UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of January 2016
Commission file number 0-30070
AUDIOCODES LTD.
(Translation of registrant’s name
into English)
1 Hayarden Street • Airport City,
Lod 7019900 • ISRAEL
(Address of principal executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities
are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission
or other Commission filing on EDGAR.
On January 26, 2016,
AudioCodes Ltd. (the “Registrant”) issued a press release announcing financial results for the fourth quarter and year
ended December 31, 2015, and other matters. A copy of this press release is attached hereto as Exhibit 1 and incorporated by reference
herein.
The information
set forth in (a) the first, second, third and sixth paragraphs following the list captioned “Fourth Quarter and Full
Year 2015 Highlights,” the two paragraphs following the caption “Share Buy Back Program” of, the two
paragraphs following the caption “Acquisition of Active Communications Europe” and (b) the condensed consolidated
balance sheets, condensed consolidated statements of operations and condensed consolidated statement of cash flows contained
in, the press release attached as Exhibit 1 to this Report on Form 6-K are hereby incorporated by reference into (i) the
Registrant’s Registration Statement on Form S-8, File No. 333-11894; (ii) the Registrant’s Registration Statement
on Form S-8, File No. 333-13268; (iii) the Registrant’s Registration Statement on Form S-8, File No. 333-105473; (iv)
the Registrant’s Registration Statement on Form S-8, File No. 333-144825; (v) the Registrant’s Registration
Statement on Form S-8, File No. 333-160330; (vi) the Registrant’s Registration Statement on Form S-8, File No.
333-170676; (vii) the Registrant’s Registration Statement on Form S-8, File No. 333-190437; and (viii) the
Registrant’s Registration Statement on Form F-3, File No. 333-193209.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
AUDIOCODES LTD. |
|
|
(Registrant) |
|
|
|
|
|
|
|
|
By: |
/s/ NIRAN BARUCH |
|
|
|
Niran Baruch Vice President Finance and
Chief
Accounting Officer |
|
Dated: January 26, 2016
EXHIBIT INDEX
Exhibit No. |
|
Description |
1 |
|
Press release, dated January 26, 2016, announcing financial
results for the fourth quarter and year ended December 31, 2015, and other matters. |
Exhibit 1
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 |
AudioCodes Reports Fourth
Quarter and Full Year 2015 Results
Lod, Israel - January 26, 2016 -
Fourth Quarter and Full Year 2015 Highlights:
| · | Quarterly revenues increased by 4.2% over
the previous quarter to $35.6 million; full year 2015 revenues totaled $139.8 million; |
| · | Quarterly service revenues increased by
3.4% over the previous quarter to $9.9 million; full year 2015 service revenues totaled $37.8 million. |
| · | Quarterly Non-GAAP gross margin was a
record 60.5%; Full Year 2015 Non-GAAP gross margin totaled 60.0%; |
| · | Quarterly Non-GAAP operating margin grew
to a record 8.9%; |
| · | Quarterly Non-GAAP net income was $2.8
million, or $0.07 per diluted share; full year 2015 Non-GAAP net income was $5.9 million, or $0.14 per diluted share; |
| · | Cash flow from operating activities was
$7.7 million for the quarter and $17.6 million for the full year 2015; |
| · | AudioCodes repurchased 1.1 million shares
of its ordinary shares at an aggregate cost of $4.5 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 fourth quarter and full year periods ended December 31, 2015.
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 1 of 11 |
Revenues for the fourth quarter of 2015
were $35.6 million, compared to $34.2 million for the third quarter of 2015 and $39.1 million for the fourth quarter of 2014. Revenues
were $139.8 million in 2015 compared to $151.6 million in 2014.
Net income was $2.8 million, or $0.07 per
diluted share, for the fourth quarter of 2015, compared to $946,000, or $0.02 per diluted share, for the fourth quarter of 2014.
Full year 2015 net income was $366,000, or $0.01 per diluted share, compared to a net loss of $(86,000), or $(0.00) per diluted
share, in 2014.
On a Non-GAAP basis, quarterly net income
was $2.8 million, or $0.07 per diluted share, compared to $2.5 million, or $0.06 per diluted share, in the fourth quarter last
year. Full year Non-GAAP net income was $5.9 million, or $0.14 per diluted share, compared to $6.8 million, or $0.16 per diluted
share, in 2014.
