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Nice Ltd.
Earnings Release • May 16, 2024
6950_rns_2024-05-16_9f1ba95b-ed7c-4e70-93a1-4a1c1aea802f.pdf
Earnings Release
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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024 (Report No. 2)
Commission File Number: 0-27466
NICE LTD.
(Translation of Registrant's Name into English)
13 Zarchin Street, P.O. Box 690, Ra'anana 4310602, Israel (Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
THE GAAP FINANCIAL STATEMENTS ATTACHED TO THE PRESS RELEASE ATTACHED HERETO AS EXHIBIT 99.1 OF THIS REPORT ON FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO NICE LTD.`S ("NICE") REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-166364, 333-168100, 333-171165, 333-162795, 333-162110, 333-06784, 333-08146, 333-11842, 333-09350, 333-11154, 333-111112, 333-111113, 333-134355, 333- 144589, 333-145981, 333-153230, 333-177510, 333-179408, 333-181375, 333-191176, 333-199904, 333-210341, 333-210343, 333- 210344, 333-214584, 333-226930, 333-228911, 333-249186 and 333-270969), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
CONTENTS
This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:
99.1 Press Release: NICE Reports 27% Year-Over-Year Cloud Revenue Growth for the First Quarter 2024, Dated May 16, 2024.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
NICE LTD.
By: /s/ Tali Mirsky Name: Tali Mirsky Title: Corporate VP, General Counsel and Corporate Secretary
Dated: May 16, 2024
EXHIBIT INDEX
99.1 Press Release: NICE Reports 27% Year-Over-Year Cloud Revenue Growth for the First Quarter 2024, Dated May 16, 2024.
NICE Reports 27% Year-Over-Year Cloud Revenue Growth for the First Quarter 2024
- Total revenue growth of 15% year over year
- Double-digit growth in gross profit, operating income and net income
- Non-GAAP EPS exceeds high end of guidance range
- Record high operating cash flow of \$254 million increased 30% year over year
Hoboken, New Jersey, May 16, 2024 - NICE (NASDAQ: NICE) today announced results for the first quarter ended March 31, 2024, as compared to the corresponding period of the previous year.
First Quarter 2024 Financial Highlights
| GAAP | Non-GAAP |
|---|---|
| Total revenue was \$659.3 million and increased 15% | Total revenue was \$659.3 million and increased 15% |
| Cloud revenue was \$468.4 million and increased 27% | Cloud revenue was \$468.4 million and increased 27% |
| Operating income was \$121.4 million and increased 30% |
Operating income was \$199.8 million and increased 22% |
| Operating margin was 18.4% compared to 16.4% last year |
Operating margin was 30.3% compared to 28.6% last year |
| Diluted EPS was \$1.60 and increased 39% |
Diluted EPS was \$2.58 and increased 27% |
| Operating cash flow was \$254.5 million and increased 30% |
"We are pleased to start the year with positive momentum, evidenced by a robust performance across the board, while continuing to outpace the industry," said Barak Eilam, CEO, NICE. "Our total revenue growth of 15% was once again driven by excellent execution in the cloud with 27% revenue growth, propelled by demand for our digital and AI offerings. We also delivered another quarter of expanding profitability as demonstrated by a 170 basis point increase in our Non-GAAP operating margin to 30.3%, leading to a 27% year over year increase in non-GAAP EPS, and generated record operating cash flow of \$254 million. Our ongoing healthy cash generation coupled with a best-in-class balance sheet provides us with unparalleled growth opportunities."
Mr. Eilam continued, "Our continued strong performance over the past several years as well as the outstanding first quarter results are attributed to our unmatched platform strategy coupled with consistent execution. This is now further driving our market leadership with the ultimate trifecta: highest industry cloud win rate, trailblazing the digital market through convergence and fully leveraging the tremendous CX AI opportunity."
GAAP Financial Highlights for the First Quarter Ended March 31:
Revenues: First quarter 2024 total revenues increased 15% to \$659.3 million compared to \$571.9 million for the first quarter of 2023.
Gross Profit: First quarter 2024 gross profit was \$436.6 million compared to \$385.3 million for the first quarter of 2023. First quarter 2024 gross margin was 66.2% compared to 67.4% for the first quarter of 2023.
