NICE(NICE)2024-08-15 12:06Financial Performance - Total revenue for Q2 2024 increased 14% to $664.4 million compared to $581.1 million in Q2 2023[3] - Cloud revenue grew 26% year over year, reaching $481.7 million in Q2 2024[5] - Operating income for Q2 2024 was $201.7 million, a 19% increase from $169.6 million in Q2 2023[11] - Diluted EPS for Q2 2024 increased 24% to $2.64 compared to $2.13 in Q2 2023[12] - Net income for Q2 2024 rose 33% to $115.8 million, with a net income margin of 17.4%[8] - GAAP revenues for the quarter ended June 30, 2024, were $664,400 million, up from $581,113 million in the same quarter of 2023, representing a growth of 14.3%[35] - GAAP net income for the quarter was $115,785 million, compared to $87,355 million in the same quarter of 2023, marking a year-over-year increase of 32.5%[35] - Non-GAAP diluted earnings per share for the quarter were $2.64, up from $2.13 in the same quarter of 2023, indicating a growth of 24%[35] - Gross profit for the quarter was $439,617,000, compared to $391,400,000 in the previous year, reflecting a 12.3% increase[40] - Operating income increased to $128,824,000, a 22.2% rise from $105,429,000 in the same quarter last year[40] Cash Flow and Investments - Operating cash flow for Q2 2024 was $169.7 million, reflecting a 160% increase year over year[18] - Net cash provided by operating activities for the quarter was $169.668 million, compared to $65.254 million in the prior year, reflecting a significant increase of 160.0%[29] - Free Cash Flow for the quarter was $147,975, up from $46,250 in the same quarter of the previous year, indicating a growth of 219%[53] - The company reported a net cash used in investing activities of $75.713 million for the quarter, compared to $33.168 million in the same quarter last year[29] - The company’s purchase of investments for the quarter was $105.991 million, down from $121.817 million in the same quarter last year, indicating a decrease of 13.0%[29] Guidance and Future Outlook - Full-year 2024 non-GAAP EPS guidance increased to a range of $10.60 to $10.80, representing 22% growth at the midpoint[14] - Third-quarter 2024 non-GAAP total revenues are expected to be between $676 million and $686 million, indicating 13% growth year over year at the midpoint[13] - The company anticipates continued growth in cloud, analytics, and artificial intelligence business segments, with forward-looking statements indicating positive revenue and earnings guidance[42] - The company cautions that forward-looking statements are subject to significant uncertainties and risks, which could cause actual results to differ materially from those expressed[33] Assets and Liabilities - Total cash and cash equivalents as of June 30, 2024, were $1,503.6 million, with net cash and investments of $1,045.7 million after accounting for $457.9 million in debt[9] - Total current assets as of June 30, 2024, were $2,300,607,000, slightly down from $2,312,882,000 at the end of December 2023[43] - Total assets decreased to $5,051,819,000 from $5,117,634,000 at the end of December 2023[43] - Total liabilities increased to $1,584,957,000 from $1,763,134,000 at the end of December 2023[43] Expenses - Share-based compensation for the quarter was $42.226 million, up from $39.314 million in the same quarter last year, indicating an increase of 4.9%[29] - GAAP operating expenses for the quarter were $310,793 million, an increase from $285,971 million in the same quarter of 2023, representing an increase of 8.7%[35] - Non-GAAP operating expenses for the year to date were $535,537 million, compared to $493,167 million in the previous year, reflecting an increase of 8.6%[35] - Research and development expenses for 2024 totaled $330 million, while sales and marketing expenses reached $643 million, and general and administrative expenses were $877 million[52] Deferred Revenue and Trade Payables - The company reported a significant increase in deferred revenue, which reached $50.281 million for the year-to-date, compared to $14.823 million in the previous year[29] - The company experienced a decrease in trade payables, which amounted to $17.702 million for the quarter, compared to a decrease of $9.668 million in the same quarter last year[29]