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    NICE Reports 24% Year-Over-Year Cloud Revenue Growth, Exceeding High End of Guidance for Both Total Revenue and EPS

    11/14/24 5:30:00 AM ET
    $NICE
    Computer Software: Prepackaged Software
    Technology
    Get the next $NICE alert in real time by email
    • Total revenue growth of 15% year over year
    • Cloud ARR exceeds $2 billion
    • Company reiterates full-year total revenue guidance and raises EPS guidance
    • Record high operating margin driving operating cash flow of $159 million

    NICE (NASDAQ:NICE) today announced results for the third quarter ended September 30, 2024, as compared to the corresponding period of the previous year.

    Third Quarter 2024 Financial Highlights

    GAAP

    Non-GAAP

    Total revenue was $690.0 million and increased 15%

    Total revenue was $690.0 million and increased 15%

    Cloud revenue was $500.1 million and increased 24%

    Cloud revenue was $500.1 million and increased 24%

    Operating income was $141.4 million and increased 24%

    Operating income was $220.8 million and increased 20%

    Operating margin was 20.5% compared to 18.9% last year

    Operating margin was 32.0% compared to 30.6% last year

    Diluted EPS was $1.86 and increased 34%

    Diluted EPS was $2.88 and increased 27%

    Operating cash flow was $159.0 million and increased 32%

     

    "We are pleased to report another stellar quarter in which our financial performance and continued innovation are redefining our competitive edge, propelling us far ahead of the industry and solidifying NICE as the go-to partner for enterprises across the globe," said Barak Eilam, CEO of NICE. "Total revenue of $690 million increased 15% compared to the same period last year, and robust profitability, marked by a 140-basis point increase in non-GAAP operating margin to a record 32%, an impressive 27% leap in non-GAAP EPS to $2.88, and another exceptional quarter of operating cash flow of $159 million, are setting new industry benchmarks."

    Mr. Eilam continued, "We owe these great results to the power of our cutting-edge AI innovation, where we delivered an outstanding quarter and an acceleration in deal signings and bookings for our CXone AI offerings, including Copilot, Autopilot and Autosummary. Our strength in AI-powered automated customer service and our market leading CXone platform, are reshaping the industry landscape as we continue to displace multiple on-premises and cloud customer service solution providers."

    GAAP Financial Highlights for the Third Quarter Ended September 30:

    Revenues: Third quarter 2024 total revenues increased 15% to $690.0 million compared to $601.3 million for the third quarter of 2023.

    Gross Profit: Third quarter 2024 gross profit was $460.3 million compared to $410.4 million for the third quarter of 2023. Third quarter 2024 gross margin was 66.7% compared to 68.2% for the third quarter of 2023.

    Operating Income: Third quarter 2024 operating income increased 24% to $141.4 million compared to $113.6 million for the third quarter of 2023. Third quarter 2024 operating margin was 20.5% compared to 18.9% for the third quarter of 2023.

    Net Income: Third quarter 2024 net income increased 31% to $120.9 million compared to $92.4 million for the third quarter of 2023. Third quarter 2024 net income margin was 17.5% compared to 15.4% for the third quarter of 2023.

    Fully Diluted Earnings Per Share: Fully diluted earnings per share for the third quarter of 2024 increased 34% to $1.86 compared to $1.39 in the third quarter of 2023.

    Cash Flow and Cash Balance: Third quarter 2024 operating cash flow was $159.0 million. In the third quarter 2024, $86.4 million was used for share repurchases. As of September 30, 2024, total cash and cash equivalents, and short-term investments were $1,526.7 million. Our debt was $458.4 million, resulting in net cash and investments of $1,068.3 million.

    Non-GAAP Financial Highlights for the Third Quarter Ended September 30:

    Revenues: Third quarter 2024 total revenues increased 15% to $690.0 million compared to $601.3 million for the third quarter of 2023.

    Gross Profit: Third quarter 2024 gross profit was $490.3 million compared to $434.4 million for the third quarter of 2023. Third quarter 2024 gross margin was 71.1% compared to 72.2% for the third quarter of 2023.

    Operating Income: Third quarter 2024 operating income increased 20% to $220.8 million compared to $183.9 million for the third quarter of 2023. Third quarter 2024 operating margin was 32.0% compared to 30.6% for the third quarter of 2023.

    Net Income: Third quarter 2024 net income increased 24% to $186.9 million compared to $150.6 million for the third quarter of 2023. Third quarter 2024 net income margin was 27.1% compared to 25.0% for the third quarter of 2023.

