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Nice Ltd.
Earnings Release • Feb 18, 2021
6950_rns_2021-02-18_4b051255-7614-4267-9f7b-f67c06074bcc.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 February 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333-228911 and 333-249186), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 Cloud Revenue Growth for The Fourth Quarter and Full Year 2020, Dated February 18, 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: February 18, 2021
EXHIBIT INDEX
99.1 Press Release: NICE Reports Accelerated Cloud Revenue Growth for The Fourth Quarter and Full Year 2020, Dated February 18, 2021.
NICE Reports Accelerated Cloud Revenue Growth for The Fourth Quarter and Full Year 2020
2020 Annual Cloud Revenue Growth Exceeds 30%
Company Exits 2020 with Greater than \$900 Million Annualized Cloud Revenue Run Rate Record Cash Flow from Operations of \$480 Million for Full Year 2020
Hoboken, New Jersey, February 18, 2021 - NICE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights
| GAAP | Non-GAAP |
|---|---|
| Cloud revenue of \$219 million, growth of 31% year-over-year |
Cloud revenue of \$223 million, growth of 33% year-over-year |
| Total revenue of \$435 million, growth of 1% year-over-year |
Total revenue of \$438 million, growth of 2% year-over-year |
| Cloud gross margin of 58.3% compared to 54.2% last year | Cloud gross margin of 67.6% compared to 63.8% last year |
| Operating income of \$65 million compared to \$78 million last | Operating income of \$132 million compared to \$130 million |
| year | last year |
| Operating margin of 15.0% compared to 18.0% last year | Operating margin of 30.1% compared to 30.2% last year |
| Diluted EPS of \$0.83 compared to \$0.95 last year | Diluted EPS of \$1.61 compared to \$1.58 last year |
| Operating cash flow of \$167 million compared to \$91 million | |
| last year |
Full Year 2020 Financial Highlights
| GAAP | Non-GAAP |
|---|---|
| Cloud revenue of \$777 million, growth of 30% year-over-year |
Cloud revenue of \$786 million, growth of 31% year-over-year |
| Total revenue of \$1,648 million, growth of 5% year-over-year |
Total revenue of \$1,657 million, growth of 5% year-over-year |
| Cloud gross margin of 56.3% compared to 51.3% last year | Cloud gross margin of 65.6% compared to 61.8% last year |
| Operating income of \$242 million compared to \$239 million |
Operating income of \$470 million compared to \$434 million |
| last year | last year |
| Operating margin of 14.7% compared to 15.2% last year | Operating margin of 28.4% compared to 27.5% last year |
| Diluted EPS of \$2.98 versus \$2.88 last year, 3% growth year |
Diluted EPS of \$5.73 versus \$5.31 last year, 8% growth year |
| over-year | over-year |
| Record cash flow from operations of \$480 million compared |
|
| to \$374 million last year |
"We are pleased to report another exceptional year at NICE highlighted by groundbreaking innovation and speed of execution in cloud, digital and artificial intelligence. We witnessed accelerated cloud growth, cloud exceeded more than 50% of our total revenue for the second half of the year, and we exited 2020 with more than \$900 million in an annualized cloud revenue run rate propelled by the tremendous success of our CXone cloud platform. We saw a 100% year-over-year increase in our customers' digital interactions volume and 50% of our new deals were driven by digital initiatives. Our market leading AI solution, Enlighten, experienced strong demand with many new deals and a fast growing pipeline," said Barak Eilam, CEO of NICE.
Mr. Eilam continued, "2021 is shaping up to be a year of a changed reality, in which the events of 2020 have created a new normal, and at the same time provided new opportunities in cloud and digital. Enterprises are seeking to rapidly accelerate their innovation cycles and leap forward much faster than before while continuously adapting to changes. We are wellpositioned to capitalize on this transition with our leading digital cloud platforms together with a large and fast growing total addressable market."
GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues: Fourth quarter 2020 total revenues increased 1.0% to \$434.6 million compared to \$430.2 million for the fourth quarter of 2019.
Full year 2020 total revenues increased 4.7% to \$1,648.0 million compared to \$1,573.9 million for the full year 2019.
Gross Profit: Fourth quarter 2020 gross profit was \$288.5 million compared to \$292.9 million for the fourth quarter of 2019 . Fourth quarter 2020 gross margin was 66.4% compared to 68.1% for the fourth quarter of 2019. Full year 2020 gross profit increased to \$1,086.1 million compared to \$1,042.1 million for the full year 2019. Full year 2020 gross margin was 65.9% compared to 66.2% for the full year 2019.
Operating Income: Fourth quarter 2020 operating income was \$65.1 million compared to \$77.6 million for the fourth quarter of 2019. Fourth quarter 2020 operating margin was 15.0% compared to 18.0% for the fourth quarter of 2019. Full year 2020 operating income increased to \$242.0 million compared to \$238.7 million for the full year 2019. Full year 2020 operating margin was 14.7% compared to 15.2% for the full year 2019.
