NICE Reports 26% Year-Over-Year Cloud Revenue Growth Along With Continued Double-Digit Growth in Profitability for Q2 2024
NICE (NASDAQ: NICE) reported strong Q2 2024 results with total revenue growth of 14% year-over-year to $664.4 million, driven by 26% cloud revenue growth to $481.7 million. The company's non-GAAP operating income increased 19% to $201.7 million, with a 30.4% operating margin. Non-GAAP diluted EPS grew 24% to $2.64.
Highlights include:
- Operating cash flow of $170 million, up 160% year-over-year
- Share repurchases of $146 million in Q2
- Raised full-year 2024 EPS guidance
- Record quarter for CXone bookings
NICE expects Q3 2024 non-GAAP revenues between $676-686 million and full-year 2024 revenues of $2,715-2,735 million, representing 15% growth at the midpoint.
NICE (NASDAQ: NICE) ha riportato risultati solidi per il secondo trimestre del 2024 con una Crescita del fatturato totale del 14% su base annua, raggiungendo $664,4 milioni, sostenuta da una Crescita del fatturato cloud del 26% che ha raggiunto $481,7 milioni. L'utile operativo non-GAAP dell'azienda è aumentato del 19% a $201,7 milioni, con un margine operativo del 30,4%. L'EPS diluito non-GAAP è cresciuto del 24% a $2,64.
Tra i punti salienti troviamo:
- Flusso di cassa operativo di $170 milioni, in aumento del 160% su base annua
- Riacquisti di azioni per $146 milioni nel secondo trimestre
- Rialzo della guida EPS per il 2024
- Risultato record per le prenotazioni di CXone
NICE prevede per il terzo trimestre del 2024 ricavi non-GAAP compresi tra $676 e $686 milioni e ricavi totali per il 2024 compresi tra $2.715 e $2.735 milioni, che rappresentano una crescita del 15% al punto medio.
NICE (NASDAQ: NICE) reportó resultados sólidos en el segundo trimestre de 2024 con un crecimiento de ingresos totales del 14% interanual alcanzando los $664.4 millones, impulsado por un crecimiento en ingresos en la nube del 26% hasta los $481.7 millones. La utilidad operativa no-GAAP de la compañía aumentó un 19% a $201.7 millones, con un margen operativo del 30.4%. El EPS diluido no-GAAP creció un 24% a $2.64.
Los aspectos destacados incluyen:
- Flujo de efectivo operativo de $170 millones, un aumento del 160% interanual
- Recompras de acciones por $146 millones en el segundo trimestre
- Aumento de la guía de EPS para todo el año 2024
- Un trimestre récord para las reservas de CXone
NICE espera que los ingresos no-GAAP del tercer trimestre de 2024 estén entre $676 y $686 millones y que los ingresos totales para 2024 estén entre $2,715 y $2,735 millones, representando un crecimiento del 15% en el punto medio.
NICE (NASDAQ: NICE)는 2024년 2분기 실적을 발표하며 전년 대비 14%의 총 수익 성장을 기록하여 6억 6644만 달러에 도달했고, 클라우드 수익은 26% 증가하여 4억 8170만 달러에 달했습니다. 회사의 비-GAAP 운영 수익은 19% 증가하여 2억 170만 달러를 기록했으며, 운영 마진은 30.4%입니다. 비-GAAP 희석 EPS는 24% 증가하여 2.64달러에 이르렀습니다.
주요 사항:
- 운영 현금 흐름이 1억 7000만 달러로 전년 대비 160% 증가
- 2분기 주식 재매입 1억 4600만 달러
- 2024년 전체 EPS 가이던스 상향 조정
- CXone 예약의 기록적인 분기
NICE는 2024년 3분기 비-GAAP 수익을 6억 7600만 달러에서 6억 8600만 달러로 예상하며, 2024년 전체 수익을 27억 1500만 달러에서 27억 3500만 달러로 예상하며, 중간값 기준으로 15% 성장을 나타냅니다.
NICE (NASDAQ: NICE) a annoncé de solides résultats pour le deuxième trimestre de 2024 avec une croissance des revenus totaux de 14% d'une année sur l'autre, atteignant 664,4 millions de dollars, soutenue par une croissance des revenus cloud de 26% à 481,7 millions de dollars. Le résultat opérationnel non-GAAP de l'entreprise a augmenté de 19% pour atteindre 201,7 millions de dollars, avec une marge opérationnelle de 30,4%. Le BPA dilué non-GAAP a progressé de 24% pour atteindre 2,64 dollars.
