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Nice Ltd.
Earnings Release • Feb 22, 2024
6950_rns_2024-02-22_d6f88d57-24a0-49da-8fac-d19e3724976f.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 2024 (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, 333-249186 and 333-270969), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 20% Year-Over-Year Cloud Revenue Growth and 16% Year-Over-Year EPS Growth for the Fourth Quarter 2023, Dated February 22, 2024.
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 22, 2024
EXHIBIT INDEX
99.1 Press Release: NICE Reports 20% Year-Over-Year Cloud Revenue Growth and 16% Year-Over-Year EPS Growth for the Fourth Quarter 2023, Dated February 22, 2024.
NICE Reports 20% Year-Over-Year Cloud Revenue Growth and 16% Year-Over-Year EPS Growth for the Fourth Quarter 2023
- 17% growth in operating cash flow for full year 2023 totaling a record \$561 million
- 300% growth in number of AI deals for full year 2023
- Company expects to cross \$2.7 billion in total revenue, exceed \$2 billion in cloud revenue and significantly increase EPS for full year 2024
Hoboken, New Jersey, February 22, 2024 - NICE (NASDAQ: NICE) today announced results for the fourth quarter ended December 31, 2023, as compared to the corresponding period of the previous year.
Fourth Quarter 2023 Financial Highlights *
| GAAP | Non-GAAP |
|---|---|
| Total revenue was \$623.2 million and increased 10% | Total revenue was \$623.2 million and increased 10% |
| Cloud revenue was \$429.0 million and increased 20% |
Cloud revenue was \$429.0 million and increased 20% |
| Cloud gross margin was 65.8% compared to 64.5% last year | Cloud gross margin was 71.1% compared to 70.5% last year |
| Operating income was \$122.7 million and increased 40% |
Operating income was \$186.9 million and increased 15% |
| Operating margin was 19.7% compared to 15.4% last year |
Operating margin was 30.0% compared to 28.6% last year |
| Diluted EPS was \$1.24 and increased 16% |
Diluted EPS was \$2.36 and increased 16% |
| Operating cash flow was \$180.5 million and increased 2% |
Full Year 2023 Financial Highlights *
| GAAP | Non-GAAP |
|---|---|
| Total revenue was \$2,377.5 million and increased 9% | Total revenue was \$2,377.5 million and increased 9% |
| Cloud revenue was \$1,581.8 million and increased 22% |
Cloud revenue was \$1,581.8 million and increased 22% |
| Cloud gross margin was 65.0% compared to 63.5% last year | Cloud gross margin was 70.5% compared to 70.0% last year |
| Operating income was \$435.2 million and increased 30% |
Operating income was \$703.8 million and increased 13% |
| Operating margin was 18.3% compared to 15.4% last year | Operating margin was 29.6% compared to 28.7% last year |
| Diluted EPS was \$5.11 and increased 28% |
Diluted EPS was \$8.79 and increased 15% |
| Operating cash flow was \$561.4 million and increased 17% |
* There was no contribution to NICE's income statement from LiveVox in 2023.
"Our excellent fourth quarter helped fuel another year of great financial results, including \$2.4 billion of total revenue, 22% cloud revenue growth and nearly 30% operating margin, resulting in profitability and operating cash flow that continues to outperform our competitors by a wide margin," said Barak Eilam, CEO of NICE.
Mr. Eilam continued, "As we enter 2024 following the outstanding success of last year it is now clear that AI has become an overarching catalyst unlocking multiple vectors of growth. Our leading-edge AI bolstered by our unique data assets is increasing NICE's cloud win rates across the board, it is the bedrock of our rapid expansion into digital engagement, it is the convergence power igniting the adoption of our platform and it is a source for a growing number of brand-new AI-based solutions with incremental revenue streams."
GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues:
Fourth quarter 2023 total revenues increased 10% to \$623.2 million compared to \$568.6 million for the fourth quarter of 2022.
Full year 2023 total revenues increased 9% to \$2,377.5 million compared to \$2,181.3 million for the full year 2022.
Gross Profit:
Fourth quarter 2023 gross profit was \$422.3 million compared to \$387.6 million for the fourth quarter of 2022 . Fourth quarter 2023 gross margin was 67.8% compared to 68.2% for the fourth quarter of 2022.
Full year 2023 gross profit was \$1,609.3 million compared to \$1,497.6 million for the full year 2022. Full year 2023 gross margin was 67.7% compared to 68.7% for the full year 2022.
Operating Income:
Fourth quarter 2023 operating income increased 40% to \$122.7 million compared to \$87.8 million for the fourth quarter of 2022. Fourth quarter 2023 operating margin was 19.7% compared to 15.4% for the fourth quarter of 2022. Full year 2023 operating income was \$435.2 million compared to \$335.2 million for the full year 2022. Full year 2023 operating margin was 18.3% compared to 15.4% for the full year 2022.
