HOBOKEN, N.J.--(BUSINESS WIRE)--NICE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2019.
Full Year 2019 Financial Highlights
GAAP |
Non-GAAP |
Record revenue of $1,574 million, growth of 9% year-over-year |
Record revenue of $1,577 million, growth of 9% year-over-year |
Cloud revenue of $596 million, growth of 29% year-over-year |
Cloud revenue of $599 million, growth of 28% year-over-year |
Gross margin of 66.2% compared to 65.6% last year |
Gross margin of 71.3% compared to 71.0% last year |
Record operating income of $239 million compared to $198
|
Record operating income of $434 million compared to $384
|
Operating margin of 15.2% compared to 13.7% last year |
Operating margin of 27.5% compared to 26.4% last year |
Record diluted EPS of $2.88 versus $2.52 last year, 14% growth year-over-year |
Record diluted EPS of $5.31 versus $4.75 last year, 12% growth year-over-year |
Fourth Quarter 2019 Financial Highlights
GAAP |
Non-GAAP |
Record revenue of $430 million, growth of 5% year-over-year |
Record revenue of $431 million, growth of 4% year-over-year |
Cloud revenue of $167 million, growth of 27% year-over-year |
Cloud revenue of $168 million, growth of 25% year-over-year |
Gross margin of 68.1% compared to 66.9% last year |
Gross margin of 72.8% compared to 71.9% last year |
Record operating income of $78 million compared to $70 million last year |
Record operating income of $130 million compared to $119 million last year |
Operating margin of 18.0% compared to 17.1% last year |
Operating margin of 30.2% compared to 28.8% last year |
Diluted EPS of $0.95 versus $0.98 last year |
Record diluted EPS of $1.58 versus $1.48 last year |
“We are pleased to end the year on a high note with strong overall financial results, which were driven by continued strength in cloud revenue,” said Barak Eilam, CEO, NICE. “Our cloud revenue, which represented 38% of total revenues for the full-year 2019 compared to 32% for 2018, is being powered by the ongoing rapid adoption in all market segments of our CXone cloud platform. In 2019, we also maintained a sharp focus on operational efficiency demonstrated by continued strong growth in the operating margin and bottom line earnings per share.”
Mr. Eilam continued, “2019 was a pivotal year as it marked the end point of our NICE 2020 plan. We far exceeded the goals we set for ourselves at the onset of NICE 2020, and the success we had is paving the way for NICE 2025. Over the next several years, we will continue to witness rapid changes in our markets, including cloud becoming the default choice for enterprises of all sizes globally, digital engagements growing exponentially and virtually every process being powered by AI and analytics. We are in the driver's seat and in a very strong competitive position to capitalize on these changes taking place with the three most robust platforms in our markets – CXone for Customer Experience, X-Sight for Financial Crime and Compliance and NICE Investigate for Public Safety.”
NICE Investor Day
NICE will be hosting its Investor Day on May 12th in conjunction with its Interactions annual user conference in Las Vegas. The special program for analysts and investors will include meetings with NICE executives, presentations from customers, product and technology sessions, and access to the solutions showcase. If you haven’t registered, please email NICE at IR@NICE.com.
Share Repurchase Program
The Company announced that its Board of Directors has authorized a new program to repurchase up to $200 million of its issued and outstanding ordinary shares and ADRs. Repurchases may be made from time to time in the open market or in privately negotiated transactions and will be in accordance with applicable securities laws and regulations. The timing and amount of the repurchase transactions will be determined by management and may depend on a variety of factors, including market conditions, alternative investment opportunities and other considerations. The program does not obligate the Company to acquire any particular amount of ordinary shares and ADRs and the program may be modified or discontinued at any time without prior notice. This new program is in addition to the repurchase program previously authorized by the Company’s Board of Directors announced in January 2017, in which approximately $60 miilion remains available for repurchases.
GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues: Fourth quarter 2019 total revenues increased 4.7% to $430.2 million compared to $410.8 million for the fourth quarter of 2018.
Full year 2019 total revenues increased 9.0% to $1,573.9 million compared to $1,444.5 million for the full year 2018.
