Sapiens International Corporation N.V
(NASDAQ:SPNS)

Sapiens International Corporation N.V. provides software solutions for the insurance and financial services industries in North America, Europe, the Asia Pacific, and South Africa. The company offers Sapiens CoreSuite and Sapiens IDITSuite for personal, commercial, and specialty lines, as well as re...

Website: http://www.sapiens.com

Founded: 1982

Full Time Employees: 2,959

Sector: Technology

Industry: Software-Application

Technology

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Quarterly

Annual

Unit: USD	2025-11-13	2025-08-13	2025-05-08	2025-02-18	2024-12-31	2024-11-11	2024-08-01	2024-05-08	2024-02-20	2023-12-31	2023-11-08	2023-08-02	2023-05-03	2023-02-21	2022-12-31	2022-11-03	2022-08-03	2022-05-03	2022-02-23	2021-12-31	2021-11-03	2021-08-04	2021-05-04	2021-02-24	2020-12-31	2020-11-05	2020-08-03	2020-06-30	2020-05-14	2020-02-24	2019-12-31	2019-11-04	2019-08-05	2019-05-06	2019-02-25	2018-12-31	2018-11-07	2018-08-07	2018-05-07	2018-03-08	2017-12-31	2017-11-09	2017-08-07	2017-05-15	2017-02-28	2016-12-31	2016-11-07	2016-08-04	2016-05-10	2016-02-17	2015-12-31	2015-11-04	2015-10-14	2015-08-05	2015-05-06	2015-02-25	2014-12-31	2014-11-12	2014-08-12	2014-05-12	2014-02-26	2013-12-31	2013-11-13	2013-11-06	2013-05-06	2013-03-11	2013-03-05	2012-12-31	2012-11-12	2012-08-12	2012-05-08	2012-03-07	2011-12-31	2011-11-09	2011-08-10	2011-05-12	2011-02-22	2010-12-31	2010-11-08	2010-08-11	2010-05-13	2010-03-10	2009-12-31	2009-11-12	2009-08-20	2009-05-18	2009-03-04	2008-12-31	2008-11-19	2008-08-13	2008-05-20	2008-03-13	2007-12-31	2007-11-14	2007-08-23	2007-05-16	2007-03-01	2006-12-31	2006-11-20	2006-08-09	2006-05-10	2006-02-23	2005-12-31	2005-11-10	2005-10-05	2005-08-11	2004-12-31	2004-11-10	2004-08-05	2003-12-31	2003-11-30

