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NICE Reports 7% Increase in Non-GAAP Revenue and 27% Increase in Non-GAAP EPS for the Third Quarter 2015

Company Raises Full-Year 2015 EPS Guidance


News provided by

NICE Systems

Oct 29, 2015, 05:35 ET

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RA'ANANA, Israel, Oct. 29, 2015 /PRNewswire/ -- NICE Systems (NASDAQ: NICE) today announced results for the third quarter and nine months ended September 30, 2015.

Third Quarter 2015 Non-GAAP Financial Highlights:

  • Revenue of $221 million, up 7% year-over-year
  • Gross margin of 69.8% compared to 67.2% last year
  • Operating profit increased 45% year-over-year to $56 million
  • Operating margin increased to 25.2% compared to 18.5% last year
  • Fully diluted earnings per share of $0.75, up 27% year-over-year

Dividend Declaration   

The Company declared a cash dividend for the third quarter of 2015 of $0.16 per share. The record date will be November 10th, 2015 and the payment date will be November 24th, 2015. Tax will be withheld at a rate of 15%.

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

The following non-GAAP financial data are from continuing operations, which exclude the results of the Intelligence and Physical Security divisions for both 2015 and 2014.

Revenues: Third quarter 2015 non-GAAP total revenues were $221.1 million, up 6.5% from $207.5 million for the third quarter of 2014.

Gross Profit: Third quarter 2015 non-GAAP gross profit and non-GAAP gross margin increased to $154.3 million and 69.8%, respectively, from $139.5 million and 67.2%, respectively, for the third quarter of 2014.

Operating Income: Third quarter 2015 non-GAAP operating income and non-GAAP operating margin increased to $55.7 million and 25.2%, respectively, from $38.5 million and 18.5%, respectively, for the third quarter of 2014.

Net Income from Continuing Operations: Third quarter 2015 non-GAAP net income and non-GAAP net margin increased to $46.3 million and 21.0%, respectively, from $35.4 million and 17.1%, respectively, for the third quarter of 2014.

Fully Diluted Earnings Per Share from Continuing Operations: Third quarter 2015 non-GAAP fully diluted earnings per share increased 27.1% to $0.75, compared to $0.59 for the third quarter of 2014.

GAAP Financial Highlights for the Third Quarter Ended September 30:

The following GAAP financial data, excluding cash flow and cash balance, are from continuing operations, which exclude the results of the Intelligence and Physical Security divisions for both 2015 and 2014.

Revenues: Third quarter 2015 total revenues increased 6.5% to $221.1 million compared to $207.5 million for the third quarter of 2014.

Gross Profit: Third quarter 2015 gross profit and gross margin increased to $146.5 million and 66.3%, respectively, from $131.5 million and 63.4%, respectively, for the third quarter of 2014.

Operating Income: Third quarter 2015 operating income and operating margin increased to $37.8 million and 17.1%, respectively, from $17.3 million and 8.4%, respectively, for the third quarter of 2014.

Net Income from Continuing Operations: Third quarter 2015 net income and net margin increased to $29.5 million and 13.3%, respectively, compared to $20.9 million and 10.1%, respectively, for the third quarter of 2014.

Fully Diluted Earnings Per Share from Continuing Operations: Fully diluted earnings per share for the third quarter of 2015 increased 41.2% to $0.48, compared to $0.34 for the third quarter of 2014.

Operating Cash Flow and Cash Balance: Third quarter 2015 operating cash flow was $49.5 million. In the third quarter, $30.0 million was used for share repurchases and $9.6 million for dividends. As of September 30, 2015, total cash and cash equivalents, short term investments and marketable securities were $808.3 million, with no debt.

Fourth Quarter and Full-Year 2015 Guidance:

Fourth Quarter 2015: Fourth quarter 2015 non-GAAP total revenues are expected to be in a range of $262 million to $278 million. Fourth quarter 2015 non-GAAP fully diluted earnings per share are expected to be in a range of $0.97 to $1.08.

Full-Year 2015: The Company has reiterated and narrowed the range of its full-year 2015 non-GAAP total revenues to an expected range of $916 million to $932 million. The Company increased its full-year 2015 non-GAAP fully diluted earnings per share to be in a range of $3.06 to $3.17.

