LOD, Israel, Jan. 28, 2020 /PRNewswire/ --
Fourth Quarter and Full Year 2019 Highlights
- Quarterly revenues increased by 15.3% year-over-year to
$52.8 million;
full 2019 year revenues increased by 13.7% to $200.3 million;
- Quarterly service revenues increased by 15.9% year-over-year to
$17.5 million;
full 2019 year service revenues increased by 14.7% to $64.6 million;
- Quarterly and full 2019 year UC-SIP revenues increased more
than 20% year-over-year;
- AudioCodes entered into a royalty buyout agreement with the
Israel National Authority for Technology and Innovation ("IIA") in
November 2019 (detailed below). The
agreement provided for a payment of $32.2
million to the IIA. This required payment of $32.2 million is included in expenses in the GAAP
results for the three months and full year ended December 31, 2019;
- GAAP results:
-
- Quarterly GAAP gross margin percentage was 3.9%;
- Quarterly GAAP operating loss percentage was 49.2%;
- Quarterly GAAP net loss was $8.2
million, or ($0.28) per
diluted share;
- Full 2019 year GAAP net income was $4.0
million, or $0.13 per diluted
share;
- Non-GAAP results:
-
- Quarterly Non-GAAP gross margin percentage was 65.1%;
- Quarterly Non-GAAP operating margin percentage was 15.7%;
- Quarterly Non-GAAP net income was $8.1
million, or $0.26 per diluted
share;
- Full 2019 year Non-GAAP net income was $27.8 million, or $0.89 per diluted share; and
- Net cash provided by operating activities was $2.4 million for the quarter and $23.2 million for the full year.
Details
AudioCodes (NASDAQ: AUDC), a leading vendor of advanced
voice networking and media processing solutions for the digital
workplace, today announced financial results for the fourth quarter
and full year periods ended December
31, 2019.
Revenues for the fourth quarter of 2019 were $52.8 million compared to $51.4 million for the third quarter of 2019 and
$45.8 million for the fourth quarter
of 2018. Revenues were $200.3 million
in 2019 compared to $176.2 million in
2018.
Net loss was $8.2 million, or
($0.28) per diluted share, for the
fourth quarter of 2019, compared to net income of $4.5 million, or $0.15 per diluted share, for the fourth quarter
of 2018. Net income in 2019 was $4.0
million, or $0.13 per diluted
share, compared to $13.5 million, or
$0.45 per diluted share, in 2018.
On a Non-GAAP basis, net income was $8.1
million, or $0.26 per diluted
share, for the fourth quarter of 2019 compared to $6.3 million, or $0.20 per diluted share, in the fourth quarter
last year. Non-GAAP net income in 2019 was $27.8 million, or $0.89 per diluted share, compared to $20.0 million, or $0.65 per diluted share, in 2018.
Non-GAAP net income excludes: (i) share-based compensation
expenses; (ii) amortization expenses related to intangible assets;
(iii) expenses related to the payment required to be made pursuant
to the royalty buyout agreement announced in November 2019 (detailed below); (iv) expenses or
income related to revaluation of an earn-out liability in
connection with the acquisition of Active Communications Europe;
(v) financial income or expenses related to exchange rate
differences in connection with revaluation of assets and
liabilities in non-dollar denominated currencies and (vi) non-cash
deferred tax expenses (benefit). A reconciliation of net income 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.
As announced in November 2019, the
Company and one of its Israeli subsidiaries entered into a royalty
buyout agreement (the "Royalty Buyout Agreement") with the Israel
National Authority for Technology and Innovation ("IIA") relating
to certain grants they had received from the IIA. The contingent
net royalty liability to the IIA at the time of the Royalty Buyout
Agreement with respect to these grants was approximately
$49 million (the "Debt"), including
interest to the date of the Royalty Buyout Agreement. As part of
the Royalty Buyout Agreement, the Company agreed to pay
approximately $32.2 million to the
IIA (to settle the $49 million Debt
in full) in three annual installments starting in 2019. Pursuant to
the Royalty Buyout Agreement, AudioCodes eliminated all royalty
obligations related to its future revenues with respect to these
grants. The Royalty Buyout Agreement has a positive impact on
Non-GAAP gross margin starting in the fourth quarter of 2019 and
will have a positive impact on GAAP gross margin starting in the
first quarter of 2020. The $32.2
million expense is included in the GAAP cost of revenues for
the fourth quarter of 2019 and impacts GAAP results for the three
months and full year ended December 31,
2019.