revenue	152,319,000	141,602,000	136,105,000	134,305,000	102,018,500	137,025,000	136,800,000	134,249,000	130,859,000	95,931,250	130,705,000	128,299,000	124,721,000	119,463,000	88,818,250	118,996,000	118,582,000	117,695,000	119,225,000	85,452,500	117,812,000	114,406,000	109,592,000	101,661,000	70,310,500	97,645,000	93,063,000		90,534,000	86,715,000	59,739,750	82,643,000	79,529,000	76,787,000	73,311,000	54,099,000	73,237,000	72,164,000	70,995,000	71,600,000	49,398,500	72,011,000	69,049,000	56,534,000	57,113,000	39,769,250	56,480,000	53,030,000	49,567,000	48,674,000	28,919,250	40,398,000		43,436,000	41,014,000	41,773,000	28,919,250	40,398,000	38,651,000	36,628,000	36,192,000
yoy	49.31%	3.34%	-0.51%	0.04%	-22.04%	42.84%	4.66%	4.64%	4.92%	-19.70%	47.16%	7.82%	5.18%	1.50%	-25.50%	39.25%	0.65%	2.87%	8.79%	-15.94%	67.56%	17.17%	17.76%		-22.34%	12.60%	55.78%		13.84%	12.93%	-18.51%	52.76%	8.59%	6.41%	3.26%	-24.44%	48.26%	0.21%	2.82%	26.65%	-13.51%	81.07%	22.25%	6.61%	15.22%	-18.29%	95.30%	31.27%		12.06%	-29.49%	-3.29%		7.52%	6.11%	14.05%	-20.09%
qoq	7.57%	4.04%	1.34%	31.65%	-25.55%	0.16%	1.90%	2.59%	36.41%	-26.60%	1.88%	2.87%	4.40%	34.50%	-25.36%	0.35%	0.75%	-1.28%	39.52%	-27.47%	2.98%	4.39%	7.80%	44.59%	-27.99%	4.92%			4.40%	45.15%	-27.71%	3.92%	3.57%	4.74%	35.51%	-26.13%	1.49%	1.65%	-0.84%	44.94%	-31.40%	4.29%	22.14%	-1.01%	43.61%	-29.59%	6.51%	6.99%	1.83%	68.31%	-28.41%			5.91%	-1.82%	44.45%	-28.41%	4.52%	5.52%	1.20%
cost of revenue	85,010,000	79,711,000	75,445,000	74,158,000	57,528,500	76,729,000	76,696,000	76,689,000	74,910,000	55,020,000	74,753,000	73,635,000	71,692,000	69,158,000	51,353,750	68,721,000	68,416,000	68,278,000	70,561,000	50,657,500	69,512,000	67,782,000	65,336,000	60,288,000	41,660,250	57,567,000	54,804,000		54,270,000	51,782,000	36,092,750	49,316,000	48,075,000	46,980,000	45,428,000	33,677,500	45,438,000	45,305,000	43,967,000	45,776,000	32,475,500	46,774,000	45,740,000	37,388,000	34,648,000	23,938,500	34,366,000	31,781,000	29,607,000	28,633,000	18,341,000	25,460,000		26,218,000	24,745,000	25,731,000	18,341,000	25,460,000	24,653,000	23,251,000	22,692,000
gross profit	67,309,000	61,891,000	60,660,000	60,147,000	60,147,000	60,296,000	60,104,000	57,560,000	55,949,000	55,949,000	55,952,000	54,664,000	53,029,000	50,305,000	50,305,000	50,275,000	50,166,000	49,417,000	48,664,000	48,664,000	48,300,000	46,624,000	44,256,000	41,373,000	41,373,000	40,078,000	38,259,000	74,523,000	36,264,000	34,933,000	34,933,000	33,327,000	31,454,000	29,807,000	27,883,000	27,883,000	27,799,000	26,859,000	27,028,000	25,824,000	25,824,000	25,237,000	23,309,000	19,146,000	22,465,000	22,465,000	22,114,000	21,249,000	19,960,000	20,041,000	32,131,000	14,938,000	33,487,000	17,218,000	16,269,000	16,042,000	16,042,000	14,938,000	13,998,000	13,377,000	13,500,000	13,500,000	36,906,000				12,095,000			11,610,000
yoy	11.91%	2.65%	0.93%	4.49%	7.50%	7.77%	7.42%	5.30%	5.51%	11.22%	11.23%	8.73%	5.71%	1.80%	3.37%	3.31%	3.86%	5.99%	9.96%	17.62%	16.74%	16.33%	15.67%	-44.48%	14.09%	14.73%	9.52%	123.61%	15.29%	17.20%	25.28%	19.52%	13.15%	10.98%	3.16%	7.97%	7.65%	6.43%	15.96%	34.88%	14.95%	12.34%	5.40%	-9.90%	12.55%	12.10%	-31.18%	42.25%	-40.39%	16.40%	97.50%	-6.88%	108.75%	15.26%	16.22%	19.92%	18.83%	10.65%	-62.07%				205.13%
qoq	8.75%	2.03%	0.85%	0.00%	-0.25%	0.32%	4.42%	2.88%	0.00%	-0.01%	2.36%	3.08%	5.41%	0.00%	0.06%	0.22%	1.52%	1.55%	0.00%	0.75%	3.59%	5.35%	6.97%	0.00%	3.23%	4.75%	-48.66%	105.50%	3.81%	0.00%	4.82%	5.95%	5.53%	6.90%	0.00%	0.30%	3.50%	-0.63%	4.66%	0.00%	2.33%	8.27%	21.74%	-14.77%	0.00%	1.59%	4.07%	6.46%	-0.40%	-37.63%	115.10%	-55.39%	94.49%	5.83%	1.42%	0.00%	7.39%	6.72%	4.64%	-0.91%	0.00%	-63.42%
gross margin %	44.19%	43.71%	44.57%	44.78%	58.96%	44.00%	43.94%	42.88%	42.76%	58.32%	42.81%	42.61%	42.52%	42.11%	56.64%	42.25%	42.30%	41.99%	40.82%	56.95%	41.00%	40.75%	40.38%	40.70%	58.84%	41.04%	41.11%	Infinity%	40.06%	40.28%	58.48%	40.33%	39.55%	38.82%	38.03%	51.54%	37.96%	37.22%	38.07%	36.07%	52.28%	35.05%	33.76%	33.87%	39.33%	56.49%	39.15%	40.07%	40.27%	41.17%	111.11%	36.98%	Infinity%	39.64%	39.67%	38.40%	55.47%	36.98%	36.22%	36.52%	37.30%	Infinity%	Infinity%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
operating expenses:
research and development	21,182,000	18,833,000	16,276,000	16,523,000	16,523,000	16,449,000	16,809,000	16,521,000	16,084,000	16,084,000	16,028,000	15,746,000	15,617,000	15,251,000	15,251,000	14,804,000	14,451,000	14,150,000	13,891,000	13,891,000	13,767,000	13,267,000	13,088,000	11,129,000	11,129,000	10,375,000	9,328,000	19,854,000	10,526,000	10,233,000	10,233,000	9,445,000	8,923,000	8,777,000	8,284,000	8,284,000	8,350,000	8,633,000	9,147,000	8,427,000	8,427,000	8,381,000	8,952,000	6,195,000	5,087,000	5,087,000	4,147,000	4,001,000	3,253,000	2,747,000	1,635,000	2,856,000	5,006,000	2,385,000	2,621,000	2,752,000	2,752,000	2,856,000	2,855,000	2,889,000	2,768,000	2,768,000	9,078,000			469,000	2,594,000			2,436,000
selling, marketing, general and administrative	28,367,000	26,261,000	23,188,000	21,926,000	21,926,000	22,101,000	21,412,000	20,517,000	19,776,000	19,776,000	19,659,000	19,297,000	18,519,000	18,573,000	18,573,000	18,919,000	18,805,000	18,719,000	19,041,000	19,041,000	18,316,000	20,183,000	18,803,000	20,019,000	20,019,000	17,606,000	16,528,000	31,988,000	15,460,000	14,477,000	14,477,000	13,767,000	13,077,000	12,953,000	13,016,000	13,016,000	12,635,000	13,298,000	13,184,000	16,265,000	16,265,000	12,363,000	17,343,000	14,588,000	11,787,000	11,787,000	11,376,000	10,841,000	10,456,000	10,498,000	16,502,000	8,283,000	17,505,000	8,943,000	8,562,000	8,740,000	8,740,000	8,283,000	7,760,000	7,314,000	7,407,000	7,407,000	19,270,000				5,982,000			6,412,000
total operating expenses	49,549,000	45,094,000	39,464,000	38,449,000	38,449,000	38,550,000	38,221,000	37,038,000	35,860,000	35,860,000	35,687,000	35,043,000	34,136,000	33,824,000	33,824,000	33,723,000	33,256,000	32,869,000	32,932,000	32,932,000	32,083,000	33,450,000	31,891,000	31,148,000	31,148,000	27,981,000	25,856,000	51,842,000	25,986,000	24,710,000	24,710,000	23,212,000	22,000,000	21,730,000	21,300,000	21,300,000	20,985,000	21,931,000	22,331,000	24,692,000	24,692,000	20,744,000	26,295,000	20,783,000	16,874,000	16,874,000	15,523,000	14,842,000	13,709,000	13,245,000	18,137,000	11,139,000	22,511,000	11,328,000	11,183,000	11,492,000	11,492,000	11,139,000	10,615,000	10,203,000	10,175,000	10,175,000	28,348,000				8,576,000			8,848,000
operating income	17,760,000	16,797,000	21,196,000	21,698,000	21,698,000	21,746,000	21,883,000	20,522,000	20,089,000	20,089,000	20,265,000	19,621,000	18,893,000	16,481,000	16,481,000	16,552,000	16,910,000	16,548,000	15,732,000	15,732,000	16,217,000	13,174,000	12,365,000	10,225,000	10,225,000	12,097,000	12,403,000	22,681,000	10,278,000	10,223,000	10,223,000	10,115,000	9,454,000	8,077,000	6,583,000	6,583,000	6,814,000	4,928,000	4,697,000	1,132,000	1,132,000	4,493,000	-2,986,000	-1,637,000	5,591,000	5,591,000	6,591,000	6,407,000	6,251,000	6,796,000	13,994,000	3,799,000	10,976,000	5,890,000	5,086,000	4,550,000	4,550,000	3,799,000	3,383,000	3,174,000	3,325,000	3,325,000	8,558,000			653,000	3,519,000			2,762,000
yoy	-18.15%	-22.76%	-3.14%	5.73%	8.01%	8.25%	7.98%	4.59%	6.33%	21.89%	22.96%	18.54%	11.73%	-0.40%	4.76%	5.21%	4.27%	25.61%	27.23%	53.86%	58.60%	8.90%	-0.31%	-54.92%	-0.52%	18.33%	21.32%	124.23%	8.72%	26.57%	55.29%	53.65%	38.74%	63.90%	40.15%	481.54%	501.94%	9.68%	-257.30%	-169.15%	-79.75%	-19.64%	-145.30%	-125.55%	-10.56%	-17.73%	-52.90%	68.65%	-43.05%	15.38%	175.15%	-16.51%	141.23%	55.04%	50.34%	43.35%	36.84%	14.26%	-60.47%			409.19%	143.19%			-76.36%
qoq	5.73%	-20.75%	-2.31%	0.00%	-0.22%	-0.63%	6.63%	2.16%	0.00%	-0.87%	3.28%	3.85%	14.64%	0.00%	-0.43%	-2.12%	2.19%	5.19%	0.00%	-2.99%	23.10%	6.54%	20.93%	0.00%	-15.47%	-2.47%	-45.32%	120.68%	0.54%	0.00%	1.07%	6.99%	17.05%	22.69%	0.00%	-3.39%	38.27%	4.92%	314.93%	0.00%	-74.81%	-250.47%	82.41%	-129.28%	0.00%	-15.17%	2.87%	2.50%	-8.02%	-51.44%	268.36%	-65.39%	86.35%	15.81%	11.78%	0.00%	19.77%	12.30%	6.58%	-4.54%	0.00%	-61.15%				-81.44%
operating margin %	11.66%	11.86%	15.57%	16.16%	21.27%	15.87%	16.00%	15.29%	15.35%	20.94%	15.50%	15.29%	15.15%	13.80%	18.56%	13.91%	14.26%	14.06%	13.20%	18.41%	13.77%	11.52%	11.28%	10.06%	14.54%	12.39%	13.33%	Infinity%	11.35%	11.79%	17.11%	12.24%	11.89%	10.52%	8.98%	12.17%	9.30%	6.83%	6.62%	1.58%	2.29%	6.24%	-4.32%	-2.90%	9.79%	14.06%	11.67%	12.08%	12.61%	13.96%	48.39%	9.40%	Infinity%	13.56%	12.40%	10.89%	15.73%	9.40%	8.75%	8.67%	9.19%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
financial and other expenses	-239,000	-1,270,000			-778,500	-913,000						562,000			509,500	-82,000	2,467,000												1,487,000
taxes on income	3,621,000	3,681,000	4,492,000	4,695,000	4,695,000	4,324,000	4,375,000	4,113,000	3,624,000	3,624,000	3,710,000	3,587,000	3,330,000	4,276,000	4,277,000	2,893,000	2,512,000	2,938,000	2,404,000	2,404,000	2,923,000	2,688,000	1,948,000	611,000	611,000	1,520,000	3,010,000	4,911,000	1,901,000	2,260,000																					-4,755,000	80,000	1,728,000									163,500	654,000			1,166,000
net income	14,378,000	14,386,000	18,034,000	17,867,000	17,867,000	18,335,000	18,617,000	17,501,000	17,025,000	17,025,000	16,004,000	15,472,000	14,366,000	13,302,000	13,301,000	13,741,000	11,931,000	13,958,000	13,639,000	13,638,000	13,366,000	10,417,000	9,902,000	8,402,000	8,402,000	9,535,000	9,330,000	16,220,000	6,890,000	6,944,000	6,944,000	7,505,000	6,866,000	5,176,000	3,832,000	3,832,000	5,211,000	2,129,000	2,828,000	3,433,000	3,433,000	2,951,000	-3,586,000	-2,242,000	4,110,000	4,110,000	5,353,000	5,265,000	4,873,000	6,006,000	10,336,000	3,812,000	8,904,000	4,687,000	4,217,000	4,612,000	4,612,000	3,812,000	3,111,000	3,041,000	3,380,000	3,380,000	8,212,000			-619,000	3,316,000			2,575,000
