SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2024 (Report No. 2)

Commission File Number: 0-27466

NICE LTD.
(Translation of Registrant’s Name into English)


13 Zarchin Street, P.O. Box 690, Ra’anana 4310602, Israel
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☒          Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
 

 
THE GAAP FINANCIAL STATEMENTS ATTACHED TO THE PRESS RELEASE ATTACHED HERETO AS EXHIBIT 99.1 OF THIS REPORT ON FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO NICE LTD.`S (“NICE”) REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-166364, 333-168100, 333-171165, 333-162795, 333-162110, 333-06784, 333-08146, 333-11842, 333-09350, 333-11154, 333-111112, 333-111113, 333-134355, 333-144589, 333-145981, 333-153230, 333-177510, 333-179408, 333-181375, 333-191176, 333-199904, 333-210341, 333-210343, 333-210344, 333-214584, 333-226930, 333-228911, 333-249186 and 333-270969), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

CONTENTS
 
This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:
 
99.1          Press Release: NICE Reports 27% Year-Over-Year Cloud Revenue Growth for the First Quarter 2024, Dated May 16, 2024.

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
NICE LTD.

By:        /s/ Tali Mirsky
Name:   Tali Mirsky
Title:      Corporate VP, General Counsel and Corporate Secretary

Dated: May 16, 2024


 
EXHIBIT INDEX



 

Exhibit 99.1


NICE Reports 27% Year-Over-Year Cloud Revenue Growth for the First Quarter 2024


Total revenue growth of 15% year over year

Double-digit growth in gross profit, operating income and net income

Non-GAAP EPS exceeds high end of guidance range

Record high operating cash flow of $254 million increased 30% year over year

Hoboken, New Jersey, May 16, 2024 - NICE (NASDAQ: NICE) today announced results for the first quarter ended March 31, 2024, as compared to the corresponding period of the previous year.

First Quarter 2024 Financial Highlights

GAAP
Non-GAAP
Total revenue was $659.3 million and increased 15%
Total revenue was $659.3 million and increased 15%
Cloud revenue was $468.4 million and increased 27%
Cloud revenue was $468.4 million and increased 27%
Operating income was $121.4 million and increased 30%
Operating income was $199.8 million and increased 22%
Operating margin was 18.4% compared to 16.4% last year
Operating margin was 30.3% compared to 28.6% last year
Diluted EPS was $1.60 and increased 39%
Diluted EPS was $2.58 and increased 27%
Operating cash flow was $254.5 million and increased 30%
 

“We are pleased to start the year with positive momentum, evidenced by a robust performance across the board, while continuing to outpace the industry,” said Barak Eilam, CEO, NICE. “Our total revenue growth of 15% was once again driven by excellent execution in the cloud with 27% revenue growth, propelled by demand for our digital and AI offerings. We also delivered another quarter of expanding profitability as demonstrated by a 170 basis point increase in our Non-GAAP operating margin to 30.3%, leading to a 27% year over year increase in non-GAAP EPS, and generated record operating cash flow of $254 million. Our ongoing healthy cash generation coupled with a best-in-class balance sheet provides us with unparalleled growth opportunities.”

Mr. Eilam continued, “Our continued strong performance over the past several years as well as the outstanding first quarter results are attributed to our unmatched platform strategy coupled with consistent execution. This is now further driving our market leadership with the ultimate trifecta: highest industry cloud win rate, trailblazing the digital market through convergence and fully leveraging the tremendous CX AI opportunity.”


GAAP Financial Highlights for the First Quarter Ended March 31:

Revenues: First quarter 2024 total revenues increased 15% to $659.3 million compared to $571.9 million for the first quarter of 2023.

Gross Profit: First quarter 2024 gross profit was $436.6 million compared to $385.3 million for the first quarter of 2023. First quarter 2024 gross margin was 66.2% compared to 67.4% for the first quarter of 2023.

Operating Income: First quarter 2024 operating income increased 30% to $121.4 million compared to $93.5 million for the first quarter of 2023. First quarter 2024 operating margin was 18.4% compared to 16.4% for the first quarter of 2023.

Net Income: First quarter 2024 net income increased 38% to $106.4 million compared to $76.9 million for the first quarter of 2023. First quarter 2024 net income margin was 16.1% compared to 13.5% for the first quarter of 2023.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the first quarter of 2024 increased 39% to $1.60 compared to $1.15 in the first quarter of 2023.

Cash Flow and Cash Balance: First quarter 2024 operating cash flow was $254.5 million. In the first quarter 2024, $41.5 million was used for share repurchases and $87.4 million was used for repayment of debt. As of March 31, 2024, total cash and cash equivalents, and short-term investments were $1,502.8 million. Our debt was $457.5 million, resulting in net cash and investments of $1,045.3 million.

