Technology
AudioCodes Reports Second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
Published
2 months agoon
By
OR YEHUDA, Israel, July 30, 2024 /PRNewswire/ —
Second Quarter Highlights
Quarterly revenues increased by 0.5% year-over-year to $60.3 million;Quarterly service revenues increased by 12.3% year-over-year to $32 million;GAAP results:
– Quarterly GAAP gross margin was 65.5%;
– Quarterly GAAP operating margin was 8.2%;
– Quarterly GAAP EBITDA was $6.2 million;
– Quarterly GAAP net income was $3.8 million, or $0.12 per diluted share.Non-GAAP results:
– Quarterly Non-GAAP gross margin was 65.8%;
– Quarterly Non-GAAP operating margin was 11.9%;
– Quarterly Non-GAAP EBITDA was $8.3 million;
– Quarterly Non-GAAP net income was $5.5 million, or $0.18 per diluted share.Net cash used by operating activities was $2.9 million for the quarter.AudioCodes repurchased 116,453 of its ordinary shares during the quarter at an aggregate cost of $1.2 million.
Details
AudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced its financial results for the second quarter ended June 30, 2024.
Revenues for the second quarter of 2024 were $60.3 million compared to $60.0 million for the second quarter of 2023.
EBITDA for the second quarter of 2024 was $6.2 million compared to $2.9 million for the second quarter of 2023.
On a Non-GAAP basis, EBITDA for the second quarter of 2024 was $8.3 million compared to $6.2 million for the second quarter of 2023.
Net income was $3.8 million, or $0.12 per diluted share, for the second quarter of 2024 compared to net income of $1.1 million, or $0.03 per diluted share, for the second quarter of 2023.
On a Non-GAAP basis, net income was $5.5 million, or $0.18 per diluted share, for the second quarter of 2024 compared to $5.1 million, or $0.16 per diluted share, for the second quarter of 2023.
Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments in connection with the acquisition of Callverso Ltd; (iv) financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies; (v) tax impact which relates to our Non-GAAP adjustments; and (vi) in Q1 2024 non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters. A reconciliation of net income on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.
Net cash used by operating activities was $2.9 million for the second quarter of 2024. Cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long financial investments were $93.7 million as of June 30, 2024 compared to $106.7 million as of December 31, 2023. The decrease in cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long financial investments was the result of the use of cash for the continued repurchasing of the Company’s ordinary shares pursuant to its share repurchase program and the payment of a cash dividend during the first quarter of 2024 and purchase of property and equipment related to leasehold improvements of our new corporate headquarter in Israel, offset, in part, by cash from operating activities.
“I am pleased to report solid second quarter 2024 results, marked by the second consecutive quarter of positive top-line growth and ongoing momentum in our Microsoft and conversational AI businesses with sequential uptick in our legacy gateway business,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.
In terms of our strategic business lines, Microsoft Teams business in the second quarter grew 3.3% year-over-year, with steady increase in the Live managed services, which grew about 35% year-over-year and reached ARR of $56 million exiting second quarter 2024. Second quarter Live business growth puts us on track to land within our full year 2024 ARR target range of $64–$70 million, representing an average approximate annual growth rate of 40% compared to 2023.
In the CX business, our healthy pipeline continues to support a positive outlook for second half and full year 2024. Conversational AI business grew over 50% year-over-year, benefiting from customers’ inexorable demand to drive innovation and deliver productivity improvements on projects in both the UC and CX space. We have witnessed progress made in several new Conversational AI activities. These include among others, Voca CIC, our AI first CX solution for Microsoft Teams, SaaS Recording solutions such as Meeting Insights and interaction recording, and in the MS Teams meeting room space.
Underlying business momentum remains strong, as we had several notable wins with marquee accounts in the quarter, from a combination of new customer additions as well as cross-sell of products and services to existing ones. Key to such cross sales success is our Live Platform for UCaaS and CCaaS, which encompasses a comprehensive stack of voice related services to the Microsoft Teams ecosystem.
Overall, we delivered on our business priorities in the quarter, fostering momentum in strategic areas of our business and successfully executing on the cost rationalization initiatives. We believe this lays the foundation to drive healthy top-line growth long-term while driving significant margin expansion in 2024 and beyond,” concluded Mr. Adlersberg.
Share Buy Back Program
During the quarter ended June 30, 2024, the Company acquired 116,453 of its ordinary shares under its share repurchase program for a total consideration of $1.2 million.
