Welcome to the NICE Systems Conference Call discussing Third Quarter 2011 Results and thank you all for holding. All participants are at present in a listen-only mode. Following management’s formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded November 3, 2011. I would now like to turn the call over to Mr. Zeevi Bregman, President and Chief Executive Officer. Please go ahead. Zeevi Bregman – President and Chief Executive Officer: Thank you, operator. Before we begin, I want to welcome our new VP, Investor Relations Marty Cohen who joined us a few weeks ago from SAP. Marty joins the NICE management team and is based in New York. Marty? Marty Cohen – Vice President, Investor Relations: Thank you, Zeevi. With me on the call today are Zeevi Bregman, President and Chief Executive Officer; and Dafna Gruber, Chief Financial Officer. Before we start, I would like to point out that some of the statements made on this call will constitute forward-looking statements. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, please be advised the company’s actual results could differ materially from these forward-looking statements. Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk Factors and Item 3 of the company’s 2010 annual report on Form 20-F as filed with the Securities and Exchange Commission on March 3, 2011. During today’s call, we will present a more detailed discussion of the third quarter 2011 results and the company’s updated guidance for the fourth quarter and full year 2011. Following our comments, there will be an opportunity for questions. Let me remind you that unless otherwise noted on this call…

Thank you. Ladies and gentlemen at this time, we will begin the question-and-answer session. (Operator Instructions) The first question is from Shaul Eyal of Oppenheimer. Please go ahead. Shaul Eyal – Oppenheimer: Thank you operator, good afternoon everybody, (Marty), welcome on the board and also kind of want to comment Dafna for a kind of prior stunning work at night.

Thank you, so we still see an instrument, I appreciate it. Shaul Eyal – Oppenheimer: Thanks.

Thank you, Shaul. Shaul Eyal – Oppenheimer: Couple of quick questions on my may be the slight book-to-bill softness that you had and I understand kind of which already kind of for most put back booked and probably can now heading into the backlog. Was it enterprise driven or was it security driven?

It was not in a particular product line and not in a particular geography. Shaul Eyal – Oppenheimer: Got it. Any initial thinking about what fiscal 2012 guidance might looks like or is it too early at this stage?

It is too early at this stage. We are seeing a very strong pipeline for Q4. And we will – we are planning to provide guidance at the third quarter – at the annual call on the first quarter. Shaul Eyal – Oppenheimer: Got it. Again in order to you’ve mentioned in your prepared remarks the whole found at the UBS on the $2.3 billion trading loss. In your view if had our UBS used the specific product, which is stated to trying flag those potential compliance issues. Do you think NICE would have been capable of flagging in advance everything that was happened internally at UBS?

We obviously not know all the detail, but we’re in the product that these other things to basically in this kind of a scheme and we saw a raising interest in this product after the impact. Shaul Eyal – Oppenheimer: Got it. Okay thank you very much. Good luck.

The next question is from Daniel Meron of RBC. Please go ahead. Daniel Meron – RBC: Thank you. Congrats on the consist execution here as Zeevi and Dafna and I’m joining Shaul here for regretting Marty on board and I guess the lower than to that’s why I’m thinking for her job. So, to my question if there a way to kind of like see how much the economic impact or news has had on the sales process in general and how quickly can think to accelerate once your clients have decided this time to move ahead.

For us, it’s – we have some mix signal deal. On one hand, we had from order that fleet and from the quarter and not all of them by the way is – not all of this is related to any economic uncertainty. On the other hand, we are entering Q4 with a very strong pipeline. So, it’s really typical for us to tell. Daniel Meron – RBC: Okay. And how much of your revenue, would you estimate right now is kind of recurring any of you?

We have about one sales of our revenues – maintenance revenues which are recurring and on top of that, we have some term and some term business and some things that over a deal for the 11% more of a business that is either part recurring or professional services is basically recurrent. Daniel Meron – RBC: Okay. And last one from me before you slightly missed it earlier on. Can you provide us with a little bit more color on the dynamics, which you see for geography right now?

Yes, we can provide – we have seen – we are very – last quarter and this quarter we are very pleased with the goals which have seen in APAC. In America, we have a consistent performance and goals. In EMEA, we felt that the yield which is low, but since then we are recovering and when we are pleased with the improvement in the business in the past two quarters. Daniel Meron – RBC: Okay, very good. Thank you, good luck.

The next question is from Daniel Ives of FBR Capital Markets. Please go ahead. Daniel Ives – FBR Capital Market: Hey guys. Few questions, first on that margins, I mean obviously in this improvement there, I mean can you kind of speak whether just curbing expenses is just sort of something we should think about in over the next year in terms of expansion (indiscernible) and usually happen in terms of expense reduction this quarter?

I think there was nothing unusual this quarter, I think the improvement in the operating margin is part of the overall term and as we’ve been in the past usually in the serve comp of yield operating margin slower than the second half. That’s the nature in our business and what we want to see going forward this continuous improvement in operating margin and what we seen this quarter is in line with the plan. Daniel Ives – FBR Capital Market: Okay. And then when you talk about, I mean book-to-bill was less than one and but obviously you expected to be is in much greater than one in Q4. Just kind speak to gives your confidence what you’re seen in totaling in field that characterize you.