Non-GAAP Financial Highlights for the First Quarter Ended March 31:

Revenues: First quarter 2024 total revenues increased 15% to $659.3 million compared to $571.9 million for the first quarter of 2023.

Gross Profit: First quarter 2024 gross profit was $467.7 million compared to $409.9 million for the first quarter of 2023. First quarter 2024 gross margin was 70.9% compared to 71.7% for the first quarter of 2023.

Operating Income: First quarter 2024 operating income increased 22% to $199.8 million compared to $163.4 million for the first quarter of 2023. First quarter 2024 operating margin was 30.3% compared to 28.6% for the first quarter of 2023.

Net Income: First quarter 2024 net income increased 26% to $171.6 million compared to $135.6 million for the first quarter of 2023. First quarter 2024 net income margin was 26.0% compared to 23.7% for the first quarter of 2023.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the first quarter of 2024 increased 27% to $2.58 compared to $2.03 in the first quarter of 2023.
 
Second Quarter and Full Year 2024 Guidance:
 
Second-Quarter 2024:

Second-quarter 2024 Non-GAAP total revenues are expected to be in a range of $657 million to $667 million, representing 14% growth year over year at the midpoint.

Second-quarter 2024 Non-GAAP fully diluted earnings per share are expected to be in a range of $2.53 to $2.63, 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.

The Company increased full year 2024 Non-GAAP fully diluted earnings per share which are expected to be in a range of $10.53 to $10.73, representing 21% growth at the midpoint compared to full-year 2023.


Quarterly Results Conference Call

NICE management will host its earnings conference call today May 16, 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 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

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

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
       

             
   
March 31,
   
December 31,
 
   
2024
   
2023
 
   
Unaudited
   
Audited
 
             
ASSETS
           
             
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
793,078
   
$
511,795
 
Short-term investments
   
709,766
     
896,044
 
Trade receivables
   
574,987
     
585,154
 
Debt hedge option
   
-
     
121,922
 
Prepaid expenses and other current assets
   
206,238
     
197,967
 
                 
Total current assets
   
2,284,069
     
2,312,882
 
                 
LONG-TERM ASSETS:
               
Property and equipment, net
   
181,136
     
174,414
 
Deferred tax assets
   
174,755
     
178,971
 
Other intangible assets, net
   
274,541
     
305,501
 
Operating lease right-of-use assets
   
101,577
     
104,565
 
Goodwill
   
1,820,469
     
1,821,969
 
Prepaid expenses and other long-term assets
   
210,031
     
219,332
 
                 
Total long-term assets
   
2,762,509
     
2,804,752
 
                 
TOTAL ASSETS
 
$
5,046,578
   
$
5,117,634
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES:
               
Trade payables
 
$
55,238
   
$
66,036
 
Deferred revenues and advances from customers
   
340,366
     
302,649
 
Current maturities of operating leases
   
13,324
     
13,747
 
Debt
   
-
     
209,229
 
Accrued expenses and other liabilities
   
532,451
     
528,660
 
                 
Total current liabilities
   
941,379
     
1,120,321
 
                 
LONG-TERM LIABILITIES:
               
Deferred revenues and advances from customers
   
58,907
     
52,458
 
Operating leases
   
99,818
     
102,909
 
Deferred tax liabilities
   
8,489
     
8,596
 
Debt
   
457,505
     
457,081
 
Other long-term liabilities
   
22,179
     
21,769
 
                 
Total long-term liabilities
   
646,898
     
642,813
 
                 
SHAREHOLDERS' EQUITY
               
Nice Ltd's equity
   
3,447,085
     
3,341,132
 
Non-controlling interests
   
11,216
     
13,368
 
                 
Total shareholders' equity
   
3,458,301
     
3,354,500
 
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
5,046,578
   
$
5,117,634
 



NICE LTD. AND SUBSIDIARIES
     
CONSOLIDATED STATEMENTS OF INCOME
     
U.S. dollars in thousands (except per share amounts)
     

   
Quarter ended
 
   
March 31,
 
   
2024
   
2023
 
   
Unaudited
   
Unaudited
 
             
Revenue:
           
Cloud
 
$
468,406
   
$
367,567
 
Services
   
148,913
     
159,858
 
Product
   
41,990
     
44,435
 
Total revenue
   
659,309
     
571,860
 
                 
Cost of revenue:
               
Cloud
   
169,978
     
131,596
 
Services
   
46,086
     
47,905
 
Product
   
6,605
     
7,095
 
Total cost of revenue
   
222,669
     
186,596
 
                 
Gross profit
   
436,640
     
385,264
 
                 
Operating expenses:
               
