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NICE Reports 19% Growth in Total Revenue for the Fourth Quarter and 17% Growth for the Full Year 2021

2021 Full-Year Cloud Revenue Exceeds $1 Billion, Increasing 31% Compared to Full-Year 2020

Provides 2022 Guidance of 12% Total Revenue Growth and Expects 27% or Greater Growth for 2022 Cloud Revenue

NICE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights

GAAP

Non-GAAP

Revenue of $515 million, growth of 18.6% year-over-year

Revenue of $515 million, growth of 17.6% year-over-year

Cloud revenue of $285 million, growth of 30.2% year-over-year

Cloud revenue of $285 million, growth of 28.1% year-over-year

Gross margin of 67.9% compared to 66.4% last year

Gross margin of 73.0% compared to 72.2% last year

Operating income of $65 million compared to $65 million last year

Operating income of $146 million compared to $132 million last year, growth of 10.5% year-over-year

Operating margin of 12.6% compared to 15.0% last year

Operating margin of 28.2%, compared to 30.1% last year

Diluted EPS of $0.76 versus $0.83 last year

Diluted EPS of $1.73 versus $1.61 last year, growth of 7.5%

Full Year 2021 Financial Highlights

GAAP

Non-GAAP

Revenue of $1,921 million, growth of 16.6% year-over-year

Revenue of $1,926 million, growth of 16.2% year-over-year

Cloud revenue of $1,019 million, growth of 31.0% year-over-year

Cloud revenue of $1,023 million, growth of 30.1% year-over-year

Gross margin of 67.5% compared to 65.9% last year

Gross margin of 72.6% compared to 71.3% last year

Operating income of $264 million compared to $242 million last year

Operating income of $544 million compared to $470 million last year, growth of 15.6% year-over-year

Operating margin of 13.7% compared to 14.7% last year

Operating margin of 28.2% compared to 28.4% last year

Diluted EPS of $2.98 versus $2.98 last year

Diluted EPS of $6.52 versus $5.73 last year, 13.8% growth year-over-year

“We ended 2021 on a high note and with great momentum. NICE is a fast growing, agile market leader at scale combined with blue-chip profitability,” said Barak Eilam, CEO of NICE.

Mr. Eilam continued, “Fourth quarter financial results reflected outstanding execution across the board that led to 19% growth in total revenue, double-digit growth in every region and continued strength in profitability. Fueling this growth is our continued excellent performance in the cloud. Cloud revenue increased 30% in the quarter, which propelled our annual cloud revenue over the $1 billion mark, further establishing NICE as the clear cloud leader in our industry.”

“The strong fourth quarter results echo our success throughout 2021 as we reported double-digit total revenue growth in every quarter, further drove our international expansion, gained massive scale in digital and transformed NICE from an analytics leader to an AI powerhouse with a fivefold increase in AI bookings.

“As we head into 2022 and beyond, we believe we are in the best competitive position in our history with the strategic assets firmly in place to achieve further success.”

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

Revenues: Fourth quarter 2021 total revenues increased 18.6% to $515.5 million compared to $434.6 million for the fourth quarter of 2020.

Full year 2021 total revenues increased 16.6% to $1,921.2 million compared to $1,648.0 million for the full year 2020.

Gross Profit: Fourth quarter 2021 gross profit was $350.2 million compared to $288.5 million for the fourth quarter of 2020. Fourth quarter 2021 gross margin was 67.9% compared to 66.4% for the fourth quarter of 2020.

Full year 2021 gross profit increased to $1,296.7 million compared to $1,086.1 million for the full year 2020. Full year 2020 gross margin was 67.5% compared to 65.9% for the full year 2020.

Operating Income: Fourth quarter 2021 operating income was $65.1 million compared to $65.1 million for the fourth quarter of 2020. Fourth quarter 2021 operating margin was 12.6% compared to 15.0% for the fourth quarter of 2020.

Full year 2021 operating income increased to $263.9 million compared to $242.0 million for the full year 2020. Full year 2020 operating margin was 13.7% compared to 14.7% for the full year 2020.

