Nice Ltd (NICE) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 12, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the NICE conference call discussing first quarter 2022 results, and thank you all for holding. [Operator Instructions]. As a reminder, this conference is being recorded May 12, 2022. I would now like to turn the this call over to Mr. Marty Cohen, Vice President, Investor Relations at NICE. Please go ahead.

Marty Cohen

Thank you, Operator. With me on the call today are Barak Eilam, Chief Executive Officer; and Beth Gaspich, Chief Financial Officer.

Before we start, I'd like to point out that some of the statements made on this call will constitute forward-looking statements. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, please be advised that the company's actual results could differ materially from these forward-looking statements. Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk Factors in Item 3 of the company's 2021 annual report on Form 20-F as filed with the Securities and Exchange Commission on April 5, 2022.

During the call, we will present a more detailed discussion of first quarter 2022 results and the company's guidance for the second quarter and full year 2022. Following our comments, there will be an opportunity for questions. Let me remind you that unless otherwise noted on this call, we will be commenting on our adjusted results of operations, which differ in certain respects from generally accepted accounting principles as reflected mainly in accounting for acquisition-related revenues and expenses, amortization of intangible assets and accounting for stock-based compensation. The differences between the non-GAAP adjusted results and the equivalent GAAP figures are detailed in today's press release.

We'd also like to remind you that we are hosting our virtual Investor Day on May 24, in conjunction with our Interactions Live user conference. The program is for analysts and investors, and it will include presentations from NICE executives and product and technology sessions. If you haven't received the registration e-mail, please e-mail us at ir@nice.com. And I'll now turn the call over to Barak.

Barak Eilam

Thank you, Marty, and welcome, everyone. After a very strong 2021, a year in which our business significantly accelerated, we are happy to report that our momentum continues into 2022 as reflected in our outstanding Q1 results. Total revenue increased by 15% and cloud revenue grew 28% year-over-year. We continue to drive excellent top line growth and at the same time, further improve our unmatched profitability as demonstrated by a 16% increase in operating income, 17% growth in EPS and continued strong operating cash flow with a record of $193 million generated in Q1. These stellar Q1 results reflect the strong and durable demand for our solutions.