공시 • Feb 25
Matrix IT Ltd. (TASE:MTRX) completed the acquisition of Magic Software Enterprises Ltd. (NasdaqGS:MGIC) from Formula Systems (1985) Ltd. (TASE:FORTY) and others. Matrix IT Ltd. (TASE:MTRX) entered into memorandum of understanding to acquire Magic Software Enterprises Ltd. (NasdaqGS:MGIC) from Formula Systems (1985) Ltd. (TASE:FORTY) and others for ILS 2.6 billion on March 10, 2025. The consideration consists of issue of ordinary shares of Matrix IT Ltd. in exchange for Magic Software Enterprises Ltd shares, an aggregate of 28,861,563 ordinary shares of Matrix, representing 0.5878202 Matrix ordinary shares for each one (1) Magic Software Enterprises Ltd ordinary share. Upon completion, Eligible Shareholders of Magic Software Enterprises Ltd are expected to hold, 31.125% of the issued and paid-up share capital of Matrix on a fully diluted basis, and the shareholders of Matrix are expected to hold 68.875% of the issued and paid-up share capital of Matrix on a fully diluted basis. Upon completion of the Merger, Matrix will acquire the entire share capital of Magic on a fully diluted basis by way of a reverse triangular merger, and Magic will become a private wholly-owned of Matrix. On November 3, 2025, Magic Software Enterprises Ltd. entered into a definitive Agreement and Plan of Merger with Matrix IT Ltd.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation, definitive agreement, approval by shareholders of both Matrix and Magic Software and third party approval needed. The deal has been approved by the Magic Software board. Matrix board of directors appointed an independent committee to evaluate the transaction. As of December 10, 2025, the transaction has been approved by the shareholders of Magic Software Enterprises Ltd. As of February 5, 2026, the parties have satisfied the conditions precedent to the closing of the Merger, including the receipt of the Israel Tax Authority tax ruling, except the receipt of the merger certificate from the Israeli Registrar of Companies is still pending.
Value Base M&A Ltd. acted as financial advisor for Magic Software Enterprises Ltd. Gornitzky & Co. acted as legal advisor for Magic Software Enterprises Ltd. Guy Ben Ami, Steven Glusband and Melinda Fellner of Carter Ledyard & Milburn, LLP acted as legal advisor for Magic Software Enterprises Ltd. William Blair & Company, L.L.C. acted as financial advisor for Matrix IT Ltd. Jefferies LLC acted as financial advisor, KPMG acted as an accountant and Herzog Fox & Neeman acted as legal advisor for the independent committee of Matrix IT Ltd. Carter Ledyard & Milburn acted as U.S. securities counsel. Prometheus Financial Advisory acted as fairness opinion provider to Matrix IT Ltd.
Matrix IT Ltd. (TASE:MTRX) completed the acquisition of Magic Software Enterprises Ltd. (NasdaqGS:MGIC) from Formula Systems (1985) Ltd. (TASE:FORTY) and others on February 24, 2026. The transaction has received the merger certificate issued by the Israeli Registrar of Companies. Upon receipt of the Merger Certificate, all Conditions Precedent to completion of the Merger were satisfied. Following the completion of the Merger, the Magic Software Enterprises Ltd.'s ordinary shares will be delisted from trading on the TASE and from NASDAQ, and the Company will be a private company wholly owned by Matrix IT Ltd. 공시 • Nov 10
Magic Software Enterprises Ltd. to Report Q3, 2025 Results on Nov 18, 2025 Magic Software Enterprises Ltd. announced that they will report Q3, 2025 results on Nov 18, 2025 공시 • Jul 29
Magic Software Enterprises Ltd. to Report Q2, 2025 Results on Aug 13, 2025 Magic Software Enterprises Ltd. announced that they will report Q2, 2025 results on Aug 13, 2025 공시 • Jul 16
Magic Software Enterprises Ltd. (NasdaqGS : MGIC) acquired Axiom Manufacturing Systems. Magic Software Enterprises Ltd. (NasdaqGS : MGIC) acquired Axiom Manufacturing Systems on July 15, 2025.