yoy	-19.53%	-21.54%	-3.13%	2.09%	4.95%	7.69%	16.33%	13.11%	18.51%	27.99%	20.32%	12.60%	20.41%	-4.70%	-2.48%	0.76%	-10.74%	33.99%	37.74%	62.32%	59.08%	9.25%	6.13%	-48.20%	21.94%	37.31%	34.36%	116.12%	0.35%	34.16%	81.21%	95.85%	31.76%	143.12%	35.50%	11.62%	51.79%	-27.85%	-178.86%	-253.12%	-16.47%	-28.20%	-166.99%	-142.58%	-15.66%	-31.57%	-48.21%	38.12%	-45.27%	28.14%	145.10%	-17.35%	93.06%	22.95%	35.55%	51.66%	36.45%	12.78%	-62.12%			-646.04%	147.65%			-124.04%
qoq	-0.06%	-20.23%	0.93%	0.00%	-2.55%	-1.51%	6.38%	2.80%	0.00%	6.38%	3.44%	7.70%	8.00%	0.01%	-3.20%	15.17%	-14.52%	2.34%	0.01%	2.04%	28.31%	5.20%	17.85%	0.00%	-11.88%	2.20%	-42.48%	135.41%	-0.78%	0.00%	-7.48%	9.31%	32.65%	35.07%	0.00%	-26.46%	144.76%	-24.72%	-17.62%	0.00%	16.33%	-182.29%	59.95%	-154.55%	0.00%	-23.22%	1.67%	8.04%	-18.86%	-41.89%	171.14%	-57.19%	89.97%	11.15%	-8.56%	0.00%	20.99%	22.53%	2.30%	-10.03%	0.00%	-58.84%				-118.67%
net income margin %	9.44%	10.16%	13.25%	13.30%	17.51%	13.38%	13.61%	13.04%	13.01%	17.75%	12.24%	12.06%	11.52%	11.13%	14.98%	11.55%	10.06%	11.86%	11.44%	15.96%	11.35%	9.11%	9.04%	8.26%	11.95%	9.76%	10.03%	Infinity%	7.61%	8.01%	11.62%	9.08%	8.63%	6.74%	5.23%	7.08%	7.12%	2.95%	3.98%	4.79%	6.95%	4.10%	-5.19%	-3.97%	7.20%	10.33%	9.48%	9.93%	9.83%	12.34%	35.74%	9.44%	Infinity%	10.79%	10.28%	11.04%	15.95%	9.44%	8.05%	8.30%	9.34%	Infinity%	Infinity%	NaN%	NaN%	-Infinity%	Infinity%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
attributable to non-controlling interest	78,000	154,000			35,250			141,000	52,000	92,750	132,000	69,000	170,000	-65,000	100,250	348,000	21,000	32,000	-26,000	44,250	97,000	13,000		83,000	74,750	196,000	33,000			110,000	33,500	87,000	26,000		80,000	33,750	28,000	115,000			-8,000	6,000	-8,000	-30,000	299,000		48,000	-68,000	-14,000	134,000	31,250	100,000		-19,000	58,000	-12,000	31,250	100,000	6,000	19,000	-41,000
net income attributable to sapiens’ shareholders	14,300,000	14,232,000	17,936,000	17,867,000			18,617,000	17,360,000	16,973,000	16,973,000	15,872,000	15,403,000	14,196,000	13,367,000	13,366,000	13,393,000		13,926,000	13,665,000	13,664,000	13,269,000	10,404,000	9,835,000	8,319,000	8,319,000	9,339,000		16,117,000	6,820,000	6,834,000	6,834,000	7,418,000		5,155,000	3,752,000			2,014,000
basic earnings per share	0.26	0.25	0.32	0.32	0.32	0.33	0.33	0.31	0.3	0.31	0.29	0.28	0.26	0.24	0.23	0.25	0.22	0.25	0.25	0.153	0.24	0.19	0.18	0.16	0.128	0.19	0.19		0.14	0.14	0.098	0.15	0.14	0.1	0.08	0.05	0.1	0.04	0.06	0.07	-0.015	0.06	-0.07	-0.05				0.11	0.1	0.12	0.053	0.08		0.1	0.09	0.1	0.053	0.08	0.07	0.07	0.08						0.08			0.06
diluted earnings per share	0.25	0.25	0.32	0.32	0.32	0.33	0.33	0.31	0.3	0.3	0.28	0.28	0.26	0.24	0.24	0.24	0.21	0.25	0.25	0.15	0.24	0.19	0.18	0.15	0.125	0.18	0.18		0.13	0.13	0.095	0.15	0.14	0.1	0.07	0.05	0.1	0.04	0.06	0.07	-0.015	0.06	-0.07	-0.05				0.11	0.1	0.12	0.05	0.08		0.1	0.09	0.09	0.05	0.08	0.06	0.06	0.08						0.08			0.06
weighted-average number of shares outstanding used to compute basic earnings per share	55,927	55,897	55,888	55,887		55,854		55,744	55,733				55,156	55,140		55,124	55,110	55,093	54,902		54,787	54,754	54,689	53,715		50,625	50,297		50,175	50,109		50,027	50,002	49,986	49,920		49,826	49,785	49,773	49,325		49,182	49,124	49,047	49,021		49,002	48,948	48,819	48,758		47,607		47,910
weighted-average number of shares outstanding used to compute diluted earnings per share	56,432	56,070	56,020	56,164		56,308		55,981	55,910				55,570	55,521		55,581	55,572	55,630	55,626		55,611	55,548	55,567	54,541		51,581	51,173		51,083	51,009		50,742	50,530	50,329	50,210		50,143	49,998	50,070	50,032		49,859	49,124	49,047	49,935		49,849	49,759	49,560	49,536		49,006		49,213
financial and other income			-1,330,000
attributable to redeemable non-controlling interest			98,000
financial and other expenses (income)				-864,000			-1,109,000	-1,092,000	-560,000	577,500	551,000									128,000	-72,000
net income attributable to sapiens' shareholders					13,578,000	18,335,000											11,910,000										9,297,000						6,840,000			2,508,250	5,183,000		2,836,000	3,197,000	3,197,000	2,945,000	-3,578,000	-2,212,000	3,811,000	3,811,000	5,305,000	5,333,000	4,887,000	5,872,000	10,177,000	3,712,000		4,706,000	4,159,000	4,624,000	4,624,000	3,712,000	3,105,000	3,022,000	3,421,000	3,421,000	8,183,000
weighted average number of shares outstanding used to compute basic earnings per share							55,797				55,397	55,196
weighted average number of shares outstanding used to compute diluted earnings per share							56,163				55,813	55,582
financial and other incomes (income)													1,197,000	-1,097,000				-348,000	-311,000
financial and other incomes																						69,000	515,000	1,212,000	648,250	1,042,000	63,000			1,019,000
attributed to non-controlling interest																							67,000						70,000					21,000					-8,000	-157,000
revenues																												183,597,000																																		24,796,250	99,185,000			18,030,000	31,170,000			27,182,000
cost of revenues																												109,074,000																																		15,569,750	62,279,000			11,998,000	19,075,000			15,572,000
financial expense																												1,550,000			1,019,000	261,000	434,000	1,054,000	829,000	782,000	974,000	1,316,000	838,000		502,500	863,000						-326,000
income before taxes on income																												21,131,000																									10,632,000									3,537,000	8,866,000			547,000
attributed to non-controlling interests																												103,000																									52,000
net earnings per share attributable to sapiens’ shareholders:
basic																												0.32																									0.19									0.08	0.21
diluted																												0.32																									0.18									0.07	0.2
taxes and other incomes																															1,587,500	2,349,000	2,154,000	1,847,000		785,750	629,000		1,031,000	-3,301,000				167,000		1,097,250	1,463,000							1,189,000					283,000
taxes on income and other incomes (tax benefit)																																			1,922,000
attributed to redeemable non-controlling interest																																								43,000													-13,000
adjustment to redeemable non-controlling interest																																								350,000													96,000
taxes and other incomes (income)																																						1,483,000					-109,000							1,192,000
financial income																																								1,000,000			709,000	438,000	98,000						313,000	-93,000		14,000	330,000	26,000	274,000	-93,000	-11,000	-46,000	-212,000	828,000	-308,000				192,000
taxes and other expenses																																									184,250	679,000						1,468,000	1,458,000						539,000	-88,000	135,500	80,000		179,000	157,000
taxes expenses																																													1,383,000
basic earnings per share**																																													0.08	0.08	0.11
diluted earnings per share**																																													0.08	0.08	0.11
financial expenses (income)																																																	-80,000	-402,000			344,000																	-85,000
revenues:
license																																																					5,872,000
services																																																					78,578,000
total revenues																																																					84,450,000
cost of revenues:
total cost of revenues																																																					50,963,000
net income attributed to sapiens' shareholders																																																					8,769,000
net earnings per share attributable to sapiens' shareholders
basic																												0.32																									0.19									0.08	0.21
diluted																												0.32																									0.18									0.07	0.2
weighted-average number of shares outstanding used to compute:
weighted-average number of shares
outstanding used to compute:
attributable to non-controlling interests																																																														-41,000	29,000
expenses:
selling and marketing																																																																		1,637,000
general and administrative																																																																		2,681,000
bad debt																																																																		592,000
total expenses																																																																		17,377,000
finance income																																																																		202,000
finance expenses																																																																		-308,000
other comprehensive loss:
exchange differences on translation of foreign operations																																																																		-26,000
total other comprehensive loss																																																																		-26,000
total comprehensive loss																																																																		-645,000
net income attributable to:
equity holders of the parent																																																																		-690,000
non-controlling interests																																																																		71,000
taxes and other expenses (income)																																																																			11,000			272,000
attributetable to non-controlling interest																																																																						-26,000
net income attributable to sapiens shareholders																																																																			3,316,000			2,601,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-10-14	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-03-31	2012-12-31	2012-06-30	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2001-12-31	2000-12-31