Operating Income: First quarter 2024 operating income increased 30% to \$121.4 million compared to \$93.5 million for the first quarter of 2023. First quarter 2024 operating margin was 18.4% compared to 16.4% for the first quarter of 2023.
Net Income: First quarter 2024 net income increased 38% to \$106.4 million compared to \$76.9 million for the first quarter of 2023. First quarter 2024 net income margin was 16.1% compared to 13.5% for the first quarter of 2023.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the first quarter of 2024 increased 39% to \$1.60 compared to \$1.15 in the first quarter of 2023.
Cash Flow and Cash Balance: First quarter 2024 operating cash flow was \$254.5 million. In the first quarter 2024, \$41.5 million was used for share repurchases and \$87.4 million was used for repayment of debt. As of March 31, 2024, total cash and cash equivalents, and short-term investments were \$1,502.8 million. Our debt was \$457.5 million, resulting in net cash and investments of \$1,045.3 million.
Non-GAAP Financial Highlights for the First Quarter Ended March 31:
Revenues: First quarter 2024 total revenues increased 15% to \$659.3 million compared to \$571.9 million for the first quarter of 2023.
Gross Profit: First quarter 2024 gross profit was \$467.7 million compared to \$409.9 million for the first quarter of 2023. First quarter 2024 gross margin was 70.9% compared to 71.7% for the first quarter of 2023.
Operating Income: First quarter 2024 operating income increased 22% to \$199.8 million compared to \$163.4 million for the first quarter of 2023. First quarter 2024 operating margin was 30.3% compared to 28.6% for the first quarter of 2023.
Net Income: First quarter 2024 net income increased 26% to \$171.6 million compared to \$135.6 million for the first quarter of 2023. First quarter 2024 net income margin was 26.0% compared to 23.7% for the first quarter of 2023.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the first quarter of 2024 increased 27% to \$2.58 compared to \$2.03 in the first quarter of 2023.
Second Quarter and Full Year 2024 Guidance:
Second-Quarter 2024:
Second-quarter 2024 Non-GAAP total revenues are expected to be in a range of \$657 million to \$667 million, representing 14% growth year over year at the midpoint.
Second-quarter 2024 Non-GAAP fully diluted earnings per share are expected to be in a range of \$2.53 to \$2.63, representing 21% growth year over year at the midpoint.
Full-Year 2024:
Full-year 2024 Non-GAAP total revenues are expected to be in a range of \$2,715 million to \$2,735 million, representing 15% growth at the midpoint compared to full-year 2023.
The Company increased full year 2024 Non-GAAP fully diluted earnings per share which are expected to be in a range of \$10.53 to \$10.73, representing 21% growth at the midpoint compared to full-year 2023.
Quarterly Results Conference Call
NICE management will host its earnings conference call today May 16, 2024, 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.
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
Investor Relations Contact
Marty Cohen, +1 551 256 5354, [email protected], ET Omri Arens, +972 3 763-0127, [email protected], CET
Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, [email protected], ET
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, analytics and artificial intelligence 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 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 Middle East, that may disrupt our business and the global economy and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC").
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.
$$\text{פֿאַרשיינינ}$$
NICE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
| March 31, 2024 |
December 31, 2023 |
|||
|---|---|---|---|---|
| Unaudited | Audited | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | \$ 793,078 |
