- 17% growth in operating cash flow for full year 2023 totaling a
record $561 million
- 300% growth in number of AI deals for full year 2023
- Company expects to cross $2.7 billion in total revenue, exceed
$2 billion in cloud revenue and significantly increase EPS for full
year 2024
NICE (NASDAQ: NICE) today announced results for the
fourth quarter ended December 31, 2023, as compared to the
corresponding period of the previous year.
Fourth Quarter 2023 Financial Highlights *
GAAP
Non-GAAP
Total revenue was $623.2 million and
increased 10%
Total revenue was $623.2 million and
increased 10%
Cloud revenue was $429.0 million and
increased 20%
Cloud revenue was $429.0 million and
increased 20%
Cloud gross margin was 65.8% compared to
64.5% last year
Cloud gross margin was 71.1% compared to
70.5% last year
Operating income was $122.7 million and
increased 40%
Operating income was $186.9 million and
increased 15%
Operating margin was 19.7% compared to
15.4% last year
Operating margin was 30.0% compared to
28.6% last year
Diluted EPS was $1.24 and increased
16%
Diluted EPS was $2.36 and increased
16%
Operating cash flow was $180.5 million and
increased 2%
Full Year 2023 Financial Highlights *
GAAP
Non-GAAP
Total revenue was $2,377.5 million and
increased 9%
Total revenue was $2,377.5 million and
increased 9%
Cloud revenue was $1,581.8 million and
increased 22%
Cloud revenue was $1,581.8 million and
increased 22%
Cloud gross margin was 65.0% compared to
63.5% last year
Cloud gross margin was 70.5% compared to
70.0% last year
Operating income was $435.2 million and
increased 30%
Operating income was $703.8 million and
increased 13%
Operating margin was 18.3% compared to
15.4% last year
Operating margin was 29.6% compared to
28.7% last year
Diluted EPS was $5.11 and increased
28%
Diluted EPS was $8.79 and increased
15%
Operating cash flow was $561.4 million and
increased 17%
* There was no contribution to NICE’s income statement from
LiveVox in 2023.
“Our excellent fourth quarter helped fuel another year of great
financial results, including $2.4 billion of total revenue, 22%
cloud revenue growth and nearly 30% operating margin, resulting in
profitability and operating cash flow that continues to outperform
our competitors by a wide margin,” said Barak Eilam, CEO of
NICE.
Mr. Eilam continued, “As we enter 2024 following the outstanding
success of last year it is now clear that AI has become an
overarching catalyst unlocking multiple vectors of growth. Our
leading-edge AI bolstered by our unique data assets is increasing
NICE’s cloud win rates across the board, it is the bedrock of our
rapid expansion into digital engagement, it is the convergence
power igniting the adoption of our platform and it is a source for
a growing number of brand-new AI-based solutions with incremental
revenue streams.”
GAAP Financial Highlights for the
Fourth Quarter and Full Year Ended December 31:
Revenues:
Fourth quarter 2023 total revenues increased 10% to $623.2
million compared to $568.6 million for the fourth quarter of
2022.
Full year 2023 total revenues increased 9% to $2,377.5 million
compared to $2,181.3 million for the full year 2022.
Gross Profit:
Fourth quarter 2023 gross profit was $422.3 million compared to
$387.6 million for the fourth quarter of 2022. Fourth quarter 2023
gross margin was 67.8% compared to 68.2% for the fourth quarter of
2022.
Full year 2023 gross profit was $1,609.3 million compared to
$1,497.6 million for the full year 2022. Full year 2023 gross
margin was 67.7% compared to 68.7% for the full year 2022.
Operating Income:
Fourth quarter 2023 operating income increased 40% to $122.7
million compared to $87.8 million for the fourth quarter of 2022.
Fourth quarter 2023 operating margin was 19.7% compared to 15.4%
for the fourth quarter of 2022.
Full year 2023 operating income was $435.2 million compared to
$335.2 million for the full year 2022. Full year 2023 operating
margin was 18.3% compared to 15.4% for the full year 2022.
Net Income:
Fourth quarter 2023 net income increased 15% to $81.7 million
compared to $71.2 million for the fourth quarter of 2022. Fourth
quarter 2023 net income margin was 13.1% compared to 12.5% for the
fourth quarter of 2022.
