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Nice Ltd.
Earnings Release • Nov 11, 2021
6950_rns_2021-11-11_fdbc68bb-3346-4d9c-a8a1-bc9f3971573d.pdf
Earnings Release
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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2021 (Report No. 2)
Commission File Number: 0-27466
NICE LTD.
(Translation of Registrant's Name into English)
13 Zarchin Street, P.O. Box 690, Ra'anana 4310602, Israel (Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
THE GAAP FINANCIAL STATEMENTS ATTACHED TO THE PRESS RELEASE ATTACHED HERETO AS EXHIBIT 99.1 OF THIS REPORT ON FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO NICE LTD.`S ("NICE") REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-166364, 333-168100, 333-171165, 333-162795, 333-162110, 333-06784, 333-08146, 333-11842, 333-09350, 333-11154, 333-111112, 333-111113, 333-134355, 333- 144589, 333-145981, 333-153230, 333-177510, 333-179408, 333-181375, 333-191176, 333-199904, 333-210341, 333-210343, 333- 210344, 333-214584, 333-226930, 333-228911 and 333-249186), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
CONTENTS
This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:
99.1 Press Release: NICE Reports Accelerated Total Revenue Growth of 20% For the Third Quarter of 2021 and 28% Growth in Cloud Revenue, Dated November 11, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
NICE LTD.
By: /s/ Tali Mirsky Name: Tali Mirsky Title: Corporate VP, General Counsel and Corporate Secretary
Dated: November 11, 2021
EXHIBIT INDEX
99.1 Press Release: NICE Reports Accelerated Total Revenue Growth of 20% For the Third Quarter of 2021 and 28% Growth in Cloud Revenue, Dated November 11, 2021.
NICE Reports Accelerated Total Revenue Growth of 20% For the Third Quarter of 2021 and 28% Growth in Cloud Revenue
Company Reports Double-Digit Revenue Growth Across All Regions and Business Segments
Company Raises Guidance for Total Revenue and EPS for Full Year 2021
Hoboken, New Jersey, November 11, 2021 - NICE (NASDAQ: NICE) today announced results for the third quarter ended September 30, 2021.
Third Quarter 2021 Financial Highlights
| GAAP | Non-GAAP |
|---|---|
| Revenue of \$490 million, growth of 20% year-over-year | Revenue of \$494 million, growth of 20% year-over-year |
| Cloud revenue of \$258 million, growth of 28% year-over-year | Cloud revenue of \$262 million, growth of 29% year-over-year |
| Gross margin of 67.2% compared to 65.8% last year | Gross margin of 72.3% compared to 71.0% last year |
| Operating income of \$64 million compared to \$62 million last |
Operating income of \$140.0 million compared to \$116.8 |
| year, growth of 4% year-over-year | million last year, growth of 20% |
| Operating margin of 13.1% compared to 15.1% last year | Operating margin of 28.3%, compared to 28.3% last year |
| Diluted EPS of \$0.70 versus \$0.76 last year | Diluted EPS of \$1.68 versus \$1.41 last year, growth of 19% |
| Operating cash flow increased 4% year-over-year to \$103.5 | |
| million |
"We are pleased to report another quarter of accelerated top line growth as total revenue increased 20% in the third quarter compared to the same period last year," said Barak Eilam, CEO of NICE. "The excellent results across the board in Q3 reflect our leadership and the strategic, central role we play amid four key dynamics that are taking place in our industry – cloud, digital, AI and the shift to platforms."
Mr. Eilam continued, "We are witnessing continued strong momentum in the cloud with 28% growth in cloud revenue in Q3, as well as clear market leadership with over 725,000 agents globally on CXone. Digital revenues grew 78% in the third quarter, we tripled the number of deals in Enlighten driven by demand for AI and we are continuing to see increasing competitive replacements of legacy incumbent providers as more customers are taking a platform approach to their CX. Much of the platform success is happening at the high end of the market where we witnessed an increase of 46% in large enterprise deals."
GAAP Financial Highlights for the Third Quarter Ended September 30:
Revenues: Third quarter 2021 total revenues increased 19.7% to \$490.4 million compared to \$409.8 million for the third quarter of 2020.
