NICE Reports Accelerated Cloud Revenue Growth for The Fourth Quarter and Full Year 2020

Rhea-AI Summary

NICE reported strong fourth quarter results for 2020, with cloud revenue reaching $219 million, a 31% increase year-over-year, while total revenue rose by 1% to $435 million. The company’s cloud gross margin improved to 58.3%. However, diluted EPS decreased to $0.83 from $0.95 in the same quarter last year. For the full year, cloud revenue was $777 million, up 30%, and total revenue increased by 5% to $1.648 billion. Operating cash flow reached a record $480 million. NICE expects continued growth in 2021 with projected revenues between $1.790 billion and $1.810 billion.

Positive

• Cloud revenue grew 31% year-over-year in Q4 2020.
• Total revenue increased 5% year-over-year for the full year 2020.
• Cloud gross margin improved to 58.3% in Q4 2020.
• Operating cash flow reached a record $480 million in 2020.
• Diluted EPS for the full year increased 3% year-over-year.

Negative

• Diluted EPS decreased from $0.95 in Q4 2019 to $0.83 in Q4 2020.
• Operating income declined from $78 million in Q4 2019 to $65 million in Q4 2020.
• Operating margin slightly decreased from 18.0% in Q4 2019 to 15.0% in Q4 2020.

NICE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Financial Highlights

GAAP	Non-GAAP
Cloud revenue of $219 million, growth of 31% year-over-year	Cloud revenue of $223 million, growth of 33% year-over-year
Total revenue of $435 million, growth of 1% year-over-year	Total revenue of $438 million, growth of 2% year-over-year
Cloud gross margin of 58.3% compared to 54.2% last year	Cloud gross margin of 67.6% compared to 63.8% last year
Operating income of $65 million compared to $78 million last year	Operating income of $132 million compared to $130 million last year
Operating margin of 15.0% compared to 18.0% last year	Operating margin of 30.1% compared to 30.2% last year
Diluted EPS of $0.83 compared to $0.95 last year	Diluted EPS of $1.61 compared to $1.58 last year
Operating cash flow of $167 million compared to $91 million last year

Full Year 2020 Financial Highlights

GAAP	Non-GAAP
Cloud revenue of $777 million, growth of 30% year-over-year	Cloud revenue of $786 million, growth of 31% year-over-year
Total revenue of $1,648 million, growth of 5% year-over-year	Total revenue of $1,657 million, growth of 5% year-over-year
Cloud gross margin of 56.3% compared to 51.3% last year	Cloud gross margin of 65.6% compared to 61.8% last year
Operating income of $242 million compared to $239 million last year	Operating income of $470 million compared to $434 million last year
Operating margin of 14.7% compared to 15.2% last year	Operating margin of 28.4% compared to 27.5% last year
Diluted EPS of $2.98 versus $2.88 last year, 3% growth year-over-year	Diluted EPS of $5.73 versus $5.31 last year, 8% growth year-over-year
Record cash flow from operations of $480 million compared to $374 million last year

“We are pleased to report another exceptional year at NICE highlighted by groundbreaking innovation and speed of execution in cloud, digital and artificial intelligence. We witnessed accelerated cloud growth, cloud exceeded more than 50% of our total revenue for the second half of the year, and we exited 2020 with more than $900 million in an annualized cloud revenue run rate propelled by the tremendous success of our CXone cloud platform. We saw a 100% year-over-year increase in our customers’ digital interactions volume and 50% of our new deals were driven by digital initiatives. Our market leading AI solution, Enlighten, experienced strong demand with many new deals and a fast growing pipeline,” said Barak Eilam, CEO of NICE.

Mr. Eilam continued, “2021 is shaping up to be a year of a changed reality, in which the events of 2020 have created a new normal, and at the same time provided new opportunities in cloud and digital. Enterprises are seeking to rapidly accelerate their innovation cycles and leap forward much faster than before while continuously adapting to changes. We are well-positioned to capitalize on this transition with our leading digital cloud platforms together with a large and fast growing total addressable market.”

GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

Revenues: Fourth quarter 2020 total revenues increased 1.0% to $434.6 million compared to $430.2 million for the fourth quarter of 2019.
Full year 2020 total revenues increased 4.7% to $1,648.0 million compared to $1,573.9 million for the full year 2019.

