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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
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and 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.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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. Meanwhile, 94% of enterpri...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.