LOD, Israel, Nov. 2, 2023
/PRNewswire/ -- Third Quarter Highlights
- Quarterly revenues increased by 2.6% sequentially to
$61.6 million.
- Quarterly Service revenues of $30.6
million accounted for 49.6% of revenues
- GAAP results:
- Quarterly GAAP gross margin was 66.5% compared to
64.1% in the prior quarter;
- Quarterly GAAP operating margin was 9.4% compared to
3.8% in the prior quarter; and
- Quarterly GAAP net income was $4.3 million, or $0.14 per diluted share compared to $1.1 million, or $0.03 per diluted share, in the prior
quarter.
- Non-GAAP results:
- Quarterly Non-GAAP gross margin was 67.3% compared
to 64.5% in the prior quarter;
- Quarterly Non-GAAP operating margin was 15.5%
compared to 9.5% in the prior quarter; and
- Quarterly Non-GAAP net income was $8.3 million, or $0.25 per diluted share, compared to $5.1 million, or $0.16 per diluted share in the prior
quarter.
- Net cash provided by operating activities was $0.2 million for the quarter.
- AudioCodes declared a cash dividend of 18 cents per share. The dividend, in the
aggregate amount of $5.7 million, was
paid on August 31, 2023 to
shareholders of record on August 17,
2023.
- AudioCodes repurchased 880,457 of its ordinary shares during
the quarter at an aggregate cost of $9.0
million.
Details
AudioCodes (NASDAQ: AUDC), a leading vendor of advanced
communications software, products and productivity solutions for
the digital workplace, today announced its financial results for
the third quarter ended September 30,
2023.
Revenues for the third quarter of 2023 were $61.6 million compared to $60.0 million for the second quarter of 2023 and
$69.7 million for the third quarter
of 2022.
Net income was $4.3 million, or
$0.14 per diluted share, for the
third quarter of 2023 compared to $1.1
million, or $0.03 per diluted
share, for the second quarter of 2023 and $5.4 million, or $0.17 per diluted share, for the third quarter of
2022.
On a Non-GAAP basis, net income was $8.3
million, or $0.25 per diluted
share, for the third quarter of 2023 compared to $5.1 million, or $0.16 per diluted share, for the second quarter
of 2023 and $10.5 million, or
$0.32 per diluted share, for the
third quarter of 2022.
Non-GAAP net income excludes: (i) share-based compensation
expenses; (ii) amortization expenses related to intangible assets;
(iii) expenses related to deferred payments in connection with the
acquisition of Callverso Ltd; (iv) other income related to a
payment made by the landlord to AudioCodes Inc., a subsidiary of
the Company, in connection with the termination of a lease
agreement for its offices in New
Jersey; (v) financial income related to exchange rate
differences in connection with revaluation of assets and
liabilities in non-dollar denominated currencies; (vi) non-cash
deferred tax expenses (income); and (vii) 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. A reconciliation of net income on a GAAP basis to a
non-GAAP basis is provided in the tables that accompany the
condensed consolidated financial statements contained in this press
release.
Net cash provided by operating activities was $0.2 million for the third quarter of 2023.
Cash and cash equivalents, long and short-term bank deposits,
long and short-term marketable securities and long and short-term
financial investments were $102.5
million as of September 30,
2023 compared to $124.3
million as of December 31,
2022. The decrease in cash and cash equivalents, long and
short-term bank deposits, long and short-term marketable securities
and long and short-term financial investments was the result of the
use of cash for the continued repurchasing of the Company's
ordinary shares pursuant to its share repurchase program and the
payment of a cash dividend during each of the first and third
quarters of 2023.
"I am pleased to report solid third quarter 2023 results with
improved growth in strategic areas of our business," said
Shabtai Adlersberg, President and
Chief Executive Officer of AudioCodes.
We continued to perform well in our enterprise business,
now reaching a record 90% of the company revenues.
Microsoft-related business in the quarter grew 13% year-over-year,
with Microsoft Teams business up 21% year over year. We
experienced continued strong momentum of our AudioCodes Live
managed services, with ARR growing over 50% year-over-year ending
the quarter at $43 million, which
means we are on track to achieve our target of $46- $50 million in
2023, representing approximately 50% year-over-year growth.