    Fully Diluted Earnings Per Share: Fully diluted earnings per share for the third quarter of 2024 increased 27% to $2.88 compared to $2.27 in the third quarter of 2023.

    Full-Year 2024 Guidance:

    The Company is reiterating its full-year 2024 non-GAAP total revenues to be in an expected range of $2,715 million to $2,735 million, representing 15% growth at the midpoint compared to full-year 2023.

    The Company increased full-year 2024 non-GAAP fully diluted earnings per share which are expected to be in a range of $10.95 to $11.15, representing 26% growth at the midpoint compared to full-year 2023.

    Quarterly Results Conference Call

    NICE management will host its earnings conference call today, November 14, 2024, 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

     

    September 30,

    December 31,

    2024

    2023

    Unaudited

    Audited

     

    ASSETS

     

    CURRENT ASSETS:

    Cash and cash equivalents

    $

    666,734

    $

    511,795

    Short-term investments

     

    859,955

     

    896,044

    Trade receivables

     

    629,850

     

    585,154

    Debt hedge option

     

    -

     

    121,922

    Prepaid expenses and other current assets

     

    213,560

     

    197,967

     

     

    Total current assets

     

    2,370,099

     

    2,312,882

     

    LONG-TERM ASSETS:

    Property and equipment, net

     

    187,447

     

    174,414

    Deferred tax assets

     

    222,268

     

    178,971

    Other intangible assets, net

     

    246,037

     

    305,501

    Operating lease right-of-use assets

     

    96,743

     

    104,565

    Goodwill

     

    1,853,115

     

    1,821,969

    Prepaid expenses and other long-term assets

     

    212,904

     

    219,332

     

     

    Total long-term assets

     

    2,818,514

     

    2,804,752

     

    TOTAL ASSETS

    $

    5,188,613

    $

    5,117,634

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

    CURRENT LIABILITIES:

    Trade payables

    $

    71,349

    $

    66,036

    Deferred revenues and advances from customers

     

    333,968

     

    302,649

    Current maturities of operating leases

     

    13,065

     

    13,747

    Debt

     

    458,360

     

    209,229

    Accrued expenses and other liabilities

     

    548,048

     

    528,660

     

    Total current liabilities

     

    1,424,790

     

    1,120,321

     

    LONG-TERM LIABILITIES:

    Deferred revenues and advances from customers

     

    55,223

     

    52,458

    Operating leases

     

    95,206

     

    102,909

    Deferred tax liabilities

     

    9,887

     

    8,596

    Debt

     

    -

     

    457,081

    Other long-term liabilities

     

    23,261

     

    21,769

     

    Total long-term liabilities

     

    183,577

     

    642,813

     

    SHAREHOLDERS' EQUITY

    Nice Ltd's equity

     

    3,567,727

     

    3,341,132

    Non-controlling interests

     

    12,519

     

    13,368

     

    Total shareholders' equity

     

    3,580,246

     

    3,354,500

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    $

    5,188,613

    $

    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

    September 30,

    September 30,

    2024

    2023

    2024

    2023

    Unaudited

    Unaudited

    Unaudited

    Unaudited

     

    Revenue:

    Cloud

    $

    500,114

    $

    403,324

    $

    1,450,213

    $

    1,152,839

    Services

     

    149,857

     

    160,220

     

    446,381

     

    479,022

    Product

     

    39,992

     

    37,800

     

    117,078

     

    122,455

    Total revenue

     

    689,963

     

    601,344

     

    2,013,672

     

    1,754,316

     

    Cost of revenue:

    Cloud

     

    178,923

     

    140,564

     

    519,603

     

    407,144

    Services

     

    44,652

     

    45,292

     

    137,401

     

    140,216

    Product

     

    6,111

     

    5,130

     

    20,134

     

    19,935

    Total cost of revenue

     

    229,686

     

    190,986

     

    677,138

     

    567,295

     

    Gross profit

     

    460,277

     

    410,358

     

    1,336,534

     

    1,187,021

     

    Operating expenses:

    Research and development, net

     

    91,500

     

    84,848

     

    265,854

     

    241,589

    Selling and marketing

     

    152,778

     

    144,171

     

    465,438

     

    444,614

    General and administrative

     

    74,620

     

    67,713

     

    213,600

     

    188,256

    Total operating expenses

     

    318,898

     

    296,732

     

    944,892

     

