Company achieves record-breaking operating income of
$8.0 million (up 26% year over year) and Non-GAAP operating
income of $9.8 million (up 9% year over year) for the second
quarter of 2018
Magic Software Enterprises Ltd. (NASDAQ and TASE:
MGIC), a global provider of end-to-end integration and
application development platforms solutions and IT consulting
services, announced today its financial results for the sixth
months and second quarter ended June 30, 2018.
Financial Highlights for the Second
Quarter Ended June 30, 2018
- Revenues for the second quarter increased 7% to
$70.2 million compared to $65.5 million in the same
period last year.
- Operating income for the second quarter increased 26% to $8.0
million compared to $6.3 million in the same period last
year.
- Non-GAAP operating income for the second quarter increased 9%
to $9.8 million compared to $9.0 million in the same
period last year.
- Net income attributable to Magic's shareholders for the second
quarter increased 60% to $5.7 million, or $0.12 per fully
diluted share, compared to $3.6 million, or $0.08 per fully
diluted share in the same period last year.
- Non-GAAP net income attributable to Magic's shareholders for
the second quarter increased 22% to $7.0 million, or $0.16 per
fully diluted share, compared to $5.7 million, or $0.13 per
fully diluted share, in the same period last year.
Financial Highlights for the Six-Month
Period Ended June 30, 2018
- Revenues for the first half of 2018 increased 11% to
$139.9 million compared to $126.2 million in the same
period last year.
- Operating income for the first half increased 23% to
$15.6 million compared to $12.7 million in the same
period last year.
- Non-GAAP operating income for the first half of 2018 increased
12% to $19.5 million compared to $17.4 million in the
same period last year.
- Net income attributable to Magic's shareholders for the first
half increased 31% to $10.3 million, or $0.23 per fully
diluted share, compared to $7.8 million, or $0.18 per fully
diluted share in the same period last year.
- Non-GAAP net income attributable to Magic's shareholders for
the first half increased 15% to $13.2 million, or $0.30 per
fully diluted share, compared to $11.5 million, or $0.26 per
fully diluted share, in the same period last year.
- Cash flow from operating activities
for the first half of 2018
amounted to $16.1 million compared to
$14.5 million in the same period last year.
- As of June 30, 2018, Magic’s net cash, cash equivalents,
short-term bank deposits and marketable securities, offset by
financial liabilities, amounted to $56.4 million.
- Magic is reiterating its fiscal year 2018 guidance issued in
February for full year revenues of between $283 million to
$293 million on a constant currency basis, reflecting annual
growth of 10% to 14%.
Declaration of Dividend for the First
Half of 2018
In accordance with its dividend distribution
policy, the Company’s board of directors declared a semi-annual
cash dividend in the amount of $0.155 per share and in the
aggregate amount of about $7.6 million, reflecting approximately
75% of its distributable profits for the first half of 2018.
The dividend is payable on September 5, 2018 to
all of the Company’s shareholders of record at the close of the
NASDAQ Global Select Market on August 22, 2018.
In accordance with Israeli tax law, the dividend
is subject to withholding tax at source at the rate of 30% (if the
recipient of the dividend is at the time of distribution or was at
any time during the preceding 12-month period the holder of 10% or
more of the Company's share capital) or 25% (for all other dividend
recipients) of the dividend amount payable to each shareholder of
record, subject to applicable exemptions.
The dividend will be paid in US dollars on the
ordinary shares of Magic Software Enterprises that are traded both
on the Tel Aviv Stock Exchange and the NASDAQ Global Select
Market.
Guy Bernstein, Chief Executive Officer of Magic
Software Enterprises, said:
“This quarter’s strong financial results
demonstrate that Magic is continuing its impressive forward
momentum with growth in both revenues and profits across all of our
markets and regions. Our record-breaking first half results for
2018 confirm that our strategic business initiatives are paying
off.
“We launched our latest cutting-edge technology
in the low-code application development arena, which is already
gaining a great deal of positive interest throughout the
industry.
