- European Parliament votes to adopt an agreement reached between the EU institutions regarding the review of the European system of financial supervision
- S&P reviews European run-off market
- PRA issues Policy Statement on approaches to managing the financial risks from climate change
- Confused.com/Willis Towers Watson latest survey indicates UK comprehensive car insurance premiums down compared with a year ago
- Horwich Farrelly highlights the potential pitfalls for insurance providers focusing too heavily on claims acceptance league tables
- BIBA appoints Magenta to provide its members with a scheme to help customers protect themselves against Escape of Water(EOW) in the home
- Medscheme creates modern decision platform which reviews some 400,000 claim lines per day powered by a FICO solution expired
- InsurData secures a further $3m funding from a group of investors expired
- Lemonade raises £300m in latest investment round expired
- Portabl picked by the Plug and Play innovation platform to join its InsurTech Batch of innovative companies expired
- Sapiens announces upgrade to IDITSuite solution expired
- BIBA appoints Blundell to a new position as Head of General insurance expired
8th August 2018
Sapiens reports increased revenue and operating income for second quarter
Sapiens International Corporation has announced its financial results for the second quarter-highlights are:
-Revenue totaled $72.2m, an increase of 4.5% compared to last year.
-Non-GAAP revenue increased 4.9% from the same period in the prior year to $72.5m.
-Operating income totaled $4.9m, up from an operating loss of $2.9m last year. Non-GAAP operating income improved to $9.6m, up from $3.2m.
-Operating margin improved to 6.8% as compared to (4.3%) last year. Non-GAAP operating margin improved 850 basis points to 13.2%, compared to 4.7% last year.
-Net income attributable to Sapiens’ shareholders totaled $2m, up from a net loss of $3.6m. Non-GAAP net income attributable to Sapiens’ shareholders increased to $6.4m from $1.9m.
-GAAP Diluted earnings per share attributed to Sapiens’ shareholders of $0.04 compared to $(0.07) per diluted share.
-Non-GAAP diluted earnings per share of $0.13 per diluted share compared to $0.04 per diluted share.
-Cash and cash equivalents of $59.2m, and total debt of about $78m as of 30th June.
“In the second quarter, we continued to advance towards our key objectives of, expanding our P&C business in EMEA, and North America, while improving profitability,” said Roni Al-Dor, president and ceo, Sapiens. “Our enhanced digital insurance offering along with our proven products and personnel are winning new business, particularly with our P&C platforms, where we are expanding our business with new and existing clients and building our pipeline for future growth. Due to efficiency and cost cutting programs and effectively leveraging our global assets, we expanded margins and improved profitability in the quarter. This quarter’s results demonstrate our ability to expand market leadership, particularly in the areas with the greatest client demand in the insurance market: digitalisation, data analytics, and legacy transformation.
Based on the strength of our first half growth and our outlook for the remainder of the year, we are raising our 2018 full year guidance for non-GAAP revenues of $285 to $290m, up from prior guidance of $280 to $285m.
We now expect full-year 2018 non-GAAP operating margins in the range of 13%–13.2%, compared to our previous guidance of 12%-13%.”
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