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Nice Ltd. — NICE Earnings Presentation 2025 Q3 FINAL (company IR deck)
Nice Ltd. (NICE) · 26 slides · Filed Oct 30, 2026
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Slide 1 — Q3 2025
( N AS D A Q : N I C E ) Q3 2025 Earnings Presentation
Slide 2 — Disclaimer
Forward Looking Statements Disclaimer This presentation 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, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, 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, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, 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. Explanation of Non-GAAP measures Non-GAAP financial measures are included in this presentation. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related expenses, amortization of discount on 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 in the earnings press release and in the appendix in this presentation. 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. Disclaimer
Slide 3 — Create a NiCE world
Digitally Transforming Criminal Justice Public Safety & Justice Customer Experience Automating Customer Service by Orchestrating Workflows, Agents & Knowledge Financial Crime & Compliance Fighting Financial Crime and Fraud Create a NiCE world
Slide 4 — >150
4 >85% Fortune 100 Customers >150 Countries Cloud Revenue* $2.2B $786M Cash from Operations* $2.9B Total Revenue* >3,300 R&D Professionals >9,500 Employees Customers 25K Recurring Revenue* $2.6B *Financial figures for last 12 months ended September 30, 2025. THE Cloud Leader Powering AI in Three Large Specialized Markets
Slide 5 — FINANCIAL
technology works for you In a NiCE world FINANCIAL OVERVIEW Quarterly Results
Slide 6 — Q3-25 Financial Highlights
6 Q3-25 Financial Highlights Q3 2025 Results* Quarterly Results Change Y/Y Total Revenue $732M 6% Cloud Revenue $563M 13% Non-GAAP Operating Income $231M 5% Non-GAAP Operating Margin 31.5% (50 bps) Non-GAAP EPS $3.18 10% * Q3 2025 results include the financial performance of Cognigy from the date of the acquisition.
Slide 7 — $268M
LTM Q3/2025 Cloud NRR 7 Cloud Growth Fueled by AI Adoption and Customer Expansion AI and Self-Service ARR AI and Self-Service ARR YoY Growth (+43% YoY excluding Cognigy) AI and Self-Service as % of Total Cloud Revenue $268M 49% 12% 109%
Slide 8 — Revenue Breakdown by Business Segment
$472M $481M $498M $523M $551M $556M $578M $597M $592M $597M $613M $100M $100M $103M $101M $108M $109M $111M $125M $108M $130M $119M $572M $581M $601M $623M $659M $664M $690M $722M $700M $727M $732M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Customer Engagement Financial Crime and Compliance 8 Revenue Breakdown by Business Segment Quarterly Revenue Annual Revenue $1,769M $1,974M $2,282M $412M $403M $453M $2,181M $2,378M $2,735M 2022 2023 2024 Customer Engagement Financial Crime and Compliance
Slide 9 — Revenue Breakdown by Business Model
$368M $382M $403M $429M $468M $482M $500M $534M $526M $541M $563M $160M $159M $160M $162M $149M $148M $150M $150M $140M $140M $139M $44M $40M $38M $32M $42M $35M $40M $38M $34M $45M $30M $572M $581M $601M $623M $659M $664M $690M $722M $700M $727M $732M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Cloud Services Product 9 Revenue Breakdown by Business Model Quarterly Revenue Annual Revenue $1,295M $1,582M $1,984M $650M $641M $596M $236M $154M $155M $2,181M $2,378M $2,735M 2022 2023 2024 Cloud Services Product
Slide 10 — Recurring Revenue as a Percent of Total Revenue
