AudioCodes Ltd (AUDC) 2025 Q2 法說會逐字稿

Greetings. Welcome to AudioCodes Second Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 AudioCodes 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Roger Chuchen, VP of Investor Relations. You may begin.

現在，我將會議交給主持人、投資人關係副總裁 Roger Chuchen。你可以開始了。

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

謝謝您，接線生。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 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 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，本次電話會議中提供的資訊可能包含與 AudioCodes 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，以及有關對任何未來事件、條件、表現或其他事項做出的假設或期望的陳述，這些陳述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.

前瞻性陳述受各種風險、不確定性和其他因素的影響，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 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.

這些風險、不確定性和因素包括但不限於全球總體經濟狀況以及 AudioCodes 行業和目標市場狀況的影響，特別是供求變化、市場對新產品的接受度以及對現有產品的需求；競爭產品和定價對 AudioCodes 及其客戶的產品和市場的影響；及時的產品和技術開發、升級以及根據需要管理市場條件變化的能力；

The ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes business; possible adverse impact of the COVID-19 pandemic on our business and results of operations.

AudioCodes 能否成功將收購公司的產品和服務整合到 AudioCodes 業務中；COVID-19 疫情可能對我們的業務和經營業績產生不利影響。

The effects of the current terrorist attacks by Hamas and the war and 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.

哈馬斯目前發動的恐怖攻擊以及以色列與哈馬斯、以色列與真主黨之間的戰爭和敵對行動的影響，以及這些戰爭和敵對行動可能發展成為以色列與其他各方之間更廣泛的地區衝突的可能性，都可能影響我們的行動，並可能限制我們生產和銷售解決方案的能力。

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 AudioCodes' filings with the US Securities and Exchange Commission. AudioCodes assumes no obligation to update this information.

由於目前或未來涉及以色列的軍事行動導致我們的人員必須履行兵役義務，從而導致我們的營運中斷；以及 AudioCodes 向美國證券交易委員會提交的文件中詳述的其他因素。AudioCodes 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. AudioCodes has provided a full reconciliation of the non-GAAP net income and net income per share to its net income and net income per share according to GAAP in the press release that is posted on its website.

此外，在電話會議中，AudioCodes 將提及非 GAAP 淨收入和每股淨收入。AudioCodes 在其網站上發布的新聞稿中提供了非 GAAP 淨收入和每股淨收入與根據 GAAP 計算的淨收入和每股淨收入的完整對帳。

Before I turn the call over to management, I'd like to remind everyone that this call is being recorded. 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階層之前，我想提醒大家，本次通話正在被錄音。電話會議結束後，公司網站的投資者關係部分將提供存檔的網路廣播。

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

說了這麼多，我想把電話交給 Shabtai。沙布泰，請繼續。

Thank you, Roger. Good morning and good afternoon, everybody. I would like to welcome all to our second quarter 2025 conference call. With me this morning is Niran Baruch, Chief Financial Officer and Vice President of Finance of AudioCodes. Niran will start off by presenting a financial overview of the quarter.

謝謝你，羅傑。大家早安，下午好。歡迎大家參加我們的 2025 年第二季電話會議。今天早上和我一起的是 AudioCodes 的財務長兼財務副總裁 Niran Baruch。Niran 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 industry. We will then turn it into the Q&A session. Niran?

然後，我將回顧本季的業務亮點和總結，並討論我們的業務和行業的趨勢和發展。然後我們將把它變成問答環節。尼蘭？

Thank you, Shabtai, and hello, everyone. 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.

謝謝你，Shabtai，大家好。在我開始正式發言之前，我想提醒大家，結合我們今天早上發布的收益報告，我們很快就會在我們的投資者關係網站和收益補充資料上發布資訊。

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

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務結果。我們今天早上發布的收益新聞稿包含補充非公認會計準則財務資訊的對賬，我將在本次電話會議上討論這些資訊。

Revenues for the second quarter were $61.1 million, an increase of 1.3% over the $60.3 million reported in the second quarter of last year. Services revenues for the quarter were $32.6 million, up 1.9% over the year ago period. Services revenues in the second quarter accounted for 53.3% of total revenues.

第二季營收為 6,110 萬美元，比去年第二季的 6,030 萬美元成長 1.3%。本季服務收入為 3,260 萬美元，比去年同期成長 1.9%。第二季服務收入佔總收入的53.3%。

The amount of deferred revenues as of June 30, 2025, was $82.7 million compared to $80.3 million as of June 30, 2024. Revenues by geographical region for the quarter were split as follows: North America 48%; EMEA 34%; Asia Pacific 14%; and Central and Latin America 4%. Our top 15 customers represented an aggregate of 54% of our revenues in the second quarter, of which 34% was attributed to our 9 largest distributors.

截至 2025 年 6 月 30 日的遞延收入金額為 8,270 萬美元，而截至 2024 年 6 月 30 日的遞延收入金額為 8,030 萬美元。本季依地理區域劃分的收入分佈如下：北美 48%；歐洲、中東和非洲 34%；亞太地區 14%；中美洲和拉丁美洲 4%。我們前 15 位客戶合計佔第二季我們營收的 54%，其中 34% 來自我們的 9 家最大經銷商。

In the second quarter of 2025, we experienced increased expenses due to the implementation of new tariffs on the US imports accounting to approximately $1 million additional costs, which impacted on both GAAP and non-GAAP results.

2025 年第二季度，由於對美國進口產品實施新關稅，我們的費用增加，額外成本約為 100 萬美元，這對 GAAP 和非 GAAP 結果均產生了影響。

GAAP results are as follows: Gross margin for the quarter was 64.1% compared to 65.5% in Q2 2024. Operating income for the second quarter was $2.6 million or 4.3% of revenues compared to operating income of $4.9 million or 8.2% of revenues in Q2 2024. EBITDA for the quarter was $3.6 million compared to EBITDA of $6.2 million for Q2 2024. Net income for the quarter was $0.3 million or $0.01 per diluted share compared to net income of $3.8 million or $0.12 per diluted share for Q2 2024.

GAAP 結果如下：本季毛利率為 64.1%，而 2024 年第二季為 65.5%。第二季的營業收入為 260 萬美元，佔營收的 4.3%，而 2024 年第二季的營業收入為 490 萬美元，佔營收的 8.2%。本季的 EBITDA 為 360 萬美元，而 2024 年第二季的 EBITDA 為 620 萬美元。本季淨收入為 30 萬美元，即每股攤薄收益 0.01 美元，而 2024 年第二季淨收入為 380 萬美元，即每股攤薄收益 0.12 美元。

Non-GAAP results are as follows: Non-GAAP gross margin for the quarter was 64.5% compared to 65.8% in Q2 2024. Non-GAAP operating income for the second quarter was $4.4 million or 7.2% of revenues compared to $7.2 million or 11.9% of revenues in Q2 2024. Non-GAAP EBITDA for the quarter was $5.2 million compared to non-GAAP EBITDA of $8.3 million for Q2 2024. Non- GAAP net income for the second quarter was $4.1 million or $0.14 per diluted share compared to $5.5 million or $0.18 per diluted share in Q2 2024.

