EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1
 
NICE Reports 31% Increase in Cloud Revenue and 11% Growth in Total
Revenue for the Second Quarter 2019
 
Double-Digit Growth in Operating Income and Earnings Per Share
Company Raises Full Year Revenue and EPS Guidance

Hoboken, New Jersey, August 8, 2019 - NICE (NASDAQ: NICE) today announced results for the second quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights

GAAP
Non-GAAP
Revenue of $380 million, growth of 11% year-over-year
Revenue of $381 million, growth of 11% year-over-year
Cloud revenue of $142 million, growth of 31% year-over-year
Cloud revenue of $143 million, growth of 30% year-over-year
Gross margin of 65.6% compared to 65.3% last year
Gross margin of 70.9% compared to 70.5% last year
Operating income of $53 million compared to $46 million last year, an increase of 15%
Operating income of $101 million compared to $89 million last year, an increase of 14%
Operating margin of 14.1% compared to 13.6% last year
Operating margin of 26.6% compared to 25.8% last year
Diluted EPS of $0.65 versus $0.54 last year, 20% growth year-over-year
Diluted EPS of $1.25 versus $1.10 last year, 14% growth year-over-year

“We are very pleased with the strong results we reported for the second quarter of 2019, including double digit growth in all key financial metrics,” said Barak Eilam, CEO of NICE. “What continues to stand out is the rapid growth we are seeing in the cloud, driven by the penetration of our two profoundly market differentiating cloud platforms – CXone for Customer Engagement and X-Sight for Financial Crime and Compliance – into all segments of the market, including large enterprises, where we have witnessed robust demand and strong growth.”

Mr. Eilam continued, “Our strong performance has been supported by our partner ecosystem, which continues to expand globally. We now have 135 engaged partners in our CXone DEVone program. The recently announced X-Sight marketplace is gaining rapid traction with more than 20 partners signing in a very short time frame. Furthermore, earlier this week we announced a significant partnership with Atos, in which its large global presence will help bring CXone to new customers around the globe.”

 
GAAP Financial Highlights for the Second Quarter Ended June 30:
 
Revenues: Second quarter 2019 total revenues increased 11.2% to $380.4 million compared to $342.0 million for the second quarter of 2018.

Gross Profit: Second quarter 2019 gross profit and gross margin increased to $249.6 million and 65.6%, respectively, from $223.4 million and 65.3%, respectively, for the second quarter of 2018.

Operating Income: Second quarter 2019 operating income and operating margin increased to $53.5 million and 14.1%, respectively, compared to $46.4 million and 13.6%, respectively, for the second quarter of 2018.

Net Income: Second quarter 2019 net income and net income margin increased to $42.1 million and 11.1%, respectively, compared to $34.2 million and 10.0%, respectively, for the second quarter of 2018.

Fully Diluted Earnings Per Share: Fully diluted earnings per share for the second quarter of 2019 increased 20.4% to $0.65, compared to $0.54 in the second quarter of 2018.

Operating Cash Flow and Cash Balance: Second quarter 2019 operating cash flow was $18.0 million. In the second quarter $4.6 million was used for share repurchases. As of June 30, 2019, total cash and cash equivalents, short term investments and marketable securities were $867.4 million, and total debt was $460.3 million.
 
Non-GAAP Financial Highlights for the Second Quarter Ended June 30:
 
Revenues: Second quarter 2019 non-GAAP total revenues increased to $381.4 million, up 10.9% from $343.7 million for the second quarter of 2018.

Gross Profit: Second quarter 2019 non-GAAP gross profit and non-GAAP gross margin increased to $270.5 million and 70.9%, respectively, from $242.3 million and 70.5%, respectively, for the second quarter of 2018.

Operating Income: Second quarter 2019 non-GAAP operating income and non-GAAP operating margin increased to $101.3 million and 26.6%, respectively, from $88.7 million and 25.8%, respectively, for the second quarter of 2018.

Net Income: Second quarter 2019 non-GAAP net income and non-GAAP net income margin increased to $80.9 million and 21.2%, respectively, from $69.3 million and 20.2%, respectively, for the second quarter of 2018.

Fully Diluted Earnings Per Share: Second quarter 2019 non-GAAP fully diluted earnings per share increased 13.6% to $1.25, compared to $1.10 for the second quarter of 2018.
 
