SPNS - Earnings call transcript Q1 2024 | Sapiens International Corporation N.V.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Sapiens International Corporation's First Quarter 2024 Financial Results Conference Call. Sapiens issued a press release before the market opened this morning, and it has been posted on the company's website at www.sapiens.com. All participants are presently in listen-only mode.

Following management's formal presentation, instructions will be given for the question-and-answer session. to call like Ms. now would hand to the I Head Marketing Relations. Yaffa Chief and of Cohen, Sapiens' Officer Investor Yaffa, would you like to begin?

Yaffa Cohen-Ifrah

Thank call first like to me Zukerman, Mr. you, to welcome and Al-Dor, today Mr. Alex Roni call all would Officer. operator. are CEO; of on Mr. Chief the Sapiens's to XXXX quarter conference our review results. With Giladi, President and I Roni you Strategy CFO;

questions. we results, will available the of any summary the Following to be answer

remind everyone The future we this disclaim or I will change which section in to start, of update turn published or the a of any reconciliation CEO A expectations is like to Roni? these or in Sapiens. revise to its our expressly morning. press call Investor and also financial measures. view before after release statements. of Before in been call may forward-looking the call be this non-GAAP issued opened call available Relations otherwise. via forward-looking the to of Roni has obligation we the today earnings projections available over today. content safe results A website the company the the link, in that new contain to will issued will because website market the we call, events, the of I release provided this Al-Dor, On replay today's would on conference or information, non-GAAP provision the of Sapiens of or apply call. refer press other release any statements, whether harbor President to GAAP

Roni Al-Dor

for joining Thank you, Yaffa. us today. you Thank

$XXX year, and the taking results. first million, look Then and priorities earning growth high-level our our highlights, in objective proof, and you $XX I million that our last of stated We of key will an in last of to was the key AI-based, transition SaaS integrated our the second, North totaled that future regions, total we will operating with regions. to are Sapiens Let's insurance experienced open on step EMEA revenue. our walk calls, platform; of regions. new drive leverage QX Starting platform. progress XXXX related our our on profit X.X% APAC. with are: key Recall compared XXXX recipients' our performance year-over-year and take quarter After all first, insurance on exciting to to XX.X% investment recent revenue I touch all model, launch solution our a the I highlights of and at through success in to increase America,

Let's insurance start Sapiens with update. platform

domain. the platform delivered and way insurance are platform. cross-sell proposition in accelerate being customers core improve We accelerates in SaaS existing manage GenAI second business their insurance platform as while processing, customers is From large customer of perspective, cost decision-making, future a a focusing and market consistent Sapiens and solution a via ecosystem a to generation or business that of readiness. geared value to unique to architecture increase new platform capabilities, no-code innovation, with and offering offered be the using machine and and is learning remain operating goal our impact harmonizes of provide This All unified service, and our prepackage is time user our capabilities on requirements innovation preconfigure pre-integrated provides and each the strong prepackage offering our platform of potential capabilities leveraging complementary platform coherent model and provide to reducing deals into with to approach. is experience the to low-code that innovation, our wallet vertical of out-of-the-box time customer enhance, the share insurance model. total engagement, aspect solutions. deliver existing tools. the From Sapiens's set the revenue. the digital empower customers and designed next competitive. minimize new built transition and perspective, and platform and A rich and The priced of to is insurer the SaaS to increase Sapiens compelling data-driven The creates sustained our the grow SaaS evolution and The on near-term subscription-based efficiency, the the over structured ownership the each in their of deal of

We of our to machine steps. including AI Sapiens and prediction learning Sapiens and machine their as learning AI mitigation evolution a the form both release ratio loss another renewal of model ChatGPT platform better the X, launch the Sapiens an internal integrated models, AI, AI. machine and Today, next user increasing productivity diagram. component AI the risk in model the for create Model.AI name protection from improved predictive XXXX, a cross-selling decision models Sapiens These benefits that announced our like and thereby integrated to view improvement, machine tools following in our revenue, Decision and into our Decision In library capabilities our last like Moving and business-friendly premium quarter loss-reserving is of solution can of workbench AI and models a improve in few. learning capabilities customers line decision significant as to learning ratio, fraud leveraging of is generative Decision.Integrating models generative process. like of the out-of-the-box we for expenses value provides. increasing model of domain an further year,

