NICE Reports 25% Year-Over-Year Cloud Revenue Growth for the Full-Year 2024
-- Total annual revenue growth of 15% year over year to $2.7 billion
-- Record high annual operating margin drives record EPS and 48% year over
year growth in cash flow from operations to $833 million
HOBOKEN, N.J.--(BUSINESS WIRE)--February 20, 2025--
NICE $(NICE)$ today announced results for the fourth quarter and the full year ended December 31, 2024, as compared to the corresponding periods of the previous year.
Fourth Quarter 2024 Financial Highlights
GAAP Non-GAAP -------------------------------------- -------------------------------------- Total revenue was $721.6 million and Total revenue was $721.6 million and increased 16% increased 16% -------------------------------------- -------------------------------------- Cloud revenue was $533.9 million and Cloud revenue was $533.9 million and increased 24% increased 24% -------------------------------------- -------------------------------------- Operating income was $154.3 million Operating income was $227.3 million and increased 26% and increased 22% -------------------------------------- -------------------------------------- Operating margin was 21.4% compared Operating margin was 31.5% compared to 19.7% last year to 30.0% last year -------------------------------------- -------------------------------------- Diluted EPS was $1.54 and increased Diluted EPS was $3.02 and increased 24% 28% -------------------------------------- -------------------------------------- Operating cash flow was $249.5 million and increased 38% -------------------------------------- --------------------------------------
Full Year 2024 Financial Highlights
GAAP Non-GAAP -------------------------------------- -------------------------------------- Total revenue was $2,735.3 million Total revenue was $2,735.3 million and increased 15% and increased 15% -------------------------------------- -------------------------------------- Cloud revenue was $1,984.2 million Cloud revenue was $1,984.2 million and increased 25% and increased 25% -------------------------------------- -------------------------------------- Operating income was $546.0 million Operating income was $849.6 million and increased 25% and increased 21% -------------------------------------- -------------------------------------- Operating margin was 20.0% compared Operating margin was 31.1% compared to 18.3% last year to 29.6% last year -------------------------------------- -------------------------------------- Diluted EPS was $6.76 and increased Diluted EPS was $11.12 and increased 32% 27% -------------------------------------- -------------------------------------- Operating cash flow was $832.6 million and increased 48% -------------------------------------- --------------------------------------
"We're pleased to report a strong finish to 2024 capped off by an exceptional fourth quarter with double digit growth in total revenue, cloud revenue and further acceleration of our industry leading profitability," said Scott Russell, CEO of NICE. "Our full-year 2024 strong top line results were fueled by a 25% year-over-year growth in cloud revenue, which reached $2 billion. Further, our leadership in CX AI was exemplified by the strong adoption of our advanced AI solutions which were included in 97% of our large enterprise CXone Mpower deals over $1 million ARR. Our profitability reached new heights with a 150-basis point increase in our non-GAAP operating margin, climbing to 31.1%. Additionally, our outstanding operating cash flow growth in 2024, which increased 48% year-over-year to $833 million, positions us with a significant competitive advantage to drive future organic and inorganic expansion."
Mr. Russell continued, "AI is revolutionizing the CX industry, and CXone Mpower's agentic AI is unlocking new levels of growth by delivering further efficiency and exceptional customer experiences. I joined NICE for its undisputed leadership and its unique ability to seize this growth opportunity. We will put our industry-leading platforms front and center, we will lead the CX-AI revolution and we will further scale through expansion of our ecosystem. Our decades of deep CX domain expertise, industry-leading AI platform, relentless innovation and great financial strength strongly positions us to capitalize on the opportunities ahead and accelerate into the future."
GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues:
Fourth quarter 2024 total revenues increased 16% year over year to $721.6 million compared to $623.2 million for the fourth quarter of 2023.
Full year 2024 total revenues increased 15% to $2,735.3 million compared to $2,377.5 million for the full year 2023.
