SAPIENS DECLARES CASH DIVIDEND OF $15.6 MILLION, OR $0.28 PER SHARE FOR THE SECOND HALF OF 2023

Rhea-AI Summary

Sapiens International N.V. (SPNS) declares a cash dividend of $0.28 per share, totaling $15.6 million based on 2023 second-half results. The dividend reflects the company's policy to distribute up to 40% of its annual non-GAAP net income semi-annually. Shareholders of record will receive the dividend on April 18, 2024, subject to a 25% Israeli tax withholding. CEO Roni Al-Dor emphasizes the strong financial performance and strategic execution of Sapiens.

ROCHELLE PARK, N.J., March 25, 2024 /PRNewswire/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that its board of directors has approved the distribution of a cash dividend, based on 2023 second-half results, of $0.28 per share, or $15.6 million in total. The dividend is in line with the Company's policy of distributing on a semi-annual basis up to 40% of its annual non-GAAP net income and will be paid on April 18, 2024 to Sapiens' shareholders of record as of April 5, 2024. The dividend is subject to withholding of Israeli tax at source at the rate of 25% of the dividend amount payable to each shareholder of record.

 

"This dividend distribution to Sapiens' shareholders underscores our company's robust financial performance and our unwavering confidence in our strategic execution," stated Roni Al-Dor, President & CEO of Sapiens. "I thank our shareholders, customers, partners, and employees for their steadfast loyalty and support."

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn.

Investors and Media Contact

Sapiens 
Yaffa Cohen-Ifrah
Chief of Marketing Officer and Head of Investor Relations, Sapiens
Email: yaffa.cohen-ifrah@sapiens.com

Hayden IR
Kimberly Rogers
Managing Director, Hayden IR
kim@HaydenIR.com

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:  the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic,  and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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SOURCE Sapiens International Corporation

FAQ

What is the amount of the cash dividend declared by Sapiens International N.V. (SPNS)?

Sapiens International N.V. (SPNS) has declared a cash dividend of $0.28 per share, totaling $15.6 million based on 2023 second-half results.

When will the dividend be paid to Sapiens' shareholders?

The dividend will be paid on April 18, 2024, to Sapiens' shareholders of record as of April 5, 2024.

What is the withholding tax rate on the dividend payable to Sapiens' shareholders?

The dividend is subject to withholding of Israeli tax at source at the rate of 25% of the dividend amount payable to each shareholder of record.

Who is the President & CEO of Sapiens International N.V. (SPNS)?

Roni Al-Dor is the President & CEO of Sapiens International N.V. (SPNS).