2023 Q4 Form 20-F Financial Statement

#000141057824000314 Filed on March 27, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q1
Revenue $63.56M $61.59M $59.21M
YoY Change -10.04% -11.66% -10.77%
Cost Of Revenue $21.17M $20.65M $22.67M
YoY Change -13.6% -20.49% 3.06%
Gross Profit $42.39M $40.94M $36.54M
YoY Change -8.16% -6.42% -17.62%
Gross Profit Margin 66.7% 66.47% 61.71%
Selling, General & Admin $21.35M $21.20M $22.38M
YoY Change -6.07% -3.33% 4.93%
% of Gross Profit 50.37% 51.78% 61.24%
Research & Development $13.81M $13.96M $15.01M
YoY Change -8.51% -5.75% 0.18%
% of Gross Profit 32.57% 34.1% 41.07%
Depreciation & Amortization $626.0K $650.0K $651.0K
YoY Change -13.42% -18.44% -12.26%
% of Gross Profit 1.48% 1.59% 1.78%
Operating Expenses $35.16M $35.16M $37.39M
YoY Change -7.04% -4.3% 2.97%
Operating Profit $7.234M $5.780M -$844.0K
YoY Change -13.22% -17.53% -110.48%
Interest Expense -$1.740M $490.0K $949.0K
YoY Change -360.09% 42.44% -6.04%
% of Operating Profit -24.05% 8.48%
Other Income/Expense, Net
YoY Change
Pretax Income $5.494M $6.270M $105.0K
YoY Change -38.99% -14.73% -98.84%
Income Tax $1.839M $2.020M $287.0K
% Of Pretax Income 33.47% 32.22% 273.33%
Net Earnings $3.655M $4.250M -$182.0K
YoY Change -51.58% -20.9% -102.11%
Net Earnings / Revenue 5.75% 6.9% -0.31%
Basic Earnings Per Share
Diluted Earnings Per Share $0.12 $0.14 -$0.01
COMMON SHARES
Basic Shares Outstanding 30.51M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.98M $31.70M $45.82M
YoY Change -9.37% -27.78% 18.31%
Cash & Equivalents $30.55M $27.70M $29.58M
Short-Term Investments $7.438M $4.000M $16.24M
Other Short-Term Assets $212.0K $200.0K $206.0K
YoY Change -95.93% -96.16% -96.05%
Inventory $43.96M $44.80M $42.08M
Prepaid Expenses
Receivables $51.13M $49.60M $48.24M
Other Receivables $9.381M $8.500M $9.822M
Total Short-Term Assets $142.7M $134.8M $146.2M
YoY Change -4.85% -4.2% 12.8%
LONG-TERM ASSETS
Property, Plant & Equipment $47.61M $45.80M $16.59M
YoY Change 172.31% 141.87% -15.87%
Goodwill $37.56M
YoY Change 0.0%
Intangibles $1.021M
YoY Change -34.8%
Long-Term Investments $68.46M $70.60M $75.48M
YoY Change -11.3% -9.05% -24.61%
Other Assets $23.41M $24.40M $26.94M
YoY Change -13.32% -13.12% -15.32%
Total Long-Term Assets $194.9M $194.7M $172.8M
YoY Change 12.05% 11.04% -9.73%
TOTAL ASSETS
Total Short-Term Assets $142.7M $134.8M $146.2M
Total Long-Term Assets $194.9M $194.7M $172.8M
Total Assets $337.5M $329.5M $318.9M
YoY Change 4.23% 4.25% -0.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.556M $6.600M $10.58M
YoY Change -33.36% -47.21% 75.87%
Accrued Expenses $7.878M $6.400M $6.289M
YoY Change -3.56% -18.79% -22.7%
Deferred Revenue $38.82M
YoY Change 5.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.20M $86.90M $93.32M
YoY Change -10.86% -10.82% 3.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $65.21M $63.30M $38.99M
YoY Change 64.61% 58.69% -10.45%
Total Long-Term Liabilities $65.21M $63.30M $38.99M
YoY Change 64.61% 58.69% -10.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.20M $86.90M $93.32M
Total Long-Term Liabilities $65.21M $63.30M $38.99M
Total Liabilities $149.4M $150.3M $132.3M
YoY Change 11.44% 9.45% -0.75%
SHAREHOLDERS EQUITY
Retained Earnings $20.79M
YoY Change -11.19%
Common Stock $407.2M
YoY Change 3.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $236.0M
YoY Change 8.39%
Treasury Stock Shares
Shareholders Equity $188.1M $179.2M $186.6M
YoY Change
Total Liabilities & Shareholders Equity $337.5M $329.5M $318.9M
YoY Change 4.23% 4.25% -0.64%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q1
OPERATING ACTIVITIES
Net Income $3.655M $4.250M -$182.0K
YoY Change -51.58% -20.9% -102.11%
Depreciation, Depletion And Amortization $626.0K $650.0K $651.0K
YoY Change -13.42% -18.44% -12.26%
Cash From Operating Activities $9.281M $180.0K $3.228M
YoY Change 2094.09% -91.44% 244.14%
INVESTING ACTIVITIES
Capital Expenditures $665.0K $2.040M $1.316M
YoY Change 97.92% -456.64% -553.79%
Acquisitions
YoY Change
Other Investing Activities -$9.000K $7.900M $8.753M
YoY Change -100.48% -1879.28% -142.7%
Cash From Investing Activities -$674.0K $5.860M $7.437M
YoY Change -143.32% -676.77% -135.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$5.737M -$8.910M $96.00K
YoY Change 145.59% 55.77% -100.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.736M -14.59M -5.622M
YoY Change 145.55% 27.53% -78.94%
NET CHANGE
Cash From Operating Activities 9.281M 180.0K 3.228M
Cash From Investing Activities -674.0K 5.860M 7.437M
Cash From Financing Activities -5.736M -14.59M -5.622M
Net Change In Cash 2.871M -8.550M 5.043M
YoY Change -904.2% -17.42% -110.83%
FREE CASH FLOW
Cash From Operating Activities $9.281M $180.0K $3.228M
Capital Expenditures $665.0K $2.040M $1.316M