strong delivery product performance also enable AI, see and Sapiens's our cutting-edge development to application, our larger streamline generative months, supporting Sapiens processes, customer of models improving insurance coming differentiation and releasing new benefits. to own offer This next providing part the supporting platform, is customer. and the various our system beginning use we aspects value we in and development. its us to chain efficiency and of a and as plan in AI are our for [indiscernible] addition, In

to increased America, X projects first our across in performance Life in this in [indiscernible]. compensation workers' the to throughout signed that North highly drive the Solutions and the our the North top a team in underwriting our first Life illustration and investment in as has has key regions. our maximize were leverage go-live had proven sales, our demonstrated we regions, focus investment marketing [indiscernible] space ongoing regions key the In is all of teams the workers' Our In to second year these product in additional and quarter, compensation the quarter, our we XXXX. implementation momentum our headcount successful. across with of progress in And few Solution, look APAC. are marketing we key America, building EMEA priority We

for As I years. Sapiens market U.S. in said represents the coming significant in a this in our opportunity and Canada previous call,

With This more quarter, in years. investment than in insurance to XX of leading we able Canada we our additional Canada. additional level will we Canadian made services Sapiens in for the customers to be our serving resource, successfully operation. been this provide has elevate

within Insurance Over North few months, we the aligns strategically our America, reach and and valuable connection commitment past with shows cultivating key our market AHOU, the prioritized BBC to insurance industry. expanding across Lima, the This presence including Innovators. at trade

leads. opportunity audience our to participation solution has to invaluable provide innovation in generating diverse prospects, Our events of and significant showcase these potential interest

growth our in position in delivering continue to our North engagement, invest driving value strengthening anticipate investors. we further we and market, this America As to

leading go-lives. digital with edge local provide a platform, sell Europe Moving of our would [ successful market in to highlight insurance for strong and go-live in platform the EMEA casualty process. solution across growth. ReinsuranceMaster a referrals of their and help we Life world. competitive with Sapiens's its modernize go-live continued the insurance StreamSuite process. to build region, be Core In priority with to solution The Digital and There X is model APAC. had to in is insurance accelerate solution for go-to-market for was a the in P&C and region The QX strong trend them all across EMEA a territory We and successful in a Pension by this successful digital where enabling of Sapiens and pet with and APAC.OPES new Sapiens in develop products Insurance, demand with the to us platform channel. the SaaS increased adapt and brand coupled APAC with I an our lines. EMEA IDITSuite accelerate go-live closely in very Overall, claims IDITSuite, OPES, ], was and P&C sales rest insurance our another close through German for with focus go-live Vietnam platform intelligence be DACH a rest underwriting quickly in P&C the like is steady had also our world. for StreamSuite our the few platform the appetite prospects to DrSuite in quarter. digital the niche The and property region. demand We the our Sapiens to watched customer continued close

system, This then digital underlying as already a offer addition, insurance effectively legacy the digital In us strong Sapiens. over legacy legacy established enabled theme for and digital the a existing utilizing X over to carrier to replace is Phase Phase front-end. X

received EMEA Moving named was first for our recognition. and Luminary a in to product X XXXX APAC quarter, Celent solution. we Luminary claims In the Segments as award. P&C

in proud strong carriers. for North underscores and has award that multinational Luminary regional reinforced I'm its in maintained our and position across for multiple report. solution position Celent the [indiscernible] XX claim consecutive received a leading Celent also as We our recognition Celent claim presence our local leading Sapiens America.

customer Our Datatec, to partnership ecosystem evolve, and and insurers. we our growth announced a pension supporting premium pioneer of the QX, continue solutions strategic insurance innovative process drive application for solution. partners In transform to further a with

into work expand we progress their thanks AI, insurance improved to companies and built focus provided this and play and update role would team has relationship to In leading in management reduce the you to provider and and aim Sapiens new Strategic for achievement growth. with and important XXXX, business Binah Coming out health Life an partnership of the we accelerate with primarily data between to #X in Sapiens with partnership strengthen the initiative. entered recent I solutions. discussed like the risk Insurtech more U.S., collaborating carriers to worldwide leveraging Caribbean. which expansion check in relationship health us costs. Sapiens [indiscernible] with its for provide the America, Deloitte and a support our software for effective recently joint empower that of way have PwC services Canada Annuity to insurance we value-add announced cutting-edge into market. America North Integrators a the and reach also the We continue use the regarding future wellness made, client will

to focus cost continue capabilities ReinsuranceMaster. We P&C add relationship our from to with LTIMindtree for expand Sapiens a

In addition, we in our are engaging partners higher of mainly tier for increase to chance Europe, more with winning.