We have dealing very carefully our pipeline across regions cost product line and in many ways and we have the additional coming from the sales. Usually by the way, we have given positive surprise in the first quarter to what we see in the pipeline. But even without this surprise we are in very good shape like. Daniel Ives – FBR Capital Market: Okay, thanks and (Marty) it’s a good day for the board, thanks.

Thanks, Dan.

The next question is from Paul Coster of JPMorgan. Please go ahead. Paul Coster – JPMorgan: Yeah, thank you and good morning. Obviously there is a little bit volatility in the bookings at the moment and closing is the pipeline. I wonder if you could perhaps provide some color what you think modest course that the recovery and activity there. And most this maybe bit difficult sees every, but if you go back to late away and early on nine. The book-to-bill was trembling along above one to one until the first quarter of 2009. And I am just wondering if there is anything in this quarter that echos, they can have looking feel of the market back in that sort of Lehman post Lehman era.

So, first, when we look at the Q3 last year, we also at the book-to-bill, which was the below one, I think year ago, so I don’t think that you should when you conclusion and again when we are looking at the first quarter we are seeing very good pipeline. And we believe that the we have goes possibilities and we believe that the 2010 at this point, we believe that 2012 is going to be year of continued the growth and the increasing profitability and when we are looking at the model that we have we are moving more and more to enterprise software model and like many other enterprise software companies, we are more in the Q4, our fourth quarter has the larger share of our overall booking. This is also because the increase in our maintenance booking and also because of the way that this business is being conducted. So, we believe that this is a pattern. It actually was the pattern in previous years and we believe that this will be the pattern also during this year. Paul Coster – JPMorgan: What do you think accounts for the improvement in your momentum in EMEA in particular?

We had a very good quarter with good execution on the quarter on two elements, both on the (indiscernible) acquisition and the other is on the security front. Paul Coster – JPMorgan: Dafna, are you positioned to share the number of seven-digit deals this quarter or give us some sense of the makeup of your deal flow at the moment?

Yeah, we are not breaking the exact number of seven-digit deals, but I think that the picture this quarter looked quite similar to what we had in previous quarter. So, there is no abnormal situation right now.

Maybe a bit of increasing security, we had one….

Maybe, yeah.

More business security. Paul Coster – JPMorgan: Okay. And my last question is there has been some M&A in the sort of unstructured data space, information space, HP and Oracle have obviously been active here. Has this changed the competitive landscape at all, are you seeing new entrants of exits from your space?

First of all, it probably would be early to tell at this point. But when we look at the – we look at some of these acquisitions, maybe the closure is HP with Autonomy. And frankly after the – we saw after the acquisition of etalk by Autonomy we saw less of etalk at the market. Overall, we believe that we are in attractive market and we are not combined to see that the more people are looking in area that our adjacent level market. Paul Coster – JPMorgan: Okay, thank you very much.

The next question is from Jonathan Ho of William Blair. Please go ahead. Jonathan Ho – William Blair: Good morning guys. Just a quick question on the product growth rates versus the services growth rates, can you talk a little bit about how we should be thinking about the growth in those two rates and when they start to maybe convert a little bit more?

Yes. Overall, again, we anticipate that product will be between 45% to 55% of revenues and then overall this quarter product was 35% and services was 55%. As the maintenance is becoming a larger (indiscernible) business, this is something that we might expect. And overall we expect that to go in all different type of revenues on maintenance, on the license, as well as any professional services. Jonathan Ho – William Blair: Okay. And can you also give us a little bit more color around the APAC region growth, what was driving the strength here with this distribution build out or with this strength in particular of that product segment?

I think it’s mainly execution on our behalf. We also guide from earlier (indiscernible) coverage in APAC. Jonathan Ho – William Blair: Got it. And just lastly, you talked a little bit about your new SaaS offering, are you seeing an increase in the interest and doing business via SaaS and do you think that potentially be the markets or shift in this direction longer term?

Still SaaS is a small part of our business. And there is a growing demand for SaaS solution and the overall time we believe that this portion would bill out of our business. This will happen gradually. Jonathan Ho – William Blair: Great. Thank you.

The next question is from Shyam Patil of Raymond James & Associates. Please go ahead. Shyam Patil – Raymond James & Associates: Yeah, hi, good morning. Zeevi, could you talk a little bit about the closed rate assumptions that you are making in the fourth quarter and that compares to this quarter and also when you look out to fiscal ’12, do you still feel comfortable with the annual kind of equity agency instead of low to mid teens growth with (marketing) leverage.