Parmi les faits saillants :
- Flux de trésorerie opérationnel de 170 millions de dollars, en hausse de 160% d'une année sur l'autre
- Rachats d'actions de 146 millions de dollars au deuxième trimestre
- Augmentation des prévisions de BPA pour l'année entière 2024
- Un trimestre record pour les réservations de CXone
NICE prévoit des revenus non-GAAP pour le troisième trimestre 2024 compris entre 676 et 686 millions de dollars et des revenus totaux pour 2024 compris entre 2,715 et 2,735 millions de dollars, représentant une croissance de 15% au point moyen.
NICE (NASDAQ: NICE) hat für das zweite Quartal 2024 starke Ergebnisse mit einem Umsatzwachstum von 14% im Vergleich zum Vorjahr und einem Gesamtumsatz von 664,4 Millionen USD gemeldet, angetrieben von einem Wachstum der Cloud-Umsätze von 26% auf 481,7 Millionen USD. Das Non-GAAP-Betriebsergebnis des Unternehmens stieg um 19% auf 201,7 Millionen USD, mit einer Betriebsrendite von 30,4%. Das verwässerte Non-GAAP-EPS wuchs um 24% auf 2,64 USD.
Wichtige Punkte sind:
- Betrieblicher Cashflow von 170 Millionen USD, ein Anstieg von 160% im Vergleich zum Vorjahr
- Aktienrückkäufe von 146 Millionen USD im 2. Quartal
- Erhöhung der EPS-Prognose für das gesamte Jahr 2024
- Rekordquartal für CXone-Buchungen
NICE erwartet für das 3. Quartal 2024 Non-GAAP-Umsätze zwischen 676 und 686 Millionen USD und Gesamteinnahmen für 2024 zwischen 2.715 und 2.735 Millionen USD, was einem Wachstum von 15% im Mittelwert entspricht.
- Total revenue increased 14% year-over-year to $664.4 million
- Cloud revenue grew 26% to $481.7 million
- Non-GAAP operating income increased 19% to $201.7 million
- Non-GAAP operating margin improved to 30.4% from 29.2% last year
- Non-GAAP diluted EPS grew 24% to $2.64
- Operating cash flow increased 160% to $169.7 million
- Company raised full-year 2024 EPS guidance
- Record quarter for CXone bookings
- GAAP gross margin decreased to 66.2% from 67.4% in Q2 2023
- Non-GAAP gross margin declined to 70.7% from 71.6% in Q2 2023
Insights
NICE's Q2 2024 results demonstrate robust financial performance, with 14% year-over-year total revenue growth to
The 160% increase in operating cash flow to
NICE's raised full-year 2024 EPS guidance further underscores its positive outlook. With a solid balance sheet showing
NICE's stellar performance in Q2 2024 highlights the growing demand for AI-driven customer experience solutions. The all-time record quarter for CXone bookings indicates strong market traction for their comprehensive CX platform. This success can be attributed to NICE's focus on innovation and rapid AI adoption in enterprise environments.
The company's ability to maintain high growth rates in cloud revenue (
NICE's emphasis on AI innovation positions them well in the competitive CX market. As AI continues to transform customer service operations, NICE's investments in this area could lead to sustained growth and market leadership in the coming years.
NICE's Q2 2024 results indicate a strong market position in the customer experience (CX) and cloud solutions sector. The 26% growth in cloud revenue outpaces the industry average, suggesting NICE is gaining market share. This growth is likely driven by increased demand for AI-powered CX solutions as businesses prioritize digital transformation initiatives.
The company's ability to maintain high profitability (
Looking ahead, NICE's raised guidance and record CXone bookings suggest continued momentum. However, investors should monitor potential challenges such as increased competition in the AI space and any macroeconomic headwinds that could impact enterprise spending on CX solutions.
