolidated statement of operations for the year ended January 31, 2024.

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

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

Borrowings outstanding under the Revolving Credit Facility were $100.0 million at January 31, 2024, which is included in long-term debt on our consolidated balance sheet. For borrowings under the Revolving Credit Facility, the applicable margin is determined by reference to our Consolidated Total Debt to Consolidated EBITDA (each as defined in the Credit Agreement) leverage ratio (the "Leverage Ratio"). As of January 31, 2024, the interest rate on our Revolving Credit Facility borrowings was 6.95%. In addition, we are required to pay a commitment fee with respect to unused availability under the Revolving Credit Facility at rates per annum determined by reference to our Leverage Ratio. The proceeds of borrowings under the Revolving Credit Facility may be used for working capital and general corporate purposes, including for permitted acquisitions and permitted stock repurchases, and the repayment of term loans, if any.

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

The Credit Agreement contains certain customary affirmative and negative covenants for credit facilities of this type. The Credit Agreement also contains a financial covenant that, solely with respect to the Revolving Credit Facility, requires us to maintain a Leverage Ratio of no greater than 4.50 to 1. The limitations imposed by the covenants are subject to certain exceptions as detailed in the Credit Agreement. We were in compliance with all of the financial covenants of the Credit Agreement as of January 31, 2024.

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


	Year Ended January 31,
(in thousands)	2024		2023		2022
2021 Notes:
Interest expense at 0.25% coupon rate	$	788	$	787	$	639
Amortization of deferred debt issuance costs	1,776		1,762		1,416
Total Interest Expense — 2021 Notes	$	2,564	$	2,549	$	2,055

2014 Notes:
Interest expense at 1.50% coupon rate	$	—	$	—	$	1,933
Amortization of deferred debt issuance costs	—		—		522
Total Interest Expense — 2014 Notes	$	—	$	—	$	2,455

Borrowings under Credit Agreement:
Interest expense at contractual rates	$	6,896	$	4,114	$	3,366
Impact of interest rate swap agreement	—		—		1,014
Amortization of debt discounts	5		19		18
Amortization of deferred debt issuance costs	739		863		930
Losses on early retirements of debt	237		—		—
Total Interest Expense — Borrowings under Credit Agreement	$	7,877	$	4,996	$	5,328

Please refer to Note 13, “Derivative Financial Instruments” for information regarding our interest rate swap.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements Recently Adopted (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excise tax on share repurchases	$ 754	$ 0	$ 0
December 2022 Share Repurchase Program
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excise tax on share repurchases	$ 800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SEGMENT, GEOGRAPHIC, AND SIGNIFICANT CUSTOMER INFORMATION - Property and equipment, net (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 47,704	$ 64,810
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	34,818	50,917
United Kingdom
Property, Plant and Equipment [Line Items]
Property and equipment, net	5,797	7,244
Other countries
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 7,089	$ 6,649

REVENUE RECOGNITION - Timing of Remaining Performance Obligations (Details)	Jan. 31, 2024	Jan. 31, 2023
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	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period		5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period	5 years
Minimum \| 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		1 year
Minimum \| 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	1 year
Maximum \| 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	3 years	3 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation, period	3 years

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Stock Bonus Program and Bonus Share Program (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Mar. 27, 2024	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
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	300,000	200,000
Discount from market price (as a percent)				15.00%	15.00%	15.00%	15.00%
Shares in lieu of cash bonus - granted and released (in shares)		27,000	119,000			0
Stock Bonus Program \| Subsequent Event
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	200,000
Discount from market price (as a percent)	15.00%
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	300,000	300,000
Shares in lieu of cash bonus - granted and released (in shares)						0
Accrued bonus				$ 5.8	$ 7.9
Stock bonus program and bonus share program \| Subsequent Event
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	300,000
Bonus Share Program
Stock-Based Compensation Plans
Shares in lieu of cash bonus - granted and released (in shares)		178,000	0

SEGMENT, GEOGRAPHIC, AND SIGNIFICANT CUSTOMER INFORMATION

12 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

SEGMENT, GEOGRAPHIC, AND SIGNIFICANT CUSTOMER INFORMATION

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is

evaluated regularly by the enterprise’s chief operating decision maker, or CODM, or decision making group, in deciding how to allocate resources and in assessing performance. Our Chief Executive Officer is our CODM.

We are a pure-play customer engagement company that operates as a single reporting segment as our CODM reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.

Geographic Information

Revenue by major geographic region is based upon the geographic location of the customers who purchase our products and services. The geographic locations of distributors, resellers, and systems integrators who purchase and resell our products may be different from the geographic locations of end customers.

Revenue in the Americas includes the United States, Canada, Mexico, Brazil, and other countries in the Americas. Revenue in Europe, the Middle East and Africa (“EMEA”) includes the United Kingdom, Germany, Israel, and other countries in EMEA. Revenue in the Asia-Pacific (“APAC”) region includes Australia, India, and other Asia-Pacific countries.

The information below summarizes revenue from unaffiliated customers by geographic area for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Americas:
United States	$	580,124	$	572,837	$	552,680
Other	62,826		56,557		48,043
Total Americas	642,950		629,394		600,723
EMEA:
United Kingdom	101,990		99,360		100,606
Other	73,641		82,680		79,560
Total EMEA	175,631		182,040		180,166
APAC	91,806		90,811		93,620
Total revenue	$	910,387	$	902,245	$	874,509

Our long-lived assets primarily consist of net property and equipment, operating lease right-of-use assets, goodwill and other intangible assets, and deferred income taxes. We believe that our tangible long-lived assets, which consist of our net property and equipment, are exposed to greater geographic area risks and uncertainties than intangible assets, operating lease right-of-use assets, and long-term cost deferrals, because these tangible assets are difficult to move and are relatively illiquid.

