04.08.2021 11:53:00
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Sapiens Reports Second Quarter 2021 Financial Results
HOLON, Israel, Aug. 4, 2021 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the second quarter ended June 30, 2021.
Summary Results for Second Quarter 2021 (USD in millions, except per share data) | ||||||
GAAP | Non-GAAP | |||||
June 30, 2021 | June 30, 2020 | % Change | June 30, 2021 | June 30, 2020 | % Change | |
Revenue | $114.4 | $93.1 | 22.9% | $115.0 | $93.1 | 23.6% |
Gross Profit | $46.6 | $38.3 | 21.9% | $51.7 | $41.9 | 23.4% |
Gross Margin | 40.8% | 41.1% | (30) bps | 45.0% | 45.0% | - |
Operating Income | $13.2 | $12.4 | 6.2% | $19.8 | $16.8 | 17.9% |
Operating Margin | 11.5% | 13.3% | (180) bps | 17.2% | 18.0% | (80) bps |
Net Income (*) | $10.4 | $9.3 | 11.9% | $16.0 | $13.3 | 19.7% |
Diluted EPS | $0.19 | $0.18 | 5.6% | $0.29 | $0.26 | 11.5% |
(*) Attributable to Sapiens' shareholders.
"Sapiens second quarter results demonstrate the success of our strategy, as we continue to expand our global market presence in both P&C and L&A, and provide insurers of all tiers the broadest product portfolio and services offering in the market. This unique value proposition enables insurers to benefit from our pre-integrated, cloud-first, low-code "insurance-in-a-box" approach across the majority of our products, empowering them to choose between deploying our end-to-end solution, or any combination of its components, to meet their evolving needs," stated Roni Al-Dor, President and CEO of Sapiens.
"In the second quarter Sapiens delivered a strong, year-over-year non-GAAP revenue growth of 24%, reaching a record high of $115 million. Non-GAAP operating margin reached 17.2%. In North America, we continue to make progress and have achieved sequential growth, as we execute our plan to continue to enhance our delivery capabilities. In Europe, we have been winning new business and have successfully completed new transformation projects, including with Tier-1 carriers. The Rest-of-the-World, which includes APAC and South Africa, continues on a path of growth. We are leveraging our global presence and rich product portfolio to further increase market share," continued Mr. Al-Dor.
"We are increasing our 2021 revenue guidance for the second time. The new revenue guidance ranges from $461 to $466 million. We are also increasing our operating margin guidance to a range of 17.2% to 17.5%. Our strong performance reflects the important role Sapiens plays in our customers' lifecycle and transformation journeys in the growing and evolving insurance industry."
Quarterly Results Conference Call
Management will host a conference call and webcast today, August 4, 2021 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): + 1-888-642-5032; International: +972-3-918-0609; 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. A replay of the call will be available one business day following the completion of the event, at the same link for 90 days.
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. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.
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 more than 600 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements. For more information: www.sapiens.com.
Investors and Media Contact
Sapiens
Daphna Golden
Vice President, Head of Investor Relations
Email: ir@sapiens.com
Hayden IR
Brett Mass
Managing Partner
Phone: +1 646-536-7331
Email: Brett.Maas@HaydenIR.com
Forward Looking Statements
Certain matters discussed in this press release that are incorporated herein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to pandemic risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the recent novel coronavirus pandemic, which adversely affected our results of operations, or fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.
