UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2015
Commission File Number 000-20181
SAPIENS INTERNATIONAL CORPORATION N.V.
(Translation of Registrant’s name
into English)
c/o Landhuis Joonchi
Kaya Richard J. Beaujon z/n
P.O. Box 837
Willemstad,
Curaçao
(Address of Principal
Executive Office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F o
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
Sapiens International Corporation N.V. |
|
|
|
|
|
By: /s/ Roni Giladi |
|
|
Roni Giladi |
|
|
Chief Financial Officer |
|
Dated: August 5, 2015
Exhibit 99.1
Sapiens Reports Double-Digit Revenue
Growth and Improved Profitability;
Raises 2015 Guidance for Full Year
Revenue and Operating Margin
61.0% Year-Over-Year Increase in Non-GAAP
Quarterly Operating Profit
HOLON, Israel, Aug. 5, 2015 /PRNewswire/
-- Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software
solutions for the insurance industry, with an emerging focus on the broader financial services sector, and a member of the
Formula Group (NASDAQ: FORTY and TASE: FORTY), today announced its financial results for the second quarter ended June
30, 2015.
Second Quarter Highlights:
| · | Non-GAAP revenue of $43.4 million, up 12.4%
compared to $38.7 million in the second quarter of 2014. Excluding the impact of foreign currency exchange rates, revenue growth
was 22.3%. |
| · | Non-GAAP operating profit increase by 61.0% and totaled $6.4 million or 14.8% operating margin, compared to $4.0 million, or
10.4% operating margin, in the second quarter of 2014. |
| · | Non-GAAP net income attributable to Sapiens’ shareholders totaled $5.2 million or $0.11 per diluted share increase of
45.2% compared to $3.6 million, or $0.07 per diluted share in the second quarter last year. |
| · | Cash, cash equivalents and securities investments
as of June 30, 2015 was approximately $89.8 million, the company has no debt. |
| · | The Company increased full-year 2015 guidance.
Management now expects revenues to be in a range of $176-$180 million, and operating margin to be in a range of 14%-14.5% |
“We are pleased
to report another strong quarter,” said Roni Al-Dor, President and CEO of Sapiens. “Solid growth and performance across
all of our offerings, from all geographies, enabled us to deliver another quarter of double-digit revenue growth. We are seeing
the benefits of our business model as operating margins expanded as a result of improvements in our base business that have led
to a more efficient cost structure. We believe our first half results and our expectations for the second half of 2015 affirm our
growth strategy and provide us with additional clarity to raise our guidance for the full year.”
Mr. Al-Dor continued,
“The investments we have made in products and sales have strengthened our competitive position and are driving customer wins
around the world. We have developed a strong line up of industry leading technology solutions that are clearly resonating with
both new and existing customers, resulting in new wins during the quarter. Our recent acquisition of Insseco, which is not reflected
in the results of the second quarter, opens a presence for us in Poland and expands the company’s solid footprint in Europe.
In addition, Sapiens expects to establish a regional delivery and development center in Poland to further support our global operations.”
Increased 2015
Outlook
Mr. Al-Dor added, “Based on the strength
of our first half results and our outlook for the remainder of the year, we are raising our 2015 full year guidance. Acquisitions
and recent contract wins are driving higher top-line growth while higher margin revenues and our on-going pursuit of operational
efficiencies are having a positive impact on our operating margins.”
| · | Full year 2015 revenue in the range of $176-$180
million, up from previous guidance of $174-$178 million, representing growth of approximately 20% over the prior year, on a constant
currency basis. |
| · | Operating margins in the range of 14%-14.5%,
up from previous guidance of 12%-13%. |
Quarterly Results Conference Call
Sapiens management will host its earnings
conference call today, August 5 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: +972-3-918-0644; UK: 0-800-917-5108
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 August 12, 2015, as follows
North America: 1-888-295-2634; International:
+972-3-925-5918
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.
