Magic Reports Third Quarter 2019 Financial Results with Record-Breaking Revenues of $85.8 million - a 19% Year Over Year Grow...
November 14 2019 - 7:06AM
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 third
quarter and nine-month period ended September 30, 2019.
Financial Highlights for the Third
Quarter Ended September 30, 2019
- Revenues for the third quarter increased 19% to
$85.8 million compared to $72.1 million in the same
period last year.
- Operating income for the third quarter increased 10% to $8.5
million compared to $7.7 million in the same period last
year.
- Non-GAAP operating income for the third quarter increased 18%
to $11.8 million compared to $10.0 million in the same
period last year.
- Net income attributable to Magic's shareholders for the third
quarter remained constant at $5.0 million, or $0.10 per fully
diluted share compared to the same period last year. Net income was
negatively impacted by an amount of $0.9 million compared to the
same period last year resulting from acquisition related expenses
of $0.6 million recorded in connection with mainly the acquisition
of NetEffects Inc and the devaluation of the US Dollar versus the
new Israeli shekel by $0.3 million.
- Non-GAAP net income attributable to Magic's shareholders for
the third quarter increased 19% to $8.1 million, or $0.17 per
fully diluted share, compared to $6.8 million, or $0.14 per
fully diluted share, in the same period last year.
Financial Highlights for the Nine-Month
Period Ended September 30,
2019
- Revenues for the first nine months of 2019 increased 11% to
$234.7 million compared to $212.1 million in the same
period last year.
- Operating income for the first nine months of 2019 increased 7%
to $25.0 million compared to $23.3 million in the same
period last year.
- Non-GAAP operating income for the first nine months of 2019
increased 10% to $32.5 million compared to $29.5 million
in the same period last year.
- Net income attributable to Magic's shareholders for the first
nine months of 2019 decreased 1% to $15.1 million, or $0.29
per fully diluted share, compared to $15.3 million, or $0.33
per fully diluted share in the same period last year. Net income
was negatively impacted by an amount of $2.4 million compared to
the same period last year resulting from acquisition related
expenses of $1.4 million recorded in connection with mainly the
acquisition of Powwow and NetEffects and the devaluation of the US
Dollar versus the new Israeli shekel by $1 million.
- Non-GAAP net income attributable to Magic's shareholders for
the first nine months of 2019 increased 9% to $21.8 million,
or $0.45 per fully diluted share, compared to $19.9 million,
or $0.43 per fully diluted share, in the same period last year.
Earnings per share for the first nine months of 2019 were
negatively impacted by $0.04 per fully diluted share compared to
the same period last year as a consequence of the Company’s private
placement of 4.3 million shares in the third quarter of 2018 to
Israeli institutional investors.
- Cash flow from operating activities
for the first nine months of 2019
amounted to $32.7 million compared to
$20.3 million in the same period last year.
- As of September 30, 2019, Magic’s net cash, cash
equivalents, short and long-term bank deposits and marketable
securities, offset by short and long-term financial liabilities
amounted to $69.8 million.
- We are increasing our full-year revenue guidance to a range of
$317-$320 million, from the previous revenue guidance of $313-$319
million, reflecting annual growth of 12% to 13%.
Guy Bernstein, Chief Executive Officer of Magic
Software Enterprises, said:
“We are pleased to report Magic’s all-time best
quarterly results with revenues of $86 million and operational
profit of $12 million (on a non-GAAP basis), reflecting a
double-digit growth of 19% and 18% year over year,
respectively. This quarter’s results demonstrate Magic’s ability to
consistently grow by leveraging its continued long engagement
cycles with its existing and new customers, along with its fruitful
M&A activity.”
“This quarter we welcome NetEffects Inc. to our
software services portfolio. NetEffects, a US based company,
specializes in IT staffing and recruiting. This acquisition
supports our continuing efforts to maintain and upgrade our strong
market position as a preferred one-stop-shop software services
vendor.”