While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 20-F, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES | |||||||||
Three months ended | Six months ended | ||||||||
June 30 | June 30 | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Revenue | 114,406 | 93,063 | 223,998 | 183,597 | |||||
Cost of revenue | 67,782 | 54,804 | 133,118 | 109,074 | |||||
Gross profit | 46,624 | 38,259 | 90,880 | 74,523 | |||||
Operating expenses: | |||||||||
Research and development, net | 13,267 | 9,328 | 26,355 | 19,854 | |||||
Selling, marketing, general and administrative | 20,183 | 16,528 | 38,986 | 31,988 | |||||
Total operating expenses | 33,450 | 25,856 | 65,341 | 51,842 | |||||
Operating income | 13,174 | 12,403 | 25,539 | 22,681 | |||||
Financial and other expenses, net | 69 | 63 | 584 | 1,550 | |||||
Taxes on income | 2,688 | 3,010 | 4,637 | 4,911 | |||||
Net income | 10,417 | 9,330 | 20,318 | 16,220 | |||||
Attributable to non-controlling interest | 13 | 33 | 80 | 103 | |||||
Net income attributable to Sapiens' shareholders | 10,404 | 9,297 | 20,238 | 16,117 | |||||
Basic earnings per share | 0.19 | 0.19 | 0.37 | 0.32 | |||||
Diluted earnings per share | 0.19 | 0.18 | 0.36 | 0.32 | |||||
Weighted average number of shares outstanding used to | 54,754 | 50,297 | 54,722 | 50,236 | |||||
Weighted average number of shares outstanding used to | 55,548 | 51,173 | 55,558 | 51,128 |
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES | |||||||||
Three months ended | Six months ended | ||||||||
June 30 | June 30 | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Revenue | 115,036 | 93,063 | 225,258 | 183,597 | |||||
Cost of revenue | 63,316 | 51,163 | 124,309 | 101,906 | |||||
Gross profit | 51,720 | 41,900 | 100,949 | 81,691 | |||||
Operating expenses: | |||||||||
Research and development, net | 15,226 | 10,579 | 29,946 | 22,542 | |||||
Selling, marketing, general and administrative | 16,699 | 14,538 | 32,208 | 27,752 | |||||
Total operating expenses | 31,925 | 25,117 | 62,154 | 50,294 | |||||
Operating income | 19,795 | 16,783 | 38,795 | 31,397 | |||||
Financial and other expenses, net | 69 | 63 | 584 | 1,550 | |||||
Taxes on income | 3,738 | 3,347 | 7,249 | 5,992 | |||||
Net income | 15,988 | 13,373 | 30,962 | 23,855 | |||||
Attributable to non-controlling interest | 13 | 33 | 80 | 103 | |||||
Net income attributable to Sapiens' shareholders | 15,975 | 13,340 | 30,882 | 23,752 | |||||
Basic earnings per share | 0.29 | 0.27 | 0.56 | 0.47 | |||||
Diluted earnings per share | 0.29 | 0.26 | 0.56 | 0.46 | |||||
Weighted average number of shares outstanding used to | 54,754 | 50,297 | 54,722 | 50,236 | |||||
Weighted average number of shares outstanding used to | 55,548 | 51,173 | 55,558 | 51,128 |
SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES | |||||||||
Three months ended | Six months ended | ||||||||
June 30, | June 30, | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
GAAP revenue | 114,406 | 93,063 | 223,998 | 183,597 | |||||
Valuation adjustment on acquired deferred revenue | 630 | - | 1,260 | - | |||||
Non-GAAP revenue | 115,036 | 93,063 | 225,258 | 183,597 | |||||
GAAP gross profit | 46,624 | 38,259 | 90,880 | 74,523 | |||||
Revenue adjustment | 630 | - | 1,260 | - | |||||
Amortization of capitalized software | 1,891 | 1,531 | 3,675 | 3,027 | |||||
Amortization of other intangible assets | 2,575 | 2,110 | 5,134 | 4,141 | |||||
Non-GAAP gross profit | 51,720 | 41,900 | 100,949 | 81,691 | |||||
GAAP operating income | 13,174 | 12,403 | 25,539 | 22,681 | |||||
Gross profit adjustments | 5,096 | 3,641 | 10,069 | 7,168 | |||||
Capitalization of software development | (1,959) | (1,251) | (3,591) | (2,688) | |||||
Amortization of other intangible assets | 1,358 | 698 | 2,724 | 1,287 | |||||
Stock-based compensation | 1,471 | 764 | 2,870 | 1,386 | |||||
Acquisition-related costs *) | 655 | 528 | 1,184 | 1,563 | |||||