非公認會計準則結果如下：本季非公認會計準則毛利率為 64.5%，而 2024 年第二季為 65.8%。第二季非公認會計準則營業收入為 440 萬美元，佔營收的 7.2%，而 2024 年第二季非公認會計準則營業收入為 720 萬美元，佔營收的 11.9%。本季非公認會計準則 EBITDA 為 520 萬美元，而 2024 年第二季非公認會計準則 EBITDA 為 830 萬美元。第二季非公認會計準則淨收入為 410 萬美元，即每股攤薄收益 0.14 美元，而 2024 年第二季非公認會計準則淨收入為 550 萬美元，即每股攤薄收益 0.18 美元。

At the end of June 2025, cash, cash equivalents, bank deposits, marketable securities and financial investment totaled $95.3 million. Net cash provided by operating activities was $7.7 million for the second quarter of 2025. Days sales outstanding as of June 30 were 112 days. During the quarter, we acquired 715,000 of our ordinary shares for a total consideration of approximately $6.6 million.

截至2025年6月底，現金、現金等價物、銀行存款、有價證券及金融投資總額為9,530萬美元。2025 年第二季經營活動提供的淨現金為 770 萬美元。截至 6 月 30 日的未償銷售額天數為 112 天。本季度，我們收購了 71.5 萬股普通股，總對價約 660 萬美元。

In July 2025, we received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares. The court approval also permits us to declare a dividend of any part of this amount. The approval is valid through December 30, 2025. Earlier this morning, we also declared a cash dividend of $0.20 per share.

2025 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。法院的批准還允許我們宣布派發該金額的任何部分的股息。該批准有效期至2025年12月30日。今天早些時候，我們也宣布派發每股 0.20 美元的現金股利。

The aggregate amount of the dividend is approximately $5.7 million. The dividend will be paid on August 28 to all of our shareholders of record at the close of trading on August 14. Regarding the direct cost impact from tariff announced since the beginning of 2025, we continue to expect $3 million to $4 million of cost burden for full year 2025.

股息總額約 570 萬美元。股息將於 8 月 28 日支付給 8 月 14 日交易結束時登記在冊的所有股東。關於 2025 年初以來宣布的關稅對直接成本的影響，我們繼續預計 2025 年全年的成本負擔為 300 萬至 400 萬美元。

As discussed last quarter, we will look to resume practice of providing annual outlook when we have better visibility on the final tariff rate.

正如上個季度所討論的，當我們對最終關稅稅率有更好的了解時，我們將恢復提供年度展望的做法。

I will now turn the call back over to Shabtai.

現在我將把電話轉回給 Shabtai。

Thank you, Niran. I'm pleased to report second consecutive quarter of top line growth in second quarter and execution of our strategic objectives. Another quarter of making progress towards our long-term transformation to an AI-driven hybrid cloud software and services company.

謝謝你，尼蘭。我很高興地報告，第二季我們連續第二季實現營收成長，並實現了我們的策略目標。我們朝著人工智慧驅動的混合雲軟體和服務公司長期轉型又邁進了一步。

Our second quarter 2025 performance demonstrates our success in navigating a dynamic market environment. While continuing to build on strength in our connectivity franchise, which accounts for above 90% of our revenues, we continue to drive traction in our portfolio of fast growth AI-powered business applications and voice services.

我們 2025 年第二季的業績證明了我們在應對動態市場環境方面的成功。在繼續鞏固我們連接特許經營權（占我們收入的 90% 以上）優勢的同時，我們繼續推動快速增長的人工智慧驅動的商業應用程式和語音服務組合的發展。

Second quarter '25 is the second quarter in a row where we saw stabilization in the connectivity space as compared to the decline we have witnessed during the years 2023 and 2024. Our enterprise UC and CX revenue again accounted for above 90% of revenues in the quarter, highlighted by ongoing strength in Microsoft Teams business, which grew 6.5% year-over-year.

與 2023 年和 2024 年經歷的下滑相比，2025 年第二季是我們連續第二季看到連結領域趨於穩定。我們的企業 UC 和 CX 營收再次佔本季營收的 90% 以上，其中 Microsoft Teams 業務持續強勁成長，年成長 6.5%。

Key development in the quarter is the official certification as a Cisco WebEx Cloud Connect enablement provider. With this milestone, we now enable connectivity services of all major UC platforms, including Microsoft Teams, Zoom and Webex. More on the significance of this development later.

本季的關鍵發展是獲得思科 WebEx Cloud Connect 支援提供者的官方認證。透過這項里程碑，我們現在可以支援所有主要 UC 平台的連線服務，包括 Microsoft Teams、Zoom 和 Webex。稍後我們將詳細介紹這項發展的意義。

In the CX business, we made progress as planned and our healthy pipeline continues to support a positive outlook for the second half and full year 2025. On the conversational AI practice, we are seeing substantial robust demand, which supports our plan for 40% to

在 CX 業務方面，我們按計劃取得了進展，我們健康的管道繼續支持 2025 年下半年和全年的積極前景。在對話式人工智慧實踐方面，我們看到了強勁的需求，這支持了我們 40% 至

50% growth outlook for the segment in 2025. Noteworthy is the success we experienced with the newly launched Meeting Insights On-Prem service, targeting regulated industries and enterprises seeking the utmost level of privacy and security.

2025年該領域的成長前景為50%。值得注意的是，我們新推出的 Meeting Insights On-Prem 服務取得了成功，該服務針對的是受監管的行業和尋求最高級別隱私和安全的企業。

Overall, services accounted for 53% of revenues and grew 1.9% year-over-year. First half 2025 services invoicing were in line with our budget plans. Based on services bookings and inherent visibility in this line item, we expect second half 2025 services revenue growth to further improve. Within services, our live managed services year-over-year growth remained robust, up 25% year-over-year to end the quarter at $70 million annual recurring revenues.

