HOLON, Israel, Aug. 3, 2022 /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, 2022.
|
Summary Results for Second Quarter 2022 (USD in millions, except per share data) |
||||||
|
GAAP |
Non-GAAP |
|||||
|
Q2 2022 |
Q2 2021 |
% Change |
Q2 2022 |
Q2 2021 |
% Change |
|
|
Revenue |
$118.6 |
$114.4 |
3.7 % |
$118.6 |
$115.0 |
3.1 % |
|
Gross Profit |
$50.2 |
$46.6 |
7.6 % |
$53.2 |
$51.7 |
2.9 % |
|
Gross Margin |
42.3 % |
40.8 % |
150 bps |
44.9 % |
45.0 % |
-10 bps |
|
Operating Income |
$16.9 |
$13.2 |
28.4 % |
$20.7 |
$19.8 |
4.8 % |
|
Operating Margin |
14.3 % |
11.5 % |
280 bps |
17.5 % |
17.2 % |
30 bps |
|
Net Income (*) |
$11.9 |
$10.4 |
14.5 % |
$15.0 |
$16.0 |
-6.2 % |
|
Diluted EPS |
$0.21 |
$0.19 |
10.53 % |
$0.27 |
$0.29 |
-6.9 % |
(*) Attributable to Sapiens’ shareholders
“Revenue in the second quarter of 2022 on a non-GAAP basis, amounted to $118.6 million, up 3.1% from the second quarter of 2021. On a constant currency basis, our organic growth rate compared to Q2 of 2021 was 8.9%. Sapiens unique business model is proven to be strong and especially now. Our strength is continuously growing while improving profit, with core offerings across the board as well as our direct and long-lasting relationships with our strong customer base,” stated Roni Al-Dor, President and CEO of Sapiens.
“We see an increase in our pipeline in North America, and we have a very strong pipeline in Europe and rest of the world,” continued Roni Al Dor. “Sapiens lowered today its revenue guidance range from $495 – $500 million to $480 – $485 million for 2022 along with an increase in profit margin from a range of 17.4% – 17.6%, to a range of 17.5% – 17.7%. This revenue change is primarily due to FX headwinds as well as the shift with a of a major European deal. Based on a constant currency basis of the year 2021, our revenue growth rate for the year 2022 would have been 9.5%.”
“We announced today that the board of directors has approved the distribution of a cash dividend of $0.23 per share, or $12.7 million in total for the first six months of 2022.” concluded Mr. Al-Dor.
The dividend is in line with the Company’s revised policy of distributing on a semi annual basis up to 40% of its annual non-GAAP net income. The dividend will be paid on August 30, 2022 to Sapiens’ shareholders of record as of August 17, 2022.
The dividend is subject to withholding of Israeli tax at source at the rate of 25% of the dividend amount payable to Israeli individual, and non-Israeli, shareholders of record.
Management will host a conference call and webcast today, August 3rd, 2022 at 9:30 a.m. Eastern Time (4:30 pm 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://veidan.activetrail.biz/sapiensq2-2022 . 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 gross margin, non-GAAP operating income, non-GAAP operating margin, 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 to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization 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 as well, in order 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 (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. Backed by more than 35 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers’ digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit www.sapiens.com or follow us on LinkedIn.
