Sapiens International Corporation N.V. (NASDAQ:SPNS) Q1 2022 Earnings Conference Call May 3, 2022 9:30 AM ET
Company Participants
Tally Kaplan - Director, Corporate Marketing
Roni Dor - President and Chief Executive Officer
Roni Giladi - Chief Financial Officer
Alex Zukerman - Chief Strategy Officer
Conference Call Participants
Surinder Thind - Jefferies
Mayank Tandon - Needham & Company
Chris Reimer - Barclays
Dylan Becker - William Blair
Omri Lapidot - Leumi Partners
Operator
Welcome to Sapiens International Corporation’s 2022 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, 2022. It is now my pleasure to introduce your host, Tally Kaplan Porat, Director of Corporate Marketing. Thank you, Tally. You may now begin.
Tally Kaplan
Thank you, and good day, everyone. Sapiens’ first quarter 2022 earnings release was issued before the market opened this morning and has been posted on the company’s website at www.sapiens.com.
Representing Sapiens on the call today are Roni Al-Dor, President and CEO; Roni Giladi, our Chief Financial Officer.
Before we start, I would like to remind everyone that this conference call may contain projections or other forward-looking statements. The Safe Harbor provisions in this press release issued today also apply to the content of the call. Sapiens 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.
On today’s call, we will refer to the non-GAAP financial measures. A reconciliation schedule shows GAAP versus 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 now turn the call over to Roni Al-Dor, President and Chief Executive Officer of Sapiens. Roni?
Roni Dor
Thank you, Tally. I would like to welcome everyone to our call today to review Sapiens’ first quarter 2022 financial results. Sapiens has delivered a good start to 2022 with first quarter revenue increased by 7% year-over-year to $180 million, in line with the guidance we gave on our last earnings calls. Operating profit increased to $20.8 million for an operating margin of 17.6%. We maintain profitability on parallel with full year 2021 despite increased employee cost. The global Sapiens team has successfully delivered on multiple forms in quarter one with notable wins in all geographies, efficient delivery, and continue investment in the innovation, capabilities and expansion of our offering. Our global customer centric model continue to achieve consistent goals and profitability and generating cash. Sapiens success is built upon three key elements. The first key elements is our commitment to innovation, and product excellence, reflecting our meaningful R&D strategy. This drive the continuous improvement and enhancement of our offering, which is being recognized by the analyst community and by our customers.