Meeting Insights employs conversational AI to transform how organizations manage and leverage crucial information from Microsoft Teams meetings OR YEHUDA, Israel, July 31, 2024 /PRNewswire/ -- Highlights Meeting Insights is part of AudioCodes' growing offering of SaaS applications designed to meet evolving market demands for more flexible, scalable and integrated solutions for the modern workplace. The award's judges recognized Meeting Insights' ability to leverage conversational AI to enhance users' produ ...

Financial Data and Key Metrics Changes - Revenues for Q2 2024 were $60.3 million, a 0.5% increase from $60 million in Q2 2023 [9] - Services revenues increased by 12.3% year-over-year to $32 million, accounting for 53% of total revenues [9][10] - GAAP gross margin improved to 65.5% from 64.1% in Q2 2023 [10] - Operating income rose to $4.9 million (8.2% of revenues) compared to $2.3 million (3.8% of revenues) in Q2 2023 [10] - Non-GAAP net income for Q2 2024 was $5.5 million, or $0.18 per diluted share, compared to $5.1 million, or $0.16 per diluted share in Q2 2023 [11] Business Line Data and Key Metrics Changes - The enterprise business, representing about 90% of total revenue, saw the UCaaS business grow by 3.3% year-over-year, with Microsoft Teams live minute services annual recurring revenues growing 35% year-over-year [16][25] - The Customer Experience (CX) business revenue declined by about 10% year-over-year due to a large deal push-out, but a healthy pipeline supports a positive outlook for the second half of 2024 [28] - Conversational AI business revenue increased by 10.5% year-over-year, with bookings growing over 50% [16][32] Market Data and Key Metrics Changes - Revenue by geographical regions: North America (47%), EMEA (35%), Asia-Pacific (13%), and Central and Latin America (5%) [10] - The top 15 customers accounted for 56% of revenues, with 38% attributed to the nine largest distributors [10] Company Strategy and Development Direction - The company is focusing on growth in recurring business models, particularly in UCaaS, CCaaS, and conversational AI, with expectations of returning to growth in revenue and profits starting in 2025 [22][23] - Investments in the live platform and managed services are seen as key drivers for future growth, particularly in the Microsoft Teams ecosystem [19][25] - The company is also expanding its capabilities in conversational AI, leveraging its comprehensive technology stack to deliver integrated solutions [21][32] Management Comments on Operating Environment and Future Outlook - Management noted that the decline in legacy business is moderating, and they expect growth to resume in 2025 as recurring business models take precedence [54][55] - The impact of global economic conditions on enterprise spending is acknowledged, but management remains optimistic about the long-term growth potential driven by advancements in Gen AI technology [62][64] Other Important Information - The company declared a cash dividend of $0.18 per share, totaling approximately $5.5 million, to be paid on August 29, 2024 [12][13] - The company received court approval to purchase up to $20 million of additional ordinary shares, valid through January 1, 2025 [12] Q&A Session Summary Question: What are the key drivers of growth in the service business? - Management highlighted the strength of the live and Microsoft Teams managed services business, which has seen significant growth due to the development of a comprehensive service platform [43][44] Question: What types of customers are adopting conversational AI products? - Customers from various sectors, including finance, government, and healthcare, are adopting conversational AI solutions, with projects already in place demonstrating significant operational improvements [48][49] Question: When does management expect growth to re-emerge? - Management anticipates that growth will return by the second quarter of 2025, driven by a shift to recurring business models [54][55] Question: Have there been any changes in UCaaS and CCaaS spending due to macroeconomic conditions? - Management noted that while UCaaS growth has slowed, contact center activity remains strong, and they expect improvements as economic conditions stabilize [62][64] Question: What feedback has been received from customers regarding conversational AI? - Customers have reported significant operational efficiencies and improved decision-making capabilities due to the implementation of AI solutions, justifying the investment [65][66]

AudioCodes (AUDC) came out with quarterly earnings of $0.18 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this communication components company would post earnings of $0.20 per share when it actually produced earnings of $0.17, delivering a surprise of -15%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.AudioCodes, w ...

Exhibit 1 codes 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 SemiAnnual Dividend of 18 cents per share Or Yehuda, Israel – July 30, 2024 - AudioCodes (NASDAQ: AUDC) Press Release Second Quarter Highlights · Quarterly revenues increase ...