整體而言，服務收入佔總收入的 53%，年增 1.9%。2025 年上半年的服務發票符合我們的預算方案。根據服務預訂和該項目的固有可見性，我們預計 2025 年下半年服務收入成長將進一步提高。在服務領域，我們的即時管理服務年增率仍強勁，年成長 25%，至本季末的年度經常性收入為 7,000 萬美元。

Backlog of live managed services exit second quarter 2025 was $73 million compared to $67 million at the end of the year ago quarter. As previously -- as previewed last quarter, we officially launched our next-generation live platform, a major milestone in our managed services strategy. With the recent addition of Cisco WebEx Calling Certification, the platform now fully integrates our comprehensive set of unified communication and customer success capability.

2025 年第二季的即時託管服務積壓訂單為 7,300 萬美元，而去年同期末為 6,700 萬美元。正如上個季度所預覽的那樣，我們正式推出了下一代即時平台，這是我們託管服務策略的一個重要里程碑。隨著最近新增的 Cisco WebEx Calling 認證，該平台現在完全整合了我們全面的統一通訊和客戶成功能力。

What sets this platform apart is its ability to empower our channel partners, service providers and system integrators to seamlessly layer GenAI-powered business voice application and third-party solution on top of their core connectivity offering. Live platform is a cloud-native, fully automated platform for launching and scaling voice services, especially around Microsoft Teams and Operator Connect deployments.

該平台的獨特之處在於它能夠使我們的通路合作夥伴、服務提供者和系統整合商在其核心連接產品之上無縫地分層 GenAI 驅動的商業語音應用程式和第三方解決方案。Live 平台是一個雲端原生、全自動平台，用於啟動和擴展語音服務，特別是圍繞 Microsoft Teams 和 Operator Connect 部署。

The platform supports also Zoom Phone and Cisco WebEx Calling. It enables zero-touch automation, session border control as a service, routing, billing, reporting and provisioning workflows, all integrated into one system to reduce deployment time and operational complexity.

該平台還支援 Zoom Phone 和 Cisco WebEx Calling。它支援零接觸自動化、會話邊界控制即服務、路由、計費、報告和配置工作流程，所有這些都整合到一個系統中，以減少部署時間和操作複雜性。

Feedback from partners across all sizes has been overwhelming positive. Since showcasing the platform, we have seen a measurable uptick in our pipeline and a noticeable acceleration in sales cycles, including with several Tier 1 service providers. Amidst the new product momentum, we continue to enhance the value proposition and stickiness of our platform with new innovations. As an example, we are developing a new AI-powered real-time analytics system that offers strategic insights into the CX Business Manager.

來自各種規模的合作夥伴的回饋都非常正面。自從展示平台以來，我們的通路出現了顯著的成長，銷售週期也明顯加快，其中包括與多家一級服務供應商的合作。在新產品動能的推動下，我們繼續透過新的創新來增強我們平台的價值主張和黏性。例如，我們正在開發一種新的人工智慧即時分析系統，為 CX 業務經理提供策略見解。

While it may take time for these Live platform wins to be material revenue contributors, we are super excited about its potential to drive stronger footprint in the market, recurring revenue growth and improve our overall revenue mix.

雖然這些直播平台的勝利可能需要一段時間才能成為實質的收入貢獻者，但我們對其在市場上佔據更強大影響力、實現經常性收入成長和改善我們整體收入結構的潛力感到非常興奮。

A great example is AT&T North America, one of our earliest live platform partners, which uses our solution to onboard end customers to Microsoft Teams. Our secure and scalable solution has provided AT&T North America with significant operational flexibility and resulted in multimillion dollar of annual recurring revenue over the past few years.

一個很好的例子是 AT&T 北美公司，它是我們最早的即時平台合作夥伴之一，它使用我們的解決方案將最終客戶引入 Microsoft Teams。我們安全且可擴展的解決方案為 AT&T 北美公司提供了顯著的營運彈性，並在過去幾年中帶來了數百萬美元的年度經常性收入。

On the conversational AI front, we have experienced increased interest all around our activity. Progress has been made in most of the leading product categories such as the Voca Customer Interaction Center for the Microsoft Teams environment, Meeting Insights serving as an enterprise meeting intelligence platform and the newly developed and introduced AI agent technology for voice bots.

在對話式人工智慧方面，我們對整個活動的興趣日益濃厚。面向Microsoft Teams環境的Voca客戶互動中心、企業會議智慧平台Meeting Insights以及新開發推出的語音機器人AI代理技術等多數領先產品類別均取得了進展。

As a case in point, we recently introduced Meeting Insights On-Prem, extending the Gen AI-enabled meeting productivity and intelligence benefits to regulated and security-sensitive environments and industries. This industry-first solution has already garnered important customer interest as evidenced by a robust pipeline.

舉個例子，我們最近推出了 Meeting Insights On-Prem，將 Gen AI 支援的會議生產力和智慧優勢擴展到受監管和安全敏感的環境和產業。這個業界首創的解決方案已經獲得了重要的客戶興趣，其強大的管道就是明證。

We expect the number of proof-of-concept opportunities to further scale over the rest of the year. Two weeks ago, we have introduced some Meeting Insights On-Prem internationally in the APAC region. The audience feedback was better than our elevated expectation.

我們預計今年剩餘時間內概念驗證機會的數量將進一步擴大。兩週前，我們在亞太地區推出了一些國際化的 Meeting Insights On-Prem。觀眾的回饋比我們預期的還要好。

Common takeaways from these meetings is that the service is exactly what security-sensitive management and customers such as government banks are looking for, unleashing the power of Gen AI without compromising on security. This viewpoint mirrors customer feedback in Israel, our initial market launched several months ago.

這些會議的共同結論是，這項服務正是安全敏感的管理層和政府銀行等客戶所尋求的，在不損害安全性的情況下釋放了 Gen AI 的力量。這一觀點反映了我們幾個月前推出的初始市場以色列的客戶的回饋。

Before turning to detailed business line discussion, let's quickly shift to second quarter profitability metrics. On the top line, we performed as planned with revenue growing 1.3% year-over-year. Our non-GAAP gross margin, as Niran mentioned, for the quarter was 64.5%, slightly below our long-term target range of 65% to 68% and compares to 65.8% in the year ago quarter.

在進行詳細的業務線討論之前，讓我們快速轉向第二季的獲利指標。從營收來看，我們的業績表現符合預期，營收年增 1.3%。正如 Niran 所提到的，本季我們的非 GAAP 毛利率為 64.5%，略低於我們 65% 至 68% 的長期目標範圍，而去年同期為 65.8%。

Our second quarter non-GAAP gross margin absorbed roughly about $1 million of tariff-related cost headwinds. We continue to expect close to $4 million of tariff-related costs burden for the full year. Assuming tariff rates for the various countries settle shortly, which we hope will happen in the summer, we will be working to reduce the heat in the first quarter of 2025.

