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NICE Reports Strong Finish to 2018 with 30% Cloud Revenue Growth for the Fourth Quarter

NICE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2018.

 

Full Year 2018 Financial Highlights

 
GAAP   Non-GAAP
Record revenue of $1,445 million, growth of 8% year-over-year   Record revenue of $1,463 million, growth of 9% year-over-year
Cloud revenue of $461 million, growth of 28% year-over-year   Cloud revenue of $470 million, growth of 27% year-over-year
Gross margin of 65.6% compared to 64.8% last year   Gross margin of 71.1% compared to 71.6% last year
Record operating income of $198 million compared to $150 million last year, 32% growth year-over-year   Record operating income of $379 million compared to $336 million last year, 13% growth year-over-year
Operating margin of 13.7% compared to 11.3% last year   Operating margin of 25.9% compared to 25.0% last year
Record diluted EPS of $2.52 versus $2.31 last year, 9% growth year-over-year   Record diluted EPS of $4.69 versus $4.10 last year, 14% growth year-over-year
Record cash flow from operations of $397 million    
 

The GAAP column of the table contains the financial highlights of the full year 2018 under ASC 606 with the comparison period under ASC 605.

 

The non-GAAP column of the table contains the financial highlights of the full year 2018 under ASC 605 with the comparison period under ASC 605.

 
 

Fourth Quarter 2018 Financial Highlights

 
GAAP   Non-GAAP
Record revenue of $411 million, growth of 5% year-over-year   Record revenue of $420 million, growth of 6% year-over-year
Cloud revenue of $132 million, growth of 30% year-over-year   Cloud revenue of $134 million, growth of 29% year-over-year
Gross margin of 66.9% compared to 68.4% last year   Gross margin of 72.4% compared to 74.2% last year
Operating income of $70 million compared to $63 million last year   Record operating income of $119 million compared to $112 million last year
Operating margin of 17.1% compared to 16.1% last year   Operating margin of 28.3% compared to 28.4% last year
Diluted EPS of $0.98 versus $1.27 last year   Record diluted EPS of $1.47 versus $1.35 last year
Cash flow from operations of $109 million, 26% growth year-over-year    
 

The GAAP column of the table contains the financial highlights of the fourth quarter 2018 under ASC 606 with the comparison period under ASC 605.

 

The non-GAAP column of the table contains the financial highlights of the fourth quarter 2018 under ASC 605 with the comparison period under ASC 605.

 

“We are pleased to end the year on a high note as 2018 was a year marked by robust growth and record results,” said Barak Eilam, CEO of NICE. “For the full-year 2018, we reported strong growth in cloud revenue and operating income, an increase in recurring revenue, further growth in the operating margin and a record year for cash flow generation.”

Mr. Eilam continued, “We are stepping into 2019 with great momentum across all of our businesses fueled by our two market differentiating platforms - CXone for Customer Engagement and X-Sight for Financial Crime and Compliance. Our assets, investments and market leadership in cloud, analytics and artificial intelligence are driving us forward and providing tremendous future opportunities.

“As we look ahead to the next five years, our strong leadership position will allow us to quickly expand into a total addressable market of over $12 billion from $7 billion today, providing us the opportunity to far exceed the $2 billion revenue mark, to see the majority of our revenue come from the cloud and to have a greater than 30% operating margin.”

NICE Investor Day

NICE will be hosting its Investor Day on April 16th in conjunction with its Interactions annual user conference in Las Vegas. The special program for analysts and investors will include meetings with NICE executives, presentations from customers, product and technology sessions, and access to the solutions showcase. If you haven’t registered, please email NICE at [email protected].

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

The GAAP numbers presented below for the fourth quarter and full year 2018 are under ASC 606 and the comparison period GAAP numbers for the fourth quarter and full year 2017 are under ASC 605.

Revenues: Fourth quarter 2018 total revenues increased 4.7% to $410.8 million compared to $392.2 million for the fourth quarter of 2017.
Full year 2018 total revenues increased 8.4% to $1,444.5 million compared to $1,332.2 million for the full year 2017.