Core Insights - AudioCodes reported a 0.5% year-over-year increase in quarterly revenues to $60.3 million for Q2 2024, with service revenues rising by 12.3% to $32 million [1][2] - The company achieved a GAAP net income of $3.8 million, or $0.12 per diluted share, compared to $1.1 million, or $0.03 per diluted share, in Q2 2023 [2][19] - Non-GAAP net income for Q2 2024 was $5.5 million, or $0.18 per diluted share, up from $5.1 million, or $0.16 per diluted share, in the same quarter last year [2][19] Financial Performance - GAAP gross margin for the quarter was 65.5%, while non-GAAP gross margin was slightly higher at 65.8% [1][2] - GAAP operating margin stood at 8.2%, with non-GAAP operating margin at 11.9% [1][2] - EBITDA for Q2 2024 was reported at $6.2 million (GAAP) and $8.3 million (non-GAAP), compared to $2.9 million and $6.2 million respectively in Q2 2023 [2][19] Cash Flow and Shareholder Returns - The company used $2.9 million in net cash for operating activities during the quarter [4] - AudioCodes repurchased 116,453 ordinary shares for a total cost of $1.2 million during Q2 2024 [1][8] - A cash dividend of $0.18 per share was declared, amounting to approximately $5.5 million, payable on August 29, 2024 [9][10] Business Segments and Growth - The Microsoft Teams business grew by 3.3% year-over-year, with Live managed services increasing by about 35% year-over-year, reaching an ARR of $56 million [5][6] - The Conversational AI business saw over 50% growth year-over-year, driven by demand for innovation in unified communications and customer experience [6][7] - The company is on track to meet its full-year ARR target range of $64-$70 million, representing an average growth rate of approximately 40% compared to 2023 [5][6] Strategic Initiatives - AudioCodes is focusing on cost rationalization initiatives to support long-term top-line growth and margin expansion [7] - The company has made notable progress in new Conversational AI activities, including solutions for Microsoft Teams and SaaS recording [6][7]

AudioCodes leads the enterprise SBC market for the third year running with a 23.1% worldwide revenue share for 2023 LOD, Israel, May 15, 2024 /PRNewswire/ -- Highlights Research firm Omdia ranked AudioCodes as the market leader for 2023 with a worldwide revenue share of 23.1% in its Enterprise SBCs and VoIP Gateways Market Tracker – 4Q23 and CY23 Analysis and 2024–28 Forecast AudioCodes was also ranked by Omdia as the top vendor in the same category for 4Q23 with a 26.8% share AudioCodes Mediant SBCs are c ...

AudioCodes Ltd. (NASDAQ:AUDC) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET Company Participants Roger Chuchen - Vice President, Investor Relations Shabtai Adlersberg - President and Chief Executive Officer Niran Baruch - Vice President of Finance and Chief Financial Officer Conference Call Participants Samad Samana - Jefferies Ryan MacWilliams - Barclays Ryan Koontz - Needham & Company Operator Good morning everyone and welcome to the AudioCodes First Quarter 2024 Earnings Conference Call. At thi ...

AudioCodes (AUDC) came out with quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -15%. A quarter ago, it was expected that this communication components company would post earnings of $0.24 per share when it actually produced earnings of $0.28, delivering a surprise of 16.67%.Over the last four quar ...

Maskot/DigitalVision via Getty Images Introduction I wanted to take a look at AudioCodes Ltd. (NASDAQ:AUDC) and how it performed throughout the years given that the company is about to report its Q1 earnings, the company's profitability, and efficiency took a nosedive since the peak of the pandemic, however, a transition to a software-service-based company has the potential to revitalize the company in the long run. The question is if the management can execute. Nevertheless, the risk/reward seems to be ent ...

LOD, Israel, April 3, 2024 /PRNewswire/ -- AudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced that it will release financial results for its First quarter 2024 on Tuesday, May 07, 2024, before the market open on NASDAQ, reflecting the quarterly period ended March 31, 2024. AudioCodes' financial results will be released over the news wires and will also be posted on its corporate website. On Tuesday, ...