Gross Profit: Third quarter 2021 gross profit and gross margin increased to \$329.6 million and 67.2%, respectively, compared to \$269.7 million and 65.8%, respectively, for the third quarter of 2020.
Operating Income: Third quarter 2021 operating income increased 3.6% to \$64.2 million compared to \$62.0 million, for the third quarter of 2020. Third quarter operating margin decreased to 13.1% compared to 15.1%, for the third quarter of 2020.
Net Income: Third quarter 2021 net income totaled \$47.2 million compared to \$50.7 for the third quarter of 2020. Net income margin decreased to 9.6% compared to 12.4% for the third quarter of 2020.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the Third quarter of 2021 decreased to \$0.70, compared to \$0.76 in the third quarter of 2020.
Operating Cash Flow and Cash Balance: Third quarter 2021 operating cash flow was \$103.5 million. In the third quarter, \$4.3 million was used for share repurchases. As of September 30, 2021, total cash and cash equivalents, and short-term investments were \$1,455.5 million, and total debt was \$607.3 million.
Non-GAAP Financial Highlights for the Third Quarter Ended September 30:
Revenues: Third quarter 2021 Non-GAAP total revenues increased 19.9% to \$494.4 million compared to \$412.4 million for the third quarter of 2020.
Gross Profit: Third quarter 2021 Non-GAAP gross profit and gross margin increased to \$357.5 million and 72.3%, respectively, compared to \$292.9 million and 71.0%, respectively, for the third quarter of 2020.
Operating Income: Third quarter 2021 Non-GAAP operating income increased 19.9% to \$140.0 million compared to \$116.8 million for the third quarter of 2020. Non-GAAP operating margin was 28.3%, compared to 28.3% last year.
Net Income: Third quarter 2021 Non-GAAP net income increased 20.3% to \$112.6 million from \$93.6 million for the third quarter of 2020. Non-GAAP net income margin was 22.8%, compared to 22.7% last year.
Fully Diluted Earnings Per Share: Third quarter 2021 Non-GAAP fully diluted earnings per share increased 19.1% to \$1.68, compared to \$1.41 for the third quarter of 2020.
Raising Full Year 2021 Guidance:
Company raised full year 2021 Non-GAAP total revenue guidance, which is now expected to be in a range of \$1,899 million to \$1,909 million.
Company raised full year 2021 Non-GAAP fully diluted earnings per share guidance, which is now expected to be in a range of \$6.43 to \$6.53.
Quarterly Results Conference Call
NICE management will host its earnings conference call today November 11th, 2021 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 1-877-407-4018 or +1-201-689-8471, United Kingdom 0-800-756-3429, Israel 1-809-406-247. The call will be webcast live on the Company's website at https://www.nice.com/investor-relations/upcoming-event.
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 debt and loss from extinguishment of 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.
Investors
Marty Cohen, +1 551 256 5354, [email protected], ET Omri Arens, +972 3 763-0127, [email protected], CET
Media Contact
Chris Irwin-Dudek, +1 (551) 256-5140, [email protected]