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, 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 150 financial services organizations. The
Sapiens team of approximately 1,300 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, 2014, 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
Summary of Non-GAAP financial Information
U.S. dollars in thousands (except per share amounts)
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues | |
| 43,436 | | |
| 100 | % | |
| 38,651 | | |
| 100 | % | |
| 84,450 | | |
| 100 | % | |
| 75,279 | | |
| 100 | % |
Gross Profit | |
| 18,568 | | |
| 42.7 | % | |
| 15,675 | | |
| 40.6 | % | |
| 36,246 | | |
| 42.9 | % | |
| 30,323 | | |
| 40.3 | % |
Operating profit | |
| 6,441 | | |
| 14.8 | % | |
| 4,001 | | |
| 10.4 | % | |
| 12,229 | | |
| 14.5 | % | |
| 7,653 | | |
| 10.2 | % |
Net income to shareholders | |
| 5,230 | | |
| 12.0 | % | |
| 3,601 | | |
| 9.3 | % | |
| 9,957 | | |
| 11.8 | % | |
| 6,976 | | |
| 9.3 | % |
Adjusted EBITDA | |
| 6,900 | | |
| 15.9 | % | |
| 4,417 | | |
| 11.4 | % | |
| 13,078 | | |
| 15.5 | % | |
| 8,437 | | |
| 11.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic earnings per share | |
| 0.11 | | |
| | | |
| 0.08 | | |
| | | |
| 0.21 | | |
| | | |
| 0.15 | | |
| | |
Diluted earnings per share | |
| 0.11 | | |
| | | |
| 0.07 | | |
| | | |
| 0.20 | | |
| | | |
| 0.14 | | |
| | |
Adjusted EBITDA Calculation
U.S. dollars in thousands
| |
Three months ended | | |
Six month ended | |
| |
June 30, | | |
June 30 , | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
GAAP operating profit | |
| 5,890 | | |
| 3,383 | | |
| 10,976 | | |
| 6,557 | |
| |
| | | |
| | | |
| | | |
| | |
Non GAAP adjustments: | |
| | | |
| | | |
| | | |
| | |
Amortization of capitalized software | |
| 1,135 | | |
| 1,459 | | |
| 2,350 | | |
| 2,506 | |
Amortization of other intangible assets | |
| 608 | | |
| 557 | | |
| 1,129 | | |
| 1,118 | |
Capitalization of software development | |
| (1,553 | ) | |
| (1,686 | ) | |
| (2,865 | ) | |
| (3,087 | ) |
Compensation related to acquisition | |
| 71 | | |
| - | | |
| 71 | | |
| - | |
Stock-based compensation | |
| 290 | | |
| 288 | | |
| 568 | | |
| 559 | |
| |
| | | |
| | | |
| | | |
| | |
Non GAAP operating profit | |
| 6,441 | | |
| 4,001 | | |
| 12,229 | | |
| 7,653 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation | |
| 459 | | |
| 416 | | |
| 849 | | |
| 784 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
| 6,900 | | |
| 4,417 | | |
| 13,078 | | |
| 8,437 | |
Revenues by category
U.S. dollars in thousands
| |
Three months ended June 30, 2015 | | |
Six month ended June 30, 2015 | |
| |
Revenues | | |
Percentage | | |
Revenues | | |
Percentage | |
| |
| |
License | |
| 2,615 | | |
| 6.0 | % | |
| 5,872 | | |
| 7.0 | % |
Services and Maintenance | |
| 40,821 | | |
| 94.0 | % | |
| 78,578 | | |
| 93.0 | % |
Total | |
| 43,436 | | |
| 100.0 | % | |
| 84,450 | | |
| 100.0 | % |
Revenues by geographic breakdown
U.S. dollars in thousands
| |
Three months ended June 30, 2015 | | |
Six months ended June 30, 2015 | |
| |
Revenues | | |
Percentage | | |
Revenues | | |
Percentage | |
| |
| |
North America | |
| 14,294 | | |
| 32.9 | % | |
| 27,994 | | |
| 33.1 | % |
Europe | |
| 23,743 | | |
| 54.7 | % | |
| 46,896 | | |
| 55.6 | % |
APAC | |
| 5,399 | | |
| 12.4 | % | |
| 9,560 | | |
| 11.3 | % |
Total | |
| 43,436 | | |
| 100 | % | |
| 84,450 | | |
| 100 | % |
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 |
|
|
Six months ended |
|
|
June 30, |
|
|
June 30, |
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
43,436 |
|
|
|
38,651 |
|
|
|
84,450 |
|
|
|
75,279 |
|
Cost of revenue |
|
|
26,218 |
|
|
|
24,653 |
|
|
|
50,963 |
|
|
|
47,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
17,218 |
|
|
|
13,998 |
|
|
|
33,487 |
|
|
|
27,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net |
|
|
2,385 |
