AudioCodes Ltd (AUDC) 2025 Q3 法說會逐字稿

Greetings and welcome to the AudioCodes third quarter 2025 earnings conference call.

各位好，歡迎參加 AudioCodes 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I will now turn the conference over to your host, Mr. Roger L. Chuchen, Vice President of Investor Relations. Sir, the floor is yours.

現在我將把會議交給主持人，投資者關係副總裁羅傑·L·楚臣先生。先生，請您發言。

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

謝謝接線生。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, feature economic performance, product introductions, plans, and objectives related there too, 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. Forlooking statements are subject to various risks, uncertainties and other factors that could cause actual results that differ materially from those state in such statements. These risks, uncertainties, and factors include but are not limited to the following the effect of global economic conditions in general and conditions and AudioCodes industry and target markets in particular, including governmental undertakings to address such conditions, 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.

在開始之前，我想提醒各位，本次電話會議中提供的資訊可能包含有關 AudioCodes 業務前景、功能經濟表現、產品推出、計劃及相關目標的預測性陳述，以及有關對未來事件、狀況、表現或其他事項的假設或預期的陳述，這些陳述均屬於美國聯邦證券法定義的預測性陳述。前瞻性陳述受各種風險、不確定性及其他因素的影響，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。這些風險、不確定性和因素包括但不限於以下方面：全球經濟狀況總體上的影響，以及 AudioCodes 所在行業和目標市場的具體狀況，包括政府為應對這些狀況而採取的措施；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 AudioCodes 及其客戶的產品和市場的影響。

Timely product and technology development upgrades the event of artificial intelligence and the ability to manage changes in market. Conditions and evolving regulatory regimes as applicable, possible need for additional financing, the ability to satisfy covenants in AudioCodes financing agreements, possible impacts and disruptions from AudioCodes acquisitions, including the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes business, possible adverse impacts attributable to any pandemic or other public health crises on our business and results of operations.

及時的產品和技術開發提升了人工智慧的發展水準以及應對市場變化的能力。適用的條件和不斷變化的監管制度、可能需要的額外融資、滿足 AudioCodes 融資協議中契約的能力、AudioCodes 收購可能帶來的影響和中斷，包括 AudioCodes 能否成功地將收購公司的產品和運營整合到 AudioCodes 的業務中、任何疫情或其他公共衛生危機可能對我們的業務和經營業績造成的不利影響。

The effects of the current and any future host hostilities involving Israel, including in the regions in which we or our counterparties operate, which may affect our operations and may limit our ability to produce and sell our solutions. 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 any other factors described in AudioCodes filings made with the US Securities and Exchange Commission from time to time.

目前及未來任何涉及以色列的敵對行動的影響，包括在我們或我們的交易對手開展業務的地區，可能會影響我們的運營，並可能限制我們生產和銷售解決方案的能力。由於以色列當前或未來的軍事行動，以及 AudioCodes 不時向美國證券交易委員會提交的文件中描述的任何其他因素，導致我們的人員履行兵役義務，從而對我們的運營造成任何干擾。

AudioCodes assumes no obligation to update the information. In addition, during the call, AudioCodes were referred to non-GAAP net income and net income per share. AudioCodes has to provide a full reconciliation of the non-GAAP net income, and net income per share to this net income, and net income per share according to GAAP in the press release that is posted on his website.

AudioCodes不承擔更新資訊的義務。此外，在電話會議期間，AudioCodes 還提到了非 GAAP 淨收入和每股淨收入。AudioCodes 必須在其網站上發布的新聞稿中，提供非 GAAP 淨利潤和每股淨利潤與 GAAP 淨利潤和每股淨利潤的完整調整表。

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

在將電話會議交給管理階層之前，我想提醒大家，本次電話會議正在錄音，會議結束後，網路直播錄影將在公司網站的投資者關係版塊提供。

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

說了這麼多，我想把電話交給沙布泰。沙布泰，請繼續。

Thank you, Roger.

謝謝你，羅傑。

Good morning and good afternoon, everybody. I would like to welcome all to our third Corps 2025 conference call. With me this morning is Niran Baruch, Chief Financial Officer and Vice President of finance at AudioCodes. Niran will start off by presenting a financial overview of the quarter. I will then review the business highlights and summary for the Corp and discuss trends and developments in our business and industry. We will then turn it into the Q&A session. Niran.

各位早安/下午好。歡迎各位參加我們的第三次「2025軍團」電話會議。今天早上和我在一起的是 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。然後，我將回顧公司的業務亮點和總結，並討論我們業務和行業的趨勢和發展。接下來我們將進入問答環節。尼蘭。

Thank you, Shabtai and hello everyone.

謝謝沙布泰，大家好。

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

在正式發言之前，我想提醒大家，除了今天早上發布的收益報告外，我們很快還會在投資者關係網站上發布一份收益補充資料。

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，我們將討論GAAP和非GAAP財務表現。今天早上我們發布的獲利新聞稿包含了我將在本次電話會議上討論的補充非GAAP財務資訊的調節表。

Revenues for the third quarter were $61.5 million, an increase of 2.2% over the $60.2 million reported in the third quarter of last year. Services revenues for the quarter were $30.9 million, a decrease of 4.8% over a year ago period. Services revenues in the third quarter accounted for 50.3% of total revenues. The amount of deferred revenues as of September 30, 2025, was $81.6 million compared to $78.6 million as of September 30, 2024.

第三季營收為 6,150 萬美元，比去年第三季報告的 6,020 萬美元成長了 2.2%。本季服務收入為 3,090 萬美元，比去年同期下降 4.8%。第三季服務收入佔總收入的 50.3%。截至 2025 年 9 月 30 日，遞延收入金額為 8,160 萬美元，而截至 2024 年 9 月 30 日，遞延收入金額為 7,860 萬美元。

Revenues by geographical origin for the quarter were split as follows. North America 48%, EMEA 33%, Asia Pacific 15%, and Central and Latin America 4%. Our Top 15 customers represented an aggregate of 53% of our revenues in the third quarter, of which 38% was attributed to our 10 largest distributors.

本季依地域來源劃分的收入情況如下。北美洲 48%，歐洲、中東和非洲 33%，亞太地區 15%，中南美洲 4%。第三季度，我們前 15 位客戶的總收入占我們總收入的 53%，其中 38% 來自我們最大的 10 家經銷商。

In the third quarter of 2025, we experienced increased expenses due to the implementation of the new tariffs of US imports accounting to approximately $0.5 million additional cost which impacted on both GAAP and non-GAAP.

