AudioCodes Stories 2nd Quarter 2024 Effects and Announces Semi-Annual Dividend of 18 cents in keeping with proportion

OR YEHUDA, Israel, July 30, 2024 /PRNewswire/ — 

2nd Quarter Highlights

• Quarterly revenues greater through 0.5% year-over-year to $60.3 million;
• Quarterly provider revenues greater through 12.3% year-over-year to $32 million;
• GAAP effects:
  – Quarterly GAAP rude margin used to be 65.5%;
  – Quarterly GAAP running margin used to be 8.2%;
  – Quarterly GAAP EBITDA used to be $6.2 million;
  – Quarterly GAAP internet source of revenue used to be $3.8 million, or $0.12 in keeping with diluted proportion.
• Non-GAAP effects:
  – Quarterly Non-GAAP rude margin used to be 65.8%;
  – Quarterly Non-GAAP running margin used to be 11.9%;
  – Quarterly Non-GAAP EBITDA used to be $8.3 million;
  – Quarterly Non-GAAP internet source of revenue used to be $5.5 million, or $0.18 in keeping with diluted proportion.
• Internet coins old through running actions used to be $2.9 million for the quarter.
• AudioCodes repurchased 116,453 of its habitual stocks all the way through the quarter at an combination value of $1.2 million.

Main points

AudioCodes (NASDAQ: AUDC), a well-known seller of complex communications device, merchandise and productiveness answers for the virtual place of work, these days introduced its monetary effects for the second one quarter ended June 30, 2024.

Revenues for the second one quarter of 2024 had been $60.3 million in comparison to $60.0 million for the second one quarter of 2023.

EBITDA for the second one quarter of 2024 used to be $6.2 million in comparison to $2.9 million for the second one quarter of 2023.

On a Non-GAAP foundation, EBITDA for the second one quarter of 2024 used to be $8.3 million in comparison to $6.2 million for the second one quarter of 2023.

Internet source of revenue used to be $3.8 million, or $0.12 in keeping with diluted proportion, for the second one quarter of 2024 in comparison to internet source of revenue of $1.1 million, or $0.03 in keeping with diluted proportion, for the second one quarter of 2023.

On a Non-GAAP foundation, internet source of revenue used to be $5.5 million, or $0.18 in keeping with diluted proportion, for the second one quarter of 2024 in comparison to $5.1 million, or $0.16 in keeping with diluted proportion, for the second one quarter of 2023.

Non-GAAP internet source of revenue excludes: (i) share-based repayment bills; (ii) amortization bills matching to intangible property; (iii) bills matching to deferred bills in reference to the purchase of Callverso Ltd; (iv) monetary source of revenue (bills) matching to switch price variations in reference to revaluation of property and liabilities in non-dollar denominated currencies; (v) tax affect which pertains to our Non-GAAP changes; and (vi) in Q1 2024 non-cash rent expense which is needed to be recorded all the way through the quarter even supposing this can be a detached hire length beneath the rent for the Corporate’s untouched headquarters. A reconciliation of internet source of revenue on a GAAP foundation to a non-GAAP foundation is supplied within the tables that accompany the condensed consolidated monetary statements contained on this press loose.

Internet coins old through running actions used to be $2.9 million for the second one quarter of 2024.  Money and coins equivalents, temporary storagefacility deposits, lengthy and temporary marketable securities and lengthy monetary investments had been $93.7 million as of June 30, 2024 in comparison to $106.7 million as of December 31, 2023.  The scale down in coins and coins equivalents, temporary storagefacility deposits, lengthy and temporary marketable securities and lengthy monetary investments used to be the results of the usefulness of money for the continuing repurchasing of the Corporate’s habitual stocks pursuant to its proportion repurchase program and the fee of a coins dividend all the way through the primary quarter of 2024 and buy of detail and gear matching to leasehold enhancements of our untouched company headquarter in Israel, offset, partly, through coins from running actions.

“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,” stated Shabtai Adlersberg, President and Leading Govt Officer of AudioCodes.

In relation to our strategic trade strains, Microsoft Groups trade in the second one quarter grew 3.3% year-over-year, with secure build up within the Reside controlled services and products, which grew about 35% year-over-year and reached ARR of $56 million exiting 2d quarter 2024. 2nd quarter Reside trade enlargement places us not off course to land inside our complete 12 months 2024 ARR goal field of $64–$70 million, representing a mean approximate annual enlargement price of 40% in comparison to 2023.