Additionally, customer experience (CX) performance
improved to 13% year-over-year growth in the quarter and
conversational AI business bookings grew over 50%
year-over-year. Our investments in product innovation in
conversational AI are paying off and have successfully positioned
our CX segment for faster sustainable top-line growth. Since
the announcement of Microsoft Teams certification of Voca CIC, our
lightweight AI-first Teams CCaaS platform, we have seen a
step-up in customer interest and engagement. The success with
our CCaaS offering is having a pull-through effect on the rest of
our conversational AI portfolio, in particular in our Generative AI
powered recording services. We now see rising interest and progress
made with our Meeting Insights workflow productivity application
and SmartTAP compliance recording.
This strong performance in strategic areas of our business
coupled with the flow-through impact of previously announced
initiatives in cost savings drove significant sequential operating
margin improvement in the quarter.
Despite the tragic events in Israel over the past three weeks, our global
business has continued to operate without material
disruptions due to our diverse global presence, lessons
learned during the Covid pandemic, and thanks to the commitment and
dedication of our employees and partners across the world.
Moreover, the aforementioned positive business developments, backed
by leading indicators such as pipeline remaining robust, give us
increasing confidence in our previously stated commitment to return
to top-line growth with meaningful margin expansion in 2024 and
beyond," concluded Mr. Adlersberg.
Share Buy Back Program and Cash Dividend
In June 2023, the Company received
court approval in Israel to
purchase up to an aggregate amount of $25
million of additional ordinary shares. The court approval
also permits AudioCodes to declare a dividend out of any part of
this amount. The approval is valid through December 27, 2023.
On August 1, 2023, the Company
declared a cash dividend of 18 cents
per share. The dividend, in the aggregate amount of approximately
$5.7 million, was paid on
August 31, 2023 to all of the
Company's shareholders of record on August
17, 2023.
During the quarter ended September 30,
2023, the Company acquired 880,457 of its ordinary shares
under its share repurchase program for a total consideration of
$9.0 million.
As of September 30, 2023, the
Company had $10.0 million available
under the approval for the repurchase of shares and/or declaration
of cash dividends.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the
Company's third quarter of 2023 operating performance,
financial results and outlook. Interested parties may participate
in the conference call by dialing one the following numbers:
United States Participants: 888-506-0062
International Participants: +1 (973) 528-0011
The conference call will also be simultaneously webcast.
Investors are invited to listen to the call live via webcast at the
AudioCodes investor website at
http://www.audiocodes.com/investors-lobby.
Third quarter of 2023 earnings call supplementary slides will be
available during our third quarter 2023 earnings call at
AudioCodes' investor website at
http://www.audiocodes.com/investors-lobby.
Follow AudioCodes' social media channels:
AudioCodes invites you to join our online community and follow
us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook,
and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ: AUDC) (TASE: AUDC) is a leading vendor
of advanced communications software, products and productivity
solutions for the digital workplace. AudioCodes enables enterprises
and service providers to build and operate all-IP voice networks
for unified communications, contact centers, and hosted business
services. AudioCodes offers a broad range of innovative
products, solutions and services that are used by large
multi-national enterprises and leading tier-1 operators around the
world.
For more information on AudioCodes, visit
http://www.audiocodes.com.
Statements concerning AudioCodes' business outlook or future
economic performance; product introductions and plans and
objectives related thereto; and statements concerning assumptions
made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements'' as
that term is defined under U.S. Federal securities laws.
Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
the effect of global economic conditions in general and conditions
in AudioCodes' industry and target markets in particular; shifts in
supply and demand; market acceptance of new products and the demand
for existing products; the impact of competitive products and
pricing on AudioCodes' and its customers' products and markets;
timely product and technology development, upgrades and the ability
to manage changes in market conditions as needed; possible need for
additional financing; the ability to satisfy covenants in the
Company's loan agreements; possible disruptions from acquisitions;
the ability of AudioCodes to successfully integrate the products
and operations of acquired companies into AudioCodes' business;
possible adverse impact of the COVID-19 pandemic on our business
and results of operations; the effects of the current terrorist
attacks by Hamas in Israel, and
the war and hostilities between Israel and Hamas, and Israel and Hezbollah as well as the
possibility that this could develop into a broader regional
conflict involving Israel with
other parties, may affect our operations and may limit our ability
to produce and sell our solutions; any disruption in our operations
by the obligations of our personnel to perform military service as
a result of current or future military actions
involving Israel; and other factors detailed in AudioCodes'
filings with the U.S. Securities and Exchange Commission.
