Recurring Revenue Increased to a Record 74% of Total Revenue
Company Raises Full Year EPS Guidance
HOBOKEN, N.J.–(BUSINESS WIRE)–NICE (NASDAQ: NICE) today announced results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial Highlights
|
GAAP |
Non-GAAP |
|
Cloud revenue of $151 million, growth of 29% year-over-year |
Cloud revenue of $152 million, growth of 27% year-over-year |
|
Total revenue of $386 million, growth of 8% year-over-year |
Total revenue of $387 million, growth of 8% year-over-year |
|
Gross margin of 65.7% compared to 65.3% last year |
Gross margin of 70.9% compared to 71.0% last year |
|
Operating income of $56 million compared to $47 million last year, an increase of 19% |
Operating income of $106 million compared to $97 million last year, an increase of 9% |
|
Operating margin of 14.4% compared to 13.1% last year |
Operating margin of 27.4% compared to 27.0% last year |
|
Diluted EPS of $0.69 versus $0.62 last year, 11% growth year-over-year |
Diluted EPS of $1.30 versus $1.20 last year, 8% growth year-over-year |
“We are pleased to report another quarter of strong results driven by further robust growth in the cloud,” said Barak Eilam, CEO of NICE. “Our cloud revenue now represents nearly 40% of our total revenue, demonstrating the great success we are experiencing in our cloud business.”
Mr. Eilam continued, “Our growth is being fueled by strong demand for CXone. The number of quarterly deals continue to increase as we win in more market segments and geographies. At the same time, deal sizes are growing rapidly, demonstrating the fast adoption of CXone by very large enterprises, and the attachment rates of our seamlessly integrated workforce optimization and analytics are increasing significantly. CXone gives us front-runner status and a distinct competitive differentiation to capture the many opportunities provided by a market that is quickly transforming to the cloud.”
GAAP Financial Highlights for the Third Quarter Ended September 30:
Revenues: Third quarter 2019 total revenues increased 8.4% to $386.3 million compared to $356.2 million for the third quarter of 2018.
Gross Profit: Third quarter 2019 gross profit and gross margin increased to $253.6 million and 65.7%, respectively, from $232.7 million and 65.3%, respectively, for the third quarter of 2018.
Operating Income: Third quarter 2019 operating income and operating margin increased to $55.7 million and 14.4%, respectively, compared to $46.7 million and 13.1%, respectively, for the third quarter of 2018.
Net Income: Third quarter 2019 net income and net income margin increased to $45.0 million and 11.7%, respectively, compared to $39.3 million and 11.0%, respectively, for the third quarter of 2018.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the third quarter of 2019 increased 11.3% to $0.69, compared to $0.62 in the third quarter of 2018.
Operating Cash Flow and Cash Balance: Third quarter 2019 operating cash flow was $82.3 million. In the third quarter $7.9 million was used for share repurchases. As of September 30, 2019, total cash and cash equivalents, short and long term investments were $927.5 million, and total debt was $462.6 million.
Non-GAAP Financial Highlights for the Third Quarter Ended September 30:
Revenues: Third quarter 2019 non-GAAP total revenues increased to $387.1 million, up 7.9% from $358.6 million for the third quarter of 2018.
Gross Profit: Third quarter 2019 non-GAAP gross profit increased to $274.4 million from $254.7 million. Third quarter 2019 non-GAAP gross margin was 70.9% compared to 71.0% for the third quarter of 2018.
Operating Income: Third quarter 2019 non-GAAP operating income and non-GAAP operating margin increased to $105.9 million and 27.4%, respectively, from $96.7 million and 27.0%, respectively, for the third quarter of 2018.
Net Income: Third quarter 2019 non-GAAP net income and non-GAAP net income margin increased to $84.3 million and 21.8%, respectively, from $76.3 million and 21.3%, respectively, for the third quarter of 2018.
Fully Diluted Earnings Per Share: Third quarter 2019 non-GAAP fully diluted earnings per share increased 8.3% to $1.30, compared to $1.20 for the third quarter of 2018.
