Sapiens Reports First Quarter 2024 Financial Results

Rhea-AI Summary

Sapiens International reported its first quarter 2024 financial results, showcasing a 7.6% increase in revenue to $134.2 million, with impressive growth in North America and an operating profit of $24 million. The company's ARR grew by 12.7% to $168 million, and a strong partnership with Microsoft is driving their SaaS strategy. Sapiens reiterated its 2024 guidance with non-GAAP revenues projected in the range of $550-555 million and non-GAAP operating margin between 18.1% and 18.5%.

Positive

• Sapiens reported a 7.6% revenue increase to $134.2 million in Q1 2024.

• The company's ARR grew by 12.7% to $168 million, showing strong performance in customer subscriptions and cloud solutions.

• Operating profit reached $24 million, demonstrating a solid financial performance for the quarter.

• A pivotal partnership with Microsoft is driving Sapiens' SaaS strategy, enhancing its industry standing.

• Reiterating 2024 guidance, Sapiens projects non-GAAP revenues of $550-555 million and a non-GAAP operating margin between 18.1% and 18.5%.

Negative

• Investors should be aware of non-GAAP financial measures that may exclude significant expenses and income, potentially impacting financial judgement.

• There is a limitation in non-GAAP financial measures as they are subject to management's judgment on excluding certain expenses and income required by GAAP.

• While Sapiens is reiterating its 2024 guidance, potential risks and challenges in achieving these targets should be considered by investors.

Insights

Financial Analyst

Sapiens International Corporation's Q1 2024 financial results demonstrate a robust year-over-year growth of 7.6% in revenue and an even more significant net income increase of 22.3%. These figures, particularly the double-digit net income growth, suggest efficient cost management and potentially increased operational efficiency. The growth in North America by 9.5% year-over-year indicates a strong market presence and possibly successful geographical expansion strategies. Considering the annualized recurring revenue (ARR) saw a 12.7% growth, investors could view this as a positive trend toward stable future income streams. The reiteration of the non-GAAP revenue guidance for 2024 suggests confidence in the company's business trajectory. However, investors should note the use of non-GAAP measures, which exclude certain costs that could provide a different picture of financial health if included.

Tech Industry Analyst

From a technology perspective, Sapiens' strategic partnership with Microsoft and implementation of GenAI capabilities highlight a forward-thinking approach, aligning with current tech trends such as artificial intelligence and cloud-based solutions. Transitioning customers to a SaaS model is indicative of an industry shift towards subscription-based revenue, which can lead to higher customer retention and more predictable revenue streams. The focus on SaaS may increase market competitiveness and provide a scalable platform for future growth. However, the long-term success of this strategy will depend on execution and the continued innovation of their offerings to maintain a competitive edge.

Market Research Analyst

Analyzing the insurance software market landscape, Sapiens' reported growth and strategic initiatives are promising. The insurance industry is increasingly adapting to digital solutions and a company that shows an ability to consistently grow its ARR while adapting its offerings (such as with GenAI enhancements) is well-positioned to capitalize on this trend. Investors should consider the potential for Sapiens to capture more market share, especially in North America where they've shown substantial growth. However, market saturation and competition from other tech giants or insurtech startups could pose challenges to maintaining this growth rate.

ROCHELLE PARK, N.J., May 8, 2024 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the first quarter ended March 31, 2024.

 

Summary Results for First Quarter 2024 (USD in millions, except per share data)
	GAAP			Non-GAAP
	Q1 2024	Q1 2023	% Change	Q1 2024	Q1 2023	% Change
Revenue	$134.2	$124.7	7.6 %	$134.2	$124.8	7.6 %
Gross Profit	$57.6	$53.0	8.5 %	$60.9	$56.4	8.0 %
Gross Margin	42.9 %	42.5 %	40 bps	45.4 %	45.2 %	20 bps
Operating Income	$20.5	$18.9	8.6 %	$24.3	$22.5	7.8 %
Operating Margin	15.3 %	15.1 %	20 bps	18.1 %	18.0 %	10 bps
Net Income (*)	$17.4	$14.2	22.3 %	$20.4	$17.3	18.4 %
Diluted EPS	$0.31	$0.26	19.2 %	$0.36	$0.31	16.1 %
(*) Attributable to Sapiens' shareholders

 

Roni Al-Dor, President and CEO of Sapiens, stated, "Sapiens delivered a solid first quarter, with year-over-year growth of 7.6% on total revenue of $134 million. The first quarter was highlighted by an impressive 9.5% year-over-year revenue growth in North America. Annualized recurring revenue (ARR) grew year-over-year by 12.7% to $168 million. Operating profit in the first quarter reached $24 million, representing an operating margin of 18.1%."

