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Nice Ltd.
Earnings Release • Feb 23, 2023
6950_rns_2023-02-23_c111654c-811d-41e9-a6f8-a6c422f8adf4.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 2023 (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333-228911 and 333-249186), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 Strong Finish to 2022 With 26% Cloud Revenue Growth for the Fourth Quarter, Dated February 23, 2023.
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 23, 2023
EXHIBIT INDEX
99.1 Press Release: NICE Reports Strong Finish to 2022 With 26% Cloud Revenue Growth for the Fourth Quarter, Dated February 23, 2023.
NICE Reports Strong Finish to 2022 With 26% Cloud Revenue Growth for the Fourth Quarter
- Full-year cloud revenue growth of 27% at constant currency
- Full-year total revenue growth of 14% at constant currency, exceeding high end of guidance range
- Non-GAAP full year earnings per share growth of 17%, exceeding high end of guidance range
Hoboken, New Jersey, February 23, 2023 - NICE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2022, as compared to the corresponding period of the previous year.
Fourth Quarter 2022 Financial Highlights
| GAAP | Non-GAAP | |||||
|---|---|---|---|---|---|---|
| Total revenue was \$568.6 million and increased 10% |
Total revenue was \$568.6 million and increased 10% |
|||||
| (\$575.8 million in constant currency, up 12%) |
||||||
| Cloud revenue was \$358.9 million and increased 26% |
Cloud revenue was \$358.9 million and increased 26% |
|||||
| (\$361.4 million in constant currency, up 27%) | ||||||
| Cloud gross margin was 64.5% compared to 60.7% last year |
Cloud gross margin was 70.5% compared to 68.2% last |
|||||
| year | ||||||
| Total gross margin was 68.2% compared to 67.9% last year |
Total gross margin was 72.6% compared to 73.0% last year |
|||||
| Operating income was \$87.8 million and increased 35% |
Operating income was \$162.8 million and increased 12% |
|||||
| Operating margin was 15.4% compared to 12.6% last year |
Operating margin was 28.6%, compared to 28.2% last year |
|||||
| Diluted EPS was \$1.07 and increased 41% |
Diluted EPS was \$2.04 and increased 18% |
|||||
| Operating cash flow increased 57% to \$176.7 million |
Full Year 2022 Financial Highlights
| GAAP | Non-GAAP | |||||
|---|---|---|---|---|---|---|
| Total revenue was \$2,181.3 million, and increased 14% |
Total revenue was \$2,181.3 million, and increased 13% |
|||||
| (\$2,204.1 million in constant currency, up 14%) | ||||||
| Cloud revenue was \$1,295.3 million and increased 27% |
Cloud revenue was \$1,295.3 million and increased 27% |
|||||
| (\$1,303.0 million in constant currency, up 27%) | ||||||
| Cloud gross margin was 63.5% compared to 59.7% last year |
Cloud gross margin was 70.0% compared to 67.7% last | |||||
| year | ||||||
| Total gross margin was 68.7% compared to 67.5% last year |
Total gross margin was 73.1% compared to 72.6% last year |
|||||
| Operating income was \$335.2 million and increased 27% |
Operating income was \$625.1 million and increased 15% |
|||||
| Operating margin was 15.4% compared to 13.7% last year |
Operating margin was 28.7%, compared to 28.2% last year |
|||||
| Diluted EPS was \$4.00 and increased 34% |
Diluted EPS was \$7.62 versus and increased 17% |
|||||
| Operating cash flow increased 4% to \$479.7 million |
"2022 was another landmark year for NICE capped off by strong fourth quarter results as we exceeded the high end of our guidance range with full-year total revenue growth of 14% at constant currency, as well as full-year earnings per share growth of 17%. These excellent results, together with further growth in profitability, strong free cash flow and a rock-solid balance sheet, provides us the industry-leading financial position to continue to grow our business, increase profitability and further expand our competitive lead in our markets," said Barak Eilam, CEO, NICE.
Mr. Eilam continued, "We are in a winning competitive position operationally, innovatively, and financially, and this provides us significant opportunities ahead to capture a large and expanding market. These opportunities include cloud expansion in a vastly underpenetrated enterprise market, accelerating demand for a complete platform as the market standard, the rise of AI, and a favorable competitive landscape."
GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues: Fourth quarter 2022 total revenues increased 10% to \$568.6 million compared to \$515.5 million for the fourth quarter of 2021.
Full year 2022 total revenues increased 14% to \$2,181.3 million compared to \$1,921.2 million for the full year 2021.
Gross Profit: Fourth quarter 2022 gross profit was \$387.6 million compared to \$350.2 million for the fourth quarter of 2021. Fourth quarter 2022 gross margin was 68.2% compared to 67.9% for the fourth quarter of 2021. Full year 2022 gross profit was \$1,497.6 million compared to \$1,296.7 million for the full year 2021. Full year 2022 gross margin was 68.7% compared to 67.5% for the full year 2021.
