Magic Software Enterprises Ltd
NASDAQ:MGIC

  • LAST PRICE
    10.6300
  • TODAY'S CHANGE (%)
    -0.0700 (-0.6542%)
  • Bid / Lots
    10.0100/ 1
  • Ask / Lots
    11.1400/ 9
  • Open / Previous Close
    10.7000 / 10.7000
  • Day Range
    10.6000
    10.7300
  • 52 Week Range
    8.1500
    14.1500
  • Volume
    24,344

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  • May 16, 2024

      Show headlines and story abstract

    • 1:37PM ET on Thursday May 16, 2024 by MT Newswires
      Companies Mentioned: MGIC
      01:37 PM EDT, 05/16/2024 (MT Newswires) -- Magic Software Enterprises (MGIC) shares retreated more than 6% in recent Thursday trading after the company reported lower Q1 adjusted earnings and revenue. The company reported Q1 non-GAAP earnings Thursd...

    • 11:03AM ET on Thursday May 16, 2024 by GlobeNewswire
      Companies Mentioned: MGIC

    • 11:02AM ET on Thursday May 16, 2024 by Dow Jones
      Companies Mentioned: MGIC
      March 31, December 31, ----------- ---------------- 2024 2023 ----------- ---------------- Unaudited ----------- ---------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 125,803 $ 105,943 Short-term bank deposits 49 751 Trade receivables, net 126,329 131,098 Other accounts receivable and prepaid expenses 21,565 18,833 Total current assets 273,746 256,625 ------------------------------------------- ------- ---------- LONG-TERM ASSETS: Deferred tax assets 10,784 6,729 Right-of-use assets 24,228 25,718 Other long-term receivables and Investments in companies accounted for at equity 7,731 8,623 Property and equipment, net 7,707 7,988 Intangible assets and goodwill, net 212,321 216,723 ------- ---------- Total long term assets 262,771 265,781 ------------------------------------------- TOTAL ASSETS $ 536,517 $ 522,406 ======= ========== LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term debt $ 36,763 $ 28,941 Trade payables 27,126 28,415 Accrued expenses and other accounts payable 43,993 41,492 Current maturities of lease liabilities 5,975 4,406 Liability in respect of business combinations 7,082 6,656 Put options for non-controlling interests 18,831 18,252 Deferred revenues and customer advances 21,813 13,537 Total current liabilities 161,583 141,699 ------------------------------------------- ------- ---------- LONG TERM LIABILITIES: Long-term debt 41,628 52,267 Deferred tax liability 14,579 11,610 Long-term lease liabilities 20,072 23,101 Long-term liability in respect of business combinations 1,076 1,049 Put options of non-controlling interests - 620 Employee benefit liabilities 1,094 1,116 Total long term liabilities 78,449 89,763 ------------------------------------------- ------- ---------- EQUITY: Magic Software Enterprises shareholders' equity 272,317 265,981 Non-controlling interests 24,168 24,963 ------- ---------- Total equity 296,485 290,944 ------------------------------------------- TOTAL LIABILITIES AND EQUITY $ 536,517 $ 522,406 ======= ========== MAGIC SOFTWARE ENTERPRISES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. Dollars in thousands Three months ended March 31, -------------------------------------- 2024 2023 ------------------- ----------------- Unaudited Unaudited ------------------- ----------------- Cash flows from operating activities: ------------------------------------ Net income $ 9,989 $ 11,835 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,889 5,052 Cost of share-based payment 584 622 Change in deferred taxes, net (754) 1,351 Capital gain on sale of fixed assets 13 - Effect of exchange rate on of cash and cash equivalents held in currencies other than the functional currency 170 731 Changes in value of short-term and long-term loans from banks and others and deposits, net (819) 76 Working capital adjustments: ------------------------------------ Trade receivables 3,709 (5,773) Other current and long-term accounts receivable (1,333) 1,612 Trade payables (983) 1,354 Accrued expenses and other accounts payable 3,704 (5,565) Deferred revenues 8,508 7,458 Net cash provided by operating activities 27,677 18,753 =========== ========== Cash flows from investing activities: ------------------------------------ Capitalized software development costs (748) (711) Purchase of property and equipment (280) (431) liabilities related to business combinations - (10,151) Payments for business acquisitions, net of cash acquired (249) - Proceeds from sale of property and equipment 15 - Purchase of financial assets at fair value through profit or loss (1,000) 323 Investment in long-term deposits 296 (269) Proceeds from short-term bank deposits 701 - Net cash used in investing activities (1,265) (11,239) =========== ========== Cash flows from financing activities: ------------------------------------ Exercise of employees' stock options Dividend to Magic's shareholders Dividend paid to non-controlling interests (2,086) (1,526) Repayment of lease liabilities (1,460) (1,380) Purchase of redeemable non-controlling interest (314) - Receipt of short-term and long-term loans from banks and others 5,006 23,749 Repayment of short-term and long-term loans (6,574) (7,323) Net cash used in financing activities (5,428) 13,520 =========== ========== Effect of exchange rate changes on cash and cash equivalents (1,124) (1,590) Increase (decrease) in cash and cash equivalents 19,860 19,444 Cash and cash equivalents at the beginning of the period 105,943 83,062 ----------- ---------- Cash and cash equivalents at end of the period $ 125,803 $ 102,506 ----------- ----------

