LOD, Israel, Nov. 3, 2015
/PRNewswire/ --
Third Quarter Highlights:
- Quarterly revenues increased 5.6% over the previous quarter and
decreased 12.1% year-over-year to $34.2
million;
- Quarterly service revenues increased 15.6% year-over-year to
$9.6 million;
- Quarterly Non-GAAP gross margin was 60.0%;
- Quarterly Non-GAAP operating expenses decreased by 9.9%
year-over-year to $18.7 million;
- Quarterly cash flow from operating activities was $1.8 million;
- Quarterly Non-GAAP net income was $1.7
million, or $0.04 per diluted
share, compared to Non-GAAP net income of $1.6 million, or $0.04 per diluted share, in the prior year
period;
- AudioCodes repurchased 1.1 million shares of its ordinary
shares at an aggregate cost of $3.7
million during the quarter.
Details:
AudioCodes (Nasdaq: AUDC), a leading provider of
converged voice solutions that enable enterprises and service
providers to transition to all-IP voice networks, today announced
financial results for the third quarter ended September 30, 2015.
Revenues for the third quarter of 2015 were $34.2 million, compared to $32.4 million for the second quarter of 2015 and
$38.9 million for the third quarter
of 2014.
Net loss was $130,000, or
($0.00) per diluted share, for the
third quarter of 2015, compared to a net loss of $708,000, or ($0.02) per diluted share, for the third quarter
of 2014.
On a Non-GAAP basis, the Company reported a quarterly net income
of $1.7 million, or $0.04 per diluted share, compared to net income
of $1.6 million, or $0.04 per diluted share, in the third quarter of
2014.
Non-GAAP net income excludes: (i) stock-based compensation
expenses; (ii) amortization expenses related to intangible assets;
and (iii) non-cash deferred tax benefit or expenses. A
reconciliation of net income (loss) on a GAAP basis to a non-GAAP
basis is provided in the tables that accompany the condensed
consolidated financial statements contained in this press
release.
Net cash provided by operating activities for the third quarter
of 2015 totaled $1.8 million. Cash
and cash equivalents, bank deposits and marketable securities were
$75.3 million as of September 30, 2015 compared to $89.3 million as of September 30, 2014. The decrease in cash and cash
equivalents, bank deposits and marketable securities was the result
of the use of cash for the continued repurchasing of the Company's
ordinary shares pursuant to its share repurchase program.
"We are pleased to report a return to growth in revenues and
improved sequential financial performance for the third quarter of
2015," said Shabtai Adlersberg,
President and Chief Executive Officer of AudioCodes. "Third quarter
revenues demonstrate strong performance across our networking
business which grew 10.3% over the previous quarter. Driven by
healthy demand in the unified communications market and the
business communications services market, we saw increased traction
in our sales and continued to solidify our position as a leading
Voice Networking solutions and services vendor. Backed by the
strong trend of network transformation into all-IP networks, our
continued investment in the Microsoft Skype for Business ecosystem
and our session border controller (SBC) activities provided more
than 15% sequential growth in each of these market segments. As in
previous quarters, we experienced growing collaboration with our
industry partners, which we believe will support further growth in
coming years."
"As we remain focused on improving bottom line results, we made
solid progress with our cost reduction plan announced in
July 2015. Third quarter financial
results reflect this reduction in operating expenses, an area we
intend to continue to focus on in 2016 and beyond," concluded Mr.
Adlersberg.
Share Buy Back Program
During the quarter ended September 30,
2015, AudioCodes acquired 1.1 million shares under the
existing share repurchase program for a total consideration of
approximately $3.7 million. As of
September 30, 2015 and since
beginning the repurchase of its shares in August 2014, AudioCodes had acquired an aggregate
of 4.7 million shares for an aggregate consideration of
approximately $20.3 million.
