[May 04, 2017] |
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NICE Reports 35% Growth in Revenue for the First Quarter 2017
NICE (NASDAQ: NICE) today announced results for the first quarter
2017 ended March 31, 2017.
First Quarter 2017 Financial Highlights
GAAP
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Non-GAAP
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Revenue growth of 35% year-over-year
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Revenue growth of 36% year-over-year
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Operating income of $28 million compared to $37 million last
year
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Operating income of $74 million, up 27% year-over-year
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Effective tax rate of 8.8% compared to 14.5% last year
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Effective tax rate of 23.2% compared to 19.5% last year
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Diluted EPS from continuing operations of $0.28 versus $0.58
last year
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Diluted EPS from continuing operations of $0.89 versus $0.81
last year
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Cash flow from operations increased 16% to $133 million
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"We are very pleased with the results for the first quarter of 2017,"
said Barak Eilam, CEO of NICE. "Non-GAAP revenue grew 36% and non-GAAP
operating income increased 27% compared to the same quarter last year.
We were also very pleased to see a substantial increase in recurring
revenue. With recurring revenue now representing almost two thirds of
our total revenue, it gives us additional confidence and visibility into
the business."
Mr. Eilam continued, "The strong financial performance this quarter is
the result of the good progress that we are seeing in our four strategic
pillars: cloud, omni channel, analytics and artificial intelligence. As
a result, we experienced particular strength for our analytics
solutions, where we have seen a high volume of very large deals.
Additionally, we are very pleased with progress of the integration of
inContact, and we are witnessing accelerated momentum in our cloud
business."
GAAP Financial Highlights for the First Quarter Ended March 31:
The following GAAP financial data, excluding cash flow and cash
balance, are from continuing operations, which exclude the results of
the Intelligence and the Physical Security divisions for both 2017 and
2016.
Revenues: First quarter 2017 total revenues increased 35.3% to
$305.6 million compared to $226.0 million for the first quarter of 2016.
Gross Profit: First quarter 2017 gross profit increased to $189.9
million compared to $151.5 million for the first quarter of 2016, and
gross margin was 62.1% compared to 67.0% for the first quarter of 2016.
Operating Income: First quarter 2017 operating income and
operating margin were $27.9 million and 9.1%, respectively, compared to
$37.5 million and 16.6%, respectively, for the first quarter of 2016.
Net Income from Continuing Operations: First quarter 2017 net
income and net margin were $17.3 million and 5.7%, respectively,
compared to $35.3 million and 15.6%, respectively, for the first quarter
of 2016.
Fully Diluted Earnings Per Share from Continuing Operations:
Fully diluted earnings per share for the first quarter of 2017 were
$0.28, compared to $0.58 in the first quarter of 2016.
Operating Cash Flow and Cash Balance: First quarter 2017
operating cash flow was $132.7 million. In the first quarter, $8.4
million was used for share repurchases. As of March 31, 2017, total cash
and cash equivalents, short term investments and marketable securities
were $388.7 million, and total debt was $441.5 million.
Non-GAAP Financial Highlights for the First Quarter Ended March 31:
The following non-GAAP financial data are from continuing operations,
which exclude the results of the Intelligence and the Physical Security
divisions for both 2017 and 2016.
Revenues: First quarter 2017 non-GAAP total revenues were $308.0
million, up 36.2% from $226.1 million for the first quarter of 2016.
Gross Profit: First quarter 2017 non-GAAP gross profit increased
to $215.2 million compared to $159.7, and non-GAAP gross margin was
69.9%, compared to 70.6% for the first quarter of 2016.
Operating Income: First quarter 2017 non-GAAP operating income
increased to $73.6 million compared to $57.8 million, and non-GAAP
operating margin was 23.9% compared to 25.6% for the first quarter of
2016.
Net Income from Continuing Operations: First quarter 2017
non-GAAP net income increased to $55.1 million compared to $49.6
million, and non-GAAP net income margin was 17.9% compared to 21.9% for
the first quarter of 2016.
