AudioCodes Ltd (AUDC) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the AudioCodes second quarter 2024 earnings conference call.

大家早安，歡迎參加奧科 2024 年第二季財報電話會議。

(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 at AudioCodes.

現在我將會議交給主持人奧科投資者關係部的 Roger Chuchen 先生。

Roger, the floor is yours.

羅傑，地板是你的。

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 和財務副總裁兼財務長 Niran Baruch。

Before we begin, I'd like to remind you that 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 as to any future events, conditions, performance, or other matters are forward-looking statements as the term is defined under US Federal Securities Law.

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、計劃和相關目標有關的前瞻性陳述，以及有關所做假設或假設的陳述。

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 not limited to, the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular.

這些風險、不確定性和因素包括但不限於全球經濟整體狀況的影響以及奧科產業和目標市場的具體狀況。

Shifts in supply and demand, market acceptance of new products and the demand for existing products, the impact from competitive products and pricing on AudioCodes and its customers' products and markets, timely product and technology development 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 acquisitions, the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCode's business, possible adverse impact of the COVID-19 pandemic on our business and results of operations.

供需變化、新產品的市場接受度和現有產品的需求、競爭產品和定價對奧科及其客戶的產品和市場的影響、及時的產品和技術開發升級以及管理市場變化的能力所需的條件、可能需要額外融資、滿足公司貸款協議中約定的能力、收購可能造成的干擾、奧科將被收購公司的產品和運營成功整合到奧科業務中的能力、新冠疫情可能產生的不利影響-19大流行對我們的業務和營運表現造成影響。

The effects of the current terrorist attacks by Hamas and the war in hostilities between Israel and 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 our solutions.

目前哈馬斯的恐怖攻擊以及以色列與哈馬斯、以色列與真主黨之間的敵對戰爭的影響，以及這可能發展成為涉及以色列與其他各方的更廣泛地區衝突的可能性，可能會影響我們的行動，並可能限制我們的行動。

Any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel and other factors detailed in AudioCode's filings with the US Securities and Exchange Commission.

由於目前或未來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述的其他因素，導致我們人員服兵役的義務對我們的運作造成任何干擾。

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 net income per share to net income and net income per share according to GAAP in the press release that is posted on its website.

Audiocodes 在其網站上發布的新聞稿中提供了非 GAAP 淨利潤和每股淨利潤與根據 GAAP 的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 archived webcasts will be made available on the Invest 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關係部分提供存檔的網路廣播。

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

話雖如此，我還是想把電話轉給 Shabtai。

Shabtai, please go ahead.

沙巴泰，請繼續。

Thank you, Roger.

謝謝你，羅傑。

Good morning, good afternoon, everybody.

大家早安，下午好。

I would like to welcome all to our second quarter 2024 conference call.

我謹歡迎大家參加我們的 2024 年第二季電話會議。

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 and the industry.

然後，我將回顧本季的業務亮點和摘要，並討論我們業務和行業的趨勢和發展。

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 and earnings 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和收益補充平台上發布。

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。

Revenues for the second quarter were $60.3 million, an increase of 0.5% over the $60 million reported in the second quarter of last year.

第二季營收為 6,030 萬美元，比去年第二季的 6,000 萬美元成長 0.5%。

Services revenues for the second quarter were $32 million, up 12.3% over the year-ago period.

第二季服務收入為3,200萬美元，較去年同期成長12.3%。

Services revenues in the second quarter accounted for 53% of total revenues.

第二季服務收入佔總收入的53%。

The amount of deferred revenues as of June 30, 2024, was $80.3 million compare -- compared to $77.7 million as of June 30, 2023.

截至 2024 年 6 月 30 日，遞延收入金額為 8,030 萬美元，而截至 2023 年 6 月 30 日，遞延收入金額為 7,770 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 47%, EMEA 35%, Asia Pacific 13%, and Central and Latin America 5%.

北美 47%、歐洲、中東和非洲 35%、亞太地區 13%、中美洲和拉丁美洲 5%。

Our top 15 customers represented an aggregate of 56% of our revenues in the second quarter, of which 38% was attributed to our nine largest distributors.

我們的前 15 名客戶總計占我們第二季營收的 56%，其中 38% 來自我們的九大經銷商。

GAAP results are as follows.

公認會計準則結果如下。

Gross margin for the quarter was 65.5% compared to 64.1% in Q2 2023.

該季度的毛利率為 65.5%，而 2023 年第二季為 64.1%。

Operating income for the quarter was $4.9 million or 8.2% of revenues compared to operating income of $2.3 million or 3.8% of revenues in Q2 2023.

該季度的營業收入為 490 萬美元，佔營收的 8.2%，而 2023 年第二季的營業收入為 230 萬美元，佔營收的 3.8%。

EBITDA for the quarter was $6.2 million compared to EBITDA of $2.9 million for Q2 2023.

本季的 EBITDA 為 620 萬美元，而 2023 年第二季的 EBITDA 為 290 萬美元。

Net income for the quarter was $3.8 million or $0.12 per diluted share compared to net income of $1.1 million, or $0.03 per diluted share for Q2 2023.

本季淨利為 380 萬美元，即稀釋後每股收益 0.12 美元，而 2023 年第二季淨利為 110 萬美元，即稀釋後每股收益 0.03 美元。

Non-GAAP results are as follows, Non-GAAP gross margin for the quarter was 65.8% compared to 64.5% in Q2, 2023.

非 GAAP 業績如下，本季非 GAAP 毛利率為 65.8%，而 2023 年第二季為 64.5%。

Non-GAAP operating income for the second quarter was $7.2 million, or 11.9% of revenues, compared to $5.7 million, or 9.5% of revenues in Q2, 2023.

第二季非 GAAP 營業收入為 720 萬美元，佔營收的 11.9%，而 2023 年第二季為 570 萬美元，佔營收的 9.5%。

Non-GAAP EBITDA for the quarter was $8.3 million, compared to non-GAAP EBITDA of $6.2 million in Q2, 2023.

本季非 GAAP EBITDA 為 830 萬美元，而 2023 年第二季非 GAAP EBITDA 為 620 萬美元。

Non-GAAP net income for the second quarter was $5.5 million, or $0.18 per diluted share, compared to $5.1 million, or $0.16 per diluted share in Q2, 2023.

第二季非 GAAP 淨利為 550 萬美元，即稀釋後每股收益 0.18 美元，而 2023 年第二季為 510 萬美元，即稀釋後每股收益 0.16 美元。

At the end of June 2024, cash, cash equivalents, bank deposits, marketable securities, and financial investments totaled $93.7 million.

截至 2024 年 6 月末，現金、現金等價物、銀行存款、有價證券和金融投資總計 9,370 萬美元。

Net cash used by operating activities was $2.9 million for the second quarter of 2024.

2024 年第二季經營活動使用的現金淨額為 290 萬美元。

Purchase of property and equipment was $8.8 million in the quarter, significantly higher than historical periods related to leasehold improvements of our new corporate headquarter in Israel.

本季財產和設備採購額為 880 萬美元，顯著高於與以色列新公司總部租賃改善相關的歷史時期。

We expect CapEx to remain elevated in the third quarter, after which we expect this line item to return to historical levels.

我們預計第三季資本支出將保持在較高水平，之後我們預期該項目將恢復到歷史水平。

Days sales outstanding as of June 30, 2024, were 108 days.

截至 2024 年 6 月 30 日，應收帳款天數為 108 天。

In July 2024, we received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares.

2024 年 7 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 any part of this amount.

法院的批准還允許我們宣布該金額的任何部分的股息。

This approval is valid through January 1, 2025.

該批准有效期至 2025 年 1 月 1 日。

During the quarter, we acquired 116,000 of our ordinary shares for a total consideration of approximately $1.2 million.

本季度，我們收購了 116,000 股普通股，總代價約為 120 萬美元。

Earlier this morning, we also declared a cash dividend of $0.18 per share, the aggregate amount of the dividend is approximately $5.5 million.

今天上午早些時候，我們還宣布派發每股 0.18 美元的現金股息，股息總額約 550 萬美元。

The dividend will be paid on August 29, 2024, to all of our shareholders of record at the close of trading of August 15, 2024.

股息將於 2024 年 8 月 29 日支付給 2024 年 8 月 15 日交易結束時在冊的所有股東。

Business outlook.