Gross Profit: Fourth quarter 2019 gross profit increased to $292.9 million compared to $274.7 million for the fourth quarter of 2018 and fourth quarter 2019 gross margin also increased to 68.1% compared to 66.9% for the fourth quarter of 2018.
Full year 2019 gross profit and gross margin increased to $1,042.1 million and 66.2%, respectively, compared to $947.7 million and 65.6%, respectively, for the full year 2018.
Operating Income: Fourth quarter 2019 operating income and operating margin increased to $77.6 million and 18.0%, respectively, compared to $70.4 million and 17.1%, respectively, for the fourth quarter of 2018.
Full year 2019 operating income and operating margin increased to $238.7 million and 15.2%, respectively, compared to $197.6 million and 13.7%, respectively, for the full year 2018.
Net Income: Fourth quarter 2019 net income and net income margin were $61.7 million and 14.4%, respectively, compared to $62.3 million and 15.2%, respectively, for the fourth quarter of 2018.
Full year 2019 net income and net income margin increased to $185.9 million and 11.8%, respectively, compared to $159.3 million and 11.0%, respectively, for the full year 2018.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the fourth quarter of 2019 was $0.95 compared to $0.98 in the fourth quarter of 2018.
Fully diluted earnings per share for the full year 2019 increased to $2.88 compared to $2.52 for the full year 2018.
Operating Cash Flow and Cash Balance: Fourth quarter 2019 operating cash flow was $91.4 million and full year operating cash flow reached $374.2 million. In the fourth quarter, $24.7 million was used for share repurchases and $47.3 million was used for share repurchases for the full year of 2019. As of December 31, 2019, total cash and cash equivalents, short and long term investments were $981.5 million, and total debt was $464.9 million.
Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:
Revenues: Fourth quarter 2019 Non-GAAP total revenues increased to $431.1 million, up 4.3% from $413.4 million for the fourth quarter of 2018.
Non-GAAP total revenues for the full year 2019 increased 8.5% to $1,577.5 million compared to $1,453.4 million for the full year 2018.
Gross Profit: Fourth quarter 2019 Non-GAAP gross profit increased to $313.8 million compared to $297.4 million for the fourth quarter of 2018. Fourth quarter 2019 Non-GAAP gross margin also increased to 72.8% compared to 71.9% for the fourth quarter of 2018.
Full year 2019 Non-GAAP gross profit increased to $1,125.3 million compared to $1,032.0 million and full year 2019 Non-GAAP gross margin also increased 71.3% compared to 71.0% for the full year 2018.
Operating Income: Fourth quarter 2019 Non-GAAP operating income increased to $130.2 million compared to $119.1 million for the fourth quarter of 2018. Fourth quarter 2019 Non-GAAP operating margin also increased to 30.2% compared to 28.8% for the fourth quarter of 2018.
Full year 2019 Non-GAAP operating income and Non-GAAP operating margin increased to $434.4 million and 27.5%, respectively, from $383.5 million and 26.4%, respectively, for the full year 2018.
Net Income: Fourth quarter 2019 Non-GAAP net income and Non-GAAP net income margin increased to $102.6 million and 23.8%, respectively, from $94.3 million and 22.8%, respectively, for the fourth quarter of 2018.
Full year 2019 Non-GAAP net income and Non-GAAP net income margin increased to $343.4 million and 21.8%, respectively, from $300.6 million and 20.7%, respectively, for the full year 2018.
Fully Diluted Earnings Per Share: Fourth quarter 2019 Non-GAAP fully diluted earnings per share increased 6.8% to $1.58, compared to $1.48 for the fourth quarter of 2018.
Full year 2019 Non-GAAP fully diluted earnings per share increased 11.8% to $5.31 compared to $4.75 for the full year 2018.
First Quarter and Full Year 2020 Guidance:
First Quarter 2020: First quarter 2020 Non-GAAP total revenues are expected to be in a range of $406 million to $416 million. First quarter 2020 Non-GAAP fully diluted earnings per share are expected to be in a range of $1.27 to $1.37.
Full Year 2020: Full year 2020 Non-GAAP total revenues are expected to be in a range of $1,690 million to $1,710 million. Full year 2020 Non-GAAP fully diluted earnings per share are expected to be in a range of $5.65 to $5.85.
