Magic Software Enterprises Ltd. (NASDAQ:MGIC) Q4 2022 Earnings Call Transcript

So of course, we took that into consideration when we provided the guidance for 2023. If the average exchange rate in Israel between the dollar and the shekel was 3.36 for 2022, we are currently at around 3.6, so that has a significant impact over our revenues. And so – and by that, overall targets by around $15 million to $16 million. If changes – if rates will – if the shekel will get stronger again, then it will be implicated in our revenues next year, and we will update our guidance.

Kate Cranston: Okay. Great. That’s super helpful. Thank you. And then my last question, has there been any meaningful changes that you have observed in client behavior across any of the industry verticals to call out?

Asaf Berenstin: No, we don’t really feel any change in the behavior of customers. We do hear concerns. But for now, we didn’t feel it.

Kate Cranston: Okay, great. Thanks for taking my questions.

Operator: There are no further questions at this time. Mr. Berenstin, would you like to make your concluding statement?

Asaf Berenstin: Yes. Thank you, everyone, for joining the call. I sure hope that we will bring you some more good news in the near future, and we’ll update the revenues as well as the guidance because of the uncertainty in the market right now, we’d rather be conservative and see you in the next quarterly call. Thank you.