AudioCodes assumes no obligation to update the information in this
release.
©2023 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, User Management Pack, VMAS,
VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom,
AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room
Experience is trademarks or registered trademarks of AudioCodes
Limited. All other products or trademarks are property of their
respective owners. Product specifications are subject to change
without notice.
Summary financial data follows
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
September
30,
|
|
December
31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$ 27,679
|
|
$ 24,535
|
|
Short-term and
restricted bank deposits
|
202
|
|
5,210
|
|
Short-term marketable
securities
|
4,042
|
|
2,120
|
|
Short-term
financial investments
|
-
|
|
15,258
|
|
Trade receivables,
net
|
49,636
|
|
56,424
|
|
Other receivables and
prepaid expenses
|
8,434
|
|
10,006
|
|
Inventories
|
44,829
|
|
36,377
|
|
Total current
assets
|
134,822
|
|
149,930
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
Long-term Trade
receivables
|
$ 15,242
|
|
$13,099
|
|
Long-term marketable
securities
|
67,727
|
|
75,946
|
|
Long-term financial
investments
|
2,826
|
|
1,242
|
|
Deferred tax
assets
|
7,808
|
|
9,073
|
|
Operating lease
right-of-use assets
|
37,940
|
|
13,517
|
|
Severance pay
funds
|
16,548
|
|
17,933
|
|
Total long-term
assets
|
148,091
|
|
130,810
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET
|
7,859
|
|
3,965
|
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
38,714
|
|
39,126
|
|
|
|
|
|
Total assets
|
$ 329,486
|
|
$ 323,831
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Trade
payables
|
$ 6,638
|
|
11,338
|
|
Other payables and
accrued expenses
|
35,058
|
|
38,316
|
|
Deferred
revenues
|
38,799
|
|
36,634
|
|
Short-term operating
lease liabilities
|
6,428
|
|
8,169
|
|
Total current
liabilities
|
86,923
|
|
94,457
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Accrued severance
pay
|
$ 15,877
|
|
$ 17,755
|
|
Deferred revenues and
other liabilities
|
17,473
|
|
16,308
|
|
Long-term operating
lease liabilities
|
29,992
|
|
5,551
|
|
Total long-term
liabilities
|
63,342
|
|
39,614
|
|
|
|
|
|
Total shareholders'
equity
|
179,221
|
|
189,760
|
|
Total liabilities and
shareholders' equity
|
$ 329,486
|
|
$ 323,831
|
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except per share data
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Products
|
$ 91,299
|
|
$ 122,285
|
|
$ 31,039
|
|
$ 42,879
|
|
Services
|
89,525
|
|
82,152
|
|
30,552
|
|
26,841
|
|
Total Revenues
|
180,824
|
|
204,437
|
|
61,591
|
|
69,720
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Products
|
36,568
|
|
47,851
|
|
11,347
|
|
17,733
|
|
Services
|
28,299
|
|
23,966
|
|
9,307
|
|
8,237
|
|
Total Cost of
revenues
|
64,867
|
|
71,817
|
|
20,654
|
|
25,970
|
|
Gross profit
|
115,957
|
|
132,620
|
|
40,937
|
|
43,750
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development, net
|
43,363
|
|
44,752
|
|
13,960
|
|
14,811
|
|
Selling and
marketing
|
52,747
|
|
52,035
|
|
17,221
|
|
17,663
|
|
General and
administrative
|
12,657
|
|
12,850
|
|
3,977
|
|
4,267
|
|
