The software company Sapiens, which is traded on the NASDAQ and Tel Aviv stock exchanges and is part of the Formula Systems group, reported today (Tuesday) growth and improvement in profitability in the first quarter of 2022. The company’s revenues reached $ 117.7 million, which is a growth of about 6.8% , Compared to the same period last year.
Operating profit also increased by 9.3% to about $ 20.8 million, compared to about $ 19.0 million in the same two months last year, when the operating profit rate was about 17.6%, compared to about 17.2% in the corresponding quarter last year. As for non-GAAP net income, there was a 16.0% increase in the quarter to approximately $ 17.3 million ($ 0.31 per fully diluted share), compared to approximately $ 14.9 million ($ 0.27 per fully diluted share) in the corresponding quarter for 2021.
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Roni Al-Dor, President and CEO of Sapphire, said in the wake of the results: “These results reflect our ability to continue to grow, along with improving profitability. In Europe and the APAC region we continue to grow with new customers and in North America we see a positive improvement. At the same time, we continue to invest in our products and this is reflected in our branding and the backlog. ”
In light of the results, Sapiens said that they “approve the revenue forecast for 2022 in the range of $ 495-500 million and raise the forecast for operating profitability in 2022 from a range of 17.0% -17.3% to a range of 17.4% -17.6%” In addition, the company announced today a dividend of Of about $ 25.9 million (about $ 0.47 per share), a move that they say reflects “our confidence in business operations and our ability to generate positive cash flow.”
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