我們第二季的非公認會計準則毛利率吸收了約 100 萬美元的關稅相關成本阻力。我們預計全年與關稅相關的成本負擔仍將接近 400 萬美元。假設各國的關稅稅率很快就確定下來（我們希望這將在夏季實現），我們將努力在 2025 年第一季降低熱度。

Additionally, we incurred several hundred of those headwinds from a weaker U.S. dollar against the euro in the second quarter. Second quarter non-GAAP operating expenses rose to $35 million, up from $32.5 million in the year ago period.

此外，第二季美元兌歐元走弱也為我們帶來了數百點不利影響。第二季非公認會計準則營運費用從去年同期的 3,250 萬美元增加到 3,500 萬美元。

The higher expenses are primarily attributable to higher investments in marketing and sales resources as part of our conversational AI investment. In terms of headcount, we ended the quarter with 963 employees, roughly flat from the prior quarter and compared to 940 in the year ago period. Adjusted EBITDA for the second quarter was $5.2 million.

費用增加主要歸因於我們在對話式人工智慧投資中對行銷和銷售資源的投入增加。就員工人數而言，本季末我們共有員工 963 人，與上一季基本持平，而去年同期共有員工 940 人。第二季調整後的 EBITDA 為 520 萬美元。

We continue to generate healthy amount of cash flow with net cash from operating activity at $7.7 million for the quarter. This robust cash flow generation provides strong backing to our ability to keep investing and expanding our business moving forward.

我們繼續產生健康的現金流，本季經營活動產生的淨現金為 770 萬美元。強勁的現金流為我們繼續投資和拓展業務的能力提供了強有力的支持。

As to the guidance, as mentioned in our previous quarter's discussion, we will postpone issuing a financial outlook until we have better and clear understanding of the resolution regarding tariff rates. The key takeaways from these financial results at the bottom is that our business remains solid and is on an upward trajectory. It is several years now that we experienced nice growth in our highly profitable connectivity segment, particularly in the UCaaS and CX market.

至於指引，正如我們在上一季的討論中提到的那樣，我們將推遲發布財務展望，直到我們對關稅稅率的解決方案有更好、更清晰的了解。從底層的財務結果可以看出，我們的業務依然穩健，而且呈上升趨勢。幾年來，我們在高利潤的連結領域，特別是在 UCaaS 和 CX 市場經歷了良好的成長。

In parallel, we are successfully expanding our promising voice-centric AI and Gen AI-powered business applications. As to the general market, despite the presumably recent volatile business landscape stemming from the tariff challenges, we have not observed any shift in customer purchasing behavior. The pipeline for opportunities remains strong as we approach the latter part of 2025.

同時，我們正在成功擴展我們有前景的以語音為中心的人工智慧和 Gen AI 驅動的商業應用程式。就整體市場而言，儘管近期關稅挑戰可能導致商業環境動盪，但我們並未觀察到客戶購買行為有任何變化。隨著我們接近 2025 年下半年，機會依然強勁。

Now to the Microsoft business. Market surveys and partner inputs continue to support the growth story for Teams Phone where adoption in the market continues well at over 20% annual growth. Teams Phone usage is also strongly supported by Microsoft's efforts to drive Copilot as a central capable chatbot for Teams Phone meetings and calls.

現在談談微軟業務。市場調查和合作夥伴的意見繼續支持 Teams Phone 的成長故事，其市場採用率繼續保持每年超過 20% 的成長率。微軟致力於推動 Copilot 成為 Teams Phone 會議和通話的核心聊天機器人，這也為 Teams Phone 的使用提供了強大的支援。

Key to continued Teams phone growth is facilitating connectivity for large enterprises and network. In this regard, with Microsoft Operator Connect getting more mature and growing in addition to the already successful direct route connectivity, this provides further stimulus to Teams phone growth.

Teams 手機持續成長的關鍵是促進大型企業和網路的連結。在這方面，隨著 Microsoft Operator Connect 在已經成功的直接路由連接之外變得更加成熟和發展，這為 Teams 手機的成長提供了進一步的刺激。

All this points to a strong market today and for coming years and further supports business expansion and dominance in this connectivity area. Our Microsoft business grew 6.5% year-over-year, fueled by ongoing strength for our connectivity business coupled with increasing attach rate of Voca CIC, our Team Certified CCaaS and our conversational AI business application services.

所有這些都預示著當前和未來幾年市場將保持強勁，並進一步支持該連接領域的業務擴張和主導地位。我們的微軟業務年增 6.5%，這得益於我們連接業務的持續強勁增長，以及 Voca CIC、我們的 Team Certified CCaaS 和我們的對話式 AI 業務應用服務的附加率不斷提高。

Key to our success is our Live Managed services with annual recurring revenues reaching $70 million exit second quarter, representing approximately 25% growth year-over-year. Booking of new large multimillion contract value opportunities increased about 6% in second quarter, and new opportunities total created value grew more than 10% in the quarter. Noteworthy to our growth story is the latest certification of Live platform for Microsoft Operator Connect for partners in EMEA and soon to be certified in the U.S.

我們成功的關鍵在於我們的現場管理服務，其年度經常性收入在第二季達到 7,000 萬美元，較去年同期成長約 25%。第二季度，價值數百萬美元的新大型合約訂單增加了約 6%，本季新機會創造的總價值增加了 10% 以上。我們成長歷程中值得注意的是，微軟 Operator Connect 的 Live 平台最近獲得了 EMEA 地區合作夥伴的認證，並且即將在美國獲得認證。

To put some color on the progress made in the second quarter, here are some examples of wins in the quarter. We enjoyed much success in the U.S. higher education vertical in which we have secured several multimillion key wins and contracts in the sector.

為了更好地說明第二季度取得的進展，以下是本季取得的一些勝利的例子。我們在美國高等教育垂直領域取得了巨大成功，在該領域贏得了數百萬美元的關鍵合約。

One example is our win with a large state university valued at more than $2 million total contract value, of which about $800,000 came from a 36-month contract of LivePro Teams Managed Services and related professional services.

一個例子是我們與一所大型州立大學簽訂了總價值超過 200 萬美元的合同，其中約 80 萬美元來自為期 36 個月的 LivePro Teams 託管服務和相關專業服務合約。

Second example is the large follow-on order we recently closed amounting to over $1.5 million total contract value from a private university in the Midwest. We had won the initial deal in second half 2024 as part of its initial phase of UCCX modernization. And given the successful completion of the first phase, the university decided to standardize on AudioCodes services for all of its campuses.