\$ 511,795 |
||
| Short-term investments | 709,766 | 896,044 | ||
| Trade receivables | 574,987 | 585,154 | ||
| Debt hedge option | - 121,922 |
|||
| Prepaid expenses and other current assets | 206,238 | 197,967 | ||
| Total current assets | 2,284,069 | 2,312,882 | ||
| LONG-TERM ASSETS: | ||||
| Property and equipment, net | 181,136 | 174,414 | ||
| Deferred tax assets | 174,755 | 178,971 | ||
| Other intangible assets, net | 274,541 | 305,501 | ||
| Operating lease right-of-use assets | 101,577 | 104,565 | ||
| Goodwill | 1,820,469 | 1,821,969 | ||
| Prepaid expenses and other long-term assets | 210,031 | 219,332 | ||
| Total long-term assets | 2,762,509 | 2,804,752 | ||
| TOTAL ASSETS | \$ 5,046,578 |
\$ 5,117,634 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Trade payables | \$ 55,238 |
\$ 66,036 |
||
| Deferred revenues and advances from customers | 340,366 | 302,649 | ||
| Current maturities of operating leases | 13,324 | 13,747 | ||
| Debt | - 209,229 |
|||
| Accrued expenses and other liabilities | 532,451 | 528,660 | ||
| Total current liabilities | 941,379 | 1,120,321 | ||
| LONG-TERM LIABILITIES: | ||||
| Deferred revenues and advances from customers | 58,907 | 52,458 | ||
| Operating leases | 99,818 | 102,909 | ||
| Deferred tax liabilities | 8,489 | 8,596 | ||
| Debt | 457,505 | 457,081 | ||
| Other long-term liabilities | 22,179 | 21,769 | ||
| Total long-term liabilities | 646,898 | 642,813 | ||
| SHAREHOLDERS' EQUITY | ||||
| Nice Ltd's equity | 3,447,085 | 3,341,132 | ||
| Non-controlling interests | 11,216 | 13,368 | ||
| Total shareholders' equity | 3,458,301 | 3,354,500 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | \$ 5,046,578 |
\$ 5,117,634 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share amounts)
| Quarter ended March 31, |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Unaudited | Unaudited | ||||
| Revenue: | |||||
| Cloud | \$ 468,406 |
\$ 367,567 |
|||
| Services | 148,913 | 159,858 | |||
| Product | 41,990 | 44,435 | |||
| Total revenue | 659,309 | 571,860 | |||
| Cost of revenue: | |||||
| Cloud | 169,978 | 131,596 | |||
| Services | 46,086 | 47,905 | |||
| Product | 6,605 | 7,095 | |||
| Total cost of revenue | 222,669 | 186,596 | |||
| Gross profit | 436,640 | 385,264 | |||
| Operating expenses: | |||||
| Research and development, net | 87,832 | 78,102 | |||
| Selling and marketing | 155,015 | 148,479 | |||
| General and administrative | 72,354 | 65,176 | |||
| Total operating expenses | 315,201 | 291,757 | |||
| Operating income | 121,439 | 93,507 | |||
| Financial and other income, net | (14,009) | (8,721) | |||
| Income before tax | 135,448 | 102,228 | |||
| Taxes on income | 29,075 | 25,286 | |||
| Net income | \$ 106,373 |
\$ 76,942 |
|||
| Earnings per share: | |||||
| Basic | \$ 1.68 |
\$ 1.20 |
|||
| Diluted | \$ 1.60 |
\$ 1.15 |
|||
| Weighted average shares outstanding: | |||||
| Basic | 63,278 | 63,941 | |||
| Diluted | 66,528 | 66,662 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS U.S. dollars in thousands
| Quarter ended March 31, |
||||
|---|---|---|---|---|
| 2024 Unaudited |
2023 Unaudited |
|||
| Operating Activities | ||||
| Net income | \$ | 106,373 | \$ | 76,942 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization | 51,760 | 41,846 | ||
| Share-based compensation | 44,404 | 44,961 | ||
| Amortization of premium and discount and accrued interest on marketable securities | (1,232) | 1,270 | ||
| Deferred taxes, net | 4,366 | (7,878) | ||
| Changes in operating assets and liabilities: | ||||
| Trade Receivables, net | 8,137 | 16,752 | ||
| Prepaid expenses and other current assets | 8,761 | (11,372) | ||
| Operating lease right-of-use assets | 3,281 | 3,068 | ||
| Trade payables | (10,763) | (1,180) | ||
| Accrued expenses and other current liabilities | (2,868) | (694) | ||
| Deferred revenue | 45,539 | 33,247 | ||