Property and equipment, net by geographic area consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
United States	$	34,818	$	50,917
United Kingdom	5,797		7,244
Other countries	7,089		6,649
Total property and equipment, net	$	47,704	$	64,810

Significant Customers

No end-customer or partner represented more than 10% of our total revenue during the years ended January 31, 2024, 2023, and 2022.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LONG-TERM DEBT - 2021 Notes (Details)			12 Months Ended
LONG-TERM DEBT - 2021 Notes (Details)	Apr. 09, 2021 USD ($) $ / shares	Apr. 06, 2021 USD ($) $ / shares	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Payments of debt issuance costs			$ 232,000	$ 224,000	$ 10,708,000
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
Conversion price (in dollars per share) \| $ / shares	$ 62.08	$ 62.08
Payments of debt issuance costs	$ 8,900,000
Effective interest rate (as a percent)			0.83%

SEGMENT, GEOGRAPHIC, AND SIGNIFICANT CUSTOMER INFORMATION - Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 910,387	$ 902,245	$ 874,509
Americas:
Revenues from External Customers and Long-Lived Assets
Total revenue	642,950	629,394	600,723
United States
Revenues from External Customers and Long-Lived Assets
Total revenue	580,124	572,837	552,680
Other
Revenues from External Customers and Long-Lived Assets
Total revenue	62,826	56,557	48,043
EMEA:
Revenues from External Customers and Long-Lived Assets
Total revenue	175,631	182,040	180,166
United Kingdom
Revenues from External Customers and Long-Lived Assets
Total revenue	101,990	99,360	100,606
Other
Revenues from External Customers and Long-Lived Assets
Total revenue	73,641	82,680	79,560
APAC
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 91,806	$ 90,811	$ 93,620

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION (Tables)

12 Months Ended

Jan. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Raw materials	$	4,402	$	3,325
Work-in-process	69		40
Finished goods	9,738		9,263
Total inventories	$	14,209	$	12,628

Schedule of Property and Equipment, net

Property and equipment, net consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Land and buildings	$	779	$	820
Leasehold improvements	11,837		15,026
Software	56,203		73,569
Equipment, furniture, and other	28,505		41,966
Total cost	97,324		131,381
Less: accumulated depreciation and amortization	(49,620)		(66,571)
Total property and equipment, net	$	47,704	$	64,810

Schedule of Prepaid Expenses and Other Current Assets

Prepaid and other current assets consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Prepaid expenses	$	25,718	$	23,766
Other current assets	25,614		27,257
CTI litigation settlement indemnification asset - current portion	4,750		11,250
Cloud computing implementation costs, net - current portion	3,423		598
Insurance recovery receivable	—		12,503
Total prepaid expenses and other current assets	$	59,505	$	75,374

Schedule of Other Assets

Other assets consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Deferred commissions	$	54,757	$	54,512
Long-term contract assets, net	31,379		37,950
Capitalized software development costs, net	25,319		23,527
Cloud computing implementation costs, net - long-term portion	6,579		2,591
Noncontrolling equity investments	5,146		5,146
Long-term deferred cost of revenue	3,026		4,951
Contingent consideration receivable - long-term portion	2,685		—
SAFE investment	1,700		—
CTI litigation settlement indemnification asset - long-term portion	—		4,750
Other	8,959		14,855
Total other assets	$	139,550	$	148,282

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of January 31, 2024 and 2023:


	January 31,
(in thousands)	2024		2023
Compensation and benefits, excluding bonus	$	54,727	$	53,460
Accrued bonus	25,816		20,306
Taxes other than income taxes	13,148		16,346
Preferred Stock dividends payable	10,400		10,400
Operating lease obligations - current portion	5,492		7,965
CTI litigation settlement liability - current portion	4,750		11,250
Contingent consideration - current portion	4,446		4,496
Income taxes	2,394		443
Professional and consulting fees	1,983		2,635
DOJ legal settlement liability	—		7,000
Other	14,277		21,643
Total accrued expenses and other current liabilities	$	137,433	$	155,944

Schedule of Other Liabilities

Other liabilities consisted of the following as of January 31, 2024 and 2023:


	January 31
(in thousands)	2024		2023
Unrecognized tax benefits, including interest and penalties	$	71,330	$	52,887
Contingent consideration - long-term portion	2,815		8,221
Finance lease obligations - long-term portion	1,087		2,308
CTI litigation settlement liability - long-term portion	—		4,750
Other	833		466
Total other liabilities	$	76,065	$	68,632

Schedule of Activity of Capitalized Software Development Costs

Activity for our capitalized software development costs for the years ended January 31, 2024, 2023, and 2022 was as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Capitalized software development costs, net, beginning of year	$	23,527	$	22,483	$	19,250
Software development costs capitalized during the year	9,623		7,595		7,560
Amortization of capitalized software development costs	(7,798)		(6,407)		(4,247)
Write-offs of capitalized software development costs	(136)		(6)		—
Foreign currency translation and other	103		(138)		(80)
Capitalized software development costs, net, end of year	$	25,319	$	23,527	$	22,483

Schedule of Other Income (Expense), Net

Other income (expense), net consisted of the following for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Foreign currency (losses) gains, net	$	(439)	$	3,453	$	(1,644)
Losses on derivative financial instruments, net	—		—		(14,374)
Change in fair value of future tranche right	—		—		15,810
Other, net	(3,084)		(1,471)		5,435
Total other (expense) income, net	$	(3,523)	$	1,982	$	5,227