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 changes in economic and business conditions, competition, successful execution of the Company's growth strategy, success and growth of the Company's cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company's dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapidly changing technology, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company's business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, uncertainty related to COVID-19 and various 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
| Sep 30, 2021 |
December 31, 2020 |
|
|---|---|---|
| Unaudited | Audited | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | \$ 397,696 |
\$ 442,267 |
| Short-term investments | 1,057,790 | 1,021,613 |
| Trade receivables | 355,136 | 303,100 |
| Prepaid expenses and other current assets | 170,513 | 175,340 |
| Total current assets | 1,981,135 | 1,942,320 |
| LONG-TERM ASSETS: | ||
| Property and equipment, net | 147,263 | 137,785 |
| Deferred tax assets | 41,799 | 32,735 |
| Other intangible assets, net | 326,861 | 366,003 |
| Operating lease right-of-use assets | 87,800 | 97,162 |
| Goodwill | 1,597,411 | 1,503,252 |
| Other long-term assets | 191,147 | 153,660 |
| Total long-term assets | 2,392,281 | 2,290,597 |
| TOTAL ASSETS | \$ 4,373,416 |
\$ 4,232,917 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Trade payables | \$ 27,053 |
\$ 33,132 |
| Deferred revenues and advances from customers | 326,673 | 311,851 |
| Current maturities of operating leases | 20,371 | 22,412 |
| Debt | 180,071 | 259,881 |
| Accrued expenses and other liabilities | 446,614 | 417,174 |
| Total current liabilities | 1,000,782 | 1,044,450 |
| LONG-TERM LIABILITIES: | ||
| Deferred revenues and advances from customers | 66,847 | 36,295 |
| Operating leases | 82,716 | 92,262 |
| Deferred tax liabilities | 6,960 | 32,109 |
| Debt | 427,271 | 421,337 |
| Other long-term liabilities | 17,504 | 17,980 |
| Total long-term liabilities | 601,298 | 599,983 |
| SHAREHOLDERS' EQUITY | ||
| Nice Ltd's equity | 2,747,802 | 2,563,910 |
| Non-controlling interests | 23,534 | 24,574 |
| Total shareholders' equity | 2,771,336 | 2,588,484 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | \$ 4,373,416 |
\$ 4,232,917 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share amounts)
| Quarter ended Sep 30, |
Year to date Sep 30, |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 Unaudited |
2020 Unaudited |
2021 Unaudited |
2020 Unaudited |
||||||||
| Revenue: | |||||||||||
| Cloud | \$ | 258,398 \$ | 201,723 | \$ | 729,203 \$ | 558,295 | |||||
| Services | 164,783 | 169,358 | 493,707 | 513,529 | |||||||
| Product | 67,223 | 38,746 | 178,546 | 141,611 | |||||||
| Total revenue | 490,404 | 409,827 | 1,401,456 | 1,213,435 | |||||||
| Cost of revenue: | |||||||||||
| Cloud | 105,790 | 87,637 | 298,544 | 248,628 | |||||||
| Services | 47,980 | 47,008 | 143,796 | 150,558 | |||||||
| Product | 7,073 | 5,434 | 16,872 | 16,711 | |||||||
| Total cost of revenue | 160,843 | 140,079 | 459,212 | 415,897 | |||||||
| Gross profit | 329,561 | 269,748 | 942,244 | 797,538 | |||||||
| Operating expenses: | |||||||||||
| Research and development, net | 74,482 | 55,482 | 195,855 | 162,019 | |||||||
