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Killexams : HDI Qualified certification - BingNews https://killexams.com/pass4sure/exam-detail/QQ0-200 Search results Killexams : HDI Qualified certification - BingNews https://killexams.com/pass4sure/exam-detail/QQ0-200 https://killexams.com/exam_list/HDI Killexams : HDI Announces Third Quarter 2022 Results
Quarterly Dividend Increase of 8%
LANGLEY, BC, Nov. 8, 2022 /CNW/ - Hardwoods Distribution Inc. ("HDI" or the "Company") today announced financial results for the three and nine months ended September 30, 2022 and an 8% increase to the quarterly dividend. HDI is one of North America's largest suppliers of specialty building products to fabricators, home centers and professionals dealers servicing the repair and remodel, residential, and commercial construction end-markets. The Company currently operates a network of 86 facilities in the United States and Canada. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted.
Third Quarter Highlights
Third quarter sales grew 39.9% to $659.7 million, a year-over-year increase of $188.0 million. Achieved organic sales growth of 10.4% and acquisition-based sales growth of 29.9%.
Gross profit climbed 19.6%, or $22.8 million, to $139.0 million, with gross profit margin percentage of 21.1%, as compared to 24.6% in the same period last year.
Profit per share was $1.28; adjusted profit per share was $1.32 per share
Adjusted EBITDA climbed 3.4% to $66.0 million, from $63.8 million during the same period in 2021.
Cash flow from operating activities, before changes in working capital, was $1.84 per share.
In Canadian dollars, sales for the third quarter were C$856.7 million, adjusted profit per share was C$1.71, and Adjusted EBITDA was C$85.7 million.
The board of directors today approved an 8% increase to the quarterly dividend to C$0.13 per share, from C$0.12 per share previously, which equates to C$0.52 per share on an annual basis. The increase is effective with the quarterly dividend payable on January 27, 2023 to shareholders of record as at January 16, 2023.
"We achieved another quarter of excellent financial and operating performance as our growth strategy, proven business model and disciplined operating management combined to deliver very strong third quarter results," said Rob Brown, HDI's President and CEO. "Market conditions remained supportive of our business, with increased product prices resulting in strong organic sales growth of over 10% as compared to the same quarter last year. Combined with acquisition-based growth, our total sales grew nearly 40% year-over-year."
"Our results reflect the positive impact of our new Mid-Am and Novo operations, acquired in Q3 2021 and Q1 2022, respectively. These businesses have brought us important scale, access to new geographies, and a strong presence in the U.S. Pro Dealer and home center channels, and combined, are expected to deliver over $1 billion in pro forma sales in 2022."
"Importantly, our performance has enabled us to increase our returns to investors. In the first nine months of 2022, we returned almost $25 million to shareholders through a combination of dividends and share repurchases, up from $5.0 million in the same period last year. With today's announcement of an 8% increase to our quarterly dividend, we are providing further returns to our shareholders going forward."
"Going forward, we will continue to closely monitor economic conditions and the impacts that price inflation, rising interest rates, and other factors can have on our business. We benefit from a highly experienced team with a long track record of successfully managing our operations and controlling costs through changing markets. We believe our business has the resilience to manage through these cycles, and we anticipate a multi-year runway for growth and value creation as we benefit from our leading market position and the long-term positive fundamentals underpinning the North American building products market," said Mr. Brown.
In the nearer term we anticipate that rising inflation and recent interest rate hikes will have a negative impact on economic activity, and this may result in a moderation of demand for our products. As we have demonstrated in previous cycles, we will take all necessary actions required to effectively manage our business and cash flows. We maintain a strong balance sheet which provides financial stability through periods of changing market conditions. Our business model also converts a high proportion of EBITDA to operating cash flow before changes in working capital, and during periods of reduced activity our investment in working capital has historically decreased, resulting in an additional source of cash.
Over the long term we expect demand for our products to remain robust, supported by strong fundamentals in our end markets. We continue to see a multi-year runway for growth in the repair and remodel, residential, and commercial end-markets that we participate in.