assets
current assets
cash and cash equivalents	82,200,000	64,541,000	143,364,000	163,690,000	146,152,000	122,646,000	116,689,000	126,716,000	97,061,000	89,417,000	116,654,000	160,285,000	146,916,000	141,129,000	171,309,000	190,243,000	144,714,000	155,805,000	142,184,000	152,561,000	131,667,000	127,978,000	79,557,000	66,295,000	73,138,000	77,282,000	63,384,000	64,628,000	64,079,000	59,207,000	61,749,000	71,467,000	80,493,000	46,416,000	35,115,000	60,908,000	56,228,000	60,271,000	58,679,000	54,351,000	51,053,000	45,164,000	51,053,000	53,944,000	47,400,000	45,125,000	45,374,000	74,969,000	70,313,000	28,111,000	25,585,000	29,050,000	31,234,000	21,460,000	16,182,000	11,172,000	7,938,000	13,125,000	3,108,000	6,699,000	10,942,000	31,775,000	16,087,000	17,038,000
short-term bank deposit		10,000,000	62,500,000	52,500,000	39,800,000	63,800,000	79,200,000	75,400,000	75,400,000	90,000,000	65,000,000	20,000,000	20,000,000	35,000,000	35,000,000	20,000,000	40,000,000	20,000,000	30,000,000	30,000,000
trade receivables, net and unbilled receivables	138,189,000	134,949,000	105,818,000		109,670,000	102,101,000	103,735,000		98,833,000	89,338,000	94,833,000	93,382,000	89,992,000	81,409,000	82,473,000	76,261,000	76,031,000	70,214,000	74,762,000		63,805,000	62,969,000	59,958,000	50,221,000	57,237,000	58,827,000	64,201,000	59,159,000
other receivables and prepaid expenses	31,363,000	30,334,000	15,707,000	19,350,000	25,769,000	20,258,000	19,741,000	22,514,000	19,093,000	14,539,000	11,624,000	11,640,000	12,231,000	12,440,000	14,354,000	13,841,000	14,670,000	15,842,000	16,494,000	19,388,000	10,399,000	9,041,000	8,105,000	7,817,000	7,567,000	7,615,000	7,993,000	6,224,000	7,637,000	7,723,000	7,534,000	6,280,000	9,830,000	8,612,000	8,036,000	6,389,000	8,614,000	6,188,000	5,652,000	5,455,000	5,849,000	5,375,000	5,849,000	5,917,000	3,962,000	4,101,000	3,512,000	4,085,000	4,126,000	2,736,000	2,975,000	1,785,000	3,168,000	1,823,000		3,008,000			1,689,000	1,620,000	4,013,000	5,647,000
total current assets	251,752,000	239,824,000	327,389,000	335,143,000	321,391,000	308,805,000	319,365,000	314,903,000	290,387,000	283,294,000	288,111,000	285,307,000	269,139,000	269,978,000	303,136,000	300,345,000	275,415,000	261,861,000	263,440,000	267,358,000	205,871,000	199,988,000	147,620,000	147,223,000	137,942,000	143,724,000	135,578,000	130,011,000	134,893,000	122,243,000	122,629,000	130,973,000	144,866,000	105,054,000	95,988,000	120,201,000	120,270,000	125,410,000	124,765,000	98,343,000	86,526,000	89,122,000	86,526,000	86,771,000	82,221,000	77,490,000	76,392,000	106,318,000	100,528,000	58,349,000	53,338,000	50,420,000	49,503,000	39,629,000		19,312,000			15,839,000	21,995,000	36,140,000	47,594,000
long-term assets
property and equipment	10,268,000	11,195,000	10,401,000	10,656,000	11,431,000	12,065,000	11,989,000	12,661,000	11,046,000	11,453,000	11,612,000	12,021,000	12,421,000	13,295,000	13,889,000	14,458,000	15,481,000	15,640,000	16,585,000	16,970,000	16,744,000	16,486,000	16,657,000	16,601,000	15,446,000	9,264,000	8,603,000	8,515,000	9,039,000	9,228,000	10,163,000	10,695,000	9,285,000	10,435,000	10,945,000	9,807,000	10,150,000	7,628,000	6,594,000	5,675,000	5,293,000	5,749,000	5,293,000	5,135,000	4,763,000	5,269,000	5,664,000	5,403,000	5,263,000	4,236,000	2,689,000	2,243,000	1,948,000	1,814,000		897,000			1,495,000	1,716,000	2,382,000	3,060,000
severance pay fund	2,621,000	3,065,000	3,185,000	3,208,000	3,446,000	3,360,000	3,381,000	3,605,000	3,383,000	3,696,000	3,672,000	3,996,000	4,267,000	4,552,000	5,802,000	5,954,000	7,054,000	6,733,000	6,604,000	6,582,000	5,377,000	5,839,000	4,949,000	5,106,000	5,052,000	4,941,000	4,754,000	4,699,000	4,197,000	4,161,000	4,559,000	4,547,000	4,421,000	4,380,000	4,205,000	4,041,000	4,281,000	4,554,000	5,035,000	5,551,000	6,493,000	6,475,000	6,493,000	6,362,000	10,735,000	10,917,000	12,131,000	11,097,000	11,228,000	11,368,000	10,764,000	10,306,000	9,711,000	10,172,000
goodwill and intangible assets	430,900,000	439,166,000	329,819,000		310,533,000	307,231,000	311,178,000		305,225,000	312,474,000	316,865,000	319,661,000	315,454,000	322,827,000	336,593,000	343,283,000	345,893,000	352,224,000	352,130,000		266,696,000	248,733,000	246,676,000	228,691,000	230,935,000	230,069,000	231,223,000	231,348,000	235,980,000	235,658,000	242,062,000	221,403,000	219,978,000	224,570,000	225,845,000
operating lease right-of-use assets	21,201,000	22,766,000	20,581,000	20,746,000	20,502,000	20,505,000	21,524,000	23,557,000	23,713,000	25,264,000	27,439,000	33,688,000	34,267,000	36,689,000	41,256,000	43,665,000	48,356,000	49,777,000	51,716,000	54,390,000	49,300,000	50,231,000	45,872,000	49,539,000	52,747,000	54,106,000	32,317,000
other long-term assets	26,948,000	23,628,000	22,605,000	6,424,000	15,993,000	15,571,000	16,362,000	6,496,000	16,399,000	16,864,000	15,619,000	12,078,000	6,607,000	8,072,000	7,207,000	7,288,000	7,685,000	8,269,000	6,078,000	5,264,000	6,095,000	6,017,000	6,549,000	5,261,000	5,445,000	4,885,000	5,301,000	4,292,000	4,631,000	3,957,000	4,514,000	3,675,000	3,951,000	3,270,000	4,091,000	4,623,000	4,872,000	5,189,000	4,733,000	4,252,000	2,445,000	3,771,000	2,445,000	3,186,000	3,248,000	3,098,000	3,093,000	2,930,000	2,957,000	3,214,000	2,848,000	2,316,000		3,546,000
total long-term assets	491,938,000	499,820,000	386,591,000	356,568,000	361,905,000	358,732,000	364,434,000	374,721,000	359,766,000	369,751,000	375,207,000	381,444,000	373,016,000	385,435,000	404,747,000	414,648,000	424,469,000	432,643,000	433,113,000	446,803,000	344,212,000	327,306,000	320,703,000	305,198,000	309,625,000	303,265,000	282,198,000	248,854,000	253,847,000	253,004,000	261,298,000	240,320,000	237,635,000	242,655,000	245,086,000	137,650,000	139,549,000	126,896,000	132,254,000	143,928,000	152,930,000	149,101,000	152,930,000	141,055,000	146,602,000	151,224,000	157,938,000	121,285,000	121,900,000	119,826,000	115,008,000	112,164,000	109,797,000	113,839,000
total assets	743,690,000	739,644,000	713,980,000	691,711,000	683,296,000	667,537,000	683,799,000	689,624,000	650,153,000	653,045,000	663,318,000	666,751,000	642,155,000	655,413,000	707,883,000	714,993,000	699,884,000	694,504,000	696,553,000	714,161,000	550,083,000	527,294,000	468,323,000	452,421,000	447,567,000	446,989,000	417,776,000	378,865,000	388,740,000	375,247,000	383,927,000	371,293,000	382,501,000	347,709,000	341,074,000	257,851,000	259,819,000	252,306,000	257,019,000	242,271,000	239,456,000	238,223,000	239,456,000	227,826,000	228,823,000	228,714,000	234,330,000	227,603,000	222,428,000	178,175,000	168,346,000	162,584,000	159,300,000	153,468,000	58,719,000	45,774,000	47,867,000	52,532,000	45,619,000	51,866,000	68,734,000	76,723,000	68,380,000	92,400,000
liabilities and equity
current liabilities
trade payables	13,218,000	11,615,000	8,485,000	8,414,000	8,224,000	11,296,000	9,767,000	6,291,000	8,508,000	8,475,000	2,467,000	9,415,000	11,772,000	11,844,000	5,264,000	5,008,000	8,983,000	6,762,000	6,057,000	5,389,000	5,306,000	5,738,000	5,650,000	5,107,000	5,506,000	6,491,000	5,814,000	6,149,000	10,012,000	3,696,000	5,656,000	7,044,000	6,816,000	7,566,000	7,136,000	6,562,000	7,262,000	7,403,000	5,564,000	4,721,000	4,210,000	4,780,000	4,210,000	4,287,000	2,952,000	4,878,000	4,592,000	4,448,000	6,517,000	7,601,000	7,353,000	4,382,000	3,356,000	2,559,000		1,197,000			2,019,000	1,910,000	2,718,000	2,619,000
current maturities of series b debentures	19,808,000	19,804,000	19,797,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	19,796,000	9,898,000	9,898,000	9,898,000	9,898,000	9,898,000	9,898,000	9,898,000	9,898,000	9,898,000
accrued expenses and other liabilities	91,650,000	91,286,000	117,219,000	28,194,000	80,610,000	74,057,000	97,497,000	28,600,000	73,258,000	68,553,000	80,911,000	76,962,000	70,412,000	71,732,000	77,101,000	76,450,000	78,045,000	73,003,000	68,750,000	34,625,000	67,465,000	64,443,000	62,886,000	60,574,000	54,848,000	49,390,000	50,910,000	46,999,000	57,345,000	43,259,000	48,144,000	46,277,000	43,664,000	48,344,000	44,024,000	13,906,000	31,828,000	30,767,000	32,536,000	32,012,000	12,944,000	34,232,000	30,471,000	24,142,000	10,540,000	23,824,000	24,585,000	22,931,000	7,671,000	20,177,000	20,371,000	20,014,000	17,270,000	10,774,000
current maturities of operating lease liabilities	6,351,000	7,284,000	7,337,000	6,440,000	5,861,000	5,705,000	6,091,000	6,623,000	6,919,000	7,463,000	6,883,000	9,063,000	9,161,000	9,844,000	10,626,000	10,827,000	10,973,000	11,790,000	10,719,000	9,924,000	9,558,000	9,073,000	7,920,000	8,312,000	8,155,000	8,107,000	4,830,000
deferred revenue	34,989,000	44,697,000	42,102,000		32,810,000	31,928,000	40,608,000		31,120,000	36,275,000	38,920,000	30,720,000	32,110,000	35,571,000	45,272,000	39,614,000	33,634,000	42,573,000	41,470,000		26,450,000	25,061,000	22,797,000	21,021,000	22,691,000	22,782,000	22,259,000	18,759,000	18,347,000	22,798,000	20,228,000	16,513,000	20,821,000	24,297,000	18,729,000		12,792,000	14,430,000	13,442,000	10,268,000		9,841,000	10,722,000	9,980,000		10,009,000	11,024,000	12,089,000		8,450,000	9,487,000	7,301,000	12,968,000
total current liabilities	166,016,000	174,686,000	194,940,000	149,583,000	147,301,000	142,782,000	173,759,000	149,124,000	139,601,000	140,562,000	148,977,000	145,956,000	143,251,000	148,787,000	158,059,000	151,695,000	151,431,000	153,924,000	146,792,000	144,776,000	128,575,000	124,111,000	129,151,000	104,912,000	101,098,000	96,668,000	93,711,000	81,805,000	95,602,000	79,651,000	83,926,000	69,834,000	71,301,000	88,207,000	77,889,000	47,748,000	51,882,000	52,600,000	61,328,000	47,001,000	45,403,000	48,853,000	45,403,000	38,409,000	37,383,000	38,711,000	40,201,000	39,468,000	37,693,000	36,228,000	37,211,000	31,697,000	33,594,000	31,893,000		18,387,000			28,455,000	32,631,000	33,373,000	26,506,000
long-term liabilities
series b debentures, net of current maturities				19,792,000	19,778,000	19,768,000	19,756,000	39,543,000	39,526,000	39,511,000	39,493,000	59,275,000	59,251,000	59,232,000	59,208,000	78,986,000	78,956,000	78,935,000	78,906,000	98,676,000	98,681,000	98,434,000	48,985,000	58,850,000	58,803,000	58,763,000	58,718,000	68,577,000	68,523,000	68,478,000	68,427,000
