Business
AudioCodes Reports Fourth Quarter and Full Year 2022 Results and Declares Semi-Annual Dividend of 18 cents per share
LOD, Israel, Feb. 7, 2023 /PRNewswire/ -- Fourth Quarter and Full Year 2022 Highlights Quarterly revenues increased by 6.9% year-over-year to $70.7 million;
About this update from Audiocodes Ltd.
[{"type":"text","content":"LOD, Israel, Feb. 7, 2023 /PRNewswire/ -- \nFourth Quarter and Full Year 2022 Highlights\nQuarterly revenues increased by 6.9% year-over-year to $70.7 million; full 2022 year revenues increased by 10.5% to $275.1 million.Quarterly service revenues increased by 17.2% year-over-year to $28.6 million;full 2022 year service revenues increased by 18.1% to $110.8 million.GAAP results:- Quarterly GAAP gross margin was 65.3%;- Quarterly GAAP operating margin was 11.8%;- Quarterly GAAP net income was $7.5 million, or $0.23 per diluted share; and- Full 2022 year GAAP net income was $28.5 million, or $0.88 per diluted share.Non-GAAP results:- Quarterly Non-GAAP gross margin was 65.8%;- Quarterly Non-GAAP operating margin was 17.7%;- Quarterly Non-GAAP net income was $11.9 million, or $0.36 per diluted share; and- Full 2022 year Non-GAAP net income was $45 million, or $1.35 per diluted share.Net cash provided by operating activities was $0.4 million for the quarter and $8.3 million for the full year.AudioCodes repurchased 145,380 of its ordinary shares during the quarter at an aggregate cost of $2.9 million.Details\nAudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced its financial results for the fourth quarter and full year periods ended December 31, 2022.\nRevenues for the fourth quarter of 2022 were $70.7 million compared to $69.7 million for the third quarter of 2022 and $66.1 million for the fourth quarter of 2021. Revenues were $275.1 million in 2022 compared to $248.9 million in 2021.\nNet income was $7.5 million, or $0.23 per diluted share, for the fourth quarter of 2022 compared to $7.3 million, or $0.22 per diluted share, for the fourth quarter of 2021. Net income was $28.5 million, or $0.88 per diluted share, in 2022 compared to $33.8 million, or $1.00 per diluted share, in 2021.\nOn a Non-GAAP basis, net income was $11.9 million, or $0.36 per diluted share, for the fourth quarter of 2022 compared to $13.4 million, or $0.39 per diluted share, for the fourth quarter of 2021. Non-GAAP net income was $45 million, or $1.35 per diluted share, in 2022 compared to $51.8 million, or $1.5 per diluted share, in 2021.\nNon-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible...