NICE (NASDAQ:NICE) today announced results for the third quarter 2017 ended September 30, 2017.
Third Quarter 2017 Financial Highlights
| GAAP | Non-GAAP | ||
| Revenue growth of 36% year-over-year | Revenue growth of 36% year-over-year | ||
Gross profit increased 30% year-over-year to $207 | Gross profit increased 34% year-over-year to $233 | ||
Operating income of $33 million, down 8% year-over- | Operating income of $78 million, up 22% year-over-year | ||
| Operating margin of 10.3% compared to 15.2% last year | Operating margin of 24.0% compared to 26.7% last year | ||
Diluted EPS from continuing operations of $0.42 versus | Diluted EPS from continuing operations of $0.95 versus | ||
Cash flow from operations increased 155% year-over- |
“We are pleased to report another excellent quarter as all four of our strategic pillars - omni-channel, cloud, analytics and artificial intelligence - are powering the strong momentum we are seeing in our business. These pillars have given us the ability to address a much larger market, further widen our industry lead and drive a meaningful shift in market share,” said Barak Eilam, CEO of NICE.
Mr. Eilam continued, “In the third quarter, recurring revenue accounted for nearly 70% of total revenue and we saw a double-digit sequential increase in cloud revenue compared to the second quarter of 2017. These solid results were bolstered by CXone, which is the industry’s first fully integrated, open, customer experience cloud platform for companies of all sizes. Since the launch of CXone, which happened just three months ago, we are now addressing cloud opportunities in all market segments, and even more so in the higher end of the market, and our pipeline is rapidly building. Moreover, we have seen strong growth in our CXone DEVone partner ecosystem, now encompassing over 80 partners, providing further evidence of market acceptance of our platform.”
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 the Physical Security divisions for both 2017 and 2016.
Revenues: Third quarter 2017 total revenues increased 36.1% to $322.8 million compared to $237.2 million for the third quarter of 2016.
Gross Profit: Third quarter 2017 gross profit increased to $207.4 million compared to $159.1 million for the third quarter of 2016, and gross margin was 64.3% compared to 67.1% for the third quarter of 2016.
Operating Income: Third quarter 2017 operating income was $33.1 million compared to $36.0 million for the third quarter of 2016, and operating margin was 10.3% compared to 15.2% for the third quarter of 2016.
Net Income from Continuing Operations: Third quarter 2017 net income and net margin were $26.2 million and 8.1%, respectively, compared to $32.4 million and 13.7%, respectively, for the third quarter of 2016.
Fully Diluted Earnings Per Share from Continuing Operations: Fully diluted earnings per share for the third quarter of 2017 were $0.42, compared to $0.53 in the third quarter of 2016.
Operating Cash Flow and Cash Balance: Third quarter 2017 operating cash flow was $105.8 million. In the third quarter, $4.3 million was used for share repurchases. As of September 30, 2017, total cash and cash equivalents, short term investments and marketable securities were $494.1 million, and total debt was $445.6 million net of issuance costs and the equity component associated with our convertible debt.
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 the Physical Security divisions for both 2017 and 2016.
Revenues: Third quarter 2017 non-GAAP total revenues were $326.8 million, up 36.0% from $240.3 million for the third quarter of 2016.
Gross Profit: Third quarter 2017 non-GAAP gross profit increased to $232.5 million compared to $173.6 million for the third quarter of 2016, and non-GAAP gross margin was 71.2%, compared to 72.2% for the third quarter of 2016.
Operating Income: Third quarter 2017 non-GAAP operating income increased to $78.3 million compared to $64.2 million for the third quarter of 2016, and non-GAAP operating margin was 24.0% compared to 26.7% for the third quarter of 2016.
Net Income from Continuing Operations: Third quarter 2017 non-GAAP net income increased to $58.9 million compared to $50.7 million for the third quarter of 2016, and non-GAAP net income margin was 18.0% compared to 21.1% for the third quarter of 2016.
Fully Diluted Earnings Per Share from Continuing Operations: Third quarter 2017 non-GAAP fully diluted earnings per share increased 14.5% to $0.95, compared to $0.83 for the third quarter of 2016.
Full Year 2017 Guidance:
For the full year 2017, due to better visibility, the Company is narrowing the expected ranges and increasing the expected midpoints of non-GAAP revenue and non-GAAP earnings per share guidance.
