SPNS - Earnings call transcript Q3 2024 | Sapiens International Corporation N.V.

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Operator

Welcome to Sapiens International Corporation's 2024 Third Quarter Financial Results Call. [Operator Instructions]

It is now my pleasure to introduce your host, Yaffa Cohen-Ifrah, Chief Marketing Officer and Head of Investor Relations. Thank you. Yaffa, you may now begin.

Yaffa Cohen-Ifrah

operator. you, Thank welcome our to Sapiens call conference I quarter you results review third for to want to XXXX. With me Mr. are on the call today Roni Mr. Al-Dor, CEO; President and Roni Mr. Giladi, CFO; and Alex Strategy Zukerman, Officer. Chief

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

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

will over the and to call Sapiens. now Roni? turn CEO I Roni Al-Dor, of President

Roni Al-Dor

thank joining today Quarter us Call. and Earnings for for everyone, you Third morning, Good XXXX Sapiens'

million, quarter $XXX to third a the year. in was increase revenue X.X% Our last compared

execution regions. to This key solid showcase across all quarter our of continued

insurance of ability to through future administrator, we long-term and improvements insurance chose services Continental its highlight TPA improve third-party and its to and the care its implementation streamline products. its North affiliates. wins These modernize I with the in specialty insurers expanding new platform want platform while markets scale enhance will to during annuity life General where capabilities America, to business few. new for its start Let's cloud-based Sapiens secured a quarter.

chose platform in markets. Harford a carrier, the pro leading Canadian growth reinsurance to improve to Sapiens health selected and digital life and insurance life process, win performance capture coverage automate to health its Mutual and selected by experience transform and balancing costly client complexities life valuable boost a cost its driving elevate automate Another and treaties its automated and the operational leakage. track, Society space management solution insurance the was in reinsurance enhance which and profitabilities recover Sapiens transformation with and mitigate companies insurance to Sapiens efficiencies cloud-based adviser build, cloud-based the efficiency, and coverage Insurance Harford data. And Sapiens the within Mutual reinsurance appropriate processes. enabling the rising claims eliminates lastly, reinsurance

Society system need Our met out-of-the-box for solution. an cloud-based reinsurance automated

consolidated data a repository of in can to Society quickly entire Sapiens access program for statutory queries reinsurance, reinsurance manage centralize cash in and and its that and compliance broad requirements. with reports. range capabilities management auditing accounting out runs stood now its

Insurance Group, to wanted with X. digital integrate customers Life Sapiens successfully transform live solution its IllustrationPro long A multiple July, Let across go PALIG, few highlight sub successful time solution platforms. and current America, to customer me existing Pan Microsoft North Sapiens in Azure to on Sapiens lives went system PALIG with quarter In the upgrades cloud. American a web-based

opportunity the Compensation market scalable, solutions. flexible and with year in platform, for feature a where market, self-sufficient remains ensuring comparisons, products building robust enable the fast client while America launches more PALIG Sapiens and will Workers' time manage agent ahead. experience is in illustration view momentum is management growth to on to multiple allow a improving a efficiency North substantial Sapiens to them will IllustrationPro consolidate single a

Workers' for upgrade go live quarter, with the continues to project rich third Compensation version. expected America progressing we this value completed on in North the customer win Compensation major Compensation Workers' three that which latest upgrades. drive deliver our can the are Workers' we Also, North XXXX. The In Casualty, CoreSuite this quarter ensure our and always team working transformation, the American on functionally we and to several business the to & trust we working market. In to plays innovate and Sapiens projects and several went most insurance the Property in we value are quarter, process live customer reinforced

America new and our and performance of delivers proof. future ensure it latest strengthen platform expanding Sapiens' the insurers, open insurance core version its release many release Casualty and insurance also introduced for North an improvement enhanced platform launched The & CoreSuite Property AI-based features. integrated We to Sapiens business remains The for functionality layer market. security digital capabilities