Net Income: Fourth quarter 2020 net income was \$55.0 million compared to \$61.7 million for the fourth quarter of 2019. Fourth quarter 2020 net income margin was 12.6% compared to 14.4% for the fourth quarter of 2019. Full year 2020 net income and net income margin increased to \$196.3 million and 11.9%, respectively, compared to \$185.9 million and 11.8%, respectively, for the full year 2019.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the fourth quarter of 2020 was \$0.83 compared to \$0.95 in the fourth quarter of 2019.
Fully diluted earnings per share for the full year 2020 increased to \$2.98 compared to \$2.88 for the full year 2019.
Operating Cash Flow and Cash Balance: Fourth quarter 2020 operating cash flow was \$166.9 million and full year operating cash flow reached \$480.3 million. In the fourth quarter, \$20.7 million was used for share repurchases and \$48.3 million was used for share repurchases for the full year of 2020. As of December 31, 2020, total cash and cash equivalents, short and long term investments were \$1,463.9 million, and total debt was \$681.2 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues: Fourth quarter 2020 Non-GAAP total revenues increased to \$438.4 million, up 1.7% from \$431.1 million for the fourth quarter of 2019.
Non-GAAP total revenues for the full year 2020 increased 5.0% to \$1,657.1 million compared to \$1,577.5 million for the full year 2019.
Gross Profit: Fourth quarter 2020 Non-GAAP gross profit increased to \$316.7 million compared to \$313.8 million for the fourth quarter of 2019. Fourth quarter 2020 Non-GAAP gross margin was 72.2% compared to 72.8% for the fourth quarter of 2019.
Full year 2020 Non-GAAP gross profit increased to \$1,181.6 million compared to \$1,125.3 million and full year 2020 Non-GAAP gross margin was 71.3%, the same as Non-GAAP gross margin for full year 2019.
Operating Income: Fourth quarter 2020 Non-GAAP operating income increased to \$131.7 million compared to \$130.2 million for the fourth quarter of 2019. Fourth quarter 2020 Non-GAAP operating margin was 30.1% compared to 30.2% for the fourth quarter of 2019.
Full year 2020 Non-GAAP operating income and Non-GAAP operating margin increased to \$470.4 million and 28.4%, respectively, from \$434.3 million and 27.5%, respectively, for the full year 2019.
Net Income: Fourth quarter 2020 Non-GAAP net income and Non-GAAP net income margin increased to \$106.9 million and 24.4%, respectively, from \$102.6 million and 23.8%, respectively, for the fourth quarter of 2019. Full year 2020 Non-GAAP net income and Non-GAAP net income margin increased to \$378.2 million and 22.8%, respectively, from \$343.4 million and 21.8%, respectively, for the full year 2019.
Fully Diluted Earnings Per Share: Fourth quarter 2020 Non-GAAP fully diluted earnings per share increased 1.9% to \$1.61, compared to \$1.58 for the fourth quarter of 2019.
Full year 2020 Non-GAAP fully diluted earnings per share increased 7.9% to \$5.73 compared to \$5.31 for the full year 2019.
First Quarter and Full Year 2021 Guidance:
First Quarter 2021: First quarter 2021 Non-GAAP total revenues are expected to be in a range of \$445 million to \$455 million. First quarter 2021 Non-GAAP fully diluted earnings per share are expected to be in a range of \$1.42 to \$1.52.
Full Year 2021: Full year 2021 Non-GAAP total revenues are expected to be in a range of \$1,790 million to \$1,810 million. Full year 2021 Non-GAAP fully diluted earnings per share are expected to be in a range of \$6.12 to \$6.32.