Full year 2023 net income was $338.3 million compared to $265.9
million for the full year 2022. Full year 2023 net income margin
was 14.2% compared to 12.2% for the full year 2022.
Fully Diluted Earnings Per Share:
Fully diluted earnings per share for the fourth quarter of 2023
increased 16% to $1.24 compared to $1.07 in the fourth quarter of
2022.
Fully diluted earnings per share for the full year 2023
increased 28% to $5.11 compared to $4.00 for the full year
2022.
Cash Flow and Cash Balance:
Fourth quarter 2023 operating cash flow was $180.5 million and
full year 2023 operating cash flow was $561.4 million.
In the fourth quarter 2023, $69.0 million was used for share
repurchases and for the full year 2023, $288.4 million were used
for share repurchases.
As of December 31, 2023, total cash and cash equivalents, and
short-term investments were $1,407.8 million. Our debt, net of a
hedge instrument, was $544.4 million, resulting in net cash and
investments of $863.4 million.
Non-GAAP Financial Highlights for the
Fourth Quarter and Full Year Ended December 31:
Revenues:
Fourth quarter 2023 Non-GAAP total revenues increased 10% to
$623.2 million compared to $568.6 million for the fourth quarter of
2022.
Full year 2023 Non-GAAP total revenues increased 9% to $2,377.5
million compared to $2,181.3 million for the full year 2022.
Gross Profit:
Fourth quarter 2023 Non-GAAP gross profit increased to $448.2
million compared to $412.6 million for the fourth quarter of 2022.
Fourth quarter 2023 Non-GAAP gross margin was 71.9% compared to
72.6% for the fourth quarter of 2022.
Full year 2023 gross profit was $1,708.8 million compared to
$1,594.6 million for the full year 2022. Full year 2023 gross
margin was 71.9% compared to 73.1% for the full year 2022.
Operating Income:
Fourth quarter 2023 Non-GAAP operating income increased 15% to
$186.9 million compared to $162.8 million for the fourth quarter of
2022. Fourth quarter 2023 Non-GAAP operating margin was 30.0%
compared to 28.6% for the fourth quarter of 2022.
Full year 2023 operating income increased 13% to $703.8 million
compared to $625.1 million for the full year 2022. Full year 2023
operating margin was 29.6% compared to 28.7% for the full year
2022.
Net Income:
Fourth quarter 2023 Non-GAAP net income increased 14% to $154.9
million compared to $135.3 million for the fourth quarter of 2022.
Fourth quarter 2023 Non-GAAP net income margin totaled 24.9%
compared to 23.8% for the fourth quarter of 2022.
Full year 2023 net income increased 15% to $582.7 million
compared to $506.8 million for the full year 2022. Full year 2023
net income margin was 24.5% compared to 23.2% for the full year
2022.
Fully Diluted Earnings Per Share:
Fourth quarter 2023 Non-GAAP fully diluted earnings per share
increased 15% to $2.36 compared to $2.04 for the fourth quarter of
2022.
Fully diluted earnings per share for the full year 2023
increased 15% to $8.79 compared to $7.62 for the full year
2022.
First Quarter and Full Year 2024
Guidance:
First-Quarter 2024:
First-quarter 2024 Non-GAAP total revenues are expected to be in
a range of $650 million to $660 million, representing 15% growth
year over year at the midpoint.
First-quarter 2024 Non-GAAP fully diluted earnings per share are
expected to be in a range of $2.40 to $2.50, 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.
Full year 2024 Non-GAAP fully diluted earnings per share are
expected to be in a range of $10.40 to $10.60, representing 19%
growth at the midpoint compared to full-year 2023.
The above guidance includes the following expectations:
- Full-year 2024 cloud revenue growth of at least 18% year over
year, exclusive of any contribution from the LiveVox
acquisition.
- LiveVox is expected to contribute incrementally an approximate
$142 million to cloud revenue for full-year 2024.
Quarterly Results Conference Call
NICE management will host its earnings conference call today
February 22, 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 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
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, 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.
