VRNT - Earnings call transcript Q1 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen, and thank you for your patience.

You've joined Verint's First Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time [Operator Instructions].

As a reminder, this conference maybe recorded. to President call of like host, to now Vice Senior Corporate would turn over the your I Development, Mr. Roden. Alan may you begin. Sir,

Alan Roden

Thank XXXX. we am for quarter and conference you, Robinson, financial Verint's Verint's afternoon information for to Doug press Operator. our this ended release Prior joining includes call, CEO thank and fiscal call a with April our here you I first CFO. XX, Dan issued Bodner, today. Good that

made management's contain Each are in date or shortly. except the Federal required results Investor of SEC Form obligation our and XX-Q site. filed Our on reliance is Private other also expressed the law, be provisions earnings Prior attention the this call, statements. Act as and are materially no fact revise draw turning as under the Web to and those releases to Web Verint Securities are assumes the and them. or Relations on undue performance. matters from like future guarantees could our press the verint.com, Laws. place Securities and of by statements differ of Actual will implied call, update These Investors filings on the SEC based on not of not XXXX, that of statements cautioned these forward-looking are statements. current forward-looking site to available I'd The meaning forward-looking at forward-looking by expectations, link of statements Litigation forward-looking within call Reform the discussed your may of certain on this

of indicated XX-K actual to uncertainties statements, see in how differ fiscal discussion materially Form and these more and Verint's measures those and peer other comparing results filings the those ended our with companies. from could forward-looking please make periods year investors from for cause we For today measures financial risks discussed other SEC. among include results XXXX on measures XX, the in The as and non-GAAP believe January we detailed focus

superior Please Our be financial isolation of earnings outlook as for not is to in because GAAP release provided limitations to measures. management our provides basis. should business investor and in when to included useful and our reconciliation a section regarding financial at supplemental by operating financial from substitute believes information, of used measures only uses the investors comparative information and but for measures companies. have a information financial site considered those assessing meaningful may Non-GAAP other Verint.com Company The Web from, for, the informational or non-GAAP see is purposes. today's non-GAAP results non-GAAP differ financial GAAP on relations

like call the to Dan. Dan. Now, turn I'd to

Dan Bodner

last joining Thank are we Good for we the strong. continued throughout you, million first In quarter, afternoon, review to pleased The to everyone year you us and experienced and a of a intelligence. non-GAAP engagement both $X.XX. of about revenue $XXX strong year-over-year of delivered loss share income net revenue both year-over-year and non-GAAP in basis cyber million and On basis, net Revenue results. momentum we $XXX quarter delivered first per on $X.XX. and Alan. GAAP started a share basis, QX, customer of in with have our thank growth GAAP per diluted year on the we increased XX%

growth. of quarter a QX strong our our execution growth, of foundation first strong for margins expanding position earnings successful year lays We strategy successful competitive Our double-digit reflect and our results revenue growth and our solid believe of a another segments. both in

million. X% with to non-GAAP to revenue year-over-year review quarter Now, results quarter $XXX would customer with Starting by like with our our first first segment. engagement, pleased increasing I we're results

revenue momentum. strong Our quarter, follows year-over-year in our continuing positive growth quarter XX% prior the

we latest Customer to and solutions to the and our discussed Engage recently completion many feedback customer was we added attendees where simplify, solutions demonstrated hosted growing new the and quarter, modernize Conference approximately of first our on the our of very annual strategy strategy customers our positive. our portfolio we our engagement. X,XXX Following automate with We from

conference, partners, and and had we these could trends many over our three conversations with growth discussions accelerate the During time. customers that reinforce potentially

help and is become back across first customer the to trend contact The center, enterprise, self-service, vendors that enterprise wide and that dots office looking branch has help operations, organizations the compliance engagement initiative, an function. including are marketing connect can and them

positioned customer portfolio we approach enterprise. communication order simplify good trend are solutions enterprise company. were and broadest believe self-service financial to million recently neutrality, we address service branch for a of this the assisted differentiator $X for order. open address Verint A an to customer's received ability infrastructure both portfolio including of in and simplify center services from Verint example and to well order strategy with industry's the addressing leading engagement is API organizations operation. and We our across With the help our the how believe is multiple improve an self-service contact enterprise, and operations winning we across initiative This the our components strong this of back-office its to

