OR YEHUDA, Israel, Nov. 6, 2024
/PRNewswire/ --
Third Quarter Highlights
- Quarterly revenues decreased by 2.2% year-over-year to
$60.2 million;
- Quarterly service revenues increased by 6.4% year-over-year to
$32.5 million;
- GAAP results:
- Quarterly GAAP gross margin was 65.2%;
- Quarterly GAAP operating margin was 8.1%;
- Quarterly GAAP EBITDA was $5.9
million;
- Quarterly GAAP net income was $2.7
million, or $0.09 per diluted
share.
- Non-GAAP results:
- Quarterly Non-GAAP gross margin was 65.6%;
- Quarterly Non-GAAP operating margin was 11.7%;
- Quarterly Non-GAAP EBITDA was $7.9
million;
- Quarterly Non-GAAP net income was $4.9
million, or $0.16 per diluted
share.
- Net cash provided by operating activities was $7.9 million for the quarter.
- AudioCodes repurchased 332,709 of its ordinary shares during
the quarter at an aggregate cost of $3.6
million.
Details
AudioCodes (NASDAQ: AUDC), a leading provider of unified
communications voice, contact center and conversational AI
applications and services for enterprises, today announced its
financial results for the third quarter ended September 30, 2024.
Revenues for the third quarter of 2024 were $60.2 million compared to $61.6 million for the third quarter of 2023.
EBITDA for the third quarter of 2024 was $5.9 million compared to $6.4 million for the third quarter of 2023.
On a Non-GAAP basis, EBITDA for the third quarter of 2024 was
$7.9 million compared to $10.1 million for the third quarter of 2023.
Net income was $2.7 million, or
$0.09 per diluted share, for the
third quarter of 2024 compared to net income of $4.3 million, or $0.14 per diluted share, for the third quarter of
2023.
On a Non-GAAP basis, net income was $4.9
million, or $0.16 per diluted
share, for the third quarter of 2024 compared to $8.3 million, or $0.25 per diluted share, for the third 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 provided by operating activities was $7.9 million for the third quarter of 2024. Cash
and cash equivalents, short-term bank deposits, long and short-term
marketable securities and long-term financial investments were
$88.4 million as of September 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-term 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 each of the first and
third quarters 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 we have successfully executed against
our strategic priorities this quarter, as we continue to make
progress in our long-term goal of leading the voice services market
for the UCaaS and CX markets. We continued our transformation to
become a cloud software and services company with a higher
proportion of recurring revenue vs. legacy perpetual revenues,"
said Shabtai Adlersberg, President
and Chief Executive Officer of AudioCodes.
Third quarter services revenues grew 6.4% year-over-year and
accounted for 53.9% of revenues, the highest on record for us.
Fueling the strength of our services revenue stream as our primary
growth engines were Live managed services (consisting of Live
Teams and Live CX) and conversational AI. Specifically, Live Teams
business grew 21% year over year and accounted for 44% of total
Microsoft business compared to 37% a year ago. On conversational
AI, third quarter dollar value of contracts signed increased
roughly 50% vs the year ago period.
Our success in building Live managed services and recurring
revenue stream has translated to strong year-over-year ARR growth
of 40%, ending 3Q at $60 million ARR,
up from $48 million exiting
2023. This success is owed to the trust we have built
throughout the years with partners and enterprise customers in the
voice services space. There is no better proof than our
long-standing multi-year partnership with AT&T in North
America, leveraging our expertise in providing secure voice
connectivity to help their business customers onboard to Microsoft
Teams. This fruitful partnership has contributed multi-millions of
annual recurring revenues over the last several years.
Speaking of conversational AI, strong operational momentum
continues, driven by long-term tailwind of infusing AI into UC and
CX workflows in customers' inexorable demand to drive ongoing
productivity gains. Accordingly, we have seen significant
pick-up in pipeline activities across our entire conversational AI
suite, including Voca CIC, our AI first CX solution for Microsoft
Teams, SaaS Recording solutions such as Meeting Insights and
interaction recording, and Voice AI Connect.