-
Total revenue growth of
14% year over year - Company raises its full-year 2024 EPS guidance
-
Operating cash flow of
increased$170 million 160% year over year -
Share repurchases accelerated to
for Q2 2024$146 million
Second Quarter 2024 Financial Highlights
GAAP |
Non-GAAP |
Total revenue was |
Total revenue was |
Cloud revenue was |
Cloud revenue was |
Operating income was |
Operating income was |
Operating margin was |
Operating margin was |
Diluted EPS was |
Diluted EPS was |
Operating cash flow was |
|
“We are pleased to conclude the first half of 2024 with strong Q2 results across the board. Total revenue increased
“Our consistently robust top line results continue to drive top-tier software industry profitability. We reported our fourth consecutive quarter of non-GAAP operating margin of at least
Mr. Eilam continued, “We continue to gain market share with the most comprehensive CX platform in CXone, rapid innovation in AI that is experiencing significant enterprise adoption and the flexibility afforded by our rock-solid financial position. We are positioned to further expand our market leadership and deliver long-term growth.”
GAAP Financial Highlights for the Second Quarter Ended June 30:
Revenues: Second quarter 2024 total revenues increased
Gross Profit: Second quarter 2024 gross profit was
Operating Income: Second quarter 2024 operating income increased
Net Income: Second quarter 2024 net income increased
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the second quarter of 2024 increased
Cash Flow and Cash Balance: Second quarter 2024 operating cash flow was
Non-GAAP Financial Highlights for the Second Quarter Ended June 30:
Revenues: Second quarter 2024 total revenues increased
Gross Profit: Second quarter 2024 gross profit was
Operating Income: Second quarter 2024 operating income increased
Net Income: Second quarter 2024 net income increased
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the second quarter of 2024 increased
Third Quarter and Full Year 2024 Guidance:
Third-Quarter 2024:
Third-quarter 2024 non-GAAP total revenues are expected to be in a range of
Third-quarter 2024 non-GAAP fully diluted earnings per share are expected to be in a range of
Full-Year 2024:
Full-year 2024 non-GAAP total revenues are expected to be in a range of
The Company increased full-year 2024 non-GAAP fully diluted earnings per share which are expected to be in a range of
Quarterly Results Conference Call
NICE management will host its earnings conference call today August 15, 2024, at 8:30 AM ET, 13:30 GMT, 15:30
Explanation of Non-GAAP measures
Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related and other expenses, amortization of discount on debt and loss from extinguishment of debt and the tax effect of the Non-GAAP adjustments.
The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort.
About NICE
With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform - and elevate - every customer interaction. www.nice.com
Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NICE' marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business.
Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapidly changing technology, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, such as the impact of conflicts in the
You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.
NICE LTD. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
|||||||
June 30, |
December 31, |
||||||
2024 |
2023 |
||||||
Unaudited |
Audited |
||||||
ASSETS |