Full Year 2019 Guidance:
Full-year 2019 non-GAAP total revenue is expected to be in a range of $1,563 million to $1,583 million (2018 non-GAAP: $1,453.4 million).
The Company increased full year 2019 non-GAAP fully diluted earnings per share to be in an expected range of $5.15 to $5.35 (2018 non-GAAP: $4.75 per share).
Quarterly Results Conference Call
NICE management will host its earnings conference call today November 14th, 2019 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 in to the following numbers: United States 1-866-804-8688 or +1-718-354-1175, International +44(0)1296-480-100, United Kingdom 0-800-783-0906, Israel 1-809-344-364. The Passcode is 662 849 54. Additional access numbers can be found at http://www.btconferencing.com/globalaccess/?bid=54_attended. The call will be webcast live on the Company’s website at https://www.nice.com/investor-relations/upcoming-event. An online replay will also be available approximately two hours following the call. A telephone replay of the call will be available for 7 days after the live broadcast and may be accessed by dialing: United States 1-877-482-6144, International +44(0)20-7136-9233, United Kingdom 0-800-032-9687. The Passcode for the replay is 334 744 17.
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, share-based compensation, certain business combination accounting entries, amortization of discount on long term debt, tax adjustment re non-GAAP adjustments. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. 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. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Business combination accounting rules requires us to recognize a legal performance obligation related to a revenue arrangement of an acquired entity. The amount assigned to that liability should be based on its fair value at the date of acquisition. The non-GAAP adjustment is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. 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.
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.
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 competition, success and growth of the Company’s cloud Software-as-a-Service business, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company’s business, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, changes in general economic and business conditions, rapidly changing technology, changes in currency exchange rates and interest rates, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, successful execution of the Company’s growth strategy, the effects of tax reforms and of newly enacted or modified laws, regulation or standards on the Company and its products, and 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 presentation 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.
###
| NICE LTD. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| U.S. dollars in thousands | |||||||
|
September 30, |
|
December 31, |
|||||
|
|
2019 |
|
|
2018 |
|||
| Unaudited | Audited | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents |
$ |
220,839 |
$ |
242,099 |
|||
| Short-term investments |
|
225,975 |
|
243,729 |
|||
| Trade receivables |
|
259,985 |
|
287,963 |
|||
| Prepaid expenses and other current assets |