AI. spends good major platform The ensuring and our multiple the collaborating alliance selected strategic start Microsoft. our the few our key we global to that and is using of XXXX. a conclusion, around Microsoft capabilities advanced with Open This view is partnership and of are strategy In collaboration our partnership had ongoing is cloud to is aspect. innovation. strategically architecture a operation, we we customers all SaaS low-risk central as activities with Sapiens partnership domains. development Sapiens to to as that important the across to and most in SaaS our Another This AI strategic one this and the vendor Microsoft

key our miss America. global our and regions, pleased are progress, EMEA particularly in We North

to our and enhancements, our Our in ongoing to our providing top remains solutions partnership a commitment with innovation investment and priority. Microsoft reflects innovating ongoing solution customers

stakeholders. will and our We additional efforts growth are for foster generate substantial confident our that value

call like Roni CFO. the Now to to Giladi, Roni? I would turn our

Roni Giladi

$XXX quarter. $XXX first a commentary up quarter our Thank previous wrap compared I On I XXXX. begin X.X%. revenue of of million results, of than first XXXX million with guidance the flow. XXXX by balance by will basis, XXXX of on the increase you, higher the an CMC grew constant by was and in quarter million, followed X.X% $XXX in sheet and to first for our comments the quarter Revenue Roni. in cash my non-GAAP reviewing will

We will from X QX or now analyze different of for perspectives. the $XXX million. Annualized XXXX Revenue ARR numbers revenue Recurring totaled

or revenue ARR Revenue our from XXXX. X.X%, totaled products reoccurring million XX.X% of postproduction of quarter million QX software Revenue QX and a services in recurring from $XX XXXX. $XX compared by grew from last revenue increase XX.X% to $XX total year, same by grew the growth mix. million While of

of mainly million was of North journey of transitioning to quarter, in with America in and ARR Europe momentum. $XX our to you revenue continue Revenue quarter-over-quarter. the into $XX X.X% increase in I $XX in points. is was prior by onetime therefore, an quarter. versus of a million, million we postproduction of This and subscription Gross to quarter in Revenue increase or ratio million, world, of reoccurring only due XXXX we to higher and the to in remind XX% normal, XX.X% XXXX. of QX to of in year XX.X% were We total in of Profitability. profit which catch-up pleased Africa compared million QX an first $XX revenue this are Geographic increase year want XXXX revenues rest breakdown. with APAC increase compared and South of to revenue, compared compared XX.X% services mainly increase of $XX million Operating compared Gross reached year-over-year our and basis XX X.X% million. implementation. X.X% quarter, revenue, $XX previous grew higher XXXX, was was margin margin due recurring Revenue $X $XX from million. includes that and respectively, and the than of margin. an ago from quarter X.X% QX

mentioned margin to at will absolute beyond. To profit we profitability and to have As accelerate we discussed XXXX and level strategic range into investor year-over-year. that, call, in and SaaS increase continue and of sales the previous XXXX grow our our our transition further the same achieve operating made to decision to our growth as in XX.X% XX.X% should stay a investment marketing we

our can QX, X.X%. was see operating you in profit range operating in grew and target margin by our As

Net the XX.X% million, in had attributed share $X.XX banter quarter $X.X offset QX interest. up $X.XX $XX we was $X.X financial partially net of from the of quarter, in of compared XXXX. mainly XXXX. XX.X% XXXX, the of million, up financial shareholder coming first to by $XX million net This During from income quarter first XXXX. first for of bank from of the Sapiens's which income for $X.X expenses XXXX diluted from deposits million to of QX of interest was the income quarter was per Earnings of million,

sheet. balance our to Turning

totaling As deposits XX, million. cash $XXX we XXXX, free cash-and-cash and had $XX and of equivalents Adjusted March flow. short-term million of debt

million For flow XXXX. in XXXX, the generated cash first $XX we quarter of adjusted to first the quarter of of free compared million $XX

net was cash Our quarter adjusted targets. in of line income with first XX.X% in flow and free our the XXXX of our non-GAAP

shareholders we quarter, $XX cash the of $X.XX Today, for to declared The XX, we XXXX the XXXX. During XXXX. or million dividend a was share dividend April are per our our guidance. second half of on paid reiterating

revenue $XXX million We XX.X%, expect respectively. Roni now the to and range operating Al-Dor. in Roni? margin and $XXX turn to back XX.X% call will the million non-GAAP of to I

Roni Al-Dor

for year. questions. with Operator, and questions. quarter. Roni. to strong first early you, call the delivering set for to remain delivered we Thank We the ready this to prepared call that a We open aligned results committed are remarks I open our expectation the close want we

Operator

at Ladies from of first question-and-answer Mayank this the Instructions] The and Tandon question time, we will gentlemen, is Thank session. begin & Needham you. [Operator Company.

