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AudioCodes(AUDC) - 2024 Q1 - Quarterly Report
2024-02-06 13:12
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 ...
AudioCodes(AUDC) - 2023 Q3 - Earnings Call Transcript
2023-11-03 02:25
AudioCodes Ltd. (NASDAQ:AUDC) Q3 2023 Earnings Conference Call November 2, 2023 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 Ryan MacWilliams - Barclays Gregory Burns - Sidoti & Company Ryan Koontz - Needham & Company Samad Samana - Jefferies Operator Greetings. Welcome to AudioCodes Third Quarter 2023 Earnings Con ...
AudioCodes(AUDC) - 2023 Q4 - Annual Report
2023-11-02 12:00
```markdown Financial Highlights and Business Overview [Third Quarter 2023 Financial Highlights](index=1&type=section&id=Third%20Quarter%202023%20Financial%20Highlights) AudioCodes reported third-quarter 2023 revenues of $61.6 million, a 2.6% sequential increase. Both GAAP and Non-GAAP metrics showed significant sequential improvement, with Non-GAAP net income reaching $8.3 million, or $0.25 per diluted share. The company continued its capital return program, declaring a dividend of $0.18 per share and repurchasing $9.0 million of its shares Q3 2023 vs Q2 2023 Performance | Metric | Q3 2023 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $61.6M | $60.0M | +2.6% | | GAAP Operating Margin | 9.4% | 3.8% | +5.6 p.p. | | GAAP Net Income | $4.3M | $1.1M | +291% | | GAAP Diluted EPS | $0.14 | $0.03 | +$0.11 | | Non-GAAP Operating Margin | 15.5% | 9.5% | +6.0 p.p. | | Non-GAAP Net Income | $8.3M | $5.1M | +62.7% | | Non-GAAP Diluted EPS | $0.25 | $0.16 | +$0.09 | Q3 2023 vs Q3 2022 Performance | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Revenues | $61.6M | $69.7M | -11.6% | | GAAP Net Income | $4.3M | $5.4M | -20.4% | | Non-GAAP Net Income | $8.3M | $10.5M | -21.0% | - Service revenues constituted **49.6%** of total revenues at **$30.6 million** for the quarter[2](index=2&type=chunk) - The company declared a cash dividend of **18 cents per share** and repurchased **880,457** of its ordinary shares for **$9.0 million** during the quarter[2](index=2&type=chunk) [Management Commentary and Business Performance](index=3&type=section&id=Management%20Commentary%20and%20Business%20Performance) Management highlighted strong performance in strategic areas, with the enterprise business now accounting for a record 90% of total revenues. Significant year-over-year growth was seen in the Microsoft-related business, AudioCodes Live managed services, and conversational AI bookings. Despite geopolitical events in Israel, the company's global operations remain undisrupted, and management is confident in returning to top-line growth in 2024 - The enterprise business grew to a record **90%** of the company's total revenues[7](index=7&type=chunk) Year-over-Year Growth in Strategic Areas (Q3 2023) | Business Segment | YoY Growth | | :--- | :--- | | Microsoft-related Business | 13% | | Microsoft Teams Business | 21% | | AudioCodes Live ARR | >50% | | Customer Experience (CX) | 13% | | Conversational AI Bookings | >50% | - AudioCodes Live managed services are on track to achieve the 2023 target of **$46-$50 million** in Annual Recurring Revenue (ARR), ending Q3 at **$43 million**[7](index=7&type=chunk) - There is rising customer interest in the Voca CIC (AI-first Teams CCaaS platform) and other conversational AI products like Meeting Insights and SmartTAP[8](index=8&type=chunk) - Despite the tragic events in Israel, global business has continued without material disruptions, and the company maintains a positive outlook for growth in 2024[9](index=9&type=chunk) [Capital Allocation](index=3&type=section&id=Capital%20Allocation) In Q3 2023, AudioCodes executed its capital return policy by paying a cash dividend of $0.18 per share, totaling approximately $5.7 million, and repurchasing 880,457 shares for $9.0 million. As of September 30, 2023, the company had $10.0 million remaining under its court-approved plan for share repurchases