Quarterly Results Conference Call
NICE management will host its earnings conference call today February 18 th, 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 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 Yisca Erez, +972 9 775-3798, [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 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 and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC"). In addition, COVID-19 is contributing to a general slowdown in the global economy. At this time, the extent and duration of the continued impact of the pandemic is unknown, and therefore we cannot predict how it may affect the Company's future business, results of operations, financial condition and strategic plans. Furthermore, due to our subscription based business model, the effect of COVID-19 may not be fully reflected in our results of operations until future periods, if at all. 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
| December 31, 2020 |
December 31, 2019 |
||||
|---|---|---|---|---|---|
| Audited | Audited | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | \$ 442,267 |
\$ 228,323 |
|||
| Short-term investments | 1,021,613 | 210,772 | |||
| Trade receivables | 303,100 | 319,622 | |||
| Prepaid expenses and other current assets | 175,340 | 116,972 | |||
| Total current assets | 1,942,320 | 875,689 | |||
| LONG-TERM ASSETS: | |||||
| Long-term investments | - | 542,389 | |||
| Property and equipment, net | 137,785 | 141,647 | |||
| Deferred tax assets | 32,735 | 30,513 | |||
| Other intangible assets, net | 366,003 | 411,019 | |||
| Operating lease right-of-use assets Goodwill |
97,162 1,503,252 |
106,196 1,378,418 |
|||
| Other long-term assets | 153,660 | 124,034 | |||
| Total long-term assets | 2,290,597 | 2,734,216 | |||
| TOTAL ASSETS | \$ 4,232,917 |
\$ 3,609,905 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Trade payables | \$ 33,132 |
\$ 30,376 |
|||
| Deferred revenues and advances from customers | 311,851 | 245,792 | |||
| Current maturities of operating leases | 22,412 | 21,519 | |||
| Exchangeable senior notes | 259,881 | 251,583 | |||
| Accrued expenses and other liabilities | 417,174 | 391,685 | |||
| Total current liabilities | 1,044,450 | 940,955 | |||
| LONG-TERM LIABILITIES: Deferred revenues and advances from customers |
|||||
| 36,295 | 26,045 | ||||
| Operating leases Deferred tax liabilities |
92,262 | 103,490 | |||
| 32,109 | 52,509 | ||||
| Long-term debt | 421,337 | 213,313 | |||
| Other long-term liabilities | 17,980 | 16,327 | |||
| Total long-term liabilities | 599,983 | 411,684 | |||
| SHAREHOLDERS' EQUITY | |||||
| NICE Ltd's equity | 2,563,910 | 2,257,266 | |||
| Non-controlling interests | 24,574 | - | |||
| Total shareholders' equity | 2,588,484 | 2,257,266 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | \$ 4,232,917 |
\$ 3,609,905 |
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, | |||||||||
| 2020 2019 |
2020 | 2019 | ||||||||
| Audited | Audited | Audited | Audited | |||||||
| Revenue: | ||||||||||
| Product | \$ | 41,542 | \$ | 80,101 | \$ | 183,153 | \$ | 269,100 | ||
| Services | 174,003 | 183,117 | 687,532 | 709,064 | ||||||
| Cloud | 219,036 | 166,990 | 777,331 | 595,748 | ||||||
| Total revenue | 434,581 | 430,208 | 1,648,016 | 1,573,912 | ||||||
| Cost of revenue: | ||||||||||
| Product | 5,453 | 6,076 | 22,164 | 22,926 | ||||||
| Services | 49,245 | 54,772 | 199,803 | 218,990 | ||||||
| Cloud | 91,357 | 76,434 | 339,985 | 289,852 | ||||||
| Total cost of revenue | 146,055 | 137,282 | 561,952 | 531,768 | ||||||
| Gross profit | 288,526 | 292,926 | 1,086,064 | 1,042,144 | ||||||
| Operating expenses: | ||||||||||
| Research and development, net | 56,163 | 52,165 | 218,182 | 193,718 | ||||||
| Selling and marketing | 112,104 | 106,221 | 406,436 | 399,304 | ||||||
| General and administrative | 45,421 | 46,841 | 180,733 | 168,022 | ||||||
| Amortization of acquired intangible assets | 9,715 | 10,107 | 38,666 | 42,383 | ||||||
