HOLON, Israel, Nov. 7, 2016 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS; TASE: SPNS), a leading
global provider of software solutions for the insurance industry,
with a growing presence in the financial services sector, and a
member of the Formula Group (NASDAQ: FORTY; TASE: FORTY), today
announced its financial results for the third quarter ended
September 30, 2016.
Third Quarter Highlights:
- GAAP Revenue of $56.5 million, up
20.1% compared to $47.0 million in
the third quarter of 2015.
- Non-GAAP revenue of $56.5
million, up 22.4% compared to $46.1
million in the third quarter of 2015.
- GAAP Operating profit increased by 15.1% and totaled
$6.6 million (11.7% operating
margin), compared to $5.7 million
(12.2% operating margin) in the third quarter of 2015.
- Non-GAAP operating profit totaled $7.3
million (13.0% operating margin), compared to $7.0 million (15.1% operating margin) in the
third quarter of 2015.
- GAAP Net income attributable to Sapiens' shareholders totaled
$5.3 million or $0.11 per diluted share, an increase of 13.1%
compared to $4.7 million or
$0.09 per diluted share in the third
quarter last year.
- Non-GAAP net income attributable to Sapiens' shareholders
totaled $6.0 million or $0.12 per diluted share, an increase of 3.2%
compared to $5.8 million or
$0.12 per diluted share in the third
quarter last year.
- Cash, cash equivalents and securities investments as of
September 30, 2016 were $96.7 million and the company has no debt.
"We saw strong double-digit growth and improved performance
across all of our offerings and across all of our territories,
driven by strong demand from existing customers and from ramping
sales from new customers. As in recent quarters, the demand for our
products and services remained strong," said Roni Al-Dor, President and CEO of Sapiens. "I
remain very encouraged by our geographic expansion, our organic
growth with both new and existing customers and the potential for
ongoing M&A opportunities to enhance our growth and
profitability."
Mr. Al-Dor continued. "On the deal front, we had a very busy
third quarter. We expanded our strategic relationship with the
Medical Protection Society (MPS) with a new multi-million dollar
agreement to lead the complex implementation of the MPS' membership
system. In addition, Menora Mivtachim Insurance in Israel selected Sapiens IDIT suite in a new
agreement valued at over $10 million.
In another multi-million Euro agreement, LB Group selected the
Sapiens IDIT P&C suite as its new policy administration
solution, and last Generali Nederland, one of the largest European
insurance providers, selected the Sapiens solution to manage its
life portfolios."
"In addition to our various customer wins and engagements,
during the third quarter we announced the upcoming launch of
several new products and capabilities. By the first quarter of
2017, Sapiens ALIS policy administration solution will be expanded
to include support for Group Life, and will support the whole range
of hybrid group, worksite and individual life solutions on a single
platform. Also, Sapiens launched a consumer and agent PORTAL for
Life and P&C insurers. The Sapiens PORTAL along with Sapiens
INTELLIGENCE will enable our customers to provide both consumers
and agents a complete digital experience."
Mr. Al-Dor concluded: "Our business plan remains intact and
attainable. We maintain our guidance for 2016 full year revenues of
$211 to $215 million, or annual
growth of 18%-20%, and we continue to expect full-year 2016
non-GAAP operating margins in the range of 13.5% - 14.0%,
reflecting previously announced increased short-term investments in
delivery, R&D, sales and marketing."
Quarterly Results Conference Call
Management will host a conference call and webcast on
November 7 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): +
1-888-281-1167; International: +972-3-918-0685; UK:
0-800-917-9141
The live webcast of the call can be viewed on Sapiens' website
at: http://www.sapiens.com/investors/presentations-and-webcast/
If you are unable to join live, a replay of the call will be
accessible until November 21, 2016,
as follows: North America:
1-888-269-0005; International: +972-3-925-5929
A recorded version of the webcast will also be available via the
Sapiens website, for three months at the same location.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial
measures: Non-GAAP revenue, Non-GAAP gross profit, Non-GAAP
operating income, Non-GAAP net income attributed to Sapiens
shareholders, Non-GAAP basic and diluted earnings per share.
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.
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. In order 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.
In addition, the Company adjusted revenues and expenses,
recorded under US GAAP, of pre-acquisition date in respect of
acquired business from its ultimate parent company. As this
transaction is between companies under common control, under US
GAAP, it was accounted for under the pooling of interest method.
For non-GAAP measurement purposes, the Company excludes the
pre-acquisition date revenues and expenses.