Mr. Al-Dor continued, "New sales are being structured and priced in a SaaS model while we continue to transition current customers to SaaS. Our pivotal partnership with Microsoft, which is unique to the insurance sector, underpins our SaaS strategy and enables the infusion of GenAI capabilities into our solutions, a key differentiator in the industry."

"We are well-positioned to continue our positive momentum from the first quarter throughout the remainder of the year," concluded Mr. Al-Dor. "We are reiterating our 2024 guidance for non-GAAP revenues in a range of $550 million to $555 million and for non-GAAP operating margin in a range of 18.1%-18.5%."

Quarterly Results Conference Call

Management will host a conference call and webcast on May 8, 2024, at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to review and discuss Sapiens' results. Please call the following numbers (at least 10 minutes before the scheduled time) to participate:

• North America (toll-free): 1-888-642-5032
• International: 972-3-918-0644
• UK: 0-800-917-5108

The live webcast of the call can be viewed on Sapiens' website at: veidan.activetrail.biz/sapiensq1-2024. A replay of the call will be available one business day following the completion of the event, at the same link for 90 days.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP revenue, ARR, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributed to Sapiens shareholders, non-GAAP basic and diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash-Flow.

Sapiens believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sapiens' financial condition and results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing the Company's financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: Valuation adjustment on acquired deferred revenue, amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related costs, restructuring and cost reduction costs, and tax adjustments related to non-GAAP adjustments.

Management of the Company does not consider these non-GAAP measures in isolation, or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations, as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

To compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Sapiens urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables of this release.

The Company defines Annual Recurring Revenue ("ARR") as the annualized value of our revenue from customer subscriptions, term licenses, maintenance, application maintenance, and cloud solutions. The ARR run rate is equal to the product of (i) the sum of these revenues in our most recently completed fiscal quarter, multiplied by (ii) four.

The Company defines Adjusted EBITDA as net profit, adjusted to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related costs, restructuring and cost reduction costs, financial expense (income), provision for income taxes and other income (expenses). These amounts are often excluded by other companies as well, in order to help investors understand the operational performance of their business.

The Company uses Adjusted EBITDA as a measurement of its operating performance, because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that the Company believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business. The Company uses Adjusted Free Cash-Flow as a measurement of its operating performance, and reconciles cash-flow from operating activities to Adjusted Free Cash-Flow, while reducing the amounts for capitalization of software development costs and capital expenditures. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.  For more information visit www.sapiens.com or follow us on LinkedIn.

Investor and Media Contact Yaffa Cohen-Ifrah Chief Marketing Officer and Head of Investor Relations, Sapiens Yaffa.cohen-ifrah@sapiens.com +1 917-533-4782

Investors Contact Brett Maas Managing Partner, Hayden IR +1 646-536-7331 Brett.Maas@HaydenIR.com   Kimberly Rogers Managing Director, Hayden IR +1 541-904-5075 kim@HaydenIR.com

 

Forward Looking Statements

Certain matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, and are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the recent novel coronavirus pandemic, which adversely affected our results of operations, or fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company. While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 20-F, which we filled with the SEC on March 31, 2022, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

 

 

	SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
	CONDENSED CONSOLIDATED STATEMENT OF INCOME
	U.S. dollars in thousands (except per share amounts)
			Three months ended
			March 31,
			2024		2023
			(unaudited)		(unaudited)
Revenue			134,249		124,721
Cost of revenue			76,689		71,692
Gross profit			57,560		53,029
Operating expenses:
	Research and development, net		16,521		15,617
	Selling, marketing, general and administrative		20,517		18,519
Total operating expenses			37,038		34,136
Operating income			20,522		18,893
Financial and other expenses (income), net			(1,092)		1,197
Taxes on income			4,113		3,330
Net income			17,501		14,366
Attributable to non-controlling interest			141		170
Net income attributable to Sapiens' shareholders			17,360		14,196
Basic earnings per share			0.31		0.26
Diluted earnings per share			0.31		0.26
Weighted average number of shares outstanding used to compute basic earnings per share (in thousands)			55,744		55,156
Weighted average number of shares outstanding used to compute diluted earnings per share (in thousands)			55,981		55,570

 

