AudioCodes Ltd (AUDC) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to the AudioCodes fourth quarter and full year 2023 earnings conference call.

大家早安，歡迎參加奧科 2023 年第四季和全年財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Mr. Roger Chuchen, Investor Relations.

現在我將會議交給東道主投資者關係部門的 Roger Chuchen 先生。

You may begin, Roger.

你可以開始了，羅傑。

Thank you, operator.

謝謝你，接線生。

Hosting the call today are Shabtai Adlersberg, President and Chief Executive Officer; and Niran Baruch, Vice President of Finance and Chief Financial Officer.

今天主持電話會議的是總裁兼執行長 Shabtai Adlersberg；以及財務副總裁兼財務長 Niran Baruch。

Before we begin, I'd like to remind you that the 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.

在我們開始之前，我想提醒您，本次電話會議期間提供的資訊可能包含與奧科的業務前景、未來經濟表現、產品介紹、相關計劃和目標有關的前瞻性陳述，以及有關所做假設的陳述，或期望。

As to any future events, conditions, performance or other matters are forward-looking statements as a term is defined under US federal securities law.

對於任何未來事件、條件、績效或其他事項，均屬於美國聯邦證券法定義的前瞻性陳述。

Forward-looking statements are subject to various risks and uncertainties and other factors that could cause actual results to differ materially from those stated in such statements.

前瞻性陳述受到各種風險和不確定性以及其他因素的影響，這些因素可能導致實際結果與此類陳述中所述的結果有重大差異。

These risks, uncertainties and factors include, but are not limited to, the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets, in particular, shifts in supply and demand, market acceptance of new products, and the demand for existing products, the impact of competitive products, and pricing on AudioCodes and its customers, products and markets, timely product and technology developments, upgrades and the ability to manage changes in market conditions as needed, possible need for additional financing, the ability to satisfy covenants in the company's loan agreements, possible disruptions from the pandemic on our business and results of operations, the effects of the current terrorist attacks Hamas, and the warrant hostilities between Israel Hamas and Israel and Hezbollah, as well as the possibility that this could develop into a broader regional conflict involving Israel with other parties may affect our operations and may limit our ability to produce and sell or solutions, any disruptions in our operations by the public locations of our personnel to perform military service as a result of current or future military actions involving Israel, and other factors detailed in AudioCodes' filings with the US Securities and Exchange Commission.

這些風險、不確定性和因素包括但不限於全球經濟總體狀況以及奧科產業和目標市場狀況的影響，特別是供需變化、新產品的市場接受度以及需求。對於現有產品、競爭產品的影響以及對奧科及其客戶、產品和市場的定價，及時的產品和技術開發、升級以及根據需要管理市場條件變化的能力，可能需要額外融資的能力，滿足公司貸款協議中的契約、疫情對我們業務和經營業績可能造成的干擾、當前哈馬斯恐怖襲擊的影響、以色列哈馬斯與以色列和真主黨之間的敵對行動，以及這可能發展成為涉及以色列與其他方的更廣泛的區域衝突可能會影響我們的運營，並可能限制我們生產和銷售或解決方案的能力，由於當前或未來的原因，我們人員在公共場所服兵役對我們的運營造成任何干擾涉及以色列的軍事行動，以及奧科向美國證券交易委員會提交的文件中詳細介紹的其他因素。

AudioCodes assumes no obligation to update this information.

奧科不承擔更新此資訊的義務。

In addition, during the call, AudioCodes will refer to non-GAAP net income and net income per share.

此外，在電話會議期間，奧科將提及非 GAAP 淨利潤和每股淨利潤。

AudioCodes has provided a full reconciliation of the non-GAAP net income and income per share to net income and net income per share according to GAAP in the press release that is posted on its website.

奧科在其網站上發布的新聞稿中提供了非 GAAP 淨利潤和每股收益與 GAAP 淨利潤和每股淨利潤的全面調整表。

Before I turn the call over to management I'd like to remind everyone that this call is being recorded and an archived webcast will be made available on the Investor Relations section of the company's website at the conclusion of the call.

在我將電話轉交給管理層之前，我想提醒大家，這次電話會議正在錄音，並且在電話會議結束時，將在公司網站的投資者關係部分提供存檔的網路廣播。

With all that said, I would like to turn the call over to Shabtai.

話雖如此，我想將電話轉給 Shabtai。

Shabtai, please go ahead.

沙巴泰，請繼續。

Thank you, Roger.

謝謝你，羅傑。

Good morning and good afternoon, everybody.

大家早安，下午好。

I would like to welcome all of our fourth quarter and full year 2023 conference call.

我對 2023 年第四季和全年的電話會議表示歡迎。

With me this morning is Niran Baruch, Chief Financial Officer and Vice President of Finance of AudioCodes.

今天早上與我在一起的是奧科財務長兼財務副總裁 Niran Baruch。

Niran will start off by presenting a financial overview of the quarter.

尼蘭將首先介紹本季的財務概況。

I will then review the business highlights and summary for the quarter and discuss trends and developments in our business in industry.

然後，我將回顧本季的業務亮點和摘要，並討論我們行業業務的趨勢和發展。

We will then turn it into the Q&A session.

然後我們將把它變成問答環節。

Niran?

尼蘭？

Thank you, Shabtai, and hello, everyone.

謝謝你，Shabtai，大家好。

Before I start my formal remarks, I would like to remind everyone that in conjunction with our earnings release this morning, we will post shortly on our Investor Relations website an earning supplemental deck.

在開始正式發言之前，我想提醒大家，結合今天早上發布的收益報告，我們很快就會在投資者關係網站上發布收益補充資料。

On today's call, we will be referring to both GAAP and non-GAAP financial results.

在今天的電話會議上，我們將提及 GAAP 和非 GAAP 財務業績。

The earnings press release that we issued earlier this morning contains a reconciliation of the supplemental non-GAAP financial information that I will be discussing on this call.

我們今天早上早些時候發布的收益新聞稿包含了我將在本次電話會議上討論的補充非公認會計準則財務資訊的核對錶。

We will be comparing our fourth quarter 2023 results to the prior quarter as we believe it provides a better gauge of our financial performance.

我們將把 2023 年第四季的業績與上一季進行比較，因為我們相信這可以更好地衡量我們的財務表現。

Revenues for the fourth quarter were $63.6 million, an increase of 3.2% over the $61.6 million reported in the third quarter of the current year.

第四季營收為 6,360 萬美元，比今年第三季的 6,160 萬美元成長 3.2%。

Full year 2023 revenues were $244.4 million, a decrease of 11.2% over the $275.1 million reported in 2022.

2023 年全年營收為 2.444 億美元，比 2022 年的 2.751 億美元下降 11.2%。

Services revenue for the fourth quarter, well, $30.9 million accounted for 48.6% of total revenues.

