Technology
Sapiens Reports Third Quarter 2024 Financial Results
Published
2 years agoon
By
ROCHELLE PARK, N.J., Nov. 11, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the third quarter ended September 30, 2024.
Summary Results for Third Quarter 2024 (USD in millions, except per share data)
GAAP
Non-GAAP
Q3 2024
Q3 2023
% Change
Q3 2024
Q3 2023
% Change
Revenue
$137.0
$130.7
4.8 %
$137.0
$130.8
4.8 %
Gross Profit
$60.3
$56.0
7.8 %
$62.8
$59.3
6.0 %
Gross Margin
44.0 %
42.8 %
120 bps
45.8 %
45.3 %
50 bps
Operating Income
$21.7
$20.3
7.3 %
$25.1
$24.1
4.3 %
Operating Margin
15.9 %
15.5 %
40 bps
18.3 %
18.4 %
-10 bps
Net Income (*)
$18.3
$15.9
15.5 %
$21.1
$19.1
10.5 %
Diluted EPS
$0.33
$0.28
17.9 %
$0.37
$0.34
8.8 %
(*) Attributable to Sapiens’ shareholders
Roni Al-Dor, President and CEO of Sapiens, stated, “This quarter showcased solid performance in our key regions. We are pleased to report that revenue reached $137 million this quarter, reflecting a 4.8% increase over the same period last year. Revenue growth was driven by 7.1% growth in our European region, 1.7% growth in North America and 6.6% growth in ROW regions. This quarter’s non-GAAP operating profit totaled $25 million, representing 18.3% of total revenue.”
Mr. Al-Dor continued, “Revenue fell short of our targets in the third quarter, and the challenges we encountered are expected to impact revenue in the fourth quarter. Today, we are revising our 2024 non-GAAP revenue guidance to a range of $541 million to $546 million, down from the previous range of $550 million to $555 million – a 1.6% reduction at the midpoint. However, we expect our non-GAAP operating margin to be within our guidance range at 18.2%. Looking into 2025, we anticipate a low single-digit revenue growth.”
Quarterly Results Conference Call
Management will host a conference call and webcast on November 11, 2024, 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: 972-3-9180644
UK: 0-800-917-5108
The live webcast of the call can be viewed on Sapiens’ website at: https://veidan.activetrail.biz/sapiensq2-2024. A replay of the call will be available one business day following the completion of the event at the same link for 90 days.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: non-GAAP revenue, ARR, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributed to Sapiens shareholders, non-GAAP basic and diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash-Flow.
Sapiens believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sapiens’ financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: Valuation adjustment on acquired deferred revenue, amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related costs, restructuring and cost reduction costs, and tax adjustments related to non-GAAP adjustments.
Management of the Company does not consider these non-GAAP measures in isolation, or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations, as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.
To compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Sapiens urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables of this release.
The Company defines Annual Recurring Revenue (“ARR”) as the annualized value of our revenue from customer subscriptions, term licenses, maintenance, application maintenance, and cloud solutions, which may not be the same as the timing and amount of revenue recognized. The ARR run rate is equal to the product of (i) the sum of these revenues in our most recently completed fiscal quarter, multiplied by (ii) four.
The Company defines Adjusted EBITDA as net profit, adjusted to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related costs, restructuring and cost reduction costs, financial expense (income), provision for income taxes and other income (expenses). These amounts are often excluded by other companies as well, in order to help investors understand the operational performance of their business.
The Company uses Adjusted EBITDA as a measurement of its operating performance, because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that the Company believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business. The Company uses Adjusted Free Cash-Flow as a measurement of its operating performance, and reconciles cash-flow from operating activities to Adjusted Free Cash-Flow, while reducing the amounts for capitalization of software development costs and capital expenditures. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of
Investor Relations, Sapiens
+1 917-533-4782
Investor Contacts
Brett Maas
Managing Partner, Hayden IR
+1 646-536-7331
Kimberly Rogers
Managing Director, Hayden IR
+1 541-904-5075
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.
