Business
AudioCodes Reports Fourth Quarter and Full Year 2019 Results
LOD, Israel, Jan. 28, 2020 /PRNewswire/ -- Fourth Quarter and Full Year 2019 Highlights Quarterly revenues increased by 15.3% year-over-year to $52.8 million;
About this update from Audiocodes Ltd.
[{"type":"text","content":"LOD, Israel, Jan. 28, 2020 /PRNewswire/ -- \nFourth Quarter and Full Year 2019 Highlights\nQuarterly revenues increased by 15.3% year-over-year to $52.8 million; full 2019 year revenues increased by 13.7% to $200.3 million; Quarterly service revenues increased by 15.9% year-over-year to $17.5 million; full 2019 year service revenues increased by 14.7% to $64.6 million; Quarterly and full 2019 year UC-SIP revenues increased more than 20% year-over-year; AudioCodes entered into a royalty buyout agreement with the Israel National Authority for Technology and Innovation (\"IIA\") in November 2019 (detailed below). The agreement provided for a payment of $32.2 million to the IIA. This required payment of $32.2 million is included in expenses in the GAAP results for the three months and full year ended December 31, 2019; GAAP results: Quarterly GAAP gross margin percentage was 3.9%; Quarterly GAAP operating loss percentage was 49.2%; Quarterly GAAP net loss was $8.2 million, or ($0.28) per diluted share; Full 2019 year GAAP net income was $4.0 million, or $0.13 per diluted share;Non-GAAP results: Quarterly Non-GAAP gross margin percentage was 65.1%; Quarterly Non-GAAP operating margin percentage was 15.7%; Quarterly Non-GAAP net income was $8.1 million, or $0.26 per diluted share; Full 2019 year Non-GAAP net income was $27.8 million, or $0.89 per diluted share; and Net cash provided by operating activities was $2.4 million for the quarter and $23.2 million for the full year. Details\nAudioCodes (NASDAQ: AUDC), a leading vendor of advanced voice networking and media processing solutions for the digital workplace, today announced financial results for the fourth quarter and full year periods ended December 31, 2019. \nRevenues for the fourth quarter of 2019 were $52.8 million compared to $51.4 million for the third quarter of 2019 and $45.8 million for the fourth quarter of 2018. Revenues were $200.3 million in 2019 compared to $176.2 million in 2018.\nNet loss was $8.2 million, or ($0.28) per diluted share, for the fourth quarter of 2019, compared to net income of $4.5 million, or $0.15 per diluted share, for the fourth quarter of 2018. Net income in 2019 was $4.0 million, or $0.13 per diluted share, compared to $13.5 million, or $0.45 per diluted share, in 2018.\nOn a Non-GAAP basis, net income was $8.1 million, or $0.26 per diluted s...