Magic Software Enterprises Ltd (NASDAQ:MGIC) reported Q4 revenue of $125.5 million, surpassing the consensus of $117.5 million, with a 14.7% year-on-year decline. Adjusted EPS was $0.24, beating the consensus of $0.19. The company saw an expansion in adjusted gross margin to 30.8% and operating margin to 14.1%. Cash and equivalents stood at $107.1 million as of December 31, 2023. Operating cash flow for the year was $77.9 million, up from $56.6 million Y/Y. CEO Guy Bernstein remains positive despite a slowdown in the second half of the year. Magic Software introduced a 2024 revenue guidance of $540-$550 million, well above the consensus of $473.77 million. MGIC shares rose 6.92% to $11.43 in premarket trading.