59% 67% 73% 23% 20% 16% 82% 87% 89% 2022 2023 2024 Cloud Revenue Non-Cloud Recurring Revenue 10 Recurring Revenue as a Percent of Total Revenue 64% 66% 67% 69% 71% 73% 72% 74% 75% 74% 77% 21% 20% 20% 19% 17% 16% 17% 15% 15% 15% 14% 85% 86% 87% 88% 88% 89% 89% 89% 90% 89% 91% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Cloud Revenue Non-Cloud Recurring Revenue Quarterly Annual
Slide 11 — 11
11 Revenue Breakdown by Geographic Region – Q3 2025 EMEA $74M, +7% YoY 10% APAC $40M, +19% YoY 6% 84% AMERICAS $618M, +5% YoY
Slide 12 — Healthy Gross Margins (Non-GAAP)
70.0% 70.3% 70.4% 71.1% 69.8% 70.2% 69.7% 70.6% 69.4% 68.7% 69.9% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Healthy Gross Margins (Non-GAAP) Cloud GM 71.8% 72.2% 73.6% 72.0% 70.6% 70.2% 71.9% 70.6% 68.8% 67.2% 67.7% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Services GM 84.9% 81.8% 86.1% 82.9% 85.0% 79.4% 84.8% 86.2% 81.2% 83.8% 80.5% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Product GM 70.0% 70.5% 70.1% 2022 2023 2024 73.5% 72.4% 70.8% 2022 2023 2024 89.2% 84.0% 84.0% 2022 2023 2024
Slide 13 — Non-GAAP Operating Expenses as a Percent of Total Revenue
14.8% 14.6% 14.5% 24.0% 22.5% 20.6% 7.9% 7.5% 7.3% 46.7% 44.6% 42.3% 2022 2023 2024 R&D* S&M G&A 13 Non-GAAP Operating Expenses as a Percent of Total Revenue 14.7% 14.7% 14.8% 14.1% 14.5% 14.2% 14.7% 14.6% 14.5% 14.4% 14.4% 23.2% 23.1% 21.4% 22.4% 20.6% 21.0% 19.2% 21.5% 20.2% 20.6% 19.3% 7.7% 7.1% 7.5% 7.7% 8.0% 7.4% 7.6% 6.2% 7.1% 6.6% 7.3% 45.6% 44.9% 43.7% 44.2% 40.6% 42.6% 41.5% 42.2% 41.8% 41.6% 41.0% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 R&D* S&M G&A * R&D including capitalization Quarterly Annual
Slide 14 — Strong Operating Leverage Evident in Growing Profitability
$180M $187M $203M $205M $220M $223M $242M $249M $235M $243M $254M 31.5% 32.1% 33.7% 32.9% 33.3% 33.5% 35.1% 34.5% 33.6% 33.4% 34.7% $0 $50 $100 $150 $200 $250 $300 26% 28% 30% 32% 34% 36% 38% 40% 42% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Non-GAAP EBITDA Non-GAAP EBITDA Margin $163M $170M $184M $187M $200M $202M $221M $227M $214M $220M $231M 28.6% 29.2% 30.6% 30.0% 30.3% 30.4% 32.0% 31.5% 30.5% 30.2% 31.5% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 $260 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Operating Income Operating Margin 14 Strong Operating Leverage Evident in Growing Profitability Non-GAAP Operating Margin $694M $775M $933M 31.8% 32.6% 34.1% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 $260 $280 $300 $320 $340 $360 $380 $400 $420 $440 $460 $480 $500 $520 $540 $560 $580 $600 $620 $640 $660 $680 $700 $720 $740 $760 $780 $800 $820 $840 $860 $880 $900 $920 $940 $960 $980 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 2022 2023 2024 Non-GAAP EBITDA Non-GAAP EBITDA Margin $625M $704M $850M 28.7% 29.6% 31.1% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 $260 $280 $300 $320 $340 $360 $380 $400 $420 $440 $460 $480 $500 $520 $540 $560 $580 $600 $620 $640 $660 $680 $700 $720 $740 $760 $780 $800 $820 $840 $860 $880 $900 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 2022 2023 2024 Operating Income Operating Margin Non-GAAP EBITDA
Slide 15 — Non-GAAP Net Income and EPS Reflect NICE’s Financial Strength
$136M $142M $151M $155M $172M $174M $187M $196M $185M $190M $201M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 15 Non-GAAP Net Income and EPS Reflect NICE’s Financial Strength Non-GAAP Net Income $2.03 $2.13 $2.27 $2.36 $2.58 $2.64 $2.88 $3.02 $2.87 $3.01 $3.18 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Non-GAAP EPS $507M $583M $728M 2022 2023 2024 $7.62 $8.79 $11.12 2022 2023 2024 7% YoY Growth 25% YoY Growth 10% YoY Growth 27% YoY Growth
Slide 16 — Healthy Cash From Operations and Free Cash Flow