2025 年第三季度，由於美國對進口商品徵收新關稅，我們的支出增加，額外成本約為 50 萬美元，這對 GAAP 和非 GAAP 都產生了影響。

GAAP results are as follows. Gross margin for the quarter was 65.5% compared to 65.2% in Q3 2024. Operating income for the third quarter was $4.1 million or 6.6% of revenues, compared to operating income of $4.9 million or 8.1% of revenues in Q3 2024. EBITDA for the quarter was $5.2 million compared to EBITDA $5.9 million for Q3 2024. Net income for the quarter was $2.7 million or $0.10 per diluted share compared to net income of $2.7 million or $0.09 per diluted share for Q3 2024.

GAAP結果如下。本季毛利率為 65.5%，而 2024 年第三季為 65.2%。第三季營業收入為 410 萬美元，佔營收的 6.6%，而 2024 年第三季營業收入為 490 萬美元，佔營收的 8.1%。本季 EBITDA 為 520 萬美元，而 2024 年第三季 EBITDA 為 590 萬美元。本季淨利為 270 萬美元，即每股攤薄收益 0.10 美元，而 2024 年第三季淨利為 270 萬美元，即每股攤薄收益 0.09 美元。

non-GAAP results are as follows. non-GAAP gross margin for the quarter was 65.8% compared to 65.6% in Q3 2024. non-GAAP operating income for the third quarter was $5.8 million or 9.5% of revenues compared to $7 million or 11.7% of revenues in Q3 2024. non-GAAP EBITDA for the quarter was $6.9 million compared to non-GAAP EBITDA of $7.9 million for Q3 2024. non-GAAP net income for the third quarter was $4.9 million or $0.17 per diluted share compared to $4.9 million or $0.16 per diluted shares in Q3 2024.

非GAAP業績如下：本季非GAAP毛利率為65.8%，而2024年第三季為65.6%。第三季非GAAP營業收入為580萬美元，佔營收的9.5%，而2024年第三季為700萬美元，佔營收的11.7%。本季非GAAP EBITDA為690萬美元，而2024年第三季為790萬美元。第三季非GAAP淨利為490萬美元，即每股攤薄收益0.17美元，而2024年第三季為490萬美元，即每股攤薄收益0.16美元。

At the end of September 2025, cash, cash equivalents, bank deposits, marketable securities, and financial investment total $79.7 million. Net cash provided by operating activities was $4.1 million for the third quarter of 2025. The excess outstanding as of September 30, 2025, were 122 days.

截至 2025 年 9 月底，現金、現金等價物、銀行存款、有價證券和金融投資總額為 7,970 萬美元。2025年第三季經營活動產生的淨現金為410萬美元。截至 2025 年 9 月 30 日，未償還的超額款項為 122 天。

In July 2025, we received court approval in Israel to purchase up to an aggregate amount of $25 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.

2025 年 7 月，我們獲得以色列法院批准，可以購買總額高達 2,500 萬美元的額外普通股。法院的批准也允許我們宣布將這筆款項的任何部分派發股息。該批准有效期至2025年12月30日。

On July 29, 2025, we declared a cash dividend of $0.20 per share. The aggregate amount of the dividend was approximately $5.6 million. The dividend was paid on August 28, 2025, to our shareholders, of record at the close of trading on August 14, 2025.

2025年7月29日，我們宣布派發每股0.20美元的現金股利。股息總額約 560 萬美元。股利已於 2025 年 8 月 28 日支付給截至 2025 年 8 月 14 日交易結束時登記在冊的股東。

During the quarter we acquired. 1,267,000 shares of our ordinary shares for a total consideration of approximately $12.7 million. Regarding the direct cost impact from the tariff announced since the beginning of 2025, we expect roughly $3 million of cost burden for the full year 2025. Given the recent stabilization in the tariff developments, we are resuming our practice of providing full year outlook. For 2025, we expect revenues of $244 million to $246 million, and non-GAAP earning per share of $0.60 to $0.64.

本季我們收購了1,267,000股普通股，總對價約1,270萬美元。關於自 2025 年初宣布的關稅帶來的直接成本影響，我們預計 2025 年將全年產生約 300 萬美元的成本負擔。鑑於關稅情勢近期趨於穩定，我們將恢復提供全年展望的做法。預計 2025 年營收為 2.44 億美元至 2.46 億美元，非 GAAP 每股收益為 0.60 美元至 0.64 美元。

I will now turn the call over to Shabtai.

現在我將把電話轉給沙布泰。

Thank you, Niran. I'm pleased to report solid third consecutive quarter of top-line growth in the third quarter, and execution of our strategic objectives emits a long-term transformation to an AI-driven hybrid cloud software and services company.

謝謝你，尼蘭。我很高興地宣布，第三季營收連續第三個季度實現穩健成長，並且我們戰略目標的執行表明，我們正在向一家人工智慧驅動的混合雲軟體和服務公司進行長期轉型。

In the quarter, we continue to build on the strengths of our UUCaaS and CCaaS connectivity business, accounting now for over 90% of our revenue and successfully leveraged our enterprise customer base to drive cross sale of our fast-growing Gen AI business applications that make up our conversational AI division. In fact, in many ways we can say that as of now AudioCodes has put Voice AI front and center going forward in our operations in terms of sustained growth. Our solid third quarter results were marked by strong traction in our dual growth engines, namely the Live family of Unified Communications and Collaboration and customer experience connectivity services and conversational AI business line. In fact, our Conversational AI business includes 50% in the quarter, putting us on track to reach the 40% to 50% growth for the full year 2025. Together these two units drove our annual recurring revenue exit third quarter to $75 million or up 25% year over year, which positioned us to reach a full year target of $78 million to $82 million.

本季度，我們繼續鞏固 UUCaaS 和 CCaaS 連接業務的優勢，目前該業務占我們收入的 90% 以上，並成功利用我們的企業客戶群推動了快速增長的 Gen AI 業務應用程式的交叉銷售，這些應用程式構成了我們的對話式人工智慧部門。事實上，從許多方面來看，我們可以說，就目前而言，AudioCodes 已將語音 AI 置於我們未來營運的核心位置，以實現持續成長。第三季業績穩健，主要得益於我們兩大成長引擎的強勁發展，即 Live 系列統一通訊與協作產品、客戶體驗連接服務以及對話式人工智慧業務線。事實上，我們的對話式人工智慧業務在本季佔 50%，這使我們能夠實現 2025 年全年 40% 至 50% 的成長目標。這兩個部門共同推動我們第三季年度經常性收入達到 7,500 萬美元，年增 25%，這使我們能夠實現全年 7,800 萬美元至 8,200 萬美元的目標。

We are growing ever more optimistic about the continued strong AR momentum and growth prospect for the overall company fueled by a strong pipeline of opportunities catalyzed by recent launch of the next gen Live platform and the growing demand for productivity enhancing Gen AI value add services. This is further reinforced by the growing backlog of live and managed services that will convert to revenue in the coming quarters. We added the third quarter backlog at $76 million, growing 13.4% over the year ago backlog of $67 million.