and/or dividend declarations, valid through December 27, 2023 - A cash dividend of **18 cents per share**, totaling approximately **$5.7 million**, was paid on August 31, 2023[10](index=10&type=chunk) - The company acquired **880,457** of its ordinary shares for a total of **$9.0 million** during the quarter[10](index=10&type=chunk) - As of September 30, 2023, **$10.0 million** was available for future share repurchases and/or dividends under the current approval, which is valid until December 27, 2023[11](index=11&type=chunk) Financial Statements [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, AudioCodes' total assets stood at $329.5 million, with total liabilities of $150.3 million and shareholders' equity of $179.2 million. Cash, cash equivalents, and various marketable securities totaled $102.5 million, a decrease from $124.3 million at the end of 2022, primarily due to capital return activities Balance Sheet Summary (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total current assets | $134,822 | $149,930 | | Total assets | $329,486 | $323,831 | | Total current liabilities | $86,923 | $94,457 | | Total liabilities | $150,265 | $134,071 | | Total shareholders' equity | $179,221 | $189,760 | - The combined balance of cash, cash equivalents, bank deposits, and marketable securities was **$102.5 million** as of September 30, 2023, down from **$124.3 million** as of December 31, 2022[6](index=6&type=chunk) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the third quarter of 2023, AudioCodes generated $61.6 million in revenue, a decrease from $69.7 million in the same period last year, primarily due to lower product revenue. Service revenue, however, increased to $30.6 million from $26.8 million. GAAP net income was $4.3 million, or $0.14 per diluted share, compared to $5.4 million, or $0.17 per diluted share, in Q3 2022 Q3 2023 vs. Q3 2022 Statement of Operations (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Product Revenues | $31,039 | $42,879 | | Service Revenues | $30,552 | $26,841 | | **Total Revenues** | **$61,591** | **$69,720** | | Gross Profit | $40,937 | $43,750 | | Operating Income | $5,779 | $7,009 | | **Net Income** | **$4,252** | **$5,373** | | Diluted EPS | $0.14 | $0.17 | [Reconciliation of GAAP to Non-GAAP Net Income](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Net%20Income) AudioCodes reconciled its Q3 2023 GAAP net income of $4.3 million to a Non-GAAP net income of $8.3 million. The primary adjustments included excluding $2.6 million in share-based compensation expenses, $1.0 million in non-cash deferred tax expenses, and other items such as amortization and lease expenses. This reconciliation is provided to help investors better understand the company's ongoing operational performance Q3 2023 GAAP to Non-GAAP Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP net income** | **$4,252** | | Share-based compensation | $2,607 | | Amortization expenses | $133 | | Deferred payments expense | $250 | | Lease expenses | $724 | | Exchange rate differences | ($767) | | Deferred tax | $1,023 | | Other Income | $0 | | **Non-GAAP net income** | **$8,302** | - Non-GAAP diluted net earnings per share for Q3 2023 was **$0.25**, compared to GAAP diluted net earnings per share of **$0.14**[20](index=20&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In the third quarter of 2023, the company generated $0.2 million in cash from operating activities. Investing activities provided $5.9 million, while financing activities used $14.6 million, largely for share repurchases ($9.0 million) and dividend payments ($5.7 million). This resulted in a net decrease in cash and cash equivalents of $8.5 million for the quarter Cash Flow Summary for Q3 2023 (in thousands) | Activity | Cash Flow | | :--- | :--- | | Net cash provided by operating activities | $178 | | Net cash provided by investing activities | $5,864 | | Net cash used in financing activities | ($14,588) | | **Net decrease in cash** | **($8,546)** | - Major