Net Income:
Fourth quarter 2023 net income increased 15% to \$81.7 million compared to \$71.2 million for the fourth quarter of 2022. Fourth quarter 2023 net income margin was 13.1% compared to 12.5% for the fourth quarter of 2022. Full year 2023 net income was \$338.3 million compared to \$265.9 million for the full year 2022. Full year 2023 net income margin was 14.2% compared to 12.2% for the full year 2022.
Fully Diluted Earnings Per Share:
Fully diluted earnings per share for the fourth quarter of 2023 increased 16% to \$1.24 compared to \$1.07 in the fourth quarter of 2022.
Fully diluted earnings per share for the full year 2023 increased 28% to \$5.11 compared to \$4.00 for the full year 2022.
Cash Flow and Cash Balance:
Fourth quarter 2023 operating cash flow was \$180.5 million and full year 2023 operating cash flow was \$561.4 million. In the fourth quarter 2023, \$69.0 million was used for share repurchases and for the full year 2023, \$288.4 million were used for share repurchases.
As of December 31, 2023, total cash and cash equivalents, and short-term investments were \$1,407.8 million. Our debt, net of a hedge instrument, was \$544.4 million, resulting in net cash and investments of \$863.4 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues:
Fourth quarter 2023 Non-GAAP total revenues increased 10% to \$623.2 million compared to \$568.6 million for the fourth quarter of 2022.
Full year 2023 Non-GAAP total revenues increased 9% to \$2,377.5 million compared to \$2,181.3 million for the full year 2022.
Gross Profit:
Fourth quarter 2023 Non-GAAP gross profit increased to \$448.2 million compared to \$412.6 million for the fourth quarter of 2022. Fourth quarter 2023 Non-GAAP gross margin was 71.9% compared to 72.6% for the fourth quarter of 2022. Full year 2023 gross profit was \$1,708.8 million compared to \$1,594.6 million for the full year 2022. Full year 2023 gross margin was 71.9% compared to 73.1% for the full year 2022.
Operating Income:
Fourth quarter 2023 Non-GAAP operating income increased 15% to \$186.9 million compared to \$162.8 million for the fourth quarter of 2022. Fourth quarter 2023 Non-GAAP operating margin was 30.0% compared to 28.6% for the fourth quarter of 2022.
Full year 2023 operating income increased 13% to \$703.8 million compared to \$625.1 million for the full year 2022. Full year 2023 operating margin was 29.6% compared to 28.7% for the full year 2022.
Net Income:
Fourth quarter 2023 Non-GAAP net income increased 14% to \$154.9 million compared to \$135.3 million for the fourth quarter of 2022. Fourth quarter 2023 Non-GAAP net income margin totaled 24.9% compared to 23.8% for the fourth quarter of 2022.
Full year 2023 net income increased 15% to \$582.7 million compared to \$506.8 million for the full year 2022. Full year 2023 net income margin was 24.5% compared to 23.2% for the full year 2022.
Fully Diluted Earnings Per Share:
Fourth quarter 2023 Non-GAAP fully diluted earnings per share increased 15% to \$2.36 compared to \$2.04 for the fourth quarter of 2022.
Fully diluted earnings per share for the full year 2023 increased 15% to \$8.79 compared to \$7.62 for the full year 2022.
First Quarter and Full Year 2024 Guidance:
First-Quarter 2024:
First-quarter 2024 Non-GAAP total revenues are expected to be in a range of \$650 million to \$660 million, representing 15% growth year over year at the midpoint.
First-quarter 2024 Non-GAAP fully diluted earnings per share are expected to be in a range of \$2.40 to \$2.50, representing 21% growth year over year at the midpoint.
Full-Year 2024:
Full-year 2024 Non-GAAP total revenues are expected to be in a range of \$2,715 million to \$2,735 million, representing 15% growth at the midpoint compared to full-year 2023.
Full year 2024 Non-GAAP fully diluted earnings per share are expected to be in a range of \$10.40 to \$10.60, representing 19% growth at the midpoint compared to full-year 2023.
The above guidance includes the following expectations:
- Full-year 2024 cloud revenue growth of at least 18% year over year, exclusive of any contribution from the LiveVox acquisition.
- LiveVox is expected to contribute incrementally an approximate \$142 million to cloud revenue for full-year 2024.
Quarterly Results Conference Call
NICE management will host its earnings conference call today February 22, 2024, 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.
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. .