第二個例子是我們最近與中西部一所私立大學達成的一筆大額後續訂單，合約總價值超過 150 萬美元。作為 UCCX 現代化初始階段的一部分，我們在 2024 年下半年贏得了初始交易。鑑於第一階段的成功完成，該大學決定在其所有校區內統一採用 AudioCodes 服務。

Our success can be explained by having the industry most complete portfolio and best-in-class UCCX capability, strong track record of delivering customer satisfaction and referenceable list of marquee clients. We have built much credibility in the sector, and we are now getting inbound leads from other prospective university customers looking to modernize their UCCX.

我們的成功歸功於我們擁有業界最完整的產品組合和一流的 UCCX 能力、良好的客戶滿意度記錄以及可參考的知名客戶名單。我們在該領域建立了良好的信譽，現在我們正在從其他希望實現 UCCX 現代化的潛在大學客戶那裡獲得線索。

Further on the success in the UCaaS area, I'll talk about two other entities. First, AT&T. AT&T is our largest partner channel for Microsoft Teams in the U.S. Second quarter was very successful. Invoicing and booking grew above 10% in the quarter sequentially with new logos turning into the quarter. While traditional managed services business continued to grow, second quarter was a pleasant surprise in terms of rising number of PSTN shutdown projects in various U.S. states and working on PoPs replacements. This trend should support further continued revenue growth in coming years.

關於 UCaaS 領域的成功，我將談論另外兩個實體。首先是AT&T。AT&T 是我們在美國最大的 Microsoft Teams 合作夥伴管道。第二季度非常成功。隨著新標誌的啟用，本季發票和預訂量較上季成長超過 10%。在傳統託管服務業務持續成長的同時，第二季度美國各州 PSTN 關閉專案數量和 PoP 更換工作量不斷增加，這令人驚訝。這一趨勢將支持未來幾年收入進一步持續成長。

And then to our new activity with Cisco in the UCaaS market, we announced our certifications for WebEx Connect in June 2025. During the second quarter, we have seen initial pipeline built with service providers in EMEA with opportunities created representing potential of new multimillion dollars. We intend to increase marketing and sales efforts in the WebEx calling space in coming years.

然後，我們與思科在 UCaaS 市場開展了新的合作，並於 2025 年 6 月宣布獲得 WebEx Connect 認證。在第二季度，我們看到與歐洲、中東和非洲地區的服務提供者建立了初步的管道，創造了數百萬美元的潛在商機。我們打算在未來幾年加大 WebEx 通話領域的行銷和銷售力道。

Turning to CX. We have made progress as planned in the quarter, and our healthy pipeline continues to support positive outlook for the second half of the full year. We've been growing -- We have seen growing customer and partner interest in Live CX, which is an important part of the Live platform and targets application areas such as: one, the migration of contact centers to cloud and providing SIP connectivity for CCaaS; second, click-to-call application as a replacement for traditional 1800 service for contact centers; and third, Voice AI Connect and LiveHub providing connectivity for cognitive services.

轉向 CX。我們在本季度按計劃取得了進展，我們健康的管道繼續支持全年下半年的積極前景。我們一直在成長——我們看到客戶和合作夥伴對 Live CX 的興趣日益濃厚，它是 Live 平台的重要組成部分，其目標應用領域包括：一、將聯絡中心遷移到雲端並為 CCaaS 提供 SIP 連接；二、點擊通話應用程式可替代聯絡中心的傳統 1800 服務；三、Voice AI Connect 和 LiveHub 服務。

In second quarter, we signed a Tier 1 system integrator for Live CX and Voice AI Connect that will service connectivity backbone in support of new customers. We have another Tier 1 prospects in the pipeline. Signing up more Tier 1 system integrators is an important initiative as it effectively scales our addressable market. These partners target midsized CX customers that are historically not targeted by our direct sales team.

第二季度，我們與 Live CX 和 Voice AI Connect 的一級系統整合商簽約，後者將為新客戶提供連接主幹網路服務。我們還有另外一名一級潛在客戶正在等待發掘。簽署更多一級系統整合商是一項重要舉措，因為它可以有效擴大我們的潛在市場。這些合作夥伴瞄準的是中型 CX 客戶，而這些客戶過去並非我們直銷團隊的目標客戶。

Now to conversational AI or CAI. Let's talk about highlights of what happened in the second quarter. As contemplated earlier in the year, we saw strong demand and opportunity wins, supporting our 40% to 50% segment growth outlook for '25. We have experienced increased activity across all of our business lines. Progress has been made in our leading product categories such as the Voca CIC for the Microsoft Teams environment.

現在談談對話式人工智慧 (CAI)。讓我們來談談第二季發生的精彩事件。正如今年稍早所預料的那樣，我們看到了強勁的需求和機遇，支持了我們對 25 年 40% 至 50% 的細分市場成長預期。我們所有業務線的活動都增加了。我們的主要產品類別（例如適用於 Microsoft Teams 環境的 Voca CIC）取得了進展。

Then we saw success in the meeting intelligence platform space with two leading solutions. One, the first one, Meeting Insight, an enterprise SaaS application, which targets enterprise-wide deployments and has demonstrated growth of above 200% year-over-year in terms of number of accounts and proof of concepts and use of GenAI for meeting summarization and inference.

然後，我們看到會議智慧平台領域透過兩種領先的解決方案取得了成功。第一個是 Meeting Insight，這是一個企業 SaaS 應用程序，面向企業範圍的部署，在帳戶數量、概念驗證以及使用 GenAI 進行會議總結和推理方面，同比增長超過 200%。

Second, we recently introduced Meeting Insight On-Prem or Mia OP, extending the GenAI-enabled meeting productivity and intelligence benefits to regulated industries and security-sensitive environments. This industry-first solution provides AI-enabled meeting summarization and intelligence and is completely detached from the cloud and/or the Internet.

其次，我們最近推出了 Meeting Insight On-Prem 或 Mia OP，將 GenAI 支援的會議生產力和智慧優勢擴展到受監管的行業和安全敏感的環境。該業界首創的解決方案提供支援人工智慧的會議摘要和智能，並且完全脫離雲端和/或網路。

Now let's talk about Voca CIC. In the second quarter, Voca CIC continued its strong momentum with booking growing by 150% compared to the same period last year. We also established a robust pipeline of opportunities for the latter part of the year. Voca CIC benefits from the increased attach rate through its involvement in Teams Phone migration project that AudioCodes has, especially within the higher education sector, as noted earlier.

現在我們來談談 Voca CIC。第二季度，Voca CIC 延續強勁勢頭，預訂量與去年同期相比增長了 150%。我們也為今年下半年建立了強大的機會管道。如前所述，Voca CIC 透過參與 AudioCodes 的 Teams Phone 遷移項目，從增加的配售率中獲益，尤其是在高等教育領域。

Revenue growth in second quarter '25 remains strong, bringing us closer to our goal of surpassing 50% year-over-year growth. Highlighting our achievements, CX Today publication recently recognized us with the Best Customer Experience Deployment award for the successful contact center migration at the University of Central Florida, one of the largest public universities in the United States.