We have insurance ready. the data data to the ensure is migration challenges AI overcome help data of improved of and our consistency and that the consistent

unlocked would have progress have in These Moving of and system unattainable. our been our value market for collaboration otherwise reach. promising potential making has avenues to system partnerships in the in with is integrator, in opportunity SIs Sapiens new growth our development, expanding integrators, demonstrating resulted the that strategic pipeline and which

beneficial exciting relationship are outcome, We about deliver. the this could opportunity and

and future like of Summit mission contribute transformative and the future In Celent Industry move the and in your Sapiens from industry. from year, teams we participants express Deloitte, our Customer Summit Texas. solution [ the job of September, Austin, some Austin organization. collaboration world we we live lead perspective. the hosted world, share insurance rest value an to compose ] Datos the I to innovation, was highlights our capital best XXX insurance Microsoft, Annual the in technology. This to event, America leaders The perfect Customer in of insurance for companies held music North Before partners, want is Summit. our focus XXX

success customer commitment opportunity our transformative leads. concern. to meet our The partners, XX had and generate customer to also for and summit value and the to provides a needs our insights develop From and We customers partners, emerging this into growth reinforce create deeper identify we driving Sapiens market with value relationships our well clients. journeys companies trends and event, gain prospects for With present. and companies foundation tremendous

of rest the the to Moving world.

We reports the this with go live CoreSuite the and reduce automated DataSuite seamless quarter. I customers of user its Integrated quarter. businesses the its life and pension. Suite, deliver system complex reduced experience IDITSuite, have ReinsuranceMaster highlight several process, legacy and Group complexity which and are Tia transformation go customer while Hollard business live live migration the and operational want core progressing its costs and complicated pension. all manage complementing migration. our went for development accelerate to had life with to for and of migration seamlessly Sapiens the risk legacy its its and process will Sapiens analytics successful reporting staff. them CoreSuite and and suite systems. data and of across operating Among the we data this from life CoreSuite Hollard significantly with require solution, live many need CoreSuite Hollard benefit and tailored all during for as This solutions, merging go Hollard company align and upgrades DataSuite to in empowers data our will the

There platform Life and tiers. remains SaaS product across for solution for EMEA is Tia. all platform Demand and P&C continued our solid for and solution platform demand in lives particularly APAC, Sapiens' IDIT and

experience. stay AI for and to in enable want is with to to deep starting clients to regulatory customer on solutions our presence guidance to enhance AI, Sapiens regulatory local increasingly growing as ahead requirements. experiencing demand We AI-driven its markets positioned and efficiency and meet operational elevate are leverage industry agencies trends With issue also key regulatory knowledge of clients

tailor capabilities systems. can quickly replacing crucial tiers digital to for transformation medium over legacy our solution while front-end carriers enable strategies. innovate legacy digital strategy digital Our of smaller These gradually insurers with

for European time for the despite to and due SaaS-based delays approval of the new control. Sapiens robust regulatory reviews primarily factor case to protected the signing approval demand In market, model, are contract extend our and compliance business in due outside delay line deals. security remains These solution process

average a deals year-to-date contracting coming the period we the these we confident quarters. has As extended, in will close result, are

driving leveraging exceptional instrumental Microsoft been support their with and technology customers. has present to market our cutting-edge Our deliver strategic enhance collaborative and in partner value our to innovation,

to we to results and expect strong quarter for which this to details. reflects the Roni XXXX. XXXX. quarter up, our adjustment, outlook trends non-GAAP in XXXX. expense our Giladi unchanged provide that enabled I for Before like impact margin are our guidance into full reducing guidance and This operating leave management we and share persist revenue brief, the revision Despite full-year revenue our us wrap I XXXX emphasis But annual will on guidance. fourth in guidance our would the XXXX

revenue. external and provide me on Let the internal influencing some factor context

model position SaaS-based strategic One transition, revenue SaaS cycle, carefully impact while high-margin the lead from also impact key has contributors SaaS our extend where are Europe, to benefit shift and been of to greater. XXXX is has anticipate committing. sales shift to particularly before we sustainable to actual some insurance the evaluate the many new future on us this carriers in growth This

experiencing to model close they advantage. evaluate SaaS we result, As in the slightly deals a a are longer certain as time regions