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 impact of conflicts in the Middle East, 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, 2023 |
December 31, 2022 |
|||
|---|---|---|---|---|
| Unaudited | Audited | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | \$ 511,795 |
\$ 529,596 |
||
| Short-term investments | 896,044 | 1,041,943 | ||
| Trade receivables | 585,154 | 518,517 | ||
| Debt hedge option | 121,922 | 122,323 | ||
| Prepaid expenses and other current assets | 197,967 | 204,754 | ||
| Total current assets | 2,312,882 | 2,417,133 | ||
| LONG-TERM ASSETS: | ||||
| Property and equipment, net | 174,414 | 159,285 | ||
| Deferred tax assets | 178,971 | 116,889 | ||
| Other intangible assets, net | 305,501 | 209,605 | ||
| Operating lease right-of-use assets | 104,565 | 102,893 | ||
| Goodwill | 1,821,969 | 1,617,118 | ||
| Prepaid expenses and other long-term assets | 219,332 | 231,496 | ||
| Total long-term assets | 2,804,752 | 2,437,286 | ||
| TOTAL ASSETS | \$ 5,117,634 |
\$ 4,854,419 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Trade payables | \$ 66,036 |
\$ 56,019 |
||
| Deferred revenues and advances from customers | 302,649 | 338,930 | ||
| Current maturities of operating leases | 13,747 | 13,525 | ||
| Debt | 209,229 | 209,292 | ||
| Accrued expenses and other liabilities | 528,660 | 523,451 | ||
| Total current liabilities | 1,120,321 | 1,141,217 | ||
| LONG-TERM LIABILITIES: | ||||
| Deferred revenues and advances from customers | 52,458 | 57,211 | ||
| Operating leases | 102,909 | 99,262 | ||
| Deferred tax liabilities | 8,596 | 7,336 | ||
| Debt | 457,081 | 455,382 | ||
| Other long-term liabilities | 21,769 | 38,588 | ||
| Total long-term liabilities | 642,813 | 657,779 | ||
| SHAREHOLDERS' EQUITY | ||||
| Nice Ltd's equity | 3,341,132 | 3,042,085 | ||
| Non-controlling interests | 13,368 | 13,338 | ||
| Total shareholders' equity | 3,354,500 | 3,055,423 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | \$ 5,117,634 |
\$ 4,854,419 |
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, |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 Unaudited |
2022 | 2023 | 2022 | ||||||
| Audited | Unaudited | Audited | |||||||
| Revenue: | |||||||||
| Cloud | \$ | 428,986 | \$ | 358,850 | \$ 1,581,825 | \$ 1,295,323 | |||
| Services | 162,365 | 161,208 | 641,387 | 650,116 | |||||
| Product | 31,841 | 48,502 | 154,296 | 235,855 | |||||
| Total revenue | 623,192 | 568,560 | 2,377,508 | 2,181,294 | |||||
| Cost of revenue: | |||||||||
| Cloud | 146,510 | 127,309 | 553,654 | 472,805 | |||||
| Services | 48,674 | 46,339 | 188,890 | 183,938 | |||||
| Product | 5,694 | 7,332 | 25,629 | 26,945 | |||||
| Total cost of revenue | 200,878 | 180,980 | 768,173 | 683,688 | |||||
| Gross profit | 422,314 | 387,580 | 1,609,335 | 1,497,606 | |||||
| Operating expenses: | |||||||||
| Research and development, net | 81,119 | 81,964 | 322,708 | 306,073 | |||||
| Selling and marketing | 154,500 | 148,198 | 599,114 | 609,833 | |||||
| General and administrative | 64,030 | 69,594 | 252,286 | 246,527 | |||||
| Total operating expenses | 299,649 | 299,756 | 1,174,108 | 1,162,433 | |||||
| Operating income | 122,665 | 87,824 | 435,227 | 335,173 | |||||
| Financial expenses (income) and other, net | 2,635 | (9,127) | (22,473) | (10,159) | |||||
| Income before tax | 120,030 | 96,951 | 457,700 | 345,332 | |||||
| Taxes on income | 38,378 | 25,765 | 119,399 | 79,387 | |||||
| Net income | \$ | 81,652 | \$ | 71,186 | \$ | 338,301 | \$ | 265,945 | |
| Earnings per share: | |||||||||
| Basic | \$ | 1.29 | \$ | 1.11 | \$ | 5.32 | \$ | 4.17 | |
| Diluted | \$ | 1.24 | \$ | 1.07 | \$ | 5.11 | \$ | 4.00 | |
| Weighted average shares outstanding: | |||||||||
| Basic | 63,283 | 63,961 | 63,590 | 63,790 | |||||
| Diluted | 65,749 | 66,285 | 66,265 | 66,465 |
NICE LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS U.S. dollars in thousands
