HOLON, Israel, May 6, 2019 /PRNewswire/ -- Sapiens International
Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global
provider of software solutions for the insurance industry, and a
member of the Formula Group (NASDAQ: FORTY) (TASE: FORT), today
announced its financial results for the first quarter ended
March 31, 2019.
Summary Results for First
Quarter 2019 (USD in millions, except per share
data)
|
|
|
GAAP
|
%
Change
|
Non-GAAP
|
%
Change
|
|
March 31,
2019
|
March 31,
2018
|
|
March 31,
2019
|
March 31,
2018
|
|
Revenue
|
76.8
|
71.0
|
8.2%
|
76.8
|
71.1
|
8%
|
Gross
Profit
|
29.8
|
27.0
|
10.3%
|
33.1
|
30.3
|
9.3%
|
Gross
Margin
|
38.8%
|
38.1%
|
70 bps
|
43.1%
|
42.6%
|
50 bps
|
Operating
Income
|
8.1
|
4.7
|
72%
|
11.8
|
8.9
|
32.6%
|
Operating
Margin
|
10.5%
|
6.6%
|
390 bps
|
15.3%
|
12.5%
|
280 bps
|
Net income
(*)
|
5.2
|
2.8
|
81.8%
|
8.4
|
6.3
|
33%
|
Diluted
EPS
|
$0.10
|
$0.06
|
66.7%
|
0.17
|
0.13
|
30.8%
|
|
|
|
|
|
|
|
|
(*) Attributable to
Sapiens' shareholders
|
"Sapiens continues to execute on our strategy to increase top
line growth and profitability. I am pleased to see continued
momentum in the first quarter of 2019, as we focused on achieving
our key objectives for this year. In the quarter our revenue growth
was driven by an acceleration in our North American segment, which
grew 23% off a very strong gains in our P&C business. In
addition, our best-in-class digital P&C platform in EMEA is
winning new business with its ability to offer an improved customer
experience and highly configurable solutions. Non-GAAP Gross margin
expanded by 50 basis points, and we leveraged our off-shore
capabilities to lower our operational cost. These gains helped
offset our planned expenditures on key sales hires and customer
success personnel. As a result, non-GAAP operating margin increased
by 280 basis points to 15.3%, and non-GAAP net income grew 33% this
quarter", said Roni Al-Dor,
president and CEO, Sapiens.
"Looking out to the remainder of 2019, our primary drivers of
growth are continued expansion of our P&C segment, a stable
outlook for our L&A segment, and increased cross-selling to our
current customer base."
"With revenues growth and improvement in our operating
margin in the first quarter, we are confident in our ability
to deliver full-year 2019 guidance", concluded Roni Al-Dor. "We are maintaining 2019 full year
non-GAAP revenues in the range of $318 to $323
million, with non-GAAP operating margins in the range of
15.2% to 15.6%, however we now expect operating margin to be on the
higher end of this range".
Quarterly Results Conference Call
Management will host a conference call and webcast on
May 6, 2019 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): +
1-888-407-2553; International: +972-3-918-0610; UK:
0-800-917-5108
The live webcast of the call can be viewed on Sapiens' website
at:
https://www.sapiens.com/investor-relations/ir-events-presentations/
If you are unable to join live, a replay of the call will be
accessible until May 13, 2019, 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,
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 Adjusted EBITDA as net profit, adjusted for
valuation adjustment on acquired deferred revenue, stock-based
compensation expense, depreciation and amortization, capitalized 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 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, and eliminating retention payments and other
acquisition costs, which are included in the cash-flow from
operating activities.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property and casualty,
life, pension and annuity, reinsurance, financial and compliance,