Schedule of Supplemental Information Regarding Consolidated Cash Flows

The following table provides supplemental information regarding our consolidated cash flows for the years ended January 31, 2024, 2023, and 2022:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Cash paid for interest	$	8,094	$	4,661	$	9,716
Cash payments of income taxes, net	$	14,970	$	15,886	$	42,917
Non-cash investing and financing transactions:
Liabilities for contingent consideration in business combinations	$	2,265	$	12,184	$	900
Preferred Stock dividends declared	$	10,400	$	10,400	$	10,400
Finance leases of property and equipment	$	579	$	647	$	4,041
Settlement of Future Tranche Right upon issuance of Series B Preferred Stock	$	—	$	—	$	36,962
Retirement of treasury stock	$	—	$	106,146	$	234,999
Settlement of convertible note premium with common stock	$	—	$	—	$	59,131
Receipt of common stock from the counterparties under the Note Hedges	$	—	$	—	$	59,651
Accrued but unpaid purchases of property and equipment	$	371	$	2,353	$	750
Accrued but unpaid purchases of treasury stock	$	—	$	616	$	—
Receivable in exchange for sale of divested businesses	$	6,491	$	—	$	—
Excise tax on share repurchases	$	754	$	—	$	—

INTANGIBLE ASSETS AND GOODWILL - Goodwill Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Goodwill [Roll Forward]
Goodwill, gross at the beginning of the period	$ 1,408,758	$ 1,403,256	$ 1,409,464
Accumulated impairment losses	(56,043)	(56,043)	$ (56,043)
Goodwill, net at the beginning of the period	1,347,213	1,353,421
Business combinations, including adjustments to prior period acquisitions	2,409	25,239
Divested businesses	(7,120)
Foreign currency translation and other	10,213	(31,447)
Goodwill, net, at the end of the period	$ 1,352,715	$ 1,347,213

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS

12 Months Ended

Jan. 31, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS

The following tables summarize our cash, cash equivalents, and short-term investments as of January 31, 2024 and 2023:


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

Short-term investments:
Bank time deposits	$	686	$	—	$	—	$	686
Total short-term investments	$	686	$	—	$	—	$	686


	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.

During the years ended January 31, 2024, 2023, and 2022, proceeds from maturities and sales of short-term investments were $4.1 million, $10.7 million, and $46.3 million, respectively.

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Schedule of PSU Activity (Details) - shares shares in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2021
Shares or Units
Beginning balance (in shares)	2,230	2,454	2,950
Granted (in shares)	2,127	1,743	1,540
Released (in shares)	(1,433)	(1,733)	(1,800)
Forfeited (in shares)	(266)	(234)	(236)
Ending balance (in shares)	2,658	2,230	2,454
Performance based RSU's
Shares or Units
Beginning balance (in shares)	532	547
Beginning balance, adjusted for Spin-Off (in shares)				743
Granted (in shares)	277	278	212
Released (in shares)	(230)	(279)	(381)
Forfeited (in shares)	(47)	(14)	(27)
Ending balance (in shares)	532	532	547

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES

12 Months Ended

Jan. 31, 2024

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS, ASSET ACQUISITIONS, AND DIVESTITURES

Year Ended January 31, 2024

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

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 purchase price allocations for these acquisitions are final.

The combined transaction and related costs, consisting primarily of professional fees and integration expenses were $0.7 million and $1.1 million for the years ended January 31, 2024 and 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 years ended January 31, 2024 and 2023 were not material.

Year Ended January 31, 2022

Conversocial Limited

On August 23, 2021, we completed the acquisition of all of the outstanding shares of Conversocial Limited (together with its subsidiaries, “Conversocial”), a leading messaging platform that enables brands to deliver superior customer experiences. Conversocial has offices in London, United Kingdom and New York, New York.

The purchase price consisted of (i) $53.4 million of cash paid at closing, funded from cash on hand, partially offset by $3.2 million of Conversocial’s cash received in the acquisition, resulting in net cash consideration at closing of $50.2 million; and (ii) $0.2 million of other purchase price adjustments. The purchase price for Conversocial was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. The fair values assigned to identifiable intangible assets acquired were determined primarily by using the income approach, which discounts the expected future cash flows to present value using estimates and assumptions determined by management.

Among the factors contributing to the recognition of goodwill as a component of the Conversocial purchase price allocation were synergies in products and technologies, and the addition of a skilled, assembled workforce. The acquisition resulted in the

recognition of $31.3 million of goodwill, of which $0.5 million is deductible for income tax purposes and $30.8 million is not deductible.

In connection with the purchase price allocation for Conversocial, the estimated fair value of undelivered performance obligations under customer contracts assumed in the acquisition was determined utilizing a cost build-up approach. The cost build-up approach calculated fair value by estimating the costs required to fulfill the obligations plus a reasonable profit margin, which approximates the amount that we believe would be required to pay a third party to assume the performance obligations. The estimated costs to fulfill the performance obligations were based on the historical direct costs for delivering similar services. As a result, in allocating the purchase price, we recorded $3.4 million of current and long-term contract liabilities, representing the estimated fair value of undelivered performance obligations for which payment had been received, which was recognized as revenue as the underlying performance obligations were delivered. For undelivered performance obligations for which payment had not been received, we recorded a $1.2 million asset as a component of the purchase price allocation, representing the estimated fair value of these obligations, $0.7 million of which is included within prepaid expenses and other current assets and $0.5 million of which is included in other assets. We amortized this asset over the underlying delivery periods, which adjusted the revenue we recognized for providing these services to its estimated fair value.

Transaction and related costs directly related to the acquisition of Conversocial, consisting primarily of professional fees and integration expenses, were $0.1 million, $1.2 million, and $3.4 million for the years ended January 31, 2024, 2023, and 2022, respectively, and were expensed as incurred and are included in selling, general and administrative expenses.

Revenue and net income (loss) attributable to Conversocial included in our consolidated statement of operations for the years ended January 31, 2024, 2023, and 2022 were not material.