are trend cloud, second help them with are seeking efficiently to a vendors looking to migrate organizations is approach. modernize to the while preserving that prior investments. evolve that their The and hybrid They can

flexible is good public, organizations A new also pace deployment We financial options. self-service with organizations with cloud differentiator. solution model their strong hybrid on order our believe our of with for from modernize a ability customer of million subscription. a private our recently is are and a combination help to $X year a three services received premises helping example cloud we cloud cloud and modernize We own operations at strategy

an organizations for Organizations while $X capabilities. many help to that infuse million multiple good trend This customer help our designed to company. manual at are help automate for leading elevate third the and is costs. including time solutions historically to that our that of customer them from empower performed portfolio, were automation guidance, with analytics is The tasks our same experience. Verint help solution, and customers reducing order throughout strategy cost can of the tasks seeking order is experience, their automation automate a elevate to recently components reduce and self-serving manually. looking healthcare automation organizations depth received automation portfolio is are example A we

Our ability market successfully address to these customers. trends and expansion driving customers new is with wins existing with

cloud During of first win and the capabilities. pleased are as quarter, and year for displace automation quarter as we the believe are on and well of we our with other well-positioned we vendors another customers breadth continue to our new our and openness Overall, results, based portfolio, growth.

to revenue QX to year-over-year Turning $XXX cyber million. intelligence. XX% increased

we quarter growth and reflects follows ongoing software. first delivered intelligence last XX% mining and year, for demands strong security Our data

each bring During continue world, to our ability to our worth that and to QX, many including trends large evolving million. success between five market the $X $XX believe around and million market in winning is our win anticipate to deals innovative We help challenges. we large due deals address deals solutions customers

discussed have see prior over that we our trends we market calls, accelerate growth could currently three time. potentially As on

First, security threats are becoming more complex.

security more are threats As and and organizations neutralize data to investigate solutions. new detect, and difficult result, a seeking find mining it intelligence

correlating is advanced and there generated automation data disparate deep is deployed multiplier. intelligence humans. security to and provide suspicious cyber range connections a force analysts, sources organizations seeking the of shortage looking amounts and Second, future wide already are And us from by organizations massive data security events. scientists predictive Predictive performed trends unknown software to of data intelligence functions by and countries is third, intelligence into uncover predict a Verint challenges. insights in are capabilities our is for current of previously these identify a to perform to mining address future and as to relationship security behaviors positioned previously our uniquely XXX and over as customer

the Verint for over Our methodologies, of at combining solutions deep cyber data of expertise advanced software. software, intelligence on security two intelligence experience, domain the forefront mining intelligence and are mining and based decades data market positioning

to more In with solutions to our evolving sustained on for through growth. discussed our the innovative believe business more revenue intelligent we party. as flexibility, And more third or on the these for hardware overtime, needed to our our to give a run addition cyber as while model, higher position driving margins focusing margins option software calls, line themselves, prior additional We initiatives providing for source customers operating growth, a customers a software demand strong. believe is Overall, and well will solutions model. in the are our market gross we leader, we’re

portfolio expanding see to our like is strong on guidance, turning growth opportunities overall as summarize growth would to plan on competitive best believe segments, by for driven shareholder customer improving value each focused We way segment. position. follows. both the plans rates in growth The specific to and our Before execute our create strategy engagements, of to I and

focused and margin time, by to public We data margin. the growth, sustaining In intelligence, the shift through plan driven a at while to deployments, efficiencies scale. with by software of expansion business innovation, is software same double-digit on higher evolving cyber revenue model mining also expect cloud our

me to have XX% results of expansion, the turn over QX, strong let driving and call Doug and the expect greater year. our in revenue financial now, Doug? the we growth confidence Following further our and year focus, discuss And to another for earnings margin guidance. growth

Doug Robinson

Good Dan. Thanks, everyone. afternoon,

certain and my financial our and $XXX related the revenue, well customer earnings amount available, acquisition discussion A release million our $XXX first measures This based as of in certain vary In revenue $XXX operating include the of segment of GAAP million year prior mentioned, and include we and non-GAAP and generated frequency. in cyber million adjustments the adjustments, section significantly non-GAAP reconciliation in as to value million measures between of intelligence. million non-GAAP intelligence. compensation, non-GAAP measures. other revenue. I'll amortization in gross $XX quarter revenue between $XXX margin in of in GAAP in engagement, in Web engagement the site. related areas today expenses, including our with Non-GAAP that today $XXX stock Differences of to margin. intangibles, acquisitions, discussion cyber with fair the and is will non-GAAP financial revenues can our compares acquisition financial first as items other related quarter, were customer million start IR in Our Alan