Conference Call Details
Magic’s management will host a conference call
on Thursday, November 14, 2019 at 10:00 am Eastern Daylight Time
(5:00 p.m. 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: +1-888-668-9141
UK: 0-800-917-5108
ISRAEL: 03-918-0609
ALL OTHERS: +972-3-918-0609
For those unable to join the live call, a replay
of the call will be available 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 attributable 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 interest effects of the
above items;
- Change in valuation of contingent
consideration related to acquisitions; and
- Acquisition-related costs;
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,"
“look forward”, "expect," "believe" 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 based on 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, 2018 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:Noam Amir Magic Software
Enterprises ir@magicsoftware.com
MAGIC SOFTWARE
ENTERPRISES LTD. |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
U.S. Dollars
in thousands (except per share data) |
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Nine months
ended |
|
September 30, |
|
September 30, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Unaudited |
|
Unaudited |
Revenues |
$ |
85,843 |
|
|
$ |
72,135 |
|
|
$ |
234,703 |
|
|
$ |
212,082 |
|
Cost of
revenues |
|
58,458 |
|
|
|
50,626 |
|
|
|
160,442 |
|
|
|
145,354 |
|
Gross profit |
|
27,385 |
|
|
|
21,509 |
|
|
|
74,261 |
|
|
|
66,728 |
|
Research and
development, net |
|
2,235 |
|
|
|
1,281 |
|
|
|
6,277 |
|
|
|
4,399 |
|
Selling,
marketing and general and |
|
|
|
|
|
|
|
administrative expenses |
|
16,654 |
|
|
|
12,521 |
|
|
|
43,062 |
|
|
|
39,071 |
|
Total operating costs and expenses |
|
18,889 |
|
|
|
13,802 |
|
|
|
49,339 |
|
|
|
43,470 |
|
Operating income |
|
8,496 |
|
|
|
7,707 |
|
|
|
24,922 |
|
|
|
23,258 |
|
Financial
income (expenses), net |
|
(622 |
) |
|
|
(286 |
) |
|
|
(828 |
) |
|
|
161 |
|
Income before taxes on income |
|
7,874 |
|
|
|
7,421 |
|
|
|
24,094 |
|
|
|
23,419 |
|
Taxes on
income |
|
1,380 |
|
|
|
1,475 |
|
|
|
4,897 |
|
|
|
4,885 |
|
Net
income |
$ |
6,494 |
|
|
$ |
5,946 |
|
|
$ |
19,197 |
|
|
$ |
18,534 |
|
Net income
attributable to redeemable non-controlling interests |
|
(1,045 |
) |
|
|
(588 |
) |
|
|
(3,057 |
) |
|
|
(2,005 |
) |
Net income
attributable to non-controlling interests |
|
(491 |
) |
|
|
(313 |
) |
|
|
(995 |
) |
|
|
(1,186 |
) |
Net
income attributable to Magic's shareholders |
$ |
4,958 |
|
|
$ |
5,045 |
|
|
$ |
15,145 |
|
|
$ |
15,343 |
|
|
|
|
|
|
|
|
|
Net earnings
per share attributable to Magic's shareholders : |
|
|
|
|
|
|
|
Basic |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.29 |
|
|
$ |
0.33 |
|
Diluted |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.29 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in |
|
|
|
|
|
|
|
computing net earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
48,897 |
|
|
|
48,799 |
|
|
|
48,888 |
|
|
|
45,926 |
|
|
|
|
. |
|
|
|
|
Diluted |
|
48,991 |
|
|
|
48,959 |
|
|