我們對 AR 持續強勁的發展勢頭和公司整體成長前景越來越樂觀，這得益於近期推出的下一代 Live 平台帶來的大量機遇，以及對提高生產力的 Gen AI 增值服務日益增長的需求。不斷增長的即時和管理服務積壓訂單將在未來幾季轉化為收入，這進一步印證了這一點。第三季積壓訂單金額為 7,600 萬美元，比去年同期的 6,700 萬美元成長了 13.4%。

Let me share some key developments in our strategic business lines that underscore a growing confidence in our growth process.

讓我與大家分享我們策略性業務領域的一些關鍵進展，這些進展凸顯了我們對自身成長過程日益增長的信心。

We have seen growing demand from partners for our live platform and all in one cloud software stack that empowers them to seamlessly integrate connectivity with Gen AI powered business voice applications. To that end, in the third quarter, we signed the Live platform agreement with a global Q1 system integrator. This strategic landmark deal calls for alignment and coordination of all sales aspects from initial opportunity pursuit to post-sales delivery. This comprehensive approach ensures customer satisfaction and success.

我們看到合作夥伴對我們的即時平台和一體化雲端軟體堆疊的需求不斷增長，該平台和堆疊使他們能夠將連接與 Gen AI 驅動的商業語音應用程式無縫整合。為此，在第三季度，我們與一家全球第一季系統整合商簽署了 Live 平台協議。這項具有戰略意義的里程碑式交易要求從最初的機會尋找到售後交付的所有銷售環節進行協調一致。這種綜合方法能夠確保客戶滿意和成功。

The initial scope of the agreement provides managers and gateways a service in support of major UC and CX platforms for Greenfield deployments and for existing customers looking to transition their legacy infrastructure to the cloud.

該協定的初始範圍為管理人員和網關提供服務，以支援大型 UC 和 CX 平台的全新部署，並​​為希望將其傳統基礎設施遷移到雲端的現有客戶提供支援。

Where applicable, the partner will also cross sell our award-winning teams certified vocal Contact Center, delivering a unified UCCX experience.

在適用情況下，合作夥伴還將交叉銷售我們屢獲殊榮的團隊認證的語音聯絡中心，提供統一的 UCCX 體驗。

Based on the currently committed services, we anticipated low single-digit millions in recurring revenue during the first year of operation in this agreement.

根據目前已承諾的服務，我們預計在本協議生效後的第一年營運期間，經常性收入將達到數百萬美元。

This strategic agreement represents a clear win-win for both parties. For the tier one system integrator, our all-in-one UCCX conversational AI stack simplifies operations, reduces costs to serve, and enhances and customer experience. For us, it significantly expands our market reach and scales our go to market execution in the enterprise space.

這項戰略協議對雙方來說顯然是雙贏的。對於一級系統整合商而言，我們的一體化 UCCX 對話式 AI 堆疊簡化了操作，降低了服務成本，並增強了客戶體驗。對我們來說，這大大擴大了我們的市場覆蓋範圍，並提升了我們在企業領域的市場推廣執行力。

Together with our longstanding successful partnership with AT&T in North America. This announcement reinforces our market credibility and positions us as a partner of choice for all AI infused UCCX services. We are seeing strong interest from other T1 system integrated prospects, recognize the transformative potential and cost efficiencies of our integrated platform. We look forward to sharing additional updates on new partnership with global system integrators in coming quarters.

我們與AT&T在北美地區建立了長期成功的合作關係。此公告鞏固了我們的市場信譽，並將我們定位為所有人工智慧賦能的統一通訊與客戶體驗 (UCCX) 服務的首選合作夥伴。我們看到其他 T1 系統整合潛在客戶表現出濃厚的興趣，他們認識到我們整合平台的變革潛力和成本效益。我們期待在未來幾季與大家分享與全球系統整合商建立新合作夥伴關係的更多最新進展。

Now to conversation on AI.

現在來聊聊人工智慧。

In addition to both through of conversational AI from live platform partners we are seeing broad-based interest in our Gen AI powered voice application from end customers.

除了透過即時平台合作夥伴提供的對話式人工智慧之外，我們還看到終端客戶對我們基於人工智慧的 Gen 語音應用程式表現出了廣泛的興趣。

Specifically, I would like to highlight the progress we are making in our new US service, Meeting Insights On-Prem, which we call Mia OP. This is our unique Gen AI powered meeting intelligence platform providing transcription, summarization, automation, and connectivity to other leading enterprise IT applications that is completely detached from the internet and that is tailored for regulated and security sensitive industries. Launched earlier this year, we have gained significant traction in the Israeli market, mainly in the government space, or through word of mouth. Recently our leading position in the Israeli market was further cemented when we were officially awarded the contract under Project Nimbus, the Israeli government's multi-year cloud migration initiative.

具體來說，我想重點介紹一下我們在美國新推出的服務 Meeting Insights On-Prem（我們稱之為 Mia OP）所取得的進展。這是我們獨有的 Gen AI 驅動的會議智慧平台，提供轉錄、摘要、自動化以及與其他領先企業 IT 應用的連接，完全脫離互聯網，專為受監管和安全敏感行業量身定制。公司於今年稍早成立，並在以色列市場獲得了顯著的關注度，主要來自政府部門或透過口碑傳播。最近，我們正式獲得了以色列政府多年期雲端遷移計畫「Nimbus 計畫」的合同，進一步鞏固了我們在以色列市場的領先地位。

As the exclusive provider of meeting intelligence services in the non-SaaS category for calendar year 2026, this award streamlines procurement for all Israeli agencies, both civilian and military, allowing them to activate Mia OP without the lengthy tender process. We are also actively marketing this solution outside of Israel, and initial customer responses in APAC and North America have been overwhelmingly positive.

作為 2026 年非 SaaS 類別會議情報服務的獨家提供商，該獎項簡化了以色列所有民用和軍用機構的採購流程，使他們無需冗長的招標過程即可激活 Mia OP。我們也在以色列以外積極推廣此解決方案，亞太地區和北美地區的客戶初步回饋非常正面。

Now to a more successful Gen AI powered business line in the quarter, Voice AI Connect and Live Hub.

接下來，讓我們來看看本季更成功的 Gen AI 業務線：Voice AI Connect 和 Live Hub。

Leading our revenue growth in the conversational AI business is the Voice AI Connect and Live Hub connectivity and orchestration services business, which grew north of 50% year over year. We deliver a standout quarter with strong performance across the board, highlighted by exceptional third quarter booking growth that puts us on track to exceed our full year target.

