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NICE Reports 10% Increase in Non-GAAP Revenues to $221 Million and 19% Increase in Non-GAAP EPS to $0.64 for the Third Quarter of 2012

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RA'ANANA, Israel, October 31, 2012 /PRNewswire/ --

The Company Increases its EPS Guidance for the Year

The Company Announces a New Share Repurchase Program to Buy Up to $100 Million

NICE Systems (NASDAQ: NICE) today announced results for the third quarter ended September 30, 2012.

"We reported record revenues and earnings per share for the third quarter of 2012. The results were supported by another strong quarter for our analytics based advanced applications. As we enter the final quarter of the year, we see strong demand for our solutions and expect it to be a strong quarter in bookings and revenues," said Zeevi Bregman, President and CEO of NICE Systems.

Mr. Bregman continued, "The opportunities around Big Data are growing and we continue to strengthen our domain leading position in Big Data analytics through further product development, strategic partnerships and acquisitions. Our best-in-class, real-time analytic solutions provide our customers with the capabilities to better extract value from Big Data to help them understand what is transpiring from within, across and outside of their organizations and to better support their mission critical operations. This enables our customers to meet the challenges around compliance and regulation, fraud prevention, safety and security, and organizations' needs to improve operations and enhance the customer experience amid rapidly increasing social media influence. Our broad offering of analytic solutions is where the future growth lies for NICE."

Non-GAAP Financial Highlights for the Third Quarter Ended September 30, 2012:

Revenues: Third quarter 2012 non-GAAP total revenues were a record $220.9 million, up 10.2% from $200.4 million for the third quarter of 2011.

Gross Profit: Third quarter 2012 non-GAAP gross profit and non-GAAP gross margin increased to $145.0 million and 65.6%, respectively, from $129.5 million and 64.6%, respectively, for the third quarter of 2011.

Operating Income: Third quarter 2012 non-GAAP operating income and non-GAAP operating margin were $42.1 million and 19.1%, respectively, compared to $38.9 million and 19.4%, respectively, for the third quarter of 2011.

Net Income: Third quarter 2012 non-GAAP net income and non-GAAP net margin increased to $39.7 million and 18.0%, respectively, from $34.5 million and 17.2%, respectively, for the third quarter of 2011.

Fully Diluted Earnings Per Share: Third quarter 2012 non-GAAP fully diluted earnings per share increased to a record $0.64, up 18.5% from $0.54 for the third quarter of 2011.

GAAP Financial Highlights for the Third Quarter Ended September 30, 2012:

Revenues: Third quarter 2012 total revenues increased 9.7% to $218.9 million compared to $199.5 million for the third quarter of 2011.

Gross Profit: Third quarter 2012 gross profit and gross margin were $130.5 million and 59.6%, respectively, compared to $121.8 million and 61.1%, respectively, for the third quarter of 2011.

Operating Income: Third quarter 2012 operating income and operating margin were $13.3 million and 6.1%, respectively, compared to $20.4 million and 10.2%, respectively, for the third quarter of 2011.

Net Income: Third quarter 2012 net income and net margin were $16.8 million and 7.7%, respectively, compared to $18.3 million and 9.2%, respectively, for the third quarter of 2011.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the third quarter of 2012 was $0.27 compared to $0.29 for the third quarter of 2011.

Operating Cash Flow and Cash Balance: Third quarter 2012 operating cash flow was $11.6 million. In the third quarter, approximately $28 million was used for share repurchases. As of September 30, 2012, total cash and cash equivalents, short term investments and marketable securities were $422 million, with no debt.

Share Repurchase Program

During October 2012 the company completed its share repurchase program that was announced late last year. The Company announced that its Board of Directors has authorized a new program to repurchase up to $100 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.

Fourth Quarter and Full Year 2012 Guidance:

Fourth Quarter 2012: Fourth quarter non-GAAP total revenues for 2012 are expected to be in a range of $237 million to $257 million. Fourth quarter non-GAAP fully diluted earnings per share for 2012 are expected to be in a range of $0.64 to $0.69.

Full Year 2012: The Company reiterated its guidance for full year 2012 non-GAAP total revenues and increased its guidance for fully diluted earnings per share. Full year 2012 non-GAAP total revenues are expected to be in a range of $890 million to $910 million. Full year 2012 non-GAAP fully diluted earnings per share is expected to be in a range of $2.41 to $2.46.

