Operational Excellence Drives
Double-Digit Growth in FY 2019 Operating Income and EPS
Company Announces New $200 Million Share
Repurchase Program
NICE (NASDAQ: NICE) today announced results for the fourth
quarter and full year ended December 31, 2019.
Full Year 2019 Financial Highlights
GAAP
Non-GAAP
Record
revenue of $1,574 million, growth of 9% year-over-year
Record
revenue of $1,577 million, growth of 9% year-over-year
Cloud
revenue of $596 million, growth of 29% year-over-year
Cloud
revenue of $599 million, growth of 28% year-over-year
Gross
margin of 66.2% compared to 65.6% last year
Gross
margin of 71.3% compared to 71.0% last year
Record
operating income of $239 million compared to $198
million last year, 21% growth
year-over-year
Record
operating income of $434 million compared to $384
million last year,13% growth
year-over-year
Operating margin of 15.2% compared to 13.7%
last year
Operating margin of 27.5% compared to 26.4%
last year
Record
diluted EPS of $2.88 versus $2.52 last year, 14% growth
year-over-year
Record
diluted EPS of $5.31 versus $4.75 last year, 12% growth
year-over-year
Fourth Quarter 2019 Financial Highlights
GAAP
Non-GAAP
Record
revenue of $430 million, growth of 5% year-over-year
Record
revenue of $431 million, growth of 4% year-over-year
Cloud
revenue of $167 million, growth of 27% year-over-year
Cloud
revenue of $168 million, growth of 25% year-over-year
Gross
margin of 68.1% compared to 66.9% last year
Gross
margin of 72.8% compared to 71.9% last year
Record
operating income of $78 million compared to $70 million last
year
Record
operating income of $130 million compared to $119 million last
year
Operating margin of 18.0% compared to 17.1%
last year
Operating margin of 30.2% compared to 28.8%
last year
Diluted
EPS of $0.95 versus $0.98 last year
Record
diluted EPS of $1.58 versus $1.48 last year
“We are pleased to end the
year on a high note with strong overall financial results, which
were driven by continued strength in cloud revenue,” said Barak
Eilam, CEO, NICE. “Our cloud revenue, which represented 38% of
total revenues for the full-year 2019 compared to 32% for 2018, is
being powered by the ongoing rapid adoption in all market segments
of our CXone cloud platform. In 2019, we also maintained a sharp
focus on operational efficiency demonstrated by continued strong
growth in the operating margin and bottom line earnings per
share.”
Mr. Eilam continued, “2019 was
a pivotal year as it marked the end point of our NICE 2020 plan. We
far exceeded the goals we set for ourselves at the onset of NICE
2020, and the success we had is paving the way for NICE 2025. Over
the next several years, we will continue to witness rapid changes
in our markets, including cloud becoming the default choice for
enterprises of all sizes globally, digital engagements growing
exponentially and virtually every process being powered by AI and
analytics. We are in the driver's seat and in a very strong
competitive position to capitalize on these changes taking place
with the three most robust platforms in our markets – CXone for
Customer Experience, X-Sight for Financial Crime and Compliance and
NICE Investigate for Public Safety.”
NICE Investor Day NICE will be hosting its Investor Day
on May 12th 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.
Share Repurchase Program The Company announced that its
Board of Directors has authorized a new program to repurchase up to
$200 million of its issued and outstanding ordinary shares and
ADRs. Repurchases may be made from time to time in the open market
or in privately negotiated transactions and will be in accordance
with applicable securities laws and regulations. The timing and
amount of the repurchase transactions will be determined by
management and may depend on a variety of factors, including market
conditions, alternative investment opportunities and other
considerations. The program does not obligate the Company to
acquire any particular amount of ordinary shares and ADRs and the
program may be modified or discontinued at any time without prior
notice. This new program is in addition to the repurchase program
previously authorized by the Company’s Board of Directors announced
in January 2017, in which approximately $60 miilion remains
available for repurchases.
GAAP Financial Highlights for the Fourth Quarter and Full
Year Ended December 31:
Revenues: Fourth quarter 2019 total revenues increased
4.7% to $430.2 million compared to $410.8 million for the fourth
quarter of 2018.
Full year 2019 total revenues increased 9.0% to $1,573.9 million
compared to $1,444.5 million for the full year 2018.
