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Nice Ltd. Earnings Release 2016
6950_rns_2016-11-10_3eb6f817-b6a6-4492-b8ab-fa25a1fab663.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 2016 (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. 333-06784, 333-08146, 333-11842, 333- 09350, 333-11154, 333-111112, 333-111113, 333-134355, 333-144589, 333-145981, 333-153230, 333-162110, 333-162795, 333- 166364, 333-168100, 333-171165, 333-179408, 333-181375, 333-191176, 333-199904, 333-210341, 333-210343 and 333-210344), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 Strong Revenue and EPS Growth For the Third Quarter 2016, Dated November 10, 2016
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-SYSTEMS LTD.
By: /s/ Yechiam Cohen Name: Yechiam Cohen Title: Corporate VP Finance
Dated November 10, 2016
EXHIBIT INDEX
99.1 Press Release: NICE Reports Strong Revenue and EPS Growth For the Third Quarter 2016, Dated November 10, 2016
NICE Reports Strong Revenue and EPS Growth For the Third Quarter 2016
Growth Driven by Cloud and Analytics
The Company Expects to Complete the Acquisition of inContact within Two Weeks
Paramus, New Jersey, November 10, 2016 - NICE (NASDAQ: NICE) today announced results for the third quarter ended September 30, 2016.
Third Quarter 2016 Financial Highlights
| GAAP | Non-GAAP |
|---|---|
| Revenue growth of 7% year-over-year |
Revenue growth of 9% year-over-year |
| Gross margin of 67.1% compared to 66.3% last year | Gross margin of 72.2% compared to 69.8% last year |
| Operating profit of \$36 million, down 5% year-over-year | Operating profit of \$64 million, up 15% year-over-year |
| Operating margin of 15.2% compared to 17.1% last year | Operating margin of 26.7% compared to 25.2% last year |
| Diluted EPS from continuing operations of \$0.53 versus |
Diluted EPS from continuing operations of \$0.83 versus |
| \$0.48 last year, 10% growth |
\$0.75 last year, 11% growth |
"We are pleased to report another quarter of solid growth and profitability," said Barak Eilam, CEO of NICE. "Excluding the impact of currency exchange rates, we delivered our second consecutive quarter of double digit revenue growth, as well as, another quarter of double digit EPS growth."
Mr. Eilam continued, "The customer service market is evolving due to the need for more sophisticated analytics, the rapid transition to omni-channel and Cloud. The strategic steps that we have taken including our technology and portfolio innovation, Nexidia analytics and the acquisition of inContact, a leader in omni-channel cloud, have positioned us well to capitalize on the significant market opportunities.
"We are encouraged by the very high level of interest among customers and partners since the announcement of the inContact acquisition, and we are extremely pleased by the positive feedback we have received from them, as well as, the positive reviews from industry analysts."
Dividend Declaration
The Company declared a cash dividend for the third quarter of 2016 of \$0.16 per share. The record date will be November 22th, 2016 and the payment date will be December 6th, 2016. Tax will be withheld at a rate of 15%.
GAAP Financial Highlights for the Third Quarter Ended September 30:
The following GAAP financial data, excluding cash flow and cash balance, are from continuing operations, which exclude the results of the Intelligence and the Physical Security divisions for both 2016 and 2015.
Revenues: Third quarter 2016 total revenues increased 7.3% to \$237.2 million compared to \$221.1 million for the third quarter of 2015.
Gross Profit: Third quarter 2016 gross profit and gross margin increased to \$159.1 million and 67.1%, respectively, compared to \$146.5 million and 66.3%, respectively, for the third quarter of 2015.
Operating Income: Third quarter 2016 operating income and operating margin were \$36.0 million and 15.2%, respectively, compared to \$37.8 million and 17.1%, respectively, for the third quarter of 2015.
Net Income from Continuing Operations: Third quarter 2016 net income and net margin increased to \$32.4 million and 13.7%, respectively, compared to \$29.5 million and 13.3%, respectively, for the third quarter of 2015.
Fully Diluted Earnings Per Share from Continuing Operations: Fully diluted earnings per share for the third quarter of 2016 increased 10.4% to \$0.53, compared to \$0.48 in the third quarter of 2015.