業務前景。

As it relates to our 2024 financial, we are reiterating our revenue guidance range of $240 million to $250 million.

由於這與我們 2024 年的財務狀況有關，我們重申我們的收入指引範圍為 2.4 億美元至 2.5 億美元。

On the profitability side, we are adjusting our guidance practice for this year and going forward to non-GAAP EBITDA from non-GAAP net income per share.

在獲利能力方面，我們正在調整今年的指導實踐，並從非公認會計準則每股淨利潤轉為非公認會計準則 EBITDA。

Effective second quarter 2024, we have adjusted our tax expenses presentation as calculated in our non-GAAP earnings per share to include only the tax impact of the non-GAAP adjustment as applicable in relation to the GAAP tax expense.

自 2024 年第二季起，我們調整了非 GAAP 每股盈餘中計算的稅務費用列報，僅包含與 GAAP 稅務費用相關的非 GAAP 調整的稅務影響。

Prior to this quarter, our practice was to adjust non-cash deferred tax expenses or income as part of our non-GAAP reconciliation.

在本季之前，我們的做法是調整非現金遞延稅費用或收入，作為我們非公認會計原則調節的一部分。

Specifically, this deferred tax non-GAAP adjustment derived mainly from the tax expenses recognized due to the realization of the company's net operating losses deferred tax asset.

具體來說，本次遞延稅項非公認會計準則調整主要源自於因實現公司淨營業虧損遞延稅務資產而確認的稅費。

We believe this change in tax expense -- in tax expense presentation has no notable impact on the true cash generation of the business.

我們認為，稅收費用列報中的這種變化對企業的真實現金產生沒有顯著影響。

With approximately 20 -- [$22 million] of US NOLs at the end of the second quarter of 2024, we believe that our actual tax payment will continue to be lower than the GAAP tax expenses for the foreseeable future.

截至 2024 年第二季末，美國 NOL 約為 20 - [2,200 萬美元]，我們相信在可預見的未來，我們的實際納稅額將繼續低於 GAAP 稅收支出。

To elevate any potential confusion from the change in tax expense presentation during 2024 and to more readily highlight cash earnings potential of the business in the future, we believe it is reasonably prudent to provide guidance based on non-GAAP EBITDA in 2024 and for the foreseeable future.

為了消除 2024 年稅務費用列報變化帶來的任何潛在混亂，並更容易地突顯該業務未來的現金盈利潛力，我們認為，基於 2024 年和可預見的非 GAAP EBITDA 提供指導是相當謹慎的未來。

On that basis, our non-GAAP EBITDA guidance for 2024 is $33 million to $39 million, which is unchanged as implied in the non-GAAP EPS outlook previously provided on our first quarter 2024 earnings call.

在此基礎上，我們對2024 年非GAAP EBITDA 的指引為3,300 萬美元至3,900 萬美元，這與我們先前在2024 年第一季財報電話會議上提供的非GAAP 每股盈餘展望中所暗示的一致。

This 2024 non-GAAP EBITDA guidance compares to $31 million generated in 2023.

2024 年非 GAAP EBITDA 指引與 2023 年的 3,100 萬美元相比。

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。

I am pleased to report the solid second quarter 2024 results marked by the second consecutive quarter of positive top-line growth and ongoing momentum in our Microsoft and conversational AI business with sequential uptick in the legacy gateway business.

我很高興地報告 2024 年第二季度的穩健業績，其特點是我們的 Microsoft 和對話式 AI 業務連續第二個季度實現正增長和持續增長勢頭，而傳統網關業務也連續增長。

Within enterprise business, which represents about 90% of our revenue, our UCaaS business continued to perform well, highlighted by Microsoft Teams business up 3.3% year-over-year for the quarter and Microsoft Teams live minute services annual recurring revenues growing 35% year-over-year.

在占我們收入約 90% 的企業業務中，我們的 UCaaS 業務繼續表現良好，其中 Microsoft Teams 業務本季同比增長 3.3%，Microsoft Teams 實時分鐘服務年度經常性收入同比增長 35%。

In the CX business, Customer Experience business, we made progress as planned.

在CX業務、客戶體驗業務方面，我們按計畫取得了進展。

In our healthy pipeline continues to support a positive outlook for the second half of the full year 2024.

我們的健康管道繼續支持 2024 年下半年的正面前景。

Conversational AI business revenue was up 10.5% year-over-year.

對話式AI業務營收年增10.5%。

Bookings grew over 50% year-over-year.

預訂量較去年同期成長超過 50%。

Judging by the success we enjoyed in the development of emerging conversational AI business in the second quarter and the first half of 2024, provides us with strong conviction with regards to the potential of future success in this area and positions conversational AI as -- as second strong leg and growth engine for the company next to our Microsoft live Teams business.

從2024 年第二季和上半年我們在新興對話式人工智慧業務發展中所取得的成功來看，我們對該領域未來成功的潛力充滿了堅定的信心，並將對話式人工智慧定位為——作為第二為我們的 Microsoft live Teams 業務提供強大的支援和成長引擎。

Our managed services business continues to evolve to become our key go-to market.

我們的託管服務業務不斷發展，成為我們的主要市場。

Services business grew 12.7% and accounted to 53% of revenue in the second quarter compared to 47% in the year-ago quarter.

第二季服務業務成長 12.7%，佔營收的 53%，去年同期為 47%。

What has fueled ongoing momentum in services is our live managed services which grew about 35% year-over-year and ended second quarter at $56 million annual recurring revenue, putting us on track to achieve our guidance of $64 million to $70 million exit 2024.

推動服務持續成長的動力是我們的即時管理服務，該服務年增約35%，截至第二季的年度經常性收入為5,600 萬美元，這使我們預計將實現2024 年退出6,400 萬美元至7,000 萬美元的指導目標。

Our focus on investment made in recent years are paving our growth for a strong recurring business with strong legs deeply rooted in growing markets such as UCaaS, CCaaS, and conversational AI.

近年來，我們對投資的關注正在為我們強大的經常性業務的成長鋪平道路，這些業務深深紮根於 UCaaS、CCaaS 和對話式 AI 等不斷增長的市場。

The growth of two key business areas have contributed the most to the ongoing growing booking trends.

兩個關鍵業務領域的成長對持續成長的預訂趨勢貢獻最大。

First and foremost, our live business.

首先也是最重要的，我們的直播業務。

Live Teams managed services rely substantially on our live platform, a mature voice services delivery portal and platform with unparalleled unique competitive scale and position for Teams voice, which provides us an edge in the communications and collaboration market.

Live Teams 託管服務在很大程度上依賴我們的即時平台，這是一個成熟的語音服務交付入口網站和平台，在Teams 語音方面具有無與倫比的獨特競爭規模和地位，這為我們在通訊和協作市場中提供了優勢。

The strength of live platform stems from the comprehensive large scale of services delivery supports.

直播平台的強大源自於綜合大規模的服務交付支援。

Among these are connectivity services where we hold about 70% market share, contact center services which were added last year based on our Voca CIC AI first contact center for Teams, recording, analytics, and inference services, and nowadays conversational AI services.

其中包括我們佔據約 70% 市場份額的連接服務、去年基於我們的 Voca CIC AI 第一個 Teams 聯絡中心添加的聯絡中心服務、記錄、分析和推理服務，以及現在的對話式 AI 服務。

We are thus well-positioned to win a large portion of the Microsoft Teams value-add services.

因此，我們有能力贏得大部分 Microsoft Teams 加值服務。

This can be seen through the rapid booking growth and adoption of live services in the market which again, as I've mentioned, grew 35% in 2024.

這可以從市場上預訂量的快速成長和即時服務的採用中看出，正如我所提到的，市場在 2024 年再次成長了 35%。

Just to give you one of the most important numbers which do not show in our financials and are not part of our balance sheet, article live and managed service backlog, those are managed services that we sold but haven't yet invoiced in or delivered in full, was at the end of the second quarter, $67 million compared to just $29 million at the end of second quarter 2023.

只是為了向您提供最重要的數字之一，這些數字未顯示在我們的財務數據中，也不屬於我們的資產負債表、實時文章和託管服務積壓的一部分，這些是我們已出售但尚未開具發票或交付的託管服務截至第二季末，總計為 6,700 萬美元，而 2023 年第二季末僅為 2,900 萬美元。

This represents 133% year-over-year growth and that speaks for the strength of the Microsoft Teams live business.