|
48,985 |
|
|
|
46,075 |
|
|
|
|
|
|
|
|
|
Summary of
Non-GAAP Financial Information |
U.S. Dollars in
thousands (except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Nine months
ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
85,843 |
|
100% |
|
$ |
72,135 |
|
100% |
|
$ |
234,703 |
|
100% |
|
$ |
212,082 |
|
100% |
Gross
profit |
|
|
28,908 |
|
33.7% |
|
|
22,945 |
|
31.8% |
|
|
78,492 |
|
33.4% |
|
|
70,954 |
|
33.5% |
Operating
income |
|
|
11,751 |
|
13.7% |
|
|
9,967 |
|
13.8% |
|
|
32,508 |
|
13.9% |
|
|
29,494 |
|
13.9% |
Net income
attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Magic's shareholders |
|
|
8,079 |
|
9.4% |
|
|
6,791 |
|
9.4% |
|
|
21,822 |
|
9.3% |
|
|
19,942 |
|
9.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.17 |
|
|
|
$ |
0.14 |
|
|
|
$ |
0.45 |
|
|
|
$ |
0.43 |
|
|
Diluted
earnings per share |
|
$ |
0.17 |
|
|
|
$ |
0.14 |
|
|
|
$ |
0.45 |
|
|
|
$ |
0.43 |
|
|
MAGIC SOFTWARE
ENTERPRISES LTD. |
|
RECONCILIATION
OF GAAP AND NON-GAAP RESULTS |
|
U.S. Dollars
in thousands (except per share data) |
|
|
|
|
Three months
ended |
|
Nine months
ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
|
|
$ |
27,385 |
|
|
$ |
21,509 |
|
|
$ |
74,261 |
|
|
$ |
66,728 |
|
|
Amortization of capitalized software and acquired technology |
|
1,246 |
|
|
|
1,306 |
|
|
|
3,679 |
|
|
|
3,834 |
|
|
Amortization of other intangible assets |
|
|
|
277 |
|
|
|
130 |
|
|
|
552 |
|
|
|
390 |
|
|
Stock-based compensation |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
Non-GAAP gross profit |
|
|
$ |
28,908 |
|
|
$ |
22,945 |
|
|
$ |
78,492 |
|
|
$ |
70,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
|
$ |
8,496 |
|
|
$ |
7,707 |
|
|
$ |
24,922 |
|
|
$ |
23,258 |
|
|
Gross profit adjustments |
|
|
|
1,523 |
|
|
|
1,436 |
|
|
|
4,231 |
|
|
|
4,226 |
|
|
Amortization of other intangible assets |
|
|
|
2,039 |
|
|
|
1,441 |
|
|
|
4,859 |
|
|
|
4,374 |
|
|
Increase in valuation of contingent consideration |
|
|
|
|
|
|
|
|
|
|
related to acquisitions |
|
|
|
255 |
|
|
|
- |
|
|
|
255 |
|
|
|
140 |
|
|
Capitalization of software development |
|
|
|
(876 |
) |
|
|
(809 |
) |
|
|
(3,128 |
) |
|
|
(2,702 |
) |
|
Acquisition-related costs |
|
|
|
314 |
|
|
|
- |
|
|
|
1,294 |
|
|
|
- |
|
|
Stock-based compensation |
|
|
|
- |
|
|
|
192 |
|
|
|
75 |
|
|
|
198 |
|
|
Non-GAAP operating income |
|
|
$ |
11,751 |
|
|
$ |
9,967 |
|
|
$ |
32,508 |
|
|
$ |
29,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Magic's
shareholders |
|
$ |
4,958 |
|
|
$ |
5,045 |
|
|
$ |
15,145 |
|
|
$ |
15,343 |
|
|
Operating income adjustments |
|
|
|
3,255 |
|
|
|
2,260 |
|
|
|
7,586 |
|
|
|
6,236 |
|
|
Amortization expenses attributed to non-controlling interests |
|
|
|
|
|
|
|
|
and redeemable non-controlling interests |
|
|
|
(109 |
) |
|
|
(341 |
) |
|
|
(728 |
) |
|
|
(1,072 |
) |
|
Deferred taxes on the above items |
|
|
|
(25 |
) |
|
|
(173 |
) |
|
|
(181 |
) |
|
|
(565 |
) |
|
Non-GAAP net income attributable to Magic's
shareholders |
$ |
8,079 |
|
|
$ |
6,791 |
|
|
$ |
21,822 |
|
|
$ |