Net Income: Fourth quarter 2021 net income was $51.2 million compared to $55.0 million for the fourth quarter of 2020. Fourth quarter 2021 net income margin was 9.9% compared to 12.6% for the fourth quarter of 2020.

Full year 2021 net income was $199.2 million compared to $196.3 million. Full year 2021 net income margin was 10.4% compared to 11.9% for the full year 2020.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the fourth quarter of 2021 was $0.76 compared to $0.83 in the fourth quarter of 2020.

Fully diluted earnings per share for the full year 2021 were $2.98 compared to $2.98 for the full year 2020.

Operating Cash Flow and Cash Balance: Fourth quarter 2021 operating cash flow was $112.7 million and full year operating cash flow was $461.8 million.

In the fourth quarter, $24.3 million were used for share repurchases and for the full year of 2021, $73.2 million were used for share repurchases. As of December 31, 2021, total cash and cash equivalents, short and long term investments were $1,424.8 million. Our debt, net of a hedge instrument, was 532 million dollars, resulting in net cash and investments of 893 million dollars.

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

Revenues: Fourth quarter 2021 Non-GAAP total revenues increased to $515.5 million, up 17.6% from $438.4 million for the fourth quarter of 2020.

Non-GAAP total revenues for the full year 2021 increased 16.2% to $1,925.7 million compared to $1,657.1 million for the full year 2020.

Gross Profit: Fourth quarter 2021 Non-GAAP gross profit increased to $376.4 million compared to $316.7 million for the fourth quarter of 2020. Fourth quarter 2021 Non-GAAP gross margin was 73.0% compared to 72.2% for the fourth quarter of 2020.

Full year 2021 Non-GAAP gross profit increased to $1,397.6 million compared to $1,181.6 million for the full year 2020. Full year 2021 Non-GAAP gross margin was 72.6%, compared to 71.3% for full year 2020.

Operating Income: Fourth quarter 2021 Non-GAAP operating income increased to $145.6 million compared to $131.7 million for the fourth quarter of 2020. Fourth quarter 2021 Non-GAAP operating margin was 28.2% compared to 30.1% for the fourth quarter of 2020.

Full year 2021 Non-GAAP operating income increased to $543.9 million compared to $470.4 million for the full year 2020. Full year 2021 Non-GAAP operating margin was 28.2% compared to 28.4% for the full year 2020.

Net Income: Fourth quarter 2021 Non-GAAP net income increased to $116.7 million compared to $106.9 million for the fourth quarter of 2020. Non-GAAP net income margin totaled 22.6% compared to 24.4% for the fourth quarter of 2020.

Full year 2021 Non-GAAP net income increased to $436.3 million compared to $378.2 million for the full year 2020.

Full year 2021 Non-GAAP net income margin totaled 22.7% compared to 22.8% for the full year 2020.

Fully Diluted Earnings Per Share: Fourth quarter 2021 Non-GAAP fully diluted earnings per share increased 7.5% to $1.73 compared to $1.61 for the fourth quarter of 2020.

Full year 2021 Non-GAAP fully diluted earnings per share increased 13.8% to $6.52 compared to $5.73 for the full year 2020.

First Quarter and Full Year 2022 Guidance:

First Quarter 2022:

First quarter 2022 Non-GAAP total revenues are expected to be in a range of $505 million to $515 million.

First quarter 2022 Non-GAAP fully diluted earnings per share are expected to be in a range of $1.65 to $1.75.

Full Year 2022:

Full year 2022 Non-GAAP total revenues are expected to be in a range of $2,140 million to $2,160 million, representing 12% growth at the midpoint compared to full year 2021.

Full year 2022 Non-GAAP fully diluted earnings per share are expected to be in a range of $7.07 to $7.27, representing 10% growth at the midpoint compared to full year 2021.