這意味著同比增長 133%，這說明了 Microsoft Teams 即時業務的實力。

Second, an emerging in a big way in 2024, is the area of conversational AI services.

其次，對話式人工智慧服務領域將在 2024 年大規模興起。

We have already won several projects this year starting from a low base in previous years.

從往年的低基數開始，今年我們已經贏得了幾個項目。

We saw above 50% growth in bookings in 2024 and we aim to end up above $10 million this year.

2024 年，我們的預訂量增加了 50% 以上，我們的目標是今年達到 1,000 萬美元以上。

As we all know, Gen AI technology is fueling much modernization and innovation in the modern workplace applications in the enterprise space, due to its unique ability to support creation and new advanced services while cutting substantial costs and time to market.

眾所周知，Gen AI 技術正在推動企業領域現代工作場所應用程式的現代化和創新，因為它具有支援創建和新的高級服務的獨特能力，同時大幅削減成本和縮短上市時間。

At AudioCodes, we enjoy a very unique position due to the fact that we own one of the most comprehensive set of technologies including telephony, networking, network and device management, security, cloud infrastructure, cognitive services, services practice and more.

在奧科，我們享有非常獨特的地位，因為我們擁有最全面的技術集之一，包括電話、網路、網路和設備管理、安全、雲端基礎設施、認知服務、服務實踐等。

At the same time, we invest in expanding our capabilities in the area of applying advanced Gen AI and large language models technologies for conversational AI technologies.

同時，我們投資擴展我們在對話式人工智慧技術中應用先進的Gen AI和大語言模型技術領域的能力。

As such, we have become a prime contractor for these Gen AI related projects which are fully complex and difficult to implement.

因此，我們已成為這些與人工智慧相關的專案的主承包商，這些專案非常複雜且難以實施。

That is our unique advantage.

這是我們獨特的優勢。

Let me take a step back now to provide a broader perspective on our business history and evolution in recent years and provide you with a basis for the outlook for 2025 and beyond.

現在讓我退後一步，為我們近年來的業務歷史和演變提供更廣泛的視角，並為您提供 2025 年及未來展望的基礎。

Declining our legacy business relating to the service provider business during 2023 and the first half of 2024 coupled with our revenue model shift from CapEx sales into recurring business were the main factors that drove a halt in our growth story during the years 2020 to 2022.

2023 年和2024 年上半年，我們與服務提供者業務相關的傳統業務有所下降，加上我們的收入模式從資本支出銷售轉向經常性業務，是導致我們在2020 年至2022 年期間增長停滯的主要因素。

However, these were also the years where we have worked hard to build our live platform and business in UCaaS, CCaaS and invested in building our conversational AI business.

不過，這些年也是我們努力打造UCaaS、CCaaS直播平台和業務，投資打造對話式AI業務的那些年。

As legacy business decline, starts to moderate in 2024 and beyond, laying less impact on our overall results and live and conversational AI service businesses keep growing double digits every year, we believe we will see growth re-emerging as of 2025 and beyond.

隨著傳統業務的下滑在2024 年及以後開始放緩，對我們整體業績的影響較小，並且實時和對話式AI 服務業務每年保持兩位數增長，我們相信到2025 年及以後我們將看到增長重新出現。

With growth in recurring business in UCaaS, CCaaS and CAI and our favorable competitive position in our markets, we are confident in our ability to return to growth in both revenue and profits starting 2025 and beyond.

隨著 UCaaS、CCaaS 和 CAI 經常性業務的成長以及我們在市場中的有利競爭地位，我們對從 2025 年及以後開始恢復收入和利潤成長的能力充滿信心。

Before turning to detail business line discussions, let's quickly shift to second quarter profitability metrics.

在開始詳細討論業務線之前，讓我們快速轉向第二季的獲利指標。

Our non-GAAP growth margin in the quarter came at 65.8% within our 65% to 68% long-term range.

本季我們的非 GAAP 成長率為 65.8%，位於我們 65% 至 68% 的長期範圍內。

In compares to 65.2% in the first quarter of 2024 and second quarter 2023 levels of 64.5%.

相比之下，2024 年第一季為 65.2%，2023 年第二季為 64.5%。

This year, over a year margin improvement is primarily attributable to a more favorable product mix, namely software and services.

今年，利潤率比一年前的提高主要歸功於更有利的產品組合，即軟體和服務。

Second quarter non-GAAP OpEx was $32.5 million in line with our expectations, representing a small sequential decrease relating to our latest headcount rationalization initiatives.

第二季非 GAAP 營運支出為 3,250 萬美元，符合我們的預期，與我們最新的員工人數合理化措施相關，環比小幅下降。

As a reminder, we expect about of $1.5 million quarterly expense initial reduction, of which about $1.2 million is still to be realized in the third quarter 2024 and thus to contribute to further reduction in the OpEx in third quarter 2024 and beyond.

提醒一下，我們預計季度費用初步減少約 150 萬美元，其中約 120 萬美元仍有待在 2024 年第三季實現，有助於進一步減少 2024 年第三季及以後的營運支出。

Reference headcount, we ended the second quarter with headcount of 940 down from 959 in the first quarter and as compared to 946 people in the -- employees in the second quarter 2023.

參考員工人數，我們第二季末的員工人數為 940 人，低於第一季的 959 人，而 2023 年第二季的員工人數為 946 人。

The year-over-year improvement in non-GAAP gross margin OpEx led to non-GAAP operating income of $7.2 million or 11.9% margin versus year ago of 2.9% or 4.9% margin.

非 GAAP 毛利率營運支出的年比改善導致非 GAAP 營業收入為 720 萬美元，利潤率為 11.9%，而去年同期為 2.9% 或 4.9%。

On a guidance front with steady performance in the second quarter and pipeline opportunities for strategic area of business remaining healthy.

在指導方面，第二季業績穩定，策略業務領域的管道機會保持健康。

We are reiterating our 2024 revenue guidance of $2,040 million to $2,050 million.

我們重申 2024 年收入指引為 20.4 億美元至 20.5 億美元。

As explained earlier by Niran, we are introducing full-year non-GAAP EBITDA guidance of $33 million to $39 million, which is unchanged as implied from the non-GAAP EPS guidance provided during last quarter earnings call.

正如 Niran 先前所解釋的，我們將推出 3,300 萬至 3,900 萬美元的全年非 GAAP EBITDA 指引，與上季財報電話會議期間提供的非 GAAP EPS 指引所暗示的一致。

In 2023, non-GAAP EBITDA was $31 million.

2023 年，非 GAAP EBITDA 為 3,100 萬美元。

Now let's move to some of the business lines.

現在讓我們轉向一些業務線。

Let's talk about Microsoft.

我們來談談微軟。

In terms of our strategic business lines, Microsoft Teams business grew 3.3% in second quarter year-over-year with steady increase in the live managed services, we drew 35%.

就我們的策略業務線而言，第二季 Microsoft Teams 業務年增 3.3%，其中即時管理服務穩定成長，成長了 35%。

Second quarter live business growth puts us on track to land within our full year 2024 annual recurring revenue target range of $64 million to $70 million, representing an average approximately annual growth of 35% to 40% compared to 2023.

第二季的即時業務成長使我們預計將實現 2024 年全年經常性收入 6,400 萬美元至 7,000 萬美元的目標範圍，與 2023 年相比，平均年增長率約為 35% 至 40%。

Revenue was led again by steady growth in the North American region.

北美地區的穩定成長再次帶動了收入的成長。

From a recurring versus CapEx perspective, a second quarter recurring live bookings makes accounted for 43% compared to 39% in the year ago quarter, more than 10% year-over-year improvement.

從經常性與資本支出的角度來看，第二季經常性即時預訂佔 43%，而去年同期為 39%，年比提高了 10% 以上。

The one-time or CapEx portion of Teams revenue was accordingly 57% compared to 61% in the year ago quarter.

因此，Teams 收入的一次性或資本支出部分為 57%，而去年同期為 61%。

As a reminder, and with Microsoft recent disclosure of over 20 million PSTN users, representing just a fraction of the over 320 million Teams monthly active users.