|
Investor Contact Dina Vince Head of Investor Relations |
Media Contact Shay Assaraf Chief Marketing Officer
|
Forward Looking Statements
Certain matters discussed in this press release 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, and 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 certain 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, which we filled with the SEC on March 31, 2022, 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 |
|||||||||
|
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
|||||||||
|
U.S. dollars in thousands (except per share amounts) |
|||||||||
|
Three months ended |
Six months ended |
||||||||
|
June 30, |
June 30, |
||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||
|
Revenue |
118,582 |
114,406 |
236,277 |
223,998 |
|||||
|
Cost of revenue |
68,416 |
67,782 |
136,694 |
133,118 |
|||||
|
Gross profit |
50,166 |
46,624 |
99,583 |
90,880 |
|||||
|
Operating expenses: |
|||||||||
|
Research and development, net |
14,451 |
13,267 |
28,601 |
26,355 |
|||||
|
Selling, marketing, general and administrative |
18,805 |
20,183 |
37,524 |
38,986 |
|||||
|
Total operating expenses |
33,256 |
33,450 |
66,125 |
65,341 |
|||||
|
Operating income |
16,910 |
13,174 |
33,458 |
25,539 |
|||||
|
Financial and other expenses, net |
2,467 |
69 |
2,119 |
584 |
|||||
|
Taxes on income |
2,512 |
2,688 |
5,450 |
4,637 |
|||||
|
Net income |
11,931 |
10,417 |
25,889 |
20,318 |
|||||
|
Attributable to non-controlling interest |
21 |
13 |
53 |
80 |
|||||
|
Net income attributable to Sapiens’ shareholders |
11,910 |
10,404 |
25,836 |
20,238 |
|||||
|
Basic earnings per share |
0.22 |
0.19 |
0.47 |
0.37 |
|||||
|
Diluted earnings per share |
0.21 |
0.19 |
0.46 |
0.36 |
|||||
|
Weighted average number of shares outstanding used to |
55,110 |
54,754 |
55,101 |
54,722 |
|||||
|
Weighted average number of shares outstanding used to |
55,572 |
55,548 |
55,602 |
55,558 |
|||||
|
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, |
||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||
|
GAAP revenue |
118,582 |
114,406 |
236,277 |
223,998 |
|||||
|
Valuation adjustment on acquired deferred revenue |
23 |
630 |
45 |
1,260 |
|||||
|
Non-GAAP revenue |
118,605 |
115,036 |
236,322 |
225,258 |
|||||
|
GAAP gross profit |
50,166 |
46,624 |
99,583 |
90,880 |
|||||
|
Revenue adjustment |
23 |
630 |
45 |
1,260 |
|||||
|
Amortization of capitalized software |
1,410 |
1,891 |
2,881 |
3,675 |
|||||
|
Amortization of other intangible assets |
1,608 |
2,575 |
3,640 |
5,134 |
|||||
|
Non-GAAP gross profit |
53,207 |
51,720 |
106,149 |
100,949 |
|||||
|
GAAP operating income |
16,910 |
13,174 |
33,458 |
25,539 |
|||||
|
Gross profit adjustments |
3,041 |
5,096 |
6,566 |
10,069 |
|||||
|
Capitalization of software development |
(1,621) |
(1,959) |
(3,367) |
(3,591) |
|||||
|
Amortization of other intangible assets |
1,155 |
1,358 |
2,399 |
2,724 |
|||||
|
Stock-based compensation |
1,129 |
1,471 |
2,060 |
2,870 |
|||||
|
Acquisition-related costs *) |
133 |
655 |
400 |
1,184 |
|||||
|
Non-GAAP operating income |
20,747 |
19,795 |
41,516 |
38,795 |
|||||
|
GAAP net income attributable to Sapiens’ shareholders |
11,910 |
10,404 |
25,836 |
20,238 |
|||||
|
Operating income adjustments |
3,837 |
6,621 |
8,058 |
13,256 |
|||||
|
Taxes on income |
(768) |
(1,050) |
(1,618) |
(2,612) |
|||||
|
Non-GAAP net income attributable to Sapiens’ shareholders |
14,979 |
15,975 |
32,276 |
30,882 |
|||||
(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as third-party services, such as tax, accounting and legal rendered until the acquisition date.