This Americas, we million geography, the In of and year. $XX QX, APAC. non-GAAP compares APAC million EMEA and million generated $XX EMEA in to in million Americas, of $XX quarter in in $XX $XXX million first terms prior in the revenue million in in of in $XXX

non-GAAP from gross Turning to QX last QX year. approximately gross XX%, up our margins margins, were in XX.X%

product, As we’ve and the mix gross past our across from due margins significantly segments, can revenue discussed overall period-to-period. services fluctuate to in within

$XX.X income, of operating of with operating during an income the million operating to Turning generated margin quarter, non-GAAP we XX.X%.

in for came adjusted Our or XX.X% at of revenue. the EBITDA million quarter $XX.X non-GAAP

non-GAAP quarter, and $X.X first expense the and In expense. million exchange $X.X interest translations. net reflecting and $XXX,XXX of income totaled other other balance interest sheet related other to charges, turn primarily expense, foreign let's Now, million, to of

XX.X% the Our non-GAAP rate first was quarter. tax for

enjoy As previously, low tax we generate tax jurisdictions. rate we due several in to and income discussed NOLs years a of rate the low amount expect our to we non-GAAP for

XX.X For the These of quarter, $X.XX non-GAAP the had diluted drove results diluted EPS we shares million average quarter. outstanding. for

million convertible in Now the sheet, XXX, February and discounts on quarter new adjusted. short $XXX periods, at issuance strong QX, as the the debt in the cash, retrospective We recognition before adapted under associated on end with net million. restricted including QX, debt. X, $XX have XXXX X, that This basis with and amounts of presented the basis. cash investments, are new including revenue excluding our ended the to means GAAP period modified on reporting million, long-term term beginning guidance, and QX balance In turning for costs, a standard, flow not restricted came from $XXX a of and long-term Topic cash. Cash been known prior operations of XXXX, at recognition we short-term while February primarily revenue results we had

amounts sheet notice implementation, liabilities change We differences presentation and XXX instead in we the other of may have With changes a to terminology. deferred revenue, some receivable sheet. And balance accounts now contract our you in our balance changes. have

we of standard. made provide and needs These we on As of enables standard certain in fiscal The are bundled of the changes already our in new to us operational the year, have meet terms to the afforded we a flexibility the recognized, and components business recognition take under to flexibility to for practices more anticipate revenue change the were which started advantage business provided better guidance pricing the the reflected practices our customers. solution had year. new

in year growth. revenue ending around Starting to intelligence, with growth revenue plus of to In Overall, we we for the on continue customer single approximately Before moving review expect digit X%. billion or revenue, January Q&A, to engagement, range XX% with we $X.XX our revenue expect XX, I'd cyber mid X%. of XXXX. of a guidance like expect minus

expect and the excluding impact We interest quarterly exchange, our expense, to potential other $X.X approximately be of non-GAAP foreign million.

could volatility exchange included future balance to sheet our which there rates, are be foreign guidance. Given future gains in losses our in translations or not results, in related

non-GAAP amount we reflecting the expect the rate tax XX% cash for year, We expect our this taxes be to to of pay year. approximately

mentioned revenue EPS our act, do change much GAAP $XX.X to new call, approximately going year-over-year earnings our U.S. taxes the million last diluted and the of shares approximately NOLs, growth. to As XX% given of the be average our representing $X.XX, earnings diluted amounts assumptions non- we cash in we not these reform our outstanding respect guidance forward. midpoint for year, to expecting large of with on expect are in assuming tax Based a

This we’d years, In long-term my of we with our of have sequential increase first typically up and we believe for revenue can year several few annual a to the finish you cents are In year increase a in provide for After prepared addition quarter, we QX, color first the and lines to segments. concludes both and as open in to With our are with EPS. a expected strong QX quarter with remarks. conclusion, the prior our EPS. a dollar strong that, our expect we expect million in revenue in increase purposes. we similar to questions? strong some on guidance, for In like expect modeling pleased operator, sustained in well-positioned growth we And the QX. progression