In July 2024, the Company received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares. The court approval also permits AudioCodes to declare a dividend out of any part of this amount. The approval is valid through January 1, 2025.
Cash Dividend
AudioCodes also announced today that the Company’s Board of Directors has declared a cash dividend in the amount of 18 cents per share. The aggregate amount of the dividend is approximately $5.5 million. The dividend is payable on August 29, 2024, to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market on August 15, 2024.
In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 25% of the dividend amount payable to each shareholder of record, subject to applicable exemptions. If the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company’s share capital, the withholding rate is 30%.
The dividend will be paid in U.S. dollars on the ordinary shares of AudioCodes Ltd. that are traded on the Nasdaq Global Select Market or the Tel-Aviv Stock Exchange. The amount and timing of any other dividends will be determined by the Board.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company’s second quarter of 2024 operating performance, financial results and outlook. Interested parties may participate in the conference call by dialing one the following numbers:
United States Participants: 888-506-0062
International Participants: +1 (973) 528-0011
The conference call will also be simultaneously webcast. Investors are invited to listen to the call live via webcast at the AudioCodes investor website at http://www.audiocodes.com/investors-lobby.
Follow AudioCodes’ social media channels:
AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of advanced communications software, products and productivity solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.
For more information on AudioCodes, visit http://www.audiocodes.com.
Statements concerning AudioCodes’ business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements” as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes’ industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes’ and its customers’ products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company’s loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes’ business; possible adverse impact of the COVID-19 pandemic on our business and results of operations; the effects of the current terrorist attacks by Hamas in Israel, and the war and hostilities between Israel and Hamas, and Israel and Hezbollah as well as the possibility that this could develop into a broader regional conflict involving Israel with other parties, may affect our operations and may limit our ability to produce and sell our solutions; any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; and other factors detailed in AudioCodes’ filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.
©2024 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What’s Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room Experience are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.
Summary financial data follows
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
June 30,
December 31,
2024
2023
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 20,849
$ 30,546
Short-term and restricted bank deposits
206
212
Short-term marketable securities
21,113
7,438
Trade receivables, net
55,010
51,125
Other receivables and prepaid expenses
9,146
9,381
Inventories
37,893
43,959
Total current assets
144,217
142,661
LONG-TERM ASSETS:
Long-term Trade receivables
$ 16,680
$ 16,798
Long-term marketable securities
48,944
65,732
Long-term financial investments
2,557
2,730
Deferred tax assets
5,966
6,208
Operating lease right-of-use assets
34,263
36,712
Severance pay funds
16,975
17,202
Total long-term assets
125,385
145,382
PROPERTY AND EQUIPMENT, NET
21,846
10,893
GOODWILL, INTANGIBLE ASSETS AND OTHER, NET
38,315
38,581
Total assets
$ 329,763
$ 337,517
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables
5,102
7,556
Other payables and accrued expenses
26,369
29,943
Deferred revenues
39,988
38,820
Short-term operating lease liabilities
5,931
7,878
Total current liabilities
77,390
84,197
LONG-TERM LIABILITIES:
Accrued severance pay
$ 15,956
$ 16,662
Deferred revenues and other liabilities
17,277
17,142
Long-term operating lease liabilities
31,024
31,404
Total long-term liabilities
64,257
65,208
Total shareholders’ equity
188,116
188,112
Total liabilities and shareholders’ equity
$ 329,763
$ 337,517
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Revenues:
Products
$ 56,897
$ 60,260
$ 28,347
$ 31,567
Services
63,482
58,973
31,956
28,453
Total Revenues
120,379
119,233
60,303
60,020
Cost of revenues:
Products
22,743
25,221
10,918
12,177
Services
19,494
18,992
9,910
9,366
Total Cost of revenues
42,237
44,213
20,828
21,543
Gross profit
78,142
75,020
39,475
38,477
Operating expenses:
Research and development, net
27,114
29,403
13,181
14,394
Selling and marketing
34,820
35,526
17,453
17,679
General and administrative
7,991
8,680
3,905
4,149
Total operating expenses
69,925
73,609
34,539
36,222
Operating income
8,217
1,411
4,936
2,255
Financial income (expenses), net
419
1,196
396
247
Income before taxes on income
8,636
2,607
5,332
2,502
Taxes on income, net
(2,779)
(1,734)
(1,558)
(1,447)
Net income
$ 5,857
$ 873
$ 3,774
$ 1,055
Basic net earnings per share
$ 0.19
$ 0.03