| Selling and marketing | 131,776 | 106,507 | 386,530 | 323,283 | |||||||
| General and administrative | 59,134 | 45,801 | 165,239 | 135,312 | |||||||
| Total operating expenses | 265,392 | 207,790 | 747,624 | 620,614 | |||||||
| Operating income | 64,169 | 61,958 | 194,620 | 176,924 | |||||||
| Financial and other expense, net | 3,138 | 1,032 | 15,594 | 2,259 | |||||||
| Income before tax | 61,031 | 60,926 | 179,026 | 174,665 | |||||||
| Taxes on income | 13,803 | 10,273 | 35,186 | 33,293 | |||||||
| Net income | \$ | 47,228 \$ | 50,653 | \$ | 143,840 \$ | 141,372 | |||||
| Less: net profit (loss) attributable to non-controlling interests | 145 | (112) | (238) | (378) | |||||||
| Net income attributable to NICE Ltd.'s shareholders | \$ | 47,083 \$ | 50,765 | \$ | 144,078 \$ | 141,750 | |||||
| Earnings per share: | |||||||||||
| Basic | \$ | 0.75 | \$ 0.81 |
\$ | 2.28 | \$ | 2.26 | ||||
| Diluted | \$ | 0.70 | \$ 0.76 |
\$ | 2.15 | \$ | 2.15 | ||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 63,182 | 62,756 | 63,125 | 62,624 | |||||||
| Diluted | 67,101 | 66,253 | 66,779 | 65,741 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
| Quarter ended Sep 30, |
Year to date Sep 30, |
|||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||
| Unaudited | Unaudited | Unaudited | Unaudited | |||
| Operating Activities | ||||||
| Net income | \$ 47,228 |
\$ 50,653 |
\$ 143,840 |
\$ 141,372 | ||
| Depreciation and amortization | 45,907 | 45,482 | 136,742 | 135,133 | ||
| Stock based compensation | 40,628 | 22,207 | 103,062 | 68,839 | ||
| Amortization of premium and discount and accrued interest on marketable securities | 4,015 | 2,080 | 10,012 | (790) | ||
| Deferred taxes, net | (13,137) | (6,783) | (30,202) | (16,653) | ||
| Changes in operating assets and liabilities: | ||||||
| Trade Receivables | (23,161) | 12,795 | (45,628) | 27,588 | ||
| Prepaid expenses and other assets | (11,255) | 3,131 | (36,218) | (31,637) | ||
| Trade payables | (14,435) | 6,036 | (9,643) | 5,231 | ||
| Accrued expenses and other current liabilities | 35,030 | (15,124) | 22,601 | (36,584) | ||
| Operating lease right-of-use assets, net | 3,394 | 4,414 | 12,317 | 12,926 | ||
| Deferred revenue | (10,793) | (23,481) | 37,267 | 14,617 | ||
| Operating lease liabilities | (4,330) | (4,608) | (14,805) | (14,297) | ||
| Amortization of discount on debt | 3,911 | 3,070 | 11,523 | 7,945 | ||
| Loss in respect of extinguishment of debt | 778 | - | 8,076 | - | ||
| Other | (302) | (839) | 214 | (254) | ||
| Net cash provided by operating activities | 103,478 | 99,033 | 349,158 | 313,436 | ||
| Investing Activities | ||||||
| Purchase of property and equipment | (8,153) | (4,211) | (21,113) | (21,667) | ||
| Purchase of Investments | (58,148) | (151,589) | (281,896) | (306,077) | ||
| Proceeds from Investments | 58,860 | 118,284 | 225,964 | 283,149 | ||
| Capitalization of software development costs | (10,712) | (9,577) | (31,987) | (28,776) | ||
| Payments for business and asset acquisitions, net of cash acquired | (14,302) | (96,425) | (143,164) | (147,261) | ||
| Net cash used in investing activities | (32,455) | (143,518) | (252,196) | (220,632) | ||
| Financing Activities | ||||||