Quarterly Results Conference Call

NICE management will host its earnings conference call today, October 31, 2012 at 8:30 AM EDT, 12:30 GMT, 14:30 Israel, to discuss the results and the company's outlook. To participate in the call, please dial in to the following numbers: United States 1-866-804-8688 or +1-718-354-1175, International +44(0)1296-480-100, United Kingdom 0-800-783-0906, Israel 1-809-242-041. The Passcode is 784 680 78.  Additional access numbers can be found at http://www.btconferencing.com/globalaccess/?bid=54_attended. The call will be webcast live on the Company's website at http://www.nice.com/news-and-events/ir-events. An online replay will also be available approximately two hours following the call. A telephone replay of the call will be available for 7 days after the live broadcast, and may be accessed by dialing: United States 1-877-482-6144, International +44(0)20-7136-9233, United Kingdom 0-800-032-9687. The Passcode for the replay is 46379739.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, re-organization expenses, restructuring expenses, share-based compensation, settlements and related expenses and certain business combination accounting entries . The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Business combination accounting rules requires us to recognize a legal performance obligation related to a revenue arrangement of an acquired entity. The amount assigned to that liability should be based on its fair value at the date of acquisition. The non-GAAP adjustment is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The intangible assets created in the acquisitions of Merced are preliminary and subject to further review and completion of valuation analyses.

About NICE

NICE (NASDAQ: NICE) is the worldwide leader of software solutions that deliver strategic insights by capturing and analyzing mass quantities of structured and unstructured data in real time from multiple sources, including phone calls, mobile apps, emails, chat, social media, and video. NICE's solutions enable organizations to take the Next-Best-Action to improve customer experience and business results, ensure compliance, fight financial crime, and safeguard people and assets. NICE solutions are used by over 25,000 organizations in more than 150 countries, including over 80 of the Fortune 100 companies. http://www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Systems.  All other marks are trademarks of their respective owners.  For a full list of NICE Systems' marks, please see: http://www.nice.com/nice-trademarks.  

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Messer Bregman, are based on the current expectations of the management of NICE-Systems Ltd. (the Company) only, and are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company's customer base (particularly financial services firms) and the resulting uncertainties; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; pressure on pricing resulting from competition; and inability to maintain certain marketing and distribution arrangements. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission, including the Company's Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

 

    NICE SYSTEMS LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME
    U.S. dollars in thousands (except per share amounts)

                                        Quarter ended       Year to date
                                         September 30,      September 30,
                                    -------------------- ---------------------
                                       2012      2011       2012       2011
                                    Unaudited  Unaudited  Unaudited  Unaudited
                                    ------------------------------------------

    Revenue:
                    Product         $ 92,115   $ 88,677   $269,221   $257,831
                    Services         126,744    110,784    372,106    322,378
                                    --------   --------   --------   --------
    Total revenue                    218,859    199,461    641,327    580,209

    Cost of revenue:
                    Product           31,273     29,394     93,660     85,129
                    Services          57,055     48,265    168,852    140,531
                                    --------   --------   --------   --------
    Total cost of revenue             88,328     77,659    262,512    225,660
                                    --------   --------   --------   --------

    Gross profit                     130,531    121,802    378,815    354,549

    Operating Expenses:
                    Research and
                    development,
                    net               30,094     27,065     88,910     79,820
                    Selling and
                    marketing         54,892     45,963    165,113    144,941
                    General and
                    administrative    22,186     22,528     71,649     68,618
                    Amortization of
                    acquired
                    intangible
                    assets             8,225      5,818     24,364     17,262
                    Restructuring
                    expenses           1,884          -      1,884          -
                                    --------   --------   --------   --------
    Total operating expenses         117,281    101,374    351,920    310,641
                                    --------   --------   --------   --------

    Operating income                  13,250     20,428     26,895     43,908

    Finance and other income, net      1,617      2,075      6,135      7,454
                                    --------   --------   --------   --------

    Income before taxes on income     14,867     22,503     33,030     51,362
    Taxes on income (tax benefit)     (1,910)     4,181     (2,734)     9,344
                                    --------   --------   --------   --------
                                    --------   --------   --------   --------

    Net income                      $ 16,777   $ 18,322   $ 35,764   $ 42,018
                                    --------   --------   --------   --------
                                    --------   --------   --------   --------

    Basic earnings per share          $ 0.28     $ 0.29     $ 0.59     $ 0.66
                                    --------   --------   --------   --------
                                    --------   --------   --------   --------

    Diluted earnings per share        $ 0.27     $ 0.29     $ 0.57     $ 0.65
                                    --------   --------   --------   --------
                                    --------   --------   --------   --------

    Weighted average number of shares
    outstanding used to compute:

    Basic earnings per share          60,766     62,824     61,108     63,325
    Diluted earnings per share        61,971     64,002     62,523     64,661


