Business
AudioCodes Reports Second Quarter 2020 Results
LOD, Israel, July 28, 2020 /PRNewswire/ -- Second Quarter Highlights Quarterly revenues increased by 8.1% year-over-year to $53.5 million; Quarterly service
About this update from Audiocodes Ltd.
[{"type":"text","content":"LOD, Israel, July 28, 2020 /PRNewswire/ --\nSecond Quarter Highlights\nQuarterly revenues increased by 8.1% year-over-year to $53.5 million; Quarterly service revenues increased by 3% year-over-year to $17.1 million; Quarterly UC-SIP revenues increased more than 20% year-over-year; GAAP results: - Quarterly GAAP gross margin percentage was 66.7%; - Quarterly GAAP operating margin percentage was 16.5%; - Quarterly GAAP net income was $6.6 million, or $0.21 per diluted share; Non-GAAP results: - Quarterly Non-GAAP gross margin percentage was 66.9%; - Quarterly Non-GAAP operating margin percentage was 20.1%; - Quarterly Non-GAAP net income was $10.5 million, or $0.32 per diluted share; Net cash provided by operating activities was $10.7 million for the quarter; $85.4 million in new capital, net of expenses of the offering, raised through public offering of ordinary shares.Details\nAudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced financial results for the second quarter ended June 30, 2020. \nRevenues for the second quarter of 2020 were $53.5 million compared to $52.0 million for the first quarter of 2020 and $49.5 million for the second quarter of 2019.\nNet income was $6.6 million, or $0.21 per diluted share, for the second quarter of 2020, compared to $4.8 million, or $0.16 per diluted share, for the second quarter of 2019. \nOn a Non-GAAP basis, net income was $10.5 million, or $0.32 per diluted share, for the second quarter of 2020 compared to $6.8 million, or $0.22 per diluted share, for the second quarter of 2019.\nNon-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses or income related to revaluation of an earn-out liability in connection with the acquisition of Active Communications Europe; (iv) financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies and (v) non-cash deferred tax expenses. 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.\nDuring the second quarter of 2020 the Company raised ...