NICE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
U.S. dollars in thousands
December 31,
December 31,
2023
2022
Unaudited
Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
511,795
$
529,596
Short-term investments
896,044
1,041,943
Trade receivables
585,154
518,517
Debt hedge option
121,922
122,323
Prepaid expenses and other current assets
197,967
204,754
Total current assets
2,312,882
2,417,133
LONG-TERM ASSETS:
Property and equipment, net
174,414
159,285
Deferred tax assets
178,971
116,889
Other intangible assets, net
305,501
209,605
Operating lease right-of-use assets
104,565
102,893
Goodwill
1,821,969
1,617,118
Prepaid expenses and other long-term assets
219,332
231,496
Total long-term assets
2,804,752
2,437,286
TOTAL ASSETS
$
5,117,634
$
4,854,419
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables
$
66,036
$
56,019
Deferred revenues and advances from customers
302,649
338,930
Current maturities of operating leases
13,747
13,525
Debt
209,229
209,292
Accrued expenses and other liabilities
528,660
523,451
Total current liabilities
1,120,321
1,141,217
LONG-TERM LIABILITIES:
Deferred revenues and advances from customers
52,458
57,211
Operating leases
102,909
99,262
Deferred tax liabilities
8,596
7,336
Debt
457,081
455,382
Other long-term liabilities
21,769
38,588
Total long-term liabilities
642,813
657,779
SHAREHOLDERS' EQUITY
Nice Ltd's equity
3,341,132
3,042,085
Non-controlling interests
13,368
13,338
Total shareholders' equity
3,354,500
3,055,423
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
$
5,117,634
$
4,854,419
NICE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
U.S. dollars in thousands (except per
share amounts)
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
Unaudited
Audited
Unaudited
Audited
Revenue:
Cloud
$
428,986
$
358,850
$
1,581,825
$
1,295,323
Services
162,365
161,208
641,387
650,116
Product
31,841
48,502
154,296
235,855
Total revenue
623,192
568,560
2,377,508
2,181,294
Cost of revenue:
Cloud
146,510
127,309
553,654
472,805
Services
48,674
46,339
188,890
183,938
Product
5,694
7,332
25,629
26,945
Total cost of revenue
200,878
180,980
768,173
683,688
Gross profit
422,314
387,580
1,609,335
1,497,606
Operating expenses:
Research and development, net
81,119
81,964
322,708
306,073
Selling and marketing
154,500
148,198
599,114
609,833
General and administrative
64,030
69,594
252,286
246,527
Total operating expenses
299,649
299,756
1,174,108
1,162,433
Operating income
122,665
87,824
435,227
335,173
Financial expenses (income) and other,
net
2,635
(9,127
)
(22,473
)
(10,159
)
Income before tax
120,030
96,951
457,700
345,332
Taxes on income
38,378
25,765
119,399
79,387
Net income
$
81,652
$
71,186
$
338,301
$
265,945
Earnings per share:
Basic
$
1.29
$
1.11
$
5.32
$
4.17
Diluted
$
1.24
$
1.07
$
5.11
$
4.00
Weighted average shares outstanding:
Basic
63,283
63,961
63,590
63,790
Diluted
65,749
66,285
66,265
66,465
NICE LTD. AND SUBSIDIARIES
CONSOLIDATED CASH FLOW
STATEMENTS
U.S. dollars in thousands
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
Unaudited
Audited
Unaudited
Audited
Operating
Activities
Net income
$
81,652
$
71,186
$
338,301
$
265,945
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
41,212
47,469
167,360
176,546
Share-based compensation
46,170
49,015
176,658
182,704
Amortization of premium and discount and accrued interest on
marketable securities
436
1,160
2,480
8,322
Deferred taxes, net
(35,833
)
(28,992
)
(66,620
)
(52,618
)
Changes in operating assets and liabilities: Trade Receivables, net
(16,572
)
(44,077
)
(34,292
)
(129,712
)
Prepaid expenses and other current assets
95,413
8,600
73,052
(31,673
)
Operating lease right-of-use assets
3,833
3,579
12,518
20,393
Trade payables
2,642
18,280
3,426
19,923
Accrued expenses and other current liabilities
(27,012
)
43,967
(55,703
)
33,684
Deferred revenue
(6,285
)
8,749
(45,947