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 Adjusted EBITDA as net Profit, adjusted for
stock-based compensation expense, depreciation and amortization,
capitalized internal-use software development costs, amortization
of internal-use software development costs interest expense,
compensation expenses related to acquisition, pre-acquisition
revenues and expenses accounted under pooling of interest method,
provision for income taxes and other income (expenses). These
amounts are often excluded by other companies 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 reflect 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.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with an emerging focus on the broader financial services
sector. We offer core, end-to-end solutions to the global general
insurance, property and casualty, life, pension and annuities, and
retirement markets, as well as business decision management
software. We have a track record of over 30 years in delivering
superior software solutions to more than 200 financial services
organizations. The Sapiens team of approximately 1,900
professionals operates through our fully-owned subsidiaries in
North America, the United Kingdom, EMEA and Asia Pacific. For more information:
www.sapiens.com.
Forward Looking Statement
Some of the statements in this press release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. Words such as "will," "expects,"
"believes" and similar expressions are used to identify these
forward-looking statements (although not all forward-looking
statements include such words). These forward-looking statements,
which may include, without limitation, projections regarding our
future performance and financial condition, are made on the basis
of management's current views and assumptions with respect to
future events. Any forward-looking statement is not a guarantee of
future performance and actual results could differ materially from
those contained in the forward-looking statement.
These statements speak only as of the date they were made, and
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. We operate in a changing environment. New risks
emerge from time to time and it is not possible for us to predict
all risks that may affect us. For more information regarding these
risks and uncertainties, as well as certain additional risks that
we face, please refer to the Risk Factors detailed in Item 3 of
Part III of our Annual Report on Form 20-F for the year ended
December 31, 2015, and subsequent
reports and registration statements filed from time to time with
the Securities and Exchange Commission.
Investors and Media Contact:
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
US Mobile: +1 201-250-9414
Mobile: +972 54-9099039
Email: yaffa.cohen-ifrah@sapiens.com
SAPIENS
INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in
thousands (except per share amounts)
|
|
Three
months ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015*
|
|
2016
|
|
2015*
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
56,480
|
|
47,035
|
|
159,077
|
|
136,962
|
Cost of
revenue
|
|
34,366
|
|
27,944
|
|
95,754
|
|
82,559
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
22,114
|
|
19,091
|
|
63,323
|
|
54,403
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
4,147
|
|
2,482
|
|
11,401
|
|
7,488
|
|
Selling,
marketing, general and administrative
|
|
11,376
|
|
10,883
|
|
32,673
|
|
29,361
|
Total operating
expenses
|
|
15,523
|
|
13,365
|
|
44,074
|
|
36,849
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
6,591
|
|
5,726
|
|
19,249
|
|
17,554
|
|
|
|
|
|
|
|
|
|
|
Financial
expense (income), net
|
|
(225)
|
|
(105)
|
|
(631)
|
|
239
|
Taxes and other
expenses, net
|
|
1,463
|
|
1,127
|
|
4,389
|
|
3,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
5,353
|
|
4,704
|
|
15,491
|
|
14,294
|
|
|
|
|
|
|
|
|
|
|
Attributable to
non-controlling interest
|
|
48
|
|
15
|
|
(34)
|
|
150
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Sapiens' shareholders
|
|
5,305
|
|
4,689
|
|
15,525
|
|
14,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
per share**
|
|
0.11
|
|
0.10
|
|
0.32
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share**
|
|
0.11
|
|
0.09
|
|
0.32
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding used to
compute basic earnings per share (in thousands)
|
|
49,002
|
|
48,128
|
|
48,922
|
|
47,869
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding used to
compute diluted earnings per share (in thousands)
|
|
49,849
|
|
49,484
|
|
49,722
|
|
49,254
|
*Including
consolidation of Insseco, commencing December 31,
2014.
