Audiocodes Ltd. · NASDAQ:AUDC
Audiocodes — Q1 2023 Earnings Presentation
14 slides from Audiocodes's earnings presentation, 2023
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 2023, attractiveness of our product offerings and platform an
Slide 3: AudioCodes Scale & Reach
AudioCodes Scale&Reach 9 of Fortune Top #1 Microsoft Teams Phone Partner 10 Global We are the Enterprises leading provider of enterprise voice cloud Services 65 of Fortune 100 978 120 Countries Employees as Companies are of 3/31/23 Customers 1Q 2023
Slide 4: 1Q'23 Financial Highlights
Total revenues of $59.2M vs. $66.4M in 1Q’22, down 10.8% yoy 1Q’23 Financial Non-GAAP EPS of $0.08 vs. $0.33 in 1Q’22 Highlights Non-GAAP Gross Margin of 62.1% vs. 67.2% in 1Q’22 Non-GAAP Operating Margin at 4.9% vs. 18.0% in 1Q’22 Service revenues of $30.5M vs. $27.5M in 1Q’22, up 10.8% yoy 1Q 2023
Slide 5: 1Q'23 Business Performance
Microsoft Live ARR business declined increased >60% 3% yoy yoy 1Q’23 Business Performance Professional and Customer managed Experience (CX) services business declined increased 11.8% 3% yoy yoy Service provider/ Conversational Other business AI business declined 20% yoy increased 5% yoy 1Q 2023
Slide 6: 1Q'23 Operational and Customer Highlights
AudioCodes again ranked #1 Enterprise SBC vendor in 4Q’22 by Omdia 1Q’23 Operational Signed a 48-month contract with a multinational and minimum ofto10k (DO NOT conglomerate selling subscription migrate LiveMENTION a minimum employees SONY) selling Pro subscription of 10k across employees global Liv
Slide 7: Enterprise SBC market share
Enterprise SBC market share 24% 22.4% Cloud native and 22% MS Teams Voice propelled 12.2% 14.9% 20.5% 20% 18.8% AudioCodes to 18% 17.9% continue to gain revenue share in 16% 2021/ 2022 according to 14% 12.6% latest Omdia 22.4% 12% 11.5% report (March 2023) 10% Source: Omdia report “Enterprise SBCs a
Slide 8: Non-GAAP Gross Margin
75.0% Non-GAAP Gross Margin 70.0% 67.2% Sequential margin 65.8% decline driven by 65.6% operating leverage 65.0% effect from 63.2% product revenue 62.1% declines and less favorable product mix 60.0% 1Q:22 2Q:22 3Q:22 4Q:22 1Q:23 1Q 2023
Slide 9: Non-GAAP Operating Margin
20.0% Non- 18.0% 17.4% 17.7% GAAP 15.5% Operating 15.0% Margin 10.0% 4.9% 5.0% 0.0% 1Q:22 2Q:22 3Q:22 4Q:22 1Q:23 1Q 2023
Slide 10: AudioCodes Live ARR
AudioCodes (USD Millions) Live ARR $50.0 $35 Ongoing momentum with ARR up > 60% $25.0 year-over-year $20 $0.0 1Q:22 1Q:23 1Q 2023
Slide 11: 2023 Outlook
2023 Outlook Revenues (in million) Non-GAAP EPS $240 - $250 $0.50-$0.70 1Q 2023
Slide 12: Financial Model And Long-Term Targets
LONG-TERM 1Q22 2Q22 3Q22 4Q22 1Q23 Financial TARGETS Model And Revenue growth 12.8% 12.9% 10.0% 6.9% -10.8% 13%-15% Long-Term Targets Non-GAAP Gross margin 67.2% 65.6% 63.2% 65.8% 62.1% 67%-70% Non-GAAP OPEX as % of revenues 49.3% 48.2% 47.7% 48.0% 57.2% 47%-50% Non-GAAP Operating margin 18.0% 17.4%
Slide 13: GAAP to Non-GAAP Reconciliation
AUDIOCODES LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME U.S. dollars in thousands, except per share data Three months ended March 31, 2023 2022 (Unaudited) GAAP to Non- GAAP net income (loss) $ (182) $ 8,608 GAAP GAAP net earnings (loss) per share $ (0.01) $ 0.2
Slide 14: CE audiocodes
CE audiocodes