提醒一下，微軟最近揭露的 PSTN 用戶超過 2,000 萬，僅佔 Teams 每月超過 3.2 億活躍用戶的一小部分。

We believe the low Teams phone voice penetration is less than 10% and thus provides us with ample multi-year runway to drive ongoing penetration gains.

我們認為，Teams 電話語音滲透率較低，不到 10%，因此為我們提供了充足的多年跑道來推動持續的滲透率成長。

As such, UCaaS and Microsoft Teams remain with high potential.

因此，UCaaS 和 Microsoft Teams 仍然具有巨大潛力。

Microsoft now estimates that Teams phone adoption growth is predicted to be about 30% year-over-year.

微軟現在估計，Teams 手機的採用率預計將年增 30% 左右。

Microsoft last reported in previous quarter was that they are at about 3 million Teams phone ads in the previous three quarters.

微軟上一季的最新報告稱，在前三個季度中，他們的 Teams 手機廣告數量約為 300 萬個。

We believe there's a key driver to further or accelerate the growth of Teams phone is a nowadays Microsoft push on use of co-pilot for meetings and calls analytics, so expect good market lying ahead.

我們相信，進一步或加速 Teams 手機成長的關鍵驅動力是當今微軟推動使用副駕駛進行會議和通話分析，因此預計未來將有良好的市場。

On a new area for us, making rooms for Teams, we saw good momentum and growth in revenue from our MTR business, where we are at the end of the second quarter already at the same level of the entire revenue for the MTR business throughout 2023.

在為 Teams 騰出空間的新領域，我們看到了港鐵業務的良好勢頭和收入增長，截至第二季度末，我們已經與 2023 年港鐵業務的整體收入持平。

Just to remind or talk about one key win in the quarter, we signed a 36-month contract with a multi-national consumer goods firm providing live essential services to initial 20,000 Teams users, with plans to rise over the next two years to reach nearly 100,000 users as the customer continues to migrate to Teams from its legacy PBX vendor.

只是為了提醒或談論本季度的一項關鍵勝利，我們與一家跨國消費品公司簽署了一份為期36 個月的合同，為最初的20,000 名Teams 用戶提供實時基本服務，併計劃在未來兩年內增加到近隨著客戶繼續從其傳統 PBX 供應商遷移到 Teams，已有 10 萬名用戶。

Winning marquee enterprise accounts with complex requirements takes time.

贏得具有複雜要求的大型企業客戶需要時間。

Also, initial contract win may not be meaningful, so long-term, building trust with customers and executing online and expense strategy by leveraging broad portfolio of product and services has proven to be effective recipe to generating material revenue contribution with these accounts over time.

此外，最初贏得合約可能沒有意義，因此從長遠來看，透過利用廣泛的產品和服務組合與客戶建立信任並執行在線和費用策略已被證明是隨著時間的推移為這些帳戶產生物質收入貢獻的有效方法。

Now let's move to the customer experience business.

現在讓我們轉向客戶體驗業務。

In the CX business, our healthy pipeline continues to support a positive outlook for the second half and full year 2024.

在 CX 業務中，我們健康的產品線繼續支持 2024 年下半年和全年的積極前景。

Revenue declined about 10% year-over-year in the quarter, impacted by push-out of a large deal owing to customer-specific circumstances and that's related to material changes in the market environment.

本季營收年減約 10%，這是由於客戶特定情況導致大量交易被取消的影響，這與市場環境的重大變化有關。

We do expect a portion of this deal to close in the third quarter with the balance in the fourth quarter.

我們確實預計這筆交易的一部分將在第三季完成，其餘部分將在第四季完成。

Pipeline generation of opportunities remains healthy and we have good visibility in this segment for the rest of the year.

管道產生的機會仍然健康，我們在今年剩餘時間在這一領域擁有良好的知名度。

With a growing number of large contact center migration to cloud projects, choosing our services and products to refresh their voice infrastructure.

隨著越來越多的大型聯絡中心遷移到雲端項目，選擇我們的服務和產品來刷新他們的語音基礎設施。

This quarter we closed several large deals with banking, financial services, and insurance organizations in North America, Asia-Pacific, and EMEA.

本季度，我們與北美、亞太地區和歐洲、中東和非洲地區的銀行、金融服務和保險組織達成了幾筆大型交易。

Live CX is our voice services suite for contact center and now is delivered using our live platform which generalizes the way the services are delivered and allows for additional services to complete our value proposition to partners and large customers.

Live CX 是我們用於聯絡中心的語音服務套件，現在使用我們的即時平台提供，該平台概括了服務的提供方式，並允許提供額外的服務來完成我們對合作夥伴和大客戶的價值主張。

Just to mention some of the customer experience live services, I'll mention just four.

僅提及一些客戶體驗即時服務，我僅提及其中四個。

The first one is bring your carrier solution or SIP connection.

第一個是帶上您的電信商解決方案或 SIP 連線。

This is our core competency which is tied up to our SBC business and where we deliver superior voice quality for large global contact centers.

這是我們的核心競爭力，與我們的 SBC 業務緊密相關，我們為大型全球聯絡中心提供卓越的語音品質。

We know that at this stage only about 20% of the contact center -- global contact center have migrated, so a very long runway ahead.

我們知道，現階段只有大約 20% 的聯絡中心（全球聯絡中心）已經遷移，因此還有很長的路要走。

We forecast that in each of the next three years, our revenues from this application will grow about 25% a year.

我們預測，在未來三年中，我們來自該應用程式的收入將每年增長 25% 左右。

Second services are omnichannel, omni-voice channel solution or as we call it Click-to-Call.

第二個服務是全通路、全語音頻道解決方案，或者我們稱之為「點擊呼叫」。

In this area we expect high growth.

我們預計這一領域將出現高成長。

We are sharpening our go to market and shaping it.

我們正在加強市場開拓並塑造它。

But we believe that within the next three years this will help to add more than $20 million of revenues going forward.

但我們相信，在未來三年內，這將有助於增加超過 2,000 萬美元的收入。

Then we can talk about the call regarding call security and then we can talk about enhanced voice service and analytics.

然後我們可以討論有關呼叫安全的呼叫，然後我們可以討論增強的語音服務和分析。

I'll not -- I'll provide more details so we can definitely provide those details in calls after the call.

我不會——我會提供更多詳細信息，這樣我們就可以在通話後的通話中提供這些詳細信息。

In terms of revenues, just to tell you -- give you some idea about the way the Live CX revenue has evolved.

在收入方面，我只是想告訴您 - 讓您對 Live CX 收入的發展方式有一些了解。

We started with about $2 million in 2022.

2022 年，我們的啟動資金約為 200 萬美元。

In 2023 revenue grew to $6.8 million with more than 30 projects compared to just 15 the year before.

2023 年，營收成長至 680 萬美元，項目數量超過 30 個，而前一年僅 15 個。

In 2024 we had about $3.1 million in booking the first half and then we have a very interesting win with a large financial institution in the US.

2024 年上半年，我們的預訂金額約為 310 萬美元，然後我們與美國一家大型金融機構取得了非常有趣的勝利。

We see increasing number of projects with financial institutions migrating to the cloud.

我們看到越來越多的金融機構計畫遷移到雲端。

Naturally these large projects require longer decision cycles that may delay signature.

當然，這些大型專案需要更長的決策週期，這可能會延遲簽章。

In third quarter we won a project with US bank that ordered our new call security service adding additional 30% on top of the voice connectivity revenue.

第三季度，我們贏得了美國銀行的一個項目，該銀行訂購了我們的新呼叫安全服務，在語音連線收入的基礎上增加了 30% 的收入。

Now, let me move to the conversational AI business.

現在，讓我談談對話式人工智慧業務。

Shifting to that business, revenue was as I've mentioned 10.5% year-over-year.

轉向該業務，正如我所提到的，收入同​​比增長了 10.5%。

Booking grew above 50% for the quarter.

本季預訂量成長超過 50%。

We expect it to become a second most important growth engine for the company going forward with total contract value expected to grow to $10 million this year.

我們預計它將成為該公司未來第二個最重要的成長引擎，今年合約總價值預計將成長至 1,000 萬美元。

We expect total contract value to grow for this now in at least 30% to 50% year-over-year in each of the coming years.

我們預計未來幾年合約總價值將年增至少 30% 至 50%。

So, definitely key activity.

所以，絕對是關鍵活動。

To provide more color on our investment in conversational AI I'll point out the following.