| Proceeds from issuance of shares upon exercise of share options | 1,109 | 828 | 3,484 | 8,177 | ||
| Purchase of treasury shares | (4,346) | - | (48,908) | (27,601) | ||
| Proceeds from issuance of exchangeable notes | - | 451,469 | - | 451,469 | ||
| Dividends paid to noncontrolling interest | - | - | (801) | - | ||
| Capital Lease payments | - | - | - | (177) | ||
| Repayment of debt | (10,501) | - | (93,315) | - | ||
| Net cash provided by/(used in) financing activities | (13,738) | 452,297 | (139,540) | 431,868 | ||
| Effect of exchange rates on cash and cash equivalents | (3,041) | 1,206 | (1,993) | 121 | ||
| Net change in cash and cash equivalents | 54,244 | 409,018 | (44,571) | 524,793 | ||
| Cash and cash equivalents, beginning of period | \$ 343,452 |
\$ 344,098 |
\$ 442,267 |
\$ 228,323 | ||
| Cash and cash equivalents, end of period | \$ 397,696 |
\$ 753,116 |
\$ 397,696 |
\$ 753,116 |
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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, | Sep 30, | ||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||
| GAAP revenues | \$ | 490,404 \$ | 409,827 \$ 1,401,456 \$ 1,213,435 | ||||||||
| Valuation adjustment on acquired deferred cloud revenue | 3,996 | 2,458 | 8,593 | 5,187 | |||||||
| Valuation adjustment on acquired deferred services revenue | 9 | 81 | 175 | 81 | |||||||
| Non-GAAP revenues | \$ | 494,409 \$ | 412,366 \$ 1,410,224 \$ 1,218,703 | ||||||||
| GAAP cost of revenue | \$ | 160,843 \$ | 140,079 \$ | 459,212 \$ | 415,897 | ||||||
| Amortization of acquired intangible assets on cost of cloud | (17,493) | (16,800) | (53,220) | (48,422) | |||||||
| Amortization of acquired intangible assets on cost of services | (1,107) | (322) | (3,558) | (3,341) | |||||||
| Amortization of acquired intangible assets on cost of product | (283) | (1,135) | (853) | (3,394) | |||||||
| Valuation adjustment on acquired deferred cost of cloud | 25 | 200 | 76 | 737 | |||||||
| Cost of cloud revenue adjustment (1) | (2,117) | (809) | (5,287) | (2,601) | |||||||
| Cost of services revenue adjustment (1) | (2,835) | (1,677) | (6,916) | (4,957) | |||||||
| Cost of product revenue adjustment (1) | (159) | (69) | (410) | (205) | |||||||
| Non-GAAP cost of revenue | \$ | 136,874 \$ | 119,467 \$ | 389,044 \$ | 353,714 | ||||||
| GAAP gross profit | \$ | 329,561 \$ | 269,748 \$ | 942,244 \$ | 797,538 | ||||||
| Gross profit adjustments | 27,974 | 23,151 | 78,936 | 67,451 | |||||||
| Non-GAAP gross profit | \$ | 357,535 \$ | 292,899 \$ 1,021,180 \$ | 864,989 | |||||||
| GAAP operating expenses | \$ | 265,392 \$ | 207,790 \$ | 747,624 \$ | 620,614 | ||||||
| Research and development (1) | (7,073) | (2,565) | (15,241) | (7,553) | |||||||
| Sales and marketing (1,2) | (9,707) | (5,561) | (27,526) | (19,623) | |||||||
| General and administrative (1,2) | (19,998) | (14,065) | (51,373) | (38,239) | |||||||
| Amortization of acquired intangible assets | (11,109) | (9,496) | (30,769) | (28,951) | |||||||
| Valuation adjustment on acquired deferred commission | 53 | 35 | 161 | 106 | |||||||
| Non-GAAP operating expenses | \$ | 217,558 \$ | 176,138 \$ | 622,876 \$ | 526,354 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in thousands (except per share amounts)