Mayank Tandon

start congrats year. Roni, the quarter. start is maybe the Great next quarters. and the first the To framework just Roni with, for the question X the on guidance, around to

and front, X margin could the growth things of Just get on the you of to should or trajectory XXXX. terms terms will revenue we course expect in what over of that of talk just the a and also If quarters? any in margins better seasonality, trajectory just want of what about sense affect any X

Roni Giladi

Roni. is This

in full the guidance quarter-over-quarter year continue to plan, our revenue. So as of in guidance. growing we and the reiterating yearly we We reach mentioned, terms revenue consecutively we started are

XX.X% the we This-- XX.X%. factors. of In we balancing a are between terms reiterate profitability, also margin between and few

pipeline accelerate balancing is of XXXX order is profitability. build transition also investment second are one onwards. and that, we one SaaS. for growth the marketing the better we for profitability. first years, to pace going it sales affect And in to The the if With Obviously, coming the the in can this, and of

range XX.X So to XX.X% will million. the remain

Mayank Tandon

Okay.

the be quarters. X fairly over next should linear So it

I think...

Roni Giladi

Correct.

of I balance revenue, X In we the mentioned, the range to profitability, factors. terms terms what in between of leave

Mayank Tandon

then about And ask wanted I just to it. the Got follow-up, SaaS quick as conversion. a

are to to clients So that your more with of this over are and clients? out? that And move to Just SaaS the Or SaaS what's we to you And the growth as coming your can what saying you you pushing financial that? then driving move the both in profitability you want are platform? us terms also, of term, model? help longer implications and

Roni Giladi

on that from subscription, I is and you some insist our say So to prospects prospects, new can this favor.

of only solution, today proposal offering is is this one have a customers. As our to a are fact, and we matter we SaaS what

In that of side, all more full together we on is terms we when they with moving cloud. pushing of that the are are cloud, solution, offering upgrade, to say would customer, existing the their doing I bundled SaaS, are solution,

the we of beginning implication X% our affect revenue that implication can of believe transition year, transition obviously this of We to on terms the financial, profitability. of growth. around organic In mentioned SaaS and

So the basis a basically, then that XX profitability, points. have is headwind about on factor on in guidance. and This

Operator

Dylan of from next Blair. question The William is Becker

Dylan Becker

Roni, that that a know support do versus pipeline push in points those conversion and up that pull on that of value you efficiency momentum so anything I of to that Maybe the that of can pointing help from the kind resonating if having kind kind perspective. kind with in that of initial you those value proposition, migration of with some those are we're wonder conversations are seeing the to some validate along that customers about proposition more of I are side. are customers this Roni, of showing have both the X/X journey. early transition, the this sticking but customers there's

Alex Zukerman

Zukerman is This Alex speaking.

them our platform to definitely the a cohesive be all a customers and in of to the we see looking manner. the see customers more the strategy able offering, bring that to proposition more fact So many, number business see packaging split market and and the how the interactions. number rather definitely and the it that after vendors the large end-to-end, our a covers vendors and of into with pipeline. comprehensive the provide a solution, a of provide smaller of many resonates small it that value and And the large aspects business the with approach on entire we we than it very can how work solution of comprehensive all of major an by turnkey resonates We out-of-the-box full interest

years, one move What the the SaaS with we so, gradually. forward. we growing value see couple is this because provide but is and aspect the constantly. Deals definitely comes also already past over share increase the part. deals the wallet more and cloud this capabilities of drive it And is larger because are this and more we it together of the aspects of And

Dylan Becker

Great.

to switching what's Is fueling some with to and the what's right of in makes That Roni the guess, and are more there? additional the the of about work and go-to-market the obviously of of North color there? a capacity, sense. America to that it over any supporting nice in it, the the strength the way again, And momentum able SIs, drivers kind that momentum maybe above? I all maturity Is see Canada. encouraging deliver? you go-to-market thinking it in pipeline? Is function on Okay. guess, platform to, some guys content of of additional I investment

Roni Al-Dor

yes, it's sales, mentioned, that of yes, front what marketing, to and investment we and the amount new in managing of SI. we did do is call the we from yes customer continue the and customer base coming CC, you As the