workers' compensation and financial markets. With more than 35
years of experience delivering to over 450 organizations globally,
Sapiens has a proven ability to satisfy customers' core, data and
digital requirements. 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, 2018, 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
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
|
|
|
|
March
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Revenue
|
|
76,787
|
|
70,995
|
Cost of
revenue
|
|
46,980
|
|
43,967
|
|
|
|
|
|
|
Gross
profit
|
|
29,807
|
|
27,028
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
|
8,777
|
|
9,147
|
|
Selling,
marketing, general and administrative
|
|
12,953
|
|
13,184
|
Total operating
expenses
|
|
21,730
|
|
22,331
|
|
|
|
|
|
|
Operating
income
|
|
8,077
|
|
4,697
|
|
|
|
|
|
|
Financial
expense, net
|
|
1,054
|
|
838
|
Taxes and other
expenses, net
|
|
1,847
|
|
1,031
|
|
|
|
|
|
|
Net
income
|
|
5,176
|
|
2,828
|
|
|
|
|
|
|
Attributed to
non-controlling interest
|
|
21
|
|
(8)
|
|
|
|
|
|
|
Net income
attributable to Sapiens' shareholders
|
|
5,155
|
|
2,836
|
Basic earnings
per share
|
|
0.10
|
|
0.06
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
0.10
|
|
0.06
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used
to compute basic
earnings per share (in thousands)
|
|
49,986
|
|
49,773
|
|
|
|
|
|
Weighted
average number of shares outstanding used
to compute diluted earnings
per share (in thousands)
|
|
50,329
|
|
50,070
|
SAPIENS
INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED NON-GAAP STATEMENTS OF INCOME
|
U.S. dollars in
thousands (except per share amounts)
|
|
|
|
|
Three
months ended
|
|
|
|
March
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Revenue
|
|
76,787
|
|
71,085
|
Cost of
revenue
|
|
43,683
|
|
40,801
|
|
|
|
|
|
|
Gross
profit
|
|
33,104
|
|
30,284
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
|
10,169
|
|
10,324
|
|
Selling,
marketing, general and administrative
|
|
11,185
|
|
11,097
|
Total operating
expenses
|
|
21,354
|
|
21,421
|
|
|
|
|
|
|
Operating
income
|
|
11,750
|
|
8,863
|
|
|
|
|
|
|
Financial
expense, net
|
|
1,054
|
|
838
|
Taxes and other
expenses
|
|
2,285
|
|
1,726
|
|
|
|
|
|
|
Net
income
|
|
8,411
|
|
6,299
|
|
|
|
|
|
|
Attributable to
non-controlling interest
|
|
21
|
|
(8)
|
|
|
|
|
|
|
Net income
attributable to Sapiens' shareholders
|
|
8,390
|
|
6,307
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
per share
|
|
0.17
|
|
0.13
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
0.17
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used
to compute basic earnings per share
(in thousands)
|
|
49,986
|
|
49,773
|
|
|
|
|
|
Weighted
average number of shares outstanding used
to compute diluted earnings per share (in
thousands)
|
|
50,329
|
|
50,070
|
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
|
|
|
March
31,
|
|
|
2019
|
|
2018
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
GAAP
revenue
|
|
76,787
|
|
70,995
|
Valuation adjustment
on acquired deferred revenue
|
|
-
|
|
90
|
Non-GAAP
revenue
|
|
76,787
|
|
71,085
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
29,807
|
|
27,028
|
Valuation adjustment
on acquired deferred revenue
|
|
-
|
|
90
|
Amortization of
capitalized software
|
|
1,341
|
|
1,255
|
Amortization of other
intangible assets
|
|
1,956
|
|
1,911
|
Non-GAAP gross
profit
|
|
33,104
|
|
30,284
|
|
|
|
|
|
GAAP operating
income
|
|
8,077
|
|
4,697
|
Gross profit
adjustments
|
|
3,297
|
|
3,256
|
Capitalization of
software development
|
|
(1,392)
|
|
(1,177)
|
Amortization of other
intangible assets
|
|
535
|
|
922
|
Stock-based
compensation
|
|
453
|
|