Gross Profit: Fourth quarter 2018 gross profit increased to $274.7 million compared to $268.3 million for the fourth quarter of 2017 and fourth quarter 2018 gross margin was 66.9% compared to 68.4% for the fourth quarter of 2017.
Full year 2018 gross profit and gross margin increased to $947.7 million and 65.6%, respectively, compared to $863.5 million and 64.8%, respectively, for the full year 2017.

Operating Income: Fourth quarter 2018 operating income and operating margin increased to $70.4 million and 17.1%, respectively, compared to $63.2 million and 16.1%, respectively, for the fourth quarter of 2017.
Full year 2018 operating income and operating margin increased to $197.6 million and 13.7%, respectively, compared to $150.1 million and 11.3%, respectively, for the full year 2017.

Net Income: Fourth quarter 2018 net income and net income margin were $62.3 million and 15.2%, respectively, compared to $79.4 million and 20.2%, respectively, for the fourth quarter of 2017.
Full year 2018 net income and net income margin increased to $159.3 million and 11.0%, respectively, compared to $143.3 million and 10.8%, respectively, for the full year 2017.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the fourth quarter of 2018 was $0.98 compared to $1.27 in the fourth quarter of 2017.
Fully diluted earnings per share for the full year 2018 increased to $2.52 compared to $2.31 for the full year 2017.

Operating Cash Flow and Cash Balance: Fourth quarter 2018 operating cash flow was $108.9 million and full year operating cash flow reached $396.6 million. In the fourth quarter, $15.4 million was used for share repurchases and $26.0 million was used for share repurchases for the full year of 2018. As of December 31, 2018, total cash and cash equivalents, short term investments and marketable securities were $730.8 million, and total debt was $456.0 million.

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

The non-GAAP numbers presented below for the fourth quarter and full year 2018 and the comparison period non-GAAP numbers for the fourth quarter and full year 2017 are both under ASC 605.

Revenues: Fourth quarter 2018 non-GAAP total revenues increased to $419.9 million, up 6.1% from $395.8 million for the fourth quarter of 2017.
Non-GAAP total revenues for the full year 2018 increased 8.7% to $1,462.7 million compared to $1,345.9 million for the full year 2017.

Gross Profit: Fourth quarter 2018 non-GAAP gross profit increased to $303.8 million compared to $293.5 million for the fourth quarter of 2017. Fourth quarter 2018 Non-GAAP gross margin was 72.4% compared to 74.2% for the fourth quarter of 2017.
Full year 2018 non-GAAP gross profit increased to $1,040.6 million compared to $963.5 million and full year 2018 non-GAAP gross margin was 71.1% compared to 71.6% for the full year 2017.

Operating Income: Fourth quarter 2018 non-GAAP operating income increased to $118.7 million compared to $112.4 million for the fourth quarter of 2017. Fourth quarter 2018 Non-GAAP operating margin was 28.3% compared to 28.4% for the fourth quarter of 2017.
Full year 2018 non-GAAP operating income and non-GAAP operating margin increased to $378.6 million and 25.9%, respectively, from $336.3 million and 25.0%, respectively, for the full year 2017.

Net Income: Fourth quarter 2018 non-GAAP net income and non-GAAP net income margin increased to $93.9 million and 22.4%, respectively, from $84.5 million and 21.3%, respectively, for the fourth quarter of 2017.
Full year 2018 non-GAAP net income and non-GAAP net income margin increased to $296.7 million and 20.3%, respectively, from $254.5 million and 18.9%, respectively, for the full year 2017.

Fully Diluted Earnings Per Share: Fourth quarter 2018 non-GAAP fully diluted earnings per share increased 8.9% to $1.47, compared to $1.35 for the fourth quarter of 2017.
Full year 2018 non-GAAP fully diluted earnings per share increased 14.4% to $4.69 compared to $4.10 for the full year 2017.