Quarterly Results Conference Call

NICE management will host its earnings conference call today February 17th, 2022 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 early adopted ASU 2021-08, Business Combinations, effective January 1, 2021. The amendments in ASU 2021-08 require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The Company applied the new guidance retrospectively to all business combinations for which the acquisition date occurred on or after January 1, 2021, therefore comparative financials were not adjusted. Through December 31, 2020 business combination accounting rules required 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 was based on its fair value at the date of acquisition. Comparative financials 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, 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, uncertainty related to COVID-19 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 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,

2021

 

2020

Unaudited

 

Audited

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 378,656

$ 442,267

Short-term investments

1,046,095

1,021,613

Trade receivables

395,583

303,100

Prepaid expenses and other current assets

436,495

175,340

Total current assets

2,256,829

1,942,320

 

LONG-TERM ASSETS:

Property and equipment, net

145,654

137,785

Deferred tax assets

48,900

32,735

Other intangible assets, net

295,378

366,003

Operating lease right-of-use assets

85,055

97,162

Goodwill

1,606,756

1,503,252

Other long-term assets

224,445

153,660

Total long-term assets

2,406,188

2,290,597

 

TOTAL ASSETS

$ 4,663,017

$ 4,232,917

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

CURRENT LIABILITIES:

Trade payables

$ 36,121

$ 33,132

Deferred revenues and advances from customers

330,459

311,851

Current maturities of operating leases

19,514

22,412

Debt

348,551

259,881

Accrued expenses and other liabilities

487,547

417,174

Total current liabilities

1,222,192

1,044,450

 

LONG-TERM LIABILITIES:

Deferred revenues and advances from customers

66,606

36,295

Operating leases

81,185

92,262

Deferred tax liabilities

7,429

32,109

Debt

429,267

421,337

Other long-term liabilities

18,379

17,980

Total long-term liabilities

602,866

599,983

 

SHAREHOLDERS' EQUITY

Nice Ltd's equity

2,825,085

2,563,910

Non-controlling interests

12,874

24,574

Total shareholders' equity

2,837,959

2,588,484

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 4,663,017

$ 4,232,917

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,

2021

 

2020

 

2021

 

2020

Unaudited

 

Unaudited

 

Unaudited

 

Audited

 

Revenue:

Cloud

$ 285,201

$ 219,036

$ 1,018,624

$ 777,331

Services

166,376

174,003

660,083

687,532

Product

63,896

41,542

242,443

183,153

Total revenue

515,473

434,581

1,921,150

1,648,016

 

Cost of revenue:

Cloud

112,127

91,357

410,671

339,985

Services

47,341

49,245

191,137

199,803

Product

5,777

5,453

22,648

22,164

Total cost of revenue

165,245

146,055

624,456

561,952

 

Gross profit

350,228

288,526

1,296,694

1,086,064

 

Operating expenses:

Research and development, net

75,332

56,163

271,187

218,182

Selling and marketing

149,662

121,819

536,192

445,102

General and administrative

60,167

45,421

225,406

180,733

Total operating expenses

285,161

223,403

1,032,785

844,017

 

Operating income

65,067

65,123

263,909

242,047

 

Financial and other expense, net

7,696

2,600

23,290

4,859

 

Income before tax

57,371

62,523

240,619

237,188

Taxes on income

6,210

7,549

41,396

40,842

Net income

$ 51,161

$ 54,974

$ 199,223

$ 196,346

 
 

Earnings per share:

Basic

$ 0.81

$ 0.87

$ 3.15

$ 3.13

Diluted

$ 0.76

$ 0.83

$ 2.98

$ 2.98

 

Weighted average shares outstanding:

Basic

63,382

62,967

63,189

62,710

Diluted

67,245

66,600

66,896

65,956

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENTS

U.S. dollars in thousands

Quarter ended

 

Year to date

Dec 31,

 

Dec 31,

2021

 

2020

 

2021

 

2020

Unaudited

 

Unaudited

 

Unaudited

 

Audited

 