    874,459

     

    Operating income

     

    141,379

     

    113,626

     

    391,642

     

    312,562

     

    Financial and other income, net

     

    (12,280)

     

    (7,037)

     

    (41,934)

     

    (25,108)

     

    Income before tax

     

    153,659

     

    120,663

     

    433,576

     

    337,670

    Taxes on income

     

    32,738

     

    28,310

     

    90,497

     

    81,021

    Net income

    $

    120,921

    $

    92,353

    $

    343,079

    $

    256,649

     
     

    Earnings per share:

    Basic

    $

    1.91

    $

    1.46

    $

    5.41

    $

    4.03

    Diluted

    $

    1.86

    $

    1.39

    $

    5.22

    $

    3.86

     

    Weighted average shares outstanding:

    Basic

     

    63,397

     

    63,422

     

    63,403

     

    63,693

    Diluted

     

    64,838

     

    66,223

     

    65,741

     

    66,438

     

    NICE LTD. AND SUBSIDIARIES

    CONSOLIDATED CASH FLOW STATEMENTS

    U.S. dollars in thousands

    Quarter ended

    Year to date

    September 30,

    September 30,

    2024

    2023

    2024

    2023

    Unaudited

    Unaudited

    Unaudited

    Unaudited

     

    Operating Activities

     

    Net income

    $

    120,921

    $

    92,353

    $

    343,079

    $

    256,649

    Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

     

    52,964

     

    42,269

     

    156,244

     

    126,148

    Share-based compensation

     

    47,252

     

    46,213

     

    133,882

     

    130,488

    Amortization of premium and discount and accrued interest on marketable securities

     

    (3,398)

     

    998

     

    (6,726)

     

    2,044

    Deferred taxes, net

     

    (27,542)

     

    (13,915)

     

    (38,949)

     

    (30,787)

    Changes in operating assets and liabilities:

    Trade Receivables, net

     

    (41,462)

     

    (25,807)

     

    (40,032)

     

    (17,720)

    Prepaid expenses and other current assets

     

    17,164

     

    (315)

     

    27,665

     

    (22,361)

    Operating lease right-of-use assets

     

    3,273

     

    3,182

     

    9,926

     

    8,685

    Trade payables

     

    (2,293)

     

    11,632

     

    4,646

     

    784

    Accrued expenses and other current liabilities

     

    22,149

     

    20,835

     

    (21,555)

     

    (28,691)

    Deferred revenue

     

    (28,094)

     

    (54,485)

     

    22,187

     

    (39,662)

    Operating lease liabilities

     

    (2,748)

     

    (4,140)

     

    (10,524)

     

    (11,541)

    Amortization of discount on long-term debt

     

    430

     

    1,166

     

    1,404

     

    3,449

    Loss from extinguishment of debt

     

    -

     

    -

     

    -

     

    37

    Other

     

    345

     

    624

     

    1,872

     

    3,412

    Net cash provided by operating activities

     

    158,961

     

    120,610

     

    583,119

     

    380,934

     

    Investing Activities

     

    Purchase of property and equipment

     

    (10,419)

     

    (5,507)

     

    (27,395)

     

    (23,126)

    Purchase of Investments

     

    (138,219)

     

    (9,284)

     

    (575,332)

     

    (200,643)

    Proceeds from sales of marketable investments

     

    60,125

     

    134,486

     

    628,246

     

    307,038

    Capitalization of internal use software costs

     

    (16,812)

     

    (12,479)

     

    (47,986)

     

    (41,106)

    Payments for business acquisitions, net of cash acquired

     

    (44,507)

     

    (18,405)

     

    (44,507)

     

    (18,405)

    Net cash provided by (used in) investing activities

     

    (149,832)

     

    88,811

     

    (66,974)

     

    23,758

     

    Financing Activities

     

    Proceeds from issuance of shares upon exercise of options

     

    28

     

    43

     

    2,340

     

    1,767

    Purchase of treasury shares

     

    (86,437)

     

    (89,506)

     

    (274,040)

     

    (219,417)

    Dividends paid to noncontrolling interest

     

    -

     

    -

     

    (2,681)

     

    (1,480)

    Repayment of debt

     

    -

     

    (23)

     

    (87,435)

     

    (1,557)

    Net cash used in financing activities

     

    (86,409)

     

    (89,486)

     

    (361,816)

     

    (220,687)

     

    Effect of exchange rates on cash and cash equivalents

     

    4,508

     