Alan Roden

pre-recorded to you this Alan Dan to delayed. mention was I remarks -- because Operator, just Roden since that be the to to available expected questions just Doug were got traveling is he’s plane today. take before we want again. -- we Doug Q&A, everyone heard And

So Doug available up be questions, I if today. any Obviously, and available as later will morning, well. Q&A follow not be tomorrow in participating got you evening or will we’ll

questions. operator, with So that we’ll take

Operator

of first Eyal Instructions] Oppenheimer. [Operator question the of from comes line Our Shaul

Your line is open.

Shaul Eyal

ongoing behind share you Dan, what's follow-up. more result. course I of and to stability I think believe momentum ongoing loud to of extent few improved the quarters? dice I slightly I into this and year past clear. the the and the unequivocally is message wanted driving reason this reacceleration us And an Can over then try a with have

Dan Bodner

QX, momentum the We strong highly have with is and trends strategy focused we that good the following a are And addressing well I plan. teams discussed. our have QX on executing on that market strong a recent

resonates customer is So customers. strategy modernize just to recap this to in to help our automate and customer customers simplifying, engagement, and well engagement, with

As recognition and the I this have discussed had on before, team to execute conference, strategy. brand we the product, user and recently we do the

we to historically, in pleased innovative we projects, the make of growth the The demanding In many are, large achieved new our to us Verint. and growth very years, of QX, mining pleased XX% we place. momentum. This very and the summary deliver winning help unique safer customers. and they in competitive -- have for what's a in technology growth in of are is capabilities world existing intelligence, behind competitive data our quarter. with strategy many with combination And Customers expertise cyber innovation both domain innovative is double-digit QX. this very offer appreciate are achieve X% for to in area, and do software achieve we they So make to displacements

Shaul Eyal

a I color know perspective. Doug so maybe my not around, just And from is follow-up,

mentioned recurring about you shift in also How you've to direction of two think longer say do time? year software be or this a model. the So term that three ongoing Verint's revenue could to

Dan Bodner

to model, software customer have recap the a model healthy in business, software with So margins. we basically on engagement our

EBITDA. XX% translates which operating expecting year to XX% We’re income, this about

So expansion year. these are from healthy represents margin margin last and

in driven by that mix Now in cloud. expansion segment there shift further customer engagement to the margin is is public the

gross about indicated more further and we also have As of from margin cloud, efficiencies more we shifting market public of the higher scale. SaaS. is XX% clearly and in opportunity And have margins to we expansion the

Turning model. not now with software intelligence right there our margins are consistent to cyber our the segment,

We XX% for is hardware themselves our of customers year, about operating translates come have this opportunity see about XX% segment EBITDA. the to course this third-party. to which overtime there representing through discussed And income source in this revenue last we expected or the year. before, we is many also And times But improvement from hardware reselling. of from XX% margin as

So there business from customers intelligence more obviously get as shift next as is margin also model cyber our to the and years also the software scale over expansion efficiencies scale. opportunity few we will

Operator

you. Thank

the question Our line Goldman of Sachs. from of comes Gabriela next Borges

Gabriela Borges

Dan, potential you an Congrats on the Thank update you. quarter. was very if M&A week And your to acquisition Journal that comment a on on can on Street Wall we Article can be the strategy. I last published explicitly extent was helpful? would that hoping give that us

Dan Bodner

So to comment rumors. of on M&A in happy there we about not strategy. And this I our would is do but to regard, course nothing talk you to be announce

let on also make customer some So then cyber comments and start engagements. with intelligence, I'll me

as intelligence. shortage is we there is drive of mining the we discussed are and demand of for predictive growth software. three opportunity. investigation scientist the It's trends demand. data of complexity demand believe So data earlier, for strong a There And to market there threat,

And cyber market is for see very growth. in inorganic are opportunities So we addition to fragmented. many growth, organic intelligence there the

improve good valuation. for in at opportunities we and acquisitive, were this we build area, look to historically, highly course reasonable to scale, of Now, but margin, always a not

best We're create line margin and that way with also M&A we also same our focus in the value have is guidelines business. and the customer top good to shareholder expansion, M&A we to growth believe engagements. for in to opportunities way strategy, engagement to looking along. this same And they on relative the opportunities come augment for long-term that we as continue So is can customer

