AudioCodes Ltd
NASDAQ:AUDC
Income Statement
Earnings Waterfall
AudioCodes Ltd
Income Statement
AudioCodes Ltd
| Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Mar-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
7
|
0
|
0
|
0
|
5
|
0
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
0
|
0
|
0
|
2
|
0
|
0
|
0
|
|
| Revenue |
175
N/A
|
160
-8%
|
145
-10%
|
130
-10%
|
126
-4%
|
131
+4%
|
32
-75%
|
128
+295%
|
65
-49%
|
99
+52%
|
134
+35%
|
137
+3%
|
141
+3%
|
145
+3%
|
149
+3%
|
152
+2%
|
153
+1%
|
148
-3%
|
143
-3%
|
140
-2%
|
137
-2%
|
141
+3%
|
143
+2%
|
146
+1%
|
148
+2%
|
151
+2%
|
153
+1%
|
157
+2%
|
162
+3%
|
167
+3%
|
172
+3%
|
176
+3%
|
180
+2%
|
186
+3%
|
193
+4%
|
200
+4%
|
206
+3%
|
210
+2%
|
215
+2%
|
221
+3%
|
228
+3%
|
235
+3%
|
242
+3%
|
249
+3%
|
256
+3%
|
264
+3%
|
271
+2%
|
275
+2%
|
268
-3%
|
260
-3%
|
251
-3%
|
244
-3%
|
245
+0%
|
246
+0%
|
244
-1%
|
242
-1%
|
242
+0%
|
243
+0%
|
245
+1%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(78)
|
(71)
|
(65)
|
(59)
|
(56)
|
(59)
|
(13)
|
(54)
|
(27)
|
(42)
|
(57)
|
(59)
|
(60)
|
(61)
|
(62)
|
(63)
|
(63)
|
(61)
|
(59)
|
(57)
|
(55)
|
(56)
|
(57)
|
(57)
|
(58)
|
(58)
|
(58)
|
(59)
|
(60)
|
(62)
|
(64)
|
(66)
|
(68)
|
(69)
|
(72)
|
(105)
|
(106)
|
(105)
|
(105)
|
(71)
|
(72)
|
(72)
|
(73)
|
(78)
|
(81)
|
(87)
|
(93)
|
(96)
|
(97)
|
(95)
|
(89)
|
(86)
|
(85)
|
(84)
|
(84)
|
(84)
|
(84)
|
(85)
|
(85)
|
|
| Gross Profit |
97
N/A
|
89
-8%
|
80
-10%
|
72
-10%
|
70
-3%
|
73
+4%
|
19
-74%
|
73
+288%
|
38
-49%
|
57
+51%
|
77
+35%
|
79
+3%
|
81
+3%
|
84
+4%
|
87
+3%
|
89
+3%
|
90
+1%
|
87
-3%
|
85
-3%
|
83
-2%
|
82
-1%
|
84
+3%
|
87
+3%
|
88
+2%
|
91
+3%
|
93
+2%
|
95
+2%
|
98
+3%
|
102
+4%
|
105
+3%
|
108
+3%
|
111
+2%
|
113
+2%
|
117
+4%
|
122
+4%
|
95
-22%
|
100
+5%
|
104
+4%
|
110
+5%
|
150
+36%
|
156
+4%
|
162
+4%
|
168
+4%
|
171
+2%
|
175
+2%
|
177
+1%
|
177
0%
|
179
+1%
|
171
-4%
|
165
-4%
|
162
-2%
|
158
-2%
|
160
+1%
|
161
+1%
|
160
-1%
|
158
-1%
|
159
+0%
|
158
0%
|
159
+1%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(92)
|
(171)
|
(164)
|
(159)
|
(70)
|
(68)
|
(21)
|
(77)
|
(36)
|
(55)
|
(74)
|
(76)
|
(78)
|
(81)
|
(84)
|
(86)
|
(86)
|
(85)
|
(82)
|
(80)
|
(79)
|
(79)
|
(80)
|
(81)
|
(82)
|
(83)
|
(85)
|
(88)
|
(91)
|
(93)
|
(94)
|
(94)
|
(95)
|
(96)
|
(100)
|
(105)
|
(108)
|
(109)
|
(110)
|
(111)
|
(114)
|
(119)
|
(126)
|
(131)
|
(138)
|
(142)
|
(145)
|
(148)
|
(149)
|
(148)
|
(147)
|
(144)
|
(142)
|
(140)
|
(140)
|
(140)
|