Healthy Cash From Operations and Free Cash Flow 16 * Cash Conversion Rate = (Free Cash Flow / Non-GAAP Net Income) LTM Free Cash Flow and Margin $M LTM Q3-25 LTM Q3-24 Operating Cash Flow 786.4 763.6 Capital expenditure of property and equipment (23.1) (33.5) Capitalization of software development (71.4) (61.9) Free cash flow 692.0 668.3 8 22 Free cash flow margin 24.0% 25.3 Cash conversion rate * 0.9 1.0 $668M $733M $769M $660M $692M 25% 27% 28% 23% 24% 0% 5% 10% 15% 20% 25% 30% $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 $1,000.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 LTM FCF % LTM FCF margin
Slide 17 — Executing on Share Repurchase Plan
Executing on Share Repurchase Plan 17 $65M $65M $90M $69M $42M $146M $86M $95M $252M $31M $41M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Quarterly Annual $145M $288M $369M 2022 2023 2024
Slide 18 — Industry Leading Strong Net Cash Position*
18 Industry Leading Strong Net Cash Position* Net cash and investments = cash, cash equivalents and short-term investments less total debt net of debt hedge option asset Ending cash balance in 9/30/2025 reflects Cognigy acquisition closed in Sep’ 25 for $827M and debt repayment of $460M $1,141M $1,119M $1,107M $863M $1,045M $1,046M $1,068M $1,163M $1,151M $1,172M $456M 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Quarterly Annual $1,029M $863M $1,163M 12/31/2022 12/31/2023 12/31/2024
Slide 19 — Outlook* (Non-GAAP)
FY 2025 Revenue ($M) 2,932 – 2,946 Revenue Growth YoY at Midpoint 7% EPS ($) 12.18 – 12.32 EPS Growth YoY at Midpoint 10% Outlook* (Non-GAAP) 19 *The outlook is provided as of November 13, 2025. 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. 19
Slide 20 — Appendix
20 Appendix
Slide 21 — GAAP and Non-GAAP Income Statement
Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 GAAP revenues $ 731,999 $ 689,963 $ 2,158,903 $ 2,013,672 Non-GAAP revenues $ 731,999 $ 689,963 $ 2,158,903 $ 2,013,672 GAAP cost of revenue $ 242,930 $ 229,686 $ 716,611 $ 677,138 Amortization of acquired intangible assets on cost of cloud (17,177) (24,278) (45,782) (73,778) Amortization of acquired intangible assets on cost of product - - - (410) Cost of cloud revenue adjustment (1,2) (2,910) (3,175) (9,381) (9,029) Cost of services revenue adjustment (1) (2,431) (2,511) (7,127) (7,506) Cost of product revenue adjustment (1) (22) (30) (65) (90) Non-GAAP cost of revenue $ 220,390 $ 199,692 $ 654,256 $ 586,325 GAAP gross profit $ 489,069 $ 460,277 $ 1,442,292 $ 1,336,534 Gross profit adjustments 22,540 29,994 62,355 90,813 Non-GAAP gross profit $ 511,609 $ 490,271 $ 1,504,647 $ 1,427,347 GAAP operating expenses $ 328,295 $ 318,898 $ 972,757 $ 944,892 Research and development (1,2) (4,762) (6,734) (12,633) (22,361) Sales and marketing (1,2) (13,457) (14,944) (42,129) (42,326) General and administrative (1,2) (22,469) (22,154) (58,951) (59,414) Amortization of acquired intangible assets (6,859) (5,613) (18,508) (15,824) Valuation adjustment on acquired deferred commission - 1 - 24 Non-GAAP operating expenses $ 280,748 $ 269,454 $ 840,536 $ 804,991 GAAP financial and other income, net $ (21,136) $ (12,280) $ (51,806) $ (41,934) Amortization of discount on debt (361) (430) (1,210) (1,404) Change in fair value of contingent consideration - (36) - (115) Realized gain on marketable securities, net 4,463 - 4,463 - Non-GAAP financial and other income, net $ (17,034) $ (12,746) $ (48,553) $ (43,453) GAAP taxes on income $ 37,057 $ 32,738 $ 59,794 $ 90,497 Tax adjustments re non-GAAP adjustments 10,043 13,886 76,763 42,665 Non-GAAP taxes on income $ 47,100 $ 46,624 $ 136,557 $ 133,162 GAAP and Non-GAAP Income Statement USD in thousands (except EPS) 21
Slide 22 — GAAP and Non-GAAP Income Statement (cont.)