Gross Profit:
Fourth quarter 2024 gross profit was $489.2 million compared to $422.3 million for the fourth quarter of 2023. Fourth quarter 2024 gross margin was 67.8% compared to 67.8% for the fourth quarter of 2023.
Full year 2024 gross profit was $1,825.7 million compared to $1,609.3 million for the full year 2023. Full year 2024 gross margin was 66.7% compared to 67.7% for the full year 2023.
Operating Income:
Fourth quarter 2024 operating income increased 26% to $154.3 million compared to $122.7 million for the fourth quarter of 2023. Fourth quarter 2024 operating margin was 21.4% compared to 19.7% for the fourth quarter of 2023.
Full year 2024 operating income was $546.0 million compared to $435.2 million for the full year 2023. Full year 2024 operating margin was 20.0% compared to 18.3% for the full year 2023.
Net Income:
Fourth quarter 2024 net income increased 22% to $99.5 million compared to $81.7 million for the fourth quarter of 2023. Fourth quarter 2024 net income margin was 13.8% compared to 13.1% for the fourth quarter of 2023.
Full year 2024 net income was $442.6 million compared to $338.3 million for the full year 2023. Full year 2024 net income margin was 16.2% compared to 14.2% for the full year 2023.
Fully Diluted Earnings Per Share:
Fully diluted earnings per share for the fourth quarter of 2024 increased 24% to $1.54 compared to $1.24 in the fourth quarter of 2023.
Fully diluted earnings per share for the full year 2024 increased 32% to $6.76 compared to $5.11 for the full year 2023.
Cash Flow and Cash Balance:
Fourth quarter 2024 operating cash flow was $249.5 million and full year 2024 operating cash flow was $832.6 million.
In the fourth quarter 2024, $95.2 million was used for share repurchases and for the full year 2024, $369.2 million were used for share repurchases.
As of December 31, 2024, total cash and cash equivalents, and short-term investments were $1,621.7 million. Our debt, was $458.8 million, resulting in net cash and investments of $1,162.9 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues:
Fourth quarter 2024 non-GAAP total revenues increased 16% to $721.6 million compared to $623.2 million for the fourth quarter of 2023.
Full year 2024 non-GAAP total revenues increased 15% to $2,735.3 million compared to $2,377.5 million for the full year 2023.
Gross Profit:
Fourth quarter 2024 non-GAAP gross profit increased to $515.3 million compared to $448.2 million for the fourth quarter of 2023. Fourth quarter 2024 non-GAAP gross margin was 71.4% compared to 71.9% for the fourth quarter of 2023.
Full year 2024 gross profit was $1,942.7 million compared to $1,708.8 million for the full year 2023. Full year 2024 non-GAAP gross margin was 71.0% compared to 71.9% for the full year 2023.
Operating Income:
Fourth quarter 2024 non-GAAP operating income increased 22% to $227.3 million compared to $186.9 million for the fourth quarter of 2023. Fourth quarter 2024 non-GAAP operating margin was 31.5% compared to 30.0% for the fourth quarter of 2023.
Full year 2024 non-GAAP operating income increased 21% to $849.6 million compared to $703.8 million for the full year 2023. Full year 2024 non-GAAP operating margin was 31.1% compared to 29.6% for the full year 2023.
Net Income:
Fourth quarter 2024 non-GAAP net income increased 26% to $195.8 million compared to $154.9 million for the fourth quarter of 2023. Fourth quarter 2024 non-GAAP net income margin totaled 27.1% compared to 24.9% for the fourth quarter of 2023.
Full year 2024 non-GAAP net income increased 25% to $728.4 million compared to $582.7 million for the full year 2023. Full year 2024 non-GAAP net income margin was 26.6% compared to 24.5% for the full year 2023.
Fully Diluted Earnings Per Share:
Fourth quarter 2024 non-GAAP fully diluted earnings per share increased 28% to $3.02 compared to $2.36 for the fourth quarter of 2023.
Full year 2024 non-GAAP fully diluted earnings per share increased 27% to $11.12 compared to $8.79 for the full year 2023.
