Company
Audiocodes
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Dual (NYSE: AUDC), a provider of advanced voice networking and digital media processing solutions, released its financial results for the fourth quarter of 2020 and for the entire year, with revenue growth of 11% in the quarter and a profit of $ 8.5 million compared to a loss in the quarter The corresponding. The company topped analysts’ forecast for the bottom line in the quarter. In the whole of 2020, revenues increased by 10% and net profit amounted to $ 27 million, a sixfold increase compared to 2019.
Revenue for the fourth quarter totaled $ 58.7 million, up 11.1% from $ 52.8 million in the same period last year. Net income for the quarter (GAAP) totaled $ 8.4 million, or 24 cents per fully diluted share, compared to a net loss of $ 8.2 million or 28 cents per full diluted share in the corresponding quarter. Non-GAAP quarterly net income was $ 15.2 million, or 44 cents per fully diluted share, compared to $ 8.1 million non-GAAP net income or 26 cents per full diluted share in the fourth quarter of 2019. Analysts expected earnings of $ 0.37 per share.
As for the results for the entire past year, revenues totaled $ 220.8 million, compared to $ 200.3 million in 2019. The company posted a GAAP net income of $ 27.2 million or 83 cents per share in full dilution, nearly six times more than $ 4 million, or 13 cents per fully diluted share a year earlier. Non-GAAP net income in 2020 was $ 46.7 million, or $ 1.41 per fully diluted share, up 60% from $ 27.8 million, or 89 cents per fully diluted share in the same period last year.
Audiocodes also specifies that quarterly revenue from services increased by about 20% compared to the corresponding quarter last year, and that of 2020 increased by 16.7%. Revenues from the UC-SIP business grew, both in the quarter and throughout the year, and increased by about 20% compared to the same period last year. In the fourth quarter results, Audiocodes reports a gross profit of 71.4% and an operating profit of 20.7%, based on GAAP, or 71.5% and 26.2%, respectively, on a non-GAAP basis.
Audiocodes generated positive cash flow from operating activities in the fourth quarter of $ 10.1 million and $ 38.5 million in 2020 as a whole. The company notes that the amounts were affected by a payment of $ 11.6 million last December, which was the second in number under the royalty arrangement.
At the end of 2020, the Company had cash and cash equivalents, long-term and short-term bank deposits, and long-term and short-term marketable collateral of $ 186.3 million, compared to $ 71.9 million at the end of 2019. The increase is explained by Audiocodes in net proceeds from last June, as well as current operations. In addition, according to the company, the increase was partially offset by dividend payments.
“We are recognizing growing demand for our comprehensive basket of solutions and services for the UCaas and Contact Center markets,” he said. Saturn Adlersberg, President and CEO of Audiocodes Regarding the report, “this is at a time when trends of organizational sharing and work from home have become key processes in organizations in favor of business continuity and high productivity at work during the Corona epidemic period.”
He added that “especially noteworthy is the growth of more than 17% in our enterprise activity during 2020, which now accounts for about 78% of total revenue, mainly thanks to our continued success in the Microsoft Teams environment, where annual revenue has increased by more than 300% On an annual basis, and more than 30% compared to the third quarter of 2020. In addition, we are witnessing higher-than-expected revenue in the Contact Center business, which rose by more than 15% in 2020. With continued focus on sharing tools and work from home in the coming year, we expect “Similar growth in 2021 and beyond.”
Edelsberg went on to say that “As our supply of artificial intelligence solutions increases, we expect Voice AI to become a new growth engine for us in the coming years. We are seeing an increase in demand and demands for automating customer response and self-service solutions.
“Meeting summaries are another area of growth for us, where we incorporate a smart digital assistant as part of our Meeting Insight solution, and support the adoption of automation solutions in organizational processes. As a result, we identify potential and growth in artificial intelligence applications for the voice field. Growth in revenue from our operations in the areas of Conversational IVR, recording and artificial intelligence solutions. ”