“We are expanding on our important partnerships
in the fast growing integration market and will continue to invest
in our business with new and existing clients, as well as in our
other growth areas, including mobile, cloud and big data, to
deliver increasing value to both our clients and shareholders.”
Conference Call Details
Magic’s management will host a conference call
on Wednesday, August 8, at 10:00 am Eastern Daylight Time (7:00 am
Pacific Daylight Time, 17:00 Israel Daylight Time) to review and
discuss Magic’s results.
To participate, please call one of the following
teleconferencing numbers. Please begin placing your calls at least
10 minutes before the conference call commences. If you are unable
to connect using the toll-free numbers, call the international
dial-in number.
NORTH AMERICA: +1-888-407-2553UK:
0-800-917-5108 ISRAEL: 03-918-0610ALL OTHERS:
+972-3-918-0610
For those unable to join the live call, a replay
of the call will be available for three months, under the Investor
Relations section of Magic’s website, www.magicsoftware.com.
Non-GAAP Financial Measures
This press release contains the following
non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP
operating income, Non-GAAP net income attributed to Magic’s
shareholders and Non-GAAP basic and diluted earnings per share.
Magic believes that these non-GAAP measures of
financial results provide useful information to management and
investors regarding certain financial and business trends relating
to Magic's financial condition and results of operations. Magic'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. Magic 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.
Non-GAAP measures used in this press release are
included in the financial tables of this release. These non-GAAP
measures exclude the following items:
- Amortization of purchased intangible assets and other related
costs;
- In-process research and development capitalization and
amortization;
- Equity-based compensation expenses;
- The related tax, non-controlling interests and redeemable
non-controlling interests effects of the above items;
- Change in valuation of contingent consideration related to
acquisitions;
- Change in value of put options of redeemable non-controlling
interests.
- Change in deferred tax assets on carry forward tax losses.
Reconciliation tables of the most comparable
GAAP financial measures to the non-GAAP financial measures used in
this press release are included in the financial tables of this
release.
About Magic Software Enterprises
Magic Software Enterprises Ltd. (NASDAQ and
TASE: MGIC) is a global provider of mobile and cloud-enabled
application and business integration platforms.
For more information, visit
www.magicsoftware.com.
Forward Looking Statements
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, you
should refer to the Risk Factors detailed in our Annual Report on
Form 20-F for the year ended December 31, 2017 and subsequent
reports and filings made from time to time with the Securities and
Exchange Commission.
Magic® is a registered trademark of Magic
Software Enterprises Ltd. All other product and company names
mentioned herein are for identification purposes only and are the
property of, and might be trademarks of, their respective
owners.
Press Contact:Debbie Sarig, PR & Content
ManagerMagic Software Enterprisesir@magicsoftware.com