為了讓我們對對話式人工智慧的投資有更多的了解，我將指出以下幾點。

First, again as I've mentioned before, we believe that the majority of business to be done in CAI relates to AI project implementation where Gen AI plays a critical role.

首先，正如我之前提到的，我們相信 CAI 中要做的大部分業務都與 AI 專案實施有關，其中 Gen AI 發揮關鍵作用。

However most of the value lies in the integrated solution.

然而，大部分價值在於整合解決方案。

While Gen AI and conventional AI are key to the delivery solution the ability to compete and be successful in providing full working surface solution to the enterprise base is highly dependent on system and cloud services where we have an edge over competition.

雖然新一代人工智慧和傳統人工智慧是交付解決方案的關鍵，但為企業提供完整工作介面解決方案的競爭能力和成功能力高度依賴我們在競爭中擁有優勢的系統和雲端服務。

This is where our AudioCodes shines.

這就是我們的 AudioCodes 的閃光點。

We own extensive experience in multitude of technology areas including telephony, networking, networking device management, security, cloud infra, cognitive services, services practice and more.

我們在多個技術領域擁有豐富的經驗，包括電話、網路、網路設備管理、安全性、雲端基礎設施、認知服務、服務實務等。

At the same time we invest in fine tuning Gen AI applied research for this project.

同時我們為本計畫投資微調Gen AI應用研究。

I mentioned that out of an R&D fourth, headcount of about 350 engineering software developers, we currently employ more than 100% in the voice AI activities which is close to 1/3 of it.

我提到，在第四個研發部門（大約 350 名工程軟體開發人員）中，我們目前有 100% 以上的員工從事語音 AI 活動，接近其中的 1/3。

Growth of UCaaS and CCaaS is heavily dependent these days on the application of CAI, Gen AI, Microsoft co-pilot growth clearly depicts this dependency and thus we believe we have an edge and are building a strong baseline for future business expansion.

如今，UCaaS 和 CCaaS 的成長嚴重依賴 CAI、Gen AI 的應用，微軟副駕駛的成長清楚地描述了這種依賴性，因此我們相信我們擁有優勢，並正在為未來的業務擴展建立強大的基線。

Key activity increasing in mainly in the verticals of finance, health care and government.

主要活動增加主要集中在金融、醫療保健和政府領域。

Talking about solutions we have now in production.

談論我們現在正在生產的解決方案。

Three, SaaS applications which provide multi-tenant operation over Azure leading is Voca CIC or AI First Azure Native Contact Center for Microsoft Teams.

第三，透過 Azure 提供多租用戶操作的 SaaS 應用程式是 Voca CIC 或 AI First Azure Native Contact Center for Microsoft Teams。

Then we have an interaction recording called application called SmartTAP 360 which provides compliance-recording and enterprise recording and then we have meeting insights and enterprise-grade meeting collaboration tool.

然後我們有一個名為 SmartTAP 360 的交互記錄應用程序，它提供合規性記錄和企業記錄，然後我們有會議見解和企業級會議協作工具。

We do intend to expand the activity in CAI by providing going forward an on-prem solution for meeting insight and interaction analytics for contact centers, add more automation on top of the meeting insights and more custom projects.

我們確實打算透過為聯絡中心的會議洞察和交互分析提供本地解決方案來擴展 CAI 活動，在會議洞察和更多自訂專案的基礎上添加更多自動化。

Turning a bit to Voca CIC, Voca CIC is our submission AI-First contact center solution for Teams, it plays well into the company overall live business and strategy where we enjoy the benefit of up-sell to existing customer base.

稍微談談Voca CIC，Voca CIC 是我們提交的適用於Teams 的AI 優先聯絡中心解決方案，它在公司整體實時業務和戰略中發揮了很好的作用，我們在其中享受到向現有客戶群進行追加銷售的好處。

Bookings are already at 70% at the end of second quarter already at 75% compared to last year.

與去年相比，第二季末的預訂率已達 70%，達到 75%。

We expect them to close to double this year.

我們預計今年這一數字將接近翻倍。

Revenues are already 130% above the entire 2023.

收入已經比 2023 年全年增長 130%。

We expect to almost triple them in 2024.

我們預計到 2024 年這一數字將增加近兩倍。

To mention a few more data points, Voca CIC pipeline increase 35% quarter-over-quarter, sequential quarter.

再舉幾個數據點，Voca CIC 管道比上一季環比成長了 35%。

We won additional education account in North America, now serving five educational customers in the US in total.

我們在北美獲得了額外的教育客戶，目前在美國總共服務了五個教育客戶。

We have continued momentum with channel partners in education.

我們與教育領域的通路夥伴保持持續的發展動能。

We signed five additional channel partners this quarter.

本季我們又簽了五個通路合作夥伴。

We onboarded our first ever omni-channel contact center with a leading Fortune 500 manufacturer, with a contact center with more than 300 agents.

我們與一家領先的財富 500 強製造商建立了第一個全通路聯絡中心，該中心擁有 300 多名座席。

We run a large migration project of more than 200 IVRs.

我們運行了一個包含 200 多個 IVR 的大型遷移專案。

Again, this is in EMEA, moving a customer from Zoom to Teams.

同樣，這是在 EMEA，將客戶從 Zoom 轉移到 Teams。

And then we have a Voca CIC largest deployment to date, now handling 2.5 million calls a month.

我們還擁有迄今為止最大的 Voca CIC 部署，現在每月處理 250 萬個通話。

Turning into Meeting Insights, Meeting Insights is a SaaS application and an organizational enterprise solution that captures, analyzes, and organizes every Microsoft Teams meeting in organization, allowing company-wide information sharing and enabling substantial better decision-making for managers and company managements, using information delivered in meetings across the organization.

Meeting Insights 轉變為Meeting Insights，是一款SaaS 應用程式和組織企業解決方案，可擷取、分析和組織組織中的每個Microsoft Teams 會議，從而允許公司範圍內的資訊共享，並為經理和公司管理層提供更好的決策，使用在整個組織的會議中傳遞的訊息。

At AudioCodes, we use Meeting Insights for more than two years now, and processing nowadays, more than 150 meetings a day.

在奧科，我們使用 Meeting Insights 已經兩年多了，現在每天處理超過 150 個會議。

Needless to say, we experience high -- very high productivity pick-up based on this, using the application.

不用說，基於此，使用該應用程序，我們體驗到了非常高的生產力提升。

AudioCodes Meeting Insights is part of a growing portfolio of SaaS application services in the conversational AI domain, which unleashed the power of AI by transforming Teams meetings into business insights, delivering efficient use of information and data exchange throughout the meeting and accelerates business productivity in organizational decision-making intelligence.

奧科Meeting Insights 是對話式AI 領域中不斷增長的SaaS 應用程式服務組合的一部分，它透過將Teams 會議轉化為業務洞察來釋放AI 的力量，在整個會議過程中高效利用資訊和數據交換，並提高組織中的業務生產力。

Glad to inform that at the end of last week, an online publication, leading online publication, UC Today has selected AudioCodes Meeting Insight as a winner of its best use of AI category in its UC awards 2024.

很高興地通知您，上週末，領先的線上出版物 UC Today 已將奧科 Meeting Insight 評選為 2024 年 UC 獎中人工智慧最佳應用類別的獲獎者。

The awards judges recognize Meeting Insights ability to leverage conversational AI to enhance user productivity and overall communication experience.

該獎項的評審團認可 Meeting Insights 利用對話式 AI 來提高用戶工作效率和整體通訊體驗的能力。

Just to mention some data points, we've seen, we have delivered a completed the deployment of the SaaS solution throughout the first quarter.

僅舉一些數據點，我們已經看到，我們在整個第一季交付了 SaaS 解決方案的完整部署。

We've seen tremendous growth in second quarter, more than 30%.

我們在第二季度看到了巨大的成長，超過 30%。

We now expect to grow very fast.

我們現在期望成長非常快。

The use of AI in Meeting Insight will probably double month-over-month.

人工智慧在 Meeting Insight 中的使用可能會逐月翻倍。

We see many organizations starting to use LLM technology and insights and prompts from meeting Insights.

我們看到許多組織開始使用法學碩士技術以及來自會議見解的見解和提示。

Going forward, we expand -- we plan expand to expand the Teams solution into providing a solution for the Zoom, Google Meet and Cisco Webex environments, and we intend also to provide a solution for storage to be on-prem rather than just cloud.

