AudioCodes Ltd. Files Annual Report on Form 20-F

TL;DR

<b>AudioCodes Ltd. filed its 2023 annual report on Form 20-F, detailing financial performance, share programs, and geographical segment data.</b>

AI Summary

AUDIOCODES LTD (AUDC) filed a Foreign Annual Report (20-F) with the SEC on March 27, 2024. Filing is the annual report on Form 20-F for the fiscal year ended December 31, 2023. The report covers financial data and business operations for the period. Includes details on share repurchase programs and stock options. Provides geographical segment information for Europe, Americas, Israel, and Eastern Asia. References subsequent events occurring on January 1, 2024.

Why It Matters

For investors and stakeholders tracking AUDIOCODES LTD, this filing contains several important signals. This filing provides a comprehensive overview of AudioCodes' financial health and strategic activities for the past fiscal year, crucial for investors assessing performance and future outlook. The inclusion of geographical segment data and information on share repurchase programs offers insights into the company's market presence and capital allocation strategies.

Risk Assessment

Risk Level: low — AUDIOCODES LTD shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks beyond those typically disclosed in such filings.

Analyst Insight

Review the detailed financial statements and segment performance within the 20-F filing to understand AudioCodes' operational results and strategic focus for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-27 — Filed As Of Date (Filing Date)
• 107 — Public Document Count (Filing Metadata)
• 000-30070 — SEC File Number (Filing Metadata)

Key Players & Entities

• AUDIOCODES LTD (company) — Filer
• 20-F (document) — Form Type
• 2024-03-27 (date) — Filed As Of Date
• 2023-12-31 (date) — Conformed Period of Report
• 0001086434 (company) — Central Index Key
• 3661 (industry) — Standard Industrial Classification
• Israel (location) — State of Incorporation and Business Address
• 97239764000 (phone) — Business Phone

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various regulations in the jurisdictions where it operates, including data privacy and telecommunications standards.
• Competition [medium — market]: AudioCodes operates in a competitive market for voice processing and networking solutions, facing pressure from established players and emerging companies.
• Product Development and Innovation [medium — operational]: The company's success depends on its ability to continuously innovate and develop new products and services that meet evolving market demands.
• Foreign Currency Exchange Rate Fluctuations [medium — financial]: As an international company, AudioCodes is exposed to risks associated with fluctuations in foreign currency exchange rates, which can impact financial results.
• Intellectual Property Rights [low — legal]: Protecting its intellectual property and avoiding infringement of third-party intellectual property rights is critical for the company's operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-27: Filing Date — Date the 20-F filing was submitted to the SEC.

Filing Documents

• audc-20231231x20f.htm (20-F) — 3598KB
• audc-20231231xex2d1.htm (EX-2.1) — 35KB
• audc-20231231xex4d21.htm (EX-4.21) — 10KB
• audc-20231231xex8d1.htm (EX-8.1) — 5KB
• audc-20231231xex12d1.htm (EX-12.1) — 15KB
• audc-20231231xex12d2.htm (EX-12.2) — 15KB
• audc-20231231xex13d1.htm (EX-13.1) — 5KB
• audc-20231231xex13d2.htm (EX-13.2) — 5KB
• audc-20231231xex15d1.htm (EX-15.1) — 5KB
• audc-20231231xex97d1.htm (EX-97.1) — 19KB
• audc-20231231x20f007.jpg (GRAPHIC) — 3KB
• 0001410578-24-000314.txt (&nbsp;) — 13652KB
• audc-20231231.xsd (EX-101.SCH) — 75KB
• audc-20231231_cal.xml (EX-101.CAL) — 91KB
• audc-20231231_def.xml (EX-101.DEF) — 247KB
• audc-20231231_lab.xml (EX-101.LAB) — 570KB
• audc-20231231_pre.xml (EX-101.PRE) — 471KB
• audc-20231231x20f_htm.xml (XML) — 2930KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents Table of Contents Page ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 34 ITEM 4A. UNRESOLVED STAFF COMMENTS 53 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 53 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 67 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 79 ITEM 8. FINANCIAL INFORMATION 80 ITEM 9. THE OFFER AND LISTING 81 ITEM 10. ADDITIONAL INFORMATION 81 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 100 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 101 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 101 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 101 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 101 ITEM 16. [RESERVED] 102 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 102 ITEM 16B. CODE OF ETHICS 102 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 102 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 103 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 104 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFIED ACCOUNTANT 104 ITEM 16G. CORPORATE GOVERNANCE 104 ITEM 16H. MINE SAFETY DISCLOSURE 105 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 105 ITEM 16J. INSIDER TRADING POLICIES 105 ITEM 16K. CYBERSECURITY 105 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 107 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 107 ITEM 19. EXHIBITS 108 Table of Contents PRELIMINARY NOTE This Annual Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These forward-looking statements can generally be identified as such because the context of the statement will include words such as may, "will," "intends," "plans," "believes," "anticipates," "expects," "estimates," "predicts," "potential," "continue," or "opportunity," the negative of these words or words of similar import. Similarly, statements that describe our business outlook or future economic performance, anticipated revenues, expenses or other financial items, introductions and advancements in development of products, and plans and objectives related thereto, and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are also forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Factors that could cause or contribute to such differences include, but are not limited to, those set forth under Item 3.D, "Key Information – Risk Factors " of this Annual Report. Our actual results of operations and execution of our business strategy could differ materially from those expressed in, or implied by, the forward-looking statements. In addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance, and you should not use our historical performance to anticipate results or future period trends. We can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [RESERVED] B. CAPITALIZATION AND INDEBTEDNESS Not applicable. C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable. D. RISK FACTORS We are subject to various risks and uncertainties. Many of the risks summarized and then discussed in greater detail below relate principally to our business, strategy and the industry in which we operate. Other risks relate principally to financial and economic concerns, our operations in Israel, legal, regulatory and tax considerations and ownership of our ordinary shares. We believe that the occurrence of any one, or some combination, of the following factors could have a material and adverse effect on our business, financial condition, cash flows and results of operations. Table of Contents Summary of Risk Factors The following is a summary of some of the principal risks we face. The list below is not exhaustive and, therefore, investors should read this "Risk Factors" section in its entirety: Adverse macroeconomic conditions, including inflationary pressures and potential recessionary conditions, as well as actions taken by central banks and regulators across the world in an attempt to reduce, curtail and address such pressures and conditions; Our quarterly results of operations have fluctuated in the past and we expect these fluctuations to continue, any actual or anticipated fluctuations in our results of operations could require that we issue revised guidance, and the failure to meet the expectations of our investors or analysts could have a material and adverse impact on our share price; Our business will be harmed if Microsoft or our other contact center, unified communications and ALL-IP project partners abandon or fail to achieve the expected growth of solutions compatible with our products or if we are unable or unwilling to change our products when and as may be required in order to remain a certified partner; If our new products fail to generate anticipated demand, we w

View Full Filing

View this 20-F filing on SEC EDGAR