|
|
|
2,855 |
|
|
|
5,006 |
|
|
|
5,744 |
|
Selling, marketing, general and administrative |
|
|
8,943 |
|
|
|
7,760 |
|
|
|
17,505 |
|
|
|
15,074 |
|
Total operating expenses |
|
|
11,328 |
|
|
|
10,615 |
|
|
|
22,511 |
|
|
|
20,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
5,890 |
|
|
|
3,383 |
|
|
|
10,976 |
|
|
|
6,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income, net |
|
|
14 |
|
|
|
(11 |
) |
|
|
344 |
|
|
|
(57 |
) |
Taxes and other expenses, net |
|
|
1,189 |
|
|
|
283 |
|
|
|
1,728 |
|
|
|
462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
4,687 |
|
|
|
3,111 |
|
|
|
8,904 |
|
|
|
6,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to non-controlling interest |
|
|
(19 |
) |
|
|
6 |
|
|
|
39 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Sapiens' shareholders |
|
|
4,706 |
|
|
|
3,105 |
|
|
|
8,865 |
|
|
|
6,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
0.10 |
|
|
|
0.07 |
|
|
|
0.19 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
0.10 |
|
|
|
0.06 |
|
|
|
0.18 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used to compute basic earnings per share (in thousands) |
|
|
47,910 |
|
|
|
47,177 |
|
|
|
47,809 |
|
|
|
46,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used to compute diluted earnings per share (in thousands) |
|
|
49,213 |
|
|
|
48,759 |
|
|
|
49,098 |
|
|
|
48,362 |
|
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 | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Non-GAAP revenue | |
| 43,436 | | |
| 38,651 | | |
| 84,450 | | |
| 75,279 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
GAAP gross profit | |
| 17,218 | | |
| 13,998 | | |
| 33,487 | | |
| 27,375 | |
Amortization of capitalized software | |
| 1,135 | | |
| 1,459 | | |
| 2,350 | | |
| 2,506 | |
Amortization of other intangible assets | |
| 215 | | |
| 218 | | |
| 409 | | |
| 442 | |
Non-GAAP gross profit | |
| 18,568 | | |
| 15,675 | | |
| 36,246 | | |
| 30,323 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
GAAP operating income | |
| 5,890 | | |
| 3,383 | | |
| 10,976 | | |
| 6,557 | |
Gross profit adjustments | |
| 1,350 | | |
| 1,677 | | |
| 2,759 | | |
| 2,948 | |
Capitalization of software development | |
| (1,553 | ) | |
| (1,686 | ) | |
| (2,865 | ) | |
| (3,087 | ) |
Amortization of other intangible assets | |
| 393 | | |
| 339 | | |
| 720 | | |
| 676 | |
Compensation related to acquisition | |
| 71 | | |
| - | | |
| 71 | | |
| - | |
Stock-based compensation | |
| 290 | | |
| 288 | | |
| 568 | | |
| 559 | |
Non-GAAP operating income | |
| 6,441 | | |
| 4,001 | | |
| 12,229 | | |
| 7,653 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
GAAP net income attributable to Sapiens' shareholders | |
| 4,706 | | |
| 3,105 | | |
| 8,865 | | |
| 6,127 | |
Operating income adjustments | |
| 551 | | |
| 618 | | |
| 1,253 | | |
| 1,096 | |
Other | |
| (27 | ) | |
| (122 | ) | |
| (161 | ) | |
| (247 | ) |
Non-GAAP net income attributable to Sapiens' shareholders | |
| 5,230 | | |
| 3,601 | | |
| 9,957 | | |
| 6,976 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP basic earnings per share | |
| 0.11 | | |
| 0.08 | | |
| 0.21 | | |
| 0.15 | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP diluted earnings per share | |
| 0.11 | | |
| 0.07 | | |
| 0.20 | | |
| 0.14 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding used to compute basic earnings per share (in thousands) | |
| 47,910 | | |
| 47,177 | | |
| 47,809 | | |
| 46,797 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding used to compute diluted earnings per share (in thousands) | |
| 49,213 | | |
| 48,759 | | |
| 49,098 | | |
| 48,362 | |
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. Dollars in thousands
| |
June 30, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | |
| |
| | |
| |
ASSETS | |
| | |
| |
| |
| | |
| |
CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
