Audiocodes Ltd. · NASDAQ:AUDC
Audiocodes — Q2 2022 Earnings Presentation
14 slides from Audiocodes's earnings presentation, 2022
Slide 1: 2Q 2022 Earnings Call Supplementary Slides
2Q 2022 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 second quarter 2022, attractiveness of our product offerings and platform a
Slide 3: AudioCodes Scale & Reach
AudioCodes Scale&Reach 120 Countries 1,000 Employees 65 of Fortune 100 We are the Companies are leading provider Customers of enterprise voice cloud Services 9 of Fortune Top #1 Microsoft Teams Voice Partner 10 Global Enterprises 2Q 2022 Earnings Call Supplementary Slides
Slide 4: 2Q'22 Financial Highlights
Total revenues of $68.4M vs. $60.6M in 2Q’21, up 12.9% yoy 2Q’22 Non-GAAP EPS of $0.34* vs. $0.37 in 2Q’21 Financial Highlights Non-GAAP Gross Margin of 65.6%* vs. 69.7% in 2Q’21 Non-GAAP Operating Margin at 17.4%* vs. 22.4% in 2Q’21 Service revenues of $27.8M vs. $22.8M in 2Q’21, up 21.9% yoy Produ
Slide 5: 2Q'22 Business Performance
2Q’22 Business Microsoft business grew Zoom business grew > 50% yoy Performance > 20% yoy Customer Service provider/ Experience (CX) Other business grew > 20% yoy up 15% yoy 2Q 2022 Earnings Call Supplementary Slides
Slide 6: 2Q'22 Operational and Customer Highlights
Signed a 42-month contract with an international energy company, working with a global SI, selling Live Premium subscription to migrate 7k employees in US/APAC to Teams Voice from Cisco 2Q’22 Signed a 36-month contract with a large international Operational investment firm, working with a tier-1 ser
Slide 7: Ongoing Shift to Services
Ongoing Services as % of revenues Shift to (USD Millions) $75.0 Services $63.4 $66.1 $66.4 $68.4 45.0% Revenue $60.6 41.5% $27.5 $27.8 $24.4 40.6% 2Q’22 services $50.0 $22.8 $24.8 40.0% 39.1% revenue grew 21.9% yoy, fueled 37.1% 37.6% 37.0% by AudioCodes Live and $25.0 35.0% professional $41.7 $38.8
Slide 8: Non-GAAP Gross Margin
Non-GAAP Gross 75.0% 70.0% 69.0% Margin 68.1% 69.9% Mix shift to services 70.0% 69.7% contributing to 67.6% 67.2%* increasing gross 65.0% 65.6%* 63.7% margins annually, offset by 65.0% temporarily elevated supply chain costs in 2022 60.0% 60.0% 2Q:21 3Q:21 4Q:21 1Q:22 2Q:22 2019 2020 2021 * Excludin
Slide 9: Non-GAAP Operating Margin
Non- GAAP 25.0% 25.0% Operating 22.4% 21.4% 20.4% 21.5% 21.6% 20.0% Margin 18.0%* 17.4%* 20.0% 15.0% Balancing revenue growth 10.0% with investments 15.0% 14.1% to capitalize on 5.0% significant secular growth 0.0% 10.0% opportunities 2Q:21 3Q:21 4Q:21 1Q:22 2Q:22 2019 2020 2021 * Excluding higher s
Slide 10: AudioCodes Live
AudioCodes (USD Millions) Live $40 On track to $30 $30+ more than double Live ARR in 2022 $20 $15 $10 $6.5 $0 December December December 2020 2021 2022 (Achieved) (Achieved) (Target) 2Q 2022 Earnings Call Supplementary Slides
Slide 11: 2022 Outlook
2022 Outlook Revenues (in million) Non-GAAP EPS $275 - $282.5 $1.35-$1.45 2Q 2022 Earnings Call Supplementary Slides
Slide 12: Three-Year Financial Model And Long-Term Targets
Three-Year 2019 2020 2021 1Q22 2Q22 LONG-TERM TARGETS Financial Revenue 10.2% 12.7% 12.8% 12.9% 13%-15% 13.7% Model And growth Long-Term Non-GAAP Gross 63.7% 68.1% 69.0% 67.2%* 65.6%* 67%-70% Targets margin Non-GAAP OPEX 49.6% 46.6% 47.3% 49.3% 48.2% 47%-50% as % of revenues Non-GAAP Operating margi
Slide 13: GAAP to Non-GAAP Reconciliation
Six months ended Three months ended June 30, June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) GAAP net income $ 15,544 $ 18,233 $ 6,936 $ 8,240 GAAP net earnings per share $ 0.47 $ 0.53 $ 0.21 $ 0.24 Cost of revenues: GAAP to Non- Share-based compensation (1) Amortization expenses (2) 174 380 15
Slide 14: Thank You
Thank You CE audiocodes