587
|
Compensation related
to acquisition and acquisition-related costs
|
|
780
|
|
578
|
Non-GAAP operating
income
|
|
11,750
|
|
8,863
|
|
|
|
|
|
GAAP net income
attributable to Sapiens' shareholders
|
|
5,155
|
|
2,836
|
Operating income
adjustments
|
|
3,673
|
|
4,166
|
Tax and
other
|
|
(438)
|
|
(695)
|
Non-GAAP net income
attributable to Sapiens' shareholders
|
|
8,390
|
|
6,307
|
Summary of
NON-GAAP Financial Information
|
U.S. dollars in
thousands (except per share amounts)
|
|
|
Three months
ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Revenues
|
76,787
|
100%
|
|
71,085
|
100%
|
Gross
profit
|
33,104
|
43.1%
|
|
30,284
|
42.6%
|
Operating
income
|
11,750
|
15.3%
|
|
8,863
|
12.5%
|
Net income
attributable to Sapiens' shareholders
|
8,390
|
10.9%
|
|
6,307
|
8.9%
|
Adjusted
EBITDA
|
12,523
|
16.3%
|
|
9,945
|
14.0%
|
|
|
|
|
|
|
Basic earnings per
share
|
0.17
|
|
|
0.13
|
|
Diluted earnings per
share
|
0.17
|
|
|
0.13
|
|
Non-GAAP Revenues
by Geographic Breakdown
|
U.S. dollars in
thousands
|
|
|
Q1
2019
|
|
Q4 2018
|
|
Q3
2018
|
|
Q2
2018
|
|
Q1
2018
|
|
|
|
|
|
|
|
|
|
|
North
America
|
38,149
|
|
34,974
|
|
36,734
|
|
34,606
|
|
31,035
|
Europe
|
32,193
|
|
30,850
|
|
30,611
|
|
32,518
|
|
34,479
|
Asia
Pacific
|
3,670
|
|
3,140
|
|
3,480
|
|
3,305
|
|
3,439
|
South
Africa
|
2,775
|
|
4,469
|
|
2,412
|
|
2,113
|
|
2,132
|
|
|
|
|
|
|
|
|
|
|
Total
|
76,787
|
|
73,433
|
|
73,237
|
|
72,542
|
|
71,085
|
Adjusted Free
Cash-Flow
|
U.S. dollars in
thousands
|
|
|
Q1
2019
|
|
Q4 2018
|
|
Q3
2018
|
|
Q2
2018
|
|
Q1
2018
|
|
|
|
|
|
|
|
|
|
|
Cash-flow from
operating activities
|
10,550
|
|
11,509
|
|
6,370
|
|
658
|
|
9,163
|
Increase in
capitalized software
development costs
|
(1,392)
|
|
(1,382)
|
|
(1,308)
|
|
(1,293)
|
|
(1,177)
|
|
|
|
|
Capital
expenditures
|
(641)
|
|
(204)
|
|
(831)
|
|
(402)
|
|
(477)
|
Retention payments
and
acquisition costs*
|
1,608
|
|
790
|
|
-
|
|
256
|
|
1,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted free
cash-flow
|
10,125
|
|
10,713
|
|
4,231
|
|
(781)
|
|
8,658
|
|
|
|
|
|
|
|
|
|
|
|
* Included in
cash-flow from operating activities
|
Adjusted EBITDA
Calculation
|
U.S. dollars in
thousands
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
|
2019
|
|
2018
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
GAAP operating
income
|
|
8,077
|
|
4,697
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
Valuation adjustment
on acquired deferred revenue
|
|
-
|
|
90
|
Amortization of
capitalized software
|
|
1,341
|
|
1,255
|
Amortization of other
intangible assets
|
|
2,491
|
|
2,833
|
Capitalization of
software development
|
|
(1,392)
|
|
(1,177)
|
Stock-based
compensation
|
|
453
|
|
587
|
Compensation related
to acquisition and acquisition-related
costs
|
|
780
|
|
578
|
|
|
|
|
|
Non-GAAP operating
income
|
|
11,750
|
|
8,863
|
|
|
|
|
|
Depreciation
|
|
773
|
|
1,082
|
|
|
|
|
|
Adjusted
EBITDA
|
|
12,523
|
|
9,945
|
SAPIENS
INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
|
63,384
|
|
64,628
|
|
Trade receivables,
net and unbilled receivables
|
|
64,201
|
|
59,159
|
|
Other receivables and
prepaid expenses
|
|
7,993
|
|
6,224
|
|
|
|
|
|
|
|
Total current
assets
|
|
135,578
|
|
130,011
|
|
|
|
|
|
|
LONG-TERM
ASSETS
|
|
|
|
|
|
Property and
equipment, net
|
|
8,603
|
|
8,515
|
|
Severance pay
fund
|
|
4,754
|
|
4,699
|
|
Goodwill and
intangible assets, net
|
|
231,223
|
|
231,348
|
|
Operating lease
right-of-use assets
|
|
32,317
|
|
-
|
|
Other long-term
assets
|
|
5,301
|
|
4,292
|
|
|
|
|
|
|
|
Total long-term
assets
|
|
282,198
|
|
248,854
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
417,776
|
|
378,865
