Audiocodes Ltd. · NASDAQ:AUDC
Audiocodes — Q1 2024 Earnings Presentation
13 slides from Audiocodes's earnings presentation, May 2024
Slide 1: Earnings Call Supplementary Slides
Earnings Call Supplementary Slides
Slide 2: Safe Harbor
This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical facts, including, without limitation, future financial and business performance for the first quarter 2024, attractiveness of our product offerings and platform an
Slide 3: AudioCodes Scale & Reach
AudioCodes Scale & 9 #1 Reach of Fortune Top Microsoft Teams Phone Partner 10 Enterprises We are the leading provider of enterprise voice cloud services 65 of Fortune 100 959 120 Countries Employees as Companies are of 3/31/24 Customers 1Q 2024
Slide 4: 1Q'24 Financial Highlights
Total revenues of $60.1M vs. $59.2M in 1Q’23, up 1.5% YoY 1Q’24 Financial Service revenues of $31.5M vs $30.5M in 1Q’23, up 3.3% YoY Highlights Non-GAAP gross margin of 65.2% vs. 62.1% in 1Q’23 Non-GAAP operating margin at 10.5% vs. 4.9% in 1Q’23 Non-GAAP EPS of $0.17 vs. $0.08 in 1Q’23 1Q 2024
Slide 5: 1Q'24 Business Performance
Microsoft business Customer Experience increased (CX) business 8% YoY increased 15% YoY 1Q’24 Business Performance Conversational AI Live ARR increased business increased ~45% YoY >50% Service provider/ Other declined 24% YoY 1Q 2024
Slide 6: 1Q'24 Operational and Customer Highlights
AudioCodes again ranked #1 Enterprise SBC vendor with 23.1% market share in 2023 by Omdia Signed a 36-month contract with electric power company in 1Q’24 EMEA, providing Live Premium services and cross-sell of calling plans and devices as a service to a portion of the base in support of initial phas
Slide 7: Non-GAAP Gross Margin
70.0% Non-GAAP Gross 67.3% 67.6% Margin 65.2% Year-over-year 65.0% 64.5% margin improvement primarily from more favorable 62.1% product mix 60.0% 1Q:23 2Q:23 3Q:23 4Q:23 1Q:24 1Q 2024
Slide 8: Non-GAAP Operating Margin
Non- 20.0% GAAP 16.9% 15.5% Operating 15.0% Margin 10.5% 10.0% 9.5% 4.9% 5.0% 0.0% 1Q:23 2Q:23 3Q:23 4Q:23 1Q:24 1Q 2024
Slide 9: AudioCodes Live ARR
AudioCodes (USD Millions) Live ARR $100 Ongoing $64-$70 momentum with 1Q ARR up ~45% $53 year-over-year $50 $48 $35 $0 1Q:23 1Q:24 2023 2024 Target 1Q 2024
Slide 10: 2024 Outlook
2024 Outlook Revenues (in million) Non-GAAP EPS $240 - $250 $0.85-$1.00 1Q 2024
Slide 11: Financial Model And Long-Term Targets
Long-Term 1Q23 2Q23 3Q23 4Q23 1Q24 Financial Revenue Targets Model And growth year- over-year -10.8% -12.2% -11.7% -10.0% 1.5% 6%-12% Long-Term Targets Non-GAAP Gross margin 62.1% 64.5% 67.3% 67.6% 65.2% 65%-68% Non-GAAP OPEX as % of revenues 57.2% 55.0% 51.8% 50.7% 54.7% 47%-50% Non-GAAP Operating
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non- GAAP Reconciliation 1Q 2024
Slide 13: Thank You
Thank You CE audiocodes