NICE Announces First-Quarter Results
Thursday, May 14, 2020 | Comments

NICE announced results for the first quarter ended March 31. First quarter 2020 total revenues increased 8.9% to $410.4 million compared with $377 million for the first quarter of 2019.

First quarter gross profit and gross margin increased to $270.3 million and 65.9%, respectively, compared to $246 million and 65.2%, respectively, for the first quarter of 2019. First quarter 2020 operating income and operating margin increased to $58.8 million and 14.3%, respectively, compared with $51.9 million and 13.8%, respectively, for the first quarter of 2019.

First quarter net income and net income margin increased to $46.1 million and 11.2%, respectively, compared to $37.1 million and 9.8%, respectively, for the first quarter of 2019. First quarter operating cashflow was $154.8 million. In the first quarter, $24.1 million was used for share repurchases. As of March 31, total cash and cash equivalents, short and long term investments were $1.035 billion, and total debt was $467.2 million.

“We are pleased to report strong first quarter results driven by an accelerated 27% growth in cloud revenue,” said Barak Eilam, CEO NICE. “We also delivered double-digit growth in operating income and earnings per share with further expansion of our operating margin. In light of the current environment, these strong results demonstrate the mission-critical nature of our solutions and the strength of our cloud business driven by our three market-leading cloud platforms, CXone for Customer Experience, X-Sight for Financial Crime and Compliance, and NICE Investigate for Public Safety.”

The company signed up dozens of customers with thousands of agents for the CXone@home offering aimed at helping these customers shift their agents to work from home because of the COVID-19 pandemic.

“At the same time, these organizations are preparing for the next phase — the transformation to cloud and digital,” Eilam said. “Furthermore, their ability to respond very rapidly in the last few months and manage changes that they thought would take years instead of days is giving them confidence that they have the ability to transform quickly. While we are faced with some unpredictability in the short term due to the economic environment, we continue to experience strong growth in our cloud business. As the clear leader in both cloud and digital in our markets, along with a strong balance sheet, strong cash generation and a keen focus on execution and profitability, we are clearly in the best competitive position to provide the platforms that these organizations need to transform their operations.”

NICE expects second quarter 2020 non-GAAP total revenues to be in a range of $387 million to $397 million. Second quarter 2020 non-GAAP fully diluted earnings per share are expected to be in a range of $1.28 to $1.38. The company withdraw its previously issued full-year 2020 guidance provided Feb. 13.

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