|
Adjusted EBITDA Calculation |
||||||||
|
U.S. dollars in thousands |
||||||||
|
Three months ended |
Six months ended |
|||||||
|
June 30, |
June 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
GAAP operating profit |
16,910 |
13,174 |
33,458 |
25,539 |
||||
|
Non-GAAP adjustments: |
||||||||
|
Valuation adjustment on acquired deferred revenue |
23 |
630 |
45 |
1,260 |
||||
|
Amortization of capitalized software |
1,410 |
1,891 |
2,881 |
3,675 |
||||
|
Amortization of other intangible assets |
2,763 |
3,933 |
6,039 |
7,858 |
||||
|
Capitalization of software development |
(1,621) |
(1,959) |
(3,367) |
(3,591) |
||||
|
Stock-based compensation |
1,129 |
1,471 |
2,060 |
2,870 |
||||
|
Compensation related to acquisition and acquisition-related costs |
133 |
655 |
400 |
1,184 |
||||
|
Non-GAAP operating profit |
20,747 |
19,795 |
41,516 |
38,795 |
||||
|
Depreciation |
934 |
1,125 |
2,075 |
2,245 |
||||
|
Adjusted EBITDA |
21,681 |
20,920 |
43,591 |
41,040 |
||||
|
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
|||||
|
Summary of NON-GAAP Financial Information |
|||||||||
|
U.S. dollars in thousands (except per share amounts) |
|||||||||
|
Revenues |
118,605 |
117,718 |
119,854 |
118,442 |
115,036 |
||||
|
Gross profit |
53,207 |
52,943 |
53,933 |
53,413 |
51,720 |
||||
|
Operating income |
20,747 |
20,770 |
21,590 |
21,019 |
19,795 |
||||
|
Adjusted EBITDA |
21,681 |
21,910 |
23,579 |
22,144 |
20,920 |
||||
|
Net income to Sapiens’ shareholders |
14,979 |
17,298 |
17,681 |
16,976 |
15,975 |
||||
|
Diluted earnings per share |
0.27 |
0.31 |
0.32 |
0.31 |
0.29 |
|
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
|||||
|
Non-GAAP Revenues by Geographic Breakdown |
|||||||||
|
U.S. dollars in thousands |
|||||||||
|
North America |
48,154 |
49,009 |
48,872 |
48,952 |
46,767 |
||||
|
Europe |
59,868 |
59,267 |
62,416 |
59,707 |
59,718 |
||||
|
Rest of the World |
10,583 |
9,442 |
8,566 |
9,783 |
8,551 |
||||
|
Total |
118,605 |
117,718 |
119,854 |
118,442 |
115,036 |
|
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
|||||
|
Adjusted Free Cash-Flow |
|||||||||
|
U.S. dollars in thousands |
|||||||||
|
Cash-flow from operating activities |
6,615 |
18,330 |
27,386 |
14,556 |
26,845 |
||||
|
Increase in capitalized software development costs |
(1,621) |
(1,746) |
(2,256) |
(2,064) |
(1,959) |
||||
|
Capital expenditures |
(803) |
(453) |
(801) |
(1,082) |
(1,082) |
||||
|
Free cash-flow |
4,191 |
16,131 |
24,329 |
11,410 |
23,804 |
||||
|
Cash payments attributed to acquisition-related costs(*) (**) |
– |
– |
407 |
477 |
– |
||||
|
Adjusted free cash-flow |
4,191 |
16,131 |
24,736 |
11,887 |
23,804 |
(*) Included in cash-flow from operating activities
(**) Acquisition-related payments pertain to payments on behalf of M&A agreements related to future performance targets and retention criteria, as well as third-party services, such as, tax, accounting and legal rendered until the acquisition date.
|
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES |
|||||
|
CONDENSED CONSOLIDATED BALANCE SHEET |
|||||
|
U.S. dollars in thousands |
|||||
|
June 30, |
December 31, |
||||
|
2022 |
2021 |
||||
|
(unaudited) |
(unaudited) |
||||
|
ASSETS |
|||||
|
CURRENT ASSETS |
|||||
|
Cash and cash equivalents |
141,129 |
190,243 |
|||
|
Short-term bank deposit |
35,000 |
20,000 |
|||
|
Trade receivables, net and unbilled receivables |
81,409 |
76,261 |
|||
|
Other receivables and prepaid expenses |
12,440 |
13,841 |
|||
|
Total current assets |
269,978 |
300,345 |
|||
|
LONG-TERM ASSETS |
|||||
|
Property and equipment, net |
13,295 |
14,458 |
|||
|
Severance pay fund |
4,552 |
5,954 |
|||
|
Goodwill and intangible assets, net |
322,827 |
343,283 |
|||
|
Operating lease right-of-use assets |
36,689 |