第四季的服務收入為 3,090 萬美元，佔總收入的 48.6%。

On an annual basis, services revenues were $120.4 million, an increase of 8.7% over the $110.8 million reported in 2022.

以年度計算，服務收入為 1.204 億美元，比 2022 年報告的 1.108 億美元增長 8.7%。

The amount of deferred revenues as of December 31, 2023 was $82.8 million compared to $77.8 million as of September 30, 2023.

截至 2023 年 12 月 31 日的遞延收入金額為 8,280 萬美元，而截至 2023 年 9 月 30 日的遞延收入金額為 7,780 萬美元。

Revenues by geographical region for the quarter were split as follows.

本季按地理區域劃分的收入分配如下。

North America 44%, EMEA 37%, Asia Pacific 14%, and Central and Latin America 5%.

北美 44%、歐洲、中東和非洲 37%、亞太地區 14%、中美洲和拉丁美洲 5%。

Our top 15 customers represented an aggregate of 61% of our revenues in the fourth quarter, of which 46% was attributed through our nine largest distributors.

我們的前 15 位客戶總計占我們第四季營收的 61%，其中 46% 來自我們最大的九家經銷商。

GAAP results are as follows.

公認會計準則結果如下。

Gross margin for the quarter was 66.7% compared to 66.5% in Q3 2023.

本季毛利率為 66.7%，而 2023 年第三季為 66.5%。

Operating income for the fourth quarter was $7.2 million or 11.4% of revenues compared to $5.8 million or 9.4% of revenues in Q3 2023.

第四季的營業收入為 720 萬美元，佔營收的 11.4%，而 2023 年第三季的營業收入為 580 萬美元，佔營收的 9.4%。

Full year 2023 operating income was $14.4 million compared to operating income of $31.3 million in 2022.

2023 年全年營業收入為 1,440 萬美元，而 2022 年營業收入為 3,130 萬美元。

Net income for the quarter was $3.7 million or $0.12 per diluted share compared to $4.3 million offered four or $0.14 per diluted shares for Q3 2023.

本季淨利為 370 萬美元，即稀釋後每股收益 0.12 美元，而 2023 年第三季淨利為 430 萬美元，即稀釋後每股收益 0.14 美元。

The decrease was driven by $1.4 million in exchange rate difference expenses related to the revaluation of assets and liabilities denominated in non-dollar currencies, compared to $767,000 in exchange rate differences income in the previous quarter.

下降的原因是與以非美元貨幣計價的資產和負債重估相關的 140 萬美元匯率差異費用，而上一季的匯率差異收入為 767,000 美元。

This shift in exchange rate differences resulted in a $0.07 negative impact on GAAP earnings per diluted share quarter-over-quarter.

匯率差異的這種變化對 GAAP 攤薄後每股收益產生了 0.07 美元的負面影響。

Full year 2023 net income was $8.8 million or $0.28 per diluted share compared to $28.5 million or $0.88 per diluted share in 2022.

2023 年全年淨利潤為 880 萬美元，即稀釋後每股收益 0.28 美元，而 2022 年淨利潤為 2850 萬美元，即稀釋後每股收益 0.88 美元。

Non-GAAP results are as follows.

非公認會計準則結果如下。

Non-GAAP gross margin for the quarter was 67.6% compared to 67.3% in Q3 2023.

本季非 GAAP 毛利率為 67.6%，而 2023 年第三季為 67.3%。

Non-GAAP operating income for the fourth quarter was $10.7 million or 16.9% of revenues compared to $9.6 million or 15.5% of revenues in Q3 2023.

第四季非 GAAP 營業收入為 1,070 萬美元，佔營收的 16.9%，而 2023 年第三季為 960 萬美元，佔營收的 15.5%。

Full year 2023 non-GAAP operating income was $28.9 million compared to operating income of $47.2 million in 2022.

2023 年全年非 GAAP 營業收入為 2,890 萬美元，而 2022 年營業收入為 4,720 萬美元。

Non-GAAP net income for the fourth quarter was $8.9 million, or $0.28 per diluted share compared to $8.3 million or $0.25 per diluted share in Q3 2023.

第四季非 GAAP 淨利為 890 萬美元，即稀釋後每股收益 0.28 美元，而 2023 年第三季為 830 萬美元，即稀釋後每股收益 0.25 美元。

Full year 2023 non-GAAP net income was $25 million or $0.77 per diluted share compared to $45 million of $1.35 per diluted share in 2022.

2023 年全年非 GAAP 淨利潤為 2,500 萬美元，即稀釋後每股收益 0.77 美元，而 2022 年全年淨利潤為 4,500 萬美元，即稀釋後每股收益 1.35 美元。

At the end of December 2023, cash, cash equivalents, bank deposits, marketable securities, and financial investments totaled $106.7 million.

截至 2023 年 12 月末，現金、現金等價物、銀行存款、有價證券和金融投資總計 1.067 億美元。

Net cash provided by operating activities was $9.3 million for the fourth quarter of 2023 and $14.9 million for the year 2023. [Days] sales outstanding as of December 31, 2023, were 98 days.

2023 年第四季經營活動提供的現金淨額為 930 萬美元，2023 年全年為 1,490 萬美元。截至 2023 年 12 月 31 日，應收帳款[天數]為 98 天。

In December 2023, we received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares.

2023 年 12 月，我們獲得以色列法院批准購買總額高達 2,000 萬美元的額外普通股。

The court approval also permits us to declare a dividend of [20] out of this amount.

法院批准也允許我們從這筆金額中宣派 [20] 的股息。

The approval is valid through June 18, 2024.

該批准有效期至 2024 年 6 月 18 日。

Earlier this morning, we also declared a cash dividend of $0.18 per share.

今天早些時候，我們還宣布派發每股 0.18 美元的現金股利。

The aggregate amount of the dividend is approximately $5.5 million.

股息總額約550萬美元。

The dividend will be paid on March 5, 2024, to all of our shareholders of record at the close of trading of February 20, 2024.

股息將於 2024 年 3 月 5 日支付給 2024 年 2 月 20 日交易結束時在冊的所有股東。

During the quarter we acquired 595,000 of our ordinary shares for a total consideration of approximately $6.3 million.

本季度，我們收購了 59.5 萬股普通股，總代價約為 630 萬美元。

As of December 31, 2023.

截至 2023 年 12 月 31 日。

We had $19.2 million available under the approval of the repurchase of shares and all declaration of cash dividends.

經批准股票回購和所有現金股利宣派後，我們有 1,920 萬美元可用。

Our guidance for the full year 2024 is as follows.

我們對 2024 年全年的指導如下。

We expect revenues in the range of $252 million to $267 million, and non-GAAP diluted net income per share of $1 to $1.15.

我們預計收入在 2.52 億美元至 2.67 億美元之間，非 GAAP 攤薄後每股淨利潤為 1 美元至 1.15 美元。

I will now turn the call back over to Shabtai.

我現在將把電話轉回給沙巴泰。

Thank you, Niran.