First Quarter and Full Year 2025 Guidance:
First-Quarter 2025:
First-quarter 2025 non-GAAP total revenues are expected to be in a range of $693 million to $703 million, representing 6% year over year growth at the midpoint.
First-quarter 2025 non-GAAP fully diluted earnings per share are expected to be in a range of $2.78 to $2.88, representing 10% year over year growth at the midpoint.
Full-Year 2025:
Full-year 2025 non-GAAP total revenues are expected to be in a range of $2,918 million to $2,938 million, representing 7% year over year growth at the midpoint.
Full-year 2025 non-GAAP fully diluted earnings per share are expected to be in a range of $12.13 to $12.33, representing 10% year over year growth at the midpoint.
The above full year 2025 guidance includes the expectation of 12% year over year growth in cloud revenue.
Quarterly Results Conference Call
NICE management will host its earnings conference call today, February 20, 2025, at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. A live webcast and replay will be available on the Investor Relations page of the Company's website. To access, please register by clicking here: 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
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, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, 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 uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and 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,
2024 2023
-------------- --------------
Unaudited Audited
-------------- --------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 481,712 $ 511,795
Short-term investments 1,139,996 896,044
Trade receivables 643,985 585,154
Debt hedge option - 121,922
Prepaid expenses and other current
assets 239,080 197,967
---------- ----------
Total current assets 2,504,773 2,312,882
---------- ----------
LONG-TERM ASSETS:
Property and equipment, net 185,292 174,414
Deferred tax assets 219,232 178,971
Other intangible assets, net 231,346 305,501
Operating lease right-of-use assets 93,083 104,565
Goodwill 1,849,668 1,821,969
Prepaid expenses and other long-term
assets 212,512 219,332
---------- ----------
Total long-term assets 2,791,133 2,804,752
---------- ----------
TOTAL ASSETS $ 5,295,906 $ 5,117,634
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $ 110,603 $ 66,036
Deferred revenues and advances from
customers 299,367 302,649
Current maturities of operating leases 12,554 13,747
Debt 458,791 209,229
Accrued expenses and other liabilities 593,109 528,660
---------- ----------
Total current liabilities 1,474,424 1,120,321
---------- ----------
LONG-TERM LIABILITIES:
Deferred revenues and advances from
customers 66,289 52,458
Operating leases 92,258 102,909
Deferred tax liabilities 1,965 8,596
Debt - 457,081
Other long-term liabilities 57,807 21,769
---------- ----------
Total long-term liabilities 218,319 642,813
---------- ----------
SHAREHOLDERS' EQUITY
Nice Ltd's equity 3,589,742 3,341,132
Non-controlling interests 13,421 13,368
---------- ----------
Total shareholders' equity 3,603,163 3,354,500
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 5,295,906 $ 5,117,634
========== ==========
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,
------------------- --------------------------
2024 2023 2024 2023
Unaudited Audited Unaudited Audited
--------- -------- ----------- -------------
Revenue:
Cloud $533,947 $428,986 $1,984,160 $1,581,825
Services 149,650 162,365 596,031 641,387
Product 38,003 31,841 155,081 154,296
------- ------- --------- ---------
Total revenue 721,600 623,192 2,735,272 2,377,508
------- ------- --------- ---------
Cost of revenue:
Cloud 180,110 146,510 699,713 553,654
