Core Insights - AudioCodes has launched Meeting Insights On-Prem, an AI-powered software solution aimed at organizations in regulated and security-sensitive industries, providing secure and efficient meeting documentation without cloud reliance [2][5][7] Product Features - Meeting Insights On-Prem offers enterprise-grade security and complies with stringent privacy and regulatory requirements, making it suitable for sectors like government, military, financial, and healthcare [2][3] - The solution utilizes advanced generative AI for accurate transcriptions, summaries, and actionable insights, with customizable terminology dictionaries and features like automatic speaker separation [3][7] - It includes real-time editing and proofreading tools, enhancing documentation quality and productivity, along with a flexible task management application for post-meeting activities [3][7] Integration and Deployment - The solution supports remote participants via telephony channels and integrates seamlessly with telephony systems and contact centers from leading vendors in the unified communications and customer experience markets [4][7] - Meeting Insights On-Prem has already been deployed at customer sites during Q1 2025, indicating early adoption and implementation [6] Company Background - AudioCodes has over 30 years of experience in providing reliable voice services, trusted by Fortune 100 companies, and aims to enhance productivity and decision-making through its innovative solutions [2][5][9]

Revenue Performance - Quarterly revenues decreased by 3.2% year-over-year to $61.6 million; full year 2024 revenues decreased by 0.9% to $242.2 million[1] - Quarterly service revenues increased by 10.9% year-over-year to $34.2 million; full year 2024 service revenues increased by 8.2% to $130.2 million[1] - Total revenues for the year ended December 31, 2024, were $242.176 million, a slight decrease of 0.9% compared to $244.383 million in 2023[30] - Product revenues decreased to $111.966 million in 2024 from $123.991 million in 2023, representing a decline of 9.7%[30] - Service revenues increased to $130.210 million in 2024, up 8.1% from $120.392 million in 2023[30] Profitability - Quarterly GAAP net income was $6.8 million, or $0.22 per diluted share; full year 2024 GAAP net income was $15.3 million, or $0.50 per diluted share[3] - Non-GAAP net income for the fourth quarter was $11.6 million, or $0.37 per diluted share; full year 2024 Non-GAAP net income was $27.3 million, or $0.87 per diluted share[7] - Gross profit for the year was $158.161 million, nearly unchanged from $158.349 million in 2023[30] - Operating income rose to $17.191 million in 2024, an increase of 19.5% compared to $14.424 million in 2023[30] - Net income for the year was $15.311 million, significantly higher than $8.780 million in 2023, marking a 74.5% increase[30] - Basic net earnings per share improved to $0.51 in 2024 from $0.28 in 2023[30] Cash Flow and Assets - Cash and cash equivalents decreased to $93.9 million as of December 31, 2024, from $106.7 million a year earlier[12] - Total current assets increased to $162.876 million in 2024 from $142.661 million in 2023, reflecting a growth of 14.1%[29] - Net cash provided by operating activities for the year ended December 31, 2024, was $35,253,000, up from $14,891,000 in 2023, indicating a 136.5% increase[35] - The company reported a net increase in cash, cash equivalents, and restricted cash of $28,203,000 for the year ended December 31, 2024, compared to $6,011,000 in 2023[36] - The total cash, cash equivalents, and restricted cash at the end of the period was $58,749,000, up from $30,546,000 at the beginning of the period[36] Shareholder Returns - A semi-annual dividend of 18 cents per share was declared, amounting to approximately $5.3 million, payable on March 6, 2025[19] - The company declared a semi-annual dividend of $0.18 per share[30] - Cash dividends paid to shareholders decreased slightly to $10,896,000 in 2024 from $11,399,000 in 2023[36] Share Repurchase and Equity - The company repurchased 634,533 ordinary shares for a total cost of $6.0 million during the quarter[17] - The company purchased treasury shares amounting to $14,328,000 in 2024, compared to $18,259,000 in 2023, indicating a 21.3% reduction[36] - Total shareholders' equity rose to $191.814 million in 2024, up from $188.112 million in 2023, indicating a growth of 2.9%[29] Future Outlook - The company ended 2024 with an Annual Recurring Revenue (ARR) of $65 million, representing 35% year-over-year growth[14] - Microsoft business grew by 13% in the fourth quarter and 6% for the full year 2024, driven by a shift to recurrent revenue sales[14] - The Voice.ai business is expected to grow by 40% to 50% in 2025 due to increasing customer demand for AI-driven applications[15]