謝謝你，尼蘭。

We placed a cap of 2023 with a solid fourth quarter results and with healthy growth in the strategic areas of our business, namely UCaaS and customer experience.

我們設定了 2023 年的上限，第四季度業績穩健，並且業務策略領域（即 UCaaS 和客戶體驗）健康成長。

At the same time, we've seen important accelerated development and a nice rise in opportunities relating to conversational AI, which grew more than 50% year over year and is quickly becoming a new growth engine for success in the areas of Microsoft Teams and CCaaS.

同時，我們看到了與對話式 AI 相關的重要加速發展和機會的大幅增加，其同比增長超過 50%，並迅速成為 Microsoft Teams 和 CCaaS 領域成功的新增長引擎。

Altogether, when we combined the progress in operation in the UCaaS, customer experience, and conversational AI segments, it is clear due to our focus on the enterprise space where our business reached a level of 90% of company revenues for the quarter and the full year starts to bear fruit and drive continued business expansion in the enterprise space going forward.

總而言之，當我們將 UCaaS、客戶體驗和對話式 AI 領域的營運進展結合起來時，很明顯，由於我們對企業領域的關注，我們的業務達到了本季度公司收入的 90% 的水平，今年開始取得成果，並推動企業空間的業務持續擴張。

With continued focus in 2023 on shifting our business model into subscription and recurring sales and the shift to higher-margin cloud software solutions and services, we are making significant progress in our transformation to become a software and services company.

2023 年，我們將繼續專注於將業務模式轉變為訂閱和經常性銷售，以及轉向利潤率更高的雲端軟體解決方案和服務，我們在向軟體和服務公司轉型方面正在取得重大進展。

As in previous years, services revenue evolve to contribute about 50% of our business.

與往年一樣，服務收入逐漸占到我們業務的 50% 左右。

We have built throughout the past four years, a profitable managed services business, exiting 2023 with 60% growth year over year and reaching a level of $48 million in annual recurring revenue for our Live business.

我們在過去四年中建立了盈利的託管服務業務，到 2023 年，我們的直播業務的年度經常性收入將同比增長 60%，達到 4800 萬美元的水平。

We expect continued Live business growth in 2024, which currently is planned to grow on the order another 40%.

我們預期 2024 年直播業務將持續成長，目前計畫訂單量再成長 40%。

As a result, we've made significant progress in our strategic initiative to increase our software and service revenue mix from nearly 70% in 2023, up from 60% in 2022.

因此，我們的策略計畫取得了重大進展，旨在將我們的軟體和服務收入組合從 2022 年的 60% 提高到 2023 年的近 70%。

Shifting our focus in '23 to AI first voice related software and application and more so for 2024, we're now adding a new strong leg in form of software as a service solution in the conversational AI space, which should further drive expansion for our business and profits in coming years.

我們將23 年的重點轉向人工智慧第一個語音相關的軟體和應用程序，到2024 年更是如此，我們現在在對話式人工智慧領域以軟體即服務解決方案的形式添加了新的強大支柱，這將進一步推動我們的業務擴展未來幾年的業務和利潤。

To recap on our success in the past 15 years, we've built a very strong voice moat positioning the industry.

回顧我們過去 15 年的成功，我們已經建立了一條非常強大的產業定位護城河。

Our partnership with leading application vendors such as Microsoft in the UCaaS space and Genesys in the customer experience market is a testament to our success.

我們與 UCaaS 領域的 Microsoft 和客戶體驗市場的 Genesys 等領先應用程式供應商的合作夥伴關係證明了我們的成功。

Said success has been focused in the past on voice network infrastructure, and we became top connectivity player in both the gateway space and the enterprise SBC market.

過去，上述成功主要集中在語音網路基礎設施上，而我們已成為網關領域和企業 SBC 市場的頂級連結參與者。

We are now shifting our focus towards AI first business voice application for the UCaaS and CCaaS market, which represents both huge opportunity in terms of tests and ultimately hundreds of millions of seats to serve.

我們現在將重點轉向 UCaaS 和 CCaaS 市場的人工智慧優先業務語音應用程序，這在測試方面代表著巨大的機會，並最終提供了數億個服務席位。

Combining our assets and capabilities in the areas of telephony, voice networking, and infrastructure, with the new emerging conversational AI solution, we believe we are creating a rather unique position in the industry, which we believe would be hard to compete with and/or replicate by competitors.

將我們在電話、語音網路和基礎設施領域的資產和能力與新興的對話式人工智慧解決方案相結合，我們相信我們正在行業中創造一個相當獨特的地位，我們相信這一地位將難以與之競爭和/或被競爭對手複製。

In 2023, we have already seen good signs of growing fast in this space, which should further pave the future for business expansion.

2023年，我們已經看到了該領域快速成長的良好跡象，這應該進一步為業務擴張的未來鋪平道路。

Another key accomplishment in 2022 relates to our growth in the customer experience market.

2022 年的另一項關鍵成就與我們在客戶體驗市場的成長有關。

We are now (technical difficulty) in two key areas.

我們現在（技術難度）處於兩個關鍵領域。

First one is taking advantage of our strong offering of voice infrastructure for the customer experience networks and deployed solutions.

第一個是利用我們為客戶體驗網路和部署的解決方案提供的強大語音基礎架構。

We saw much success working with leading CX vendors in helping to transform legacy on-prem solution, which are gradually becoming less efficient and progressing to new evolving cloud base more than CCaaS solutions.

我們與領先的 CX 供應商合作，在幫助改造傳統的本地解決方案方面取得了巨大成功，這些解決方案的效率逐漸降低，並且比 CCaaS 解決方案更向新的不斷發展的雲端基礎發展。

In this space, we so much success in our Live CX services and enjoyed growth of about 20% year over year for the full year.

在這個領域，我們的 Live CX 服務取得了巨大成功，全年年增約 20%。

Secondly, we saw huge success related to the penetration of the customer experience market, winning new opportunities with our Voca CIC product, our new leading initiative for AI first Azure-native CCaaS solution for the Microsoft Teams environment.

其次，我們看到了與客戶體驗市場滲透相關的巨大成功，透過我們的 Voca CIC 產品贏得了新的機會，這是我們針對 Microsoft Teams 環境的人工智慧首個 Azure 原生 CCaaS 解決方案的新領先舉措。

We saw initial large wins with the enterprise customers in North America.

我們在北美的企業客戶中看到了初步的巨大勝利。

Among them was one of the largest (technical difficulty) and the second (technical difficulty) Fortune 500 global manufacturer.

其中是全球500強最大（技術難度）之一、第二（技術難度）的製造商。

In most cases, Voca CIC solution has displaced an incumbent team 35 CCaaS vendors which serve both as proof points that Voca CIC is ready for prime time.

