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, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

The New Omnichannel Experience Will Support Email and Webchat in a One-screen Microsoft Teams Contact Center Built in Azure LOD, Israel, March 13, 2024 /PRNewswire/ -- Highlights AudioCodes has added support for digital interactions to its Contact Center as a Service (CCaaS) solution, the Voca Conversational Interaction Center (CIC) The new omnichannel experience allows enterprises to provide a consistently integrated customer experience across email, webchat, and voice channels Voca CIC's omnichannel desi ...

The Voca Conversational Interaction Center (CIC) Secures Top Honors in the 2024 CX Awards, Winning the Best Microsoft Teams Contact Center Solution LOD, Israel, March 4, 2024 /PRNewswire/ -- Highlights AudioCodes Voca CIC is selected by 16 CX industry experts to win the CX Award 2024 for Best Microsoft Teams Contact Center Solution Judges were impressed with Voca CIC's unwavering reliability to provide a superior customer experience based on its Azure-native integration with Microsoft Teams Voca CIC is ce ...

The stock of enterprise voice services company AudioCodes (AUDC 14.21%) had a banner trading session on Tuesday. Following the company's release of its latest quarterly earnings report, investors piled into its shares, sending their value up in excess of 14%. That made it quite the outperformer on a day when the S&P 500 index only inched up by 0.2%.Fourth-quarter results publishedFor its fourth quarter, AudioCodes booked $63.6 million in revenue, which was down 10% on a year-over-year basis but represented ...

Financial Data and Key Metrics Changes - Revenues for Q4 2023 were $63.6 million, a 3.2% increase from $61.6 million in Q3 2023. Full year 2023 revenues decreased by 11.2% to $244.4 million from $275.1 million in 2022 [9][10] - GAAP gross margin for Q4 was 66.7%, slightly up from 66.5% in Q3 2023. Operating income for Q4 was $7.2 million (11.4% of revenues), compared to $5.8 million (9.4% of revenues) in Q3 2023 [11] - Full year 2023 net income was $8.8 million ($0.28 per diluted share), down from $28.5 million ($0.88 per diluted share) in 2022 [12] Business Line Data and Key Metrics Changes - Services revenues for Q4 were $30.9 million, accounting for 48.6% of total revenues. Annual services revenues increased by 8.7% to $120.4 million from $110.8 million in 2022 [10] - The SBC product line generated over $35 million in revenue for Q4, with full year revenue close to $130 million [22] - Customer experience revenue grew by approximately 20% year-over-year for the full year, now representing more than 20% of total business [20] Market Data and Key Metrics Changes - Revenue by geographical regions for Q4: North America 44%, EMEA 37%, Asia Pacific 14%, Central and Latin America 5% [10] - The company experienced a decline in service provider business, with a year-over-year decline of over 60% in Q4 and over 40% for the full year [23] Company Strategy and Development Direction - The company is shifting its business model towards subscription and recurring sales, aiming to increase software and service revenue mix to nearly 70% in 2023, up from 60% in 2022 [16] - Focus on AI-first voice-related software and applications is expected to drive future growth, particularly in the UCaaS and CCaaS markets [17][18] - The company aims to leverage its partnerships with leading application vendors like Microsoft to enhance its market position [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the pipeline for 2024 looks promising, with strong bookings in 2023 compared to 2022, despite a challenging macroeconomic environment [34][35] - The company anticipates revenue growth in 2024, with guidance of $252 million to $267 million, reflecting a mid-range growth of about 6% compared to 2023 [14][26] Other Important Information - The company declared a cash dividend of $0.18 per share, totaling approximately $5.5 million, to be paid on March 6, 2024 [14] - The company has received court approval to repurchase up to $20 million of its ordinary shares [14] Q&A Session Summary Question: How does your pipeline visibility now compare to what it was in 3Q? - Management indicated that there is not much difference in pipeline visibility, with a strong Q4 expected to lead to a slight decline in Q1 2024 [34] Question: How did CCaaS demand fare in the quarter? - Management reported a rise in opportunities in the CCaaS space, with significant deals won in North America [37] Question: What is driving the moderated growth rates from Microsoft? - The moderated growth is attributed to the global economic slowdown and the limited benefit from adding phone functionality to Microsoft Teams [41] Question: What are the penetration rates of voice licensing in the Teams environment? - Current estimates suggest that penetration rates are still below 15%, indicating significant growth potential [44] Question: How do you expect cash conversion to perform in 2024? - Management expects operating cash flow for 2024 to be better than in 2023, following a strong Q4 [46] Question: Can you provide insights on the macro environment and customer verticals? - Management noted that the macro environment remains uncertain, but they are optimistic about growth in the enterprise space, particularly in contact centers and conversational AI [59]

Exhibit 1 odes | --- | --- | |-----------------------------|------------------------------| | | AudioCodes Press \nRelease | | Company Contacts | | | Niran Baruch, | Roger L. Chuchen | | Chief Financial Officer | VP, Investor Relations | | AudioCodes | AudioCodes | | Tel: +972-3-976-4000 | Tel: 732-764-2552 | | niran.baruch@audiocodes.com | roger.chuchen@audiocodes.com | AudioCodes Reports Fourth Quarter and Full Year 2023 Results and Declares Semi-Annual Dividend of 18 cents per share Lod, Israel – Februar ...