Operating Activities

Net income

$ 51,161

$ 54,974

$ 199,223

$ 196,346

Depreciation and amortization

47,350

46,893

184,092

182,026

Stock based compensation

49,968

32,828

153,030

101,667

Amortization of premium and discount and accrued interest on marketable securities

1,855

157

11,867

(633)

Deferred taxes, net

(2,768)

(16,588)

(32,970)

(33,241)

Changes in operating assets and liabilities:

Trade Receivables

 

(40,149)

(5,343)

(85,778)

22,245

Prepaid expenses and other assets

 

(49,751)

(49,028)

(85,970)

(80,665)

Trade payables

 

9,254

(1,137)

(389)

4,094

Accrued expenses and other current liabilities

 

41,578

51,459

64,179

14,875

Operating lease right-of-use assets, net

 

2,758

5,241

15,075

18,167

Deferred revenue

 

(2,276)

48,585

30,770

63,202

Operating lease liabilities

 

(3,206)

(5,272)

(18,011)

(19,569)

Amortization of discount on debt

2,946

5,352

14,469

13,297

Loss in respect of extinguishment of debt

5,893

-

13,969

-

Other

(1,955)

(1,251)

(1,740)

(1,505)

Net cash provided by operating activities

 

112,658

166,870

461,816

480,306

 

Investing Activities

Purchase of property and equipment

(3,658)

(2,519)

(24,771)

(24,186)

Purchase of Investments

(40,233)

(277,038)

(322,129)

(583,115)

Proceeds from Investments

44,681

45,444

270,645

328,593

Capitalization of software development costs

(10,453)

(10,322)

(42,440)

(39,098)

Payments for business and asset acquisitions, net of cash acquired

360

-

(142,804)

(147,261)

Net cash used in investing activities

 

(9,303)

(244,435)

(261,499)

(465,067)

 

Financing Activities

Proceeds from issuance of shares upon exercise of share options

942

688

4,426

8,865

Purchase of treasury shares

(24,272)

(20,671)

(73,180)

(48,272)

Dividends paid to noncontrolling interest

(953)

-

(1,754)

-

Capital Lease payments

-

-

-

(177)

Purchase of subsidiaries shares from non-controlling interest

(14,000)

-

(14,000)

-

Proceeds from issuance of exchangeable notes

-

(48)

-

451,421

Repayment of debt

(83,993)

(215,000)

(177,308)

(215,000)

Net cash provided by/(used in) financing activities

 

(122,276)

(235,031)

(261,816)

196,837

 

Effect of exchange rates on cash and cash equivalents

(119)

1,747

(2,112)

1,868

 

Net change in cash and cash equivalents

(19,040)

(310,849)

(63,611)

213,944

Cash and cash equivalents, beginning of period

$ 397,696

$ 753,116

$ 442,267

$ 228,323

 

Cash and cash equivalents, end of period

$ 378,656

$ 442,267

$ 378,656

$ 442,267

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,

2021

2020

2021

2020

GAAP revenues

$ 515,473

$ 434,581

$ 1,921,150

$ 1,648,016

Valuation adjustment on acquired deferred cloud revenue

-

3,679

4,372

8,866

Valuation adjustment on acquired deferred services revenue

-

149

175

230

Non-GAAP revenues

$ 515,473

$ 438,409

$ 1,925,697

$ 1,657,112

 
 

GAAP cost of revenue

$ 165,245

$ 146,055

$ 624,456

$ 561,952

Amortization of acquired intangible assets on cost of cloud

(18,796)

(18,012)

(72,015)

(66,434)

Amortization of acquired intangible assets on cost of services

(669)

(1,225)

(4,228)

(4,566)

Amortization of acquired intangible assets on cost of product

(277)

(1,073)

(1,130)

(4,467)

Valuation adjustment on acquired deferred cost of cloud

21

194

97

931

Cost of cloud revenue adjustment (1)

(2,661)

(1,457)

(7,949)

(4,058)

Cost of services revenue adjustment (1)

(3,597)

(2,593)

(10,513)

(7,550)

Cost of product revenue adjustment (1)