19,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic net earnings per share |
|
|
$ |
0.17 |
|
|
$ |
0.14 |
|
|
$ |
0.45 |
|
|
$ |
0.43 |
|
|
Weighted average number of shares used in |
|
|
|
|
|
|
|
|
|
|
computing basic net earnings per share |
|
|
|
48,897 |
|
|
|
48,799 |
|
|
|
48,888 |
|
|
|
45,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net earnings per share |
|
|
$ |
0.17 |
|
|
$ |
0.14 |
|
|
$ |
0.45 |
|
|
$ |
0.43 |
|
|
Weighted average number of shares used in |
|
|
|
|
|
|
|
|
|
|
computing diluted net earnings per share |
|
|
|
48,991 |
|
|
|
48,971 |
|
|
|
48,980 |
|
|
|
46,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MAGIC SOFTWARE ENTERPRISES LTD. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
U.S. Dollars in thousands |
|
|
September 30, |
|
December 31, |
|
|
2019 |
|
2018 |
|
|
Unaudited |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
$ |
76,889 |
|
$ |
87,126 |
|
Short-term bank deposits |
|
11,262 |
|
|
16,881 |
|
Marketable securities |
|
7,677 |
|
|
9,913 |
|
Trade receivables, net |
|
96,323 |
|
|
90,274 |
|
Other accounts receivable and prepaid expenses |
|
11,061 |
|
|
7,029 |
|
Total current assets |
|
203,212 |
|
|
211,223 |
|
|
|
|
|
|
LONG-TERM RECEIVABLES: |
|
|
|
|
Severance pay fund |
|
3,572 |
|
|
3,284 |
|
Deferred tax assets |
|
1,429 |
|
|
1,858 |
|
Operating lease right-of-use assets |
|
9,524 |
|
|
- |
|
Other long-term receivables |
|
3,525 |
|
|
4,727 |
|
Other long-term deposits |
|
2,286 |
|
|
1,636 |
|
Total long-term receivables |
|
20,336 |
|
|
11,505 |
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
3,642 |
|
|
3,072 |
|
IDENTIFIABLE
INTANGIBLE ASSETS AND |
|
|
|
|
GOODWILL, NET |
|
174,115 |
|
|
136,485 |
|
|
|
|
|
|
TOTAL ASSETS |
$ |
401,305 |
|
$ |
362,285 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Short-term debt |
$ |
7,988 |
|
$ |
8,661 |
|
Trade payables |
|
10,726 |
|
|
14,036 |
|
Accrued expenses and other accounts payable |
|
25,895 |
|
|
24,458 |
|
Current maturities of operating lease liabilities |
|
3,271 |
|
|
- |
|
Liabilities due to acquisition activities |
|
5,307 |
|
|
910 |
|
Deferred revenues and customer advances |
|
10,074 |
|
|
4,857 |
|
Total current liabilities |
|
63,261 |
|
|
52,922 |
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
Long-term debt |
|
20,374 |
|
|
19,388 |
|
Deferred tax liability |
|
11,864 |
|
|
10,343 |
|
Long-term operating lease liabilities |
|
6,191 |
|
|
- |
|
Long-term liabilities due to acquisition activities |
|
11,201 |
|
|
94 |
|
Accrued severance pay |
|
4,367 |
|
|
3,934 |
|
Total non-current
liabilities |
|
53,997 |
|
|
33,759 |
|
|
|
|
|
|
REDEEMABLE
NON-CONTROLLING INTERESTS |
|
30,296 |
|
|
27,235 |
|
|
|
|
|
|
EQUITY: |
|
|
|
|
Magic Software Enterprises equity |
|
248,016 |
|
|
243,956 |
|
Non-controlling interests |
|
5,735 |
|
|
4,413 |
|
Total equity |
|
253,751 |
|
|
248,369 |
|
|
|
|
|
|
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND
EQUITY |
$ |
401,305 |
|
$ |
362,285 |
|
|
|
|
|
|
MAGIC SOFTWARE ENTERPRISES LTD. |
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
|
|
|
U.S.