Gross Profit: Fourth quarter 2020 gross profit was $288.5 million compared to $292.9 million for the fourth quarter of 2019. Fourth quarter 2020 gross margin was 66.4% compared to 68.1% for the fourth quarter of 2019.
Full year 2020 gross profit increased to $1,086.1 million compared to $1,042.1 million for the full year 2019. Full year 2020 gross margin was 65.9% compared to 66.2% for the full year 2019.

Operating Income: Fourth quarter 2020 operating income was $65.1 million compared to $77.6 million for the fourth quarter of 2019. Fourth quarter 2020 operating margin was 15.0% compared to 18.0% for the fourth quarter of 2019.
Full year 2020 operating income increased to $242.0 million compared to $238.7 million for the full year 2019. Full year 2020 operating margin was 14.7% compared to 15.2% for the full year 2019.

Net Income: Fourth quarter 2020 net income was $55.0 million compared to $61.7 million for the fourth quarter of 2019. Fourth quarter 2020 net income margin was 12.6% compared to 14.4% for the fourth quarter of 2019.
Full year 2020 net income and net income margin increased to $196.3 million and 11.9%, respectively, compared to $185.9 million and 11.8%, respectively, for the full year 2019.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the fourth quarter of 2020 was $0.83 compared to $0.95 in the fourth quarter of 2019.
Fully diluted earnings per share for the full year 2020 increased to $2.98 compared to $2.88 for the full year 2019.

Operating Cash Flow and Cash Balance: Fourth quarter 2020 operating cash flow was $166.9 million and full year operating cash flow reached $480.3 million. In the fourth quarter, $20.7 million was used for share repurchases and $48.3 million was used for share repurchases for the full year of 2020. As of December 31, 2020, total cash and cash equivalents, short and long term investments were $1,463.9 million, and total debt was $681.2 million.

Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

Revenues: Fourth quarter 2020 Non-GAAP total revenues increased to $438.4 million, up 1.7% from $431.1 million for the fourth quarter of 2019.
Non-GAAP total revenues for the full year 2020 increased 5.0% to $1,657.1 million compared to $1,577.5 million for the full year 2019.

Gross Profit: Fourth quarter 2020 Non-GAAP gross profit increased to $316.7 million compared to $313.8 million for the fourth quarter of 2019. Fourth quarter 2020 Non-GAAP gross margin was 72.2% compared to 72.8% for the fourth quarter of 2019.
Full year 2020 Non-GAAP gross profit increased to $1,181.6 million compared to $1,125.3 million and full year 2020 Non-GAAP gross margin was 71.3%, the same as Non-GAAP gross margin for full year 2019.

Operating Income: Fourth quarter 2020 Non-GAAP operating income increased to $131.7 million compared to $130.2 million for the fourth quarter of 2019. Fourth quarter 2020 Non-GAAP operating margin was 30.1% compared to 30.2% for the fourth quarter of 2019.
Full year 2020 Non-GAAP operating income and Non-GAAP operating margin increased to $470.4 million and 28.4%, respectively, from $434.3 million and 27.5%, respectively, for the full year 2019.

Net Income: Fourth quarter 2020 Non-GAAP net income and Non-GAAP net income margin increased to $106.9 million and 24.4%, respectively, from $102.6 million and 23.8%, respectively, for the fourth quarter of 2019.
Full year 2020 Non-GAAP net income and Non-GAAP net income margin increased to $378.2 million and 22.8%, respectively, from $343.4 million and 21.8%, respectively, for the full year 2019.

Fully Diluted Earnings Per Share: Fourth quarter 2020 Non-GAAP fully diluted earnings per share increased 1.9% to $1.61, compared to $1.58 for the fourth quarter of 2019.
Full year 2020 Non-GAAP fully diluted earnings per share increased 7.9% to $5.73 compared to $5.31 for the full year 2019.

First Quarter and Full Year 2021 Guidance:

First Quarter 2021: First quarter 2021 Non-GAAP total revenues are expected to be in a range of $445 million to $455 million. First quarter 2021 Non-GAAP fully diluted earnings per share are expected to be in a range of $1.42 to $1.52.

Full Year 2021: Full year 2021 Non-GAAP total revenues are expected to be in a range of $1,790 million to $1,810 million. Full year 2021 Non-GAAP fully diluted earnings per share are expected to be in a range of $6.12 to $6.32.