uses of cash in financing activities for the quarter were the purchase of treasury shares (**$9.0 million**) and payment of cash dividends (**$5.7 million**)[26](index=26&type=chunk) Other Information [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) AudioCodes hosted a conference call and live webcast on November 2, 2023, at 8:30 A.M. Eastern Time to discuss its third-quarter 2023 financial results and outlook. Supplementary slides were made available on the company's investor website - The company conducted a conference call and webcast to discuss Q3 2023 results and outlook on the day of the earnings release[11](index=11&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements concerning the company's business outlook and future performance. These statements are subject to various risks and uncertainties, including global economic conditions, market acceptance of products, competition, and potential operational impacts from the war and hostilities in Israel - The report includes forward-looking statements as defined under U.S. Federal securities laws, which are subject to risks and uncertainties that could cause actual results to differ materially[14](index=14&type=chunk) - Identified risks include global economic conditions, shifts in supply and demand, competitive pressures, and the potential effects of the conflict in Israel on operations[14](index=14&type=chunk) ```
AudioCodes(AUDC) - 2023 Q2 - Earnings Call Transcript
2023-08-01 16:52
AudioCodes Ltd. (NASDAQ:AUDC) Q2 2023 Earnings Conference Call August 1, 2023 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 Mason Marion - Jefferies Gregory Burns - Sidoti & Company Ryan Koontz - Needham & Company Tal Liani - Bank of America Operator Greetings. Welcome to the AudioCodes Second Quarter 2023 Earnings C ...
AudioCodes(AUDC) - 2023 Q3 - Quarterly Report
2023-08-01 13:45
[Performance Overview](index=1&type=section&id=Performance%20Overview) [Second Quarter 2023 Highlights](index=1&type=section&id=Second%20Quarter%202023%20Highlights) AudioCodes achieved sequential revenue growth to **$60.0 million** in Q2 2023, alongside substantial improvements in profitability and cash generation Q2 2023 vs Q1 2023 Performance | Metric | Q2 2023 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues ($) | $60.0M | $59.2M | +1.4% | | Service Revenues ($) | $28.5M | - | 47.4% of Total | | GAAP Gross Margin (%) | 64.1% | 61.7% | +2.4 p.p. | | GAAP Operating Margin (%) | 3.8% | -1.4% | +5.2 p.p. | | GAAP Net Income ($) | $1.1M | -$0.2M | Positive Swing | | GAAP Diluted EPS ($) | $0.03 | -$0.01 | Positive Swing | | Non-GAAP Gross Margin (%) | 64.5% | 62.1% | +2.4 p.p. | | Non-GAAP Operating Margin (%) | 9.5% | 4.9% | +4.6 p.p. | | Non-GAAP Net Income ($) | $5.1M | $2.7M | +88.9% | | Non-GAAP Diluted EPS ($) | $0.16 | $0.08 | +100% | - Net cash provided by operating activities was **$2.2 million** for the quarter[1](index=1&type=chunk) - The company repurchased **318,891 ordinary shares** during the quarter for an aggregate cost of **$2.9 million**[2](index=2&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) Management emphasized strong enterprise business growth, driven by Microsoft-related services and AudioCodes Live, with significant interest in conversational AI solutions - The enterprise business now accounts for **88%** of the company's revenue[6](index=6&type=chunk) Business Segment Growth Highlights (YoY) | Business Segment | Growth Rate (YoY) (%) | | :--- | :--- | | Microsoft-related business | 12% | | Microsoft Teams business | 18% | | AudioCodes Live managed services (ARR) | >60% | | Zoom related business | >20% | | Customer Experience (CX) & Conversational AI | 7% | - AudioCodes Live managed services ARR reached **$40 million**, on track to meet the 2023 target of **$46-$50 million**[6](index=6&type=chunk) - Voca CIC is now officially **certified by Microsoft** as a **Microsoft Teams Contact Center solution**, which is expected to drive adoption by enterprises looking