Non-GAAP operating income | 19,795 | 16,783 | 38,795 | 31,397 | |||||
GAAP net income attributable to Sapiens' | 10,404 | 9,297 | 20,238 | 16,117 | |||||
Operating income adjustments | 6,621 | 4,380 | 13,256 | 8,716 | |||||
Taxes on income | (1,050) | (337) | (2,612) | (1,081) | |||||
Non-GAAP net income attributable to | 15,975 | 13,340 | 30,882 | 23,752 | |||||
(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and |
Summary of NON-GAAP Financial Information | |||||||||
Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||
Revenues | 115,036 | 110,222 | 102,936 | 97,968 | 93,063 | ||||
Gross profit | 51,720 | 49,229 | 47,044 | 44,206 | 41,900 | ||||
Operating income | 19,795 | 19,000 | 18,666 | 17,859 | 16,783 | ||||
Net income to Sapiens' shareholders | 15,975 | 14,908 | 14,461 | 13,746 | 13,340 | ||||
Adjusted EBITDA | 20,920 | 20,120 | 20,032 | 19,010 | 17,854 | ||||
Basic earnings per share | 0.29 | 0.27 | 0.27 | 0.27 | 0.27 | ||||
Diluted earnings per share | 0.29 | 0.27 | 0.27 | 0.27 | 0.26 |
Non-GAAP Revenues by Geographic Breakdown | |||||||||
Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||
North America | 46,767 | 44,754 | 47,303 | 49,979 | 46,610 | ||||
Europe | 59,718 | 57,642 | 49,225 | 42,394 | 41,030 | ||||
Rest of the world | 8,551 | 7,826 | 6,408 | 5,595 | 5,423 | ||||
Total | 115,036 | 110,222 | 102,936 | 97,968 | 93,063 |
Adjusted Free Cash-Flow | |||||||||
Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||
Cash-flow from operating activities | 26,845 | 11,755 | 21,030 | 16,705 | 14,761 | ||||
Increase in capitalized software development costs | (1,959) | (1,632) | (1,604) | (1,506) | (1,251) | ||||
Capital expenditures | (1,082) | (821) | (725) | (963) | (393) | ||||
Free cash-flow | 23,804 | 9,302 | 18,701 | 14,236 | 13,117 | ||||
Cash payments attributed to acquisition-related costs(*) (**) | - | 1,280 | 2,363 | 242 | 1,562 | ||||
Adjusted free cash-flow | 23,804 | 10,582 | 21,064 | 14,478 | 14,679 | ||||
(*) Included in cash-flow from operating activities | |||||||||
(**) Acquisition-related payments pertain to payments on behalf of M&A agreements related to future performance targets |
Adjusted EBITDA Calculation | ||||||||
Three months ended | Six months ended | |||||||
June 30 | June 30 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
GAAP operating profit | 13,174 | 12,403 | 25,539 | 22,681 | ||||
Non-GAAP adjustments: | ||||||||
Valuation adjustment on acquired deferred revenue | 630 | - | 1,260 | - | ||||
Amortization of capitalized software | 1,891 | 1,531 | 3,675 | 3,027 | ||||
Amortization of other intangible assets | 3,933 | 2,808 | 7,858 | 5,428 | ||||
Capitalization of software development | (1,959) | (1,251) | (3,591) | (2,688) | ||||
Stock-based compensation | 1,471 | 764 | 2,870 | 1,386 | ||||
Compensation related to acquisition and acquisition-related costs | 655 | 528 | 1,184 | 1,563 | ||||
Non-GAAP operating profit | 19,795 | 16,783 | 38,795 | 31,397 | ||||
Depreciation | 1,125 | 1,071 | 2,245 | 2,182 | ||||
Adjusted EBITDA | 20,920 | 17,854 | 41,040 | 33,579 |
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES | |||||
June 30, | December 31, | ||||
2021 | 2020 | ||||
(unaudited) | (unaudited) | ||||
ASSETS | |||||
CURRENT ASSETS | |||||
Cash and cash equivalents | 155,805 | 152,561 | |||
Short-term bank deposit | 20,000 | 30,000 | |||
Trade receivables, net and unbilled receivables | 70,214 | 65,409 | |||
Other receivables and prepaid expenses | 15,842 | 19,388 | |||
Total current assets | 261,861 | 267,358 | |||
LONG-TERM ASSETS | |||||
Property and equipment, net | 15,640 | 16,970 | |||
Severance pay fund | 6,733 | 6,582 | |||
Goodwill and intangible assets, net | 352,224 | 363,597 | |||
Operating lease right-of-use assets | 49,777 | 54,390 | |||
Other long-term assets | 8,269 | 5,264 | |||
Total long-term assets | 432,643 | 446,803 | |||
TOTAL ASSETS | 694,504 | 714,161 | |||
LIABILITIES AND EQUITY | |||||