$ 0.12
$ 0.03
Diluted net earnings per share
$ 0.19
$ 0.03
$ 0.12
$ 0.03
Weighted average number of shares used in
computing basic net earnings per share (in
thousands)
30,337
32,024
30,341
31,900
Weighted average number of shares used in
computing diluted net earnings per share (in
thousands)
30,764
33,017
30,735
32,977
AUDIOCODES LTD. AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
U.S. dollars in thousands, except per share data
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
GAAP net income
$ 5,857
$ 873
$ 3,774
$ 1,055
GAAP net earnings per share
$ 0.19
$ 0.03
$ 0.12
$ 0.03
Cost of revenues:
Share-based compensation (1)
175
210
96
103
Amortization expenses (2)
244
257
122
122
Lease expenses (6)
304
–
–
–
723
467
218
225
Research and development, net:
Share-based compensation (1)
1,171
1,441
579
698
Deferred payments expenses (3)
–
250
–
125
Lease expenses (6)
342
–
–
–
1,513
1,691
579
823
Selling and marketing:
Share-based compensation (1)
1,472
2,330
749
1,093
Amortization expenses (2)
22
22
11
11
Deferred payments expenses (3)
–
250
–
125
Lease expenses (6)
38
–
–
–
1,532
2,602
760
1,229
General and administrative:
Share-based compensation (1)
1,434
2,428
692
1,169
Lease expenses (6)
76
–
–
–
1,510
2,428
692
1,169
Financial expenses (income):
Exchange rate differences (4)
(809)
(470)
(445)
71
Income taxes:
Taxes on income, net (5)
422
224
(49)
562
Non-GAAP net income
$ 10,748
$ 7,815
$ 5,529
$ 5,134
Non-GAAP diluted net earnings per share
$ 0.34
$ 0.24
$ 0.18
$ 0.16
Weighted average number of shares used in computing
Non-GAAP diluted net earnings per share (in thousands)
31,561
32,977
31,552
33,017
(1) Share-based compensation expenses related to options and restricted share units granted to employees and others.
(2) Amortization expenses related to intangible assets.
(3) Expenses related to deferred payments in connection with the acquisition of Callverso Ltd.
(4) Financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.
(5) Tax impact which relates to our non-GAAP adjustments.
(6) In Q1 2024, non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters.
Note: Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations. The Company has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information.
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
U.S. dollars in thousands
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net income
$ 5,857
$ 873
$ 3,774
$ 1,055
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,784
1,320
1,261
669
Amortization of marketable securities premiums and accretion of discounts, net
615
712
301
340
Decrease in accrued severance pay, net
(479)
(272)
(369)
(288)
Share-based compensation expenses
4,252
6,409
2,116
3,063
Decrease in deferred tax assets, net
64
168
850
534
Cash financial loss (income), net
154
(332)
69
58
Decrease in operating lease right-of-use assets
3,557
4,282
1,168
2,132
Decrease in operating lease liabilities
(3,435)
(4,355)
(1,324)
(818)
Decrease (increase) in trade receivables, net
(3,767)
6,939
(6,083)
428
Decrease (increase) in other receivables and prepaid expenses
235
1,911
(305)
1,727
Decrease (increase) in inventories
5,947
(9,512)
2,689
(3,746)
Decrease in trade payables
(2,454)
(4,218)
(2,220)
(3,462)
Increase (decrease) in other payables and accrued expenses
(1,605)
(4,934)
127
(869)
Increase (decrease) in deferred revenues
1,365
6,443
(4,945)
1,383
Net cash provided by operating activities
12,090
5,434
(2,891)
2,206
Cash flows from investing activities:
Proceeds from short-term deposits
6
5,006
2
2
Proceeds from financial investment
47
–
26
–
Proceeds from redemption of marketable securities
3,450
2,000
2,950
1,000
Proceeds from redemption of financial investments
–
11,043
–
8,294
Purchase of property and equipment
(15,263)
(3,263)
(8,478)
(1,947)
Net cash provided by (used in) investing activities
(11,760)
14,786
(5,500)
7,349
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
U.S. dollars in thousands
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Cash flows from financing activities:
Purchase of treasury shares
(4,754)
(2,926)
(1,170)
(2,926)
Cash dividends paid to shareholders
(5,453)
(5,718)
–
–
Proceeds from issuance of shares upon exercise of options
180
114
–
18
Net cash used in financing activities
(10,027)
(8,530)
(1,170)
(2,908)
Net increase (decrease) in cash, cash equivalents, and restricted cash
(9,697)
11,690
(9,561)
6,647
Cash, cash equivalents and restricted cash at beginning of period
30,546
24,535
30,410
29,578
Cash, cash equivalents and restricted cash at end of period
$ 20,849
$ 36,225
$ 20,849
$ 36,225
Company Contacts
Niran Baruch,
Chief Financial Officer
AudioCodes
Tel: +972-3-976-4000
niran.baruch@audiocodes.com
Roger L. Chuchen,
VP, Investor Relations
AudioCodes
Tel: 732-764-2552
roger.chuchen@audiocodes.com
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The new UST campus in Kochi, which will be completed in three years, will be a 10-floor building and 4400 seats, with an area of over 6,00,000 sq. ft. The new building will also have a modern gym for employees, and an auditorium with a seating capacity of 1400 seats. The new UST campus building will be built incorporating the latest technology, and energy efficient measures generating green energy. When the Kochi campus goes on stream, it will become the second owned campus in India for UST after Thiruvananthapuram.