|||||||
CURRENT ASSETS: |
|||||||
Cash and cash equivalents |
$ |
739,556 |
$ |
511,795 |
|||
Short-term investments |
|
764,042 |
|
896,044 |
|||
Trade receivables |
|
580,101 |
|
585,154 |
|||
Debt hedge option |
|
- |
|
121,922 |
|||
Prepaid expenses and other current assets |
|
216,908 |
|
197,967 |
|||
|
|
||||||
Total current assets |
|
2,300,607 |
|
2,312,882 |
|||
LONG-TERM ASSETS: |
|||||||
Property and equipment, net |
|
181,689 |
|
174,414 |
|||
Deferred tax assets |
|
190,471 |
|
178,971 |
|||
Other intangible assets, net |
|
245,299 |
|
305,501 |
|||
Operating lease right-of-use assets |
|
98,957 |
|
104,565 |
|||
Goodwill |
|
1,820,746 |
|
1,821,969 |
|||
Prepaid expenses and other long-term assets |
|
214,050 |
|
219,332 |
|||
|
|
||||||
Total long-term assets |
|
2,751,212 |
|
2,804,752 |
|||
TOTAL ASSETS |
$ |
5,051,819 |
$ |
5,117,634 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
CURRENT LIABILITIES: |
|||||||
Trade payables |
$ |
73,129 |
$ |
66,036 |
|||
Deferred revenues and advances from customers |
|
342,405 |
|
302,649 |
|||
Current maturities of operating leases |
|
13,057 |
|
13,747 |
|||
Debt |
|
- |
|
209,229 |
|||
Accrued expenses and other liabilities |
|
509,779 |
|
528,660 |
|||
Total current liabilities |
|
938,370 |
|
1,120,321 |
|||
LONG-TERM LIABILITIES: |
|||||||
Deferred revenues and advances from customers |
|
60,839 |
|
52,458 |
|||
Operating leases |
|
96,861 |
|
102,909 |
|||
Deferred tax liabilities |
|
8,057 |
|
8,596 |
|||
Debt |
|
457,930 |
|
457,081 |
|||
Other long-term liabilities |
|
22,900 |
|
21,769 |
|||
Total long-term liabilities |
|
646,587 |
|
642,813 |
|||
SHAREHOLDERS' EQUITY |
|||||||
Nice Ltd's equity |
|
3,455,172 |
|
3,341,132 |
|||
Non-controlling interests |
|
11,690 |
|
13,368 |
|||
Total shareholders' equity |
|
3,466,862 |
|
3,354,500 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
5,051,819 |
$ |
5,117,634 |
NICE LTD. AND SUBSIDIARIES |
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||
|
||||||||||||
Quarter ended |
Year ended |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||||
Revenue: |
||||||||||||
Cloud |
$ |
481,693 |
$ |
381,948 |
$ |
950,099 |
$ |
749,515 |
||||
Services |
|
147,611 |
|
158,945 |
|
296,524 |
|
318,802 |
||||
Product |
|
35,096 |
|
40,220 |
|
77,086 |
|
84,655 |
||||
Total revenue |
|
664,400 |
|
581,113 |
|
1,323,709 |
|
1,152,972 |
||||
Cost of revenue: |
||||||||||||
Cloud |
|
170,702 |
|
134,984 |
|
340,680 |
|
266,580 |
||||
Services |
|
46,663 |
|
47,019 |
|
92,749 |
|
94,924 |
||||
Product |
|
7,418 |
|
7,710 |
|
14,023 |
|
14,805 |
||||
Total cost of revenue |
|
224,783 |
|
189,713 |
|
447,452 |
|
376,309 |
||||
Gross profit |
|
439,617 |
|
391,400 |
|
876,257 |
|
776,663 |
||||
Operating expenses: |
||||||||||||
Research and development, net |
|
86,522 |
|
78,640 |
|
174,354 |
|
156,741 |
||||
Selling and marketing |
|
157,645 |
|
151,964 |
|
312,660 |
|
300,443 |
||||
General and administrative |
|
66,626 |
|
55,367 |
|
138,980 |
|
120,543 |
||||
Total operating expenses |
|
310,793 |
|
285,971 |
|
625,994 |
|
577,727 |
||||
Operating income |
|
128,824 |
|
105,429 |
|
250,263 |
|
198,936 |
||||
Financial and other income, net |
|
(15,645) |
|
(9,350) |
|
(29,654) |
|
(18,071) |
||||
Income before tax |
|
144,469 |
|
114,779 |
|
279,917 |
|
217,007 |
||||
Taxes on income |
|
28,684 |
|
27,424 |
|
57,759 |
|
52,711 |
||||
Net income |
$ |
115,785 |
$ |
87,355 |
$ |
222,158 |
$ |
164,296 |
||||
Earnings per share: |