| Total operating expenses | 223,403 | 215,334 | 844,017 | 803,427 | ||||||
| Operating income | 65,123 | 77,592 | 242,047 | 238,717 | ||||||
| Financial and other expense, net | 2,600 | 554 | 4,859 | 4,444 | ||||||
| Income before tax | 62,523 | 77,038 | 237,188 | 234,273 | ||||||
| Taxes on income | 7,549 | 15,295 | 40,842 | 48,369 | ||||||
| Net income | \$ | 54,974 | \$ | 61,743 | \$ | 196,346 | \$ | 185,904 | ||
| Less: net income/(loss) attributable to non-controlling interests | 51 | - | (327) | - | ||||||
| Net income attributable to NICE Ltd.'s shareholders | \$ | 54,923 | \$ | 61,743 | \$ | 196,673 | \$ | 185,904 | ||
| Earnings per share: | ||||||||||
| Basic | \$ | 0.87 | \$ | 0.99 | \$ | 3.13 | \$ | 2.99 | ||
| Diluted | \$ | 0.83 | \$ | 0.95 | \$ | 2.98 | \$ | 2.88 | ||
| Weighted average shares outstanding: | ||||||||||
| Basic | 62,967 | 62,357 | 62,710 | 62,120 | ||||||
| Diluted | 66,600 | 65,161 | 65,956 | 64,661 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
| Quarter ended December 31, |
Year ended December 31, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |||||
| Audited | Audited | Audited | Audited | |||||
| Operating Activities | ||||||||
| Net income | \$ | 54,974 | \$ | 61,743 | \$ | 196,346 | \$ | 185,904 |
| Depreciation and amortization | 46,893 | 44,486 | 182,026 | 173,230 | ||||
| Stock based compensation | 32,828 | 24,275 | 101,667 | 80,864 | ||||
| Amortization of premium and discount and accrued interest on marketable securities | 157 | 134 | (633) | (53) | ||||
| Deferred taxes, net | (16,588) | 18,899 | (33,241) | (12,208) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Trade Receivables | (5,343) | (56,763) | 22,245 | (29,863) | ||||
| Prepaid expenses and other assets | (49,028) | 11,977 | (80,665) | (76,180) | ||||
| Trade payables | (1,137) | 5,850 | 4,094 | 777 | ||||
| Accrued expenses and other current liabilities | 51,459 | (22,059) | 14,875 | 31,730 | ||||
| Operating lease right-of-use assets, net | 5,241 | 7,262 | 18,167 | 19,104 | ||||
| Deferred revenue | 48,585 | 499 | 63,202 | 13,810 | ||||
| Long term liabilities | - | (11) | - | (311) | ||||
| Operating lease liabilities | (5,272) | (6,844) | (19,569) | (18,839) | ||||
| Amortization of discount on long term debt | 5,352 | 2,388 | 13,297 | 9,236 | ||||
| Other | (1,251) | (387) | (1,505) | (3,043) | ||||
| Net cash provided by operating activities | 166,870 | 91,449 | 480,306 | 374,158 | ||||
| Investing Activities | ||||||||
| Purchase of property and equipment | (2,519) | (5,767) | (24,186) | (27,294) | ||||
| Purchase of Investments | (277,038) | (125,165) | (583,115) | (619,060) | ||||
| Proceeds from Investments | 45,444 | 79,084 | 328,593 | 362,713 | ||||
| Capitalization of software development costs | (10,322) | (8,739) | (39,098) | (34,679) | ||||
| Payments for business and asset acquisitions, net of cash acquired | - | - | (147,261) | (25,972) | ||||
| Net cash used in investing activities | (244,435) | (60,587) | (465,067) | (344,291) | ||||
| Financing Activities | ||||||||
| Proceeds from issuance of shares upon exercise of share options | 688 | 717 | 8,865 | 5,428 | ||||
| Purchase of treasury shares | (20,671) | (24,664) | (48,272) | (47,276) | ||||
| Capital Lease payments | - | (185) | (177) | (816) | ||||
| Repayment of long term debt | (215,000) | - | (215,000) | - | ||||
| Proceeds/(costs) from issuance of exchangeable notes | (48) | - | 451,421 | - | ||||
| Net cash provided by/(used in) financing activities | (235,031) | (24,132) | 196,837 | (42,664) | ||||
| Effect of exchange rates on cash and cash equivalents | 1,747 | 754 | 1,868 | (979) | ||||
| Net change in cash and cash equivalents | (310,849) | 7,484 | 213,944 | (13,776) | ||||
| Cash and cash equivalents, beginning of period | \$ | 753,116 | \$ | 220,839 | \$ | 228,323 | \$ | 242,099 |
| Cash and cash equivalents, end of period | \$ | 442,267 | \$ | 228,323 | \$ | 442,267 | \$ | 228,323 |
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, | ||||||
| 2020 | 2019 | 2020 | 2019 | ||||