Quarterly Results Conference Call

NICE management will host its earnings conference call today, October 29th, 2015 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 418 416 32. 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 176 851 57.

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

About NICE
NICE Systems (NASDAQ: NICE) is the worldwide leading provider of software solutions that enable organizations to take the next best action in order to improve customer experience and business results, ensure compliance, fight financial crime, and safeguard people and assets. NICE's solutions empower organizations to capture, analyze, and apply, in real time, insights from both structured and unstructured Big Data. This data comes from multiple sources, including phone calls, mobile apps, emails, chat, social media, video, and transactions. NICE solutions are used by over 25,000 organizations in more than 150 countries, including over 80 of the Fortune 100 companies. 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. 

Investors
Marty Cohen, +1 212 574 3635, [email protected], ET
Yisca Erez, +972 9 775-3798, [email protected], CET

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

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Eilam, are based on the current beliefs, expectations and assumptions of the management of NICE-Systems Ltd. (the Company).  In some cases, such forward-looking statements can be identified by terms such as believe, expect, may, will, intend, project, plan, estimate or similar words.  Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company's customer base (particularly financial services firms) potentially impacting our business and financial condition; competition; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; and the effect of newly enacted or modified laws, regulation or standards on the Company and our products. 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,



2015


2014


2015


2014



Unaudited


Unaudited


Unaudited


Unaudited










Revenue:









Product 

$      68,266


$    60,155


$ 207,821


$180,459


Services

152,819


147,309


445,488


432,154

Total revenue

221,085


207,464


653,309


612,613










Cost of revenue:









Product

15,726


14,738


47,238


46,310


Services

58,853


61,264


174,303


177,527

Total cost of revenue

74,579


76,002


221,541


223,837










Gross profit

146,506


131,462


431,768


388,776










Operating Expenses:









Research and development, net

32,361


30,939


92,919


91,944


Selling and marketing

51,921


53,868


162,218


161,614


General and administrative

21,331


22,897


64,287


63,648


Amortization of acquired intangible assets

3,091


4,255


9,968


15,513


Restructuring expenses

-


2,176


-


5,435

Total operating expenses

108,704


114,135


329,392


338,154










Operating income

37,802


17,327


102,376


50,622










Finance and other income, net

1,505


1,003


4,116


2,487










Income from continuing operations before tax

39,307


18,330


106,492


53,109

Taxes on income (tax benefit)

9,855


(2,599)


22,798


1,504

Net income from continuing operations

29,452


20,929


83,694


51,605










Discontinued operations









Gain on disposal and (loss) income from operations of discontinued operations

148,572


7,434


154,080


2,938


Taxes on income

35,080


1,471


36,336


1,543


Net income from discontinued operations

113,492


5,963


117,744


1,395










Net income

$     142,944


$    26,892


$ 201,438


$  53,000










Basic income per share from continuing operations

$          0.49


$        0.36


$      1.40


$     0.87

Basic income (loss) per share from discontinued operations

$          1.91


$        0.10


$      1.98


$     0.02

Basic income per share

$          2.40


$        0.46


$      3.38


$     0.89










Diluted income per share from continuing operations

$          0.48


$        0.34


$      1.36


$     0.85

Diluted income (loss) per share from discontinued operations

$          1.85


$        0.10


$      1.92


$     0.02

Diluted income per share

$          2.33


$        0.44


$      3.28


$     0.87










Weighted average number of shares








outstanding used to compute:

















Basic income (loss) per share

59,671


58,939


59,519


59,500

Diluted income (loss) per share

61,418


60,475


61,344


61,012



















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,



2015


2014


2015


2014

GAAP revenues

$               221,085


$              207,464


$      653,309


$      612,613

Valuation adjustment on acquired deferred service revenue

-


33


177


678

Non-GAAP revenues

$               221,085


$              207,497


$      653,486


$      613,291



















GAAP cost of  revenue

$                 74,579


$                76,002


$      221,541


$      223,837

Amortization of acquired intangible assets on cost of product

(6,877)


(7,186)


(20,539)


(23,777)

Amortization of acquired intangible assets on cost of services

-


-


-


(326)

Cost of product revenue adjustment (1,2)

(100)


(131)


(371)


(341)

Cost of services revenue adjustment (1,2)

(799)


(692)


(2,047)


(3,647)