Fully Diluted Earnings Per Share from Continuing Operations:
First quarter 2017 non-GAAP fully diluted earnings per share increased
9.9% to $0.89, compared to $0.81 for the first quarter of 2016.
Second Quarter and Full Year 2017 Guidance:
Second Quarter 2017: Second quarter 2017 non-GAAP total revenues
are expected to be in a range of $309 million to $319 million. Second
quarter 2017 non-GAAP fully diluted earnings per share are expected to
be in a range of $0.84 to $0.90.
Full Year 2017: Full year 2017 non-GAAP total revenues are
reiterated to an expected range of $1,330 million to $1,354 million.
Full year 2017 non-GAAP fully diluted earnings per share are increased
to an expected range of $3.85 to $4.05.
Quarterly Results Conference Call
NICE management will host its earnings conference call today, May 4th,
2017 at 8:30 AM ET, 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 150 329 66. Additional access numbers can
be found at http://www.btconferencing.com/globalaccess/?bid=54_attended.
The call will be webcast live on the Company's website at http://www.nice.com/news-and-events/ir-events.
An online replay will also be available approximately two hours
following the call. A telephone replay of the call will be available for
7 days after the live broadcast, and may be accessed by dialing: United
States 1-877-482-6144, International +44(0)20-7136-9233, United Kingdom
0-800-032-9687. The Passcode for the replay is 897 068 81.
Non-GAAP financial measures consist of GAAP financial measures adjusted
to exclude: amortization of acquired intangible assets, re-organization
expenses, share-based compensation, and certain business combination
accounting entries, settlement, amortization of discount on long term
debt and tax adjustment re non-GAAP adjustments. The purpose of such
adjustments is to give an indication of our performance exclusive of
non-cash charges and other items that are considered by management to be
outside of our core operating results. Our non-GAAP financial measures
are not meant to be considered in isolation or as a substitute for
comparable GAAP measures, and should be read only in conjunction with
our consolidated financial statements prepared in accordance with GAAP.
Our management regularly uses our supplemental non-GAAP financial
measures internally to understand, manage and evaluate our business and
make operating decisions. These non-GAAP measures are among the primary
factors management uses in planning for and forecasting future periods.
Business combination accounting rules requires us to recognize a legal
performance obligation related to a revenue arrangement of an acquired
entity. The amount assigned to that liability should be based on its
fair value at the date of acquisition. The non-GAAP adjustment is
intended to reflect the full amount of such revenue. We believe this
adjustment is useful to investors as a measure of the ongoing
performance of our business. We believe these non-GAAP financial
measures provide consistent and comparable measures to help investors
understand our current and future operating cash flow performance. These
non-GAAP financial measures may differ materially from the non-GAAP
financial measures used by other companies. Reconciliation between
results on a GAAP and non-GAAP basis is provided in a table immediately
following the Consolidated Statements of Income.
About NICE NICE (Nasdaq: NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions. www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE. All other marks are trademarks of their
respective owners. For a full list of NICE' marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Eilam, are based on the
current beliefs, expectations and assumptions of the management of NICE
Ltd. (the Company). In some cases, such forward-looking statements can
be identified by terms such as believe, expect, may, will, intend,
project, plan, estimate or similar words. Forward-looking statements are
subject to a number of risks and uncertainties that could cause the
actual results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of the
global economic environment on the Company's customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; changes in technology and market
requirements; decline in demand for the Company's products; inability to
timely develop and introduce new technologies, products and
applications; difficulties or delays in absorbing and integrating
acquired operations, products, technologies and personnel; loss of
market share; an inability to maintain certain marketing and
distribution arrangements; the effect of newly enacted or modified laws,
regulation or standards on the Company and our products, and the risk
that we will not be able to successfully execute on the Company's cloud
business strategy and generate profitability. For a more detailed
description of the risk factors and uncertainties affecting the company,
refer to the Company's reports filed from time to time with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 20-F. The forward-looking statements contained in this
press release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except as
required by law.