The purchase price allocation for Conversocial is final.


(in thousands)	Amount
Components of Purchase Price:
Cash	$	53,409
Other purchase price adjustments	(190)
Total purchase price	$	53,219

Allocation of Purchase Price:
Net tangible assets (liabilities):
Accounts receivable	$	1,694
Other current assets, including cash acquired	5,462
Other assets	511
Current and other liabilities	(1,945)
Contract liabilities - current and long-term	(3,410)
Deferred income taxes	(301)
Net tangible assets	2,011
Identifiable intangible assets:
Customer relationships	9,800
Developed technology	9,900
Trademarks and trade names	200
Total identifiable intangible assets	19,900
Goodwill	31,308
Total purchase price allocation	$	53,219

The acquired customer relationships, developed technology, and trademarks and trade names were assigned estimated useful lives of seven years, five years, and one year, respectively, the weighted average of which is approximately 5.9 years. The acquired identifiable intangible assets are being amortized on a straight-line basis, which we believe approximates the pattern in which the assets are utilized, over their estimated useful lives.

Other Business Combinations

During the three months ended July 31, 2021, we completed the acquisition of certain assets from a leader in contact center hiring automation that qualified as a business combination. This transaction resulted in increases to goodwill, customer relationships, and acquired technology intangible assets, but was not material to our consolidated financial statements, and as a result, additional business combination disclosures for this acquisition have been omitted.

Other Business Combination Information

The pro forma impact of all business combinations completed during the three years ended January 31, 2024 was not material to our historical consolidated operating results and is therefore not presented.

The acquisition date fair values of contingent consideration obligations associated with business combinations are estimated based on probability adjusted present values of the consideration expected to be transferred using significant inputs that are not observable in the market. Key assumptions used in these estimates include probability assessments with respect to the likelihood of achieving the performance targets and discount rates consistent with the level of risk of achievement. At each reporting date, we revalue the contingent consideration obligations to their fair values and record increases and decreases in fair value within selling, general and administrative expenses in our consolidated statements of operations. Changes in the fair value of the contingent consideration obligations result from changes in discount periods and rates, and changes in probability assumptions with respect to the likelihood of achieving the performance targets.

For the year ended January 31, 2024, we recorded a benefit of $3.0 million, and for the years ended January 31, 2023 and 2022, we recorded charges of $0.2 million and $0.9 million, respectively, within selling, general and administrative expenses for changes in the fair values of contingent consideration obligations associated with business combinations. The aggregate fair value of the remaining contingent consideration obligations associated with business combinations was $7.3 million at January 31, 2024, of which $4.5 million was recorded within accrued expenses and other current liabilities, and $2.8 million was recorded within other liabilities.

Payments of contingent consideration earned under these agreements were $4.9 million, $7.5 million, and $9.6 million for the years ended January 31, 2024, 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 agreement also stipulates the establishment of additional milestone payments totaling $3.0 million, of which $2.0 million was deposited into a third-party escrow account in connection with the closing of the transaction. These milestone payments are contingent upon the successful delivery of the source code and the attainment of specific developmental objectives within twelve months and will be reduced by any amounts paid under a separate transition services agreement entered into by the parties. During the year ended January 31, 2024, we made $1.8 million in milestone payments to the seller, of which $0.8 million was released from the escrow account upon the achievement of certain source code delivery and integration milestones. The remaining $1.2 million of milestone payments remains in the third-party escrow account, is classified as restricted cash, and is included in prepaid expenses and other current assets on our consolidated balance sheet as of January 31, 2024.

The transaction also provides for additional consideration that is contingent upon achieving certain performance targets for the years ending January 31, 2025 and 2026 of up to $5.0 million, with a minimum of $2.0 million guaranteed over the period, 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.

Divestitures

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

We estimated the sale price under the sale agreement to be $6.0 million based on (i) the estimated fair value of our share of the future adjusted operating income (as defined in the agreement) of the business, to be paid annually over a minimum of six years

following the transaction closing date, (ii) the amount by which the closing working capital of the business exceeds the working capital target, and (iii) the estimated amount of future collections of outstanding receivables as of the closing date from a certain customer, net of certain expenses. We determined the estimated fair value of the contingent consideration with the assistance of a third-party valuation specialist and estimates made by management. We recognized a pre-tax loss on the sale of $9.7 million, which was recorded as part of selling, general, and administrative expenses in our consolidated statement of operations, and included $0.8 million of cumulative foreign translation loss that was released from accumulated other comprehensive loss and divestiture-related expenses were not material. As part of the transaction, we divested $6.5 million of cash, most of which was intended as reimbursement for certain liabilities assumed by the buyer, as well as $1.0 million of tangible net assets, $0.5 million of intangible assets, and $6.8 million of goodwill. The divested services business generated $25.2 million, $33.2 million, and $34.7 million of revenues during the years ended January 31, 2024, 2023, and 2022, and several hundred employees dedicated to this managed services business were transferred or terminated as part of the transaction.

In March 2023, we completed the sale of an insignificant product line that we inherited as part of a legacy acquisition and that no longer fit with our current business priorities or strategic direction. The total consideration for the sale was $0.7 million, which is payable to us in three equal installments through March 2025, the first installment of which was received in July 2023. 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.

These divestitures did not meet the criteria to be reported as discontinued operations in our consolidated financial statements as our decision to divest these businesses did not represent a strategic shift that would have a major effect on our operations and financial results.

