Business
AudioCodes Reports Fourth Quarter and Full Year 2023 Results and Declares Semi-Annual Dividend of 18 cents per share
LOD, Israel, Feb. 6, 2024 /PRNewswire/ -- Fourth Quarter and Full Year 2023 Highlights Quarterly revenues increased by 3.2% sequentially to $63.6 million;full
About this update from Audiocodes Ltd.
[{"type":"text","content":"LOD, Israel, Feb. 6, 2024 /PRNewswire/ -- Fourth Quarter and Full Year 2023 Highlights\n\nQuarterly revenues increased by 3.2% sequentially to $63.6 million;full year 2023 revenues decreased by 11.2% to $244.4 million.Quarterly Service revenues of $30.9 million accounted for 48.6% of revenues;full year 2023 service revenues increased by 8.7% to $120.4 million.GAAP results:- Quarterly GAAP gross margin was 66.7% compared to 66.5% in the prior quarter;- Quarterly GAAP operating margin was 11.4% compared to 9.4% in the prior quarter;- Quarterly GAAP net income was $3.7 million, or $0.12 per diluted share compared to $4.3 million, or $0.14 per diluted share, in the prior quarter;- Full 2023 year GAAP net income was $8.8 million, or $0.28 per diluted share.Non-GAAP results:- Quarterly Non-GAAP gross margin was 67.6% compared to 67.3% in the prior quarter;- Quarterly Non-GAAP operating margin was 16.9% compared to 15.5% in the prior quarter;- Quarterly Non-GAAP net income was $8.9 million, or $0.28 per diluted share compared to $8.3 million, or $0.25 per diluted share in the prior quarter;- Full 2023 year Non-GAAP net income was $25.0 million, or $0.77 per diluted share.Net cash provided by operating activities was $9.3 million for the quarter and $14.9 million for the full year.AudioCodes repurchased 595,583 of its ordinary shares during the quarter at an aggregate cost of $6.3 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 period ended December 31, 2023.\nRevenues for the fourth quarter of 2023 were $63.6 million compared to $61.6 million for the third quarter of 2023. Revenues were $244.4 million in 2023 compared to $275.1 million in 2022.\nNet income was $3.7 million, or $0.12 per diluted share, for the fourth quarter of 2023 compared to $4.3 million, or $0.14 per diluted share, for the third quarter of 2023. Net income was $8.8 million, or $0.28 per diluted share, in 2023 compared to $28.5 million, or $0.88 per diluted share, in 2022.\nOn a Non-GAAP basis, net income was $8.9 million, or $0.28 per diluted share, for the fourth quarter of 2023 compared to $8.3 million, or $0.25 per diluted share, for the third quarter of 2023. Non-GAAP net inco...