Within the CX trade, our wholesome pipeline continues to aid a favorable outlook for 2d part and whole 12 months 2024.  Conversational AI trade grew over 50% year-over-year, taking advantage of shoppers’ inexorable call for to force innovation and ship productiveness enhancements on initiatives in each the UC and CX area. We now have witnessed walk made in different untouched Conversational AI actions. Those come with amongst others, Voca CIC, our AI first CX answer for Microsoft Groups, SaaS Recording answers reminiscent of Assembly Insights and interplay recording, and within the MS Groups assembly room area.

Underlying trade momentum left-overs robust, as we had a number of noteceable wins with marquee accounts within the quarter, from a mix of untouched buyer additions in addition to cross-sell of services to present ones. Key to such pass gross sales luck is our Reside Platform for UCaaS and CCaaS, which includes a complete stack of tonality matching services and products to the Microsoft Groups ecosystem. 

General, we delivered on our trade priorities within the quarter, fostering momentum in strategic disciplines of our trade and effectively executing at the value clarification projects.  We imagine this lays the foot to force wholesome top-line enlargement long-term life using important margin growth in 2024 and past,” concluded Mr. Adlersberg. 

Percentage Purchase Again Program

All through the quarter ended June 30, 2024, the Corporate received 116,453 of its habitual stocks beneath its proportion repurchase program for a complete attention of $1.2 million.

In July 2024, the Corporate won court docket approbation in Israel to buy as much as an combination quantity of $20 million of spare habitual stocks. The court docket approbation additionally allows AudioCodes to claim a dividend out of any a part of this quantity. The approbation is legitimate via January 1, 2025.

Money Dividend

AudioCodes additionally introduced these days that the Corporate’s Board of Administrators has declared a coins dividend within the quantity of 18 cents in keeping with proportion. The mixture quantity of the dividend is roughly $5.5 million. The dividend is payable on August 29, 2024, to the entire Corporate’s shareholders of report on the similar of buying and selling at the NASDAQ World Make a selection Marketplace on August 15, 2024. 

In response to Israeli tax legislation, the dividend is matter to withholding tax at supply on the price of 25% of the dividend quantity payable to every shareholder of report, matter to acceptable exemptions. If the recipient of the dividend is on the future of distribution or used to be at any future all the way through the previous 12-month length the holder of 10% or extra of the Corporate’s proportion capital, the withholding price is 30%.

The dividend might be paid in U.S. bucks at the habitual stocks of AudioCodes Ltd. which might be traded at the Nasdaq World Make a selection Marketplace or the Tel-Aviv Hold Alternate. The volume and timing of any alternative dividends might be enthusiastic through the Board.

Convention Name & Internet Forged Data

AudioCodes will habits a convention name at 8:30 A.M., Jap Hour these days to talk about the Corporate’s 2d quarter of 2024 running efficiency, monetary effects and outlook.   events would possibly take part within the convention name through dialing one please see numbers:

United States Contributors: 888-506-0062

World Contributors: +1 (973) 528-0011

The convention name can also be concurrently webcast.  Traders are invited to hear the decision reside by the use of webcast on the AudioCodes investor site at http://www.audiocodes.com/investors-lobby.

Practice AudioCodes’ social media channels:

AudioCodes invitations you to fasten our on-line folk and apply us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.

About AudioCodes

AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a well-known seller of complex communications device, merchandise and productiveness answers for the virtual place of work. AudioCodes allows enterprises and repair suppliers to manufacture and function all-IP tonality networks for unified communications, touch facilities, and hosted trade services and products. AudioCodes trade in a wide field of cutting edge merchandise, answers and services and products which might be old through massive multi-national enterprises and well-known tier-1 operators all over the world.

For more info on AudioCodes, talk over with http://www.audiocodes.com.

Statements regarding AudioCodes’ trade outlook or time financial efficiency; product introductions and plans and goals matching thereto; and statements regarding guesses made or expectancies as to any time occasions, situations, efficiency or alternative issues, 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 alternative components vivid in AudioCodes’ filings with the U.S. Securities and Alternate Fee. AudioCodes assumes negative legal responsibility to replace the guidelines on this loose.

©2024 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Higher, IPmedia, Mediant, MediaPack, What’s Inside of Issues, OSN, SmartTAP, Consumer Control Store, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Tone, AudioCodes Assembly Insights, AudioCodes Room Enjoy are logos or registered logos of AudioCodes Restricted. All alternative merchandise or logos are detail in their respective house owners. Product specs are matter to switch with out understand.

Abstract monetary knowledge follows

Corporate Contacts
Niran Baruch, 
Leading Monetary Officer 
AudioCodes
Tel: +972-3-976-4000
[email protected] 

Roger L. Chuchen,
VP, Investor Family members
AudioCodes
Tel:  732-764-2552
[email protected] 

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SOURCE AudioCodes