在對話式人工智慧業務中，引領我們營收成長的是 Voice AI Connect 和 Live Hub 連結與編排服務業務，該業務較去年同期成長超過 50%。本季業績表現優異，各方面均表現強勁，其中第三季預訂量成長尤為突出，使我們有望超額完成全年目標。

This momentum was fueled by high volume of new logo winds across the United States, Europe, and APAC, along with significant expansion within our existing install base. Driving this rapid growth is the emergence of the voice box market, which is experiencing robust growth, driven by advancement in Gen AI and NLP. Market analysis projects that the voice box market size will reach above $25 billion in 2034, up from just $4.3 billion in 2024 with a compound annual growth rate of 20%.

這一勢頭得益於美國、歐洲和亞太地區大量新標誌的推廣，以及我們現有安裝基礎的顯著擴張。推動這一快速成長的是​​語音盒市場的出現，該市場正經歷強勁成長，這得益於人工智慧和自然語言處理技術的進步。市場分析預測，到 2034 年，語音盒市場規模將超過 250 億美元，而 2024 年僅為 43 億美元，複合年增長率為 20%。

Now to the Voice AI connect space.

現在進入語音人工智慧連線領域。

A key highlight was a high six figure voice access project license agreement aligned with leading agentic platform, AI Agentic platform that's supporting virtual agent and agent assist use cases for its large enterprise clients. We view this initial engagement as the foundation for a strong and mutually beneficial partnership.

其中一項重點是與領先的代理平台 AI Agentic 平台簽署了一份高達六位數的語音存取專案授權協議，該平台支援其大型企業客戶的虛擬代理和代理輔助使用案例。我們認為此次初步接觸是建立強大且互惠互利夥伴關係的基礎。

On the expansion front, we renewed the strategic agreement with the long-standing Voice air connect customer, a leading multinational healthcare company, the expanded contract reflects a substantial increase in total value driven by the customer growing demand for virtual agents and capabilities as part of the digital transformation.

在業務拓展方面，我們與長期合作的 Voice air connect 客戶（一家領先的跨國醫療保健公司）續簽了策略協議。此次合約的擴展反映了總價值的大幅成長，這主要得益於客戶對虛擬代理商和相關功能日益增長的需求，而這些需求也是數位轉型的一部分。

Additionally, we secured a significant follow on order from one of the largest credit unions in the US, which is deploying our voice AI connect solution for conversation on the IVR use case. Following the successful implementation of initial order in the first quarter of '25, focus on internal HR and help desk, the customer expanded roll out to its IVR discord, enabling sales service option for its end customers.

此外，我們還從美國最大的信用合作社之一獲得了重要的後續訂單，該合作社正在部署我們的語音 AI 連接解決方案，用於 IVR 用例中的對話。在 2025 年第一季成功實施初始訂單後，客戶專注於內部人力資源和幫助台，隨後將推廣範圍擴大到其 IVR Discord，從而為其終端客戶提供銷售服務選項。

Moving on to Live Hub, offered as a software as a service. Live Hub is a cloud native self-server platform that helps voice more developers for enterprise and service provider connect, orchestrate, and enrich the voice communication collaboration stride, across various channels and systems.

接下來是 Live Hub，它以軟體即服務 (SaaS) 的形式提供。Live Hub 是一個雲端原生自伺服器平台，可協助企業和服務供應商的更多語音開發人員連接、協調和豐富跨各種管道和系統的語音通訊協作。

During the third quarter, another exciting (inaudible) was the introduction of agentic AI capabilities within our live platform. This pivotal enhancement delivers an end to end solution pairing text to speech to text, and LLM powered but development with related best in class connectivity services.

第三季度，另一件令人興奮的事情（聽不清楚）是在我們的即時平台中引入了智慧AI功能。這項關鍵性增強功能提供了端到端的解決方案，將文字轉語音轉文字與 LLM 驅動的開發以及相關的最佳連接服務相結合。

All tailored to service small to medium sized customers. Importantly, our Live Hub financial momentum continues with ARR growing above 30% sequentially and substantially above 100% versus the year ago period.

所有服務均專為中小型客戶量身打造。重要的是，我們的 Live Hub 財務動能持續強勁，年度經常性收入 (ARR) 環比增長超過 30%，與去年同期相比更是大幅增長超過 100%。

Now turning-- before turning to the detailed business line discussion, let me quickly shift to the third quarter profitability metrics outlook.

現在，在詳細討論業務線之前，讓我先快速談談第三季獲利指標展望。

We perform, outperform on top-line with revenue growing 2.2% year over year. Our non-GAAP gross margin for the quarter was 65.8%, which is above our previous quarter of 64.5%. The sequential improvement in our non-GAAP gross margin is attributed mainly to more favorable product mix and lower tariff related costs headwinds of about $0.5 million versus prior expense of above a $1 million in the second quarter of 2025.

我們業績表現優異，營收年增 2.2%，超乎預期。本季非GAAP毛利率為65.8%，高於上一季的64.5%。非GAAP毛利率的季減主要歸功於更有利的產品組合和較低的關稅相關成本不利因素（約50萬美元），而2025年第二季該支出超過100萬美元。

We expect fourth quarter '25 tariff costs to be in the similar range this recent third quarter.

我們預計 2025 年第四季的關稅成本將與最近的第三季處於類似的水平。

Third quarter non-GAAP operating expenses of $34.7 million compared with $35 million in the second quarter and $32.5 million in the year ago quarter. On a year-on-year basis, the IRA expenses are attributed mostly to targeted investment in growing the conversational AI business and higher impact from the weakening US dollars against the EUR in the third quarter.

第三季非GAAP營運支出為3,470萬美元，而第二季為3,500萬美元，去年同期為3,250萬美元。與去年同期相比，IRA 支出主要歸因於對發展對話式人工智慧業務的定向投資，以及第三季美元對歐元走弱的更大影響。

Non-GAAP operating margin reached 9.5% compared to 7.2%, the previous quarter and 11.2% in the year ago quarter. Non-GAAP EBITDA margin was 11.2%. Again, an improvement compared to 8.6% in the previous quarter. Non-GAAP earning per share was $0.17 compared to $0.14 in the previous quarter and $0.16 in the year ago quarter.

非GAAP營業利潤率達9.5%，而上一季為7.2%，去年同期為11.2%。非GAAP EBITDA利潤率為11.2%。與上一季的 8.6% 相比，又有所改善。非GAAP每股收益為0.17美元，上一季為0.14美元，去年同期為0.16美元。

In terms of a count, we ended the quarter with 961 employees, essentially flat across the first three quarters 2025 and compared to 935 employees in the year ago period.