||||||||||||
Basic |
$ |
1.82 |
$ |
1.37 |
$ |
3.50 |
$ |
2.57 |
||||
Diluted |
$ |
1.76 |
$ |
1.31 |
$ |
3.36 |
$ |
2.47 |
||||
Weighted average shares outstanding: |
||||||||||||
Basic |
|
63,534 |
|
63,723 |
|
63,406 |
|
63,831 |
||||
Diluted |
|
65,856 |
|
66,435 |
|
66,192 |
|
66,548 |
NICE LTD. AND SUBSIDIARIES |
|||||||||||||
CONSOLIDATED CASH FLOW STATEMENTS |
|||||||||||||
|
|||||||||||||
Quarter ended |
Year ended |
||||||||||||
June 30, |
June 30, |
||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
||||||||||
Operating Activities |
|||||||||||||
Net income |
$ |
115,785 |
$ |
87,355 |
$ |
222,158 |
$ |
164,296 |
|||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||
Depreciation and amortization |
|
51,520 |
|
42,033 |
|
103,280 |
|
83,879 |
|||||
Share-based compensation |
|
42,226 |
|
39,314 |
|
86,630 |
|
84,275 |
|||||
Amortization of premium and discount and accrued interest on marketable securities |
|
(2,096) |
|
(224) |
|
(3,328) |
|
1,046 |
|||||
Deferred taxes, net |
|
(15,773) |
|
(8,994) |
|
(11,407) |
|
(16,872) |
|||||
Changes in operating assets and liabilities: |
|||||||||||||
Trade Receivables, net |
|
(6,707) |
|
(8,665) |
|
1,430 |
|
8,087 |
|||||
Prepaid expenses and other current assets |
|
1,740 |
|
(10,674) |
|
10,501 |
|
(22,046) |
|||||
Operating lease right-of-use assets |
|
3,372 |
|
2,435 |
|
6,653 |
|
5,503 |
|||||
Trade payables |
|
17,702 |
|
(9,668) |
|
6,939 |
|
(10,848) |
|||||
Accrued expenses and other current liabilities |
|
(40,836) |
|
(48,832) |
|
(43,704) |
|
(49,526) |
|||||
Deferred revenue |
|
4,742 |
|
(18,424) |
|
50,281 |
|
14,823 |
|||||
Operating lease liabilities |
|
(3,976) |
|
(3,494) |
|
(7,776) |
|
(7,401) |
|||||
Amortization of discount on long-term debt |
|
425 |
|
1,129 |
|
974 |
|
2,283 |
|||||
Loss from extinguishment of debt |
|
- |
|
37 |
|
- |
|
37 |
|||||
Other |
|
1,544 |
|
1,926 |
|
1,527 |
|
2,789 |
|||||
Net cash provided by operating activities |
|
169,668 |
|
65,254 |
|
424,158 |
|
260,325 |
|||||
Investing Activities |
|||||||||||||
Purchase of property and equipment |
|
(6,455) |
|
(4,513) |
|
(16,976) |
|
(17,619) |
|||||
Purchase of Investments |
|
(105,991) |
|
(121,817) |
|
(437,113) |
|
(191,359) |
|||||
Proceeds from sales of marketable investments |
|
51,971 |
|
107,653 |
|
568,121 |
|
172,552 |
|||||
Capitalization of internal use software costs |
|
(15,238) |
|
(14,491) |
|
(31,174) |
|
(28,627) |
|||||
Net cash provided by (used in) investing activities |
|
(75,713) |
|
(33,168) |
|
82,858 |
|
(65,053) |
|||||
Financing Activities |
|||||||||||||
Proceeds from issuance of shares upon exercise of options |
|
520 |
|
765 |
|
2,312 |
|
1,724 |
|||||
Purchase of treasury shares |
|
(146,088) |
|
(65,196) |
|
(187,603) |
|
(129,911) |
|||||
Dividends paid to noncontrolling interest |
|
- |
|
- |
|
(2,681) |
|
(1,480) |
|||||
Repayment of debt |
|
- |
|
(1,534) |
|
(87,435) |
|
(1,534) |
|||||
Net cash used in financing activities |
|
(145,568) |
|
(65,965) |
|
(275,407) |
|
(131,201) |
|||||
Effect of exchange rates on cash and cash equivalents |
|
(1,309) |
|
546 |
|
(3,248) |
|
1,713 |
|||||
Net change in cash, cash equivalents and restricted cash |
|
(52,922) |
|
(33,333) |
|
228,361 |
|
65,784 |
|||||
Cash, cash equivalents and restricted cash, beginning of period |
$ |
794,597 |
$ |
632,212 |
$ |
513,314 |
$ |
533,095 |
|||||
Cash, cash equivalents and restricted cash, end of period |
$ |
741,675 |
$ |
598,879 |
$ |
741,675 |
$ |
598,879 |
|||||