)
6,417
Realized loss on marketable securities, net
12,271
-
12,271
-
Operating lease liabilities
441
(3,703
)
(11,100
)
(26,191
)
Amortization of discount on long-term debt
1,166
1,151
4,615
4,582
Loss from extinguishment of debt
16
-
53
1,206
Change in fair value of contingent consideration
(18,258
)
-
(18,258
)
-
Other
(796
)
322
2,616
187
Net cash provided by operating activities
180,496
176,706
561,430
479,715
Investing Activities
Purchase of property and equipment
(6,079
)
(10,941
)
(29,205
)
(31,893
)
Purchase of Investments
(29,620
)
(30,840
)
(230,263
)
(396,297
)
Proceeds from Investments
129,006
33,156
436,044
355,560
Capitalization of internal use software costs
(13,868
)
(12,826
)
(54,974
)
(49,997
)
Payments for business acquisitions, net of cash acquired
(396,780
)
(30,000
)
(415,185
)
(29,724
)
Net cash provided used in
investing activities
(317,341
)
(51,451
)
(293,583
)
(152,351
)
Financing Activities
Proceeds from issuance of shares upon exercise of options
803
529
2,570
953
Purchase of treasury shares
(69,026
)
(24,543
)
(288,443
)
(144,944
)
Dividends paid to noncontrolling interest
(291
)
-
(1,771
)
(376
)
Repayment of debt
(1,071
)
(4
)
(2,628
)
(20,132
)
Net cash used in financing activities
(69,585
)
(24,018
)
(290,272
)
(164,499
)
Effect of exchange rates on cash and cash
equivalents
3,754
3,877
2,643
(8,425
)
Net change in cash, cash equivalents and
restricted cash
(202,676
)
105,114
(19,782
)
154,440
Cash, cash equivalents and restricted
cash, beginning of period
$
715,990
$
427,982
$
533,096
$
378,656
Cash, cash equivalents and restricted
cash, end of period
$
513,314
$
533,096
$
513,314
$
533,096
Reconciliation of cash, cash equivalents
and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents
$
511,795
$
529,596
$
511,795
$
529,596
Restricted cash included in other current assets
$
1,519
$
3,500
$
1,519
$
3,500
Total cash, cash equivalents and restricted cash shown in the
statement of cash flows
$
513,314
$
533,096
$
513,314
$
533,096
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
U.S. dollars in thousands (except per
share amounts)
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
GAAP revenues
$
623,192
$
568,560
$
2,377,508
$
2,181,294
Non-GAAP revenues
$
623,192
$
568,560
$
2,377,508
$
2,181,294
GAAP cost of revenue
$
200,878
$
180,980
$
768,173
$
683,688
Amortization of acquired intangible assets
on cost of cloud
(17,935
)
(18,940
)
(75,667
)
(74,791
)
Amortization of acquired intangible assets
on cost of services
-
-
-
(377
)
Amortization of acquired intangible assets
on cost of product
(255
)
(241
)
(1,021
)
(1,017
)
Valuation adjustment on acquired deferred
cost of cloud
-
13
-
54
Cost of cloud revenue adjustment (1)
(4,605
)
(2,451
)
(10,965
)
(8,840
)
Cost of services revenue adjustment
(1)
(3,142
)
(3,233
)
(11,906
)
(11,497
)
Cost of product revenue adjustment (1)
15
(147
)
121
(548
)
Non-GAAP cost of revenue
$
174,956
$
155,981
$
668,735
$
586,672
GAAP gross profit
$
422,314
$
387,580
$
1,609,335
$
1,497,606
Gross profit adjustments
25,922
24,999
99,438
97,016
Non-GAAP gross profit
$
448,236
$
412,579
$
1,708,773
$
1,594,622
GAAP operating expenses
$
299,649
$
299,756
$
1,174,108
$
1,162,433
Research and development (1)
(6,997
)
(9,736
)
(31,402
)
(33,561
)
Sales and marketing (1,2)
(11,515
)
(13,993
)
(48,048
)
(57,114
)
General and administrative (1,2)
(34,588
)
(20,549
)
(92,291
)
(73,540
)
Amortization of acquired intangible
assets
(3,506
)
(5,748
)
(15,757
)
(28,901
)
Valuation adjustment on acquired deferred
commission
22
43
128
196
Change in fair value of contingent
consideration
18,258
-
18,258
-
Non-GAAP operating expenses
$
261,323
$
249,773
$
1,004,996
$
969,513
GAAP financial and other income, net
$
2,635
$
(9,127
)
$
(22,473
)
$
(10,159
)
Amortization of discount and loss of
extinguishment on debt
(1,182
)
(1,151
)
(4,668
)