|
134,966 |
|
87,450 |
|||
| Total current assets |
|
841,765 |
|
861,241 |
|||
| LONG-TERM ASSETS: | |||||||
| Long-term investments |
|
480,669 |
|
244,998 |
|||
| Property and equipment, net |
|
141,336 |
|
140,338 |
|||
| Deferred tax assets |
|
14,603 |
|
12,309 |
|||
| Other intangible assets, net |
|
438,266 |
|
508,232 |
|||
| Operating lease right-of-use assets |
|
111,910 |
|
– |
|||
| Goodwill |
|
1,371,925 |
|
1,366,206 |
|||
| Other long-term assets |
|
117,294 |
|
74,042 |
|||
| Total long-term assets |
|
2,676,003 |
|
2,346,125 |
|||
| TOTAL ASSETS |
$ |
3,517,768 |
$ |
3,207,366 |
|||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Trade payables |
$ |
22,569 |
$ |
29,617 |
|||
| Deferred revenues and advances from customers |
|
242,184 |
|
221,387 |
|||
| Current maturities of operating leases |
|
19,022 |
|
– |
|||
| Accrued expenses and other liabilities |
|
414,466 |
|
373,908 |
|||
| Total current liabilities |
|
698,241 |
|
624,912 |
|||
| LONG-TERM LIABILITIES: | |||||||
| Deferred revenues and advances from customers |
|
26,140 |
|
35,112 |
|||
| Operating leases |
|
111,239 |
|
– |
|||
| Deferred tax liabilities |
|
16,712 |
|
44,140 |
|||
| Long-term debt |
|
462,588 |
|
455,985 |
|||
| Other long-term liabilities |
|
16,538 |
|
30,604 |
|||
| Total long-term liabilities |
|
633,217 |
|
565,841 |
|||
| SHAREHOLDERS’ EQUITY |
|
2,186,310 |
|
2,016,613 |
|||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
3,517,768 |
$ |
3,207,366 |
|||
| NICE LTD. AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| U.S. dollars in thousands (except per share amounts) | ||||||||||||
|
Quarter ended |
|
Year to date |
||||||||||
|
September 30, |
|
September 30, |
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
||
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
||||||
| Revenue: | ||||||||||||
| Product |
$ |
56,950 |
$ |
60,097 |
$ |
188,999 |
$ |
170,864 |
||||
| Services |
|
178,609 |
|
179,113 |
|
525,947 |
|
533,458 |
||||
| Cloud |
|
150,704 |
|
116,996 |
|
428,758 |
|
329,368 |
||||
| Total revenue |
|
386,263 |
|
356,206 |
|
1,143,704 |
|
1,033,690 |
||||
| Cost of revenue: | ||||||||||||
| Product |
|
5,318 |
|
7,854 |
|
16,850 |
|
23,386 |
||||
| Services |
|
54,476 |
|
55,046 |
|
164,218 |
|
170,584 |
||||
| Cloud |
|
72,877 |
|
60,559 |
|
213,418 |
|
166,690 |
||||
| Total cost of revenue |
|
132,671 |
|
123,459 |
|
394,486 |
|
360,660 |
||||
| Gross profit |
|
253,592 |
|
232,747 |
|
749,218 |
|
673,030 |
||||
| Operating expenses: | ||||||||||||
| Research and development, net |
|
48,531 |
|
47,701 |
|
141,553 |
|
137,023 |
||||
| Selling and marketing |
|
96,138 |
|
90,492 |
|
293,083 |
|
270,238 |
||||
| General and administrative |
|
42,438 |
|
37,560 |
|
121,181 |
|
107,048 |
||||
| Amortization of acquired intangible assets |
|
10,780 |
|
10,341 |
|
32,276 |
|
31,512 |
||||
| Total operating expenses |
|
197,887 |
|
186,094 |
|
588,093 |
|
545,821 |
||||
| Operating income |
|
55,705 |
|
46,653 |
|
161,125 |
|
127,209 |
||||
| Finance and other expense, net |
|
(252) |
|
2,195 |
|
3,890 |
|
9,100 |
||||
| Income before tax |
|
55,957 |
|
44,458 |
|
157,235 |
|
118,109 |
||||
| Taxes on income |
|
10,918 |
|
5,175 |
|