在大多數情況下，Voca CIC 解決方案取代了由 35 家 CCaaS 供應商組成的現有團隊，這兩者都證明了 Voca CIC 已準備好迎接黃金時段。

We expect this initiative to further increase CCaaS market penetration in 2024 and beyond.

我們預計這項舉措將在 2024 年及以後進一步提高 CCaaS 市場滲透率。

All in all, we ended fourth quarter in the CX area with record business level of over 40% year over year and close to 20% for the full year.

總而言之，我們在 CX 領域第四季末的業務水準年增超過 40%，全年成長接近 20%，創歷史新高。

Exit 2023, customer experience revenue now represents more than 20% of our business going forward.

到 2023 年，客戶體驗收入目前占我們未來業務的 20% 以上。

As such, we have high confidence in the customer experience segments emerging a second major growth pillar for our business in addition to our Microsoft Teams UC voice success.

因此，除了我們的 Microsoft Teams UC 語音成功之外，我們對客戶體驗領域將成為我們業務的第二個主要成長支柱充滿信心。

Now to UC.

現在去加州大學。

Within enterprise, our UCaaS business continued to perform well.

在企業內部，我們的UCaaS業務持續表現良好。

Business in the markets of UC grew 5% year over year in the fourth quarter.

第四季UC市場業務年增5%。

Full year Microsoft [incidence] increased 7%.

全年微軟[發生率]增加了 7%。

Microsoft Teams business grew 10% year over year for the quarter and 13% for the full year.

Microsoft Teams 業務本季年增 10%，全年年增 13%。

At the end of 2023, Teams business is now more than 95% of the Microsoft business.

截至 2023 年底，Teams 業務現已佔微軟業務的 95% 以上。

Skype for Business revenue continue to decline in the fourth quarter by -- with related revenue declining above 40% for the full year as they declined approximately $8 million or 55%.

Skype for Business 營收在第四季持續下降，全年相關收入下降了 40% 以上，下降了約 800 萬美元，即 55%。

So exiting 2023, Skype for Business declined to less than $1 million in the fourth quarter, which means that Skype for Business revenue will no longer weigh on the Microsoft business going forward.

因此，2023 年結束後，Skype for Business 在第四季度下降至少於 100 萬美元，這意味著 Skype for Business 收入將不再對微軟業務的未來構成壓力。

And thus we should see the full impact of its growth in terms of expansion.

因此，我們應該看到其成長在擴張方面的全面影響。

On the services side, we continue to experience continued strong momentum for AudioCodes Live managed services business, mainly in the Microsoft Teams environment with annual recurring revenue growing 50% year over year, ending the quarter at $48 million, consistent with our expectations.

在服務方面，我們繼續經歷奧科 Live 託管服務業務持續強勁的勢頭，主要是在 Microsoft Teams 環境中，年度經常性收入同比增長 50%，本季度末達到 4800 萬美元，與我們的預期一致。

On the SBC product line front, we enjoyed a very strong fourth quarter ending above $35 million of revenue.

在 SBC 產品線方面，我們第四季的營收非常強勁，最終收入超過 3,500 萬美元。

For the full year, we ended the year with revenue of close to $130 million.

就全年而言，我們的收入接近 1.3 億美元。

In December 2023, research from Omdia AudioCodes that the market leader for enterprises disease for the third quarter of 2023 with a worldwide revenue share of 23.2% in its enterprises as [Voice-over-IP] gateway market.

2023 年 12 月，Omdia AudioCodes 的研究表明，企業市場領導者在 2023 年第三季的企業 [IP 語音] 網關市場的全球收入份額為 23.2%。

Our Mediant SBC line is key in winning Microsoft Teams Direct Route business.

我們的 Mediant SBC 系列是贏得 Microsoft Teams Direct Route 業務的關鍵。

Again, getting back to where I stopped.

再次回到我停下來的地方。

Our Mediant SBC line is key in winning Microsoft Teams Direct Route business and full connectivity in more market areas such as Zoom phone, Genesys Cloud CX, Microsoft Dynamics 365, another leading UCaaS and CCaaS solutions.

我們的 Mediant SBC 系列是贏得 Microsoft Teams Direct Route 業務以及在更多市場領域實現全面連接的關鍵，例如 Zoom 電話、Genesys Cloud CX、Microsoft Dynamics 365（另一種領先的 UCaaS 和 CCaaS 解決方案）。

While growing nicely on the enterprise space, we have witnessed rather soft business in the service provider space.

雖然企業領域成長良好，但我們看到服務提供者領域的業務相當疲軟。

During the fourth quarter, business in this space declined above 50% year over year and over 40% for the full year.

第四季度，該領域的業務年減超過 50%，全年下降超過 40%。

With the economic slowdown across the board in 2023, the effect of growing inflation, coupled with high interest rates, has affected materially sales of [other] related products, which in return had an impact on sales of equipment gear provided to service beloved worldwide.

隨著 2023 年經濟全面放緩，通貨膨脹加劇，再加上高利率，對[其他]相關產品的銷售產生了重大影響，這反過來又影響了為全球喜愛的服務提供的設備的銷售。

It is important to understand that the longer-term plans and definitely with the shift we are making towards more software and services, its decline was anticipated to occur over the periods of the next three to five years.

重要的是要了解，長期計劃以及我們正在轉向更多軟體和服務，預計其下降將在未來三到五年內發生。

Due to the accelerated economic slowdown in early 2023, we saw acceleration of this trend and thus have seen major impact already in 2023, which would have occurred anyway in coming years.

由於 2023 年初經濟加速放緩，我們看到了這一趨勢的加速，因此在 2023 年就已經看到了重大影響，無論如何，這種影響都會在未來幾年發生。

As such, we believe that the pressure and the impact on our growth from the decline of the service provider space early 2023 will be substantially relieved in 2024 and beyond.

因此，我們認為，2023 年初服務提供者領域衰退對我們成長的壓力和影響將在 2024 年及以後大幅緩解。

While visibility in this segment remains limited, revenues did stabilize sequentially in the quarter, which may point to a better 2024.

儘管該領域的能見度仍然有限​​，但本季的收入確實穩定下來，這可能預示著 2024 年會更好。

On the operations side, I'm glad to report solid progress in non-GAAP gross margin, which has recovered from early first quarter with 62.1% in 2023 to reach in fourth quarter 67.6%.

在營運方面，我很高興地報告非 GAAP 毛利率取得了堅實進展，已從第一季初的 62.1% 恢復到 2023 年第四季的 67.6%。

Coupled with disciplined expense management, non-GAAP operating margin is also improved dramatically from 4.9% earlier in the year to reach 16.9% in the quarter, which is in the range we define for our long-term financial model.

加上嚴格的費用管理，非 GAAP 營運利潤率也從今年稍早的 4.9% 大幅提高，本季達到 16.9%，這在我們為長期財務模型定義的範圍內。

With continued focus on shifting our business model into subscription and recurring sales and shift to higher-margin cloud service solutions, we expect operating margin to keep inching forward in coming years.

