NICE Reports Third Quarter 2013 Non-GAAP Revenues of $230 Million and Non-GAAP EPS of $0.62
RA'ANANA, Israel, Oct. 30, 2013 /PRNewswire/ -- NICE Systems (NASDAQ: NICE) today announced results for the third quarter ended September 30, 2013.
"We reported solid results for the third quarter of 2013, and we believe that with the robust demand for our products and a healthy pipeline of large, multi-product deals, we are well-positioned for a strong finish to the year, said Zeevi Bregman, President and CEO of NICE Systems."
Mr. Bregman continued, "In the third quarter, we saw continued strong growth in our analytics-based applications with ongoing strong demand. The reason behind the strength is that these solutions, including real-time analytics, help our customers improve business results. Our unique blend of solutions is able to unlock and operationalize the valuable information hidden in Big Data to better understand relationships and associations among people, data and systems to help our customers ensure compliance, enhance operational efficiency, increase revenues, improve the customer experience and safeguard people and assets."
"Trapped Profit" Release One-Time Payment and Tax Settlement
In the third quarter of 2013, the Company took advantage of a special program initiated by the Israeli government on November 12, 2012 with a deadline of November 11, 2013 that allowed Israeli companies to release "trapped profits" by paying a highly discounted tax payment and it also settled a multi-year tax audit. As a result, the Company reported a tax expense of $19.2 million, or $0.31 per share. Due to the nature of this expense, the Company excluded it from Non-GAAP results. The total cash payment related to the release of "trapped profits" and the tax audit settlement was $30.9 million.
Dividend Declaration
In continuation of its previously announced dividend plan, the company announced that its Board of Directors, at its meeting on October 29, 2013, declared a cash dividend for the third quarter of 2013 of $0.16 per share. The record date will be November 12, 2013, and the payment date will be November 26, 2013. Tax will be withheld at a rate of 15%.
Non-GAAP Financial Highlights for the Third Quarter Ended September 30, 2013:
Revenues: Third quarter 2013 non-GAAP total revenues were $230.1 million, up 4.2% from $220.9 million for the third quarter of 2012.
Gross Profit: Third quarter 2013 non-GAAP gross profit and non-GAAP gross margin increased to $151.2 million and 65.7%, respectively, from $145 million and 65.6%, respectively, for the third quarter of 2012.
Operating Income: Third quarter 2013 non-GAAP operating income was $42.2 million compared to $42.1 million in third quarter 2012. Non-GAAP operating margin was 18.4% compared to 19.1% in the third quarter of 2012.
Net Income: Third quarter 2013 non-GAAP net income was $38.2 million compared to $39.7 million in third quarter 2012. Non-GAAP net margin was 16.6% compared to 18% in third quarter of 2012.
Fully Diluted Earnings Per Share: Third quarter 2013 non-GAAP fully diluted earnings per share was $0.62 compared to $0.64 in the third quarter of 2012.
GAAP Financial Highlights for the Third Quarter Ended September 30, 2013:
Revenues: Third quarter 2013 total revenues increased 5% to $229.9 million compared to $218.9 million for the third quarter of 2012.
Gross Profit: Third quarter 2013 gross profit and gross margin increased to $139.3 million and 60.6%, respectively, compared to $130.5 million and 59.6%, respectively, for the third quarter of 2012.
Operating Income: Third quarter 2013 operating income and operating margin increased to $15.8 million and 6.9%, respectively, compared to $13.3 million and 6.1%, respectively, for the third quarter of 2012.
Net Income (Loss): Third quarter 2013 loss was $3.7 compared to net income of $16.8 million for the third quarter of 2012.
Fully Diluted Earnings Per Share (Loss): Fully diluted loss per share of $0.06 for the third quarter of 2013 compared to $0.27 earnings per share for the third quarter of 2012.
Operating Cash Flow and Cash Balance: Third quarter 2013 operating cash flow was negative $15.6 million. This is a result of the cash payment of $30.9 million associated with the tax expense described above. Excluding this payment, cash flow from operations would have been $15.3 million, compared to $11.6 million dollars for the third quarter of 2012. In the third quarter, $16.6 million was used for share repurchases and $9.7 million for dividends. As of September 30, 2013, total cash and cash equivalents, short term investments and marketable securities were $444 million, with no debt.
Fourth Quarter and Full Year 2013 Guidance:
Fourth Quarter 2013: Fourth quarter 2013 non-GAAP total revenues are expected to be in a range of $260 million to $275 million. Fourth quarter 2013 non-GAAP fully diluted earnings per share are expected to be in a range of $0.72 to $0.77.