從人數來看，本季末我們共有 961 名員工，與 2025 年前三個季度基本持平，而去年同期為 935 名員工。

Net cash provided by operating activities was $4.1 million for the quarter and $25.2 million for the first three quarters of 2025.

本季經營活動產生的淨現金為 410 萬美元，2025 年前三季為 2,520 萬美元。

The key takeaway from these financial results is that our business remains strong and is expected to grow steadily through 2026 and beyond, across our two primary sectors. Looking ahead to the upcoming year, we expect a noticeable shift in our top-line performance. Specifically, with project in 2025 will demonstrate both change and growth compared to 2024. This improvement is significant as it will mark a reversal of the declining annual revenue trend experienced in 2023 and '24. So, we're moving to positive trend, and we believe that '26 will be even higher.

從這些財務表現中我們最主要的一點是，我們的業務依然強勁，預計到 2026 年及以後，在我們兩大主要業務領域都將穩步成長。展望來年，我們預期公司營收將顯著成長。具體而言，2025 年的計畫將展現出與 2024 年相比的變化和成長。這項改善意義重大，因為它將扭轉 2023 年和 2024 年年收入下降的趨勢。所以，我們正朝著正面的方向發展，我們相信 2026 年的數據會更高。

Firstly, the UC and CX connectivity businesses stabilized compared to 2023 and 2024. Additionally, two significant developments in this third quarter one, signing the service agreement with the leading global system integrator and increasing the engagement with Cisco, which is the second largest shareholder in the US market, involving all types of services including cloud connect, offering devices and more. The two developments gives us confidence that this connectivity business will perform well in coming years, and secondly, as anticipated, we expect strong growth exceeding 40% annually in our conversation on business over the coming years.

首先，與 2023 年和 2024 年相比，UC 和 CX 連結業務趨於穩定。此外，第三季還有兩項重大進展：一是與全球領先的系統整合商簽署服務協議，二是加強與思科（美國市場第二大股東）的合作，涉及包括雲端連接、設備供應等在內的所有類型服務。這兩項進展讓我們相信，這項連接業務在未來幾年將表現良好；其次，正如我們預期的那樣，我們預計未來幾年業務增長強勁，年增長率將超過 40%。

Now to some of the major business lines starting with Microsoft. A third quarter of Microsoft business was almost flat year over year, impacted by seasonality and late purchase order pushed into the fourth quarter. For the first 9 months of the year, Microsoft grew 4%, driven by our connectivity business, coupled with increasing the touch rate of sales of devices of (inaudible) CIC or Teams 35 CCaaS in our conversational business application and services. Importantly, our pipeline of credit opportunities remains robust in the third quarter, up 20% year over year and up 8% for the first line of 2025.

接下來我們來看看一些主要業務線，首先是微軟。受季節性因素和推遲到第四季度的採購訂單的影響，微軟第三季的業務與去年同期相比幾乎沒有成長。今年前 9 個月，微軟實現了 4% 的成長，這主要得益於我們的連線業務，以及我們對話式業務應用程式和服務中（聽不清楚）CIC 或 Teams 35 CCaaS 裝置銷售接觸率的提高。重要的是，我們的信貸機會儲備在第三季依然強勁，年增 20%，2025 年第一批信貸機會年增 8%。

Again, compared to the year ago quarter, market services and partner inputs continue to support a growth story for Team's phone business driven by the Microsoft operator Connect program, where adoption in the market continues to show healthy growth. Team's phone usage is also strongly supported by Microsoft's efforts to drive co-pilot as a central capable chatbot for the Team's phone meetings and calls. All this points to a strong market today and for coming years and further support business expansion and dominance in the connectivity area.

同樣，與去年同期相比，市場服務和合作夥伴的投入繼續支持 Teams 電話業務的成長，這主要得益於 Microsoft 營運商 Connect 計劃，該計劃在市場上的採用率持續保持健康成長。微軟大力推廣 Copilot，將其打造為 Teams 電話會議和通話的中央聊天機器人，也為 Teams 的電話使用提供了強大的支援。所有這些都表明，當前及未來幾年市場強勁，並將進一步支持業務擴張和在連接領域的領先地位。

Before wrapping up on Microsoft business discussion, let me share details of some representative wins. One is a very large, greater than a $1 million defense information systems agency.

在結束關於微軟業務的討論之前，讓我先分享一些代表性的成功案例的細節。其中一個是規模非常大的國防資訊系統機構，預算超過100萬美元。

Here we have signed $1.1 million total contract value over the next 36 months through AT&T, covering the expansion of additional minutes as we see services and calling plans in a new region.

我們已與 AT&T 簽署了一份總價值 110 萬美元的合同，為期 36 個月，涵蓋了隨著我們在新地區看到服務和通話計劃而增加的通話時長。

Second win is with a financial services company operating internationally. It is a provider of investment management services outside to the US. This is a $1 million TCV contract over 36 months to renewal of all prior services and purchased at a modest increase in value. Third is a win with a large, one of the largest hospitals, pediatric hospitals in the US, again close to a $1 million TCV over 36 months covering life from managed services and gateways enabling full migration from legacy PBX systems to Microsoft Teams.

第二家中標公司是一家在國際上營運的金融服務公司。它是一家為美國境外客戶提供投資管理服務的公司。這是一份價值 100 萬美元的 TCV 合同，為期 36 個月，用於續簽所有先前的服務，並以略微上漲的價格購買。第三，我們與一家大型醫院（美國最大的兒科醫院之一）達成了合作，總合約價值接近 100 萬美元，為期 36 個月，涵蓋了託管服務和網關的生命週期，實現了從傳統 PBX 系統到 Microsoft Teams 的全面遷移。

Now turning to the contact center or customer experience market, CX grew by 13% year over year in the quarter, benefiting from growth in connectivity for CCaaS and connectivity services. We continue to see growing customer and partner interest in Life CX, which is an integral component of the Life. Platform and targets applications such as cloud migration of contact center, replacing traditional 1-800 services with click to call functionality and enabling conversational AI through voice AI connect and live up connectivity.

現在來看看聯絡中心或客戶體驗市場，CX 在本季度同比增長了 13%，受益於 CCaaS 和連接服務的連接性增長。我們持續看到客戶和合作夥伴對 Life CX 的興趣日益濃厚，它是 Life 的一個組成部分。平台和目標應用程式包括聯絡中心的雲端遷移、以點擊通話功能取代傳統的 1-800 服務，以及透過語音 AI 連接和即時連接實現對話式 AI。

As discussed in my earlier remarks during the third quarter, we signed the landmark Live platform agreement with a global T1 system integrator where Live CX was a critical element of the broad-based agreement. Expanding our network of global T1 integrated remains a key strategic initiative if it significantly broadens our addressable market.