| Quarter ended | Year to date | |||||||
|---|---|---|---|---|---|---|---|---|
| Sep 30, | Sep 30, | |||||||
| GAAP financial and other expense, net | \$ 3,138 |
\$ 1,032 |
\$ | 15,594 | \$ | 2,259 | ||
| Amortization of discount and loss of extinguishment on debt | (4,469) | (3,070) | (19,406) | (7,944) | ||||
| Non-GAAP financial and other income, net | \$ (1,331) |
\$ (2,038) |
\$ | (3,812) | \$ | (5,685) | ||
| GAAP taxes on income | \$ 13,803 \$ |
10,273 | \$ | 35,186 \$ | 33,293 | |||
| Tax adjustments re non-GAAP adjustments | 14,916 | 14,911 | 47,259 | 39,701 | ||||
| Non-GAAP taxes on income | \$ 28,719 \$ |
25,184 | \$ | 82,445 \$ | 72,994 | |||
| GAAP net income | \$ 47,228 \$ |
50,653 \$ | 143,840 \$ | 141,372 | ||||
| Valuation adjustment on acquired deferred revenue | 4,005 | 2,539 | 8,768 | 5,268 | ||||
| Valuation adjustment on acquired deferred cost of cloud revenue | (25) | (200) | (76) | (737) | ||||
| Amortization of acquired intangible assets | 29,992 | 27,753 | 88,400 | 84,108 | ||||
| Valuation adjustment on acquired deferred commission | (53) | (35) | (161) | (106) | ||||
| Share-based compensation (1) | 40,934 | 22,404 | 103,891 | 69,255 | ||||
| Acquisition related expenses (2) | 955 | 2,342 | 2,862 | 3,923 | ||||
| Amortization of discount and loss of extinguishment on debt | 4,469 | 3,070 | 19,406 | 7,944 | ||||
| Tax adjustments re non-GAAP adjustments | (14,916) | (14,911) | (47,259) | (39,701) | ||||
| Non-GAAP net income | \$ 112,589 \$ |
93,615 \$ | 319,671 \$ | 271,326 | ||||
| GAAP diluted earnings per share | \$ 0.70 |
\$ 0.76 |
\$ | 2.15 | \$ | 2.15 | ||
| Non-GAAP diluted earnings per share | \$ 1.68 |
\$ 1.41 |
\$ | 4.79 | \$ | 4.13 | ||
| Shares used in computing GAAP diluted earnings per share | 67,101 | 66,253 | 66,779 | 65,741 | ||||
| Shares used in computing non-GAAP diluted earnings per share | 67,101 | 66,253 | 66,779 | 65,741 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in thousands
(1)Share-based Compensation
| Quarter ended Sep 30, |
Year to date Sep 30, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||||
| Cost of cloud revenue | \$ | 2,117 | \$ | 809 | \$ | 5,287 | \$ | 2,601 |
| Cost of services revenue | 2,835 | 1,677 | 6,916 | 4,957 | ||||
| Cost of product revenue | 159 | 69 | 410 | 205 | ||||
| Research and development | 7,073 | 2,565 | 15,241 | 7,553 | ||||
| Sales and marketing | 9,707 | 5,519 | 27,526 | 19,493 | ||||
| General and administrative | 19,043 | 11,765 | 48,511 | 34,446 | ||||
| \$ | 40,934 \$ | 22,404 \$ | 103,891 | \$ | 69,255 |
(2) Acquisition related expenses
| Quarter ended Sep 30, |
Year to date Sep 30, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||||
| Sales and marketing | \$ | - | \$ | 42 | \$ | - | \$ | 130 |
| General and administrative | 955 | 2,300 | 2,862 | 3,793 | ||||
| \$ | 955 | \$ | 2,342 | \$ | 2,862 | \$ | 3,923 |
נייס מדווחת על צמיחת שיא של 20% בהכנסות ברבעון השלישי לשנת 2021 וגידול של 28% בהכנסות מהענן
החברה מדווחת על גידול דו-ספרתי בהכנסות בכל האזורים הגיאוגרפים ומגזרי הפעילות החברה מעלה את תחזית ההכנסות ורווח בדילול מלא לשנת 2021
הובוקן, ניו ג'רזי , 11 נובמבר , 2021 – נייס )נאסד"ק: NICE )פרסמה היום את התוצאות לרבעון השלישי לשנת .2021