Operating Income: Fourth quarter 2022 operating income was \$87.8 million compared to \$65.1 million for the fourth quarter of 2021. Fourth quarter 2022 operating margin was 15.4% compared to 12.6% for the fourth quarter of 2021. Full year 2022 operating income was \$335.2 million compared to \$263.9 million for the full year 2021. Full year 2022 operating margin was 15.4% compared to 13.7% for the full year 2021.
Net Income: Fourth quarter 2022 net income was \$71.2 million compared to \$51.2 million for the fourth quarter of 2021. Fourth quarter 2022 net income margin was 12.5% compared to 9.9% for the fourth quarter of 2021. Full year 2022 net income was \$265.9 million compared to \$199.2 million for the full year 2021. Full year 2022 net income margin was 12.2% compared to 10.4% for the full year 2021.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the fourth quarter of 2022 increased 41% to \$1.07 compared to \$0.76 in the fourth quarter of 2021.
Fully diluted earnings per share for the full year 2022 increased 34% to \$4.00 compared to \$2.98 for the full year 2021.
Operating Cash Flow and Cash Balance: Fourth quarter 2022 operating cash flow was \$176.7 million and full year 2022 operating cash flow was \$479.7 million.
In the fourth quarter 2022, \$24.5 million was used for share repurchases and for the full year 2022, \$144.9 million were used for share repurchases.
As of December 31, 2022, total cash and cash equivalents, and short-term investments were \$1,571.5 million. Our debt, net of a hedge instrument, was \$542.4 million, resulting in net cash and investments of \$1,029.1 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues: Fourth quarter 2022 total revenues increased 10% to \$568.6 million (up 12% in constant currency to \$575.8 million) compared to \$515.5 million for the fourth quarter of 2021.
Full year 2022 total revenues increased 13% to \$2,181.3 million (up 14% in constant currency to \$2,204.1 million) compared to \$1,925.7 million for the full year 2021.
Gross Profit: Fourth quarter 2022 Non-GAAP gross profit increased to \$412.6 million compared to \$376.4 million for the fourth quarter of 2021. Fourth quarter 2022 Non-GAAP gross margin was 72.6% compared to 73.0% for the fourth quarter of 2021.
Full year 2022 gross profit was \$1,594.6 million compared to \$1,397.6 million for the full year 2021. Full year 2022 gross margin was 73.1% compared to 72.6% for the full year 2021.
Operating Income: Fourth quarter 2022 Non-GAAP operating income increased to \$162.8 million compared to \$145.6 million for the fourth quarter of 2021. Fourth quarter 2022 Non-GAAP operating margin was 28.6% compared to 28.2% for the fourth quarter of 2021.
Full year 2022 operating income was \$625.1 million compared to \$543.9 million for the full year 2021. Full year 2022 operating margin was 28.7% compared to 28.2% for the full year 2021.
Net Income: Fourth quarter 2022 Non-GAAP net income increased to \$135.3 million compared to \$116.7 million for the fourth quarter of 2021. Fourth quarter 2022 Non-GAAP net income margin totaled 23.8% compared to 22.6% for the fourth quarter of 2021.
Full year 2022 net income was \$506.8 million compared to \$436.3 million for the full year 2021. Full year 2022 net income margin was 23.2% compared to 22.7% for the full year 2021.
Fully Diluted Earnings Per Share: Fourth quarter 2022 Non-GAAP fully diluted earnings per share increased 18% to \$2.04 compared to \$1.73 for the fourth quarter of 2021.
Fully diluted earnings per share for the full year 2022 increased 17% to \$7.62 compared to \$6.52 for the full year 2021.
First Quarter and Full Year 2023 Guidance:
The Company plans to fully execute the \$250 million share repurchase program announced last quarter in its entirety by the end of 2023.
With year-over-year cloud revenue growth expected to be in a range of 22% to 25% for the full year 2023, the Company is providing the following total revenue and EPS guidance:
First Quarter 2023:
First quarter 2023 Non-GAAP total revenues are expected to be in a range of \$559 million to \$569 million, representing 7% growth year over year at the midpoint.
First quarter 2023 Non-GAAP fully diluted earnings per share are expected to be in a range of \$1.92 to \$2.02, representing 9% growth year over year at the midpoint.
Full Year 2023:
Full year 2023 Non-GAAP total revenues are expected to be in a range of \$2,345 million to \$2,365 million, representing 8% growth at the midpoint compared to full year 2022.
Full year 2023 Non-GAAP fully diluted earnings per share are expected to be in a range of \$8.28 to \$8.48, representing 10% growth at the midpoint compared to full year 2022.
Quarterly Results Conference Call
NICE management will host its earnings conference call today February 23, 2023, 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.
