HOLON, Israel, Aug. 4, 2016 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ and 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 and TASE: FORT), today
announced its financial results for the second quarter ended
June 30, 2016.
Second Quarter Highlights:
- GAAP Revenue of $53.0 million, up
15.1% compared to $46.1 million in
the second quarter of 2015.
- Non-GAAP revenue of $53.0
million, up 22.1% compared to $43.4
million in the second quarter of 2015.
- GAAP Operating profit increased by 6.3% and totaled
$6.4 million (12.1% operating
margin), compared to $6.0 million
(13.1% operating margin) in the second quarter of 2015.
- Non-GAAP operating profit increased by 15.3% and totaled
$7.4 million (14.0% operating
margin), compared to $6.4 million
(14.8% operating margin) in the second quarter of 2015.
- GAAP Net income attributable to Sapiens' shareholders totaled
$5.3 million or $0.11 per diluted share, an increase of 12.9%
compared to $4.7 million or
$0.10 per diluted share in the second
quarter last year.
- Non-GAAP net income attributable to Sapiens' shareholders
totaled $6.3 million or $0.13 per diluted share, an increase of 19.5%
compared to $5.2 million or
$0.11 per diluted share in the second
quarter last year.
- Cash, cash equivalents and securities investments as of
June 30, 2016 was $100.0 million, following the distribution of a
cash dividend in the amount of $9.8
million. The company has no debt.
"We saw strong double-digit growth and improved performance
across 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.
"Overall, we improved our position in the market, and our
competitive advantage in our various target markets resulted in
several important wins with new customers. More importantly, we
expect this momentum in sales to continue throughout the year."
Mr. Al-Dor continued. "On the deal front, during the second
quarter we signed a multimillion expansion with Anadolu Insurance
Company, a private insurer operating in Turkey. As in many of our other strategic
relationships, this win was part of a larger transformation
project. We view this expansion as yet another key example of how
our solutions can help our P&C client base grow and mature over
time as they consolidate their multiple lines of business on a
single platform, namely our IDIT software suite.
"In addition following the end of the second quarter, we
acquired Maximum Processing, a US- P&C Solution Provider.
Maximum Processing's policy administration suite, Stingray System,
services tier-4 and tier-5 P&C carriers, MGAs, TPAs and
brokers. This acquisition will expand Sapiens' overall presence in
North America and expedite entry
into the U.S. P&C market. We consider this acquisition
consistent with our long-term growth strategy of organic growth
next to M&A activity."
Mr. Al-Dor concluded: "Based on the strength of our first half
growth and our outlook for the remainder of the year, we are
raising our guidance to 2016 full year non-GAAP revenues of
$211 to $215 million, or annual
growth of 18%-20%, up from prior guidance of $207 to $211 million. To support this expansion
in growth, we are increasing our short-term investments in R&D,
delivery, sales and marketing. Also, we expect to see an impact of
the British pound devaluation on our operations following the UK
decision to exit the EU. We now expect full-year 2016 non-GAAP
operating margins in the range of 13.5% - 14.0%, compared to our
previous guidance of 15.0%-15.5%."
Quarterly Results Conference Call
Management will host a conference call and webcast on
August 4 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 August 18, 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 in 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 1,800
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 periodically with the
Securities and Exchange Commission.