Geopolitical and Economic Risks - The ongoing war in Israel, which began on October 7, 2023, could have a material adverse effect on the company's business, financial position, operating results, and cash flow [19]. - The company has not experienced significant damage to its facilities or supply chains since the onset of the conflict, but future impacts remain unpredictable [22]. - Political and military conditions in Israel directly affect the company's operations, with ongoing hostilities potentially impacting production and sales capabilities [111]. - The conflict in Ukraine has resulted in significant sanctions against Russia, which could have material adverse effects on global macroeconomic conditions [106]. - Macroeconomic changes, including geopolitical instability and trade wars, may adversely impact the company's ability to manufacture and sell products, affecting operational results and share prices [107]. - The ongoing trade war between the United States and China has resulted in significant tariffs, including a 25% tariff on $34 billion worth of Chinese goods [95]. - The United States has increased tariffs on imports from China to 60% as of March 2025, which may disrupt supply chains and increase operational costs [96]. - Uncertain economic conditions could lead to reduced consumer spending, adversely affecting sales and liquidity [93]. - The Federal Reserve increased the federal funds rate target range to 5.25% to 5.50% in July 2023, impacting the overall economic environment [82]. Competition and Market Dynamics - The company faces increased competition and reliance on intermediaries, which may affect profitability and control over product selection by end-users [18]. - Intense competition in the industry is expected to increase, with significant merger and acquisition activity leading to greater market concentration among competitors [43]. - The company faces competition from various established players in different product areas, including Oracle, Cisco, and Twilio, which may impact market share [44][46][48]. - OEM customers may prefer to develop their own solutions or use third-party technologies, which could reduce demand for the company's products and negatively impact revenues [41]. - The communications equipment market is characterized by rapid technological innovation and intense competition, requiring frequent updates to products to avoid obsolescence [37]. - The transition to all-IP networks is ongoing, leading to a decline in revenues from media gateway products, which may adversely affect overall operational results [38]. - The shift towards cloud-based software creates challenges, as the company primarily generates revenue from on-premises deployments, potentially impacting short-term revenue recognition [39]. Supply Chain and Component Shortages - There is a significant global shortage of critical components, which may hinder the company's ability to manufacture sufficient quantities to meet market demand [20]. - The reliance on third-party suppliers for key components without long-term agreements poses risks, including potential delays and increased costs if supply is disrupted [61][65]. - Increased demand for telecommunications equipment may lead to component shortages, resulting in longer lead times and reduced margins, adversely affecting operational results [66]. - The semiconductor industry continues to face significant shortages, which could lead to reduced revenues and increased costs for the company if the situation persists [110]. Regulatory and Compliance Challenges - The company is subject to ongoing costs and risks associated with compliance with rapidly changing laws and regulations across multiple jurisdictions [20]. - The company faces potential regulatory risks that could slow the growth of the VoIP telephony market and reduce demand for its products [127]. - Compliance with FCC regulations and similar international regulations may increase operational costs, potentially impacting profitability [127]. - The company is subject to stringent privacy laws, including the GDPR, which can impose fines of up to EUR 20 million or 4% of total worldwide annual turnover for non-compliance [145]. - The company may incur significant costs related to compliance with environmental regulations, which could adversely affect its business operations [138]. - The evolving regulatory environment surrounding AI technologies may impose new obligations that could affect the company's operations and financial results [148]. - The SEC's newly adopted climate-related disclosure rules may require significant additional costs for compliance, including enhanced internal controls and greenhouse gas emissions reporting [160]. Financial Performance and Market Position - The company has a limited order backlog, making quarterly revenues highly dependent on orders received and delivered within that quarter [90]. - The company's gross margin may be negatively impacted by increased manufacturing costs and amortization expenses related to acquisitions [91]. - The company wrote off inventory totaling approximately $4.8 million in 