Full Year 2013: Full year 2013 non-GAAP total revenues are expected to be in a range of $940 million to $955 million. Full year 2013 non-GAAP fully diluted earnings per share are expected to be in a range of $2.55 to $2.60.
Quarterly Results Conference Call
NICE management will host its earnings conference call today, October 30th, 2013 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 880 304 19. 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 2 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 90526208.
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, restructuring, re-organization expenses, share-based compensation, certain business combination accounting entries, the related tax effects thereon and tax settlement and "trapped profits" release one-time payment. 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. 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
Anat Earon-Heilborn, +972 9 775-3798, [email protected], CET
Media Contact
Erik Snider, +1 877 245 7448, [email protected]
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, | |||||||
|
2013 |
2012 |
2013 |
2012 | |||||
|
Unaudited |
Unaudited |
Unaudited |
Unaudited | |||||
|
Revenue: |
||||||||
|
Product |
$ 86,127 |
$ 92,115 |
$260,895 |
$269,221 | ||||
|
Services |
143,736 |
126,744 |
418,170 |
372,106 | ||||
|
Total revenue |
229,863 |
218,859 |
679,065 |
641,327 | ||||
|
Cost of revenue: |
||||||||
|
Product |
28,642 |
31,273 |
85,146 |
93,660 | ||||
|
Services |
61,920 |
57,055 |
177,268 |
168,852 | ||||
|
Total cost of revenue |
90,562 |
88,328 |
262,414 |
262,512 | ||||
|
Gross profit |
139,301 |
130,531 |
416,651 |
378,815 | ||||
|
Operating Expenses: |
||||||||
|
Research and development, net |
34,536 |
30,094 |
97,597 |
88,910 | ||||
|
Selling and marketing |
58,277 |
54,892 |
176,779 |
165,113 | ||||
|
General and administrative |
22,865 |
22,186 |
64,466 |
71,649 | ||||
|
Amortization of acquired intangible assets |
7,591 |
8,225 |
23,866 |
24,364 | ||||
|
Restructuring expenses |
211 |
1,884 |
211 |
1,884 | ||||
|
Total operating expenses |
123,480 |
117,281 |
362,919 |
351,920 | ||||
|
Operating income |
15,821 |
13,250 |
53,732 |
26,895 | ||||
|
Finance and other income, net* |
806 |
1,767 |
3,010 |
6,585 | ||||
|
Income before taxes on income |
16,627 |
15,017 |
56,742 |
33,480 | ||||
|
Taxes on income (tax benefit)* |
20,335 |
(1,760) |
25,683 |
(2,284) | ||||
|
Net income (loss) |
$ (3,708) |
$ 16,777 |
$ 31,059 |
$ 35,764 | ||||
|
Basic earnings (loss) per share |
$ (0.06) |
$ 0.28 |
$ 0.51 |
$ 0.59 | ||||
|
Diluted earnings (loss) per share |
$ (0.06) |
$ 0.27 |
$ 0.50 |
$ 0.57 | ||||
|
Weighted average number of shares |
||||||||
|
outstanding used to compute: |
||||||||
|
Basic earnings (loss) per share |
60,497 |
60,766 |
60,413 |
61,108 | ||||
|
Diluted earnings (loss) per share |
60,497 |
61,971 |
61,855 |
62,523 | ||||
|
*Certain comparative figures have been reclassified to conform to the current year presentation. |
||||||||
|
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, | |||||||
|
2013 |
2012 |
2013 |
2012 | |||||
|
GAAP revenues |
$ 229,863 |
$ 218,859 |
$ 679,065 |
$ 641,327 | ||||
|
Valuation adjustment on acquired deferred product revenue |
10 |
229 |
117 |
3,930 | ||||
|
Valuation adjustment on acquired deferred service revenue |
238 |
1,814 |
832 |
7,502 | ||||
|
Non-GAAP revenues |
$ 230,111 |
$ 220,902 |
$ 680,014 |
$ 652,759 | ||||
|
GAAP cost of revenue |
$ 90,562 |
$ 88,328 |
$ 262,414 |
$ 262,512 | ||||
|