Explanation of Non-GAAP measures
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. FASB issued an accounting update, ASU2021-08, Business Combinations, in the fourth quarter of 2021. The amendments in ASU 2021-08 require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. Before this guidance and through December 31, 2020, business combination accounting rules required recognizing a legal performance obligation related to a revenue arrangement of an acquired entity as a liability. The amount assigned to such liability was based on its fair value at the date of acquisition. Effective January 1, 2021, the Company early adopted the new guidance retroactively to the start of the year. The Company has applied the new guidance retrospectively to all business combinations for which the acquisition date occurred on or after January 1, 2021, and therefore comparative financials for periods during 2021 have been adjusted accordingly to recognize the full amount of revenue associated with acquisitions. 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.
Explanation of Constant Currency
NICE presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current results for transactions in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the current period. Future expected results for transactions in currencies other than United States dollars are converted into United States dollars using the exchange rates in effect in the last month of the reporting period. NICE has provided this financial information to aid investors in better understanding our performance. These constant currency financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
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.
Investor Relations Contact
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, the effect of unexpected events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business and the global economy 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 press release 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.
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NICE LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
| December 31, 2022 |
December 31, 2021 |
||||
|---|---|---|---|---|---|
| Unaudited | Audited | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | \$ 529,596 |
\$ 378,656 |
|||
| Short-term investments | 1,041,943 | 1,046,095 | |||
| Trade receivables | 515,730 | 395,583 | |||
| Debt hedge option | 122,323 | 292,940 | |||
| Prepaid expenses and other current assets | 206,372 | 184,604 | |||
| Total current assets | 2,415,964 | 2,297,878 | |||
| LONG-TERM ASSETS: | |||||
| Property and equipment, net | 159,284 | 145,654 | |||
| Deferred tax assets | 119,821 | 55,246 | |||
| Other intangible assets, net | 209,605 | 295,378 | |||
| Operating lease right-of-use assets | 102,893 | 85,055 | |||
| Goodwill | 1,617,118 | 1,606,756 | |||
| Prepaid expenses and other long-term assets | 231,496 | 224,445 | |||
| Total long-term assets | 2,440,217 | 2,412,534 | |||
| TOTAL ASSETS | \$ 4,856,181 |
\$ 4,710,412 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Trade payables | \$ 56,019 |
\$ 36,121 |
|||
| Deferred revenues and advances from customers | 338,930 | 330,459 | |||
| Current maturities of operating leases | 13,525 | 19,514 | |||
| Debt | 209,292 | 395,946 | |||
| Accrued expenses and other liabilities | 526,527 | 487,547 | |||
| Total current liabilities | 1,144,293 | 1,269,587 | |||
| LONG-TERM LIABILITIES: | |||||
| Deferred revenues and advances from customers | 57,211 | 66,606 | |||
| Operating leases | 99,261 | 81,185 | |||
| Deferred tax liabilities | 6,024 | 7,429 | |||
| Debt | 455,382 | 429,267 | |||
| Other long-term liabilities | 38,587 | 18,379 | |||
| Total long-term liabilities | 656,465 | 602,866 | |||
| SHAREHOLDERS' EQUITY | |||||
| Nice Ltd's equity | 3,042,085 | 2,825,085 | |||
| Non-controlling interests | 13,338 | 12,874 | |||
| Total shareholders' equity | 3,055,423 | 2,837,959 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | \$ 4,856,181 |
\$ 4,710,412 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share amounts)
| Quarter ended December 31, |
Year to date December 31, |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 Unaudited |
2021 Audited |
2022 Unaudited |
2021 Audited |
|||||||
| Revenue: | ||||||||||
| Cloud | \$ | 358,850 | \$ | 285,201 | \$ 1,295,323 | \$ 1,018,624 | ||||
| Services | 161,208 | 166,376 | 650,116 | 660,083 | ||||||
| Product | 48,502 | 63,896 | 235,855 | 242,443 | ||||||
| Total revenue | 568,560 | 515,473 | 2,181,294 | 1,921,150 | ||||||
| Cost of revenue: | ||||||||||
| Cloud | 127,309 | 112,127 | 472,805 | 410,671 | ||||||
| Services | 46,339 | 47,341 | 183,938 | 191,137 | ||||||