(141)
|
(143)
|
(145)
|
|
| Selling, General & Administrative |
(54)
|
(50)
|
(46)
|
(42)
|
(40)
|
(39)
|
(12)
|
(48)
|
(23)
|
(35)
|
(47)
|
(48)
|
(50)
|
(51)
|
(52)
|
(53)
|
(53)
|
(54)
|
(53)
|
(52)
|
(52)
|
(51)
|
(52)
|
(51)
|
(52)
|
(54)
|
(55)
|
(58)
|
(59)
|
(60)
|
(60)
|
(60)
|
(59)
|
(59)
|
(61)
|
(63)
|
(65)
|
(65)
|
(65)
|
(65)
|
(67)
|
(71)
|
(74)
|
(78)
|
(81)
|
(84)
|
(86)
|
(88)
|
(89)
|
(89)
|
(88)
|
(87)
|
(86)
|
(86)
|
(86)
|
(89)
|
(90)
|
(92)
|
(93)
|
|
| Research & Development |
(38)
|
(36)
|
(33)
|
(31)
|
(30)
|
(29)
|
(8)
|
(29)
|
(14)
|
(21)
|
(27)
|
(28)
|
(29)
|
(30)
|
(32)
|
(32)
|
(32)
|
(31)
|
(29)
|
(28)
|
(27)
|
(27)
|
(28)
|
(29)
|
(29)
|
(30)
|
(30)
|
(30)
|
(32)
|
(33)
|
(34)
|
(35)
|
(36)
|
(37)
|
(39)
|
(41)
|
(43)
|
(44)
|
(44)
|
(46)
|
(47)
|
(48)
|
(51)
|
(53)
|
(56)
|
(59)
|
(59)
|
(60)
|
(60)
|
(59)
|
(58)
|
(57)
|
(56)
|
(55)
|
(53)
|
(52)
|
(51)
|
(51)
|
(51)
|
|
| Depreciation & Amortization |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
|
| Other Operating Expenses |
0
|
(85)
|
(85)
|
(85)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Operating Income |
6
N/A
|
(82)
N/A
|
(84)
-2%
|
(87)
-3%
|
(0)
+100%
|
4
N/A
|
(2)
N/A
|
(4)
-116%
|
1
N/A
|
2
+30%
|
3
+38%
|
3
+8%
|
3
-6%
|
2
-2%
|
3
+13%
|
4
+25%
|
4
+25%
|
2
-49%
|
2
-2%
|
3
+23%
|
3
-7%
|
6
+124%
|
7
+18%
|
8
+18%
|
9
+14%
|
9
+6%
|
10
+7%
|
10
-3%
|
11
+10%
|
12
+14%
|
14
+20%
|
16
+13%
|
18
+9%
|
21
+14%
|
22
+5%
|
(10)
N/A
|
(8)
+18%
|
(5)
+37%
|
0
N/A
|
38
+13 614%
|
42
+10%
|
44
+3%
|
42
-3%
|
40
-7%
|
37
-5%
|
35
-6%
|
32
-8%
|
31
-3%
|
22
-28%
|
17
-25%
|
16
-7%
|
14
-7%
|
19
+29%
|
21
+14%
|
20
-4%
|
19
-9%
|
18
-5%
|
15
-13%
|
14
-5%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
0
|
(0)
|
0
|
1
|
1
|
0
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
1
|
(1)
|
(1)
|
(2)
|
(1)
|
0
|
(0)
|
1
|
(2)
|
(1)
|
(1)
|
(2)
|
0
|
(0)
|
1
|
1
|
3
|
3
|
2
|
2
|
0
|
(1)
|
(1)
|
(2)
|
(2)
|
(0)
|
(2)
|
(1)
|
|
| Non-Reccuring Items |
(85)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
|
| Total Other Income |
(3)
|
(1)
|
(2)
|
(3)
|
(3)
|
(2)
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
|
| Pre-Tax Income |
(83)
N/A
|
(83)
0%
|
(86)
-4%
|
(90)
-4%
|
(3)
+97%
|
2
N/A
|
(1)
N/A
|
(3)
-123%
|
1
N/A
|
2
+39%
|
3
+54%
|
3
+2%
|
3
+4%
|
3
-4%
|
3
-8%
|
3
+28%
|
4
+27%
|
3
-39%
|
3
+9%
|
3
+12%
|
3
-11%
|
5
+96%
|
6
+18%
|
8
+18%
|
9
+15%
|
9
+4%
|
10
+8%
|
10
-3%
|
11
+14%
|
12
+13%
|
15
+18%
