AudioCodes Ltd. (AUDC) Reports Q1 EPS of $0.18, Revenues Beat

AudioCodes Ltd. (NASDAQ: AUDC) reported Q1 EPS of $0.18, versus $0.13 reported last year. Revenue for the quarter came in at $46.6 million versus the consensus estimate of $45.7 million.

• Quarterly revenues increased by 9.8% year-over-year to $46.6 million;
• Quarterly service revenues increased by 3.4% year-over-year to $14.1 million;
• Quarterly UC-SIP booking increased approximately 15% year-over-year;
• Quarterly GAAP gross margin percentage was 62.8%; quarterly Non-GAAP gross margin percentage was 63.0%;
• Quarterly GAAP operating margin percentage was 9.7%; quarterly Non-GAAP operating margin percentage was 11.9%;
• Cash flow from operating activities was $8.3 million;
• Quarterly GAAP net income was $3.0 million, or $0.10 per diluted share;
• Quarterly Non-GAAP net income was $5.5 million, or $0.18 per diluted share;
• AudioCodes repurchased 86,613 of its ordinary shares during the quarter at an aggregate cost of $951,000.
• AudioCodes declared a semiannual cash dividend of 11 cents per share. The dividend, in the aggregate amount of $3.2 million, was paid on February 19, 2019.

"We are pleased to report solid financial results for the first quarter of 2019," said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes. "The strong underlying growth in the unified communications and UCaaS markets and the continuing transformation to all IP are favorably impacting our financial results. We continued to execute on our 2019 revenue plan and grew approximately 10% year-over-year while continuing to generate increased earnings and a strong cash flow from operations."

"New enterprise voice networking deployments and service provider network transformation projects continue to drive our top line growth. Our investments in adapting our One Voice solution to Cloud, and more specifically to the Microsoft Teams collaboration solution started to bear fruits in the first quarter of 2019 and we saw encouraging new project starts in this space. At the same time, we continue to invest in our emerging voice.ai business and we are seeing encouraging initial results. We continue to prudently invest in our future offerings and remain focused on maximizing the return on these investments for our shareholders," concluded Mr. Adlersberg.

For earnings history and earnings-related data on AudioCodes Ltd. (AUDC) click here.

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