Record Total Revenue and Operating Income
for the Fourth Quarter and Full Year of 2018
NICE (NASDAQ: NICE) today announced results for the
fourth quarter and full year ended December 31, 2018.
Full Year 2018 Financial
Highlights
GAAP Non-GAAP Record revenue of $1,445
million, growth of 8% year-over-year Record revenue of
$1,463 million, growth of 9% year-over-year Cloud revenue of $461
million, growth of 28% year-over-year Cloud revenue of $470
million, growth of 27% year-over-year Gross margin of 65.6%
compared to 64.8% last year Gross margin of 71.1% compared
to 71.6% last year Record operating income of $198 million compared
to $150 million last year, 32% growth year-over-year Record
operating income of $379 million compared to $336 million last
year, 13% growth year-over-year Operating margin of 13.7% compared
to 11.3% last year Operating margin of 25.9% compared to
25.0% last year Record diluted EPS of $2.52 versus $2.31 last year,
9% growth year-over-year Record diluted EPS of $4.69 versus
$4.10 last year, 14% growth year-over-year Record cash flow from
operations of $397 million
The GAAP column of the table contains the
financial highlights of the full year 2018 under ASC 606 with the
comparison period under ASC 605.
The non-GAAP column of the table contains
the financial highlights of the full year 2018 under ASC 605 with
the comparison period under ASC 605.
Fourth Quarter 2018 Financial
Highlights
GAAP Non-GAAP Record revenue of $411
million, growth of 5% year-over-year Record revenue of $420
million, growth of 6% year-over-year Cloud revenue of $132 million,
growth of 30% year-over-year Cloud revenue of $134 million,
growth of 29% year-over-year Gross margin of 66.9% compared to
68.4% last year Gross margin of 72.4% compared to 74.2% last
year Operating income of $70 million compared to $63 million last
year Record operating income of $119 million compared to
$112 million last year Operating margin of 17.1% compared to 16.1%
last year Operating margin of 28.3% compared to 28.4% last
year Diluted EPS of $0.98 versus $1.27 last year Record
diluted EPS of $1.47 versus $1.35 last year Cash flow from
operations of $109 million, 26% growth year-over-year
The GAAP column of the table contains the
financial highlights of the fourth quarter 2018 under ASC 606 with
the comparison period under ASC 605.
The non-GAAP column of the table contains
the financial highlights of the fourth quarter 2018 under ASC 605
with the comparison period under ASC 605.
“We are pleased to end the year on a high note as 2018 was a
year marked by robust growth and record results,” said Barak Eilam,
CEO of NICE. “For the full-year 2018, we reported strong growth in
cloud revenue and operating income, an increase in recurring
revenue, further growth in the operating margin and a record year
for cash flow generation.”
Mr. Eilam continued, “We are stepping into 2019 with great
momentum across all of our businesses fueled by our two market
differentiating platforms - CXone for Customer Engagement and
X-Sight for Financial Crime and Compliance. Our assets, investments
and market leadership in cloud, analytics and artificial
intelligence are driving us forward and providing tremendous future
opportunities.
“As we look ahead to the next five years, our strong leadership
position will allow us to quickly expand into a total addressable
market of over $12 billion from $7 billion today, providing us the
opportunity to far exceed the $2 billion revenue mark, to see the
majority of our revenue come from the cloud and to have a greater
than 30% operating margin.”
NICE Investor Day
NICE will be hosting its Investor Day on April 16th in
conjunction with its Interactions annual user conference in Las
Vegas. The special program for analysts and investors will include
meetings with NICE executives, presentations from customers,
product and technology sessions, and access to the solutions
showcase. If you haven’t registered, please email NICE at
IR@NICE.com.
GAAP Financial Highlights for the Fourth Quarter and Full
Year Ended December 31:
The GAAP numbers presented below for the fourth quarter and full
year 2018 are under ASC 606 and the comparison period GAAP numbers
for the fourth quarter and full year 2017 are under ASC 605.
Revenues: Fourth quarter 2018 total revenues increased
4.7% to $410.8 million compared to $392.2 million for the fourth
quarter of 2017.Full year 2018 total revenues increased 8.4% to
$1,444.5 million compared to $1,332.2 million for the full year
2017.
Gross Profit: Fourth quarter 2018 gross profit increased
to $274.7 million compared to $268.3 million for the fourth quarter
of 2017 and fourth quarter 2018 gross margin was 66.9% compared to
68.4% for the fourth quarter of 2017.Full year 2018 gross profit
and gross margin increased to $947.7 million and 65.6%,
respectively, compared to $863.5 million and 64.8%, respectively,
for the full year 2017.
