Sapiens Reports First Quarter 2025 Financial Results

Rhea-AI Summary

Sapiens International Corporation (NASDAQ: SPNS) reported its Q1 2025 financial results, showing modest growth across key metrics. Revenue increased 1.4% to $136.1 million, while GAAP net income rose 3.3% to $17.9 million. The company achieved a GAAP operating margin of 15.6% and diluted EPS of $0.32. Sapiens announced two strategic acquisitions - Candela and AdvantageGo - to expand its global footprint. The company raised its 2025 non-GAAP revenue guidance to $574-578 million from $553-558 million, while adjusting operating profit guidance to $94-96 million from $98-102 million, reflecting a $5 million impact from acquisition-related costs and losses.

Positive

• Revenue growth of 1.4% YoY to $136.1 million
• Net income increased 3.3% to $17.9 million
• Raised 2025 revenue guidance to $574-578 million
• Strategic acquisitions of Candela and AdvantageGo expanding global footprint
• Improved GAAP gross margin by 170 basis points to 44.6%

Negative

• Reduced operating profit guidance from $98-102M to $94-96M
• $5M negative impact expected from AdvantageGo losses and acquisition integration costs
• Modest revenue growth of only 1.4% may indicate slowing growth
• Non-GAAP operating margin slightly declined by 10 basis points to 18.0%

Insights

Financial Analyst

Sapiens shows minimal revenue growth (1.4%) with improving margins, but lowers profit guidance despite raising revenue outlook due to acquisition-related costs.

Sapiens' Q1 2025 results reveal a complex financial picture. Revenue grew by just 1.4% year-over-year to $136.1 million, significantly below typical software industry growth rates. Despite this modest top-line performance, profitability metrics showed more substantial improvements, with GAAP gross margin expanding 170 basis points to 44.6% and operating margin increasing by 30 basis points to 15.6%.

The company's acquisition strategy is materially impacting financial expectations. Management has raised full-year revenue guidance by approximately 4% (from $553-558M to $574-578M) while simultaneously lowering operating profit expectations by about 5% (from $98-102M to $94-96M). This revision directly reflects a $5 million negative impact from the Candela and AdvantageGo acquisitions and their integration costs.

The divergence between revenue and profit guidance signals near-term margin compression. The projected operating margin at the midpoint of guidance (16.5%) represents a notable decline from the Q1 non-GAAP figure of 18.0%. This indicates that while the acquisitions may expand Sapiens' market presence, they come at a significant cost to near-term profitability.

Management highlights increased demand for AI-driven insurance platforms and strong SaaS adoption, though no quantitative metrics are provided to substantiate these claims. The contrast between management's optimistic commentary about "strong customer adoption" and "positive momentum" against the backdrop of minimal revenue growth raises questions about market conditions and competitive positioning.

Sapiens' margin improvements demonstrate effective cost management, but the 1.4% revenue growth may indicate market saturation or competitive challenges in the insurance software sector. The acquisition strategy appears focused on expanding capabilities and market reach at the expense of short-term financial performance.

ROCHELLE PARK, N.J., May 8, 2025 /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, 2025.

 

 

Summary Results for First Quarter 2025 (USD in millions, except per share data)
	GAAP			Non-GAAP
	Q1 2025	Q1 2024	% Change	Q1 2025	Q1 2024	% Change
Revenue	$136.1	$134.2	1.4 %	$136.1	$134.2	1.4 %
Gross Profit	$60.7	$57.6	5.4 %	$63.0	$60.9	3.5 %
Gross Margin	44.6 %	42.9 %	170 bps	46.3 %	45.4 %	90 bps
Operating Income	$21.2	$20.5	3.3 %	$24.6	$24.3	1.2 %
Operating Margin	15.6 %	15.3 %	30 bps	18.0 %	18.1 %	-10 bps
Net Income (*)	$17.9	$17.4	3.3 %	$20.7	$20.4	1.3 %
Diluted EPS	$0.32	$0.31	3.2 %	$0.37	$0.36	2.8 %
(*) Attributable to Sapiens' shareholders

 

Roni Al-Dor, President and CEO of Sapiens, stated, "We delivered a strong start to 2025, advancing our strategic growth priorities, signing deals with new and existing customers, and signing two successful targeted acquisitions.  The addition of Candela and AdvantageGo significantly expands our global footprint and innovative solution breadth, reinforcing our position as a leader in both Life and P&C." 

Mr. Al-Dor continued, "We continue to see steady increases in demand for our AI-driven insurance platforms, strong customer adoption of our SaaS model, and are proud of our team's relentless efforts on generating results. Innovation is in our DNA, and with the healthy state of our current pipeline, we remain confident in our ability to drive long-term value creation for our customers and shareholders alike."

"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 raising our 2025 guidance for non-GAAP revenue to the range of $574 million to $578 million from the previous $553 million to $558 million."

"Our non-GAAP operating profit is expected to be in the range of $94 million to $96 million, with an operating margin of 16.5% at the midpoint. This compares to the previous guidance of $98 million to $102 million."