Research and development, net
   
87,832
     
78,102
 
Selling and marketing
   
155,015
     
148,479
 
General and administrative
   
72,354
     
65,176
 
Total operating expenses
   
315,201
     
291,757
 
                 
Operating income
   
121,439
     
93,507
 
                 
Financial and other income, net
   
(14,009
)
   
(8,721
)
                 
Income before tax
   
135,448
     
102,228
 
Taxes on income
   
29,075
     
25,286
 
Net income
 
$
106,373
   
$
76,942
 
                 
Earnings per share:
               
Basic
 
$
1.68
   
$
1.20
 
Diluted
 
$
1.60
   
$
1.15
 
                 
Weighted average shares outstanding:
               
Basic
   
63,278
     
63,941
 
Diluted
   
66,528
     
66,662
 



NICE LTD. AND SUBSIDIARIES
     
CONSOLIDATED CASH FLOW STATEMENTS
     
U.S. dollars in thousands
     

   
Quarter ended
 
   
March 31,
 
   
2024
   
2023
 
   
Unaudited
   
Unaudited
 
             
Operating Activities
           
             
Net income
 
$
106,373
   
$
76,942
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
51,760
     
41,846
 
Share-based compensation
   
44,404
     
44,961
 
Amortization of premium and discount and accrued interest on marketable securities
   
(1,232
)
   
1,270
 
Deferred taxes, net
   
4,366
     
(7,878
)
Changes in operating assets and liabilities:
               
Trade Receivables, net
   
8,137
     
16,752
 
Prepaid expenses and other current assets
   
8,761
     
(11,372
)
Operating lease right-of-use assets
   
3,281
     
3,068
 
Trade payables
   
(10,763
)
   
(1,180
)
Accrued expenses and other current liabilities
   
(2,868
)
   
(694
)
Deferred revenue
   
45,539
     
33,247
 
Operating lease liabilities
   
(3,800
)
   
(3,907
)
Amortization of discount on long-term debt
   
549
     
1,154
 
Other
   
(17
)
   
862
 
  Net cash provided by operating activities
   
254,490
     
195,071
 
                 
Investing Activities
               
                 
Purchase of property and equipment
   
(10,521
)
   
(13,106
)
Purchase of Investments
   
(331,122
)
   
(69,542
)
Proceeds from sales of marketable investments
   
516,150
     
64,899
 
Capitalization of internal use software costs
   
(15,936
)
   
(14,136
)
Net cash provided by (used in) investing activities
   
158,571
     
(31,885
)
                 
Financing Activities
               
                 
Proceeds from issuance of shares upon exercise of options
   
1,792
     
959
 
Purchase of treasury shares
   
(41,515
)
   
(64,715
)
Dividends paid to noncontrolling interest
   
(2,681
)
   
(1,480
)
Repayment of debt
   
(87,435
)
   
-
 
 Net cash used in financing activities
   
(129,839
)
   
(65,236
)
                 
Effect of exchange rates on cash and cash equivalents
   
(1,939
)
   
1,167
 
                 
Net change in cash, cash equivalents and restricted cash
   
281,283
     
99,117
 
Cash, cash equivalents and restricted cash, beginning of period
 
$
513,314
   
$
533,095
 
                 
Cash, cash equivalents and restricted cash, end of period
 
$
794,597
   
$
632,212
 
                 
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
         
Cash and cash equivalents
 
$
793,078
   
$
630,661
 
Restricted cash included in other current assets
 
$
1,519
   
$
1,551
 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
 
$
794,597
   
$
632,212
 



NICE LTD. AND SUBSIDIARIES
     
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
     
U.S. dollars in thousands (except per share amounts)
     

   
Quarter ended
 
   
March 31,
 
   
2024
   
2023
 
GAAP revenues
 
$
659,309
   
$
571,860
 
Non-GAAP revenues
 
$
659,309
   
$
571,860
 
                 
GAAP cost of revenue
 
$
222,669
   
$
186,596
 
Amortization of acquired intangible assets on cost of cloud
   
(25,367
)
   
(19,369
)
Amortization of acquired intangible assets on cost of product
   
(260
)
   
(249
)
Cost of cloud revenue adjustment (1,2)
   
(3,002
)
   
(1,947
)
Cost of services revenue adjustment (1)
   
(2,378
)
   
(2,885
)
Cost of product revenue adjustment (1)
   
(30
)
   
(138
)
Non-GAAP cost of revenue
 
$
191,632
   
$
162,008
 
                 
GAAP gross profit
 
$
436,640
   
$
385,264
 
Gross profit adjustments
   
31,037
     
24,588
 
Non-GAAP gross profit
 
$
467,677
   
$
409,852
 
                 
GAAP operating expenses
 
$
315,201
   
$
291,757
 
Research and development (1,2)
   