CURRENT LIABILITIES | |||||
Trade payables | 6,762 | 5,389 | |||
Current maturities of Series B Debentures | 19,796 | 19,796 | |||
Accrued expenses and other liabilities | 73,003 | 75,119 | |||
Current maturities of operating lease liabilities | 11,790 | 9,924 | |||
Deferred revenue | 42,573 | 34,548 | |||
Total current liabilities | 153,924 | 144,776 | |||
LONG-TERM LIABILITIES | |||||
Series B Debentures, net of current maturities | 78,935 | 98,676 | |||
Deferred tax liabilities | 13,872 | 16,010 | |||
Other long-term liabilities | 12,847 | 12,129 | |||
Long-term operating lease liabilities | 43,586 | 48,773 | |||
Redeemable non-controlling interest | 483 | 517 | |||
Accrued severance pay | 9,676 | 9,586 | |||
Total long-term liabilities | 159,399 | 185,691 | |||
EQUITY | 381,181 | 383,694 | |||
TOTAL LIABILITIES AND EQUITY | 694,504 | 714,161 |
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES | |||
For the six months ended June 30, | |||
2021 | 2020 | ||
(unaudited) | (unaudited) | ||
Cash flows from operating activities: | |||
Net income | 20,318 | 16,220 | |
Reconciliation of net income to net cash provided by operating | |||
Depreciation and amortization | 13,778 | 10,637 | |
Accretion of discount on Series B Debentures | 55 | 77 | |
Capital loss from sale of property and equipment | 36 | - | |
Stock-based compensation related to options issued to employees | 2,870 | 1,386 | |
Net changes in operating assets and liabilities, net of amount acquired: | |||
Trade receivables, net and unbilled receivables | (8,655) | (11,554) | |
Deferred tax assets, net | (2,822) | (1,146) | |
Other operating assets | 9,453 | 3,286 | |
Trade payables | 1,230 | (275) | |
Other operating liabilities | (5,449) | (2,187) | |
Deferred revenues | 7,682 | 4,008 | |
Accrued severance pay, net | 104 | 68 | |
Net cash provided by operating activities | 38,600 | 20,520 | |
Cash flows from investing activities: | |||
Purchase of property and equipment | (1,903) | (945) | |
Withdrawal of (investment in) deposit | 10,000 | (379) | |
Proceeds from sale of property and equipment | 1,011 | - | |
Proceeds from restricted deposit used for completed acquisition | - | 22,890 | |
Proceeds from (payments for) business acquisitions, net of cash acquired | 831 | (22,483) | |
Capitalized software development costs | (3,591) | (2,688) | |
Net cash provided by (used in) investing activities | 6,348 | (3,605) | |
Cash flows from financing activities: | |||
Proceeds from employee stock options exercised | 659 | 2,334 | |
Distribution of dividend | (20,253) | (6,632) | |
Repayment of Series B Debenture | (19,796) | (9,898) | |
Issuance of Series B Debentures, net of issuance expenses of $863 | - | 60,155 | |
Receipt of short-term loan | - | 20,000 | |
Repayment of loan | - | (20,000) | |
Payment of contingent considerations | (537) | (538) | |
Dividend to non-controlling interest | (31) | - | |
Net cash provided by (used in) financing activities | (39,958) | 45,421 | |
Effect of exchange rate changes on cash and cash equivalents | (1,746) | (652) | |
Increase in cash and cash equivalents | 3,244 | 61,684 | |
Cash and cash equivalents at the beginning of period | 152,561 | 66,295 | |
Cash and cash equivalents at the end of period | 155,805 | 127,979 |
Debentures Covenants
As of June 30, 2021, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:
Covenant 1
- Target shareholders' equity (excluding non-controlling interest): above $120 million.
- Actual shareholders' equity (excluding non-controlling interest) equal to $379 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) below 65%.
- Actual ratio of net financial indebtedness to net capitalization equal to (24.03)%.
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 (0.92).
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SOURCE Sapiens International Corporation
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