(185)

(131)

(595)

(336)

Non-GAAP cost of revenue

$ 139,081

$ 121,758

$ 528,123

$ 475,472

 
 

GAAP gross profit

$ 350,228

$ 288,526

$ 1,296,694

$ 1,086,064

Gross profit adjustments

26,164

28,125

100,880

95,576

Non-GAAP gross profit

$ 376,392

$ 316,651

$ 1,397,574

$ 1,181,640

 
 

GAAP operating expenses

$ 285,161

$ 223,403

$ 1,032,785

$ 844,017

Research and development (1)

(9,980)

(4,324)

(25,221)

(11,877)

Sales and marketing (1,2)

(14,495)

(10,769)

(42,021)

(30,392)

General and administrative (1,2)

(19,403)

(13,775)

(70,776)

(52,014)

Amortization of acquired intangible assets

(10,538)

(9,719)

(41,308)

(38,670)

Valuation adjustment on acquired deferred commission

54

89

215

195

Non-GAAP operating expenses

$ 230,799

$ 184,905

$ 853,674

$ 711,259

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)

U.S. dollars in thousands (except per share amounts)

 

Quarter ended

Year to date

December 31,

December 31,

2021

2020

2021

2020

 

GAAP financial and other expense, net

$ (7,696)

$ (2,600)

$ (23,290)

$ (4,859)

Amortization of discount and loss of extinguishment on debt

8,874

5,353

28,279

13,297

Non-GAAP financial and other income, net

$ 1,178

$ 2,753

$ 4,989

$ 8,438

 
 

GAAP taxes on income

$ 6,210

$ 7,549

$ 41,396

$ 40,842

Tax adjustments re non-GAAP adjustments

23,898

20,056

71,157

59,757

Non-GAAP taxes on income

$ 30,108

$ 27,605

$ 112,553

$ 100,599

 
 

GAAP net income

$ 51,161

$ 54,974

$ 199,223

$ 196,346

Valuation adjustment on acquired deferred revenue

-

3,828

4,547

9,096

Valuation adjustment on acquired deferred cost of cloud revenue

(21)

(194)

(97)

(931)

Amortization of acquired intangible assets

30,280

30,029

118,681

114,137

Valuation adjustment on acquired deferred commission

(54)

(89)

(215)

(195)

Share-based compensation (1)

50,321

33,049

154,213

102,304

Acquisition related expenses (2)

-

-

2,862

3,923

Amortization of discount and loss of extinguishment on debt

8,874

5,353

28,279

13,297

Tax adjustments re non-GAAP adjustments

(23,898)

(20,056)

(71,157)

(59,757)

Non-GAAP net income

$ 116,663

$ 106,894

$ 436,336

$ 378,220

 
 

GAAP diluted earnings per share

$ 0.76

$ 0.83

$ 2.98

$ 2.98

 

Non-GAAP diluted earnings per share

$ 1.73

$ 1.61

$ 6.52

$ 5.73

 

Shares used in computing GAAP diluted earnings per share

67,245

66,600

66,895

65,956

 

Shares used in computing non-GAAP diluted earnings per share

67,245

66,600

66,895

65,956

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,

2021

 

2020

 

2021

 

2020

 

Cost of cloud revenue

2,661

 

1,457

7,949

 

4,058

Cost of services revenue

3,597

 

2,593

10,513

 

7,550

Cost of product revenue

185

 

131

595

 

336

Research and development

9,980

 

4,324

25,221

 

11,877

Sales and marketing

14,495

 

10,769

42,021

 

30,262

General and administrative

19,403

 

13,775

67,914

 

48,221

$ 50,321

$ 33,049

$ 154,213

$ 102,304

 
 

(2)

Acquisition related expenses

 

Quarter ended

Year to date

December 31,

December 31,

2021

2020

2021

2020

 

Sales and marketing

$ -

$ -

$ -

$ 130

General and administrative

-

-

2,862

3,793

$ -

$ -

$ 2,862

$ 3,923

 

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