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NICE Reports 20% Year-Over-Year Cloud Revenue Growth and 16% Year-Over-Year EPS Growth for the Fourth Quarter 2023

  • 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.

 

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