Magic Software Enterprises Ltd. (NasdaqGS : MGIC) completed the acquisition of Axiom Manufacturing Systems on July 15, 2025. 공시 • May 21
Magic Software Enterprises Ltd. Reiterates Earnings Guidance for the Year 2025 Magic Software Enterprises Ltd. reiterated earnings guidance for the year 2025. Magic is reiterating its 2025 annual revenue guidance of between $593 million and $603 million (based on current currency exchange rates) reflecting an annual growth of 7.3% to 9.1% compared to prior year. 공시 • May 12
Magic Software Enterprises Ltd. to Report Q1, 2025 Results on May 21, 2025 Magic Software Enterprises Ltd. announced that they will report Q1, 2025 results on May 21, 2025 공시 • May 06
Magic Software Enterprises Ltd., Annual General Meeting, Jun 10, 2025 Magic Software Enterprises Ltd., Annual General Meeting, Jun 10, 2025. Location: terminal center, 1 yahadut canada street, or yehuda Israel 공시 • May 01
Magic Software Enterprises Ltd. announced delayed 20-F filing On 04/30/2025, Magic Software Enterprises Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC. 공시 • Mar 13
Matrix IT Ltd. (TASE:MTRX) entered into MOU to acquire Magic Software Enterprises Ltd. (NasdaqGS:MGIC). Matrix IT Ltd. (TASE:MTRX) entered into MOU to acquire Magic Software Enterprises Ltd. (NasdaqGS:MGIC) on March 10, 2025. The consideration consists of common equity of Matrix IT Ltd. to be issued for common equity of Magic Software Enterprises Ltd. As part of consideration, an undisclosed value is paid towards common equity of Magic Software Enterprises Ltd. Upon completion of the Merger, Matrix will acquire the entire share capital of Magic on a fully diluted basis by way of a reverse triangular merger, and Magic will become a private wholly-owned of Matrix. Magic's shareholders will receive merger consideration in Matrix shares, based on the relative valuations of both Companies presented by the Committees' financial advisors (which were adopted by the Committee, including in its capacity as Magic's Audit Committee, and by Magic’s Board of Directors) and the derived exchange ratio derived of 31.125%/68.875%.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation, definitive agreement and third party approval needed. The deal has been approved by the Magic Software board.
Value Base M&A Ltd. acted as financial advisor for Magic Software Enterprises Ltd. Gornitzky & Co. acted as legal advisor for Magic Software Enterprises Ltd. William Blair & Company, L.L.C acted as financial advisor for Matrix IT Ltd. 공시 • Feb 18
Magic Software Enterprises Ltd. to Report Q4, 2024 Results on Mar 12, 2025 Magic Software Enterprises Ltd. announced that they will report Q4, 2024 results on Mar 12, 2025 Upcoming Dividend • Dec 16
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 23 December 2024. Payment date: 08 January 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (4.3%). Higher than average of industry peers (0.8%). Reported Earnings • Nov 20
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.17 (up from US$0.15 in 3Q 2023). Revenue: US$143.0m (up 10% from 3Q 2023). Net income: US$8.43m (up 18% from 3Q 2023). Profit margin: 5.9% (up from 5.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. 공시 • Nov 04
Magic Software Enterprises Ltd. to Report Q3, 2024 Results on Nov 18, 2024 Magic Software Enterprises Ltd. announced that they will report Q3, 2024 results on Nov 18, 2024 공시 • Aug 14
Magic Software Enterprises Ltd. Reiterates Earnings Guidance for the Year 2024 Magic Software Enterprises Ltd. reiterated earnings guidance for the year 2024. The company is reiterating 2024 annual revenue guidance of between $540 million and $550 million. Price Target Changed • Jul 29
Price target increased by 7.7% to US$14.00 Up from US$13.00, the current price target is provided by 1 analyst. New target price is 20% above last closing price of US$11.68. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of US$0.76 for next year compared to US$0.75 last year. 공시 • Jul 22
Magic Software Enterprises Ltd. to Report Q2, 2024 Results on Aug 14, 2024 Magic Software Enterprises Ltd. announced that they will report Q2, 2024 results on Aug 14, 2024 공시 • May 03
Magic Software Enterprises Ltd. to Report Q1, 2024 Results on May 16, 2024 Magic Software Enterprises Ltd. announced that they will report Q1, 2024 results on May 16, 2024 공시 • Apr 30
Magic Software Enterprises Ltd. announced delayed 20-F filing On 04/29/2024, Magic Software Enterprises Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC. 공시 • Apr 06
