Sapiens International Corporation N.V. (NASDAQ:SPNS) Q2 2024 Earnings Conference Call August 1, 2024 9:30 AM ET

Company Participants

Yaffa Cohen-Ifrah - Chief Marketing Officer & Head of Investor Relations
Roni Al-Dor - President & Chief Executive Officer
Roni Giladi - Chief Financial Officer
Alex Zukerman - Chief Strategy Officer

Conference Call Participants

Dylan Becker - William Blair
Kevin Kumar - Goldman Sachs
Chris Reimer - Barclays

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Sapiens International Corporation's Second Quarter 2024 Financial Results Conference Call. Sapiens issued a press release before the market opened this morning and it has been posted on the company's website at www.sapiens.com. All participants are presently in a listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session.

I would now like to hand the call to Ms. Yaffa Cohen, Sapiens' Chief Marketing Officer and Head of Investor Relations. Yaffa, would you like to begin?

Yaffa Cohen-Ifrah

Thank you, operator. I would like to welcome all of you to Sapiens conference call to review our second quarter 2024 results. With me on the call today are Mr. Roni Al-Dor, President and CEO; Mr. Roni Giladi, our CFO; and Mr. Alex Zuckerman, Chief Strategy Officer. Following the summary of the results, we will 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 provisions in the press release issued today also apply to the content of the call. Sapiens expressly disclaim 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 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. Thank you for joining us today. Let's start by reviewing the second quarter results. Revenue totaled $137 million, marking a 6.6% increase compared to last year, while operating profit reached $25 million, representing 18.2% of total revenue. This quarter showcased solid execution with North America delivered double-digit growth and Europe delivering mid-single-digit growth. Our profitability performance was notable this quarter, with an operating margin in the target range and a 13% growth in net income.