Overall, we delivered on our business priorities in the quarter,
with the strength in our Live recurring businesses buttressing the
healthy overall pipeline for our major practices such as Microsoft
business, CX and Conversational AI. We believe this bodes
well for seeing improved top-line growth performance as we head
into 2025 and beyond," concluded Mr. Adlersberg.
Share Buy Back Program and Cash Dividend
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.
On July 30, 2024, the Company
declared a cash dividend of 18 cents
per share. The dividend, in the aggregate amount of approximately
$5.4 million, was paid on
August 29, 2024, to all of the
Company's shareholders of record on August
15, 2024.
During the quarter ended September 30,
2024, the Company acquired 332,709 of its ordinary shares
under its share repurchase program for a total consideration of
$3.6 million.
As of September 30, 2024, the
Company had $11 million available
under this approval for the repurchase of shares and/or declaration
of cash dividends.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the
Company's third 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.
About AudioCodes
AudioCodes (NASDAQ, TASE: AUDC) is a leading innovator of
intelligent cloud communications solutions. AudioCodes empowers
enterprises and service providers to build and operate
state-of-the-art voice networks, unified communications platforms,
and AI-driven productivity tools. The cutting-edge portfolio
includes cloud-native applications, advanced voice AI technologies,
and comprehensive communication solutions tailored for the modern
digital workplace. Trusted by global Fortune 500 companies and
tier-1 operators worldwide, AudioCodes drives digital
transformation through seamless integration, enhanced
collaboration, and unparalleled communication experiences.
For more information, visit http://www.audiocodes.com.
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.
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
|
|
|
September
30,
|
|
December
31,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$ 23,522
|
|
$ 30,546
|
|
Short-term and
restricted bank deposits
|
202
|
|
212
|
|
Short-term marketable
securities
|
24,245
|
|
7,438
|
|
Trade receivables,
net
|
58,081
|
|
51,125
|
|
Other receivables and
prepaid expenses
|
12,085
|
|
9,381
|
|
Inventories
|
33,677
|
|
43,959
|
|
Total current
assets
|
151,812
|
|
142,661
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
Long-term Trade
receivables
|
$ 15,856
|
|
$ 16,798
|
|
Long-term marketable
securities
|
37,308
|
|
65,732
|
|
Long-term financial
investments
|
3,123
|
|
2,730
|
|
Deferred tax
assets
|
4,577
|
|
6,208
|
|
Operating lease
right-of-use assets
|
33,207
|
|
36,712
|
|
Severance pay
funds
|
17,132
|
|
17,202
|
|
Total long-term
assets
|
111,203
|
|
145,382
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET
|
25,236
|
|
10,893
|
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
38,182
|
|
38,581
|
|
|
|
|
|
Total assets
|
$ 326,433
|
|
$ 337,517
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Trade
payables
|
5,479
|
|
7,556
|
|
Other payables and
accrued expenses
|
24,066
|
|
29,943
|
|
Deferred
revenues
|
39,390
|
|
38,820
|
|
Short-term operating
lease liabilities
|
5,859
|
|
7,878
|
|
Total current
liabilities
|
74,794
|
|
84,197
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Accrued severance
pay
|
$ 15,893
|
|
$ 16,662
|
|
Deferred revenues and
other liabilities
|
18,110
|
|
17,142