Magic Software Enterprises Ltd., Annual General Meeting, May 13, 2024 Magic Software Enterprises Ltd., Annual General Meeting, May 13, 2024, at 10:00 Israel Standard Time. Location: 1 Yahadut Canada Street, Or Yehuda 6037501 Yehuda Israel Agenda: To re-elect each of the following three nominees to the Company’s Board of Directors, or the Board of Directors, to serve as a director of the Company until the next annual general meeting of shareholders of the Company: Mr. Guy Bernstein, Ms. Naamit Salomon and Mr. Avi Zakay; to initially elect Mr. Sami Totah to serve as a director on the Board of Directors until the next annual general meeting of shareholders of the Company; to re-elect Mr. Ron Ettlinger to serve as an external director (as such term is defined in the Israeli Companies Law, 5759-1999, or the Israeli Companies Law) on the Board of Directors for a one-year term; and to consider other matters. Major Estimate Revision • Mar 20
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$473.8m to US$540.0m. EPS estimate increased from US$0.61 to US$0.75 per share. Net income forecast to shrink 0.6% next year vs 25% growth forecast for Software industry in the US . Consensus price target up from US$13.00 to US$14.00. Share price rose 14% to US$12.14 over the past week. Reported Earnings • Mar 13
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$0.75 (down from US$0.82 in FY 2022). Revenue: US$535.1m (down 5.6% from FY 2022). Net income: US$37.0m (down 8.5% from FY 2022). Profit margin: 6.9% (down from 7.1% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Revenue is expected to decline by 4.5% p.a. on average during the next 2 years, while revenues in the Software industry in the US are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. 공시 • Mar 13
Magic Software Enterprises Ltd. Provides Revenue Guidance for the Year 2024 Magic Software Enterprises Ltd. provided revenue guidance for the year 2024. For the year, the company expected revenue of between $540 million and $550 million. Measured against Magic Software’s annualized 2023 fourth quarter revenue on a go-forward basis, the 2024 annual revenue guidance reflects an annual growth of 7.5% to 9.5%. 공시 • Feb 29
Magic Software Enterprises Ltd. to Report Q4, 2023 Results on Mar 13, 2024 Magic Software Enterprises Ltd. announced that they will report Q4, 2023 results on Mar 13, 2024 Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$129.5m (down 10% from 3Q 2022). Net income: US$7.15m (down 39% from 3Q 2022). Profit margin: 5.5% (down from 8.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Software industry in the US are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. 공시 • Nov 15
Magic Software Enterprises Ltd. Provides Revenue Guidance for the Fourth Quarter of 2023 Magic Software Enterprises Ltd. provided revenue guidance for the fourth quarter of 2023. For the period, the company expects revenue to be in the range of $115 million - $125 million. Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$575.6m to US$524.3m. EPS estimate also fell from US$0.93 per share to US$0.71 per share. Net income forecast to shrink 24% next year vs 15% growth forecast for Software industry in the US . Consensus price target of US$18.00 unchanged from last update. Share price fell 16% to US$8.65 over the past week. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 공시 • Nov 09
Magic Software Enterprises Ltd. to Report Q3, 2023 Results on Nov 14, 2023 Magic Software Enterprises Ltd. announced that they will report Q3, 2023 results on Nov 14, 2023 Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$8.48, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 44x in the Software industry in the US. Total loss to shareholders of 29% over the past three years. 공시 • Oct 18
Magic Software Enterprises Ltd. Appoints Sami Totah to Board of Directors Magic Software Enterprises Ltd. announced the appointment of Mr. Sami Totah to board of directors. Upcoming Dividend • Aug 22
Upcoming dividend of US$0.33 per share at 5.2% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 13 September 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 14
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.23 (up from US$0.16 in 2Q 2022). Revenue: US$137.6m (flat on 2Q 2022). Net income: US$11.3m (up 41% from 2Q 2022). Profit margin: 8.2% (up from 5.8% in 2Q 2022). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be US$16.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 4.5% in a year. Earnings is forecast to grow by 17% in the next year. 공시 • Jul 23
Magic Software Enterprises Ltd. to Report Q2, 2023 Results on Aug 14, 2023 Magic Software Enterprises Ltd. announced that they will report Q2, 2023 results on Aug 14, 2023 Buying Opportunity • Jul 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be US$16.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 4.5% in a year. Earnings is forecast to grow by 17% in the next year. Buying Opportunity • May 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be US$16.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 4.5% in a year. Earnings is forecast to grow by 17% in the next year. 공시 • May 19