| GAAP revenues | \$ 434,581 |
\$ 430,208 |
\$ 1,648,016 | \$ 1,573,912 | |||
| Valuation adjustment on acquired deferred product revenue | - | - | - | 15 | |||
| Valuation adjustment on acquired deferred services revenue | 149 | - | 230 | 5 | |||
| Valuation adjustment on acquired deferred cloud revenue | 3,679 | 842 | 8,866 | 3,534 | |||
| Non-GAAP revenues | \$ 438,409 |
\$ 431,050 |
\$ 1,657,112 | \$ 1,577,466 | |||
| GAAP cost of revenue | \$ 146,055 |
\$ 137,282 |
\$ 561,952 |
\$ 531,768 |
|||
| Amortization of acquired intangible assets on cost of product | (1,073) | (1,134) | (4,467) | (4,106) | |||
| Amortization of acquired intangible assets on cost of services | (1,225) | (1,522) | (4,566) | (6,126) | |||
| Amortization of acquired intangible assets on cost of cloud | (18,012) | (15,323) | (66,434) | (60,441) | |||
| Valuation adjustment on acquired deferred cost of cloud | 194 | 532 | 931 | 2,425 | |||
| Cost of product revenue adjustment (1) | (131) | 131 | (336) | (173) | |||
| Cost of services revenue adjustment (1) | (2,593) | (1,941) | (7,550) | (8,192) | |||
| Cost of cloud revenue adjustment (1) | (1,457) | (813) | (4,058) | (2,955) | |||
| Non-GAAP cost of revenue | \$ 121,758 |
\$ 117,212 |
\$ 475,472 |
\$ 452,200 |
|||
| GAAP gross profit | \$ 288,526 |
\$ 292,926 |
\$ 1,086,064 | \$ 1,042,144 | |||
| Gross profit adjustments | 28,125 | 20,912 | 95,576 | 83,122 | |||
| Non-GAAP gross profit | \$ 316,651 |
\$ 313,838 |
\$ 1,181,640 | \$ 1,125,266 | |||
| GAAP operating expenses | \$ 223,403 |
\$ 215,334 |
\$ 844,017 |
\$ 803,427 |
|||
| Research and development (1,2) | (4,324) | (2,896) | (11,877) | (8,078) | |||
| Sales and marketing (1,2) | (10,769) | (7,468) | (30,392) | (26,679) | |||
| General and administrative (1,2) | (13,775) | (11,327) | (52,014) | (35,705) | |||
| Amortization of acquired intangible assets | (9,719) | (10,107) | (38,670) | (42,383) | |||
| Valuation adjustment on acquired deferred commission | 89 | 62 | 195 | 307 | |||
| Non-GAAP operating expenses | \$ 184,905 |
\$ 183,598 |
\$ 711,259 |
\$ 690,889 |
|||
| GAAP financial and other expense, net | \$ 2,600 |
\$ 554 |
\$ 4,859 |
\$ 4,444 |
|||
| Amortization of discount on debt | (5,353) | (2,388) | (13,297) | (9,235) | |||
| Non-GAAP financial and other income, net | \$ (2,753) |
\$ (1,834) |
\$ (8,438) |
\$ (4,791) |
|||
| GAAP taxes on income | \$ 7,549 |
\$ 15,295 |
\$ 40,842 |
\$ 48,369 |
|||
| Tax adjustments re non-GAAP adjustments | 20,056 | 14,142 | 59,757 | 47,400 | |||
| Non-GAAP taxes on income | \$ 27,605 |
\$ 29,437 |
\$ 100,599 |
\$ 95,769 |
|||
| GAAP net income | \$ 54,974 |
\$ 61,743 |
\$ 196,346 |
\$ 185,904 |
|||
| Valuation adjustment on acquired deferred revenue | 3,828 | 842 | 9,096 | 3,554 | |||
| Valuation adjustment on acquired deferred cost of cloud revenue | (194) | (532) | (931) | (2,425) | |||
| Amortization of acquired intangible assets | 30,029 | 28,086 | 114,137 | 113,056 | |||
| Valuation adjustment on acquired deferred commission | (89) | (62) | (195) | (307) | |||
| Share-based compensation (1) | 33,049 | 24,314 | 102,304 | 80,939 | |||
| Acquisition related expenses (2) | - | - | 3,923 | 843 | |||
| Amortization of discount on long term debt | 5,353 | 2,388 | 13,297 | 9,235 | |||
| Tax adjustments re non-GAAP adjustments | (20,056) | (14,142) | (59,757) | (47,400) | |||
| Non-GAAP net income | \$ 106,894 |
\$ 102,637 |
\$ 378,220 |
\$ 343,399 |
|||
| GAAP diluted earnings per share | \$ 0.83 |
\$ 0.95 |
\$ 2.98 |
\$ 2.88 |
|||
| Non-GAAP diluted earnings per share | \$ 1.61 |
\$ 1.58 |
\$ 5.73 |
\$ 5.31 |
|||
| Shares used in computing GAAP diluted earnings per share | 66,600 | 65,161 | 65,956 | 64,661 | |||
| Shares used in computing non-GAAP diluted earnings per share | 66,600 | 65,161 | 65,956 | 64,661 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in thousands
(1) Share-based Compensation
| Quarter ended December 31, |
Year ended December 31, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |||||