|
|
Long-term operating
lease liabilities
|
30,742
|
|
31,404
|
|
Total long-term
liabilities
|
64,745
|
|
65,208
|
|
|
|
|
|
Total shareholders'
equity
|
186,894
|
|
188,112
|
|
Total liabilities and
shareholders' equity
|
$ 326,433
|
|
$ 337,517
|
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except per share data
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Products
|
$ 84,647
|
|
$ 91,299
|
|
$ 27,750
|
|
$ 31,039
|
|
Services
|
95,975
|
|
89,525
|
|
32,493
|
|
30,552
|
|
Total Revenues
|
180,622
|
|
180,824
|
|
60,243
|
|
61,591
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Products
|
34,123
|
|
36,568
|
|
11,380
|
|
11,347
|
|
Services
|
29,057
|
|
28,299
|
|
9,563
|
|
9,307
|
|
Total Cost of
revenues
|
63,180
|
|
64,867
|
|
20,943
|
|
20,654
|
|
Gross profit
|
117,442
|
|
115,957
|
|
39,300
|
|
40,937
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development, net
|
39,780
|
|
43,363
|
|
12,666
|
|
13,960
|
|
Selling and
marketing
|
52,427
|
|
52,747
|
|
17,607
|
|
17,221
|
|
General and
administrative
|
12,146
|
|
12,657
|
|
4,155
|
|
3,977
|
|
Total operating
expenses
|
104,353
|
|
108,767
|
|
34,428
|
|
35,158
|
|
Operating
income
|
13,089
|
|
7,190
|
|
4,872
|
|
5,779
|
|
Financial income
(expenses), net
|
(195)
|
|
1,688
|
|
(614)
|
|
492
|
|
Income before taxes on
income
|
12,894
|
|
8,878
|
|
4,258
|
|
6,271
|
|
Taxes on income,
net
|
(4,358)
|
|
(3,753)
|
|
(1,579)
|
|
(2,019)
|
|
Net income
|
$ 8,536
|
|
$ 5,125
|
|
$ 2,679
|
|
$ 4,252
|
|
Basic net earnings per
share
|
$ 0.28
|
|
$ 0.16
|
|
$ 0.09
|
|
$ 0.14
|
|
Diluted net earnings
per share
|
$ 0.28
|
|
$ 0.16
|
|
$ 0.09
|
|
$ 0.14
|
|
Weighted average number
of shares used in computing basic
net earnings per share (in thousands)
|
30,239
|
|
31,642
|
|
30,218
|
|
31,390
|
|
Weighted average number
of shares used in computing diluted
net earnings per share (in thousands)
|
30,769
|
|
31,807
|
|
30,778
|
|
31,374
|
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
|
RECONCILIATION OF
GAAP NET INCOME TO NON-GAAP NET INCOME
|
|
U.S. dollars in
thousands, except per share data
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
(Unaudited)
|
|
GAAP net
income
|
$ 8,536
|
|
$ 5,125
|
|
$ 2,679
|
|
$ 4,252
|
|
GAAP net earnings per
share
|
$ 0.28
|
|
$ 0.16
|
|
$ 0.09
|
|
$ 0.14
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
274
|
|
304
|
|
99
|
|
94
|
|
Amortization expenses
(2)
|
366
|
|
379
|
|
122
|
|
122
|
|
Lease expenses
(6)
|
304
|
|
322
|
|
-
|
|
322
|
|
944
|
|
1,005
|
|
221
|
|
538
|
|
Research and
development, net:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
1,642
|
|
2,090
|
|
471
|
|
649
|
|
Deferred payments
expenses (3)
|
-
|
|
375
|
|
-
|
|
125
|
|
Lease expenses
(6)
|
342
|
|
362
|
|
-
|
|
362
|
|
1,984
|
|
2,827
|
|
471
|
|
1,136
|
|
Selling and
marketing:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
2,255
|
|
3,380
|
|
783
|
|
1,050
|
|
Amortization expenses
(2)
|
33
|
|
33
|
|
11
|
|
11
|
|
Deferred payments
expenses (3)
|
-
|
|
375
|
|
-
|
|
125
|
|
Lease expenses
(6)
|
38
|
|
40
|
|
-
|
|
40
|
|
2,326
|
|
3,828
|
|
794
|
|
1,226
|
|
General and
administrative:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
2,113
|
|
3,242
|
|
679
|
|
814
|
|
Lease expenses
(6)
|
76
|
|
80
|
|
-
|
|
80
|
|
2,189
|
|
3,322
|
|
679
|
|
894
|
|
Financial expenses
(income):
|
|
|
|
|
|
|
|
|
Exchange rate
differences (4)
|
(754)
|
|
(1,237)
|
|
55
|
|
(767)
|
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