Outlook for our end-markets
The repair and remodel market (~40% of sales) is expected to remain strong, albeit with a tempering of the higher-than-normal growth rates experienced in the past year. The Joint Center for Housing Studies of Harvard University anticipates a growth rate of 6.5% for the U.S. repair and remodel market by the third quarter of 2023. Overall, the market remains well supported by record levels of home equity in the U.S. and a median home age of over 40 years. Disaster repairs and mitigation projects following Hurricane Ian are also expected to support the home remodeling market in the coming year.
In the residential construction market (~40% of sales), new building starts have moderated as affordability headwinds weigh on consumers, but remain at historically healthy levels. Given that housing completions have not kept pace with starts over the past quarters, we also continue to see an elongated demand curve for our products, which are typically installed during the finishing stages of home construction. Over the longer term, leading indicators for the residential construction market remain highly favorable. Housing starts have meaningfully lagged population growth this past decade, and it is estimated that the U.S. has a housing supply deficit of over 3.5 million units. This supply deficit, combined with positive demographic factors, is expected to underpin long-term demand for new housing.
The demand outlook for U.S. commercial markets (~15% of sales) is mixed, with some sectors showing strength and others recovering at a slower pace. Commercial market participation is highly diverse for HDI and includes construction activity in healthcare, education, public buildings, hospitality, office, retail facilities and recreational vehicles. We expect certain of these commercial end markets will perform better than others, with the broad nature of our participation reducing the impact of dynamics in any one geography or end market.
Q3 2022 Investor Call
HDI will hold an investor call on Wednesday November 9, 2022 at 8:00 am Pacific (11:00 am Eastern). Participants should dial 1-888-254-3590 or (647) 484-0475 (GTA) at least five minutes before the call begins. A replay will be available through November 16, 2022 by calling toll free 1-888-390-0541 or (416) 764-8677 (GTA), followed by passcode 852499.
Summary of Results
Sales in the US
Sales in Canada (C$)
Gross profit %
Profit from operating activities
Add: Depreciation and amortization
Earnings before interest, taxes, depreciation and
amortization ("EBITDA")
EBITDA as a % of revenue
Add (deduct):
Net finance income (expense)
Profit for the period
Basic profit per share
Diluted profit per share
Average Canadian dollar exchange rate for one US dollar
Analysis of Specific Items Affecting Comparability (in thousands of Canadian dollars)
amortization ("EBITDA"), per table above
Non-cash LTIP expense
Transaction expenses
Adjusted EBITDA as a % of revenue
Profit for the period, as reported
Adjustments, net of tax
Adjusted profit for the period
Basic profit per share, as reported
Net impact of above items per share
Adjusted basic profit per share
Diluted profit per share, as reported
Adjusted diluted profit per share
Results from Operations - Three Months Ended September 30, 2022
For the three months ended September 30, 2022, consolidated sales grew to $659.7 million, an increase of $188.0 million, or 39.9%, from $471.7 million in the same period in 2021. Organic sales growth accounted for $48.9 million of this gain, representing a 10.4% increase in consolidated sales. Acquired businesses (the "Acquired Businesses") contributed an additional $140.9 million of the sales growth, and included Novo's July 2022 revenue of $58.8 million and Mid-Am's Q3 2022 revenue of $82.0 million. Combined, additional revenue from Acquired Businesses represented a 29.9% increase in total sales. These gains were partially offset by $1.8 million of unfavorable foreign exchange impact.
Third quarter sales from our U.S. operations grew to $610.4 million, an increase of $183.6 million, or 43.0%, from $426.7 million in the same period in 2021. Organic sales growth accounted for $42.7 million of this improvement, representing a 10.0% increase in U.S. sales. The strong organic growth was primarily supported by increased product prices, partially offset by a modest decrease in volumes. Incremental revenue from Acquired Businesses contributed an additional $140.9 million to third quarter U.S. sales growth, representing a 33% increase in U.S. sales.
In Canada, third quarter sales increased by C$7.8 million, or 13.8%, compared to the same period in 2021. The Canadian sales growth was entirely organic and reflects higher product prices year-over-year, partially offset by a modest decrease in volumes.
Gross profit for the third quarter grew 19.6% to $139.0 million, from $116.2 million in the same quarter last year. This $22.8 million improvement reflects the significant sales growth, partially offset by a lower gross margin percentage. At 21.1%, our gross margin percentage did not match the unusually high 24.6% achieved in Q3 2021 when favorable market dynamics, including strong demand and tight supply, resulted in a rapid increase in product prices as compared to the cost of inventory.