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: |
|||||||||||||
Cash and cash equivalents |
$ |
739,556 |
$ |
598,079 |
$ |
739,556 |
$ |
598,079 |
|||||
Restricted cash included in other current assets |
$ |
2,119 |
$ |
800 |
$ |
2,119 |
$ |
800 |
|||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows |
$ |
741,675 |
$ |
598,879 |
$ |
741,675 |
$ |
598,879 |
NICE LTD. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
||||||||||||
|
||||||||||||
Quarter ended |
Year to date |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
GAAP revenues |
$ |
664,400 |
$ |
581,113 |
$ |
1,323,709 |
$ |
1,152,972 |
||||
Non-GAAP revenues |
$ |
664,400 |
$ |
581,113 |
$ |
1,323,709 |
$ |
1,152,972 |
||||
GAAP cost of revenue |
$ |
224,783 |
$ |
189,713 |
$ |
447,452 |
$ |
376,309 |
||||
Amortization of acquired intangible assets on cost of cloud |
|
(24,133) |
|
(19,396) |
|
(49,500) |
|
(38,765) |
||||
Amortization of acquired intangible assets on cost of product |
|
(150) |
|
(257) |
|
(410) |
|
(506) |
||||
Cost of cloud revenue adjustment (1,2) |
|
(2,852) |
|
(2,253) |
|
(5,854) |
|
(4,200) |
||||
Cost of services revenue adjustment (1) |
|
(2,617) |
|
(2,864) |
|
(4,995) |
|
(5,748) |
||||
Cost of product revenue adjustment (1) |
|
(30) |
|
(140) |
|
(60) |
|
(278) |
||||
Non-GAAP cost of revenue |
$ |
195,001 |
$ |
164,803 |
$ |
386,633 |
$ |
326,812 |
||||
GAAP gross profit |
$ |
439,617 |
$ |
391,400 |
$ |
876,257 |
$ |
776,663 |
||||
Gross profit adjustments |
|
29,782 |
|
24,910 |
|
60,819 |
|
49,497 |
||||
Non-GAAP gross profit |
$ |
469,399 |
$ |
416,310 |
$ |
937,076 |
$ |
826,160 |
||||
GAAP operating expenses |
$ |
310,793 |
$ |
285,971 |
$ |
625,994 |
$ |
577,727 |
||||
Research and development (1,2) |
|
(7,484) |
|
(7,783) |
|
(15,627) |
|
(16,181) |
||||
Sales and marketing (1,2) |
|
(13,210) |
|
(13,055) |
|
(27,382) |
|
(24,157) |
||||
General and administrative (1,2) |
|
(17,429) |
|
(14,059) |
|
(37,260) |
|
(35,355) |
||||
Amortization of acquired intangible assets |
|
(4,972) |
|
(4,428) |
|
(10,211) |
|
(8,943) |
||||
Valuation adjustment on acquired deferred commission |
|
8 |
|
36 |
|
23 |
|
76 |
||||
Non-GAAP operating expenses |
$ |
267,706 |
$ |
246,682 |
$ |
535,537 |
$ |
493,167 |
||||
GAAP financial and other income, net |
$ |
(15,645) |
$ |
(9,350) |
$ |
(29,654) |
$ |
(18,071) |
||||
Amortization of discount and loss of extinguishment on debt |
|
(425) |
|
(1,166) |
|
(974) |
|
(2,320) |
||||
Change in fair value of contingent consideration |
|
(35) |
|
(578) |
|
(79) |
|
(578) |
||||
Non-GAAP financial and other income, net |
$ |
(16,105) |
$ |
(11,094) |
$ |
(30,707) |
$ |
(20,969) |
||||
GAAP taxes on income |
$ |
28,684 |
$ |
27,424 |
$ |
57,759 |
$ |
52,711 |
||||
Tax adjustments re non-GAAP adjustments |
|
14,963 |
|
11,793 |
|
28,779 |
|
24,101 |
||||
Non-GAAP taxes on income |
$ |
43,647 |
$ |
39,217 |
$ |
86,538 |
$ |
76,812 |
||||
GAAP net income |
$ |
115,785 |
$ |
87,355 |
$ |
222,158 |
$ |
164,296 |
||||
Amortization of acquired intangible assets |
|
29,255 |
|
24,081 |
|
60,121 |
|
48,214 |
||||
Valuation adjustment on acquired deferred commission |
|
(8) |
|
(36) |
|
(23) |
|
(76) |
||||
Share-based compensation (1) |
|
43,622 |
|
40,154 |
|
89,266 |
|
85,919 |
||||
Acquisition related and other expenses (2) |
|
- |
|
- |
|
1,912 |
|
- |
||||
Amortization of discount and loss of extinguishment on debt |
|
425 |
|
1,166 |
|
974 |
|
2,320 |
||||
Change in fair value of contingent consideration |
|
35 |
|
