Sapiens Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

Sapiens International (NASDAQ: SPNS) reported Q3 2024 financial results, showing a 4.8% increase in revenue to $137 million compared to Q3 2023. Gross profit rose by 7.8% to $60.3 million, and net income increased by 15.5% to $18.3 million. Diluted EPS grew 17.9% to $0.33. Non-GAAP figures showed a 6.0% increase in gross profit to $62.8 million and a 10.5% rise in net income to $21.1 million, with diluted EPS at $0.37.

Revenue growth was driven by 7.1% in Europe, 1.7% in North America, and 6.6% in other regions. However, revenue fell short of targets, prompting a reduction in 2024 non-GAAP revenue guidance to $541-$546 million from $550-$555 million. The non-GAAP operating margin is expected to be 18.2%. For 2025, Sapiens anticipates low single-digit revenue growth.

Positive

• Revenue increased by 4.8% to $137 million.
• Gross profit rose by 7.8% to $60.3 million.
• Net income increased by 15.5% to $18.3 million.
• Diluted EPS grew 17.9% to $0.33.
• Non-GAAP net income rose 10.5% to $21.1 million.
• Revenue growth in Europe (7.1%), North America (1.7%), and other regions (6.6%).

Negative

• Revenue fell short of targets.
• 2024 non-GAAP revenue guidance reduced to $541-$546 million from $550-$555 million.

Insights

Financial Analyst

The Q3 2024 results present a mixed picture with some concerning signals. While revenue grew 4.8% year-over-year to $137.0 million, the company missed its targets and lowered full-year guidance by 1.6%. The revised 2024 revenue guidance of $541-546 million and projected low single-digit growth for 2025 suggest a significant slowdown from historical growth rates.

The bright spots include improved profitability metrics, with non-GAAP net income increasing 10.5% to $21.1 million and operating margin holding steady at 18.3%. Regional performance varied, with Europe leading at 7.1% growth while North America showed slower 1.7% growth.

The lowered guidance and conservative 2025 outlook indicate potential headwinds in the insurance software market, though maintained margins suggest effective cost management.

ROCHELLE PARK, N.J., Nov. 11, 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 third quarter ended September 30, 2024.

 

Summary Results for Third Quarter 2024 (USD in millions, except per share data)
	GAAP			Non-GAAP
	Q3 2024	Q3 2023	% Change	Q3 2024	Q3 2023	% Change
Revenue	$137.0	$130.7	4.8 %	$137.0	$130.8	4.8 %
Gross Profit	$60.3	$56.0	7.8 %	$62.8	$59.3	6.0 %
Gross Margin	44.0 %	42.8 %	120 bps	45.8 %	45.3 %	50 bps
Operating Income	$21.7	$20.3	7.3 %	$25.1	$24.1	4.3 %
Operating Margin	15.9 %	15.5 %	40 bps	18.3 %	18.4 %	-10 bps
Net Income (*)	$18.3	$15.9	15.5 %	$21.1	$19.1	10.5 %
Diluted EPS	$0.33	$0.28	17.9 %	$0.37	$0.34	8.8 %
(*) Attributable to Sapiens' shareholders

 

Roni Al-Dor, President and CEO of Sapiens, stated, "This quarter showcased solid performance in our key regions. We are pleased to report that revenue reached $137 million this quarter, reflecting a 4.8% increase over the same period last year. Revenue growth was driven by 7.1% growth in our European region, 1.7% growth in North America and 6.6% growth in ROW regions. This quarter's non-GAAP operating profit totaled $25 million, representing 18.3% of total revenue." 

Mr. Al-Dor continued, "Revenue fell short of our targets in the third quarter, and the challenges we encountered are expected to impact revenue in the fourth quarter. Today, we are revising our 2024 non-GAAP revenue guidance to a range of $541 million to $546 million, down from the previous range of $550 million to $555 million - a 1.6% reduction at the midpoint. However, we expect our non-GAAP operating margin to be within our guidance range at 18.2%. Looking into 2025, we anticipate a low single-digit revenue growth." 

Quarterly Results Conference Call

Management will host a conference call and webcast on November 11, 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: 972-3-9180644
     UK: 0-800-917-5108

The live webcast of the call can be viewed on Sapiens' website at: https://veidan.activetrail.biz/sapiensq2-2024. 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, which may not be the same as the timing and amount of revenue recognized. 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) is a global leader in intelligent insurance software solutions. With Sapiens' robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers' compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.