MAGIC SOFTWARE ENTERPRISES
LTD.CONDENSED CONSOLIDATED STATEMENTS OF
INCOMEU.S. Dollars in thousands (except per share
data)
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
Unaudited |
|
Revenues |
|
$ |
70,221 |
|
|
$ |
65,479 |
|
|
$ |
139,947 |
|
|
$ |
126,240 |
|
Cost of Revenues |
|
|
48,216 |
|
|
|
44,718 |
|
|
|
94,728 |
|
|
|
85,779 |
|
Gross profit |
|
|
22,005 |
|
|
|
20,761 |
|
|
|
45,219 |
|
|
|
40,461 |
|
Research
and development, net |
|
|
1,597 |
|
|
|
1,907 |
|
|
|
3,118 |
|
|
|
3,523 |
|
Selling,
marketing and general and administrative expenses |
|
|
12,423 |
|
|
|
12,514 |
|
|
|
26,550 |
|
|
|
24,259 |
|
Total operating costs and expenses |
|
|
14,020 |
|
|
|
14,421 |
|
|
|
29,668 |
|
|
|
27,782 |
|
Operating income |
|
|
7,985 |
|
|
|
6,340 |
|
|
|
15,551 |
|
|
|
12,679 |
|
Financial income (expenses), net |
|
|
249 |
|
|
|
(595 |
) |
|
|
447 |
|
|
|
(822 |
) |
Income before taxes on income |
|
|
8,234 |
|
|
|
5,745 |
|
|
|
15,998 |
|
|
|
11,857 |
|
Taxes on
income |
|
|
1,434 |
|
|
|
1,584 |
|
|
|
3,410 |
|
|
|
2,834 |
|
Net income |
|
$ |
6,800 |
|
|
$ |
4,161 |
|
|
$ |
12,588 |
|
|
$ |
9,023 |
|
Net
income attributable to redeemable non-controlling interests |
|
|
(684 |
) |
|
|
(414 |
) |
|
|
(1,417 |
) |
|
|
(872 |
) |
Net
income attributable to non-controlling interests |
|
|
(397 |
) |
|
|
(163 |
) |
|
|
(873 |
) |
|
|
(304 |
) |
Net income attributable to Magic’s
shareholders |
|
$ |
5,719 |
|
|
$ |
3,584 |
|
|
$ |
10,298 |
|
|
$ |
7,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
|
$ |
0.08 |
|
|
$ |
0.23 |
|
|
$ |
0.18 |
|
Diluted |
|
$ |
0.12 |
|
|
$ |
0.08 |
|
|
$ |
0.23 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing net earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
44,489 |
|
|
|
44,432 |
|
|
|
44,489 |
|
|
|
44,410 |
|
|
|
|
|
|
|
|
. |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
44,631 |
|
|
|
44,593 |
|
|
|
44,633 |
|
|
|
44,576 |
|
Summary of Non-GAAP Financial
InformationU.S. Dollars in thousands (except per share
data)
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
70,221 |
|
|
|
100 |
% |
|
$ |
65,479 |
|
|
|
100 |
% |
|
$ |
139,947 |
|
|
|
100 |
% |
|
$ |
126,240 |
|
|
|
100 |
% |
Gross
profit |
|
|
23,444 |
|
|
|
33.4 |
% |
|
|
22,250 |
|
|
|
34.0 |
% |
|
|
48,009 |
|
|
|
34.3 |
% |
|
|
43,635 |
|
|
|
34.6 |
% |
Operating income |
|
|
9,820 |
|
|
|
14.0 |
% |
|
|
8,978 |
|
|
|
13.7 |
% |
|
|
19,527 |
|
|
|
14.0 |
% |
|
|
17,359 |
|
|
|
13.8 |
% |
Net
income attributable to Magic’s shareholders |
|
|
7,000 |
|
|
|
10.0 |
% |
|
|
5,749 |
|
|
|
8.8 |
% |
|
|
13,151 |
|
|
|
9.4 |
% |
|
|
11,478 |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
0.16 |
|
|
|
|
|
|
$ |
0.13 |
|
|
|
|
|
|
$ |
0.30 |
|
|
|
|
|
|
$ |
0.26 |
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.16 |
|
|
|
|
|
|
$ |
0.13 |
|
|
|
|
|
|
$ |
0.30 |
|
|
|
|
|
|
$ |
0.26 |
|
|
|
|
|
MAGIC SOFTWARE ENTERPRISES
LTD.RECONCILIATION OF GAAP AND NON-GAAP
RESULTSU.S. Dollars in thousands (except per share
data)
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
22,005 |
|
|
$ |
20,761 |
|
|
$ |
45,219 |
|
|
$ |
40,461 |
|
Amortization of capitalized software and acquired technology |
|
|
1,308 |
|
|
|
1,334 |
|
|
|
2,528 |
|
|
|
2,835 |
|
Amortization of other intangible assets |
|
|
130 |
|
|
|
153 |
|
|
|
260 |
|
|
|
334 |
|
Stock-based compensation |
