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WKN: A2N4QA | ISIN: KYG7T16G1039 | Ticker-Symbol: S3P
Stuttgart
22.11.24
12:49 Uhr
26,000 Euro
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0,00 %
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IT-Dienstleistungen
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Sapiens International Corporation: Sapiens Reports Third Quarter 2024 Financial Results

Finanznachrichten News

ROCHELLE PARK, N.J., Nov. 11, 2024 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the third quarter ended September 30, 2024.

Summary Results for Third Quarter 2024 (USD in millions, except per share data)


GAAP

Non-GAAP


Q3 2024

Q3 2023

% Change

Q3 2024

Q3 2023

% Change

Revenue

$137.0

$130.7

4.8 %

$137.0

$130.8

4.8 %

Gross Profit

$60.3

$56.0

7.8 %

$62.8

$59.3

6.0 %

Gross Margin

44.0 %

42.8 %

120 bps

45.8 %

45.3 %

50 bps

Operating Income

$21.7

$20.3

7.3 %

$25.1

$24.1

4.3 %

Operating Margin

15.9 %

15.5 %

40 bps

18.3 %

18.4 %

-10 bps

Net Income (*)

$18.3

$15.9

15.5 %

$21.1

$19.1

10.5 %

Diluted EPS

$0.33

$0.28

17.9 %

$0.37

$0.34

8.8 %


(*) Attributable to Sapiens' shareholders

Roni Al-Dor, President and CEO of Sapiens, stated, "This quarter showcased solid performance in our key regions. We are pleased to report that revenue reached $137 million this quarter, reflecting a 4.8% increase over the same period last year. Revenue growth was driven by 7.1% growth in our European region, 1.7% growth in North America and 6.6% growth in ROW regions. This quarter's non-GAAP operating profit totaled $25 million, representing 18.3% of total revenue."

Mr. Al-Dor continued, "Revenue fell short of our targets in the third quarter, and the challenges we encountered are expected to impact revenue in the fourth quarter. Today, we are revising our 2024 non-GAAP revenue guidance to a range of $541 million to $546 million, down from the previous range of $550 million to $555 million - a 1.6% reduction at the midpoint. However, we expect our non-GAAP operating margin to be within our guidance range at 18.2%. Looking into 2025, we anticipate a low single-digit revenue growth."

Quarterly Results Conference Call

Management will host a conference call and webcast on November 11, 2024, at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to review and discuss Sapiens' results. Please call the following numbers (at least 10 minutes before the scheduled time) to participate:

North America (toll-free): 1-888-642-5032
International: 972-3-9180644
UK: 0-800-917-5108

The live webcast of the call can be viewed on Sapiens' website at: https://veidan.activetrail.biz/sapiensq2-2024. A replay of the call will be available one business day following the completion of the event at the same link for 90 days.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP revenue, ARR, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributed to Sapiens shareholders, non-GAAP basic and diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash-Flow.

Sapiens believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sapiens' financial condition and results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing the Company's financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: Valuation adjustment on acquired deferred revenue, amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related costs, restructuring and cost reduction costs, and tax adjustments related to non-GAAP adjustments.

Management of the Company does not consider these non-GAAP measures in isolation, or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations, as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

To compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Sapiens urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables of this release.

The Company defines Annual Recurring Revenue ("ARR") as the annualized value of our revenue from customer subscriptions, term licenses, maintenance, application maintenance, and cloud solutions, which may not be the same as the timing and amount of revenue recognized. The ARR run rate is equal to the product of (i) the sum of these revenues in our most recently completed fiscal quarter, multiplied by (ii) four.

The Company defines Adjusted EBITDA as net profit, adjusted to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related costs, restructuring and cost reduction costs, financial expense (income), provision for income taxes and other income (expenses). These amounts are often excluded by other companies as well, in order to help investors understand the operational performance of their business.

The Company uses Adjusted EBITDA as a measurement of its operating performance, because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that the Company believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business. The Company uses Adjusted Free Cash-Flow as a measurement of its operating performance, and reconciles cash-flow from operating activities to Adjusted Free Cash-Flow, while reducing the amounts for capitalization of software development costs and capital expenditures. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens' robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers' compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.