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)
		Three months ended
		March 31,
		2024		2023
		(unaudited)		(unaudited)
GAAP revenue		134,249		124,721
Valuation adjustment on acquired deferred revenue		-		55
Non-GAAP revenue		134,249		124,776
GAAP gross profit		57,560		53,029
Revenue adjustment		-		55
Amortization of capitalized software		1,545		1,431
Amortization of other intangible assets		1,779		1,848
Non-GAAP gross profit		60,884		56,363
GAAP operating income		20,522		18,893
Gross profit adjustments		3,324		3,334
Capitalization of software development		(1,717)		(1,658)
Amortization of other intangible assets		1,233		1,076
Stock-based compensation		772		863
Acquisition-related costs (*)		129		6
Non-GAAP operating income		24,263		22,514
GAAP net income attributable to Sapiens' shareholders		17,360		14,196
Operating income adjustments		3,741		3,621
Taxes on income		(680)		(564)
Non-GAAP net income attributable to Sapiens' shareholders		20,421		17,253
(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as third-party services, such as tax, accounting and legal rendered until the acquisition date.

 

 

Adjusted EBITDA Calculation
U.S. dollars in thousands
		Three months ended
		March 31,
		2024		2023
GAAP operating profit		20,522		18,893
Non-GAAP adjustments:
Valuation adjustment on acquired deferred revenue		-		55
Amortization of capitalized software		1,545		1,431
Amortization of other intangible assets		3,012		2,924
Capitalization of software development		(1,717)		(1,658)
Stock-based compensation		772		863
Compensation related to acquisition and acquisition-related costs		129		6
Non-GAAP operating profit		24,263		22,514
Depreciation		1,097		1,055
Adjusted EBITDA		25,360		23,569

 

 

Summary of NON-GAAP Financial Information
U.S. dollars in thousands (except per share amounts)
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Revenues	134,249		130,914		130,760		128,354		124,776
Gross profit	60,884		59,370		59,260		57,992		56,363
Operating income	24,263		24,152		24,058		23,417		22,514
Adjusted EBITDA	25,360		25,267		24,777		24,393		23,569
Net income to Sapiens' shareholders	20,421		20,081		19,080		18,610		17,253
Diluted earnings per share	0.36		0.36		0.34		0.33		0.31

 

 

	Annual Recurring Revenue ("ARR")
	U.S. dollars in thousands
	Three months ended
	March 31,
	2024				2023
		167,646				148,729

 

 

Non-GAAP Revenues by Geographic Breakdown
U.S. dollars in thousands
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
North America	55,158		54,882		54,848		52,116		50,371
Europe	68,727		65,239		64,662		62,960		64,572
Rest of the World	10,364		10,793		11,250		13,278		9,833
Total	134,249		130,914		130,760		128,354		124,776

 

 

Non-GAAP Revenue breakdown
U.S. dollars in thousands
	Q1 2024		%		Q1 2023		%
Software products and re-occurring post-production services (*)	94,242		70.20 %		81,842		65.60 %
Pre-production implementation services (**)	40,007		29.80 %		42,934		34.40 %
Total Revenues	134,249		100 %		124,776		100 %
	Q1 2024				Q1 2023
Software products and re-occurring post-production services (*)	50,340				44,849
Pre-production implementation services (**)	10,544				11,514
Total Gross profit	60,884				56,363
	Q1 2024				Q1 2023
Software products and re-occurring post-production services (*)	53.40 %				54.80 %
Pre-production implementation services (**)	26.40 %				26.80 %
Gross margin	45.40 %				45.20 %
(*) Software products and re-occurring post-production services include mainly subscription, term license, maintenance, application maintenance, cloud solutions and post-production services. This revenue stream is a mix of recurring and re-occurring in nature..
(**) Pre-production implementation services include mainly implementation services before go-live, which are one-time in nature.

 

 

Adjusted Free Cash-Flow
U.S. dollars in thousands
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Cash-flow from operating activities	18,488		38,646		3,988		14,603		22,188
Increase in capitalized software development costs	(1,717)		(1,543)		(1,638)		(1,679)		(1,658)
Capital expenditures	(466)		(421)		(696)		(775)		(634)
Free cash-flow	16,305		36,682		1,654		12,149		19,896
Cash payments attributed to acquisition-related costs(*) (**)	751		221		-		-		30
Adjusted free cash-flow	17,056		36,903		1,654		12,149		19,926
(*) Included in cash-flow from operating activities
(**) Acquisition-related payments pertain to payments on behalf of M&A agreements related to future performance targets and retention criteria, as well as third-party services, such as, tax, accounting and legal rendered until the acquisition date.