Non-GAAP net income (loss) 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 fourth quarter of 2015 totaled $7.7 million and $17.6 million for the full year 2015. Cash and cash equivalents, bank deposits
and marketable securities were $80.4 million as of December 31, 2015 compared to $85.7 million as of December 31, 2014. The decrease
in cash and cash equivalents, bank deposits and marketable securities for the full year 2015, was the result of the use of cash
for the continued repurchasing of the Company’s ordinary shares pursuant to its share repurchase program and the acquisition
of Active Communications Europe.
“We are
pleased to report strong financial results for the fourth quarter and solid progress in our key business lines for the full year
2015,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes. “AudioCodes’ 2015 performance
was underlined by successful execution of our strategic plan to focus on the growing needs of enterprises and service providers
to realign their operations towards unified communications (UC) and the transition to an ALL-IP network. In the fourth quarter
of 2015 we enjoyed strong business momentum related to the Microsoft Skype for Business (SfB) solution and in our session border
controller (SBC) activities, which provided sequential revenue growth of more than 20%. Enjoying a record gross margin of 60.5%
in our sales, and good control of operating expenses, we also achieved record performance in operating margin which increased to
8.9% of revenues and strong positive cash flow.”
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 2 of 11 |
“We continued
to invest in our UC and SIP-related (UC-SIP) activities and announced an agreement to acquire Active Communications Europe
to further strengthen our ability to provide advanced software solutions for the emerging Microsoft SfB online application. We
intend to further invest in the transition to a world of All-IP networks and solidify our leading position in connecting businesses
to the emerging Cloud-Centric world. Investments made in these areas over the past few years continue to contribute to our sustained
growth and leadership in the enterprise voice business. These investments, coupled with increased focus on software products, solutions
and services, are expected to provide further strength and support to our success in coming years”, concluded Mr. Adlersberg.
Share Buy Back Program
During the quarter ended December 31, 2015,
AudioCodes acquired 1.1 million shares under the existing share repurchase program for a total consideration of approximately $4.5
million. As of December 31, 2015 and since beginning the repurchase of its shares in August 2014, AudioCodes had acquired an aggregate
of 5.8 million shares for an aggregate consideration of approximately $24.8 million.
In January 2016, AudioCodes received court
approval in Israel to purchase up to an aggregate of $15 million of additional ordinary shares pursuant to this program. The current
court approval for share repurchases will expire on May 19, 2016.
Acquisition of Active Communications
Europe
On December 31, 2015 (the “Closing
Date”), AudioCodes entered into a definitive agreement to acquire Active Communications Europe, a provider of communications
solutions that increase the effectiveness of departments, individuals and organizations. Active Communications Europe is a Microsoft
Silver Partner specializing in Unified Communications.
The consideration
for this transaction consists of payment of $3 million in cash to the stockholders of Active Communications Europe, plus an earn-out
arrangement. The fair value of the earn-out was estimated at $2.1 million and was recorded as a liability in AudioCodes financial
statements as of the Closing Date. The Company allocated the acquired assets and liabilities
assumed based on a preliminary Purchase Price Allocation (“PPA”) performed by an independent financial advisor. Following
the transaction, Active Communications Europe became a wholly owned subsidiary of AudioCodes.
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 3 of 11 |
Conference Call & Web Cast Information
AudioCodes will conduct a conference call
at 8:00 A.M., Eastern Time today to discuss the Company’s fourth quarter and full year 2015 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.
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 4 of 11 |
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.
©2016 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 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.