deferred tax liabilities	12,310,000	13,710,000	9,792,000	6,899,000	7,938,000	8,517,000	9,156,000	10,820,000	10,716,000	12,218,000	12,193,000	11,363,000	14,000,000	14,409,000	14,617,000	15,360,000	12,925,000	13,872,000	14,704,000	16,010,000	6,395,000	7,235,000	7,094,000	5,082,000	9,040,000	9,692,000	10,724,000	11,681,000	10,895,000	9,251,000	10,948,000
other long-term liabilities	11,511,000	11,260,000	10,847,000	10,331,000	11,399,000	11,469,000	11,474,000	11,538,000	12,499,000	12,728,000	13,097,000	11,719,000	11,903,000	11,127,000	12,160,000	12,144,000	12,772,000	12,847,000	13,037,000	12,129,000	10,847,000	8,312,000	7,975,000	8,321,000	8,228,000	7,723,000	7,464,000	8,696,000	8,089,000	8,202,000	7,850,000	15,451,000	23,599,000	23,246,000	26,679,000	9,864,000	8,203,000	7,709,000	7,197,000	6,414,000	5,251,000	6,093,000	5,251,000	2,976,000	3,105,000	1,175,000	1,269,000	1,616,000	1,712,000	1,485,000	800,000	803,000	632,000	617,000	299,000	972,000	296,000		1,439,000	1,584,000	5,035,000	8,111,000
long-term operating lease liabilities	17,376,000	18,289,000	16,064,000	17,719,000	17,532,000	17,816,000	18,784,000	21,084,000	21,006,000	22,037,000	24,686,000	28,432,000	29,338,000	31,663,000	36,916,000	38,751,000	42,958,000	43,586,000	46,531,000	48,773,000	44,934,000	44,319,000	40,945,000	43,394,000	47,663,000	48,105,000	29,637,000
accrued severance pay	9,285,000	9,580,000	8,000,000	7,758,000	8,039,000	7,443,000	7,368,000	7,568,000	7,004,000	7,223,000	6,903,000	7,063,000	7,166,000	7,448,000	9,067,000	9,236,000	9,980,000	9,676,000	9,530,000	9,586,000	7,274,000	7,367,000	6,319,000	6,364,000	6,082,000	5,946,000	5,716,000	5,622,000	5,157,000	5,118,000	5,633,000	5,500,000	5,330,000	5,398,000	5,106,000	4,940,000	5,222,000	5,670,000	6,145,000	6,662,000	7,458,000	7,449,000	7,458,000	7,424,000	11,980,000	12,324,000	13,686,000	12,447,000	12,615,000	12,986,000	12,168,000	11,645,000	11,108,000	10,711,000	4,446,000		3,826,000
total long-term liabilities	50,482,000	52,839,000	44,703,000	62,499,000	64,686,000	65,013,000	66,538,000	90,553,000	90,833,000	93,802,000	96,459,000	117,941,000	121,746,000	123,969,000	132,067,000	154,578,000	157,688,000	159,399,000	163,270,000	185,691,000	168,131,000	165,667,000	111,318,000	122,011,000	129,816,000	130,229,000	112,259,000	94,576,000	92,664,000	91,049,000	92,858,000	99,232,000	107,167,000	58,644,000	63,785,000	14,804,000	13,425,000	13,379,000	13,342,000	13,076,000	12,709,000	13,542,000	12,709,000	10,400,000	15,085,000	13,499,000	14,955,000	14,063,000	14,327,000	14,471,000	12,968,000	12,448,000	11,740,000	11,328,000		972,000
redeemable non-controlling interest	13,724,000	13,809,000	13,746,000						82,000	85,000	87,000	89,000	88,000	90,000	99,000	101,000	97,000	483,000	562,000	517,000	477,000	458,000								1,353,000	1,353,000	1,353,000	908,000	908,000	908,000	908,000	385,000	385,000	385,000	385,000	242,000	242,000	242,000	159,000	159,000
equity	513,468,000	498,310,000	460,591,000		471,309,000	459,742,000	443,502,000		419,719,000	418,681,000	417,882,000	402,854,000	377,158,000	382,657,000	417,757,000	408,720,000	390,765,000	381,181,000	386,491,000		252,900,000	237,058,000	227,854,000	225,498,000	216,653,000	220,092,000	211,806,000	202,484,000	200,474,000	203,194,000	205,790,000	200,874,000	203,125,000	199,950,000	198,492,000		194,127,000	185,942,000	181,964,000	181,809,000		175,586,000	181,102,000	178,858,000		176,504,000	179,174,000	174,072,000		127,476,000	118,167,000	118,439,000	113,966,000
total liabilities and equity	743,690,000	739,644,000	713,980,000	691,711,000	683,296,000	667,537,000	683,799,000	689,624,000	650,153,000	653,045,000	663,318,000	666,751,000	642,155,000	655,413,000	707,883,000	714,993,000	699,884,000	694,504,000	696,553,000	714,161,000	550,083,000	527,294,000	468,323,000	452,421,000	447,567,000	446,989,000	417,776,000	378,865,000	388,740,000	375,247,000	383,927,000	371,293,000	382,501,000	347,709,000	341,074,000	257,851,000	259,819,000	252,306,000	257,019,000	242,271,000	239,456,000	238,223,000	239,456,000	227,826,000	228,823,000	228,714,000	234,330,000	227,603,000	222,428,000	178,175,000	168,346,000	162,584,000	159,300,000	153,468,000		45,774,000
cash flows from operating activities:
net income	46,797,000	32,420,000	18,034,000		54,453,000	36,118,000	17,501,000		45,842,000	29,838,000	14,366,000	52,931,000	39,630,000	25,889,000	13,958,000	47,322,000	33,684,000	20,318,000	9,902,000		25,755,000		6,890,000	26,491,000	19,547,000	12,042,000	5,176,000	14,000,000	10,168,000	4,957,000			-2,991,000					10,138,000	4,873,000
reconciliation of net income to net cash from operating activities:
depreciation	3,088,000				3,480,000
amortization of capitalized software and other intangible assets	14,727,000				11,946,000
accretion of discount on series b debentures	17,000	12,000	5,000		32,000	22,000	9,000		47,000	32,000	14,000	85,000	61,000	42,000	18,000	106,000	76,000	55,000	26,000		91,000		33,000	171,000	124,000	84,000	39,000
capital income from sale of property and equipment	1,000				13,000				83,000					36,000	7,000	-60,000	-60,000	36,000	5,000
stock-based compensation related to options issued to employees	2,553,000	1,692,000	847,000		2,229,000	1,583,000	772,000		2,960,000	1,922,000	863,000	3,960,000	3,201,000	2,060,000	931,000	4,801,000	3,527,000	2,870,000	1,399,000		2,747,000		622,000	1,405,000	1,123,000	741,000	453,000	1,942,000	1,462,000	1,086,000			1,349,000					940,000	458,000
net changes in operating assets and liabilities, net of amount acquired:
increase in trade receivables, net and unbilled receivables	-21,034,000	-13,047,000	-5,058,000		-20,640,000		-14,703,000		-8,698,000		-2,039,000	-21,860,000
decrease in deferred tax liabilities	-3,325,000	-1,874,000	-514,000		-2,280,000				-1,410,000			-8,541,000
increase in other operating assets	-138,000				-908,000
increase in trade payables	3,129,000	1,504,000	-378,000		1,989,000	4,446,000	3,547,000		-616,000	-1,014,000		4,634,000
decrease in other operating liabilities	-1,880,000	-8,290,000			-5,154,000	-8,354,000			-10,110,000			-9,764,000
decrease in deferred revenues	-7,279,000
increase in accrued severance pay	1,213,000	859,000	213,000		640,000	171,000	59,000		636,000	466,000	183,000	78,000
net cash from operating activities	37,869,000	27,226,000	25,353,000		40,116,000	27,033,000	18,488,000		40,779,000	36,791,000	22,188,000	43,780,000	29,350,000	24,945,000	18,330,000	80,542,000	53,156,000	38,600,000	11,755,000		37,225,000		5,759,000	66,157,000	44,728,000	26,057,000	10,550,000	27,700,000	15,820,000	9,450,000			5,129,000					19,138,000	4,457,000
cash flows from investing activities:
purchase of property and equipment	-1,864,000	-1,399,000	-368,000		-2,306,000	-1,146,000	-470,000		-2,145,000	-1,439,000	-653,000	-2,757,000	-2,334,000	-1,265,000	-453,000	-3,786,000	-2,985,000	-1,903,000	-821,000		-1,908,000		-552,000	-11,474,000	-9,018,000	-1,720,000	-641,000	-1,914,000	-1,710,000	-879,000			-1,687,000					-2,013,000	-849,000
proceeds from deposits	52,366,000	42,390,000										26,000
proceeds from sale of property and equipment	64,000	27,000	2,000		49,000	14,000	4,000		40,000	30,000	19,000	54,000	31,000	9,000		1,111,000	1,112,000	1,011,000	154,000		12,000			834,000	821,000	821,000
payments for business acquisitions, net of cash acquired	-106,683,000	-106,189,000	-16,311,000		-375,000	-375,000															-35,395,000		-22,061,000
capitalized software development costs	-5,445,000	-3,730,000	-1,942,000	24,668,000	-5,374,000	-3,540,000	-1,717,000	23,725,000	-4,975,000	-3,337,000	-1,658,000	-6,097,000	-4,859,000	-3,367,000	-1,746,000	-7,911,000	-5,655,000	-3,591,000	-1,632,000	24,362,000	-4,194,000		-1,437,000	-5,665,000	-4,503,000	-2,962,000	-1,392,000	-5,160,000	-3,778,000	-2,470,000			-4,331,000			20,755,000		-2,780,000	-1,384,000		19,785,000				18,680,000				19,704,000					17,399,000
net cash from investing activities	-61,562,000	-68,901,000	-28,729,000		28,354,000	7,089,000	-5,474,000		-62,636,000	-74,925,000	-47,473,000	-12,440,000	-10,762,000	-23,250,000	-17,232,000	125,000	-16,686,000	6,348,000	-2,299,000		-18,974,000		-1,825,000	-41,868,000	-15,391,000	-4,980,000	-3,139,000	-25,581,000	-23,381,000	-21,242,000			-68,321,000					-4,475,000	-2,136,000
cash flows from financing activities:
proceeds from employee stock options exercised					98,000	98,000			4,755,000							2,038,000	1,028,000	659,000	413,000		4,919,000		600,000	780,000	435,000	78,000	17,000	895,000	532,000	128,000			438,000					686,000	473,000
distribution of dividend	-37,037,000	-37,037,000			-29,789,000	-15,635,000			-28,144,000	-13,796,000		-38,579,000	-38,579,000	-25,900,000		-20,255,000	-20,255,000	-20,253,000			-7,044,000			-11,009,000	-10,362,000			-9,978,000										-8,809,000
repayment of series b debenture	-19,796,000	-19,796,000	-19,796,000		-19,796,000	-19,796,000	-19,796,000		-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000	-19,796,000		-9,898,000		-9,898,000				-9,898,000
acquisition of non-controlling interest					-4,131,000	-4,131,000	-3,098,000
acquisition deferred payment	-455,000	-455,000
net cash from financing activities	-57,288,000	-57,288,000	-19,796,000		-53,618,000	-39,464,000	-22,894,000		-43,232,000	-33,639,000	-19,843,000	-58,375,000	-58,375,000	-45,696,000	-19,796,000	-39,960,000	-40,970,000	-39,958,000	-19,951,000		47,825,000		10,164,000	-20,654,000	-20,015,000	-10,010,000	-10,007,000	-9,428,000	444,000	54,000			78,636,000					-9,563,000	473,000
effect of exchange rate changes on cash and cash equivalents	-509,000	-186,000	2,846,000		4,584,000	1,272,000	-147,000		1,865,000	905,000	1,497,000	-2,923,000	-3,540,000	-5,113,000	-236,000	-3,025,000	-3,347,000	-1,746,000	118,000		-704,000		-836,000	-1,968,000	-812,000	1,587,000	1,352,000	470,000	-271,000	-522,000			4,141,000					820,000	1,534,000
increase in cash and cash equivalents	-81,490,000				19,436,000		-10,027,000				-43,631,000	-29,958,000				37,682,000	-7,847,000	3,244,000	-10,377,000		65,372,000		13,262,000	1,667,000	8,510,000	12,654,000		-6,839,000	-7,388,000				19,585,000					5,920,000	4,328,000
cash and cash equivalents at the beginning of period	163,690,000	163,690,000	163,690,000		126,716,000	126,716,000	126,716,000		160,285,000	160,285,000	160,285,000	190,243,000	190,243,000	190,243,000	190,243,000	152,561,000	152,561,000	152,561,000	152,561,000		66,295,000		66,295,000	64,628,000	64,628,000	64,628,000	64,628,000	71,467,000	71,467,000	71,467,000			60,908,000					54,351,000	54,351,000