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
U.S. dollars in thousands
			March 31,		December 31,
			2024		2023
			(unaudited)		(unaudited)
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		116,689		126,716
	Short-term bank deposit		79,200		75,400
	Trade receivables, net and unbilled receivables		103,735		90,273
	Other receivables and prepaid expenses		19,741		22,514
	Total current assets		319,365		314,903
LONG-TERM ASSETS
	Property and equipment, net		11,989		12,661
	Severance pay fund		3,381		3,605
	Goodwill and intangible assets, net		311,178		317,352
	Operating lease right-of-use assets		21,524		23,557
	Other long-term assets		16,362		17,546
	Total long-term assets		364,434		374,721
TOTAL ASSETS			683,799		689,624
LIABILITIES AND EQUITY
CURRENT LIABILITIES
	Trade payables		9,767		6,291
	Current maturities of Series B Debentures		19,796		19,796
	Accrued expenses and other liabilities		97,497		77,873
	Current maturities of operating lease liabilities		6,091		6,623
	Deferred revenue		40,608		38,541
	Total current liabilities		173,759		149,124
LONG-TERM LIABILITIES
	Series B Debentures, net of current maturities		19,756		39,543
	Deferred tax liabilities		9,156		10,820
	Other long-term liabilities		11,474		11,538
	Long-term operating lease liabilities		18,784		21,084
	Accrued severance pay		7,368		7,568
	Total long-term liabilities		66,538		90,553
EQUITY			443,502		449,947
TOTAL LIABILITIES AND EQUITY			683,799		689,624

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW
U.S. dollars in thousands
	For the three months ended March 31,
	2024		2023
	(unaudited)		(unaudited)
Cash flows from operating activities:
Net income	17,501		14,366
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	5,654		5,410
Accretion of discount on series B debentures	9		14
Capital gain from sale of property and equipment	(1)		(10)
Stock-based compensation related to options issued to employees	772		863
Net changes in operating assets and liabilities, net of amount acquired:
Increase in trade receivables, net and unbilled receivables	(14,703)		(2,039)
Increase (decrease) in deferred tax liabilities, net	(776)		25
Decrease in other operating assets	3,737		1,257
Increase (decrease) in trade payables	3,547		(7,014)
Increase in other operating liabilities	721		1,197
Increase in deferred revenues	1,968		7,936
Increase in accrued severance pay, net	59		183
Net cash provided by operating activities	18,488		22,188
Cash flows from investing activities:
Purchase of property and equipment	(470)		(653)
Investment in deposits	(3,291)		(45,004)
Proceeds from sale of property and equipment	4		19
Capitalized software development costs	(1,717)		(1,658)
Acquisition of intellectual property	-		(177)
Net cash used in investing activities	(5,474)		(47,473)
Cash flows from financing activities:
Repayment of series B debenture	(19,796)		(19,796)
Acquisition of non-controlling interest	(3,098)		-
Dividend to non-controlling interest	-		(47)
Net cash used in financing activities	(22,894)		(19,843)
Effect of exchange rate changes on cash and cash equivalents	(147)		1,497
Increase (Decrease) in cash and cash equivalents	(10,027)		(43,631)
Cash and cash equivalents at the beginning of period	126,716		160,285
Cash and cash equivalents at the end of period	116,689		116,654

 

 

Debentures Covenants

As of March 31, 2024, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:

Covenant 1 

• Target shareholders' equity (excluding non-controlling interest): above $120 million.
• Actual shareholders' equity (excluding non-controlling interest) equal to $443.5 million.

Covenant 2

• Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for the Company's Series B Debentures) below 65%.
• Actual ratio of net financial indebtedness to net capitalization equal to (54.35)%.

Covenant 3

• Target ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is below 5.5.
• Actual ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is equal to (1.56).

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SOURCE Sapiens International Corporation

FAQ

What were Sapiens' Q1 2024 revenues?

Sapiens reported revenue of $134.2 million for the first quarter of 2024.

What was the growth rate of Sapiens' revenue in North America in Q1 2024?

Sapiens showed an impressive 9.5% year-over-year revenue growth in North America for Q1 2024.

What is Sapiens' 2024 guidance for non-GAAP revenues?

Sapiens projects non-GAAP revenues in a range of $550 million to $555 million for 2024.

What is Sapiens' ARR and how did it perform in Q1 2024?

Sapiens recorded an ARR growth of 12.7% to $168 million in the first quarter of 2024.

How does Sapiens use its partnership with Microsoft in the insurance sector?

Sapiens leverages its unique partnership with Microsoft to enhance its SaaS strategy and integrate GenAI capabilities into its solutions.

When will Sapiens host a conference call to discuss its Q1 2024 results?

Sapiens will host a conference call on May 8, 2024, at 9:30 a.m. Eastern Time to review and discuss its Q1 2024 results.