2024 and $1.1 million in 2023 due to excess and obsolete inventory [87]. - The trading price of the company's ordinary shares on Nasdaq has fluctuated from a low of $6.62 to a high of $44.94 between January 1, 2018, and March 11, 2025 [161]. - The market price of the company's ordinary shares may be influenced by factors unrelated to operating results, leading to volatility [163]. - The company has experienced significant fluctuations in quarterly results, which may continue and affect investor expectations and share price [164]. Human Resources and Talent Management - The company’s wage-related expenses in Israel have increased significantly due to a shortage of skilled research and development employees, leading to heightened competition for talent [20]. - In 2023, Israel faced a shortage of qualified technical personnel, which could impact the company's ability to deliver products and services on time [179]. - Rising wages in the technology sector in Israel are expected to continue, potentially increasing labor-related costs for the company [180]. - The company relies heavily on key personnel, including the President and CEO, and any loss of these individuals could materially affect operations [178]. Product Development and Innovation - The company has invested heavily in developing products compatible with Microsoft Teams and other partners, and any changes in these partnerships could adversely affect operations [32]. - The company has invested heavily in product offerings compatible with Microsoft Teams and Skype for Business, adapting to shifts from on-premises to cloud-based solutions [78]. - The growth in the product portfolio necessitates increased support and servicing, potentially raising expenses and affecting operational results [74]. - The company is expanding its AI-related capabilities, including the development of software-based voice productivity solutions through its Voice.AI business line [76]. - The introduction of products with reliability or compatibility issues could lead to reduced revenues and increased product returns [72]. - The company continues to enhance its product portfolio with innovative solutions aimed at improving customer and employee experiences [194]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its international operations, which exposes it to various risks that could affect future growth [20]. - The company may pursue acquisitions to expand its business, but such activities could divert resources and disrupt operations [188]. - The company does not provide quarterly forecasts, which may affect analyst coverage and investor interest in its shares [168]. - AudioCodes has expanded its AudioCodes Live for Microsoft Teams portfolio, offering managed services on a monthly subscription basis to reduce upfront costs for customers [200]. - The Voice.AI business line focuses on content gathering and providing insights using AI and machine learning technologies [204]. - Meeting Insights, an AI-powered solution, automatically generates meeting minutes and integrates with Azure Open AI GPT for enhanced analysis of meeting recordings [206]. - SmartTAP 360° Live is a secure compliance recording solution that captures all types of organizational interactions, including voice and video, and integrates with Microsoft Teams [209]. - Interaction Insights, launched in early 2025, is a new SaaS application designed for data privacy and security, ensuring compliance with GDPR [211]. - AudioCodes offers a managed service for service providers to simplify the creation of multi-tenant Teams offerings, reducing time-to-market for hosted services [203]. - The company has developed a unique service delivery platform, Live Platform, which combines certified solutions for unified communications and contact center environments [196]. - AudioCodes has seen increased demand for recording video content due to the shift to Teams and the Work-from-Home model, driven by compliance requirements [212].

AudioCodes Ltd. (NASDAQ:AUDC) Q3 2024 Earnings Conference Call November 6, 2024 8:30 AM ET Company Participants Roger Chuchen - Vice President, Investor Relations Shabtai Adlersberg - President and Chief Executive Officer Niran Baruch - Vice President of Finance and Chief Financial Officer Conference Call Participants Ryan Koontz - Needham & Company Billy Fitzsimmons - Jefferies Operator Greetings. Welcome to the AudioCodes Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a ...

Exhibit 1 AudioCodes Press Release | --- | --- | |-----------------------------------------------|------------------------------| | | | | P R E S S R E L E A S E | | | Company Contacts | | | Niran Baruch, | Roger L. Chuchen, | | Chief Financial Officer | VP, Investor Relations | | AudioCodes | AudioCodes | | Tel: +972-3-976-4000 | Tel: 732-764-2552 | | niran.baruch@audiocodes.com | roger.chuchen@audiocodes.com | AudioCodes Reports Third Quarter 2024 Results Or Yehuda, Israel – November 6, 2024 - AudioCodes ...