Operating Cash Flow and Cash Balance: Third quarter 2016 operating cash flow was \$39.4 million. In the third quarter, \$2.9 million was used for share repurchases and \$9.6 million for dividends. As of September 30, 2016, total cash and cash equivalents, short term investments and marketable securities were \$798.7 million, with no debt.
Non-GAAP Financial Highlights for the Third Quarter Ended September 30:
The following non-GAAP financial data are from continuing operations, which exclude the results of the Intelligence and the Physical Security divisions for both 2016 and 2015.
Revenues: Third quarter 2016 non-GAAP total revenues were \$240.3 million, up 8.7% from \$221.1 million for the third quarter of 2015.
Gross Profit: Third quarter 2016 non-GAAP gross profit and non-GAAP gross margin increased to \$173.6 million and 72.2%, respectively, from \$154.3 million and 69.8%, respectively, for the third quarter of 2015.
Operating Income: Third quarter 2016 non-GAAP operating income and non-GAAP operating margin increased to \$64.2 million and 26.7%, respectively, from \$55.7 million and 25.2%, respectively, for the third quarter of 2015.
Net Income from Continuing Operations: Third quarter 2016 non-GAAP net income and non-GAAP net margin increased to \$50.7 million and 21.1%, respectively, from \$46.3 million and 21.0%, respectively, for the third quarter of 2015.
Fully Diluted Earnings Per Share from Continuing Operations: Third quarter 2016 non-GAAP fully diluted earnings per share increased 10.7% to \$0.83, compared to \$0.75 for the third quarter of 2015.
Fourth Quarter and Full Year 2016 Guidance:
The following guidance assumes the closing of the inContact acquisition within two weeks and includes inContact's results for the period from the closing of the acquisition until the end of the year.
Fourth Quarter 2016: Fourth quarter 2016 non-GAAP total revenues are expected to be in a range of \$320 million to \$334 million. Fourth quarter 2016 non-GAAP fully diluted earnings per share are expected to be in a range of \$1.10 to \$1.22.
Full Year 2016: Full year 2016 non-GAAP total revenues are expected to be in a range of \$1,022 million to \$1,036 million. Full year 2016 non-GAAP fully diluted earnings per share are expected to be in a range of \$3.53 to \$3.65.
Quarterly Results Conference Call
NICE management will host its earnings conference call today, November 10th, 2016 at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. To participate in the call, please dial in to the following numbers: United States 1-866-804-8688 or +1-718-354-1175, International +44(0)1296-311-600, United Kingdom 0- 800-678-1161, Israel 1-809-242-041. The Passcode is 551 268 39. Additional access numbers can be found at http://www.btconferencing.com/globalaccess/?bid=54_attended. The call will be webcast live on the Company's website at http://www.nice.com/news-and-events/ir-events. An online replay will also be available approximately two hours following the call. A telephone replay of the call will be available for 7 days after the live broadcast, and may be accessed by dialing: United States 1-877-482-6144, International +44(0)20-7136-9233, United Kingdom 0-800-032- 9687. The Passcode for the replay is 840 330 23.
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, re-organization expenses, share-based compensation, and certain business combination accounting entries, settlement, realized gain from substantial liquidation of marketable securities and tax adjustment re non-GAAP adjustments. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Business combination accounting rules requires us to recognize a legal performance obligation related to a revenue arrangement of an acquired entity. The amount assigned to that liability should be based on its fair value at the date of acquisition. The non-GAAP adjustment is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income.
About NICE
NICE (Nasdaq: NICE) is the worldwide leading provider of enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE solutions help the world's largest organizations deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 80 of the Fortune 100 companies, are using NICE solutions. www.nice.com.
Investors
Marty Cohen, +1 212 574 3635, [email protected], ET Yisca Erez, +972 9 775-3798, [email protected], CET
Media Contact
Erik Snider, +1 877 245 7448, [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. Such forward-looking statements, including the statements by Mr. Eilam, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the Company). In some cases, such forwardlooking statements can be identified by terms such as believe, expect, may, will, intend, project, plan, estimate or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company's customer base (particularly financial services firms) potentially impacting our business and financial condition; competition; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and the risk that the required approvals for the inContact acquisition may not be received on the expected timeline or at all. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission, including the Company's Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.