America with cost with North challenges the and business is headwinds facing P&C increased Additionally, competition. our sector-specific

and more our that investment planned. macroeconomic progressing time leading insurance Compensation broader is lastly, business and emphasize environment is deals. me finalizing making Workers' take Let to And decisions the reinsurance as carriers in

growth base P&C competitive landscape carriers enhance pipeline competitive as we to to directing in key remain stands evolve, invest a want commitment this robust America strategy execute a we insurance single expect mind, with few to markets our platform in in North our I areas, next innovation across to business digit. We market, to Sapiens unwavering a all reiterate further influence our position platform. To XXXX, the low enter and growth AI anticipate smaller capabilities. client are continue as to to that year's advanced that will determined our we be continues expanding factor building and with to empower

Sapiens to used the in accelerated integrated invest our approach platform life few to suite, and for data has provide processing growth platform core operations. advanced on success and business which intelligent experience annuity portals continue back, end-to-end years the a with and market. We cohesive this P&C, digital Building streamline insurance in which or second

similar confident core in our are P&C to solutions. a strategy applying We

the market. our refining new sales and addressing also and marketing challenges while strengthening in are We to teams pursue strategy opportunities our go-to-market

the strong base, cross-sell for data, AI-driven our on successful that innovation client significant industry. To a are in our growth, Sapiens and a insurance expansion trusted our growth position our We digital offering. including and focus With see accelerating gross solution, focus globally we we'll higher return drive and sustainability drive strengthen to the decision also opportunity confident product. of as partner will on establishment customer

customers continue our We to transition also offering. to cloud existing our

we where and platform another deepen in with penetration summary, in of North momentum, to gaining our continue quarter we Additionally, X are our Life a while and will XXXX leading reinforce operational markets. In America progress. hold position the growth marked key market our presence quarter these we

priorities, XXXX us our our of executing solid which including accelerating key performance are for and to the position all We term the long regions. better SaaS shift across delivering is model,

I more turn to Now the to CFO performance. on financial our would detail over like call our provide to

Roni Giladi

XXXX my you, will by begin by the of cash the followed in non-GAAP XXXX. Revenue third million on to minimal an million, results, $XXX on Roni. revenue guidance with comments third I reviewing was was our this increase XXXX $XXX compared the will wrap commentary impact sheet XXXX. and of flow. I up Thank quarter X.X% third balance Currency of of for quarter. the in quarter quarter

deals, his resulted lower internal As in Roni our closing revenue to are new experiencing which mentioned we delay in compared in remarks, expectations.

than a growth during reported from the QX reflecting million, revenue, X.X%. annualized the XXXX, of reached recurring ARR, higher For QX XXXX, same revenue of period decrease $XXX our of

and XXXX. services of the in $XXX revenue Looking at million products by software from re-occurring XX.X% million to re-occurring compared mix. year-over-year increased $XX Revenue to postproduction QX

in signing mainly increase year. are compared with $XX year totaled to pre-products compared in APAC to of implementation shift Revenue the in of and million to and of $XX was X.X%. the year Revenue X.X% quarter. quarter. Switching double-digit implementation decline previous revenue South pleased to million from to of $XX in $XX to the America deals new SaaS, breakdown. Revenue delay $XX an Europe mentioned growth. was quarter, million, Africa due Revenue million I year-over-year geographic now which million was in was compared services as X.X%. the The We includes prior last preproduction increase rest an North world, and ago a $XX increase in in million,