In August 2014, the Board of
Directors of AudioCodes approved a program to repurchase up to
$3 million of its ordinary shares. In
addition, AudioCodes received court approvals in Israel in November
2014 and May 2015 to purchase
up to an aggregate of $30 million of
additional ordinary shares pursuant to this program. The current
court approval for share repurchases will expire at the end of
December 2015. At that time the
authority to repurchase any unutilized portions of the prior
approval will expire. On November 2,
2015 the Board of Directors has approved filing a new
application with the court requesting approval for a new repurchase
program for a total consideration of up to $10 million in share repurchases for a period of
6 months from the date of receipt of court approval.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at
8:00 A.M., Eastern Time today to
discuss the Company's third quarter operating performance,
financial results and outlook. Interested parties may participate
in the conference call by dialing one the following numbers:
United States Participants: +1 (877) 407-0778
International Participants: +1 (201) 689-8565
The conference call will also be simultaneously webcast.
Investors are invited to listen to the call live via webcast at the
AudioCodes investor website at
http://www.audiocodes.com/investors-lobby.
About AudioCodes
AudioCodes Ltd. (Nasdaq, TASE: AUDC) designs, develops and sells
advanced Voice-over-IP (VoIP) and converged VoIP and Data
networking products and applications to Service Providers and
Enterprises. AudioCodes is a VoIP technology market leader, focused
on converged VoIP and data communications, and its products are
deployed globally in Broadband, Mobile, Enterprise networks and
Cable. The Company provides a range of innovative, cost-effective
products including Media Gateways, Multi-Service Business Routers,
Session Border Controllers (SBC), Residential Gateways, IP Phones,
Media Servers, Value Added Applications and Professional Services.
AudioCodes' underlying technology, VoIPerfectHD™, relies on
AudioCodes' leadership in DSP, voice coding and voice processing
technologies. AudioCodes' High Definition (HD) VoIP technologies
and products provide enhanced intelligibility and a better end user
communication experience in Voice communications. For more
information on AudioCodes, visit http://www.audiocodes.com.
To download AudioCodes investor relations app, which offers
access to its SEC filings, press releases, videos, audiocasts and
more, please visit Apple's App Store for the iPhone and iPad or
Google Play for Android mobile devices.
Statements concerning AudioCodes' business outlook or future
economic performance; product introductions and plans and
objectives related thereto; and statements concerning assumptions
made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements'' as
that term is defined under U.S. Federal securities laws.
Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
the effect of global economic conditions in general and conditions
in AudioCodes' industry and target markets in particular; shifts in
supply and demand; market acceptance of new products and the demand
for existing products; the impact of competitive products and
pricing on AudioCodes' and its customers' products and markets;
timely product and technology development, upgrades and the ability
to manage changes in market conditions as needed; possible need for
additional financing; the ability to satisfy covenants in the
Company's loan agreements; possible disruptions from acquisitions;
the ability of AudioCodes to successfully integrate the products
and operations of acquired companies into AudioCodes' business; and
other factors detailed in AudioCodes' filings with the U.S.
Securities and Exchange Commission. AudioCodes assumes no
obligation to update the information in this release.
©2015 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, VMAS, VoIPerfect, VoIPerfectHD, Your
Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice and AudioCodes
One Box 365 are trademarks or registered trademarks of AudioCodes
Limited All other products or trademarks are property of their
respective owners. Product specifications are subject to change
without notice.
