Technology
Sapiens Reports Third Quarter 2024 Financial Results
Published
1 year 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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Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.
Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.
Integration, Compliance, and System Connectivity
QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.
Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.
By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.
Operational Impact and Long-Term Financial Structure
As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.
QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.
The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.
This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.
Market Context and Financial Management Trends
The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.
Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.
QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.
The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.
Conclusion
Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.
The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.
As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.
To read the full review, please visit the Consumer365 website.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.
Disclaimer
Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.
General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.
Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.
SOURCE Consumer365.org
Technology
BOE continues to launch new products and solutions in the field of high-end displays
Published
2 days agoon
May 9, 2026By
LOS ANGELES, May 9, 2026 /PRNewswire/ —
1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience
With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.
Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.
In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.
At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.
Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.
Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.
2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend
In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.
BNL & Visual Health
Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.
Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation. BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.
Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.
Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.
SID 2026: BOE Launches New BNL Display Products
At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.
As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.
View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html
SOURCE BOE Technology Group Co., Ltd.
Technology
BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT
Published
2 days agoon
May 9, 2026By
LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.
While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.
According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.
This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.
BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.
The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.
The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.
View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html
SOURCE BitradeX Capital
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