AudioCodes(AUDC) Prnewswire·2024-02-06 07:00Financial Performance - Quarterly revenues increased by 3.2% sequentially to 244.4 million [1][2] - Quarterly service revenues of 120.4 million [1][2] - GAAP net income for the fourth quarter was 0.12 per diluted share, compared to 0.14 per diluted share in the prior quarter [1][2] - Full year 2023 GAAP net income was 0.28 per diluted share, down from 0.88 per diluted share in 2022 [2][3] Non-GAAP Results - Non-GAAP net income for the fourth quarter was 0.28 per diluted share, compared to 0.25 per diluted share in the prior quarter [3] - Full year 2023 Non-GAAP net income was 0.77 per diluted share, down from 1.35 per diluted share in 2022 [3] Cash Flow and Shareholder Returns - Net cash provided by operating activities was 14.9 million for the full year [4][5] - The company repurchased 595,583 ordinary shares during the quarter at a total cost of 5.5 million, payable on March 6, 2024 [10][11] Business Segments and Growth Areas - The enterprise segment accounted for roughly 90% of business in the fourth quarter, with Microsoft-related business growing 5% year-over-year [6] - Teams-related business grew 10% year-over-year, while AudioCodes Live managed services saw an ARR growth of 50% year-over-year, ending the quarter at $48 million [6] - Customer experience (CX) operations grew over 40% year-over-year in the fourth quarter, with conversational AI bookings growing over 50% [7] Operational Efficiency - Non-GAAP gross margin improved to 67.6%, while non-GAAP operating margin reached 16.9% in the quarter [8] - The company is focusing on transitioning to a subscription and recurring sales model, aiming for revenue growth and improved profitability in 2024 [8]