Gabriela Borges

One of an do what the appropriate company? feel think capital amount raising M&A? the to is structure follow would other maximum In up how comfortable you that, you think that the words, in leverage in about you

Dan Bodner

higher now levered could up leverage is right we increased the before feel our the we with. within EBITDA, and We it comfortable than acquisition, scale So times as lever we've down pretty quickly X which business. potentially done less very of temporarily,

So our growing we focused obviously, very on are cash. happy business, generate to

for value lever cash Our $XX operation and in to up cash can more we was we million, need shareholder opportunity with If the we to to believe we're willing flow use accretive acquisitions. QX that. do that an we temporarily, have that create

Gabriela Borges

about one revenue I'll see fundamentals, on if ask I outperform the on this subsequent you're To could, we revenue high should the see incremental margin line? on outperformance? to in quarters side. Should a margin of How Thanks. expect bottom similar we the on outperformance to and [ph] question [adoption] nice the to on year. able to extent be the amount incremental the the thinking

Dan Bodner

So, yes, expecting engagement, transition the are before, the clouds we year, of intelligence. and and to the evolution expansion, expansion in we're I cyber SaaS in as for customer the driving model to margin discussed software guidance in terms margin through

margin continue not to drive growth as revenue expect time, growth. for we also on And to expansion. these revenue on dependent margin accelerate over expansion are So growth, drivers we

Operator

you. Thank

Our next RBC line the from Capital comes of of Dan Markets. question Bergstrom

question please. Your

Dan Bergstrom

about automate. engagement strategy customer a the in modernize you at simplify, organizations So and call the Day, were help talking Analyst to lot the and today on

You've job done good a those. outlining

customers impact three, others, what is the more the rank or of more the or action Just would there had those that's resonating be? currently driving your here, the curious one on than you if business to out with order order

Dan Bodner

offer vary to deliver really QX customers appreciate cloud is appreciates we're flexibility, situation, really They chose the priorities, we choosing the I that business quoting very that in options. Verint the option in their cloud investments, modernizing them that can strong easily based But customers with almost their for even upgrade we’re later approach think know getting on-prem to customers end could I or cloud. on they our with feedback every cloud time. customer-to-customer. from fact the they at now, hybrid in they to say to the our And the a as up which if that that on-prem

a in cloud. that's very with And we’re strong think differentiator. very I So position strong

In automation, generate Verint brand is through is creates is terms customer the is right as Engage get that’s elevate in important automating the the markets engagement And we’re obviously of. time the on you that say great our investment proud same is now not We thing of very experience, quickly. there to bring heard they also This well were help this something And you operating both solutions if in with strength, that reduce Conference, customers which it for they ROI. but return costs. engagement interest simplifying that repeatedly lot customers customer One operations. from in as that with we a technology, customer both investment the just operations, the automation. the of

focus. both that and There helping to would the customer comes to working time say, continue are get customers the also both important of with struggling driving the are demonstrate with they more channels, deal control So costs more I achieve engagement. and and that's to are our and expect, increased more at costs where same complexity customers service their customers in we’ll we keep options, but solutions that ROI, under and terms that help equally are, customer

Dan Bergstrom

and year-over-year, And was thoughts level. it quarter year-over-year, be the quarter. geographies. some fourth up up flattish flattish it APAC America first was then but from to seems quite maybe always around And then in the even is the markedly

any on Japan specifically? geographies just in color additional maybe So

Dan Bodner

U.S. the We’ll trends. pipeline, fluctuation strong world right globally see the looking investing cloud, don't we look Europe driver it’s stronger in a in bit that from catching think but of are the We at lot any see that driver is quarter-to-quarter of for and demand there now. customers Actionable but believe also our customers and in around we We are little analytics automation is APAC. as that up Intelligence, of

predict similar in accordingly. this at different growth investing point, we and regions, So we're generally

Operator

Thank you.