Quarter ended Year to date December 31, December 31, 2023 2022 2023 2022 Unaudited Audited Unaudited Audited Operating Activities Net income \$ 81,652 \$ 71,186 \$ 338,301 \$ 265,945 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 41,212 47,469 167,360 176,546 Share-based compensation 46,170 49,015 176,658 182,704 Amortization of premium and discount and accrued interest on marketable securities 436 1,160 2,480 8,322 Deferred taxes, net (35,833) (28,992) (66,620) (52,618) Changes in operating assets and liabilities: Trade Receivables, net (16,572) (44,077) (34,292) (129,712) Prepaid expenses and other current assets 95,413 8,600 73,052 (31,673) Operating lease right-of-use assets 3,833 3,579 12,518 20,393 Trade payables 2,642 18,280 3,426 19,923 Accrued expenses and other current liabilities (27,012) 43,967 (55,703) 33,684 Deferred revenue (6,285) 8,749 (45,947) 6,417 Realized loss on marketable securities, net 12,271 - 12,271 - Operating lease liabilities 441 (3,703) (11,100) (26,191) Amortization of discount on long-term debt 1,166 1,151 4,615 4,582 Loss from extinguishment of debt 16 - 53 1,206 Change in fair value of contingent consideration (18,258) - (18,258) - Other (796) 322 2,616 187 Net cash provided by operating activities 180,496 # 176,706 # 561,430 # 479,715 Investing Activities Purchase of property and equipment (6,079) (10,941) (29,205) (31,893) Purchase of Investments (29,620) (30,840) (230,263) (396,297) Proceeds from Investments 129,006 33,156 436,044 355,560 Capitalization of internal use software costs (13,868) (12,826) (54,974) (49,997) Payments for business acquisitions, net of cash acquired (396,780) (30,000) (415,185) (29,724) Net cash provided used in investing activities (317,341) (51,451) (293,583) (152,351) Financing Activities Proceeds from issuance of shares upon exercise of options 803 529 2,570 953 Purchase of treasury shares (69,026) (24,543) (288,443) (144,944) Dividends paid to noncontrolling interest (291) - (1,771) (376) Repayment of debt (1,071) (4) (2,628) (20,132) Net cash used in financing activities (69,585) # (24,018) # (290,272) # (164,499) Effect of exchange rates on cash and cash equivalents 3,754 3,877 2,643 (8,425) Net change in cash, cash equivalents and restricted cash (202,676) 105,114 (19,782) 154,440 Cash, cash equivalents and restricted cash, beginning of period \$ 715,990 \$ 427,982 \$ 533,096 \$ 378,656 Cash, cash equivalents and restricted cash, end of period \$ 513,314 \$ 533,096 \$ 513,314 \$ 533,096 Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: Cash and cash equivalents \$ 511,795 \$ 529,596 \$ 511,795 \$ 529,596 Restricted cash included in other current assets \$ 1,519 \$ 3,500 \$ 1,519 \$ 3,500 Total cash, cash equivalents and restricted cash shown in the statement of cash flows \$ 513,314 \$ 533,096 \$ 513,314 \$ 533,096
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, | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| GAAP revenues | \$ 623,192 |
\$ 568,560 |
\$ 2,377,508 | \$ 2,181,294 | ||||
| Non-GAAP revenues | \$ 623,192 |
\$ 568,560 |
\$ 2,377,508 | \$ 2,181,294 | ||||
| GAAP cost of revenue | \$ 200,878 |
\$ 180,980 |
\$ 768,173 |
\$ 683,688 |
||||
| Amortization of acquired intangible assets on cost of cloud | (17,935) | (18,940) | (75,667) | (74,791) | ||||
| Amortization of acquired intangible assets on cost of services | - | - | - | (377) | ||||
| Amortization of acquired intangible assets on cost of product | (255) | (241) | (1,021) | (1,017) | ||||
| Valuation adjustment on acquired deferred cost of cloud | - | 13 | - | 54 | ||||
| Cost of cloud revenue adjustment (1) Cost of services revenue adjustment (1) |
(4,605) (3,142) |
(2,451) (3,233) |
(10,965) (11,906) |
(8,840) (11,497) |
||||
| Cost of product revenue adjustment (1) | 15 | (147) | 121 | (548) | ||||
| Non-GAAP cost of revenue | \$ 174,956 |
\$ 155,981 |
\$ 668,735 |
\$ 586,672 |
||||
| GAAP gross profit | \$ 422,314 |
\$ 387,580 |
\$ 1,609,335 | \$ 1,497,606 | ||||
| Gross profit adjustments | 25,922 | 24,999 | 99,438 | 97,016 | ||||
| Non-GAAP gross profit | \$ 448,236 |
\$ 412,579 |
\$ 1,708,773 | \$ 1,594,622 | ||||
| GAAP operating expenses | \$ 299,649 |
\$ 299,756 |
\$ 1,174,108 | \$ 1,162,433 | ||||
| Research and development (1) | (6,997) | (9,736) | (31,402) | (33,561) | ||||
| Sales and marketing (1,2) | (11,515) | (13,993) | (48,048) | (57,114) | ||||
| General and administrative (1,2) | (34,588) | (20,549) | (92,291) | (73,540) | ||||
| Amortization of acquired intangible assets | (3,506) | (5,748) | (15,757) | (28,901) | ||||
| Valuation adjustment on acquired deferred commission | 22 | 43 | 128 | 196 | ||||
| Change in fair value of contingent consideration | 18,258 | - | 18,258 | - | ||||
| Non-GAAP operating expenses | \$ 261,323 |
\$ 249,773 |
\$ 1,004,996 | \$ 969,513 |
||||
| GAAP financial and other income, net | \$ 2,635 |
\$ (9,127) |
\$ (22,473) |
\$ (10,159) |
||||
| Amortization of discount and loss of extinguishment on debt | (1,182) | (1,151) | (4,668) | (5,788) | ||||