Gross Profit: Fourth quarter 2019 gross profit increased
to $292.9 million compared to $274.7 million for the fourth quarter
of 2018 and fourth quarter 2019 gross margin also increased to
68.1% compared to 66.9% for the fourth quarter of 2018.
Full year 2019 gross profit and gross margin increased to
$1,042.1 million and 66.2%, respectively, compared to $947.7
million and 65.6%, respectively, for the full year 2018.
Operating Income: Fourth quarter 2019 operating income
and operating margin increased to $77.6 million and 18.0%,
respectively, compared to $70.4 million and 17.1%, respectively,
for the fourth quarter of 2018.
Full year 2019 operating income and operating margin increased
to $238.7 million and 15.2%, respectively, compared to $197.6
million and 13.7%, respectively, for the full year 2018.
Net Income: Fourth quarter 2019 net income and net income
margin were $61.7 million and 14.4%, respectively, compared to
$62.3 million and 15.2%, respectively, for the fourth quarter of
2018.
Full year 2019 net income and net income margin increased to
$185.9 million and 11.8%, respectively, compared to $159.3 million
and 11.0%, respectively, for the full year 2018.
Fully Diluted Earnings Per Share: Fully diluted earnings
per share for the fourth quarter of 2019 was $0.95 compared to
$0.98 in the fourth quarter of 2018.
Fully diluted earnings per share for the full year 2019
increased to $2.88 compared to $2.52 for the full year 2018.
Operating Cash Flow and Cash Balance: Fourth quarter 2019
operating cash flow was $91.4 million and full year operating cash
flow reached $374.2 million. In the fourth quarter, $24.7 million
was used for share repurchases and $47.3 million was used for share
repurchases for the full year of 2019. As of December 31, 2019,
total cash and cash equivalents, short and long term investments
were $981.5 million, and total debt was $464.9 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full
Year Ended December 31:
Revenues: Fourth quarter 2019 Non-GAAP total revenues
increased to $431.1 million, up 4.3% from $413.4 million for the
fourth quarter of 2018.
Non-GAAP total revenues for the full year 2019 increased 8.5% to
$1,577.5 million compared to $1,453.4 million for the full year
2018.
Gross Profit: Fourth quarter 2019 Non-GAAP gross profit
increased to $313.8 million compared to $297.4 million for the
fourth quarter of 2018. Fourth quarter 2019 Non-GAAP gross margin
also increased to 72.8% compared to 71.9% for the fourth quarter of
2018.
Full year 2019 Non-GAAP gross profit increased to $1,125.3
million compared to $1,032.0 million and full year 2019 Non-GAAP
gross margin also increased 71.3% compared to 71.0% for the full
year 2018.
Operating Income: Fourth quarter 2019 Non-GAAP operating
income increased to $130.2 million compared to $119.1 million for
the fourth quarter of 2018. Fourth quarter 2019 Non-GAAP operating
margin also increased to 30.2% compared to 28.8% for the fourth
quarter of 2018.
Full year 2019 Non-GAAP operating income and Non-GAAP operating
margin increased to $434.4 million and 27.5%, respectively, from
$383.5 million and 26.4%, respectively, for the full year 2018.
Net Income: Fourth quarter 2019 Non-GAAP net income and
Non-GAAP net income margin increased to $102.6 million and 23.8%,
respectively, from $94.3 million and 22.8%, respectively, for the
fourth quarter of 2018.
Full year 2019 Non-GAAP net income and Non-GAAP net income
margin increased to $343.4 million and 21.8%, respectively, from
$300.6 million and 20.7%, respectively, for the full year 2018.
Fully Diluted Earnings Per Share: Fourth quarter 2019
Non-GAAP fully diluted earnings per share increased 6.8% to $1.58,
compared to $1.48 for the fourth quarter of 2018.
Full year 2019 Non-GAAP fully diluted earnings per share
increased 11.8% to $5.31 compared to $4.75 for the full year
2018.
First Quarter and Full Year 2020 Guidance:
First Quarter 2020: First quarter 2020 Non-GAAP total
revenues are expected to be in a range of $406 million to $416
million. First quarter 2020 Non-GAAP fully diluted earnings per
share are expected to be in a range of $1.27 to $1.37.
Full Year 2020: Full year 2020 Non-GAAP total revenues
are expected to be in a range of $1,690 million to $1,710 million.
Full year 2020 Non-GAAP fully diluted earnings per share are
expected to be in a range of $5.65 to $5.85.