隨著我們繼續專注於將業務模式轉變為訂閱和經常性銷售，並轉向利潤率更高的雲端服務解決方案，我們預計未來幾年的營運利潤率將繼續穩步增長。

On the cash flow side, we have witnessed a very successful quarter.

在現金流方面，我們見證了一個非常成功的季度。

Operating cash flow grew to $9.2 million this quarter and $14.9 million for the full year.

本季營運現金流增至 920 萬美元，全年營運現金流增至 1,490 萬美元。

Regarding headcount, all in all, we are fairly disciplined in hiring, mainly in our networking business.

關於員工人數，總而言之，我們在招聘方面相當嚴格，主要是在我們的網路業務方面。

However, we are adding select positions in the growing areas of customer experience and conversational AI.

然而，我們正在不斷增長的客戶體驗和對話式人工智慧領域增加精選職位。

We ended the fourth quarter with 950 employees compared to 938 employees in the previous quarter.

截至第四季末，我們的員工人數為 950 名，而上一季為 938 名。

As for the guidance that Niran provided earlier, we are initiating 2024 revenue guidance of $252 million to $267 million for the full year.

至於 Niran 先前提供的指導，我們啟動 2024 年全年營收指引為 2.52 億至 2.67 億美元。

We anticipate mid-range revenue growth of about 6% compared to 2023.

我們預計與 2023 年相比，中期收入成長約為 6%。

Non-GAAP EPS guidance of $1 to $1.15, that anticipating mid-range earnings growth of about 40%.

非 GAAP 每股盈餘指引為 1 美元至 1.15 美元，預計中期獲利成長約 40%。

The top line outlook builds in continued -- conservative enterprise spending environment and assumes modest growth in networking in high double digit percentage growth in conversational AI, backed by ongoing healthy pipeline funnel.

營收前景建立在持續保守的企業支出環境中，並假設在持續健康的管道漏斗的支持下，對話式人工智慧的網路將出現適度成長，對話式人工智慧將實現兩位數的高百分比成長。

As the key wins in the quarter, we've signed a 36-month Live contract with one of the world's largest PBS companies, enabling the vendor to use AudioCodes as the defacto solution when provisioning its end consumers with Microsoft Teams Voice.

作為本季度的關鍵勝利，我們與全球最大的PBS 公司之一簽署了一份為期36 個月的Live 合同，使該供應商能夠在為其最終消費者提供Microsoft Teams Voice 時使用奧科作為事實上的解決方案。

We have signed a 36-month contract with one of the largest US universities, providing Voca CIC Azure-native Teams certified contact center solution in smarter compliance recording as competitive displacement of a Teams CCaaS incumbents.

我們與美國最大的大學之一簽署了一份為期36 個月的合同，提供Voca CIC Azure 原生Teams 認證的聯絡中心解決方案，以更智能的合規性記錄作為Teams CCaaS 現有解決方案的競爭替代品。

We also signed a 60-month contract with Fortune 500 global manufacturer, providing Voca CIC Azure-native Teams certified contact center solution and smarter compliance recording [competitor] -- again is a competitive displacements of a Teams CCaaS incumbent.

我們還與財富500 強全球製造商簽署了一份為期60 個月的合同，提供經過Voca CIC Azure 原生Teams 認證的聯絡中心解決方案和更智能的合規性記錄[競爭對手]——這又是Teams CCaaS 現有供應商的競爭替代品。

To wrap up my introduction, we had solid first quarter and strength across the board in strategic areas of our business, having navigated well in an ongoing difficult market conditions.

最後，我的介紹是，我們在第一季表現強勁，在業務策略領域具有全面的實力，在持續困難的市場條件下表現良好。

We are gaining market share against our primary competitors, having scored multiple landmarks deals in both the UC and the CX space, which serves as validation of the successful execution of our land and expand strategy.

我們正在贏得與主要競爭對手相比的市場份額，在 UC 和 CX 領域取得了多項具有里程碑意義的交易，這證明了我們成功執行土地和擴張策略。

This sector of capital with core business leading indicators such as pipeline remaining robust, gives us conviction that we have the right strategy in place and on the right path to execute on our commitment of returning to revenue growth and driving operating margin improvement in 2024.

這個資本領域的核心業務領先指標（例如通路保持強勁）使我們相信，我們制定了正確的策略，並且走在正確的道路上，以履行我們在2024 年恢復收入成長並推動營業利潤率提高的承諾。

We have increased focus and investments in technologies and services for the UCaaS customer experience and concessionary markets backed by strong Live bookings, mainly in the Teams Live CX and Voca CIC.

在強大的即時預訂（主要是 Teams Live CX 和 Voca CIC）的支援下，我們加大了對 UCaaS 客戶體驗和優惠市場的技術和服務的關注和投資。

We believe we are on the right path to execute on our plan to achieve revenue growth and drive improved profitability in 2024.

我們相信，我們正走在正確的道路上，執行我們的計劃，以在 2024 年實現收入成長並提高獲利能力。

And with that, I have concluded my introduction.

我的介紹到此結束。

I would like to move over the call to the operator.

我想將電話轉給接線生。

(Operator Instructions) Ryan MacWilliams, Barclays.

（操作員說明）Ryan MacWilliams，巴克萊銀行。

Yes, this is [Damon Cogane], on for Ryan MacWilliams.

是的，我是 [Damon Cogane]，代表 Ryan MacWilliams。

Thanks for taking my question.

感謝您提出我的問題。

How does your pipeline visibility now compared to what it was in 3Q?

與第三季相比，您現在的管道可見度如何？

Were there any green shoots that you could point to for improving demand trends late in the quarter?

您是否可以指出本季度末需求趨勢改善的任何萌芽？

Ryan, this is Shabtai.

瑞安，這是沙巴泰。

Sorry, it was hard to hear you.

抱歉，很難聽到你的聲音。

Can you please repeat the question?

您能重複一下這個問題嗎？

Just a question on your pipeline visibility, how that compares now to the end of 3Q at the last earnings call and just if you are seeing any green shoots leaving the quarter?

只是關於您的管道可見性的問題，現在與上次財報電話會議的第三季度末相比如何，以及您是否看到本季度出現任何新芽？

Yeah.

是的。

Well, largely, I would say that there's no much difference.

嗯，很大程度上，我會說沒有太大差別。

Although I must point out that usually fourth quarter is the strongest quarter in the year.

儘管我必須指出，通常第四季是一年中最強勁的季度。

I think that in 2023 that phenomena has kind of been emphasized because budgets were less used earlier in the year due to the slowdown and delay of projects.

我認為，到 2023 年，這種現象會有所強調，因為由於專案放緩和延遲，年初預算使用較少。

So I think we enjoyed a strong fourth quarter.

所以我認為我們在第四季表現強勁。

I'd therefore expect that first quarter will be just like many previous years, will be probably down like 2% or 3%.