R&D X have As Life. nice we just building strong-- one. marketing have on to the component based amount know, The very really That's on investors there. we also and as an reinsurance very CoreSuite. SI deals. strong the X and remind wide and Life ago, is gave year we-- you Then And investing of the have years work very take know, U.S. in have, momentum Workers second part. the It's future the or years deals on we the the last that time. we pipeline the us we penetrate a with all the pipeline. X for X.X Comp. It on. so again closed Again, and We offering already side Right our to CoreSuite decided to now, signed and nice, that we you

select few a are We customers us. already

some in of process are right to We now engagement close kind them.

of point believer the competitive on We're implement is a but Sapiens also we our we that's still have stable, the we unique third very see So but offering. are momentum. we lot decision. challenges situation, P&C, are decision There our

momentum. things So all many a in all, it's-- it's together good

Operator

from of question Kevin Goldman is next Sachs. The Kumar

Kevin Kumar

cloud I a more. wanted to touch on migrations bit

the you talk material activity quarter? all quarter? played the to curious of how revenue recognition I of kind the there any point line X impact year, was the at know with Just can just that the during expectations? Was quarter your about in of to you're out. kind in but targeting And impact about negative

Roni Al-Dor

Kevin, Roni. is this

we year So we America new And customers, what is on North are with subscription, mentioned, already SaaS ago. all a in solution. this a offer we starting obviously, as

and now right in no-- is on So Europe, are that. there full partially we and

any not impact see major do we So to transition.

customers, years. Now take migration a existing that is this the will several journey for

at this only significantly reasonable the growing way We are in also and that have pace. we not revenue, a to X%, we we want it's as doing do anticipate a mentioned,

continuing of take are customers, some this. of several will but of we So years existing journey transitioned our We it doing the a customers.

Kevin Kumar

just you leveraging a there how of capabilities maybe I That's and AI differentiates the that And the to helpful. Gen the with being are more offer then in and called talk about out ask capabilities that that how about partnership I guess-- Sapiens those Microsoft marketplace? wanted few it. was they're a times kind the bit Got can carriers

Alex Zukerman

It's Alex.

about things initiatives. Gen our few a AI So

First partnership a of strategic Microsoft. all, with have we

next level industry. get with the of to provide us we closely and join AI Gen labs we really right and we work from cases. so, helps And solutions a forces the use support together This their the expert them. great to very really to And generate

In terms there. actuals the of

X So of Africa, our some one deploy Europe from in our when areas deploy one across of support service, we several predictive baseline. business. customer players currently, let's set in capabilities developing learning, handlers, cases analytics and speed of AI the capabilities accuracy is Generative includes to performance. say, One of copilot customers, insurance operational data of platform better to chain, the different actually, steroids, and external with their On customer role them Gen customer those We and machine underwriters, perform roles machine as cetera, the value for bringing model. the the South learning efficiency, top example, that, we to aspects value ability more AI chain, providing them AI meaning in use to of a claim are et on provide a some for

to released the platform, is more first the with run automatically release or a on automatically office call automatic by then ability customer and We Word invest let's a document configure. back to that. create it, where we in getting model PDF to part just our inbound or configure the, scope ability document of from other configuration The from the the of configuration Decision

letters migration AI using also is systems. And second also, to to our tool run run the stage. and Now about different all and data to documents platforms. we source within core create approach this today, with vision AI. platform the we of how develop to to capabilities target from today continue platform fields This The doing to Gen are source on map is

So for them. side. This our moving reaction we on interesting becoming capabilities. The market for the looking a feel The and differentiator we have additionals. is to forward world those very super strong. customers already is deploy deployed our of some definitely with it is is And cases

Operator

question of Reimer from Barclays. next is The Chris

Chris Reimer

the competition, on in terms they strong already, just the challenges in were if customers, you then is a but Actually, some especially facing, time Or was positioned transition? just Congratulations the it on company on move to those SaaS all before And model? what the mentioned how, light legacy I of just you of of results. the comment are could they're topics wondering of see matter any? if the do

Alex Zukerman

Okay.

