Technology company Nice Systems (TASE: NICE; Nasdaq: NICE) has reported good results for the first quarter of this year and has raised its guidance. Nice Systems, which provides customer relations and risk management solutions, beat the consensus analysts' estimate and its own guidance with first quarter revenue of $527 million and a net profit on a non-GAAP basis of $1.8.
Nice Systems' share price responded with a 3.3% rise on the Tel Aviv Stock Exchange.
First quarter revenue was up 15.9% in comparison with the corresponding quarter of 2021. Net profit on a GAAP basis was $57.9 million, up 11% in comparison with the corresponding quarter. On a non-GAAP basis, net profit for the quarter totaled $120 million, up 17.2%in comparison with the corresponding quarter. The difference between the GAAP-based and non-GAAP-based is mainly explained by stock-based compensation to employees totaling $48.6 million and write downs of intangible assets amounting to $28.1 million.
First quarter 2022 operating cash flow was $192.7 million. In the first quarter. At the end of the quarter, Nice Systems had cash and cash equivalents of nearly $1.5 billion and net debt of $541 million
In its guidance, Nice Systems said that second quarter 2022 non-GAAP total revenue was expected to be in a range of $520-530 million. Non-GAAP earnings per share are expected to be in a range of $1.75-1.85. For 2022 as a whole, non-GAAP total revenue is expected to be in a range of $2,160-2,180 million, which compares with a previous guidance range of $2,140-2,160 million.
Full year 2022 non-GAAP fully diluted earnings per share are expected to be in a range of $7.25-7.45, which compares with a previous guidance range of $7.07-7.27.
Nice Systems CEO Barak Eilam said, "The excellent financial results we delivered and the rising momentum we experienced throughout last year continued into the first quarter of 2022 as we reported a 16% increase in total revenue with a robust underlying 29% growth in cloud revenue. Demand is strong, and we are seeing it across the board in our business. Our exceptional financial profile of double-digit top line growth combined with best-in-class profitability, outstanding cash generation and a rock-solid balance sheet, uniquely positions us in our industry to further cement our leadership."
Published by Globes, Israel business news - en.globes.co.il - on May 12, 2022.
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