NICE SYSTEMS LTD. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS of INCOME
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U.S. dollars in thousands (except per share amounts)
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Quarter ended
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March 31,
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2017
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2016
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Unaudited
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Unaudited
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Revenue:
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Product
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$ 68,457
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$ 65,117
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Services
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158,416
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149,338
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Cloud
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78,749
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11,512
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Total revenue
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305,622
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225,967
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Cost of revenue:
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Product
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13,211
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13,734
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Services
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58,716
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57,025
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Cloud
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43,807
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3,710
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Total cost of revenue
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115,734
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74,469
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Gross profit
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189,888
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151,498
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Operating Expenses:
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Research and development, net
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42,954
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32,521
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Selling and marketing
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79,201
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55,783
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General and administrative
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29,227
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23,192
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Amortization of acquired intangible assets
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10,565
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2,507
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Total operating expenses
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161,947
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114,003
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Operating income
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27,941
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37,495
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(8,990)
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3,765
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Income from continuing operations before tax
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18,951
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41,260
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Taxes on income
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1,662
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6,003
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Net income from continuing operations
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17,289
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35,257
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Discontinued operations
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Loss from discontinued operations
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-
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(117)
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Taxes on income
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-
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-
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Net loss from discontinued operations
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-
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(117)
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Net income
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$ 17,289
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$ 35,140
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Basic earnings per share from continuing operations
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$ 0.29
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$ 0.59
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Basic earnings (loss) per share from discontinued operations
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$ -
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$ (0.00)
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Basic earnings per share
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$ 0.29
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$ 0.59
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Diluted earnings per share from continuing operations
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$ 0.28
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$ 0.58
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Diluted earnings (loss) per share from discontinued operations
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$ -
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$ (0.00)
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Diluted earnings per share
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$ 0.28
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$ 0.58
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Weighted average number of shares
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outstanding used to compute:
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Basic earnings (loss) per share
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60,127
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59,433
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Diluted earnings (loss) per share
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61,751
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60,851
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NICE SYSTEMS LTD. AND SUBSIDIARIES
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RECONCILIATION OF GAAP TO NON-GAAP RESULTS
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U.S. dollars in thousands (except per share amounts)
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Quarter ended
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March 31,
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2017
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2016
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GAAP revenues
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$ 305,622
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$ 225,967
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Valuation adjustment on acquired deferred product revenue
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219
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84