Amortization of acquired intangible assets on cost of product |
(9,403) |
(10,364) |
(28,209) |
(31,553) | ||||
|
Amortization of acquired intangible assets on cost of services |
(977) |
(1,025) |
(2,947) |
(2,734) | ||||
|
Valuation adjustment on acquired deferred cost of services |
9 |
11 |
18 |
107 | ||||
|
Cost of product revenue adjustment (1,2,4) |
(161) |
(47) |
(406) |
(336) | ||||
|
Cost of services revenue adjustment (1,2,3,4) |
(1,163) |
(957) |
(3,109) |
(3,012) | ||||
|
Non-GAAP cost of revenue |
$ 78,867 |
$ 75,946 |
$ 227,761 |
$ 224,984 | ||||
|
GAAP gross profit |
$ 139,301 |
$ 130,531 |
$ 416,651 |
$ 378,815 | ||||
|
Gross profit adjustments |
11,943 |
14,425 |
35,602 |
48,960 | ||||
|
Non-GAAP gross profit |
$ 151,244 |
$ 144,956 |
$ 452,253 |
$ 427,775 | ||||
|
GAAP operating expenses |
$ 123,480 |
$ 117,281 |
$ 362,919 |
$ 351,920 | ||||
|
Research and development (1,2,3) |
(860) |
(546) |
(1,940) |
(2,652) | ||||
|
Sales and marketing (1,2,3) |
(2,778) |
(1,426) |
(7,065) |
(6,072) | ||||
|
General and administrative (1,2,3) |
(1,954) |
(2,089) |
(6,028) |
(6,797) | ||||
|
Amortization of acquired intangible assets |
(7,591) |
(8,225) |
(23,866) |
(24,364) | ||||
|
Acquisition related expenses (4) |
(1,091) |
- |
(1,091) |
(4,348) | ||||
|
Settlement and related expenses |
- |
(267) |
- |
(267) | ||||
|
Restructuring expenses |
(211) |
(1,884) |
(211) |
(1,884) | ||||
|
Non-GAAP operating expenses |
$ 108,995 |
$ 102,844 |
$ 322,718 |
$ 305,536 | ||||
|
GAAP finance & other income, net |
$ 806 |
$ 1,767 |
$ 3,010 |
$ 6,585 | ||||
|
Acquisition related expenses (4) |
126 |
- |
126 |
- | ||||
|
Non-GAAP finance & other income, net |
$ 932 |
$ 1,767 |
$ 3,136 |
$ 6,585 | ||||
|
GAAP taxes on income |
$ 20,335 |
$ (1,760) |
$ 25,683 |
$ (2,284) | ||||
|
"Trapped profits" one time payment and tax settlement |
(19,189) |
- |
(19,189) |
- | ||||
|
Tax adjustments re non-GAAP adjustments |
3,786 |
5,949 |
12,850 |
20,145 | ||||
|
Non-GAAP taxes on income |
$ 4,932 |
$ 4,189 |
$ 19,344 |
$ 17,861 | ||||
|
GAAP net income (loss) |
$ (3,708) |
$ 16,777 |
$ 31,059 |
$ 35,764 | ||||
|
Valuation adjustment on acquired deferred revenue |
248 |
2,043 |
949 |
11,432 | ||||
|
Valuation adjustment on acquired deferred cost of services |
(9) |
(11) |
(18) |
(107) | ||||
|
Amortization of acquired intangible assets |
17,971 |
19,614 |
55,022 |
58,651 | ||||
|
Share-based compensation (1) |
6,732 |
4,961 |
17,974 |
17,712 | ||||
|
Re-organization expenses (2) |
193 |
- |
553 |
746 | ||||
|
Acquisition related compensation expense (3) |
(13) |
104 |
17 |
367 | ||||
|
Acquisition related expenses (4) |
1,221 |
- |
1,221 |
4,392 | ||||
|
Restructuring expenses |
211 |
1,884 |
211 |
1,884 | ||||
|
Settlement and related expenses |
- |
267 |
- |
267 | ||||
|
Tax settlement and "trapped profits" release one time payment |
19,189 |
- |
19,189 |
- | ||||
|
Tax adjustments re non-GAAP adjustments |
(3,786) |
(5,949) |
(12,850) |
(20,145) | ||||
|
Non-GAAP net income |
$ 38,249 |
$ 39,690 |
$ 113,327 |
$ 110,963 | ||||
|
GAAP diluted earnings (loss) per share |
$ (0.06) |
$ 0.27 |
$ 0.50 |
$ 0.57 | ||||
|
Non-GAAP diluted earnings per share |
$ 0.62 |
$ 0.64 |
$ 1.83 |
$ 1.77 | ||||
|
Shares used in computing GAAP diluted earnings (loss) per share |
60,497 |
61,971 |
61,855 |
62,523 | ||||
|
Shares used in computing Non-GAAP diluted earnings per share |
61,979 |
61,971 |
61,855 |
62,523 | ||||
|
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, | |||||||
|
