Audiocodes Ltd. · NASDAQ:AUDC
Audiocodes — Q4 2023 Earnings Presentation
13 slides from Audiocodes's earnings presentation, February 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 fourth quarter 2023, 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 100 950 120 Countries Employees as Companies are of 12/31/23 Customers 4Q 2023
Slide 4: 4Q'23 Financial Highlights
Total revenues of $63.6M vs. $61.6M in 3Q’23, up 3.2% QoQ 4Q’23 Financial Service revenues of $30.9M vs $30.6M in 3Q’23, up 1.0% QoQ Highlights Non-GAAP gross margin of 67.6% vs. 67.3% in 3Q’23 Non-GAAP operating margin at 16.9% vs. 15.5% in 3Q’23 Non-GAAP EPS of $0.28 vs. $0.25 in 3Q’23 4Q 2023
Slide 5: 4Q'23 and 2023 Business Performance
Microsoft business Microsoft Teams increased business increased 5% YoY in 4Q’23 and 10% YoY in 4Q’23 and 7% YoY 2023 13% YoY 2023 Microsoft Teams is 4Q’23 and now >95% of Microsoft Business 2023 Business Performance Customer Experience (CX) business increased >40% YoY Live ARR increased in 4Q’23 and
Slide 6: 4Q'23 Operational and Customer Highlights
AudioCodes again ranked #1 Enterprise SBC vendor with 23.2% market share in 3Q’23 by Omdia 4Q’23 Signed a 36-month Live contract with one of the world’s Operational largest PBX companies, enabling the vendor to use AudioCodes as de-facto solution when provisioning its end and customers with Microsof
Slide 7: Non-GAAP Gross Margin
70.0% Non-GAAP Gross 67.6% Margin 67.3% 65.8% 65.0% 64.5% Year-over-year margin improvement primarily from 62.1% more favorable product mix 60.0% 4Q:22 1Q:23 2Q:23 3Q:23 4Q:23 4Q 2023
Slide 8: Non-GAAP Operating Margin
20.0% Non- 17.7% GAAP 16.9% 15.5% Operating 15.0% Margin 10.0% 9.5% 4.9% 5.0% 0.0% 4Q:22 1Q:23 2Q:23 3Q:23 4Q:23 4Q 2023
Slide 9: AudioCodes Live ARR
AudioCodes (USD Millions) Live ARR $100 $64 - $70 $48 $50 $31 $0 4Q:22 4Q:23 2024 Target 4Q 2023
Slide 10: 2024 Outlook
2024 Outlook Revenues (in million) Non-GAAP EPS $252 - $267 $1.00-$1.15 4Q 2023
Slide 11: Financial Model And Long-Term Targets
Long-Term 4Q22 1Q23 2Q23 3Q23 4Q23 Financial Revenue Targets Model And growth year- over-year 6.9% -10.8% -12.2% -11.7% -10.0% 6%-12% Long-Term Non-GAAP EPS Targets growth year- over-year * 25%-50% Non-GAAP Gross margin 65.8% 62.1% 64.5% 67.3% 67.6% 65%-68% Non-GAAP OPEX as % of revenues 48.0% 57.2%
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non- GAAP Reconciliation 4Q 2023
Slide 13: Thank You
Thank You CE audiocodes