| GAAP | Non-GAAP |
|---|---|
| לאשתקד בהשוואה ל 20% ר, גידול ש מיליון דול 490 ת של סך הכנסו |
לאשתקד בהשוואה ל 20% ר, גידול ש מיליון דול 494 ת של סך הכנסו |
| מאשתקד ל 28% ר, גידול ש מיליון דול 258 ענן בסך הכנסות מ |
לאשתקד בהשוואה ל 29% ר, גידול ש מיליון דול 262 ענן בסך הכנסות מ |
| אשתקד 65.8% עומת 67.2% ל גולמי של שיער רווח |
אשתקד 71.0% עומת 72.3% ל גולמי של שיער רווח |
| , ר אשתקד מיליון דול 62 ה ל- ר בהשווא מיליון דול לי של 64 רווח תפעו |
ר מיליון דול ל116.8- בהשוואה ר מיליון דול 140.0 לי של רווח תפעו |
| מאשתקד 4% גידול של |
מאשתקד 20% ידול של אשתקד, ג |
| אשתקד 15.1% עומת 13.1% ל של ח תפעולי שיעור רוו |
אשתקד 28.3% עומת 28.3% ל של ח תפעולי שיעור רוו |
| דולר 0.76 וואה ל- דולר בהש 0.70 מלא של ה בדילול רווח למני |
קד, דולר אשת 1.41- וואה ל דולר בהש 1.68 מלא של ה בדילול רווח למני |
| קד מול אשת 8% רידה של אשתקד, י |
קד מול אשת 19% גידול של |
| ל 4% ר, גידול ש מיליון דול 103.5 פת בסך עילות שוט תזרים מפ |
|
| מאשתקד |
עיקרי התוצאות לרבעון השלישי של :2021
"אנו שמחים לדווח על רבעון נוסף של צמיחה מואצת בהכנסות שעלו ב20%- ברבעון השלישי בהשוואה לרבעון המקביל אשתקד", אמר ברק עילם, מנכ"ל נייס. "התוצאות המעולות ברבעון השלישי משקפות את עמדת ההובלה שלנו , וגם את התפקיד האסטרטגי שלנו בארבעת מנועי הצמיחה העיקריים בתעשייה - ענן, דיגיטל, AI והמעבר לפלטפורמות חדשניות ." מר עילם המשיך, "אנו עדים לתנופה חזקה מתמשכת בענן עם צמיחה של 28% בהכנסות ברבעון השלישי, כמו גם הובלה מובהקת בשוק עם למעלה מ- 725,000 משתמשי CXone ברחבי העולם. ההכנסות בתחום הדיגיטל צמחו ב78%- ברבעון השלישי. בנוסף מספר עסקאות ה-Enlighten גדל פי שלוש בעקבות הביקוש הגדל לבינה מלאכותית ואנחנו ממשיכים להחליף מתחרים, שלקוחותיהם בוחרים לעבור לפלטפורמת CX מתקדמת בענן . חלק גדול מהצלחת הפלטפורמה מגיע מאימוץ גובר בקרב ארגונים גדולים, שם ראינו עלייה של 46% בעסקאות מול הרבעון המקביל אשתקד ."
עיקרי התוצאות הפיננסיות ) GAAP-Non )לרבעון השלישי שהסתיים ב- 30 בספטמבר:
הכנסות: ההכנסות )GAAP-Non )ברבעון השלישי של 2021 גדלו ל - 494.4 מיליון דולר, גידול של 19.9% לעומת 412.4 מיליון דולר ברבעון מקביל אשתקד .
רווח גולמי : הרווח הגולמי )GAAP-Non )ברבעון השלישי של 2021 גדל ל- 357.5 מיליון דולר ל עומת 292.9 מיליון דולר ברבעון מקביל אשתקד . שיעור הרווח הגולמי )GAAP-Non )ברבעון השלישי של 2021 הסתכם ב- 72.3% לעומת 71.0% ברבעון מקביל אשתקד .
רווח תפעולי : הרווח התפעולי )GAAP-Non )ברבעון השלישי של 2021 גדל ב19.9%- ל- 140.0 מיליון דולר לעומת 116.8 מיליון דולר ברבעון מקביל אשתקד . ש יעור הרווח התפעולי ) GAAP-Non )ברבעון השלישי של 2021 הסתכם ב28.3%- לעומת 28.3% ברבעון מקביל אשתקד.
רווח נקי : הרווח הנקי )GAAP-Non )ברבעון השלישי של 2021 גדל ב20.3%- ל - 112.6 מיליון דולר לעומת 93.6 מיליון דולר ברבעון מקביל אשתקד. ש יעור הרווח הנקי )GAAP-Non )ברבעון השלישי של 2021 הסתכם ב 22.8%- לעומת 22.7% ברבעון מקביל אשתקד.
רווח למניה בדילול מלא: הרווח )GAAP-Non )למניה בדילול מלא ברבעון השלישי של 2021 גדל ב- 19.1% ל- 1.68 דולר לעומת 1.41 דולר ברבעון מקביל אשתקד.
עיקרי התוצאות הפיננסיות ) GAAP )לרבעון השלישי שהסתיים ב- 30 בספטמבר:
הכנסות: ההכנסות ברבעון השלישי של 2021 גדלו ב - 19.7% ל- 490.4 מיליון דולר, לעומת 409.8 מיליון דולר ברב עון מקביל אשתקד.
רווח גולמי : הרווח הגולמי ברבעון השלישי של 2021 הסתכם ב- 329.6 מיליון דולר בהשוואה ל - 269.7 מיליון דולר ברבעון מקביל אשתקד . שיעור הרווח הגולמי ברבעון השלישי של 2021 הסתכם ב- 67.2% לעומת 65.8% ברב עון מקביל אשתקד .