Investors and Media Contact:
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
U.S. 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
|
|
Six months
ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2016
|
|
2015*
|
|
2016
|
|
2015*
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
53,030
|
|
46,066
|
|
102,597
|
|
89,927
|
Cost of
revenue
|
|
31,781
|
|
28,166
|
|
61,388
|
|
54,616
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
21,249
|
|
17,900
|
|
41,209
|
|
35,311
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Research and development,
net
|
|
4,001
|
|
2,385
|
|
7,254
|
|
5,006
|
|
Selling, marketing, general and
administrative
|
|
10,841
|
|
9,486
|
|
21,297
|
|
18,478
|
Total operating
expenses
|
|
14,842
|
|
11,871
|
|
28,551
|
|
23,484
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
6,407
|
|
6,029
|
|
12,658
|
|
11,827
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income),
net
|
|
(326)
|
|
14
|
|
(406)
|
|
344
|
Taxes and other expenses,
net
|
|
1,468
|
|
1,213
|
|
2,926
|
|
1,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
5,265
|
|
4,802
|
|
10,138
|
|
9,589
|
|
|
|
|
|
|
|
|
|
|
Attributable to non-controlling
interest
|
|
(68)
|
|
77
|
|
(82)
|
|
135
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Sapiens'
shareholders
|
|
5,333
|
|
4,725
|
|
10,220
|
|
9,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
0.11
|
|
0.10
|
|
0.21
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
0.11
|
|
0.10
|
|
0.21
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used
to
compute basic earnings per share (in
thousands)
|
|
48,948
|
|
47,910
|
|
48,883
|
|
47,809
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used
to
compute diluted earnings per share (in
thousands)
|
|
49,759
|
|
49,213
|
|
49,659
|
|
49,098
|
|
*Including consolidation of
Insseco, commencing December 31,
2014.
|
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,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
53,030
|
100%
|
|
43,436
|
100%
|
|
102,597
|
100%
|
|
84,450
|
100%
|
Gross
Profit
|
22,726
|
42.9%
|
|
18,568
|
42.7%
|
|
44,300
|
43.2%
|
|
36,246
|
42.9%
|
Operating
profit
|
7,426
|
14.0%
|
|
6,441
|
14.8%
|
|
14,774
|
14.4%
|
|
12,229
|
14.5%
|
Net income to
shareholders
|
6,251
|
11.8%
|
|
5,230
|
12.0%
|
|
12,237
|
11.9%
|
|
9,957
|
11.8%
|
Adjusted
EBITDA
|
8,082
|
15.2%
|
|
6,900
|
15.9%
|
|
16,037
|
15.6%
|
|
13,078
|
15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
0.13
|
|
|
0.11
|
|
|
0.25
|
|
|
0.21
|
|
Diluted earnings per
share
|
0.13
|
|
|
0.11
|
|
|
0.25
|
|
|
0.20
|
|
Non-GAAP revenues by geographic
breakdown
|
U.S. dollars in
thousands
|
|
|
Q2
2016
|
|
Q1
2016
|
|
Q4
2015
|
|
Q3
2015
|
|
Q2
2015
|
|
|
|
|
|
|
|
|
|
|
North
America
|
17,601
|
|
16,041
|
|
16,767
|
|
16,571
|
|
14,294
|
Europe
|
26,124
|
|
28,421
|
|
26,439
|
|
24,084
|
|
23,743
|
APAC
|
9,305
|
|
5,105
|
|
5,468
|
|
5,484
|
|
5,399
|
|
|
|
|
|
|
|
|
|
|
Total
|
53,030
|
|
49,567
|
|
48,674
|
|
46,139
|
|
43,436
|
Adjusted EBITDA
Calculation
|
U.S. dollars in
thousands
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
GAAP operating
profit
|
|
6,407
|
|
6,029
|
|
12,658
|
|
11,827
|
|
|
|
|
|
|
|
|
|
Non GAAP
adjustments:
|
|
|
|
|
|
|
|
|
Amortization of capitalized
software
|
|
1,256
|
|
1,135
|
|
2,665
|
|
2,350
|
Amortization of other intangible
assets
|
|
495
|
|
608
|
|
1,006
|
|
1,129
|
Capitalization of software
development
|
|
(1,396)
|
|