| Product | 7,332 | 5,777 | 26,945 | 22,648 | ||||||
| Total cost of revenue | 180,980 | 165,245 | 683,688 | 624,456 | ||||||
| Gross profit | 387,580 | 350,228 | 1,497,606 | 1,296,694 | ||||||
| Operating expenses: | ||||||||||
| Research and development, net | 81,964 | 75,332 | 306,073 | 271,187 | ||||||
| Selling and marketing | 148,198 | 149,662 | 609,833 | 536,192 | ||||||
| General and administrative | 69,594 | 60,167 | 246,527 | 225,406 | ||||||
| Total operating expenses | 299,756 | 285,161 | 1,162,433 | 1,032,785 | ||||||
| Operating income | 87,824 | 65,067 | 335,173 | 263,909 | ||||||
| Financial and other expense (income), net | (9,127) | 7,696 | (10,159) | 23,290 | ||||||
| Income before tax | 96,951 | 57,371 | 345,332 | 240,619 | ||||||
| Taxes on income | 25,765 | 6,210 | 79,387 | 41,396 | ||||||
| Net income | \$ | 71,186 | \$ | 51,161 | \$ | 265,945 | \$ | 199,223 | ||
| Earnings per share: | ||||||||||
| Basic | \$ | 1.11 | \$ | 0.81 | \$ | 4.17 | \$ | 3.15 | ||
| Diluted | \$ | 1.07 | \$ | 0.76 | \$ | 4.00 | \$ | 2.98 | ||
| Weighted average shares outstanding: | ||||||||||
| Basic | 63,961 | 63,382 | 63,790 | 63,189 | ||||||
| Diluted | 66,285 | 67,245 | 66,465 | 66,896 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
| Quarter ended December 31, |
Year to date December 31, |
|||||
|---|---|---|---|---|---|---|
| 2022 Unaudited |
2021 Audited |
2022 Unaudited |
2021 Audited |
|||
| Operating Activities | ||||||
| Net income | \$ 71,186 |
\$ 51,161 |
\$ 265,945 |
\$ 199,223 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation and amortization | 47,469 | 47,350 | 176,546 | 184,092 | ||
| Stock based compensation | 49,015 | 49,968 | 182,704 | 153,030 | ||
| Amortization of premium and discount and accrued interest on marketable securities | 1,160 | 1,855 | 8,322 | 11,867 | ||
| Deferred taxes, net | (33,236) | (9,114) | (56,862) | (39,316) | ||
| Changes in operating assets and liabilities: | ||||||
| Trade Receivables | (41,290) | (40,149) | (126,925) | (85,778) | ||
| Prepaid expenses and other assets | 6,983 | (43,405) | (33,290) | (79,624) | ||
| Trade payables | 18,280 | 9,254 | 19,923 | (389) | ||
| Accrued expenses and other liabilities | 47,041 | 41,578 | 36,758 | 64,179 | ||
| Operating lease right-of-use assets | 3,579 | 2,758 | 20,393 | 15,075 | ||
| Deferred revenues | 8,749 | (2,276) | 6,417 | 30,770 | ||
| Operating lease liabilities | (3,703) | (3,206) | (26,191) | (18,011) | ||
| Amortization of discount on debt | 1,151 | 2,946 | 4,582 | 14,469 | ||
| Loss in respect of debt extinguishment | - | 5,893 | 1,206 | 13,969 | ||
| Other | 322 | (1,955) | 187 | (1,740) | ||
| Net cash provided by operating activities | 176,706 | 112,658 | 479,715 | 461,816 | ||
| Investing Activities | ||||||
| Purchase of property and equipment | (10,941) | (3,658) | (31,893) | (24,771) | ||
| Purchase of Investments | (30,840) | (40,233) | (396,297) | (322,129) | ||
| Proceeds from Investments | 33,156 | 44,681 | 355,560 | 270,645 | ||
| Capitalization of internal use software costs | (12,826) | (10,453) | (49,997) | (42,440) | ||
| Other | - | - | 276 | - | ||
| Payments for business and asset acquisitions, net of cash acquired | (30,000) | 360 | (30,000) | (142,804) | ||
| Net cash used in investing activities | (51,451) | (9,303) | (152,351) | (261,499) | ||
| Financing Activities | ||||||
| Proceeds from issuance of shares upon exercise of options | 529 | 942 | 953 | 4,426 | ||
| Purchase of treasury shares | (24,543) | (24,272) | (144,944) | (73,180) | ||
| Dividends paid to noncontrolling interest | - | (953) | (376) | (1,754) | ||
| Purchase of subsidiaries shares from non-controlling interest | - | (14,000) | - | (14,000) | ||
| Repayment of debt | (4) | (83,993) | (20,132) | (177,308) | ||
| Net cash used in financing activities | (24,018) | (122,276) | (164,499) | (261,816) | ||
| Effect of exchange rates on cash and cash equivalents | 3,877 | (119) | (8,425) | (2,112) | ||
| Net change in cash, cash equivalents and restricted cash | 105,114 | (19,040) | 154,440 | (63,611) | ||
| Cash, cash equivalents and restricted cash, beginning of period | \$ 427,982 |
\$ 397,696 |
\$ 378,656 |
\$ 442,267 | ||
| Cash, cash equivalents and restricted cash, end of period | \$ 533,096 |
\$ 378,656 |
\$ 533,096 |
\$ 378,656 | ||
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 | |||||||
|---|---|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| GAAP revenues Valuation adjustment on acquired deferred cloud revenue |
\$ | 568,560 - |
\$ | 515,473 - |
\$ 2,181,294 - |
\$ 1,921,150 4,372 |
||
| Valuation adjustment on acquired deferred services revenue | - | - | - | 175 | ||||
| Non-GAAP revenues | \$ | 568,560 | \$ | 515,473 | \$ 2,181,294 | \$ 1,925,697 | ||