Investor and Media Contact

Yaffa Cohen-Ifrah

Chief Marketing Officer and Head of

Investor Relations, Sapiens

[email protected]

+1 917-533-4782

Investor Contacts

Brett Maas

Managing Partner, Hayden IR

+1 646-536-7331

[email protected]

Kimberly Rogers

Managing Director, Hayden IR

+1 541-904-5075

[email protected]

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic, and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.


SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF INCOME

U.S. dollars in thousands (except per share amounts)






Three months ended


Nine months ended




September 30,


September 30,




2024


2023


2024


2023




(unaudited)


(unaudited)


(unaudited)


(unaudited)











Revenue


137,025


130,705


408,074


383,725

Cost of revenue


76,729


74,753


230,114


220,080











Gross profit


60,296


55,952


177,960


163,645











Operating expenses:










Research and development, net


16,449


16,028


49,779


47,391


Selling, marketing, general and administrative


22,101


19,659


64,030


57,475

Total operating expenses


38,550


35,687


113,809


104,866











Operating income


21,746


20,265


64,151


58,779











Financial and other (income) expenses, net


(913)


551


(3,114)


2,310

Taxes on income


4,324


3,710


12,812


10,627





















Net income


18,335


16,004


54,453


45,842











Attributable to non-controlling interest


-


132


141


371











Net income attributable to Sapiens' shareholders


18,335


15,872


54,312


45,471





















Basic earnings per share


0.33


0.29


0.97


0.82











Diluted earnings per share


0.33


0.28


0.97


0.82




















Weighted average number of shares outstanding used to
compute basic earnings per share (in thousands)


55,854


55,397


55,799


55,251










Weighted average number of shares outstanding used to
compute diluted earnings per share (in thousands)


56,308


55,813


56,151


55,657

SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

U.S. dollars in thousands (except per share amounts)




Three months ended


Nine months ended



September 30,


September 30,



2024


2023


2024


2023



(unaudited)


(unaudited)


(unaudited)


(unaudited)










GAAP revenue


137,025


130,705


408,074


383,725

Valuation adjustment on acquired deferred
revenue


-


55


-


165

Non-GAAP revenue


137,025


130,760


408,074


383,890










GAAP gross profit


60,296


55,952


177,960


163,645

Revenue adjustment


-


55


-


165

Amortization of capitalized software


1,470


1,418


4,584


4,274

Amortization of other intangible assets


1,043


1,835


3,630


5,531

Non-GAAP gross profit


62,809


59,260


186,174


173,615










GAAP operating income


21,746


20,265


64,151


58,779

Gross profit adjustments


2,513


3,308


8,214


9,970

Capitalization of software development


(1,834)


(1,638)


(5,374)


(4,975)

Amortization of other intangible assets


1,276


1,074


3,732


3,234

Stock-based compensation


646


1,038


2,229


2,960

Acquisition-related costs *)


754


11


1,248


21

Non-GAAP operating income


25,101


24,058


74,200


69,989










GAAP net income attributable to Sapiens'
shareholders


18,335


15,872


54,312


45,471

Operating income adjustments


3,355


3,793


10,049


11,210

Taxes on income


(599)


(585)


(1,808)


(1,738)

Non-GAAP net income attributable to Sapiens'
shareholders


21,091


19,080


62,553


54,943

(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

Adjusted EBITDA Calculation

U.S. dollars in thousands





Three months ended


Nine months ended



September 30,


September 30,



2024


2023


2024


2023










GAAP operating profit


21,746


20,265


64,151


58,779










Non-GAAP adjustments:









Valuation adjustment on acquired deferred revenue


-


55


-


165

Amortization of capitalized software


1,470


1,418


4,584


4,274

Amortization of other intangible assets


2,319


2,909


7,362


8,765

Capitalization of software development


(1,834)


(1,638)


(5,374)


(4,975)

Stock-based compensation


646


1,038


2,229


2,960

Compensation related to acquisition and acquisition-related costs


754


11


1,248


21










Non-GAAP operating profit


25,101


24,058


74,200


69,989










Depreciation


1,288


719


3,480


2,750










Adjusted EBITDA


26,389


24,777


77,680


72,739

Summary of NON-GAAP Financial Information

U.S. dollars in thousands (except per share amounts)