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 5 of 11 |
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Audited) | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 18,908 | | |
$ | 14,797 | |
Short-term and restricted bank deposits | |
| 5,661 | | |
| 7,630 | |
Short-term marketable securities and accrued interest | |
| 2,480 | | |
| 543 | |
Trade receivables, net | |
| 25,622 | | |
| 31,056 | |
Other receivables and prepaid expenses | |
| 4,405 | | |
| 6,244 | |
Inventories | |
| 16,778 | | |
| 14,736 | |
Total current assets | |
| 73,854 | | |
| 75,006 | |
| |
| | | |
| | |
LONG-TERM ASSETS: | |
| | | |
| | |
Long-term and restricted bank deposits | |
$ | 3,034 | | |
$ | 4,066 | |
Long-term marketable securities | |
| 50,294 | | |
| 58,684 | |
Deferred tax assets | |
| 1,659 | | |
| 4,192 | |
Severance pay funds | |
| 16,086 | | |
| 17,835 | |
Total long-term assets | |
| 71,073 | | |
| 84,777 | |
| |
| | | |
| | |
PROPERTY AND EQUIPMENT, NET | |
| 4,090 | | |
| 3,856 | |
| |
| | | |
| | |
GOODWILL, INTANGIBLE ASSETS AND OTHER, NET | |
| 40,246 | | |
| 36,745 | |
| |
| | | |
| | |
Total assets | |
$ | 189,263 | | |
$ | 200,384 | |
| |
| | | |
| | |
LIABILITIES AND EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Current maturities of long-term bank loans | |
$ | 5,338 | | |
$ | 4,686 | |
Trade payables | |
| 7,304 | | |
| 10,111 | |
Other payables and accrued expenses | |
| 20,060 | | |
| 15,758 | |
Deferred revenues | |
| 12,885 | | |
| 10,233 | |
Total current liabilities | |
| 45,587 | | |
| 40,788 | |
| |
| | | |
| | |
LONG-TERM LIABILITIES: | |
| | | |
| | |
Accrued severance pay | |
$ | 16,377 | | |
$ | 17,908 | |
Long-term bank loans | |
| 6,032 | | |
| 5,105 | |
Deferred revenues and other liabilities | |
| 3,814 | | |
| 2,862 | |
Total long-term liabilities | |
| 26,223 | | |
| 25,875 | |
| |
| | | |
| | |
Total equity | |
| 117,453 | | |
| 133,721 | |
Total liabilities and equity | |
$ | 189,263 | | |
$ | 200,384 | |
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 6 of 11 |
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
| |
Year ended | | |
Three months ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Audited) | | |
(Unaudited) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Products | |
$ | 101,990 | | |
$ | 118,561 | | |
$ | 25,704 | | |
$ | 30,012 | |
Services | |
| 37,769 | | |
| 33,018 | | |
| 9,945 | | |
| 9,105 | |
Total Revenues | |
| 139,759 | | |
| 151,579 | | |
| 35,649 | | |
| 39,117 | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Products | |
| 47,227 | | |
| 54,349 | | |
| 11,879 | | |
| 13,582 | |
Services | |
| 9,744 | | |
| 8,243 | | |
| 2,470 | | |
| 2,370 | |
Total Cost of revenues | |
| 56,971 | | |
| 62,592 | | |
| 14,349 | | |
| 15,952 | |
Gross profit | |
| 82,788 | | |
| 88,987 | | |
| 21,300 | | |
| 23,165 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development, net | |
| 27,996 | | |
| 32,275 | | |
| 6,664 | | |
| 7,938 | |
Selling and marketing | |
| 43,360 | | |
| 45,534 | | |
| 10,260 | | |
| 11,278 | |
General and administrative | |
| 8,726 | | |
| 7,677 | | |
| 1,913 | | |
| 1,986 | |
Total operating expenses | |
| 80,082 | | |
| 85,486 | | |
| 18,837 | | |
| 21,202 | |
Operating income | |
| 2,706 | | |
| 3,501 | | |
| 2,463 | | |
| 1,963 | |
Financial income (expenses), net | |
| 442 | | |
| (196 | ) | |
| (158 | ) | |
| (28 | ) |
Income before taxes on income | |
| 3,148 | | |
| 3,305 | | |
| 2,305 | | |
| 1,935 | |
Income tax benefit (expense), net | |
| (2,782 | ) | |
| (3,391 | ) | |
| 491 | | |
| (989 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 366 | | |
$ | (86 | ) | |
$ | 2,796 | | |
$ | 946 | |
| |
| | | |
| | | |
| | | |
| | |
Basic net earnings (loss) per share | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.07 | | |
$ | 0.02 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted net earnings (loss) per share | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.07 | | |
$ | 0.02 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares used in computing basic net earnings (loss) per share (in thousands) | |
| 40,178 | | |
| 42,286 | | |
| 38,443 | | |
| 42,738 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares used in computing diluted net earnings (loss) per share (in thousands) | |
| 40,565 | | |