| Realized loss on marketable securities, net | (12,271) | - | (12,271) | - | ||||
| Change in fair value of contingent consideration | - | - | (817) | - | ||||
| Non-GAAP financial and other income, net | (10,818) | (10,278) | (40,229) | (15,947) | ||||
| GAAP taxes on income | \$ 38,378 |
\$ 25,765 |
\$ 119,399 |
\$ 79,387 |
||||
| Tax adjustments re non-GAAP adjustments Non-GAAP taxes on income |
4,464 \$ 42,842 |
12,037 \$ 37,802 |
41,937 \$ 161,336 |
54,897 \$ 134,284 |
||||
| GAAP net income | \$ 81,652 |
\$ 71,186 |
\$ 338,301 |
\$ 265,945 |
||||
| Valuation adjustment on acquired deferred cost of cloud revenue | - | (13) | - | (54) | ||||
| Amortization of acquired intangible assets | 21,696 | 24,929 | 92,445 | 105,086 | ||||
| Valuation adjustment on acquired deferred commission | (22) | (43) | (128) | (196) | ||||
| Share-based compensation (1) | 47,298 | 50,061 | 180,504 | 185,052 | ||||
| Acquisition related expenses (2) | 13,534 | 48 | 13,987 | 48 | ||||
| Amortization of discount and loss of extinguishment on debt | 1,182 | 1,151 | 4,668 | 5,788 | ||||
| Realized loss on marketable securities, net | 12,271 | - | 12,271 | - | ||||
| Change in fair value of contingent consideration | (18,258) | - | (17,441) | - | ||||
| Tax adjustments re non-GAAP adjustments | (4,464) | (12,037) | (41,937) | (54,897) | ||||
| Non-GAAP net income | \$ 154,889 |
\$ 135,282 |
\$ 582,670 |
\$ 506,772 |
||||
| GAAP diluted earnings per share | \$ 1.24 |
\$ 1.07 |
\$ 5.11 |
\$ 4.00 |
||||
| Non-GAAP diluted earnings per share | \$ 2.36 |
\$ 2.04 |
\$ 8.79 |
\$ 7.62 |
||||
| Shares used in computing GAAP diluted earnings per share | 65,749 | 66,285 | 66,265 | 66,465 | ||||
| Shares used in computing non-GAAP diluted earnings per share | 65,749 | 66,285 | 66,265 | 66,465 |
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, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||
| Cost of cloud revenue | \$ 4,605 |
\$ | 2,451 | \$ | 10,965 | \$ | 8,840 | |
| Cost of services revenue | 3,142 | 3,233 | 11,906 | 11,497 | ||||
| Cost of product revenue | (15) | 147 | (121) | 548 | ||||
| Research and development | 6,997 | 9,736 | 31,402 | 33,561 | ||||
| Sales and marketing | 11,515 | 13,993 | 48,023 | 57,114 | ||||
| General and administrative | 21,054 | 20,501 | 78,329 | 73,492 | ||||
| \$ 47,298 |
\$ | 50,061 | \$ | 180,504 | \$ | 185,052 |
(2) Acquisition related expenses
| Quarter ended December 31, |
Year to date December 31, |
|||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Sales and marketing | \$ - |
\$ - |
\$ 25 |
\$ - |
||
| General and administrative | 13,534 | 48 | 13,962 | 48 | ||
| \$ 13,534 |
\$ 48 |
\$ 13,987 |
\$ 48 |
NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA
U.S. dollars in thousands
| Quarter ended December 31, |
Year to date December 31, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2023 Unaudited |
2022 Audited |
2023 Unaudited |
2022 Audited |
|||||
| GAAP net income | \$ | 81,652 | \$ | 71,186 | \$ | 338,301 | \$ | 265,945 |
| Non-GAAP adjustments: | ||||||||
| Depreciation and amortization | 41,212 | 47,469 | 167,360 | 176,546 | ||||
| Share-based Compensation | 46,170 | 49,015 | 176,658 | 182,704 | ||||
| Financial and other expense/ (income), net | 2,635 | (9,127) | (22,473) | (10,159) | ||||
| Acquisition related expenses | 13,534 | 48 | 13,987 | 48 | ||||
| Change in fair value of contingent consideration | (18,258) | - | (18,258) | - | ||||
| Valuation adjustment on acquired deferred commission | (22) | (43) | (128) | (196) | ||||
| Valuation adjustment on acquired deferred cost of cloud | - | (13) | - | (54) | ||||
| Taxes on income | 38,378 | 25,765 | 119,399 | 79,387 | ||||
| Non-GAAP EBITDA | \$ | 205,301 | \$ | 184,300 | \$ | 774,846 | \$ | 694,221 |
NICE LTD. AND SUBSIDIARIES NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS
U.S. dollars in thousands
| Quarter ended December 31, |
Year to date December 31, |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2023 Unaudited |
2022 Audited |
2023 Unaudited |
2022 Audited |
|||||
| Free cash flow (a) | ||||||||
| Net cash provided by operating activities | \$ | 180,496 | \$ | 176,706 | \$ | 561,430 | \$ | 479,715 |
| Purchase of property and equipment | (6,079) | (10,941) | (29,205) | (31,893) | ||||
| Capitalization of internal use software costs | (13,868) | (12,826) | (54,974) | (49,997) | ||||
| Free Cash Flow | \$ | 160,549 | \$ | 152,939 | \$ | 477,251 | \$ | 397,825 |
(a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs.