| GAAP cost of revenue | \$ | 180,980 | \$ | 165,245 | \$ | 683,688 | \$ | 624,456 |
| Amortization of acquired intangible assets on cost of cloud | (18,940) | (18,796) | (74,791) | (72,015) | ||||
| Amortization of acquired intangible assets on cost of services | - | (669) | (377) | (4,228) | ||||
| Amortization of acquired intangible assets on cost of product | (241) | (277) | (1,017) | (1,130) | ||||
| Valuation adjustment on acquired deferred cost of cloud | 13 | 21 | 54 | 97 | ||||
| Cost of cloud revenue adjustment (1) | (2,451) | (2,661) | (8,840) | (7,949) | ||||
| Cost of services revenue adjustment (1) Cost of product revenue adjustment (1) |
(3,233) (147) |
(3,597) (185) |
(11,497) (548) |
(10,513) (595) |
||||
| Non-GAAP cost of revenue | \$ | 155,981 | \$ | 139,081 | \$ | 586,672 | \$ | 528,123 |
| GAAP gross profit | \$ | 387,580 | \$ | 350,228 | \$ 1,497,606 | \$ 1,296,694 | ||
| Gross profit adjustments | 24,999 | 26,164 | 97,016 | 100,880 | ||||
| Non-GAAP gross profit | \$ | 412,579 | \$ | 376,392 | \$ 1,594,622 | \$ 1,397,574 | ||
| GAAP operating expenses | \$ | 299,756 | \$ | 285,161 | \$ 1,162,433 | \$ 1,032,785 | ||
| Research and development (1) | (9,736) | (9,980) | (33,561) | (25,221) | ||||
| Sales and marketing (1) | (13,993) | (14,495) | (57,114) | (42,021) | ||||
| General and administrative (1) | (20,549) | (19,403) | (73,540) | (70,776) | ||||
| Amortization of acquired intangible assets | (5,748) | (10,538) | (28,901) | (41,308) | ||||
| Valuation adjustment on acquired deferred commission | 43 | 54 | 196 | 215 | ||||
| Non-GAAP operating expenses | \$ | 249,773 | \$ | 230,799 | \$ | 969,513 | \$ | 853,674 |
| GAAP financial and other expense (income), net | \$ | (9,127) | \$ | 7,696 | \$ | (10,159) | \$ | 23,290 |
| Amortization of discount on debt and loss from extinguishment of debt | (1,151) | (8,874) | (5,788) | (28,279) | ||||
| Non-GAAP financial and other income, net | \$ | (10,278) | \$ | (1,178) | \$ | (15,947) | \$ | (4,989) |
| GAAP taxes on income | \$ | 25,765 | \$ | 6,210 | \$ | 79,387 | \$ | 41,396 |
| Tax adjustments re non-GAAP adjustments | 12,037 | 23,898 | 54,897 | 71,157 | ||||
| Non-GAAP taxes on income | \$ | 37,802 | \$ | 30,108 | \$ | 134,284 | \$ | 112,553 |
| GAAP net income | \$ | 71,186 | \$ | 51,161 | \$ | 265,945 | \$ | 199,223 |
| Valuation adjustment on acquired deferred revenue | - | - | - | 4,547 | ||||
| Valuation adjustment on acquired deferred cost of cloud revenue | (13) | (21) | (54) | (97) | ||||
| Amortization of acquired intangible assets | 24,929 | 30,280 | 105,086 | 118,681 | ||||
| Valuation adjustment on acquired deferred commission | (43) | (54) | (196) | (215) | ||||
| Share-based compensation (1) | 50,061 | 50,321 | 185,052 | 154,213 | ||||
| Acquisition related expenses (2) Amortization of discount on debt and loss from extinguishment of debt |
48 1,151 |
- 8,874 |
48 5,788 |
2,862 28,279 |
||||
| Tax adjustments re non-GAAP adjustments | (12,037) | (23,898) | (54,897) | (71,157) | ||||
| Non-GAAP net income | \$ | 135,282 | \$ | 116,663 | \$ | 506,772 | \$ | 436,336 |
| GAAP diluted earnings per share | \$ | 1.07 | \$ | 0.76 | \$ | 4.00 | \$ | 2.98 |
| Non-GAAP diluted earnings per share | \$ | 2.04 | \$ | 1.73 | \$ | 7.62 | \$ | 6.52 |
| Shares used in computing GAAP diluted earnings per share | 66,285 | 67,245 | 66,465 | 66,896 | ||||
| Shares used in computing non-GAAP diluted earnings per share | 66,285 | 67,245 | 66,465 | 66,896 |
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 to date December 31, |
|||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| Cost of cloud revenue | \$ | 2,451 | \$ 2,661 |
\$ 8,840 |
\$ | 7,949 |
| Cost of services revenue | 3,233 | 3,597 | 11,497 | 10,513 | ||
| Cost of product revenue | 147 | 185 | 548 | 595 | ||
| Research and development | 9,736 | 9,980 | 33,561 | 25,221 | ||
| Sales and marketing | 13,993 | 14,495 | 57,114 | 42,021 | ||
| General and administrative | 20,501 | 19,403 | 73,492 | 67,914 | ||
| \$ | 50,061 | \$ 50,321 |
\$ 185,052 |
\$ | 154,213 |
(2) Acquisition related expenses
| Quarter ended December 31, |
Year to date December 31, |
|||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| Research and development | - | - | - | - | ||
| Sales and marketing | - | - | - | - | ||
| General and administrative | 48 | - | 48 | 2,862 | ||
| 48 | - | 48 | 2,862 |
נייס מדווחת על סיום חזק ל שנת 2022 עם צמיחה של 26% בהכנסות מ ענן ברבעון הרביעי
- סך ההכנסות השנתיות מענן צמחו ב27%- בנטרול הפרשי מטבע
- סך ההכנסות השנתיות צמחו ב- 14% בנטרול הפרשי מטבע, מעל התחזי ות
- הרווח השנתי למניה בדילול מלא (GAAP-Non (צמח ב,17%- מעל התחזיות
הובוקן , ניו ג'רזי , 23 בפברואר, 2023 – נייס )נאסד"ק: NICE )פרסמה היום את התוצאות לרבעון הרביעי ולשנה שהסתיימה ב- 31 בדצמבר, 2022 בהשוואה לתקופה מקבילה אשתקד.