Quarterly Results Conference Call
NICE management will host its earnings conference call today February 13th, 2020 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 1-866-804-8688 or +1-718-354-1175, International +44(0)1296-480-100, United Kingdom 0-800-783-0906, Israel 1-809-344-364. The Passcode is 423 238 18. 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 https://www.nice.com/investor-relations/upcoming-event. 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 372 354 60.
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 long term debt and the tax effect of the Non-GAAP adjustments. Business combination accounting rules require the recognition of a legal performance obligation related to a revenue arrangement of an acquired entity as a liability. The amount assigned to such liability should be based on its fair value at the date of acquisition. The Non-GAAP adjustment for a revenue arrangement is intended to reflect the full amount of such revenue. The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort.
About NICE
NICE (Nasdaq: NICE) is the worldwide leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.
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 competition, success and growth of the Company’s cloud Software-as-a-Service business, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company’s business, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, changes in general economic and business conditions, rapidly changing technology, changes in currency exchange rates and interest rates, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, successful execution of the Company’s growth strategy, the effects of tax reforms and of newly enacted or modified laws, regulation or standards on the Company and its products, and other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this presentation speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.
###
| NICE LTD. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| U.S. dollars in thousands (except per share amounts) | ||||||||
| Quarter ended | Year ended | |||||||
| December 31, | December 31, | |||||||
2019 |
2018 |
2019 |
2018 |
|||||
Unaudited |
Unaudited |
Audited |
Audited |
|||||
| Revenue: | ||||||||
| Product | $ 80,101 |
$ 92,941 |
$ 269,100 |
$ 263,805 |
||||
| Services | 183,117 |
186,073 |
709,064 |
719,531 |
||||
| Cloud | 166,990 |
131,815 |
595,748 |
461,183 |
||||
| Total revenue | 430,208 |
410,829 |
1,573,912 |
1,444,519 |
||||
| Cost of revenue: | ||||||||
| Product | 6,076 |
7,679 |
22,926 |
31,065 |
||||
| Services | 54,772 |
59,087 |
218,990 |
229,671 |
||||
| Cloud | 76,434 |
69,389 |
289,852 |
236,079 |
||||
| Total cost of revenue | 137,282 |
136,155 |
531,768 |
496,815 |
||||
| Gross profit | 292,926 |
274,674 |
1,042,144 |
947,704 |
||||
| Operating expenses: | ||||||||
| Research and development, net | 52,165 |
46,807 |
193,718 |
183,830 |
||||
| Selling and marketing | 106,221 |
100,421 |
399,304 |
370,659 |
||||
| General and administrative | 46,841 |
46,275 |
168,022 |
153,323 |
||||
| Amortization of acquired intangible assets | 10,107 |
10,764 |
42,383 |
42,276 |
||||
| Total operating expenses | 215,334 |
204,267 |
803,427 |
750,088 |
||||
| Operating income | 77,592 |
70,407 |
238,717 |
197,616 |
||||
| Finance and other expense, net | 554 |
1,829 |
4,444 |
10,901 |
||||
| Income before tax | 77,038 |
68,578 |
234,273 |