展望未來，我們計劃擴展 Teams 解決方案，為 Zoom、Google Meet 和 Cisco Webex 環境提供解決方案，我們還打算提供一個本地儲存解決方案，而不僅僅是雲端儲存。

We do intend on top of the Hebrew and US and UK English to provide a few more European languages already next month, August, providing German, French, Dutch, Italian, Spanish and more.

我們確實打算在希伯來語以及美國和英國英語的基礎上，在下個月（即八月）提供更多歐洲語言，包括德語、法語、荷蘭語、義大利語、西班牙語等。

So we expand rapid growth.

所以我們擴張快速成長。

We expand that business that is just few thousands of those in 2024 to deliver millions -- few millions in 2025.

我們將業務範圍擴大到 2024 年只有幾千家，到 2025 年將交付數百萬甚至數百萬家。

Just to -- again, mention that we're working to expand the solution in many areas as I mentioned, we'll add automation on top of it, very unique features that will allow to improve productivity such as prepare me for my next meeting, you'll get a message on your mobile and you'll be ready to meet to deal with anyone that you add meeting with and action item with.

只是再次提及，正如我所提到的，我們正在努力在許多領域擴展該解決方案，我們將在其之上添加自動化，這是非常獨特的功能，可以提高生產力，例如為我的下一次會議做好準備，您將在手機上收到一條訊息，並且您將準備好與您新增會議和操作項目的任何人會面。

We'll add more integration into CRMs and meeting notification.

我們將添加更多與 CRM 和會議通知的整合。

And with that, I'll wrap up.

我就講完了。

So we have delivered on our business priorities in the core fostering growth in strategic areas of our business while successfully executing on cost reduction initiatives.

因此，我們已經實現了核心業務優先事項，促進業務策略領域的成長，同時成功執行了成本削減計劃。

We believe this lays the foundation to support healthy top line growth long-term while driving significant margin expansion in 2024 and beyond.

我們相信，這為支持長期健康的營收成長奠定了基礎，同時推動 2024 年及以後利潤率大幅成長。

And with that, I have concluded my presentation and we'll move the session to Q&A.

至此，我的演講結束了，我們將把會議轉移到問答環節。

Thank you, operator.

謝謝你，接線生。

Thank you very much.

非常感謝。

We will now be conducting our question and answer session.

我們現在將進行問答環節。

(Operator Instructions) Ryan McWilliams, Barclays.

（操作員說明）Ryan McWilliams，巴克萊銀行。

Hey guys, this is Eamon Coughlin on from Ryan McWilliams.

大家好，我是瑞安·麥克威廉斯的埃蒙·考夫林。

Thanks for taking my question.

感謝您提出我的問題。

Great to see improved service business growth year-over-year in the quarter.

很高興看到本季服務業務年增率有所改善。

Can you help us understand what the key drivers of growth were in the quarter and how we should think about growth in the product versus service business lines in the back half of the year?

您能否幫助我們了解本季成長的主要驅動力是什麼，以及我們應該如何考慮下半年產品與服務業務線的成長？

Yeah, actually, again, anyone who wants to understand the prospects of our business should pay attention to two key lines -- business lines.

是的，實際上，再一次，任何想要了解我們業務前景的人都應該專注於兩條關鍵線——業務線。

One is the live and Microsoft live Teams, which is the managed services business, which service is now about 53% growing nicely year-over-year.

其中之一是 live 和 Microsoft live Teams，這是託管服務業務，該服務目前年增約 53%。

This is where we put most of our energy and resources.

這是我們投入大部分精力和資源的地方。

We have built -- I think the strength comes from the fact that we have developed throughout several years a platform.

我們已經建立了——我認為我們的優勢來自於我們多​​年來開發的一個平台。

Platform is called Live Platform.

平台稱為直播平台。

And it's based on connectivity services for which we are known, right, both Gateway and SBC.

它基於我們眾所周知的連接服務，即網關和 SBC。

But then throughout the years, we have added more services, first and foremost, management services.

但多年來，我們增加了更多服務，首先是管理服務。

So we can manage addition, deletion of user sites.

這樣我們就可以管理使用者網站的新增、刪除。

We then added on top of that, the contact center Teams application, which provides for contact center applications.

然後，我們在此基礎上添加了聯絡中心 Teams 應用程序，該應用程式提供聯絡中心應用程式。

We've added recording solutions.

我們新增了錄音解決方案。

Nowadays, recording and transcription and inference become key in the evolution of both UCaaS and CCaaS solutions.

如今，記錄、轉錄和推理已成為 UCaaS 和 CCaaS 解決方案發展的關鍵。

So adding those services further strengthen.

因此添加這些服務進一步加強。

So our strategy here is lend and expand.

所以我們的策略是藉貸和擴張。

So we usually lend with our connectivity services where we consider to be the dominant leader in the market.

因此，我們通常會在我們認為是市場主導者的領域提供連接服務。

And then we simply tunnel and sell, do an upsell of voice-related business application to each such account.

然後，我們只需向每個此類帳戶進行隧道銷售和追加銷售語音相關業務應用程式。

So using, and Coughlin, we had the last win, very important win with UCF, University of Central Florida, right?

因此，利用考夫林，我們贏得了最後一場勝利，與中佛羅裡達大學 UCF 一起贏得了非常重要的勝利，對嗎？

One of the top three universities in the US.

美國排名前三的大學之一。

They've been using our SBCs for a long time.

他們已經使用我們的 SBC 很久了。

And because they recognize us as a trusted reliable supplier, when we offer them to evaluate our contact center solution, they took on it and last year we signed the contract.

因為他們認為我們是值得信賴的可靠供應商，所以當我們讓他們評估我們的聯絡中心解決方案時，他們接受了，並在去年簽署了合約。

So it's, again, it's lent and expand and the addition of more services.

因此，它再次被借出和擴展，並增加了更多服務。

And you can expect, right, I was talking about Meeting insight, I was talking about new coming solution.

你可以預料到，對，我正在談論會議洞察力，我正在談論新的即將到來的解決方案。

Let's talk about interaction analytics for contact center.

我們來談談聯絡中心的交互分析。

That's why, so we see a long runway for voice-related business application in the live Teams environment.

正因如此，我們在即時 Teams 環境中看到了與語音相關的業務應用程式的漫長發展道路。

This is why we believe that having this integrative platform, it's very high integration to it.

這就是為什麼我們相信擁有這個整合平台，它的整合度非常高。

I believe that puts us substantially above any [foreseeable] on competition.

我相信這使我們遠高於任何[可預見的]競爭。

So we've kind of built a moat, if you will, for the Microsoft Teams phone business.

所以，如果你願意的話，我們已經為 Microsoft Teams 手機業務建立了一條護城河。

And with the long run away, we're fully confident that growth will continue.

從長遠來看，我們完全有信心成長將持續下去。

So that's one leg.

所以這是一條腿。

The other one, which is just a new, substantially smaller leg, which is the CAI, Conversational AI.

另一個是 CAI（對話式人工智慧），它只是一條新的、小得多的腿。

Here, again, we bring our many years, 20 years, 25 years experience in multitude of technologies, as I've mentioned.

正如我所提到的，我們再次在這裡帶來了我們在多種技術方面多年、20 年、25 年的經驗。

We believe not too many organizations may have this type of comprehensive set of technologies, resources from telephony, networking, management, you name it.

我們相信，沒有太多組織擁有這種類型的綜合技術、電話、網路、管理等資源。

And now since we are -- and we have a group that is specializing in evaluating and optimizing large language models in Gen AI.

現在，我們有一個小組專門評估和優化 Gen AI 中的大型語言模型。

So we are basically marrying the old system and software and cloud services abilities with the new Gen AI activity that the internal group is handling, right?

所以我們基本上是將舊系統、軟體和雲端服務能力與內部團隊正在處理的新一代人工智慧活動結合起來，對嗎？

We're working with OpenAI, LLM, and with cloud and evaluating several more.

我們正在與 OpenAI、LLM 和雲端合作，並對其他幾個進行評估。

So we definitely expect that our ability to deliver end-to-end full solution based on these capabilities will become a very strong driver for success in the future.

因此，我們肯定希望基於這些能力提供端到端完整解決方案的能力將成為未來成功的非常強大的驅動力。

So those are the two key elements upon which we base our business going forward.