| Cost of product revenue | \$ | 131 | \$ | (131) | \$ | 336 | \$ | 173 |
| Cost of services revenue | 2,593 | 1,941 | 7,550 | 8,192 | ||||
| Cost of cloud revenue | 1,457 | 813 | 4,058 | 2,955 | ||||
| Research and development | 4,324 | 2,896 | 11,877 | 8,073 | ||||
| Sales and marketing | 10,769 | 7,468 | 30,262 | 26,649 | ||||
| General and administrative | 13,775 | 11,327 | 48,221 | 34,897 | ||||
| \$ | 33,049 | \$ | 24,314 | \$ | 102,304 | \$ | 80,939 |
(2) Acquisition related expenses
| Quarter ended December 31, |
Year ended December 31, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |||||
| Research and development | \$ | - | \$ | - | \$ | - | \$ | 5 |
| Sales and marketing | - | - | 130 | 30 | ||||
| General and administrative | - | - | 3,793 | 808 | ||||
| \$ | - | \$ | - | \$ | 3,923 | \$ | 843 |
נייס מדווחת על האצה בצמיחת הכנסות מענן ברבעון הרביעי ובשנת 2020
הגידול בהכנסות מענן עלה על 30% בשנת 2020
החברה סיימה את שנת 2020 עם קצב הכנסות שנתי מ ענן של למעלה מ - 900 מיליון דולר שיא בתזרים המזומנים מפעילות שוטפת של 480 מיליון דולר בשנת 2020
הובוקן, ניו ג'רזי, 18 בפברואר, 2021 – נייס )נאסד"ק: NICE )פרסמה היום את התוצאות לרבעון הרביעי ולשנה שהסתיימו ב31- בדצמבר, .2020
עיקרי התוצאות לרבעון הרביעי של :2020
| GAAP | Non-GAAP |
|---|---|
| מאשתקד | מאשתקד |
| ל 31% | ל 33% |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| 219 | 223 |
| ענן בסך | ענן בסך |
| הכנסות מ | הכנסות מ |
| לאשתקד | לאשתקד |
| בהשוואה | בהשוואה |
| ל 1% | ל 2% |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| של 435 | של 438 |
| ת | ת |
| סך הכנסו | סך הכנסו |
| אשתקד | אשתקד |
| 54.2% | 63.8% |
| לעומת | לעומת |
| 58.3% | 67.6% |
| נן של | נן של |
| גולמי מע | גולמי מע |
| שיער רווח | שיער רווח |
| ר אשתקד | ר אשתקד |
| מיליון דול | מיליון דול |
| 78 | 130 |
| ל- | ל- |
| בהשוואה | בהשוואה |
| ר | ר |
| מיליון דול | מיליון דול |
| 65 | 132 |
| לי של | לי של |
| רווח תפעו | רווח תפעו |
| אשתקד | אשתקד |
| 18.0% | 30.2% |
| לעומת | לעומת |
| 15.0% | 30.1% |
| של | של |
| ח תפעולי | ח תפעולי |
| שיעור רוו | שיעור רוו |
| קד | קד |
| דולר אשת | דולר אשת |
| 0.95 | 1.58 |
| וואה ל- | וואה ל- |
| דולר בהש | דולר בהש |
| 0.83 | של 1.61 |
| מלא של | מלא |
| ה בדילול | ה בדילול |
| רווח למני | רווח למני |
| 91 ה ל- ר בהשווא מיליון דול 167 פת בסך ילות שוט מנים מפע תזרים מזו |
|
| ר אשתקד מיליון דול |
עיקרי התוצאות לשנת :2020
| GAAP | Non-GAAP |
|---|---|
| מאשתקד | מאשתקד |
| ל 30% | ל 31% |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| 777 | 786 |
| ענן בסך | ענן בסך |
| הכנסות מ | הכנסות מ |
| לאשתקד | לאשתקד |
| בהשוואה | בהשוואה |
| ל5% | ל של 5% |
| ר, גידול ש | דולר, גידו |
| מיליון דול | מיליון |
| של 1,648 | 1,657 |
| ת | ת של |
| סך הכנסו | סך הכנסו |
| אשתקד | אשתקד |
| 51.3% | 61.8% |
| לעומת | לעומת |
| 56.3% | 65.6% |
| נן של | נן של |
| גולמי מע | גולמי מע |
| שיער רווח | שיער רווח |
| ר אשתקד | ר אשתקד |
| מיליון דול | מיליון דול |
| 239 | 434 |
| ל- | ל- |
| בהשוואה | בהשוואה |
| ר | ר |
| מיליון דול | מיליון דול |
| 242 | 470 |
| לי של | לי של |
| רווח תפעו | רווח תפעו |
| אשתקד | אשתקד |
| 15.2% | 27.5% |
| לעומת | לעומת |
| 14.7% | 28.4% |
| של | של |
| ח תפעולי | ח תפעולי |
| שיעור רוו | שיעור רוו |
| דולר 2.88 וואה ל- דולר בהש 2.98 מלא של ה בדילול רווח למני |
קד, דולר אשת 5.31 וואה ל- דולר בהש של 5.73 מלא ה בדילול רווח למני |
| 3% של ידול אשתקד, ג |
של 8% גידול |
| ה ר בהשווא מיליון דול בסך 480 ת שוטפת ם מפעילו ים מזומני שיא בתזר |
|
| ר אשתקד מיליון דול 374 ל- |
"אנו שמחים לדווח על שנה מצויינת עבור נייס שבלטה הן בחדשנות פורצת דרך והן בהמשך ההתרחבות בתחומי הענן, הדיגיטל והבינה המלאכותית. פעילות הענן שלנו חוותה האצה בקצב הצמיחה והיוותה מעל 50% מסך כל ההכנסות במחצית השניה של .2020 סיימנו את שנת 2020 בקצב הכנסות שנתי מענן של למעלה מ900- מיליון דולר כתוצאה מההצלחה האדירה של פלטפורמת הענן CXone. ראינו גידול של 100% בנפח האינטרקציות הדיגטליות של הלקוחות שלנו בהשוואה לשנה שעברה ו- 50% מהעסקאות החדשות נבעו מיוזמות דיגיטליות. אנו רואים ביקושים חזקים ל- Enlighten, פתרון הבינה המלאכותית מוביל השוק שלנו, עם עסקאות רבות וצבר הזמנות שגדל במהירות", אמר ברק עילם, מנכ"ל נייס.