During the fourth quarter of 2019, the Company utilized the
deferred tax asset recorded in 2016 and created a new deferred tax
asset based on its earnings history and expected future operating
results. The total deferred tax asset amounted to $20.5 million as of December 31, 2019. This deferred tax asset
represents the approximate amount of the Company's net operating
losses and temporary tax differences that the Company estimates it
will utilize over the next few years. GAAP net income for the
fourth quarter and full 2019 year reflect the effect of the tax
benefit associated with the creation of this deferred tax asset.
Non-GAAP net income excludes this non-cash deferred tax
benefit.
Net cash provided by operating activities was $2.4 million for the fourth quarter of 2019 and
$23.2 million for 2019. Both numbers
were impacted by the $10.7 million
payment made in December 2019 which
was the first installment pursuant to the Royalty Buyout
Agreement.
Cash and cash equivalents, long and short-term bank deposits and
short-term marketable securities were $71.9
million as of December 31,
2019 compared to $65.4 million
as of December 31, 2018. The increase
in cash and cash equivalents, long and short-term bank deposits and
short-term marketable securities was the result of cash provided by
operating activities offset, in part, by the use of cash in 2019
for repurchasing of the Company's ordinary shares pursuant to its
share repurchase program, payment of cash dividends and the payment
related to the first installment pursuant to the Royalty
Buyout Agreement.
"We are pleased to report record financial results for the
fourth quarter and full year 2019," said Shabtai Adlersberg, President and Chief
Executive Officer of AudioCodes.
"The year 2019 ended on a strong note, underscoring strong
performance for the full year, our best year ever. Underlining our
success is our continued leadership of the Enterprise Voice segment
with our voice connectivity solutions, delivery of strong results
for our voice networking business, and increased investment in
two new developing markets: the meeting space and Voice.ai. Growing
our top line revenue by 13.7% year-over-year, the second year in a
row of double digit revenue growth, improving non-GAAP annual
operating income to 14.1% from 11.7% in the prior year, and growing
non-GAAP annual net income by 38.9% compared to 2018, all
demonstrate the strength of our Company's performance. A key
factor driving this significant growth is the strength in our
UC-SIP business which increased more than 20% year-over-year. Our
success in growing our UC-SIP business is echoed in a strong
industry position and successful execution in the markets we
serve."
"In 2019 we continued to invest and develop technologies and
solutions in the Voice.ai business unit which has demonstrated
success in growing the number of project wins. In the second half
of 2019 we have announced the launch of a new effort targeting a
set of solutions and devices for the emerging meeting space.
Coupling these new technologies with our strong position in the UC
and UCaaS markets in the Microsoft Teams and Skype for Business
ecosystem should further enhance our ability to expand our
business. Looking forward, and based on current business momentum,
we are confident in our ability to continue to expand our business
in 2020 and beyond. We plan to continue our investment in future
offerings, and focus on the return on investment to our
shareholders."
Share Buy Back Program and Cash Dividend
In August 2019, AudioCodes
received court approval in Israel
to purchase up to an aggregate of $12
million ("Permitted Amount") of additional ordinary shares
pursuant to its share repurchase program. The court approval also
permitted AudioCodes to declare a dividend of any part of the
Permitted Amount during the approved validity period. This court
approval will expire on February 3,
2020.