עיקרי התוצאות לרבעון הרביעי של :2022
| GAAP | Non-GAAP |
|---|---|
| 10% ל ר, גידול ש מיליון דול 568.6 ת של סך הכנסו |
ר מיליון דול )575.8 10% ל ר, גידול ש מיליון דול 568.6 ת של סך הכנסו |
| של 12%( בע, גידול פרשי מט בנטרול ה |
|
| ל 26% ר, גידול ש מיליון דול 358.9 ענן בסך הכנסות מ |
מיליון )361.4 ל 26% ר, גידול ש מיליון דול 358.9 ענן בסך הכנסות מ |
| 27%( ידול של י מטבע, ג רול הפרש דולר בנט |
|
| אשתקד 60.7% לעומת 64.5% ענן של ח גולמי מ שיעור רוו |
אשתקד 68.2% לעומת 70.5% ענן של ח גולמי מ שיעור רוו |
| אשתקד 67.9% לעומת ל 68.2% ח גולמי ש שיעור רוו |
אשתקד 73.0% לעומת ל 72.6% ח גולמי ש שיעור רוו |
| 35% גידול של ר מיליון דול 87.8 לי של רווח תפעו |
ל 12% ר גידול ש מיליון דול 162.8 לי של רווח תפעו |
| אשתקד 12.6% עומת 15.4% ל של ח תפעולי שיעור רוו |
אשתקד 28.2% עומת 28.6% ל של ח תפעולי שיעור רוו |
| 41% ל של דולר , גידו של 1.07 מלא ה בדילול רוו ח למני |
18% ל של דולר , גידו של 2.04 מלא ה בדילול רוו ח למני |
| 57% גידול של ליון דולר , 176.7 מי ת של ילות שוטפ מנים מפע תזרים מזו |
עיקרי התוצאות לשנת :2022
| GAAP | Non-GAAP |
|---|---|
| מיליון )2,204.1 ל 13% ר, גידול ש מיליון דול 2,181.3 ת של סך הכנסו |
|
| ל 14% ר, גידול ש מיליון דול 2,181.3 ת של סך הכנסו |
14%( ידול של י מטבע, ג רול הפרש דולר בנט |
| מיליון ) 1,303.0 ל 27% ר, גידול ש מיליון דול 1,295.3 ענן בסך הכנסות מ |
|
| ל 27% ר, גידול ש מיליון דול 1,295.3 ענן בסך הכנסות מ |
27%( ידול של י מטבע, ג רול הפרש דולר בנט |
| אשתקד 59.7% לעומת 63.5% ענן של ח גולמי מ שיעור רוו |
אשתקד 67.7% לעומת 70.0% ענן של ח גולמי מ שיעור רוו |
| אשתקד 67.5% לעומת ל 68.7% ח גולמי ש שיעור רוו |
אשתקד 72.6% לעומת ל 73.1% ח גולמי ש שיעור רוו |
| ל 27% ר גידול ש מיליון דול 335.2 לי של רווח תפעו |
ל 15% ר גידול ש מיליון דול 625.1 לי של רווח תפעו |
| אשתקד 13.7% עומת 15.4% ל של ח תפעולי שיעור רוו |
אשתקד 28.2% עומת 28.7% ל של ח תפעולי שיעור רוו |
| 34% ל של דולר , גידו של 4.00 מלא ה בדילול רוו ח למני |
17% ל של דולר , גידו של 7.62 מלא ה בדילול רוו ח למני |
| 4% גידול של ליון דולר, 479.7 מי ת של ילות שוטפ מנים מפע תזרים מזו |
"שנת 2022 הייתה עוד שנה של פרי צות דרך לנייס, עם תוצאות חזקות ב רבעון הרביעי וביצועים שנתיים מעל התחזי ו ת עם צמיחה בסך ההכנסות השנתיות של 14% בנטרול הפרשי מטבע וצמיחה של 17% ברווח למניה. תוצאות מצוינות אלו, יחד עם המשך שיפור ברווחיות, תזרים מזומנים חזק , ומאזן איתן, ממצבים את נייס כמובילת שוק עם מומנטום להמשך צמיחה , והגדלת הרווחיות תוך חיזוק העמדה התחרותית של נייס והרחבת הפער ביננו לבין המתחרים שלנו ". אמר ברק עילם, מנכ"ל נייס.