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

Investor Contacts   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 that are incorporated herein and therein by reference 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, that 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; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; 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 coronavirus epidemic,  and 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 Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, 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				Nine months ended
			September 30,				September 30,
			2024		2023		2024		2023
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenue			137,025		130,705		408,074		383,725
Cost of revenue			76,729		74,753		230,114		220,080
Gross profit			60,296		55,952		177,960		163,645
Operating expenses:
	Research and development, net		16,449		16,028		49,779		47,391
	Selling, marketing, general and administrative		22,101		19,659		64,030		57,475
Total operating expenses			38,550		35,687		113,809		104,866
Operating income			21,746		20,265		64,151		58,779
Financial and other (income) expenses, net			(913)		551		(3,114)		2,310
Taxes on income			4,324		3,710		12,812		10,627
Net income			18,335		16,004		54,453		45,842
Attributable to non-controlling interest			-		132		141		371
Net income attributable to Sapiens' shareholders			18,335		15,872		54,312		45,471
Basic earnings per share			0.33		0.29		0.97		0.82
Diluted earnings per share			0.33		0.28		0.97		0.82
Weighted average number of shares outstanding used to compute basic earnings per share (in thousands)			55,854		55,397		55,799		55,251
Weighted average number of shares outstanding used to compute diluted earnings per share (in thousands)			56,308		55,813		56,151		55,657

 

 

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				Nine months ended
		September 30,				September 30,
		2024		2023		2024		2023
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
GAAP revenue		137,025		130,705		408,074			383,725
Valuation adjustment on acquired deferred revenue		-		55		-			165
Non-GAAP revenue		137,025		130,760		408,074			383,890
GAAP gross profit		60,296		55,952		177,960			163,645
Revenue adjustment		-		55		-			165
Amortization of capitalized software		1,470		1,418		4,584			4,274
Amortization of other intangible assets		1,043		1,835		3,630			5,531
Non-GAAP gross profit		62,809		59,260		186,174			173,615
GAAP operating income		21,746		20,265		64,151			58,779
Gross profit adjustments		2,513		3,308		8,214			9,970
Capitalization of software development		(1,834)		(1,638)		(5,374)			(4,975)
Amortization of other intangible assets		1,276		1,074		3,732			3,234
Stock-based compensation		646		1,038		2,229			2,960
Acquisition-related costs *)		754		11		1,248			21
Non-GAAP operating income		25,101		24,058		74,200			69,989
GAAP net income attributable to Sapiens' shareholders		18,335		15,872		54,312			45,471
Operating income adjustments		3,355		3,793		10,049			11,210
Taxes on income		(599)		(585)		(1,808)			(1,738)
Non-GAAP net income attributable to Sapiens' shareholders		21,091		19,080		62,553			54,943
(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

 

 

Adjusted EBITDA Calculation U.S. dollars in thousands
		Three months ended				Nine months ended
		September 30,				September 30,
		2024		2023		2024		2023
GAAP operating profit		21,746		20,265		64,151		58,779
Non-GAAP adjustments:
Valuation adjustment on acquired deferred revenue		-		55		-		165
Amortization of capitalized software		1,470		1,418		4,584		4,274
Amortization of other intangible assets		2,319		2,909		7,362		8,765
Capitalization of software development		(1,834)		(1,638)		(5,374)		(4,975)
Stock-based compensation		646		1,038		2,229		2,960
Compensation related to acquisition and acquisition-related costs		754		11		1,248		21
Non-GAAP operating profit		25,101		24,058		74,200		69,989
Depreciation		1,288		719		3,480		2,750
Adjusted EBITDA		26,389		24,777		77,680		72,739

 

 

Summary of NON-GAAP Financial Information  U.S. dollars in thousands (except per share amounts)
	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Revenues	137,025		136,800		134,249		130,914		130,760
Gross profit	62,809		62,481		60,884		59,370		59,260
Operating income	25,101		24,836		24,263		24,152		24,058
Adjusted EBITDA	26,389		25,931		25,360		25,267		24,777
Net income to Sapiens' shareholders	21,091		21,041		20,421		20,081		19,080
Diluted earnings per share	0.37		0.37		0.36		0.36		0.34

 

 

Annual Recurring Revenue ("ARR") U.S. dollars in thousands
	Three months ended
	September 30,
	2024				2023
Annual Recurring Revenue		173,414				157,589

 

 

Non-GAAP Revenues by Geographic Breakdown U.S. dollars in thousands
	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
North America	55,755		57,918		55,158		54,882		54,848
Europe	69,281		66,072		68,727		65,239		64,662
Rest of the World	11,989		12,810		10,364		10,793		11,250
Total	137,025		136,800		134,249		130,914		130,760

 

 