186,715 |
||||
| Taxes on income | 15,295 |
6,284 |
48,369 |
27,377 |
||||
| Net income | $ 61,743 |
$ 62,294 |
$ 185,904 |
$ 159,338 |
||||
| Earnings per share: | ||||||||
| Basic | $ 0.99 |
$ 1.01 |
$ 2.99 |
$ 2.60 |
||||
| Diluted | $ 0.95 |
$ 0.98 |
$ 2.88 |
$ 2.52 |
||||
| Weighted average shares outstanding: | ||||||||
| Basic | 62,357 |
61,824 |
62,120 |
61,387 |
||||
| Diluted | 65,161 |
63,760 |
64,661 |
63,309 |
||||
| NICE LTD. AND SUBSIDIARIES | ||||||||
| RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||
| U.S. dollars in thousands (except per share amounts) | ||||||||
| Quarter ended | Year ended | |||||||
| December 31, | December 31, | |||||||
2019 |
2018 |
2019 |
2018 |
|||||
| GAAP revenues | $ 430,208 |
$ 410,829 |
$ 1,573,912 |
$ 1,444,519 |
||||
| Valuation adjustment on acquired deferred product revenue | - |
- |
15 |
97 |
||||
| Valuation adjustment on acquired deferred services revenue | - |
44 |
5 |
632 |
||||
| Valuation adjustment on acquired deferred cloud revenue | 842 |
2,550 |
3,534 |
8,181 |
||||
| Non-GAAP revenues | $ 431,050 |
$ 413,423 |
$ 1,577,466 |
$ 1,453,429 |
||||
| GAAP cost of revenue | $ 137,282 |
$ 136,155 |
$ 531,768 |
$ 496,815 |
||||
| Amortization of acquired intangible assets on cost of product | (1,134) |
(870) |
(4,106) |
(5,889) |
||||
| Amortization of acquired intangible assets on cost of services | (1,522) |
(1,778) |
(6,126) |
(5,111) |
||||
| Amortization of acquired intangible assets on cost of cloud | (15,323) |
(15,504) |
(60,441) |
(53,901) |
||||
| Valuation adjustment on acquired deferred cost of cloud | 532 |
929 |
2,425 |
2,183 |
||||
| Cost of product revenue adjustment (1) | 131 |
(113) |
(173) |
(360) |
||||
| Cost of services revenue adjustment (1) | (1,941) |
(1,867) |
(8,192) |
(7,629) |
||||
| Cost of cloud revenue adjustment (1,2) | (813) |
(888) |
(2,955) |
(4,654) |
||||
| Non-GAAP cost of revenue | $ 117,212 |
$ 116,064 |
$ 452,200 |
$ 421,454 |
||||
| GAAP gross profit | $ 292,926 |
$ 274,674 |
$ 1,042,144 |
$ 947,704 |
||||
| Gross profit adjustments | 20,912 |
22,685 |
83,122 |
84,271 |
||||
| Non-GAAP gross profit | $ 313,838 |
$ 297,359 |
$ 1,125,266 |
$ 1,031,975 |
||||
| GAAP operating expenses | $ 215,334 |
$ 204,267 |
$ 803,427 |
$ 750,088 |
||||
| Research and development (1,2) | (2,896) |
(1,648) |
(8,078) |
(8,425) |
||||
| Sales and marketing (1,2) | (7,468) |
(5,371) |
(26,679) |
(27,650) |
||||
| General and administrative (1,2) | (11,327) |
(8,584) |
(35,705) |
(23,740) |
||||
| Amortization of acquired intangible assets | (10,107) |
(10,764) |
(42,383) |
(42,276) |
||||
| Valuation adjustment on acquired deferred commission | 62 |
322 |
307 |
443 |
||||
| Non-GAAP operating expenses | $ 183,598 |
$ 178,222 |
$ 690,889 |
$ 648,440 |
||||
| GAAP finance & other expense (income), net | $ 554 |
$ 1,829 |
$ 4,444 |
$ 10,901 |
||||
| Amortization of discount on long-term debt | (2,388) |
(2,179) |
(9,235) |
(8,670) |
||||
| Non-GAAP finance & other expense (income), net | $ (1,834) |
$ (350) |
$ (4,791) |
$ 2,231 |
||||
| GAAP taxes on income | $ 15,295 |
$ 6,284 |
$ 48,369 |
$ 27,377 |
||||
| Tax adjustments re non-GAAP adjustments | 14,142 |
18,939 |
47,400 |
53,352 |
||||
| Non-GAAP taxes on income | $ 29,437 |
$ 25,223 |
$ 95,769 |
$ 80,729 |
||||
| GAAP net income | $ 61,743 |
$ 62,294 |
$ 185,904 |
$ 159,338 |
||||
| Valuation adjustment on acquired deferred revenue | 842 |