For the three months ended September 30, 2022, operating expenses increased by $23.6 million to $90.9 million, from $67.3 million in Q3 2021. As a percentage of sales, operating expenses were lower at 13.8%, as compared to 14.3% in the same period last year.
The $23.6 million increase in operating expenses includes $15.8 million related to incremental operating expenses from our Acquired Businesses, $6.4 million to support organic growth, and $3.3 million of amortization on intangible assets acquired in connection with the Novo and Mid-Am acquisitions. These increases were partially offset by $1.9 million of Novo-related transaction costs incurred in Q3 2021, which did not repeat in 2022.
For the three months ended September 30, 2022, depreciation and amortization increased to $16.8 million, from $11.7 million in Q3 2021. This $5.1 million increase primarily relates to the acquisition and operations of the Novo and Mid-Am businesses and is comprised of $3.3 million of amortization on acquired intangible assets and $1.8 million from depreciation related to operations.
For the three months ended September 30, 2022, net finance expense increased to $8.9 million, from $3.8 million last year. This increase was primarily driven by interest costs on the additional bank indebtedness used to finance the acquisitions of Novo and Mid-Am, as well as higher interest rates.
For the three months ended September 30, 2022, income tax expense decreased to $9.3 million, from $11.4 million last year, primarily reflecting lower taxable income.
Third quarter Adjusted EBITDA climbed 3.4% to $66.0 million, from $63.8 million during the same period in 2021. The $2.2 million improvement was driven primarily by the $22.8 million increase in gross profit, partially offset by the $20.6 million increase in operating expenses (before changes in depreciation and amortization, non-cash LTIP expense, and transaction expenses).
Profit for the third quarter decreased by 11.3% to $29.9 million, from $33.7 million in Q3 2021. The $3.8 million change primarily reflects a $5.1 million increase in depreciation and amortization, and the $5.0 million increase in net finance expense, partially offset by the $4.3 million increase in EBITDA and $2.1 million lower income tax expense.
For the three months ended September 30, 2022, we generated basic profit per share of $1.28, as compared to $1.58 in Q3 2021, a decrease of 19.0%. Adjusted profit was $30.8 million, as compared to $36.3 million in Q3 2021, a decrease of 15.0% and Adjusted diluted profit per share was $1.31, as compared to $1.68, a decrease of 22.0%.
Results from Operations - Nine Months Ended September 30, 2022
For the nine months ended September 30, 2022, consolidated sales climbed 82.1% to $2.0 billion, an increase of $904.0 million from $1.1 billion in the same period in 2021. Organic sales growth accounted for $241.9 million of this gain, representing a 22.0% increase in consolidated sales. Acquisition-based revenue growth, including Novo's January to July 2022 revenue of $453.5 million, and Mid-Am's year-to-date revenue of $219.0 million, increased consolidated revenue by a combined 61.1% year-over-year. These gains were partially offset by the first quarter 2021 divestiture of our HMI business, which resulted in $6.4 million of sales not recurring in the current period. Foreign exchange fluctuations in the Canadian dollar also had an unfavorable $4.0 million impact on sales results.
First nine months sales from our U.S. operations grew 90.4% to $1.8 billion, a year-over-year increase of $877.1 million, from $970.4 million in the same period last year. Organic sales growth accounted for $204.6 million of this improvement, representing a 21.1% year-over-year increase in U.S. sales. The strong organic growth was primarily supported by robust market demand, particularly during the first half of the year, which in turn contributed to improved product prices. The Novo and Mid-Am operations contributed an additional $672.5 million to year-to-date U.S. sales growth, representing a 69.3% increase in U.S. sales.
In Canada, sales for the first nine months increased by C$38.3 million, or 23.4%, compared to the same period in 2021. The Canadian sales growth was entirely organic and reflects the strong market demand particularly in the first half of the year, which resulted in improved market prices for our products year-over-year.
Gross profit for the first nine months grew 76.2% to $440.6 million, from $250.0 million in the same period last year. This $190.6 million improvement reflects our significant organic and acquisition-based sales growth. At 22.0%, our gross profit margin was slightly lower than the 22.7% we achieved in the same period last year. The gross margin percentage in 2021 was temporarily elevated due to favorable market dynamics, including strong demand and tight supply.