NICE LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share amounts)
| Quarter ended September 30, |
Year to date | September 30, | |||
|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | ||
| Revenue: | |||||
| Product | \$ 68,617 |
\$ 68,266 |
\$ 195,277 | \$207,821 | |
| Services | 168,570 | 152,819 | 496,405 | 445,488 | |
| Total revenue | 237,187 | 221,085 | 691,682 | 653,309 | |
| Cost of revenue: | |||||
| Product | 11,815 | 15,726 | 39,786 | 47,238 | |
| Services | 66,249 | 58,853 | 195,185 | 174,303 | |
| Total cost of revenue | 78,064 | 74,579 | 234,971 | 221,541 | |
| Gross profit | 159,123 | 146,506 | 456,711 | 431,768 | |
| Operating Expenses: | |||||
| Research and development, net | 33,606 | 32,361 | 100,646 | 92,919 | |
| Selling and marketing | 61,878 | 51,921 | 176,366 | 162,218 | |
| General and administrative | 24,456 | 21,331 | 72,227 | 64,287 | |
| Amortization of acquired intangible assets | 3,155 | 3,091 | 10,412 | 9,968 | |
| Total operating expenses | 123,095 | 108,704 | 359,651 | 329,392 | |
| Operating income | 36,028 | 37,802 | 97,060 | 102,376 | |
| Finance and other income, net | 4,968 | 1,505 | 11,665 | 4,116 | |
| Income from continuing operations before tax | 40,996 | 39,307 | 108,725 | 106,492 | |
| Taxes on income (tax benefit) | 8,554 | 9,855 | 15,647 | 22,798 | |
| Net income from continuing operations | 32,442 | 29,452 | 93,078 | 83,694 | |
| Discontinued operations | |||||
| Gain on disposal and income (loss) from operations of discontinued operations | (2,143) | 148,572 | (2,259) | 154,080 | |
| Taxes on income | - | 35,080 | - | 36,336 | |
| Net income (loss) from discontinued operations | (2,143) | 113,492 | (2,259) | 117,744 | |
| Net income | \$ 30,299 |
\$ 142,944 | \$ 90,819 | \$201,438 | |
| Basic earnings per share from continuing operations | \$ 0.54 |
\$ 0.49 |
\$ 1.56 |
\$ 1.40 |
|
| Basic earnings (loss) per share from discontinued operations | \$ (0.03) |
\$ 1.91 |
\$ (0.04) |
\$ 1.98 |
|
| Basic earnings per share | \$ 0.51 |
\$ 2.40 |
\$ 1.52 |
\$ 3.38 |
|
| Diluted earnings per share from continuing operations | \$ 0.53 |
\$ 0.48 |
\$ 1.53 |
\$ 1.36 |
|
| Diluted earnings (loss) per share from discontinued operations | \$ (0.03) |
\$ 1.85 |
\$ (0.04) |
\$ 1.92 |
|
| Diluted earnings per share | \$ 0.50 |
\$ 2.33 |
\$ 1.49 |
\$ 3.28 |
|
| Weighted average number of shares outstanding used to compute: |
|||||
| Basic earnings (loss) per share | 59,765 | 59,671 | 59,563 | 59,519 | |
| Diluted earnings (loss) per share | 61,119 | 61,418 | 60,930 | 61,344 | |
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)
| Quarter ended September 30, |
Year to date September 30, |
||||||
|---|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | ||||
| GAAP revenues | \$ | 237,187 | \$ | 221,085 | \$ 691,682 |
\$ | 653,309 |
| Valuation adjustment on acquired deferred product revenue | 75 | - | 1,450 | - | |||
| Valuation adjustment on acquired deferred service revenue | 3,026 | - | 8,676 | 177 | |||
| Non-GAAP revenues | \$ | 240,288 | \$ | 221,085 | \$ 701,808 |
\$ | 653,486 |
| GAAP cost of revenue | \$ | 78,064 | \$ | 74,579 | \$ 234,971 |
\$ | 221,541 |