|
** Net income
used for earning per share was adjusted to reflect the effect of
redeemable non-controlling interest
|
Summary of
Non-GAAP Financial Information
U.S. dollars in thousands (except per share amounts)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
September
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
56,480
|
100%
|
|
46,139
|
100%
|
|
159,077
|
100%
|
|
130,589
|
100%
|
Gross
Profit
|
23,617
|
41.8%
|
|
20,711
|
44.9%
|
|
67,917
|
42.7%
|
|
56,957
|
43.6%
|
Operating
profit
|
7,348
|
13.0%
|
|
6,962
|
15.1%
|
|
22,122
|
13.9%
|
|
19,191
|
14.7%
|
Net income to
shareholders
|
6,004
|
10.6%
|
|
5,816
|
12.6%
|
|
18,241
|
11.5%
|
|
15,773
|
12.1%
|
Adjusted
EBITDA
|
8,115
|
14.4%
|
|
7,493
|
16.2%
|
|
24,152
|
15.2%
|
|
20,571
|
15.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
0.12
|
|
|
0.12
|
|
|
0.37
|
|
|
0.33
|
|
Diluted earnings per
share
|
0.12
|
|
|
0.12
|
|
|
0.37
|
|
|
0.32
|
|
Non-GAAP revenues
by geographic breakdown
U.S. dollars in thousands
|
|
|
Q3
2016
|
|
Q2
2016
|
|
Q1
2016
|
|
Q4
2015
|
|
Q3
2015
|
|
|
|
|
|
|
|
|
|
|
North
America
|
19,706
|
|
17,601
|
|
16,041
|
|
16,767
|
|
16,571
|
Europe
|
28,675
|
|
26,124
|
|
28,421
|
|
26,439
|
|
24,084
|
APAC
|
8,099
|
|
9,305
|
|
5,105
|
|
5,468
|
|
5,484
|
|
|
|
|
|
|
|
|
|
|
Total
|
56,480
|
|
53,030
|
|
49,567
|
|
48,674
|
|
46,139
|
Adjusted EBITDA
Calculation
|
U.S. dollars in
thousands
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
GAAP operating
profit
|
|
6,591
|
|
5,726
|
|
19,249
|
|
17,554
|
|
|
|
|
|
|
|
|
|
Non GAAP
adjustments:
|
|
|
|
|
|
|
|
|
Amortization of
capitalized software
|
|
1,172
|
|
1,202
|
|
3,837
|
|
3,552
|
Amortization of other
intangible assets
|
|
658
|
|
585
|
|
1,664
|
|
1,714
|
Capitalization of
software development
|
|
(1,674)
|
|
(1,526)
|
|
(4,454)
|
|
(4,391)
|
Stock-based
compensation
|
|
493
|
|
346
|
|
1,433
|
|
914
|
Compensation related
to acquisition
and acquisition related costs
|
|
108
|
|
148
|
|
393
|
|
219
|
Adjustments of
pre-acquisition revenues
and expenses accounted under pooling
of interest method
|
|
-
|
|
481
|
|
-
|
|
(371)
|
|
|
|
|
|
|
|
|
|
Non GAAP operating
profit
|
|
7,348
|
|
6,962
|
|
22,122
|
|
19,191
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
767
|
|
531
|
|
2,030
|
|
1,380
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
8,115
|
|
7,493
|
|
24,152
|
|
20,571
|
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,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
GAAP
revenue
|
|
56,480
|
|
47,035
|
|
159,077
|
|
136,962
|
Adjustments of
pre-acquisition revenue accounted under pooling
of interest method
|
|
-
|
|
(896)
|
|
-
|
|
(6,373)
|
Non-GAAP
revenue
|
|
56,480
|
|
46,139
|
|
159,077
|
|
130,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
22,114
|
|
19,091
|
|
63,323
|
|
54,403
|
Revenue
adjustment
|
|
-
|
|
(896)
|
|
-
|
|
(6,373)
|
Amortization of
capitalized software
|
|
1,172
|
|
1,202
|
|
3,837
|
|
3,552
|
Amortization of
other intangible assets
|
|
331
|
|
234
|
|
757
|
|
643
|
Adjustments of
pre-acquisition cost of revenue accounted under
pooling of interest method
|
|
-
|
|
1,080
|
|
-
|
|
4,732
|
Non-GAAP gross
profit
|
|
23,617
|
|
20,711
|
|
67,917
|
|
56,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
6,591
|
|
5,726
|
|
19,249
|
|
17,554
|
Gross profit
adjustments
|
|
1,503
|
|
1,620
|
|
4,594
|
|
2,554
|
Capitalization
of software development
|
|
(1,674)
|
|
(1,526)
|
|
(4,454)
|
|
(4,391)
|
Amortization of
other intangible assets
|
|
327
|
|
351
|
|
907
|
|
1,071
|
Stock-based
compensation
|
|
493
|
|
346
|
|
1,433
|
|
914
|
Compensation related
to acquisition and acquisition related costs
|
|
108
|
|
148
|
|
393
|
|
219
|
Adjustments of
pre-acquisition operating expenses accounted
under pooling of interest method
|
|
-
|
|
297
|
|
-
|
|
1,270
|
Non-GAAP
operating income
|
|
7,348
|
|
6,962
|
|
22,122
|
|
19,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Sapiens' shareholders
|
|
5,305
|
|
4,689
|
|
15,525
|
|
14,144
|
Operating
income adjustments
|
|
757
|
|
1,236
|
|
2,873
|
|
1,637
|
Adjustment to
redeemable non-controlling interest
|
|
38
|
|
(23)
|
|
141
|
|
73
|
Adjustments of
pre-acquisition financial and tax expenses
accounted under pooling of interest method
|
|
-
|
|
(116)
|
|
-
|
|
50
|
Other
|
|
(96)
|
|
