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AudioCodes Reports Third Quarter 2024 Results

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AudioCodes (AUDC) reported Q3 2024 results with revenues of $60.2 million, down 2.2% year-over-year. Service revenues increased 6.4% to $32.5 million, representing 53.9% of total revenues. GAAP net income was $2.7 million ($0.09 per share), while Non-GAAP net income was $4.9 million ($0.16 per share). The company's Annual Recurring Revenue (ARR) grew 40% year-over-year to $60 million. During the quarter, AudioCodes repurchased 332,709 shares for $3.6 million and paid a dividend of 18 cents per share.

AudioCodes (AUDC) ha riportato i risultati del terzo trimestre del 2024 con ricavi di 60,2 milioni di dollari, in calo del 2,2% rispetto all'anno precedente. I ricavi da servizi sono aumentati del 6,4% a 32,5 milioni di dollari, rappresentando il 53,9% dei ricavi totali. L'utile netto secondo i principi GAAP è stato di 2,7 milioni di dollari (0,09 dollari per azione), mentre l'utile netto Non-GAAP è stato di 4,9 milioni di dollari (0,16 dollari per azione). Il fatturato ricorrente annuale (ARR) dell'azienda è cresciuto del 40% anno su anno, raggiungendo i 60 milioni di dollari. Durante il trimestre, AudioCodes ha riacquistato 332.709 azioni per un valore di 3,6 milioni di dollari e ha distribuito un dividendo di 18 centesimi per azione.

AudioCodes (AUDC) reportó los resultados del tercer trimestre de 2024 con ingresos de 60.2 millones de dólares, una disminución del 2.2% interanual. Los ingresos por servicios aumentaron un 6.4% a 32.5 millones de dólares, representando el 53.9% de los ingresos totales. La utilidad neta según GAAP fue de 2.7 millones de dólares (0.09 dólares por acción), mientras que la utilidad neta No-GAAP fue de 4.9 millones de dólares (0.16 dólares por acción). Los ingresos recurrentes anuales (ARR) de la empresa crecieron un 40% en comparación con el año anterior, alcanzando los 60 millones de dólares. Durante el trimestre, AudioCodes recompró 332,709 acciones por 3.6 millones de dólares y pagó un dividendo de 18 centavos por acción.

AudioCodes (AUDC)는 2024년 3분기 실적을 발표하며 수익이 6,020만 달러에 달해 전년 대비 2.2% 감소했다고 보고했습니다. 서비스 수익은 6.4% 증가하여 3,250만 달러를 기록했으며, 이는 총 수익의 53.9%를 차지합니다. GAAP 기준 순이익은 270만 달러(주당 0.09 달러)였으며, 비-GAAP 기준 순이익은 490만 달러(주당 0.16 달러)였습니다. 회사의 연간 반복 수익(ARR)은 전년 대비 40% 성장하여 6,000만 달러에 달했습니다. 분기 동안 AudioCodes는 332,709주를 360만 달러에 재매입하였으며 주당 18센트의 배당금을 지급했습니다.

AudioCodes (AUDC) a annoncé les résultats du troisième trimestre 2024, avec des revenus de 60,2 millions de dollars, en baisse de 2,2 % par rapport à l'année précédente. Les revenus de services ont augmenté de 6,4 % pour atteindre 32,5 millions de dollars, représentant 53,9 % des revenus totaux. Le bénéfice net selon les normes GAAP était de 2,7 millions de dollars (0,09 dollar par action), tandis que le bénéfice net Non-GAAP était de 4,9 millions de dollars (0,16 dollar par action). Les revenus récurrents annuels (ARR) de l'entreprise ont augmenté de 40 % d'une année sur l'autre, atteignant 60 millions de dollars. Au cours du trimestre, AudioCodes a racheté 332 709 actions pour 3,6 millions de dollars et a versé un dividende de 18 cents par action.