Full year 2017 non-GAAP revenue guidance is expected to be in a range of $1,338 million to $1,350 million and the expected midpoint of non-GAAP revenue guidance increased to $1,344 million. Full year 2017 non-GAAP earnings per share guidance is expected to be in a range of $4.00 to $4.10 and the expected midpoint of non-GAAP earnings per share guidance increased to $4.05.
Quarterly Results Conference Call
NICE management will host its earnings conference call today, November 2nd, 2017 at 8:30 AM ET, 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 1-809-344-364. The Passcode is 351 941 47. 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 741 301 21.
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, re-organization expenses, share-based compensation, and certain business combination accounting entries, amortization of discount on long term debt, realized gain from substantial liquidation of marketable securities 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 (Nasdaq: NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions. www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NICE' marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Eilam, are based on the
current beliefs, expectations and assumptions of the management of (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; the effect of newly enacted or modified laws,
regulation or standards on the Company and our products, and the risk
that we will not be able to successfully execute on the Company’s cloud
business strategy and generate profitability. 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 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, | |||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||
| Revenue: | ||||||||||||||
| Product | $ | 66,931 | $ | 68,617 | $ | 204,124 | $ | 195,277 | ||||||
| Services | 159,441 | 155,444 | 476,093 | 459,141 | ||||||||||
| Cloud | 96,383 | 13,126 | 259,700 | 37,264 | ||||||||||
| Total revenue | 322,755 | 237,187 | 939,917 | 691,682 | ||||||||||
| Cost of revenue: | ||||||||||||||
| Product | 12,944 | 11,815 | 39,668 | 39,786 | ||||||||||
| Services | 52,618 | 61,122 | 165,892 | 181,412 | ||||||||||
| Cloud | 49,812 | 5,127 | 139,152 | 13,773 | ||||||||||
| Total cost of revenue | 115,374 | 78,064 | 344,712 | 234,971 | ||||||||||
| Gross profit | 207,381 | 159,123 | 595,205 | 456,711 | ||||||||||
| Operating Expenses: | ||||||||||||||
| Research and development, net | 45,135 | 33,606 | 130,975 | 100,646 | ||||||||||
| Selling and marketing | 87,363 | 61,878 | 254,258 | 176,366 | ||||||||||
| General and administrative | 31,197 | 24,456 | 91,758 | 72,227 | ||||||||||
| Amortization of acquired intangible assets | 10,566 | 3,155 | 31,319 | 10,412 | ||||||||||
| Total operating expenses | 174,261 | 123,095 | 508,310 | 359,651 | ||||||||||
| Operating income | 33,120 | 36,028 | 86,895 | 97,060 | ||||||||||
| Finance and other income (expense), net | (4,335) | 4,968 | (16,713) | 11,665 | ||||||||||
| Income from continuing operations before tax | 28,785 | 40,996 | 70,182 | 108,725 | ||||||||||
| Taxes on income | 2,612 | 8,554 | 6,279 | 15,647 | ||||||||||
| Net income from continuing operations | 26,173 | 32,442 | 63,903 | 93,078 | ||||||||||
| Discontinued operations | ||||||||||||||
| Loss from discontinued operations | - | (2,143) | - | (2,259) | ||||||||||
| Net loss from discontinued operations | - | (2,143) | - | (2,259) | ||||||||||
| Net income | $ | 26,173 | $ | 30,299 | $ | 63,903 | $ | 90,819 | ||||||
| Basic earnings per share from continuing operations | $ | 0.43 | $ | 0.54 | $ | 1.06 | $ | 1.56 | ||||||
| Basic earnings (loss) per share from discontinued operations | $ | - | $ | (0.03) | $ | - | $ | (0.04) | ||||||
| Basic earnings per share | $ | 0.43 | $ | 0.51 | $ | 1.06 | $ | 1.52 | ||||||
| Diluted earnings per share from continuing operations | $ | 0.42 | $ | 0.53 | $ | 1.03 | $ | 1.53 | ||||||
| Diluted earnings (loss) per share from discontinued operations | $ | - | $ | (0.03) | $ | - | $ | (0.04) | ||||||