First Quarter and Full Year 2019 Guidance:

Effective January 1st, 2018, the company adopted ASC 606 using the modified retrospective method for GAAP reporting purposes. Starting in January 2019 the guidance, as well as our financial results, will be provided using the accounting standard ASC 606 for all 2019 quarters and the full year 2019. Comparative results throughout 2019 will be compared to ASC 606 results for 2018.

First Quarter 2019: First quarter 2019 non-GAAP total revenues are expected to be in a range of $370 million to $380 million (2018 non-GAAP: $337.6 million). First quarter 2019 non-GAAP fully diluted earnings per share are expected to be in a range of $1.05 to $1.15 (2018 non-GAAP: $0.97).

Full Year 2019: Full year 2019 non-GAAP total revenues are expected to be in a range of $1,558 million to $1,582 million (2018 non-GAAP: $1,453.4 million). Full year 2019 non-GAAP fully diluted earnings per share are expected to be in a range of $5.08 to $5.28 (2018 non-GAAP: $4.75).

Quarterly Results Conference Call

NICE management will host its earnings conference call today, February 14th, 2019 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 1-809-344-364. The Passcode is 990 622 84. 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 635 176 28.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, share-based compensation, certain business combination accounting entries, amortization of discount on long term debt, re-organization expenses, tax adjustment re non-GAAP adjustments and tax reform and ASC 606 to ASC 605 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. In some cases, forward-looking statements may be identified by words such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business.

Forward looking statements are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with competition, success and growth of the Company’s cloud Software-as-a-Service business, cyber security attacks or other security breaches against the Company, privacy concerns and legislation impacting the Company’s business, the Company’s dependency on fourth-party cloud computing platform providers, hosting facilities and service partners, changes in general economic and business conditions, rapidly changing technology, changes in currency exchange rates and interest rates, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, successful execution of the Company’s growth strategy, the effects of tax reforms and of newly enacted or modified laws, regulation or standards on the Company and its products, and other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this presentation speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.

         
NICE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except per share amounts)
 
 
Quarter ended Year ended
December 31, December 31,
2018 2017 2018 2017
Unaudited Unaudited Audited Audited
 
Revenue:
Product $ 92,941 $ 114,822 $ 263,805 $ 318,946
Services 186,073 175,947 719,531 652,040
Cloud   131,815   101,466     461,183   361,166  
Total revenue   410,829   392,235     1,444,519   1,332,152  
 
Cost of revenue:
Product 7,679 11,397 31,065 51,065
Services 59,087 59,128 229,671 225,020
Cloud   69,389   53,436     236,079   192,588  
Total cost of revenue   136,155   123,961     496,815   468,673  
 
Gross profit 274,674 268,274 947,704 863,479
 
Operating expenses:
Research and development, net 46,807 50,132 183,830 181,107
Selling and marketing 100,421 107,070 370,659 361,328
General and administrative 46,275 37,313 153,323 129,071
Amortization of acquired intangible assets   10,764   10,583     42,276   41,902  
Total operating expenses   204,267   205,098     750,088   713,408  
 
Operating income 70,407 63,176 197,616 150,071
 
Finance and other expense, net   1,829   3,698     10,901   20,411  
 
Income before tax 68,578 59,478 186,715 129,660
Taxes on income (Tax benefits)   6,284   (19,910 )   27,377   (13,631 )
Net income $ 62,294 $ 79,388   $ 159,338 $ 143,291  
 
Basic earnings per share $ 1.01 $ 1.30   $ 2.60 $ 2.37  
Diluted earnings per share $ 0.98 $ 1.27   $ 2.52 $ 2.31  
 
Weighted average number of shares
outstanding used to compute:
 
Basic earnings per share 61,824 60,861 61,387 60,444
Diluted earnings per share 63,760 62,534 63,309 62,119
 
 
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS AND ASC 606 TO NON-GAAP ASC 605
U.S. dollars in thousands (except per share amounts)
       
