NICE (NICE) Q4 2023 earnings summary

Executive summary

• Q4 revenue rose 10% YoY to $623.2m, cloud revenue grew 20%, and GAAP diluted EPS increased 16% to $1.24; FY revenue reached $2,377.5m, up 9%, and diluted EPS rose 28% to $5.11.

• Platform spans customer experience, financial crime and compliance, and public safety and justice, serving 25K customers in more than 150 countries.

Financial highlights

• Q4 GAAP net income rose 15% to $81.7m, with a 13.1% margin versus 12.5%; FY GAAP net income increased to $338.3m from $265.9m, with a 14.2% margin versus 12.2%.

• Q4 non-GAAP operating income increased 15% to $186.9m; non-GAAP net income rose 14% to $154.9m and diluted EPS increased 15% to $2.36.

• FY non-GAAP operating income increased 13% to $703.8m; non-GAAP net income rose 15% to $582.7m and diluted EPS increased 15% to $8.79.

Outlook and guidance

• Q1 2024 non-GAAP revenue guidance is $650m–$660m, up 15% YoY at midpoint; diluted EPS guidance is $2.40–$2.50, up 21% at midpoint.

• FY 2024 non-GAAP revenue guidance is $2,715m–$2,735m, up 15% at midpoint; diluted EPS guidance is $10.40–$10.60, up 19% at midpoint.

• FY 2024 cloud revenue growth is expected to be at least 18% YoY excluding LiveVox; LiveVox is expected to add ~$142m to cloud revenue.