| Diluted earnings per share | $ | 0.42 | $ | 0.50 | $ | 1.03 | $ | 1.49 | ||||||
| Weighted average number of shares | ||||||||||||||
| outstanding used to compute: | ||||||||||||||
| Basic earnings (loss) per share | 60,502 | 59,765 | 60,304 | 59,563 | ||||||||||
| Diluted earnings (loss) per share | 62,220 | 61,119 | 61,979 | 60,930 | ||||||||||
| NICE 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, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| GAAP revenues | $ | 322,755 | $ | 237,187 | $ | 939,917 | $ | 691,682 | |||||||
| Valuation adjustment on acquired deferred product revenue | 37 | 75 | 302 | 1,450 | |||||||||||
| Valuation adjustment on acquired deferred service revenue | 824 | 1,572 | 3,915 | 4,004 | |||||||||||
| Valuation adjustment on acquired deferred cloud revenue | 3,135 | 1,454 | 5,994 | 4,672 | |||||||||||
| Non-GAAP revenues | $ | 326,751 | $ | 240,288 | $ | 950,128 | $ | 701,808 | |||||||
| GAAP cost of revenue | $ | 115,374 | $ | 78,064 | $ | 344,712 | $ | 234,971 | |||||||
| Amortization of acquired intangible assets on cost of product | (6,072) | (6,285) | (18,486) | (20,167) | |||||||||||
| Amortization of acquired intangible assets on cost of services | (987) | (3,208) | (5,354) | (6,681) | |||||||||||
| Amortization of acquired intangible assets on cost of cloud | (11,756) | - | (33,706) | - | |||||||||||
| Valuation adjustment on acquired deferred cost of services | 371 | - | 1,133 | - | |||||||||||
| Cost of product revenue adjustment (1,3) | (158) | (124) | (494) | (314) | |||||||||||
| Cost of services revenue adjustment (1,2,3) | (1,903) | (1,638) | (5,625) | (4,847) | |||||||||||
| Cost of cloud revenue adjustment (1,2) | (649) | (85) | (2,132) | (207) | |||||||||||
| Non-GAAP cost of revenue | $ | 94,220 | $ | 66,724 | $ | 280,048 | $ | 202,755 | |||||||
| GAAP gross profit | $ | 207,381 | $ | 159,123 | $ | 595,205 | $ | 456,711 | |||||||
| Gross profit adjustments | 25,150 | 14,441 | 74,875 | 42,342 | |||||||||||
| Non-GAAP gross profit | $ | 232,531 | $ | 173,564 | $ | 670,080 | $ | 499,053 | |||||||
| GAAP operating expenses | $ | 174,261 | $ | 123,095 | $ | 508,310 | $ | 359,651 | |||||||
| Research and development (1,2,3) | (2,204) | (1,385) | (6,651) | (4,462) | |||||||||||
| Sales and marketing (1,2,3) | (5,651) | (4,069) | (17,160) | (11,139) | |||||||||||
| General and administrative (1,2,3) | (1,640) | (5,153) | (7,027) | (13,246) | |||||||||||
| Amortization of acquired intangible assets | (10,566) | (3,155) | (31,319) | (10,412) | |||||||||||
| Non-GAAP operating expenses | $ | 154,200 | $ | 109,333 | $ | 446,153 | $ | 320,392 | |||||||
| GAAP finance & other income (expense), net | $ | (4,335) | $ | 4,968 | $ | (16,713) | $ | 11,665 | |||||||
| Amortization of discount on long term debt | 2,139 | - | 11,398 | - | |||||||||||
| Realized gain from substantial liquidation of marketable securities | - | (2,711) | - | (2,711) | |||||||||||
| Non-GAAP finance & other income (expense), net | $ | (2,196) | $ | 2,257 | $ | (5,315) | $ | 8,954 | |||||||
| GAAP taxes on income | $ | 2,612 | $ | 8,554 | $ | 6,279 | $ | 15,647 | |||||||
| Tax adjustments re non-GAAP adjustments | 14,611 | 7,228 | 42,298 | 23,753 | |||||||||||
| Non-GAAP taxes on income | $ | 17,223 | $ | 15,782 | $ | 48,577 | $ | 39,400 | |||||||
| GAAP net income | $ | 26,173 | $ | 32,442 | $ | 63,903 | $ | 93,078 | |||||||
| Valuation adjustment on acquired deferred revenue | 3,996 | 3,101 | 10,211 | 10,126 | |||||||||||
| Valuation adjustment on acquired deferred cost of service of revenue | (371) | - | (1,133) | - | |||||||||||
| Amortization of acquired intangible assets | 29,381 | 12,648 | 88,865 | 37,260 | |||||||||||
| Share-based compensation (1) | 14,016 | 9,458 | 40,900 | 25,714 | |||||||||||
| Re-organization expenses (2) | (3,067) | 1,523 | (3,067) | 3,293 | |||||||||||
| Acquisition related expenses (3) | 1,256 | 1,473 | 1,256 | 5,208 | |||||||||||
| Amortization of discount on long term debt | 2,139 | - | 11,398 | - | |||||||||||