cash and cash equivalents at the end of period	82,200,000	64,541,000	143,364,000		146,152,000	122,646,000	116,689,000		97,061,000	89,417,000	116,654,000	160,285,000	146,916,000	141,129,000	171,309,000	190,243,000	144,714,000	155,805,000	142,184,000		131,667,000		79,557,000	66,295,000	73,138,000	77,282,000	63,384,000	64,628,000	64,079,000	59,207,000			80,493,000					60,271,000	58,679,000
depreciation of property and equipment		2,036,000	972,000
amortization of intangible assets and capitalized software		8,936,000	3,895,000
capital (gain) income from sale of property and equipment		1,000				-9,000				86,000	-10,000	26,000	27,000
decrease in other operating assets		1,011,000	5,239,000				3,737,000				1,257,000	7,729,000
increase in deferred revenues		1,966,000	3,975,000		-5,684,000	-6,587,000	1,968,000		363,000	5,284,000	7,936,000	-7,738,000
decrease in cash and cash equivalents		-99,149,000	-20,326,000			-4,070,000			-63,224,000	-70,868,000			-43,327,000	-49,114,000	-18,934,000												-1,244,000			-12,260,000
capital gain from sale of property and equipment			1,000				-1,000														4,000			-40,000	-129,000	-129,000
increase in other operating liabilities			-1,878,000				721,000			-12,572,000	1,197,000
investment in deposits			-10,110,000				-3,291,000		-55,379,000	-70,002,000	-45,004,000						-9,989,000
acquisition of minority interests
current assets:
trade receivables				58,763,000				60,024,000												48,623,000								-7,588,000	63,177,000	55,313,000	53,346,000	53,226,000	54,543,000	50,026,000	52,837,000	34,684,000	30,300,000	31,274,000	37,137,000	29,761,000	27,384,000	32,645,000	27,384,000	24,646,000	28,540,000	26,401,000	25,644,000	24,875,000	23,669,000	25,129,000	21,551,000	16,299,000	14,654,000	14,484,000		5,132,000			11,010,000	8,339,000	10,028,000	9,133,000
unbilled receivables and contract assets				40,840,000				30,249,000												16,786,000
long-term assets:
other intangible assets				26,276,000				37,317,000												74,953,000																7,599,000	29,550,000	26,808,000	27,714,000	27,540,000	8,783,000	27,475,000	28,568,000	26,001,000	8,380,000	28,669,000	29,751,000	29,642,000	10,310,000	29,713,000	29,278,000	29,212,000	32,911,000	14,193,000
goodwill				251,528,000				256,310,000												264,282,000																73,597,000	75,363,000	70,626,000	71,636,000	70,035,000	71,351,000	69,810,000	71,351,000	67,295,000	67,698,000	69,999,000	72,922,000	72,213,000	72,438,000	71,295,000	69,429,000	68,087,000	65,227,000	66,715,000		8,621,000			8,621,000	8,621,000	8,621,000	8,621,000
deferred tax assets				13,062,000				11,050,000										-2,822,000	-1,913,000		-391,000		-1,257,000	-6,441,000	-2,664,000	-1,435,000	-855,000	-1,567,000	-2,448,000	-300,000			-2,366,000					52,000	107,000		2,240,000				2,319,000				2,420,000					1,406,000
current liabilities:
employees and payroll accruals				49,196,000				49,273,000												40,494,000																18,143,000					17,527,000				14,619,000				13,577,000					8,957,000
deferred revenues				37,543,000				38,541,000					-5,686,000	-3,090,000	5,526,000	4,930,000	-810,000	7,682,000	6,995,000	34,548,000	-194,000		1,655,000	2,747,000	4,419,000	4,760,000	4,167,000	2,349,000	1,937,000	6,888,000			6,521,000					4,401,000	3,052,000															9,603,000		6,991,000			3,463,000	4,867,000	3,224,000	3,254,000
long-term liabilities:
commitments and contingencies
equity:
sapiens international corporation n.v. shareholders’ equity:
share capital:
common shares of € 0.01 par value :authorized: 70,000,000 shares on december 31, 2024 and 2023; issued: 58,215,521 and 58,061,530 shares on december 31, 2024 and 2023, respectively; outstanding: 55,887,225 and 55,733,234 shares on december 31, 2024 and 2023, respectively				762,000
additional paid-in capital				354,981,000				353,317,000												334,693,000																226,782,000					241,054,000				247,174,000				244,560,000					207,930,000		132,545,000			113,498,000	110,490,000	108,493,000	82,120,000
treasury shares, at cost - 2,328,296 common shares on december 31, 2024 and 2023				-9,423,000
accumulated other comprehensive loss				-26,922,000				-17,261,000																												-11,167,000					-8,062,000															-1,590,000			-2,817,000	-3,901,000	-2,542,000	-3,107,000
retained earnings				160,231,000				119,875,000												44,643,000
total sapiens international corporation n.v. shareholders’ equity				479,629,000				447,270,000												381,690,000
non-controlling interests								2,677,000												2,004,000																796,000					724,000				689,000				637,000					960,000
total equity				479,629,000				449,947,000												383,694,000																194,391,000					181,102,000				176,196,000				170,408,000					110,247,000	34,118,000	26,415,000	21,876,000
proceeds from (investment in) deposits					36,360,000	12,136,000							-133,000	-15,160,000	-15,033,000	10,031,000
acquisition of intellectual property									-177,000	-177,000	-177,000	-200,000				-151,000
dividend to non-controlling interest									-47,000	-47,000	-47,000					-31,000	-31,000	-31,000	-31,000					-149,000	-66,000	-66,000	-66,000	-47,000	-47,000	-47,000
depreciation and amortization						10,349,000	5,654,000		15,789,000	10,743,000	5,410,000	22,240,000	16,645,000	10,995,000	5,887,000	28,669,000	20,729,000	13,778,000	6,829,000		16,417,000		5,226,000	19,138,000	14,180,000	9,262,000	4,605,000	19,862,000	14,694,000	9,886,000			11,535,000					4,934,000	2,527,000
decrease (increase) in trade receivables, net and unbilled receivables						-12,723,000				2,351,000
increase in deferred tax liabilities						-1,428,000	-776,000			45,000	25,000
decrease (increase) in other operating assets						3,445,000			-4,107,000	-390,000
common shares of € 0.01 par value: authorized: 70,000,000 shares on december 31, 2023 and 2022; issued: 58,061,530 and 57,468,506 shares on december 31, 2023 and 2022, respectively; outstanding: 55,733,234 and 55,140,210 shares on december 31, 2023 and 2022, respectively								762,000
treasury shares, at cost - 2,328,296 common shares on december 31, 2023 and 2022								-9,423,000
proceeds from (payments for) business acquisitions, net of cash acquired												-3,466,000	-3,467,000	-3,467,000			831,000	831,000
decrease in trade payables											-7,014,000
impairment of right of use asset																1,439,000
payment of contingent considerations																-926,000	-926,000	-537,000	-537,000		-538,000		-538,000	-374,000	-120,000	-120,000	-58,000
acquisition of non-controlling interests																-990,000	-990,000
other operating assets													5,475,000	4,151,000	959,000	17,743,000	12,122,000	9,453,000	6,116,000		3,653,000		2,260,000	6,726,000	1,425,000	-356,000	328,000	509,000	-1,233,000	-886,000			-282,000					-980,000	-227,000
other operating liabilities													-15,122,000	-10,662,000	-1,136,000	-8,415,000	-1,292,000	-5,449,000	-7,774,000		-294,000		-759,000	6,667,000	4,562,000	152,000	1,247,000	20,000	185,000	-4,968,000			688,000					-50,000	98,000
proceeds from restricted deposit used for completed acquisition																					22,890,000		22,890,000
net cash paid for acquisitions																831,000
issuance of series b debentures, net of issuance expenses
receipt of short-term loan																					20,000,000		20,000,000
repayment of loan																					-20,000,000			-4,000	-4,000	-4,000
proceeds from issuance of ordinary shares, net of issuance expenses
issuance of series b debentures, net of issuance expenses of 863
withdrawal of (investment in) deposit																		10,000,000
investment in deposit																					-379,000		-665,000	22,890,000	-1,119,000	-1,119,000	-1,106,000
investment in restricted deposit
commitments and contingent liabilities
common shares of € 0.01 par value: authorized: 70,000,000 shares at december 31, 2019 and 2020; issued: 52,488,172 and 56,989,995 shares at december 31, 2019 and 2020, respectively; outstanding: 50,159,876 and 54,661,699 shares at december 31, 2019 and 2020, respectively																				751,000
treasury shares, at cost - 2,328,296 common shares at december 31, 2019 and 2020																				-9,423,000
accumulated other comprehensive income																				11,026,000																									-10,281,000
issuance of series b debentures																					60,386,000
10
short-term bank loan																							20,000,000
severance pay																								255,000	33,000	34,000		43,000	52,000	56,000			-63,000					-10,000	-34,000
payments for business acquisition, net of cash acquired																								-1,554,000	-1,572,000			-18,507,000	-17,893,000	-17,893,000			-97,672,000
repayment of series b debentures																								-9,898,000	-9,898,000	-9,898,000
loan received, net of repayment of loan																											-2,000			-27,000
amortization of premium, accrued interest and loss on sales of marketable securities																																	509,000
proceeds from sales of marketable securities																																	35,369,000					2,677,000
repayment of loans																												-237,000
issuance of debenture																																	78,198,000
payments of contingent considerations																												-61,000
loan received net of loan repayments																													-41,000
11
marketable securities																																				18,220,000	25,128,000	27,677,000	23,297,000	8,776,000	38,780,000	3,806,000	38,780,000	33,076,000	33,098,000	33,272,000	34,377,000												32,000	5,337,000
debenture																																78,281,000	78,238,000
purchase of marketable securities, net of interest received																																						-2,359,000
restricted cash																																							-2,000											320,000	878,000	536,000	447,000	456,000
payment to shareholders in respect of acquisition																																						-1,440,000
loan received net of repayment of loan
current maturities of long-term loans																																		8,000,000
long term loans																																		30,000,000	32,000,000
current maturities of long term loans																																			8,000,000
9
deferred revenues and customer advances																																				9,137,000					10,722,000				9,272,000				9,928,000