| Amortization of acquired intangible assets on cost of product | (6,285) | (6,877) | (20,167) | (20,539) | |||
| Amortization of acquired intangible assets on cost of services | (3,208) | - | (6,681) | - | |||
| Cost of product revenue adjustment (1,3) | (124) | (100) | (314) | (371) | |||
| Cost of services revenue adjustment (1,2,3) | (1,723) | (799) | (5,054) | (2,047) | |||
| Non-GAAP cost of revenue | \$ | 66,724 | \$ | 66,803 | \$ 202,755 |
\$ | 198,584 |
| GAAP gross profit | \$ | 159,123 | \$ | 146,506 | \$ 456,711 |
\$ | 431,768 |
| Gross profit adjustments | 14,441 | 7,776 | 42,342 | 23,134 | |||
| Non-GAAP gross profit | \$ | 173,564 | \$ | 154,282 | \$ 499,053 |
\$ | 454,902 |
| GAAP operating expenses | \$ | 123,095 | \$ | 108,704 | \$ 359,651 |
\$ | 329,392 |
| Research and development (1,2,3) | (1,385) | (1,377) | (4,462) | (2,193) | |||
| Sales and marketing (1,2,3) | (4,069) | (3,094) | (11,139) | (8,098) | |||
| General and administrative (1,2,3) | (5,153) | (2,560) | (13,246) | (8,127) | |||
| Amortization of acquired intangible assets | (3,155) | (3,091) | (10,412) | (9,968) | |||
| Settlement and related expenses | - | - | - | (390) | |||
| Non-GAAP operating expenses | \$ | 109,333 | \$ | 98,582 | \$ 320,392 |
\$ | 300,616 |
| GAAP finance & other income, net | \$ | 4,968 | \$ | 1,505 | \$ 11,665 |
\$ | 4,116 |
| Realized gain from substantial liquidation of marketable securities | (2,711) | - | (2,711) | - | |||
| Non-GAAP finance & other income, net | \$ | 2,257 | \$ | 1,505 | \$ 8,954 |
\$ | 4,116 |
| GAAP taxes on income | \$ | 8,554 | \$ | 9,855 | \$ 15,647 |
\$ | 22,798 |
| Tax adjustments re non-GAAP adjustments | 7,228 | 1,024 | 23,753 | 7,431 | |||
| Non-GAAP taxes on income | \$ | 15,782 | \$ | 10,879 | \$ 39,400 |
\$ | 30,229 |
| GAAP net income (loss) from continuing operations | \$ | 32,442 | \$ | 29,452 | \$ 93,078 |
\$ | 83,694 |
| Valuation adjustment on acquired deferred revenue | 3,101 | - | 10,126 | 177 | |||
| Amortization of acquired intangible assets | 12,648 | 9,968 | 37,260 | 30,507 | |||
| Share-based compensation (1) | 9,458 | 6,948 | 25,714 | 19,854 | |||
| Re-organization expenses (2) | 1,523 | 982 | 3,293 | 982 | |||
| Acquisition related expenses (3) | 1,473 | - | 5,208 | - | |||
| Realized gain from substantial liquidation of marketable securities | (2,711) | - | (2,711) | - | |||
| Settlement and related expenses | - | - | - | 390 | |||
| Tax adjustments re non-GAAP adjustments | (7,228) | (1,024) | (23,753) | (7,431) | |||
| Non-GAAP net income (loss) from continuing operations | \$ | 50,706 | \$ | 46,326 | \$ 148,215 |
\$ | 128,173 |
| GAAP diluted earnings (loss) per share from continuing operations | \$ | 0.53 | \$ | 0.48 | \$ 1.53 |
\$ | 1.36 |
| Non-GAAP diluted earnings per share from continuing operations | \$ | 0.83 | \$ | 0.75 | \$ 2.43 |
\$ | 2.09 |
| Shares used in computing GAAP diluted earnings (loss) per share | 61,119 | 61,418 | 60,930 | 61,344 | |||
| Shares used in computing Non-GAAP diluted earnings per share | 61,119 | 61,418 | 60,930 | 61,344 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
U.S. dollars in thousands
(1) Share-based Compensation
| Quarter ended September 30, |