Non-GAAP cost of  revenue

$                 66,803


$                67,993


$      198,584


$      195,746



















GAAP gross profit

$               146,506


$              131,462


$      431,768


$      388,776

Gross profit adjustments

7,776


8,042


23,134


28,769

Non-GAAP gross profit

$               154,282


$              139,504


$      454,902


$      417,545



















GAAP operating expenses

$               108,704


$              114,135


$      329,392


$      338,154

Research and development (1,2)

(1,377)


(340)


(2,193)


(1,863)

Sales and marketing (1,2)

(3,094)


(3,161)


(8,098)


(10,035)

General and administrative (1,2)

(2,560)


(3,182)


(8,127)


(10,388)

Amortization of acquired intangible assets

(3,091)


(4,255)


(9,968)


(15,513)

Acquisition related expenses (3)

-


-


-


(213)

Settlement and related expenses

-


-


(390)


-

Restructuring expenses

-


(2,176)


-


(5,435)

Non-GAAP operating expenses

$                 98,582


$              101,021


$      300,616


$      294,707



















GAAP taxes on income

$                  9,855


$                 (2,599)


$        22,798


$          1,504

Tax adjustments re non-GAAP adjustments

1,024


6,672


7,431


17,234

Non-GAAP taxes on income

$                 10,879


$                  4,073


$        30,229


$        18,738



















GAAP net income (loss) from continuing operations

$                 29,452


$                20,929


$        83,694


$        51,605

Valuation adjustment on acquired deferred revenue

-


33


177


678

Amortization of acquired intangible assets

9,968


11,441


30,507


39,616

Share-based compensation (1)

6,948


7,506


19,854


21,663

Re-organization expenses (2)

982


-


982


4,611

Acquisition related expenses (3)

-


-


-


213

Restructuring expenses

-


2,176


-


5,435

Settlement and related expenses

-


-


390


-

Tax adjustments re non-GAAP adjustments

(1,024)


(6,672)


(7,431)


(17,234)

Non-GAAP net income (loss) from continuing operations

$                 46,326


$                35,413


$      128,173


$      106,587



















GAAP diluted earnings (loss) per share from continuing operations

$                    0.48


$                    0.34


$            1.36


$            0.85










Non-GAAP diluted earnings per share from continuing operations

$                    0.75


$                    0.59


$            2.09


$            1.75



















Shares used in computing GAAP diluted earnings (loss) per share

61,418


60,475


61,344


61,012










Shares used in computing Non-GAAP diluted earnings per share

61,418


60,475


61,344


61,012




























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,



2015


2014


2015


2014


Cost of product revenue

$                    (100)


$                    (131)


$            (371)


$            (341)


Cost of service revenue

(755)


(692)


(2,003)


(3,011)


Research and development

(439)


(340)


(1,255)


(1,863)


Sales and marketing

(3,094)


(3,161)


(8,098)


(9,457)


General and administrative

(2,560)


(3,182)


(8,127)


(6,991)



$                 (6,948)


$                 (7,506)


$       (19,854)


$       (21,663)



















(2)

Re-organization expenses










Quarter ended


Year to date



September 30,


September 30,



2015


2014


2015


2014


Cost of service revenue

$                      (44)


$                       -


$             (44)


$            (636)


Research and development

(938)


-


(938)


-


Sales and marketing

-


-


-


(578)


General and administrative

-


-


-


(3,397)



$                    (982)


$                       -


$            (982)


$         (4,611)




























(3)

Acquisition related expenses










Quarter ended


Year to date



September 30,


September 30,



2015


2014


2015


2014


Sales and marketing

$                       -


$                       -


$               -


$               (2)


General and administrative

-


-


-


(211)



$                       -


$                         -


$               -


$            (213)
















NICE SYSTEMS LTD. AND SUBSIDIARIES





CONDENSED CONSOLIDATED BALANCE SHEETS



U.S. dollars in thousands 














September


December 31,




2015


2014




Unaudited


Unaudited








ASSETS











CURRENT ASSETS:






Cash and cash equivalents 


$         332,730


$      187,497


Short-term investments


98,734


65,744


Trade receivables


136,789


155,628


Other receivables and prepaid expenses


38,360


33,288


Inventories


7,633


6,969


Deferred tax assets


21,513


20,959


Current assets of discontinued operations


11,419


36,351








Total current assets


647,178


506,436







LONG-TERM ASSETS:






