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          © 2025 NiCE

          Press Release

          NiCE Reports 20% Year-Over-Year Cloud Revenue Growth and 16% Year-Over-Year EPS Growth for the Fourth Quarter 2023

          Feb 22, 2024

          17% growth in operating cash flow for full year 2023 totaling a record $561 million 300% growth in number of AI deals for full year 2023 Company expects to cross $2.7 billion in total revenue, exceed $2 billion in cloud revenue and significantly increase EPS for full year 2024

          Hoboken, New Jersey, February 22, 2024 - NiCE (NASDAQ: NiCE) today announced results for the fourth quarter ended December 31, 2023, as compared to the corresponding period of the previous year.

          Fourth Quarter 2023 Financial Highlights *

          Full Year 2023 Financial Highlights *

          * There was no contribution to NiCE’s income statement from LiveVox in 2023.

          “Our excellent fourth quarter helped fuel another year of great financial results, including $2.4 billion of total revenue, 22% cloud revenue growth and nearly 30% operating margin, resulting in profitability and operating cash flow that continues to outperform our competitors by a wide margin,” said Barak Eilam, CEO of NiCE.

          Mr. Eilam continued, “As we enter 2024 following the outstanding success of last year it is now clear that AI has become an overarching catalyst unlocking multiple vectors of growth. Our leading-edge AI bolstered by our unique data assets is increasing NiCE’s cloud win rates across the board, it is the bedrock of our rapid expansion into digital engagement, it is the convergence power igniting the adoption of our platform and it is a source for a growing number of brand-new AI-based solutions with incremental revenue streams.”

          GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

          Revenues:
          Fourth quarter 2023 total revenues increased 10% to $623.2 million compared to $568.6 million for the fourth quarter of 2022.
          Full year 2023 total revenues increased 9% to $2,377.5 million compared to $2,181.3 million for the full year 2022.

          Gross Profit:
          Fourth quarter 2023 gross profit was $422.3 million compared to $387.6 million for the fourth quarter of 2022. Fourth quarter 2023 gross margin was 67.8% compared to 68.2% for the fourth quarter of 2022.
          Full year 2023 gross profit was $1,609.3 million compared to $1,497.6 million for the full year 2022. Full year 2023 gross margin was 67.7% compared to 68.7% for the full year 2022.

          Operating Income:
          Fourth quarter 2023 operating income increased 40% to $122.7 million compared to $87.8 million for the fourth quarter of 2022. Fourth quarter 2023 operating margin was 19.7% compared to 15.4% for the fourth quarter of 2022.
          Full year 2023 operating income was $435.2 million compared to $335.2 million for the full year 2022. Full year 2023 operating margin was 18.3% compared to 15.4% for the full year 2022.

          Net Income:
          Fourth quarter 2023 net income increased 15% to $81.7 million compared to $71.2 million for the fourth quarter of 2022. Fourth quarter 2023 net income margin was 13.1% compared to 12.5% for the fourth quarter of 2022.
          Full year 2023 net income was $338.3 million compared to $265.9 million for the full year 2022. Full year 2023 net income margin was 14.2% compared to 12.2% for the full year 2022.

          Fully Diluted Earnings Per Share:
          Fully diluted earnings per share for the fourth quarter of 2023 increased 16% to $1.24 compared to $1.07 in the fourth quarter of 2022.
          Fully diluted earnings per share for the full year 2023 increased 28% to $5.11 compared to $4.00 for the full year 2022.

          Cash Flow and Cash Balance:
          Fourth quarter 2023 operating cash flow was $180.5 million and full year 2023 operating cash flow was $561.4 million.
          In the fourth quarter 2023, $69.0 million was used for share repurchases and for the full year 2023, $288.4 million were used for share repurchases. As of December 31, 2023, total cash and cash equivalents, and short-term investments were $1,407.8 million. Our debt, net of a hedge instrument, was $544.4 million, resulting in net cash and investments of $863.4 million.

          Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

          Revenues:
          Fourth quarter 2023 Non-GAAP total revenues increased 10% to $623.2 million compared to $568.6 million for the fourth quarter of 2022.
          Full year 2023 Non-GAAP total revenues increased 9% to $2,377.5 million compared to $2,181.3 million for the full year 2022.