Year to date | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | ||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||
| Cost of product revenue | \$ | (114) | \$ | (100) | \$ | (304) | \$ | (371) | ||
| Cost of service revenue | (1,715) | (755) | (4,801) | (2,003) | ||||||
| Research and development | (1,383) | (439) | (3,541) | (1,255) | ||||||
| Sales and marketing | (4,008) | (3,094) | (10,441) | (8,098) | ||||||
| General and administrative | (2,238) | (2,560) | (6,627) | (8,127) | ||||||
| \$ | (9,458) | \$ | (6,948) | \$ | (25,714) | \$ | (19,854) |
(2) Re-organization expenses
| Quarter ended September 30, |
Year to date September 30, |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | ||||||
| Cost of service revenue | \$ (1) |
\$ | (44) | \$ | (246) | \$ | (44) | ||
| Research and development | - | (938) | (896) | (938) | |||||
| Sales and marketing | - | - | (150) | - | |||||
| General and administrative | (1,522) | - | (2,001) | - | |||||
| \$ (1,523) |
\$ | (982) | \$ | (3,293) | \$ | (982) |
(3) Acquisition related expenses
| Quarter ended | Year to date | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||
| Cost of product revenue | \$ (10) |
\$ | - | \$ | (10) | \$ | - | |||
| Cost of service revenue | (7) | - | (7) | - | ||||||
| Research and development | (2) | - | (25) | - | ||||||
| Sales and marketing | (61) | - | (548) | - | ||||||
| General and administrative | (1,393) | - | (4,618) | - | ||||||
| \$ (1,473) |
\$ | - | \$ | (5,208) | \$ | - |
NICE LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
| September 30, 2016 |
December 31, 2015 |
|
|---|---|---|
| Unaudited Unaudited |
||
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | \$ 666,125 |
\$ 325,931 |
| Short-term investments | 22,253 | 99,195 |
| Trade receivables | 149,200 | 177,323 |
| Prepaid expenses and other current assets | 62,100 | 43,561 |
| Current assets of discontinued operations | 2,672 | 9,142 |
| Total current assets | 902,350 | 655,152 |
| LONG-TERM ASSETS: | ||
| Long-term investments | 110,280 | 403,249 |
| Other long-term assets | 17,440 | 17,175 |
| Property and equipment, net* | 53,283 | 40,593 |
| Deferred tax assets | 19,194 | 14,130 |
| Other intangible assets, net* | 102,034 | 68,202 |
| Goodwill | 730,736 | 651,112 |
| Total long-term assets | 1,032,967 | 1,194,461 |
| TOTAL ASSETS | \$ 1,935,317 |
\$ 1,849,613 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Trade payables | \$ 18,928 |
\$ 11,719 |
| Deferred revenues and advances from customers | 176,858 | 151,345 |
| Accrued expenses and other liabilities | 222,773 | 223,255 |
| Current liabilities of discontinued operations | 3,242 | 12,744 |
| Total current liabilities | 421,801 | 399,063 |
| LONG-TERM LIABILITIES: | ||
| Deferred tax liabilities | 12,913 | 15,040 |
| Other long-term liabilities | 17,700 | 17,952 |
| Long-term liabilities of discontinued operations | 2,409 | 2,409 |
| Total long-term liabilities | 33,022 | 35,401 |
| SHAREHOLDERS' EQUITY | 1,480,494 | 1,415,149 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | \$ 1,935,317 |
\$ 1,849,613 |
*Certain comparative figures have been reclassified to conform to the current year presentation.