Third Quarter and Full Year 2019 Guidance:
 
Third Quarter 2019: Third quarter 2019 non-GAAP total revenues are expected to be in a range of $380 million to $390 million (2018 non-GAAP: $358.6 million). Third quarter 2019 non-GAAP fully diluted earnings per share are expected to be in a range of $1.23 to $1.33 (2018 non-GAAP: $1.20).

Full Year 2019: The Company increased full year 2019 non-GAAP total revenues to be in an expected range of $1,563 million to $1,583 million (2018 non-GAAP: $1,453.4 million). The Company increased full year 2019 non-GAAP fully diluted earnings per share to be in an expected range of $5.13 to $5.33 (2018 non-GAAP: $4.75).
 

Quarterly Results Conference Call

NICE management will host its earnings conference call today, August 8th, 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 850 810 90. 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 https://www.nice.com/investor-relations/upcoming-event. 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 644 715 21.

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, 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.

Investors
Marty Cohen, +1 551 256 5354, ir@nice.com, ET
Yisca Erez, +972 9 775-3798, ir@nice.com, CET

Media Contact
Chris Irwin-Dudek, +1 (551) 256-5140, Chris.Irwin-Dudek@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 second-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 to date
  
 
  
June 30,
    
June 30,
  
 
  
2019
    
2018
    
2019
    
2018
  
 
  
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
  
 
                        
Revenue:
                        
Product
  
$
62,018
    
$
49,397
    
$
132,049
    
$
110,767
  
Services
    
176,420
      
184,128
      
347,338
      
354,345
  
Cloud
    
141,976
      
108,517
      
278,054
      
212,372
  
Total revenue
    
380,414
      
342,042
      
757,441
      
677,484
  
 
                                
Cost of revenue:
                                
Product
    
5,651
      
7,395
      
11,532
      
15,532
  
Services
    
54,619
      
57,153
      
109,742
      
115,538
  
Cloud
    
70,495
      
54,138
      
140,541
      
106,131
  
Total cost of revenue
    
130,765
      
118,686
      
261,815
      
237,201
  
 
                                
Gross profit
    
249,649
      
223,356
      
495,626
      
440,283
  
 
                                
Operating expenses:
                                
Research and development, net
    
46,456
      
43,455
      
93,022
      
89,322
  
Selling and marketing
    
94,878
      
89,820
      
196,945
      
179,746
  
General and administrative
    
44,029
      
33,116
      
78,743
      
69,488
  
Amortization of acquired intangible assets
    
10,795
      
10,586
      
21,496
      
21,171
  
Total operating expenses
    
196,158
      
176,977
      
390,206
      
359,727
  
 
                                
Operating income
    
53,491
      
46,379
      
105,420
      
80,556
  
 
                                
Finance and other expense, net
    
724
      
2,937
      
4,142
      
6,905
  
 
                                
Income before tax
    
52,767
      
43,442
      
101,278
      
73,651
  
Taxes on income
    
10,709
      
9,207
      
22,156
      
15,890
  
Net income
  
$
42,058
    
$
34,235
    
$
79,122
    
$
57,761
  
 
                                
Earnings per share:
                                
Basic
  
$
0.68
    
$
0.56
    
$
1.28
    
$
0.94
  
Diluted
  
$
0.65
    
$
0.54
    
$
1.23
    
$
0.92
  
 
                                
Weighted average shares outstanding:
                                
Basic
    
62,116
      
61,212
      
61,980
      
61,133
  
Diluted
    
64,650
      
63,031
      
64,205
      
62,904
  

 
NICE LTD. AND SUBSIDIARIES
 
 
 
 
 
 
 
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
 
 
 
 
 
 
 
U.S. dollars in thousands (except per share amounts)
 
 
 
 
 
 
 
 
 
  
Quarter ended
    
Year to date
  
 
  
June 30,
    
June 30,
  
 
  
2019
    
2018
    
2019
    
2018
  
GAAP revenues
  
$
380,414
    
$
342,042
    
$
757,441
    
$
677,484
  
Valuation adjustment on acquired deferred product revenue
    
-
      
70
      
15
      
85
  
Valuation adjustment on acquired deferred services revenue
    
-
      
200
      
2
      
506
  
Valuation adjustment on acquired deferred cloud revenue
    
953
      
1,416
      
1,825
      
3,302
  
Non-GAAP revenues
  
$
381,367
    
$
343,728
    
$
759,283
    
$
681,377
  
 
                                