|
Taxes on income, net
(5)
|
422
|
|
1,247
|
|
-
|
|
1,023
|
|
Non-GAAP net
income
|
$ 15,647
|
|
$ 16,117
|
|
$ 4,899
|
|
$ 8,302
|
|
Non-GAAP diluted net
earnings per share
|
$ 0.50
|
|
$ 0.49
|
|
$ 0.16
|
|
$ 0.25
|
|
Weighted average number
of shares used in computing Non-GAAP
diluted net earnings per share (in thousands)
|
31,534
|
|
32,870
|
|
31,480
|
|
32,576
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 8,536
|
|
$ 5,125
|
|
$ 2,679
|
|
$ 4,252
|
|
Adjustments required to
reconcile net income to net
cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,788
|
|
1,972
|
|
1,004
|
|
652
|
|
Amortization of
marketable securities premiums and
accretion of discounts, net
|
|
885
|
|
1,027
|
|
270
|
|
315
|
|
Decrease in accrued
severance pay, net
|
|
(699)
|
|
(493)
|
|
(220)
|
|
(221)
|
|
Share-based
compensation expenses
|
|
6,284
|
|
9,016
|
|
2,032
|
|
2,607
|
|
Decrease in deferred
tax assets, net
|
|
826
|
|
1,164
|
|
762
|
|
996
|
|
Cash financial loss
(income), net
|
|
137
|
|
(397)
|
|
(17)
|
|
(65)
|
|
Decrease in operating
lease right-of-use assets
|
|
4,755
|
|
6,688
|
|
1,198
|
|
2,406
|
|
Decrease in operating
lease liabilities
|
|
(3,931)
|
|
(8,411)
|
|
(496)
|
|
(4,056)
|
|
Decrease (increase) in
trade receivables, net
|
|
(6,014)
|
|
4,645
|
|
(2,247)
|
|
(2,294)
|
|
Decrease (increase) in
other receivables and prepaid
expenses
|
|
(2,704)
|
|
1,572
|
|
(2,939)
|
|
(339)
|
|
Decrease (increase) in
inventories
|
|
10,119
|
|
(8,605)
|
|
4,172
|
|
907
|
|
Increase (decrease in
trade payables
|
|
(2,077)
|
|
(4,700)
|
|
377
|
|
(482)
|
|
Increase (decrease) in
other payables and accrued
expenses
|
|
(594)
|
|
(6,414)
|
|
1,011
|
|
(1,480)
|
|
Increase (decrease) in
deferred revenues
|
|
1,631
|
|
3,423
|
|
266
|
|
(3,020)
|
|
Net cash provided by
operating activities
|
|
19,942
|
|
5,612
|
|
7,852
|
|
178
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term deposits
|
|
10
|
|
5,008
|
|
4
|
|
2
|
|
Proceeds of marketable
securities
|
|
9,991
|
|
3,846
|
|
9,991
|
|
3,846
|
|
Proceeds from financial
investment
|
|
76
|
|
-
|
|
29
|
|
-
|
|
Proceeds from
redemption of marketable securities
|
|
3,450
|
|
3,084
|
|
-
|
|
1,084
|
|
Proceeds from
redemption of financial investments
|
|
-
|
|
14,094
|
|
-
|
|
3,051
|
|
Purchase of financial
investments
|
|
(675)
|
|
(81)
|
|
(675)
|
|
(81)
|
|
Purchase of property
and equipment
|
|
(20,768)
|
|
(5,301)
|
|
(5,505)
|
|
(2,038)
|
|
Net cash provided by
(used in) investing activities
|
|
(7,916)
|
|
20,650
|
|
3,844
|
|
5,864
|
|
|
|
|
|
|
|
|
|
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of treasury
shares
|
|
(8,340)
|
|
(11,973)
|
|
(3,586)
|
|
(9,047)
|
|
Cash dividends paid to
shareholders
|
|
(10,896)
|
|
(11,399)
|
|
(5,443)
|
|
(5,681)
|
|
Proceeds from issuance
of shares upon exercise of options
|
|
186
|
|
254
|
|
6
|
|
140
|
|
Net cash used in
financing activities
|
|
(19,050)
|
|
(23,118)
|
|
(9,023)
|
|
(14,588)
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
|
(7,025)
|
|
3,144
|
|
2,672
|
|
(8,546)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
30,546
|
|
24,535
|
|
20,849
|
|
36,225
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$ 23,522
|
|
$ 27,679
|
|
$ 23,522
|
|
$ 27,679
|
|
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
|
Logo -
https://mma.prnewswire.com/media/2391462/audiocodes_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/audiocodes-reports-third-quarter-2024-results-302297276.html
SOURCE AudioCodes