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
U.S. dollars in thousands (except per share amounts)
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
137,025
130,705
408,074
383,725
Cost of revenue
76,729
74,753
230,114
220,080
Gross profit
60,296
55,952
177,960
163,645
Operating expenses:
Research and development, net
16,449
16,028
49,779
47,391
Selling, marketing, general and administrative
22,101
19,659
64,030
57,475
Total operating expenses
38,550
35,687
113,809
104,866
Operating income
21,746
20,265
64,151
58,779
Financial and other (income) expenses, net
(913)
551
(3,114)
2,310
Taxes on income
4,324
3,710
12,812
10,627
Net income
18,335
16,004
54,453
45,842
Attributable to non-controlling interest
–
132
141
371
Net income attributable to Sapiens’ shareholders
18,335
15,872
54,312
45,471
Basic earnings per share
0.33
0.29
0.97
0.82
Diluted earnings per share
0.33
0.28
0.97
0.82
Weighted average number of shares outstanding used to
compute basic earnings per share (in thousands)
55,854
55,397
55,799
55,251
Weighted average number of shares outstanding used to
compute diluted earnings per share (in thousands)
56,308
55,813
56,151
55,657
SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
GAAP revenue
137,025
130,705
408,074
383,725
Valuation adjustment on acquired deferred
revenue
–
55
–
165
Non-GAAP revenue
137,025
130,760
408,074
383,890
GAAP gross profit
60,296
55,952
177,960
163,645
Revenue adjustment
–
55
–
165
Amortization of capitalized software
1,470
1,418
4,584
4,274
Amortization of other intangible assets
1,043
1,835
3,630
5,531
Non-GAAP gross profit
62,809
59,260
186,174
173,615
GAAP operating income
21,746
20,265
64,151
58,779
Gross profit adjustments
2,513
3,308
8,214
9,970
Capitalization of software development
(1,834)
(1,638)
(5,374)
(4,975)
Amortization of other intangible assets
1,276
1,074
3,732
3,234
Stock-based compensation
646
1,038
2,229
2,960
Acquisition-related costs *)
754
11
1,248
21
Non-GAAP operating income
25,101
24,058
74,200
69,989
GAAP net income attributable to Sapiens’
shareholders
18,335
15,872
54,312
45,471
Operating income adjustments
3,355
3,793
10,049
11,210
Taxes on income
(599)
(585)
(1,808)
(1,738)
Non-GAAP net income attributable to Sapiens’
shareholders
21,091
19,080
62,553
54,943
(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.
Adjusted EBITDA Calculation
U.S. dollars in thousands
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
GAAP operating profit
21,746
20,265
64,151
58,779
Non-GAAP adjustments:
Valuation adjustment on acquired deferred revenue
–
55
–
165
Amortization of capitalized software
1,470
1,418
4,584
4,274
Amortization of other intangible assets
2,319
2,909
7,362
8,765
Capitalization of software development
(1,834)
(1,638)
(5,374)
(4,975)
Stock-based compensation
646
1,038
2,229
2,960
Compensation related to acquisition and acquisition-related costs
754
11
1,248
21
Non-GAAP operating profit
25,101
24,058
74,200
69,989
Depreciation
1,288
719
3,480
2,750
Adjusted EBITDA
26,389
24,777
77,680
72,739
Summary of NON-GAAP Financial Information
U.S. dollars in thousands (except per share amounts)
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Revenues
137,025
136,800
134,249
130,914
130,760
Gross profit
62,809
62,481
60,884
59,370
59,260
Operating income
25,101
24,836
24,263
24,152
24,058
Adjusted EBITDA
26,389
25,931
25,360
25,267
24,777
Net income to Sapiens’ shareholders
21,091
21,041
20,421
20,081
19,080
Diluted earnings per share
0.37
0.37
0.36
0.36
0.34
Annual Recurring Revenue (“ARR”)
U.S. dollars in thousands
Three months ended
September 30,
2024
2023
Annual Recurring Revenue
173,414
157,589
Non-GAAP Revenues by Geographic Breakdown
U.S. dollars in thousands
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
North America
55,755
57,918
55,158
54,882
54,848
Europe
69,281
66,072
68,727
65,239
64,662
Rest of the World
11,989
12,810
10,364
10,793
11,250
Total
137,025
136,800
134,249
130,914
130,760
Non-GAAP Revenue breakdown
U.S. dollars in thousands
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
Software products and re-occurring post-production services (*)
100,707
87,356
292,992
251,757