X.X% in Operating million. $X third increased quarter. XX.X% QX grew range increase an quarter profit within our share attributed QX This Moving was in to of $XX margin quarter $XX operating this of increase Gross QX to versus maintained profit Net of this compared was of was Earnings in and XX higher XXXX. marketing million in margin QX $X.XX was per to onetime XX.X%, shareholders XXXX. Gross income despite and We revenue increase million re-occurring total of million in in profitability. compared to the and profit QX the to from revenue sales XX.X% is of an Sapiens the third $XX the compared XX.X% by third $XX and XXXX. implementation. Operating points $XX in revenue of ratio or million compared XXXX. by margin XX% million quarter XX.X% recurring XXXX X.X% $X.XX, $XX of target to quarter of for diluted to up or of investments from was and due XXXX. million of mainly basis

Turning sheet. to balance our

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

half During XXXX. the amount $XX.X of the the income dividend share to The we distributed first for of net quarter, of represents million $X.XX XX% in dividend our shareholders. or per

million our adjusted $XX million In $X the generated of third free in quarter Turning in compared flow free to we XXXX. XXXX, cash QX flow. of cash to

For outlook adjusted months similar $XX AA confirming to of Maalot the issuer Standard ratings generated while a the third with minus. confirmed B months first free Global, part flow X venture rating XXXX, S&P long-term Sapiens of as cash million, the we X for Poor's Sapiens of the global series also first In XXXX. quarter, the service for stable firm as AA minus and financial the of rating

$XXX range to XXXX guidance preliminary for about Let revising our look me to to from $XXX remainder and the our million. million million revenue discuss of of guidance X.X%. previous non-GAAP switch gears XXXX. annual A $XXX million to XXXX at are Today, of our $XXX we reduction a

headwind XXXX our discuss While took detail, SaaS impact the it's this expect revenue we digits. The our year previous a we the low early too revenue. guidance Initially, follows: the to of beginning approximately similar one, are the the at revenue and rate all decision reduced be of products our estimate XXXX to single in to to as transition that territories. we year, cognition strategic all growth XXXX are growth to for for expectation and in across have transition X% on would lower compared reason

XXXX. However, see We actual to greater totaling has the will been X% between over XXXX in X%. anticipate this into we carry trend

Additionally, is extended has mainly delay another transition SaaS factor insurance of and deal this therefore, process revenue. new affected signing the among in Europe. our decision-making This to carriers,

business property sector-specific Two, with the challenges & our American casualty North heightened facing is competition. and headwinds

has result, decreased. a deals from As revenue new

as impacted our market, decision are longer projects, In addition, decline certain uncertainty carrier. we delaying materializing of macroeconomic by enterprise following same overall are is insurance go-live in some In that decision revenue. Three, the we cases, in experiencing or, many our this companies. the witnessing software global cycle

fewer XX.X%, XXXX XXXX, negatively were XXXX be anticipated revenues. is As which we we implementation our in have our which to this deals note, is operating we new a and more generate particularly in to new recurring when deal in full positive pronounced higher margin XXXX range. a to XXXX, expected signed support to annual signed effect be impact This in revenue. On non-GAAP an revenue that of result, of expect year due within XXXX,

impact and in remain replacement we multi-decade Life continue several the opportunity cycle mindset markets. to the across next the of strong as market will challenges P&C are these While quarters, still ahead the us of

of both re-occurring postproduction digits, the has product double-digit both organic services XX% revenue XXX existing revenue, and stability, we and growing P&C and the globally, Sapiens between from past at software re-occurring of stickiness as M&A, represented in and growth the together revenue to solid North comprehensive with across customers XX X reach ability a Also, growth long-term highlighting to growth has core, including a of foundation XX% suite And and of solution return believe and with total broad visibility level from Europe and application, platform reported geographic our our America, customers. Sapiens data in growth. Life, Life. high and executing investing insurance single carrier. continue in in a to we to Looking years. a past years, for digital business similar keeping We products, APAC. offer a our strategy competitive P&C solutions

to Al-Dor. I will back now Roni? call Roni turn the

Roni Al-Dor

delivered We third solid reflecting quarter, our key Roni. continued you, Thank markets. progress a across

provider want as delivering support territories to growth. all position solution. remains and to team their to in for across key Our delivery growth trusted platform investors thank our commitment critical Sapiens. we continued reinforce investment insurance of committed long-term I for importantly, for ongoing our of the intelligent our a and for Most are a their and global insurance growth our excellence our