NICE LTD. AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
| 2016 2015 2016 2015 Unaudited Unaudited Unaudited Unaudited Operating Activities Net income \$ 30,299 \$ 142,944 \$ 90,819 \$201,438 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 16,932 14,339 50,332 44,670 Stock based compensation 9,457 7,402 25,714 20,677 Excess tax benefit from share-based payment arrangements (2,024) (2,028) (3,172) (4,042) Amortization of premium and discount and accrued interest on marketable securities 714 730 2,355 1,943 Deferred taxes, net (4,815) 2,380 (17,512) (4,028) Changes in operating assets and liabilities: Trade Receivables (13,691) (33,465) 40,678 (15,017) Prepaid expenses and other current assets (1,340) (1,410) 3,428 (3,887) Trade payables (372) 3,853 4,917 11,644 Accrued expenses and other current liabilities 18,890 62,534 (29,548) 49,926 Deferred revenue (13,659) 669 16,196 53,175 Gain on sale and loss on disposal of discontinued operations 1,990 (148,428) 1,990 (148,428) Realized gain on marketable securities (2,817) (9) (3,366) 257 Other (167) (9) (182) 2,838 Net cash provided by operating activities 39,397 49,502 182,649 211,166 Investing Activities Purchase of property and equipment (7,022) (3,006) (18,165) (10,966) Purchase of Investments - (103,697) (47,221) (227,844) Proceeds from Investments 340,487 20,612 420,965 63,154 Capitalization of software development costs (1,948) (491) (4,706) (703) Proceeds (repayment) from sale of discontinued operations (1,990) 167,501 (1,990) 167,501 Payments for business acquisitions, net of cash acquired (3) - (151,328) (1,500) Net cash provided by (used in) investing activities 329,524 80,919 197,555 (10,358) Financing Activities Proceeds from issuance of shares upon exercise of share options and ESPP 8,092 5,878 21,261 23,011 Purchase of treasury shares (2,924) (30,000) (35,017) (48,384) Dividends paid (9,568) (9,566) (28,604) (28,680) Capital Lease Payments (515) - (695) - Excess tax benefit from share-based payment arrangements 2,024 2,028 3,172 4,042 Earnout payments related to acquisitions - (24) - (286) Net cash used in financing activities (2,891) (31,684) (39,883) (50,297) Effect of exchange rates on cash and cash equivalents (912) (2,299) (127) (4,764) Net change in cash and cash equivalents 365,118 96,438 340,194 145,747 Cash and cash equivalents, beginning of period 301,007 236,292 325,931 187,497 Cash and cash equivalents, end of period \$ 666,125 \$ 332,730 \$ 666,125 \$333,244 |
Quarter ended September 30, |
Year to date September 30, |
||
|---|---|---|---|---|
נייס מדווחת על צמיחה חזקה בהכנסות וברווח למניה ברבעון השלישי של 2016
פתרונות האנליטיקס והענן הובילו את הצמיחה
החברה צפויה להשלים את רכישת inContact במהלך השבועיים הקרובים
פראמוס, ניו ג'רזי, 10 בנובמבר, 2016 – נייס )נאסד"ק: NICE )פרסמה היום את התוצאות לרבעון השלישי שהסתיים ב30- בספטמבר, .2016
עיקרי התוצאות לרבעון השלישי של :2016
| Non-GAAP | GAAP |
|---|---|
| לאשתקד | לאשתקד |
| בהשוואה | בהשוואה |
| בהכנסות | בהכנסות |
| 9% | 7% |
| גידול של | גידול של |
| אשתקד | אשתקד |
| 69.8% | 66.3% |
| לעומת | לעומת |
| ל 72.2% | ל 67.1% |
| ח גולמי ש | ח גולמי ש |
| שיעור רוו | שיעור רוו |
| מאשתקד | מאשתקד |
| ל 15% | של 5% |
| ר, גידול ש | ר, ירידה |
| מיליון דול | מיליון דול |
| לי של 64 | לי של 36 |
| רווח תפעו | רווח תפעו |
| אשתקד | אשתקד |
| 25.2% | 17.1% |
| לעומת | לעומת |
| 26.7% | 15.2% |
| של | של |
| ח תפעולי | ח תפעולי |
| שיעור רוו | שיעור רוו |
| וואה ל- | וואה |
| דולר בהש | דולר בהש |
| 0.83 | 0.53 |
| ת של | ת של |
| לות נמשכ | לות נמשכ |
| מלא מפעי | מלא מפעי |
| ה בדילול | ה בדילול |
| רווח למני | רווח למני |
| של 11% קד, גידול דולר אשת 0.75 |
של 10% קד, גידול דולר אשת 0.48 ל- |
"אנחנו שמחים לדווח על רבעון נוסף של צמיחה חזקה וגידול ברווחיות", אמר ברק עילם, מנכ"ל נייס. "בניכוי השפעות מטבע, זהו הרבעון השני ברציפות של צמיחה דו ספרתית בהכנסות וברווח למניה".