    NICE SYSTEMS LTD. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP RESULTS
    U.S. dollars in thousands
    (except per share amounts)

                                          Quarter ended            Year to date
                                          September 30,            September 30,
                                    -----------------------  -----------------------
                                        2012          2011       2012          2011
                                    ------------------------------------------------

    GAAP revenues                   $ 218,859     $ 199,461  $ 641,327     $ 580,209
    Valuation
    adjustment on acquired
    deferred product revenue              229           607      3,930         3,010
    Valuation
    adjustment on acquired
    deferred service revenue            1,814           362      7,502           865
                                    ---------     ---------  ---------     ---------
    Non-GAAP revenues               $ 220,902     $ 200,430  $ 652,759     $ 584,084
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    GAAP cost of
    revenue                          $ 88,328      $ 77,659  $ 262,512     $ 225,660
    Amortization of
    acquired intangible
    assets on cost
    of product                        (10,364)       (6,390)   (31,553)      (20,397)
    Amortization of
    acquired intangible
    assets on cost
    of services                        (1,025)            -     (2,734)            -
    Valuation
    adjustment on
    acquired
    deferred cost
    of services                            11           133        107           466
    Cost of product revenue
    adjustment (1,2,4)                    (47)          (79)      (336)         (307)
    Cost of services
    revenue adjustment
    (1,2,3,4)                            (957)         (378)    (3,012)       (1,770)
                                    ---------     ---------  ---------     ---------
    Non-GAAP cost
    of revenue                       $ 75,946      $ 70,945  $ 224,984     $ 203,652
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    GAAP gross profit               $ 130,531     $ 121,802  $ 378,815     $ 354,549
    Gross profit adjustments           14,425         7,683     48,960        25,883
                                    ---------     ---------  ---------     ---------
    Non-GAAP gross profit           $ 144,956     $ 129,485  $ 427,775     $ 380,432
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    GAAP operating expenses         $ 117,281     $ 101,374  $ 351,920     $ 310,641
    Research and development
    (1,2,3)                              (546)         (861)    (2,652)       (3,142)
    Sales and marketing (1,2,3)        (1,426)       (1,796)    (6,072)       (6,083)
    General and administrative
    (1,2,3)                            (2,089)       (1,519)    (6,797)       (6,596)
    Amortization of acquired
    intangible assets                  (8,225)       (5,818)   (24,364)      (17,262)
    Acquisition related
    expenses (4)                            -          (793)    (4,348)       (6,199)
    Settlement and related
    expenses                             (267)            -       (267)            -
    Restructuring expenses             (1,884)            -     (1,884)            -
                                    ---------     ---------  ---------     ---------
    Non-GAAP operating
    expenses                        $ 102,844      $ 90,587  $ 305,536     $ 271,359
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    GAAP taxes on Income             $ (1,910)      $ 4,181   $ (2,734)      $ 9,344
    Tax adjustments
    re non-gaap
    adjustments                         5,949         2,318     20,145        10,139
                                    ---------     ---------  ---------     ---------
    Non-GAAP taxes on income          $ 4,039       $ 6,499   $ 17,411      $ 19,483
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    GAAP net income                  $ 16,777      $ 18,322   $ 35,764      $ 42,018
    Valuation adjustment on
    acquired deferred
    revenue                             2,043           969     11,432         3,875
    Valuation adjustment on
    acquired deferred cost
    of services                           (11)         (133)      (107)         (466)
    Amortization of
    acquired intangible
    assets                             19,614        12,208     58,651        37,659
    Share-based
    compensation (1)                    4,961         4,285     17,712        15,273
    Re-organization
    expenses (2)                            -             -        746           910
    Acquisition related
    compensation
    expense (3)                           104           345        367         1,706
    Acquisition
    related expenses (4)                    -           796      4,392         6,208
    Settlement and
    related expenses                      267             -        267             -
    Restructuring expenses              1,884             -      1,884             -
    Tax adjustments re non-gaap
    adjustments                        (5,949)       (2,318)   (20,145)      (10,139)
                                    ---------     ---------  ---------     ---------
    Non-GAAP net income              $ 39,690      $ 34,474  $ 110,963      $ 97,044 
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------
    GAAP diluted earnings per
    share                              $ 0.27        $ 0.29     $ 0.57        $ 0.65
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    Non-GAAP diluted
    earnings per share                 $ 0.64        $ 0.54     $ 1.77        $ 1.50
                                    ---------     ---------  ---------     ---------
                                    ---------     ---------  ---------     ---------

