Sapiens International Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 2, 2023

There are 8 speakers on the call.

Operator

Welcome to Sapiens International Corporation's 2023 Second Quarter Financial Results Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded August 2, 2023. It is now my pleasure to introduce your host, Yaffa Cohen Efrach, Chief Marketing Officer and Head of Investor Relations.

Operator

Thank you, Yaffa. You may now begin.

Speaker 1

Thank you, operator. I would like to welcome all of you to Sapiens' conference call to review our Q2 results for 2023. With me on the call today are Mr. Roni Al Gore, President and CEO and Mr. Roni Girardi, CFO.

Speaker 1

Following the summary of the results, we will be available to answer any questions. Before we start, I would like to remind everyone This conference call may contain projections or other forward looking statements. The Safe Harbor provisions in the press release issued today also applied to the content

Speaker 2

of the call. Statements

Speaker 1

expressly disclaim any obligation to update or revise any of these forward looking On the call today, we will refer to the non GAAP financial measures. A reconciliation of GAAP to non GAAP results as we provided in our press release issued before the market opened this morning. A replay of this call will be available after the call On our Investor Relations section of the company website or via the website link, which is available in the earnings release we I will now turn the call over to Roni Ardo, President and CEO of Sapient. Roni?

Speaker 3

Good morning, everyone, and thank you for joining us today for Sapiens' Q2 2023 earnings call. I'm pleased to share updates on our recent progress and achievements. Sapiens achieved a strong second quarter with 8.2% year over year revenue growth and 18.2% operating margin. Our strong quarter performance was driven by significant achievements across multiple lines of business and from diverse Geographies. This quarter our North America revenue year over year growth exceed 8% and EMEA revenue increased by over 5%.

Speaker 3

Our P and C and Life businesses are experiencing global And we have established a robust pipeline of opportunity. Looking ahead, we are increasingly optimistic about our performance in the second half of the year. Our results for the quarter are not only reflection of our accomplishment, but are also reflection of our dedication of execution, innovation and delivering outstanding solution to our valued Let's dive into our performance in our 2 largest regions, North America and EMEA. In North America, our team remains dedicated to acquiring new clients and expanding our relationships with existing ones. This commitment results in impressive growth in the region during the Q2.

Speaker 3

Our growth is across all of our line of businesses, life and annuity, PMC, workers' compensation and reinsurance. We are actively adding sales and marketing resource to support our future growth. Our investment in our life Solutions has proven highly successful in this region. This quarter, we signed several business application deals For live customer, these important wins in their own right, but they also put us in a strong for expansion into digital and core administration opportunities with these accounts. In addition, We had exciting go live implementations.

Speaker 3

In the P and C space, we had a major win for our reinsurance master solution. In CELAND's 2023, seeded reinsurance solution global report, which was published in July, capability metrics for advanced technology and breadth of functionality. Sapiens' reinsurance pro was also recognized in the report As functionality stands out for breadth of functionality, this recognition by Zealand not only solidified Our position as reinsurance market leader, but also reaffirm our ongoing commitment to provide exceptional technology solution for the insurance industry. In the workers' compensation space, the positive momentum continue. As I said in the previous call, these markets represent a significant opportunity for Sapiens in U.

Speaker 3

S. And Canada this year in the coming years. Moving to EMEA region, we are focused on UK, Nordic, DACH, Iberia, South Africa and Central Europe. We are witnessing a growing interest in system replacement throughout this region and our position is exceptionally strong to capture a large market share. The market trend of cloud migration and the demand for such solution align with our capabilities.

Speaker 3

Additionally, Our multi region presence and commitment to maintaining customer relationship through their entire lifecycle serve a competitive advantage that resonate with customer in this region. Septon's growing presence in EMEA region directly results Enabling us to expand further in this important region. This quarter, I want to emphasize our recent achievements in the APAC region, which have demonstrated consistent momentum and show our successful land and expand strategy. We firmly believe this region will be an additional growth catalyst for Sapiens. We are actively investing in the territory and our efforts are yielding promising results.