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
5 |
|
Non-GAAP gross profit |
|
$ |
23,444 |
|
|
$ |
22,250 |
|
|
$ |
48,009 |
|
|
$ |
43,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
$ |
7,985 |
|
|
$ |
6,340 |
|
|
$ |
15,551 |
|
|
$ |
12,679 |
|
Gross profit adjustments |
|
|
1,439 |
|
|
|
1,489 |
|
|
|
2,790 |
|
|
|
3,174 |
|
Amortization of other intangible assets |
|
|
1,453 |
|
|
|
1,584 |
|
|
|
2,933 |
|
|
|
3,178 |
|
Increase
in valuation of contingent consideration related to
acquisitions |
|
|
36 |
|
|
|
444 |
|
|
|
140 |
|
|
|
444 |
|
Capitalization of software development |
|
|
(1,095 |
) |
|
|
(890 |
) |
|
|
(1,893 |
) |
|
|
(2,140 |
) |
Stock-based compensation |
|
|
2 |
|
|
|
11 |
|
|
|
6 |
|
|
|
24 |
|
Non-GAAP operating income |
|
$ |
9,820 |
|
|
$ |
8,978 |
|
|
$ |
19,527 |
|
|
$ |
17,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Magic’s
shareholders |
|
$ |
5,719 |
|
|
$ |
3,584 |
|
|
$ |
10,298 |
|
|
$ |
7,847 |
|
Operating income adjustments |
|
|
1,835 |
|
|
|
2,638 |
|
|
|
3,976 |
|
|
|
4,680 |
|
Amortization expenses attributed to non-controlling interests and
redeemable non-controlling interests |
|
|
(348 |
) |
|
|
(367 |
) |
|
|
(731 |
) |
|
|
(765 |
) |
Deferred taxes on the above items |
|
|
(206 |
) |
|
|
(106 |
) |
|
|
(392 |
) |
|
|
(284 |
) |
Non-GAAP net income attributable to Magic’s
shareholders |
|
$ |
7,000 |
|
|
$ |
5,749 |
|
|
$ |
13,151 |
|
|
$ |
11,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net earnings per share |
|
$ |
0.16 |
|
|
$ |
0.13 |
|
|
$ |
0.30 |
|
|
$ |
0.26 |
|
Weighted
average number of shares used in computing basic net earnings per
share |
|
|
44,489 |
|
|
|
44,432 |
|
|
|
44,489 |
|
|
|
44,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net earnings per share |
|
$ |
0.16 |
|
|
$ |
0.13 |
|
|
$ |
0.30 |
|
|
$ |
0.26 |
|
Weighted
average number of shares used in computing diluted net earnings per
share |
|
|
44,632 |
|
|
|
44,595 |
|
|
|
44,633 |
|
|
|
44,578 |
|
MAGIC SOFTWARE ENTERPRISES
LTD.CONDENSED CONSOLIDATED BALANCE
SHEETSU.S. Dollars in thousands
|
|
June 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
78,220 |
|
|
$ |
76,076 |
|
Short-term bank deposits |
|
|
1,099 |
|
|
|
732 |
|
Marketable securities |
|
|
11,919 |
|
|
|
14,138 |
|
Trade receivables, net |
|
|
81,165 |
|
|
|
82,051 |
|
Other accounts receivable and prepaid expenses |
|
|
10,874 |
|
|
|
8,643 |
|
Total current assets |
|
|
183,277 |
|
|
|
181,640 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM RECEIVABLES: |
|
|
|
|
|
|
|
|
Severance
pay fund |
|
|
3,101 |
|
|
|
3,226 |
|
Deferred tax assets |
|
|
3,017 |
|
|
|
2,990 |
|
Other long-term receivables |
|
|
4,607 |
|
|
|
2,015 |
|
Total long-term receivables |
|
|
10,725 |
|
|
|
8,231 |
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
|
3,191 |
|
|
|
3,468 |
|
IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL, NET |
|
|
141,798 |
|
|
|
149,200 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
338,991 |
|
|
$ |
342,539 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Short-term debt |
|
$ |
9,316 |
|
|
$ |
9,771 |
|
Trade payables |
|
|
13,026 |
|
|
|
12,185 |
|
Accrued expenses and other accounts payable |
|
|
26,244 |
|
|
|
27,789 |
|
Liabilities due to acquisition activities |
|
|
1,080 |
|
|
|
3,906 |
|
Deferred revenues and customer advances |
|
|
9,082 |
|
|
|
5,586 |
|
Total current liabilities |