עילם הוסיף: "שוק שירות הלקוחות מתפתח כתוצאה מהצורך במוצרים אנליטיים מתוחכמים נוספים, מהמעבר המהיר לשירות רב ערוצי )channel-omni), ומהמעבר לענן. המהלכים האסטרטגיים שנקטנו הכוללים חדשנות טכנולוגית, חדשנות בפיתוח סל המוצרים שלנו, מוצרי האנליטיקס של Nexidia והרכישה של inContact, חברה מובילה בשוק שירות הלקוחות הרב ערוצי בענן, מאפשרים לנו לנצל את ההזדמנויות המשמעותיות הקיימות בשוק.
"אנו מרוצים מההתעניינות הרבה בקרב הלקוחות והשותפים העסקיים שלנו מאז ההודעה על רכישת inContact, ומהמשובים החיוביים שקיבלנו מהם, כמו גם מהביקורות הטובות מהאנליסטים בתעשייה."
הודעה על חלוקת דיבידנד
החברה הודיעה על חלוקת דיבידנד בסך של 0.16 דולר למניה בגין הרבעון השלישי של .2016 המועד הקובע הוא 22 בנובמבר, 2016 ומועד התשלום הוא 6 בדצמבר .2016 מס ינוכה בשיעור של .15%
עיקרי התוצאות הפיננסיות )GAAP )לרבעון השלישי שהסתיים ב- 30 בספטמבר :2016
נתוני ה- GAAP המוצגים כאן, מלבד נתוני תזרים המזומנים ויתרת המזומנים, הינם נתונים פיננסים של הפעילות הנמשכת, ואינם כוללים את תוצאות חטיבות ה- Intelligence וה- Security Physical ל2016- ול- .2015
הכנסות: ההכנסות ברבעון השלישי של 2016 גדלו ב7.3%- ל- 237.2 מיליון דולר, לעומת 221.1 מיליון דולר ברבעון השלישי של .2015 רווח גולמי: הרווח הגולמי ושיעור הרווח הגולמי ברבעון השלישי של 2016 גדלו ל- 159.1 מיליון דולר ו- ,67.1% בהתאמה, לעומת 146.5 מיליון דולר ו- ,66.3% בהתאמה, ברבעון השלישי של .2015
רווח תפעולי: הרווח התפעולי ושיעור הרווח התפעולי ברבעון השלישי של 2016 הסתכמו ל- 36.0 מיליון דולר ו- ,15.2% בהתאמה, לעומת 37.8 מיליון דולר ו- ,17.1% בהתאמה, ברבעון השלישי של .2015
רווח נקי מפעילות נמשכת: הרווח הנקי ושיעור הרווח הנקי ברבעון השלישי של 2016 גדלו ל- 32.4 מיליון דולר ו,13.7%- בהתאמה, לעומת 29.5 מיליון דולר ו- ,13.3% בהתאמה ברבעון השלישי של .2015
רווח למניה בדילול מלא מפעילות נמשכת: הרווח למניה בדילול מלא ברבעון השלישי של 2016 גדל ל- 0.53 דולר, גידול של 10.4% לעומת 0.48 דולר ברבעון השלישי של .2015
תזרים המזומנים מפעילות שוטפת ויתרת מזומנים: תזרים המזומנים מפעילות שוטפת ברבעון השלישי של 2016 היה 39.4 מיליון דולר. ברבעון השלישי 2.9 מיליון דולר שימשו לרכישה חוזרת של מניות ו- 9.6 מיליון דולר לתשלום דיבידנד. נכון ל30- בספטמבר ,2016 יתרות המזומנים ושווי המזומנים, וכן השקעות לטווח קצר וארוך הסתכמו ב- 798.7 מיליון דולר, ללא חוב.