    (2,824)

     

    1,260

     

    (1,111)

     

    Net change in cash, cash equivalents and restricted cash

     

    (72,772)

     

    117,111

     

    155,589

     

    182,894

    Cash, cash equivalents and restricted cash, beginning of period

    $

    741,675

    $

    598,879

    $

    513,314

    $

    533,096

     

    Cash, cash equivalents and restricted cash, end of period

    $

    668,903

    $

    715,990

    $

    668,903

    $

    715,990

     

    Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:

    Cash and cash equivalents

    $

    666,734

    $

    713,090

    $

    666,734

    $

    713,090

    Restricted cash included in other current assets

    $

    2,169

    $

    2,900

    $

    2,169

    $

    2,900

    Total cash, cash equivalents and restricted cash shown in the statement of cash flows

    $

    668,903

    $

    715,990

    $

    668,903

    $

    715,990

     

    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

    September 30,

    September 30,

    2024

    2023

    2024

    2023

    GAAP revenues

    $

    689,963

    $

    601,344

    $

    2,013,672

    $

    1,754,316

    Non-GAAP revenues

    $

    689,963

    $

    601,344

    $

    2,013,672

    $

    1,754,316

     
     

    GAAP cost of revenue

    $

    229,686

    $

    190,986

    $

    677,138

    $

    567,295

    Amortization of acquired intangible assets on cost of cloud

     

    (24,278)

     

    (18,967)

     

    (73,778)

     

    (57,732)

    Amortization of acquired intangible assets on cost of product

     

    -

     

    (260)

     

    (410)

     

    (766)

    Cost of cloud revenue adjustment (1,2)

     

    (3,175)

     

    (2,160)

     

    (9,029)

     

    (6,360)

    Cost of services revenue adjustment (1)

     

    (2,511)

     

    (3,016)

     

    (7,506)

     

    (8,764)

    Cost of product revenue adjustment (1)

     

    (30)

     

    384

     

    (90)

     

    106

    Non-GAAP cost of revenue

    $

    199,692

    $

    166,967

    $

    586,325

    $

    493,779

     
     

    GAAP gross profit

    $

    460,277

    $

    410,358

    $

    1,336,534

    $

    1,187,021

    Gross profit adjustments

     

    29,994

     

    24,019

     

    90,813

     

    73,516

    Non-GAAP gross profit

    $

    490,271

    $

    434,377

    $

    1,427,347

    $

    1,260,537

     
     

    GAAP operating expenses

    $

    318,898

    $

    296,732

    $

    944,892

    $

    874,459

    Research and development (1,2)

     

    (6,734)

     

    (8,224)

     

    (22,361)

     

    (24,405)

    Sales and marketing (1,2)

     

    (14,944)

     

    (12,376)

     

    (42,326)

     

    (36,533)

    General and administrative (1,2)

     

    (22,154)

     

    (22,348)

     

    (59,414)

     

    (57,703)

    Amortization of acquired intangible assets

     

    (5,613)

     

    (3,308)

     

    (15,824)

     

    (12,251)

    Valuation adjustment on acquired deferred commission

     

    1

     

    30

     

    24

     

    106

    Non-GAAP operating expenses

    $

    269,454

    $

    250,506

    $

    804,991

    $

    743,673

     
     

    GAAP financial and other income, net

    $

    (12,280)

    $

    (7,037)

    $

    (41,934)

    $

    (25,108)

    Amortization of discount and loss of extinguishment on debt

     

    (430)

     

    (1,166)

     

    (1,404)

     

    (3,486)

    Change in fair value of contingent consideration

     

    (36)

     

    (239)

     

    (115)

     

    (817)

    Non-GAAP financial and other income, net

    $

    (12,746)

    $

    (8,442)

    $

    (43,453)

    $

    (29,411)

     
     

    GAAP taxes on income

    $

    32,738

    $

    28,310

    $

    90,497

    $

    81,021

    Tax adjustments re non-GAAP adjustments

     

    13,886

     

    13,372

     

    42,665

     

    37,473

    Non-GAAP taxes on income

    $

    46,624

    $

    41,682

    $

    133,162

    $

    118,494

     
     

    GAAP net income

    $

    120,921

    $

    92,353

    $

    343,079

    $

    256,649

    Amortization of acquired intangible assets

     

    29,891

     

    22,535

     

    90,012

     

    70,749

    Valuation adjustment on acquired deferred commission

     

    (1)

     

    (30)

