NICE Announces First-Quarter Financial Results
Thursday, May 10, 2018 | Comments

NICE announced results for the first quarter ended March 31. First quarter 2018 total revenues increased 9.8 percent to $335.4 million compared with $305.6 million for the first quarter of 2017.

“We are pleased with the strong start to the year as evidenced by the double-digit growth in total revenue, along with a 32 percent increase in cloud revenue,” said Barak Eilam, CEO of NICE. “Moreover, we continue to capture high-quality cloud revenue as demonstrated by the continued increase in our cloud profitability.”

First quarter 2018 gross profit and gross margin increased to $216.9 million and 64.7 percent, respectively, compared with $189.9 million and 62.1 percent, respectively, for the first quarter of 2017. First quarter 2018 operating income and operating margin increased to $34.2 million and 10.2 percent, respectively, compared with $27.9 million and 9.1 percent, respectively, for the first quarter of 2017.

Net income and net income margin increased to $23.5 million and 7 percent, respectively, compared with $17.3 million and 5.7 percent, respectively, for the first quarter of 2017.

The first quarter 2018 operating cash flow was $136.9 million. In the first quarter, $4.3 million was used for share repurchases. As of March 31, total cash and cash equivalents, short-term investments and marketable securities were $646.7 million, and total debt was $449.7 million.

Second quarter 2018 non-GAAP total revenues are expected to be in a range of $338 million to $348 million. The company expects full-year 2018 non-GAAP total revenues to an expected range of $1.434 billion to $1.458 billion.

NICE adopted the new revenue recognition accounting standard, Accounting Standards Codification (ASC) 606, effective Jan. 1, 2018, on a modified retrospective basis. Financial results for reporting periods during 2018 are presented in compliance with the ASC 606. Guidance for the second quarter and the full-year 2018 is provided using the accounting standard ASC 605 to provide better transparency and comparability to 2017 financial data, which was reported under ASC 605.

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