因此，這是我們未來業務發展的兩個關鍵要素。

Got it.

知道了。

Thank you, Shabtai.

謝謝你，沙巴泰。

Great to see the continued improvement in the conversational AI product.

很高興看到對話式人工智慧產品的持續改進。

Can you just help us understand what kind of customers are adopting that product?

您能否幫助我們了解哪些類型的顧客正在採用該產品？

And is customer appetite for adopting AI use cases better than your expectations?

客戶對採用人工智慧用例的興趣是否超出您的預期？

Yes.

是的。

So we have -- my strategy was always to set up here in Israel, next to headquarter, where we have got great access to a lot of businesses.

所以我們——我的策略始終是在以色列設立總部，靠近總部，在那裡我們可以很方便地接觸到許多企業。

So we have a few projects running already and completed delivered both in the financial sector, in the government sector and in the healthcare sector.

因此，我們在金融部門、政府部門和醫療保健部門已經有一些專案正在運作並已完成交付。

So for example -- that the completed the project was these are the Red Cross ambulance service back in 2021, that's working for three years now.

例如，已完成的項目是 2021 年紅十字會的救護車服務，現在已經工作三年了。

Now we have delivered two project for the government space.

現在我們已經交付了兩個政府空間項目。

We are delivered already that -- these are the largest medical service, organization is called

我們已經了解到——這些是最大的醫療服務組織，稱為

[Khalid].

[哈立德]。

It has 4.5 million subscribers.

它有 450 萬訂閱者。

We have a solution for our call steering.

我們有一個呼叫引導解決方案。

Now we have for -- setting calls, is running like 100,000 calls a day.

現在我們有--設定呼叫，每天運行大約 100,000 個呼叫。

So at this stage, I would say that we have close to 10 different applications which are not based on the standard products right.

所以在這個階段，我想說我們有近 10 個不同的應用程序，它們不是基於標準產品的。

If not [Vocus] CAC, and it's not permitting is at, its projects where you need to connect to a contact center.

如果不是 [Vocus] CAC，而且它不允許，那麼您需要連接到聯絡中心的專案。

You need to connect to a cell phone environment.

您需要連接到手機環境。

You need to do management of elements.

您需要對元素進行管理。

You need to subscribe to extract to interfere, record, deliver reports, analytics.

您需要訂閱才能提取乾擾、記錄、提供報告、分析。

So a lot of areas where we can shine.

所以我們可以在很多領域大放異彩。

Thank you, Shabtai.

謝謝你，沙巴泰。

I'll hop back in the queue.

我會跳回到隊列中。

Appreciate it.

欣賞它。

Sure.

當然。

Thank you, Ryan.

謝謝你，瑞安。

Ryan Koontz, Needham & Company.

瑞恩‧孔茨 (Ryan Koontz)，李約瑟公司。

Thanks.

謝謝。

I wanted to take a different cut at your last question about the transition from license over subscription.

我想對你最後一個關於從許可證到訂閱的轉變的問題採取不同的看法。

And we think about this over a multiyear view.

我們從多年的角度來思考這個問題。

What point do you expect growth to reinflat as you see this transition from product over to service.

當您看到從產品到服務的轉變時，您預期成長會在什麼時候恢復？

Do to have an idea?

有想法嗎？

Can you set any kind of goalpost out there when you think you might see this return to revenue recognition, grows again, approaching high single digit or maybe double digit?

當你認為你可能會看到收入確認回歸、再次成長、接近高個位數或兩位數時，你能設定任何類型的目標嗎？

Yeah, I believe that the decline of legacy is moderating, and at the same time we see managed services picking up and CA services at the same time.

是的，我相信遺留服務的衰退正在放緩，同時我們看到託管服務和 CA 服務同時出現。

Based on our visibility, we should talk about two quarters to three quarters going forward.

根據我們的可見性，我們應該討論未來兩個季度到三個季度的情況。

So I expect that -- actually either first quarter or second quarter 2025, we are definitely going into growth.

所以我預計，實際上無論是 2025 年第一季還是第二季度，我們肯定會進入成長。

And I believe that now that our business will be primarily based on recurring business and that's a onetime sale business.

我相信現在我們的業務將主要基於經常性業務，這是一次性銷售業務。

Chances for decline that just happened to us back in '23 in this year, will not repeat themselves.

23 年剛發生在我們身上的衰退機會今年不會重演。

So we expect growth to come back in our second quarter of '25 and beyond.

因此，我們預計成長將在 25 年第二季及以後恢復。

It's really helpful.

這真的很有幫助。

Thank you for that.

謝謝你。

On the recovery in the legacy gateways, anything going on there, and it just doesn't seem like the operators are particularly investing a lot these days.

關於遺留網關的恢復，那裡發生了任何事情，而且運營商現在似乎並沒有特別投入大量資金。

So wondering what's behind your recovery in legacy gateway shipments?

那麼想知道傳統網關出貨量恢復的背後是什麼？

Yeah.

是的。

When we looked into the history of gateway sales, we saw that back in '23 first quarter and this quarter -- this first quarter of '24.

當我們研究網關銷售的歷史時，我們看到了 23 年第一季和本季（即 24 年第一季）的情況。

There was a sharp decline between full score to the last quarter in a year to the first quarter in the year, and then it stabilized for the rest of the year.

滿分到去年最後一個季度到今年第一季之間出現了大幅下滑，然後在今年剩餘時間趨於穩定。

So we do expect that Gateway business will not it continue to decline, or it will definitely moderate its decline throughout '24.

因此，我們確實預期網關業務不會繼續下降，或肯定會在整個 24 年減緩下降趨勢。

All in all, I believe that we already just give you a quick.

總而言之，我相信我們已經給您一個快速的了解。

I think all in all, if I sum up the towers back in the end of 2022, or a combined gateway business was roughly about

我認為總而言之，如果我總結 2022 年底的塔樓，或者合併的網關業務，大約是

[$90 million].

[9000萬美元]。

At the end of this quarter, I think we got somewhere to like $60 million.

在本季末，我認為我們的收入約為 6000 萬美元。

I don't believe we will see a decline of more than another 10 minutes or 15 minutes, so throughout the coming quarter.

我不認為我們會看到下降超過 10 分鐘或 15 分鐘，所以在整個下一個季度都是如此。

So all in all, I think we already experienced the largest drop.

總而言之，我認為我們已經經歷了最大的跌幅。

And so it will moderate and will vanish.

所以它會減弱並消失。

Helpful.

有幫助。

And just a quick housekeeping one here.

這裡只是快速整理一下。

On the higher cash use in the quarter, you mentioned the headquarters modernization investments there that will continue in third quarter.

關於本季現金使用量增加的問題，您提到了總部現代化投資將在第三季繼續進行。

Any other puts and takes on the cash use in the quarter?

本季現金使用還有其他賣權和認購選擇權嗎？

I did see the accounts receivable was up and things like this, but anything else you'd call out on the cash flow that what drove you guys to have a higher use in the quarter?

我確實看到應收帳款增加了，諸如此類的事情，但是您會在現金流方面提出什麼其他要求，促使您在本季度獲得更高的使用率？

Hi, Ryan.

嗨，瑞安。

This is Niran.

這是尼蘭。

So we had a very nice cash flow -- operating cash flow in the first quarter.

所以我們有一個非常好的現金流——第一季的營運現金流。

It was a $15 million.

這是 1500 萬美元。

So no dramatic change during this quarter, although we saw a slight increase in our accounts receivables, but there are no issues with their collection or our doubtful allowance.

因此，本季沒有發生重大變化，儘管我們看到應收帳款略有增加，但他們的收款或我們的可疑撥備不存在問題。

With regards to the accounts receivables, we managed to lower the inventory level.

在應收帳款方面，我們成功降低了庫存水準。

So all in all, we believe we will back to a positive operating cash flow at the third quarter.

總而言之，我們相信第三季我們將恢復正的營運現金流。

And then after, and with regards to the capital expenditure, see as it relates to our new headquarter, we will have a few more millions invested in the third quarter, and then we will back to the regular level that we used to have before.

然後，就資本支出而言，與我們的新總部相關，我們將在第三季再投資數百萬美元，然後我們將恢復到以前的正常水平。

Got it.

知道了。

Thanks, Niran.