STOCKHOLDERS' EQUITY - Stock Repurchase Programs (Details) - USD ($) shares in Thousands	2 Months Ended	12 Months Ended
	Mar. 25, 2024	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Dec. 07, 2022
Class of Stock [Line Items]
Stock repurchased during period (in shares)			2,659
Stock repurchased during period, value			$ 129,600,000
Excise tax on share repurchases		$ 754,000	$ 0	$ 0
Shares withheld for tax withholding obligation (in shares)		1
Common stock repurchased and retired (in shares)		4,125	2,659
Treasury stock retired			$ 0	$ 0
Common Stock Including Additional Paid in Capital
Class of Stock [Line Items]
Treasury stock retired		$ 124,400,000	129,600,000
December 2022 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 200,000,000
Stock repurchased during period (in shares)		4,124
Stock repurchased during period, value		$ 124,400,000	23,500,000
Excise tax on share repurchases		$ 800,000
December 2022 Share Repurchase Program \| Subsequent Event
Class of Stock [Line Items]
Stock repurchased during period (in shares)	463
Stock repurchased during period, value	$ 14,400,000
December 2021 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchased during period, value			$ 105,700,000

STOCKHOLDERS' EQUITY - Issuance of Convertible Preferred Stock (Details) - USD ($)	Apr. 06, 2021	May 07, 2020	Dec. 04, 2019	Jan. 31, 2024
Apax
Class of Stock [Line Items]
Percentage ownership of outstanding shares				13.50%
Convertible Preferred Stock
Class of Stock [Line Items]
Sale of stock, consideration received on transaction			$ 400,000,000
Series A Preferred Stock \| Series A Private Placement
Class of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 200,000,000
Series B Preferred Stock \| Series B Private Placement
Class of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 200,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS - Stock-Based Compensation Plans (Details) - shares	Jan. 31, 2024	Jun. 22, 2023
2019 Long-Term Stock Incentive Plan
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)		3,982,168
2023 Long-Term Stock Incentive Plan
Stock-Based Compensation Plans
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	9,000,000
Reduction of available plan capacity for each stock option or stock-settled stock appreciation right (in shares)	1
Reduction of available plan capacity for each other award (in shares)	1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Jan. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

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

Foreign Currency Forward Contracts

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

We held outstanding foreign currency forward contracts with notional amounts of $6.3 million and $6.8 million as of January 31, 2024 and 2023, respectively.

Interest Rate Swap Agreement

In April 2018, we executed a pay-fixed, receive-variable interest rate swap agreement with a multinational financial institution to partially mitigate risks associated with the variable interest rate on our Term Loan. Pursuant to the agreement, we paid interest at a fixed rate of 2.949% and received variable interest of three-month LIBOR (subject to a minimum of 0.00%), on a notional amount of $200.0 million (the “2018 Swap”). The effective date of the 2018 Swap was September 6, 2019, and settlements with the counterparty began on November 1, 2019 and occurred on a quarterly basis. The 2018 Swap had a termination date of June 29, 2024.

On April 13, 2021, we paid $16.5 million to the counterparty to settle the 2018 Swap agreement prior to its June 2024 maturity. Upon settlement, we recorded an unrealized gain of $1.3 million in other income (expense), net to adjust the 2018 Swap to its fair value at settlement date and reclassified the remaining $15.7 million of pretax accumulated deferred losses from

accumulated other comprehensive loss within stockholders’ equity to other income (expense), net in our consolidated statement of operations for the year ended January 31, 2022. The associated $3.7 million deferred tax asset was reclassified from accumulated other comprehensive loss and netted against income taxes receivable during the year ended January 31, 2022.

Fair Values of Derivative Financial Instruments

The fair values of our derivative financial instruments and their classifications in our consolidated balance sheets as of January 31, 2024 and 2023 were as follows:


		January 31,
(in thousands)	Balance Sheet Classification	2024		2023
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Prepaid expenses and other current assets	$	183	$	19
Total derivative assets		$	183	$	19

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Accrued expenses and other current liabilities	$	11	$	124
Total derivative liabilities		$	11	$	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 consolidated statement of operations for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Year Ended January 31,
(in thousands)	2024		2023		2022
Net (losses) gains recognized in AOCL:
Foreign currency forward contracts	$	(399)	$	(707)	$	85
	$	(399)	$	(707)	$	85
Net (losses) gains reclassified from AOCL to the consolidated statements of operations:
Foreign currency forward contracts	$	(676)	$	(660)	$	232
Interest rate swap agreement	—		—		(16,669)
	$	(676)	$	(660)	$	(16,437)

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

All of the foreign currency forward contracts underlying the net unrealized losses recorded in our accumulated other comprehensive loss at January 31, 2024 mature within twelve months, and therefore we expect all such losses to be reclassified into earnings within the next twelve months.

Derivative Financial Instruments Not Designated as Hedging Instruments

Losses recognized on derivative financial instruments not designated as hedging instruments in our consolidated statements of operations for the years ended January 31, 2024, 2023, and 2022 were as follows:


	Classification in Consolidated Statements of Operations	Year Ended January 31,
(in thousands)		2024		2023		2022
Interest rate swap agreements	Other income (expense), net	$	—	$	—	$	(14,374)
		$	—	$	—	$	(14,374)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance For Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	$ 1,290	$ 1,260	$ 1,609
Provisions charged to expense	2,082	565	1,242
Amounts written off	(2,094)	(566)	(1,666)
Other, including fluctuations in foreign exchange rates	(33)	31	75
Allowance for credit losses, end of year	1,245	1,290	1,260
Estimated expected credit losses	$ 100	$ 100	$ 0

INCOME TAXES - Valuation Allowances (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Recorded valuation allowance
Balance at beginning of year	$ (20,357)	$ (20,711)
Balance at end of year	(28,891)	(20,357)
Income tax (provision) benefit
Recorded valuation allowance
Adjustments to valuation allowances	(8,464)	292
Currency translation adjustment and other
Recorded valuation allowance
Adjustments to valuation allowances	$ (70)	$ 62

