Q2 2024 Nice Ltd Earnings Call Transcript
Key Points
- NICE Ltd (NICE) reported total revenue of $664 million in Q2, representing a 14% increase compared to the same quarter last year.
- Cloud revenue grew 26% to $482 million, driven predominantly by CXone.
- Operating income grew 19% to $202 million, with an increase in operating margin of 120 basis points to 30.4%.
- The company generated $170 million of operating cash in Q2, a 160% increase compared to Q2 last year.
- NICE Ltd (NICE) announced the appointment of Scott Russel as the next CEO, bringing 25 years of experience in enterprise software.
- Product revenue from on-premise sales, which represented 5% of total revenue in the quarter, decreased 13% year over year.
- The APAC region, which represented 5% of total revenue, decreased 9% year over year.
- Cloud gross margin remained flat at 70.2%, indicating potential near-term investment impacts.
- There was some lightness in sequential cloud growth in Q2, attributed to elongated ramp times for large enterprise deals.
- The transition to the cloud in the financial crime and compliance segment is still early, causing some variability in revenue.
Welcome to the NICE conference call discussing second quarter 2024 results and thank you all for holding. (Operator Instructions)
As a reminder, this conference is being recorded, August 15, 2024. I would now like to turn the call over to Mr. Marty Cohen, Vice President, 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
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