|
|
58,748 |
|
|
|
59,237 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
25,491 |
|
|
|
27,814 |
|
Deferred tax liability |
|
|
10,937 |
|
|
|
11,331 |
|
Long-term liabilities due to acquisition activities |
|
|
108 |
|
|
|
581 |
|
Accrued severance pay |
|
|
3,856 |
|
|
|
4,174 |
|
Total non-current
liabilities |
|
|
40,392 |
|
|
|
43,900 |
|
|
|
|
|
|
|
|
|
|
REDEEMABLE NON-CONTROLLING INTERESTS |
|
|
25,615 |
|
|
|
25,839 |
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
Magic Software Enterprises equity |
|
|
210,276 |
|
|
|
210,281 |
|
Non-controlling interests |
|
|
3,960 |
|
|
|
3,282 |
|
Total equity |
|
|
214,236 |
|
|
|
213,563 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND
EQUITY |
|
$ |
338,991 |
|
|
$ |
342,539 |
|
MAGIC SOFTWARE ENTERPRISES
LTD.CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWSU.S. Dollars in thousands
|
|
For the six months ended
June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
12,588 |
|
|
$ |
9,023 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,346 |
|
|
|
6,891 |
|
Stock-based compensation |
|
|
8 |
|
|
|
30 |
|
Amortization of marketable securities premium and accretion of
discount |
|
|
125 |
|
|
|
134 |
|
Gains reclassified into earnings from marketable securities |
|
|
- |
|
|
|
(106 |
) |
Increase in trade receivables, net |
|
|
(3,864 |
) |
|
|
(8,557 |
) |
Increase in other long-term and short-term accounts receivable and
prepaid expenses |
|
|
(2,243 |
) |
|
|
(1,376 |
) |
Increase in trade payables |
|
|
1,117 |
|
|
|
64 |
|
Change in
value of loans |
|
|
(1,456 |
) |
|
|
3,049 |
|
Increase (decrease) in accrued expenses and other accounts
payable |
|
|
(137 |
) |
|
|
1,495 |
|
Increase in deferred revenues |
|
|
3,766 |
|
|
|
4,199 |
|
Change in deferred taxes, net |
|
|
(164 |
) |
|
|
(371 |
) |
Net
cash provided by operating activities |
|
|
16,086 |
|
|
|
14,475 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized software development costs |
|
|
(1,893 |
) |
|
|
(2,140 |
) |
Purchase of property and equipment |
|
|
(400 |
) |
|
|
(872 |
) |
Cash
paid in conjunction with acquisitions, net of acquired cash |
|
|
(3,484 |
) |
|
|
(3,808 |
) |
Proceeds from maturity of marketable securities |
|
|
2,000 |
|
|
|
2,225 |
|
Investment in marketable securities and short-term bank
deposits |
|
|
(367 |
) |
|
|
(2,589 |
) |
Short-term loan to a related-party |
|
|
- |
|
|
|
1,183 |
|
Net
cash used in investing activities |
|
|
(4,144 |
) |
|
|
(6,001 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of options by employees |
|
|
2 |
|
|
|
332 |
|
Dividend paid |
|
|
(5,977 |
) |
|
|
(3,697 |
) |
Dividend paid to non-controlling interests |
|
|
- |
|
|
|
(209 |
) |
Dividend paid to redeemable non-controlling interests |
|
|
(1,413 |
) |
|
|
(1,251 |
) |
Short-term credit, net |
|
|
- |
|
|
|
497 |
|
Change in short-term and long-term loan from banks, net |
|
|
(1,004 |
) |
|
|
6,329 |
|
Net
cash provided by (used in) financing activities |
|
|
(8,392 |
) |
|
|
2,001 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(1,406 |
) |
|
|
1,505 |
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
2,144 |
|
|
|
11,980 |
|
Cash and cash equivalents at the beginning of the year |
|
|
76,076 |
|
|
|
75,314 |
|
Cash and cash equivalents at the end of the
period |
|
$ |
78,220 |
|
|
$ |
87,294 |
|
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