CONVERTIBLE PREFERRED STOCK - Voting Rights, Dividends and Liquidation Rights (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 07, 2020	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	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%
Payments of preferred stock dividends		$ 20,800	$ 20,800	$ 12,856
Accrued dividends on preferred stock			10,400
Preferred stock dividends, unpaid and undeclared		12,100
Dividends declared and recorded		10,400
Dividends on preferred stock		$ 20,800	$ 20,800	$ 18,922
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 1,000
Preferred Stock \| Minimum
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, increase percentage each year	1.00%
Preferred Stock \| Maximum
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, increase percentage each year	10.00%
Preferred Stock \| Dividend for the first 48-month anniversary of closing date
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	5.20%
Preferred Stock \| Dividend after the first 48-month anniversary of closing date
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	4.00%
Preferred Stock \| Dividend increase term in event
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate	6.00%

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO VERINT SYSTEMS INC. - Calculation of Basic And Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Net Income Attributable to Verint Systems Inc. [Abstract]
Net income	$ 39,634	$ 15,659	$ 15,651
Net income attributable to noncontrolling interests	1,024	761	1,238
Net income attributable to Verint Systems Inc.	38,610	14,898	14,413
Dividends on preferred stock	(20,800)	(20,800)	(18,922)
Net income (loss) attributable to Verint Systems Inc. common shares	17,810	(5,902)	(4,509)
Dilutive effect of dividends on preferred stock	0	0	0
Net income (loss) attributable to Verint Systems Inc. for diluted net income (loss) per common share	$ 17,810	$ (5,902)	$ (4,509)
Weighted-average shares outstanding:
Basic (in shares)	63,990	65,332	65,591
Dilutive effect of employee equity award plans (in shares)	328	0	0
Dilutive effect of warrants (in shares)	0	0	0
Dilutive effect of assumed conversion of preferred stock (in shares)	0	0	0
Diluted (in shares)	64,318	65,332	65,591
Net income (loss) income per common share attributable to Verint Systems Inc.:
Basic (in dollars per share)	$ 0.28	$ (0.09)	$ (0.07)
Diluted (in dollars per share)	$ 0.28	$ (0.09)	$ (0.07)
2021 Notes
Weighted-average shares outstanding:
Dilutive effect of convertible senior notes (in shares)	0	0	0
2014 Notes
Weighted-average shares outstanding:
Dilutive effect of convertible senior notes (in shares)	0	0	0

