Magic Software Enterprises Ltd. (NASDAQ:MGIC) Q1 2023 Earnings Conference Call May 18, 2023 10:00 AM ET
Company Participants
Asaf Berenstin - Chief Financial Officer
Guy Bernstein - Chief Executive Officer
Conference Call Participants
Chris Reimer - Barclays
Maggie Nolan - William Blair
Mike Silver - Kensington Capital Corp
Operator
Welcome to Magic Software Enterprises 2023 First Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
With us on the line today are Magic's CEO, Mr. Guy Bernstein; Magic's CFO, Mr. Asaf Berenstin; and Magic VP of Technology and Innovation, Mr. Yuval Lavi.
Magic first quarter 2023 earnings release was issued before the market opened this morning and it has been posted on the company's website at www.magicsoftware.com. Before we start, I'd like to remind everyone that this conference call may contain projections or other forward-looking statements.
The Safe Harbor provision provided in the press release issued today also applies to the content of this call. Magic expressly disclaims any obligation to update or revise any of these forward-looking statements whether because of future events, new information, a change in its views or expectations or otherwise.
Also during the course of today's call, management will refer to non-GAAP financial measures, a reconciliation schedule showing GAAP versus non-GAAP results has been provided in the 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's website.
I will now turn the call over to Mr. Asaf Bernstein, CFO of Magic Software. Please go ahead.
Asaf Berenstin
Thank you, operator, and thank you, everyone, for joining us today as we report our first quarter 2023 financial results. During the call today, I will review highlights from our first quarter results and provide an overview of our achievements. We appreciate your continued support and look forward to sharing our progress with you.
Our hard work and dedication contributed to our solid performance in the first quarter of 2023 as we report approximately 3% year-over-year growth in revenues, reaching first quarter all-time high of $142.4 million and operating income of $18.4 million.
These results demonstrate the growing investments made by enterprises and organizations worldwide even during COVID challenging macroeconomic climate to leverage the digital technologies and cloud-based platforms creating high demand for innovative software solutions and services, which together with the outstanding execution by our teams, led to another quarter of solid performance recorded across our business.