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

Company Announces Dividend Program

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:    

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

Full Year 2012 non-GAAP Financial Highlights Include:    

  • Revenues of $892 million increased 12% compared to 2011
  • Operating income, up 14% year over year, and record operating margin of 19%
  • Net income increased 15% and earnings per share rose 18% compared to last year  
  • 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, [email protected], ET

Anat Earon-Heilborn, +972-9-775-3798, [email protected], CET

Media Contact

Erik Snider, +1-877-245-7448, [email protected]  

 

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@ThingsExpo Stories
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.