          Gross Profit:
          Fourth quarter 2023 Non-GAAP gross profit increased to $448.2 million compared to $412.6 million for the fourth quarter of 2022. Fourth quarter 2023 Non-GAAP gross margin was 71.9% compared to 72.6% for the fourth quarter of 2022.
          Full year 2023 gross profit was $1,708.8 million compared to $1,594.6 million for the full year 2022. Full year 2023 gross margin was 71.9% compared to 73.1% for the full year 2022.

          Operating Income:
          Fourth quarter 2023 Non-GAAP operating income increased 15% to $186.9 million compared to $162.8 million for the fourth quarter of 2022. Fourth quarter 2023 Non-GAAP operating margin was 30.0% compared to 28.6% for the fourth quarter of 2022.
          Full year 2023 operating income increased 13% to $703.8 million compared to $625.1 million for the full year 2022. Full year 2023 operating margin was 29.6% compared to 28.7% for the full year 2022.

          Net Income:
          Fourth quarter 2023 Non-GAAP net income increased 14% to $154.9 million compared to $135.3 million for the fourth quarter of 2022. Fourth quarter 2023 Non-GAAP net income margin totaled 24.9% compared to 23.8% for the fourth quarter of 2022.
          Full year 2023 net income increased 15% to $582.7 million compared to $506.8 million for the full year 2022. Full year 2023 net income margin was 24.5% compared to 23.2% for the full year 2022.

          Fully Diluted Earnings Per Share:
          Fourth quarter 2023 Non-GAAP fully diluted earnings per share increased 15% to $2.36 compared to $2.04 for the fourth quarter of 2022.
          Fully diluted earnings per share for the full year 2023 increased 15% to $8.79 compared to $7.62 for the full year 2022.

          First Quarter and Full Year 2024 Guidance:

          First-Quarter 2024:
          First-quarter 2024 Non-GAAP total revenues are expected to be in a range of $650 million to $660 million, representing 15% growth year over year at the midpoint.

          First-quarter 2024 Non-GAAP fully diluted earnings per share are expected to be in a range of $2.40 to $2.50, representing 21% growth year over year at the midpoint.

          Full-Year 2024:
          Full-year 2024 Non-GAAP total revenues are expected to be in a range of $2,715 million to $2,735 million, representing 15% growth at the midpoint compared to full-year 2023.

          Full year 2024 Non-GAAP fully diluted earnings per share are expected to be in a range of $10.40 to $10.60, representing 19% growth at the midpoint compared to full-year 2023.

          The above guidance includes the following expectations:

          Quarterly Results Conference Call

          NiCE management will host its earnings conference call today February 22, 2024, at 8:30 AM ET, 13:30 GMT,
          15:30 Israel, to discuss the results and the company's outlook. To participate in the call, please dial into the following numbers: United States 1-877-407-4018 or +1-201-689-8471, United Kingdom 0-800-756-3429, Israel 1-809-406-247.

          The call will be webcast live on the Company’s website at https://www.nice.com/investor-relations/upcoming-event.

          Explanation of Non-GAAP measures
          Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related expenses, amortization of discount on debt and loss from extinguishment of debt and the tax effect of the Non-GAAP adjustments.

          The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort.

          About NiCE
          NiCE (Nasdaq: NiCE) is the worldwide leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NiCE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NiCE solutions. www.nice.com.

          Investor Relations Contact
          Marty Cohen, +1 551 256 5354, ir@nice.com, ET
          Omri Arens, +972 3 763-0127, ir@nice.com, CET

          Media Contact
          Chris Irwin-Dudek, +1 (551) 256-5140, Chris.Irwin-Dudek@nice.com                                

          Trademark Note: NiCE and the NiCE logo are trademarks or registered trademarks of NiCE. All other marks are trademarks of their respective owners. For a full list of NiCE' marks, please see: http://www.nice.com/nice-trademarks.

          Forward-Looking Statements
          This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business.

          Forward looking statements are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.  These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapidly changing technology, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, such as the impact of conflicts in the Middle East, that may disrupt our business and the global economy and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

          You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.

        • 17% growth in operating cash flow for full year 2023 totaling a record $561 million
        • 300% growth in number of AI deals for full year 2023
        • Company expects to cross $2.7 billion in total revenue, exceed $2 billion in cloud revenue and significantly increase EPS for full year 2024
        • Full-year 2024 cloud revenue growth of at least 18% year over year, exclusive of any contribution from the LiveVox acquisition.
        • LiveVox is expected to contribute incrementally an approximate $142 million to cloud revenue for full-year 2024.