    Shares used in computing US
    GAAP diluted earnings per
    share                              61,971        64,002     62,523        64,661

    Shares used in computing
    Non-GAAP diluted earnings per
    share                              61,971        64,002     62,523        64,661

    NICE SYSTEMS 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
                                          September 30,          September 30,
                                    ---------------------  -----------------------
                                        2012        2011        2012         2011
                                    ----------------------------------------------
              Cost of product revenue  $ (47)      $ (76)     $ (331)      $ (238)
              Cost of service revenue   (952)       (362)     (2,899)      (1,654)
              Research and
              development               (461)       (640)     (2,173)      (2,085)
              Sales and marketing     (1,412)     (1,743)     (5,512)      (5,750)
              General and
              administrative          (2,089)     (1,464)     (6,797)      (5,546)
                                    --------    --------   ---------    ---------
                                    $ (4,961)   $ (4,285)  $ (17,712)   $ (15,273)
                                    --------    --------   ---------    ---------
                                    --------    --------   ---------    ---------

          (2) Re-organization
              expenses
                                          Quarter ended            Year to date
                                          September 30,            September 30,
                                    --------------------   -----------------------
                                        2012        2011        2012          2011
                                    ----------------------------------------------

              Cost of product revenue    $ -         $ -         $ -         $ (60)
              Cost of service revenue      -           -         (52)            -
              Research and
              development                  -           -        (177)         (141)
              Sales and marketing          -           -        (517)            -
              General and
              administrative               -           -           -          (709)
                                     -------    --------   ---------     ---------
                                         $ -         $ -      $ (746)       $ (910)
                                     -------    --------   ---------     ---------
                                     -------    --------   ---------     ---------

          (3) Acquisition related
              compensation
              expense
                                          Quarter ended            Year to date
                                          September 30,            September 30,
                                    --------------------   -----------------------
                                        2012        2011        2012          2011
                                    ----------------------------------------------

              Cost of service revenue   $ (5)      $ (16)      $ (22)       $ (116)
              Research and
              development                (85)       (221)       (302)         (916)
              Sales and marketing        (14)        (53)        (43)         (333)
              General and
              administrative               -         (55)          -          (341)
                                     -------    --------   ---------     ---------
                                      $ (104)     $ (345)     $ (367)     $ (1,706)
                                     -------    --------   ---------     ---------
                                     -------    --------   ---------     ---------

          (4) Acquisition related
              expenses
                                          Quarter ended             Year to date
                                          September 30,             September 30,
                                    --------------------   -----------------------
                                        2012        2011        2012          2011
                                    ----------------------------------------------
              Cost of product
              revenue                    $ -        $ (3)       $ (5)         $ (9)
              Cost of service revenue      -           -         (39)            -
              Research and
              development                  -         (49)        (31)          (81)
              Sales and marketing          -          27         100        (2,180)
              General and
              administrative               -        (771)     (4,417)       (3,938)
                                     -------    --------   ---------     ---------
                                         $ -      $ (796)   $ (4,392)     $ (6,208)
                                     -------    --------   ---------     ---------
                                     -------    --------   ---------     ---------


    NICE SYSTEMS LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    U.S. dollars in thousands

                                                 September 30,         December 31,
                                                     2012                  2011
                                                 ------------          -----------
                                                   Unaudited            Unaudited
                                                 ------------          -----------

                   ASSETS

    CURRENT ASSETS:
                   Cash and cash equivalents       $ 74,844             $ 204,437
                   Short-term investments           211,014               144,003
                   Trade receivables                140,687               126,981
                   Other receivables
                   and prepaid expenses              43,084                43,941
                   Inventories                       11,005                13,404
                   Deferred tax assets               13,073                10,405
                                                 ----------           -----------

                   Total current assets             493,707               543,171
                                                 ----------           -----------

    LONG-TERM ASSETS:
                   Marketable securities            136,254               214,136
                   Other long-term assets            30,160                28,890
                   Property and equipment, net       37,475                28,299
                   Other intangible assets, net     243,221               158,153
                   Goodwill                         687,597               609,187
                                                 ----------           -----------

                   Total long-term assets         1,134,707             1,038,665
                                                 ----------           -----------

    TOTAL ASSETS                                $ 1,628,414           $ 1,581,836
                                                -----------           -----------
                                                -----------           -----------

                   LIABILITIES AND
                   SHAREHOLDERS' EQUITY

    CURRENT LIABILITIES:
                   Trade payables                  $ 22,792              $ 19,014
                   Deferred revenues                160,275               160,242
                   Accrued expenses and
                   other liabilities                197,664               190,372
                                                -----------           -----------