GAAP and Non-GAAP Income Statement (cont.) USD in thousands (except EPS) 22 Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 GAAP net income $ 144,853 $ 120,921 $ 461,547 $ 343,079 Amortization of acquired intangible assets 24,036 29,891 64,290 90,012 Valuation adjustment on acquired deferred commission - (1) - (24) Share-based compensation (1) 37,380 48,731 121,220 137,997 Acquisition related expenses (2) 8,671 817 9,066 2,729 Amortization of discount on debt 361 430 1,210 1,404 Realized gain on marketable securities, net (4,463) - (4,463) - Change in fair value of contingent consideration - 36 - 115 Tax adjustments re non-GAAP adjustments (10,043) (13,886) (76,763) (42,665) Non-GAAP net income $ 200,795 $ 186,939 $ 576,107 $ 532,647 GAAP diluted earnings per share $ 2.29 $ 1.86 $ 7.26 $ 5.22 Non-GAAP diluted earnings per share $ 3.18 $ 2.88 $ 9.06 $ 8.10 Shares used in computing GAAP diluted earnings per share 63,161 64,838 63,574 65,741 Shares used in computing non-GAAP diluted earnings per share 63,161 64,838 63,574 65,741
Slide 23 — GAAP and Non-GAAP Income Statement (cont.)
GAAP and Non-GAAP Income Statement (cont.) USD in thousands 23 (1) Share-based compensation Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 Cost of cloud revenue $ 2,910 $ 3,175 $ 9,381 $ 8,967 Cost of services revenue 2,431 2,511 7,127 7,506 Cost of product revenue 22 30 65 90 Research and development 4,762 6,734 12,633 22,031 Sales and marketing 13,447 14,937 42,119 41,676 General and administrative 13,808 21,344 49,895 57,727 $ 37,380 $ 48,731 $ 121,220 $ 137,997 (2) Acquisition related expenses Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 Cost of cloud revenue $ - $ - $ - $ 62 Research and development - - - 330 Sales and marketing 10 7 10 650 General and administrative 8,661 810 9,056 1,687 $ 8,671 $ 817 $ 9,066 $ 2,729
Slide 24 — Non-GAAP EBITDA Reconciliation
Non-GAAP EBITDA Reconciliation USD in thousands 24 Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited GAAP net income $ 144,853 $ 120,921 $ 461,547 $ 343,079 Non-GAAP adjustments: Depreciation and amortization 48,918 52,964 136,971 156,244 Share-based compensation 35,834 47,252 116,481 133,882 Financial and other income, net (21,136) (12,280) (51,806) (41,934) Acquisition related expenses 8,671 817 9,066 2,729 Valuation adjustment on acquired deferred commission - (1) - (24) Taxes on income 37,057 32,738 59,794 90,497 Non-GAAP EBITDA $ 254,197 $ 242,411 $ 732,053 $ 684,473
Slide 25 — Free Cash Flow Reconciliation
Free Cash Flow Reconciliation USD in thousands (a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs. 25 Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Net cash provided by operating activities $ 190,500 $ 158,961 $ 536,893 $ 583,119 Purchase of property and equipment (7,258) (10,419) (15,504) (27,395) Capitalization of internal use software costs (19,663) (16,812) (54,566) (47,986) Free Cash Flow (a) $ 163,579 $ 131,730 $ 466,823 $ 507,738
Slide 26 — Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet USD in thousands 26 September 30, December 31, 2025 2024 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 418,052 $ 481,712 Short-term investments 37,840 1,139,996 Trade receivables 714,915 643,985 Prepaid expenses and other current assets 212,159 239,080 Total current assets 1,382,966 2,504,773 LONG-TERM ASSETS: Property and equipment, net 188,373 185,292 Deferred tax assets 222,486 219,232 Other intangible assets, net 624,057 231,346 Operating lease right-of-use assets 76,611 93,083 Goodwill 2,438,371 1,849,668 Prepaid expenses and other long-term assets 218,658 212,512 Total long-term assets 3,768,556 2,791,133 TOTAL ASSETS $ 5,151,522 $ 5,295,906 September 30, December 31, 2025 2024 Unaudited Audited LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 92,114 $ 110,603 Deferred revenues and advances from customers 345,315 299,367 Current maturities of operating leases 12,783 12,554 Debt - 458,791 Accrued expenses and other liabilities 530,024 593,109 Total current liabilities 980,236 1,474,424 LONG-TERM LIABILITIES: Deferred revenues and advances from customers 61,996 66,289 Operating leases 74,071 92,258 Deferred tax liabilities 114,136 1,965 Other long-term liabilities 60,337 57,807 Total long-term liabilities 310,540 218,319 SHAREHOLDERS' EQUITY Nice Ltd's equity 3,860,746 3,589,742 Non-controlling interests - 13,421 Total shareholders' equity 3,860,746 3,603,163 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,151,522 $ 5,295,906