| Realized gain from substantial liquidation of marketable securities | - | (2,711) | - | (2,711) | |||||||||||
| Tax adjustments re non-GAAP adjustments | (14,611) | (7,228) | (42,298) | (23,753) | |||||||||||
| Non-GAAP net income | $ | 58,912 | $ | 50,706 | $ | 170,035 | $ | 148,215 | |||||||
| GAAP diluted earnings per share | $ | 0.42 | $ | 0.53 | $ | 1.03 | $ | 1.53 | |||||||
| Non-GAAP diluted earnings per share | $ | 0.95 | $ | 0.83 | $ | 2.74 | $ | 2.43 | |||||||
| Shares used in computing GAAP diluted earnings per share | 62,220 | 61,119 | 61,979 | 60,930 | |||||||||||
| Shares used in computing Non-GAAP diluted earnings per share | 62,220 | 61,119 | 61,979 | 60,930 | |||||||||||
| 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, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Cost of product revenue | $ | (158) | $ | (114) | $ | (494) | $ | (304) | |||||||
| Cost of service revenue | (1,903) | (1,630) | (5,625) | (4,570) | |||||||||||
| Cost of cloud revenue | (649) | (85) | (2,132) | (231) | |||||||||||
| Research and development | (2,204) | (1,383) | (6,651) | (3,541) | |||||||||||
| Sales and marketing | (5,576) | (4,008) | (17,085) | (10,441) | |||||||||||
| General and administrative | (3,526) | (2,238) | (8,913) | (6,627) | |||||||||||
| $ | (14,016) | $ | (9,458) | $ | (40,900) | $ | (25,714) | ||||||||
| (2) | Re-organization expenses | ||||||||||||||
| Quarter ended | Year to date | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Cost of service revenue | $ | - | $ | (1) | $ | - | $ | (270) | |||||||
| Cost of cloud revenue | - | - | - | 24 | |||||||||||
| Research and development | - | - | - | (896) | |||||||||||
| Sales and marketing | - | - | - | (150) | |||||||||||
| General and administrative | 3,067 | (1,522) | 3,067 | (2,001) | |||||||||||
| $ | 3,067 | $ | (1,523) | $ | 3,067 | $ | (3,293) | ||||||||
| (3) | Acquisition related expenses | ||||||||||||||
| Quarter ended | Year to date | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Cost of product revenue | $ | - | $ | (10) | $ | - | $ | (10) | |||||||
| Cost of service revenue | - | (7) | - | (7) | |||||||||||
| Research and development | - | (2) | - | (25) | |||||||||||
| Sales and marketing | (75) | (61) | (75) | (548) | |||||||||||
| General and administrative | (1,181) | (1,393) | (1,181) | (4,618) | |||||||||||
| $ | (1,256) | $ | (1,473) | $ | (1,256) | $ | (5,208) | ||||||||
| NICE LTD. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| U.S. dollars in thousands | ||||||||
| September 30, | December 31, | |||||||
| 2017 | 2016 | |||||||
| Unaudited | Unaudited | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 320,929 | $ | 157,026 | ||||
| Short-term investments | 53,675 | 30,287 | ||||||
| Trade receivables | 195,346 | 260,220 | ||||||
| Prepaid expenses and other current assets | 75,173 | 57,966 | ||||||
| Current assets of discontinued operations | 2,009 | 3,734 | ||||||
| Total current assets | 647,132 | 509,233 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Long-term investments | 119,472 | 98,726 | ||||||
| Property and equipment, net | 114,654 | 87,678 | ||||||
| Deferred tax assets | 15,706 | 14,093 | ||||||
| Other intangible assets, net | 557,387 | 618,735 | ||||||
| Goodwill | 1,302,756 | 1,284,710 | ||||||
| Other long-term assets | 18,845 | 18,701 | ||||||
| Total long-term assets | 2,128,820 | 2,122,643 | ||||||
| TOTAL ASSETS | $ | 2,775,952 | $ | 2,631,876 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Current maturities of long term loan | $ | - | $ | 21,164 | ||||
| Trade payables | 27,163 | 25,634 | ||||||
| Current portion of deferred revenues and advances from customers | 201,898 | 149,801 | ||||||
| Accrued expenses and other liabilities | 275,921 | 273,134 | ||||||
| Current liabilities of discontinued operations | 176 | 3,077 | ||||||
| Total current liabilities | 505,158 | 472,810 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Deferred revenues and advances from customers | 42,855 | 22,710 | ||||||