因此，我預計第一季將像往年一樣，可能下降 2% 或 3%。

But all in all and the pipeline looks good.

但總而言之，管道看起來不錯。

I didn't mention that, but we have a very high score of bookings done in 2023 compared to 2022.

我沒有提到這一點，但與 2022 年相比，我們 2023 年的預訂得分非常高。

So all in all, we believe we're fully effective.

總而言之，我們相信我們是完全有效的。

I would also add one more point, which I have not mentioned in my introduction that we do intend to add in the first half of 2023, new software as a service additions, new cloud multi-tenant solution for our recording services in form of compliance recording and meeting space.

我還要補充一點，我在介紹中沒有提到，我們確實打算在 2023 年上半年添加新的軟體即服務，以及以合規形式為我們的錄音服務提供新的雲端多租用戶解決方案錄音和會議空間。

And we believe that our Live platform will become substantially more competitive.

我們相信我們的直播平台將變得更具競爭力。

We do not see any close competitor.

我們沒有看到任何緊密的競爭對手。

With such capabilities, all in all, we believe that pipeline and visibility for '24 should be good.

總而言之，有了這些功能，我們相信 '24 的管道和可見性應該很好。

Got it.

知道了。

Thank you.

謝謝。

And then how did CCaaS demand fare in the quarter?

那麼本季 CCaaS 需求表現如何？

And are you seeing increased attention for buyers on voice AI?

您是否發現買家對語音人工智慧的關注度有所增加？

Thanks.

謝謝。

Yes, definitely.

當然是。

Actually, we do see a rise in number of opportunities on the CCaaS space or our Voca CIC product.

事實上，我們確實看到 CCaaS 領域或我們的 Voca CIC 產品的機會數量增加。

We, actually, as I've mentioned, won two large deals.

事實上，正如我所提到的，我們贏得了兩筆大交易。

One that's close to $1.1 million.

其中一項價值接近 110 萬美元。

That's above $5 million.

這超過了 500 萬美元。

In North America, we have a range of more opportunity coming up.

在北美，我們即將迎來更多機會。

Also we plan on an analyst day in about a month from today or six weeks from today, dedicated primarily to Voca CIC.

此外，我們也計劃從今天起約一個月或從今天起六週內舉辦一個分析師日，主要致力於 Voca CIC。

And obviously, we'll present at Enterprise Connect in March.

顯然，我們將在三月的 Enterprise Connect 上展示。

So a lot of activity in this year in this space.

今年這個領域有很多活動。

Got it.

知道了。

Thanks, Shabtai.

謝謝，沙巴泰。

I'll get back in the queue.

我會回到隊列中。

Thank you.

謝謝。

Greg Burns, Sidoti & company.

格雷格·伯恩斯（Greg Burns），西多蒂公司。

Morning.

早晨。

The growth rates from Microsoft have slowed a little bit from where they were maybe a year ago.

微軟的成長率較一年前有所放緩。

Can you just talk about what's driving that?

您能談談是什麼推動了這個趨勢嗎？

Is it mix with Live getting greater traction or is it macro?

是與 Live 混合在一起獲得更大的吸引力還是宏觀的？

Because it seems like in the CX market you're still posting solid growth there, a little stronger than what you're seeing on the UCaaS side of the business.

因為在 CX 市場中，您似乎仍在實現穩健成長，比您在 UCaaS 業務方面看到的成長要強一些。

Thank you.

謝謝。

Right.

正確的。

Yes, I think your observation is correct.

是的，我認為你的觀察是正確的。

Well, I think that the moderated growth results partly, as we all know, from the slowdown in global economic.

眾所周知，我認為成長放緩部分是由於全球經濟放緩。

So projects is being pushed, et cetera.

所以專案正在推進等等。

However, in our specific business in the space relates directly to the success of what we call Microsoft Teams phone, which is the connection of the enterprises to the public network.

然而，在我們的特定業務領域，該領域與我們所說的 Microsoft Teams 手機的成功直接相關，它是企業與公共網路的連接。

Now we believe that up to now there was limited benefits from adding the functionality over the functionalities of our Microsoft Teams, such as such as chat presence, some conferences, et cetera.

現在我們認為，到目前為止，在 Microsoft Teams 的功能之上添加功能（例如聊天狀態、一些會議等）帶來的好處有限。

We do believe that -- in 2003, we started to see the impact of the conversational AI on the use of Team's phone, right?

我們確實相信——2003 年，我們開始看到對話式 AI 對 Team 手機使用的影響，對嗎？

We have seen obviously our generative AI technology being put to work on our solutions side including making insights, is making use of our generative AI, which in order to provide benefit in the Microsoft space, you really need to have a phone at Team's phone license.

我們顯然已經看到我們的生成式人工智慧技術在我們的解決方案方面投入使用，包括做出見解，正在利用我們的生成式人工智慧，為了在微軟領域提供好處，你確實需要擁有一個獲得團隊電話許可證的電話。

Similarly, the introduction of Microsoft copilot and Teams premium, and you can see a lot of more applications.

同樣，微軟copilot和Teams premium的推出，也可以看到更多的應用。

So once there will be new business voice application that will provide value, on top of the Teams phone license, we will start to see increase in our business, and we believe that we've already seen sense for it at the end of '23.

因此，一旦出現能夠提供價值的新業務語音應用程序，除了 Teams 電話許可證之外，我們將開始看到我們的業務成長，並且我們相信我們已經在 23 年底看到了它的意義。

And we believe that going forward with the -- I would say emerging adoption of meeting insights, recording of meetings, copilot, we will see definitely arise.

我們相信，隨著會議見解、會議記錄、副駕駛的持續採用，我們肯定會看到出現。

So we believe that's kind of a [valley] in 2023, but we should see and expect to see growth coming back in '24 and beyond.

因此，我們認為 2023 年將出現一個[山谷]，但我們應該看到並期望看到 24 年及以後恢復增長。

Okay.

好的。

So what are the penetration rates of voice licensing in the Team's environment now?

那麼現在語音授權在 Team 環境中的滲透率是多少？

Is it still less than 15% or 10%?

還是低於15%或10%嗎？

Yeah, well, the last numbers is that -- I remember being quote for that around July of '23.

是的，好吧，最後一個數字是——我記得在 23 年 7 月左右有人引用過這個數字。

I believe the number that was quoted was about $17 million or $18 million in [PSN] breakouts.

我相信所引用的數字大約是 [PSN] 突破 1700 萬美元或 1800 萬美元。

That's just, as I mentioned $17 million or $18 million.

正如我所提到的，這只是 1700 萬美元或 1800 萬美元。

The runway is obviously substantially larger.

跑道顯然要大得多。

Microsoft 365 paid licenses are close to $400 million.

Microsoft 365 付費授權接近 4 億美元。

Teams as a whole without the phone is now they've quoted to be at least $80 million.