43,665 |
|||
|
Other long-term assets |
8,072 |
7,288 |
|||
|
Total long-term assets |
385,435 |
414,648 |
|||
|
TOTAL ASSETS |
655,413 |
714,993 |
|||
|
LIABILITIES AND EQUITY |
|||||
|
CURRENT LIABILITIES |
|||||
|
Trade payables |
11,844 |
5,008 |
|||
|
Current maturities of Series B Debentures |
19,796 |
19,796 |
|||
|
Accrued expenses and other liabilities |
71,732 |
76,450 |
|||
|
Current maturities of operating lease liabilities |
9,844 |
10,827 |
|||
|
Deferred revenue |
35,571 |
39,614 |
|||
|
Total current liabilities |
148,787 |
151,695 |
|||
|
LONG-TERM LIABILITIES |
|||||
|
Series B Debentures, net of current maturities |
59,232 |
78,986 |
|||
|
Deferred tax liabilities |
14,409 |
15,360 |
|||
|
Other long-term liabilities |
11,127 |
12,144 |
|||
|
Long-term operating lease liabilities |
31,663 |
38,751 |
|||
|
Redeemable non-controlling interest |
90 |
101 |
|||
|
Accrued severance pay |
7,448 |
9,236 |
|||
|
Total long-term liabilities |
123,969 |
154,578 |
|||
|
EQUITY |
382,657 |
408,720 |
|||
|
TOTAL LIABILITIES AND EQUITY |
655,413 |
714,993 |
|||
|
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, |
|||
|
2022 |
2021 |
||
|
(unaudited) |
(unaudited) |
||
|
Cash flows from operating activities: |
|||
|
Net income |
25,889 |
20,318 |
|
|
Reconciliation of net income to net cash provided by operating activities: |
|||
|
Depreciation and amortization |
10,995 |
13,778 |
|
|
Accretion of discount on Series B Debentures |
42 |
55 |
|
|
Capital loss from sale of property and equipment |
36 |
36 |
|
|
Stock-based compensation related to options issued to employees |
2,060 |
2,870 |
|
|
Net changes in operating assets and liabilities, net of amount acquired: |
|||
|
Trade receivables, net and unbilled receivables |
(10,758) |
(8,655) |
|
|
Deferred tax liabilities, net |
(607) |
(2,822) |
|
|
Other operating assets |
4,151 |
9,453 |
|
|
Trade payables |
7,035 |
1,230 |
|
|
Other operating liabilities |
(10,662) |
(5,449) |
|
|
Deferred revenues |
(3,090) |
7,682 |
|
|
Accrued severance pay, net |
(146) |
104 |
|
|
Net cash provided by operating activities |
24,945 |
38,600 |
|
|
Cash flows from investing activities: |
|||
|
Purchase of property and equipment |
(1,265) |
(1,903) |
|
|
Proceeds from (Investment in) deposits |
(15,160) |
10,000 |
|
|
Proceeds from sale of property and equipment |
9 |
1,011 |
|
|
Proceeds from (payments for) business acquisitions, net of cash acquired |
(3,467) |
831 |
|
|
Capitalized software development costs |
(3,367) |
(3,591) |
|
|
Net cash provided by (used in) investing activities |
(23,250) |
6,348 |
|
|
Cash flows from financing activities: |
|||
|
Proceeds from employee stock options exercised |
– |
659 |
|
|
Distribution of dividend |
(25,900) |
(20,253) |
|
|
Repayment of Series B Debenture |
(19,796) |
(19,796) |
|
|
Payment of contingent considerations |
– |
(537) |
|
|
Dividend to non-controlling interest |
– |
(31) |
|
|
Net cash used in financing activities |
(45,696) |
(39,958) |
|
|
Effect of exchange rate changes on cash and cash equivalents |
(5,113) |
(1,746) |
|
|
Decrease in cash and cash equivalents |
(49,114) |
3,244 |
|
|
Cash and cash equivalents at the beginning of period |
190,243 |
152,561 |
|
|
Cash and cash equivalents at the end of period |
141,129 |
155,805 |
|
Debentures Covenants
As of June 30, 2022, 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 $380.6 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 (32.67)%.
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 (1.05).
Contact:
Shay Assaraf
Chief Marketing Officer
Shay.assaraf@sapiens.com
View original content:https://www.prnewswire.com/news-releases/sapiens-reports-second-quarter-2022-financial-results-301598983.html
SOURCE Sapiens International Corporation