正如我在第三季早些時候的演講中所討論的那樣，我們與一家全球T1系統整合商簽署了具有里程碑意義的Live平台協議，其中Live CX是這項廣泛協議的關鍵要素。如果擴大我們的全球T1一體化網路能夠大幅擴大我們的目標市場，那麼這仍然是一項關鍵的策略舉措。

These partners focus on mid-size customer experienced customers, a segment traditionally underserved by our direct sales team.

這些合作夥伴專注於中型客戶，而這群人歷來是我們直銷團隊服務不足的對象。

Importantly, our pipeline of opportunity remains both, it remains robust and gives us confidence about our growth prospects for the bounce of '25 and into 2026.

重要的是，我們的發展機會管道依然暢通無阻，這讓我們對 2025 年及 2026 年的成長前景充滿信心。

Now to Conversational AI. Other lines as it has previously conversational AI business grew 50% in the quarter.

接下來是對話式人工智慧。其他業務線，如之前所述，對話式人工智慧業務在本季成長了 50%。

Key in the growth for the business line of 4CR connect and live up which we just discussed. Let's now discuss highlights of additional business lines that make up the Conversational AI segment.

這是我們剛才討論的 4CR 連結和實現業務線成長的關鍵。現在讓我們來討論構成對話式人工智慧領域的其他業務線的亮點。

First, Voca CIC, we recorded in the quarter record, quarter of strong year over year invoicing and booking growth of Voca. Key highlights include major winning aviation. We signed a deal to deploy our team certified omnichannel. Contact center at a major APAC, Asia Pacific Airport, one of the busiest airports in the world, beating out a couple of well-known premium CCaaS vendors. We won based on our ability to leverage our broad portfolio, offering a tightly integrated teams-based phone and CCaaS service along with mobile app call enable and to contact center via our click to call solution. Ongoing momentum in higher education, we continue to make solid progress in this vertical, adding another university, this quarter that selected our best in class certified contact center solution alongside our live teams and managed use services. We now serve 12 university accounts in North America with Voca, including the second largest university in the US and the largest school network on the East Coast.

首先，Voca CIC 在本季度創下了歷史新高，Voca 的發票和訂單額同比增長強勁。主要亮點包括重大航空賽事的勝利。我們簽署了一項協議，將我們的團隊部署到經過認證的全通路平台。亞太地區一家主要機場（世界上最繁忙的機場之一）的聯絡中心擊敗了幾家知名的優質 CCaaS 供應商。我們憑藉廣泛的產品組合贏得了此次合作，提供緊密整合的團隊電話和 CCaaS 服務，以及行動應用程式呼叫功能，並透過我們的點擊呼叫解決方案連接到呼叫中心。在高等教育領域，我們持續保持強勁勢頭，在這個垂直領域取得了穩步進展。本季度，又有一所大學選擇了我們一流的認證聯絡中心解決方案，以及我們的現場團隊和託管使用服務。我們現在透過 Voca 為北美 12 所大學提供服務，其中包括美國第二大大學和東海岸最大的學校網路。

Microsoft Unfied certification, Voca became the second vendor worldwide to receive certification. We have distanced ourselves from competition as the only vendor with real world enterprise production growth experience with this stack thanks to our long-standing partnership with Microsoft.

Voca 獲得了微軟統一認證，成為全球第二家獲得該認證的供應商。由於我們與微軟建立了長期的合作夥伴關係，我們是唯一一家擁有該技術棧在實際企業生產成長方面經驗的供應商，這使我們與競爭對手拉開了差距。

Now to a new product update.

接下來介紹新產品的最新進展。

Later in the full square, we plan to launch agent insights, which brings advanced conversational AI and generative AI to the Voca CIC platform powered by LLMs. It transforms recorded Teams interactions into structured insights including AI summaries, sentiment analysis, and one click CRM updates. Each contact center desk can define custom summary prompts, ensuring precision and compliance across use cases. Strategically, Agent insights and aligns with our unified integration model with Teams phone, adding a critical AI layer to the Microsoft Team CX ecosystem and strengthening Voca CIC as the role, as the intelligent engagement layer driving efficient and quality business value.

稍後，我們將推出代理洞察功能，該功能將先進的對話式人工智慧和生成式人工智慧引入由 LLM 提供支援的 Voca CIC 平台。它將記錄的 Teams 互動轉化為結構化的見解，包括 AI 摘要、情感分析和一鍵 CRM 更新。每個呼叫中心服務台都可以定義自訂摘要提示，確保在各種使用情境中都能做到精準合規。從策略角度來看，代理洞察與我們與 Teams 電話的統一整合模型一致，為 Microsoft Team CX 生態系統添加了一個關鍵的 AI 層，並加強了 Voca CIC 作為智慧互動層的角色，從而推動高效和高品質的業務價值。

Needless to say that agent insight is based on our technology developing the meeting insight and therefore we are in a good position to make great value and benefit from a technology in different areas overall. Our achievements or gaining recognition from leading industry analysts culminating in a recent award from the UC today forest Microsoft Teams contact centerer representing back to back win for the second year in a row in this category.

毋庸置疑，代理洞察是基於我們開發會議洞察的技術，因此我們處於有利地位，能夠在各個領域從技術中獲得巨大的價值和收益。我們在獲得領先產業分析師的認可方面取得了成就，並最終獲得了 UC Today Forest Microsoft Teams 聯繫中心頒發的獎項，這代表著我們連續第二年在該類別中蟬聯冠軍。

Moving to meeting insights. Meeting insights cloud edition maintains strong momentum in the score with continued growth in new customer acquisitions.

接下來討論會議洞察。Meeting Insights 雲端版本在得分方面保持強勁勢頭，新客戶獲取量持續成長。

Other key metrics include the number of meetings and unique active users reached record levels, contributing to continued growth in the monthly recurring revenue.

其他關鍵指標包括會議數量和獨立活躍用戶數均達到創紀錄水平，推動了每月經常性收入的持續成長。

In addition to our broad market focus, we have developed workflow solution tailored to specific verticals, adding automation and connectivity to other leading enterprise IT solutions aimed at leveraging Gen AI to enhance meeting productivity and accelerate business outcomes. A traction has been promising. One example involves the University of Central Florida, one of the largest universities in the US, which amongst a broad portfolio of solutions, also takes from us they deployed also meeting inside to generate AI powered summaries and transcripts of interaction between counselors and students. Working closely with the customer, we performed analytics such as sentiment analysis and speaker to listener ratio, displaying key metrics in a custom dashboard available to the counselors, supervisors to support students' wellness and improve graduation rates. This is just one example of our vertical solution of transforming data into actionable insights and support workflows, optimizing outcomes. We look forward to showing more in the coming future.