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Valuation adjustment on acquired deferred service revenue
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997
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58
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Valuation adjustment on acquired deferred cloud revenue
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1,211
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-
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Non-GAAP revenues
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$ 308,049
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$ 226,109
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GAAP cost of revenue
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$ 115,734
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$ 74,469
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Amortization of acquired intangible assets on cost of product
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(6,358)
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(6,291)
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Amortization of acquired intangible assets on cost of services
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(3,208)
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-
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Amortization of acquired intangible assets on cost of cloud
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(10,975)
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-
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Valuation adjustment on acquired deferred cost of services
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431
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-
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Cost of product revenue adjustment (1)
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(175)
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(121)
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Cost of services revenue adjustment (1,2)
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(1,875)
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(1,542)
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Cost of cloud revenue adjustment (1)
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(769)
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(62)
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Non-GAAP cost of revenue
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$ 92,805
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$ 66,453
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GAAP gross profit
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$ 189,888
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$ 151,498
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Gross profit adjustments
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25,356
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8,158
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Non-GAAP gross profit
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$ 215,244
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$ 159,656
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GAAP operating expenses
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$ 161,947
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$ 114,003
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Research and development (1,2,3)
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(2,211)
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(1,982)
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Sales and marketing (1,3)
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(5,646)
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(3,346)
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General and administrative (1,2,3)
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(1,886)
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(4,351)
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Amortization of acquired intangible assets
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(10,565)
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(2,507)
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Non-GAAP operating expenses
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$ 141,639
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$ 101,817
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GAAP finance & other income (expense), net
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$ (8,990)
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$ 3,765
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Amortization of discount on long term debt
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7,165
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-
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Non-GAAP finance & other income (expense), net
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$ (1,825)
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$ 3,765
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GAAP taxes on income
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$ 1,662
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$ 6,003
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Tax adjustments re non-GAAP adjustments
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14,991
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6,009
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Non-GAAP taxes on income
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$ 16,653
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$ 12,012
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GAAP net income
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$ 17,289
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$ 35,257
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Valuation adjustment on acquired deferred revenue
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2,427
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142
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Valuation adjustment on acquired deferred cost of service of revenue
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(431)
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-
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Amortization of acquired intangible assets
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31,106
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8,798
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Share-based compensation (1)
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12,562
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6,360
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Re-organization expenses (2)
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-
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1,308
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Acquisition related expenses (3)
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-
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3,736
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Amortization of discount on long term debt
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7,165
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-
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Tax adjustments re non-GAAP adjustments
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(14,991)
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(6,009)
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Non-GAAP net income
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$ 55,127
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$ 49,592
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GAAP diluted earnings per share
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$ 0.28
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$ 0.58
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Non-GAAP diluted earnings per share