sapiens international corporation n.v. shareholders' equity:
common shares of € 0.01 par value: authorized: 70,000,000 shares at december 31, 2015 and 2016, respectively; issued: 51,088,077 and 51,364,247 shares at december 31, 2015 and 2016, respectively; outstanding: 48,759,781 and 49,035,951 shares at december 31, 2015 and 2016, respectively																																				681,000
treasury shares, at cost - 2,328,296 common shares at december 31, 2015 and 2016																																				-9,423,000
accumulated deficit																																				-13,278,000					-43,861,000				-52,630,000				-67,093,000					-90,477,000		-102,526,000			-103,539,000	-99,714,000	-90,615,000	-85,474,000
total sapiens international corporation n.v. shareholders' equity																																				193,595,000					180,378,000				175,507,000				169,771,000					109,287,000
amortization of premium and accrued interest on marketable securities																																						-262,000	-134,000
dividend payables																																							9,786,000
interest received, net of purchase of marketable securities																																							99,000
common shares of € 0.01 par value: authorized: 54,000,000 shares at december 31, 2014 and june 30, 2015; issued: 50,007,607 and 50,259,661 shares at december 31, 2014 and june 30, 2015, respectively; outstanding: 47,679,311 and 47,931,365 shares at december 31, 2014 and june 30, 2015, respectively																																									670,000
treasury shares, at cost - 2,328,296 common shares at december 31, 2014 and june 30, 2015																																									-9,423,000
deferred taxes																																										2,132,000	2,240,000	2,264,000		1,863,000	1,862,000	2,389,000		2,053,000	2,349,000	2,750,000
common shares of € 0.01 par value:
authorized: 54,000,000 shares at december 31, 2013 and 2014; issued: 48,343,278 and 50,007,607 shares at december 31, 2013 and 2014, respectively; outstanding: 46,014,982 and 47,679,311 shares at december 31, 2013 and 2014, respectively																																													667,000
treasury shares, at cost - 2,328,296 common shares at december 31, 2013 and 2014, respectively																																													-9,423,000
8
preferred shares of € 0.01 par value:
authorized - 1,000,000 shares at december 31, 2012 and 2013;
issued and outstanding: none at december 31, 2012 and 2013
authorized: 54,000,000 shares at december 31, 2012 and 2013;
issued: 41,007,801 and 48,343,278 shares at december 31, 2012 and 2013, respectively;
outstanding: 38,679,505 and 46,014,982 shares at december 31, 2012 and 2013, respectively																																																	645,000
treasury shares, at cost - 2,328,296 common shares at december 31, 2012 and 2013, respectively																																																	-9,423,000
foreign currency translation adjustments																																																	1,082,000					-6,277,000
preferred shares of € 0.01 par value: authorized - 1,000,000 shares at december 31, 2011; issued and outstanding: none at december 31, 2011
common shares of € 0.01 par value: authorized: 54,000,000 shares at december 31, 2011; issued: 22,373,130 and 40,008,926 shares at december 31, 2010 and 2011, respectively; outstanding: 22,044,834 and 39,680,630 shares at december 31, 2010 and 2011, respectively																																																						534,000
treasury shares, at cost - 328,296 common shares at december 31, 2011 and 2010																																																						-2,423,000
working capital																																																							4,868,000		-4,506,000	-567,000					1,637,000	7,890,000
capital stock																																																							133,418,000		132,562,000	132,310,000
other assets:
capitalized software development costs, net of accumulated amortization of 20,193 and 25,216 at december 31, 2008 and 2009, respectively																																																								13,540,000
deferred income taxes																																																								1,806,000			2,747,000	3,573,000	3,768,000
other																																																								1,598,000			3,450,000	3,742,000	5,429,000	6,166,000
total other assets																																																								25,565,000			28,285,000	28,155,000	30,212,000	26,069,000
current maturities of long-term liabilities and convertible debt																																																											6,305,000	7,162,000
other liabilities and accrued expenses																																																								10,199,000			7,370,000	6,742,000	8,558,000	11,054,000
sapiens shareholders' equity:
preferred shares: authorized - 1,000,000 of € 0.01 par value at december 31, 2008 and 2009; issued and outstanding: none at december 31, 2008 and 2009
common shares: authorized - 30,000,000 of € 0.01 par value at december 31, 2008 and 2009; issued - 21,941,882 shares at december 31, 2008 and 2009; outstanding: 21,591,088 shares at december 31, 2008 and 2009																																																								276,000
treasury shares, at cost																																																								-2,423,000
total sapiens shareholders' equity																																																								26,282,000
non-controlling interest *)																																																								133,000
long-term debt and other long-term liabilities																																																										7,467,000
total shareholders’ equity																																																										21,943,000	3,929,000	3,632,000	12,080,000	13,929,000	10,207,000	18,896,000
capitalized software development costs, net of accumulated amortization of 31,075 and 38,648 at december 31, 2005 and 2006, respectively																																																											13,467,000
liabilities and shareholders’ equity
short-term bank credit																																																											9,298,000	11,950,000	9,195,000	9,390,000
convertible debt and warrants																																																											11,796,000	14,019,000
long-term liabilities: - sum																																																											13,235,000	15,603,000	23,281,000	24,783,000
shareholders’ equity
preferred shares: authorized - 1,000,000 of €0.01 par value at december 31, 2005 and 2006; issued and outstanding - none at december 31, 2005 and 2006
common shares: authorized - 30,000,000 of €0.01 par value at december 31, 2005 and 2006; issued - 12,851,896 and 15,195,646 at december 31, 2005 and 2006, respectively; outstanding: 12,810,102 and 15,153,852 at december 31, 2005 and 2006, respectively																																																											185,000
treasury shares																																																											-2,423,000	-2,423,000	-2,423,000	-2,423,000
note receivable from a related party shareholder																																																											-975,000	-975,000	-975,000	-975,000
total liabilities and shareholders’ equity																																																											45,619,000	51,866,000	68,734,000	76,723,000
capitalized software development costs, net of accumulated amortization of 29,274 and 31,075 as of december 31, 2004 and 2005, respectively																																																												12,219,000
preferred shares: authorized - 1,000,000 of €0.01 par value at december 31, 2004 and 2005, respectively; issued and outstanding - none at december 31, 2004 and 2005
common shares: authorized - 30,000,000 of €0.01 par value at december 31, 2004 and 2005, issued - 11,790,729 and 12,851,896 at december 31, 2004 and 2005, respectively; outstanding: 11,748,935 and 12,810,102 at december 31, 2004 and 2005, respectively																																																												155,000
marketable securities and short-term deposits																																																													11,157,000	1,039,000
capitalized software development costs, net of accumulated amortization of 24,881 and 29,274 as of december 31, 2003 and 2004, respectively																																																													12,394,000
current maturities of long-term debt																																																													9,678,000	189,000
convertible debt, warrants and options																																																													18,246,000	16,672,000
redeemable shares in a subsidiary																																																														11,505,000
preferred shares: authorized – 1,000,000 of €2.30 par value and of €0.01 par value at december 31, 2003 and 2004, respectively; issued and outstanding – none at december 31, 2003 and 2004
common shares: authorized – 20,000,000 of €2.30 par value and 30,000,000 of €0.01 par value at december 31, 2003 and 2004, respectively; issued – 11,035,729 and 11,790,729 at december 31, 2003 and 2004, respectively; outstanding: 10,993,935 and 11,748,935 at december 31, 2003 and 2004, respectively																																																													142,000
capitalized software development costs, net of accumulated amortization of 21,072 and 24,881 as of december 31, 2002 and 2003, respectively																																																														11,282,000
preferred shares: authorized - none and 1,000,000 of €2.30 par value at december 31, 2002 and 2003; issued and outstanding - none at december 31, 2002 and 2003
common shares: authorized - 20,000,000 of €2.30 par value at december 31, 2002 and 2003; issued - 11,028,909 and 11,035,729 at december 31, 2002 and 2003, respectively; outstanding: 10,987,115 and 10,993,935 at december 31, 2002 and 2003, respectively																																																														23,788,000
deferred stock compensation
long-term debt and other liabilities																																																															7,365,000	7,430,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-11-13	2025-08-13	2025-05-08	2024-12-31	2024-11-11	2024-08-01	2024-05-08	2023-12-31	2019-08-05	2019-05-06	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-05-10	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2013-12-31