מר עילם המשיך, "אנו נמצאים בעמדה תחרותית חזקה ב כל ההיבטים , תפעול ית, פיננסית, וגם בהשקעה בחדשנו ת. שילוב זה מייצר עבורנו הזדמנויות צמיחה משמעותיות בשוו קים גד ולים ומתרחבים . הזדמנויות אלו כוללות הרחבת פעילות הענן בשוק האנטרפרייז , שרובו טרם אימץ טכנלוגי ות ענן, האצת הביקוש לפלטפורמה כסטנדרט חדש, ביקוש גובר לפתרונות מבוסס י בינה מלאכותית וניצול הזדמנויות בסביבה התחרותית שלנו".
עיקרי התוצאות הפיננסיות ) GAAP )לרבעון הרביעי שהסתיים ב- 31 בדצמבר:
הכנסות:
ההכנסות ברבעון הרביעי של 2022 גדלו ב - 10% ל- 568.6 מיליון דולר, לעומת 515.5 מיליון דולר אשתקד. ההכנסות לשנת 2022 גדלו ב - 14% ל- 2,181.3 מיליון דולר, לעומת 1,921.2 מיליון דולר אשתקד.
רווח גולמי :
הרווח הגולמי ברבעון הרביעי של 2022 הסתכם ב- 387.6 מיליון דולר בהשוואה ל - 350.2 מיליון דולר אשתקד . שיעור הרווח הגולמי ברבעון הרביעי של 2022 הסתכם ב- 68.2% לעומת 67.9% אשתקד. הרווח הגולמי לשנת 2022 הסתכם ב - 1,497.6 מיליון דולר בהשוואה ל 1,296.7- מיליון דולר אשתקד. שיעור הרווח הגולמי לשנת 2022 הסתכם ב- 68.7% לעומת 67.5% אשתקד .
רווח תפעולי :
הרווח התפעולי ברבעון הרביעי של 2022 הסתכם ב - 87.8 מיליון דולר בהשוואה ל- 65.1 מיליון דולר אשתקד. שיעור הרווח התפעולי ברבעון הרביעי של 2022 הסתכם ב- 15.4% לעומת 12.6% אשתקד. הרווח התפעולי לשנת 2022 הסתכם ב- 335.2 מיליון דולר בהשוואה ל - 263.9 מיליון דולר אשתקד . שיעור הרווח התפעולי לשנת 2022 הסתכם ב- 15.4% לעומת 13.7% אשתקד .
רווח נקי :
הרווח הנקי ברבעון הרביעי של 2022 הסתכם ב71.2- מ יליון דולר לעומת 51.2 מיליון דולר אשתקד . שיעור הרווח הנקי ברבעון הרביעי של 2022 הסתכם ב - 12.5% לעומת 9.9% אשתקד.
הרווח הנקי לשנת 2022 הסתכם ב- 265.9 מיליון דולר לעומת 199.2 מיליון דולר אשתקד . ש יעור הרווח הנקי לשנת 2022 הסתכם ב- 12.2% לעומת 10.4% אשתקד .
רווח למניה בדילול מלא:
הרווח למניה בדילול מלא ברבעון הרביעי של 2022 גדל ב - 41% ל- 1.07 דולר לעומת 0.76 דולר אשתקד . הרווח למניה בדילול מלא לשנת 2022 גדל ב - 34% ל- 4.00 דולר לעומת 2.98 דולר אשתקד .
תזרים המזומנים מפעילות שוטפת ויתרת מזומנים: תזרים המזומנים מפעילות שוטפת ברבעון הרביעי של 2022 היה 176.7 מיליון דולר ולשנת 2022 היה 479.7 מיליון דולר. ברבעון הרביעי של ,2022 24.5 מיליון דולר שימשו לרכישה עצמית של מניות ולשנת ,2022 144.9 מיליון דולר שימשו לרכישה עצמית של מניות. נכון ל31- בדצמבר ,2022 יתרות המזומנים ושווי המזומנים, וכן השקעות לטווח קצר הסתכמו ב- 1,571.5 מיליון דולר. החוב בנטרול מכשיר גידור היה 542.4 מיליון דולר כך שהמזומנים והשקעות נטו הסתכמו ל1,029.1- מיליון דולר.
עיקרי התוצאות הפיננסיות ) GAAP-Non )לרבעון הרביעי שהסתיים ב- 31 בדצמבר :
הכנסות:
ההכנסות )GAAP-Non )ברבעון הרביעי של 2022 גדלו ב- 10% ל- 568.6 מיליון דולר )וגדלו 12% בנטרול הפרשי מטבע ל - 575.8 מיליון דולר(, לעומת 515.5 מיליון דולר אשתקד.