Speaker 3

Customers in this market are showing keen interest in our offering and we are attracting attention from various stakeholders. In the Q2, we announced that Vietnam's digital insurance office chose Sapiens for modernization its core P and C insurance system, Sapiens' Deep Suite for P&C coupled with Sapiens Intelligence will provide Opus a turnkey solution for expanding its Sapiens already had growing presence in another country in APAC region, Thailand, Following the selection of Sapiens by Bangkok Insurance, BKI for digital core transformation, BKI is one of Thailand leading P and C insurers and they're implementing including more than 90 products across personal and commercial lines integrating more than 50 third party system and transforming underwriting claims Channel's accounting and reinsurance process. It was noting that the APAC region is large enough to offer us opportunity for These markets are opening up to us and we have made significant headway in Countries such as Hong Kong, Singapore, Australia and in the past 2 years in Thailand and Vietnam. Let's turn to our product platform. This quarter, I would like to highlight our Life businesses.

Speaker 3

Our core Life businesses globally is growing. We delivered strong growth year to date, signed major deals in EMEA and North America and now we're with LocalTapiola Life, the 4th largest life insurance company in Finland. The Expanded agreement will now include Safin's cloud services for a 10 year period. Additionally, as we report previously, We closed 2 substantial deal in North America during quarter 4 2022 and quarter 1 2023. Given our strong momentum over the recent quarter, we anticipate continued growth in this area, which could positively impact our overall performance.

Speaker 3

Looking ahead, we have a strong pipeline and the momentum continue to build. We see a strong growth opportunity for us in the Life market, leveraging The unique global capabilities of our Life platform and our leadership and competitive position. Our investment in our core Life platform and business application product has yield positive outcomes and we are proud to say that Sapiens has established A significant presence in the life insurance vertical. Last month, Sapiens' core suite for life and pensions Cepion's core suite was recognized as a luminary policy administration solution, the top tier in select technical capability matrix for advanced technology and breadth of functionality anemia. And in another CELAND report, Sapiens' CoreSuite for Life platform was also named as the luminary policy administration solution by CELAND in North America.

Speaker 3

On the partnership front, this quarter we announced groundbreaking collaboration with Microsoft. Sapiens will integrate Microsoft Azure Open NI and Azure Power Virtual Agent to Provide generative AI solution for the insurance companies, allowing customer to easily navigate complex documents Such as policies, terms and condition and more using neutral large language AI model. We see a potential for what generative AI can do for the next generation of insurance solution. And Sapiens integration of Azure OpenAI will allow us to explore and define the right solution for insurance worldwide. And lastly, in May, Sapiens hosted its largest international client conference in Barcelona.

Speaker 3

This year's client conference team We'll explore the possibilities, focusing on key trends and innovation driving our industry. We enjoy significant participation from our customer, prospect and industry experts with over 300 participants In attendance, representatives from Microsoft, Celent and various participants from Sapiens InsurTech Ecosystem Gave insightful presentation and participated in extra panels. Our feedback from our customer and partners was positive and the strong focus on leveraging the latest technology to enhance our solution was well received. In conclusion, We are delighted with our global progress, especially in our largest region, EMEA, North America And our success in APAC, our strong performance in the Life businesses, ongoing achievements in P and C In collaboration with SmartCoSoft, a direct outcome of our dedication to innovation and continuous improvement. Delivering innovation solution to our customers remain a top priority for us and we have confidence that our effort will drive further growth and create significant value for our stakeholders.

Speaker 3

Thank you again for joining us today and I look forward to sharing more update in the future. Now, I will turn it over to our CFO to provide more details on Now financial performance.

Speaker 2

Thank you, Roni. I will begin my commentary with a review of our strong second Quarter 2023 non GAAP results, followed by comments on the balance sheet and cash flow. I will wrap up with a review of our guidance, which will include an increase in our outlook for 2023 revenue and profit. Revenue in the Q2 of 2023 was $128,400,000 An increase of 8.2 percent compared to $118,600,000 in the Q2 of 2022. During the quarter, we faced a small currency headwind.

Speaker 2

And in a constant currency basis, revenue increased by 8.4% Compared to Q2 of previous year. Revenue in North America was $52,100,000 compared to $48,200,000 in Comparable quarter, an increase of 8.2 percent $4,000,000 The increase in revenue results from Growth across most of our line of business and reflects the momentum in this region. Revenue in Europe was $63,000,000 a year over year increase from $59,900,000 or growth of 5.2%. On a constant currency basis, revenue increased by 5.4% compared to Q2 of 2022. Revenue in Q2 of 2023 was slightly lower than Q1 of 2023 due to the revenue catch up In Q1 that we mentioned in the previous investor call.