For the nine months ended September 30, 2022, operating expenses were $268.5 million as compared to $148.2 million in the same period last year, an increase of $120.4 million. As a percentage of sales, operating expenses were well controlled at 13.4%, similar to 13.5% in the first nine months of last year.
The $120.4 million increase in operating expenses includes $90.3 million related to operation of our Acquired Businesses, $21.0 million to support organic growth, and $12.3 million of amortization on intangible assets acquired in connection with the Novo and Mid-Am acquisitions. These increases were partially offset by $3.2 million of Novo-related transaction costs incurred in the first nine months of 2021, which did not repeat in the 2022 period.
For the nine months ended September 30, 2022, depreciation and amortization increased by $24.5 million to $48.5 million, from $24.1 million in the prior-year period. This increase mainly relates to the acquisition and operations of the Novo and Mid-Am businesses and is primarily comprised of $12.3 million of amortization on acquired intangible assets, and $12.1 million from depreciation related to operations.
For the nine months ended September 30, 2022, net finance expense increased to $20.1 million, from $6.7 million last year. The increase was primarily driven by interest on issuance of new bank indebtedness used to finance the acquisitions of Novo and Mid-Am, combined with higher interest rates.
For the nine months ended September 30, 2022, income tax expense increased to $36.7 million, from $24.2 million last year, primarily driven by a higher taxable income.
Year-to-date Adjusted EBITDA climbed 68.0% to $224.4 million, from $133.6 million in the same period of 2021. This $90.8 million improvement reflects the $190.6 million increase in gross profit, partially offset by the $99.8 million increase in operating expenses (before changes in depreciation and amortization, non-cash LTIP expense, and transaction expenses).
Profit for the first nine months grew 62.4% to $115.3 million, from $71.0 million in the first nine months of 2021. The $44.3 million profit improvement primarily reflects the $94.6 million increase in EBITDA, partially offset by a $24.5 million increase in depreciation and amortization, the $12.5 million increase in income tax expense, and the $13.4 million increase in net finance expense.
For the nine months ended September 30, 2022, basic profit per share climbed 46.4% to $4.89, from $3.34 in the same period last year. Adjusted profit increased 53.3% to $118.5 million, from $77.3 million in the first nine months of 2021 and Adjusted diluted profit per share grew 39.4% to $4.99, from $3.58 in the same period last year.
About HDI
HDI is one of North America's largest suppliers of specialty building products to fabricators, home centers and professional dealers servicing the new residential, repair and remodel, and commercial construction end-markets. The Company currently operates a network in North America of 86 facilities in the United States and Canada. HDI's common shares are listed on the Toronto Stock Exchange under the symbol HDI.
Non-GAAP Measures - EBITDA
References to "EBITDA" are to earnings before interest, income taxes, depreciation and amortization, where interest is defined as net finance costs as per the consolidated statement of comprehensive income. Furthermore, this press release references certain EBITDA Ratios, such as EBITDA margin (being EBITDA as a percentage of revenues). In addition to profit, HDI considers EBITDA and EBITDA Ratios to be useful supplemental measures of the Company's ability to meet debt service and capital expenditure requirements, and interprets trends in EBITDA and EBITDA Ratios as an indicator of relative operating performance.
References to "Adjusted EBITDA" are EBITDA as defined above, before certain items related to business acquisition activities. "Adjusted EBITDA margin" is as defined above, before certain items related to business acquisition activities, mark-to-market adjustments, and revaluation of deferred tax assets. References to "Adjusted profit", "Adjusted basic profit per share", and "Adjusted diluted profit per share" are profit for the period, basic profit per share, and diluted profit per share, before certain items related to business acquisition activities, mark-to-market adjustments, and revaluation of deferred tax assets. The aforementioned adjusted measures are collectively referenced as "the Adjusted Measures". HDI considers the Adjusted Measures to be useful supplemental measures of the Company's profitability, its ability to meet debt service and capital expenditure requirements, and as an indicator of relative operating performance, before considering the impact of business acquisition activities.