מר עילם המשיך, " 2021 מסתמנת כשנה של מציאות שונה שבה האירועים של שנת 2020 יצרו שגרה חדשה ובמקביל גם הזדמנויות חדשות בענן ובדיגיטל. ארגונים מחפשים להאיץ את קצב ההתחדשות שלהם ולהתקדם מהר יותר מבעבר תוך כדי התאמה מתמדת לשינויים. אנו ממוצבים היטב בכדי לנצל את השינויים האלו ולמנף את הגידול המהיר בשוק הפוטנציאלי שלנו באמצעות פלטפורמת הענן הדיגטלית מובילת השוק שלנו ".
עיקרי התוצאות הפיננסיות )GAAP )לרבעון הרביעי שהסתיים ב - 31 ב דצמבר:
הכנסות: ההכנסות ברבעון הרביעי של 2020 גדלו ב- 1.0% ל- 434.6 מיליון דולר, לעומת 430.2 מיליון דולר ברבעון הרביעי של .2019 ההכנסות בשנת 2020 גדלו ב- 4.7% ל- 1,648.0 מיליון דולר, לעומת 1,573.9 מיליון דולר בשנת .2019
רווח גולמי: הרווח הגולמי ברבעון הרביעי של 2020 הסתכם ב- 288.5 מיליון דולר בהשוואה ל- 292.9 מיליון דולר ברבעון הרביעי של .2019 שיעור הרווח הגולמי ברבעון הרביעי של 2020 הסתכם ב- 66.4% לעומת 68.1% ברבעון הרביעי של .2019 הרווח הגולמי בשנת 2020 גדל ל- 1,086.0 מיליון דולר לעומת 1,042.1 מיליון דולר בשנת .2019 שיעור הרווח הגולמי בשנת 2020 הסתכם ב- 65.9% לעומת 66.2% בשנת .2019
רווח תפעולי: הרווח התפעולי ברבעון הרביעי של 2020 הסתכם ב- 65.1 מיליון דולר בהשוואה ל- 77.6 מיליון דולר ברבעון הרביעי של .2019 שיעור הרווח התפעולי ברבעון הרביעי של 2020 הסתכם ב- 15.0% לעומת 18.0% ברבעון הרביעי של .2019 הרווח התפעולי בשנת 2020 גדל ל- 242.0 מיליון דולר לעומת 238.7 מיליון דולר בשנת .2019 שיעור הרווח התפעולי בשנת 2020 הסתכם ב- 14.7% לעומת 15.2%בשנת .2019
רווח נקי: הרווח הנקי ברבעון הרביעי של 2020 הסתכם ב- 55.0 מיליון דולר לעומת 61.7 מיליון דולר ברבעון הרביעי של .2019 שיעור הרווח הנקי ברבעון הרביעי של 2020 הסתכם ב- 12.6% לעומת 14.4% ברבעון הרביעי של .2019 הרווח הנקי ושיעור הרווח הנקי בשנת 2020 גדלו ל- 196.3 מיליון דולר ו- ,11.9% בהתאמה, לעומת 185.9 מיליון דולר ו- 11.8% בשנת .2019
רווח למניה בדילול מלא: הרווח למניה בדילול מלא ברבעון הרביעי של 2020 הסתכם ב- 0.83 דולר לעומת 0.95 דולר ברבעון הרביעי של .2019 הרווח למניה בדילול מלא בשנת 2020 גדל ל- 2.98 דולר לעומת 2.88 דולר בשנת .2019
תזרים המזומנים מפעילות שוטפת ויתרת מזומנים: תזרים המזומנים מפעילות שוטפת ברבעון הרביעי של 2020 היה 166.9 מיליון דולר. בשנת 2020 תזרים המזומנים מפעילות שוטפת הסתכם ב- 480.3 מיליון דולר. ברבעון הרביעי 20.7 מיליון דולר שימשו לרכישה חוזרת של מניות ו- 48.3 מיליון דולר בשנת .2020 נכון ל31- בדצמבר ,2020 יתרות המזומנים ושווי המזומנים, וכן השקעות לטווח קצר וארוך הסתכמו ב- 1,463.9 מיליון דולר. סך החוב הסתכם ב- 681.2 מיליון דולר.