Quarterly Results Conference Call
NICE management will host its earnings conference call today
February 13th, 2020 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 into 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 423 238 18. 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 372 354
60.
Non-GAAP financial measures are included in this press release.
Non-GAAP financial measures consist of GAAP financial measures
adjusted to exclude share-based compensation, amortization of
acquired intangible assets, acquisition related expenses,
amortization of discount on long term debt and the tax effect of
the Non-GAAP adjustments. Business combination accounting rules
require the recognition of a legal performance obligation related
to a revenue arrangement of an acquired entity as a liability. The
amount assigned to such liability should be based on its fair value
at the date of acquisition. The Non-GAAP adjustment for a revenue
arrangement is intended to reflect the full amount of such revenue.
The Company believes that these Non-GAAP financial measures, used
in conjunction with the corresponding GAAP measures, provide
investors with useful supplemental information about the financial
performance of our business. We believe Non-GAAP financial measures
are useful to investors as a measure of the ongoing performance of
our business. Our management regularly uses our supplemental
Non-GAAP financial measures internally to understand, manage and
evaluate our business and to make financial, strategic and
operating decisions. These Non-GAAP measures are among the primary
factors management uses in planning for and forecasting future
periods. 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.
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. The
Company provides guidance only on a Non-GAAP basis. A
reconciliation of guidance from a GAAP to Non-GAAP basis is not
available due to the unpredictability and uncertainty associated
with future events that would be reported in GAAP results and would
require adjustments between GAAP and Non-GAAP financial measures,
including the impact of future possible business acquisitions.
Accordingly, a reconciliation of the guidance based on Non-GAAP
financial measures to corresponding GAAP financial measures for
future periods is not available without unreasonable effort.
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 CONSOLIDATED STATEMENTS OF
INCOME U.S. dollars in thousands (except per share amounts)
Quarter ended Year ended December
31, December 31,
2019
2018
2019
2018
Unaudited
Unaudited
Audited
Audited
Revenue: Product
$ 80,101
$ 92,941
$ 269,100
$ 263,805
Services
183,117
186,073
709,064
719,531
Cloud
166,990
131,815
595,748
461,183
Total revenue
430,208
410,829
1,573,912
1,444,519
Cost of revenue: Product
6,076
7,679
22,926
31,065
Services
54,772
59,087
218,990
229,671
Cloud
76,434
69,389
289,852
236,079
Total cost of revenue
137,282
136,155
531,768
496,815
Gross profit
292,926
274,674
1,042,144
947,704
Operating expenses: Research and development, net
52,165
46,807
193,718
183,830
Selling and marketing
106,221
100,421
399,304
370,659
General and administrative
46,841
46,275
168,022
153,323
Amortization of acquired intangible assets
10,107
10,764
42,383
42,276
Total operating expenses
215,334
204,267
803,427
750,088
Operating income
77,592
70,407
238,717
197,616
Finance and other expense, net
554
1,829
4,444
10,901
Income before tax
77,038
68,578
234,273
186,715
Taxes on income
15,295
6,284
48,369
27,377
Net income
$ 61,743
$ 62,294
$ 185,904
$ 159,338
Earnings per share: Basic
$ 0.99
$ 1.01
$ 2.99
$ 2.60
Diluted
$ 0.95
$ 0.98
$ 2.88
$ 2.52
Weighted average shares outstanding: Basic
62,357
61,824
62,120
61,387
Diluted
65,161
63,760
64,661
63,309
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO
NON-GAAP RESULTS U.S. dollars in thousands (except per share
amounts)
Quarter ended Year ended December