Total operating
expenses
|
108,767
|
|
109,637
|
|
35,158
|
|
36,741
|
|
Operating
income
|
7,190
|
|
22,983
|
|
5,779
|
|
7,009
|
|
Financial income,
net
|
1,688
|
|
2,195
|
|
492
|
|
344
|
|
Income before taxes on
income
|
8,878
|
|
25,178
|
|
6,271
|
|
7,353
|
|
Taxes on income,
net
|
(3,753)
|
|
(4,261)
|
|
(2,019)
|
|
(1,980)
|
|
Net income
|
$ 5,125
|
|
$ 20,917
|
|
$ 4,252
|
|
$ 5,373
|
|
Basic net earnings per
share
|
$ 0.16
|
|
$ 0.66
|
|
$ 0.14
|
|
$ 0.17
|
|
Diluted net earnings
per share
|
$ 0.16
|
|
$ 0.64
|
|
$ 0.14
|
|
$ 0.17
|
|
Weighted average number
of shares used in
computing basic net earnings per share (in
thousands)
|
31,642
|
|
31,919
|
|
31,390
|
|
31,717
|
|
Weighted average number
of shares used in
computing diluted net earnings per share (in
thousands)
|
31,807
|
|
32,619
|
|
31,374
|
|
32,256
|
|
AUDIOCODES LTD. AND
ITS SUBSIDIARIES
|
|
RECONCILIATION OF
GAAP NET INCOME TO NON-GAAP NET INCOME
|
|
U.S. dollars in
thousands, except per share data
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
|
GAAP net
income
|
$ 5,125
|
|
$ 20,917
|
|
$ 4,252
|
|
$ 5,373
|
|
GAAP net earnings per
share
|
$ 0.16
|
|
$ 0.64
|
|
$ 0.14
|
|
$ 0.17
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
304
|
|
300
|
|
94
|
|
126
|
|
Amortization expenses
(2)
|
379
|
|
570
|
|
122
|
|
190
|
|
Lease expenses
(7)
|
322
|
|
-
|
|
322
|
|
-
|
|
1,005
|
|
870
|
|
538
|
|
316
|
|
Research and
development, net:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
2,090
|
|
2,642
|
|
649
|
|
755
|
|
Deferred payments
expense (3)
|
375
|
|
375
|
|
125
|
|
125
|
|
Lease expenses
(7)
|
362
|
|
-
|
|
362
|
|
-
|
|
2,827
|
|
3,017
|
|
1,136
|
|
880
|
|
Selling and
marketing:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
3,380
|
|
4,694
|
|
1,050
|
|
1,543
|
|
Amortization expenses
(2)
|
33
|
|
33
|
|
11
|
|
11
|
|
Deferred payments
expense (3)
|
375
|
|
375
|
|
125
|
|
125
|
|
Lease expenses
(7)
|
40
|
|
-
|
|
40
|
|
-
|
|
3,828
|
|
5,102
|
|
1,226
|
|
1,679
|
|
General and
administrative:
|
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
3,242
|
|
3,734
|
|
814
|
|
1,212
|
|
Other Income
(4)
|
-
|
|
(1,093)
|
|
-
|
|
(283)
|
|
Lease expenses
(7)
|
80
|
|
-
|
|
80
|
|
-
|
|
3,322
|
|
2,641
|
|
894
|
|
929
|
|
Financial expenses
(income):
|
|
|
|
|
|
|
|
|
Exchange rate
differences (5)
|
(1,237)
|
|
(1,094)
|
|
(767)
|
|
121
|
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
|
Deferred tax
(6)
|
1,247
|
|
1,576
|
|
1,023
|
|
1,223
|
|
Non-GAAP net
income
|
$ 16,117
|
|
$ 33,029
|
|
$ 8,302
|
|
$ 10,521
|
|
Non-GAAP diluted net
earnings per share
|
$ 0.49
|
|
$ 0.99
|
|
$ 0.25
|
|
$ 0.32
|
|
Weighted average number
of shares used in computing
Non-GAAP diluted net earnings per share (in thousands)
|
32,870
|
|
33,449
|
|
32,576
|
|
33,231
|
|
|
|
|
|
|
|
|
|
(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) Other income related to a payment made to AudioCodes Inc.
in connection with the termination of a lease agreement for its
offices in New Jersey.
(5) Financial income or expenses related to exchange rate
differences in connection with revaluation of assets and
liabilities in non-dollar denominated currencies.(6) Non-cash
deferred tax expense.