謝謝，尼蘭。

That's all I got.

這就是我所得到的。

I appreciate it.

我很感激。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hey, guys.

嘿，夥計們。

This is Billy Fitzsimmons for Samad.

我是薩馬德的比利·菲茨西蒙斯。

Maybe first question, there are a lot of conflicting narratives right now the macro front and what this means for the UCAS and CKS vendors.

也許第一個問題，目前宏觀方面存在著許多相互矛盾的說法，這對 UCAS 和 CKS 供應商意味著什麼。

Be curious if you guys have seen any material changes, either you can see gas spending from a macro backdrop perspective quarter-over-quarter or as you look third quarter.

如果你們看到任何重大變化，請好奇，您可以從宏觀背景的角度來看季度環比或第三季的天然氣支出。

Thank you.

謝謝。

Okay.

好的。

Well, all in all, I believe, and we also -- review information provided by analysts in the space, contact center activity then seem to stop.

好吧，總而言之，我相信，我們也 - 審查該領域分析師提供的信息，然後聯絡中心活動似乎停止了。

Actually, it continues if you'll take its price connect back in March of this year, it was a fairly active and intensive on our contact center application desk, right.

事實上，如果你回顧今年三月的價格連接，這種情況仍在繼續，在我們的聯絡中心應用程式台上，這是一個相當活躍和密集的活動，對吧。

No impact from the global economy.

沒有受到全球經濟的影響。

Ucaas is growing glass, however, still very strong.

然而，Ucaas 正在種植玻璃，但仍然非常堅固。

We have not seen -- well, there's definitely an impact the economic situation on enterprises investing in modernizing their networks.

我們還沒看到——嗯，經濟情勢肯定會對投資網路現代化的企業產生影響。

They believe that that will come back when that situation ends, hopefully next year.

他們相信，當這種情況結束時，這種情況將會回來，希望是明年。

Just say that again, as I've mentioned, that the presence of JNI technology, copilot and likes will definitely give a push to the UK case, use case simply because now there's no ample, actually excellent technology that allows to provide substantially more value from analyzing our meetings and calls in the enterprise.

只是再說一遍，正如我所提到的，JNI 技術、副駕駛和喜歡的存在肯定會推動英國的案例、用例，只是因為現在沒有足夠的、實際上優秀的技術可以提供更多的價值來分析我們在企業中的會議和電話。

So while we have been using data, messages, email messages in -- or files digital files to derive our Intel from, now the information exchange in meetings, which is -- we sit on meetings all day.

因此，雖然我們一直在使用數據、訊息、電子郵件或文件數位文件來獲取我們的情報，但現在我們在會議中交換訊息，也就是說，我們整天坐在會議上。

So there's a huge amount of new information that has not been captured so far, has not been used to generate good intelligence.

因此，到目前為止，還有大量新資訊尚未捕獲，尚未用於產生良好的情報。

So we do expect that Gen AI copilot and few more chat bot's technology will definitely help to increase the use of few case.

因此，我們確實預計 Gen AI 副駕駛和更多聊天機器人的技術肯定有助於增加少數案例的使用。

All in all, we are optimistic that in 2025, we'll see better behavior.

總而言之，我們樂觀地認為，到 2025 年，我們將看到更好的行為。

Got it.

知道了。

And then conversational AI grew 50% year-over-year and jumped that you provided some customer examples of conversational AI adopters and maybe digging a little deeper there.

然後，對話式 AI 同比增長了 50%，並且您提供了一些對話式 AI 採用者的客戶範例，並且可能會在那裡進行更深入的挖掘。

Can you just relay some anecdotes from customers on kind of the sales motion and what initial feedback on the product has been like?

您能否轉述一下客戶關於銷售活動的一些軼事以及對產品的初步回饋？

Our customers justifying the cost increase?

我們的客戶證明成本增加是合理的嗎？

What are getting those deals over the finish line out?

是什麼讓這些交易得以完成？

Any color there would be helpful.

任何顏色都會有幫助。

Yeah, very simply, I mean, let's talk about a corporation there needs to be highly operational and effective in running its operation in diverse, some, location, and sites.

是的，非常簡單，我的意思是，讓我們談談一家公司需要在不同的地點和地點進行高度運作和有效的營運。

One of our [organisation] that we work with was usually recording its meetings.

我們合作的[組織]之一通常負責錄製會議。

But however, you had a turnaround time of about three weeks before they got back the transcription and then were able to distribute.

但是，在他們收回轉錄並能夠分發之前，您需要大約三週的周轉時間。

Nowadays, if you have some time pressure to solve issues, at the end of the meeting, you're getting a fall in ultra trust, right summary action items that can be distributed in sent over immediately over the communication line.

如今，如果您有解決問題的時間壓力，那麼在會議結束時，您會獲得超級信任，正確的總結行動項目可以立即透過通訊線路發送。

So it takes an operation that was really non-efficient, very slow on to an operation that's a fairly real-time operator.

因此，它需要將一個非常低效、非常慢的操作轉變為一個相當即時的操作。

And that's a big, big plus.

這是一個很大很大的優點。

I think also about a contact center that was working.

我還想到了一個正在運作的聯絡中心。

However, our management and analyst had no idea about, what was going on in all those calls.

然而，我們的管理層和分析師並不知道所有這些電話中發生了什麼。

Now we have tools such as summarization and insights that extraction that allows analysts and data scientists to inform managers, where the focus is, what's our application and our operation is hot and which is not.

現在，我們擁有總結和洞察等提取工具，使分析師和資料科學家能夠告知管理者重點在哪裡，我們的應用程式是什麼，我們的操作是熱門的，哪些不是。

And where management's should invested its resources.

以及管理階層應該將資源投入到哪裡。

So many such, I can tell you that we have plenty of use cases all around.

如此之多，我可以告訴您，我們到處都有很多用例。

Give you an example, employee leaving your organization knowledge retention.

舉個例子，員工離開你的組織知識保留。

If you have a talent, as left your organization, your cloth to attack you for months to recruit, replacement, all the experience and knowledge that the previous employees were gone usually and it's a blow.

如果你有一個人才，因為離開了你的組織，你的布來攻擊你幾個月來招募、替換，以前的員工通常都消失了的所有經驗和知識，這是一個打擊。

We -- many years ago, we lost several design engineers.

很多年前，我們失去了幾位設計工程師。

We made the calculation that the departure of each cost us about $70,000 in total.

我們計算了一下，每個人的離開總共花了約7萬美元。

Now that if you use a meeting summary and insights tool for each meeting, all you need to do is you tell your employees to include that capability in each of their meetings.

現在，如果您為每次會議使用會議摘要和見解工具，您所需要做的就是告訴您的員工在每次會議中包含該功能。

Now when somebody leaves, the new employee that comes and replaces him, all of facility has got, tens and hundreds of recordings and summarization and inside intact from this person, experience.

現在，當有人離開時，到來並取代他的新員工，所有設施都從這個人那裡獲得了數十和數百條記錄和總結以及完整的經驗。

So all of a sudden it can become fully productive and effective within a matter of some week or two.

因此，突然之間，它可以在一兩週內變得完全富有成效和有效。

So that's definitely a three difference examples, which tells you why organization was spent a lot of money to take advantage of the use of AI.

這絕對是一個三個不同的例子，它告訴你為什麼組織花費大量資金來利用人工智慧的優勢。

Super helpful.

超有幫助。

Thank you very helpful.

謝謝你非常有幫助。

Sure.

當然。

Thank you very much.

非常感謝。

(Operator Instructions) Okay.

（操作員指示）好的。

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 remarks.

現在我將把閉幕詞交還給沙卜泰。

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。

With continued good business momentum in our enterprise operation and good underlying market growth trends in the UKSCKS and CAI, we believe we are transitioning the business towards growth and growing profitability in coming years.

憑藉我們企業營運持續良好的業務勢頭以及 UKSCKS 和 CAI 良好的基礎市場成長趨勢，我們相信我們將在未來幾年將業務轉向成長和不斷增長的盈利能力。

We look forward to your participation or next quarterly conference call.

我們期待您的參與或下一個季度的電話會議。

Thank you all.

謝謝大家。

Have a nice day.

祝你今天過得愉快。

Thank you very much.

非常感謝。

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並度過美好的一天。

Thank you for your participation.

感謝您的參與。