עיקרי התוצאות הפיננסיות )GAAP-Non )לרבעון השלישי שהסתיים ב- 30 בספטמבר :2016
נתוני ה- GAAP-non המוצגים כאן הינם נתונים פיננסים של הפעילות הנמשכת, ואינם כוללים את תוצאות חטיבות ה- Intelligence וה- Security Physical ל2016- ול- .2015
הכנסות: ההכנסות )GAAP-Non )ברבעון השלישי של 2016 הסתכמו ב- 240.3 מיליון דולר, גידול של 8.7% לעומת 221.1 מיליון דולר ברבעון השלישי של .2015
רווח גולמי: הרווח הגולמי )GAAP-Non )ברבעון שני של 2016 ושיעור הרווח הגולמי )GAAP-Non )גדלו ל- 173.6 מיליון דולר ו,72.2%- בהתאמה, לעומת 154.3 מיליון דולר ו69.8%- בהתאמה ברבעון השלישי של .2015
רווח תפעולי: הרווח התפעולי )GAAP-Non )ברבעון השלישי של 2016 ושיעור הרווח התפעולי )GAAP-Non )גדלו ל- 64.2 מיליון דולר ו,26.7%- בהתאמה, לעומת 55.7 מיליון דולר ו25.2%- בהתאמה ברבעון השלישי של .2015
רווח נקי מפעילות נמשכת: הרווח הנקי )GAAP-Non )ושיעור הרווח הנקי )GAAP-Non )ברבעון השלישי של 2016 גדלו ל- 50.7 מיליון דולר ו,21.1%- בהתאמה, לעומת 46.3 מיליון דולר ו,21.0%- בהתאמה, ברבעון השלישי של .2015
רווח למניה בדילול מלא מפעילות נמשכת: הרווח )GAAP-Non )למניה בדילול מלא ברבעון השלישי של 2016 גדל ל- 0.83 דולר, גידול של 10.7% לעומת 0.75 דולר ברבעון השלישי של .2015
תחזית לרבעון הרביעי ולשנת :2016
התחזיות להלן מובאות תחת ההנחה של השלמת רכישת inContact במהלך השבועיים הקרובים, והן כוללות את התוצאות של inContact ממועד השלמת העסקה עד סוף השנה.
הרבעון הרביעי של :2016 סך ההכנסות )GAAP-Non )ברבעון הרביעי של ,2016 צפוי להסתכם ב- 320 מיליון דולר עד 334 מיליון דולר. הרווח )GAAP-Non )למניה בדילול מלא ברבעון הרביעי של 2016 צפוי להיות בטווח של 1.10 דולר עד 1.22 דולר.
שנת :2016 סך ההכנסות )GAAP-Non )בשנת 2016 צפוי להסתכם ב- 1,022 מיליון דולר עד 1,036 מיליון דולר. הרווח )GAAP-Non )למניה בדילול מלא בשנת 2016 צפוי להיות בטווח של 3.53 דולר עד 3.65 דולר.
שיחת ועידה לדיון בתוצאות הרבעוניות
הנהלת נייס תארח שיחת ועידה לדיון בתוצאות הפיננסיות ובתחזית החברה היום, 10 בנובמבר, ,2016 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: 1-866-804-8688 או .+1-718-354-1175 ממדינות אחרות 1296-311-600(0)+44; מבריטניה 0-800-678-1161; מישראל: .1-809-242-041 קוד הכניסה הוא 39 268 .551 מספרי גישה נוספים מוצגים ב- attended_54=bid?/globalaccess/com.btconferencing.www://http. השיחה תשודר באינטרנט בשידור חי באתר החברה בכתובת events-ir/events-and-news/com.nice.www://http ותהיה זמינה להאזנה למשך שעתיים אחרי השיחה. הקלטה של השיחה תעמוד לרשות המעוניינים למשך 7 ימים אחרי השידור החי וניתן להאזין לה באמצעות חיוג המספר 1-877- 482-6144 מארה"ב, 20-7136-9233(0)+44 ממדינות אחרות ו0-800-032-9687- מבריטניה. קוד הכניסה להקלטה הוא .840 330 23
אודות נייס
נייס )NICE :NASDAQ, ת"א: נייס( הינה המובילה העולמית במתן פתרונות תוכנה המאפשרים לארגונים לנקוט בפעולה הבאה הטובה ביותר באמצעות כלים אנליטיים המנתחים מידע מובנה ושאינו מובנה. הפתרונות של נייס מסייעים לארגונים הגדולים בעולם 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 80 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 Systems. All other marks are trademarks of their respective owners. For a full list of NICE Systems' 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. Such forward-looking statements, including the statements by Mr. Eilam, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the Company). In some cases, such forward-looking statements can be identified by terms such as believe, expect, may, will, intend, project, plan, estimate or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company's customer base (particularly financial services firms) potentially impacting our business and financial condition; competition; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and the risk that the required approvals for the inContact acquisition may not be received on the expected timeline or at all. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission, including the Company's Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.