ההכנסות )GAAP-Non )לשנת 2022 גדלו ב- 13% ל- 2,181.3 מיליון דולר )וגדלו 14% בנטרול הפרשי מטבע ל2,204.1- מיליון דולר(, לעומת 1,925.7 מיליון דולר אשתקד.
רווח גולמי :
הרווח הגולמי )GAAP-Non )ברבעון הרביעי של 2022 הסתכם ב - 412.6 מיליון דולר בהשוואה ל- 376.4 מיליון דולר אשתקד . שיעור הרווח הגולמי )GAAP-Non )ברבעון הרביעי של 2022 הסתכם ב- 72.6% לעומת 73.0% אשתקד . הרווח הגולמי )GAAP-Non )לשנת 2022 הסתכם ב - 1,594.6 מיליון דולר בהשוואה ל - 1,397.6 מיליון דולר אשתקד . שיעור הרווח הגולמי )GAAP-Non )לשנת 2022 הסתכם ב - 73.1% לעומת 72.6% אשתקד .
רווח תפעולי :
הרווח התפעולי )GAAP-Non )ברבעון הרביעי של 2022 הסתכם ב- 162.8 מיליון דולר בהשוואה ל - 145.6 מיליון דולר אשתקד. ש יעור הרווח )GAAP-Non )התפעולי ברבעון הרביעי של 2022 הסתכם ב - 28.6% לעומת 28.2% אשתקד. הרווח התפעולי )GAAP-Non )לשנת 2022 הסתכם ב- 625.1 מיליון דולר בהשוואה ל - 543.9 מיליון דולר אשתקד . שיעור הרווח התפעולי )GAAP-Non )לשנת 2022 הסתכם ב- 28.7% לעומת 28.2% אשתקד.
רווח נקי :
הרווח הנקי )GAAP-Non )ברבעון הרביעי של 2022 הסתכם ב135.3- מ יליון דולר לעומת 116.7 מיליון דולר אשתקד. שיעור הרווח הנקי )GAAP-Non )ברבעון הרביעי של 2022 הסתכם ב- 23.8% לעומת 22.6% אשתקד . הרווח הנקי )GAAP-Non )לשנת 2022 הסתכם ב - 506.8 מיליון דולר לעומת 436.3 מיליון דולר אשתקד. שיעור הרווח הנקי )GAAP-Non )לשנת 2022 הסתכם ב- 23.2% לעומת 22.7% אשתקד .
רווח למניה בדילול מלא:
הרווח )GAAP-Non )למניה בדילול מלא ברבעון הרביעי של 2022 גדל ב - 18% ל- 2.04 דולר לעומת 1.73 דולר אשתקד . הרווח )GAAP-Non )למניה בדילול מלא לשנת 2022 גדל ב- 17% ל - 7.62 דולר לעומת 6.52 דולר אשתקד.
תחזית לרבעון הראשון ול שנת :2023
החברה מתכננת להאיץ את תכנית הרכישה החוזרת של מניות בסך 250 מיליון דולר שעליה הוכרז ברבעון הקודם, ולממשה במלו אה בשנת .2023
עם צפי לצמיחה שנתית בהכנסות ענן של בין 22% עד 25% בשנת ,2023 להלן התחזית לסך ההכנסות ורווח בדילול מלא :
הרבעון ה ראשון של :2023
סך ההכנסות )GAAP-Non )ברבעון הראשון של ,2023 צפוי להסתכם ב- 559 מיל יון דולר עד 569 מיליון דול ר, שמייצג גידול של 7% לפי נקודת האמצע של התחזית לעומת אשתקד.
הרווח )GAAP-Non )למניה בדילול מלא ברבעון הראשון של 2023 צפוי להיות בטווח של 1.92 דולר עד 2.02 דולר , שמייצג גידול של 9% לפי נקודת האמצע של התחזית לעומת אשתקד.
שנת :2023
סך ההכנסות )GAAP-Non )בשנת 2023 צפוי להסתכם ב - 2,345 מיליון דולר עד 2,365 מיליון דולר, שמייצג גידול של 8% לפי נקודת האמצע של התחזית לעומת אשתקד.
הרווח )GAAP-Non )למניה בדילול מלא בשנת 2023 צפוי להיות בטווח של 8.28 דולר עד 8.48 דולר, שמייצג גידול של 10% לפי נקודת האמצע של התחזית לעומת אשתקד.
שיחת ועידה לדיון בתוצאות הרבעוניות
הנהלת נייס תארח שיחת ועידה לדיון בתוצאות הפיננסיות ובתחזית החברה היום, 23 בפברואר 2023 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 באינטרנט בשידור חי באתר החברה בכתובת -upcoming/investors/company/com.nice.www://https .event
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.
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, the effect of unexpected events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business and the global economyand 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