除了廣泛的市場關注之外，我們還開發了針對特定垂直行業的客製化工作流程解決方案，為其他領先的企業 IT 解決方案添加了自動化和連接功能，旨在利用 Gen AI 來提高會議效率並加速業務成果。牽引效果令人鼓舞。例如，美國最大的大學之一——中佛羅裡達大學，在其廣泛的解決方案組合中，也採用了我們的技術，並在校內部署了會議系統，以產生由人工智慧驅動的輔導員和學生互動摘要和記錄。我們與客戶緊密合作，進行了情感分析和說話者與聽眾比例等分析，並在輔導員和主管可以使用的自訂儀表板中顯示關鍵指標，以支持學生的身心健康並提高畢業率。這只是我們垂直解決方案的一個例子，該方案將數據轉化為可操作的見解並支援工作流程，從而優化結果。我們期待在不久的將來展示更多內容。

Moving on to Mia OP, since the second quarter, we've made significant strides in Israel and globally that are expected to drive growth in organizational segment.

接下來談談 Mia OP，自第二季以來，我們在以色列和全球範圍內都取得了顯著進展，預計這將推動組織部門的成長。

In addition to the exciting contract award under Project Nimbus we discussed earlier, our momentum in Israel is extending beyond the government vertical. We are now in the final stages of several large tenders in the vertical such as healthcare and utilities, reflecting growing demand across various industries. We also witness customer interest outside of Israel, when customers understand the uniqueness of Mia OP solution that unlocks meeting intelligence at the edge computing level.

除了我們之前討論過的“Nimbus 項目”下令人興奮的合約授予之外，我們在以色列的發展勢頭正在擴展到政府以外的領域。我們目前正處於醫療保健和公用事業等垂直領域幾項大型招標的最後階段，這反映出各行業的需求都在不斷增長。我們也看到了以色列以外的客戶的興趣，當客戶了解 Mia OP 解決方案的獨特性，即在邊緣運算層面釋放會議智慧時，就會發現這一點。

Fresh from the debate of Mia OP in Asia Pacific and early third quarter, we are now engaging with several government opportunities in APAC countries in setting up a proof-of-concept trials. In late third quarter, we also showcased our solution in the United States, and customer response was overwhelmingly positive. We are currently in conversation with several US federal and civilian agencies through a mix of collaboration with partners and direct engagements.

在亞太地區就 Mia OP 展開辯論之後，以及第三季初，我們現在正在與亞太地區的幾個政府機構接洽，以進行概念驗證試驗。第三季末，我們也在美國展示了我們的解決方案，客戶的反應非常正面。我們目前正透過與合作夥伴的協作和直接接觸相結合的方式，與多個美國聯邦和民事機構進行對話。

We ended the third quarter with close to 10 customers in production and about 15 proof-of-concept projects all arising from word-of-mouth recommendation.

第三季末，我們擁有近 10 個已投入生產的客戶和約 15 個概念驗證項目，所有這些都是透過口碑推薦而來的。

Based on our exceptional pipeline of opportunities, we expect our momentum in Mia OP to further accelerate in full score and into 2026.

基於我們卓越的專案儲備，我們預計我們在 Mia OP 的發展勢頭將在 2026 年全面加速。

So, to wrap up our call, in third quarter '25, we continue to make solid progress in our long-term transformation to hybrid cloud and voice services and Gen AI business application company. We deliver against our strategic objectives in that, hey, we have a third consecutive quarter of revenue growth.

綜上所述，在 2025 年第三季度，我們繼續穩步推進向混合雲和語音服務以及 Gen AI 商業應用公司的長期轉型。我們實現了策略目標，也就是說，我們連續第三個季度實現了營收成長。

B, we executed well through our playbook of leveraging our strong connectivity and solves in driving successful cross-sales value add services, and third, the R&D and sales marketing investments we've made over the past several quarters have led to record conversational AI bookings in the quarter and importantly pipe runs very healthy. This is the basis for belief that we will grow in the next coming years more than 40% to 50% on an annual basis in the conversational AI business. We are operating from a position of strength supported by a thoughtless balance sheet, a dominant connectivity franchise, and a growing conversation on a segment that enhances enterprise intelligence and productivity. We believe that these factors position us well for the rest of 2025 and increased growth in top-line and earnings into 2026.

B，我們透過充分利用自身強大的連結性和解決方案，成功推動了交叉銷售增值服務，並有效執行了我們的策略；第三，過去幾季我們在研發和銷售行銷方面的投入，使得本季對話式人工智慧的預訂量創下歷史新高，更重要的是，銷售管道的運作狀況非常健康。基於此，我們有理由相信，在未來幾年裡，對話式人工智慧業務的年增長率將超過 40% 至 50%。我們憑藉穩健的資產負債表、強大的連接性業務以及在增強企業智慧和生產力的領域日益增長的討論，在強大的市場地位上運作。我們相信，這些因素將使我們在 2025 年剩餘時間內處於有利地位，並有望在 2026 年實現營收和盈利的進一步增長。

And with that I've concluded my presentation and I'll move the call to the operator.

我的演講到此結束，現在我將把電話轉交給接線生。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Joshua Reilly, Needham.

約書亞·雷利，尼德姆。

All right, thanks for taking my questions today. Nice job on the quarter here. On the global tier one system integrator win, maybe you could give us some more color on what helped you, win that deal from a product perspective or any other factors that you think would be relevant to give to investors here.

好的，謝謝您今天回答我的問題。這季度做得很好。關於贏得全球一級系統整合商的訂單，您能否詳細介紹一下是什麼幫助您從產品角度或其他您認為與投資者相關的因素贏得了這筆交易？

Right. Well, I need to go back to the significance of, our Live platform, which is a services delivery platform UC and CX. I think by now, this is the only platform that allows large system integrators which serve. Large enterprises around the world deliver all of the different services that are needed in order to move to, modernizing the enterprise and to move to, enhanced, I would say communication and collaboration starting from connectivity which connects all of the sites of a company. Across the globe and then adding on top of that management of users, management of sites, and then on top of that a list of business applications and among them an advance and AI first contact center with coding solution meeting intelligence platform.

正確的。嗯，我需要回到我們 Live 平台的重要性上來，它是一個統一通訊 (UC) 和客戶體驗 (CX) 服務交付平台。我認為目前為止，這是唯一一個允許大型系統整合商提供服務的平台。世界各地的大型企業提供各種必要的服務，以實現企業現代化，並增強溝通與協作，而這一切都始於連接公司所有站點的連接。在全球範圍內，此外還包括用戶管理、站點管理，以及一系列業務應用程序，其中包括先進的、以人工智慧為先導的聯絡中心，以及編碼解決方案會議智慧平台。

And now we're coming with voice bots and Gen AI applications. So all in all, this is the most advanced platform these days and for a large system integrator that operates globally, this would be a great, services delivery platform to serve its customers and I think from that, stems the recognition in the importance of that platform.