Services 47,009 48,674 184,410 188,890
Product 5,267 5,694 25,401 25,629
------- ------- --------- ---------
Total cost of
revenue 232,386 200,878 909,524 768,173
------- ------- --------- ---------
Gross profit 489,214 422,314 1,825,748 1,609,335
Operating expenses:
Research and
development, net 94,753 81,119 360,607 322,708
Selling and
marketing 176,813 154,500 642,251 599,114
General and
administrative 63,336 64,030 276,936 252,286
------- ------- --------- ---------
Total operating
expenses 334,902 299,649 1,279,794 1,174,108
------- ------- --------- ---------
Operating income 154,312 122,665 545,954 435,227
Financial expenses
(income) and
other, net (16,938) 2,635 (58,872) (22,473)
------- ------- --------- ---------
Income before tax 171,250 120,030 604,826 457,700
Taxes on income 71,741 38,378 162,238 119,399
------- ------- --------- ---------
Net income $ 99,509 $ 81,652 $ 442,588 $ 338,301
======= ======= ========= =========
Earnings per share:
Basic $ 1.56 $ 1.29 $ 6.97 $ 5.32
Diluted $ 1.54 $ 1.24 $ 6.76 $ 5.11
Weighted average
shares
outstanding:
Basic 63,720 63,283 63,483 63,590
Diluted 64,802 65,749 65,506 66,265
NICE LTD. AND
SUBSIDIARIES
CONSOLIDATED CASH
FLOW STATEMENTS
U.S. dollars in
thousands
Quarter ended Year to date
December 31, December 31,
---------------------- ------------------------
2024 2023 2024 2023
Unaudited Audited Unaudited Audited
---------- ---------- ---------- ------------
Operating
Activities
-----------------
Net income $ 99,509 $ 81,652 $ 442,588 $ 338,301
Adjustments to
reconcile net
income to net
cash provided by
operating
activities:
Depreciation and
amortization 48,776 41,212 205,020 167,360
Share-based
compensation 48,185 46,170 182,067 176,658
Amortization of
premium and
discount and
accrued
interest on
marketable
securities (3,135) 436 (9,861) 2,480
Deferred taxes,
net (1,312) (35,833) (40,261) (66,620)
Changes in
operating
assets and
liabilities:
Trade
Receivables,
net (20,993) (16,572) (61,025) (34,292)
Prepaid
expenses and
other current
assets (2,625) 95,413 25,040 73,052
Operating lease
right-of-use
assets 3,025 3,833 12,951 12,518
Trade payables 39,319 2,642 43,965 3,426
Accrued
expenses and
other current
liabilities 63,507 (27,012) 41,952 (55,703)
Deferred
revenue (19,138) (6,285) 3,049 (45,947)
Realized loss
on marketable
securities,
net - 12,271 - 12,271
Operating lease
liabilities (2,767) 441 (13,291) (11,100)
Amortization of
discount on
long-term debt 430 1,166 1,834 4,615
Loss from
extinguishment
of debt - 16 - 53
Change in fair
value of
contingent
consideration (3,054) (18,258) (3,054) (18,258)
Other (205) (796) 1,667 2,616
-------- -------- -------- --------
Net cash
provided by
operating
activities 249,522 180,496 832,641 561,430
-------- -------- -------- --------
Investing
Activities
-----------------
Purchase of
property and
equipment (7,567) (6,079) (34,962) (29,205)
Purchase of
Investments (362,822) (29,620) (938,154) (230,263)
Proceeds from
Investments 77,086 129,006 705,332 436,044
Capitalization
of internal use
software costs (16,819) (13,868) (64,805) (54,974)
Payments for
business
acquisitions,
net of cash
acquired (20,309) (396,780) (64,816) (415,185)
-------- -------- -------- --------
Net cash
provided used
in investing
activities (330,431) (317,341) (397,405) (293,583)
-------- -------- -------- --------
Financing
Activities
-----------------
Proceeds from
issuance of
shares upon
exercise of
options 723 803 3,063 2,570
Purchase of
treasury
shares (95,156) (69,026) (369,196) (288,443)
Dividends paid
to
noncontrolling
interest (355) (291) (3,036) (1,771)
Repayment of
debt - (1,071) (87,435) (2,628)
-------- -------- -------- --------
Net cash used
in financing
activities (94,788) (69,585) (456,604) (290,272)
