SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024 (Report No. 3)
Commission File Number: 0-27466
NICE LTD.
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(Translation of Registrant’s Name into English)
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13 Zarchin Street, P.O. Box 690, Ra’anana 4310602, Israel
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(Address of Principal Executive Offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
THE GAAP FINANCIAL STATEMENTS ATTACHED TO THE PRESS RELEASE ATTACHED HERETO AS EXHIBIT 99.1 OF THIS REPORT ON FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO NICE LTD.`S (“NICE”) REGISTRATION
STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-166364, 333-168100, 333-171165, 333-162795, 333-162110, 333-06784, 333-08146, 333-11842, 333-09350, 333-11154, 333-111112, 333-111113, 333-134355, 333-144589, 333-145981, 333-153230, 333-177510,
333-179408, 333-181375, 333-191176, 333-199904, 333-210341, 333-210343, 333-210344, 333-214584, 333-226930, 333-228911, 333-249186 and 333-270969), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED
BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
CONTENTS
This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:
99.1 Press Release: NICE Reports 26% Year-Over-Year Cloud Revenue Growth Along With Continued Double-Digit Growth in Profitability for Q2 2024, Dated August 15, 2024.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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NICE LTD.
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By:
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/s/ Tali Mirsky |
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Name: |
Tali Mirsky |
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Title: |
Corporate VP, General Counsel and Corporate Secretary |
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Dated: August 15, 2024
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EXHIBIT INDEX
NICE Reports 26% Year-Over-Year Cloud Revenue Growth Along With
Continued Double-Digit Growth in Profitability for Q2 2024
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• |
Total revenue growth of 14% year over year
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• |
Company raises its full-year 2024 EPS guidance
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• |
Operating cash flow of $170 million increased 160% year over year
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Share repurchases accelerated to $146 million for Q2 2024
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Hoboken, New Jersey, August 15, 2024 - NICE (NASDAQ: NICE) today announced results for the second quarter ended June 30, 2024, as compared to the corresponding period of the
previous year.
Second Quarter 2024 Financial Highlights
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GAAP
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Non-GAAP
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Total revenue was $664.4 million and increased 14%
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Total revenue was $664.4 million and increased 14%
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Cloud revenue was $481.7 million and increased 26%
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Cloud revenue was $481.7 million and increased 26%
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Operating income was $128.8 million and increased 22%
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Operating income was $201.7 million and increased 19%
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Operating margin was 19.4% compared to 18.1% last year
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Operating margin was 30.4% compared to 29.2% last year
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Diluted EPS was $1.76 and increased 34%
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Diluted EPS was $2.64 and increased 24%
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Operating cash flow was $169.7 million and increased 160%
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“We are pleased to conclude the first half of 2024 with strong Q2 results across the board. Total revenue increased 14% to $664 million, once again driven by industry-leading cloud growth of 26%,” said Barak Eilam, CEO
of NICE. “The growing adoption of our extensive and innovative portfolio of AI solutions fueled an all-time record quarter for CXone bookings.
“Our consistently robust top line results continue to drive top-tier software industry profitability. We reported our fourth consecutive quarter of non-GAAP operating margin of at least 30% and exceeded the high end our
non-GAAP earnings per share guidance range with $2.64. Additionally, we generated $170 million in operating cash in Q2, and $725 million over the past 12 months.”
Mr. Eilam continued, “We continue to gain market share with the most comprehensive CX platform in CXone, rapid innovation in AI that is experiencing significant enterprise adoption and the flexibility afforded by our
rock-solid financial position. We are positioned to further expand our market leadership and deliver long-term growth.”
GAAP Financial Highlights for the Second Quarter Ended June 30:
Revenues: Second quarter 2024 total revenues increased 14% to $664.4 million compared to $581.1 million for the second quarter of 2023.
Gross Profit: Second quarter 2024 gross profit was $439.6 million compared to $391.4 million for the second quarter of 2023. Second quarter 2024 gross margin was 66.2% compared to
67.4% for the second quarter of 2023.