assets
current assets
cash and cash equivalents	17,659,000	-78,823,000	143,364,000		23,506,000	5,957,000	116,689,000
short-term bank deposit		-52,500,000	62,500,000		-24,000,000	-15,400,000	79,200,000
trade receivables, net and unbilled receivables	3,240,000	29,131,000	105,818,000		7,569,000	-1,634,000	103,735,000
other receivables and prepaid expenses	1,029,000	14,627,000	15,707,000		5,511,000	517,000	19,741,000
total current assets	11,928,000	-87,565,000	327,389,000		12,586,000	-10,560,000	319,365,000
long-term assets
property and equipment	-927,000	794,000	10,401,000		-634,000	76,000	11,989,000
severance pay fund	-444,000	-120,000	3,185,000		86,000	-21,000	3,381,000
goodwill and intangible assets	-8,266,000	109,347,000	329,819,000		3,302,000	-3,947,000	311,178,000
operating lease right-of-use assets	-1,565,000	2,185,000	20,581,000		-3,000	-1,019,000	21,524,000
other long-term assets	3,320,000	1,023,000	22,605,000	-15,834,000	422,000	-791,000	16,362,000	-18,838,000
total long-term assets	-7,882,000	113,229,000	386,591,000		3,173,000	-5,702,000	364,434,000
total assets	4,046,000	25,664,000	713,980,000		15,759,000	-16,262,000	683,799,000
liabilities and equity
current liabilities
trade payables	1,603,000	3,130,000	8,485,000		-3,072,000	1,529,000	9,767,000				-3,527,000	6,510,000	-1,840,000	-3,013,000	-143,000	-733,000	259,000	-771,000	-130,000	-343,000	1,155,000	419,000	419,000				212,000
current maturities of series b debentures	4,000	7,000	19,797,000		0	0	19,796,000
accrued expenses and other liabilities	364,000	-25,933,000	117,219,000		6,553,000	-23,440,000	97,497,000
current maturities of operating lease liabilities	-933,000	-53,000	7,337,000		156,000	-386,000	6,091,000
deferred revenue	-9,708,000	2,595,000	42,102,000		882,000	-8,680,000	40,608,000
total current liabilities	-8,670,000	-20,254,000	194,940,000		4,519,000	-30,977,000	173,759,000
long-term liabilities
series b debentures, net of current maturities					10,000	12,000	19,756,000
deferred tax liabilities	-1,400,000	3,918,000	9,792,000		-579,000	-639,000	9,156,000
other long-term liabilities	251,000	413,000	10,847,000		-70,000	-5,000	11,474,000	-12,297,000
long-term operating lease liabilities	-913,000	2,225,000	16,064,000		-284,000	-968,000	18,784,000
accrued severance pay	-295,000	1,580,000	8,000,000		596,000	75,000	7,368,000																				-248,000
total long-term liabilities	-2,357,000	8,136,000	44,703,000		-327,000	-1,525,000	66,538,000
redeemable non-controlling interest	-85,000	63,000	13,746,000
equity	15,158,000	37,719,000	460,591,000		11,567,000	16,240,000	443,502,000
total liabilities and equity	4,046,000	25,664,000	713,980,000		15,759,000	-16,262,000	683,799,000
cash flows from operating activities:
net income	14,377,000	14,386,000	18,034,000	17,867,000	18,335,000	18,617,000	17,501,000	17,025,000			3,832,000	5,211,000	2,129,000	2,828,000	3,547,000	2,885,000	-3,634,000	-2,242,000	4,110,000	5,353,000	5,265,000	4,873,000	4,873,000	5,390,000	4,687,000	4,217,000	3,380,000
reconciliation of net income to net cash from operating activities:
depreciation									4,000	773,000
amortization of capitalized software and other intangible assets
accretion of discount on series b debentures	5,000	7,000	5,000	12,000	10,000	13,000	9,000	17,000
capital loss from sale of property and equipment	0	0	1,000	6,000	22,000			112,000
stock-based compensation related to options issued to employees	861,000	845,000	847,000		646,000	811,000	772,000				480,000	376,000	498,000	588,000	921,000	438,000	456,000	455,000		493,000	482,000	458,000	458,000	345,000	289,000	279,000
net changes in operating assets and liabilities, net of amount acquired:
increase in trade receivables, net and unbilled receivables	-7,987,000	-7,989,000	-5,058,000				-14,703,000
decrease in deferred tax liabilities	-1,451,000	-1,360,000	-514,000	-3,654,000				-1,593,000
increase in other operating assets
increase in trade payables	1,625,000	1,882,000	-378,000	137,000	-2,457,000	899,000	3,547,000	-2,964,000																324,000	-217,000	1,511,000
decrease in other operating liabilities	6,410,000				3,200,000
decrease in deferred revenues
increase in accrued severance pay	354,000	646,000	213,000	107,000	469,000	112,000	59,000	273,000
net cash from operating activities	10,643,000	1,873,000	25,353,000	42,109,000	13,083,000	8,545,000	18,488,000	38,646,000			11,880,000	6,370,000	658,000	8,792,000	3,614,000	-1,922,000	14,372,000	-7,321,000	2,000,000	4,901,000	14,681,000	4,457,000	4,457,000	6,477,000	10,270,000	11,885,000	8,984,000
cash flows from investing activities:
purchase of property and equipment	-465,000	-1,031,000	-368,000	-573,000	-1,160,000	-676,000	-470,000	-429,000			-204,000	-831,000	-402,000	-477,000	-935,000	-585,000	-522,000	-580,000				-849,000	-849,000	-1,020,000	-318,000	-891,000	-2,671,000
proceeds from deposits	9,976,000
proceeds from sale of property and equipment	37,000	25,000	2,000	154,000	35,000	10,000	4,000	8,000
payments for business acquisitions, net of cash acquired	-494,000	-89,878,000	-16,311,000		0
capitalized software development costs	-1,715,000	-1,788,000	-1,942,000	-1,759,000	-1,834,000	-1,823,000	-1,717,000	-1,543,000			-1,382,000	-1,308,000	-1,293,000	-1,177,000	-1,236,000	-1,416,000	-1,850,000	-1,065,000				-1,384,000	-1,384,000				-1,454,000
net cash from investing activities	7,339,000	-40,172,000	-28,729,000	-14,946,000	21,265,000	12,563,000	-5,474,000				-2,200,000	-2,139,000	-1,695,000	-19,547,000	-7,602,000	-4,722,000	-3,212,000	-60,387,000				-2,136,000	-2,136,000	-4,123,000	-9,019,000	-4,012,000	-4,560,000
cash flows from financing activities:
proceeds from employee stock options exercised				0	0			54,000			363,000	404,000	118,000	10,000	1,385,000	53,000	275,000	110,000	81,000	123,000	213,000	473,000	473,000	1,056,000	278,000	223,000
distribution of dividend	0			-2,034,000	-14,154,000			0																-700,000
repayment of series b debenture	0	0	-19,796,000		0	0	-19,796,000
acquisition of non-controlling interest					0	-1,033,000	-3,098,000
acquisition deferred payment	0
net cash from financing activities	0	-37,492,000	-19,796,000	-2,664,000	-14,154,000	-16,570,000	-22,894,000	-107,000			-9,872,000	390,000	109,000	-55,000	-8,491,000	40,277,000	-1,738,000	40,097,000				473,000	473,000	-5,993,000	-6,208,000	223,000
effect of exchange rate changes on cash and cash equivalents	-323,000	-3,032,000	2,846,000		3,312,000	1,419,000	-147,000				741,000	251,000	-1,614,000	1,092,000	3,453,000	444,000	1,879,000	1,818,000		1,331,000	-714,000	1,534,000	1,534,000	-2,250,000	2,066,000	-1,552,000
increase in cash and cash equivalents							-10,027,000				549,000			-9,718,000	-9,026,000	34,077,000	11,301,000	-25,793,000	4,680,000	-4,043,000	1,592,000	4,328,000	4,328,000		-2,891,000	6,544,000
cash and cash equivalents at the beginning of period	0	0	163,690,000		0	0	126,716,000				0	0	0	71,467,000	0	0	0	60,908,000		0	0	54,351,000	54,351,000	0	0	47,400,000
cash and cash equivalents at the end of period	17,659,000	-78,823,000	143,364,000		23,506,000	5,957,000	116,689,000				549,000	4,872,000	-2,542,000	61,749,000	-9,026,000	34,077,000	11,301,000	35,115,000		-4,043,000	1,592,000	58,679,000	58,679,000	-5,889,000	-2,891,000	53,944,000
depreciation of property and equipment		1,064,000	972,000
amortization of intangible assets and capitalized software		5,041,000	3,895,000
decrease in other operating assets		-4,228,000	5,239,000			-292,000	3,737,000	-6,385,000
increase in deferred revenues		-2,009,000	3,975,000		903,000	-8,555,000	1,968,000																	-735,000	452,000	1,050,000
decrease in cash and cash equivalents		-78,823,000	-20,326,000
increase in other operating liabilities			-1,878,000				721,000																	2,105,000	1,897,000	-28,000
investment in deposits			-10,110,000				-3,291,000
acquisition of minority interests
decrease in trade receivables, net and unbilled receivables
proceeds from (investments in) deposits
acquisition of intellectual property
acquisition of non-controlling interests
dividend to non-controlling interest								0			0	0	0	-47,000
stock-based compensation									-165,000	453,000																	234,000
net changes in operating assets and liabilities
decrease in net trade receivables, unbilled receivables and contract assets
changes in operating lease right-of-use assets
changes in operating lease liabilities
increase deferred revenues
net cash paid for acquisitions
investment in short-term bank deposits and other
proceeds from short-term bank deposits and other
purchase of other intangible asset
repayment of series b debentures
effect of exchange rate changes on cash
increase in cash, and cash equivalents
cash, cash equivalents at beginning of year
cash and cash equivalents at end of year
supplemental cash flow activities:
(a) cash paid during the year for:
interest
income taxes
(b) net cash paid for acquisitions:
fair value of assets acquired and liabilities assumed at the date of acquisition:
working capital
deferred tax liability
deferred payment consideration liability
goodwill and other intangible assets
(c) non-cash transactions:
net lease liabilities arising (modifying) from obtaining right-of-use assets
property and equipment purchase incurred but unpaid at year end
proceeds from (investment in) deposits					24,224,000
depreciation and amortization						4,695,000	5,654,000	5,650,000			5,168,000	4,808,000	4,716,000	5,170,000	4,336,000	4,460,000	3,924,000	3,151,000	2,490,000	2,597,000	2,407,000	2,527,000	2,527,000	2,974,000	2,202,000	2,126,000	2,127,000
increase in deferred tax liabilities						-652,000	-776,000
capital gain from sale of property and equipment							-1,000
cash-flow from operating activities									4,957,000	10,550,000
increase in capitalized software development costs									-178,000	-1,392,000														-1,526,000	-1,553,000	-1,312,000
capital expenditures	-2,180,000	-2,819,000	-2,310,000	-2,332,000	-2,994,000	-2,499,000	-2,187,000	-1,972,000			-1,586,000	-2,139,000	-1,695,000	-1,654,000	-2,171,000	-2,001,000	-2,372,000	-1,645,000	0	0	0	-2,233,000	-2,233,000	-1,020,000	-318,000	-891,000	-4,125,000
free cash flows	8,463,000	-946,000	23,043,000	39,777,000	10,089,000	6,046,000	16,301,000	36,674,000			10,294,000	4,231,000	-1,037,000	7,138,000	1,443,000	-3,923,000	12,000,000	-8,966,000	2,000,000	4,901,000	14,681,000	2,224,000	2,224,000	5,457,000	9,952,000	10,994,000	4,859,000
free cash-flow
cash payments attributed to acquisition-related costs
adjusted free cash-flow									4,425,000	10,125,000
included in cash-flow from operating activities
impairment of right of use asset
net cash received from
proceeds from (investment in) short-term bank deposits and other
net cash from )used in( investing activities
payments of contingent consideration
(b) net cash received from (paid for) acquisitions:
trade receivables, net, unbilled receivables and contract assets
other operating assets											1,742,000	-347,000	114,000	-1,000,000	3,970,000	-1,210,000	247,000	681,000				-227,000	-227,000				-1,850,000
other operating liabilities											-165,000	5,153,000	-3,830,000	-1,138,000	-570,000	-955,000	735,000	908,000				98,000	98,000				811,000
deferred revenues											412,000	-4,951,000	2,159,000	4,729,000	-5,272,000	-720,000	5,685,000	1,556,000		-2,198,000	1,349,000	3,052,000	3,052,000
investment in restricted deposit on account of future acquisition
acquisition of intellectual property rights
receipt of short-term loan
repayment of loans
proceeds from issuance of series b debentures, net of issuance expenses
proceeds from issuance of ordinary shares, net of issuance expenses
interest paid
redeemable non-controlling interests
fair value of assets acquired and liabilities assumed at the date of acquisition: - sum
disposal of property
net lease liabilities arising from obtaining right-of-use assets
property and equipment purchase incurred but unpaid at period end
capital expenditures related to new campus in india
deferred tax assets											881,000	-2,148,000	863,000	-1,163,000	-6,474,000	-704,000	-653,000	-1,009,000	1,298,000	314,000	-55,000	107,000	107,000	-1,267,000	1,193,000	615,000
proceeds from restricted deposit used for completed acquisition
investment in deposit
repayment of loan
issuance of series b debentures, net of issuance expenses
cash, cash equivalents at beginning of period
cash and cash equivalents at end of period
(a) non-cash transactions:
right-of-use assets obtained in the exchange for operating lease liabilities
unpaid withholding taxes in respect of dividend
gaap operating profit
non-gaap adjustments:
amortization of capitalized software									49,000	1,341,000
amortization of other intangible assets									-1,000	2,491,000
capitalization of software development									-178,000	-1,392,000
acquisition-related costs
valuation adjustment on acquired deferred revenue
non-gaap operating profit
adjusted ebitda									835,000	12,523,000
retention payments and acquisition costs*										1,608,000
gaap operating income										8,077,000
compensation related to acquisition and acquisition-related costs										780,000
non-gaap operating income										11,750,000
amortization of premium, accrued interest and loss on sales of marketable securities															0	0	0	509,000
trade receivables											3,066,000	-8,238,000	-4,080,000	1,664,000	3,273,000	-5,290,000	7,274,000	-10,510,000	-5,446,000			-6,682,000	-6,682,000				1,750,000
severance pay											-9,000	-4,000	-71,000	127,000	26,000	-93,000	79,000	-49,000				-34,000	-34,000	16,000	-148,000	-156,000
proceeds from sales of marketable securities															0	0	0	35,369,000	8,504,000	2,717,000				0
payments for business acquisition, net of cash acquired											-614,000	0	0	-17,893,000	-5,431,000	-2,721,000	-840,000	-94,111,000						-1,198,000
issuance of debenture															-25,000
payments of contingent considerations
loan received net of loan repayments
loan received, net of repayment of loan													-9,000	-18,000
purchase of marketable securities, net of interest received
restricted cash																			1,389,000			-2,000	-2,000				-435,000
payment to shareholders in respect of acquisition
loan received net of repayment of loan																	-2,013,000	39,987,000
amortization of premium and accrued interest on marketable securities																						-134,000	-134,000	-129,000	-371,000	187,000
deferred revenues and customer advances																											1,435,000
investment in marketable securities
distribution to ultimate parent for a business acquisition under common control
cash and cash equivalents at beginning of year
interest received
other long term assets
other long term liabilities
contingent payments
loan and contingent payments to ultimate parent
* including consolidation of insseco, commencing december 31, 2014.
interest received, net of purchase of marketable securities																						99,000	99,000
decrease (increase) in trade receivables																									-833,000	2,808,000
decrease (increase) in other operating assets																										-724,000
purchase of marketable securities																								-696,000
decrease (increase) in restricted cash																								317,000
net changes in operating assets and liabilities:
proceeds from sale of marketable securities
acquisition of ibexi
dividend distribution
cash and cash equivalents at beginning of period
increase in trade receivables
increase in restricted cash																										-1,809,000
reconciliation of net income to net cash provided by operating activities:
compensation associated with acquisition of subsidiary
acquisition of kpi
repurchase of shares
issuance of shares upon public offering
(b) acquisition of kpi
issuance expenses relating to fis and idit acquisition
earn-out payment with respect to harcase acquisition
cash acquired, net of payments for business acquisitions
dividend to non-controlling interests
(a) supplemental cash flow activities:
cash paid during the year for:
7
net loss
adjustments to reconcile net loss to net cash from operating activities:
adjustments to the profit or loss items:
taxes on income
linkage differences on restricted bank deposits
cost of share-based payment
exchange differences on principal of bank loans
change in employee benefit liabilities
interest expenses
interest income
adjustments to the profit or loss items: - sum
changes in asset and liability items:
decrease in trade receivable
decrease in other accounts receivable
decrease in construction contract
decrease in trade payables
increase in employees and payroll accruals
increase in other accounts payable
increase in income taxes payable
changes in asset and liability items: - sum
cash paid and received during the year for:
taxes paid
cash paid and received during the year for: - sum
increase in intangible assets
proceeds from release of restricted bank deposits and long term deposits
repayment of long-term loan
short-term bank credit
dividend paid to non-controlling interest
exchange differences on balances of cash and cash equivalents
amortization and loss from convertible debt
re-measurement of earn-out payment
principal payments and repurchase of convertible debt
payments of long-term loans
adjustments to reconcile net income to net cash from operating activities:
- 7 -
re-evaluation of warrants
amortization of convertible debt issuance expenses
amortization of convertible debt discount and changes in embedded derivative
loss on repurchase of convertible debt
gain on disposal of property and equipment
gain on marketable securities and bonds
decrease in trade receivables
decrease in other receivables and prepaid expenses
decrease in deferred income taxes and reserves
increase in other liabilities and accrued expenses
purchase of marketable securities and short-term deposits
proceeds from sale of marketable securities and short-term deposits
decrease in short-term bank credit
proceeds from issuance of common shares
principal payments of long-term loans
revaluation of warrants
amortization of convertible debt discount
impairment of capitalized software development costs
loss on disposal of property and equipment
stock-based compensation related to warrants issued to consultants
decrease in deferred income taxes
decrease in other liabilities and accrued expenses
accrued interest on redeemable shares in a subsidiary
loss on marketable securities and bonds
minority interests in earnings of a subsidiary
proceeds from sales of marketable securities and short-term deposits
investment in equity method investee
other investment
increase in short-term bank credit
proceeds from options (series a) exercise
payment of convertible debt
proceeds from long-term bank loans
convertible debt issuance expenses
net cash used in financing activities
cash and cash equivalents at the beginning of year
cash and cash equivalents at the end of year
non-cash investing and financing activities:
purchase of technology usage rights
settlement of redeemable shares in a subsidiary
conversion of loan to shares
amortization expense on re-priced options
gain on payment of convertible subordinated notes
payment for acquisition of syspart
conversion of series “f” preferred shares and exercise of warrants
proceeds from issuance of convertible debt
proceeds from issuance of options (series a)
proceeds from issuance of warrants (series 1)
proceed from options (series a) exercise
payment of convertible subordinated notes
decrease in restricted cash
principal payment of long-term loans
adjustments to reconcile net loss to net cash from (used in) operating activities:
depreciation, amortization and impairment
amortization of deferred gain on sale - leaseback transaction
gain on sale of marketable securities
loss on sale of bonds
payment for acquisition of ima
payment for acquisition of saic
redemption of redeemable shares in subsidiary
proceeds from issuance of series “f” convertible preferred shares and warrants
increase in short-term bank debt
principal payment of long-term liabilities
non-cash transactions:
revaluation of syspart acquisition against liability

Sapiens International Corporation N.V(NASDAQ:SPNS)

Sapiens International Corporation N.V
(NASDAQ:SPNS)