-------- -------- -------- --------
Effect of
exchange rates
on cash and cash
equivalents (8,174) 3,754 (6,914) 2,643
-------- -------- -------- --------
Net change in
cash, cash
equivalents and
restricted cash (183,871) (202,676) (28,282) (19,782)
Cash, cash
equivalents and
restricted cash,
beginning of
period $ 668,903 $ 715,990 $ 513,314 $ 533,096
======== ======== ======== ========
Cash, cash
equivalents and
restricted cash,
end of period $ 485,032 $ 513,314 $ 485,032 $ 513,314
======== ======== ======== ========
Reconciliation of cash, cash equivalents and restricted cash
reported in the consolidated balance sheet:
Cash and cash
equivalents $481,712 $511,795 $481,712 $511,795
Restricted cash
included in other
current assets $ 3,320 $ 1,519 $ 3,320 $ 1,519
------- ------- ------- -------
Total cash, cash
equivalents and
restricted cash
shown in the
statement of cash
flows $485,032 $513,314 $485,032 $513,314
======= ======= ======= =======
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,
-------------------- --------------------------
2024 2023 2024 2023
--------- --------- ----------- -------------
GAAP revenues $721,600 $623,192 $2,735,272 $2,377,508
------- ------- --------- ---------
Non-GAAP revenues $721,600 $623,192 $2,735,272 $2,377,508
======= ======= ========= =========
GAAP cost of
revenue $232,386 $200,878 $ 909,524 $ 768,173
Amortization of
acquired
intangible assets
on cost of cloud (19,592) (17,935) (93,370) (75,667)
Amortization of
acquired
intangible assets
on cost of
product - (255) (410) (1,021)
Cost of cloud
revenue adjustment
(1,2) (3,520) (4,605) (12,549) (10,965)
Cost of services
revenue adjustment
(1) (2,966) (3,142) (10,472) (11,906)
Cost of product
revenue adjustment
(1) (18) 15 (108) 121
------- ------- --------- ---------
Non-GAAP cost of
revenue $206,290 $174,956 $ 792,615 $ 668,735
======= ======= ========= =========
GAAP gross profit $489,214 $422,314 $1,825,748 $1,609,335
Gross profit
adjustments 26,096 25,922 116,909 99,438
------- ------- --------- ---------
Non-GAAP gross
profit $515,310 $448,236 $1,942,657 $1,708,773
======= ======= ========= =========
GAAP operating
expenses $334,902 $299,649 $1,279,794 $1,174,108
Research and
development (1,2) (6,461) (6,997) (28,822) (31,402)
Sales and marketing
(1,2) (15,565) (11,515) (57,891) (48,048)
General and
administrative
(1,2) (21,628) (34,588) (81,042) (92,291)
Amortization of
acquired
intangible assets (6,263) (3,506) (22,087) (15,757)
Valuation
adjustment on
acquired deferred
commission - 22 24 128
Change in fair
value of
contingent
consideration 3,054 18,258 3,054 18,258
------- ------- --------- ---------
Non-GAAP operating
expenses $288,039 $261,323 $1,093,030 $1,004,996
======= ======= ========= =========
GAAP financial and
other income, net $(16,938) $ 2,635 $ (58,872) $ (22,473)
Amortization of
discount and loss
of extinguishment
on debt (430) (1,182) (1,834) (4,668)
Realized loss on
marketable
securities, net - (12,271) - (12,271)
Change in fair
value of
contingent
consideration - - (115) (817)
------- ------- --------- ---------
Non-GAAP financial
and other income,
net (17,368) (10,818) (60,821) (40,229)
======= ======= ========= =========
GAAP taxes on
income $ 71,741 $ 38,378 $ 162,238 $ 119,399
Tax adjustments re
non-GAAP
adjustments (22,878) 4,464 19,787 41,937
------- ------- --------- ---------
Non-GAAP taxes on
income $ 48,863 $ 42,842 $ 182,025 $ 161,336
======= ======= ========= =========
GAAP net income $ 99,509 $ 81,652 $ 442,588 $ 338,301
Amortization of
acquired
intangible assets 25,855 21,696 115,867 92,445
Valuation
adjustment on
acquired deferred
commission - (22) (24) (128)
Share-based
compensation (1) 49,720 47,298 187,717 180,504