Non-GAAP Revenue breakdown
U.S. dollars in thousands
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Software products and re-occurring post-production services (*)	100,707		87,356		292,992		251,757
Pre-production implementation services (**)	36,318		43,404		115,082		132,133
Total Revenues	137,025		130,760		408,074		383,890
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Software products and re-occurring post-production services (*)	53,809		46,053		156,386		133,339
Pre-production implementation services (**)	9,000		13,207		29,788		40,276
Total Gross profit	62,809		59,260		186,174		173,615
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Software products and re-occurring post-production services (*)	53.4 %		52.7 %		53.4 %		53.0 %
Pre-production implementation services (**)	24.8 %		30.4 %		25.9 %		30.5 %
Gross Margin	45.8 %		45.3 %		45.6 %		45.2 %
(*) 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
	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Cash-flow from operating activities	13,083		8,545		18,488		38,646		3,988
Increase in capitalized software development costs	(1,834)		(1,823)		(1,717)		(1,543)		(1,638)
Capital expenditures	(1,125)		(666)		(466)		(421)		(696)
Free cash-flow	10,124		6,056		16,305		36,682		1,654
Cash payments attributed to acquisition-related costs(*) (**)	124		134		751		221		-
Adjusted free cash-flow	10,248		6,190		17,056		36,903		1,654
(*) Included in cash-flow from operating activities (**) Acquisition-related payments pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET U.S. dollars in thousands
			September 30,		December 31,
			2024		2023
			(unaudited)		(unaudited)
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		146,152		126,716
	Short-term bank deposit		39,800		75,400
	Trade receivables, net and unbilled receivables		109,670		90,273
	Other receivables and prepaid expenses		25,769		22,514
	Total current assets		321,391		314,903
LONG-TERM ASSETS
	Property and equipment, net		11,431		12,661
	Severance pay fund		3,446		3,605
	Goodwill and intangible assets, net		310,533		317,352
	Operating lease right-of-use assets		20,502		23,557
	Other long-term assets		15,993		17,546
	Total long-term assets		361,905		374,721
TOTAL ASSETS			683,296		689,624
LIABILITIES AND EQUITY
CURRENT LIABILITIES
	Trade payables		8,224		6,291
	Current maturities of Series B Debentures		19,796		19,796
	Accrued expenses and other liabilities		80,610		77,873
	Current maturities of operating lease liabilities		5,861		6,623
	Deferred revenue		32,810		38,541
	Total current liabilities		147,301		149,124
LONG-TERM LIABILITIES
	Series B Debentures, net of current maturities		19,778		39,543
	Deferred tax liabilities		7,938		10,820
	Other long-term liabilities		11,399		11,538
	Long-term operating lease liabilities		17,532		21,084
	Accrued severance pay		8,039		7,568
	Total long-term liabilities		64,686		90,553
EQUITY			471,309		449,947
TOTAL LIABILITIES AND EQUITY			683,296		689,624

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOW U.S. dollars in thousands
	For the nine months ended September 30,
	2024		2023
	(unaudited)		(unaudited)
Cash flows from operating activities:
Net income	54,453		45,842
Reconciliation of net income to net cash provided by operating activities:
Depreciation	3,480		2,750
Amortization of capitalized software and other intangible assets	11,946		13,039
Accretion of discount on Series B Debentures	32		47
Capital loss from sale of property and equipment	13		83
Stock-based compensation related to options issued to employees	2,229		2,960
Net changes in operating assets and liabilities, net of amount acquired:
Increase in trade receivables, net and unbilled receivables	(20,640)		(8,698)
Decrease in deferred tax liabilities, net	(2,280)		(1,410)
Increase in other operating assets	(908)		(4,107)
Increase (decrease) in trade payables	1,989		(616)
Decrease in other operating liabilities	(5,154)		(10,110)
Increase (decrease) in deferred revenues	(5,684)		363
Increase in accrued severance pay, net	640		636
Net cash provided by operating activities	40,116		40,779
Cash flows from investing activities:
Purchase of property and equipment	(2,306)		(2,145)
Proceeds from (investment in) deposits	36,360		(55,379)
Proceeds from sale of property and equipment	49		40
Payments for business acquisitions, net of cash acquired	(375)		-
Capitalized software development costs	(5,374)		(4,975)
Acquisition of intellectual property	-		(177)
Net cash provided by (used in) investing activities	28,354		(62,636)
Cash flows from financing activities:
Proceeds from employee stock options exercised	98		4,755
Distribution of dividend	(29,789)		(28,144)
Repayment of Series B Debenture	(19,796)		(19,796)
Acquisition of non-controlling interest	(4,131)		-
Dividend to non-controlling interest	-		(47)
Net cash used in financing activities	(53,618)		(43,232)
Effect of exchange rate changes on cash and cash equivalents	4,584		1,865
Increase (decrease) in cash and cash equivalents	19,436		(63,224)
Cash and cash equivalents at the beginning of period	126,716		160,285
Cash and cash equivalents at the end of period	146,152		97,061

 

Debentures Covenants

As of September 30, 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 $471.3 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 (44.90)%.

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 (1.42).

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SOURCE Sapiens International Corporation

FAQ

What were Sapiens' Q3 2024 revenue and its year-over-year growth?

Sapiens reported Q3 2024 revenue of $137 million, a 4.8% increase compared to Q3 2023.

How much did Sapiens' Q3 2024 gross profit increase?

Sapiens' Q3 2024 gross profit increased by 7.8% to $60.3 million.

What was Sapiens' Q3 2024 net income growth?

Sapiens' Q3 2024 net income grew by 15.5% to $18.3 million.

What is Sapiens' revised 2024 non-GAAP revenue guidance?

Sapiens revised its 2024 non-GAAP revenue guidance to $541-$546 million, down from $550-$555 million.

What were the growth rates in different regions for Sapiens in Q3 2024?

Sapiens reported revenue growth of 7.1% in Europe, 1.7% in North America, and 6.6% in other regions.