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Unconditional Purchase Obligations In the ordinary course of business, we enter into certain unconditional purchase obligations, which are agreements to purchase goods or services that are enforceable, legally binding, and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Our purchase orders are based on current needs and are typically fulfilled by our vendors within a relatively short time horizon. As of January 31, 2024, our unconditional purchase obligations totaled approximately $173.5 million. Licenses and Royalties We license certain technology and pay royalties under such licenses and other agreements entered into in connection with research and development activities. Historically, we have received non-refundable grants from the Israeli Innovation Authority (“IIA”) that funded a portion of our research and development expenditures. The Israeli law under which the IIA grants are made limits our ability to manufacture products, or transfer technologies, developed using these grants outside of Israel. If we were to seek approval to manufacture products, or transfer technologies, developed using these grants outside of Israel, we could be subject to additional royalty requirements or be required to pay certain redemption fees. If we were to violate these restrictions, we could be required to refund any grants previously received, together with interest and penalties, and may be subject to criminal penalties. Funds received from the IIA were recorded as a reduction to research and development expenses and amounts received were not material during the years ended January 31, 2024, 2023 and 2022. Off-Balance Sheet Risk In the normal course of business, we provide certain customers with financial performance guarantees, which are generally backed by standby letters of credit or surety bonds. In general, we would only be liable for the amounts of these guarantees in the event that our nonperformance permits termination of the related contract by our customer, which we believe is remote. At January 31, 2024, we had approximately $0.9 million of outstanding letters of credit and surety bonds relating primarily to these performance guarantees. As of January 31, 2024, we believe we were in compliance with our performance obligations under all contracts for which there is a financial performance guarantee, and the ultimate liability, if any, incurred in connection with these guarantees will not have a material adverse effect on our consolidated results of operations, financial position, or cash flows. Our historical non-compliance with our performance obligations has been insignificant. Indemnifications In the normal course of business, we provide indemnifications of varying scopes to customers against claims of intellectual property infringement made by third parties arising from the use of our products. Historically, costs related to these indemnification provisions have not been significant and we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. To the extent permitted under Delaware law or other applicable law, we indemnify our directors, officers, employees, and agents against claims they may become subject to by virtue of serving in such capacities for us. We also have contractual indemnification agreements with our directors, officers, and certain senior executives. The maximum amount of future payments we could be required to make under these indemnification arrangements and agreements is potentially unlimited; however, we have insurance coverage that limits our exposure and enables us to recover a portion of any future amounts paid. We are not able to estimate the fair value of these indemnification arrangements and agreements in excess of applicable insurance coverage, if any. 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 January 31, 2024, the first two installments of the compensation amount had been paid by Mavenir, and the third and final installment of approximately $4.7 million was paid in March 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 January 31, 2024, we had a remaining liability of $4.7 million, which is included within accrued expenses and other current liabilities, and an offsetting indemnification receivable of $4.7 million, which is included in prepaid expenses and other current assets. There was no impact to our 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 by American Customer Satisfaction Index, LLC (“ACSI LLC”) (Case No. 2:18-cv-13319) and alleged infringement of two federally registered trademarks and common law unfair competition under federal and state law. The latter case was filed on September 5, 2019 against Verint Americas Inc. (as successor in interest to ForeSee) by CFI Group USA LLC (“CFI”) (Case No. 2:19-cv-12602) and alleged unfair competition and false advertising under federal and state law, as well as tortious interference with contract. We believe that the claims asserted by the plaintiffs in these matters were without merit. Following the filing of the Eastern District of Michigan litigation, ForeSee filed affirmative litigation in the U.S. District Court for the District of Delaware (Case No. 1:21-cv-00674, Complaint filed on May 7, 2021) against ACSI LLC, CFI, Claes Fornell, and CFI Software LLC (the “Fornell Group”) asserting fraud and other claims against ACSI LLC, CFI, Fornell Group, and CFI Software for, among other things, their breach of a “Joinder and Waiver Agreement” entered into in connection with the December 2013 sale of ForeSee to its previous owner and misrepresentations in the associated deal documents. Verint acquired ForeSee in December 2018. In April 2023, the parties reached an agreement in principle to settle these actions, and on June 1, 2023, the parties signed a definitive settlement agreement. Under the terms of the settlement agreement, Verint paid $9.0 million to the Fornell Group in July 2023 and the parties have agreed to certain restrictive covenants with respect to the future business activities of both ForeSee and the Fornell Group. The agreement provides that the settlement does not constitute a ruling on the merits, an admission as to any issue of fact or principle of law, or an admission of liability or wrongdoing by either ForeSee or Verint. Following the execution of the settlement agreement, the two cases in Michigan against us have been dismissed, and the case in Delaware filed by us has been dismissed. The U.S. Attorney’s Office for the Eastern District of Michigan’s Civil Division (“USAO”) also conducted a False Claims Act investigation concerning allegations ForeSee and/or Verint failed to provide the federal government the services described in certain government contracts related to ForeSee’s products inherited by Verint in the ForeSee acquisition. Verint received a Civil Investigation Demand (“CID”) in connection with this investigation and provided responses. The False Claims Act contains provisions that allow for private persons (“relators”) to initiate actions by filing claims under seal. We believed and subsequently confirmed that this investigation was initiated by ACSI LLC and CFI in coordination with the Eastern District of Michigan litigation discussed above. In March 2023, Verint and the Assistant U.S. Attorney overseeing the USAO investigation reached an agreement in principle to resolve the USAO matter. The definitive settlement agreement, which provides that it is not an admission of liability by us, was signed in July 2023 including by the USAO and the relators. Under the terms of the settlement agreement, Verint paid $7.0 million to the government in August 2023 (a portion of which is payable by the government to the relators) in exchange for a release of the asserted claims, and an associated civil action brought by the relators has been dismissed. As of January 31, 2023 we recognized a $7.0 million legal settlement liability in respect of the USAO matter and a $3.5 million legal settlement liability in respect of the ACSI and CFI matters within accrued expenses and other current liabilities, and a corresponding insurance recovery receivable in prepaid expenses and other current assets on our consolidated balance sheets. These loss accruals and insurance recoveries were offset within selling, general and administrative expenses in our consolidated statements of operations for the year ended January 31, 2023, resulting in no impact on our consolidated statements of operations. The incremental settlement costs of $5.5 million related to the ACSI and CFI matters as a result of the settlement described above is included within selling, general and administrative expenses in our consolidated statement of operations for the year ended January 31, 2024. We reached a final settlement with one of our insurance carriers for a total cumulative insurance recovery of $14.5 million for the losses we incurred related to these actions, which offset settlement and legal expenses during the year ended January 31, 2023. We collected $2.0 million during the year ended January 31, 2023 and $12.5 million was collected in April 2023. We are a party to various other litigation matters and claims that arise from time to time in the ordinary course of our business. While we believe that the ultimate outcome of any such current matters will not have a material adverse effect on us, their outcomes are not determinable and negative outcomes may adversely affect our financial position, liquidity, or results of operations.

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jan. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Financial Instruments

The fair values of our derivative financial instruments and their classifications in our consolidated balance sheets as of January 31, 2024 and 2023 were as follows:


		January 31,
(in thousands)	Balance Sheet Classification	2024		2023
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Prepaid expenses and other current assets	$	183	$	19
Total derivative assets		$	183	$	19

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Accrued expenses and other current liabilities	$	11	$	124
Total derivative liabilities		$	11	$	124

Schedule of the Effects of Derivative Financial Instruments Designated as Cash Flow Hedging Instruments


	Year Ended January 31,
(in thousands)	2024		2023		2022
Net (losses) gains recognized in AOCL:
Foreign currency forward contracts	$	(399)	$	(707)	$	85
	$	(399)	$	(707)	$	85
Net (losses) gains reclassified from AOCL to the consolidated statements of operations:
Foreign currency forward contracts	$	(676)	$	(660)	$	232
Interest rate swap agreement	—		—		(16,669)
	$	(676)	$	(660)	$	(16,437)

Schedule of Losses Recognized on Derivative Financial Instruments Not Designated as Hedging Instruments


	Classification in Consolidated Statements of Operations	Year Ended January 31,
(in thousands)		2024		2023		2022
Interest rate swap agreements	Other income (expense), net	$	—	$	—	$	(14,374)
		$	—	$	—	$	(14,374)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of the Effects of Derivative Financial Instruments Designated as Cash Flow Hedging Instruments (Details) - Designated as cash flow hedges - Cash flow hedging - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Net (losses) gains recognized in AOCL	$ (399)	$ (707)	$ 85
Net (losses) gains reclassified from AOCL to the consolidated statements of operations	(676)	(660)	(16,437)
Foreign currency forward contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Net (losses) gains recognized in AOCL	(399)	(707)	85
Net (losses) gains reclassified from AOCL to the consolidated statements of operations	(676)	(660)	232
Interest rate swap agreement
DERIVATIVE FINANCIAL INSTRUMENTS
Net (losses) gains reclassified from AOCL to the consolidated statements of operations	$ 0	$ 0	$ (16,669)

INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquisition-Related Intangible Assets