| 42,286 | | |
| 38,771 | | |
| 43,205 | |
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 7 of 11 |
AUDIOCODES LTD. AND ITS SUBSIDIARIES
NON-GAAP PROFORMA STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
| |
Year ended | | |
Three months ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Audited) | | |
(Unaudited) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Products | |
$ | 101,990 | | |
$ | 118,561 | | |
$ | 25,704 | | |
$ | 30,012 | |
Services | |
| 37,769 | | |
| 33,018 | | |
| 9,945 | | |
| 9,105 | |
Total Revenues | |
| 139,759 | | |
| 151,579 | | |
| 35,649 | | |
| 39,117 | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Products | |
| 46,422 | | |
| 53,503 | | |
| 11,675 | | |
| 13,379 | |
Services | |
| 9,456 | | |
| 8,008 | | |
| 2,399 | | |
| 2,309 | |
Total Cost of revenues (1) (2) | |
| 55,878 | | |
| 61,511 | | |
| 14,074 | | |
| 15,688 | |
Gross profit | |
| 83,881 | | |
| 90,068 | | |
| 21,575 | | |
| 23,429 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development, net (1) | |
| 27,567 | | |
| 31,690 | | |
| 6,588 | | |
| 7,816 | |
Selling and marketing (1) (2) | |
| 42,106 | | |
| 44,065 | | |
| 10,003 | | |
| 10,911 | |
General and administrative (1) | |
| 7,944 | | |
| 6,910 | | |
| 1,810 | | |
| 1,818 | |
Total operating expenses | |
| 77,617 | | |
| 82,665 | | |
| 18,401 | | |
| 20,545 | |
Operating income | |
| 6,264 | | |
| 7,403 | | |
| 3,174 | | |
| 2,884 | |
Financial income (expenses), net | |
| 442 | | |
| (196 | ) | |
| (158 | ) | |
| (28 | ) |
Income before taxes on income | |
| 6,706 | | |
| 7,207 | | |
| 3,016 | | |
| 2,856 | |
Taxes on income, net (3) | |
| (805 | ) | |
| (453 | ) | |
| (178 | ) | |
| (314 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 5,901 | | |
$ | 6,754 | | |
$ | 2,838 | | |
$ | 2,542 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted net earnings per share | |
$ | 0.14 | | |
$ | 0.16 | | |
$ | 0.07 | | |
$ | 0.06 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares used in computing diluted net earnings per share (in thousands) | |
| 40,809 | | |
| 43,568 | | |
| 39,035 | | |
| 43,524 | |
| (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 (benefits). |
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 Reports Fourth Quarter and Full Year 2015 Results | Page 8 of 11 |
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, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Audited) | | |
(Unaudited) | |
GAAP net income (loss) | |
$ | 366 | | |
$ | (86 | ) | |
$ | 2,796 | | |
$ | 946 | |
| |
| | | |
| | | |
| | | |
| | |
GAAP net earnings (loss) per share | |
$ | 0.01 | | |
$ | (0.00 | ) | |
$ | 0.07 | | |
$ | 0.02 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation (1) | |
| 101 | | |
| 89 | | |
| 27 | | |
| 16 | |
Amortization expenses (2) | |
| 992 | | |
| 992 | | |
| 248 | | |
| 248 | |
| |
| 1,093 | | |
| 1,081 | | |
| 275 | | |
| 264 | |
Research and development, net: | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation (1) | |
| 429 | | |
| 585 | | |
| 76 | | |
| 122 | |
| |
| | | |
| | | |
| | | |
| | |
Selling and marketing: | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation (1) | |
| 1,061 | | |
| 1,105 | | |
| 242 | | |
| 276 | |
Amortization expenses (2) | |
| 193 | | |
| 364 | | |
| 15 | | |
| 91 | |
| |
| 1,254 | | |
| 1,469 | | |
| 257 | | |
| 367 | |
General and administrative: | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation (1) | |
| 782 | | |
| 767 | | |
| 103 | | |
| 168 | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes: | |
| | | |
| | | |
| | | |
| | |
Deferred tax (3) | |
| 1,977 | | |
| 2,938 | | |
| (669 | ) | |
| 675 | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP net income | |
$ | 5,901 | | |
$ | 6,754 | | |
$ | 2,838 | | |
$ | 2,542 | |
Non-GAAP diluted net earnings per share | |
$ | 0.14 | | |
$ | 0.16 | | |
$ | 0.07 | | |
$ | 0.06 | |
| (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 (benefits). |
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 Reports Fourth Quarter and Full Year 2015 Results | Page 9 of 11 |
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
U.S. dollars in thousands
| |
Year ended | | |
Three months ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Audited) | | |
(Unaudited) | |