| Operating lease liabilities | (3,800) | (3,907) | ||
| Amortization of discount on long-term debt | 549 | 1,154 | ||
| Other | (17) | 862 | ||
| Net cash provided by operating activities | 254,490 # | 195,071 | ||
| Investing Activities | ||||
| Purchase of property and equipment | (10,521) | (13,106) | ||
| Purchase of Investments | (331,122) | (69,542) | ||
| Proceeds from sales of marketable investments | 516,150 | 64,899 | ||
| Capitalization of internal use software costs | (15,936) | (14,136) | ||
| Net cash provided by (used in) investing activities | 158,571 | (31,885) | ||
| Financing Activities | ||||
| Proceeds from issuance of shares upon exercise of options | 1,792 | 959 | ||
| Purchase of treasury shares | (41,515) | (64,715) | ||
| Dividends paid to noncontrolling interest | (2,681) | (1,480) | ||
| Repayment of debt | (87,435) | - | ||
| Net cash used in financing activities | (129,839) # | (65,236) | ||
| Effect of exchange rates on cash and cash equivalents | (1,939) | 1,167 | ||
| Net change in cash, cash equivalents and restricted cash | 281,283 | 99,117 | ||
| Cash, cash equivalents and restricted cash, beginning of period | \$ | 513,314 | \$ | 533,095 |
| Cash, cash equivalents and restricted cash, end of period | \$ | 794,597 | \$ | 632,212 |
| Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: | ||||
| Cash and cash equivalents | \$ | 793,078 | \$ | 630,661 |
| Restricted cash included in other current assets | \$ | 1,519 | \$ | 1,551 |
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | \$ | 794,597 | \$ | 632,212 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)
| Quarter ended March 31, |
||
|---|---|---|
| 2024 | 2023 | |
| GAAP revenues | \$ 659,309 |
\$ 571,860 |
| Non-GAAP revenues | \$ 659,309 |
\$ 571,860 |
| GAAP cost of revenue | \$ 222,669 |
\$ 186,596 |
| Amortization of acquired intangible assets on cost of cloud | (25,367) | (19,369) |
| Amortization of acquired intangible assets on cost of product | (260) | (249) |
| Cost of cloud revenue adjustment (1,2) | (3,002) | (1,947) |
| Cost of services revenue adjustment (1) | (2,378) | (2,885) |
| Cost of product revenue adjustment (1) | (30) | (138) |
| Non-GAAP cost of revenue | \$ 191,632 |
\$ 162,008 |
| GAAP gross profit | \$ 436,640 |
\$ 385,264 |
| Gross profit adjustments | 31,037 | 24,588 |
| Non-GAAP gross profit | \$ 467,677 |
\$ 409,852 |
| GAAP operating expenses | \$ 315,201 |
\$ 291,757 |
| Research and development (1,2) | (8,143) | (8,398) |
| Sales and marketing (1,2) | (14,172) | (11,102) |
| General and administrative (1,2) | (19,831) | (21,296) |
| Amortization of acquired intangible assets | (5,239) | (4,515) |
| Valuation adjustment on acquired deferred commission | 15 | 40 |
| Non-GAAP operating expenses | \$ 267,831 |
\$ 246,486 |
| GAAP financial and other income, net | \$ (14,009) |
\$ (8,721) |
| Amortization of discount and loss of extinguishment on debt | (549) | (1,154) |
| Change in fair value of contingent consideration | (44) | - |
| Non-GAAP financial and other income, net | (14,602) | (9,875) |
| GAAP taxes on income | \$ 29,075 |
\$ 25,286 |
| Tax adjustments re non-GAAP adjustments | 13,816 | 12,308 |
| Non-GAAP taxes on income | \$ 42,891 |
\$ 37,594 |
| GAAP net income | \$ 106,373 |
\$ 76,942 |
| Amortization of acquired intangible assets | 30,866 | 24,133 |
| Valuation adjustment on acquired deferred commission | (15) | (40) |
| Share-based compensation (1) | 45,644 | 45,766 |
| Acquisition related and other expenses (2) | 1,912 | - |
| Amortization of discount and loss of extinguishment on debt | 549 | 1,154 |
| Change in fair value of contingent consideration | 44 | - |
| Tax adjustments re non-GAAP adjustments | (13,816) | (12,308) |
| Non-GAAP net income | \$ 171,557 |
\$ 135,647 |
| GAAP diluted earnings per share | \$ 1.60 |
\$ 1.15 |
| Non-GAAP diluted earnings per share | \$ 2.58 |
\$ 2.03 |