現在，我們又推出了語音機器人和人工智慧應用。總而言之，這是目前最先進的平台，對於一家在全球範圍內運營的大型系統整合商來說，這將是一個服務於其客戶的絕佳服務交付平台，我認為正是這一點，使得人們認識到該平台的重要性。

Got it. That's helpful. And then, you're obviously building a lot of these kind of adjacent AI solutions, for the communication landscape, if you look at the. The older, products that you have, in the market, whether it's SPCs or some of the gateways and all the, older products that you sell, those are typically in pretty price sensitive markets. What are you seeing with some of these new AI solutions in your ability to drive pricing power, relative to the com the UCCaaS market which is historically a pretty price sensitive market.

知道了。那很有幫助。然後，如果你仔細觀察，你會發現你顯然正在為通訊領域建立許多這類相關的 AI 解決方案。你在市場上銷售的那些較老的產品，無論是 SPC 還是網關以及所有較老的產品，這些產品通常都處於對價格相當敏感的市場中。您認為這些新的 AI 解決方案在提升定價權方面有哪些優勢？尤其是在 UCCaaS 市場這個歷來對價格非常敏感的市場。

Right, well, Voice AI is an emerging, market, and therefore, those organizations which, are, early adopters and quick to implement, workflows and solutions that will substantially enhance their productivity are not less, concerned with the cost, so we do not see any price pressure at this point on the voice AI business application. And we believe that as we will continue to enhance and add more features and make the solution substantially richer, we can still keep that. So, you have identified correctly the difference between the legacy business, which is price sensitive, but again there, we enjoy the fact that competition is becoming less and less powerful.

沒錯，語音人工智慧是一個新興市場，因此，那些率先採用并快速實施能夠大幅提高生產力的工作流程和解決方案的組織，對成本的關注度並不低，所以我們目前沒有看到語音人工智慧商業應用面臨任何價格壓力。我們相信，隨著我們不斷增強和添加更多功能，使解決方案更加豐富，我們仍然可以保持這一點。所以，您正確地指出了傳統業務與新興業務之間的區別，傳統業務對價格很敏感，但同樣地，我們很高興看到競爭變得越來越弱。

But then we enjoy, relatively convenient price, environment I would say for our voice AI (inaudible) application.

但是，對於我們的語音人工智慧（聽不清楚）應用程式來說，我們享受了相對便利的價格和環境。

Got it. That's helpful. And then on the Microsoft business, I believe last quarter it grew 6% year over year, and I think you said it was flat this quarter. Is there any change in the trends there or is that just really around the year over year, comparison, dynamics for the growth rate?

知道了。那很有幫助。至於微軟的業務，我相信上個季度同比增長了 6%，而你之前說過這個季度持平。那裡的趨勢是否有任何變化，還是僅僅圍繞著同比、同比、成長率的動態變化？

Right, so I think, overall, UK market is kind of flattening out in recent 12 months. We've seen that trend, it's been fairly strong up until, '22, '23, then it becomes, the expansion rate, you know, really decrease, it's a good market. It's a great market, right? Just take into account that, out of, if you go back to like 15 years ago and you talk about $400 million end points overall in the enterprise world, served in the past by PBS, so these days, UCCaaS, I believe is serving less than $100 million. So, a lot of room to grow and again, we all need to acknowledge that the majority of the growth occurred more in the US, UK, Western Europe, Canada, Australia, maybe, etc. But there's a huge, actually above 50% of the $400 million market that's still served by the old PBX techno technology, so there's a lot of room to grow. So, in the but pricing is such that I would assume that you guys will grow, but you know our services should be applied to the non you know market at a lower range, and I think that would be basically the driver for increased growth going forward.

沒錯，所以我覺得，整體而言，英國市場在過去12個月有點趨於穩定。我們已經看到了這種趨勢，這種趨勢一直持續到 2022 年、2023 年，之後擴張速度明顯放緩，這是一個不錯的市場。這是一個很棒的市場，對吧？請記住，如果回顧 15 年前，企業界的總終端價值約為 4 億美元，而過去 PBS 服務於這些終端，因此如今，UCCaaS 服務的價值我認為不到 1 億美元。所以，成長空間很大。當然，我們都需要承認，大部分成長發生在美國、英國、西歐、加拿大、澳洲等地。但實際上，在4億美元的市場中，仍有超過50%的份額由舊的PBX技術服務，所以成長空間仍然很大。所以，從定價的角度來看，我認為你們會發展壯大，但你們也知道，我們的服務應該以更低的價格應用於非主流市場，我認為這基本上將是未來成長的驅動力。

Got it. And then last question for me is, if you look at the mix of revenue in the quarter, I would say that the product revenue was pretty strong above what my estimate was and what I would have expected. Can you just help us understand maybe what outperformed on the product revenue side, in the quarter?

知道了。最後一個問題是，如果看一下本季的營收組成，我會說產品收入相當強勁，超出了我的估計和預期。您能否幫我們了解一下，本季產品營收方面哪些產品表現優異？

Yeah, we, as you've seen, first we had a great quarter in terms of product recognized revenues. It was driven mainly at the software, which is part of the Voice AI solution, so that's where the product growth came from.

是的，正如你所看到的，我們首先在產品確認收入方面取得了非常好的季度業績。成長主要來自軟體，而軟體又是語音人工智慧解決方案的一部分，所以產品成長就源自於此。

Got it.

知道了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

As we have no further questions on the lines at this time, I'd like to turn the call back over to Mr. Adlersberg for any closing remarks.

目前電話線上沒有其他問題，我想把電話轉回給阿德勒斯伯格先生，請他作總結發言。

Okay, thank you, operator. I would like to thank anyone who attended our conference call today with continued good business momentum in our UCCaaS and CCaaS operations and continuing growth in our emerging Voice AI business. We believe we are on track to grow revenue and profitability in next coming years. We look forward to your participation in our next quarterly conference calls.

好的，謝謝接線生。我要感謝今天參加我們電話會議的各位，感謝大家對我們 UCCaaS 和 CCaaS 業務持續良好發展勢頭以及我們新興的語音 AI 業務持續增長的認可。我們相信，未來幾年公司營收和獲利能力都將實現成長。我們期待您參加我們下次的季度電話會議。

Thank you all. Have a nice day.

謝謝大家。祝你今天過得愉快。

Thank you, ladies and gentlemen, this does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。