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$ 0.89
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|
$ 0.81
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Shares used in computing GAAP diluted earnings per share
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61,751
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60,851
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Shares used in computing Non-GAAP diluted earnings per share
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61,751
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60,851
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NICE SYSTEMS LTD. AND SUBSIDIARIES
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RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)
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U.S. dollars in thousands
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|
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(1)
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Share-based Compensation
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Quarter ended
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March 31,
|
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|
2017
|
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2016
|
|
|
Cost of product revenue
|
|
$ (175)
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|
$ (121)
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|
|
Cost of service revenue
|
|
(1,875)
|
|
(1,118)
|
|
|
Cost of cloud revenue
|
|
(769)
|
|
(6,360)
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|
|
Research and development
|
|
(2,211)
|
|
(856)
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|
|
Sales and marketing
|
|
(5,646)
|
|
(2,859)
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|
|
General and administrative
|
|
(1,886)
|
|
(1,118)
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|
|
|
|
$ (12,562)
|
|
$ (12,432)
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|
|
|
|
|
|
|
|
|
|
|
|
|
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(2)
|
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Re-organization expenses
|
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|
|
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Quarter ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Cost of service revenue
|
|
$ -
|
|
$ (198)
|
|
|
Research and development
|
|
-
|
|
(1,102)
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|
|
General and administrative
|
|
-
|
|
(8)
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|
|
|
|
$ -
|
|
$ (1,308)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
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Acquisition related expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$ -
|
|
$ (24)
|
|
|
Sales and marketing
|
|
-
|
|
(487)
|
|
|
General and administrative
|
|
-
|
|
(3,225)
|
|
|
|
|
$ -
|
|
$ (3,736)
|
|
|
|
|
|
|
|
|
|
|
|
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NICE SYSTEMS LTD. AND SUBSIDIARIES
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|
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CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
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U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
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December 31,
|
|
|
|
|
2017
|
|
2016
|
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|
|
|
Unaudited
|
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Unaudited
|
|
|
|
|
|
|
|
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ASSETS
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CURRENT ASSETS:
|
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|
|
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Cash and cash equivalents
|
|
$ 266,751
|
|
$ 157,026
|
|
|
Short-term investments
|
|
42,394
|
|
30,287
|
|
|
Trade receivables
|
|
205,683
|
|
260,220
|
|
|
Prepaid expenses and other current assets
|
|
68,964
|
|
57,966
|
|
|
Current assets of discontinued operations
|
|
2,182
|
|
3,734
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
585,974
|
|
509,233
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
Long-term investments
|
|
79,571
|
|
98,726
|
|
|
Other long-term assets
|
|
20,338
|
|
18,701
|
|
|
Property and equipment, net
|
|
97,309
|
|
87,678
|
|
|
Deferred tax assets
|
|
14,732
|
|
14,093
|
|
|
Other intangible assets, net
|
|
587,749
|
|
618,735
|
|
|
Goodwill
|
|
1,284,760
|
|
1,284,710
|
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
2,084,459
|
|
2,122,643
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$ 2,670,433
|
|
$ 2,631,876
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Current maturities of long term loan
|
|
$ -
|
|
$ 21,164
|
|
|
Trade payables
|
|
25,548
|
|
25,634
|
|
|
Current portion of deferred revenues and advances from customers
|
194,813
|
|
149,801
|
|
|
Accrued expenses and other liabilities
|
|
246,645
|
|
273,134
|
|
|
Current liabilities of discontinued operations
|
|
574
|
|
3,077
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
467,580
|
|
472,810
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
Deferred revenues and advances from customers
|
|
29,117
|
|
22,710
|
|
|
Deferred tax liabilities
|
|
126,346
|
|
146,952
|
|
|
Long-term debt
|
|
441,504
|
|
444,016
|
|
|
Other long-term liabilities
|
|
34,728
|
|
34,056
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
631,695
|
|
647,734
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
1,571,158
|
|
1,511,332
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$ 2,670,433
|
|
$ 2,631,876
|
|
|
|
|
|
|
|
|
|
|
NICE LTD. AND SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENTS
|
|
|
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 17,289
|
|
$ 35,140
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
|
|
|
Depreciation and amortization
|
|
39,143
|
|
12,916
|
|
Stock based compensation
|
|
12,562
|
|
6,431
|
|
Amortization of premium and discount and accrued interest on
marketable securities
|
|
190
|
|
969
|
|
Deferred taxes, net
|
|
(11,671)
|
|
(3,586)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Trade Receivables
|
|
56,299
|
|
39,568
|
|
|
Prepaid expenses and other current assets
|
|
(6,787)
|
|
13,036
|
|
|
Trade payables
|
|
(112)
|
|
861
|
|
|
Accrued expenses and other current liabilities
|
|
(31,299)
|
|
(26,714)
|
|
|
Deferred revenue
|
|
50,664
|
|
35,688
|
|
|
Long term liabilities
|
|
(747)
|
|
74
|
|
Amortization of discount on long term debt
|
|
7,165
|
|
-
|
|
Other
|
|
49
|
|
117
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
132,745
|
|
114,500
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
(10,414)
|
|
(7,059)
|
|
Purchase of Investments
|
|
(24,999)
|
|
(27,952)
|
|
Proceeds from Investments
|
|
32,016
|
|
39,118
|
|
Capitalization of software development costs
|
|
(6,938)
|
|
(1,061)
|
|
Payments for business acquisitions, net of cash acquired
|
|
-
|
|
(150,453)
|
|
|
Net cash used in investing activities
|
|
(10,335)
|
|
(147,407)
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of shares upon exercise of share options
|
|
3,733
|
|
7,514
|
|
Purchase of treasury shares
|
|
(8,429)
|
|
(22,673)
|
|
Dividends paid
|
|
(9,637)
|
|
(9,517)
|
|
Repayment of long term debt
|
|
(260,000)
|
|
-
|
|
Proceeds from issuance of exchangeable notes
|
|
260,842
|
|
-
|
|
|
Net cash used in financing activities
|
|
(13,491)
|
|
(24,676)
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
806
|
|
1,365
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
109,725
|
|
(56,218)
|
Cash and cash equivalents, beginning of period
|
|
157,026
|
|
325,931
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$ 266,751
|
|
$ 269,713
|
|
|
|
|
|
*Certain comparative figures have been reclassified to conform to
the current year presentation.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170504005621/en/
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