Operating Income: Second quarter 2024 operating income increased 22% to $128.8 million compared to $105.4 million for the second quarter of 2023. Second quarter 2024 operating
margin was 19.4% compared to 18.1% for the second quarter of 2023.
Net Income: Second quarter 2024 net income increased 33% to $115.8 million compared to $87.4 million for the second quarter of 2023. Second quarter 2024 net income margin was 17.4%
compared to 15.0% for the second quarter of 2023.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the second quarter of 2024 increased 34% to $1.76 compared to $1.31 in the second quarter of 2023.
Cash Flow and Cash Balance: Second quarter 2024 operating cash flow was $169.7 million. In the second quarter 2024, $146.1 million was used for share repurchases. As of June 30,
2024, total cash and cash equivalents, and short-term investments were $1,503.6 million. Our debt was $457.9 million, resulting in net cash and investments of $1,045.7 million.
Non-GAAP Financial Highlights for the Second Quarter Ended June 30:
Revenues: Second quarter 2024 total revenues increased 14% to $664.4 million compared to $581.1 million for the second quarter of 2023.
Gross Profit: Second quarter 2024 gross profit was $469.4 million compared to $416.3 million for the second quarter of 2023. Second quarter 2024 gross margin was 70.7% compared to
71.6% for the second quarter of 2023.
Operating Income: Second quarter 2024 operating income increased 19% to $201.7 million compared to $169.6 million for the second quarter of 2023. Second quarter 2024 operating
margin was 30.4% compared to 29.2% for the second quarter of 2023.
Net Income: Second quarter 2024 net income increased 23% to $174.2 million compared to $141.5 million for the second quarter of 2023. Second quarter 2024 net income margin was
26.2% compared to 24.4% for the second quarter of 2023.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the second quarter of 2024 increased 24% to $2.64 compared to $2.13 in the second quarter of 2023.
Third Quarter and Full Year 2024 Guidance:
Third-Quarter 2024:
Third-quarter 2024 non-GAAP total revenues are expected to be in a range of $676 million to $686 million, representing 13% growth year over year at the midpoint.
Third-quarter 2024 non-GAAP fully diluted earnings per share are expected to be in a range of $2.62 to $2.72, representing 18% growth year over year at the midpoint.
Full-Year 2024:
Full-year 2024 non-GAAP total revenues are expected to be in a range of $2,715 million to $2,735 million, representing 15% growth at the midpoint compared to full-year 2023.
The Company increased full-year 2024 non-GAAP fully diluted earnings per share which are expected to be in a range of $10.60 to $10.80, representing 22% growth at the midpoint compared to full-year 2023.
Quarterly Results Conference Call
NICE management will host its earnings conference call today August 15, 2024, 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 into the following numbers: United States 1-877-407-4018 or +1-201-689-8471, United Kingdom 0-800-756-3429, Israel
1-809-406-247.
The call will be webcast live on the Company’s website at https://www.nice.com/investor-relations/upcoming-event.
Explanation of Non-GAAP measures
Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets,
acquisition related and other expenses, amortization of discount on debt and loss from extinguishment of debt and the tax effect of the Non-GAAP adjustments.
The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our
business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate
our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. 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. 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 Company provides guidance only on a Non-GAAP
basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and
Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not
available without unreasonable effort.
About NICE
With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native
customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100
companies, partner with NICE to transform - and elevate - every customer interaction. www.nice.com
Investor Relations Contact
Marty Cohen, +1 551 256 5354, ir@nice.com, ET
Omri Arens, +972 3 763-0127, ir@nice.com, CET
Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, media@nice.com, ET
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, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, 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 uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and 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 changes in economic and business conditions, competition,
successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and
personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapidly changing technology, cyber security attacks or other security breaches against the Company, privacy concerns and
legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, such as
the impact of conflicts in the Middle East, that may disrupt our business and the global economy and various 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 press release 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.
