2017 SECOND QUARTER RESULTS. Ended June 30, 2017

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1 2017 SECOND QUARTER RESULTS Ended June 30, 2017

2 Forward Looking Statements Disclaimer This presentation contains statements, including statements about future plans and expectations, which constitute forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of Such forward looking statements are generally stated in terms of the Company s plans, expectations and intentions. These statements are based on the current beliefs, expectations and assumptions of the Company s management and the current economic environment. 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. 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 the global economic environment on the Company s customer base (particularly financial services firms) potentially impacting our business and financial condition; competition; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; and the effect 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 in our other relevant filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance, and undue reliance should not be placed upon these statements. The forward-looking statements contained in this presentation are made as of the date hereof, and the Company undertakes no obligation to update or revise them, except as required by law. 2

3 Explanation of Non-GAAP measures Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: amortization of acquired intangible assets, re-organization expenses, share-based compensation, and certain business combination accounting entries, settlement, amortization of discount on long term debt and tax adjustment re non-gaap adjustments. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-gaap financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-gaap financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-gaap measures are among the primary factors management uses in planning for and forecasting future periods. Business combination accounting rules requires us to recognize a legal performance obligation related to a revenue arrangement of an acquired entity. The amount assigned to that liability should be based on its fair value at the date of acquisition. The non-gaap adjustment is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business. We believe these non-gaap financial measures provide consistent and comparable measures to help investors understand our current and future operating cash flow performance. These non-gaap financial measures may differ materially from the non-gaap financial measures used by other companies. Reconciliation between results on a GAAP and non-gaap basis is provided in a table immediately following the Consolidated Statements of Income. 3

4 Q Highlights Income Statement Balance Sheet and Cash Flow Analysis Outlook

5 Q Highlights* Revenue of $315M; growth of 34% YoY Gross profit grew 34% YoY to $222M; gross margin increased to 70.5% Operating income increased to $72M; growth of 27% YoY EPS growth of 14% YoY to $0.90 Operating cash flow of $69M; compared to $30M last year Recurring revenue accounted for 66% of total revenue Analytics represented 61% of new bookings in Q2 Full year EPS guidance increased * All numbers are Non-GAAP 5

6 Q Highlights Income Statement Balance Sheet and Cash Flow Analysis Outlook

7 Good Growth and Execution REVENUES (Non-GAAP, $M) % Strong growth in both product revenue and cloud revenue Recurring revenue accounted for 66% of total revenue Q2 16 Q2 17 EARININGS PER SHARE (Non-GAAP, $) 0,79 14% 0,90 Excellent operating leverage results in strong EPS growth despite higher tax rate and finance expense Q2 16 Q2 17 7

8 GAAP and Non-GAAP Income Statement $M (except EPS) Q Q GAAP revenue Valuation adjustment on acquired deferred product revenue Valuation adjustment on acquired deferred service revenue Valuation adjustment on acquired deferred cloud revenue Non-GAAP revenues GAAP Cost of revenue Amortization of acquired intangible assets on cost of product (6.1) (7.6) Amortization of acquired intangible assets on cost of services (1.1) (3.5) Amortization of acquired intangible assets on cost of cloud (11.0) - Valuation adjustments on acquired deferred cost of service Cost of product revenue adjustment (0.2) (0.0) Cost of services revenue adjustment (1.8) (1.7) Cost of cloud revenue adjustment (0.7) (0.0) Non-GAAP cost of revenue GAAP gross profit Gross profit adjustments Non-GAAP gross profit GAAP operating expenses Research and development (2.2) (1.1) Sales and marketing (5.9) (3.7) General and administrative (3.5) (3.7) Amortization of acquired intangible assets (10.2) (4.8) Non-GAAP operating expenses

9 GAAP and Non-GAAP Income Statement (cont.) $M (except EPS) Q Q GAAP finance & other income (3.4) 2.9 Amortization of discount on long term debt Non-GAAP finance & other income (1.3) 2.9 GAAP taxes on income Tax adjustment re non-gaap adjustments Non-GAAP taxes on income GAAP net income (loss) from continuing operations Valuation adjustment on acquired deferred revenue Valuation adjustment on acquired deferred cost of service of revenue (0.3) - Amortization of acquired intangible assets Share-based compensation Re-organization expenses Amortization of discount on long term debt Tax adjustments re non-gaap adjustments (12.7) (10.5) Non-GAAP net income from continuing operations GAAP diluted earnings (loss) per share from continuing operations Non-GAAP diluted earnings per share from continuing operations