Dollars in thousands |
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Unaudited |
|
|
|
|
|
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
19,197 |
|
|
$ |
18,534 |
|
|
Adjustments to reconcile net income to net cash provided |
|
|
|
|
by operating activities: |
|
|
|
|
Depreciation and amortization |
|
10,037 |
|
|
|
9,501 |
|
|
Stock-based compensation |
|
75 |
|
|
|
200 |
|
|
Amortization of marketable securities premium |
|
|
|
|
and accretion of discount |
|
147 |
|
|
|
165 |
|
|
Decrease (increase) in trade receivables, net |
|
6,307 |
|
|
|
(3,328 |
) |
|
Decrease (increase) in other long-term and short-term |
|
|
|
|
accounts receivable and prepaid expenses |
|
2,761 |
|
|
|
(5,107 |
) |
|
Increase (decrease) in trade payables |
|
(5,540 |
) |
|
|
1,822 |
|
|
Change in value of loans |
|
1,712 |
|
|
|
(1,274 |
) |
|
Decrease in accrued expenses and |
|
|
|
|
other accounts payable |
|
(5,608 |
) |
|
|
(2,226 |
) |
|
Increase in deferred revenues |
|
4,365 |
|
|
|
1,641 |
|
|
Change in deferred taxes, net |
|
(758 |
) |
|
|
349 |
|
|
Net cash provided by operating activities |
|
32,695 |
|
|
|
20,277 |
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capitalized software development costs |
|
(3,128 |
) |
|
|
(2,702 |
) |
|
Purchase of property and equipment |
|
(1,057 |
) |
|
|
(615 |
) |
|
Cash paid in conjunction with acquisitions, net of acquired
cash |
|
(20,889 |
) |
|
|
(3,545 |
) |
|
Proceeds from maturity and sale of marketable securities |
|
2,450 |
|
|
|
2,000 |
|
|
Investment in marketable securities |
|
(202 |
) |
|
|
- |
|
|
Proceeds (Investment) from bank deposits, net |
|
5,127 |
|
|
|
(760 |
) |
|
Net cash used in investing activities |
|
(17,699 |
) |
|
|
(5,622 |
) |
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from exercise of options by employees |
|
69 |
|
|
|
238 |
|
|
Issuance of ordinary shares, net |
|
(9 |
) |
|
|
34,569 |
|
|
Dividend paid |
|
(14,963 |
) |
|
|
(13,541 |
) |
|
Dividend paid to non-controlling interests |
|
(400 |
) |
|
|
(69 |
) |
|
Dividend paid to redeemable non-controlling interests |
|
(2,589 |
) |
|
|
(2,074 |
) |
|
Purchase of redeemable non-controlling interest |
|
(1,237 |
) |
|
|
- |
|
|
Short-term and long-term loans received |
|
878 |
|
|
|
575 |
|
|
Repayment of short-term and long-term loans |
|
(7,681 |
) |
|
|
(2,513 |
) |
|
Net cash provided by (used in) financing activities |
|
(25,932 |
) |
|
|
17,185 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
699 |
|
|
|
(1,159 |
) |
|
|
|
|
|
|
Change in cash and cash equivalents |
|
(10,237 |
) |
|
|
30,681 |
|
|
Cash and cash equivalents at the beginning of the period |
|
87,126 |
|
|
|
76,076 |
|
|
Cash and cash equivalents at end of the
period |
$ |
76,889 |
|
|
$ |
106,757 |
|
|
|
|
|
|
|
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