Quarterly Results Conference Call

NICE management will host its earnings conference call today February 18^th, 2021 at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. To participate in the call, please dial into the following numbers: United States 1-877-407-4018 or +1-201-689-8471, United Kingdom 0-800-756-3429, Israel 1-809-406-247.
The call will be webcast live on the Company’s website at https://www.nice.com/investor-relations/upcoming-event.

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 expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments. Business combination accounting rules require the recognition of a legal performance obligation related to a revenue arrangement of an acquired entity as a liability. The amount assigned to such liability should be based on its fair value at the date of acquisition. The Non-GAAP adjustment for a revenue arrangement is intended to reflect the full amount of such revenue. 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
NICE (Nasdaq: NICE) is the worldwide leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. 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, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud business.

Forward looking statements are inherently subject to significant economic, competitive and other uncertainties and contingencies, 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 fourth-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 and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). In addition, COVID-19 is contributing to a general slowdown in the global economy. At this time, the extent and duration of the continued impact of the pandemic is unknown, and therefore we cannot predict how it may affect the Company’s future business, results of operations, financial condition and strategic plans. Furthermore, due to our subscription based business model, the effect of COVID-19 may not be fully reflected in our results of operations until future periods, if at all. 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 presentation 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
U.S. dollars in thousands
			December 31,			December 31,
			2020			2019
			Audited			Audited
	ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	442,267		$	228,323
	Short-term investments			1,021,613			210,772
	Trade receivables			303,100			319,622
	Prepaid expenses and other current assets			175,340			116,972
	Total current assets			1,942,320			875,689
LONG-TERM ASSETS:
	Long-term investments			-			542,389
	Property and equipment, net			137,785			141,647
	Deferred tax assets			32,735			30,513
	Other intangible assets, net			366,003			411,019
	Operating lease right-of-use assets			97,162			106,196
	Goodwill			1,503,252			1,378,418
	Other long-term assets			153,660			124,034
	Total long-term assets			2,290,597			2,734,216
TOTAL ASSETS			$	4,232,917		$	3,609,905
	LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
	Trade payables		$	33,132		$	30,376
	Deferred revenues and advances from customers			311,851			245,792
	Current maturities of operating leases			22,412			21,519
	Exchangeable senior notes			259,881			251,583
	Accrued expenses and other liabilities			417,174			391,685
	Total current liabilities			1,044,450			940,955
LONG-TERM LIABILITIES:
	Deferred revenues and advances from customers			36,295			26,045
	Operating leases			92,262			103,490
	Deferred tax liabilities			32,109			52,509
	Long-term debt			421,337			213,313
	Other long-term liabilities			17,980			16,327
	Total long-term liabilities			599,983			411,684
SHAREHOLDERS' EQUITY
	NICE Ltd's equity			2,563,910			2,257,266
	Non-controlling interests			24,574			-
	Total shareholders' equity			2,588,484			2,257,266
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	4,232,917		$	3,609,905

NICE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share amounts)
		Quarter ended						Year ended
		December 31,						December 31,
		2020			2019			2020			2019
		Audited			Audited			Audited			Audited
Revenue:
	Product	$	41,542		$	80,101		$	183,153		$	269,100
	Services		174,003			183,117			687,532			709,064
	Cloud		219,036			166,990			777,331			595,748
Total revenue			434,581			430,208			1,648,016			1,573,912
Cost of revenue:
	Product		5,453			6,076			22,164			22,926
	Services		49,245			54,772			199,803			218,990
	Cloud		91,357			76,434			339,985			289,852
Total cost of revenue			146,055			137,282			561,952			531,768
Gross profit			288,526			292,926			1,086,064			1,042,144
Operating expenses:
	Research and development, net		56,163			52,165			218,182			193,718
	Selling and marketing		112,104			106,221			406,436			399,304
	General and administrative		45,421			46,841			180,733			168,022
	Amortization of acquired intangible assets		9,715			10,107			38,666			42,383
Total operating expenses			223,403			215,334			844,017			803,427
Operating income			65,123			77,592			242,047			238,717
Financial and other expense, net			2,600			554			4,859			4,444
Income before tax			62,523			77,038			237,188			234,273
Taxes on income			7,549			15,295			40,842			48,369
Net income		$	54,974		$	61,743		$	196,346		$	185,904
Less: net income/(loss) attributable to non-controlling interests			51			-			(327)			-
Net income attributable to NICE Ltd.'s shareholders		$	54,923	#	$	61,743		$	196,673		$	185,904
Earnings per share:
	Basic	$	0.87		$	0.99		$	3.13		$	2.99
	Diluted	$	0.83		$	0.95		$	2.98		$	2.88
Weighted average shares outstanding:
	Basic		62,967			62,357			62,710			62,120
	Diluted		66,600			65,161			65,956			64,661