I will open operator now please the the call for questions. ask to

Operator

[Operator Instructions] question Needham & from Sam The of Company. Salvas is first

Sam Salvas

on I'm for Sam Salvas Mayank.

touch Can I seeing, pressures more what maybe taking of to some products off, out. you're talk are are wanted market and exactly these on the mitigate which guys these about in competitive the to you guys impacts? steps called First you more you

Alex Zukerman

Alex speaking. sure. Yes, is This

the reinsurance P&C, the North terms So is where the geographical America at think of the inflation. very, landscape, our catastrophes combination in side the combination operation we side, now we of we've not highest -- a a competitive that But North that on is crowdness of P&C is feel the when market market the the This in side. happened rates pressure. market. together pressure which when the in is It's we the 'XX, the America. spiking I strongest high, the point P&C of look competitive on we are that bit feel the on a seen the This new the a few on landscape P&C for of with that, competitive conditions in years very

of this creates specifically competition over year, the for very for deals, combination the situation us. competitive landscape combination the those economical a them So of the high plus

the offering middle in Now focus our this focus year the started the our plan previous it our launched and this our that to about to talked we on to from more market ports. It's where in side. platform Life our in proposition We market, based is the But 'XX, when mitigate platform and We a it that is started proposition. on see of efforts P&C it and and the feedback and to of substantially. we both great the side Life. launched for we European our platform on

plan Our And launch And this capabilities competition. to and XXXX. for very plan for the P&C CoreSuite that's planned will North market. for to America provide us cope our the platform with is strong differentiation

Roni Al-Dor

This Roni. is

would or Just I when core Alex I talked emphasize to feel compensation about only reinsurance the workers' there not P&C like North system, America, including strong. we to use

Alex Zukerman

Got it.

Okay. a That's And just quick Makes then sense. helpful. follow-up.

on gave. as the assumptions the 'XX preliminary macro some you Just guys have to guide you you of talk target? revenue that Could guys go you about

Roni Giladi

Basically, is continue macroeconomics is assumption -- right mentioned market 'XX not about we and this will XXXX. the us . see repeat to is to this cautious. the that coming XXXX demand, we the what with but the way, G. feel for reason By the and now on the Alex XXXX Roni Sam, continue into early from I

as do to specific say. not but see term, long We a So period. important this this is a

before the North Early a product. to to We year, cloud. we SaaS. took in APAC -- only year globally, transition Sapiens North did in strategic products and The all Europe, to America the second before move it America decision specific item is

impact transition What level. we two the have see on is

in became an decision-making The Therefore, obviously from The and reason the side. insurance that, the process the deal wasn't and factor the into more is us on embedded delay first career, that European mainly longer additional the one the the in taking time revenue. decision and approval of the for past. delay

factor. one is this So

recognition top this, be recognition. year, one the the cloud we is growth. existing second And in the revenue have as a The this also longer the post-production it's different, we see on And in further because impact on for misestimate one item the an or as to X% first of the spread the on year. hit the transition implication second revenue is to revisit Earlier the customers estimated revenue this we factor now period. take on a is revenue mentioned some

when Alex have reinsurance X% to between not mentioned, of year. and X% in have impact on the the just XXXX partial factor recognized And will into -- see XXXX the revenue that is only XXXX the year impact we because in only reinsurance the into new P&C mentioned all So the implication slowing revenue in, deals compensation, X% we the is XXXX, items with cost here, in take XXXX. One also down. the to There and earlier. is America, of workers' impact full emphasize I versus North of

revenue we in basically So are -- for into XXXX filling less the XXXX.