Summary financial data follows
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$ 15,137
|
|
$ 14,797
|
Short-term and
restricted bank deposits
|
5,556
|
|
7,630
|
Short-term marketable
securities and accrued interest
|
1,540
|
|
543
|
Trade receivables,
net
|
26,079
|
|
31,056
|
Other receivables and
prepaid expenses
|
7,179
|
|
9,564
|
Inventories
|
16,268
|
|
14,736
|
Total current
assets
|
71,759
|
|
78,326
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
Long-term and
restricted bank deposits
|
$ 1,075
|
|
4,066
|
Long-term marketable
securities
|
51,973
|
|
58,684
|
Deferred tax
assets
|
-
|
|
872
|
Severance pay
funds
|
16,239
|
|
17,835
|
Total long-term
assets
|
69,287
|
|
81,457
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
4,116
|
|
3,856
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
35,812
|
|
36,745
|
|
|
|
|
Total
assets
|
$ 180,974
|
|
$ 200,384
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
long-term bank loans
|
$ 4,686
|
|
$ 4,686
|
Trade
payables
|
7,307
|
|
10,111
|
Other payables and
accrued expenses
|
15,571
|
|
15,758
|
Deferred
revenues
|
12,124
|
|
10,233
|
Total current
liabilities
|
39,688
|
|
40,788
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
Accrued severance
pay
|
$ 16,589
|
|
17,908
|
Long-term bank
loans
|
1,786
|
|
5,105
|
Deferred revenues and
other liabilities
|
3,786
|
|
2,862
|
Total long-term
liabilities
|
22,161
|
|
25,875
|
|
|
|
|
Total
equity
|
119,125
|
|
133,721
|
Total liabilities and
equity
|
$ 180,974
|
|
$ 200,384
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 76,286
|
|
$ 88,549
|
|
$ 24,613
|
|
$ 30,632
|
Services
|
27,824
|
|
23,913
|
|
9,612
|
|
8,313
|
Total
Revenues
|
104,110
|
|
112,462
|
|
34,225
|
|
38,945
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
35,348
|
|
40,767
|
|
11,527
|
|
14,574
|
Services
|
7,274
|
|
5,873
|
|
2,451
|
|
1,912
|
Total Cost of
revenues
|
42,622
|
|
46,640
|
|
13,978
|
|
16,486
|
Gross
profit
|
61,488
|
|
65,822
|
|
20,247
|
|
22,459
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
21,332
|
|
24,337
|
|
6,656
|
|
8,109
|
Selling and
marketing
|
33,100
|
|
34,256
|
|
10,463
|
|
11,361
|
General and
administrative
|
6,813
|
|
5,691
|
|
2,158
|
|
1,975
|
Total operating
expenses
|
61,245
|
|
64,284
|
|
19,277
|
|
21,445
|
Operating
income
|
243
|
|
1,538
|
|
970
|
|
1,014
|
Financial income
(expenses), net
|
600
|
|
(168)
|
|
(6)
|
|
(270)
|
Income before taxes
on income
|
843
|
|
1,370
|
|
964
|
|
744
|
Taxes on income,
net
|
(3,273)
|
|
(2,402)
|
|
(1,094)
|
|
(1,452)
|
Net loss
|
$ (2,430)
|
|
$ (1,032)
|
|
$ (130)
|
|
$ (708)
|
Basic net loss per
share
|
$ (0.06)
|
|
$ (0.02)
|
|
$ (0.00)
|
|
$ (0.02)
|
Diluted net loss per
share
|
$ (0.06)
|
|
$ (0.02)
|
|
$ (0.00)
|
|
$ (0.02)
|
Weighted average
number of shares used in computing basic and diluted net loss per
share (in thousands)
|
40,757
|
|
42,135
|
|
39,489
|
|
43,206
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
NON-GAAP PROFORMA
STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 76,286
|
|
$ 88,549
|
|
$ 24,613
|
|
$ 30,632
|
Services
|
27,824
|
|
23,913
|
|
9,612
|
|
8,313
|
Total
Revenues
|
104,110
|
|
112,462
|
|
34,225
|
|
38,945
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
34,747
|
|
40,124
|
|
11,325
|
|
14,362
|
Services
|
7,057
|
|
5,699
|
|
2,380
|
|
1,854
|
Total Cost of
revenues (1) (2)
|
41,804
|
|
45,823
|
|
13,705
|
|
16,216
|
Gross
profit
|
62,306
|
|
66,639
|
|
20,520
|
|
22,729
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net (1)
|
20,979
|
|
23,874
|
|
6,541
|
|
7,952
|
Selling and marketing
(1) (2)
|
32,103
|
|
33,154
|
|
10,197
|
|
10,987
|
General and
administrative (1)
|
6,134
|
|
5,092
|
|
1,931
|
|
1,789
|
Total operating
expenses
|
59,216
|
|
62,120
|
|
18,669
|
|
20,728
|
Operating
income
|
3,090
|
|
4,519
|
|
1,851
|
|
2,001
|
Financial income
(expenses), net
|
600
|
|
(168)
|
|
(6)
|
|
(270)
|
Income before taxes
on income
|
3,690
|
|
4,351
|
|
1,845
|
|
1,731
|
Taxes on income, net
(3)
|
(627)
|
|
(139)
|
|
(195)
|
|
(150)
|
Net income
|
$ 3,063
|
|
$ 4,212
|
|
$ 1,650
|
|
$ 1,581
|
Diluted net earnings
per share
|
$ 0.07
|
|
$ 0.10
|
|
$ 0.04
|
|
$ 0.04
|
Weighted average
number of shares used in computing basic net earnings per share (in
thousands)
|
41,400
|
|
43,583
|
|
39,855
|
|
44,400
|
(1) Excluding stock-based compensation expenses related to
options and restricted stock units granted to employees and
others.