| 51,053 | | |
| 47,400 | |
Trade receivables, net | |
| 27,384 | | |
| 28,540 | |
Other receivables and prepaid expenses | |
| 5,849 | | |
| 3,962 | |
Deferred Taxes | |
| 2,240 | | |
| 2,319 | |
| |
| | | |
| | |
Total current assets | |
| 86,526 | | |
| 82,221 | |
| |
| | | |
| | |
LONG-TERM ASSETS: | |
| | | |
| | |
Marketable Securities | |
| 38,780 | | |
| 33,098 | |
Property and equipment, net | |
| 5,293 | | |
| 4,763 | |
Severance pay fund | |
| 6,493 | | |
| 10,735 | |
Other intangible assets, net | |
| 28,568 | | |
| 27,060 | |
Other long-term assets | |
| 2,445 | | |
| 3,248 | |
Goodwill | |
| 71,351 | | |
| 67,698 | |
| |
| | | |
| | |
Total long-term assets | |
| 152,930 | | |
| 146,602 | |
| |
| | | |
| | |
TOTAL ASSETS | |
| 239,456 | | |
| 228,823 | |
| |
| | | |
| | |
LIABILITIES AND EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Trade payables | |
| 4,210 | | |
| 2,952 | |
Accrued expenses and other liabilities | |
| 30,471 | | |
| 25,159 | |
Deferred revenue | |
| 10,722 | | |
| 9,272 | |
| |
| | | |
| | |
Total current liabilities | |
| 45,403 | | |
| 37,383 | |
| |
| | | |
| | |
LONG-TERM LIABILITIES: | |
| | | |
| | |
Other long-term liabilities | |
| 5,251 | | |
| 3,105 | |
Accrued severance pay | |
| 7,458 | | |
| 11,980 | |
| |
| | | |
| | |
Total long-term liabilities | |
| 12,709 | | |
| 15,085 | |
| |
| | | |
| | |
REDEEMABLE NON-CONTROLLING INTEREST | |
| 242 | | |
| 159 | |
| |
| | | |
| | |
EQUITY | |
| 181,102 | | |
| 176,196 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND EQUITY | |
| 239,456 | | |
| 228,823 | |
SAPIENS INTERNATIONAL CORPORATION
N.V. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH
FLOW
U.S. Dollars in thousands
| |
For the six months ended June 30 | |
| |
2015 | | |
2014 | |
| |
(unaudited) | | |
(unaudited) | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
| 8,904 | | |
| 6,152 | |
Reconciliation of net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 4,328 | | |
| 4,408 | |
Amortization of premium and accrued interest on marketable securities | |
| (184 | ) | |
| 23 | |
Stock-based compensation related to options issued to employees | |
| 568 | | |
| 559 | |
Decrease (increase) in trade receivables | |
| 1,975 | | |
| (1,790 | ) |
Deferred tax assets | |
| 1,808 | | |
| 85 | |
Decrease in other operating assets | |
| 395 | | |
| 299 | |
Increase (decrease) in trade payables | |
| 1,294 | | |
| (1,994 | ) |
Increase in other operating liabilities | |
| 1,869 | | |
| 3,053 | |
Increase in deferred revenues | |
| 1,502 | | |
| 1,001 | |
Severance pay | |
| (304 | ) | |
| 152 | |
| |
| | | |
| | |
Net cash provided by operating activities | |
| 22,155 | | |
| 11,948 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (1,209 | ) | |
| (1,224 | ) |
Purchase of marketable securities | |
| (6,524 | ) | |
| (34,786 | ) |
Proceeds from sales of marketable securities | |
| 1,015 | | |
| - | |
Payments for business acquisition, net of cash acquired | |
| (1,736 | ) | |
| - | |
Increase in capitalized software development costs | |
| (2,865 | ) | |
| (3,087 | ) |
Decrease (increase) in Restricted Cash | |
| (1,712 | ) | |
| 541 | |
| |
| | | |
| | |
Net cash used in investing activities | |
| (13,031 | ) | |
| (38,556 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Distribution of dividend | |
| (6,486 | ) | |
| - | |
Proceeds from employee stock options exercised | |
| 501 | | |
| 1,305 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| (5,985 | ) | |
| 1,305 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| 514 | | |
| 364 | |
| |
| | | |
| | |
Increase in cash and cash equivalents | |
| 3,653 | | |
| (24,939 | ) |
Cash and cash equivalents at the beginning of period | |
| 47,400 | | |
| 70,313 | |
| |
| | | |
| | |
Cash and cash equivalents at the end of period | |
| 51,053 | | |
| 45,374 | |
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