現在，沒有手機的球隊整體報價至少為 8000 萬美元。

So there's a huge, huge runway expected.

所以預計會有一條巨大的跑道。

So again, when there will be more applications that drive value on top of the Teams Phone license, I think you'll see increase in number of seats using Team's phone.

因此，當有更多應用程式在 Teams Phone 授權之上推動價值時，我認為您會看到使用 Teams 電話的席位數量增加。

Okay.

好的。

And Niran, the cash conversion for this year, do you expect it to be stronger than what has been the last two years?

Niran，今年的現金轉換，您預計它會比過去兩年更強嗎？

Yes.

是的。

You saw the operating cash flow at the fourth quarter, which was close to $10 million, an improvement from previous few quarters.

你看到第四季的營運現金流接近1000萬美元，比前幾季度有所改善。

And we believe the operating cash flow for 2024 will be better than in 2023.

我們認為 2024 年的經營現金流將優於 2023 年。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Ryan Koontz, Needham & company.

Ryan Koontz，李約瑟公司。

(technical difficulty) just a question and nice quarter on the margins, particularly there.

（技術難度）只是一個問題和邊緣的美好季度，特別是在那裡。

Really great to see that.

很高興看到這一點。

If I could circle back to contact center and your CX there, you talked about a really nice inflection of 40% growth.

如果我能回到聯絡中心和您那裡的 CX，您談到了 40% 成長的非常好的轉折點。

Can we drill in there?

我們可以鑽進去嗎？

What's behind that?

這背後是什麼？

Is it product improvements?

是產品改進嗎？

Is it focused on go-to-market?

它專注於進入市場嗎？

Is it some of your key partners see an inflection on sales growth?

您的一些主要合作夥伴是否看到銷售成長出現了變化？

Any of those would be helpful.

其中任何一個都會有幫助。

And a quick follow-up.

並快速跟進。

Can you clarify what those wins were again?

您能再次澄清一下這些勝利是什麼嗎？

The audio was breaking up a little bit on the --I think are two CX ones you mentioned.

音訊在 - 我想是你提到的兩個 CX 上有點中斷。

Thank you.

謝謝。

Right.

正確的。

Thank you, Ryan.

謝謝你，瑞安。

So on the CX space, as I've mentioned, there are two key activities.

正如我所提到的，在客戶體驗領域有兩個關鍵活動。

One, which is supporting in deployment of voice networks.

一是支援語音網路的部署。

As the world of our contact center is moving from on-prem to cloud.

隨著我們的聯絡中心的世界正在從本地轉移到雲端。

There's a need to basically shift from the old networks to new networks, which are global in nature, different architecture.

需要從根本上從舊網絡轉向新網絡，新網絡本質上是全球性的，具有不同的架構。

So we are providing usually SBC gear and managed services and more components in order to enable the transition from on-prem to CCaaS.

因此，我們通常提供 SBC 設備和主機服務以及更多元件，以便實現從本地到 CCaaS 的過渡。

The large growth in CX is related to participating in several such large deployments of large CX vendors.

CX 的大幅成長與參與大型 CX 供應商的多個此類大型部署有關。

So take -- a leader in CX will now win against an incumbent that's kind of legacy and less powerful.

因此，CX 領域的領導者現在將戰勝一位傳統且實力較弱的現任領導者。

When you move from an old supplier architecture that's on-prem to a new cloud-based vendor.

當您從舊的本機供應商架構遷移到新的基於雲端的供應商。

There's a whole huge network -- you're talking about hundreds of locations around the world.

這是一個龐大的網路——全球數百個地點。

And in order to achieve that with high quality, high security and efficiency -- this is a managed services, Live CX come into play.

為了實現高品質、高安全性和高效率——這是一種託管服務，Live CX 就發揮了作用。

So that explains the success majorly.

這主要解釋了成功的原因。

And if the trend of moving from on-prem to cloud continues, I believe with this, we will continue to win such project.

如果從本地遷移到雲端的趨勢繼續下去，我相信我們將繼續贏得這樣的專案。

As to the two wins that I mentioned, so the first one is a very large university in the US who used our Voca CIC in our compliance recording to replace incumbent solution at that time.

至於我提到的兩個勝利，第一個是美國的一所非常大的大學，他們在我們的合規記錄中使用了我們的 Voca CIC 來取代當時現有的解決方案。

That specific transaction was close to $1 million in bookings.

該具體交易的預訂額接近 100 萬美元。

Second one with a large manufacturer, one of the S&P 500 companies, who again chose to use our Voca CIC and replace an incumbent certified solution, the Microsoft Teams space.

第二個是與一家大型製造商（標準普爾 500 強公司之一）合作的，他們再次選擇使用我們的 Voca CIC 並替換現有的認證解決方案 Microsoft Teams 空間。

Great.

偉大的。

So much help on that.

對此有很多幫助。

I guess, prem to cloud is not really a new trend, going on for many years.

我想，從前端到雲端並不是一個真正的新趨勢，已經持續了很多年。

So commentary on why you're specifically seeing this inflection for growth for AudioCodes in terms of your efforts in that market, which has been humming along pretty healthy for years?

那麼，您為什麼特別看到奧科在該市場的努力方面出現了這種成長趨勢，多年來該市場一直發展得相當健康？

Yes, it's definitely a healthy market, and we've actually seen some expansion in that segment.

是的，這絕對是一個健康的市場，我們實際上已經看到該領域的一些擴張。

Actually, we just discussed a prospect for the first quarter of 2024.

實際上，我們剛剛討論了2024年第一季的前景。

It seems that it continues -- I believe that with -- probably with more maturity and reliability of contact center operation from the cloud, that may become an incentive end users to move.

似乎這種情況仍在繼續——我相信——可能隨著雲端聯絡中心運作的更加成熟和可靠，這可能會成為最終用戶遷移的動力。

Also, I would add that usually we're talking about contracts, the last several years.

另外，我想補充一點，我們通常談論的是過去幾年的合約。

And usually when such a contract is becoming to an end, this is the time when transition from on-prem to cloud will occur.

通常，當此類合約即將結束時，就會發生從本地到雲端的過渡。

So that is an ongoing process and as the world of CCaaS matures and becoming more successful, we believe that we'll see more projects like this.

因此，這是一個持續的過程，隨著 CCaaS 世界的成熟並變得更加成功，我們相信我們會看到更多這樣的專案。

Great.

偉大的。

That's real helpful.

這真的很有幫助。

Just a quick follow-up.

只是快速跟進。

You've talked about Zoom Phone in a while.

您已經談論 Zoom Phone 一段時間了。

A quick commentary on Zoom in terms of your progress and with their phone product and your sell-in opportunity?

對 Zoom 的進度、他們的手機產品以及您的銷售機會進行快速評論？

Are you seeing much traction with Live there?

您認為 Live 在那裡有很大的吸引力嗎？

We do continue to work with Zoom.