Q3 2024


Q2 2024


Q1 2024


Q4 2023


Q3 2023











Revenues

137,025


136,800


134,249


130,914


130,760

Gross profit

62,809


62,481


60,884


59,370


59,260

Operating income

25,101


24,836


24,263


24,152


24,058

Adjusted EBITDA

26,389


25,931


25,360


25,267


24,777

Net income to Sapiens' shareholders

21,091


21,041


20,421


20,081


19,080











Diluted earnings per share

0.37


0.37


0.36


0.36


0.34

Annual Recurring Revenue ("ARR")

U.S. dollars in thousands





Three months ended



September 30,



2024



2023


Annual Recurring Revenue


173,414




157,589










Non-GAAP Revenues by Geographic Breakdown

U.S. dollars in thousands


Q3 202 4


Q 2 202 4


Q1 202 4


Q4 202 3


Q3 202 3











North America

55,755


57,918


55,158


54,882


54,848

Europe

69,281


66,072


68,727


65,239


64,662

Rest of the World

11,989


12,810


10,364


10,793


11,250











Total

137,025


136,800


134,249


130,914


130,760




Non-GAAP Revenue breakdown



U.S. dollars in thousands







Three months ended


Nine months ended




September 30,


September 30,




2024


2023


2024


2023













Software products and re-occurring post-production services (*)

100,707


87,356


292,992


251,757



Pre-production implementation services (**)

36,318


43,404


115,082


132,133













Total Revenues

137,025


130,760


408,074


383,890














Three months ended


Nine months ended




September 30,


September 30,




2024


2023


2024


2023













Software products and re-occurring post-production services (*)

53,809


46,053


156,386


133,339



Pre-production implementation services (**)

9,000


13,207


29,788


40,276













Total Gross profit

62,809


59,260


186,174


173,615














Three months ended


Nine months ended


September 30,


September 30,


2024


2023


2024


2023









Software products and re-occurring post-production services (*)

53.4 %


52.7 %


53.4 %


53.0 %

Pre-production implementation services (**)

24.8 %


30.4 %


25.9 %


30.5 %









Gross Margin

45.8 %


45.3 %


45.6 %


45.2 %


(*) Software products and re-occurring post-production services include mainly subscription, term license, maintenance, application maintenance, cloud solutions and post-production services. This revenue stream is a mix of recurring and re-occurring in nature.
(**) Pre-production implementation services include mainly implementation services before go-live, which are one-time in nature.

Adjusted Free Cash-Flow

U.S. dollars in thousands



Q3 2024


Q2 2024


Q1 2024


Q4 2023


Q3 2023











Cash-flow from operating activities

13,083


8,545


18,488


38,646


3,988

Increase in capitalized software development costs

(1,834)


(1,823)


(1,717)


(1,543)


(1,638)

Capital expenditures

(1,125)


(666)


(466)


(421)


(696)

Free cash-flow

10,124


6,056


16,305


36,682


1,654











Cash payments attributed to acquisition-related costs(*) (**)

124


134


751


221


-











Adjusted free cash-flow

10,248


6,190


17,056


36,903


1,654

(*) Included in cash-flow from operating activities
(**) Acquisition-related payments pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.


SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

U.S. dollars in thousands






September 30,


December 31,




2024


2023




(unaudited)


(unaudited)