רווח תפעולי : הרווח התפעולי ברבעון השלישי של 2021 הסתכם ב- 64.2 מיליון דולר בהשוואה ל- 62.0 מיליון דולר ברב עון מקביל אשתקד. שיעור הרווח התפעולי ברבעון השלישי של 2021 הסתכם ב - 13.1% לעומת 15.1% ברבעון מקביל אשתקד.
רווח נקי : הרווח הנקי ברבעון השלישי של 2021 הסתכם ב - 47.2 מיליון דולר לעומת 50.7 מיליון דולר מרבעון מקביל אשתקד. שיעור הרווח הנקי ברבעון השלישי של 2021 הסתכם ב- 9.6% לעומת 12.4% ברב עון מקביל אשתקד.
רווח למניה בדילול מלא: הרווח למניה בדילול מלא ברבעון השלישי של 2021 הסתכם ב- 0.70 דולר לעומת 0.76 דולר ברב עון מקביל אשתקד.
תזרים המזומנים מפעילות שוטפת ויתרת מזומנים: תזרים המזומנים מפעילות שוטפת ברבעון השלישי של 2021 היה 103.5 מיליון דולר . ברבעון השלישי, 4.3 מיליון דולר שימשו לרכישה עצמית של מניות. נכון ל 30- בספטמבר ,2021 יתרות המזומנים ושווי המזומנים, וכן השקעות לטווח קצר הסתכמו ב- 1,455.5 מיליון דולר . סך החוב הסתכם ב- 607.3 מיליון דולר.
תחזית ל שנת :2021
החברה מעלה את תחזיתסך ההכנסות )GAAP-Non )לשנת 2021 ש עכשיו צפוי להיות בטווח של 1,899 מיליון דולר עד 1,909 מיליון דולר.
החברה מעלה את תחזית הרווח )GAAP-Non )למניה בדילול מלא לשנת 2021 שעכשיו צפוי להיות בטווח של 6.43 דולר עד 6.53 דולר.
שיחת ועידה לדיון בתוצאות הרבעוניות
הנהלת נייס תארח שיחת ועידה לדיון בתוצאות הפיננסיות ובתחזית החברה היום, 11 בנובמבר ,2021 בשעה 8:30 בבוקר שעון החוף המזרחי של ארה" ב, 13:30 לפי שעון גריניץ' ו15:30- לפי שעון ישראל . להשתתפות בשיחה יש לחייג את המספרים הבאים : מארה"ב : 1-877-407-4018 או .+1-201-689-8471 מבריטניה 0-800-756-3429; מישראל : .1-809-406-247 .http://www.nice.com/news-and-events/ir-events בכתובת החברה באתר חי בשידור באינטרנט תשודר השיחה
אודות נייס
נייס )NICE :NASDAQ, ת" א: נייס ( הינה המובילה העולמית במתן פתרונות תוכנה, הן ברישיונות תוכנה והן בענן, המאפשרים לארגונים לנקוט בפעולה הבאה הטובה ביותר באמצעות כלים אנליטיים המנתחים מידע מובנה ושאינו מובנה. הפתרונות של נייס מסייעים לארגונים לשפר את חוויית הלקוח, להבטיח ציות לרגולציה, להיאבק בפשיעה פיננסית ולשמור על נכסים . הפתרונות של נייס נמצאים בשימוש של יותר מ25,000- ארגונים ביותר מ150- מדינות, כולל מעל 85 מהחברות המדורגות ב100- Fortune. www.nice.com
מסמך זה מהווה תרגום נוחות בלבד לעיקרי הדוחות ולהודעה לעיתונות באנגלית שפורסמה בארה "ב, המחייבת מבחינת החברה, והכוללת מידע נוסף , בין היתר בנוגע להפרשים בין GAAP ל -GAAP-Non.
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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 forwardlooking statements include guidance regarding the Company's revenue and earnings and the growth of our cloud 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 changes in economic and business conditions, competition, successful execution of the Company's growth strategy, success and growth of the Company's cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company's dependency on fourth-party cloud computing platform providers, hosting facilities and service partners, rapidly changing technology, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company's business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, uncertainty related to COVID-19 and various 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.
לפרטים נוספים ניתן ליצור קשר עם: יעל ארנון, שרף תקשורת ,052-720-2703 com.scherfcom@yaela