Magic Software Enterprises Ltd. Reiterates Revenue Guidance for the Year 2023 Magic Software Enterprises Ltd. reiterated revenue guidance for the year 2023. For the year, the company is reiterating revenue guidance of between $585 million and $593 million, reflecting annual growth of 3.2% to 4.6% (based on current currency exchange rates). Reported Earnings • May 18
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.21 (up from US$0.20 in 1Q 2022). Revenue: US$142.4m (up 2.7% from 1Q 2022). Net income: US$10.1m (up 5.1% from 1Q 2022). Profit margin: 7.1% (up from 6.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 30
Upcoming dividend of US$0.30 per share at 4.3% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 20 April 2023. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (1.0%). Price Target Changed • Mar 10
Price target decreased by 18% to US$23.00 Down from US$28.00, the current price target is provided by 1 analyst. New target price is 62% above last closing price of US$14.20. Stock is down 18% over the past year. The company is forecast to post earnings per share of US$0.98 for next year compared to US$0.83 last year. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: US$0.83 (vs US$0.52 in FY 2021) Full year 2022 results: EPS: US$0.83 (up from US$0.52 in FY 2021). Revenue: US$566.8m (up 18% from FY 2021). Net income: US$40.7m (up 61% from FY 2021). Profit margin: 7.2% (up from 5.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$13.59, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 45x in the Software industry in the US. Total returns to shareholders of 48% over the past three years. 공시 • Feb 07
Magic Software Enterprises Ltd. to Report Q4, 2022 Results on Mar 09, 2023 Magic Software Enterprises Ltd. announced that they will report Q4, 2022 results on Mar 09, 2023 공시 • Jan 20
Magic Software Enterprises Ltd., Annual General Meeting, Feb 23, 2023 Magic Software Enterprises Ltd., Annual General Meeting, Feb 23, 2023, at 10:00 Israel Standard Time. Location: 1 Yahadut Canada Street Or Yehuda Israel Agenda: To review and discuss auditor’s report and consolidated financial statements for the year ended December 31, 2021; to elect three directors for terms expiring at the company's 2023 Annual General Meeting of Shareholders; and to ratify and approve the re-appointment of Kost Forer Gabbay & Kasierer, registered public accounting firm, a member firm of Ernst & Young Global, as the company's independent registered public accounting firm for the year ended December 31, 2022 and to authorize the company's Board of Directors to delegate to the Audit Committee the authority to fix the compensation for such independent registered public accountants in accordance with the volume and nature of their services. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Avi Zakay was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 22
Upcoming dividend of US$0.29 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 13 September 2022. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.0%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.19 (up from US$0.16 in 2Q 2021). Revenue: US$137.0m (up 15% from 2Q 2021). Net income: US$9.49m (up 22% from 2Q 2021). Profit margin: 6.9% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) missed analyst estimates by 30%. Over the next year, revenue is forecast to grow 8.5%, compared to a 18% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Board Change • Aug 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Avi Zakay was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target increased to US$28.00 Up from US$22.00, the current price target is provided by 1 analyst. New target price is 63% above last closing price of US$17.14. Stock is up 0.7% over the past year. The company is forecast to post earnings per share of US$0.85 for next year compared to US$0.52 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Avi Zakay was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 16
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 23 March 2022. Payment date: 07 April 2022. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (3.7%). Higher than average of industry peers (0.9%). Reported Earnings • Mar 04
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.60 (up from US$0.49 in FY 2020). Revenue: US$480.3m (up 29% from FY 2020). Net income: US$29.3m (up 23% from FY 2020). Profit margin: 6.1% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 11%, compared to a 49% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS US$0.15 (vs US$0.14 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$120.9m (up 27% from 3Q 2020). Net income: US$7.50m (up 5.8% from 3Q 2020). Profit margin: 6.2% (down from 7.5% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. 