    • 8:43AM ET on Thursday May 16, 2024 by GlobeNewswire
      Companies Mentioned: MGIC

    • 8:43AM ET on Thursday May 16, 2024 by Dow Jones
      Companies Mentioned: MGIC
      March 31, December 31, ----------- ---------------- 2024 2023 ----------- ---------------- Unaudited ----------- ---------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 125,803 $ 105,943 Short-term bank deposits 49 751 Trade receivables, net 126,329 131,098 Other accounts receivable and prepaid expenses 21,565 18,833 Total current assets 273,746 256,625 ------------------------------------------- ------- ---------- LONG-TERM ASSETS: Deferred tax assets 10,784 6,729 Right-of-use assets 24,228 25,718 Other long-term receivables and Investments in companies accounted for at equity 7,731 8,623 Property and equipment, net 7,707 7,988 Intangible assets and goodwill, net 212,321 216,723 ------- ---------- Total long term assets 262,771 265,781 ------------------------------------------- TOTAL ASSETS $ 536,517 $ 522,406 ======= ========== LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term debt $ 36,763 $ 28,941 Trade payables 27,126 28,415 Accrued expenses and other accounts payable 43,993 41,492 Current maturities of lease liabilities 5,975 4,406 Liability in respect of business combinations 7,082 6,656 Put options for non-controlling interests 18,831 18,252 Deferred revenues and customer advances 21,813 13,537 Total current liabilities 161,583 141,699 ------------------------------------------- ------- ---------- LONG TERM LIABILITIES: Long-term debt 41,628 52,267 Deferred tax liability 14,579 11,610 Long-term lease liabilities 20,072 23,101 Long-term liability in respect of business combinations 1,076 1,049 Put options of non-controlling interests - 620 Employee benefit liabilities 1,094 1,116 Total long term liabilities 78,449 89,763 ------------------------------------------- ------- ---------- EQUITY: Magic Software Enterprises shareholders' equity 272,317 265,981 Non-controlling interests 24,168 24,963 ------- ---------- Total equity 296,485 290,944 ------------------------------------------- TOTAL LIABILITIES AND EQUITY $ 536,517 $ 522,406 ======= ========== MAGIC SOFTWARE ENTERPRISES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. Dollars in thousands Three months ended March 31, -------------------------------------- 2024 2023 ------------------- ----------------- Unaudited Unaudited ------------------- ----------------- Cash flows from operating activities: ------------------------------------ Net income $ 9,989 $ 11,835 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,889 5,052 Cost of share-based payment 584 622 Change in deferred taxes, net (754) 1,351 Capital gain on sale of fixed assets 13 - Effect of exchange rate on of cash and cash equivalents held in currencies other than the functional currency 170 731 Changes in value of short-term and long-term loans from banks and others and deposits, net (819) 76 Working capital adjustments: ------------------------------------ Trade receivables 3,709 (5,773) Other current and long-term accounts receivable (1,333) 1,612 Trade payables (983) 1,354 Accrued expenses and other accounts payable 3,704 (5,565) Deferred revenues 8,508 7,458 Net cash provided by operating activities 27,677 18,753 =========== ========== Cash flows from investing activities: ------------------------------------ Capitalized software development costs (748) (711) Purchase of property and equipment (280) (431) liabilities related to business combinations - (10,151) Payments for business acquisitions, net of cash acquired (249) - Proceeds from sale of property and equipment 15 - Purchase of financial assets at fair value through profit or loss (1,000) 323 Investment in long-term deposits 296 (269) Proceeds from short-term bank deposits 701 - Net cash used in investing activities (1,265) (11,239) =========== ========== Cash flows from financing activities: ------------------------------------ Exercise of employees' stock options Dividend to Magic's shareholders Dividend paid to non-controlling interests (2,086) (1,526) Repayment of lease liabilities (1,460) (1,380) Purchase of redeemable non-controlling interest (314) - Receipt of short-term and long-term loans from banks and others 5,006 23,749 Repayment of short-term and long-term loans (6,574) (7,323) Net cash used in financing activities (5,428) 13,520 =========== ========== Effect of exchange rate changes on cash and cash equivalents (1,124) (1,590) Increase (decrease) in cash and cash equivalents 19,860 19,444 Cash and cash equivalents at the beginning of the period 105,943 83,062 ----------- ---------- Cash and cash equivalents at end of the period $ 125,803 $ 102,506 ----------- ----------

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