In December 2019, the Company
submitted a new application to the Israeli court, requesting
approval of an additional repurchase program for $12 million of ordinary shares. The application
also requested the court to permit AudioCodes to declare a dividend
of any part of this amount. The new application was submitted to
the court and a decision is expected during February 2020.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the
Company's fourth quarter and full year of 2019 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
Follow AudioCodes' social media channels:
AudioCodes invites you to join our online community and follow
us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook,
and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ: AUDC) (TASE: AUDC) is a leading vendor
of advanced voice networking and media processing solutions for the
digital workplace. AudioCodes enables enterprises and service
providers to build and operate all-IP voice networks for unified
communications, contact centers, and hosted business
services. AudioCodes offers a broad range of innovative
products, solutions and services that are used by large
multi-national enterprises and leading tier-1 operators around the
world.
For more information on AudioCodes, visit
http://www.audiocodes.com.
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.
©2020 AudioCodes Ltd. All rights reserved.
AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant,
MediaPack, What's Inside Matters, OSN, SmartTAP, User Management
Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX,
VocaNom, AudioCodes One Voice and CloudBond 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
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$ 64,773
|
|
$ 31,503
|
Short-term and
restricted bank deposits
|
6,416
|
|
12,381
|
Short-term marketable
securities and accrued interest
|
-
|
|
19,602
|
Trade receivables,
net
|
27,501
|
|
22,279
|
Other receivables and
prepaid expenses
|
5,626
|
|
5,885
|
Inventories
|
28,275
|
|
22,620
|
Total current
assets
|
132,591
|
|
114,270
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
Long-term and
restricted bank deposits
|
$ 694
|
|
$ 1,894
|
Deferred tax
assets
|
20,466
|
|
4,350
|
Operating lease
right-of-use assets
|
29,250
|
|
-
|
Severance pay
funds
|
19,370
|
|
17,518
|
Total long-term
assets
|
69,780
|
|
23,762
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
4,392
|
|
3,865
|
|
|
|
|
GOODWILL, INTANGIBLE
ASSETS AND OTHER, NET
|
37,123
|
|
37,475
|
|
|
|
|
Total
assets
|
$ 243,886
|
|
$ 179,372
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
long-term bank loans
|
$ 2,473
|
|
$ 2,487
|
Trade
payables
|
6,628
|
|
6,188
|
Other payables and
accrued expenses
|
46,191
|
|
22,541
|
Deferred
revenues
|
33,538
|
|
23,727
|
Short-term operating
lease liabilities
|
8,579
|
|
-
|
Total current
liabilities
|
97,409
|
|
54,943
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
Accrued severance
pay
|
$ 20,313
|
|
$ 18,728
|
Long-term bank
loans
|
1,200
|
|
3,687
|
Deferred revenues and
other liabilities
|
9,831
|
|
7,466
|
Long-term operating
lease liabilities
|
22,659
|
|
-
|
Total long-term
liabilities
|
54,003
|
|
29,881
|
|
|
|
|
Total shareholders'
equity
|
92,474
|
|
94,548
|
Total liabilities and
shareholders' equity
|
$ 243,886
|
|
$ 179,372
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(Unaudited)
|
(Audited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Products
|
$ 135,646
|
|
$ 119,887
|
|
$ 35,271
|
|
$ 30,650
|
Services
|
64,641
|
|
56,336
|
|
17,526
|
|
15,127
|
Total Revenues
|
200,287
|
|
176,223
|
|
52,797
|
|
45,777
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Products
|
59,022
|
|
51,878
|
|
15,340
|
|
13,450
|
Services
|
14,129
|
|
13,739
|
|
3,215
|
|
3,668
|