| Deferred tax liabilities | 98,403 | 146,952 | ||||||
| Long-term debt | 445,574 | 444,016 | ||||||
| Other long-term liabilities | 28,618 | 34,056 | ||||||
| Total long-term liabilities | 615,450 | 647,734 | ||||||
| SHAREHOLDERS' EQUITY | 1,655,344 | 1,511,332 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,775,952 | $ | 2,631,876 | ||||
| NICE LTD. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED CASH FLOW STATEMENTS | ||||||||||||||||
| U.S. dollars in thousands | ||||||||||||||||
| Quarter ended | Year to date | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||
Operating Activities | ||||||||||||||||
| Net income | $ | 26,173 | $ | 30,299 | $ | 63,903 | $ | 90,819 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
| Depreciation and amortization | 39,153 | 16,932 | 115,309 | 50,332 | ||||||||||||
| Stock based compensation | 14,016 | 9,457 | 40,900 | 25,714 | ||||||||||||
| Amortization of premium and discount and accrued interest on marketable securities | 273 | 714 | 424 | 2,355 | ||||||||||||
| Deferred taxes, net | (12,646) | (4,815) | (34,188) | (17,512) | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Trade Receivables | 10,930 | (13,691) | 72,810 | 40,678 | ||||||||||||
| Prepaid expenses and other current assets | (32,264) | (1,340) | (40,251) | 3,428 | ||||||||||||
| Trade payables | 7,605 | (372) | 636 | 4,917 | ||||||||||||
| Accrued expenses and other current liabilities | 52,829 | 18,890 | 17,228 | (29,548) | ||||||||||||
| Deferred revenue | 1,660 | (13,659) | 65,176 | 16,196 | ||||||||||||
| Long term liabilities | (3,583) | 172 | (5,189) | 101 | ||||||||||||
| Gain on sale and loss on disposal of discontinued operations | - | 1,990 | - | 1,990 | ||||||||||||
| Realized gain on marketable securities | - | (2,817) | - | (3,366) | ||||||||||||
| Amortization of discount on long term debt | 2,139 | - | 11,398 | - | ||||||||||||
| Other | (461) | (339) | (926) | (283) | ||||||||||||
| Net cash provided by operating activities | 105,824 | 41,421 | 307,230 | 185,821 | ||||||||||||
Investing Activities | ||||||||||||||||
| Purchase of property and equipment | (7,899) | (7,025) | (31,422) | (18,165) | ||||||||||||
| Purchase of Investments | (53,791) | - | (96,017) | (47,221) | ||||||||||||
| Proceeds from Investments | 15,610 | 340,487 | 51,626 | 420,965 | ||||||||||||
| Capitalization of software development costs | (7,730) | (1,948) | (21,046) | (4,706) | ||||||||||||
| Repayment from sale of discontinued operations | - | (1,990) | - | (1,990) | ||||||||||||
| Payments for business acquisitions, net of cash acquired | (37,880) | - | (37,880) | (151,328) | ||||||||||||
| Net cash provided by (used in) investing activities | (91,690) | 329,524 | (134,739) | 197,555 | ||||||||||||
Financing Activities | ||||||||||||||||
| Proceeds from issuance of shares upon exercise of share options | 4,412 | 8,092 | 16,787 | 21,261 | ||||||||||||
| Purchase of treasury shares | (4,267) | (2,924) | (20,314) | (35,017) | ||||||||||||
| Dividends paid | - | (9,568) | (9,637) | (28,604) | ||||||||||||
| Capital Lease payments | - | (515) | - | (695) | ||||||||||||
| Repayment of long term debt | - | - | (260,000) | - | ||||||||||||
| Proceeds from issuance of exchangeable notes | - | - | 260,842 | - | ||||||||||||
| Net cash provided by (used in) financing activities | 145 | (4,915) | (12,322) | (43,055) | ||||||||||||
| Effect of exchange rates on cash and cash equivalents | 2,028 | (912) | 3,734 | (127) | ||||||||||||
| Net change in cash and cash equivalents | 16,307 | 365,118 | 163,903 | 340,194 | ||||||||||||
| Cash and cash equivalents, beginning of period | 304,622 | 301,007 | 157,026 | 325,931 | ||||||||||||
| Cash and cash equivalents, end of period | $ | 320,929 | $ | 666,125 | $ | 320,929 | $ | 666,125 | ||||||||
| *Certain comparative figures have been reclassified to conform to the current year presentation. | ||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102005602/en/
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