"Our 2025 operating profit guidance reflects favorable currency movements. However, this is expected to be offset by losses associated with AdvantageGo and integration costs related to both the Candela and AdvantageGo acquisitions. The total aggregate negative impact on 2025 operating profit is approximately $5 million at the midpoint."

Quarterly Results Conference Call

Management will host a conference call and webcast on May 8, 2025, 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: 972-3-918-0609
UK: 0-800-917-5108

The live webcast of the call can be viewed on Sapiens' website at the following link.  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: amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related 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 stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related 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 SaaS-based 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. Our SaaS-based Solutions 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 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. For more information visit sapiens or follow us on LinkedIn 

Investor and Media Contact Yaffa Cohen-Ifrah Chief Marketing Officer and Head of Investor Relations, Sapiens Mobile: +1 917-533-4782 Email: Yaffa.cohen-ifrah@sapiens.com Investor Contact Kimberly Rogers Managing Director, Hayden IR Phone: +1 541-904-5075 Email: kim@HaydenIR.com

 

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein 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; 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, 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,
			2025		2024
			(unaudited)		(unaudited)
Revenue			136,105		134,249
Cost of revenue			75,445		76,689
Gross profit			60,660		57,560
Operating expenses:
	Research and development, net		16,276		16,521
	Selling, marketing, general and administrative		23,188		20,517
Total operating expenses			39,464		37,038
Operating income			21,196		20,522
Financial and other income, net			(1,330)		(1,092)
Taxes on income			4,492		4,113
Net income			18,034		17,501
Attributable to non-controlling interest			-		141
Attributable to redeemable non-controlling interest			98		-
Net income attributable to Sapiens' shareholders			17,936		17,360
Basic earnings per share			0.32		0.31
Diluted earnings per share			0.32		0.31
Weighted average number of shares outstanding used to compute basic earnings per share (in thousands)			55,888		55,744
Weighted average number of shares outstanding used to compute diluted earnings per share (in thousands)			56,020		55,981

 

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,
		2025		2024
		(unaudited)		(unaudited)
GAAP revenue		136,105		134,249
Non-GAAP revenue		136,105		134,249
GAAP gross profit		60,660		57,560
Amortization of capitalized software		1,511		1,545
Amortization of other intangible assets		824		1,779
Non-GAAP gross profit		62,995		60,884
GAAP operating income		21,196		20,522
Gross profit adjustments		2,335		3,324
Capitalization of software development		(1,942)		(1,717)
Amortization of other intangible assets		1,560		1,233
Stock-based compensation		847		772
Acquisition-related costs (*)		561		129
Non-GAAP operating income		24,557		24,263
GAAP net income attributable to Sapiens'  shareholders		17,936		17,360
Operating income adjustments		3,361		3,741
Taxes on income		(618)		(680)
Non-GAAP net income attributable to Sapiens' shareholders		20,679		20,421
(*) 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
		March 31,
		2025		2024
GAAP operating profit		21,196		20,522
Non-GAAP adjustments:
Amortization of capitalized software		1,511		1,545
Amortization of other intangible assets		2,384		3,012
Capitalization of software development		(1,942)		(1,717)
Stock-based compensation		847		772
Compensation related to acquisition and acquisition-related costs		561		129
Non-GAAP operating profit		24,557		24,263
Depreciation		972		1,097
Adjusted EBITDA		25,529		25,360

 

Summary of NON-GAAP Financial Information
U.S. dollars in thousands (except per share amounts)
	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024
Revenues	136,105		134,305		137,025		136,800		134,249
Gross profit	62,995		62,692		62,809		62,481		60,884
Operating income	24,557		24,468		25,101		24,836		24,263
Adjusted EBITDA	25,529		25,359		26,389		25,931		25,360
Net income to Sapiens' shareholders	20,679		20,710		21,091		21,041		20,421
Diluted earnings per share	0.37		0.37		0.37		0.37		0.36

 

Annual Recurring Revenue ("ARR")
U.S. dollars in thousands
		Three months ended
		March 31,
		2025				2024
Annual Recurring Revenue			187,386				167,646

 

Non-GAAP Revenues by Geographic Breakdown
U.S. dollars in thousands
	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024
North America	56,871		56,753		55,755		57,918		55,158
Europe	67,480		65,624		69,281		66,072		68,727
Rest of the World	11,754		11,928		11,989		12,810		10,364
Total	136,105		134,305		137,025		136,800		134,249

 

Non-GAAP Revenue breakdown
U.S. dollars in thousands
	Q1 2025		%		Q1 2024		%
Software products and re-occurring post-production services (*)	108,057		79.4 %		94,242		70.2 %
Pre-production implementation services (**)	28,048		20.6 %		40,007		29.8 %
Total Revenues	136,105		100 %		134,249		100 %

 

	Q1 2025		Q1 2024
Software products and re-occurring post-production services (*)	55,492		50,340
Pre-production implementation services (**)	3,503		10,544
Total Gross profit	62,995		60,884

 