Expense related to
royalty buyout agreement with the IIA
|
32,178
|
|
-
|
|
32,178
|
|
-
|
Total Cost of
revenues
|
105,329
|
|
65,617
|
|
50,733
|
|
17,118
|
Gross
profit
|
94,958
|
|
110,606
|
|
2,064
|
|
28,659
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net
|
41,199
|
|
34,661
|
|
10,941
|
|
9,035
|
Selling and
marketing
|
51,535
|
|
49,335
|
|
13,650
|
|
11,958
|
General and
administrative
|
11,778
|
|
10,251
|
|
3,424
|
|
2,538
|
Total operating
expenses
|
104,512
|
|
94,247
|
|
28,015
|
|
23,531
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(9,554)
|
|
16,359
|
|
(25,951)
|
|
5,128
|
Financial income
(expenses), net
|
(1,761)
|
|
228
|
|
231
|
|
42
|
Income (loss) before
taxes on income
|
(11,315)
|
|
16,587
|
|
(25,720)
|
|
5,170
|
Tax benefit (taxes on
income)
|
15,292
|
|
(3,094)
|
|
17,487
|
|
(640)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 3,977
|
|
$ 13,493
|
|
$ (8,233)
|
|
$ 4,530
|
|
|
|
|
|
|
|
|
Basic net earnings
(loss) per share
|
$ 0.14
|
|
$ 0.47
|
|
$ (0.28)
|
|
$ 0.16
|
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
$ 0.13
|
|
$ 0.45
|
|
$ (0.28)
|
|
$ 0.15
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
computing basic net
earnings (loss) per share (in
thousands)
|
29,252
|
|
28,928
|
|
29,423
|
|
29,147
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
computing diluted net
earnings (loss) per share (in
thousands)
|
30,800
|
|
30,220
|
|
29,423
|
|
30,525
|
|
|
|
|
|
|
|
|
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
RECONCILIATION OF
GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
|
|
U.S. dollars in
thousands, except per share data
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(Unaudited)
|
(Audited)
|
|
(Unaudited)
|
GAAP net income
(loss)
|
$ 3,977
|
|
$ 13,493
|
|
$ (8,233)
|
|
$ 4,530
|
GAAP net earnings
(loss) per share
|
$ 0.13
|
|
$ 0.45
|
|
$ (0.28)
|
|
$ 0.15
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
183
|
|
186
|
|
62
|
|
48
|
Amortization expenses
(2)
|
272
|
|
667
|
|
68
|
|
145
|
Expense related to
royalty buyout agreement with the IIA (3)
|
32,178
|
|
-
|
|
32,178
|
|
-
|
|
32,633
|
|
853
|
|
32,308
|
|
193
|
Research and
development, net:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
937
|
|
651
|
|
289
|
|
206
|
|
|
|
|
|
|
|
|
Selling and
marketing:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
2,171
|
|
1,238
|
|
811
|
|
377
|
Amortization expenses
(2)
|
60
|
|
60
|
|
15
|
|
15
|
|
2,231
|
|
1,298
|
|
826
|
|
392
|
|
|
|
|
|
|
|
|
General and
administrative:
|
|
|
|
|
|
|
|
Share-based
compensation (1)
|
2,001
|
|
1,212
|
|
797
|
|
358
|
Revaluation of
earn-out liability (4)
|
(23)
|
|
200
|
|
-
|
|
-
|
|
1,978
|
|
1,412
|
|
797
|
|
358
|
Financial
expenses:
|
|
|
|
|
|
|
|
Exchange rate
differences (5)
|
2,172
|
|
-
|
|
(158)
|
|
-
|
|
|
|
|
|
|
|
|
Income
taxes:
|
|
|
|
|
|
|
|
Deferred tax
(6)
|
(16,099)
|
|
2,334
|
|
(17,731)
|
|
582
|
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
$ 27,829
|
|
$ 20,041
|
|
$ 8,098
|
|
$ 6,261
|
Non-GAAP diluted net
earnings per share
|
$ 0.89
|
|
$ 0.65
|
|
$ 0.26
|
|
$ 0.20
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation expenses related to options
and restricted share units granted to employees and others.
(2) Amortization of intangible assets related to the
acquisitions of Mailvision and Active Communications Europe
assets.
(3) Expense related to royalty buyout agreement with the
IIA.
(4) Expenses or income related to revaluation of an earn-out
liability in connection with the acquisition of Active
Communications Europe.
(5) Financial income or expenses related to exchange rate
differences in connection with revaluation of assets and
liabilities in non-dollar denominated currencies.
(6) Non-cash deferred tax expenses (benefit).