Acquisition related
expenses (2) 438 13,534 3,167 13,987
Amortization of
discount and loss
of extinguishment
on debt 430 1,182 1,834 4,668
Realized loss on
marketable
securities, net - 12,271 - 12,271
Change in fair
value of
contingent
consideration (3,054) (18,258) (2,939) (17,441)
Tax adjustments re
non-GAAP
adjustments 22,878 (4,464) (19,787) (41,937)
------- ------- --------- ---------
Non-GAAP net income $195,776 $154,889 $ 728,423 $ 582,670
======= ======= ========= =========
GAAP diluted
earnings per
share $ 1.54 $ 1.24 $ 6.76 $ 5.11
======= ======= ========= =========
Non-GAAP diluted
earnings per
share $ 3.02 $ 2.36 $ 11.12 $ 8.79
======= ======= ========= =========
Shares used in
computing GAAP
diluted earnings
per share 64,802 65,749 65,506 66,265
Shares used in
computing non-GAAP
diluted earnings
per share 64,802 65,749 65,506 66,265
NICE LTD. AND
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in
thousands
Share-based
(1) Compensation
---------------
Quarter ended Year to date
December 31, December 31,
----------------- ---------------------
2024 2023 2024 2023
------- -------- -------- -----------
Cost of cloud
revenue $ 3,520 $ 4,605 $ 12,487 $ 10,965
Cost of services
revenue 2,966 3,142 10,472 11,906
Cost of product
revenue 18 (15) 108 (121)
Research and
development 6,461 6,997 28,492 31,402
Sales and marketing 15,554 11,515 57,230 48,023
General and
administrative 21,201 21,054 78,928 78,329
------ ------ ------- -------
$49,720 $47,298 $187,717 $180,504
====== ====== ======= =======
Acquisition
related
(2) expenses
---------------
Quarter ended Year to date
December 31, December 31,
----------------- ---------------------
2024 2023 2024 2023
------- -------- -------- -----------
Cost of cloud
revenue $ - $ - $ 62 $ -
Research and
development - - 330 -
Sales and marketing 11 - 661 25
General and
administrative 427 13,534 2,114 13,962
------ ------ ------- -------
$ 438 $13,534 $ 3,167 $ 13,987
====== ====== ======= =======
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,
-------------------- ----------------------
2024 2023 2024 2023
Unaudited Audited Unaudited Audited
--------- --------- --------- -----------
GAAP net income $ 99,509 $ 81,652 $442,588 $338,301
Non-GAAP
adjustments:
Depreciation
and
amortization 48,776 41,212 205,020 167,360
Share-based
Compensation 48,185 46,170 182,067 176,658
Financial and
other
expense/
(income),
net (16,938) 2,635 (58,872) (22,473)
Acquisition
related
expenses 438 13,534 3,167 13,987
Change in fair
value of
contingent
consideration (3,054) (18,258) (3,054) (18,258)
Valuation
adjustment on
acquired
deferred
commission - (22) (24) (128)
Taxes on
income 71,741 38,378 162,238 119,399
------- ------- ------- -------
Non-GAAP EBITDA $248,657 $205,301 $933,130 $774,846
======= ======= ======= =======
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,
-------------------- ----------------------
2024 2023 2024 2023
Unaudited Audited Unaudited Audited
--------- --------- --------- -----------
Free cash flow
(a)
Net cash
provided by
operating
activities $249,522 $180,496 $832,641 $561,430
Purchase of
property and
equipment (7,567) (6,079) (34,962) (29,205)
Capitalization
of internal
use software
costs (16,819) (13,868) (64,805) (54,974)
Free Cash Flow $225,136 $160,549 $732,874 $477,251
======= ======= ======= =======
(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/20250220822205/en/
CONTACT: Investor Relations Contact
Marty Cohen, +1 551 256 5354, ir@nice.com, ET
Omri Arens, +972 3 763-0127, ir@nice.com, CET
Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, media@nice.com, ET
(END) Dow Jones Newswires
February 20, 2025 05:30 ET (10:30 GMT)
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