Pre-production implementation services (**)
36,318
43,404
115,082
132,133
Total Revenues
137,025
130,760
408,074
383,890
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
Software products and re-occurring post-production services (*)
53,809
46,053
156,386
133,339
Pre-production implementation services (**)
9,000
13,207
29,788
40,276
Total Gross profit
62,809
59,260
186,174
173,615
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
Software products and re-occurring post-production services (*)
53.4 %
52.7 %
53.4 %
53.0 %
Pre-production implementation services (**)
24.8 %
30.4 %
25.9 %
30.5 %
Gross Margin
45.8 %
45.3 %
45.6 %
45.2 %
(*) Software products and re-occurring post-production services include mainly subscription, term license, maintenance, application maintenance, cloud solutions and post-production services. This revenue stream is a mix of recurring and re-occurring in nature.
(**) Pre-production implementation services include mainly implementation services before go-live, which are one-time in nature.
Adjusted Free Cash-Flow
U.S. dollars in thousands
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Cash-flow from operating activities
13,083
8,545
18,488
38,646
3,988
Increase in capitalized software development costs
(1,834)
(1,823)
(1,717)
(1,543)
(1,638)
Capital expenditures
(1,125)
(666)
(466)
(421)
(696)
Free cash-flow
10,124
6,056
16,305
36,682
1,654
Cash payments attributed to acquisition-related costs(*) (**)
124
134
751
221
–
Adjusted free cash-flow
10,248
6,190
17,056
36,903
1,654
(*) Included in cash-flow from operating activities
(**) Acquisition-related payments pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
U.S. dollars in thousands
September 30,
December 31,
2024
2023
(unaudited)
(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
146,152
126,716
Short-term bank deposit
39,800
75,400
Trade receivables, net and unbilled receivables
109,670
90,273
Other receivables and prepaid expenses
25,769
22,514
Total current assets
321,391
314,903
LONG-TERM ASSETS
Property and equipment, net
11,431
12,661
Severance pay fund
3,446
3,605
Goodwill and intangible assets, net
310,533
317,352
Operating lease right-of-use assets
20,502
23,557
Other long-term assets
15,993
17,546
Total long-term assets
361,905
374,721
TOTAL ASSETS
683,296
689,624
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
8,224
6,291
Current maturities of Series B Debentures
19,796
19,796
Accrued expenses and other liabilities
80,610
77,873
Current maturities of operating lease liabilities
5,861
6,623
Deferred revenue
32,810
38,541
Total current liabilities
147,301
149,124
LONG-TERM LIABILITIES
Series B Debentures, net of current maturities
19,778
39,543
Deferred tax liabilities
7,938
10,820
Other long-term liabilities
11,399
11,538
Long-term operating lease liabilities
17,532
21,084
Accrued severance pay
8,039
7,568
Total long-term liabilities
64,686
90,553
EQUITY
471,309
449,947
TOTAL LIABILITIES AND EQUITY
683,296
689,624
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW
U.S. dollars in thousands
For the nine months ended
September 30,
2024
2023
(unaudited)
(unaudited)
Cash flows from operating activities:
Net income
54,453
45,842
Reconciliation of net income to net cash provided by operating activities:
Depreciation
3,480
2,750
Amortization of capitalized software and other intangible assets
11,946
13,039
Accretion of discount on Series B Debentures
32
47
Capital loss from sale of property and equipment
13
83
Stock-based compensation related to options issued to employees
2,229
2,960
Net changes in operating assets and liabilities, net of amount acquired:
Increase in trade receivables, net and unbilled receivables
(20,640)
(8,698)
Decrease in deferred tax liabilities, net
(2,280)
(1,410)
Increase in other operating assets
(908)
(4,107)
Increase (decrease) in trade payables
1,989
(616)
Decrease in other operating liabilities
(5,154)
(10,110)
Increase (decrease) in deferred revenues
(5,684)
363
Increase in accrued severance pay, net
640
636
Net cash provided by operating activities
40,116
40,779
Cash flows from investing activities:
Purchase of property and equipment
(2,306)
(2,145)