Operating Income: Fourth quarter 2018 operating income
and operating margin increased to $70.4 million and 17.1%,
respectively, compared to $63.2 million and 16.1%, respectively,
for the fourth quarter of 2017.Full year 2018 operating income and
operating margin increased to $197.6 million and 13.7%,
respectively, compared to $150.1 million and 11.3%, respectively,
for the full year 2017.
Net Income: Fourth quarter 2018 net income and net income
margin were $62.3 million and 15.2%, respectively, compared to
$79.4 million and 20.2%, respectively, for the fourth quarter of
2017.Full year 2018 net income and net income margin increased to
$159.3 million and 11.0%, respectively, compared to $143.3 million
and 10.8%, respectively, for the full year 2017.
Fully Diluted Earnings Per Share: Fully diluted earnings
per share for the fourth quarter of 2018 was $0.98 compared to
$1.27 in the fourth quarter of 2017.Fully diluted earnings per
share for the full year 2018 increased to $2.52 compared to $2.31
for the full year 2017.
Operating Cash Flow and Cash Balance: Fourth quarter 2018
operating cash flow was $108.9 million and full year operating cash
flow reached $396.6 million. In the fourth quarter, $15.4 million
was used for share repurchases and $26.0 million was used for share
repurchases for the full year of 2018. As of December 31, 2018,
total cash and cash equivalents, short term investments and
marketable securities were $730.8 million, and total debt was
$456.0 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full
Year Ended December 31:
The non-GAAP numbers presented below for the fourth quarter and
full year 2018 and the comparison period non-GAAP numbers for the
fourth quarter and full year 2017 are both under ASC 605.
Revenues: Fourth quarter 2018 non-GAAP total revenues
increased to $419.9 million, up 6.1% from $395.8 million for the
fourth quarter of 2017.Non-GAAP total revenues for the full year
2018 increased 8.7% to $1,462.7 million compared to $1,345.9
million for the full year 2017.
Gross Profit: Fourth quarter 2018 non-GAAP gross profit
increased to $303.8 million compared to $293.5 million for the
fourth quarter of 2017. Fourth quarter 2018 Non-GAAP gross margin
was 72.4% compared to 74.2% for the fourth quarter of 2017.Full
year 2018 non-GAAP gross profit increased to $1,040.6 million
compared to $963.5 million and full year 2018 non-GAAP gross margin
was 71.1% compared to 71.6% for the full year 2017.
Operating Income: Fourth quarter 2018 non-GAAP operating
income increased to $118.7 million compared to $112.4 million for
the fourth quarter of 2017. Fourth quarter 2018 Non-GAAP operating
margin was 28.3% compared to 28.4% for the fourth quarter of
2017.Full year 2018 non-GAAP operating income and non-GAAP
operating margin increased to $378.6 million and 25.9%,
respectively, from $336.3 million and 25.0%, respectively, for the
full year 2017.
Net Income: Fourth quarter 2018 non-GAAP net income and
non-GAAP net income margin increased to $93.9 million and 22.4%,
respectively, from $84.5 million and 21.3%, respectively, for the
fourth quarter of 2017.Full year 2018 non-GAAP net income and
non-GAAP net income margin increased to $296.7 million and 20.3%,
respectively, from $254.5 million and 18.9%, respectively, for the
full year 2017.
Fully Diluted Earnings Per Share: Fourth quarter 2018
non-GAAP fully diluted earnings per share increased 8.9% to $1.47,
compared to $1.35 for the fourth quarter of 2017.Full year 2018
non-GAAP fully diluted earnings per share increased 14.4% to $4.69
compared to $4.10 for the full year 2017.
First Quarter and Full Year 2019 Guidance:
Effective January 1st, 2018, the company adopted ASC 606 using
the modified retrospective method for GAAP reporting purposes.
Starting in January 2019 the guidance, as well as our financial
results, will be provided using the accounting standard ASC 606 for
all 2019 quarters and the full year 2019. Comparative results
throughout 2019 will be compared to ASC 606 results for 2018.
First Quarter 2019: First quarter 2019 non-GAAP total
revenues are expected to be in a range of $370 million to $380
million (2018 non-GAAP: $337.6 million). First quarter 2019
non-GAAP fully diluted earnings per share are expected to be in a
range of $1.05 to $1.15 (2018 non-GAAP: $0.97).