Quarter ended Year ended
December 31, December 31,
  2018     2017     2018     2017  
GAAP revenues $ 410,829 $ 392,235 $ 1,444,519 $ 1,332,152
Valuation adjustment on acquired deferred product revenue - 15 97 317
Valuation adjustment on acquired deferred services revenue 44 752 632 4,667
Valuation adjustment on acquired deferred cloud revenue 2,550 2,760 8,181 8,754
ASC 606 to ASC 605 revenue adjustment   6,467     -     9,242     -  
Non-GAAP revenues $ 419,890   $ 395,762   $ 1,462,671   $ 1,345,890  
 
 
GAAP cost of revenue $ 136,155 $ 123,961 $ 496,815 $ 468,673
Amortization of acquired intangible assets on cost of product (870 ) (5,296 ) (5,889 ) (23,782 )
Amortization of acquired intangible assets on cost of services (1,778 ) (987 ) (5,111 ) (6,341 )
Amortization of acquired intangible assets on cost of cloud (15,504 ) (12,646 ) (53,901 ) (46,352 )
Valuation adjustment on acquired deferred cost of cloud 929 353 2,183 1,486
Cost of product revenue adjustment (1) (113 ) (189 ) (360 ) (683 )
Cost of services revenue adjustment (1,3) (1,867 ) (2,071 ) (7,629 ) (7,696 )
Cost of cloud revenue adjustment (1,3) (888 ) (833 ) (4,654 ) (2,965 )
ASC 606 to ASC 605 cost of revenue adjustment   14     -     664     -  
Non-GAAP cost of revenue $ 116,078   $ 102,292   $ 422,118   $ 382,340  
 
 
GAAP gross profit $ 274,674 $ 268,274 $ 947,704 $ 863,479
Gross profit adjustments   29,138     25,196     92,849     100,071  
Non-GAAP gross profit $ 303,812   $ 293,470   $ 1,040,553   $ 963,550  
 
 
GAAP operating expenses $ 204,267 $ 205,098 $ 750,088 $ 713,408
Research and development (1,3) (1,648 ) (2,394 ) (8,425 ) (9,045 )
Sales and marketing (1,3) (5,371 ) (6,083 ) (27,650 ) (23,243 )
General and administrative (1,2,3) (8,584 ) (4,983 ) (23,740 ) (12,010 )
Amortization of acquired intangible assets (10,764 ) (10,583 ) (42,276 ) (41,902 )
Valuation adjustment on acquired deferred commission 322 - 443 -
ASC 606 to ASC 605 operating expenses adjustment   6,940     -     13,483     -  
Non-GAAP operating expenses $ 185,162   $ 181,055   $ 661,923   $ 627,208  
 
 
GAAP finance & other expense, net $ 1,829 $ 3,698 $ 10,901 $ 20,411
Amortization of discount on long-term debt   (2,179 )   (2,149 )   (8,670 )   (13,547 )
Non-GAAP finance & other expense (income), net $ (350 ) $ 1,549   $ 2,231   $ 6,864  
 
 
GAAP taxes on income $ 6,284 $ (19,910 ) $ 27,377 $ (13,631 )
Tax adjustments re non-GAAP adjustments 18,939 15,373 53,352 57,671
Tax reform adjustment - 30,923 - 30,923
Tax adjustment re ASC 606 to ASC 605   (94 )   -     (1,029 )   -  
Non-GAAP taxes on income $ 25,129   $ 26,386   $ 79,700   $ 74,963  
 