Proceeds from (investment in) deposits
36,360
(55,379)
Proceeds from sale of property and equipment
49
40
Payments for business acquisitions, net of cash acquired
(375)
–
Capitalized software development costs
(5,374)
(4,975)
Acquisition of intellectual property
–
(177)
Net cash provided by (used in) investing activities
28,354
(62,636)
Cash flows from financing activities:
Proceeds from employee stock options exercised
98
4,755
Distribution of dividend
(29,789)
(28,144)
Repayment of Series B Debenture
(19,796)
(19,796)
Acquisition of non-controlling interest
(4,131)
–
Dividend to non-controlling interest
–
(47)
Net cash used in financing activities
(53,618)
(43,232)
Effect of exchange rate changes on cash and cash equivalents
4,584
1,865
Increase (decrease) in cash and cash equivalents
19,436
(63,224)
Cash and cash equivalents at the beginning of period
126,716
160,285
Cash and cash equivalents at the end of period
146,152
97,061
Debentures Covenants
As of September 30, 2024, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:
Covenant 1
Target shareholders’ equity (excluding non-controlling interest): above $120 million.Actual shareholders’ equity (excluding non-controlling interest) equal to $471.3 million.
Covenant 2
Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for the Company’s Series B Debentures) below 65%.Actual ratio of net financial indebtedness to net capitalization equal to (44.90)%.
Covenant 3
Target ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is below 5.5.Actual ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is equal to (1.42).
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SOURCE Sapiens International Corporation
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Matt Smith, Managing Director, Global HR Operations, Invisors “Being named as one of the UK’s Best Workplaces for Women list is an achievement because it reflects what our people actually experience, not just what we aspire to. We’ve worked to build an environment where career growth and success aren’t something women have to fight for — it’s built into how we operate. This recognition is a great step in the journey, not the finish line, and we’re committed to keeping that bar high as Invisors grows within the UK.”
About Invisors
As a certified Workday Services Partner, Invisors helps clients leverage their organisational data to make better-informed business decisions through the deployment of Workday. Invisors’ success is measured by their clients’ ability to achieve their big-picture vision. From initial deployments to ongoing projects, Invisors is dedicated to elevating perspectives and transforming results. To learn more, visit invisors.com.
About Great Place To Work®
Great Place To Work® is the global authority on workplace culture, helping organisations to create exceptional, high-performing workplaces where employees feel trusted and valued. The UK’s Best Workplaces for Women™ enables these outstanding organisations to celebrate their achievements, build their employer brand, and inspire others to take action. For more information, visit www.greatplacetowork.co.uk.
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SOURCE Invisors
Technology
Auction Direct USA in Raleigh, NC, Makes It Easy to Shop for Used Vehicles Online
Published
19 minutes agoon
July 24, 2026By
RALEIGH, N.C., July 24, 2026 /PRNewswire/ — Auction Direct USA in Raleigh, NC, helps shoppers browse used-vehicle inventory, compare options, and complete key steps of the buying process online for a faster, more convenient shopping experience.
Auction Direct USA in Raleigh, NC, is simplifying the used vehicle shopping experience by offering convenient online tools that help drivers browse inventory, compare options, and begin the purchasing process from the comfort of home.
With a user-friendly website, shoppers can explore an extensive selection of used cars, trucks, and SUVs that fit a variety of budgets and lifestyles. Detailed vehicle listings provide important information, including photos, key features, specifications, pricing, and availability, allowing customers to make informed decisions before visiting the dealership.
