AudioCodes Reports Fourth Quarter and Full Year 2020 Results

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.

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