2,594 |
3,554 |
8,910 |
||||
| Valuation adjustment on acquired deferred cost of cloud revenue | (532) |
(929) |
(2,425) |
(2,183) |
||||
| Amortization of acquired intangible assets | 28,086 |
28,916 |
113,056 |
107,177 |
||||
| Valuation adjustment on acquired deferred commission | (62) |
(322) |
(307) |
(443) |
||||
| Share-based compensation (1) | 24,314 |
18,471 |
80,939 |
67,223 |
||||
| Acquisition related expenses (2) | - |
- |
843 |
5,235 |
||||
| Amortization of discount on long term debt | 2,388 |
2,179 |
9,235 |
8,670 |
||||
| Tax adjustments re non-GAAP adjustments | (14,142) |
(18,939) |
(47,400) |
(53,352) |
||||
| Non-GAAP net income | $ 102,637 |
$ 94,264 |
$ 343,399 |
$ 300,575 |
||||
| GAAP diluted earnings per share | $ 0.95 |
$ 0.98 |
$ 2.88 |
$ 2.52 |
||||
| Non-GAAP diluted earnings per share | $ 1.58 |
$ 1.48 |
$ 5.31 |
$ 4.75 |
||||
| Shares used in computing GAAP diluted earnings per share | 65,161 |
63,760 |
64,661 |
63,309 |
||||
| Shares used in computing non-GAAP diluted earnings per share | 65,161 |
63,760 |
64,661 |
63,309 |
||||
| NICE LTD. AND SUBSIDIARIES | ||||||||
| RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued) | ||||||||
| U.S. dollars in thousands | ||||||||
(1) |
Share-based Compensation | |||||||
| Quarter ended | Year to date | |||||||
| December 31, | December 31, | |||||||
2019 |
2018 |
2019 |
2018 |
|||||
| Cost of product revenue | $ (131) |
$ 113 |
$ 173 |
$ 360 |
||||
| Cost of services revenue | 1,941 |
1,867 |
8,192 |
7,629 |
||||
| Cost of cloud revenue | 813 |
888 |
2,955 |
3,020 |
||||
| Research and development | 2,896 |
1,648 |
8,073 |
7,354 |
||||
| Sales and marketing | 7,468 |
5,371 |
26,649 |
27,455 |
||||
| General and administrative | 11,327 |
8,584 |
34,897 |
21,405 |
||||
$ 24,314 |
$ 18,471 |
$ 80,939 |
$ 67,223 |
|||||
(2) |
Acquisition related expenses | |||||||
| Quarter ended | Year to date | |||||||
| December 31, | December 31, | |||||||
2019 |
2018 |
2019 |
2018 |
|||||
| Cost of cloud revenue | $ - |
$ - |
$ - |
$ 1,634 |
||||
| Research and development | - |
- |
5 |
1,071 |
||||
| Sales and marketing | - |
- |
30 |
195 |
||||
| General and administrative | - |
- |
808 |
2,335 |
||||
$ - |
$ - |
$ 843 |
$ 5,235 |
|||||
NICE LTD. AND SUBSIDIARIES |
||||
| CONSOLIDATED CASH FLOW STATEMENTS | ||||
| U.S. dollars in thousands | ||||
| Quarter ended | Year ended | |||
| December 31, | December 31, | |||
2019 |
2018 |
2019 |
2018 |
|
| Unaudited | Unaudited | Audited | Audited | |
| Operating Activities | ||||
| Net income | $ 61,743 |
$ 62,294 |
$ 185,904 |
$ 159,338 |
| Depreciation and amortization | 44,486 |
42,859 |
173,230 |
157,142 |
| Stock based compensation | 24,275 |
18,471 |
80,864 |
67,223 |
| Amortization of premium and discount and accrued interest on marketable securities | 134 |
(428) |
(53) |
(598) |
| Deferred taxes, net | 18,899 |
2,882 |
(12,208) |
(30,172) |
| Changes in operating assets and liabilities: | ||||
| Trade Receivables | (56,763) |
(69,500) |
(29,863) |
(72,583) |
| Prepaid expenses and other assets | 11,977 |
2,609 |
(76,180) |
(29,852) |
| Trade payables | 5,850 |
3,082 |
777 |
(3,526) |
| Accrued expenses and other current liabilities | (22,059) |
23,916 |
31,730 |
48,095 |
| Operating lease right-of-use assets, net | 7,262 |
- |
19,104 |
- |
| Deferred revenue | 499 |
20,941 |
13,810 |
92,768 |
| Long term liabilities | (11) |