EBITDA, EBITDA Ratios, and the Adjusted Measures (collectively "the Non-GAAP Measures") are not measures recognized by International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS. Investors are cautioned that the Non-GAAP Measures should not replace profit, earnings per share or cash flows (as determined in accordance with IFRS) as an indicator of our performance. HDI's method of calculating the Non-GAAP Measures may differ from the methods used by other issuers. Therefore, Non-GAAP Measures may not be comparable to similar measures presented by other issuers.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This news release includes forward-looking statements. These involve known and unknown risks, uncertainties and other factors that may cause real results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "estimate", "expect", "may", "plan", "will", and similar terms and phrases, including references to assumptions. Forward-looking information is included, but not limited to, information included under the headings "Second Quarter Highlights", "Outlook", "Results of Operations for the Three Months Ended September 30, 2022", and "Results of Operations for the Nine Months Ended September 30, 2022."
These forward-looking statements reflect current expectations of management regarding future events and operating performance as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause real results to differ materially from the results discussed in the forward-looking statements, including, but not limited to: it is difficult to reliably measure the potential impact of this uncertainty caused by the COVID-19 pandemic on our future financial results and the impacts to our Company are not determinable at the date of these financial statements, however they could be material and include impairments of receivables, inventory and reduction in available liquidity; given the uncertainty around the potential impact of COVID-19, this may impact our estimates disclosed in the consolidated financial statements given that there is significant judgment and estimation uncertainty; our results are dependent upon the general state of the economy and downturns in the economy (including inflation and rising interest rates), natural disasters, disease outbreaks, terrorist activities, or threats or acts of armed conflict (including the conflict between Russia and Ukraine), could have a negative impact on our business, financial condition, and results of operations; decreases in the supply of, demand for, or market values of our products could harm our business; our products may be subject to negative trade outcomes; we may not be able to sustain our level of sales or EBITDA margins; competition in our markets may lead to reduced revenues and profitability; we may become subject to more stringent regulations; we are dependent upon our management information systems; our insurance may be insufficient to cover losses that may occur as a result of our operations; we are dependent upon the financial condition and results of operations of our business; our credit facilities affect our liquidity, contain restrictions on our ability to borrow funds, and impose restrictions on distributions that can be made by our operating limited partnerships; and, other risks described in our Annual Information Form our Information Circular and in the MD&A.
Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, management cannot assure investors that real results will be consistent with these forward-looking statements. The forward-looking statements reflect management's current beliefs and are based on information currently available.
All forward-looking information in this news release is qualified in its entirety by this cautionary statement and, except as may be required by law, HDI undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
SOURCE Hardwoods Distribution Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2022/08/c0391.html
Mon, 07 Nov 2022 10:00:00 -0600 text/html https://stockhouse.com/news/press-releases/2022/11/08/hdi-announces-third-quarter-2022-results Killexams : HDI Global Specialty selects Sapiens for complete P&C core transformation
Tue, 22 Nov 2022 23:28:00 -0600 en text/html https://seekingalpha.com/news/3911113-hdi-global-specialty-selects-sapiens-for-complete-pc-core-transformation Killexams : QOL Up With Pembrolizumab Versus Ipilimumab, HDI in Resected Melanoma
MONDAY, Nov. 28, 2022 (HealthDay News) -- For patients with high-risk resected melanoma, adjuvant pembrolizumab improves quality of life (QOL) compared with standard of care with ipilimumab or high-dose interferon α 2b (HDI), according to a study published online Nov. 23 in JAMA Oncology.
Joseph M. Unger, Ph.D., from the Fred Hutchinson Cancer Center in Seattle, and colleagues compared QOL in patients with resected melanoma at high risk for relapse who were treated with adjuvant pembrolizumab or standard of care. A total of 832 patients from the S1404 phase 3 randomized clinical trial were included and were evaluable for the primary QOL end point at cycle 3.
The researchers found that the adjusted Functional Assessment of Cancer Therapy (FACT) Biological Response Modifiers (FACT-BRM) trial outcome index (TOI) score at cycle 3 was 9.6 points higher for pembrolizumab versus ipilimumab/HDI, which exceeded the prespecified clinically meaningful difference. Differences by arm exceeded 5 points in favor of pembrolizumab in linear-mixed models through cycle 7. FACT-BRM TOI scores favored the pembrolizumab arm compared with the subset of patients receiving ipilimumab or HDI (differences, 6.0 and 17.0 points, respectively) in post-hoc analyses.