Free Cash Flow $8.616M -$1.860M $1.912M
YoY Change 9803.45% -169.56% 55.7%

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PaymentsToAcquireLongTermAvailableForSalesSecurities
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PaymentsToAcquireShortTermAndRestrictedBankDeposits
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CY2022 audc Payments To Acquire Short Term And Restricted Bank Deposits
PaymentsToAcquireShortTermAndRestrictedBankDeposits
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CY2021 audc Payments To Acquire Short Term And Restricted Bank Deposits
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CY2022 audc Proceeds From Sale Of Short Term And Restricted Bank Deposits
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CY2022 audc Inventory Transferred To Be Used As Property And Equipment
InventoryTransferredToBeUsedAsPropertyAndEquipment
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CY2021 audc Inventory Transferred To Be Used As Property And Equipment
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CY2023 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2022 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2021 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2023 audc Right Of Use Assets Obtained In Exchange For Operating Lease Liability
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CY2022 audc Right Of Use Assets Obtained In Exchange For Operating Lease Liability
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CY2023 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:54pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">NOTE 1:-</b></span>GENERAL</p><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Business overview:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">AudioCodes Ltd. (the “Company”) and its subsidiaries (together with the Company, the “Group”) is a leading vendor of advanced communication, software, products and productivity solutions for the digital workplace. The Company’s products are deployed on-premises or delivered from the cloud. Providing software communications, cloud-based platforms, customer premise equipment and software applications, the Company’s solutions and products are geared to meet the growing needs of enterprises and service providers realigning their operations towards the transition to all-IP networks for unified communications, contact centers, and hosted business services. In addition, the Company offers a complete suite of professional and managed services that allow the Company’s partners and customers to choose a service package (or complement their own offering) from a modular portfolio of professional services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">The Company operates through its wholly-owned subsidiaries in the United States, Europe, Asia, Latin America, Australia and Israel.</p><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">b.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Material customers and suppliers: </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">The Group is dependent upon sole source suppliers for certain key components used in its products, including certain digital signal processing chips. Although there are a limited number of manufacturers for these particular components, management believes that other suppliers could provide similar components on comparable terms to the extent needed. Any change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which could materially and adversely affect the operating results and financial position of the Group.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">During the years ended December 31, 2023, 2022 and 2021, the Group had a major customer which accounted for 16.3%, 15.1% and 15.4%, respectively, of total revenues in those years. In addition, during the years ended December 31, 2023, 2022 and 2021, the Group had an additional major customer which accounted for 10.3%, 10.0% and 10.9%, respectively, of total revenues the years ended December 31, 2023, 2022 and 2021. No other customer accounted for more than 10% of the Group's revenues in the years ended December 31, 2023, 2022 and 2021.</p>
CY2023 audc Entity Wide Revenue Major Customer Percentage1
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CY2022 audc Entity Wide Revenue Major Customer Percentage1
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CY2021 audc Entity Wide Revenue Major Customer Percentage1
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CY2023 us-gaap Use Of Estimates