All revenue of the these at the came that growth. of what based us we estimate single-digit to and today, see low will on conclusion come

Operator

Blair. The from Dylan next of Becker William question is

Dylan Becker

question. guess, anything the kind some point, of sense you within that. headwind pipeline. confidence us but sticking nature Roni appreciate versus general more But it's that SaaS and net in as elongation, give last talk in you, I falling around, argue accelerated you from transition timing could on positive about maybe of a as you that the the components your can partner G, with I a out Maybe

of a of the and timing just lot here perspective? and you're matter customers already contract pipeline a resources confidence of the assume and kind I'd kind seeing allocated. from are and general But it's a sense of relationship, these getting a what having Sapien's

Roni Giladi

you. thank Dylan,

the this decision of onetime long-term spot. not the first all, in of the the value this year strategic on in it we and see took So because the top of is decision right We yet. beginning

the term revenue. more much the we ARR business see see more where coming sure, visibility in for repeatable we long So impact and

in And deal of behind see disappear bit Going let's do we see this the as a macroeconomic doing will forward, stay prolongation any the European revenue. that, earlier, avoiding not are onetime is just will Therefore, not see as time. market, North Alex, in, we like year the little that from demand. delay We mentioned, this period America. the because they the but I in we say, mentioned, something is which the something

going for to from sure we give moving the us So the year after forward implementation. X revenue the recurring upside SaaS X, number

Dylan Becker

Great. then Okay. maybe digits. kind look outlook And post-production piece the ARR and segue kind obviously some services that a of we down a that of has to still single give breaking Maybe some components low of with if at of sense us that as 'XX the too. the the growing clip, double-digit cloud impact nicely to initial well, kind in assuming of moving

again, maybe called kind that, those the of the dissect live? given on components, can win implemented subscription are some incremental in once fact visibility customers So if out those we you

Roni Giladi

will more XX% implementation, see We of re-occurring is from versus onetime. I angle. company. is revenue and trend. the the is sectors, the is than revenue which the growth We this significantly to ratios, higher gross of saw margin, the we but than the company. the similar the much all of this rate it's which higher re-occurring look answer than recurring see and try is reported the growth which very the a of at recurring good the growing. We revenue If different the revenue, one first Today, two the between

This X%. versus quarter was XX%

of type not us will with I'm into that nature that sure XXXX. forward sure going exact we'll numbers continue So the this make for

Operator

Surinder from Jefferies. is question of Thind next The

Surinder Thind

about to of SaaS of model headwinds that should follow-up product here. Is these Just frame clients talking XXXX? the transition everybody into the the the done an we most extended be Or are on time another to dispute? get idea

Roni Giladi

not impact Remember XXXX. that question I SaaS steps. XXXX is the two are and for transition clearly. The we doing sure got of Not to only

because -- and all, new existing implication cloud. the is to there is this And period customer is of are years that between to on customers that existing usually, the of time is we X period ago transferring years of also First X any And we X the the years several we time deal implementation. the factor the new SaaS. years it which to ago another takes several deals the saw around is convert sold SaaS

X frame. between years. X is the frame to is So this time This but with of of impact, percentage the impact. it's different the Again, time

Surinder Thind

understood So the time. on

to So is I to the was X the X years? revenue going headwind actual guess my question, to the continuing impact? clarify that question. be that That for next Is

Roni Giladi

but not same XXXX meaning impact potentially in more going we forward. ratio, if the at in but and see 'XX, Yes, lower

Surinder Thind

on? then to Understood. been at of light In maybe are sounds the terms -- going intact that spend margins has adjustment terms lighter Understood. revenues, it the we just this of And about working an relatively willingness in of in be point. projects and your of there spend, how to like Or you're the should your some think that?

Roni Giladi

Can you please repeat the question?