AudioCodes (AUDC) hat die Ergebnisse des dritten Quartals 2024 bekannt gegeben, mit Einnahmen von 60,2 Millionen US-Dollar, was einem Rückgang von 2,2 % im Jahresvergleich entspricht. Die Service-Einnahmen stiegen um 6,4 % auf 32,5 Millionen US-Dollar, was 53,9 % der Gesamteinnahmen ausmacht. Der GAAP-Nettoeinkommen betrug 2,7 Millionen US-Dollar (0,09 US-Dollar pro Aktie), während das Non-GAAP-Nettoeinkommen 4,9 Millionen US-Dollar (0,16 US-Dollar pro Aktie) betrug. Die wiederkehrenden jährlichen Einnahmen (ARR) des Unternehmens wuchsen im Jahresvergleich um 40 % auf 60 Millionen US-Dollar. Im Laufe des Quartals hat AudioCodes 332.709 Aktien für 3,6 Millionen US-Dollar zurückgekauft und eine Dividende von 18 Cent pro Aktie ausgezahlt.

Positive
  • Service revenues grew 6.4% YoY, reaching 53.9% of total revenue
  • ARR growth of 40% YoY to $60 million
  • Live Teams business grew 21% YoY
  • Conversational AI contract value increased 50% YoY
  • Operating cash flow of $7.9 million in Q3
Negative
  • Total revenue decreased 2.2% YoY to $60.2 million
  • GAAP net income declined to $2.7M from $4.3M YoY
  • Non-GAAP net income decreased to $4.9M from $8.3M YoY
  • Cash and equivalents decreased to $88.4M from $106.7M since December 2023

Insights

AudioCodes' Q3 results reveal mixed signals. While overall revenues declined 2.2% year-over-year to $60.2M, the company's strategic shift toward recurring revenue shows promise. Service revenues grew 6.4%, reaching 53.9% of total revenue - a record high. The Annual Recurring Revenue (ARR) jumped 40% to $60M, demonstrating strong momentum in cloud services.

However, profitability metrics declined across the board. Non-GAAP net income dropped to $4.9M ($0.16 per share) from $8.3M ($0.25 per share) year-over-year. The company maintains a solid balance sheet with $88.4M in cash and investments, though this decreased from $106.7M at year-end 2023 due to share buybacks and dividend payments.

The strategic pivot toward cloud software and services is showing tangible results. Live Teams business grew 21% year-over-year, now representing 44% of Microsoft-related revenue. The conversational AI segment demonstrates particular strength, with contract values up 50% from last year. The partnership with AT&T for Microsoft Teams voice connectivity continues to generate significant recurring revenue.

This transformation positions AudioCodes well in the growing UCaaS and CX markets, particularly as enterprises increasingly adopt AI-enhanced communication solutions. While the transition period shows some pressure on margins, the growing recurring revenue base and expanding AI capabilities should provide more stable, predictable revenue streams going forward.

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.

Audiocodes Logo

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

 

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SOURCE AudioCodes

FAQ

What was AudioCodes (AUDC) revenue in Q3 2024?

AudioCodes reported Q3 2024 revenue of $60.2 million, representing a 2.2% decrease from $61.6 million in Q3 2023.

How much was AudioCodes (AUDC) Q3 2024 earnings per share?

AudioCodes reported GAAP earnings of $0.09 per diluted share and Non-GAAP earnings of $0.16 per diluted share in Q3 2024.

What was AudioCodes (AUDC) service revenue growth in Q3 2024?

Service revenues grew 6.4% year-over-year to $32.5 million, representing 53.9% of total revenues in Q3 2024.

How much did AudioCodes (AUDC) spend on share buybacks in Q3 2024?

AudioCodes repurchased 332,709 ordinary shares during Q3 2024 at an aggregate cost of $3.6 million.

AudioCodes Ltd

NASDAQ:AUDC

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253.94M
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22.65%
52.29%
0.44%
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