Q2 2024 AudioCodes Ltd Earnings Call Transcript
Key Points
- AudioCodes Ltd (AUDC) reported a 0.5% increase in revenues for Q2 2024, reaching $60.3 million compared to the same quarter last year.
- Services revenues grew by 12.3% year-over-year, accounting for 53% of total revenues, indicating a strong shift towards service-based income.
- The company achieved a significant improvement in GAAP operating income, which rose to $4.9 million from $2.3 million in Q2 2023.
- AudioCodes Ltd (AUDC) saw a 35% year-over-year growth in Microsoft Teams live minute services annual recurring revenues.
- Conversational AI business revenue increased by 10.5% year-over-year, with bookings growing over 50%, highlighting strong potential in this segment.
- The company experienced a net cash outflow from operating activities of $2.9 million in Q2 2024.
- Days sales outstanding increased to 108 days as of June 30, 2024, indicating potential challenges in accounts receivable management.
- The legacy gateway business continues to decline, although the rate of decline is expected to moderate.
- AudioCodes Ltd (AUDC) anticipates elevated capital expenditures in Q3 2024 due to leasehold improvements at their new corporate headquarters.
- The Customer Experience business saw a 10% year-over-year revenue decline in Q2 2024, impacted by the push-out of a large deal.
Good morning, everyone, and welcome to the AudioCodes second quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Roger Chuchen, Investor Relations at AudioCodes. Roger, the floor is yours.
Thank you, operator. Hosting the call today are Shabtai Adlersberg, President and Chief Executive Officer, and Niran Baruch, Vice President of Finance and Chief Financial Officer. Before we begin, I'd like to remind you that information provided during this call may contain forward-looking statements relating to AudioCodes' business outlook, future economic performance, product introductions, 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 the term is defined under US Federal Securities Law.
Forward-looking statements are subject to various
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