Speaker 2

Revenue in Rest of World, which includes South Africa and APAC, Increased by 25.5 percent compared to prior year quarter of $10,600,000 mainly due to strong new deals we signed in the region in P and C and Life and Pension. Gross profit reached $58,000,000 an increase of $4,800,000 from the comparable quarter, while gross margin improved 30 basis points to 45.2% compared to 44.9% last year. Operating expenses were $34,600,000 an increase of 6.5% Compared to $32,500,000 in Q2 of 2022. R and D investment was $17,400,000 up 8.4% compared to Q2 of 2022, representing 13.6% of our total revenue and reflecting increased investment in cloud and digital solutions. SG and A expenses were $17,200,000 Up 4.6% compared to the Q2 of 2022, representing 13.4% of our total revenue.

Speaker 2

Operating profit and margin in the Q2 of 2023 were $23,400,000 18.2 percent respectively, an increase of $2,700,000 or an additional 70 basis points compared to the same quarter of last The year over year increase in operating profit and margin was primarily due to higher gross margin and improved cost management In G and A, the higher gross margin is derived from 1, the higher ratio of product and post production services revenue Out of total revenue, which imply higher quality revenue with better margin profile 2, increase in offshore ratio. Financial expenses in this quarter totaled $560,000 compared to $2,500,000 in the Comparable quarter. The low interest cost was mainly due to interest income on a bank deposit, which was offset by hedging transaction costs And interest on debenture. Net income attributable to Sapiens shareholders for the Q2 of 2023 was $18,600,000 up 24.2 percent from $15,000,000 in Q2 of 2022. EPS was $0.33 per diluted share for the Q2 of 2023, an increase of 22.2 percent or $0.06 higher than Q2 of 2022.

Speaker 2

EBITDA increased by 12.4% To $24,400,000 or 19 percent of revenue in the Q2 of 2023 compared to $21,700,000 or 18.3 percent of revenue in Q2 of 2022. Starting in 2023, We are providing an additional breakdown of our revenue into 2 groups, software product and reoccurring post production services and Pre production implementation services and provide period over period comparison as each new period is reported. In Q2 2023, revenue from recurring software products and reoccurring postproduction services totaled $82,600,000 compared to $72,000,000 in Q2 of 2022, a $10,600,000 increase or 14.7% growth. The gross margin for this group was 51.4% compared to 52.2% in Q2 of 2022. We want to reiterate that revenue can fluctuate between quarter.

Speaker 2

Still, we are confident that We will continue to grow revenue from recurring software products and reoccurring services on a yearly basis. The growth will come from the following main three initiatives. 1, continue converting customer From the implementation phase to the post production phase 2, shifting gradually to SaaS solution. We have already started to offer SaaS solution for several products in North America, and we are starting to do so also in Europe. We intend to implement this gradually in order to maintain our revenue growth.

Speaker 2

3, migrate existing customer to our cloud solution. Today, all of our new deals are on the cloud, yet most of our existing customers are not in the cloud, and we intend to migrate them to our cloud solution over the next few years, which will drive incremental recurring revenue stream with higher gross margin. Turning to our balance sheet and adjusted free cash flow. As of June 30, 2023, we had cash and cash equivalents and short term deposits totaling $179,400,000 Our outstanding debenture balance is $60,000,000 and will be paid in 3 equal installments over 3 years. During Q2 of 2023, we generated an adjusted free cash flow of $12,100,000 compared to $4,200,000 in Q2 of 2022.

Speaker 2

This quarter, we paid an incremental of $4,600,000 to USA tax authorities due to new Section 117 For R and D expenses related to 2022. The additional payment is a temporary difference and does not have an effect On the P and L, only on the cash flow. During H1 of 2023, We converted 89.4 percent of our non GAAP net income to adjusted free cash flow. Moving to dividend. We announced today that the Board of Directors had approved the distribution of a cash dividend of $0.26 per share or $14,400,000 in total for the 1st 6 months of 2023.

Speaker 2

The dividend is in line with Sapiens' dividend policy Of distribution on a semi annual basis up to 40% of its annual non GAAP net income. The dividend will be paid on August 30, 2023 to Sapiens shareholder of record as of August 16, 2023. The dividend is subject to the withholding of Israeli tax at source at the range of 25% of the dividend amount payable to Israeli individual and non Israeli shareholders of record. I want then now to our guidance for 2023. We are raising our full year 2023 non GAAP revenue guidance from a range of $507,000,000 to $512,000,000 to a new range of 511 to $516,000,000 On the non GAAP operating margin, we are increasing the low range of our guidance From 17.8 percent to 18%.