30
|
|
(298)
|
|
(131)
|
Non-GAAP net
income attributable to Sapiens' shareholders
|
|
6,004
|
|
5,816
|
|
18,241
|
|
15,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic
earnings per share
|
|
0.12
|
|
0.12
|
|
0.37
|
|
0.33
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted earnings per share
|
|
0.12
|
|
0.12
|
|
0.37
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding used to compute
basic earnings per share (in thousands)
|
49,002
|
|
48,128
|
|
48,922
|
|
47,869
|
Weighted average
number of shares outstanding used to compute
diluted earnings per share (in thousands)
|
49,849
|
|
49,484
|
|
49,722
|
|
49,254
|
SAPIENS
INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. Dollars in
thousands
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
56,228
|
|
54,351
|
|
Trade receivables,
net
|
|
30,300
|
|
29,761
|
|
Other receivables and
prepaid expenses
|
|
8,614
|
|
5,455
|
|
Marketable
securities
|
|
25,128
|
|
8,776
|
|
|
|
|
|
|
|
Total current
assets
|
|
120,270
|
|
98,343
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Marketable
securities
|
|
15,333
|
|
30,875
|
|
Property and
equipment, net
|
|
10,150
|
|
5,675
|
|
Severance pay
fund
|
|
4,281
|
|
5,551
|
|
Other intangible
assets, net
|
|
29,550
|
|
27,540
|
|
Other long-term
assets
|
|
4,872
|
|
4,252
|
|
Goodwill
|
|
75,363
|
|
70,035
|
|
|
|
|
|
|
|
Total long-term
assets
|
|
139,549
|
|
143,928
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
259,819
|
|
242,271
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
7,262
|
|
4,721
|
|
Accrued
expenses and other liabilities
|
|
31,828
|
|
32,012
|
|
Deferred
revenue
|
|
12,792
|
|
10,268
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
51,882
|
|
47,001
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Other long-term
liabilities
|
|
8,203
|
|
6,414
|
|
Accrued
severance pay
|
|
5,222
|
|
6,662
|
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
13,425
|
|
13,076
|
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE
NON-CONTROLLING INTEREST
|
|
385
|
|
385
|
|
|
|
|
|
|
EQUITY
|
|
|
194,127
|
|
181,809
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
|
259,819
|
|
242,271
|
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,
|
|
2016
|
2015*
|
|
(unaudited)
|
(unaudited)
|
Cash flows from
operating activities:
|
|
|
Net income
|
15,491
|
14,294
|
Reconciliation of net
income to net cash provided by operating activities:
|
|
|
Depreciation and
amortization
|
7,531
|
7,302
|
Amortization of
premium and accrued interest on marketable securities
|
(380)
|
(313)
|
Stock-based
compensation related to options issued to employees
|
1,433
|
913
|
|
|
|
Net changes in
operating assets and liabilities, net of amount
acquired:
|
|
|
Trade
receivables
|
11
|
(625)
|
Deferred tax
assets
|
366
|
541
|
Other operating
assets
|
(3,383)
|
449
|
Trade
payables
|
1,231
|
1,618
|
Other operating
liabilities
|
(254)
|
3,974
|
Deferred
revenues
|
2,203
|
767
|
Severance
pay
|
(210)
|
(288)
|
|
|
|
Net cash provided by
operating activities
|
24,039
|
28,632
|
|
|
|
Cash flows from
investing activities:
|
|
|
Purchase of property
and equipment
|
(3,732)
|
(2,229)
|
Purchase of marketable
securities, net of interest received
|
(5,605)
|
(7,220)
|
Proceeds from sales of
marketable securities
|
5,394
|
1,015
|
Payments for business
acquisition, net of cash acquired
|
(4,861)
|
(2,934)
|
Capitalized software
development costs
|
(4,454)
|
(4,391)
|
Restricted
cash
|
4
|
(1,395)
|
|
|
|
Net cash used in
investing activities
|
(13,254)
|
(17,154)
|
|
|
|
Cash flows from
financing activities:
|
|
|
Proceeds from employee
stock options exercised
|
809
|
1,557
|
Payment to
shareholders in respect of acquisition
|
(1,440)
|
(6,349)
|
Distribution of
dividend
|
(9,786)
|
(7,186)
|
Repayment of
loan
|
(642)
|
-
|
|
|
|
Net cash used in
financing activities
|
(11,059)
|
(11,978)
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
2,151
|
(1,736)
|
|
|
|
Increase in cash and
cash equivalents
|
1,877
|
(2,236)
|
Cash and cash
equivalents at the beginning of period
|
54,351
|
47,400
|
|
|
|
Cash and cash
equivalents at the end of period
|
56,228
|
45,164
|
*Including
consolidation of Insseco, commencing December 31, 2014.
|
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SOURCE Sapiens International Corporation