(7) 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,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 5,125
|
|
$ 20,917
|
|
$ 4,252
|
|
$ 5,373
|
|
|
Adjustments required to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,972
|
|
2,261
|
|
652
|
|
797
|
|
|
Amortization of
marketable securities premiums and accretion of discounts,
net
|
|
1,027
|
|
1,155
|
|
315
|
|
362
|
|
|
Increase (decrease) in
accrued severance pay, net
|
|
(493)
|
|
(332)
|
|
(221)
|
|
265
|
|
|
Share-based
compensation expenses
|
|
9,016
|
|
11,370
|
|
2,607
|
|
3,636
|
|
|
Decrease in deferred
tax assets, net
|
|
1,164
|
|
1,424
|
|
996
|
|
1,187
|
|
|
Cash financial loss
(income), net
|
|
(397)
|
|
(728)
|
|
(65)
|
|
(400)
|
|
|
Decrease in operating
lease right-of-use assets
|
|
6,688
|
|
4,639
|
|
2,406
|
|
1,497
|
|
|
Decrease in operating
lease liabilities
|
|
(8,411)
|
|
(9,258)
|
|
(4,056)
|
|
(3,029)
|
|
|
Decrease (increase) in
trade receivables, net
|
|
4,645
|
|
(12,487)
|
|
(2,294)
|
|
(5,114)
|
|
|
Decrease (increase) in
other receivables and prepaid expenses
|
|
1,572
|
|
(1,344)
|
|
(339)
|
|
(124)
|
|
|
Decrease (increase) in
inventories
|
|
(8,605)
|
|
(8,048)
|
|
907
|
|
(4,198)
|
|
|
Increase (decrease) in
trade payables
|
|
(4,700)
|
|
4,639
|
|
(482)
|
|
5,064
|
|
|
Increase
(decrease) in other payables and
accrued expenses
|
|
(6,414)
|
|
(6,203)
|
|
(1,480)
|
|
(1,404)
|
|
|
Increase
(decrease) in deferred
revenues
|
|
3,423
|
|
(147)
|
|
(3,020)
|
|
(1,810)
|
|
|
Net cash provided by
operating activities
|
|
5,612
|
|
7,858
|
|
178
|
|
2,102
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Investment in
short-term deposits
|
|
-
|
|
(5,000)
|
|
-
|
|
-
|
|
|
Proceeds from
short-term deposits
|
|
5,008
|
|
15
|
|
2
|
|
2
|
|
|
Proceeds from
long-term deposits
|
|
-
|
|
94
|
|
-
|
|
94
|
|
|
Proceeds of marketable
securities
|
|
3,846
|
|
-
|
|
3,846
|
|
-
|
|
|
Proceeds from
redemption of marketable securities
|
|
3,084
|
|
1,123
|
|
1,084
|
|
-
|
|
|
Proceeds from
redemption of financial investments
|
|
14,094
|
|
-
|
|
3,051
|
|
-
|
|
|
Purchase of financial
investments
|
|
(81)
|
|
(16,210)
|
|
(81)
|
|
(540)
|
|
|
Net cash paid in
acquisition of subsidiary
|
|
-
|
|
(100)
|
|
-
|
|
-
|
|
|
Purchase of property
and equipment
|
|
(5,301)
|
|
(1,151)
|
|
(2,038)
|
|
(572)
|
|
|
Net cash provided by
(used in) investing activities
|
|
20,650
|
|
(21,229)
|
|
5,864
|
|
(1,016)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of treasury
shares
|
|
(11,973)
|
|
(35,241)
|
|
(9,047)
|
|
(6,072)
|
|
Cash dividends paid to
shareholders
|
|
(11,399)
|
|
(11,552)
|
|
(5,681)
|
|
(5,720)
|
|
Proceeds from issuance
of shares upon exercise of options
|
|
254
|
|
533
|
|
140
|
|
352
|
|
Net cash used in
financing activities
|
|
(23,118)
|
|
(46,260)
|
|
(14,588)
|
|
(11,440)
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
|
3,144
|
|
(59,631)
|
|
(8,546)
|
|
(10,354)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
24,535
|
|
84,523
|
|
36,225
|
|
35,246
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$ 27,679
|
|
$ 24,892
|
|
$ 27,679
|
|
$ 24,892
|
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
roger.chuchen@audiocodes.com
View original
content:https://www.prnewswire.com/news-releases/audiocodes-reports-third-quarter-2023-results-301975356.html
SOURCE AudioCodes