So, let’s – in terms of growth rate, the group rate on Q4, we are looking at the pipeline in Q4 and we are fairly confident that we are going to be strong booking in the quarter and Q4 is different because the collision plans of our sales people are ending at the end of the quarter. So, closer rates are typically ideal, the leverage we are not factoring at the end. So, this is on the booking side that we are – we can never be confident sure, but we are very confident in both the booking level on Q4. When it comes to – when it goes to 2012, we are currently in the budget process and we are compelling the numbers and our long-term model didn’t change and they are specifically for 2012 we are again we believe that this is going to be another year of course and the expansion is profitability to what extent we will all – we will probably share the data on our call during the first quarter. Shyam Patil – Raymond James & Associates: Great and using to emphasize on cloud of that solutions more in the prepared remarks and you have an about. In addition to Fizzback what are the other key elements of your staff solution that you are seeing attraction for anything within the mid-market or it is also within large enterprises.

So, first we do have – when we are looking at the recurring product revenues both (indiscernible). It’s – we have Fizzback, we have some I mentioned some partnership on the customer interaction business that are starting to provide the results and also within the financial crime and compliance business we have buy partners in direct business which is providing term license and hosting in subscription based licensing mechanism. Shyam Patil – Raymond James & Associates: Great. And then just last, you basically touch on etalk and single less in the market after they required by economy, did you seeing to have pretty good solid based reporting cost in a reporting phase and (indiscernible). Given the issues about economy currently do you expect that to be an incremental opportunity for NICE?

(indiscernible) not to say to any specific competitive, like I just say that every time that there is an acquisition business deflection in the company that is being acquired and this opportunity that we are marching our folks to talk advantage of this opportunity.

Is that answer to your question sir?

Please go ahead with the next question please.

Well. The next question is from Craig Nankervis of First Analysis. Please go ahead. Craig Nankervis – First Analysis: Yes, thank you very much. I wondered if you just may be provide a little more color on the security side of the business, how – I know it’s lumpy and all that sort of stuff and you’re working of big projects from years ago. How much of a sustainable return to better performance do you think that you have now with one pretty solid quarter under your belt or is it hard to read.

If you recall also the previous quarter was a solid security quarter, but we are now two quarters in a row, not a single event. And overall this was indeed a very good quarter for security. We see a lot of interaction. As I said in the previous call, we moved less to dependency of large deals – on very large deal to dependent that we have more a large deal. So, we believe the total lumpiness in this business will decrease and we are starting to – we are seeing the part of our strategy to look at the around situation management and differentiating our offering with our award winning product deal. And we are starting to benefit from the part of exhibiting on this strategy. Craig Nankervis – First Analysis: So what areas of security were particularly well is a government…

I’m not – I think that this will – I cannot those not specific segments, but I give a traditional segmental government and our facility and we had several critical facilities as we mentioned the call and transportation. Craig Nankervis – First Analysis: Okay, thank you very much.

Thank you.

The next question is from (Toby Rosner) of Barclays Capital. Please go ahead. Toby Rosner – Barclays Capital: Hi, good afternoon everyone. Just a very quick question about increasing receivables, do you think was a back end this quarter or customer requesting more credit and maybe better terms.

Nothing very unusual, we saw some increasing there were some delays in payments that we received in October, but nothing unusual on that front and this quarter was not different in the business distribution from previous quarters. Toby Rosner – Barclays Capital: Okay, thank you very much.

The next question is from Brian Ruttenbur of Morgan Keegan. Please go ahead. Brian Ruttenbur – Morgan Keegan: Thank you. Can we talk about timing of the share buyback, do you plan to do the $400 in 2012. Just talk a little bit about that and I’ll follow on.

Yes, well, we announced the plan we would start executing on towards the end of the year after we finished the content and it is mainly for 2012 as I believe the vast majority will be purchased in 2012. Brian Ruttenbur – Morgan Keegan: Okay.

Over side and we will continue to take for opportunities like we had in Q3 and may expedited this we feel it’s – we feel we should do that. Brian Ruttenbur – Morgan Keegan: Okay. And then are you just purchasing those shares on open market.

We’re purchasing in the open market, but replaced in the size plans for the execution. Brian Ruttenbur – Morgan Keegan: Okay. And then can you talk a little bit about selling and marketing expense, you had a big drop, was there anything going on there in the quarter. Did you like people also with the just controlling expenses seasonal just talk about that a little bit?

I think it’s more has to do with seasonal impact usually the second quarter is high because we have a lot of events and the third quarter is usually low well and also some sales related costs that you may have going down a little bit this quarter, but nothing unusual. Brian Ruttenbur – Morgan Keegan: Okay, thank you very much.

There are no further questions at this time. Before I ask Mr. Bregman to ahead with his closing statement, I would like to remind participants that a replay of this call is scheduled to begin in two hours. In the U.S., please call 1-888-782-4291. In the U.K., please call 0800-917-4256. In Israel, please call 03-92-55-900 and internationally, please call 972-3-92-55-900. Mr. Bregman, would you like to make your concluding statement? Zeevi Bregman – President and Chief Executive Officer: Thank you everybody for joining us and have a nice day.

Thank you. This concludes NICE Systems third quarter 2011 results conference call. Thank you for your participation. You may go ahead and disconnect.