(1,553)
|
|
(2,780)
|
|
(2,865)
|
Stock-based
compensation
|
|
482
|
|
290
|
|
940
|
|
568
|
Compensation related to acquisition and
acquisition related
costs
|
|
182
|
|
71
|
|
285
|
|
71
|
Adjustments of pre-acquisition revenues
and expenses accounted under pooling
of interest
method
|
|
-
|
|
(139)
|
|
-
|
|
(851)
|
|
|
|
|
|
|
|
|
|
Non GAAP operating
profit
|
|
7,426
|
|
6,441
|
|
14,774
|
|
12,229
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
656
|
|
459
|
|
1,263
|
|
849
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
8,082
|
|
6,900
|
|
16,037
|
|
13,078
|
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,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
GAAP
revenue
|
|
53,030
|
|
46,066
|
|
102,597
|
|
89,927
|
Adjustments of pre-acquisition revenue
accounted under pooling
of interest
method
|
|
|
|
(2,630)
|
|
|
|
(5,477)
|
Non-GAAP
revenue
|
|
53,030
|
|
43,436
|
|
102,597
|
|
84,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
21,249
|
|
17,900
|
|
41,209
|
|
35,311
|
Revenue
adjustment
|
|
-
|
|
(2,630)
|
|
-
|
|
(5,477)
|
Amortization of capitalized
software
|
|
1,256
|
|
1,135
|
|
2,665
|
|
2,350
|
Amortization of other intangible
assets
|
|
221
|
|
215
|
|
426
|
|
409
|
Adjustments of pre-acquisition cost of revenue
accounted under
pooling of interest
method
|
|
-
|
|
1,948
|
|
-
|
|
3,653
|
Non-GAAP gross
profit
|
|
22,726
|
|
18,568
|
|
44,300
|
|
36,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
|
6,407
|
|
6,029
|
|
12,658
|
|
11,827
|
Gross profit
adjustments
|
|
1,477
|
|
668
|
|
3,091
|
|
935
|
Capitalization of software
development
|
|
(1,396)
|
|
(1,553)
|
|
(2,780)
|
|
(2,865)
|
Amortization of other intangible
assets
|
|
274
|
|
393
|
|
580
|
|
720
|
Stock-based
compensation
|
|
482
|
|
290
|
|
940
|
|
568
|
Compensation related to acquisition and acquisition
related
costs
|
|
182
|
|
71
|
|
285
|
|
71
|
Adjustments of pre-acquisition operating expenses
accounted
under pooling of interest
method
|
|
-
|
|
543
|
|
-
|
|
973
|
Non-GAAP operating
income
|
|
7,426
|
|
6,441
|
|
14,774
|
|
12,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Sapiens'
shareholders
|
|
5,333
|
|
4,725
|
|
10,220
|
|
9,454
|
Operating income
adjustments
|
|
1,019
|
|
412
|
|
2,116
|
|
402
|
Adjustment to redeemable non-controlling
interest
|
|
37
|
|
96
|
|
103
|
|
96
|
Adjustments of pre-acquisition financial and
tax expenses
accounted under pooling of interest
method
|
|
-
|
|
24
|
|
-
|
|
166
|
Other
|
|
(138)
|
|
(27)
|
|
(202)
|
|
(161)
|
Non-GAAP net income attributable to Sapiens'
shareholders
|
|
6,251
|
|
5,230
|
|
12,237
|
|
9,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic earnings per
share
|
|
0.13
|
|
0.11
|
|
0.25
|
|
0.21
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per
share
|
|
0.13
|
|
0.11
|
|
0.25
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used to
compute
basic earnings per share (in
thousands)
|
48,948
|
|
47,910
|
|
48,883
|
|
47,809
|
Weighted average number of shares outstanding used to
compute
diluted earnings per share (in
thousands)
|
49,759
|
|
49,213
|
|
49,659
|
|
49,098
|
SAPIENS INTERNATIONAL
CORPORATION N.V. AND ITS
SUBSIDIARIES
|
CONDENSED CONSOLIDATED
BALANCE
SHEETS
|
U.S. Dollars in
thousands
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
60,271
|
|
54,351
|
|
Trade receivables,
net
|
|
31,274
|
|
29,761
|
|
Other receivables and prepaid
expenses
|
|
6,188
|
|
5,455
|
|
Marketable
securities