נייס מדווחת על צמיחה של 20% בהכנסות מענן וגידול של 16% ברווח למניה ברבעון הרביעי של 2023
- 17% גידול בתזרים המזומנים מפעילות שוטפת לשנת 2023 שהסתכם לשיא של 561 מיליון דולר
- 300% גידול במספר עסקאות AI בשנת 2023
- החברה מצפה לסך הכנסות מעל 2.7 מיליארד דולר, למעל 2 מיליארד דולר בהכנסות מענן, ולגידול משמעותי ברווח למניה לשנת 2024
הובוקן, ניו ג'רזי, 22 בפברואר, 2024 – נייס )נאסד"ק: NICE )פרסמה היום את התוצאות לרבעון הרביעי לשנת 2023 בהשוואה לתקופה המקבילה אשתקד.
עיקרי התוצאות לרבעון הרביעי של 2023*:
| GAAP | Non-GAAP |
|---|---|
| 10% | 10% |
| ל | ל |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| 623.2 | 623.2 |
| ת של | ת של |
| סך הכנסו | סך הכנסו |
| ל 20% | ל 20% |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| 429.0 | 429.0 |
| מענן בסך | מענן בסך |
| הכנסות | הכנסות |
| אשתקד | אשתקד |
| 64.5% | 70.5% |
| לעומת | לעומת |
| 65.8% | 71.1% |
| ענן של | ענן של |
| ח גולמי מ | ח גולמי מ |
| שיעור רוו | שיעור רוו |
| 40% | 15% |
| גידול של | גידול של |
| דולר | ר, |
| מיליון, | מיליון דול |
| 122.7 | 186.9 |
| ולי של | ולי של |
| רווח תפע | רווח תפע |
| אשתקד | אשתקד |
| 15.4% | 28.6% |
| לעומת | לעומת |
| 19.7% | 30.0% |
| של | של |
| ח תפעולי | ח תפעולי |
| שיעור רוו | שיעור רוו |
| 16% | 16% |
| ל של | ל של |
| דולר, גידו | דולר, גידו |
| 1.24 | 2.36 |
| מלא של | מלא של |
| ה בדילול | ה בדילול |
| רווח למני | רווח למני |
| ל 2% ר, גידול ש מיליון דול של 180.5 טפת עילות שו ומנים מפ תזרים מז |
עיקרי התוצאות לשנת 2023*:
| GAAP | Non-GAAP |
|---|---|
| 9% | 9% |
| ל | ל |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| 2,377.5 | 2,377.5 |
| ת של | ת של |
| סך הכנסו | סך הכנסו |
| ל 22% | ל 22% |
| ר, גידול ש | ר, גידול ש |
| מיליון דול | מיליון דול |
| 1,581.8 | 1,581.8 |
| מענן בסך | מענן בסך |
| הכנסות | הכנסות |
| אשתקד | אשתקד |
| 63.5% | 70.0% |
| לעומת | לעומת |
| 65.0% | 70.5% |
| ענן של | ענן של |
| ח גולמי מ | ח גולמי מ |
| שיעור רוו | שיעור רוו |
| 30% גידול של דולר מיליון, 435.2 ולי של רווח תפע |
ל 13% ר, גידול ש מיליון דול 703.8 ולי של רווח תפע |
| אשתקד | אשתקד |
| 15.4% | 28.7% |
| לעומת | לעומת |
| 18.3% | 29.6% |
| של | של |
| ח תפעולי | ח תפעולי |
| שיעור רוו | שיעור רוו |
| 28% | 15% |
| ל של | ל של |
| דולר, גידו | דולר, גידו |
| 5.11 | 8.79 |
| מלא של | מלא של |
| ה בדילול | ה בדילול |
| רווח למני | רווח למני |
| ל ר, גידול ש מיליון דול של 561.4 טפת עילות שו ומנים מפ תזרים מז |
|
| 17% |
* הנתונים הפיננסים של חברת LiveVox אינם כלולים בתוצאות 2023 .