 
GAAP net income $ 62,294 $ 79,388 159,338 $ 143,291
Valuation adjustment on acquired deferred revenue 2,594 3,527 8,910 13,738
Valuation adjustment on acquired deferred cost of cloud revenue (929 ) (353 ) (2,183 ) (1,486 )
Amortization of acquired intangible assets 28,916 29,512 107,177 118,377
Valuation adjustment on acquired deferred commission (322 ) - (443 ) -
Share-based compensation (1) 18,471 16,080 67,223 56,980
Re-organization expenses (2) - - - (3,067 )
Acquisition related expenses (3) - 473 5,235 1,729
Amortization of discount on long term debt 2,179 2,149 8,670 13,547
Tax adjustments re non-GAAP adjustments and tax reform (18,939 ) (46,296 ) (53,352 ) (88,594 )
ASC 606 to ASC 605 adjustments   (393 )   -     (3,876 )   -  
Non-GAAP net income $ 93,871   $ 84,480   $ 296,699   $ 254,515  
 
GAAP diluted earnings per share $ 0.98   $ 1.27   $ 2.52   $ 2.31  
 
Non-GAAP diluted earnings per share $ 1.47   $ 1.35   $ 4.69   $ 4.10  
 
Shares used in computing GAAP diluted earnings per share 63,760 62,534 63,309 62,119
 
Shares used in computing non-GAAP diluted earnings per share 63,760 62,534 63,309 62,119
 
 
 
NICE LTD. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS AND ASC 606 TO NON-GAAP ASC 605 (continued)
U.S. dollars in thousands
 
 
 
 
(1)

Share-based Compensation

Quarter ended Year ended
December 31, December 31,
  2018     2017     2018     2017  
 
Cost of product revenue $ (113 ) $ (189 ) $ (360 ) $ (683 )
Cost of services revenue (1,867 ) (2,064 ) (7,629 ) (7,689 )
Cost of cloud revenue (888 ) (833 ) (3,020 ) (2,965 )
Research and development (1,648 ) (2,387 ) (7,354 ) (9,038 )
Sales and marketing (5,371 ) (6,022 ) (27,455 ) (23,107 )
General and administrative   (8,584 )   (4,585 )   (21,405 )   (13,498 )
$ (18,471 ) $ (16,080 ) $ (67,223 ) $ (56,980 )
 
 
(2)

Re-organization expenses

Quarter ended Year ended
December 31, December 31,
  2018     2017     2018     2017  
 
General and administrative $ -   $ -   $ -   $ 3,067  
$ -   $ -   $ -   $ 3,067  
 
 
(3)

Acquisition related expenses

 
Quarter ended Year ended
December 31, December 31,
  2018     2017     2018     2017  
 
Cost of service revenue $ - $ (7 ) $ - $ (7 )
Cost of cloud revenue - - (1,634 ) -
Research and development - (7 ) (1,071 ) (7 )
Sales and marketing - (61 ) (195 ) (136 )
General and administrative   -     (398 )   (2,335 )   (1,579 )
$ -   $ (473 ) $ (5,235 ) $ (1,729 )
 
 
NICE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
     
December 31, December 31,
2018 2017
Audited Audited
 
ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 242,099 $ 328,302
Short-term investments 243,729 63,951
Trade receivables 287,963 230,729
Prepaid expenses and other current assets   87,450   70,074
 
Total current assets   861,241   693,056
 
LONG-TERM ASSETS:
Long-term investments 244,998 132,820
Property and equipment, net 140,338 118,275
Deferred tax assets 12,309 11,850
Other intangible assets, net 508,232 551,347
Goodwill 1,366,206 1,318,242
Other long-term assets   74,042   19,496
 
Total long-term assets   2,346,125   2,152,030
 
TOTAL ASSETS $ 3,207,366 $ 2,845,086
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Trade payables $ 29,617 $ 29,438
Deferred revenues and advances from customers 221,387 184,564
Accrued expenses and other liabilities   373,908   309,350
 
Total current liabilities   624,912   523,352
 
LONG-TERM LIABILITIES:
Deferred revenues and advances from customers 35,112 37,550
Deferred tax liabilities 44,140 57,796
Long-term debt 455,985 447,642
Other long-term liabilities   30,604   29,185
 
Total long-term liabilities   565,841   572,173
 
SHAREHOLDERS' EQUITY   2,016,613   1,749,561
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,207,366 $ 2,845,086
 