ASSETS












CURRENT ASSETS






Cash and cash equivalents


146,152


126,716


Short-term bank deposit


39,800


75,400


Trade receivables, net and unbilled receivables


109,670


90,273


Other receivables and prepaid expenses


25,769


22,514








Total current assets


321,391


314,903







LONG-TERM ASSETS






Property and equipment, net


11,431


12,661


Severance pay fund


3,446


3,605


Goodwill and intangible assets, net


310,533


317,352


Operating lease right-of-use assets


20,502


23,557


Other long-term assets


15,993


17,546








Total long-term assets


361,905


374,721







TOTAL ASSETS


683,296


689,624







LIABILITIES AND EQUITY











CURRENT LIABILITIES






Trade payables


8,224


6,291


Current maturities of Series B Debentures


19,796


19,796


Accrued expenses and other liabilities


80,610


77,873


Current maturities of operating lease liabilities


5,861


6,623


Deferred revenue


32,810


38,541








Total current liabilities


147,301


149,124







LONG-TERM LIABILITIES






Series B Debentures, net of current maturities


19,778


39,543


Deferred tax liabilities


7,938


10,820


Other long-term liabilities


11,399


11,538


Long-term operating lease liabilities


17,532


21,084


Accrued severance pay


8,039


7,568








Total long-term liabilities


64,686


90,553







EQUITY



471,309


449,947







TOTAL LIABILITIES AND EQUITY


683,296


689,624






SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOW

U.S. dollars in thousands



For the nine months ended
September 30,


2024


2023


(unaudited)


(unaudited)

Cash flows from operating activities:




Net income

54,453


45,842

Reconciliation of net income to net cash provided by operating activities:




Depreciation

3,480


2,750

Amortization of capitalized software and other intangible assets

11,946


13,039

Accretion of discount on Series B Debentures

32


47

Capital loss from sale of property and equipment

13


83

Stock-based compensation related to options issued to employees

2,229


2,960





Net changes in operating assets and liabilities, net of amount acquired:




Increase in trade receivables, net and unbilled receivables

(20,640)


(8,698)

Decrease in deferred tax liabilities, net

(2,280)


(1,410)

Increase in other operating assets

(908)


(4,107)

Increase (decrease) in trade payables

1,989


(616)

Decrease in other operating liabilities

(5,154)


(10,110)

Increase (decrease) in deferred revenues

(5,684)


363

Increase in accrued severance pay, net

640


636





Net cash provided by operating activities

40,116


40,779





Cash flows from investing activities:




Purchase of property and equipment

(2,306)


(2,145)

Proceeds from (investment in) deposits

36,360


(55,379)

Proceeds from sale of property and equipment

49


40

Payments for business acquisitions, net of cash acquired

(375)


-

Capitalized software development costs

(5,374)


(4,975)

Acquisition of intellectual property

-


(177)





Net cash provided by (used in) investing activities

28,354


(62,636)





Cash flows from financing activities:




Proceeds from employee stock options exercised

98


4,755

Distribution of dividend

(29,789)


(28,144)

Repayment of Series B Debenture

(19,796)


(19,796)

Acquisition of non-controlling interest

(4,131)


-

Dividend to non-controlling interest

-


(47)





Net cash used in financing activities

(53,618)


(43,232)





Effect of exchange rate changes on cash and cash equivalents

4,584


1,865





Increase (decrease) in cash and cash equivalents

19,436


(63,224)

Cash and cash equivalents at the beginning of period

126,716


160,285





Cash and cash equivalents at the end of period

146,152


97,061

Debentures Covenants

As of September 30, 2024, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:

Covenant 1

  • Target shareholders' equity (excluding non-controlling interest): above $120 million.
  • Actual shareholders' equity (excluding non-controlling interest) equal to $471.3 million.

Covenant 2

  • Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for the Company's Series B Debentures) below 65%.
  • Actual ratio of net financial indebtedness to net capitalization equal to (44.90)%.

Covenant 3

  • Target ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is below 5.5.
  • Actual ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is equal to (1.42).

Logo: https://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg

SOURCE Sapiens International Corporation

© 2024 PR Newswire
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Trotz der jüngsten Erfolge steht die Entwicklung der künstlichen Intelligenz noch am Beginn eines neuen Superzyklus. Experten gehen davon aus, dass der Sektor bis 2032 global auf 1,3 Billionen US-Dollar explodieren wird, wobei ein großer Teil auf Hardware und Infrastruktur entfallen wird.

Nutzen Sie die Chance!
Fordern Sie sofort unseren brandneuen Spezialreport an und erfahren Sie, welche 5 KI-Aktien das größte Potenzial zur Vervielfachung besitzen. Dieser Report ist komplett kostenlos und zeigt Ihnen die aussichtsreichsten Investments im KI-Sektor.
Handeln Sie jetzt und sichern Sie sich Ihren kostenfreien Report!

Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.