"Physicians should be encouraged to incorporate and discuss treatment-related QOL issues with patients when making shared decisions regarding the risks and benefits of adjuvant therapy in resected melanoma," the authors write.
Several authors disclosed financial ties to pharmaceutical companies, including Merck, which manufactures pembrolizumab and partially funded the study.
Mon, 28 Nov 2022 03:55:00 -0600 en text/html https://roanoke.com/lifestyles/health-med-fit/qol-up-with-pembrolizumab-versus-ipilimumab-hdi-in-resected-melanoma/article_e1fa28d4-cf62-5d96-bf8b-1979b5018538.html Killexams : HDI Announces Third Quarter 2022 Results
For further information: Ian Tharp - Investor Relations, Phone: (416) 567-2563, Email: [email protected], Website: www.hdidist.com
Tue, 08 Nov 2022 16:39:00 -0600 en text/html https://www.newswire.ca/news-releases/hdi-announces-third-quarter-2022-results-860434150.html Killexams : HDI Global Specialty SE Selects Sapiens for Complete P&C Core Transformation
Sapiens IDITSuite will provide a single overview of policies, from issuing proposals, policy documents to payments
HOLON, Israel, Nov. 23, 2022 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the deployment of its cloud-first P&C platform IDITSuite with the Netherlands branch of HDI Global Specialty SE (HGS), a leading global specialty insurance provider.
HGS' legacy system has been replaced by the Sapiens solution in order to provide greater automation and standardization, and globally available oversight on policies, risk exposures and data.
"Our previous system was not an ideal fit for our specialty business," said Ralph Beutter, HGS CEO. "Sapiens has given us the ability to quickly and easily create a bespoke system that serves our needs exactly as required."
Following the successful implementation of IDITSuite in the Netherlands, the next HGS business units to be digitally transformed by Sapiens will be Belgium and Denmark. In addition, HGS has chosen to digitally transform its reinsurance system with Sapiens' digital reinsurance platform, a project scheduled to begin in the near future.
"Sapiens has been extremely pleased with the high level of collaboration and partnership with HGS, leading to successful implementation within a short period of time," said Roni Al-Dor, Sapiens president and CEO. "Sapiens IDITSuite is an award-winning Core P&C platform with rich functionality and ease of use and we are happy to partner with HGS on their transformation journey."
Sapiens IDITSuite is a component-based, core software solution comprised of policy, billing and claims solutions. It supports end-to-end core operations and processes for short-term/non-life insurance from inception to renewal and claims.
About HDI Global Specialty (HGS)
HDI Global Specialty SE is a specialty lines insurer. It is owned by HDI Global SE, part of the Talanx Group. HDI Global Specialty's focus is on writing agency and specialty insurance business with operations in 9 locations and access to a global network of more than 175 countries through the HDI Global SE network. HDI Global Specialty also enjoys the same financial strength as HDI Global SE. For more information, visit https://www.hdi.global/redirect/hdi-global-specialty-se/.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn.
Certain matters discussed in this press release that are incorporated herein 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 pandemic risks and uncertainties. There are important factors that could cause our real 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; 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 recent novel coronavirus pandemic, which adversely affected our results of operations, or 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 real 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 most recent Annual Report on Form 20-F, in order to review conditions that we believe could cause real 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 real results or to changes in our expectations.
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SOURCE Sapiens International Corporation
Tue, 22 Nov 2022 22:49:00 -0600 en-US text/html https://insurancenewsnet.com/oarticle/hdi-global-specialty-se-selects-sapiens-for-complete-pc-core-transformation Killexams : HDI Global Specialty SE Selects Sapiens for Complete P&C Core Transformation
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Tally Kaplan Porat
Director of Corporate Marketing, Sapiens
tally.kaplanporat@sapiens.com
Investor's Contact
Dina Vince
Head of Investor Relations, Sapiens
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Wed, 23 Nov 2022 03:31:00 -0600 en-US text/html https://finance.yahoo.com/news/hdi-global-specialty-se-selects-122000405.html Killexams : HDI Announces Third Quarter 2022 Results
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