Surinder Thind

terms internal investments. of In

Roni Giladi

what stop We revenue sales about we beginning their also year from we'd we you in and see level. profitability And think, to the the took grow of sales And the mentioned profit the XXXX. and investments with quarter and grow -- increase quarter, a QX to million between what profit, our for increase year-to-year. Sapiens been strategic to in if the look on and marketing percentage competitor, decision of profit is but to mentioned additional than can to the now XX.X% We I lower see profit has like us. example, to and of XX.X%. $X right the the R&D, margin, now, level the we compared XX.X% maintain Alex And year, in able very platform. investment in investment report, until the okay, The so the significantly marketing last over in grew at

level. profit same but the grow like with percentage we'd So to remain the

Operator

The next question is from Alexei Gogolev JPMorgan. of

Elyse Kanner

on quarter? Kanner currency Elyse did press in Gogolev. is for the is this you that is the break release, out growth? on but This what Or Maybe this constant Alexei

Roni Giladi

exchange additional from very reported. impact in see we currency of terms this the minimal, of positive not downside do was impact The and revenue

Elyse Kanner

could Okay. growth reacceleration on time do Great. What's take some P&C event? the And potentially XXXX? North better undertaking of then think that Or here accelerate in for a you're come in compete initiatives you when line And those follow-up, to you've would America. talked investments? the about

Alex Zukerman

we Alex at we concept platform is this here. The So globally -- look the Sapiens. -- invest in

to a So it's that us allows and an technology products promote framework value multiple to approach and multiple bring offerings.

and investment solution growth we of our which I realization that on to on in P&C said, first of there. the focus our spearhead and see As Life also the is grows very chose we EMEA rapidly in this all, APAC,

do first in in through the taking second for the The P&C half year it's this foresee it of stage power and market. to proposition. competitive is the offering, first from got implementing that already will of us differentiation and to this XXXX. in we North in -- CoreSuite investment our it it of America. into very bring North intend And do and we half We the feedback prospects and the market in plan strong America notion implement customers this on launched 'XX. the positive additional the And We

Operator

from The of Tavy next Rosner Barclays. is question

Tavy Rosner

due you would of any in investment the of up Most that decisions my impact. remarks, further, Roni, customer level, regulatory regulatory little level just helpful at size, the been asked on about questions one your just prepared have to already. being talked to wanted of type delayed any I color follow I be geography, And here. a wanted is any the or specifically to dip comments, company

Alex Zukerman

This Yes. is, Alex here. again,

And details doing remain all in a first provide which full It's diligence checking due customers cautious we signature in as in the a cloud common around, of is the efforts SaaS because are us. expanded see The before is thing in of Europe. of the usual -- maybe that the is not think actually, common the lot all, also we in U.S. is SaaS offering, Europe main our I their on proposition full mainly around embracing and that that transferred the company pace. in Europe a a management the the cautiousness very the into business there same vendor but into we

these And is European get that What see we time complexity first first also we digital And confidence. in that to processes, do And the a the decision now higher them, core the not see is So is it's one checks, we that before, a they as many the easier, bundle. larger. the thing. of level them the sold warehouse, companies The and on and is that but they this South, is experienced because platform reporting major of moved lot them already front digital to of which takes of it. only around and provide larger much that we is this is thing see second time proposition part this data AI the they it's deals the ever mainly but SaaS. scope need delays entails

customers the for due time I different more bit course, a analyze all a is deal. takes diligence, cetera, et to substantially it of their of contract, this So a size

So main seen that be the aspects in delays. two that we've would

Operator

questions are no There further this at time. Instructions] [Operator

please (XX) Cohen-Ifrah, ask would Israel, a to Ms. Before Ms. closing call statement. I XXXX-XXX X hours. I replay like to remind call please Yaffa In call X-XXXX-XXX. this your internationally, Cohen-Ifrah her scheduled ahead participants make please begin U.S., and with please (XXX) In concluding call is that XXX-XXXX. (XXX) go statements. the of to X in

Yaffa Cohen-Ifrah

you to on next joining our We our discussing QX our earnings forward call. look Thank call results for today.

you contact you we again. us questions. if As further welcome you any always, to have Thank

Operator

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

You may disconnect. ahead go and

Sapiens International (SPNS) 11 Nov 242024 Q3 Earnings call transcript