(8,143
)
   
(8,398
)
Sales and marketing (1,2)
   
(14,172
)
   
(11,102
)
General and administrative (1,2)
   
(19,831
)
   
(21,296
)
Amortization of acquired intangible assets
   
(5,239
)
   
(4,515
)
Valuation adjustment on acquired deferred commission
   
15
     
40
 
Non-GAAP operating expenses
 
$
267,831
   
$
246,486
 
                 
GAAP financial and other income, net
 
$
(14,009
)
 
$
(8,721
)
Amortization of discount and loss of extinguishment on debt
   
(549
)
   
(1,154
)
Change in fair value of contingent consideration
   
(44
)
   
-
 
Non-GAAP financial and other income, net
   
(14,602
)
   
(9,875
)
                 
GAAP taxes on income
 
$
29,075
   
$
25,286
 
Tax adjustments re non-GAAP adjustments
   
13,816
     
12,308
 
Non-GAAP taxes on income
 
$
42,891
   
$
37,594
 
                 
GAAP net income
 
$
106,373
   
$
76,942
 
Amortization of acquired intangible assets
   
30,866
     
24,133
 
Valuation adjustment on acquired deferred commission
   
(15
)
   
(40
)
Share-based compensation (1)
   
45,644
     
45,766
 
Acquisition related and other expenses (2)
   
1,912
     
-
 
Amortization of discount and loss of extinguishment on debt
   
549
     
1,154
 
Change in fair value of contingent consideration
   
44
     
-
 
Tax adjustments re non-GAAP adjustments
   
(13,816
)
   
(12,308
)
Non-GAAP net income
 
$
171,557
   
$
135,647
 
                 
GAAP diluted earnings per share
 
$
1.60
   
$
1.15
 
                 
Non-GAAP diluted earnings per share
 
$
2.58
   
$
2.03
 
                 
Shares used in computing GAAP diluted earnings per share
   
66,528
     
66,662
 
                 
Shares used in computing non-GAAP diluted earnings per share
   
66,528
     
66,662
 



NICE LTD. AND SUBSIDIARIES
     
RECONCILIATION OF GAAP TO NON-GAAP RESULTS  (continued)
     
U.S. dollars in thousands
     

(1)

Share-based compensation
           
        
Quarter ended
 
        
March 31,
 
       
2024
   
2023
 
                     
   
Cost of cloud revenue
 
$
2,940
   
$
1,947
 
   
Cost of services revenue
   
2,378
     
2,885
 
   
Cost of product revenue
   
30
     
138
 
   
Research and development
   
7,813
     
8,398
 
   
Sales and marketing
   
13,529
     
11,102
 
   
General and administrative
   
18,954
     
21,296
 
        
$
45,644
   
$
45,766
 

(2)

Acquisition related and other expenses
               
        
Quarter ended
 
        
March 31,
 
       
2024
   
2023
 
                     
   
Cost of cloud revenue
 
$
62
   
$
-
 
   
Research and development
   
330
     
-
 
   
Sales and marketing
   
643
     
-
 
   
General and administrative
   
877
     
-
 
        
$
1,912
   
$
-
 



NICE LTD. AND SUBSIDIARIES
     
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA
   
U.S. dollars in thousands
     

   
Quarter ended
 
   
March 31,
 
   
2024
   
2023
 
   
Unaudited
   
Unaudited
 
             
GAAP net income
 
$
106,373
   
$
76,942
 
Non-GAAP adjustments:
               
Depreciation and amortization
   
51,760
     
41,846
 
Share-based compensation
   
44,404
     
44,961
 
Financial and other expense/ (income), net
   
(14,009
)
   
(8,721
)
Acquisition related and other expenses
   
1,912
     
-
 
Valuation adjustment on acquired deferred commission
   
(15
)
   
(40
)
Taxes on income
   
29,075
     
25,286
 
Non-GAAP EBITDA
 
$
219,500
   
$
180,274
 


NICE LTD. AND SUBSIDIARIES
     
NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS
U.S. dollars in thousands
     

   
Quarter ended
 
   
March 31,
 
   
2024
   
2023
 
   
Unaudited
   
Unaudited
 
Free cash flow (a)
           
Net cash provided by operating activities
 
$
254,490
   
$
195,071
 
                 
Purchase of property and equipment
   
(10,521
)
   
(13,106
)
Capitalization of internal use software costs
   
(15,936
)
   
(14,136
)
                 
Free Cash Flow
 
$
228,033
   
$
167,829
 

(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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