Financial Data and Key Metrics Changes - Revenues for Q2 2024 were $60.3 million, a 0.5% increase from $60 million in Q2 2023 [9] - Services revenues increased by 12.3% year-over-year to $32 million, accounting for 53% of total revenues [9][10] - GAAP gross margin improved to 65.5% from 64.1% in Q2 2023 [10] - Operating income rose to $4.9 million (8.2% of revenues) compared to $2.3 million (3.8% of revenues) in Q2 2023 [10] - Non-GAAP net income for Q2 2024 was $5.5 million, or $0.18 per diluted share, compared to $5.1 million, or $0.16 per diluted share in Q2 2023 [11] Business Line Data and Key Metrics Changes - The enterprise business, representing about 90% of total revenue, saw the UCaaS business grow by 3.3% year-over-year, with Microsoft Teams live minute services annual recurring revenues growing 35% year-over-year [16][25] - The Customer Experience (CX) business revenue declined by about 10% year-over-year due to a large deal push-out, but a healthy pipeline supports a positive outlook for the second half of 2024 [28] - Conversational AI business revenue increased by 10.5% year-over-year, with bookings growing over 50% [16][32] Market Data and Key Metrics Changes - Revenue by geographical regions: North America (47%), EMEA (35%), Asia-Pacific (13%), and Central and Latin America (5%) [10] - The top 15 customers accounted for 56% of revenues, with 38% attributed to the nine largest distributors [10] Company Strategy and Development Direction - The company is focusing on growth in recurring business models, particularly in UCaaS, CCaaS, and conversational AI, with expectations of returning to growth in revenue and profits starting in 2025 [22][23] - Investments in the live platform and managed services are seen as key drivers for future growth, particularly in the Microsoft Teams ecosystem [19][25] - The company is also expanding its capabilities in conversational AI, leveraging its comprehensive technology stack to deliver integrated solutions [21][32] Management Comments on Operating Environment and Future Outlook - Management noted that the decline in legacy business is moderating, and they expect growth to resume in 2025 as recurring business models take precedence [54][55] - The impact of global economic conditions on enterprise spending is acknowledged, but management remains optimistic about the long-term growth potential driven by advancements in Gen AI technology [62][64] Other Important Information - The company declared a cash dividend of $0.18 per share, totaling approximately $5.5 million, to be paid on August 29, 2024 [12][13] - The company received court approval to purchase up to $20 million of additional ordinary shares, valid through January 1, 2025 [12] Q&A Session Summary Question: What are the key drivers of growth in the service business? - Management highlighted the strength of the live and Microsoft Teams managed services business, which has seen significant growth due to the development of a comprehensive service platform [43][44] Question: What types of customers are adopting conversational AI products? - Customers from various sectors, including finance, government, and healthcare, are adopting conversational AI solutions, with projects already in place demonstrating significant operational improvements [48][49] Question: When does management expect growth to re-emerge? - Management anticipates that growth will return by the second quarter of 2025, driven by a shift to recurring business models [54][55] Question: Have there been any changes in UCaaS and CCaaS spending due to macroeconomic conditions? - Management noted that while UCaaS growth has slowed, contact center activity remains strong, and they expect improvements as economic conditions stabilize [62][64] Question: What feedback has been received from customers regarding conversational AI? - Customers have reported significant operational efficiencies and improved decision-making capabilities due to the implementation of AI solutions, justifying the investment [65][66]

Exhibit 1 codes AudioCodes Press Release P R E S S R E L E A S E Company Contacts Niran Baruch, Chief Financial Officer AudioCodes Tel: +972-3-976-4000 niran.baruch@audiocodes.com Roger L. Chuchen, VP, Investor Relations AudioCodes Tel: 732-764-2552 roger.chuchen@audiocodes.com AudioCodes Reports Second Quarter 2024 Results and Declares SemiAnnual Dividend of 18 cents per share Or Yehuda, Israel – July 30, 2024 - AudioCodes (NASDAQ: AUDC) Press Release Second Quarter Highlights · Quarterly revenues increase ...

AudioCodes Ltd. (NASDAQ:AUDC) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET Company Participants Roger Chuchen - Vice President, Investor Relations Shabtai Adlersberg - President and Chief Executive Officer Niran Baruch - Vice President of Finance and Chief Financial Officer Conference Call Participants Samad Samana - Jefferies Ryan MacWilliams - Barclays Ryan Koontz - Needham & Company Operator Good morning everyone and welcome to the AudioCodes First Quarter 2024 Earnings Conference Call. At thi ...