to consolidate Unified Communications and Contact Center environments[7](index=7&type=chunk) - The Meeting Insights for Teams solution has integrated with **GPT-4 generative AI** to offer advanced summarization and recap features[8](index=8&type=chunk) [Shareholder Returns](index=3&type=section&id=Shareholder%20Returns) [Share Buyback Program](index=3&type=section&id=Share%20Buyback%20Program) AudioCodes repurchased **$2.9 million** in shares during Q2 2023 and secured approval for an additional **$25 million** buyback program - In Q2 2023, the company repurchased **318,891 ordinary shares** for a total of **$2.9 million**[9](index=9&type=chunk) - In June 2023, the company received court approval to purchase up to an additional **$25 million** of its ordinary shares, valid through December 27, 2023[10](index=10&type=chunk) - As of June 30, 2023, **$24.7 million** was available for future share repurchases and/or cash dividends under the current court approval[10](index=10&type=chunk) [Cash Dividend](index=4&type=section&id=Cash%20Dividend) The Board declared a semi-annual cash dividend of **$0.18 per share**, totaling approximately **$5.7 million**, payable on August 31, 2023 Dividend Details | Detail | Value | | :--- | :--- | | Dividend per Share ($) | $0.18 | | Aggregate Amount ($) | ~$5.7 million | | Record Date | August 17, 2023 | | Payment Date | August 31, 2023 | - The dividend is subject to Israeli withholding tax, generally at a rate of **25%**, or **30%** for shareholders holding 10% or more of the company's share capital[11](index=11&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, AudioCodes reported total assets of **$317.7 million**, with total liabilities at **$130.5 million** and shareholders' equity at **$187.2 million** Condensed Consolidated Balance Sheets (U.S. dollars in thousands) | | June 30, 2023 (Unaudited) | Dec 31, 2022 (Audited) | | :--- | :--- | :--- | | **ASSETS** | | | | Total current assets | $145,657 | $149,930 | | Total long-term assets | $126,941 | $130,810 | | Property and equipment, net | $6,298 | $3,965 | | Goodwill, intangible assets and other, net | $38,847 | $39,126 | | **Total assets** | **$317,743** | **$323,831** | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Total current liabilities | $90,554 | $94,457 | | Total long-term liabilities | $39,975 | $39,614 | | **Total shareholders' equity** | **$187,214** | **$189,760** | | **Total liabilities and shareholders' equity** | **$317,743** | **$323,831** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2023 total revenues were **$60.0 million**, with GAAP net income at **$1.1 million** or **$0.03 per diluted share**, a decrease from Q2 2022 Condensed Consolidated Statements of Operations (U.S. dollars in thousands, except per share data) | | Three months ended June 30, 2023 (Unaudited) | Three months ended June 30, 2022 | | :--- | :--- | :--- | | Total Revenues | $60,020 | $68,360 | | Gross profit | $38,477 | $44,510 | | Operating income | $2,255 | $7,922 | | Net income | $1,055 | $6,936 | | Diluted net earnings per share | $0.03 | $0.21 | [Reconciliation of GAAP to Non-GAAP Net Income](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Net%20Income) Non-GAAP net income for Q2 2023 was **$5.1 million**, or **$0.16 per diluted share**, after adjustments for share-based compensation and amortization expenses Reconciliation of GAAP to Non-GAAP Net Income (U.S. dollars in thousands, except per share data) | | Three months ended June 30, 2023 (Unaudited) | Three months ended June 30, 2022 | | :--- | :--- | :--- | | **GAAP net income** | **$1,055** | **$6,936** | | Share-based compensation | $3,063 | $3,919 | | Amortization expenses | $133 | $201 | | Deferred payments expenses | $250 | $250 | | Other Income | $0 | ($405) | | Exchange rate differences | $71 | ($495) | | Deferred tax | $562 | $940 | | **Non-GAAP net income** | **$5,134** | **$11,346** | | **Non-GAAP diluted net earnings per share** | **$0.16** | **$0.34** | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) AudioCodes