(2) Excluding amortization of intangible assets related to the
acquisitions of Nuera, Netrake, and Mailvision assets.
(3) Excluding non-cash deferred tax expenses.
Note: Non-GAAP measures should be considered in addition
to, and not as a substitute for, the results prepared in accordance
with GAAP. The Company believes that non-GAAP information is useful
because it can enhance the understanding of its ongoing economic
performance and therefore uses internally this non-GAAP information
to evaluate and manage its operations. The Company has chosen to
provide this information to investors to enable them to perform
comparisons of operating results in a manner similar to how the
Company analyzes its operating results and because many comparable
companies report this type of information.
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
RECONCILIATION OF
GAAP NET LOSS TO NON-GAAP NET INCOME
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
GAAP net
loss
|
$ (2,430)
|
|
$ (1,032)
|
|
$ (130)
|
|
$ (708)
|
GAAP net loss per
share
|
$ (0.06)
|
|
$ (0.02)
|
|
$ (0.00)
|
|
$ (0.02)
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
74
|
|
73
|
|
25
|
|
22
|
Amortization expenses
(2)
|
744
|
|
744
|
|
248
|
|
248
|
|
818
|
|
817
|
|
273
|
|
270
|
Research and
development, net:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
353
|
|
463
|
|
115
|
|
157
|
Selling and
marketing:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
819
|
|
829
|
|
251
|
|
283
|
Amortization expenses
(2)
|
178
|
|
273
|
|
15
|
|
91
|
|
997
|
|
1,102
|
|
266
|
|
374
|
General and
administrative:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
679
|
|
599
|
|
227
|
|
186
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
Deferred tax
(3)
|
2,646
|
|
2,263
|
|
899
|
|
1,302
|
Non-GAAP net
income
|
$ 3,063
|
|
$ 4,212
|
|
$ 1,650
|
|
$ 1,581
|
Non-GAAP diluted net
earnings per share
|
$ 0.07
|
|
$ 0.10
|
|
$ 0.04
|
|
$ 0.04
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation expenses related to options and
restricted stock units granted to employees and others.
(2) Amortization of intangible assets related to the
acquisitions of Nuera, Netrake, and Mailvision assets.
(3) Non-cash deferred tax expenses.
Note: Non-GAAP measures should be considered in addition
to, and not as a substitute for, the results prepared in accordance
with GAAP. The Company believes that non-GAAP information is useful
because it can enhance the understanding of its ongoing economic
performance and therefore uses internally this non-GAAP information
to evaluate and manage its operations. The Company has chosen to
provide this information to investors to enable them to perform
comparisons of operating results in a manner similar to how the
Company analyzes its operating results and because many comparable
companies report this type of information.