UST, which already has a facility operating out of Infopark Kochi, currently caters to US, UK and APAC clients from almost all domains such as healthcare, retail, telecom, financial services/asset management, and hi-tech. Speaking after laying the foundation stone for the new campus building, Krishna Sudheendra, CEO, UST, said that the new campus will not only strengthen UST’s presence in the region but also attract more clients and create new work opportunities, positioning Kochi as a dynamic hub for innovation and growth.
“I congratulate and wish the best to UST in building its own campus at Infopark. The company has shown high levels of commitment and determination in setting this goal of having its own state-of-the-art space in the industrial hub of Kerala, and the results will soon show off,” said Susanth Kurunthil, Chief Executive Officer, Infopark Kochi.
Alexander Varghese, Chief Operating Officer, UST, spoke high of the state-of-the-art infrastructure planned for the campus and appreciated the architecture company’s role in shaping its vision. “Ever since UST began its Kochi operations in 2007, we have been able to post steady growth. The strategic location of Kochi aids companies to easily connect and reach out to other IT locations in South India. This aspect, along with Kochi’s development in social and physical infrastructure arenas, has helped UST attract talent from other locations. With UST’s own campus coming up in Kochi, we will be able to add jobs and customers in a big way,” Alexander Varghese added.
Kochi has built a name as the industrial capital of Kerala. Kochi boasts of advanced infrastructure, a large and highly skilled workforce, and a supportive business environment. With the aim of having its own campus in the city, UST had started the pre-construction work before Covid-19 pandemic.
Sunil Balakrishnan, Chief Values Officer & Kochi Center Head, UST, who expressed pride in the project’s progress, also spoke about the challenges that had arisen, and how the company had overcome all hassles to stay firmly in track. Anil Pillai, Vice President, Campus Development Team, UST, unveiled the new campus design for Kochi Center at the event.
Founded in 1999, UST, which began its India operations with its headquarters in Thiruvananthapuram, has expanded its presence across India with offices in Hyderabad, Kochi, Bengaluru, Pune, Chennai, Coimbatore, Delhi NCR, Ahmedabad, and Hosur.
About UST
Since 1999, UST has worked side by side with the world’s best companies to make a powerful impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Our digital solutions, proprietary platforms, engineering expertise, and innovation ecosystem turn core challenges into impactful, disruptive solutions. With deep industry knowledge and a future-ready mindset, we infuse innovation and agility into our clients’ organizations—delivering measurable value and positive lasting change for them, their customers, and communities around the world. Together, with 30,000+ employees in 30+ countries, we build for boundless impact—touching billions of lives in the process. Visit us at www.UST.com
Media Contacts, UST:
Tinu Cherian Abraham
+1 (949) 415-9857 (US)
+91-7899045194 (India)
Merrick Laravea
+1 (949) 416-6212
Neha Misri
+44-7341787926
Roshini Das K
+91-7736795557
media.relations@ust.com
Media Contacts, India:
Adfactors PR
ust@adfactorspr.com
Media Contacts, U.S.:
S&C PR
+1-646.941.9139
media@scprgroup.com
Makovsky
ust@makovsky.com
Media Contacts, U.K.:
FTI Consulting
UST@fticonsulting.com
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