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» NICE Systems Q3 2007 Earnings Call Transcript
During today’s call, we will present a more detailed discussion of fourth quarter and full year 2011 results and the company’s guidance for the first quarter and full year 2012. Following our comments, there will be an opportunity for questions.Let me remind you that unless otherwise noted on this call, we will be commenting on our adjusted results of operations which differ in certain respects from the Generally Accepted Accounting Principles as reflected mainly in accounting for acquisition-related revenues and expenses, amortization of intangible assets and accounting for stock-based compensation. The differences between the non-GAAP adjusted results and the equivalent GAAP figures are detailed in today’s press release. With that, I will now turn the call over to Zeevi. Zeevi Bregman Thank you, Marty. And welcome everyone to our fourth quarter and full year 2011 earning call. We are pleased to report strong fourth quarter and full year results. Fourth quarter non-GAAP revenue increased 14% compared to the fourth quarter of 2010, reaching a record $214 million. Full year non-GAAP revenues increased 15% to $798 million. Non-GAAP EPS in Q4 increased 17% compared to the fourth quarter of last year, reaching a record $0.60 and breaking full year non-GAAP EPS to $2.10, an increase of 20% compared to 2010. We had a very strong finish to the year resulting in book-to-bill ratio much greater than 1 in the fourth quarter. For the full year 2011, our book-to-bill ratio was greater than 1 and our backlog as we enter 2012 is at an all-time high. When we look at the drivers of our strong performance in 2011, the strength came from diverse area of our business. We had particularly strong execution in the Americas and in APAC. Both our enterprise and our security business grow in the mid-teens and we saw in increase in the number of large deals. And importantly, our clear focus ongoing our analytics-based solution resulted in high growth rates for these products.
We expect the solution to continue to fuel our revenue growth going forward. We are also seeing increasing demand for our ability in the cybercrime space which span across our financial crime and compliance solutions and our security solutions.Moreover, in 2011, we announced four acquisitions, which further strengthened our already strong product portfolio. We enhanced our offering for the small and mid-sized enterprises, strengthened our real-time impact technology, added a real-time feedback solution and are now adding a market-leading, closed-loop performance management solution with last week’s closing of our acquisition of Merced. This acquisition combined with our continued focus on innovation into advanced application and unstructured data analytics underscore our commitment to provide our customers with a market-leading, best-of-class, analytics-based solution. As our portfolio broadened, we continue to further penetrate our existing customer base and renew customers. Let us now move to discussing our business in more detail. Let’s start with our enterprise business. In 2011, we generated high-teens growth in the customer interactions business which was fueled by high growth rates of our analytics-based solution. These solutions benefited from increased adoption in geographic expansion. In the Americas, where we reported strong growth, leading financial institutions and companies with a significant focus on customer care are continuing to increase their adoptions of our analytics-based application, many with sizeable deals. For example in Q4, a top five American brand placed an eight-digit interaction analytics order which is our largest ever analytics deal. Our customers are looking at NICE to provide them with the best of suite solutions and to become the vendor of choice for all analytics and interaction-based solution. The adoption of analytics is expanding globally. In 2011, we produced our solutions in new languages including Chinese, Japanese, Turkish and Russian and we won our first interaction analytics deal in Poland, Russia, South Africa and Singapore. We extended our presence in countries such as Brazil, Mexico, India and Australia. Read the rest of this transcript for free on seekingalpha.com