עיקרי התוצאות הפיננסיות )GAAP-Non )לרבעון הרביעי שהסתיים ב - 31 בדצמבר:
הכנסות: ההכנסות )GAAP-Non )ברבעון הרביעי של 2020 גדלו ל- 438.4 מיליון דולר, גידול של 1.7% לעומת 431.1 מיליון דולר ברבעון הרביעי של .2019 סך ההכנסות )GAAP-Non )ב שנת 2020 צמחו ב5.0%- ל- 1,657.1 מיליון דולר לעומת 1,577.5 מיליון דולר בשנת .2019
רווח גולמי: הרווח הגולמי )GAAP-Non )ברבעון הרביעי של 2020 גדל ל- 316.7 מיליון דולר ל עומת 313.8 מיליון דולר ברבעון הרביעי של .2019 שיעור הרווח הגולמי )GAAP-Non )ברבעון הרביעי של 2020 הסתכם ב- 72.2% לעומת 72.8% ברבעון הרביעי של .2019 הרווח הגולמי )GAAP-Non )ב שנת 2020 גדל ל- 1,181.6 מיליון דולר לעומת 1,125.3 מיליון דולר בשנת ,2019 ושיעור הרווח הגולמי )GAAP-Non )לשנת 2020 הסתכם ב- 71.3% בדומה לשנת .2019
רווח תפעולי: הרווח התפעולי )GAAP-Non )ברבעון הרביעי של 2020 גדל ל- 131.7 מיליון דולר לעומת 130.2 מיליון דולר ברבעון הרביעי של .2019 שיעור הרווח התפעולי )GAAP-Non )ברבעון הרביעי של 2020 הסתכם ב- 30.1% לעומת 30.2% ברבעון הרביעי של .2019 הרווח התפעולי )GAAP-Non )ושיעור הרווח התפעולי )GAAP-Non )בשנת 2020 גדלו ל- 470.4 מילון דולר ו- ,28.4% בהתאמה, לעומת 434.4 מיליון דולר ו - ,27.5% בהתאמה, בשנת .2019
רווח נקי: הרווח הנקי )GAAP-Non )ושיעור הרווח הנקי )GAAP-Non )ברבעון הרביעי של 2020 גדלו ל- 106.9מיליון דולר ו- ,24.4% בהתאמה, לעומת 102.6 מיליון דולר ו - 23.8% בהתאמה ברבעון הרביעי של .2019 הרווח הנקי )GAAP-Non )ושיעור הרווח הנקי )GAAP-Non )בשנת 2020 גדלו ל- 378.2 מילון דולר ו- ,22.8% בהתאמה, לעומת 343.4 מיליון דולר ו- ,21.8% בהתאמה, בשנת .2019
רווח למניה בדילול מלא : הרווח )GAAP-Non )למניה בדילול מלא ברבעון הרביעי של 2020 גדל ב- 1.9% ל- 1.61 דולר לעומת 1.58 דולר ברבעון הרביעי של .2019 הרווח )GAAP-Non )למניה על בסיס דילול מלא בשנת 2020 גדל ב- 7.9% ל- 5.73 דולר לעומת 5.31 דולר בשנת .2019
תחזית לרבעון הראשון ולשנת :2021
הרבעון הראשון של :2021 סך ההכנסות )GAAP-Non )ברבעון הראשון של ,2021 צפוי להסתכם ב- 445 מיליון דולר עד 455 מיליון דולר.
הרווח )GAAP-Non )למניה בדילול מלא ברבעון הראשון של 2021 צפוי להיות בטווח של 1.42 דולר עד 1.52 דולר.
שנת :2021 סך ההכנסות )GAAP-Non )בשנת 2021 צפו י להסתכם ב- 1,790 מיליון דולר עד 1,810 מיליון דולר. הרווח )GAAP-Non )למניה בדילול מלא בשנת 2021 צפוי להיות בטווח של 6.12 דולר עד 6.32 דולר.
שיחת ועידה לדיון בתוצאות הרבעוניות
הנהלת נייס תארח שיחת ועידה לדיון בתוצאות הפיננסיות ובתחזית החברה היום, 18 בבפברואר ,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 השיחה תשודר .http://www.nice.com/news-and-events/ir-events בכתובת החברה באתר חי בשידור באינטרנט
אודות נייס
נייס )NICE :NASDAQ, ת"א: נייס( הינה המובילה העולמית במתן פתרונות תוכנה, הן ברישיונות תוכנה והן בענן, ה מאפשרים 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 מ- 25,000 ארגונים ביותר מ- 150 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.
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 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 and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC"). In addition, COVID-19 is contributing to a general slowdown in the global economy. At this time, the extent and duration of the continued impact of the pandemic is unknown, and therefore we cannot predict how it may affect the Company's future business, results of operations, financial condition and strategic plans. Furthermore, due to our subscription based business model, the effect of COVID-19 may not be fully reflected in our results of operations until future periods, if at all. 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