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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Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.
Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.
Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.
In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.
Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.
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SOURCE Yiwugo.com
Technology
Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects
Published
33 minutes agoon
July 24, 2026By
SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.
Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.
“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”
Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:
Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.
With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.
Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.
Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.
Learn more and apply for a grant at benchmarks.snorkel.ai.
About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes.
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SOURCE Snorkel AI
Technology
Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year
Published
33 minutes agoon
July 24, 2026By
Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.
TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.
The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.
Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house.
That platform rests on three proprietary pillars:
Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.
The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.
“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”
“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”
The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.
About Payzli
Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.
Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).
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SOURCE Payzli
Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo
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