| Shares used in computing GAAP diluted earnings per share | 66,528 | 66,662 |
| Shares used in computing non-GAAP diluted earnings per share | 66,528 | 66,662 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in thousands
(1) Share-based compensation
| Quarter ended March 31, |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Cost of cloud revenue | \$ | 2,940 | \$ | 1,947 | |
| Cost of services revenue | 2,378 | 2,885 | |||
| Cost of product revenue | 30 | 138 | |||
| Research and development | 7,813 | 8,398 | |||
| Sales and marketing | 13,529 | 11,102 | |||
| General and administrative | 18,954 | 21,296 | |||
| \$ | 45,644 | \$ | 45,766 |
(2) Acquisition related and other expenses
| Quarter ended March 31, |
||||
|---|---|---|---|---|
| 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
U.S. dollars in thousands
| Quarter ended March 31, |
||||
|---|---|---|---|---|
| 2024 | Unaudited | 2023 Unaudited |
||
| GAAP net income | \$ | 106,373 | \$ | 76,942 |
| Non-GAAP adjustments: | ||||
| Depreciation and amortization | 51,760 | 41,846 | ||
| Share-based compensation | 44,404 | 44,961 | ||
| Financial and other expense/ (income), net | (14,009) | (8,721) | ||
| Acquisition related and other expenses | 1,912 | - | ||
| Valuation adjustment on acquired deferred commission | (15) | (40) | ||
| Taxes on income | 29,075 | 25,286 | ||
| Non-GAAP EBITDA | \$ | 219,500 | \$ | 180,274 |
NICE LTD. AND SUBSIDIARIES NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS U.S. dollars in thousands
| Quarter ended March 31, |
||||
|---|---|---|---|---|
| 2024 Unaudited |
2023 Unaudited |
|||
| Free cash flow (a) Net cash provided by operating activities |
\$ | 254,490 | \$ | 195,071 |
| Purchase of property and equipment Capitalization of internal use software costs |
(10,521) (15,936) |
(13,106) (14,136) |
||
| Free Cash Flow | \$ | 228,033 | \$ | 167,829 |
(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.
נייס מדווחת על צמיחה של 27% בהכנסות מענן ברבעון הראשון של 2024 מול הרבעון המקביל אשתקד
- צמיחה של 15% בסך ההכנסות
- צמיחה דו ספרתית ברווח הגולמי, ברווח התפעולי וברווח הנקי
- הרווח למניה מעל הרף העליון של התחזית לרבעון הראשון של 2024
- שיא רבעוני בתזרים מזומנים מפעילות שוטפת שהסתכם ל254- מיליון דולר וגדל ב30%- מול אשתקד
הובוקן, ניו ג'רזי, 16 במאי, 2024 – נייס )נאסד"ק: NICE )פרסמה היום את התוצאות לרבעון הראשון לשנת 2024 בהשוואה לתקופה המקבילה אשתקד.
עיקרי התוצאות לרבעון הראשון של :2024
| GAAP | Non-GAAP | |
|---|---|---|
| 15% | 15% | |
| ל | ל | |
| ר, גידול ש | ר, גידול ש | |
| מיליון דול | מיליון דול | |
| 659.3 | 659.3 | |
| ת של | ת של | |
| סך הכנסו | סך הכנסו | |
| ל 27% | ל 27% | |
| ר, גידול ש | ר, גידול ש | |
| מיליון דול | מיליון דול | |
| 468.4 | 468.4 | |
| מענן בסך | מענן בסך | |
| הכנסות | הכנסות | |
| 30% | 22% | |
| גידול של | גידול של | |
| דולר | ר, | |
| מיליון, | מיליון דול | |
| 121.4 | 199.8 | |
| ולי של | ולי של | |
| רווח תפע | רווח תפע | |
| אשתקד | אשתקד | |
| 16.4% | 28.6% | |
| לעומת | לעומת | |
| 18.4% | 30.3% | |
| של | של | |
| ח תפעולי | ח תפעולי | |
| שיעור רוו | שיעור רוו | |
| 39% | 27% | |
| ל של | ל של | |
| דולר, גידו | דולר, גידו | |
| 1.60 | 2.58 | |
| מלא של | מלא של | |
| ה בדילול | ה בדילול | |
| רווח למני | רווח למני | |
| ל ר, גידול ש מיליון דול של 254.5 טפת עילות שו ומנים מפ תזרים מז |
||
| 30% |
"אנו שמחים להתחיל את השנה עם מומנטום חיובי, שבא לידי ביטוי בביצועים החזקים שלנו בכל הפרמטרים , תוך המשך צמיחה בקצב גבוה מהשוק שלנו", אמר ברק עילם, מנכ"ל נייס. "סך ההכנסות שלנו גדל ב15%- וזאת שוב בזכות ביצועים מעולים בפעילות הענן שצמחה ב,27%- צמיחה המונעת מ ביקוש גובר לפתרונות מבוססי בינה המלאכותית שלנו. זהו רבעון נוסף של שיפור בשיעור הרווח התפעולי שהגיע ל.30.3%- המשך השיפור ברווחיות הוביל לעלייה של 27% ברווח למניה בהשוואה לאשתקד ולשיא בתזרים ה מזומנים מפעילות שוטפת של 254 מיליון דולר. ייצור המזומנים המתמשך שלנו יחד עם מאזן יוצא מן הכלל מספקים לנו הזדמנויות צמיחה ייחודיות ומשמעותיות".
