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NICE Reports Record Revenues and EPS for the Fourth Quarter and Full Year 2012



NICE Reports Record Revenues and EPS for the Fourth Quarter and Full Year 2012

Company Announces Dividend Program

PR Newswire

RA'ANANA, Israel, February 13, 2013

RA'ANANA, Israel, February 13, 2013 /PRNewswire/ --

NICE Systems (NASDAQ: NICE) today announced results for the fourth quarter and
full year ended December 31, 2012.

Fourth Quarter 2012 non-GAAP Financial Highlights Include:    

  o Record revenues of $240 million, up 12% year over year
  o Record operating income, up 19% year over year, and record operating
    margin of 19.8%
  o Record net income of $43.2 million, an increase of 15% compared to the
    fourth quarter 2011
  o Fully diluted earnings per share increased 17% to a record of $0.70
  o Record bookings resulting in book to bill substantially greater than 1

Full Year 2012 non-GAAP Financial Highlights Include:    

  o Revenues of $892 million increased 12% compared to 2011
  o Operating income, up 14% year over year, and record operating margin of
    19%
  o Net income increased 15% and earnings per share rose 18% compared to last
    year  
  o Backlog at year end reached all-time high

"We are pleased to report record results for the fourth quarter and full year
2012. We ended the year with strong bookings, a record backlog and a healthy
pipeline, and expect 2013 to be another year of profitable growth," said Zeevi
Bregman, President and CEO of NICE Systems.

Mr. Bregman continued, "Customer demand for our solutions that ensure
compliance, improve financial results, achieve a better customer experience
and safeguard people and assets, is stronger than ever. By leveraging our
unique technology assets to further innovate, we have brought what we believe
are some of the most advanced, real-time, analytic-based solutions in our
industry to the market. These solutions are now, by far, the fastest growing
part of our product portfolio and continue to become a bigger percentage of
the overall product mix. We look forward to 2013, when we will continue to
capitalize on our unique assets, including our innovative and broad product
portfolio, domain expertise and large customer base."

Dividend Program

The Company also announced that its Board of Directors has approved a dividend
plan under which the company intends to pay quarterly cash dividends to
holders of its ordinary shares and ADRs subject to declaration by the Board.
The Company expects the initial annual dividend to be $0.64 per share, or
$0.16 per share quarterly. The first payment is expected to be in the second
quarter of 2013.

Zeevi Bregman, President and Chief Executive Officer, NICE Systems commented,
"The dividend plan reflects our confidence in the strength of our business and
the sustainability of its strong cash generation. The payment of a quarterly
cash dividend, in addition to our continued investments to support the
company's growth, along with acquisitions, adds another element to our
commitment to bring long term value to our shareholders."

Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended
December 31, 2012:

Revenues: Fourth quarter 2012 non-GAAP total revenues were a record $239.5
million, up 12.1% from $213.6 million for the Fourth quarter of 2011. Non-GAAP
total revenues for the full year 2012 increased 11.9% to $892.3 million
compared to $797.7 million for the full year 2011.

Gross Profit: Fourth quarter 2012 non-GAAP gross profit and non-GAAP gross
margin were a record $162.2 million and 67.7%, respectively, compared to
$141.7 million and 66.3%, respectively, for the Fourth quarter of 2011. Full
year 2012 non-GAAP gross profit and non-GAAP gross margin increased to $590.0
million and 66.1%, respectively, compared to $522.1 million and 65.5%,
respectively, for the same period last year.

Operating Income: Fourth quarter 2012 non-GAAP operating income and non-GAAP
operating margin were a record $47.5 million and 19.8%, respectively, compared
to $39.8 million and 18.6%, respectively, for the Fourth quarter of 2011. Full
year 2012 non-GAAP operating income and non-GAAP operating margin increased to
$169.7 million and 19.0%, respectively, compared to $148.9 million and 18.7%,
respectively, for the full year 2011.  

Net Income: Fourth quarter 2012 non-GAAP net income and non-GAAP net margin
increased to $43.2 million and 18.0%, respectively, from $37.6 million and
17.6%, respectively, for the fourth quarter of 2011. Full year 2012 non-GAAP
net income and non-GAAP net margin increased to $154.1 million and 17.3%,
respectively, from $134.6 million and 16.9%, respectively, for the same period
last year.

Fully Diluted Earnings Per Share: Fourth quarter 2012 non-GAAP fully diluted
earnings per share increased to a record $0.70, up 16.7% compared to $0.60 for
the fourth quarter of 2011. Full year 2012 non-GAAP fully diluted earnings per
share increased to $2.48, up 18.1% from $2.10 for the full year 2011.

GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December
31, 2012:

Revenues: Fourth quarter 2012 total revenues increased 11.3% to $237.7 million
compared to $213.6 million for the fourth quarter of 2011. Full year 2012
total revenues increased 10.7% to $879.0 million compared to $793.8 million
for the full year 2011.

Gross Profit: Fourth quarter 2012 gross profit and gross margin increased to
$149.0 million and 62.7%, respectively, compared to $132.0 million and 61.8%,
respectively, for the fourth quarter of 2011. Full year 2012 gross profit and
gross margin were $527.8 million and 60.0%, respectively, compared with $486.5
million and 61.3%, respectively, for the same period last year.

Operating Income: Fourth quarter 2012 operating income and operating margin
increased to $18.7 million and 7.9%, respectively, compared to $15.1 million
and 7.1%, respectively, for the fourth quarter of 2011. Full year 2012
operating income and operating margin were $45.6 million and 5.2%,
respectively, compared with $59.0 million and 7.4%, respectively, for the full
year 2011.

Net Income: Fourth quarter 2012 net income and net margin increased to $32.1
million and 13.5%, respectively, compared to $15.2 million and 7.1%,
respectively, for the fourth quarter of 2011. Full year 2012 net income and
net margin increased to $67.9 million and 7.7%, respectively, compared to
$57.3 million and 7.2%, respectively, for the full year 2011.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the
fourth quarter of 2012 increased to $0.52 compared to $0.24 for the fourth
quarter of 2011. Fully diluted earnings per share for the full year 2012
increased to $1.09 compared to $0.89 for the full year 2011.

Operating Cash Flow and Cash Balance: Fourth quarter 2012 operating cash flow
was $42.1 million. In the fourth quarter, approximately $14 million was used
for share repurchases. As of December 31, 2012, total cash and cash
equivalents, short term investments and marketable securities were $444.7
million, with no debt.

First Quarter and Full Year 2013 Guidance:

First Quarter 2013: First quarter 2013 non-GAAP total revenues are expected to
be in a range of $220 million to $230 million. First quarter 2013 non-GAAP
fully diluted earnings per share are expected to be in a range of $0.57 to
$0.62.

Full Year 2013: Full year 2013 non-GAAP total revenues are expected to be in a
range of $940 million to $970 million. Full year 2013 non-GAAP fully diluted
earnings per share are expected to be in a range of $2.55 to $2.65.

Quarterly Results Conference Call

NICE management will host its earnings conference call today, February 13,
2013 at 8:30 AM EDT, 13:30 GMT, 15:30 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 946 947 31.  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 71003324.

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, certain business combination accounting entries and prior years tax
provision release and tax adjustments 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. 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
                                                      December 31,          December 31,
                                               --------------------------------------------
                                                   2012        2011       2012       2011
                                                Unaudited   Unaudited Unaudited   Unaudited

    Revenue:
                       Product                 $ 100,160    $ 97,929   $369,381   $355,760
                       Services                  137,525     115,693    509,631    438,071
                                               ----------  ----------  ---------  ---------
    Total revenue                                237,685     213,622    879,012    793,831

    Cost of revenue:
                       Product                    29,257      31,127    122,917    116,256
                       Services                   59,455      50,518    228,306    191,049
                                               ----------  ----------  ---------  ---------
    Total cost of revenue                         88,712      81,645    351,223    307,305
                                               ----------  ----------  ---------  ---------

    Gross profit                                 148,973     131,977    527,789    486,526

    Operating Expenses:
       Research and development, net              32,477      29,307    121,387    109,127
       Selling and marketing                      65,049      54,103    230,162    199,044
       General and administrative                 24,485      27,032     96,134     95,650
       Amortization of acquired intangible assets  8,226       6,415     32,590     23,677
       Restructuring expenses                          -           -      1,884          -
                                               ----------  ----------  ---------  ---------
    Total operating expenses                     130,237     116,857    482,157    427,498
                                               ----------  ----------  ---------  ---------

    Operating income                              18,736      15,120     45,632     59,028

    Finance and other income, net*                 2,133       3,167      8,268     10,621
                                               ----------  ----------  ---------  ---------
    Income before taxes on income                 20,869      18,287     53,900     69,649
    Taxes on income (tax benefit)*               (11,261)      3,042    (13,994)    12,386
                                               ----------  ----------  ---------  ---------
    Net income                                  $ 32,130    $ 15,245   $ 67,894   $ 57,263
                                               ==========  ==========  =========  =========
    Basic earnings per share                      $ 0.53      $ 0.25     $ 1.11     $ 0.91
                                               ==========  ==========  =========  =========
    Diluted earnings per share                    $ 0.52      $ 0.24     $ 1.09     $ 0.89
                                               ==========  ==========  =========  =========
    Weighted average number of shares
    outstanding used to compute:

    Basic earnings per share                      60,303      61,736     60,905     62,924
    Diluted earnings per share                    61,483      62,995     62,261     64,241

*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
                                                      December 31,           December 31,
                                                -------------------------------------------
                                                    2012        2011       2012       2011
                                                -------------------------------------------
    GAAP revenues                               $ 237,685   $ 213,622  $ 879,012  $ 793,831
    Valuation adjustment on acquired
     deferred product revenue                          50           -      3,980      3,010
    Valuation adjustment on acquired
     deferred service revenue                       1,815           -      9,317        865
                                                ---------  ----------  ---------  ---------
    Non-GAAP revenues                           $ 239,550   $ 213,622  $ 892,309  $ 797,706
                                                =========  ==========  =========  =========
    GAAP cost of revenue                         $ 88,712    $ 81,645  $ 351,223  $ 307,305
    Amortization of acquired intangible
     assets on cost of product                    (9,395)     (7,541)   (40,948)   (27,938)
    Amortization of acquired intangible
     assets on cost of services                   (1,026)           -    (3,760)          -
    Valuation adjustment on acquired
     deferred cost of services                          9         109        116        575
    Cost of product revenue adjustment (1,2,4)      (225)     (1,359)      (561)    (1,666)
    Cost of services revenue adjustment (1,2,3,4)   (707)       (918)    (3,719)    (2,688)
                                                ---------  ----------  ---------  ---------
    Non-GAAP cost of revenue                     $ 77,368    $ 71,936  $ 302,351  $ 275,588
                                                =========  ==========  =========  =========

    GAAP gross profit                           $ 148,973   $ 131,977  $ 527,789  $ 486,526
    Gross profit adjustments                       13,209       9,709     62,169     35,592
                                                ---------  ----------  ---------  ---------
    Non-GAAP gross profit                       $ 162,182   $ 141,686  $ 589,958  $ 522,118
                                                =========  ==========  =========  =========

    GAAP operating expenses                     $ 130,237   $ 116,857  $ 482,157  $ 427,498
    Research and development (1,2,3)                (768)       (894)    (3,420)    (4,036)
    Sales and marketing (1,2,3)                   (4,046)     (1,788)   (10,118)    (7,871)
    General and administrative (1,2,3)            (1,996)     (2,285)    (8,793)    (8,881)
    Amortization of acquired intangible assets    (8,226)     (6,415)   (32,590)   (23,677)
    Acquisition related expenses (4)                (498)     (2,204)    (4,846)    (8,403)
    Settlement and related expenses                     -     (1,383)      (267)    (1,383)
    Restructuring expenses                              -           -    (1,884)          -
                                                ---------  ----------  ---------  ---------
    Non-GAAP operating expenses                 $ 114,703   $ 101,888  $ 420,239  $ 373,247
                                                =========  ==========  =========  =========

    GAAP taxes on Income                       $ (11,261)     $ 3,042 $ (13,994)   $ 12,386
    Prior years tax provision release
     and tax adjustments re non-gaap adjustments   17,723       2,347     37,868     12,486
                                                ---------  ----------  ---------  ---------
    Non-GAAP taxes on income                      $ 6,462     $ 5,389   $ 23,874   $ 24,872
                                                =========  ==========  =========  =========

    GAAP net income                              $ 32,130    $ 15,245   $ 67,894   $ 57,263
    Valuation adjustment on
     acquired deferred revenue                      1,865           -     13,297      3,875
    Valuation adjustment on acquired
     deferred cost of services                        (9)       (109)      (116)      (575)
    Amortization of acquired intangible assets     18,647      13,956     77,298     51,615
    Share-based compensation (1)                    5,902       5,886     23,614     21,159
    Re-organization expenses (2)                    1,714           -      2,460        910
    Acquisition related compensation expense (3)      120         126        487      1,832
    Acquisition related expenses (4)                  504       3,436      4,896      9,644
    Settlement and related expenses                     -       1,383        267      1,383
    Restructuring expenses                              -           -      1,884          -
    Tax adjustments re non-gaap adjustments      (17,723)     (2,347)   (37,868)   (12,486)
                                                ---------  ----------  ---------  ---------
    Non-GAAP net income                          $ 43,150    $ 37,576  $ 154,113  $ 134,620
                                                =========  ==========  =========  =========