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ (2,430)
|
|
$ (1,032)
|
|
$ (130)
|
|
$ (708)
|
Adjustments required
to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,350
|
|
2,430
|
|
723
|
|
801
|
Amortization of
marketable securities premiums and accretion of discounts,
net
|
|
851
|
|
508
|
|
299
|
|
313
|
Increase (decrease)
in accrued severance pay, net
|
|
277
|
|
(115)
|
|
198
|
|
71
|
Stock-based
compensation expenses
|
|
1,925
|
|
1,964
|
|
618
|
|
648
|
Decrease in long-
term deferred tax assets
|
|
872
|
|
1,450
|
|
-
|
|
483
|
Amortization of
senior convertible notes discount and deferred charges
|
|
-
|
|
(15)
|
|
-
|
|
-
|
Decrease (increase)
in accrued interest on marketable securities, bank deposits and
structured notes
|
|
(58)
|
|
26
|
|
(87)
|
|
(148)
|
Decrease (increase)
in trade receivables, net
|
|
4,977
|
|
(3,670)
|
|
1,980
|
|
693
|
Decrease
(increase) in other receivables and prepaid
expenses
|
|
2,274
|
|
(3,361)
|
|
(536)
|
|
(991)
|
Increase in
inventories
|
|
(1,532)
|
|
(1,244)
|
|
(1,136)
|
|
(1,010)
|
Increase (decrease)
in trade payables
|
|
(2,804)
|
|
3,330
|
|
865
|
|
2,784
|
Increase (decrease)
in deferred revenues
|
|
3,056
|
|
4,042
|
|
(156)
|
|
769
|
Increase (decrease)
in other payables and accrued expenses
|
|
98
|
|
(723)
|
|
(852)
|
|
(1,676)
|
Net cash provided by
operating activities
|
|
9,856
|
|
3,590
|
|
1,786
|
|
2,029
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of
marketable securities
|
|
-
|
|
(60,286)
|
|
-
|
|
(116)
|
Proceeds from sale of
marketable securities
|
|
2,557
|
|
-
|
|
2,557
|
|
-
|
Decrease (increase)
in short-term deposits, net
|
|
3,274
|
|
900
|
|
5
|
|
(100)
|
Proceeds from
redemption of long-term bank deposits
|
|
1,826
|
|
1,834
|
|
461
|
|
453
|
Proceeds from
redemption of marketable securities upon maturity
|
|
2,711
|
|
15,390
|
|
-
|
|
-
|
Purchase of property
and equipment
|
|
(1,677)
|
|
(1,450)
|
|
(345)
|
|
(731)
|
Net cash provided by
(used in) investing activities
|
|
8,691
|
|
(43,612)
|
|
2,678
|
|
(494)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
(14,991)
|
|
(2,733)
|
|
(3,662)
|
|
(2,733)
|
Repayment of senior
convertible notes
|
|
-
|
|
(285)
|
|
-
|
|
-
|
Repayment of
long-term bank loans
|
|
(3,319)
|
|
(3,319)
|
|
(977)
|
|
(976)
|
Consideration related
to payment of acquisition of Mailvision
|
|
(233)
|
|
(233)
|
|
-
|
|
-
|
Proceeds from
issuance of shares upon exercise of options and warrants
|
|
336
|
|
2,151
|
|
5
|
|
39
|
Proceeds from
issuance of shares, net
|
|
-
|
|
29,744
|
|
-
|
|
-
|
Net cash provided by
(used in) financing activities
|
|
(18,207)
|
|
25,325
|
|
(4,634)
|
|
(3,670)
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
340
|
|
(14,697)
|
|
(170)
|
|
(2,135)
|
Cash and cash
equivalents at the beginning of the period
|
|
14,797
|
|
30,763
|
|
15,307
|
|
18,201
|
Cash and cash
equivalents at the end of the period
|
|
$ 15,137
|
|
$ 16,066
|
|
$ 15,137
|
|
$ 16,066
|
Company
Contacts
|
|
IR Agency Contact
|
Niran Baruch,
VP Finance & Chief Accounting Officer
AudioCodes
Tel:
+972-3-976-4000
niran.baruch@audiocodes.com
|
Shirley Nakar,
Director, Investor Relations
AudioCodes
Tel:
+972-3-976-4000
shirley@audiocodes.com
|
Philip Carlson/Collin
Dennis
KCSA Strategic
Communications
Tel:
+1-212-896-1233
audc@kcsa.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/audiocodes-reports-third-quarter-2015-results-300171000.html
SOURCE AudioCodes