33,074 |
|
21,065 |
||||
| Net income |
$ |
45,039 |
$ |
39,283 |
$ |
124,161 |
$ |
97,044 |
||||
| Earnings per share: | ||||||||||||
| Basic |
$ |
0.72 |
$ |
0.64 |
$ |
2.00 |
$ |
1.58 |
||||
| Diluted |
$ |
0.69 |
$ |
0.62 |
$ |
1.93 |
$ |
1.54 |
||||
| Weighted average shares outstanding: | ||||||||||||
| Basic |
|
62,160 |
|
61,448 |
|
62,041 |
|
61,239 |
||||
| Diluted |
|
65,066 |
|
63,660 |
|
64,493 |
|
63,157 |
||||
| NICE LTD. AND SUBSIDIARIES | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||
| U.S. dollars in thousands (except per share amounts) | ||||||||||||
|
Quarter ended |
|
Year to date |
||||||||||
|
September 30, |
|
September 30, |
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
||
| GAAP revenues |
$ |
386,263 |
$ |
356,206 |
$ |
1,143,704 |
$ |
1,033,690 |
||||
| Valuation adjustment on acquired deferred product revenue |
|
– |
|
12 |
|
15 |
|
97 |
||||
| Valuation adjustment on acquired deferred services revenue |
|
3 |
|
82 |
|
5 |
|
588 |
||||
| Valuation adjustment on acquired deferred cloud revenue |
|
867 |
|
2,329 |
|
2,692 |
|
5,631 |
||||
| Non-GAAP revenues |
$ |
387,133 |
$ |
358,629 |
$ |
1,146,416 |
$ |
1,040,006 |
||||
| GAAP cost of revenue |
$ |
132,671 |
$ |
123,459 |
$ |
394,486 |
$ |
360,660 |
||||
| Amortization of acquired intangible assets on cost of product |
|
(1,123) |
|
(1,094) |
|
(2,972) |
|
(5,019) |
||||
| Amortization of acquired intangible assets on cost of services |
|
(1,535) |
|
(1,523) |
|
(4,604) |
|
(3,333) |
||||
| Amortization of acquired intangible assets on cost of cloud |
|
(15,270) |
|
(12,937) |
|
(45,118) |
|
(38,397) |
||||
| Valuation adjustment on acquired deferred cost of cloud |
|
575 |
|
594 |
|
1,893 |
|
1,254 |
||||
| Cost of product revenue adjustment (1) |
|
(97) |
|
(59) |
|
(304) |
|
(247) |
||||
| Cost of services revenue adjustment (1) |
|
(2,106) |
|
(2,113) |
|
(6,251) |
|
(5,762) |
||||
| Cost of cloud revenue adjustment (1) |
|
(358) |
|
(2,352) |
|
(2,142) |
|
(3,766) |
||||
| Non-GAAP cost of revenue |
$ |
112,757 |
$ |
103,975 |
$ |
334,988 |
$ |
305,390 |
||||
| GAAP gross profit |
$ |
253,592 |
$ |
232,747 |
$ |
749,218 |
$ |
673,030 |
||||
| Gross profit adjustments |
|
20,784 |
|
21,907 |
|
62,210 |
|
61,586 |
||||
| Non-GAAP gross profit |
$ |
274,376 |
$ |
254,654 |
$ |
811,428 |
$ |
734,616 |
||||
| GAAP operating expenses |
$ |
197,887 |
$ |
186,094 |
$ |
588,093 |
$ |
545,821 |
||||
| Research and development (1,2) |
|
(2,033) |
|
(2,638) |
|
(5,182) |
|
(6,777) |
||||
| Sales and marketing (1,2) |
|
(7,737) |
|
(9,004) |
|
(19,211) |
|
(22,158) |
||||
| General and administrative (1,2) |
|
(8,962) |
|
(6,206) |
|
(24,378) |
|
(15,156) |
||||
| Amortization of acquired intangible assets |
|
(10,780) |
|
(10,341) |
|
(32,276) |
|
(31,512) |
||||
| Valuation adjustment on acquired deferred commission |
|
76 |
|
– |
|
245 |
|
– |
||||
| Non-GAAP operating expenses |
$ |
168,451 |
$ |
157,905 |
$ |
507,291 |
$ |
470,218 |
||||
| GAAP finance & other expense (income), net |
$ |
(252) |
$ |
2,195 |
$ |
3,890 |
$ |
9,100 |
||||
| Amortization of discount on long-term debt |
|
(2,377) |
|
(2,234) |
|
(6,847) |
|
(6,491) |
||||
| Non-GAAP finance & other expense (income), net |
$ |
(2,629) |