Product and Service Offerings - AudioCodes expanded its AudioCodes Live for Microsoft Teams portfolio, offering three subscription-based services: Live Teams Essentials, Live Teams Pro, and Live Teams Premium, aimed at simplifying Microsoft Teams integration for enterprise customers [98]. - The company introduced the AudioCodes Live Platform for Microsoft Teams, a managed service for service providers that reduces time-to-market for hosted Teams services, available in three variants: Hosted Essentials, Hosted Essentials+, and Hosted Pro [100]. - AudioCodes' Voice.AI business line focuses on AI and machine learning to provide insights and predictions based on gathered content, enhancing customer service experiences [102]. - The SmartTAP 360° Live solution captures and indexes all types of organizational interactions, integrating with Microsoft Teams for compliance recording and offering analytics features like sentiment analysis and keyword detection [103]. - The Voca CIC contact center solution integrates conversational AI with Microsoft Teams, allowing for a unified communications experience and enhancing customer interaction capabilities [106]. - Meeting Insights, an AI-powered solution, automates meeting content recording and analysis, providing summaries and action items, and is built on a new multi-tenant SaaS platform [110]. - AudioCodes continued to enhance its SBCs for security and capacity in cloud environments, adding video support for WebRTC Gateway [111]. - The company launched a new video collaboration bar for Microsoft Teams, catering to the increased demand for video solutions in remote work settings [111]. - AudioCodes developed a generic analytics platform based on Azure Synapse capabilities to provide insights and predictions from Microsoft Teams call data [112]. - AudioCodes is focusing on expanding its voice and AI capabilities to penetrate the contact center market, particularly with Microsoft Teams integration [125]. - The AudioCodes Live Platform for Microsoft Teams is expected to gain traction, offering subscription-based services without the need for capital investments [126]. - AudioCodes Live Platform is a SaaS solution that facilitates seamless migration to UCaaS solutions like Microsoft Teams and Zoom Phone, reducing initial investment for service providers [146]. Financial Performance - Total revenues decreased by 11.2% to $244.4 million in 2023 from $275.1 million in 2022 [192]. - Revenues from product sales decreased by 24.5% to $124.0 million, accounting for 50.7% of total revenues, down from 59.7% in 2022 [192]. - Revenues from service sales increased by 8.7% to $120.4 million, representing 49.3% of total revenues, up from 40.3% in 2022 [192]. - Gross profit margin slightly decreased to 64.8% in 2023 from 65.0% in 2022 [191]. - Operating income fell to $14.4 million, or 5.9% of total revenues, compared to $31.3 million, or 11.4% in 2022 [191]. - Net income decreased to $8.8 million, representing 3.6% of total revenues, down from 10.3% in 2022 [191]. - Cash and cash equivalents decreased to $106.7 million as of December 31, 2023, down from $124.3 million in 2022 [196]. - Operating activities generated approximately $14.9 million in cash in 2023, compared to $8.3 million in 2022 [200]. - Cash used in financing activities was $28.9 million in 2023, primarily for share repurchases of $18.3 million and cash dividends of $11.4 million [201]. Market Trends and Strategy - The demand for cloud UC services continued to grow in 2023, driven by the migration of businesses to cloud solutions, although at a slower rate compared to the pandemic [118]. - The contact center market is rapidly evolving, with increased automation and remote work capabilities, leading to a demand for omnichannel engagement solutions [119]. - The transition to all-IP networks is accelerating, with telecom operators completing migrations and seeking to replace legacy systems [121]. - The company anticipates increased sales of software-based solutions, although this may lead to lower revenues from hardware products [206]. - Demand for technology products is decreasing as customers migrate to integrated solutions, adversely affecting sales [206]. Research and Development - Research and development expenses were $57.169 million, or 23.4% of total revenues, compared to 21.8% in 2022 [191]. - The company has invested significantly in development to comply with Microsoft's requirements for unified communication solutions [181]. - The company received approximately $7.3 million in grants from the IIA for research and development projects related to its Israeli subsidiaries [204]. - The obligation to pay royalties to the IIA amounts to 3% to 5% of revenues from sales of products developed with IIA grants, contingent on actual sales [204]. - As of December 31, 2023, 330 employees were engaged in research and development on a full-time basis [204]. Employee and Executive Compensation - Total direct remuneration for the 16 key executives in 2023 was approximately $4.3 million, including $0.5 million allocated for pension and retirement benefits [216]. - Yehuda Herscovici, VP Products, received total compensation of $978,250, which includes a base salary of $210,772 and share-based compensation of $651,703 [213]. - Shabtai Adlersberg, President and CEO, had total compensation of $3,213,852, comprising a salary of $358,403 and share-based compensation of $2,091,942 [214]. - The company granted 287,500 options and RSUs in 2023, with an average exercise price of $2.09 [217]. - The total number of employees was 950, a decrease of 1.65% from 966 in 2022 [231]. - Research and development employees numbered 330, down from 339 in 2022, indicating a reduction of 2.65% [232]. Corporate Governance and Compliance - The company has not included a provision in its articles of association regarding the independence criteria for directors, as it complies with Nasdaq and SEC regulations [221]. - The audit committee consists of four members, including three independent directors, with Joseph Tenne designated as the "audit committee financial expert" [223]. - The compensation committee, which includes all outside directors, is responsible for recommending executive compensation policies and monitoring their implementation [226]. - The company adopted a Clawback Policy in August 2023, requiring the return of incentive compensation in case of financial statement restatements, approved by shareholders on October 24, 2023 [268]. Shareholder Information - As of March 20, 2024, Shabtai Adlersberg holds 4,600,253 shares, representing 15.2% of the ordinary shares [236]. - Major shareholders include Shabtai Adlersberg with 4,705,253 shares (15.5%), Leon Bialik with 2,311,704 shares (7.6%), and Senvest Management, LLC with 2,543,368 shares (8.4%) [243]. - The company received court approval in 2023 to pay dividends and repurchase shares despite the lack of statutory profits, valid until June 18, 2024 [254]. Taxation and Legal Compliance - The corporate tax rate in Israel is 23% effective from January 1, 2018, with potential reductions for companies qualifying as Industrial Companies [280]. - Non-residents of Israel can freely convert amounts received in Israeli currency from ordinary shares into non-Israeli currencies, subject to applicable taxes [277]. - The company waived its Beneficiary Enterprise status starting from the 2019 tax year [285]. - Tax deductions for R&D expenditures are allowed if approved by the relevant Israeli government ministry [287].