###
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NICE LTD. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED BALANCE SHEETS
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U.S. dollars in thousands
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| |
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June 30,
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December 31,
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|
| |
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2024
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|
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2023
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Unaudited
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Audited
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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739,556
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|
|
$
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511,795
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|
Short-term investments
|
|
|
764,042
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|
|
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896,044
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Trade receivables
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|
|
580,101
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|
|
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585,154
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Debt hedge option
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-
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121,922
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Prepaid expenses and other current assets
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216,908
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197,967
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Total current assets
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|
2,300,607
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2,312,882
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LONG-TERM ASSETS:
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Property and equipment, net
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181,689
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174,414
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Deferred tax assets
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|
|
190,471
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|
|
|
178,971
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|
Other intangible assets, net
|
|
|
245,299
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|
|
|
305,501
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|
|
Operating lease right-of-use assets
|
|
|
98,957
|
|
|
|
104,565
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|
|
Goodwill
|
|
|
1,820,746
|
|
|
|
1,821,969
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|
|
Prepaid expenses and other long-term assets
|
|
|
214,050
|
|
|
|
219,332
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|
| |
|
|
|
|
|
|
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|
Total long-term assets
|
|
|
2,751,212
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|
|
|
2,804,752
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|
| |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
5,051,819
|
|
|
$
|
5,117,634
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| |
|
|
|
|
|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY
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|
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|
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|
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CURRENT LIABILITIES:
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|
|
|
|
|
|
|
|
|
Trade payables
|
|
$
|
73,129
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|