$ |
(39) |
$ |
(2,957) |
$ |
2,609 |
||||
| GAAP taxes on income |
$ |
10,918 |
$ |
5,175 |
$ |
33,074 |
$ |
21,065 |
||||
| Tax adjustments re non-GAAP adjustments |
|
13,324 |
|
15,322 |
|
33,258 |
|
34,413 |
||||
| Non-GAAP taxes on income |
$ |
24,242 |
$ |
20,497 |
$ |
66,332 |
$ |
55,478 |
||||
| GAAP net income |
$ |
45,039 |
$ |
39,283 |
$ |
124,161 |
$ |
97,044 |
||||
| Valuation adjustment on acquired deferred revenue |
|
870 |
|
2,423 |
|
2,712 |
|
6,316 |
||||
| Valuation adjustment on acquired deferred cost of cloud revenue |
|
(575) |
|
(594) |
|
(1,893) |
|
(1,254) |
||||
| Amortization of acquired intangible assets |
|
28,708 |
|
25,895 |
|
84,970 |
|
78,261 |
||||
| Valuation adjustment on acquired deferred commission |
|
(76) |
|
– |
|
(245) |
|
– |
||||
| Share-based compensation (1) |
|
21,293 |
|
17,258 |
|
56,625 |
|
48,752 |
||||
| Acquisition related expenses (2) |
|
– |
|
5,114 |
|
843 |
|
5,114 |
||||
| Amortization of discount on long term debt |
|
2,377 |
|
2,234 |
|
6,847 |
|
6,491 |
||||
| Tax adjustments re non-GAAP adjustments |
|
(13,324) |
|
(15,322) |
|
(33,258) |
|
(34,413) |
||||
| Non-GAAP net income |
$ |
84,312 |
$ |
76,291 |
$ |
240,762 |
$ |
206,311 |
||||
| GAAP diluted earnings per share |
$ |
0.69 |
$ |
0.62 |
$ |
1.93 |
$ |
1.54 |
||||
| Non-GAAP diluted earnings per share |
$ |
1.30 |
$ |
1.20 |
$ |
3.73 |
$ |
3.27 |
||||
| Shares used in computing GAAP diluted earnings per share |
|
65,066 |
|
63,660 |
|
64,493 |
|
63,157 |
||||
| Shares used in computing non-GAAP diluted earnings per share |
|
65,066 |
|
63,660 |
|
64,493 |
|
63,157 |
||||
| NICE LTD. AND SUBSIDIARIES | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued) | ||||||||||||
| U.S. dollars in thousands | ||||||||||||
|
(1) |
Share-based Compensation | |||||||||||
|
Quarter ended |
|
Year to date |
||||||||||
|
September 30, |
|
September 30, |
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
||
| Cost of product revenue |
$ |
97 |
$ |
59 |
$ |
304 |
$ |
247 |
||||
| Cost of services revenue |
|
2,106 |
|
2,113 |
|
6,251 |
|
5,762 |
||||
| Cost of cloud revenue |
|
358 |
|
718 |
|
2,142 |
|
2,132 |
||||
| Research and development |
|
2,033 |
|
1,567 |
|
5,177 |
|
5,706 |
||||
| Sales and marketing |
|
7,737 |
|
8,930 |
|
19,181 |
|
22,084 |
||||
| General and administrative |
|
8,962 |
|
3,871 |
|
23,570 |
|
12,821 |
||||
|
$ |
21,293 |
$ |
17,258 |
$ |
56,625 |
$ |
48,752 |
|||||
|
(2) |
Acquisition related expenses | |||||||||||
|
Quarter ended |
|
Year to date |
||||||||||
|
September 30, |
|
September 30, |
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
||
| Cost of cloud revenue |
$ |
– |
$ |
1,634 |
$ |
– |
$ |
1,634 |
||||
| Research and development |
|
– |
|
1,071 |
|
5 |
|
1,071 |
||||
| Sales and marketing |
|
– |
|
74 |
|
30 |
|
74 |
||||
| General and administrative |
|
– |
|
2,335 |
|
808 |
|
2,335 |
||||
|
$ |
– |
$ |
5,114 |
$ |
843 |
$ |
5,114 |
|||||
| NICE LTD. AND SUBSIDIARIES | |||||||||||||
| CONSOLIDATED CASH FLOW STATEMENTS | |||||||||||||
| U.S. dollars in thousands | |||||||||||||
|
Quarter ended |
|
Year to date |
|||||||||||
|
September 30, |
|
September 30, |
|||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|||