25 年第二季的營收成長依然強勁，使我們更接近實現同比成長超過 50% 的目標。《CX Today》雜誌最近特別強調了我們的成就，並授予我們「最佳客戶體驗部署」獎，以表彰我們成功完成美國最大的公立大學之一中佛羅裡達大學的聯絡中心遷移。

This project includes -- included merging over 40 help desks in a single centralized contact center serving 70,000 students. Furthermore, we secured second place in the Best CX Partnership category for our work with AT&T on the Voca CIC partnership, which delivered a market-oriented integrated UCaaS and CCaaS solution for Microsoft Teams.

該計畫包括將 40 多個服務台合併為一個集中式聯絡中心，為 70,000 名學生提供服務。此外，我們與 AT&T 在 Voca CIC 合作方面的合作獲得了最佳 CX 合作夥伴類別的第二名，該合作為 Microsoft Teams 提供了面向市場的整合 UCaaS 和 CCaaS 解決方案。

Moving on to Meeting Insights. Meeting Insights cloud Edition maintained strong momentum this quarter with continued growth in new customer acquisition and key metrics such as the number of meetings and unique active users reaching record levels.

繼續討論會議見解。Meeting Insights 雲端版本季度保持強勁勢頭，新客戶獲取量持續成長，會議數量和獨立活躍用戶等關鍵指標達到創紀錄水平。

On the product development side, customer feedback has been positive regarding the launch of our mobile app, which brings our generative AI transcription and summary features to in-person meetings anywhere, not only in company facilities. Additionally, we have developed custom Gen AI-based templates and prompts and are now working on workflow solutions designed for specific industries.

在產品開發方面，客戶對我們推出的行動應用程式的回饋非常積極，該應用程式將我們的生成式 AI 轉錄和摘要功能帶到了任何地方的面對面會議中，而不僅僅是在公司設施中。此外，我們還開發了基於客製化的 Gen AI 範本和提示，目前正在研究針對特定行業設計的工作流程解決方案。

Moving on to Mia OP. Turning now to the solution that's going to be deployed on-premise since its launch a few months ago in the Israeli market, we have observed strong interest from customers across multiple sectors, including defense, government, health care and media.

繼續討論 Mia OP。現在談談即將在以色列市場部署的解決方案，自幾個月前在以色列市場推出以來，我們已經注意到來自國防、政府、醫療保健和媒體等多個領域的客戶表現出濃厚的興趣。

Meeting Insights On-Prem uses Gen AI on a local service in order to assist our organization in regulated security-sensitive industries by automatically producing secure, accurate and efficient meeting recaps without the use of cloud or Internet services. Meeting Insights appears to be a key beneficiary of the cloud repatriation trend.

Meeting Insights On-Prem 在本地服務上使用 Gen AI，無需使用雲端或網路服務即可自動產生安全、準確和高效的會議回顧，從而協助我們的組織在受監管的安全敏感行業中開展工作。Meeting Insights 似乎是雲遣返趨勢的主要受益者。

With rapid adoption of Generative AI, customers now recognize that certain workloads are better suited for on-premise environments due to the factors such as high cloud costs, latency issues and security demands. Launched earlier this year, we have already close to 10 customers in production and more than 20 proof-of-concept projects, all arising from word-of-mouth recommendations. The solution has already been demonstrated lately outside of Israel and has garnered much interest.

隨著生成式人工智慧的快速普及，客戶現在意識到，由於雲端成本高、延遲問題和安全需求等因素，某些工作負載更適合內部部署環境。自今年稍早推出以來，我們已經有近 10 個生產客戶和 20 多個概念驗證項目，所有這些都源自於口耳相傳的推薦。該解決方案最近已在以色列境外得到展示，並引起了廣泛關注。

In the past week, Mia OP has been reviewed and received positive feedback from leading industry analysts who work to expand market reach and awareness to more markets, including the U.S. in coming months.

在過去的一周中，Mia OP 得到了來自領先產業分析師的評價和正面回饋，他們致力於在未來幾個月內擴大市場覆蓋範圍和對更多市場（包括美國）的認知度。

So to wrap up my presentation, in second quarter '25, we continue to make solid progress in our long-term transformation on a hybrid cloud and voice services business application company. We delivered against our strategic objective in that, one, we had second consecutive quarter of top line growth.

因此，總結我的演講，2025 年第二季度，我們將繼續在混合雲和語音服務業務應用公司的長期轉型中取得堅實進展。我們實現了我們的策略目標：第一，我們連續第二個季度實現了營收成長。

We made the necessary R&D and sales and marketing investment, particularly in our conversational AI activities that have fueled our robust pipeline of opportunities in the second half of the year. And third, we executed well to our playbook of leveraging our strong connectivity installed base in driving successful cross-sell of value-added services.

我們進行了必要的研發、銷售和行銷投資，特別是在對話式人工智慧活動方面，這為我們下半年的強勁機會提供了動力。第三，我們很好地執行了我們的策略，利用我們強大的連接安裝基礎來推動增值服務的成功交叉銷售。

We are operating from a position of strength, supported by a fortress balance sheet, a dominant connectivity franchise and a growing conversational AI segment that enhance enterprise intelligence and productivity. We believe these factors position us well to navigate the potential into following years. And with that, I've completed my presentation. I'd like to hand over the session to our host. Thank you.

我們擁有雄厚的實力，擁有穩健的資產負債表、主導的連接特許經營權以及不斷增長的對話式人工智慧部門，從而提高了企業智慧和生產力。我們相信這些因素將使我們在未來幾年能夠更好地發揮潛力。我的演講到此結束。我想將會議交給我們的主持人。謝謝。

At this time we will be conducting a question-and-answer session. (Operator Instructions)

此時我們將進行問答環節。（操作員指示）

Joshua Riley, Needham.

約書亞·萊利，尼德姆。

All right. Maybe just starting off on the tariff impact here. What are you seeing in terms of customer demand for virtual SBCs versus physical hardware following the tariffs being implemented? And what are your thoughts on pricing? Have you adjusted your pricing? Are you thinking about it? Or what should investors be considering here?