Acquisition-related intangible assets, excluding certain intangible assets previously acquired that were fully amortized and intangible assets of the businesses we divested which were removed from our consolidated balance sheets, consisted of the following as of January 31, 2024 and 2023:


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


	January 31, 2023
(in thousands)	Cost		Accumulated Amortization		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
2025	$	17,217
2026	16,367
2027	12,587
2028	7,744
2029	2,837
Thereafter	714
Total	$	57,466

Schedule of Goodwill Activity

Goodwill activity for the years ended January 31, 2024, and 2023 was as follows:



(in thousands)	Total
Year Ended January 31, 2023:
Goodwill, gross, at January 31, 2022	$	1,409,464
Accumulated impairment losses through January 31, 2022	(56,043)
Goodwill, net, at January 31, 2022	1,353,421
Business combinations, including adjustments to prior period acquisitions	25,239
Foreign currency translation and other	(31,447)
Goodwill, net, at January 31, 2023	$	1,347,213

Year Ended January 31, 2024:
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
Business combinations, including adjustments to prior period acquisitions	2,409
Divested businesses	(7,120)
Foreign currency translation	10,213
Goodwill, net, at January 31, 2024	$	1,352,715

Balance at January 31, 2024
Goodwill, gross, at January 31, 2024	$	1,408,758
Accumulated impairment losses through January 31, 2024	(56,043)
Goodwill, net, at January 31, 2024	$	1,352,715

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Jan. 31, 2024

Equity [Abstract]

Summary of Components of Accumulated Other Comprehensive Loss

The following table summarizes changes in the components of our accumulated other comprehensive loss by component for the years ended January 31, 2024 and 2023:


(in thousands)	Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as Hedges		Foreign Currency Translation Adjustments		Total
Accumulated other comprehensive loss at January 31, 2022	$	(48)	$	(118,467)	$	(118,515)
Other comprehensive loss before reclassifications	(588)		(35,545)		(36,133)
Amounts reclassified out of accumulated other comprehensive loss	(549)		—		(549)
Net other comprehensive loss	(39)		(35,545)		(35,584)
Accumulated other comprehensive loss at January 31, 2023	(87)		(154,012)		(154,099)
Other comprehensive (loss) income before reclassifications	(329)		10,123		9,794
Amounts reclassified out of accumulated other comprehensive loss	(557)		—		(557)
Cumulative currency translation loss realized from divestiture	—		(786)		(786)
Net other comprehensive income	228		10,909		11,137
Accumulated other comprehensive income (loss) at January 31, 2024	$	141	$	(143,103)	$	(142,962)

Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss


	Year Ended January 31,						Financial Statement Location
(in thousands)	2024		2023		2022
Unrealized (losses) gains on derivative financial instruments:
Foreign currency forward contracts	$	(7)	$	(1)	$	1	Cost of recurring revenue
	(59)		(60)		24		Cost of nonrecurring revenue
	(416)		(392)		142		Research and development, net
	(194)		(207)		65		Selling, general and administrative
	(676)		(660)		232		Total, before income taxes
	119		111		(39)		Provision for income taxes
	$	(557)	$	(549)	$	193	Total, net of income taxes

Interest rate swap agreement	$	—	$	—	$	(1,014)	Interest expense
	—		—		(15,655)		Other income (expense), net
	—		—		(16,669)		Total, before income taxes
	—		—		3,638		Benefit from income taxes
	$	—	$	—	$	(13,031)	Total, net of income taxes

Foreign currency translation loss:	$	(786)	$	—	$	—	Selling, general and administrative
	—		—		—		Provision for income taxes
	$	(786)	$	—	$	—	Total, net of income taxes

STOCKHOLDERS' EQUITY - Treasury Stock (Details) - shares	Jan. 31, 2024	Jan. 31, 2023
Equity [Abstract]
Treasury stock outstanding (in shares)	0	0

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL


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


	January 31, 2023
(in thousands)	Cost		Accumulated Amortization		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 $32.5 million, $39.4 million, and $46.8 million for the years ended January 31, 2024, 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
2025	$	17,217
2026	16,367
2027	12,587
2028	7,744
2029	2,837
Thereafter	714
Total	$	57,466

There were no material impairments for the years ended January 31, 2024 and 2023. We recorded $0.4 million of impairments for certain acquired trade names, which was included within selling, general and administrative expenses for the year ended January 31, 2022.

Goodwill activity for the years ended January 31, 2024, and 2023 was as follows:



(in thousands)	Total
Year Ended January 31, 2023:
Goodwill, gross, at January 31, 2022	$	1,409,464
Accumulated impairment losses through January 31, 2022	(56,043)
Goodwill, net, at January 31, 2022	1,353,421
Business combinations, including adjustments to prior period acquisitions	25,239
Foreign currency translation and other	(31,447)
Goodwill, net, at January 31, 2023	$	1,347,213

Year Ended January 31, 2024:
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
Business combinations, including adjustments to prior period acquisitions	2,409
Divested businesses	(7,120)
Foreign currency translation	10,213
Goodwill, net, at January 31, 2024	$	1,352,715

Balance at January 31, 2024
Goodwill, gross, at January 31, 2024	$	1,408,758
Accumulated impairment losses through January 31, 2024	(56,043)
Goodwill, net, at January 31, 2024	$	1,352,715

For purposes of reviewing for potential goodwill impairment, as of January 31, 2024, we had one reporting unit. Based on our November 1, 2023 and 2022 quantitative goodwill impairment reviews, we concluded that the estimated fair value of our reporting unit significantly exceeded its carrying value.

No changes in circumstances or indicators of potential impairment were identified between November 1 and January 31 in each of the years ended January 31, 2024 and 2023.

No goodwill impairment was identified for the years ended January 31, 2024, 2023, and 2022.