       
NICE LTD. AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENTS
U.S. dollars in thousands
    Quarter ended Year ended

December 31,

December 31,

2018 2017 2018 2017
Unaudited Unaudited Audited Audited
 

Operating Activities

 
Net income $ 62,294 $ 79,388 $ 159,338 $ 143,291
Depreciation and amortization 42,859 40,992 157,142 156,301
Stock based compensation 18,471 16,080 67,223 56,980
Amortization of premium and discount and accrued interest on marketable securities (428 ) 222 (598 ) 646
Deferred taxes, net 2,882 (36,696 ) (30,172 ) (70,884 )
Changes in operating assets and liabilities:
Trade Receivables (69,500 ) (35,075 ) (72,583 ) 37,735
Prepaid expenses and other current assets 2,609 6,856 (29,852 ) (6,839 )
Trade payables 3,082 2,029 (3,526 ) 2,665
Accrued expenses and other current liabilities 23,916 34,162 48,095 25,541
Deferred revenue 20,941 (23,552 ) 92,768 41,624
Long term liabilities (810 ) (117 ) (1,024 ) (5,169 )
Amortization of discount on long term debt 2,179 2,149 8,670 13,547
Other   408     150     1,128     (776 )
Net cash provided by operating activities   108,903     86,588     396,609     394,662  
 

Investing Activities

 
Purchase of property and equipment (9,921 ) (8,467 ) (31,442 ) (39,889 )
Purchase of Investments (145,033 ) (37,406 ) (429,500 ) (133,423 )
Proceeds from Investments 37,378 12,669 137,180 64,295
Capitalization of software development costs (9,299 ) (6,890 ) (32,225 ) (27,936 )
Payments for business acquisitions, net of cash acquired   270     (38,147 )   (104,776 )   (76,027 )
Net cash used in investing activities   (126,605 )   (78,241 )   (460,763 )   (212,980 )
 

Financing Activities

 
Proceeds from issuance of shares upon exercise of share options 1,072 2,453 19,048 19,240
Purchase of treasury shares (15,391 ) (4,114 ) (26,004 ) (24,428 )
Dividends paid - - - (9,637 )
Capital Lease payments (876 ) - (876 ) (137 )
Repayment of long term debt - - - (260,000 )
Proceeds from issuance of exchangeable notes - - - 260,135
Repayment of short-term bank loan   -     -     (8,436 )   -  
Net cash used in financing activities   (15,195 )   (1,661 )   (16,268 )   (14,827 )
 
Effect of exchange rates on cash and cash equivalents   (1,174 )   687     (5,781 )   4,421  
 
Net change in cash and cash equivalents (34,071 ) 7,373

 

(86,203 ) 171,276
Cash and cash equivalents, beginning of period   276,170     320,929     328,302     157,026  
 
Cash and cash equivalents, end of period $ 242,099   $ 328,302   $ 242,099   $ 328,302  
 

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Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
Platform9, the leader in SaaS-managed hybrid cloud, has announced it will present five sessions at four upcoming industry conferences in June: BCS in London, DevOpsCon in Berlin, HPE Discover and Cloud Computing Expo 2019.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
When you're operating multiple services in production, building out forensics tools such as monitoring and observability becomes essential. Unfortunately, it is a real challenge balancing priorities between building new features and tools to help pinpoint root causes. Linkerd provides many of the tools you need to tame the chaos of operating microservices in a cloud native world. Because Linkerd is a transparent proxy that runs alongside your application, there are no code changes required. I...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
Kubernetes as a Container Platform is becoming a de facto for every enterprise. In my interactions with enterprises adopting container platform, I come across common questions: - How does application security work on this platform? What all do I need to secure? - How do I implement security in pipelines? - What about vulnerabilities discovered at a later point in time? - What are newer technologies like Istio Service Mesh bring to table?In this session, I will be addressing these commonly asked ...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.