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 STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
Year
ended
|
|
Three months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
(Unaudited)
|
(Audited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ 3,977
|
|
$ 13,493
|
|
$ (8,233)
|
|
$ 4,530
|
Adjustments required
to reconcile net income (loss)
to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,044
|
|
2,309
|
|
522
|
|
643
|
Amortization of
marketable securities premiums and
accretion of discounts, net
|
|
79
|
|
353
|
|
-
|
|
82
|
Increase (decrease)
in accrued severance pay, net
|
|
(267)
|
|
120
|
|
(391)
|
|
77
|
Share-based
compensation expenses
|
|
5,292
|
|
3,287
|
|
1,959
|
|
989
|
Decrease (increase)
in deferred tax assets, net
|
|
(16,282)
|
|
2,251
|
|
(17,763)
|
|
562
|
Decrease (increase)
in accrued interest and exchange
rate effect of loans, marketable securities and bank
deposits
|
|
140
|
|
(32)
|
|
20
|
|
47
|
Changes in operating
leases, net
|
|
1,988
|
|
-
|
|
1,603
|
|
-
|
Decrease (increase)
in trade receivables, net
|
|
(5,609)
|
|
2,979
|
|
(3,603)
|
|
7,374
|
Decrease (increase)
in other receivables and prepaid
expenses
|
|
143
|
|
(330)
|
|
(339)
|
|
2,803
|
Decrease (Increase)
in inventories
|
|
(5,809)
|
|
(6,991)
|
|
1,868
|
|
(1,491)
|
Increase (decrease)
in trade payables
|
|
440
|
|
549
|
|
(1,191)
|
|
(439)
|
Increase (decrease)
in other payables and accrued
expenses
|
|
24,691
|
|
(835)
|
|
23,267
|
|
(3,596)
|
Increase in deferred
revenues
|
|
12,342
|
|
8,427
|
|
4,694
|
|
35
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
23,169
|
|
25,580
|
|
2,413
|
|
11,616
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Investment in
short-term deposits
|
|
-
|
|
(8,436)
|
|
-
|
|
(4,936)
|
Proceeds from
short-term deposits
|
|
10,962
|
|
-
|
|
-
|
|
-
|
Proceeds from
long-term deposits
|
|
1,200
|
|
1,107
|
|
300
|
|
300
|
Proceeds from
redemption of marketable securities
|
|
29,413
|
|
7,577
|
|
10,028
|
|
6,000
|
Purchase of
marketable securities
|
|
(10,025)
|
|
-
|
|
(19)
|
|
-
|
Purchase of property
and equipment
|
|
(1,949)
|
|
(1,340)
|
|
(273)
|
|
(362)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
29,601
|
|
(1,092)
|
|
10,036
|
|
1,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUDIOCODES LTD.
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
Year
ended
|
|
Three months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
(Unaudited)
|
(Audited)
|
|
(Unaudited)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Purchase of treasury
shares
|
|
(8,002)
|
|
(14,321)
|
|
-
|
|
(2,752)
|
Repayment of bank
loans
|
|
(2,470)
|
|
(2,508)
|
|
(617)
|
|
(621)
|
Cash dividends paid
to shareholders
|
|
(6,720)
|
|
(5,761)
|
|
-
|
|
-
|
Payment related to
the acquisition of ACS
|
|
(410)
|
|
(151)
|
|
-
|
|
-
|
Proceeds from
issuance of shares upon exercise of
options and warrants
|
|
3,102
|
|
5,521
|
|
869
|
|
938
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(14,500)
|
|
(17,220)
|
|
252
|
|
(2,435)
|
|
|
|
|
|
|
|
|
|
Net increase in cash,
cash equivalents, and restricted
cash
|
|
38,270
|
|
7,268
|
|
12,701
|
|
10,183
|
Cash, cash
equivalents and restricted cash at beginning
of period
|
|
31,503
|
|
24,235
|
|
57,072
|
|
21,320
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$ 69,773
|
|
$ 31,503
|
|
$ 69,773
|
|
$ 31,503
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/audiocodes-reports-fourth-quarter-and-full-year-2019-results-300994142.html
SOURCE AudioCodes