31, December 31,
2019
2018
2019
2018
GAAP revenues
$ 430,208
$ 410,829
$ 1,573,912
$ 1,444,519
Valuation adjustment on acquired deferred product revenue
-
-
15
97
Valuation adjustment on acquired deferred services revenue
-
44
5
632
Valuation adjustment on acquired deferred cloud revenue
842
2,550
3,534
8,181
Non-GAAP revenues
$ 431,050
$ 413,423
$ 1,577,466
$ 1,453,429
GAAP cost of revenue
$ 137,282
$ 136,155
$ 531,768
$ 496,815
Amortization of acquired intangible assets on cost of product
(1,134)
(870)
(4,106)
(5,889)
Amortization of acquired intangible assets on cost of services
(1,522)
(1,778)
(6,126)
(5,111)
Amortization of acquired intangible assets on cost of cloud
(15,323)
(15,504)
(60,441)
(53,901)
Valuation adjustment on acquired deferred cost of cloud
532
929
2,425
2,183
Cost of product revenue adjustment (1)
131
(113)
(173)
(360)
Cost of services revenue adjustment (1)
(1,941)
(1,867)
(8,192)
(7,629)
Cost of cloud revenue adjustment (1,2)
(813)
(888)
(2,955)
(4,654)
Non-GAAP cost of revenue
$ 117,212
$ 116,064
$ 452,200
$ 421,454
GAAP gross profit
$ 292,926
$ 274,674
$ 1,042,144
$ 947,704
Gross profit adjustments
20,912
22,685
83,122
84,271
Non-GAAP gross profit
$ 313,838
$ 297,359
$ 1,125,266
$ 1,031,975
GAAP operating expenses
$ 215,334
$ 204,267
$ 803,427
$ 750,088
Research and development (1,2)
(2,896)
(1,648)
(8,078)
(8,425)
Sales and marketing (1,2)
(7,468)
(5,371)
(26,679)
(27,650)
General and administrative (1,2)
(11,327)
(8,584)
(35,705)
(23,740)
Amortization of acquired intangible assets
(10,107)
(10,764)
(42,383)
(42,276)
Valuation adjustment on acquired deferred commission
62
322
307
443
Non-GAAP operating expenses
$ 183,598
$ 178,222
$ 690,889
$ 648,440
GAAP finance & other expense (income), net
$ 554
$ 1,829
$ 4,444
$ 10,901
Amortization of discount on long-term debt
(2,388)
(2,179)
(9,235)
(8,670)
Non-GAAP finance & other expense (income), net
$ (1,834)
$ (350)
$ (4,791)
$ 2,231
GAAP taxes on income
$ 15,295
$ 6,284
$ 48,369
$ 27,377
Tax adjustments re non-GAAP adjustments
14,142
18,939
47,400
53,352
Non-GAAP taxes on income
$ 29,437
$ 25,223
$ 95,769
$ 80,729
GAAP net income
$ 61,743
$ 62,294
$ 185,904
$ 159,338
Valuation adjustment on acquired deferred revenue
842
2,594
3,554
8,910
Valuation adjustment on acquired deferred cost of cloud revenue
(532)
(929)
(2,425)
(2,183)
Amortization of acquired intangible assets
28,086
28,916
113,056
107,177
Valuation adjustment on acquired deferred commission
(62)
(322)
(307)
(443)
Share-based compensation (1)
24,314
18,471
80,939
67,223
Acquisition related expenses (2)
-
-
843
5,235
Amortization of discount on long term debt
2,388
2,179
9,235
8,670
Tax adjustments re non-GAAP adjustments
(14,142)
(18,939)
(47,400)
(53,352)
Non-GAAP net income
$ 102,637
$ 94,264
$ 343,399
$ 300,575
GAAP diluted earnings per share
$ 0.95
$ 0.98
$ 2.88
$ 2.52
Non-GAAP diluted earnings per share
$ 1.58
$ 1.48
$ 5.31
$ 4.75
Shares used in computing GAAP diluted earnings per share
65,161
63,760
64,661
63,309
Shares used in computing non-GAAP diluted earnings per share
65,161
63,760
64,661
63,309
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 December 31,
December 31,
2019
2018
2019
2018
Cost of product revenue
$ (131)
$ 113
$ 173
$ 360
Cost of services revenue
1,941
1,867
8,192
7,629
Cost of cloud revenue
813
888
2,955
3,020
Research and development
2,896
1,648
8,073
7,354
Sales and marketing
7,468
5,371
26,649
27,455
General and administrative
11,327
8,584
34,897
21,405
$ 24,314
$ 18,471
$ 80,939
$ 67,223
(2)
Acquisition related expenses
Quarter ended Year to date December 31,
December 31,
2019
2018
2019
2018
Cost of cloud revenue
$ -
$ -
$ -
$ 1,634
Research and development
-
-
5
1,071
Sales and marketing
-
-
30
195
General and administrative
-
-
808
2,335
$ -
$ -
$ 843
$ 5,235
NICE LTD. AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENTS U.S. dollars in thousands