Long-term investments


376,789


246,721


Other long-term assets


27,499


25,954


Property and equipment, net


38,189


40,170


Other intangible assets, net


78,304


109,509


Goodwill


654,281


659,657


Long-term assets of discontinued operations


3,089


53,644








Total long-term assets


1,178,151


1,135,655







TOTAL ASSETS


$      1,825,329


$   1,642,091








LIABILITIES AND SHAREHOLDERS' EQUITY











CURRENT LIABILITIES:






Trade payables


$           11,732


$          9,088


Deferred revenues and advances from customers


150,042


122,528


Accrued expenses and other liabilities


204,633


192,273


Current liabilities of discontinued operations


38,326


54,357








Total current liabilities


404,733


378,246







LONG-TERM LIABILITIES:






Deferred tax liabilities


18,208


23,281


Other long-term liabilities


18,009


19,005


Long-term liabilities of discontinued operations


5,740


8,103








Total long-term liabilities


41,957


50,389







SHAREHOLDERS' EQUITY


1,378,639


1,213,456







TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$      1,825,329


$   1,642,091







NICE SYSTEMS LTD. AND SUBSIDIARIES








CONSOLIDATED CASH FLOW STATEMENTS








U.S. dollars in thousands











Quarter ended


Year to date




September 30,


September 30,




2015


2014


2015


2014




Unaudited


Unaudited


Unaudited


Unaudited











Operating Activities


















Net income 

$ 142,944


$   26,892


$ 201,438


$  53,000

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities









Depreciation and amortization

14,339


17,123


44,670


57,203


Stock based compensation

7,402


7,691


20,677


22,595


Excess tax benefit from share-based payment arrangements

(2,028)


(395)


(4,042)


(683)


Amortization of premium and discount and accrued interest on marketable securities

730


599


1,943


1,616


Deferred taxes, net

2,380


(3,346)


(4,028)


(13,908)


Changes in operating assets and liabilities:










Trade Receivables

(33,465)


1,407


(15,017)


17,492



Other receivables and prepaid expenses

(5,649)


652


(6,414)


229



Inventories

4,239


1,051


2,527


(908)



Trade payables

3,853


(5,340)


11,644


(7,587)



Accrued expenses and other current liabilities

62,534


(1,649)


49,926


(32,020)



Deferred revenue

669


(10,930)


53,175


21,705


Gain on sale and loss on disposal of discontinued operations

(148,428)


-


(148,428)


-


Other

(18)


7


2,581


(625)













  Net cash provided by operating activities

49,502


33,762


210,652


118,109











Investing Activities



















Purchase of property and equipment

(3,010)


(3,795)


(10,970)


(12,850)


Proceeds from sale of property and equipment

4


16


4


36


Purchase of Investments

(103,697)


(19,658)


(227,844)


(105,241)


Proceeds from Investments

20,612


23,879


63,154


97,367


Capitalization of software development costs

(491)


(228)


(703)


(704)


Payments for business acquisitions, net of cash acquired

-


-


(1,500)


(748)


Proceeds from sales of discontinued operations

167,501


-


167,501


-




-









  Net cash provided by (used in) investing activities

80,919


214


(10,358)


(22,140)











Financing Activities



















Proceeds from issuance of shares upon exercise of share options and ESPP

5,878


3,676


23,011


15,506


Purchase of treasury shares

(30,000)


(32,399)


(48,384)


(81,578)


Dividends paid

(9,566)


(9,437)


(28,680)


(28,701)


Excess tax benefit from share-based payment arrangements

2,028


395


4,042


683


Earnout payments related to acquisitions

(24)


(5)


(286)


(158)













  Net cash used in financing activities

(31,684)


(37,770)


(50,297)


(94,248)











Effect of exchange rates on cash and cash equivalents

(2,299)


(2,900)


(4,764)


(2,329)











Net change in cash and cash equivalents

96,438


(6,694)


145,233


(608)

Cash and cash equivalents, beginning of period

236,292


125,631


187,497


119,545











Cash and cash equivalents, end of period

$ 332,730


$ 118,937


$ 332,730


$118,937











SOURCE NICE Systems

Related Links

http://www.nice.com

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