(5,788
)
Realized loss on marketable securities,
net
(12,271
)
-
(12,271
)
-
Change in fair value of contingent
consideration
-
-
(817
)
-
Non-GAAP financial and other income,
net
(10,818
)
(10,278
)
(40,229
)
(15,947
)
GAAP taxes on income
$
38,378
$
25,765
$
119,399
$
79,387
Tax adjustments re non-GAAP
adjustments
4,464
12,037
41,937
54,897
Non-GAAP taxes on income
$
42,842
$
37,802
$
161,336
$
134,284
GAAP net income
$
81,652
$
71,186
$
338,301
$
265,945
Valuation adjustment on acquired deferred
cost of cloud revenue
-
(13
)
-
(54
)
Amortization of acquired intangible
assets
21,696
24,929
92,445
105,086
Valuation adjustment on acquired deferred
commission
(22
)
(43
)
(128
)
(196
)
Share-based compensation (1)
47,298
50,061
180,504
185,052
Acquisition related expenses (2)
13,534
48
13,987
48
Amortization of discount and loss of
extinguishment on debt
1,182
1,151
4,668
5,788
Realized loss on marketable securities,
net
12,271
-
12,271
-
Change in fair value of contingent
consideration
(18,258
)
-
(17,441
)
-
Tax adjustments re non-GAAP
adjustments
(4,464
)
(12,037
)
(41,937
)
(54,897
)
Non-GAAP net income
$
154,889
$
135,282
$
582,670
$
506,772
GAAP diluted earnings per share
$
1.24
$
1.07
$
5.11
$
4.00
Non-GAAP diluted earnings per share
$
2.36
$
2.04
$
8.79
$
7.62
Shares used in computing GAAP diluted
earnings per share
65,749
66,285
66,265
66,465
Shares used in computing non-GAAP diluted
earnings per share
65,749
66,285
66,265
66,465
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS (continued)
U.S. dollars in thousands
(1) Share-based Compensation
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
Cost of cloud revenue
$
4,605
$
2,451
$
10,965
$
8,840
Cost of services revenue
3,142
3,233
11,906
11,497
Cost of product revenue
(15
)
147
(121
)
548
Research and development
6,997
9,736
31,402
33,561
Sales and marketing
11,515
13,993
48,023
57,114
General and administrative
21,054
20,501
78,329
73,492
$
47,298
$
50,061
$
180,504
$
185,052
(2) Acquisition related expenses
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
Sales and marketing
$
-
$
-
$
25
$
-
General and administrative
13,534
48
13,962
48
$
13,534
$
48
$
13,987
$
48
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP EBITDA
U.S. dollars in thousands
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
Unaudited
Audited
Unaudited
Audited
GAAP net income
$
81,652
$
71,186
$
338,301
$
265,945
Non-GAAP adjustments:
Depreciation and amortization
41,212
47,469
167,360
176,546
Share-based Compensation
46,170
49,015
176,658
182,704
Financial and other expense/ (income), net
2,635
(9,127
)
(22,473
)
(10,159
)
Acquisition related expenses
13,534
48
13,987
48
Change in fair value of contingent consideration
(18,258
)
-
(18,258
)
-
Valuation adjustment on acquired deferred commission
(22
)
(43
)
(128
)
(196
)
Valuation adjustment on acquired deferred cost of cloud
-
(13
)
-
(54
)
Taxes on income
38,378
25,765
119,399
79,387
Non-GAAP EBITDA
$
205,301
$
184,300
$
774,846
$
694,221
NICE LTD. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - FREE CASH
FLOW FROM CONTINUING OPERATIONS
U.S. dollars in thousands
Quarter ended
Year to date
December 31,
December 31,
2023
2022
2023
2022
Unaudited
Audited
Unaudited
Audited
Free cash flow (a)
Net cash provided by operating
activities
$
180,496
$
176,706
$
561,430
$
479,715
Purchase of property and equipment
(6,079
)
(10,941
)
(29,205
)
(31,893
)
Capitalization of internal use software costs
(13,868
)
(12,826
)
(54,974
)
(49,997
)
Free Cash Flow
$
160,549
$
152,939
$
477,251
$
397,825
(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/20240222141561/en/
Investor Relations Marty Cohen, +1 551 256 5354, ET,
ir@nice.com Omri Arens, +972 3 763-0127, CET, ir@nice.com
Media Chris Irwin-Dudek, +1 (551) 256-5140,
Chris.Irwin-Dudek@nice.com
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