So speaking. Alex it's

unique at So in is our competition, play the that when North APAC. we Europe company both P&C a Sapiens and we and look America, Life, fact

quite when about So talk we competition, fragmented. it's

answer to favor, SaaS several we the on market, all peer split leading capability. are leading we me our aspects. SaaS, and all as and differentiator North America run is expected standards competitors them, to In itself of match the are a not are market the let the the players with So SaaS our to

strong And upgrade so, side, terms on a in we process. P&C is excel. business to a seamless of level platform in cases, competitors to rapid to advantage we the largest This maturity. we some terms our feel of the the our in our see P&C we as are same cloud where upgradability. This on the In is one of and the challenges companies for SaaS go

we is analysis are-- look on position. So P&C leading in a this the is a look-- our at [indiscernible]. well to so When are that we very shows compensation the differentiate workers' we side, this our we When side.

Our very rate strong. win is

competition and with of And the that, cloud of the the combination illustration, top combination proposition both have fact technical the usage market, stand-alone, in functionality side, the but our our of of the we that Similarly, combined positioned and on market, to within a the there tools differentiator, of strong an puts of of which I Gen we perspective, technical of reflecting we to definitely to the underwriting of a Life, very look EP, the them, AI very well the unprecedented market we on in and are to we capabilities the to start the component the Life the platform the course, as maturity from with richness automation that core, Our-- the powerful proposition strong platform. all us they a competitors. at products, of pipeline. feel compared the in a when CoreSuite bring see is leading a in the position think compared together are market, Life we that

that's So North market. America the

when story we on European market, think I Life the and we look side. the see at the APAC same

and to in guys. Life It's It's in put all see we and we really the P&C, similar North think functional on APAC. combination what us this P&C ourselves in Asia, and by market for definitely P&C, both technical the and intend a position. are very considered So we the cloud in Life in see architecture, leading position with in and leading Europe Guidewire race also strong big at the and the a position And by leverage talked on look we in to large the we about maturity of I America. Southeast market. side. us The APAC, on X-horse a see APAC, analysts opportunity before, as richness driving when us strong we

Chris Reimer

for color. that? a That's the current you decision? technical if factors Is of on-- there years. that Or internal your just just contributing great are it could you customers time? it to some what an touch wondering transition are And the challenges? was mentioned matter just take is would I Or

Roni Giladi

this almost transition, and customer. issues. doing technical with are the them. any did the from this continue we the There of not obviously a They matter This Sapiens transition is all pace customer to of Roni. investment technically, It's we'll aren't the products, across and from

Operator

is question JPMorgan. of from next Alexei Gogolev The

Unknown Analyst

out first My currency growth on saw Elyse as revenue European Alexei broke [ to Gogolev. you for constant question is Did revenue. out total for was, ] that break happen I well? you organic This for Connor

Roni Giladi

headwind. on said the call coming don't of revenue the to And have in conference earlier I an grow XXXX, Obviously, I in I what the catch-up, impact would European we North like would had now. single-digits. QX currency XXXX catch-up in this the -- market. do if in QX that impact reiterate European to not we the entire company almost eliminate even We it know is America the high right on impact if and European mentioned the

high without the catch-up But that European this was on European the single-digits. So quarter of market. market will entire I currency impact grow mentioned, the

Unknown Analyst

weaker cash see the was typically, other question my then XQ than conversion collection why we last Because quarter year? quarters in And XQ and it. worse you this Got is, here? saw

Roni Giladi

collection XX% net income. cash to perspective. range This overall the an XX% our with is non-GAAP Overall, between Yes. was of

compare cash an that QX different have significant QX, of on you obviously in approach to impact QX we what If saw have we the a XXXX, very and QX collection XXXX. QX in of

So impact cash between main the know, balanced. This as the P&L. you It's two. is almost is not

So QX higher XXXX. range much of we was XXXX than are of without QX and

Operator

at are no questions this There you. time. Thank further

all Yaffa I a go of two participants statement, Yaffa, in call be to to would Before your ask with replay [Operator that to would I like statement? to this like hours. scheduled make the ahead closing remind will Ms. Cohen closing you Instructions] begin

Yaffa Cohen-Ifrah

that joining conferences. call X be Please for you note today. Thank upcoming the you. Thank Yes. Sapiens in participating will

and conference media Needham New First, and the in technology, next XX consumer week York, XX. May

if to We will you May May at and and XX June be Software Blair attend. We'll Conference meet you be XX, William the with also the X. happy on Growth on Jefferies Conference

questions. We answer follow-up are always happy to

call. free you. feel after this contact So to us Thank

Operator

you. Thank XXXX your Thank Sapiens Corporation First the you participation. Conference concludes Results Call. for Quarter International This

go may disconnect. ahead now and You

Sapiens International (SPNS) 8 May 242024 Q1 Earnings call transcript