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|||||||
| Operating Activities | |||||||||||||
| Net income |
$ |
45,039 |
$ |
39,283 |
$ |
124,161 |
$ |
97,044 |
|||||
| Depreciation and amortization |
|
43,924 |
|
39,426 |
|
128,744 |
|
114,283 |
|||||
| Stock based compensation |
|
21,273 |
|
17,258 |
|
56,589 |
|
48,752 |
|||||
| Amortization of premium and discount and accrued interest on marketable securities |
|
387 |
|
137 |
|
(187) |
|
(170) |
|||||
| Deferred taxes, net |
|
(12,485) |
|
(13,142) |
|
(31,107) |
|
(33,054) |
|||||
| Changes in operating assets and liabilities: | |||||||||||||
| Trade Receivables |
|
6,788 |
|
(5,771) |
|
26,900 |
|
(3,083) |
|||||
| Prepaid expenses and other assets |
|
(15,626) |
|
(4,233) |
|
(88,157) |
|
(32,461) |
|||||
| Trade payables |
|
(8,791) |
|
(8,940) |
|
(5,073) |
|
(6,608) |
|||||
| Accrued expenses and other current liabilities |
|
44,173 |
|
34,643 |
|
53,789 |
|
24,179 |
|||||
| Operating lease right-of-use assets, net |
|
4,346 |
|
– |
|
11,842 |
|
– |
|||||
| Deferred revenue |
|
(45,558) |
|
(15,279) |
|
13,311 |
|
71,827 |
|||||
| Long term liabilities |
|
(20) |
|
573 |
|
(300) |
|
(214) |
|||||
| Operating lease liabilities |
|
(2,836) |
|
– |
|
(11,995) |
|
– |
|||||
| Amortization of discount on long term debt |
|
2,379 |
|
2,234 |
|
6,848 |
|
6,491 |
|||||
| Other |
|
(672) |
|
847 |
|
(2,656) |
|
720 |
|||||
| Net cash provided by operating activities |
|
82,321 |
|
87,036 |
|
282,709 |
|
287,706 |
|||||
| Investing Activities | |||||||||||||
| Purchase of property and equipment |
|
(6,545) |
|
(7,957) |
|
(21,527) |
|
(21,521) |
|||||
| Purchase of Investments |
|
(187,752) |
|
(96,544) |
|
(493,894) |
|
(284,467) |
|||||
| Proceeds from Investments |
|
113,121 |
|
40,093 |
|
283,629 |
|
99,802 |
|||||
| Capitalization of software development costs |
|
(8,549) |
|
(7,450) |
|
(25,940) |
|
(22,926) |
|||||
| Payments for business and asset acquisitions, net of cash acquired |
|
(184) |
|
(105,046) |
|
(25,972) |
|
(105,046) |
|||||
| Net cash used in investing activities |
|
(89,909) |
|
(176,904) |
|
(283,704) |
|
(334,158) |
|||||
| Financing Activities | |||||||||||||
| Proceeds from issuance of shares upon exercise of share options |
|
1,693 |
|
10,533 |
|
4,711 |
|
17,976 |
|||||
| Purchase of treasury shares |
|
(7,897) |
|
– |
|
(22,612) |
|
(10,613) |
|||||
| Repayment of short-term bank loan |
|
– |
|
(8,436) |
|
– |
|
(8,436) |
|||||
| Capital Lease payments |
|
(191) |
|
– |
|
(631) |
|
– |
|||||
| Net cash used in financing activities |
|
(6,395) |
|
2,097 |
|
(18,532) |
|
(1,073) |
|||||
| Effect of exchange rates on cash and cash equivalents |
|
(1,489) |
|
(875) |
|
(1,733) |
|
(4,607) |
|||||
| Net change in cash and cash equivalents |
|
(15,472) |
|
(88,646) |
|
(21,260) |
|
(52,132) |
|||||
| Cash and cash equivalents, beginning of period |
$ |
236,311 |
$ |
364,816 |
$ |
242,099 |
$ |
328,302 |
|||||
| Cash and cash equivalents, end of period |
$ |
220,839 |
$ |
276,170 |
$ |
220,839 |
$ |
276,170 |
|||||
Contacts
NICE Investors
Marty Cohen, +1 551 256 5354, ET, [email protected]
Yisca Erez, +972 9 775-3798, CET, [email protected]
Media Contact
Chris Irwin-Dudek, +1 (551) 256-5140, [email protected]