2013 |
2012 |
2013 |
2012 | |||||
|
Cost of product revenue |
$ (157) |
$ (47) |
$ (397) |
$ (331) | ||||
|
Cost of service revenue |
(1,163) |
(952) |
(2,986) |
(2,899) | ||||
|
Research and development |
(876) |
(461) |
(1,927) |
(2,173) | ||||
|
Sales and marketing |
(2,593) |
(1,412) |
(6,754) |
(5,512) | ||||
|
General and administrative |
(1,943) |
(2,089) |
(5,910) |
(6,797) | ||||
|
$ (6,732) |
$ (4,961) |
$ (17,974) |
$ (17,712) | |||||
|
(2) |
Re-organization expenses |
|||||||
|
Quarter ended |
Year to date | |||||||
|
September 30, |
September 30, | |||||||
|
2013 |
2012 |
2013 |
2012 | |||||
|
Cost of product revenue |
$ - |
$ - |
$ (5) |
$ - | ||||
|
Cost of service revenue |
- |
- |
(123) |
(52) | ||||
|
Research and development |
- |
- |
- |
(177) | ||||
|
Sales and marketing |
(182) |
- |
(307) |
(517) | ||||
|
General and administrative |
(11) |
- |
(118) |
- | ||||
|
$ (193) |
$ - |
$ (553) |
$ (746) | |||||
|
(3) |
Acquisition related compensation expense |
|||||||
|
Quarter ended |
Year to date | |||||||
|
September 30, |
September 30, | |||||||
|
2013 |
2012 |
2013 |
2012 | |||||
|
Cost of service revenue |
$ - |
$ (5) |
$ - |
$ (22) | ||||
|
Research and development |
16 |
(85) |
(13) |
(302) | ||||
|
Sales and marketing |
(3) |
(14) |
(4) |
(43) | ||||
|
$ 13 |
$ (104) |
$ (17) |
$ (367) | |||||
|
(4) |
Acquisition related expenses |
|||||||
|
Quarter ended |
Year to date | |||||||
|
September 30, |
September 30, | |||||||
|
2013 |
2012 |
2013 |
2012 | |||||
|
Cost of product revenue |
$ (4) |
$ - |
$ (4) |
$ (5) | ||||
|
Cost of service revenue |
- |
- |
- |
(39) | ||||
|
Research and development |
(109) |
- |
(109) |
(31) | ||||
|
Sales and marketing |
(105) |
- |
(105) |
100 | ||||
|
General and administrative |
(877) |
- |
(877) |
(4,417) | ||||
|
Other expense, net |
(126) |
- |
(126) |
- | ||||
|
$ (1,221) |
$ - |
$ (1,221) |
$ (4,392) | |||||
|
NICE SYSTEMS LTD. AND SUBSIDIARIES |
||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
|
U.S. dollars in thousands |
||||||
|
September 30, |
December 31, |
|||||
|
2013 |
2012 |
|||||
|
Unaudited |
Unaudited |
|||||
|
ASSETS |
||||||
|
CURRENT ASSETS: |
||||||
|
Cash and cash equivalents |
$ 102,950 |
$ 98,596 |
||||
|
Short-term investments |
88,221 |
199,955 |
||||
|
Trade receivables |
157,831 |
155,426 |
||||
|
Other receivables and prepaid expenses |
45,299 |
37,626 |
||||
|
Inventories |
15,221 |
13,897 |
||||
|
Deferred tax assets |
17,095 |
15,564 |
||||
|
Total current assets |
426,617 |
521,064 |
||||
|
LONG-TERM ASSETS: |
||||||
|
Marketable securities |
252,702 |
146,154 |
||||
|
Other long-term assets |
28,863 |
28,676 |
||||
|
Property and equipment, net |
44,256 |
41,278 |
||||
|
Other intangible assets, net |
185,614 |
228,746 |
||||
|
Goodwill |
702,649 |
695,027 |
||||
|
Total long-term assets |
1,214,084 |
1,139,881 |
||||
|
TOTAL ASSETS |
$ 1,640,701 |
$ 1,660,945 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
|
CURRENT LIABILITIES: |
||||||
|
Trade payables |
$ 24,343 |
$ 20,553 |
||||
|
Deferred revenues |
147,218 |
150,424 |
||||
|
Accrued expenses and other liabilities |
192,608 |
212,452 |
||||
|
Total current liabilities |
364,169 |
383,429 |
||||
|
LONG-TERM LIABILITIES: |
||||||
|
Deferred tax liabilities |
39,320 |
58,341 |
||||
|
Other long-term liabilities |
30,429 |
28,087 |
||||
|
Total long-term liabilities |
69,749 |
86,428 |
||||
|
SHAREHOLDERS' EQUITY |
1,206,783 |
1,191,088 |
||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 1,640,701 |