|
|
27,677
|
|
8,776
|
|
|
|
|
|
|
|
Total current
assets
|
|
125,410
|
|
98,343
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Marketable
securities
|
|
12,091
|
|
30,875
|
|
Property and equipment,
net
|
|
7,628
|
|
5,675
|
|
Severance pay
fund
|
|
4,554
|
|
5,551
|
|
Other intangible assets,
net
|
|
26,808
|
|
27,540
|
|
Other long-term
assets
|
|
5,189
|
|
4,252
|
|
Goodwill
|
|
70,626
|
|
70,035
|
|
|
|
|
|
|
|
Total long-term
assets
|
|
126,896
|
|
143,928
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
252,306
|
|
242,271
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
7,403
|
|
4,721
|
|
Accrued expenses and other
liabilities
|
|
30,767
|
|
32,012
|
|
Deferred
revenue
|
|
14,430
|
|
10,268
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
52,600
|
|
47,001
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Other long-term
liabilities
|
|
7,709
|
|
6,414
|
|
Accrued severance
pay
|
|
5,670
|
|
6,662
|
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
13,379
|
|
13,076
|
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE NON-CONTROLLING
INTEREST
|
|
385
|
|
385
|
|
|
|
|
|
|
EQUITY
|
|
185,942
|
|
181,809
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
252,306
|
|
242,271
|
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,
|
|
2016
|
2015*
|
|
(unaudited)
|
(unaudited)
|
Cash flows from operating
activities:
|
|
|
Net
income
|
10,138
|
9,589
|
Reconciliation of net income to net cash provided by
operating
activities:
|
|
|
Depreciation and
amortization
|
4,934
|
4,462
|
Amortization of premium and accrued interest on
marketable
securities
|
(262)
|
(184)
|
Stock-based compensation related to options issued to
employees
|
940
|
568
|
|
|
|
Net changes in operating assets and liabilities, net
of amount
acquired:
|
|
|
Trade
receivables
|
(1,599)
|
1,411
|
Deferred tax
assets
|
52
|
1,873
|
Other operating
assets
|
(980)
|
378
|
Trade
payables
|
1,574
|
1,294
|
Other operating
liabilities
|
(50)
|
(618)
|
Deferred
revenues
|
4,401
|
1,502
|
Severance
pay
|
(10)
|
(304)
|
|
|
|
Net cash provided by operating
activities
|
19,138
|
19,971
|
|
|
|
Cash flows from investing
activities:
|
|
|
Purchase of property and
equipment
|
(2,013)
|
(1,316)
|
Purchase of marketable securities, net of interest
received
|
(2,359)
|
(6,524)
|
Proceeds from sales of marketable
securities
|
2,677
|
1,015
|
Payments for business acquisition, net of cash
acquired
|
-
|
(1,736)
|
Capitalized software development
costs
|
(2,780)
|
(2,865)
|
Restricted
cash
|
-
|
(1,712)
|
|
|
|
Net cash used in investing
activities
|
(4,475)
|
(13,138)
|
|
|
|
Cash flows from financing
activities:
|
|
|
Proceeds from employee stock options
exercised
|
686
|
501
|
Payment to shareholders in respect of
acquisition
|
(1,440)
|
3,319
|
Distribution of
dividend
|
(8,809)
|
(6,486)
|
|
|
|
Net cash used in financing
activities
|
(9,563)
|
(2,666)
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents
|
820
|
494
|
|
|
|
Increase in cash and cash
equivalents
|
5,920
|
4,661
|
Cash and cash equivalents at the beginning of
period
|
54,351
|
47,400
|
|
|
|
Cash and cash equivalents at the end of
period
|
60,271
|
52,061
|
*Including consolidation of
Insseco, commencing December 31,
2014.
|
Photo -
http://photos.prnewswire.com/prnh/20160803/395300LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sapiens-reports-q2-2016-financial-results-300309098.html
SOURCE Sapiens International Corporation