(810) |
(311) |
(1,024) |
| Operating lease liabilities | (6,844) |
- |
(18,839) |
- |
| Amortization of discount on long term debt | 2,388 |
2,179 |
9,236 |
8,670 |
| Other | (387) |
408 |
(3,043) |
1,128 |
| Net cash provided by operating activities | 91,449 |
108,903 |
374,158 |
396,609 |
| Investing Activities | ||||
| Purchase of property and equipment | (5,767) |
(9,921) |
(27,294) |
(31,442) |
| Purchase of Investments | (125,165) |
(145,033) |
(619,060) |
(429,500) |
| Proceeds from Investments | 79,084 |
37,378 |
362,713 |
137,180 |
| Capitalization of software development costs | (8,739) |
(9,299) |
(34,679) |
(32,225) |
| Payments for business and asset acquisitions, net of cash acquired | - |
270 |
(25,972) |
(104,776) |
| Net cash used in investing activities | (60,587) |
(126,605) |
(344,291) |
(460,763) |
| Financing Activities | ||||
| Proceeds from issuance of shares upon exercise of share options | 717 |
1,072 |
5,428 |
19,048 |
| Purchase of treasury shares | (24,664) |
(15,391) |
(47,276) |
(26,004) |
| Repayment of short-term bank loan | - |
- |
- |
(8,436) |
| Capital Lease payments | (185) |
(876) |
(816) |
(876) |
| Net cash used in financing activities | (24,132) |
(15,195) |
(42,664) |
(16,268) |
| Effect of exchange rates on cash and cash equivalents | 754 |
(1,174) |
(979) |
(5,781) |
| Net change in cash and cash equivalents | 7,484 |
(34,071) |
(13,776) |
(86,203) |
| Cash and cash equivalents, beginning of period | $ 220,839 |
$ 276,170 |
$ 242,099 |
$ 328,302 |
| Cash and cash equivalents, end of period | $ 228,323 |
$ 242,099 |
$ 228,323 |
$ 242,099 |
| NICE LTD. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| U.S. dollars in thousands | |||||
| December 31, | December 31, | ||||
2019 |
2018 |
||||
| Audited | Audited | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ 228,323 |
$ 242,099 |
|||
| Short-term investments | 210,772 |
243,729 |
|||
| Trade receivables | 319,622 |
287,963 |
|||
| Prepaid expenses and other current assets | 116,972 |
87,450 |
|||
| Total current assets | 875,689 |
861,241 |
|||
| LONG-TERM ASSETS: | |||||
| Long-term investments | 542,389 |
244,998 |
|||
| Property and equipment, net | 141,647 |
140,338 |
|||
| Deferred tax assets | 30,513 |
12,309 |
|||
| Other intangible assets, net | 411,019 |
508,232 |
|||
| Operating lease right-of-use assets | 106,196 |
- |
|||
| Goodwill | 1,378,418 |
1,366,206 |
|||
| Other long-term assets | 124,034 |
74,042 |
|||
| Total long-term assets | 2,734,216 |
2,346,125 |
|||
| TOTAL ASSETS | $ 3,609,905 |
$ 3,207,366 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Trade payables | $ 30,376 |
$ 29,617 |
|||
| Deferred revenues and advances from customers | 245,792 |
221,387 |
|||
| Current maturities of operating leases | 21,519 |
- |
|||
| Accrued expenses and other liabilities | 391,685 |
373,908 |
|||
| Total current liabilities | 689,372 |
624,912 |
|||
| LONG-TERM LIABILITIES: | |||||
| Deferred revenues and advances from customers | 26,045 |
35,112 |
|||
| Operating leases | 103,490 |
- |
|||
| Deferred tax liabilities | 52,509 |
44,140 |
|||
| Long-term debt | 464,896 |
455,985 |
|||
| Other long-term liabilities | 16,327 |
30,604 |
|||
| Total long-term liabilities | 663,267 |
565,841 |
|||
| SHAREHOLDERS' EQUITY | 2,257,266 |
2,016,613 |
|||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,609,905 |
$ 3,207,366 |
|||
