Sapiens International Corporation N.V. (NASDAQ:SPNS) Q1 2023 Earnings Conference Call May 3, 2023 9:30 AM ET
Company Participants
Yaffa Cohen-Ifrah - Chief Marketing Officer and Head-Investor Relations
Roni Al-Dor - President and Chief Executive Officer
Roni Giladi - Chief Financial Officer
Alex Zukerman - Chief Strategy Officer
Conference Call Participants
Kevin Kumar - Goldman Sachs
Kyle Peterson - Needham & Co.
Dylan Becker - William Blair
Chris Reimer - Barclays
Surinder Thind - Jefferies
Operator
Welcome to Sapiens Corporation's 2023 First 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. [Operator Instructions]. As a reminder, this conference is being recorded May 3, 2023.
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
Thank you, operator. I would like to welcome all of you to the Sapiens conference call to review our first-quarter results for 2023. With me on the call today are Mr. Roni Al-Dor, President and CEO; Mr. Roni Giladi, CFO; and Mr. Alex Zukerman, Chief Strategy Officer.
Following the summary of the results, we will all be available to answer any questions. Before we start, I would like to remind everyone that this conference call may contain projections or other forward-looking statements. The safe harbor provision in the press release issued today also applies to the content of the call. Sapiens 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 view or expectations, or otherwise. On today's call, we will refer to the non-GAAP financial measures.
A reconciliation of GAAP to non-GAAP results has been 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 published today. I will turn the call over to Roni Al-Dor, President and CEO of Sapiens. Roni?
Roni Al-Dor
Thank you, Yaffa, and thank you to everyone who has joined us today. I want to welcome you to our earnings call. Sapiens had a solid first quarter with a 6% year-over-year increase in revenue to $124.8 million. Our hard work of dedication has paid off as we also delivered a higher operating profit of $22.5 million, resulting in an operating margin of 18%. We are excited to continue this positive momentum throughout the year and achieve continued success.