"הרבעון הרביעי החזק של נייס תרם לשנה נוספת של תוצאות פיננסיות מצוינות, הכוללות השיגים רבים, בינהם הכנסות בסך 2.4 מיליארד דולר, צמיחה של 22% בהכנסות מענן ושיעור רווח תפעולי שעמד על כ30%- שהובילו לשיא ברווחיות ובתזרים המזומנים מפעילות שוטפת. כל אלו ממשיכים למצב את נייס כמובילת שוק בפער משמעותי מול המתחרים", אמר ברק עילם, מנכ"ל נייס.
מר עילם המשיך, "עם תחילת ,2024 ובהמשך להצלחה בשנה הקודמת, ברור כעת שתחום הבינה המלאכותית הפך למנוע צמיחה עבור נייס ובנוסף מאיץ את מובילות השוק שלנו במספר מישורים: פתרונות הבינה המלאכותית שלנו מגדילים את שיעורי הזכייה בענן מול המתחרים , הם הבסיס להתרחבות המהירה שלנו בתחום הדיגיטל, ומשמשים כמכפיל כוח לאימוץ הפלטפורמה שלנו. בנוסף, בינה מלאכותית היא מקור למספר הולך וגדל של מוצרים חדשים עם פוטנציאל הכנסות משמעותי."
עיקרי התוצאות הפיננסיות )GAAP )לרבעון הרביעי ולשנת 2023 שהסתיים ב - 31 בדצמבר:
הכנסות:
ההכנסות ברבעון הרביעי של 2023 גדלו ב- 10% ל- 623.2 מיליון דולר לעומת 568.6 מיליון דולר אשתקד. ההכנסות לשנת 2023 גדלו ב- 9% ל- 2,377.5 מיליון דולר , לעומת 2,181.3 מיליון דולר אשתקד.
רווח גולמי:
הרווח הגולמי ברבעון הרביעי של 2023 הסתכם ב- 422.3 מיליון דולר בהשוואה ל- 387.6 מיליון דולר אשתקד. שיעור הרווח הגולמי ברבעון הרביעי של 2023 הסתכם ב- 67.8% לעומת 68.2% אשתקד. הרווח הגולמי לשנת 2023 הסתכם ב- 1,609.3 מיליון דולר בהשוואה ל1,497.6- מיליון דולר אשתקד. שיעור הרווח הגולמי לשנת 2023 הסתכם ב- 67.7% לעומת 68.7% אשתקד.
רווח תפעולי:
הרווח התפעולי ברבעון הרביעי של 2023 גדל ב,40%- והסתכם ב- 122.7 מיליון דולר בהשוואה ל- 87.8 מיליון דולר אשתקד. שיעור הרווח התפעולי ברבעון הרביעי של 2023 הסתכם ב - 19.7% לעומת 15.4% אשתקד. הרווח התפעולי לשנת 2023 הסתכם ב- 435.2 מיליון דולר בהשוואה ל- 335.2 מיליון דולר אשתקד. שיעור הרווח התפעולי לשנת 2023 הסתכם ב- 18.3% לעומת 15.4% אשתקד.
רווח נקי:
הרווח הנקי ברבעון הרביעי של 2023 גדל ב,14%- והסתכם ב81.7- מיליון דולר לעומת 71.2 מיליון דולר אשתקד. שיעור הרווח הנקי ברבעון הרביעי של 2023 הסתכם ב- 13.1% לעומת 12.5% אשתקד. הרווח הנקי לשנת 2023 גדל ב,15%- ו הסתכם ב- 338.3 מיליון דולר לעומת 265.9 מיליון דולר אשתקד. שיעור הרווח הנקי לשנת 2023 הסתכם ב- 14.2% לעומת 12.2% אשתקד.
רווח למניה בדילול מלא :
הרווח למניה בדילול מלא ברבעון הרביעי של 2023 גדל ב- 16% ל- 1.24 דולר לעומת 1.07 דולר אשתקד. הרווח למניה בדילול מלא לשנת 2023 גדל ב- 28% ל- 5.11 דולר לעומת 4.00 דולר אשתקד.
תזרים המזומנים מפעילות שוטפת ויתרת מזומנים:
תזרים המזומנים מפעילות שוטפת ברבעון הרביעי של 2023 היה 180.5 מיליון דולר ולשנת 2023 היה 561.4 מיליון דולר. ברבעון הרביעי של ,2023 69.0 מיליון דולר שימשו לרכישה עצמית של מניות ולשנת ,2023 288.4 מיליון דולר שימשו לרכישה עצמית של מניות . נכון ל31- בדצמבר ,2023 יתרות המזומנים ושווי המזומנים , וכן השקעות לטווח קצר הסתכמו ב- 1,407.8 מיליון דולר. החוב בנטרול מכשיר גידור היה 544.4 מיליון דולר כך שהמזומנים והשקעות נטו הסתכמו ל863.4- מיליון דולר.