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<table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Use of estimates:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 90pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they were made. As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to revenue recognition and allowance for sales returns, allowance for credit losses, inventories write-off, intangible assets, goodwill, income taxes and valuation allowance, share-based compensation and contingent liabilities. Actual results could differ from those estimates.</p>
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55730000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
52586000
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
38820000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
36634000
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
16910000
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
15952000
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">s.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Concentrations of credit risk:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents, bank deposits, trade receivables, marketable securities and foreign currency derivative contracts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">The majority of the Group’s cash and cash equivalents, bank deposits and foreign currency derivative contracts are invested in dollar denominated instruments with major banks in Israel and in the United States. The Group is exposed to credit risk in the event of default by financial institutions to the extent of the amounts recorded on the accompanying consolidated balance sheets exceed federally insured limits. Management believes that the financial institutions that hold the Group’s investments are corporations with high credit standing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">Accordingly, management believes that low credit risk exists with respect to these financial investments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">Marketable securities include investments in dollar-denominated corporate bonds. The Company’s investment policy, approved by the Board of Directors, limits the amount the Group may invest in any one type of investment or issuer, thereby reducing credit risk concentrations. Management believes that the Group’s portfolio is well diversified and, accordingly, minimal credit risk exists with respect to these marketable debt securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">The trade receivables of the Group are derived from sales to customers located primarily in the Americas, Europe, Eastern Asia and Israel. Under certain circumstances, the Group may require letters of credit, other collateral, additional guarantees or advance payments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">Regarding certain credit balances, the Group is covered by foreign trade risk insurance. The Group performs ongoing credit evaluations of its customers and establishes an allowance for credit losses.</p>
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
710761
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
153191
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26686
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.98
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.99
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.64
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0113
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0113
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0088
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4624
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4764
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4945
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0457
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0283
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.005
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y7M6D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y1M6D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y7M9D
CY2023 us-gaap Advertising Expense
AdvertisingExpense
1942000
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11380000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15122000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14164000
CY2023 audc Severance Cost
SeveranceCost
2995000
CY2022 audc Severance Cost
SeveranceCost
3907000
CY2021 audc Severance Cost
SeveranceCost
2373000
CY2023 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
All eligible employees may elect to contribute a portion of their annual compensation to the plan through salary deferrals, subject to the Internal Revenue Service limit of $20.5 during the years ended December 31, 2023 and 2022, plus a catch-up contribution of $7.5 for participants aged 50 or over. The Group matches 50% of employees’ contributions, up to a maximum of 6% of the employees’ annual pay.
