AudioCodes Ltd

NASDAQ:AUDCUnited States

Ratings actions from Benzinga: https://www.benzinga.com/quote/AUDC/analyst-ratings

(END) Dow Jones Newswires

November 07, 2024 14:53 ET (19:53 GMT)

Lease expenses (6) 342 362 - 362 --------- -------- --------- --------- 1,984 2,827 471 1,136 Selling and marketing: Share-based compensation (1) 2,255 3,380 783 1,050 Amortization expenses (2) 33 33 11 11 Deferred payments expenses (3) - 375 - 125 Lease expenses (6) 38 40 - 40 --------- -------- --------- --------- 2,326 3,828 794 1,226 General and administrative: Share-based compensation (1) 2,113 3,242 679 814 Lease expenses (6) 76 80 - 80 2,189 3,322 679 894 Financial expenses (income): Exchange rate differences (4) (754) (1,237) 55 (767) Income taxes: Taxes on income, net (5) 422 1,247 - 1,023 --------- -------- --------- --------- Non-GAAP net income $ 15,647 $ 16,117 $ 4,899 $ 8,302 ========= ======== ========= ========= Non-GAAP diluted net earnings per share $ 0.50 $ 0.49 $ 0.16 $ 0.25 ========= ======== ========= ========= Weighted average number of shares used in computing Non-GAAP diluted net earnings per share (in thousands) 31,534 32,870 31,480 32,576 ========= ======== ========= ========= (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 income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies. (5) Tax impact which relates to our non-GAAP adjustments. (6) In Q1 2024, 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 Nine months ended Three months ended September 30, September 30, ------------------- -------------------- 2024 2023 2024 2023 ---------- ------- --------- --------- (Unaudited) (Unaudited) ------------------- -------------------- Cash flows from operating activities: -------------------------- Net income $ 8,536 $ 5,125 $ 2,679 $ 4,252 Adjustments required to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,788 1,972 1,004 652 Amortization of marketable securities premiums and accretion of discounts, net 885 1,027 270 315 Decrease in accrued severance pay, net (699) (493) (220) (221) Share-based compensation expenses 6,284 9,016 2,032 2,607 Decrease in deferred tax assets, net 826 1,164 762 996 Cash financial loss (income), net 137 (397) (17) (65) Decrease in operating lease right-of-use assets 4,755 6,688 1,198 2,406 Decrease in operating lease liabilities (3,931) (8,411) (496) (4,056) Decrease (increase) in trade receivables, net (6,014) 4,645 (2,247) (2,294) Decrease (increase) in other receivables and prepaid expenses (2,704) 1,572 (2,939) (339) Decrease (increase) in inventories 10,119 (8,605) 4,172 907 Increase (decrease in trade payables (2,077) (4,700) 377 (482) Increase (decrease) in other payables and accrued expenses (594) (6,414) 1,011 (1,480) Increase (decrease) in deferred revenues 1,631 3,423 266 (3,020) Net cash provided by operating activities 19,942 5,612 7,852 178 ---------- ------- --------- --------- Cash flows from investing activities: -------------------------- Proceeds from short-term deposits 10 5,008 4 2 Proceeds of marketable securities 9,991 3,846 9,991 3,846 Proceeds from financial investment 76 - 29 - Proceeds from redemption of marketable securities 3,450 3,084 - 1,084 Proceeds from redemption of financial investments - 14,094 - 3,051 Purchase of financial investments (675) (81) (675) (81) Purchase of property and equipment (20,768) (5,301) (5,505) (2,038) ---------- ------- --------- --------- Net cash provided by (used in) investing activities (7,916) 20,650 3,844 5,864 ---------- ------- --------- --------- AUDIOCODES LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS U.S. dollars in thousands Nine months ended Three months ended September 30, September 30, ------------------- -------------------- 2024 2023 2024 2023 --------- -------- --------- --------- (Unaudited) (Unaudited) ------------------- -------------------- Cash flows from financing activities: -------------------------- Purchase of treasury shares (8,340) (11,973) (3,586) (9,047) Cash dividends paid to shareholders (10,896) (11,399) (5,443) (5,681) Proceeds from issuance of shares upon exercise of options 186 254 6 140 --------- -------- --------- --------- Net cash used in financing activities (19,050) (23,118) (9,023) (14,588) --------- -------- --------- --------- Net increase (decrease) in cash, cash equivalents, and restricted cash (7,025) 3,144 2,672 (8,546) Cash, cash equivalents and restricted cash at beginning of period 30,546 24,535 20,849 36,225 --------- -------- --------- --------- Cash, cash equivalents and restricted cash at end of period $ 23,522 $ 27,679 $ 23,522 $ 27,679 ========= ======== ========= ========= 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