NICE LTD. AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
			Quarter ended						Year ended
			December 31,						December 31,
			2020			2019			2020			2019
			Audited			Audited			Audited			Audited
Operating Activities
Net income			$	54,974		$	61,743		$	196,346		$	185,904
	Depreciation and amortization			46,893			44,486			182,026			173,230
	Stock based compensation			32,828			24,275			101,667			80,864
	Amortization of premium and discount and accrued interest on marketable securities			157			134			(633)			(53)
	Deferred taxes, net			(16,588)			18,899			(33,241)			(12,208)
	Changes in operating assets and liabilities:
		Trade Receivables		(5,343)			(56,763)			22,245			(29,863)
		Prepaid expenses and other assets		(49,028)			11,977			(80,665)			(76,180)
		Trade payables		(1,137)			5,850			4,094			777
		Accrued expenses and other current liabilities		51,459			(22,059)			14,875			31,730
		Operating lease right-of-use assets, net		5,241			7,262			18,167			19,104
		Deferred revenue		48,585			499			63,202			13,810
		Long term liabilities		-			(11)			-			(311)
		Operating lease liabilities		(5,272)			(6,844)			(19,569)			(18,839)
	Amortization of discount on long term debt			5,352			2,388			13,297			9,236
	Other			(1,251)			(387)			(1,505)			(3,043)
		Net cash provided by operating activities		166,870			91,449			480,306			374,158
Investing Activities
	Purchase of property and equipment			(2,519)			(5,767)			(24,186)			(27,294)
	Purchase of Investments			(277,038)			(125,165)			(583,115)			(619,060)
	Proceeds from Investments			45,444			79,084			328,593			362,713
	Capitalization of software development costs			(10,322)			(8,739)			(39,098)			(34,679)
	Payments for business and asset acquisitions, net of cash acquired			-			-			(147,261)			(25,972)
		Net cash used in investing activities		(244,435)			(60,587)			(465,067)			(344,291)
Financing Activities
	Proceeds from issuance of shares upon exercise of share options			688			717			8,865			5,428
	Purchase of treasury shares			(20,671)			(24,664)			(48,272)			(47,276)
	Capital Lease payments			-			(185)			(177)			(816)
	Repayment of long term debt			(215,000)			-			(215,000)			-
	Proceeds/(costs) from issuance of exchangeable notes			(48)			-			451,421			-
		Net cash provided by/(used in) financing activities		(235,031)			(24,132)			196,837			(42,664)
Effect of exchange rates on cash and cash equivalents				1,747			754			1,868			(979)
Net change in cash and cash equivalents				(310,849)			7,484			213,944			(13,776)
Cash and cash equivalents, beginning of period			$	753,116		$	220,839		$	228,323		$	242,099
Cash and cash equivalents, end of period			$	442,267		$	228,323		$	442,267		$	228,323

 

NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)
		Quarter ended						Year ended
		December 31,						December 31,
		2020			2019			2020			2019
GAAP revenues		$	434,581		$	430,208		$	1,648,016		$	1,573,912
Valuation adjustment on acquired deferred product revenue			-			-			-			15
Valuation adjustment on acquired deferred services revenue			149			-			230			5
Valuation adjustment on acquired deferred cloud revenue			3,679			842			8,866			3,534
Non-GAAP revenues		$	438,409		$	431,050		$	1,657,112		$	1,577,466
GAAP cost of revenue		$	146,055		$	137,282		$	561,952		$	531,768
Amortization of acquired intangible assets on cost of product			(1,073)			(1,134)			(4,467)			(4,106)
Amortization of acquired intangible assets on cost of services			(1,225)			(1,522)			(4,566)			(6,126)
Amortization of acquired intangible assets on cost of cloud			(18,012)			(15,323)			(66,434)			(60,441)
Valuation adjustment on acquired deferred cost of cloud			194			532			931			2,425
Cost of product revenue adjustment (1)			(131)			131			(336)			(173)
Cost of services revenue adjustment (1)			(2,593)			(1,941)			(7,550)			(8,192)
Cost of cloud revenue adjustment (1)			(1,457)			(813)			(4,058)			(2,955)
Non-GAAP cost of revenue		$	121,758		$	117,212		$	475,472		$	452,200
GAAP gross profit		$	288,526		$	292,926		$	1,086,064		$	1,042,144
Gross profit adjustments			28,125			20,912			95,576			83,122
Non-GAAP gross profit		$	316,651		$	313,838		$	1,181,640		$	1,125,266
GAAP operating expenses		$	223,403		$	215,334		$	844,017		$	803,427
Research and development (1,2)			(4,324)			(2,896)			(11,877)			(8,078)
Sales and marketing (1,2)			(10,769)			(7,468)			(30,392)			(26,679)
General and administrative (1,2)			(13,775)			(11,327)			(52,014)			(35,705)
Amortization of acquired intangible assets			(9,719)			(10,107)			(38,670)			(42,383)
Valuation adjustment on acquired deferred commission			89			62			195			307
Non-GAAP operating expenses		$	184,905		$	183,598		$	711,259		$	690,889
GAAP financial and other expense, net		$	2,600		$	554		$	4,859		$	4,444
Amortization of discount on debt			(5,353)			(2,388)			(13,297)			(9,235)
Non-GAAP financial and other income, net		$	(2,753)		$	(1,834)		$	(8,438)		$	(4,791)
GAAP taxes on income		$	7,549		$	15,295		$	40,842		$	48,369
Tax adjustments re non-GAAP adjustments			20,056			14,142			59,757			47,400
Non-GAAP taxes on income		$	27,605		$	29,437		$	100,599		$	95,769
GAAP net income		$	54,974		$	61,743		$	196,346		$	185,904
Valuation adjustment on acquired deferred revenue			3,828			842			9,096			3,554
Valuation adjustment on acquired deferred cost of cloud revenue			(194)			(532)			(931)			(2,425)
Amortization of acquired intangible assets			30,029			28,086			114,137			113,056
Valuation adjustment on acquired deferred commission			(89)			(62)			(195)			(307)
Share-based compensation (1)			33,049			24,314			102,304			80,939
Acquisition related expenses (2)			-			-			3,923			843
Amortization of discount on long term debt			5,353			2,388			13,297			9,235
Tax adjustments re non-GAAP adjustments			(20,056)			(14,142)			(59,757)			(47,400)
Non-GAAP net income		$	106,894		$	102,637		$	378,220		$	343,399
GAAP diluted earnings per share		$	0.83		$	0.95		$	2.98		$	2.88
Non-GAAP diluted earnings per share		$	1.61		$	1.58		$	5.73		$	5.31
Shares used in computing GAAP diluted earnings per share			66,600			65,161			65,956			64,661
Shares used in computing non-GAAP diluted earnings per share			66,600			65,161			65,956			64,661
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in thousands
(1)	Share-based Compensation
		Quarter ended						Year ended
		December 31,						December 31,
		2020			2019			2020			2019
	Cost of product revenue	$	131		$	(131)		$	336		$	173
	Cost of services revenue		2,593			1,941			7,550			8,192
	Cost of cloud revenue		1,457			813			4,058			2,955
	Research and development		4,324			2,896			11,877			8,073
	Sales and marketing		10,769			7,468			30,262			26,649
	General and administrative		13,775			11,327			48,221			34,897
		$	33,049		$	24,314		$	102,304		$	80,939
(2)	Acquisition related expenses
		Quarter ended						Year ended
		December 31,						December 31,
		2020			2019			2020			2019
	Research and development	$	-		$	-		$	-		$	5
	Sales and marketing		-			-			130			30
	General and administrative		-			-			3,793			808
		$	-		$	-		$	3,923		$	843

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005476/en/

FAQ

What were NICE's Q4 2020 earnings results?

NICE reported Q4 2020 total revenue of $435 million, with cloud revenue at $219 million, a 31% increase year-over-year.

How did NICE perform for the full year 2020?

For the full year 2020, NICE reported total revenue of $1.648 billion, a 5% increase from 2019.

What is NICE's guidance for 2021?

NICE expects 2021 total revenues to be between $1.790 billion and $1.810 billion.

What was NICE's operating cash flow in 2020?

NICE achieved a record operating cash flow of $480 million for the full year 2020.

What was NICE's diluted EPS for Q4 2020?

NICE's diluted EPS for Q4 2020 decreased to $0.83 from $0.95 in Q4 2019.