|
$
|
66,036
|
|
|
Deferred revenues and advances from customers
|
|
|
342,405
|
|
|
|
302,649
|
|
|
Current maturities of operating leases
|
|
|
13,057
|
|
|
|
13,747
|
|
|
Debt
|
|
|
-
|
|
|
|
209,229
|
|
|
Accrued expenses and other liabilities
|
|
|
509,779
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|
|
|
528,660
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|
| |
|
|
|
|
|
|
|
|
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Total current liabilities
|
|
|
938,370
|
|
|
|
1,120,321
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|
| |
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Deferred revenues and advances from customers
|
|
|
60,839
|
|
|
|
52,458
|
|
|
Operating leases
|
|
|
96,861
|
|
|
|
102,909
|
|
|
Deferred tax liabilities
|
|
|
8,057
|
|
|
|
8,596
|
|
|
Debt
|
|
|
457,930
|
|
|
|
457,081
|
|
|
Other long-term liabilities
|
|
|
22,900
|
|
|
|
21,769
|
|
| |
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
646,587
|
|
|
|
642,813
|
|
| |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Nice Ltd's equity
|
|
|
3,455,172
|
|
|
|
3,341,132
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|
|
Non-controlling interests
|
|
|
11,690
|
|
|
|
13,368
|
|
| |
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
3,466,862
|
|
|
|
3,354,500
|
|
| |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
5,051,819
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|
|
$
|
5,117,634
|
|
|
NICE LTD. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF INCOME
|
|
U.S. dollars in thousands (except per share amounts)
|
| |
|
Quarter ended
|
|
|
Year ended
|
|
| |
|
June 30,
|
|
|
June 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
| |
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud
|
|
$
|
481,693
|
|
|
$
|
381,948
|
|
|
$
|
950,099
|
|
|
$
|
749,515
|
|
|
Services
|
|
|
147,611
|
|
|
|
158,945
|
|
|
|
296,524
|
|
|
|
318,802
|
|
|
Product
|
|
|
35,096
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|
|
|
40,220
|
|
|
|
77,086
|
|
|
|
84,655
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|
|
Total revenue
|
|
|
664,400
|
|
|
|
581,113
|
|
|
|
1,323,709
|
|
|
|
1,152,972
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud
|
|
|
170,702
|
|
|
|
134,984
|
|
|
|
340,680
|
|
|
|
266,580
|
|
|
Services
|
|
|
46,663
|
|
|
|
47,019
|
|
|
|
92,749
|
|
|
|
94,924
|
|
|
Product
|
|
|
7,418
|
|
|
|
7,710
|
|
|
|
14,023
|
|
|
|
14,805
|
|
|
Total cost of revenue
|
|
|
224,783
|
|
|
|
189,713
|
|
|
|
447,452
|
|
|
|
376,309
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
439,617
|
|
|
|
391,400
|
|
|
|
876,257
|
|
|
|
776,663
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
86,522
|
|
|
|
78,640
|
|
|
|
174,354
|
|
|
|
156,741
|
|
|
Selling and marketing
|
|
|
157,645
|
|
|
|
151,964
|
|
|
|
312,660
|
|
|
|
300,443
|
|
|
General and administrative
|
|
|
66,626
|
|
|
|
55,367
|
|
|
|
138,980
|
|
|
|
120,543
|
|
|
Total operating expenses
|
|
|
310,793
|
|
|
|
285,971
|
|
|
|
625,994
|
|
|
|
577,727
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
128,824
|
|
|
|
105,429
|
|
|
|
250,263
|
|
|
|
198,936
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and other income, net
|
|
|
(15,645
|
)
|
|
|
(9,350
|
)
|
|
|
(29,654
|
)
|
|
|
(18,071
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before tax
|
|
|
144,469
|
|
|
|
114,779
|
|
|
|
279,917
|
|
|
|
217,007
|
|
|
Taxes on income
|
|
|
28,684
|
|
|
|
27,424
|
|
|
|
57,759
|
|
|
|
52,711
|
|
|
Net income
|
|
$
|
115,785
|
|
|
$
|
87,355
|
|
|
$
|
222,158
|
|
|
$
|
164,296
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.82
|
|
|
$
|
1.37
|
|
|
$
|
3.50
|
|
|
$
|
2.57
|
|
|
Diluted
|
|
$
|
1.76
|
|
|
$
|
1.31
|
|
|
$
|
3.36
|
|
|
$
|
2.47
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
63,534
|
|
|
|
63,723
|
|
|
|
63,406
|
|
|
|
63,831
|
|
|
Diluted
|
|
|
65,856
|
|
|
|
66,435
|
|
|
|