Speaker 2

Our full year 2023 non GAAP operating margin is now 18% to 18.2%. To summarize, our Q2 2023 was a Very strong quarter for SAPIEN. Our revenue grew 8.2%. Our software product and reoccurring post production services grew 14.7 percent and we signed deals across all our key products in the period. We witnessed improved momentum in North America.

Speaker 2

Our operating margin reached 18.2% With an EBITDA of $24,400,000 or 19 percent of revenue. We converted our net profit To adjusted free cash flow at the rate of 89% in the 1st 6 months of 2023. And lastly, We continue to distribute cash dividend to our shareholders and announced dividend in the amount of $14,400,000 for the first 6 months of 2023. We remain committed to growth while improving our profit. I will now turn the call back to Roni Aldo.

Speaker 2

Roni? Thank you, Roni. We delivered a strong 2nd quarter and first half in twenty twenty three, given the great success across our businesses both geographically And by

Speaker 3

product line, importantly, we have a robust pipeline for new opportunity with highly competitive portfolio of offering that

Operator

The first question is from Mayank Tandon of Needham and Company. Please go ahead.

Speaker 4

It seems like the demand environment is getting a bit better here. Could you guys give us some more color into how customer conversations have Change from last quarter and maybe parse that out between North America and Europe.

Speaker 3

Hi, this is Roni Aldor. We are continuing to see interest in North America as well in Europe. In North America, We have very strong in several five areas as I mentioned in the workers' comp area, in the P In the reinsurance area, in the life business, those type, but we still have the same demand in Europe also in our Life on the P and C and reinsurance. So overall and as you know we are very diverse. So Also in terms of our product, what we also see the demand of our digital data and cloud.

Speaker 3

So the majority of our new business is coming with at least 1, 2, 3 pieces from what I mentioned.

Speaker 4

Got it. That's helpful. Thanks for that. And then could you guys just talk a little bit more about what is driving the improved Margin outlook, and just what exactly you guys are doing here that gives you that confidence going into the back half?

Speaker 2

Hi, Sam. This is Roni Gee. On the margin outlook, we only increased the lower range of the guidance from 17.8 to So the new range is 18 to 18.2. Several factors are allowing us To do so and improve profitability while we are growing, number 1 is the mix of recurring Product and reoccurring services, which is increasing with a higher margin. The second one Increased offshore ratio that allow us to improve profitability.

Speaker 2

That being said, we are doing some saving Items on the overhead cost by and also increasing the sales, so this is natural. Both of these all of these three levels allow us to improve profitability while we are going.

Speaker 4

Got it.

Operator

The next question is from Dylan Becker of William Blair. Please go ahead.

Speaker 5

Hey, gentlemen. Nice job here and hey, Yafa as well. Maybe kind Speaking with the first question, I have seen it a little bit of a different way. Ronny, a for you, how are carriers adapting kind of to the current We're seeing that they're under a lot of cost pressure. They're emphasizing data.

Speaker 5

They're starting to take rates up. I guess, how are they thinking about

Speaker 3

Again, as I mentioned, we are the carrier, as you know, the majority of Telesteal using a legacy system And for them also one of their high priority is efficiency versus growth in the past. And I think the system that we are serving can improve their efficiency. Yes, it's starting with the investments first, But all the automation and the analytics and so that's about the efficiency. In terms of their customer, I think the digital part become more and more important Because this is again, it starts heavily in the COVID, but now everything customer expect to talk with their clients on digital. So again, it's also they need to make sure their core system support the digital and sometimes they're also buying from us.

Speaker 3

So even they have their challenges, but I think this is what we are seeing. We are seeing more and more RFPs coming because there is still a big demand.

Speaker 5

Got it. That's helpful. And maybe you guys did touch on kind of With Microsoft, I don't know if this is for Ronnie Ye or maybe Alex to a certain extent to if he's on. But wondering again how maybe that AI tailwind can help Support some of those initiatives that you just called out, Ronnie. Does this kind of evolve the underwriting framework and maybe how the insurance model operates Today, and does that drive incremental reliance maybe on insights spills off of an Intelligent Core?

