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2024-01-22 17:00 sec.gov/Archives/edgar/data/885740/000121390021024397/ea140292ex99-1_sapiensinter.htm EX - 99.1 2 ea140292ex99-1_sapiensinter.htm PRESS RELEASE Exhibit 99.1 SAPIENS Sapiens Reports First Quarter 2021 Financial Results Holon , Israel , May 4 , 2021 – Sapiens International Corporation , ( NASDAQ and TASE : SPNS ) , a leading global provider of software solutions for the insurance industry , today announced its financial results for the first quarter ended March 31 , 2021 . Summary Results for First Quarter 2021 ( USD in millions , except per share data ) GAAP Non - GAAP Q1 2021 Q1 2020 % Change Q1 2021 Revenue $ 109.6 $ 90.5 21.1 % $ 110.2 $ Q1 2020 90.5 % Change 21.7 % Gross Profit $ 44.3 $ 36.3 22.0 % $ 49.2 $ 39.8 23.7 % Gross Margin 40.4 % 40.1 % 30bps 44.7 % 44.0 % 70bps Operating Income $ 12.4 $ 10.3 20.3 % $ 19.0 $ 14.6 30.0 % Operating Margin 11.3 % 11.4 % ( 10 ) bps 17.2 % 16.1 % 110bps Net Income ( * ) $ 9.8 $ Diluted EPS $ 0.18 $ 6.8 0.13 44.2 % $ 14.9 $ 10.4 43.2 % 38.5 % $ 0.27 $ 0.20 35.0 % ( * ) Attributable to Sapiens ' shareholders . " Our revenue growth in the first quarter validates our strategy of building global diversity with a broad business portfolio , which provides the foundation for Sapiens ' performance and growth . Solid execution in the first quarter delivered 22 % non - GAAP revenue growth , with non - GAAP revenues reaching a record $ 110 million and non - GAAP operating margin increasing to 17.2 % from 16.1 % . Our growth in the first quarter originated primarily from Europe and Rest - of - the - World . Operating a global company across multiple insurance markets and deploying a diversified product offering allows us to balance our growth , resources , investments , and risks across regions and markets . With a strategic focus and the increasing global market demand for digital insurance solutions and transformations , Sapiens is well positioned for continued financial performance , " said Roni Al - Dor , Sapiens president and CEO . " We are increasing our 2021 revenue guidance to a range of $ 459 to $ 464 million from our prior range of $ 457 to $ 463 million . We are also updating our operating profit margin guidance , due to our plan initiated this quarter to manage our growth and investment in delivery capabilities in the North American P & C CoreSuite business , and following the recent spike in COVID - 19 in India , which will increase our labor costs in the short term . As a result of these two factors , operating margin in 2021 is expected to be in the range of 17.0 % to 17.4 % compared to the previous range of 17.7 % to 18.0 % . I would like to highlight that Sapiens remains committed to increasing its profitability and margins , as we have done year after year . " Quarterly Results Conference Call Management will host a conference call and webcast today , May 4 , 2021 at 9:30 a.m. Eastern Time ( 4:30 p.m. in Israel ) to review and discuss Sapiens ' results . Please call the following numbers ( at least 10 minutes before the scheduled time ) to participate : North America ( toll - free ) : + 1-888-642-5032 ; International : + 972-3-918-0609 ; UK : 0-800-917-5108 . The live webcast of the call can be accessed on Sapiens ' website at https://www.sapiens.com/investor-relations/ir-events- presentations / . A replay of the call will be available one business day following the completion of the event at the same location for 90 days . https://www.sec.gov/Archives/edgar/data/885740/000121390021024397/ea140292ex99-1_sapiensinter.htm 1/12