578 |
|
79 |
|
578 |
||||
Tax adjustments re non-GAAP adjustments |
|
(14,963) |
|
(11,793) |
|
(28,779) |
|
(24,101) |
||||
Non-GAAP net income |
$ |
174,151 |
$ |
141,505 |
$ |
345,708 |
$ |
277,150 |
||||
GAAP diluted earnings per share |
$ |
1.76 |
$ |
1.31 |
$ |
3.36 |
$ |
2.47 |
||||
Non-GAAP diluted earnings per share |
$ |
2.64 |
$ |
2.13 |
$ |
5.22 |
$ |
4.16 |
||||
Shares used in computing GAAP diluted earnings per share |
|
65,856 |
|
66,435 |
|
66,192 |
|
66,548 |
||||
Shares used in computing non-GAAP diluted earnings per share |
|
65,856 |
|
66,435 |
|
66,192 |
|
66,548 |
NICE LTD. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued) |
||||||||||||
|
||||||||||||
(1) |
Share-based compensation |
|||||||||||
Quarter ended |
Year to date |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Cost of cloud revenue |
$ |
2,852 |
$ |
2,253 |
$ |
5,792 |
$ |
4,200 |
||||
Cost of services revenue |
|
2,617 |
|
2,864 |
|
4,995 |
|
5,748 |
||||
Cost of product revenue |
|
30 |
|
140 |
|
60 |
|
278 |
||||
Research and development |
|
7,484 |
|
7,783 |
|
15,297 |
|
16,181 |
||||
Sales and marketing |
|
13,210 |
|
13,055 |
|
26,739 |
|
24,157 |
||||
General and administrative |
|
17,429 |
|
14,059 |
|
36,383 |
|
35,355 |
||||
$ |
43,622 |
$ |
40,154 |
$ |
89,266 |
$ |
85,919 |
|||||
(2) |
Acquisition related and other expenses |
|||||||||||
Quarter ended |
Year to date |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Cost of cloud revenue |
$ |
- |
$ |
- |
$ |
62 |
$ |
- |
||||
Research and development |
|
- |
|
- |
|
330 |
|
- |
||||
Sales and marketing |
|
- |
|
- |
|
643 |
|
- |
||||
General and administrative |
|
- |
|
- |
|
877 |
|
- |
||||
$ |
- |
$ |
- |
$ |
1,912 |
$ |
- |
NICE LTD. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA |
||||||||||||
|
||||||||||||
Quarter ended |
Year to date |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||||
GAAP net income |
$ |
115,785 |
$ |
87,355 |
$ |
222,158 |
$ |
164,296 |
||||
Non-GAAP adjustments: |
||||||||||||
Depreciation and amortization |
|
51,520 |
|
42,033 |
|
103,280 |
|
83,879 |
||||
Share-based compensation |
|
42,226 |
|
39,314 |
|
86,630 |
|
84,275 |
||||
Financial and other expense/ (income), net |
|
(15,645) |
|
(9,350) |
|
(29,654) |
|
(18,071) |
||||
Acquisition related and other expenses |
|
- |
|
- |
|
1,912 |
|
- |
||||
Valuation adjustment on acquired deferred commission |
|
(8) |
|
(36) |
|
(23) |
|
(76) |
||||
Taxes on income |
|
28,684 |
|
27,424 |
|
57,759 |
|
52,711 |
||||
Non-GAAP EBITDA |
$ |
222,562 |
$ |
186,740 |
$ |
442,062 |
$ |
367,014 |
NICE LTD. AND SUBSIDIARIES |
||||||||||||
NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS |
||||||||||||
|
||||||||||||
Quarter ended |
Year to date |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||||
Net cash provided by operating activities |
$ |
169,668 |
$ |
65,254 |
$ |
424,158 |
$ |
260,325 |
||||
Purchase of property and equipment |
|
(6,455) |
|
(4,513) |
|
(16,976) |
|
(17,619) |
||||
Capitalization of internal use software costs |
|
(15,238) |
|
(14,491) |
|
(31,174) |
|
(28,627) |
||||
Free Cash Flow (a) |
$ |
147,975 |
$ |
46,250 |
$ |
376,008 |
$ |
214,079 |
||||
(a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815570615/en/
Investor Relations
Marty Cohen, +1 551 256 5354, ir@nice.com, ET
Omri Arens, +972 3 763-0127, ir@nice.com, CET
Corporate Media
Christopher Irwin-Dudek, +1 201 561 4442, media@nice.com, ET
Source: NICE
FAQ
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