66,192
|
|
|
|
66,548
|
|
|
NICE LTD. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENTS
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
| |
|
Quarter ended
|
|
|
Year ended
|
|
| |
|
June 30,
|
|
|
June 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
| |
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
115,785
|
|
|
$
|
87,355
|
|
|
$
|
222,158
|
|
|
$
|
164,296
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
51,520
|
|
|
|
42,033
|
|
|
|
103,280
|
|
|
|
83,879
|
|
|
Share-based compensation
|
|
|
42,226
|
|
|
|
39,314
|
|
|
|
86,630
|
|
|
|
84,275
|
|
|
Amortization of premium and discount and accrued interest on marketable securities
|
|
|
(2,096
|
)
|
|
|
(224
|
)
|
|
|
(3,328
|
)
|
|
|
1,046
|
|
|
Deferred taxes, net
|
|
|
(15,773
|
)
|
|
|
(8,994
|
)
|
|
|
(11,407
|
)
|
|
|
(16,872
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade Receivables, net
|
|
|
(6,707
|
)
|
|
|
(8,665
|
)
|
|
|
1,430
|
|
|
|
8,087
|
|
|
Prepaid expenses and other current assets
|
|
|
1,740
|
|
|
|
(10,674
|
)
|
|
|
10,501
|
|
|
|
(22,046
|
)
|
|
Operating lease right-of-use assets
|
|
|
3,372
|
|
|
|
2,435
|
|
|
|
6,653
|
|
|
|
5,503
|
|
|
Trade payables
|
|
|
17,702
|
|
|
|
(9,668
|
)
|
|
|
6,939
|
|
|
|
(10,848
|
)
|
|
Accrued expenses and other current liabilities
|
|
|
(40,836
|
)
|
|
|
(48,832
|
)
|
|
|
(43,704
|
)
|
|
|
(49,526
|
)
|
|
Deferred revenue
|
|
|
4,742
|
|
|
|
(18,424
|
)
|
|
|
50,281
|
|
|
|
14,823
|
|
|
Operating lease liabilities
|
|
|
(3,976
|
)
|
|
|
(3,494
|
)
|
|
|
(7,776
|
)
|
|
|
(7,401
|
)
|
|
Amortization of discount on long-term debt
|
|
|
425
|
|
|
|
1,129
|
|
|
|
974
|
|
|
|
2,283
|
|
|
Loss from extinguishment of debt
|
|
|
-
|
|
|
|
37
|
|
|
|
-
|
|
|
|
37
|
|
|
Other
|
|
|
1,544
|
|
|
|
1,926
|
|
|
|
1,527
|
|
|
|
2,789
|
|
|
Net cash provided by operating activities
|
|
|
169,668
|
|
|
|
65,254
|
|
|
|
424,158
|
|
|
|
260,325
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(6,455
|
)
|
|
|
(4,513
|
)
|
|
|
(16,976
|
)
|
|
|
(17,619
|
)
|
|
Purchase of Investments
|
|
|
(105,991
|
)
|
|
|
(121,817
|
)
|
|
|
(437,113
|
)
|
|
|
(191,359
|
)
|
|
Proceeds from sales of marketable investments
|
|
|
51,971
|
|
|
|
107,653
|
|
|
|
568,121
|
|
|
|
172,552
|
|
|
Capitalization of internal use software costs
|
|
|
(15,238
|
)
|
|
|
(14,491
|
)
|
|
|
(31,174
|
)
|
|
|
(28,627
|
)
|
|
Net cash provided by (used in) investing activities
|
|
|
(75,713
|
)
|
|
|
(33,168
|
)
|
|
|
82,858
|
|
|
|
(65,053
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of shares upon exercise of options
|
|
|
520
|
|
|
|
765
|
|
|
|
2,312
|
|
|
|
1,724
|
|
|
Purchase of treasury shares
|
|
|
(146,088
|
)
|
|
|
(65,196
|
)
|
|
|
(187,603
|
)
|
|
|
(129,911
|
)
|
|
Dividends paid to noncontrolling interest
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,681
|
)
|
|
|
(1,480
|
)
|
|
Repayment of debt
|
|
|
-
|
|
|
|
(1,534
|
)
|
|
|
(87,435
|
)
|
|
|
(1,534
|
)
|
|
Net cash used in financing activities
|
|
|
(145,568
|
)
|
|
|
(65,965
|
)
|
|
|
(275,407
|
)
|
|
|
(131,201
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
(1,309
|
)
|
|
|
546
|
|
|
|
(3,248
|
)
|
|
|
1,713
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash, cash equivalents and restricted cash
|
|
|
(52,922
|
)
|
|
|
(33,333
|
)
|
|
|
228,361
|
|
|
|
65,784
|
|
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
$
|
794,597
|
|
|
$
|
632,212
|
|
|
$
|
513,314
|
|
|
$
|
533,095
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
741,675
|
|
|
$
|
598,879
|
|
|
$
|
741,675
|
|
|
$
|
598,879
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
739,556
|
|
|
$
|
598,079
|
|
|
$
|
739,556
|
|
|
$
|
598,079
|
|
|
Restricted cash included in other current assets
|
|
$
|
2,119
|
|
|
$
|
800
|
|
|
$
|
2,119
|
|
|
$
|
800
|
|
|
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
|
$
|
741,675
|
|
|
$
|
598,879
|
|
|
$
|
741,675
|
|
|
$
|
598,879
|
|