Cash flows from operating activities: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 366 | | |
$ | (86 | ) | |
$ | 2,796 | | |
$ | 946 | |
Adjustments required to reconcile net income or loss to net cash provided by operating activities: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 2,963 | | |
| 3,230 | | |
| 613 | | |
| 800 | |
Amortization of marketable securities premiums and accretion of discounts, net | |
| 1,107 | | |
| 820 | | |
| 256 | | |
| 312 | |
Increase (decrease) in accrued severance pay, net | |
| 218 | | |
| (223 | ) | |
| (59 | ) | |
| (108 | ) |
Stock-based compensation expenses | |
| 2,373 | | |
| 2,546 | | |
| 448 | | |
| 582 | |
Decrease (increase) in long- term deferred tax assets | |
| 1,975 | | |
| 2,940 | | |
| (671 | ) | |
| 676 | |
Decrease in accrued interest on loans, marketable securities, convertible notes and bank deposits | |
| 55 | | |
| 152 | | |
| 113 | | |
| 141 | |
Decrease (increase) in trade receivables, net | |
| 5,575 | | |
| (4,625 | ) | |
| 598 | | |
| (955 | ) |
Decrease (increase) in other receivables and prepaid expenses | |
| 1,777 | | |
| (2,249 | ) | |
| 1,277 | | |
| 1926 | |
Decrease (increase) in inventories | |
| (2,013 | ) | |
| (925 | ) | |
| (481 | ) | |
| 319 | |
Increase (decrease) in trade payables | |
| (2,987 | ) | |
| 2,896 | | |
| (183 | ) | |
| (434 | ) |
Increase (decrease) in deferred revenues | |
| 3,758 | | |
| 3,595 | | |
| 702 | | |
| (447 | ) |
Increase (decrease) in other payables and accrued expenses | |
| 2,395 | | |
| (2,114 | ) | |
| 2,297 | | |
| (1,391 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by operating activities | |
| 17,562 | | |
| 5,957 | | |
| 7,706 | | |
| 2,367 | |
| |
| | | |
| | | |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | | |
| | | |
| | |
Purchase of marketable securities | |
| - | | |
| (60,286 | ) | |
| - | | |
| - | |
Proceeds from sale of marketable securities | |
| 2,557 | | |
| - | | |
| - | | |
| - | |
Decrease in short-term deposits, net | |
| 1,969 | | |
| 1,471 | | |
| (105 | ) | |
| 571 | |
Decrease (increase) in long-term bank deposits | |
| 1,032 | | |
| 2,685 | | |
| (1,994 | ) | |
| 851 | |
Proceeds from redemption of marketable securities | |
| 2,711 | | |
| 15,390 | | |
| - | | |
| - | |
Purchase of property and equipment | |
| (1,976 | ) | |
| (2,539 | ) | |
| (299 | ) | |
| (1,089 | ) |
Purchase of intangible asset | |
| - | | |
| (100 | ) | |
| - | | |
| (100 | ) |
Net cash paid in acquisition of subsidiary | |
| (1,960 | ) | |
| - | | |
| (1,960 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by (used in) investing activities | |
| 4,333 | | |
| (43,379 | ) | |
| (4,358 | ) | |
| 233 | |
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 10 of 11 |
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
U.S. dollars in thousands
| |
Year ended | | |
Three months ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Audited) | | |
(Unaudited) | |
Cash flows from financing activities: | |
| | | |
| | | |
| | | |
| | |
Purchase of treasury stock | |
| (19,523 | ) | |
| (5,267 | ) | |
| (4,532 | ) | |
| (2,534 | ) |
Repayment of senior convertible notes | |
| - | | |
| (338 | ) | |
| - | | |
| (53 | ) |
Repayment of long-term bank loans | |
| (4,685 | ) | |
| (4,686 | ) | |
| (1,366 | ) | |
| (1,367 | ) |
Proceeds from bank loans | |
| 6,264 | | |
| - | | |
| 6,264 | | |
| - | |
Consideration related to payment of acquisition of Mailvision | |
| (233 | ) | |
| (233 | ) | |
| - | | |
| - | |
Proceeds from issuance of shares upon exercise of options and warrants | |
| 393 | | |
| 2,236 | | |
| 57 | | |
| 85 | |
Proceeds from issuance of shares, net | |
| - | | |
| 29,744 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by (used in) financing activities | |
| (17,784 | ) | |
| 21,456 | | |
| 423 | | |
| (3,869 | ) |
| |
| | | |
| | | |
| | | |
| | |
Increase (decrease) in cash and cash equivalents | |
| 4,111 | | |
| (15,966 | ) | |
| 3,771 | | |
| (1,269 | ) |
Cash and cash equivalents at the beginning of the period | |
| 14,797 | | |
| 30,763 | | |
| 15,137 | | |
| 16,066 | |
Cash and cash equivalents at the end of the period | |
$ | 18,908 | | |
$ | 14,797 | | |
$ | 18,908 | | |
$ | 14,797 | |
AudioCodes Reports Fourth Quarter and Full Year 2015 Results | Page 11 of 11 |
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