好的。也許這只是關稅影響的開始。在實施關稅之後，您認為客戶對虛擬 SBC 和實體硬體的需求有何不同？您對定價有何看法？你們調整過定價嗎？你在想這個嗎？或者投資人應該考慮什麼？

Okay. So usually, SBCs are designed into specific well-designed solution and architecture. So if the design is for a cloud virtual SBC and/or for an On-Prem data center physical device, that's something that is not changing that fast, okay? We also believe -- we believe that after we'll go through those months of instability, we believe at the end of the day, things will settle.

好的。因此通常，SBC 被設計成特定的精心設計的解決方案和架構。因此，如果設計是針對雲端虛擬 SBC 和/或本地資料中心實體設備，那麼它的變化就不會那麼快，對嗎？我們也相信——我們相信，在度過幾個月的不穩定之後，我們相信最終一切都會穩定下來。

We also believe that -- we have obviously taken steps to make sure that our margins are not hurt by the increasing cost by raising the price for those devices. So all in all, we don't really see much impact on the business from that. That's a temporary extra cost that we are incurring during this second, third quarter, but we believe that there's no real effect on the actual business and/or decision which SBC to use or not.

我們也相信——我們顯然已經採取措施，透過提高這些設備的價格來確保我們的利潤率不會因成本增加而受到損害。總而言之，我們並沒有看到這對業務造成太大的影響。這是我們在第二季、第三季產生的臨時額外成本，但我們認為這對實際業務和/或決定使用或不使用哪種 SBC 沒有實際影響。

Got it. That's helpful. And then if you look at the Microsoft business, that seemed to be a bit above a growth rate above my expectations for the quarter. Maybe you can just give us some more color on what's driving that strength in particular.

知道了。這很有幫助。如果你看一下微軟的業務，你會發現這個季度的成長率似乎略高於我的預期。也許您可以向我們更詳細地說明推動這種優勢的具體因素。

Yeah. I think actually, as I've mentioned, the underneath infrastructure is the fact that Teams Phone continues to grow at least 20% a year. Now the fact is, a, that we are a very dominant player there. I think at this stage, more than 60% or 70% market share. Actually, we have heard about one competitor leaving the space. What's happening is that I believe in many cases, it's word of mouth is the fact that customers acknowledge AudioCodes' dominance in the Teams Phone Managed Services space. And then we enjoy the fact that we are signing in the second -- we have signed first quarter and second quarter, we signed some very large multimillion total contract value projects with large companies.

是的。我認為實際上，正如我所提到的，底層基礎設施是 Teams Phone 每年持續成長至少 20% 的事實。現在的事實是，我們在那裡佔據主導地位。我認為現階段的市佔率超過60%或70%。事實上，我們已經聽說有一位競爭對手離開了這個領域。我相信，在許多情況下，口耳相傳的事實是客戶承認 AudioCodes 在 Teams 電話託管服務領域的主導地位。然後我們很高興看到我們在第二季簽約——我們已經在第一季和第二季簽約，我們與一些大公司簽署了一些總合約價值數百萬美元的大型項目。

So for us, that's going to be a growth area for many years. And the fact that we've got that dominance, and we don't see any rush of other new entrants to the market. We will enjoy -- also the fact that we are improving the platform using to deploy those services. So we just mentioned on the call live platform, which we are automating a substantial part of the processes more and more every year. So our ability to deploy successfully good performing solution grows.

因此對我們來說，這將是未來多年的成長領域。事實上，我們已經佔據了主導地位，並且沒有看到其他新進入者湧入市場。我們將享受—事實上我們正在改進用於部署這些服務的平台。因此，我們剛才在通話直播平台上提到，我們每年都在越來越多地實現流程的自動化。因此，我們成功部署效能良好的解決方案的能力不斷增強。

And with that, I think that affects the overall success of that business.

我認為這會影響該業務的整體成功。

Got it. That's very helpful. And then last question for me is, if you look at the pipeline for the WebEx opportunities, have you won any of those deals yet? Would you expect to win any in 2025? Or just give us a sense of how you would expect the trajectory of those opportunities to come into the model over the next couple of years?

知道了。這非常有幫助。我的最後一個問題是，如果您看一下 WebEx 機會的管道，您是否已經贏得了任何交易？您期望在 2025 年贏得任何獎項嗎？或者您能告訴我們一下，您認為未來幾年這些機會的軌跡將如何進入模型？

Right. That's still -- we are very early in the game. We just completed the certification in second quarter. But as I mentioned on the call, we have, at this stage, I believe, between 5 and 10 new opportunities. We need to do a lot of work with Cisco partners because

正確的。但這還只是——我們仍處於遊戲的早期階段。我們剛剛在第二季完成了認證。但正如我在電話中提到的，我相信現階段我們有 5 到 10 個新的機會。我們需要與思科合作夥伴進行大量工作，因為

we have not been in that market. So it will take a while for that to catch up. So in terms of revenue, we won't see much impact in '25. But I can tell you that we see a lot of interest. Actually, there's one big Tier 1 service provider in Asia Pacific that's already talking to us for a few months about deploying Live platform supporting Cisco WebEx scoring. So all in all, we do expect to see a rise, but the majority of it will come in '26.

我們還沒有進入過那個市場。因此，需要一段時間才能趕上。因此就收入而言，我們不會在 25 年看到太大的影響。但我可以告訴你，我們看到了很多興趣。實際上，亞太地區有一家大型一級服務供應商已經與我們商談了幾個月，討論部署支援 Cisco WebEx 評分的 Live 平台。總而言之，我們確實預計會出現成長，但大部分成長將出現在 26 年。

Understood, thank you.

明白了，謝謝。

Samad Samona with Jeffreys.

薩馬德·薩莫納 (Samad Samona) 和傑弗里斯 (Jeffreys)。

Hey guys, This is Billy Fitzsimmons on for Samad. Maybe to start, Shabtai, you talked about how conversational AI remains a key area of growth supporting the 40% to 50% segment growth for 2025. First off, did you guys disclose the second quarter growth rate? I knew it grew, I think, 10% plus in the first quarter. And just trying to better figure out how that product is kind of ramping into the back half.

大家好，我是 Billy Fitzsimmons，代表 Samad 發言。首先，Shabtai，您談到了對話式人工智慧如何仍然是支援 2025 年 40% 至 50% 細分市場成長的關鍵成長領域。首先，你們有沒有透露第二季的成長率？我知道它在第一季增長了 10% 以上。只是想更好地弄清楚該產品是如何進入後半部分的。

Right. So we didn't disclose the growth for second quarter. One things need to be understood, okay? We're talking about a set of application at this stage 4, 5 applications, which are each either in its first phase of selling and/or getting mature. And therefore, we do expect not a linear growth here, but really much more kind of hyperbolic in the second half.

