Sapphire concludes a strong year: Bypassing expectations in the top and bottom line – Global

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Sapiens
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, Traded on the NASDAQ and Tel Aviv stock exchanges (NYSE: SPNS-

Sapphire (US)
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), And is part of the Formula Systems group, today reported its results for the fourth quarter and for the entire 2020 year. Revenue (Non-GAAP) increased in the fourth quarter of 2020 by approximately 18.7% to approximately $ 102.9 million, compared to approximately $ 86.7 million in the corresponding quarter of 2019. Revenue (Non-GAAP) increased in 2020 by approximately 18.1% to approximately $ 384.5 million, Compared to about $ 325.7 million in 2019. Analysts expected revenue of $ 100.6 million during the fourth quarter, and about $ 382 million in 2020 as a whole.

Net income attributable to the Company’s shareholders (Non-GAAP) increased in the fourth quarter of 2020 by 37.0% to approximately $ 14.5 million or 27 cents per share, compared to approximately $ 10.6 million (21 cents per share) in the corresponding quarter of 2019. In 2020, net income (Non-GAAP) grew by about 33.6% to about $ 52.0 million or $ 1 per share. Earnings per share include the effect of an increase in the number of the company’s shares, in light of the issue it made in the fourth quarter of 2020.

Roni Al-Dor, President and CEO of Sapphire: “The strong performance we demonstrated, on a non-GAAP basis, both in the fourth quarter and in 2020 as a whole is a result of the successful implementation of our business strategy. The company ended the year with record revenue for the quarter, along with high operating profitability. The dollar has quarterly revenues, despite COVID 19. Non-GAAP revenues for the quarter amounted to $ 103 million, an increase of 19% compared to the same period in 2019. In addition, non-GAAP operating profit increased by 30%, or 160 basis points From the fourth quarter of 2019. In 2020, non-GAAP revenues grew by 18% to approximately $ 384 million and we presented a non-GAAP operating profit of 17.7%. This is a good opportunity to thank the Global Sapiens team for a particularly successful year and the hard work in the year. Enormous adaptability. ”

“We have proven once again that our ‘Land and Expand’ strategy is an effective and efficient way to grow in the strictly regulated global insurance markets, spread across different parts of the world. In addition to our global advantage, we offer customers a one-stop-shop, including a combination of digital solutions. , On its hundreds of customers around the world, a significant impact, which is reflected in the wide range of products, and in the one-hand-to-shake business model. ”

Forecasts to follow
“We opened 2021 with positive momentum as we intend to leverage the latest acquisitions we have made.” The company CEO added that the company expects non-GAAP annual revenue in the range of $ 457-463 million, alongside annual non-GAAP operating profitability in the range of 17.7% -18%. Analysts expect $ 426 million.

“This forecast takes into account the likelihood that some cost savings resulting from COVID-19 will decrease in the second half of 2021. Sapphire’s focused growth strategy, along with its presence in a variety of regions around the world and an even stronger balance than before, conditions its continued success and growth.”