Quarter ended Year ended December 31,
December 31,
2019
2018
2019
2018
Unaudited Unaudited Audited Audited
Operating Activities Net income
$ 61,743
$ 62,294
$ 185,904
$ 159,338
Depreciation and amortization
44,486
42,859
173,230
157,142
Stock based compensation
24,275
18,471
80,864
67,223
Amortization of premium and discount and accrued interest on
marketable securities
134
(428)
(53)
(598)
Deferred taxes, net
18,899
2,882
(12,208)
(30,172)
Changes in operating assets and liabilities: Trade Receivables
(56,763)
(69,500)
(29,863)
(72,583)
Prepaid expenses and other assets
11,977
2,609
(76,180)
(29,852)
Trade payables
5,850
3,082
777
(3,526)
Accrued expenses and other current liabilities
(22,059)
23,916
31,730
48,095
Operating lease right-of-use assets, net
7,262
-
19,104
-
Deferred revenue
499
20,941
13,810
92,768
Long term liabilities
(11)
(810)
(311)
(1,024)
Operating lease liabilities
(6,844)
-
(18,839)
-
Amortization of discount on long term debt
2,388
2,179
9,236
8,670
Other
(387)
408
(3,043)
1,128
Net cash provided by operating activities
91,449
108,903
374,158
396,609
Investing Activities
Purchase of property and equipment
(5,767)
(9,921)
(27,294)
(31,442)
Purchase of Investments
(125,165)
(145,033)
(619,060)
(429,500)
Proceeds from Investments
79,084
37,378
362,713
137,180
Capitalization of software development costs
(8,739)
(9,299)
(34,679)
(32,225)
Payments for business and asset acquisitions, net of cash acquired
-
270
(25,972)
(104,776)
Net cash used in investing activities
(60,587)
(126,605)
(344,291)
(460,763)
Financing Activities
Proceeds from issuance of shares upon exercise of share options
717
1,072
5,428
19,048
Purchase of treasury shares
(24,664)
(15,391)
(47,276)
(26,004)
Repayment of short-term bank loan
-
-
-
(8,436)
Capital Lease payments
(185)
(876)
(816)
(876)
Net cash used in financing activities
(24,132)
(15,195)
(42,664)
(16,268)
Effect of exchange rates on cash and cash equivalents
754
(1,174)
(979)
(5,781)
Net change in cash and cash equivalents
7,484
(34,071)
(13,776)
(86,203)
Cash and cash equivalents, beginning of period
$ 220,839
$ 276,170
$ 242,099
$ 328,302
Cash and cash equivalents, end of period
$ 228,323
$ 242,099
$ 228,323
$ 242,099
NICE LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS U.S. dollars in thousands
December 31,
December 31,
2019
2018
Audited Audited
ASSETS CURRENT ASSETS:
Cash and cash equivalents
$ 228,323
$ 242,099
Short-term investments
210,772
243,729
Trade receivables
319,622
287,963
Prepaid expenses and other current assets
116,972
87,450
Total current assets
875,689
861,241
LONG-TERM ASSETS: Long-term investments
542,389
244,998
Property and equipment, net
141,647
140,338
Deferred tax assets
30,513
12,309
Other intangible assets, net
411,019
508,232
Operating lease right-of-use assets
106,196
-
Goodwill
1,378,418
1,366,206
Other long-term assets
124,034
74,042
Total long-term assets
2,734,216
2,346,125
TOTAL ASSETS
$ 3,609,905
$ 3,207,366
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES: Trade payables
$ 30,376
$ 29,617
Deferred revenues and advances from customers
245,792
221,387
Current maturities of operating leases
21,519
-
Accrued expenses and other liabilities
391,685
373,908
Total current liabilities
689,372
624,912
LONG-TERM LIABILITIES: Deferred revenues and advances
from customers
26,045
35,112
Operating leases
103,490
-
Deferred tax liabilities
52,509
44,140
Long-term debt
464,896
455,985
Other long-term liabilities
16,327
30,604
Total long-term liabilities
663,267
565,841
SHAREHOLDERS' EQUITY
2,257,266
2,016,613
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 3,609,905
$ 3,207,366
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200213005343/en/
Investors Marty Cohen, +1 551 256 5354, ET
ir@nice.com
Yisca Erez, +972 9 775-3798, CET ir@nice.com
Media Chris Irwin-Dudek, +1 (551) 256-5140
Chris.Irwin-Dudek@nice.com
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