GAAP cost of revenue
  
$
130,765
    
$
118,686
    
$
261,815
    
$
237,201
  
Amortization of acquired intangible assets on cost of product
    
(979
)
    
(1,336
)
    
(1,849
)
    
(3,925
)
Amortization of acquired intangible assets on cost of services
    
(1,534
)
    
(987
)
    
(3,069
)
    
(1,810
)
Amortization of acquired intangible assets on cost of cloud
    
(15,043
)
    
(12,705
)
    
(29,848
)
    
(25,460
)
Valuation adjustment on acquired deferred cost of cloud
    
632
      
324
      
1,318
      
660
  
Cost of product revenue adjustment (1)
    
(102
)
    
-
      
(207
)
    
(188
)
Cost of services revenue adjustment (1)
    
(2,001
)
    
(1,896
)
    
(4,145
)
    
(3,649
)
Cost of cloud revenue adjustment (1)
    
(877
)
    
(645
)
    
(1,784
)
    
(1,414
)
Non-GAAP cost of revenue
  
$
110,861
    
$
101,441
    
$
222,231
    
$
201,415
  
 
                                
GAAP gross profit
  
$
249,649
    
$
223,356
    
$
495,626
    
$
440,283
  
Gross profit adjustments
    
20,857
      
18,931
      
41,426
      
39,679
  
Non-GAAP gross profit
  
$
270,506
    
$
242,287
    
$
537,052
    
$
479,962
  
 
                                
GAAP operating expenses
  
$
196,158
    
$
176,977
    
$
390,206
    
$
359,727
  
Research and development (1,2)
    
(1,587
)
    
(1,795
)
    
(3,149
)
    
(4,139
)
Sales and marketing (1,2)
    
(5,798
)
    
(6,851
)
    
(11,474
)
    
(13,154
)
General and administrative (1,2)
    
(8,806
)
    
(4,168
)
    
(15,416
)
    
(8,950
)
Amortization of acquired intangible assets
    
(10,794
)
    
(10,586
)
    
(21,496
)
    
(21,171
)
Valuation adjustment on acquired deferred commission
    
76
      
-
      
169
      
-
  
Non-GAAP operating expenses
  
$
169,249
    
$
153,577
    
$
338,840
    
$
312,313
  
 
                                
GAAP finance & other expense (income), net
  
$
724
    
$
2,937
    
$
4,142
    
$
6,905
  
Amortization of discount on long-term debt
    
(2,162
)
    
(2,094
)
    
(4,470
)
    
(4,257
)
Non-GAAP finance & other expense (income), net
  
$
(1,438
)
  
$
843
    
$
(328
)
  
$
2,648
  
 
                                
GAAP taxes on income
  
$
10,709
    
$
9,207
    
$
22,156
    
$
15,890
  
Tax adjustments re non-GAAP adjustments
    
11,052
      
9,316
      
19,934
      
19,091
  
Non-GAAP taxes on income
  
$
21,761
    
$
18,523
    
$
42,090
    
$
34,981
  
 
                                
GAAP net income
  
$
42,058
    
$
34,235
    
$
79,122
    
$
57,761
  
Valuation adjustment on acquired deferred revenue
    
953
      
1,686
      
1,842
      
3,893
  
Valuation adjustment on acquired deferred cost of cloud revenue
    
(632
)
    
(324
)
    
(1,318
)
    
(660
)
Amortization of acquired intangible assets
    
28,350
      
25,614
      
56,262
      
52,366
  
Valuation adjustment on acquired deferred commission
    
(76
)
    
-
      
(169
)
    
-
  
Share-based compensation (1)
    
18,328
      
15,355
      
35,332
      
31,494
  
Acquisition related expenses (2)
    
843
      
-
      
843
      
-
  
Amortization of discount on long term debt
    
2,162
      
2,094
      
4,470
      
4,257
  
Tax adjustments re non-GAAP adjustments
    
(11,052
)
    
(9,316
)
    
(19,934
)
    
