Audiocodes Ltd. · NASDAQ:AUDC
Audiocodes — Q2 2024 Earnings Presentation
15 slides from Audiocodes's earnings presentation, August 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 second quarter 2024, attractiveness of our product offerings and platform a
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 100 940 120 Countries Employees as Companies are of 6/30/24 Customers 2Q 2024
Slide 4: 2Q'24 Financial Highlights
Total revenues of $60.3M vs. $60.0M in 2Q’23, up 0.5% YoY 2Q’24 Financial Service revenues of $32.0M vs $28.5M in 2Q’23, up 12.3% YoY Highlights Non-GAAP gross margin of 65.8% vs. 64.5% in 2Q’23 Non-GAAP operating margin at 11.9% vs. 9.5% in 2Q’23 Non-GAAP EBITDA margin of 13.8% vs. 10.4% in 2Q’23 N
Slide 5: 2Q'24 Business Performance
2Q’24 Microsoft Teams business increased Customer Experience (CX) business - Business 3.3% YoY healthy pipeline continues to support Performance 2024 outlook Conversational AI Live ARR increased business increased ~35% YoY >50% 2Q 2024
Slide 6: 2Q'24 Operational and Customer Highlights
AudioCodes’ Meeting Insights recently won “Best use of AI” award by UC Today 2Q’24 Signed a 36-month contract with multi-national consumer Operational goods firm, providing Live Essential services to initial 20k Teams Voice seats, with potential to rise significantly over the and next two years Cust
Slide 7: Non-GAAP Gross Margin
70.0% Non-GAAP Gross 67.3% 67.6% Margin 65.8% 65.2% Year-over-year 65.0% 64.5% margin improvement primarily from more favorable product mix 60.0% 2Q:23 3Q:23 4Q:23 1Q:24 2Q:24 2Q 2024
Slide 8: Non-GAAP EBITDA Margin
20.0% Non- 17.7% 16.4% GAAP 15.0% EBITDA 13.8% Margin 11.2% 10.4% 10.0% 5.0% 0.0% 2Q:23 3Q:23 4Q:23 1Q:24 2Q:24 2Q 2024
Slide 9: Non-GAAP EBITDA (in million)
$13.0 Non-GAAP $11.2 EBITDA $11.0 $10.1 $9.0 $8.3 (in million) $7.0 $6.8 $6.2 $5.0 $3.4 $3.0 $1.0 1Q:23 2Q:23 3Q:23 4Q:23 1Q:24 2Q:24 2Q 2024
Slide 10: Non-GAAP Operating Margin
20.0% Non- 16.9% GAAP 15.5% Operating 15.0% Margin 11.9% 10.5% 10.0% 9.5% 5.0% 0.0% 2Q:23 3Q:23 4Q:23 1Q:24 2Q:24 2Q 2024
Slide 11: AudioCodes Live ARR
AudioCodes (USD Millions) Live ARR $100 $64-$70 $56 $48 $50 $40 $0 2Q:23 2Q:24 2023 2024 Target 2Q 2024
Slide 12: 2024 Outlook
2024 Outlook Revenues Non-GAAP EBITDA (in million) (in million) $240 - $250 $33-$39 2Q 2024
Slide 13: Financial Model And Long-Term Targets
Long-Term 2Q23 3Q23 4Q23 1Q24 2Q24 Financial Revenue Targets Model And growth year- over-year -12.2% -11.7% -10.0% 1.5% 0.5% 6%-12% Long-Term Targets Non-GAAP Gross margin 64.5% 67.3% 67.6% 65.2% 65.8% 65%-68% Non-GAAP OPEX as % of revenues 55.0% 51.8% 50.7% 54.7% 53.9% 47%-50% Non-GAAP Operating ma
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non- GAAP Reconciliation 2Q 2024
Slide 15: Thank You
Thanl CE audiocodes