Press Release (ePRNews.com) - UXBRIDGE, England - Feb 28, 2017 - Sapiens International Corporation (http://www.sapiens.com/), 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 (http://www.formulasystems.com/) today announced its financial results for the fourth quarter which ended on December 31, 2016.
Fourth Quarter Highlights:
· GAAP and non-GAAP revenue of $57.1 million, up 17.3% compared to $48.7 million in the fourth quarter of 2015.
• GAAP operating profit totaled $5.6 million (9.8% operating margin), compared to $6.8 million (14.0% operating margin) in the fourth quarter of 2015.
• Non-GAAP operating profit totaled $7.5 million (13.1% operating margin), compared to $7.4 million (15.1% operating margin) in the fourth quarter of 2015.
• GAAP net income attributable to Sapiens’ shareholders totaled $3.8 million or $0.08 per diluted share, compared to $5.9 million or $0.12 per diluted share in the fourth quarter last year.
• Non-GAAP net income attributable to Sapiens’ shareholders totaled $6.0 million or $0.12 per diluted share, compared to $6.3 million or $0.13 per diluted share in the fourth quarter last year.
• Cash, cash equivalents and securities investments as of December 31, 2016 were $96.4 million and Sapiens has no debt.
Full Year Financial Highlights:
• GAAP revenue of $216.2 million, up 16.5% compared to $185.6 million in 2015.
· Non-GAAP revenue increased by 20.6% to $216.2 million compared to $179.3 million in 2015.
• GAAP operating profit totaled $24.8 million (11.5% operating margin), compared to $24.4 million (13.1% operating margin) in 2015.
· Non-GAAP operating profit was $29.6 million (13.7% operating margin), compared to $26.5 million (14.8% operating margin) in 2015.
• GAAP net income attributable to Sapiens’ shareholders totaled $19.3 million or $0.40 per diluted share, compared to $20.0 million or $0.41 per diluted share in 2015.
• Non-GAAP net income attributable to Sapiens’ shareholders reached $24.2 million, or $0.49 per diluted share compared to $22.1 million, or $0.45 per diluted share in the year ago period.
“Sapiens delivered another solid quarter with double-digit revenue growth and strong performance across all of our offerings and territories, driven by increased demand for our products and services,” said Roni Al-Dor, president and CEO of Sapiens.
“On the M&A front, we are very excited about our recently announced acquisition of StoneRiver, Inc. which significantly expands Sapiens’ presence and scale in the North American insurance market and accelerates our entry into the U.S. property and casualty (P&C) market,” continued Al-Dor. “Overall, we believe this acquisition is completely aligned with our M&A growth strategy to increase our customer base, expand geographically and add complementary solutions to our product portfolio. We are confident that with StoneRiver, we will strengthen our position as a leading and innovative global software solutions provider, offering end-to-end solutions to the global insurance industry.”
Added Al-Dor, “Beyond the acquisition, Sapiens had a very active quarter. Generali Nederland selected Sapiens for its life portfolios, and LB Group chose our Sapiens IDIT P&C suite as its new policy administration solution. Also, we launched a consumer and agent portal for L&A and P&C insurers. In addition, in terms of geographies, we expanded our presence in the Nordic region with a new head office in Copenhagen, and we opened a new local support center in Istanbul, Turkey.”
Mr. Al-Dor concluded, “We are providing our guidance for 2017 full year revenues of $270 to $280 million, or annual growth of 25%-30%, and we expect full-year 2017 non-GAAP operating margins of approximately 13%. This guidance reflects the impact of the StoneRiver acquisition.”
Quarterly Results Conference Call
Sapiens International Corporation (http://www.sapiens.com/) management hosted a conference call and webcast on February 28 at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to review and discuss Sapiens’ results.
If you were unable to join live, a replay of the call will be accessible until March 10, 2017, as follows:
North America: 1-888-326-9310; International: +972-3-925-5904
A recorded version of the webcast will also be available for three months via the Sapiens website, at this web location http://www.sapiens.com/investors/presentations-and-webcast/
Sapiens International Corporation 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. 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, 2016, and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
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