Nice CEO: "We have $1.5 billion and many opportunities for acquisitions"
The enterprise software company said that its second quarter total revenues increased 16.1% to $530.6 million while its gross profit for Q2 was $365.7 million
"We aren't laying anyone off and want to grow significantly in the second half of the year. Over the past four years our employees have sold $200 million worth of shares on average per year and that is expected to happen this year as well," Barak Eilam, CEO of Nice, told Calcalist after the company released its result for the second quarter of 2022. "We have a very good history as a company in different macroeconomic conditions. The current conditions will allow us to recruit more employees as people are now looking for real money and not dreams."
Enterprise software company Nice reported its results for the second quarter of 2022 on Thursday, displaying growth both in total revenue and profit. Nice, which is traded on the Tel Aviv Stock Exchange and on Nasdaq at a total valuation of $14.7 billion, said that its second quarter total revenues increased 16.1% to $530.6 million compared to $456.8 million for the second quarter of 2021.
The company reported that its gross profit for Q2 was $365.7 million compared to $306.3 million for the second quarter of 2021, while its net income was $65.6 million compared to $45.2 million for the second quarter of last year.
"There's little doubt that there are many opportunities for acquisitions at the moment. We have made 20 acquisitions since I've been CEO and we currently have $1.5 billion in our account while our competitors mainly have debt and have little cash. I estimate we will have opportunities in the coming months in the M&A world that will allow us to increase the gap on our rivals.
“It was an outstanding quarter at Nice, as we continued to drive mid-teens double-digit growth in both the top and bottom lines,” added Eilam. “Our strong performance with 83% recurring revenue driven by our growing cloud business at scale and industry-leading profitability clearly distinguishes Nice among our competitors in a rapidly evolving industry. Our rock-solid balance sheet gives us the fuel to seize additional growth opportunities that will further extend our leadership.”
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Nice said that it is expecting its non-GAAP total revenues for the third quarter of the year to be in a range of $543 million to $553 million and increased its full year 2022 non-GAAP total revenues forecast, which are expected to be in a range of $2.168 billion to $2.188 billion.