Speaker 5

Are you guys starting to see that in any capacity or think that maybe it's how that plays out?

Speaker 3

Yes. I will take the call because Alex is sick right now. So The agreement with Microsoft is just recently started. We are so it's relatively early Sage, but both company put a big investment. We started as you mentioned with Underwriting area, we claim area, but again, there is a lot of area that we can plan to integrate it in our system.

Speaker 3

So it's again it's still early stage but we are seeing a lot of area that we can use this.

Speaker 5

Got it. Okay. Sorry. And one last one if I could. Didn't want to leave Roni G hang in here.

Speaker 5

Roni, you mentioned The long runway for migration activity, get that that's likely something that plays out over a number of years. But is there any way to I think about how that opportunity can look, maybe the mix of what the on prem customer base is today, what a cloud uplift could look like, And how that kind of supports really the healthy post production momentum we saw this quarter? Thanks.

Speaker 2

Hi, Dylan. This is Roni. So as we continue to grow, we will see improved ratio in terms of post production services out of total revenue. There are several items for that. The first one is shifting from preproduction to postproduction.

Speaker 2

And the second one is what Roni mentioned is moving customer, existing customer to the cloud We already started doing this and this is a great additional recurring revenue piece with high margin profile. And the last one is also moving in selling also on SaaS solution, which will increase the recurring piece in also in the future. All of these factors then will increase the ratio. We believe that we can pass the 70% ratio or even 5% ratio of total revenue in the next several years. And if you calculated the margin, we'll see ability to increase overall margin As we continue this trend, we believe up to 5%.

Speaker 5

Got it. Very helpful. Thank you guys and congrats again.

Operator

The next question is from Surinder Thind of Jefferies. Please go ahead.

Speaker 4

Thank you. Can you please provide maybe a bit more color on the APAC opportunity here? It sounded like you were a bit more excited. There's a number of wins there. Can you also talk about the fragmentation in the region as there's a lot of different countries involved, different sales processes and So fairly small part of the business right now, but how are you thinking about that over the next 3 to 5 years?

Speaker 3

Okay. This is Roni Al Dor. At this moment, we are the product that we are pushing on Asia is mainly our P and C platform and reinsurance. So and we started with several countries like at the beginning in India, Hong Kong, Singapore And then as we mentioned, we move now to Thailand and Vietnam. There is a few other countries for sure Australia, but for Sure, there is few other countries, but as we believe on what we call end and expand.

Speaker 3

So we as we

Speaker 2

just started in these 2 big countries like Thailand and Vietnam,

Speaker 3

so we believe after Like Thailand, Vietnam, so we believe after we complete the implementation for the first client, we are Still discussion with many others that are looking for to see the results on those clients. So this is one thing. The second thing It's about our live solution. There is a big demand. Our strategy right now is To look for this territory mainly in the future and we also plan to do it together with the partners just because the other demands that we have from other area.

Speaker 3

So I think from a long term, We see the very interesting region to play. We have the advantage that we have close to half of our employee are in India. So we can do all the support from them and when we acquire this type of business from many years ago, They have many, many years of experience to work in this region, also to represent Sapiens and others. So we have also many life by the way implementation from the past. So we have the knowledge, we have the experience, we have the people, we have the low cost, but we're still looking for also to work with partners as well.

Speaker 4

That's helpful. And then in terms of a follow-up on the agreement with Microsoft and the integration of some of OpenAI's technologies into the product suite,

Speaker 1

What does the road map look like for you at this time? You

Speaker 4

talked about it being So is that a year out before we start to see revenues? How should we think about that part of the agreement?

Speaker 2

Hi, Sandler. This is Roni G. I will follow-up on what Roni mentioned. We just started the road map together With Microsoft, both team are in the lab working. When there will be revenue stream, we'll talk about this.

Speaker 2

Obviously, it will start as A small amount and we hopefully will grow in the future. Currently, we do not want to emphasize the revenue level.

Speaker 4

Thank you. And then a question on the guidance change here, the update. Any color on what the new FX assumption is? How much of this is an improvement in the fundamentals and how much is FX as we've seen a material strengthening of the euro and the pound as well.

Speaker 2

And the impact on the FX is immaterial as of Q2 that was Also minimal from 8.2 to 8.4. So majority of the impact is coming from Ongoing operational business.

Speaker 4

God, I apologize. I'm talking about the future guide.