	Q1 2025		Q1 2024
Software products and re-occurring post-production services (*)	55.1 %		53.4 %
Pre-production implementation services (**)	12.5 %		26.4 %
Gross margin	46.3 %		45.4 %
(*) 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 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024
Cash-flow from operating activities	25,353		42,109		13,083		8,545		18,488
Increase in capitalized software development costs	(1,942)		(1,759)		(1,834)		(1,823)		(1,717)
Capital expenditures	(366)		(419)		(1,125)		(666)		(466)
Free cash-flow	23,045		39,931		10,124		6,056		16,305
Cash payments attributed to acquisition-related costs(*) (**)	-		1,238		124		134		751
Adjusted free cash-flow	23,045		41,169		10,248		6,190		17,056
(*) 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
			March 31,		December 31,
			2025		2024
			(unaudited)		(unaudited)
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		143,364		163,690
	Short-term bank deposit		62,500		52,500
	Trade receivables, net and unbilled receivables		105,818		99,603
	Other receivables and prepaid expenses		15,707		19,350
	Total current assets		327,389		335,143
LONG-TERM ASSETS
	Property and equipment, net		10,401		10,656
	Severance pay fund		3,185		3,208
	Goodwill and intangible assets, net		329,819		302,472
	Operating lease right-of-use assets		20,581		20,746
	Other long-term assets		22,605		19,486
	Total long-term assets		386,591		356,568
TOTAL ASSETS			713,980		691,711
LIABILITIES AND EQUITY
CURRENT LIABILITIES
	Trade payables		8,485		8,414
	Current maturities of Series B Debentures		19,797		19,796
	Accrued expenses and other liabilities		117,219		77,390
	Current maturities of operating lease liabilities		7,337		6,440
	Deferred revenue		42,102		37,543
	Total current liabilities		194,940		149,583
LONG-TERM LIABILITIES
	Series B Debentures, net of current maturities		-		19,792
	Deferred tax liabilities		9,792		6,899
	Other long-term liabilities		10,847		10,331
	Long-term operating lease liabilities		16,064		17,719
	Accrued severance pay		8,000		7,758
	Total long-term liabilities		44,703		62,499
REDEEMABLE NON-CONTROLLING INTEREST			13,746		-
EQUITY			460,591		479,629
TOTAL LIABILITIES AND EQUITY			713,980		691,711

 

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,
	2025		2024
	(unaudited)		(unaudited)
Cash flows from operating activities:
Net income	18,034		17,501
Reconciliation of net income to net cash provided by operating activities:
Depreciation of property and equipment	972		1,097
Amortization of intangible assets and capitalized software	3,895		4,557
Accretion of discount on series B debentures	5		9
Capital loss (gain) from sale of property and equipment	1		(1)
Stock-based compensation related to options issued to employees	847		772
Net changes in operating assets and liabilities, net of amount acquired:
Increase in trade receivables, net and unbilled receivables	(5,058)		(14,703)
Decrease in deferred tax liabilities, net	(514)		(776)
Decrease in other operating assets	5,239		3,737
Increase (decrease) in trade payables	(378)		3,547
Increase (decrease) in other operating liabilities	(1,878)		721
Increase in deferred revenues	3,975		1,968
Increase in accrued severance pay, net	213		59
Net cash provided by operating activities	25,353		18,488
Cash flows from investing activities:
Purchase of property and equipment	(368)		(470)
Investment in deposits	(10,110)		(3,291)
Payments for business acquisitions, net of cash acquired	(16,311)		-
Proceeds from sale of property and equipment	2		4
Capitalized software development costs	(1,942)		(1,717)
Net cash used in investing activities	(28,729)		(5,474)
Cash flows from financing activities:
Repayment of series B debenture	(19,796)		(19,796)
Acquisition of minority interests	-		(3,098)
Net cash used in financing activities	(19,796)		(22,894)
Effect of exchange rate changes on cash and cash equivalents	2,846		(147)
Decrease in cash and cash equivalents	(20,326)		(10,027)
Cash and cash equivalents at the beginning of period	163,690		126,716
Cash and cash equivalents at the end of period	143,364		116,689

 

Debentures Covenants

As of March 31, 2025, 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 $460.6 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 (67.66)%.

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 (1.80).

 

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SOURCE Sapiens International

FAQ

What were Sapiens (SPNS) Q1 2025 earnings results?

Sapiens reported Q1 2025 revenue of $136.1M (+1.4% YoY), GAAP net income of $17.9M (+3.3%), and diluted EPS of $0.32 (+3.2%).

What is Sapiens (SPNS) revenue guidance for 2025?

Sapiens raised its 2025 non-GAAP revenue guidance to $574-578 million from the previous $553-558 million range.

What acquisitions did Sapiens (SPNS) announce in Q1 2025?

Sapiens announced the acquisitions of Candela and AdvantageGo to expand its global footprint and solution offerings in Life and P&C insurance.

How will the recent acquisitions impact Sapiens (SPNS) 2025 operating profit?

The acquisitions are expected to have a negative impact of approximately $5 million on 2025 operating profit due to AdvantageGo losses and integration costs.

What was Sapiens (SPNS) operating margin in Q1 2025?

Sapiens reported a GAAP operating margin of 15.6% and a non-GAAP operating margin of 18.0% in Q1 2025.