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Trade
payables
|
|
5,814
|
|
6,149
|
|
Current maturities of
Series B Debentures
|
|
9,898
|
|
9,898
|
|
Accrued expenses and
other liabilities
|
|
50,910
|
|
46,999
|
|
Current maturities of
operating lease liabilities
|
|
4,830
|
|
-
|
|
Deferred
revenue
|
|
22,259
|
|
18,057
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
93,711
|
|
81,103
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
Series B Debentures,
net of current maturities
|
|
58,718
|
|
68,577
|
|
Deferred tax
liabilities
|
|
10,724
|
|
11,681
|
|
Other long-term
liabilities
|
|
7,464
|
|
9,398
|
|
Long-term operating
lease liabilities
|
|
29,637
|
|
-
|
|
Accrued severance
pay
|
|
5,716
|
|
5,622
|
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
112,259
|
|
95,278
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
211,806
|
|
202,484
|
TOTAL LIABILITIES
AND EQUITY
|
|
417,776
|
|
378,865
|
SAPIENS
INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENT OF CASH FLOW
|
U.S. dollars in
thousands
|
|
|
For the three
months ended March 31,
|
|
2019
|
2018
|
|
(unaudited)
|
(unaudited)
|
Cash flows from
operating activities:
|
|
|
Net income
|
5,176
|
2,828
|
Reconciliation of net
income to net cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
4,605
|
5,170
|
Accretion of discount
on Series B Debentures
|
39
|
44*
|
Stock-based
compensation related to options issued to
employees
|
453
|
587
|
|
|
|
Net changes in
operating assets and liabilities, net of amount
acquired:
|
|
|
Trade receivables, net
and unbilled receivables
|
(4,194)
|
1,664
|
Deferred tax assets,
net
|
(855)
|
(1,163)
|
Other operating
assets
|
328
|
(1,000)
|
Trade
payables
|
(426)
|
(3,013)
|
Other operating
liabilities
|
1,247
|
(810)*
|
Deferred
revenues
|
4,167
|
4,729
|
Accrued severance pay,
net
|
10
|
127
|
|
|
|
Net cash provided by
operating activities
|
10,550
|
9,163
|
|
|
|
Cash flows from
investing activities:
|
|
|
Purchase of property
and equipment
|
(641)
|
(477)
|
Investment in
deposit
|
(1,106)
|
-
|
Payments for business
acquisition, net of cash acquired
|
-
|
(18,203)*
|
Capitalized software
development costs
|
(1,392)
|
(1,177)
|
|
|
|
Net cash used in
investing activities
|
(3,139)
|
(19,857)
|
|
|
|
Cash flows from
financing activities:
|
|
|
Proceeds from employee
stock options exercised
|
17
|
10
|
Repayment of Series B
Debenture
|
(9,898)
|
-
|
Loan received, net of
repayment of loan
|
(2)
|
(18)
|
Payment of contingent
considerations
|
(58)
|
(61)*
|
Dividend to
non-controlling interest
|
(66)
|
(47)
|
|
|
|
Net cash used in
financing activities
|
(10,007)
|
(116)
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
1,352
|
1,092
|
|
|
|
Decrease in cash and
cash equivalents
|
(1,244)
|
(9,718)
|
Cash and cash
equivalents at the beginning of period
|
64,628
|
71,467
|
|
|
|
Cash and cash
equivalents at the end of period
|
63,384
|
61,749
|
*Reclassification
Debentures Covenants
As of March 31, 2019, Sapiens was
in compliance with all of its financial covenants under the
indenture for the Series B Debentures that it issued in
September 2017, based on having
achieved the following in its consolidated financial results:
Covenant 1
- Target shareholders' equity (excluding minority interest):
above $120 million.
- Actual shareholders' equity equal to $210 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) bellow 65%.
- Actual ratio of net financial indebtedness to net
capitalization equal to 2.67%.
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
0.13.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sapiens-reports-first-quarter-2019-financial-results-300844176.html
SOURCE Sapiens International Corporation