UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of July 2024
Commission file number 0-30070
AUDIOCODES
LTD.
(Translation of registrant’s name into English)
6 Ofra Haza Street • Or Yehuda • Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only
permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only
permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission
or other Commission filing on EDGAR.
On July 30, 2024, AudioCodes
Ltd. (the “Registrant”) issued a press release announcing financial results for the second quarter of 2024, a semi-annual
cash dividend and other matters. A copy of this press release is attached hereto as Exhibit 1 and incorporated by reference herein.
The information set forth
in (a) the second, third, fifth and eighth paragraphs following the heading “Details,” the paragraphs following the heading
“Share Buy Back Program” and the paragraphs following the heading “Cash Dividend,” and (b) the condensed consolidated
balance sheets, condensed consolidated statements of operations and condensed consolidated statements of cash flows contained in the press
release attached as Exhibit 1 to this Report on Form 6-K are hereby incorporated by reference into (i) the Registrant’s Registration
Statement on Form F-3ASR, File No. 333-238867; (ii) the Registrant’s Registration Statement on Form S-8, File No. 333-11894; (iii)
the Registrant’s Registration Statement on Form S-8, File No. 333-13268; (iv) the Registrant’s Registration Statement on Form
S-8, File No. 333-105473; (v) the Registrant’s Registration Statement on Form S-8, File No. 333-144825; (vi) the Registrant’s
Registration Statement on Form S-8, File No. 333-160330; (vii) the Registrant’s Registration Statement on Form S-8, File No. 333-170676;
(viii) the Registrant’s Registration Statement on Form S-8, File No. 333-190437; (ix) the Registrant’s Registration Statement
on Form S-8, File No. 333-210438; (x) the Registrant’s Registration Statement on Form S-8, File No. 333-230388; and (xi) the Registrant’s
Registration Statement on Form S-8, File No. 333-264535.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
AUDIOCODES LTD. |
| |
|
| |
(Registrant) |
| |
|
| |
By: |
/s/ NIRAN BARUCH |
| |
|
Niran Baruch |
| |
|
Vice President Finance and Chief Financial Officer |
Dated: July 30, 2024
EXHIBIT INDEX
Exhibit 1
 |
|
AudioCodes
Press Release
|
P R E S S R E L E A S E
| 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 |
AudioCodes Reports Second Quarter
2024 Results and Declares Semi-Annual Dividend of 18 cents per share
Or Yehuda, Israel – July 30, 2024 - AudioCodes
(NASDAQ: AUDC) Press Release
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; |
| o | Quarterly GAAP gross margin was 65.5% ; |
| o | Quarterly GAAP operating margin was 8.2%; |
| o | Quarterly GAAP EBITDA was $6.2 million; |
| o | Quarterly GAAP net income was $3.8 million, or $0.12 per diluted share. |
| o | Quarterly Non-GAAP gross margin was 65.8%; |
| o | Quarterly Non-GAAP operating margin was 11.9%; |
| o | Quarterly Non-GAAP EBITDA was $8.3 million; |
| o | 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. |
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 1 of 10 |
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AudioCodes
Press Release
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Details
AudioCodes,
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.
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 2 of 10 |
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AudioCodes
Press Release
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“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.
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 3 of 10 |
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AudioCodes
Press Release
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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.
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 4 of 10 |
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AudioCodes
Press Release
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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
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 5 of 10 |
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AudioCodes
Press Release
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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 | |
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 6 of 10 |
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AudioCodes
Press Release
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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 | |
| |
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AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
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Page 7 of 10 |
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AudioCodes
Press Release
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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 Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
|
|
Page 8 of 10 |
| |
|
AudioCodes
Press Release
|
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 Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
|
|
Page 9 of 10 |
| |
|
AudioCodes
Press Release
|
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 | |
| |
|
|
AudioCodes Reports second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
|
|
Page 10 of 10 |
AudioCodes (NASDAQ:AUDC)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
AudioCodes (NASDAQ:AUDC)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024