10 Q Revenue Breakdown by Region (Non-GAAP) 77% AMERICAS $244M, +51% YoY 14% EMEA $43M, -10% YoY 10 9% APAC $28M, +10% YoY

11 Q Revenue Breakdown by Business Unit (Non-GAAP) 81% CUSTOMER ENGAGEMENT $254M, +48% YoY 19% FINANCIAL CRIME & COMPLIANCE $61M, -3% YoY 11

12 Total Gross Margin Q (Non-GAAP) 70,4% 70,5% Q2 16 Q2 17 Despite the consolidation of incontact, which has a lower gross margin, gross margin slightly increased as a result of continuous improvement in the Service organization. 12

13 Gross Margin Q (Non-GAAP) PRODUCT MARGIN 89.4% -10bp SERVICES MARGIN 67.8% +490bp CLOUD MARGIN 60.4% -880bp Product GM 89,5% Product GM 89,4% Service GM 67,8% Cloud GM 69,2% Service GM 62,9% Cloud GM 60,4% 13 Q2 16 Q2 17 Q2 16 Q2 17 Q2 16 Q2 17 Continued expansion in the services gross margin as a result of continued efficient utilization of the services organization The decrease in the cloud margin is the result of the consolidation of incontact

14 Operating Income and Margin (Non-GAAP) 29,0% ,0% ,0% 50 23,0% 24,0% 22,8% 40 21,0% 30 19,0% 20 17,0% 10 15,0% Q Q Operating Income Operating Margin 14 Q decrease in the operating margin is the result of an increase in OPEX due to the consolidation of incontact

15 Cost Ratio Q (Non-GAAP) R&D As % of revenue S&M As % of revenue G&A As % of revenue S&M 26,0% R&D 14,2% R&D 12,9% S&M 23,4% G&A 8,9% G&A 8,8% Q2 16 Q2 17 Q2 16 Q2 17 Q2 16 Q2 17 R&D expenses increased YoY but decreased as a percentage of revenue due to software capitalization Increase in S&M is the result of an increase in sales commissions relative to higher revenue and heavier marketing activity 15

16 Analytic Applications As % of new bookings 65% 61% 56% 50% 48% Q2 13 Q2 14 Q2 15 Q2 16 Q2 17 Analytics continue to drive growth, and in Q represented 61% of new bookings 16

17 Q Highlights Income Statement Balance Sheet and Cash Flow Analysis Outlook

18 Balance Sheet June 30, 2017 Assets ($M) 06/30/ /31/2016 Cash and cash equivalents Short term investments Trade receivables Prepaid expenses and other current assets Current assets of discontinued operation Total current assets Long term Investments Property and equipment Deferred tax assets Other Intangible assets Goodwill 1, ,284.7 Other long term assets Total Assets 2, ,631.9 Equity & Liabilities ($M) 06/30/ /31/2016 Current maturities of long term loan Trade payables Current portion of deferred revenue and advances from customers Accrued expenses and other liabilities Current liabilities of discontinued operation Current liabilities Deferred revenue and advance from customers Deferred tax liabilities Long term debt Other long term liabilities Total long term liabilities Equity 1, ,511.3 Equity & Liabilities 2, ,

19 Cash Flow From Operations ** $M Q Q % Cash flow from operations % - Capital expenditure % - Capitalization of software development % Cash flow from operations after capex and software capitalization % Cash flow from operation after capex and software capitalization as % of non-gaap revenue 15.6% 10.2% (5.4pp) Cash conversion rate * % Days sales outstanding (DSO) % * Cash Conversion Rate = (Cash Flow from Operations after CAPEX and software capitalization / Non-GAAP Net Income) ** Cash flow numbers include Intelligence and Physical Security divisions 19

20 Cash Movement and Liquidity June 30, 2017 Convertibles $261 Debt -$260 Operating CF $201 Other $15 CAPEX -$37 Dividend -$10 Buyback -$16 Liquidity 30/06/17 $440M Liquidity 31/12/16 $ * Total Liquidity = Cash and Cash Equivalents + Current Investments + Long Term Investments

21 Q Highlights Income Statement Balance Sheet and Cash Flow Analysis Outlook

22 Outlook (Non-GAAP) Q Revenue ($M) EPS ($) FY 2017 Revenue ($M) 1,330-1,354 EPS ($) The outlook is provided as of August 3, There is no guarantee that the Company will change or update these figures in this presentation should a need arise in the future to update the outlook. This is in addition to the forward-looking statements disclaimer at the beginning of the presentation. 22

23 23

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