(19,091
)
Non-GAAP net income
  
$
80,934
    
$
69,344
    
$
156,450
    
$
130,020
  
 
                                
GAAP diluted earnings per share
  
$
0.65
    
$
0.54
    
$
1.23
    
$
0.92
  
 
                                
Non-GAAP diluted earnings per share
  
$
1.25
    
$
1.10
    
$
2.44
    
$
2.07
  
 
                                
Shares used in computing GAAP diluted earnings per share
    
64,650
      
63,031
      
64,205
      
62,904
  
 
                                
Shares used in computing non-GAAP diluted earnings per share
    
64,650
      
63,031
      
64,205
      
62,904
  

 
NICE LTD. AND SUBSIDIARIES
 
 
 
 
 
 
 
RECONCILIATION OF GAAP TO NON-GAAP RESULTS  (continued)
 
 
 
 
 
 
U.S. dollars in thousands
 
 
 
 
 
 
 
 
(1)
Share-based Compensation
 
 
 
 
 
 
 
 
 
  
Quarter ended
    
Year to date
  
 
  
June 30,
    
June 30,
  
 
  
2019
    
2018
    
2019
    
2018
  
 
                        
Cost of product revenue
  
$
(102
)
  
$
-
    
$
(207
)
  
$
(188
)
Cost of services revenue
    
(2,001
)
    
(1,896
)
    
(4,145
)
    
(3,649
)
Cost of cloud revenue
    
(877
)
    
(645
)
    
(1,784
)
    
(1,414
)
Research and development
    
(1,582
)
    
(1,795
)
    
(3,144
)
    
(4,139
)
Sales and marketing
    
(5,768
)
    
(6,851
)
    
(11,444
)
    
(13,154
)
General and administrative
    
(7,998
)
    
(4,168
)
    
(14,608
)
    
(8,950
)
 
  
$
(18,328
)
  
$
(15,355
)
  
$
(35,332
)
  
$
(31,494
)

(2)
Acquisition related expenses
 
 
 
 
 
 
 
 
 
  
Quarter ended
    
Year to date
  
 
  
June 30,
    
June 30,
  
 
  
2019
    
2018
    
2019
    
2018
  
 
                        
Research and development
  
$
(5
)
  
$
-
    
$
(5
)
  
$
-
  
Sales and marketing
    
(30
)
    
-
      
(30
)
    
-
  
General and administrative
    
(808
)
    
-
      
(808
)
    
-
  
 
  
$
(843
)
  
$
-
    
$
(843
)
  
$
-
  

NICE LTD. AND SUBSIDIARIES
 
 
 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENTS
 
 
 
 
 
 
 
U.S. dollars in thousands
 
 
 
 
 
 
 
 
 
  
Quarter ended
    
Year to date
  
 
  
June 30,
    
June 30,
  
 
  
2019
    
2018
    
2019
    
2018
  
 
  
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
  
 
                        
Operating Activities
                        
 
                        
Net income
  
$
42,058
    
$
34,235
    
$
79,122
    
$
57,761
  
Depreciation and amortization
    
43,012
      
36,920
      
84,820
      
74,857
  
Stock based compensation
    
18,312
      
15,355
      
35,316
      
31,494
  
Amortization of premium and discount and accrued interest on marketable securities
    
(233
)
    
(9
)
    
(574
)
    
(307
)
Deferred taxes, net
    
(10,764
)
    
(10,245
)
    
(18,622
)
    
(19,912
)
Changes in operating assets and liabilities:
                                
Trade Receivables
    
(10,611
)
    
18,842
      
20,112
      
2,688
  
Prepaid expenses and other assets
    
(51,949
)
    
(15,809
)
    
(72,531
)
    
(28,228
)
Trade payables
    
4,543
      
7,833
      
3,718
      
2,332
  
Accrued expenses and other current liabilities
    
(22,822
)
    
(6,044
)
    
9,616
      
(10,464
)
Operating lease right-of-use assets, net
    
3,379
      
-
      
7,496
      
-
  
Deferred revenue
    
5,462
      
(19,011
)
    
58,869
      
87,106
  
Long term liabilities
    
(403
)
    
(404
)
    
(280
)
    
(787
)
Operating lease liabilities
    
(3,654
)
    
-
      
(9,159
)
    