The online platform also makes it easy to narrow vehicle choices using search filters for make, model, body style, price range, mileage, model year, and other preferences. These features help shoppers quickly find vehicles that meet their individual needs while saving valuable time.
In addition to browsing inventory, customers can use several digital shopping tools to streamline the buying process. Visitors can estimate monthly payments, value a trade-in, complete a finance application, and schedule a test drive online. These resources allow shoppers to prepare for their dealership visit with greater confidence and convenience.
Auction Direct USA in Raleigh, NC, regularly updates its online inventory, giving customers access to fresh vehicle selections as they become available. Whether someone is searching for a dependable commuter car, a family-friendly SUV, or a capable pickup truck, the website provides an efficient way to explore available options before stepping into the showroom.
The dealership remains committed to delivering a straightforward, customer-focused buying experience by combining a wide range of high-quality used vehicles with digital tools that simplify every stage of the shopping journey.
Drivers looking to begin their search can visit Auction Direct USA in Raleigh, NC, or browse the current inventory online to compare vehicles and take advantage of convenient shopping resources before visiting the dealership in person.
About Auction Direct USA in Raleigh, NC
Auction Direct USA in Raleigh, NC, offers a diverse inventory of quality used cars, trucks, and SUVs to meet a wide range of driving needs and budgets. By combining a customer-focused approach with convenient online shopping tools, the dealership helps make finding and purchasing a used vehicle simple, efficient, and enjoyable.
Media Contact: Tony Kicinski, 844-678-8048, tonyk@auctiondirectusa.com
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SOURCE Auction Direct USA
Technology
FLAGSTAR BANK, N.A. ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM
Published
19 minutes agoon
July 24, 2026By
Board of Directors Authorizes Repurchase of Up to $250 Million of Outstanding Common Stock, Reflecting the Bank’s Strong Capital Position and Commitment to Long-Term Shareholder Value
HICKSVILLE, N.Y., July 24, 2026 /PRNewswire/ — Flagstar Bank, N.A. (NYSE: FLG) (the “Bank”) today announced that its Board of Directors has authorized a common stock repurchase program under which the Bank may repurchase up to $250 million of its outstanding common stock over the next 12-month period.
Commenting on the repurchase program, Joseph M. Otting, Executive Chairman and Chief Executive Officer stated, “We are pleased to announce our stock buyback program, which reflects the meaningful progress we have made in executing our strategic plan, the strength of the balance sheet, and Flagstar’s long-term growth prospects. We have consistently maintained capital levels well above regulatory requirements, and we believe that returning capital to our shareholders through a share repurchase program represents a compelling and disciplined use of our excess capital at this time.
“We remain deeply committed to serving our customers and communities and we are confident that this program — alongside our continued investment in our people, products, systems, and technology — will deliver sustainable, long-term value for our shareholders.”
Repurchases may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of any share repurchases will be subject to a variety of factors, including the availability of stock for repurchases, the Bank’s capital position and financial performance, regulatory considerations, and general market conditions. The share repurchase program does not obligate the Bank to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Any future stock repurchase programs would be subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position and financial performance, accounting and regulatory considerations, and general market conditions.
Flagstar Bank, N.A.
Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87.7 billion of assets, $61.2 billion of loans, deposits of $67.5 billion, and total stockholders’ equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.
Cautionary Statements Regarding Forward-Looking Language
This press release may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the “Reorganization”), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business.
Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” “confident,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.
Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position, and financial performance, accounting and regulatory considerations, as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management’s attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected.
More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC’s website at www.occ.gov, and on the SEC’s website at www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Jessica Torchia
(248) 312-6451
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SOURCE Flagstar Bank, N.A.
Great Place To Work names Invisors on the 2026 Best Workplaces for Women List, Ranking no.65
Auction Direct USA in Raleigh, NC, Makes It Easy to Shop for Used Vehicles Online
FLAGSTAR BANK, N.A. ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM
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