מר עילם המשיך, "אנו מייחסים את המשך הביצועים החזקים שלנו במהלך השנים האחרונות, כמו גם את התוצאות המ צויינות ברבעון הראשון, לשילוב בין אסטרטגיית הפלטפורמה הייחודית שלנו, למצוינות עקבית בביצועים. כעת, יותר מתמיד, השילוב הזה מניע את היכולת שלנו להמשיך להוביל את ה שוק בשלושה מישורים עיקריים: שיעור הזכייה הגבוה ביותר בפתרונות ענן בתעשייה, חדשנות פורצת דרך לניהול אינטרקצי ות דיגיטלי ות, ומינוף של ההזדמנות האדירה שיוצרת הבינה המלאכותית בשוק שירות הלקוחות."
עיקרי התוצאות הפיננסיות )GAAP )לרבעון הראשון לשנת 2024 שהסתיים ב - 31 במרץ:
הכנסות:
ההכנסות ברבעון הראשון של 2024 גדלו ב- 15% ל- 659.3 מיליון דולר לעומת 571.9 מיליון דולר אשתקד.
רווח גולמי:
הרווח הגולמי ברבעון הראשון של 2024 הסתכם ב- 436.6 מיליון דולר בהשוואה ל- 385.3 מיליון דולר אשתקד. שיעור הרווח הגולמי ברבעון הראשון של 2024 הסתכם ב- 66.2% לעומת 67.4% אשתקד.
רווח תפעולי:
הרווח התפעולי ברבעון הראשון של 2024 גדל ב,30%- והסתכם ב- 121.4 מיליון דולר בהשוואה ל- 93.5 מיליון דולר אשתקד. שיעור הרווח התפעולי ברבעון הראשון של 2024 הסתכם ב - 18.4% לעומת 16.4% אשתקד.
רווח נקי:
הרווח הנקי ברבעון הראשון של 2024 גדל ב,38%- והסתכם ב106.4- מיליון דולר לעומת 76.9 מיליון דולר אשתקד. שיעור הרווח הנקי ברבעון הראשון של 2024 הסתכם ב- 16.1% לעומת 13.5% אשתקד.
רווח למניה בדילול מלא :
הרווח למניה בדילול מלא ברבעון הראשון של 2024 גדל ב- 39% ל- 1.60 דולר לעומת 1.15 דולר אשתקד.
תזרים המזומנים מפעילות שוטפת ויתרת מזומנים:
תזרים המזומנים מפעילות שוטפת ברבעון הראשון של 2024 היה 245.5 מיליון דולר. ברבעון הראשון של ,2024 41.5 מיליון דולר שימשו לרכישה עצמית של מניות ו87.4- מיליון דולר שימשו לתשלום חוב. נכון ל31- במרץ ,2024 יתרות המזומנים ושווי המזומנים, וכן השקעות לטווח קצר הסתכמו ב- 1,502.8 מיליון דולר. החוב היה 457.5 מיליון דולר כך שהמזומנים והשקעות נטו הסתכמו ל1,045.3- מיליון דולר.
עיקרי התוצאות הפיננסיות )GAAP-Non )לרבעון הראשון לשנת 2024 שהסתיים ב - 31 במרץ:
הכנסות:
ההכנסות ברבעון הראשון של 2024 גדלו ב- 15% ל- 659.3 מיליון דולר לעומת 571.9 מיליון דולר אשתקד.
רווח גולמי:
הרווח הגולמי )GAAP-Non )ברבעון הראשון של 2024 הסתכם ב- 467.7 מיליון דולר בהשוואה ל- 409.9 מיליון דולר אשתקד. שיעור הרווח הגולמי )GAAP-Non )ברבעון הראשון של 2024 הסתכם ב- 70.9% לעומת 71.7% אשתקד.