Full Year 2019: Full year 2019 non-GAAP total revenues
are expected to be in a range of $1,558 million to $1,582 million
(2018 non-GAAP: $1,453.4 million). Full year 2019 non-GAAP fully
diluted earnings per share are expected to be in a range of $5.08
to $5.28 (2018 non-GAAP: $4.75).
Quarterly Results Conference Call
NICE management will host its earnings conference call today,
February 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 990 622 84. 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
http://www.nice.com/news-and-events/ir-events. 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 635 176 28.
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,
re-organization expenses, tax adjustment re non-GAAP adjustments
and tax reform and ASC 606 to ASC 605 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 NICENICE (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 StatementsThis 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 fourth-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 CONSOLIDATED STATEMENTS OF INCOME U.S.
dollars in thousands (except per share amounts)
Quarter ended Year ended December 31,
December 31, 2018 2017 2018 2017
Unaudited Unaudited Audited Audited Revenue: Product $
92,941 $ 114,822 $ 263,805 $ 318,946 Services 186,073 175,947
719,531 652,040 Cloud 131,815 101,466
461,183 361,166 Total revenue 410,829
392,235 1,444,519 1,332,152 Cost
of revenue: Product 7,679 11,397 31,065 51,065 Services 59,087
59,128 229,671 225,020 Cloud 69,389 53,436
236,079 192,588 Total cost of revenue
136,155 123,961 496,815 468,673
Gross profit 274,674 268,274 947,704 863,479
Operating expenses: Research and development, net 46,807 50,132
183,830 181,107 Selling and marketing 100,421 107,070 370,659
361,328 General and administrative 46,275 37,313 153,323 129,071
Amortization of acquired intangible assets 10,764
10,583 42,276 41,902 Total operating
expenses 204,267 205,098 750,088
713,408 Operating income 70,407 63,176 197,616
150,071 Finance and other expense, net 1,829
3,698 10,901 20,411 Income
before tax 68,578 59,478 186,715 129,660 Taxes on income (Tax
benefits) 6,284 (19,910 ) 27,377
(13,631 ) Net income $ 62,294 $ 79,388 $ 159,338 $ 143,291
Basic earnings per share $ 1.01 $ 1.30 $ 2.60
$ 2.37 Diluted earnings per share $ 0.98 $ 1.27 $
2.52 $ 2.31 Weighted average number of shares
outstanding used to compute: Basic earnings per share 61,824
60,861 61,387 60,444 Diluted earnings per share 63,760 62,534
63,309 62,119
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS AND ASC 606 TO
NON-GAAP ASC 605 U.S. dollars in thousands (except per share
amounts)
Quarter ended Year
ended December 31, December 31,
2018 2017 2018
2017 GAAP revenues $ 410,829 $ 392,235
$ 1,444,519 $ 1,332,152 Valuation adjustment on acquired deferred
product revenue - 15 97 317 Valuation adjustment on acquired
deferred services revenue 44 752 632 4,667 Valuation adjustment on
acquired deferred cloud revenue 2,550 2,760 8,181 8,754 ASC 606 to
ASC 605 revenue adjustment 6,467 -
9,242 - Non-GAAP revenues $ 419,890
$ 395,762 $ 1,462,671 $ 1,345,890
GAAP cost of revenue $ 136,155 $ 123,961 $ 496,815 $
468,673 Amortization of acquired intangible assets on cost of
product (870 ) (5,296 ) (5,889 ) (23,782 ) Amortization of acquired
intangible assets on cost of services (1,778 ) (987 ) (5,111 )
(6,341 ) Amortization of acquired intangible assets on cost of
cloud (15,504 ) (12,646 ) (53,901 ) (46,352 ) Valuation adjustment
on acquired deferred cost of cloud 929 353 2,183 1,486 Cost of
product revenue adjustment (1) (113 ) (189 ) (360 ) (683 ) Cost of
services revenue adjustment (1,3) (1,867 ) (2,071 ) (7,629 ) (7,696