    GAAP diluted earnings per share                $ 0.52      $ 0.24     $ 1.09     $ 0.89
                                                =========  ==========  =========  =========
    Non-GAAP diluted earnings per share            $ 0.70      $ 0.60     $ 2.48     $ 2.10
                                                =========  ==========  =========  =========
    Shares used in computing US GAAP
     diluted earnings per share                    61,483      62,995     62,261     64,241

    Shares used in computing Non-GAAP
     diluted earnings per share                    61,483      62,995     62,261     64,241

    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
                                                 December 31,              December 31,
                                           ------------------------------------------------
                                              2012         2011        2012           2011
                                           ---------  ----------   ----------   -----------
              Cost of product revenue       $ (225)      $ (136)    $ (556)         $ (374)
              Cost of service revenue         (701)        (894)    (3,600)         (2,548)
              Research and development        (667)        (881)    (2,840)         (2,966)
              Sales and marketing           (2,469)      (1,740)    (7,981)         (7,490)
              General and administrative    (1,840)      (2,235)    (8,637)         (7,781)
                                           ---------  ----------   ----------   -----------
                                          $ (5,902)    $ (5,886) $ (23,614)      $ (21,159)
                                           =========  ==========   ==========   ===========
     (2)   Re-organization expenses
                                                 Quarter ended              Year to date
                                                  December 31,              December 31,
                                           ------------------------------------------------
                                              2012         2011        2012           2011
                                           ---------  ----------   ----------   -----------
              Cost of product revenue          $ -          $ -         $ -         $ (60)
              Cost of service revenue            -            -        (52)              -
              Research and development           -            -       (177)          (141)
              Sales and marketing          (1,558)            -     (2,075)              -
              General and administrative     (156)            -       (156)          (709)
                                           ---------  ----------   ----------   -----------
                                         $ (1,714)          $ -   $ (2,460)        $ (910)
                                           =========  ==========   ==========   ===========
     (3)   Acquisition related compensation expense
                                                 Quarter ended              Year to date
                                                  December 31,               December 31,
                                           ------------------------------------------------
                                              2012         2011        2012           2011
                                           ---------  ----------   ----------   -----------
              Cost of service revenue          $ -       $ (15)      $ (22)         $ (131)
              Research and development       (101)         (13)       (403)           (929)
              Sales and marketing             (19)         (48)        (62)           (381)
              General and administrative         -         (50)           -           (391)
                                           ---------  ----------   ----------   -----------
                                           $ (120)      $ (126)     $ (487)       $ (1,832)
                                           =========  ==========   ==========   ===========
     (4)   Acquisition related expenses
                                                 Quarter ended              Year to date
                                                  December 31,               December 31,
                                           ------------------------------------------------
                                              2012         2011        2012            2011
                                           ---------  ----------   ----------   -----------
              Cost of product revenue          $ -    $ (1,223)       $ (5)       $ (1,232)
              Cost of service revenue          (6)          (9)        (45)             (9)
              Research and development        (23)         (15)        (54)            (96)
              Sales and marketing             (52)        (131)          48         (2,311)
              General and administrative     (423)      (2,058)     (4,840)         (5,996)
                                           ---------  ----------   ----------   -----------
                                           $ (504)    $ (3,436)   $ (4,896)       $ (9,644)
                                           =========  ==========   ==========   ===========

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

                                                                December 31,  December 31,
                                                                    2012          2011
                                                                ------------  ------------
                                                                 Unaudited     Unaudited
                                                                ------------  ------------

                          ASSETS

    CURRENT ASSETS:
                          Cash and cash equivalents              $ 103,617     $ 204,437
                          Short-term investments                   194,934       144,003
                          Trade receivables                        155,426       126,981
                          Other receivables and prepaid expenses    37,626        43,941
                          Inventories                               13,897        13,404
                          Deferred tax assets                       15,564        10,405
                                                                ------------  ------------
                          Total current assets                     521,064       543,171
                                                                ------------  ------------
    LONG-TERM ASSETS:
                          Marketable securities                    146,154       214,136
                          Other long-term assets                    28,676        28,890
                          Property and equipment, net               41,278        28,299
                          Other intangible assets, net             228,746       158,153
                          Goodwill                                 695,027       609,187
                                                                ------------  ------------
                          Total long-term assets                 1,139,881     1,038,665
                                                                ------------  ------------
    TOTAL ASSETS                                               $ 1,660,945   $ 1,581,836
                                                                ============  ============