我們確實繼續與 Zoom 合作。

We have enjoyed fewer opportunities.

我們享受的機會越來越少。

But at this stage, I would not say that we believe Zoom will become a growth engine for us in the UCaaS space.

但現階段，我不會說我們相信 Zoom 將成為我們在 UCaaS 領域的成長引擎。

Great, I'll pass it on.

太好了，我會轉發的。

Thank you.

謝謝。

Sure.

當然。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Yeah, this is Billy Fitzsimmons on for Samad.

是的，這是薩馬德的比利·菲茨西蒙斯。

Maybe backing up and then taking a higher level for you here.

也許會備份，然後在這裡為你取得更高的水平。

Can you just remind us what you're seeing on the macro front?

您能提醒我們您在宏觀方面看到了什麼嗎？

How did things like lead times and close rates evolve over the course of 2023?

2023 年交貨時間和成交率等指標有何變化？

And did they get better or worse in the fourth quarter?

他們在第四季變得更好還是更糟？

Any customer verticals looking particularly strong or weak at this point?

目前有任何客戶垂直領域看起來特別強或特別弱嗎？

And then I want to double-click on what's kind of assumed on macro in terms of the 2024 guide?

然後我想雙擊 2024 年指南中的宏觀假設是什麼？

Right.

正確的。

Actually, great question for CEOs and CFOs. 2024 is still kind of foggy.

事實上，這對執行長和財務長來說是一個很好的問題。 2024年仍然有點迷霧重重。

We have not seen any dramatic change from the end of 2023.

自 2023 年底以來，我們沒有看到任何戲劇性的變化。

We've seen a good pipeline, as I've mentioned before, Q4 was strong.

正如我之前提到的，我們已經看到了良好的管道，在第四季度表現強勁。

But it's the last quarter in a year.

但這是一年中的最後一個季度。

So that's kind of expected.

所以這是預料之中的。

So no change.

所以沒有改變。

At this stage it's hard to make a call as to whether at 2024 will be substantially better or better than 2023.

現階段很難判斷 2024 年的情況是否會明顯優於 2023 年。

But all in all, I think for us, as a company, while we have put aside the issue of service providers, which has impacted our operations early 2023.

但總而言之，我認為對於我們作為一家公司來說，雖然我們已經拋開了服務提供者的問題，但服務提供者的問題已經影響了我們 2023 年初的營運。

We're glad to focus on contact center, which is growing conversational AI, which is a very fast growing these days and other opportunities, and also UCaaS, which again we believe that conversational AI will contribute to the growth of our business.

我們很高興關注聯絡中心，它正在發展對話式人工智慧（目前成長非常快）和其他機會，以及 UCaaS，我們再次相信對話式人工智慧將為我們業務的成長做出貢獻。

All in all, I do believe enterprise space will be good and no other indication at this stage.

總而言之，我確實相信企業空間將會很好，而且現階段沒有其他跡象。

Got it.

知道了。

And then it's probably still early, but on the strong conversational AI bookings demand, can you relay some of the initial feedback you're seeing and hearing from customers?

現在可能還為時過早，但鑑於對話式人工智慧預訂需求強勁，您能否轉達一些您從客戶那裡看到和聽到的初步反饋？

Any color on the initial wins?

最初的勝利有什麼顏色嗎？

And how should we think about the materialization of that offering on the revenue line going forward?

我們該如何考慮該產品在未來收入線上的具體化？

Right.

正確的。

So we do focus -- again and then we live in a world where on one hand there are some very strong big technology providers such as Microsoft, Google, and AWS on one hand.

因此，我們確實再次關注，然後我們生活在一個一方面有一些非常強大的大型技術供應商，例如微軟、谷歌和 AWS 的世界。

So lots of technology up there in the cloud.

雲端有很多技術。

On the other end, you have every company, every successful enterprise company adapting fast AI to improvise operation productivity.

另一方面，每家公司、每家成功的企業都在採用快速人工智慧來提高營運生產力。

So in the middle, you need solutions that will channel the AI, gear to those end users.

因此，在中間，您需要將人工智慧、裝備引導給最終用戶的解決方案。

Usually that's done by applications such as - you can take co-pilots, you can take salesforce, you can take either unknown Google application.

通常這是由應用程式完成的，例如 - 你可以帶副駕駛，你可以帶銷售人員，你可以帶任何未知的谷歌應用程式。

But then there are specific implementation which require a combination a lot of those technologies.

但具體的實現需要結合許多這些技術。

So to give you an example.

所以給你舉個例子。

We have implemented a very important solution for an emergency service that needs to pick up calls in real time, record them, transcribe them, derive insights from them, and act upon, apply automation on top of it, and displayed it, and sent alerts.

我們為緊急服務實施了一個非常重要的解決方案，該解決方案需要即時接聽電話、記錄電話、轉錄電話、從中獲取見解、採取行動、在其之上應用自動化、顯示電話和發送警報。

So are you basically talking here about the new breed of applications that will be AI first enabled, and which combine a lot of areas including telephony, networking, and cognitive services.

那麼，您在這裡基本上是在談論將首先啟用人工智慧的新型應用程序，這些應用程式結合了許多領域，包括電話、網路和認知服務。

This is where we shine.

這就是我們的閃光點。

When you bring a combination of all of these technologies that we have developed around the years, right?

當您將我們多年來開發的所有這些技術結合起來時，對嗎？

There's another -- these days with hostility everywhere in the world because the need -- increased need to understand what's being said, where, for what purpose, and act upon it.

還有另一個——現在世界各地都充滿敵意，因為人們越來越需要了解所說的內容、地點、目的，並採取行動。

That is the rising application in many areas, and that is something that has budgets for.

這是許多領域不斷增長的應用程序，也是有預算的。

So those are the type of solution that we see currently.

這些就是我們目前看到的解決方案類型。

Perfect.

完美的。

Thanks, guys.

多謝你們。

Thank you very much.

非常感謝。

We appear to have reached the end of our question and answer session.

我們的問答環節似乎已經結束了。

I will now hand back over to Shabtai for any closing comments.

我現在將把最後意見交回給 Shabtai。

Thank you, operator.

謝謝你，接線生。

I would like to thank everyone who attended our conference call today.

我要感謝今天參加我們電話會議的所有人。

On the heels of recovery in our business in the second half of 2023, we have high confidence in our ability to successfully expand our business in 2024 and following years.

繼 2023 年下半年業務復甦後，我們對 2024 年及接下來幾年成功拓展業務的能力充滿信心。

We look forward to your participation in our next quarterly conference call.

我們期待您參加我們的下一個季度電話會議。

Thank you very much.

非常感謝。

Have a nice day.

祝你今天過得愉快。

Good bye.

再見。

Thank you very much, everyone.

非常感謝大家。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your phone lines at this time, and have a wonderful day.

此時您可以斷開電話線，度過美好的一天。

Thank you for your participation.

感謝您的參與。