) Cost of cloud revenue adjustment (1,3) (888 ) (833 ) (4,654 )
(2,965 ) ASC 606 to ASC 605 cost of revenue adjustment 14
- 664 - Non-GAAP
cost of revenue $ 116,078 $ 102,292 $ 422,118
$ 382,340 GAAP gross profit $ 274,674 $
268,274 $ 947,704 $ 863,479 Gross profit adjustments 29,138
25,196 92,849 100,071
Non-GAAP gross profit $ 303,812 $ 293,470 $
1,040,553 $ 963,550 GAAP operating
expenses $ 204,267 $ 205,098 $ 750,088 $ 713,408 Research and
development (1,3) (1,648 ) (2,394 ) (8,425 ) (9,045 ) Sales and
marketing (1,3) (5,371 ) (6,083 ) (27,650 ) (23,243 ) General and
administrative (1,2,3) (8,584 ) (4,983 ) (23,740 ) (12,010 )
Amortization of acquired intangible assets (10,764 ) (10,583 )
(42,276 ) (41,902 ) Valuation adjustment on acquired deferred
commission 322 - 443 - ASC 606 to ASC 605 operating expenses
adjustment 6,940 - 13,483
- Non-GAAP operating expenses $ 185,162 $
181,055 $ 661,923 $ 627,208 GAAP
finance & other expense, net $ 1,829 $ 3,698 $ 10,901 $ 20,411
Amortization of discount on long-term debt (2,179 )
(2,149 ) (8,670 ) (13,547 ) Non-GAAP finance &
other expense (income), net $ (350 ) $ 1,549 $ 2,231
$ 6,864 GAAP taxes on income $ 6,284 $ (19,910
) $ 27,377 $ (13,631 ) Tax adjustments re non-GAAP adjustments
18,939 15,373 53,352 57,671 Tax reform adjustment - 30,923 - 30,923
Tax adjustment re ASC 606 to ASC 605 (94 ) -
(1,029 ) - Non-GAAP taxes on income $ 25,129
$ 26,386 $ 79,700 $ 74,963
GAAP net income $ 62,294 $ 79,388 159,338 $ 143,291
Valuation adjustment on acquired deferred revenue 2,594 3,527 8,910
13,738 Valuation adjustment on acquired deferred cost of cloud
revenue (929 ) (353 ) (2,183 ) (1,486 ) Amortization of acquired
intangible assets 28,916 29,512 107,177 118,377 Valuation
adjustment on acquired deferred commission (322 ) - (443 ) -
Share-based compensation (1) 18,471 16,080 67,223 56,980
Re-organization expenses (2) - - - (3,067 ) Acquisition related
expenses (3) - 473 5,235 1,729 Amortization of discount on long
term debt 2,179 2,149 8,670 13,547 Tax adjustments re non-GAAP
adjustments and tax reform (18,939 ) (46,296 ) (53,352 ) (88,594 )
ASC 606 to ASC 605 adjustments (393 ) -
(3,876 ) - Non-GAAP net income $ 93,871 $
84,480 $ 296,699 $ 254,515 GAAP diluted
earnings per share $ 0.98 $ 1.27 $ 2.52 $ 2.31
Non-GAAP diluted earnings per share $ 1.47 $
1.35 $ 4.69 $ 4.10 Shares used in
computing GAAP diluted earnings per share 63,760 62,534 63,309
62,119 Shares used in computing non-GAAP diluted earnings
per share 63,760 62,534 63,309 62,119
NICE
LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP
RESULTS AND ASC 606 TO NON-GAAP ASC 605 (continued) U.S.
dollars in thousands
(1)
Share-based
Compensation
Quarter ended Year ended December 31,
December 31, 2018 2017
2018 2017
Cost of product revenue $ (113 ) $ (189 ) $ (360 ) $ (683 ) Cost of
services revenue (1,867 ) (2,064 ) (7,629 ) (7,689 ) Cost of cloud
revenue (888 ) (833 ) (3,020 ) (2,965 ) Research and development
(1,648 ) (2,387 ) (7,354 ) (9,038 ) Sales and marketing (5,371 )
(6,022 ) (27,455 ) (23,107 ) General and administrative
(8,584 ) (4,585 ) (21,405 ) (13,498 ) $
(18,471 ) $ (16,080 ) $ (67,223 ) $ (56,980 )
(2)
Re-organization
expenses
Quarter ended Year ended December 31,
December 31, 2018 2017
2018 2017
General and administrative $ - $ - $ - $ 3,067
$ - $ - $ - $ 3,067
(3)
Acquisition
related expenses
Quarter ended Year ended December 31,
December 31, 2018 2017
2018 2017
Cost of service revenue $ - $ (7 ) $ - $ (7 ) Cost of cloud revenue
- - (1,634 ) - Research and development - (7 ) (1,071 ) (7 ) Sales
and marketing - (61 ) (195 ) (136 ) General and administrative
- (398 ) (2,335 ) (1,579 ) $ -
$ (473 ) $ (5,235 ) $ (1,729 )
NICE LTD.
AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31,
December 31, 2018 2017 Audited Audited
ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 242,099 $ 328,302 Short-term investments 243,729
63,951 Trade receivables 287,963 230,729 Prepaid expenses and other
current assets 87,450 70,074 Total current
assets 861,241 693,056
LONG-TERM
ASSETS: Long-term investments 244,998 132,820 Property and
equipment, net 140,338 118,275 Deferred tax assets 12,309 11,850
Other intangible assets, net 508,232 551,347 Goodwill 1,366,206
1,318,242 Other long-term assets 74,042 19,496
Total long-term assets 2,346,125 2,152,030
TOTAL ASSETS $ 3,207,366 $ 2,845,086
LIABILITIES
AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES:
Trade payables $ 29,617 $ 29,438 Deferred revenues and advances
from customers 221,387 184,564 Accrued expenses and other
liabilities 373,908 309,350 Total current
liabilities 624,912 523,352
LONG-TERM
LIABILITIES: Deferred revenues and advances from customers
35,112 37,550 Deferred tax liabilities 44,140 57,796 Long-term debt
455,985 447,642 Other long-term liabilities 30,604
29,185 Total long-term liabilities 565,841
572,173
SHAREHOLDERS' EQUITY 2,016,613
1,749,561
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 3,207,366 $ 2,845,086
NICE
LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
Quarter ended
Year ended
December 31,
December 31,
2018 2017 2018 2017 Unaudited Unaudited Audited Audited
Operating
Activities
Net income $ 62,294 $ 79,388 $ 159,338 $ 143,291
Depreciation and amortization 42,859 40,992 157,142 156,301 Stock
based compensation 18,471 16,080 67,223 56,980 Amortization of
premium and discount and accrued interest on marketable securities
(428 ) 222 (598 ) 646 Deferred taxes, net 2,882 (36,696 ) (30,172 )
(70,884 ) Changes in operating assets and liabilities: Trade
Receivables (69,500 ) (35,075 ) (72,583 ) 37,735 Prepaid expenses
and other current assets 2,609 6,856 (29,852 ) (6,839 ) Trade
payables 3,082 2,029 (3,526 ) 2,665 Accrued expenses and other
current liabilities 23,916 34,162 48,095 25,541 Deferred revenue
20,941 (23,552 ) 92,768 41,624 Long term liabilities (810 ) (117 )
(1,024 ) (5,169 ) Amortization of discount on long term debt 2,179
2,149 8,670 13,547 Other 408 150
1,128 (776 ) Net cash provided by operating
activities 108,903 86,588
396,609 394,662
Investing
Activities
Purchase of property and equipment (9,921 ) (8,467 ) (31,442
) (39,889 ) Purchase of Investments (145,033 ) (37,406 ) (429,500 )
(133,423 ) Proceeds from Investments 37,378 12,669 137,180 64,295
Capitalization of software development costs (9,299 ) (6,890 )
(32,225 ) (27,936 ) Payments for business acquisitions, net of cash
acquired 270 (38,147 ) (104,776 )
(76,027 ) Net cash used in investing activities
(126,605 ) (78,241 ) (460,763 ) (212,980 )
Financing
Activities
Proceeds from issuance of shares upon exercise of share
options 1,072 2,453 19,048 19,240 Purchase of treasury shares
(15,391 ) (4,114 ) (26,004 ) (24,428 ) Dividends paid - - - (9,637
) Capital Lease payments (876 ) - (876 ) (137 ) Repayment of long
term debt - - - (260,000 ) Proceeds from issuance of exchangeable
notes - - - 260,135 Repayment of short-term bank loan -
- (8,436 ) - Net cash
used in financing activities (15,195 ) (1,661 )
(16,268 ) (14,827 ) Effect of exchange rates
on cash and cash equivalents (1,174 ) 687
(5,781 ) 4,421 Net change in cash and
cash equivalents (34,071 ) 7,373
(86,203 ) 171,276 Cash and cash equivalents, beginning of period
276,170 320,929 328,302
157,026 Cash and cash equivalents, end of
period $ 242,099 $ 328,302 $ 242,099 $ 328,302
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190214005364/en/
InvestorsMarty Cohen, +1 551 256 5354, ET,
ir@nice.comYisca Erez, +972 9 775-3798, CET, ir@nice.com
Media ContactChris Irwin-Dudek, +1 (551) 256-5140,
Chris.Irwin-Dudek@nice.com
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