generated **$2.2 million** in operating cash flow in Q2 2023, with a net cash increase of **$6.6 million** driven by investing activities Condensed Consolidated Statement of Cash Flows (U.S. dollars in thousands) | | Three months ended June 30, 2023 (Unaudited) | Three months ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,206 | $4,818 | | Net cash provided by (used in) investing activities | $7,349 | $574 | | Net cash used in financing activities | ($2,908) | ($8,124) | | **Net increase (decrease) in cash** | **$6,647** | **($2,732)** | | Cash, cash equivalents and restricted cash at end of period | $36,225 | $35,246 |
AudioCodes(AUDC) - 2023 Q1 - Earnings Call Presentation
2023-05-12 18:27
Earnings Call Supplementary Slides Thispresentationcontainsforward-lookingstatements.Allstatementscontainedinthispresentationotherthanstatementsofhistorical facts, including, without limitation, future financial and business performance for the first quarter 2023, attractiveness of our product offerings and platform and the value proposition of our products, are forward-looking statements. The words “anticipate,” “believe,” “continue,”“estimate,”“expect,”“intend,”“guide,”“may,”“will”andsimilarexpressionsand ...
AudioCodes(AUDC) - 2023 Q1 - Earnings Call Transcript
2023-05-12 18:23
AudioCodes Ltd. (NASDAQ:AUDC) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Roger Chuchen - Vice President of Investor Relations Shabtai Adlersberg - President and Chief Executive Officer Niran Baruch - Vice President of Finance and Chief Financial Officer Conference Call Participants Gregory Burns - Sidoti & Company, LLC Mason Marion - Jefferies LLC Tal Liani - Bank of America Merrill Lynch Pete Newton - Barclays Operator Greetings. Welcome to the AudioCodes First Quarter 202 ...
AudioCodes(AUDC) - 2023 Q2 - Quarterly Report
2023-05-09 12:00
Exhibit 1 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 Mobile: 347-752-0780 roger.chuchen@audiocodes.com AudioCodes Reports First Quarter 2023 Results Lod, Israel – May 9, 2023 - AudioCodes (NASDAQ: AUDC) Press Release First Quarter Highlights · Quarterly revenues decreased by 10.8% year-over-year to $59.2 million; · Quart ...
AudioCodes(AUDC) - 2022 Q4 - Annual Report
2023-04-23 16:00
Audit and Tax Fees - Audit fees for 2022 totaled $524,000, an increase of 19% from $440,000 in 2021[287] - Tax fees for 2022 amounted to $194,000, up 81% from $107,000 in 2021[287] - Total fees for 2022 reached $718,000, representing a 31% increase compared to $547,000 in 2021[287] Share Repurchase and Dividends - A total of 1,513,207 ordinary shares were purchased in 2022 at an average price of $25.15 per share[293] - The approximate dollar value of shares that may yet be purchased under the program as of December 31, 2022, is $20,349,414[293] - The company purchased treasury stock amounting to $38,099,000 in 2022[330] - The Company declared cash dividends totaling $11,552 thousand in 2022, an increase from $10,865 thousand in 2021[334] Financial Performance - The company reported a net loss for the year ended December 31, 2022, compared to a profit in the previous year, highlighting a significant shift in financial performance[307] - Total revenues for 2022 reached $275,093 thousand, an increase of 10.5% from $248,920 thousand in 2021[326] - Net income for 2022 was $28,466 thousand, a decrease of 15.4% from $33,751 thousand in 2021[327] - The company reported a total comprehensive income of $17,736 thousand for 2022, down from $31,756 thousand in 2021[327] Assets and Liabilities - Total assets decreased from $349,364,000 in 2021 to $323,831,000 in 2022, a decline of approximately 7.3%[322] - Total liabilities decreased to $134,071 thousand in 2022, down from $143,866 thousand in 2021, a reduction of 6.0%[324] - Total shareholders' equity decreased to $189,760 thousand in 2022, down from $205,498 thousand in 2021, a decline of 7.7%[324] Cash Flow and Investments - Cash flows from