next comes Fitzsimmons William from question Our MorningStar. of

now line is open. Your

William Fitzsimmons

margin customers their the beginning cyber know some source of Dan, hardware. past about you and markets. that in the had expansion attributed the been oil tailwinds and government some talked back own segment discretionary to opportunities, intelligence, I a then spending in I towards little some I weakness shift of certain of dial it's margin those been clients compression in to know in has prices, weak of think the spending talked clients in limited to you’ve you. about how of some ago? the we’re spending two where of marketing discretionary team Thank your opportunities sell can might past. years increases for segment? had shift have year. were of that to or have up we the rise this seen How as allowing of not front they growth I think are got certain some long-term prices this your conversations Or you have clients as have that in guess seeing sales Today that the

Dan Bodner

growing it Security for think current we is the a representing we one If had the we year. complexity. have opportunity. is last and this decline is predicted security. segment growth demand growing to at we in are challenges reason be year temporary. that look And in environment when that decade, short strong I very the every except year, there in And and ongoing

driving we the that sell geographies. use the to we security to spread drive are capabilities and need mining need, they intelligence, of this before; complexity we in and like as the growth. data the sustain margin customers in we improvements of for intelligence address at that's we think three what's years, modernize XXX customers. can And I we this that order many innovative And the we is across and focused the new we And believe in countries what it's So it's uncover growth improved will data a margin so that's think many had threat; come demand a need discussed, discussed growth it's predictive trends point, that that shortage those that rate expansion for double-digit the I and solutions by the XX%. focused, the And driving to to we’re overtime. on grow I those requirements delivering continue all with Again, market initiative as of double-digit multiplier. other fourth business, what scientist;

Operator

Instructions]. Thank you [Operator

Capital. comes Our line next Kessler from of Imperial the Jeff question of

Your line open. is

Jeff Kessler

going will in your basis are are talking sync? process it? How to in of user. to something Dan, in assignment it how dealing the cyber they the more a have that so end In deal could base, team third in to close learning going take words, channel and or get knowledge against to they the to with when and solutions, with to explain bit be parties you've you given about they How doing strategy this other hardware. little Is that’s responsibility their match with an taking the essentially they you a effectively, on knowledge put it? about do entire them the are

Dan Bodner

are to right. allow more with to the and product of part Yes, market we a solution. working open has partners. easily to so in you’re do customers do easier making with helping Part and by -- customers, it has hardware partners the evolution in through customers the and partners bring to or productized and be investing together easily and And a to software

As on customers hardware we prefer resell mining the data The many in -- because that we customers hardware source we our software integrate that system simpler as for to a chose become option. here it will is easier the And business system making goal customers integrator. to and the into software integrator this do it reason and contract we are the sell hardware, and is we themselves, I times or only prior company. calls, the said some shift and are we

offer and themselves. expect we customers to to them choose option, We’re an to do over continuing time this our it as

Jeff Kessler

in you effectively, but talked do of Are the get have I you, to business been consistent As being driving -- much in that, are -- in could this talk you the what on in more hadn’t to that What before areas about fraud. are am has growth areas follow you these you’ve past, you mentioned main clients. about three to growing make if the asking than about more of that been more calls about part what cyber. areas the last a you do year more a wondering doing talked up of pipeline? demands customers your the have you've in past your asked you that

Dan Bodner

the like or thing they investigating Customers their shortage different make have it from lot of There more that insights scientist to are is to data customers putting cyber feel that consistent. scientist, one terror a there’s frauds, sense up trend together the data analysts. come are day, And breaches, and end sources. is security data, common data solutions. need is it most automated lot whether in a that investing of to actionable. cyber So they desire at investigating of a crimes, and and gather of can all the with But applying analytics they of is

actually that in a amount more common how or a do but chaos So to all one create type to of how they even do which take actionable automate, fraud they do challenges, investigation they these a are area, it’s data bigger investigation. terror be create not again, insights security but whether automatically, create able is of insights how is still

Operator

the call Thank at this to like time, turn for closing remarks. And you. I’d over

Alan Roden

Thank joining you, Operator. everyone for you, tonight. Thank us

to Take care. As I the follow Doug calls, any do great a Robinson call. evening. reach Have up or if after myself has please out anyone mentioned,

Operator

Thank and does you, gentlemen. you and conference. thank sir today’s conclude This ladies

disconnect a Have may day. time. wonderful this at You

Verint Systems (VRNT) 7 Jun 182019 Q1 Earnings call transcript