AudioCodes Reports Fourth Quarter and Full Year 2020 Results
- Quarterly revenues increased by 11.1% year-over-year to $58.7 million; full 2020 year revenues increased by 10.2% to $220.8 million;
- Quarterly service revenues increased by 19.9% year-over-year to $21 million; full 2020 year service revenues increased by 16.7% to $75.4 million; and
- Quarterly and full 2020 year UC-SIP revenues increased more than 20% year-over-year.
- GAAP results:
o Quarterly GAAP gross margin was 71.4%;
o Quarterly GAAP operating margin was 20.7%;
o Quarterly GAAP net income was $8.4 million, or $0.24 per diluted share; and
o Full 2020 year GAAP net income was $27.2 million, or $0.83 per diluted share.
- Non-GAAP results:
o Quarterly Non-GAAP gross margin was 71.5%;
o Quarterly Non-GAAP operating margin was 26.2%;
o Quarterly Non-GAAP net income was $15.2 million, or $0.44 per diluted share; and
o Full 2020 year Non-GAAP net income was $46.7 million, or $1.41 per diluted share.
- Net cash provided by operating activities was $10.1 million for the quarter and $38.5 million for the full year.