                   Total current liabilities        380,731               369,628
                                                -----------           -----------

    LONG-TERM LIABILITIES:
                   Deferred tax liabilities          62,887                27,766
                   Other long-term liabilities       25,624                25,798
                                                -----------           -----------

                   Total long-term liabilities       88,511                53,564
                                                -----------           -----------

    SHAREHOLDERS' EQUITY                          1,159,172             1,158,644
                                                -----------           -----------

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $ 1,628,414           $ 1,581,836
                                                -----------           -----------
                                                -----------           -----------


    NICE SYSTEMS LTD. AND SUBSIDIARIES
    CONSOLIDATED CASH FLOW STATEMENTS
    U.S. dollars in thousands
                                                    Quarter ended        Year to date
                                                    September 30,        September 30,
                                            ----------------------------------------------
                                                2012         2011       2012         2011
                                            Unaudited    Unaudited  Unaudited    Unaudited
                                            ----------------------------------------------

   Operating Activities

    Net income                              $ 16,777     $ 18,322   $ 35,764     $ 42,018
    Adjustments to reconcile
    net income to net cash from
    operations:
           Depreciation, amortization
           and other                          24,753       16,080     72,218       48,908
           Stock based compensation            4,960        4,285     17,711       15,273
           Excess tax shortfall (benefit)
           from share-based payment
           arrangements                          122          102         60         (367)
           Net recognized losses (gains)
           on investments and derivatives        200          329       (749)       1,616
           Gain on sale of intangible
           assets                                  -            -     (1,125)           -
           Deferred taxes, net                (5,972)      (1,807)   (19,681)      (8,732)
           Changes in operating assets and
           liabilities:                            -
                 Trade
                 Receivables                  (8,466)      (9,325)     2,453      (17,210)
                 Other receivables and prepaid
                 expenses                     (4,801)       1,526        433          811
                 Inventories                   1,566        1,169      3,467       (1,457)
                 Trade payables               (4,305)       2,761      2,834         (238)
                 Accrued expenses and
                 other current liabilities   (13,999)     (15,390)   (20,185)      19,955
                 Other long-term liabilities     761         (110)       364          504
                                             -------      -------    -------      ------- 
                 Net cash provided by
                 operating activities         11,596       17,942     93,564      101,081
                                             -------      -------    -------      -------

    Investing Activities

           Purchase of property and
           equipment                          (6,786)      (5,689)   (20,464)     (13,181)
           Proceeds from sale of
           property and equipment                  3           62      1,010           81
           Purchase of investments           (66,437)     (51,132)  (139,176)    (170,375)
           Proceeds from investments          36,534       73,628    160,092      229,959
           Capitalization of software
           development costs                    (386)        (311)    (1,141)        (850)
           Proceeds from sale of intangible
           assets, net                             -            -      1,125            -
           Purchase of intangible assets           -       (3,000)         -       (3,000)
           Payments for acquisitions,
           net of cash acquired                    -            -   (155,503)     (64,947)
                                             -------      -------    -------      -------

                  Net cash provided by
                  (used in) investing
                  activities                 (37,072)      13,558   (154,057)     (22,313)
                                             -------      -------    -------      -------

    Financing Activities

            Proceeds from issuance of
            shares upon exercise of
            share options and ESPP             2,926        3,099     25,650       18,080
            Purchase of treasury shares      (28,327)     (54,019)   (93,446)     (84,991)
            Excess tax benefit (shortfall)
            from share-based payment
            arrangements                        (122)        (102)       (60)         367
                                             -------      -------    -------      -------

                   Net cash used in
                   financing
                   activities                (25,523)     (51,022)   (67,856)     (66,544)
                                             -------      -------    -------      -------

    Effect of exchange
    rates on cash and cash
    equivalents                                 (446)        (928)    (1,244)         406
                                             -------      -------    -------      -------

    Net change in cash and cash
    equivalents                              (51,445)     (20,450)  (129,593)      12,630
                                             -------      -------    -------      -------
    Cash and cash equivalents,
    beginning of period                      126,289      142,606    204,437      109,526
                                             -------      -------    -------      -------

    Cash and cash equivalents,
    end of period                           $ 74,844    $ 122,156   $ 74,844    $ 122,156
                                             -------      -------    -------      -------
                                             -------      -------    -------      -------


 

Media Contact
Erik Snider, +1-877-245-7448, erik.snider@nice.com

Investors
Marty Cohen, +1-212-574-3635, ir@nice.com, ET
Anat Earon-Heilborn, +972-9-775-3798, ir@nice.com, CET

SOURCE Nice Systems Ltd.



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