|
17
+13%
|
17
+3%
|
19
+14%
|
20
+1%
|
(11)
N/A
|
(8)
+33%
|
(5)
+32%
|
1
N/A
|
37
+2 390%
|
41
+12%
|
42
+4%
|
41
-4%
|
40
-3%
|
37
-7%
|
36
-2%
|
33
-8%
|
34
+2%
|
25
-26%
|
19
-25%
|
18
-6%
|
14
-20%
|
18
+22%
|
20
+16%
|
18
-10%
|
15
-18%
|
17
+14%
|
13
-23%
|
13
-1%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
1
|
(0)
|
0
|
1
|
0
|
0
|
(0)
|
(1)
|
(0)
|
(0)
|
(0)
|
1
|
1
|
1
|
(1)
|
(3)
|
(4)
|
(5)
|
(4)
|
(3)
|
(2)
|
(2)
|
(2)
|
9
|
9
|
9
|
8
|
(6)
|
(6)
|
(6)
|
(5)
|
(3)
|
(3)
|
(3)
|
(3)
|
15
|
14
|
13
|
9
|
(9)
|
(9)
|
(9)
|
(6)
|
(6)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(6)
|
0
|
0
|
1
|
1
|
|
| Income from Continuing Operations |
(82)
|
(83)
|
(86)
|
(89)
|
(3)
|
2
|
(2)
|
(4)
|
1
|
1
|
2
|
4
|
4
|
3
|
2
|
(0)
|
(0)
|
(2)
|
(1)
|
0
|
1
|
3
|
4
|
16
|
18
|
18
|
18
|
4
|
5
|
7
|
10
|
14
|
14
|
17
|
17
|
4
|
6
|
8
|
11
|
27
|
32
|
34
|
35
|
34
|
32
|
31
|
28
|
29
|
20
|
14
|
13
|
9
|
11
|
14
|
12
|
15
|
17
|
14
|
14
|
|
| Income to Minority Interest |
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Equity Earnings Affiliates |
(3)
|
(2)
|
(2)
|
(2)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Net Income (Common) |
(85)
N/A
|
(85)
-1%
|
(88)
-3%
|
(91)
-3%
|
(2)
+98%
|
3
N/A
|
(2)
N/A
|
(4)
-169%
|
1
N/A
|
1
+75%
|
2
+91%
|
4
+113%
|
4
-8%
|
3
-13%
|
2
-49%
|
(0)
N/A
|
(0)
-90%
|
(2)
-984%
|
(1)
+28%
|
0
N/A
|
1
+33%
|
3
+498%
|
4
+35%
|
16
+279%
|
18
+10%
|
18
+2%
|
18
+0%
|
4
-78%
|
5
+29%
|
7
+27%
|
10
+47%
|
14
+40%
|
14
+5%
|
17
+17%
|
17
+1%
|
4
-76%
|
6
+55%
|
8
+30%
|
11
+32%
|
27
+156%
|
32
+18%
|
34
+5%
|
35
+4%
|
34
-3%
|
32
-4%
|
31
-4%
|
28
-9%
|
29
+1%
|
20
-31%
|
14
-30%
|
13
-8%
|
9
-31%
|
11
+26%
|
14
+25%
|
12
-11%
|
15
+26%
|
17
+13%
|
14
-20%
|
14
+0%
|
|
| EPS (Diluted) |
-2.05
N/A
|
-2.12
-3%
|
-2.18
-3%
|
-2.25
-3%
|
-0.05
+98%
|
0.06
N/A
|
-0.04
N/A
|
-0.11
-175%
|
0.01
N/A
|
0.02
+100%
|
0.04
+100%
|
0.11
+175%
|
0.09
-18%
|
0.08
-11%
|
0.04
-50%
|
0
N/A
|
-0.01
N/A
|
-0.06
-500%
|
-0.04
+33%
|
0.01
N/A
|
0.01
N/A
|
0.08
+700%
|
0.11
+38%
|
0.45
+309%
|
0.53
+18%
|
0.54
+2%
|
0.56
+4%
|
0.13
-77%
|
0.16
+23%
|
0.21
+31%
|
0.32
+52%
|
0.45
+41%
|
0.47
+4%
|
0.55
+17%
|
0.55
N/A
|
0.13
-76%
|
0.19
+46%
|
0.24
+26%
|
0.3
+25%
|
0.83
+177%
|
0.94
+13%
|
0.97
+3%
|
1.03
+6%
|
1
-3%
|
0.96
-4%
|
0.95
-1%
|
0.86
-9%
|
0.88
+2%
|
0.6
-32%
|
0.42
-30%
|
0.39
-7%
|
0.28
-28%
|
0.36
+29%
|
0.45
+25%
|
0.4
-11%
|
0.5
+25%
|
0.57
+14%
|
0.46
-19%
|
0.46
N/A
|
|