AudioCodes Ltd

NASDAQ:AUDCUnited States

May 7, 2024

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• DJ AudioCodes Down Over 13%, on Pace for Largest Percent Decrease Since April 2023 -- Data Talk, from 2:41PM ET on Tuesday May 07, 2024 by Dow Jones

  2:41PM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: AUDC
  
  AudioCodes Ltd. (AUDC) is currently at $9.90, down $1.48 or 13.01%
  
  --Would be lowest close since Nov. 13, 2023, when it closed at $9.88
  
  --On pace for largest percent decrease since April 10, 2023, when it fell 21.29%
  

• AudioCodes Reports First Quarter 2024 Results, from 2:00AM ET on Tuesday May 07, 2024 by Dow Jones

  2:00AM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: AUDC
  Share-based compensation (1) 742 1,259 Lease expenses (6) 76 818 1,259 Financial expenses: Exchange rate differences (4) (364) (541) Income taxes: Deferred tax (5) 471 (338) --------- --------- Non-GAAP net income $ 5,219 $ 2,681 ========= ========= Non-GAAP diluted net earnings per share $ 0.17 $ 0.08 ========= ========= Weighted average number of shares used in computing Non-GAAP diluted net earnings per share (in thousands) 31,570 33,056 ========= ========= (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 expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies. (5) Non-cash deferred tax expenses. (6) 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 Three months ended March 31, -------------------- 2024 2023 --------- --------- (Unaudited) -------------------- Cash flows from operating activities: --------------------------------------------------- Net income (loss) $ 2,083 $ (182) Adjustments required to reconcile net income to net cash provided by operating activities: Depreciation and amortization 523 651 Amortization of marketable securities premiums and accretion of discounts, net 314 372 Increase (decrease) in accrued severance pay, net (110) 16 Share-based compensation expenses 2,136 3,346 Increase in deferred tax assets, net (786) (366) Cash financial loss (income), net 85 (390) Decrease in operating lease right-of-use assets 2,389 2,150 Decrease in operating lease liabilities (2,111) (3,537) Decrease in trade receivables, net 2,316 6,511 Decrease in other receivables and prepaid expenses 540 184 Decrease (increase) in inventories 3,258 (5,766) Decrease in trade payables (234) (756) Decrease in other payables and accrued expenses (1,732) (4,065) Increase in deferred revenues 6,310 5,060 --------- --------- Net cash provided by operating activities 14,981 3,228 --------- --------- Cash flows from investing activities: --------------------------------------------------- Proceeds from short-term deposits 4 5,004 Proceeds from financial investment 21 - Proceeds from redemption of marketable securities 500 1,000 Proceeds from redemption of financial investments - 2,749 Purchase of property and equipment (6,785) (1,316) --------- --------- Net cash provided by (used in) investing activities (6,260) 7,437 --------- --------- AUDIOCODES LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS U.S. dollars in thousands Three months ended March 31, -------------------- 2024 2023 --------- --------- (Unaudited) --------------------- Cash flows from financing activities: ------------------------------------------------ Purchase of treasury shares (3,584) - Cash dividends paid to shareholders (5,453) (5,718) Proceeds from issuance of shares upon exercise of options 180 96 Net cash used in financing activities (8,857) (5,622) --------- --------- Net increase (decrease) in cash, cash equivalents, and restricted cash (136) 5,043 Cash, cash equivalents and restricted cash at beginning of period 30,546 24,535 --------- --------- Cash, cash equivalents and restricted cash at end of period $ 30,410 $ 29,578 ========= ========= 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