     

    (24)

     

    (106)

    Share-based compensation (1)

     

    48,731

     

    47,287

     

    137,997

     

    133,206

    Acquisition related and other expenses (2)

     

    817

     

    453

     

    2,729

     

    453

    Amortization of discount and loss of extinguishment on debt

     

    430

     

    1,166

     

    1,404

     

    3,486

    Change in fair value of contingent consideration

     

    36

     

    239

     

    115

     

    817

    Tax adjustments re non-GAAP adjustments

     

    (13,886)

     

    (13,372)

     

    (42,665)

     

    (37,473)

    Non-GAAP net income

    $

    186,939

    $

    150,631

    $

    532,647

    $

    427,781

     
     

    GAAP diluted earnings per share

    $

    1.86

    $

    1.39

    $

    5.22

    $

    3.86

     

    Non-GAAP diluted earnings per share

    $

    2.88

    $

    2.27

    $

    8.10

    $

    6.44

     

    Shares used in computing GAAP diluted earnings per share

     

    64,838

     

    66,223

     

    65,741

     

    66,438

     

    Shares used in computing non-GAAP diluted earnings per share

     

    64,838

     

    66,223

     

    65,741

     

    66,438

     

    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

    September 30,

    September 30,

    2024

    2023

    2024

    2023

     

    Cost of cloud revenue

    $

    3,175

    $

    2,160

    $

    8,967

    $

    6,360

    Cost of services revenue

     

    2,511

     

    3,016

     

    7,506

     

    8,764

    Cost of product revenue

     

    30

     

    (384)

     

    90

     

    (106)

    Research and development

     

    6,734

     

    8,224

     

    22,031

     

    24,405

    Sales and marketing

     

    14,937

     

    12,351

     

    41,676

     

    36,508

    General and administrative

     

    21,344

     

    21,920

     

    57,727

     

    57,275

    $

    48,731

    $

    47,287

    $

    137,997

    $

    133,206

     
     
     

    (2)

    Acquisition related and other expenses

    Quarter ended

    Year to date

    September 30,

    September 30,

    2024

    2023

    2024

    2023

     

    Cost of cloud revenue

    $

    -

    $

    -

    $

    62

    $

    -

    Research and development

     

    -

     

    -

     

    330

     

    -

    Sales and marketing

     

    7

     

    25

     

    650

     

    25

    General and administrative

     

    810

     

    428

     

    1,687

     

    428

    $

    817

    $

    453

    $

    2,729

    $

    453

     

    NICE LTD. AND SUBSIDIARIES

    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA

    U.S. dollars in thousands

     
     

    Quarter ended

    Year to date

    September 30,

    September 30,

    2024

    2023

    2024

    2023

    Unaudited

    Unaudited

    Unaudited

    Unaudited

     

    GAAP net income

    $

    120,921

    $

    92,353

    $

    343,079

    $

    256,649

    Non-GAAP adjustments:

    Depreciation and amortization

     

    52,964

     

    42,269

     

    156,244

     

    126,148

    Share-based compensation

     

    47,252

     

    46,213

     

    133,882

     

    130,488

    Financial and other income, net

     

    (12,280)

     

    (7,037)

     

    (41,934)

     

    (25,108)

    Acquisition related and other expenses

     

    817

     

    453

     

    2,729

     

    453

    Valuation adjustment on acquired deferred commission

     

    (1)

     

    (30)

     

    (24)

     

    (106)

    Taxes on income

     

    32,738

     

    28,310

     

    90,497

     

    81,021

    Non-GAAP EBITDA

    $

    242,411

    $

    202,531

    $

    684,473

    $

    569,545

     

    NICE LTD. AND SUBSIDIARIES

    NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS

    U.S. dollars in thousands

     
     

    Quarter ended

    Year to date

    September 30,

    September 30,

    2024

    2023

    2024

    2023

    Unaudited

    Unaudited

    Unaudited

    Unaudited

     

    Net cash provided by operating activities

    $

    158,961

    $

    120,610

    $

    583,119

    $

    380,934

     
    Purchase of property and equipment

     

    (10,419)

     

    (5,507)

     

    (27,395)

     

    (23,126)

    Capitalization of internal use software costs

     

    (16,812)

     

    (12,479)

     

    (47,986)

     

    (41,106)

     

    Free Cash Flow (a)

    $

    131,730

    $

    102,624

    $

    507,738

    $

    316,702

     
    (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/20241114018044/en/

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