AudioCodes Q4 Top-Line Beats Consensus; Declares Dividend

AudioCodes Ltd AUDC reported fourth-quarter FY21 revenue growth of 12.7% year-on-year to $66.1 million, beating the consensus of $65.5 million.
Product revenue rose 10.7% Y/Y to $41.7 million, while Services revenue grew 16.2% Y/Y to $24.4 million.
Margins: The non-GAAP gross margin contracted 230 basis points Q/Q to 67.6%. The non-GAAP operating margin contracted 100 basis points Q/Q to 20.4%.
The non-GAAP EPS of $0.39 was at par with the consensus.
AudioCodes generated $4.3 million in operating cash flow and held $174.8 million in cash and equivalents.
Dividend: The board declared a semi-annual cash dividend of $0.18 per share.
CEO Shabtai Adlersberg said, "With year over year growth in annual revenues accelerating from 10.2% in 2020 to 12.7% in 2021, ongoing improved gross margin, stronger competitive positioning, and expansion of our core service offerings, 2021 sets the stage for success in coming years."
Price Action: AUDC shares closed higher by 5.04% at $29.62 on Monday.

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