רווח תפעולי:
הרווח התפעולי )GAAP-Non )ברבעון הראשון של 2024 גדל ב,22%- ו הסתכם ב- 199.8 מיליון דולר בהשוואה ל- 163.4 מיליון דולר אשתקד. שיעור הרווח )GAAP-Non )התפעולי ברבעון הראשון של 2024 הסתכם ב- 30.3% לעומת 28.6% אשתקד.
רווח נקי:
הרווח הנקי )GAAP-Non )ברבעון הראשון של 2024 גדל ב26%- ו הסתכם ב171.6- מיליון דולר לעומת 135.6 מיליון דולר אשתקד. שיעור הרווח הנקי )GAAP-Non )ברבעון הראשון של 2024 הסתכם ב- 26.0% לעומת 23.7% אשתקד.
רווח למניה בדילול מלא :
הרווח )GAAP-Non )למניה בדילול מלא ברבעון הראשון של 2024 גדל ב- 27% ל- 2.58 דולר לעומת 2.03 דולר אשתקד.
תחזית לרבעון השני ולשנת :2024
הרבעון השני של :2024
סך ההכנסות )GAAP-Non )ברבעון השני של ,2024 צפוי להסתכם ב- 657 מיליון דולר עד 667 מיליון דול ר, שמייצג גידול של 14% לפי נקודת האמצע של התחזית לעומת אשתקד.
הרווח )GAAP-Non )למניה בדילול מלא ברבעון השני של 2024 צפוי להיות בטווח של 2.53 דולר עד 2.63 דולר, שמייצג גידול של 21% לפי נקודת האמצע של התחזית לעומת אשתקד.
שנת :2024
סך ההכנסות )GAAP-Non )בשנת 2024 צפוי להסתכם ב- 2,715 מיליון דולר עד 2,735 מיליון דולר, שמייצג גידול של 15% לפי נקודת האמצע של התחזית לעומת אשתקד.
החברה מעלה את התחזית לרווח )GAAP-Non )למניה בדילול מלא בשנת 2024 ש צפוי להיות בטווח של 10.53 דולר עד 10.73 דולר, שמייצג גידול של 21% לפי נקודת האמצע של התחזית לעומת אשתקד.
שיחת ועידה לדיון בתוצאות הרבעוניות
הנהלת נייס תארח שיחת ועידה לדיון בתוצאות הפיננסיות ובתחזית החברה היום, 16 במאי 2024 בשעה 8:30 בבוקר שעון החוף המזרחי של ארה"ב, 13:30 לפי שעון גריניץ' ו15:30- לפי שעון ישראל. להשתתפות בשיחה יש לחייג את המספרים הבאים: מארה"ב: 1-877-407-4018 או .+1-201-689-8471 מבריטניה 0-800-756-3429; מישראל: .1-809-406-247 השיחה תשודר באינטרנט בשידור חי באתר החברה בכתובת -upcoming/investors/company/com.nice.www://https .event
אודות נייס
נייס )NICE :NASDAQ, ת"א: נייס( הינה המובילה העולמית במתן פתרונות תוכנה, הן ברישיונות תוכנה והן בענן, ה מאפשרים לארגונים לנקוט בפעולה הבאה הטובה ביותר באמצעות כלים אנליטיים המנתחים מידע מובנה ושאינו מובנה. הפתרונות של נייס מסייעים לארגונים לשפר את חוויית הלקוח, להבטיח ציות לרגולציה, להיאבק בפשיעה פיננסית ולשמור על נכסים. הפתרונות של נייס נמצאים בשימוש של יותר מ25,000- ארגונים ביותר מ 150- מדינות, כולל מעל 85 מהחברות המדורגות ב100- Fortune. www.nice.com
מסמך זה מהווה תרגום נוחות בלבד לעיקרי הדוחות ולהודעה לעיתונות באנגלית שפורסמה בארה"ב, המחייבת מבחינת החברה, והכוללת מידע נוסף, בין היתר בנוגע להפרשים בין GAAP ל-GAAP-Non.
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, analytics and artificial intelligence 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 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 Middle East, that may disrupt our business and the global economyand various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC").
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.
לפרטים נוספים ניתן ליצור קשר עם: יעל ארנון , שרף תקשורת ,052-720-2703 com.scherfcom@yaela