                          LIABILITIES AND SHAREHOLDERS' EQUITY

    CURRENT LIABILITIES:
                          Trade payables                          $ 20,553      $ 19,014
                          Deferred revenues                        150,424       160,242
                          Accrued expenses and other liabilities   212,452       190,372
                                                                ------------  ------------
                          Total current liabilities                383,429       369,628
                                                                ------------  ------------
    LONG-TERM LIABILITIES:
                          Deferred tax liabilities                  58,341        27,766
                          Other long-term liabilities               28,087        25,798
                                                                ------------  ------------
                          Total long-term liabilities               86,428        53,564
                                                                ------------  ------------
    SHAREHOLDERS' EQUITY                                         1,191,088     1,158,644
                                                                ------------  ------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                 $ 1,660,945   $ 1,581,836
                                                                ============  ============

    NICE SYSTEMS LTD. AND SUBSIDIARIES
    CONSOLIDATED CASH FLOW STATEMENTS
    U.S. dollars in thousands
                                                        Quarter ended        Year to date
                                                         December 31,         December 31,
                                                    ---------------------------------------
                                                       2012       2011      2012      2011
                                                    Unaudited Unaudited Unaudited Unaudited
                                                    ---------------------------------------

    Operating Activities

    Net income                                        $ 32,130 $ 15,245  $ 67,894  $ 57,263
    Adjustments to reconcile net income to net cash from operations:
      Depreciation, amortization and other              23,641   18,216    95,859    67,124
      Stock based compensation                           5,901    5,886    23,612    21,159
      Excess tax benefit from
       share-based payment arrangements                  (164)      (5)     (104)     (372)
      Net recognized losses (gains)
       on investments and derivatives                      191      831     (558)     2,447
      Gain on sale of intangible assets                  (452)        -   (1,577)         -
      Deferred taxes, net                              (4,487)     (43)  (24,168)   (8,775)
      Changes in operating assets and liabilities:
        Trade Receivables                             (14,316)  (3,411)  (11,863)  (20,621)
        Other receivables and prepaid expenses           3,382    5,001     3,815     5,812
        Inventories                                    (2,967)    (591)       500   (2,048)
        Trade payables                                 (2,539)  (3,505)       295   (3,743)
        Accrued expenses and other
         current liabilities                             2,245   15,679  (17,940)    35,634
        Other long-term liabilities                      (490)     (10)     (126)       494
                                                      --------  -------  --------  --------
        Net cash provided by operating activities       42,075   53,293   135,639   154,374
                                                      --------  -------  --------  --------
    Investing Activities

      Purchase of property and equipment               (8,226)  (4,126)  (28,690)  (17,307)
      Proceeds from sale of property and equipment         (4)        3     1,006        84
      Purchase of investments                         (28,707) (32,393) (167,883) (202,768)
      Proceeds from investments                         40,663  147,003   200,755   376,962
      Capitalization of software development costs          31    (300)   (1,110)   (1,150)
      Proceeds from sale of intangible assets, net           -        -     1,125         -
      Purchase of intangible assets                          -        -         -   (3,000)
      Payments for acquisitions, net of cash acquired  (9,042) (78,430) (164,545) (143,377)
                                                      --------  -------  --------  --------
      Net cash provided by
      (used in) investing activities                   (5,285)   31,757 (159,342)     9,444
                                                      --------  -------  --------  --------

    Financing Activities

      Proceeds from issuance of shares
       upon exercise of share options and ESPP           4,730    8,671    30,380    26,751
      Purchase of treasury shares                     (13,592) (10,895) (107,038)  (95,886)
      Excess tax benefit from
       share-based payment arrangements                    164        5       104       372
                                                      --------  -------  --------  --------
      Net cash used in financing activities            (8,698)  (2,219)  (76,554)  (68,763)
                                                      --------  -------  --------  --------
    Effect of exchange rates
     on cash and cash equivalents                          681    (550)     (563)     (144)
                                                      --------  -------  --------  --------
    Net change in cash and cash equivalents             28,773   82,281 (100,820)    94,911
    Cash and cash equivalents, beginning of period      74,844  122,156   204,437   109,526
                                                      --------  -------  --------  --------
    Cash and cash equivalents, end of period          $103,617 $204,437  $103,617  $204,437
                                                      ========  =======  ========  ========

 

Investors

Marty Cohen, +1-212-574-3635, ir@nice.com, ET

Anat Earon-Heilborn, +972-9-775-3798, ir@nice.com, CET

Media Contact

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

 

SOURCE NICE Systems Ltd
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