-
  
Amortization of discount on long term debt
    
2,162
      
2,094
      
4,469
      
4,257
  
Other
    
(516
)
    
56
      
(1,984
)
    
(127
)
  Net cash provided by operating activities
    
17,976
      
63,813
      
200,388
      
200,670
  
 
                                
Investing Activities
                                
 
                                
Purchase of property and equipment
    
(6,566
)
    
(8,248
)
    
(14,982
)
    
(13,564
)
Purchase of Investments
    
(114,834
)
    
(52,278
)
    
(306,142
)
    
(187,923
)
Proceeds from Investments
    
93,558
      
40,692
      
170,508
      
59,709
  
Capitalization of software development costs
    
(8,897
)
    
(7,672
)
    
(17,391
)
    
(15,476
)
Payments for business and asset acquisitions, net of cash acquired
    
(25,788
)
    
-
      
(25,788
)
    
-
  
  Net cash used in investing activities
    
(62,527
)
    
(27,506
)
    
(193,795
)
    
(157,254
)
 
                                
Financing Activities
                                
 
                                
Proceeds from issuance of shares upon exercise of share options
    
1,401
      
4,199
      
3,018
      
7,443
  
Purchase of treasury shares
    
(4,615
)
    
(6,361
)
    
(14,715
)
    
(10,613
)
Capital Lease payments
    
(187
)
    
-
      
(440
)
    
-
  
  Net cash used in financing activities
    
(3,401
)
    
(2,162
)
    
(12,137
)
    
(3,170
)
 
                                
Effect of exchange rates on cash and cash equivalents
    
(433
)
    
(3,790
)
    
(244
)
    
(3,732
)
 
                                
Net change in cash and cash equivalents
    
(48,385
)
    
30,355
      
(5,788
)
    
36,514
  
Cash and cash equivalents, beginning of period
  
$
284,696
    
$
334,461
    
$
242,099
    
$
328,302
  
 
                                
Cash and cash equivalents, end of period
  
$
236,311
    
$
364,816
    
$
236,311
    
$
364,816
  

 
NICE LTD. AND SUBSIDIARIES
 
 
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
 
U.S. dollars in thousands
 
 
 
 
 
 
  
June 30,
    
December 31,
  
 
  
2019
    
2018
  
 
  
Unaudited
    
Audited
  
 
            
ASSETS
            
 
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
236,311
    
$
242,099
  
Short-term investments
    
272,968
      
243,729
  
Trade receivables
    
268,993
      
287,963
  
Prepaid expenses and other current assets
    
121,619
      
87,450
  
 
                
Total current assets
    
899,891
      
861,241
  
 
                
LONG-TERM ASSETS:
                
Long-term investments
    
358,151
      
244,998
  
Property and equipment, net
    
140,957
      
140,338
  
Deferred tax assets
    
12,532
      
12,309
  
Other intangible assets, net
    
467,495
      
508,232
  
Operating lease right-of-use assets
    
117,030
      
-
  
Goodwill
    
1,380,751
      
1,366,206
  
Other long-term assets
    
114,317
      
74,042
  
 
                
Total long-term assets
    
2,591,233
      
2,346,125
  
 
                
TOTAL ASSETS
  
$
3,491,124
    
$
3,207,366
  
 
                
LIABILITIES AND SHAREHOLDERS' EQUITY
                
 
                
CURRENT LIABILITIES:
                
Trade payables
  
$
30,862
    
$
29,617
  
Deferred revenues and advances from customers
    
280,601
      
221,387
  
Current maturities of operating leases
    
17,348
      
-
  
Accrued expenses and other liabilities
    
374,171
      
373,908
  
 
                
Total current liabilities
    
702,982
      
624,912
  
 
                
LONG-TERM LIABILITIES:
                
Deferred revenues and advances from customers
    
35,762
      
35,112
  
Operating leases
    
116,549
      
-
  
Deferred tax liabilities
    
29,057
      
44,140
  
Long-term debt
    
460,291
      
455,985
  
Other long-term liabilities
    
15,974
      
30,604
  
 
                
Total long-term liabilities
    
657,633
      
565,841
  
 
                
SHAREHOLDERS' EQUITY
    
2,130,509
      
2,016,613
  
 
                
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  
$
3,491,124
    
$
3,207,366