正確的。因此我們沒有透露第二季的成長情況。有一件事需要理解，好嗎？我們正在討論處於這一階段的一組應用程序，即第 4、5 個應用程序，它們要么處於銷售的第一階段，要么正在成熟。因此，我們確實預期下半年不會有線性成長，而是會出現更誇張的成長。

So just give you an idea with Mia OP that produced almost none in first half in terms of real revenues, we do expect a very substantial uptick of more than $1 million or more in the second half. And same goes for the other one. So it's really the maturity will basically cause growth to be more hyperbolic than linear. So yes, we do expect to keep up with our plan for 40% to 50% growth in '25.

因此，僅讓您了解 Mia OP 在上半年的實際收入幾乎沒有什麼增長，我們預計下半年的實際收入將大幅增長 100 萬美元或更多。另一個也一樣。因此，成熟度實際上會導致成長呈現誇張而非線性的趨勢。所以是的，我們確實希望在 25 年實現 40% 到 50% 的成長計劃。

And then maybe a little more high level. I think investors are trying to look at this Voice AI landscape and trying to figure out the lines of demarcation between vendors and what drives differentiation vendor to vendor. So Shabtai, can you talk about AudioCodes underlying technology there and then how you differentiate yourself in the conversational AI market?

然後可能會更高一點。我認為投資人正在試圖審視語音人工智慧領域，並試圖找出供應商之間的分界線以及推動供應商之間差異化的因素。那麼 Shabtai，可以談談 AudioCodes 的底層技術嗎？然後您如何在對話式 AI 市場中脫穎而出？

Yeah, definitely. So a, we are obviously not among the list of companies providing cognitive services technologies in the cloud, right? We're not vendors of large language models and/or not selling to other people services such as speech to text and text to speech and machine learning, et cetera. Our focus really is on applications, okay, application, end-to-end application.

是的，當然。那麼，我們顯然不在提供雲端認知服務技術的公司名單之列，對嗎？我們不是大型語言模型的供應商，也不向其他人出售語音轉文字、文字轉語音和機器學習等服務。我們的重點確實是應用程序，好的，應用程序，端到端應用程式。

Now we know that -- and this here, I think we've got an advantage over the majority of the players in the market. Why? Because even if you have the best STT or one of the best LLM and you connect them, you still need to connect to the actual real world.

現在我們知道了——在這方面，我認為我們比市場上的大多數參與者更有優勢。為什麼？因為即使你擁有最好的 STT 或最好的 LLM 之一，並且你將它們聯繫起來，你仍然需要連接到實際的現實世界。

Now in order to connect to the real world, you need to connect to CRM solutions, you need to connect to telephony, you need to connect to contact centers. You need to apply management. So recording services, et cetera.

現在，為了連接到現實世界，您需要連接到 CRM 解決方案，您需要連接到電話，您需要連接到聯絡中心。你需要運用管理。例如錄音服務等等。

Now because of our heritage of more than 10, 15 and already goes to 20 years of developing all those components at AudioCodes. We do have a very rich, I would say, set of capabilities and portfolio that helps us to deploy easily. Mia OP now deploys in a matter of a day. If you'll talk to other companies, first, we do not know many such or even a small number of such competing solution.

現在，由於我們在 AudioCodes 開發所有這些組件已有 10、15 多年歷史，甚至已經 20 年了。我想說，我們確實擁有非常豐富的能力和產品組合，可以幫助我們輕鬆部署。Mia OP 現在只需一天即可完成部署。如果你與其他公司交談，首先，我們不知道有多少這樣的競爭解決方案，甚至不知道有少數這樣的競爭解決方案。

And if you go with such a solution to a new facility or a new customer, usually, it will take other companies which lack the amount of infrastructure that we have. It will take them, I would say, at least weeks or months. We can deploy in days.

如果你將這樣的解決方案應用於新設施或新客戶，通常需要其他公司提供，而這些公司缺乏我們所擁有的基礎設施。我想說，這至少需要幾週或幾個月的時間。我們可以在幾天內部署。

So our special sauce, if you will, is the fact that we own all of the technology. We also -- by the way, we do improve them. So just to make that Mia OP Solution, we had to go into some of the tools we have, some open source tools, and we're tweaking them.

因此，我們的特別之處在於，我們擁有所有的技術。順便說一句，我們也確實改進了它們。因此，為了製作 Mia OP 解決方案，我們必須利用我們擁有的一些工具、一些開源工具，並對它們進行調整。

So we have a very strong team here that's developing specialized speech to text. If you want a medical application, we can fine-tune the database just to make sure that medical discussion will come as good as other discussions. So we have the ability to internally tweak all those technologies and basically connect them all into a fully working, fully integrated solution.

因此，我們擁有一支非常強大的團隊，負責開發專門的語音轉文字功能。如果您想要一個醫療應用程序，我們可以對資料庫進行微調，以確保醫療討論與其他討論一樣好。因此，我們有能力在內部調整所有這些技術，並將它們全部連接成一個功能齊全、完全整合的解決方案。

And I think that sets us apart from many other companies. And that explains why we do not have a track record of failing projects, okay? We are capable of deploying them rather fast. And -- but now we simply need time and the time is growing those applications, etcetera.

我認為這是我們與許多其他公司的不同之處。這也解釋了為什麼我們沒有失敗的專案記錄，好嗎？我們有能力相當快地部署它們。而且——但現在我們只是需要時間，而時間正在發展這些應用程式等等。

So, we believe that this year, we'll end up as we plan in the year of $17 million to $18 million of ARR. But we believe that as we go forward, you'll see very substantial higher growth in '26, '27 and beyond.

因此，我們相信，今年我們的 ARR 將達到 1700 萬至 1800 萬美元的計劃。但我們相信，隨著我們不斷前進，您將在 26 年、27 年及以後看到非常顯著的成長。

Perfect thank you so much.

非常好，非常感謝。

We have reached the end of the question-and-answer session, and I will now turn the call over to Shabtai for closing remarks.

問答環節已經結束，現在我將把發言權交給沙布泰，請他作結語。

Thank you, operator. I would like to thank everyone who attended our conference call today. With continued good business momentum in our enterprise operations and good underlying market growth trends in UCaaS, CCaaS and CAI. We believe we are transitioning the business towards growth and better profitability in coming years. We look forward to your participation in our next quarterly conference call. Thank you all. Have a great day.

謝謝您，接線生。我要感謝今天參加我們電話會議的所有人。我們的企業營運業務持續保持良好的發展勢頭，UCaaS、CCaaS 和 CAI 市場的潛在成長趨勢也很好。我們相信，未來幾年我們的業務將朝著成長和提高獲利的方向轉變。我們期待您參加我們的下一次季度電話會議。謝謝大家。祝你有美好的一天。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。