Financial Data and Key Metrics Changes - Revenues for Q4 2023 were $63.6 million, a 3.2% increase from $61.6 million in Q3 2023. Full year 2023 revenues decreased by 11.2% to $244.4 million from $275.1 million in 2022 [9][10] - GAAP gross margin for Q4 was 66.7%, slightly up from 66.5% in Q3 2023. Operating income for Q4 was $7.2 million (11.4% of revenues), compared to $5.8 million (9.4% of revenues) in Q3 2023 [11] - Full year 2023 net income was $8.8 million ($0.28 per diluted share), down from $28.5 million ($0.88 per diluted share) in 2022 [12] Business Line Data and Key Metrics Changes - Services revenues for Q4 were $30.9 million, accounting for 48.6% of total revenues. Annual services revenues increased by 8.7% to $120.4 million from $110.8 million in 2022 [10] - The SBC product line generated over $35 million in revenue for Q4, with full year revenue close to $130 million [22] - Customer experience revenue grew by approximately 20% year-over-year for the full year, now representing more than 20% of total business [20] Market Data and Key Metrics Changes - Revenue by geographical regions for Q4: North America 44%, EMEA 37%, Asia Pacific 14%, Central and Latin America 5% [10] - The company experienced a decline in service provider business, with a year-over-year decline of over 60% in Q4 and over 40% for the full year [23] Company Strategy and Development Direction - The company is shifting its business model towards subscription and recurring sales, aiming to increase software and service revenue mix to nearly 70% in 2023, up from 60% in 2022 [16] - Focus on AI-first voice-related software and applications is expected to drive future growth, particularly in the UCaaS and CCaaS markets [17][18] - The company aims to leverage its partnerships with leading application vendors like Microsoft to enhance its market position [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the pipeline for 2024 looks promising, with strong bookings in 2023 compared to 2022, despite a challenging macroeconomic environment [34][35] - The company anticipates revenue growth in 2024, with guidance of $252 million to $267 million, reflecting a mid-range growth of about 6% compared to 2023 [14][26] Other Important Information - The company declared a cash dividend of $0.18 per share, totaling approximately $5.5 million, to be paid on March 6, 2024 [14] - The company has received court approval to repurchase up to $20 million of its ordinary shares [14] Q&A Session Summary Question: How does your pipeline visibility now compare to what it was in 3Q? - Management indicated that there is not much difference in pipeline visibility, with a strong Q4 expected to lead to a slight decline in Q1 2024 [34] Question: How did CCaaS demand fare in the quarter? - Management reported a rise in opportunities in the CCaaS space, with significant deals won in North America [37] Question: What is driving the moderated growth rates from Microsoft? - The moderated growth is attributed to the global economic slowdown and the limited benefit from adding phone functionality to Microsoft Teams [41] Question: What are the penetration rates of voice licensing in the Teams environment? - Current estimates suggest that penetration rates are still below 15%, indicating significant growth potential [44] Question: How do you expect cash conversion to perform in 2024? - Management expects operating cash flow for 2024 to be better than in 2023, following a strong Q4 [46] Question: Can you provide insights on the macro environment and customer verticals? - Management noted that the macro environment remains uncertain, but they are optimistic about growth in the enterprise space, particularly in contact centers and conversational AI [59]