operating activities provided $8,281,000 in 2022, significantly lower than $47,344,000 in 2021[332] - The net cash used in investing activities was $(19,673,000) in 2022, compared to $42,622,000 in 2021[332] - Cash, cash equivalents, and restricted cash at the end of 2022 amounted to $24,535 thousand, a significant decrease from $84,523 thousand at the end of 2021[345] Inventory and Receivables - Trade receivables increased from $48,956,000 in 2021 to $56,424,000 in 2022, marking an increase of approximately 15.5%[322] - Inventories rose from $23,988,000 in 2021 to $36,377,000 in 2022, reflecting an increase of about 51.6%[322] - The company reported a decrease in trade receivables of $20,567,000 in 2022, compared to a decrease of $14,438,000 in 2021[332] Research and Development - Research and development expenses increased to $59,842 thousand, up from $53,396 thousand in 2021, reflecting a growth of 12.9%[326] - Research and development grants recognized were $624, $570, and $388 for the years ended December 31, 2022, 2021, and 2020, respectively[362] Taxation - The company recorded a taxable income of $34,183,000 for the year ended December 31, 2022, compared to $39,647,000 in 2021, reflecting a decrease of approximately 11.7%[443] - The current tax expense for domestic operations was $3,707,000 in 2022, significantly higher than $819,000 in 2021, indicating a substantial increase in tax obligations[446] - The effective corporate tax rate for Israeli companies remains at 23% for the years ended December 31, 2022, 2021, and 2020[441] Marketable Securities and Investments - The company’s marketable securities as of December 31, 2022, had a fair value of $78,066,000, down from $89,976,000 in 2021, reflecting unrealized losses of $8,211,000[395] - The company classified all marketable securities as available-for-sale as of December 31, 2022, impacting its financial reporting[342] Internal Controls and Compliance - The company evaluated its disclosure controls and procedures as effective as of December 31, 2022, ensuring timely decisions regarding required disclosures[285] - Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting[285] - The company maintained effective internal control over financial reporting as of December 31, 2022, based on COSO criteria[317] Geopolitical and Economic Factors - The ongoing conflict in Ukraine may have lasting impacts on the company's financial condition and operations due to geopolitical instability[337] - The company generated a significant portion of its revenues in U.S. dollars, reflecting its primary economic environment[339] Employee Compensation and Benefits - Share-based compensation related to options and RSUs granted to employees and non-employees increased to $15,122,000 in 2022 from $14,164,000 in 2021[332] - The total share-based compensation expenses for the year ended December 31, 2022, amounted to $15,122, compared to $14,164 in 2021 and $8,771 in 2020[375] Acquisitions - The acquisition of Callverso Ltd. was completed on November 10, 2021, for a total purchase price of $3,000,000, which included $2,900,000 in cash and an earn-out potential of up to $6,000,000 over three years based on sales performance[387][388]. - The fair value of identifiable assets acquired from Callverso was estimated at $2,311,000, with net identifiable assets acquired totaling $1,662,000 and goodwill of $1,338,000 attributed to expected synergies[391].
AudioCodes(AUDC) - 2022 Q4 - Annual Report
2023-04-23 16:00
EXHIBIT 1 AudioCodes Press Release | --- | --- | |------------------------------------------------|-----------------------------------------| | | | | Niran Baruch, | Roger L. Chuchen | | VP Finance & Chief Financial Officer | VP, Investor Relations AudioCodes | | AudioCodes | Tel: 732-652-1091 | | Tel: +972-3-976-4000 | Mobile: 347-752-0780 | | niran.baruch@audiocodes.com | roger.chuchen@audiocodes.com | Company Contact AudioCodes Announces Filing of Form 20-F for the Fiscal Year Ended December 31, 2022 Lod ...