$ 1,660,945 |
||||
|
NICE SYSTEMS LTD. AND SUBSIDIARIES |
|||||||||
|
CONSOLIDATED CASH FLOW STATEMENTS |
|||||||||
|
U.S. dollars in thousands |
|||||||||
|
Quarter ended |
Year to date | ||||||||
|
September 30, |
September 30, | ||||||||
|
2013 |
2012 |
2013 |
2012 | ||||||
|
Unaudited |
Unaudited |
Unaudited |
Unaudited | ||||||
|
Operating Activities |
|||||||||
|
Net income (loss) |
$ (3,708) |
$ 16,777 |
$ 31,059 |
$ 35,764 | |||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||
|
Depreciation, amortization and other |
22,937 |
24,753 |
69,307 |
72,218 | |||||
|
Stock based compensation |
6,732 |
4,960 |
17,973 |
17,711 | |||||
|
Excess tax shortfall (benefit) from share-based payment arrangements |
(353) |
122 |
(363) |
60 | |||||
|
Net recognized losses (gains) on investments and derivatives |
727 |
200 |
3,524 |
(749) | |||||
|
Gain on sale of intangible assets |
- |
- |
- |
(1,125) | |||||
|
Deferred taxes, net |
(5,157) |
(5,972) |
(14,398) |
(19,681) | |||||
|
Changes in operating assets and liabilities: |
|||||||||
|
Trade Receivables |
(3,664) |
(8,466) |
(3,669) |
2,453 | |||||
|
Other receivables and prepaid expenses |
1,392 |
(4,801) |
(3,961) |
433 | |||||
|
Inventories |
455 |
1,566 |
(1,379) |
3,467 | |||||
|
Trade payables |
(1,425) |
(4,305) |
3,517 |
2,834 | |||||
|
Accrued expenses and other current liabilities* |
(3,302) |
14,039 |
(22,036) |
(3,045) | |||||
|
Deferred revenue* |
(30,588) |
(28,038) |
(1,763) |
(17,140) | |||||
|
Other long-term liabilities |
319 |
761 |
(87) |
364 | |||||
|
Net cash provided by (used in) operating activities |
(15,635) |
11,596 |
77,724 |
93,564 | |||||
|
Investing Activities |
|||||||||
|
Purchase of property and equipment |
(7,033) |
(6,786) |
(15,359) |
(20,464) | |||||
|
Proceeds from sale of property and equipment |
19 |
3 |
23 |
1,010 | |||||
|
Purchase of investments |
(28,697) |
(66,437) |
(203,578) |
(139,176) | |||||
|
Proceeds from investments |
70,807 |
36,534 |
198,881 |
160,092 | |||||
|
Capitalization of software development costs |
(236) |
(386) |
(815) |
(1,141) | |||||
|
Proceeds from sale of intangible assets, net |
- |
- |
- |
1,125 | |||||
|
Payments for acquisitions, net of cash acquired |
(21,361) |
- |
(21,361) |
(155,503) | |||||
|
Proceeds upon the realization of investment in an affiliate |
588 |
- |
588 |
- | |||||
|
Net cash provided by (used in) investing activities |
14,087 |
(37,072) |
(41,621) |
(154,057) | |||||
|
Financing Activities |
|||||||||
|
Proceeds from issuance of shares upon exercise of share options and ESPP |
12,367 |
2,926 |
27,387 |
25,650 | |||||
|
Purchase of treasury shares |
(16,573) |
(28,327) |
(39,565) |
(93,446) | |||||
|
Dividends paid |
(9,693) |
- |
(19,349) |
- | |||||
|
Excess tax benefit (shortfall) from share-based payment arrangements |
353 |
(122) |
363 |
(60) | |||||
|
Net cash used in financing activities |
(13,546) |
(25,523) |
(31,164) |
(67,856) | |||||
|
Effect of exchange rates on cash and cash equivalents |
294 |
(446) |
(585) |
(1,244) | |||||
|
Net change in cash and cash equivalents |
(14,800) |
(51,445) |
4,354 |
(129,593) | |||||
|
Cash and cash equivalents, beginning of period |
117,750 |
126,289 |
98,596 |
204,437 | |||||
|
Cash and cash equivalents, end of period |
$ 102,950 |
$ 74,844 |
$102,950 |
$ 74,844 | |||||
|
*Certain comparative figures have been reclassified to conform to the current year presentation. | |||||||||
SOURCE NICE Systems
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