CY2023 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
524000
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
531000
CY2021 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
431000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
1733000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
582000
CY2023 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">aa.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Derivative instruments and hedging:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">The Group accounts for derivative instruments and hedging based on ASC 815, “Derivatives and Hedging”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">The Group accounts for its derivative instruments as either assets or liabilities and carries them at fair value. Derivative instruments that are not designated and qualified as hedging instruments must be adjusted to fair value through earnings. The changes in the fair value of such instruments are included as gain or loss in “financial income (expenses), net” at each reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss in equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is classified as payroll and rent expenses. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 90pt;">To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. </p>
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
77976000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4806000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
73170000
CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
86277000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
8211000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
78066000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
18742000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
14541000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
25217000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
21836000
CY2023Q4 us-gaap Inventory Net
InventoryNet
43959000
CY2022Q4 us-gaap Inventory Net
InventoryNet
36377000
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
1100000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31415000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
42073000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20522000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38108000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10893000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3965000
CY2023 us-gaap Depreciation
Depreciation
2051000
CY2022 us-gaap Depreciation
Depreciation
2181000
CY2021 us-gaap Depreciation
Depreciation
2074000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
26766000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
26766000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25745000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25200000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8339000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9511000
CY2023Q4 audc Accrued Government Authorities
AccruedGovernmentAuthorities
2274000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1566000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
545000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
804000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
358000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
532000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
470000
CY2023Q4 audc Finite Lived Intangible Asset Expected Amortization Year Three And Thereafter
FiniteLivedIntangibleAssetExpectedAmortizationYearThreeAndThereafter
19000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1021000
CY2023Q4 audc Fair Value Of Financial Investments
FairValueOfFinancialInvestments
2730000
CY2023Q4 audc Financial Assets Fair Value Disclosure
FinancialAssetsFairValueDisclosure
2730000
CY2022Q4 audc Fair Value Of Financial Investments
FairValueOfFinancialInvestments
16500000
CY2022Q4 audc Financial Assets Fair Value Disclosure
FinancialAssetsFairValueDisclosure
16500000
CY2023Q4 audc Fair Value Of Investment In Private Funds
FairValueOfInvestmentInPrivateFunds
2730000
CY2022Q4 audc Fair Value Of Investment In Private Funds
FairValueOfInvestmentInPrivateFunds
16500000
CY2023Q4 audc Number Of Secured Bridge Loans
NumberOfSecuredBridgeLoans
2
CY2023 audc Fair Value Of Investment In Private Fund
FairValueOfInvestmentInPrivateFund
336000
CY2022 audc Fair Value Of Investment In Private Fund
FairValueOfInvestmentInPrivateFund
937000
CY2023Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
16715000
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
17999000
CY2023Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
461000
CY2022Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
5150000
CY2022Q4 audc Accrued Government Authorities
AccruedGovernmentAuthorities
2806000
CY2023Q4 audc Provision For Return
ProvisionForReturn
2137000
CY2022Q4 audc Provision For Return
ProvisionForReturn
2704000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
17000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
146000
CY2023Q4 audc Other Payables And Accrued Expenses
OtherPayablesAndAccruedExpenses
29943000
CY2022Q4 audc Other Payables And Accrued Expenses
OtherPayablesAndAccruedExpenses
38316000
CY2023 audc Fixed Lease Cost
FixedLeaseCost
10979000
CY2022 audc Fixed Lease Cost
FixedLeaseCost
9271000
CY2021 audc Fixed Lease Cost
FixedLeaseCost
9745000
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
477000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
260000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
99000
CY2023 us-gaap Sublease Income
SubleaseIncome
1167000
CY2022 us-gaap Sublease Income
SubleaseIncome
1516000
CY2021 us-gaap Sublease Income
SubleaseIncome
1547000
CY2023 us-gaap Lease Cost
LeaseCost
10289000
CY2022 us-gaap Lease Cost
LeaseCost
8015000
CY2021 us-gaap Lease Cost
LeaseCost
8297000
CY2023 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P7Y
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y5M26D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0554
CY2023 audc Schedule Of Supplemental Cash Flow Information Related To Lease Costs
ScheduleOfSupplementalCashFlowInformationRelatedToLeaseCosts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 86.4pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><div style="padding-left:54pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:90%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:84.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:84.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31,</b></p></td></tr><tr><td style="vertical-align:bottom;width:84.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:84.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Cash paid for amounts included in measurement of lease liabilities:</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">  </p></td></tr><tr><td style="vertical-align:bottom;width:84.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Operating cash flows for operating leases</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 9,167</p></td></tr></table></div>
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
9167000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5905000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5397000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4690000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4206000
CY2023Q4 audc Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
31011000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
51209000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11927000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
39282000
CY2023 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
15937000
CY2022 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
19802000
CY2023 us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
4178000
CY2022 us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
2152000
CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Current
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossCurrent
8367000
CY2022Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Current
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossCurrent
7972000
CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossNoncurrent
16798000
CY2022Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossNoncurrent
13099000
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
8367000
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
7528000
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
5130000
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CY2023 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2023Q4 audc Derivatives Contracts Outstanding
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CY2022Q4 audc Derivative Forward Contracts Outstanding
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12500000

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