Q3 2024 Nice Ltd Earnings Call Transcript
Key Points
- NICE Ltd (NICE) reported a total revenue of $690 million in Q3, marking a 15% increase compared to the same quarter last year.
- Cloud revenue grew by 24% to $500 million, surpassing the $2 billion ARR mark, which is the highest cloud growth on the largest cloud revenue base in the industry.
- Operating income surged 20% to reach $221 million, with an operating margin climbing by 140 basis points to a record 32%.
- Earnings per share (EPS) increased by 27% over last year's same quarter, reaching $2.88 for Q3.
- NICE Ltd (NICE) generated $159 million in operating cash, a 32% increase compared to Q3 last year, continuing the trend of accelerating cash flow.
- The transition to cloud is causing a decrease in services revenue, which was $150 million, representing a 6% year-over-year decline.
- The APAC region experienced a 12% decrease in revenue due to a larger amount of on-premise business with upfront recognition in the prior year.
- There is a noted delay in revenue recognition from large enterprise deals due to the complexity of AI deployments.
- Despite strong cloud growth, the cloud gross margin was slightly pressured due to significant investments in international expansion.
- The integration of LiveVox into NICE's CXone platform is ongoing, with performance as expected but not yet significantly contributing to revenue growth.
Welcome to the NICE conference call discussing third quarter 2024 results, and thank you all for holding. (Operator Instructions) As a reminder, this conference is being recorded, November 14, 2024. I would now like to turn this call over to Mr. Marty Cohen, VP, Investor Relations at NICE. Please go ahead.
Thank you, operator. With me on the call today are Barak Eilam, Chief Executive Officer; and Beth Gaspich, Chief Financial Officer. Before we start, I'd like to point out that some of the statements made on this call will constitute forward-looking statements. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, please be advised that the company's actual results could differ materially from these forward-looking statements.
Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk Factors in Item 3 of the company's 2023 Annual
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