עיקרי התוצאות הפיננסיות )GAAP-Non )לרבעון הרביעי ולשנת 2023 שהסתיים ב - 31 בדצמבר:
הכנסות:
ההכנסות )GAAP-Non )ברבעון הרביעי של 2023 גדלו ב- 10% ל- 623.2 מיליון דולר לעומת 568.6 מיליון דולר אשתקד. ההכנסות )GAAP-Non )לשנת 2023 גדלו ב- 9% ל- 2,377.5 מיליון דולר, לעומת 2,181.3 מיליון דולר אשתקד.
רווח גולמי:
הרווח הגולמי )GAAP-Non )ברבעון הרביעי של 2023 הסתכם ב- 448.2 מיליון דולר בהשוואה ל- 412.6 מיליון דולר אשתקד. שיעור הרווח הגולמי )GAAP-Non )ברבעון הרביעי של 2023 הסתכם ב- 71.9% לעומת 72.6% אשתקד. הרווח הגולמי )GAAP-Non )לשנת 2023 הסתכם ב- 1,708.8 מיליון דולר בהשוואה ל1,594.6- מיליון דולר אשתקד. שיעור הרווח הגולמי )GAAP-Non )לשנת 2023 הסתכם ב- 71.9% לעומת 73.1% אשתקד.
רווח תפעולי:
הרווח התפעולי )GAAP-Non )ברבעון הרביעי של 2023 גדל ב,15%- ו הסתכם ב- 186.9 מיליון דולר בהשוואה ל- 162.8 מיליון דולר אשתקד. שיעור הרווח )GAAP-Non )התפעולי ברבעון הרביעי של 2023 הסתכם ב- 30.0% לעומת 28.6% אשתקד. הרווח התפעולי )GAAP-Non )לשנת 2023 גדל ב13%- ו הסתכם ב- 703.8 מיליון דולר בהשוואה ל- 625.1 מיליון דולר אשתקד. שיעור הרווח התפעולי )GAAP-Non )לשנת 2023 הסתכם ב- 29.6% לעומת 28.7% אשתקד.
רווח נקי:
הרווח הנקי )GAAP-Non )ברבעון הרביעי של 2023 גדל ב14%- ו הסתכם ב154.9- מיליון דולר לעומת 135.3 מיליון דולר אשתקד. שיעור הרווח הנקי )GAAP-Non )ברבעון הרביעי של 2023 הסתכם ב- 24.9% לעומת 23.8% אשתקד. הרווח הנקי )GAAP-Non )לשנת 2023 הסתכם ב- 582.7 מיליון דולר לעומת 506.8 מיליון דולר אשתקד. שיעור הרווח הנקי )GAAP-Non )לשנת 2023 הסתכם ב- 24.5% לעומת 23.2% אשתקד.
רווח למניה בדילול מלא :
הרווח )GAAP-Non )למניה בדילול מלא ברבעון הרביעי של 2023 גדל ב- 15% ל- 2.36 דולר לעומת 2.04 דולר אשתקד. הרווח )GAAP-Non )למניה בדילול מלא לשנת 2023 גדל ב- 15% ל- 8.79 דולר לעומת 7.62 דולר אשתקד.
תחזית לרבעון הראשון ולשנת :2024
הרבעון הראשון של :2024
סך ההכנסות )GAAP-Non )ברבעון הראשון של ,2024 צפוי להסתכם ב- 650 מיליון דולר עד 660 מיליון דולר, שמייצג גידול של 15% לפי נקודת האמצע של התחזית לעומת אשתקד.
הרווח )GAAP-Non )למניה בדילול מלא ברבעון הראשון של 2024 צפוי להיות בטווח של 2.40 דולר עד 2.50 דולר, שמייצג גידול של 21% לפי נקודת האמצע של התחזית לעומת אשתקד.
שנת :2024
סך ההכנסות )GAAP-Non )בשנת 2024 צפוי להסתכם ב- 2,715 מיליון דולר עד 2,735 מיליון דולר, שמייצג גידול של 15% לפי נקודת האמצע של התחזית לעומת אשתקד.
הרווח )GAAP-Non )למניה בדילול מלא בשנת 2024 צפוי להיות בטווח של 10.40 דולר עד 10.60 דולר, שמייצג גידול של 19% לפי נקודת האמצע של התחזית לעומת אשתקד.
התחזית לעיל כוללת את הציפיות הבאות:
- גידול של לפחות 18% הכנסות מענן לשנת 2024 מול ,2023 בנטרול LiveVox
- סך ההכנסות מענן לשנת 2024 צפויות לכלול כ142- מיליון דולר מ-LiveVox
שיחת ועידה לדיון בתוצאות הרבעוניות
הנהלת נייס תארח שיחת ועידה לדיון בתוצאות הפיננסיות ובתחזית החברה היום, 22 בפברואר 2024 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, 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 מ25,000- 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, 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 impact of conflicts in the Middle East, 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