Speaker 2

Very small amount is coming from currency, the majority is coming from ongoing operational business.

Speaker 4

Thank you.

Operator

The next question is from Kevin Kumar of Goldman Sachs. Please go ahead.

Speaker 6

Thanks for taking my question. I wanted to ask about North America. Great to see the acceleration in growth in that segment As you see more progress in that segment, how are you thinking about the level of investments in the sales and marketing And customer success teams required to adequately cover that market. Should we expect kind of a faster pace of sales and marketing moving forward? Thanks.

Speaker 3

Yes, hi. Can you repeat your Quick question, you asked about our sales and marketing and CCE effort is what you asked?

Speaker 6

Yes, the sales and marketing across your North American business, given the growth there and the success you've had, how are you thinking about the level of investment to kind of sustain that

Speaker 3

Yes. Okay. So we quarter 4 last year, we start to So a lot of changes also as the organization and we hire A bunch of people for the client, what we call client CAC, client support and client relationship and for the new business. So definitely we grow everything in our business take time. Even we hire from the market from competition, It takes time to learn also to build all the relationship with clients.

Speaker 3

So in terms of investments, we The majority we already did. We have few more, but the majority right now it's the time to implement Make sure they are on boarding and we can see the results. In the next few months, we have a big Client conference, what we call summit in October, so we start to see Nice numbers at this moment. So overall, we plan to increase the investment.

Speaker 2

Kevin, if I need to add one more view on that, we do not see this investment coming also in Q2. As I mentioned earlier, we did some cost saving items on corporate that saved some money and the increase in this investment It came on top, so this is almost flat. We will probably will see this effect of additional investment coming from Q3 nonwovens.

Speaker 6

That's helpful. Thanks for that. And then maybe can you give an update on just your view on M and A And given valuations may have come down a bit and does that enable you to be a bit more aggressive there? Thanks.

Speaker 2

On the M and A, we see the same as you mentioned Kevin, valuation went down. We were engaged In several opportunities, we are engaged in several opportunities, some in early stage, some are more progress. I can tell that some of the deals that we Been involved went off because of valuation, some of them also because not fit. We have the intention to close hopefully this year, if not for sure next year.

Speaker 6

Great. Thanks for taking my questions.

Speaker 3

Thank you.

Operator

The next question is from Chris Reimer of Barclays. Please go ahead.

Speaker 7

Into the APAC region, I was wondering if there's any challenges in that area versus other regions. Are there any prohibitions or regulatory aspects of activity there that might be unique to the area and different from where you already operate?

Speaker 3

Hi. This is Roni Hay. Hi. We don't see any issue on the regulation even Most of the countries is very similar to U. K.

Speaker 3

So it's mainly on the life on the P and C, we We don't see any issue. Every country that we enter, we call it country layers. So new countries, we demand some kind of investment For us, but that's a part of our plan. And I think the other challenge is mainly on the rate card. So the amount of money they're able to buy from them, to buy from us.

Speaker 3

So this is why the solution that we have that we have the Indian organization able to support almost end to end That can allow us to do business in this area. So no regulation big challenges and not also on the rate.

Speaker 7

Okay. And just touching on the gross margin, there was a bit of a decline in the Software segment this quarter, I was wondering if you could touch on the contributing factors to that, what's made up of The decline or in general?

Speaker 2

Hi, this is Roni G. We started to introduce this view or analysis during 2023. We also mentioned that can be some fluctuation from 1 quarter to another. If we review on the accumulated basis for the last 6 months, we'll see slight improvement And within the range that we mentioned, the gross margin over there should be between 50% to 56% and we are in line to that. So fluctuation between quarters, if we look on the yearly basis, we'll see improvement year over year.

Speaker 7

Got it. So the general target area is 52 to 56? Okay. Got it. Thank you very much.

Speaker 7

That's it for me.

Operator

There are no further questions at this time. Before I ask Mr. Al Dor to go ahead with his closing statement, I would like to remind participants that a replay of this call is scheduled to begin in 2 hours. In the U. S, please call 1-eight eighty eight 269,005.

Operator

In Israel, please call 3,925,938. Call.

Speaker 2

At this time, all

Speaker 3

participants are in a listen only mode. And internationally, please call

Operator

9,723-nine 25,938. Mr. Al Dor, would you like to make your concluding statement?

Speaker 3

Yes. Thank you for joining us today for the call.

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Sapiens International Q2 2023
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