Greetings, and welcome to the AudioCodes third quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode, and the question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Roger Chuchen, Vice President of Investor Relations. Sir, the floor is yours. 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. 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 or forward-looking statements as the term is defined under U.S. federal securities law. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results to differ materially from those stated 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 in 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, timely product and technology development, upgrades the advance of artificial intelligence, and 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 crisis on our business and results of operations, the effects of the current and any future 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 U.S. Securities and Exchange Commission from time to time. AudioCodes assumes no obligation to update the information. In addition, during the call, AudioCodes will refer to non-GAAP net income and net income per share. AudioCodes has provided 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. Before I turn the call over to management, I'd like to remind everyone that this call is being recorded and archived webcasts will be made available on the investor relations section of the company's website at the conclusion of the call. With all that said, I'd like to turn the call over to Shabtai. Shabtai, please go ahead. Thank you, Roger. Good morning and good afternoon, everybody. I would like to welcome all to our third quarter 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 quarter and discuss trends and developments in our business and industry. We will then turn it into the Q&A session. Niran? 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 an earnings supplemental deck. 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. 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. 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. Revenues by geographical region 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 Q3, of which 38% was attributed to our 10 largest distributors. In the Q3 of 2025, we experienced increased expenses due to the implementation of the new tariffs of U.S. imports, accounting for approximately $500,000 additional cost, which impacted both GAAP and non-GAAP. GAAP results are as follows: Gross margin for the quarter was 65.5%, compared to 65.2% in Q3 2024. Operating income for the Q3 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 of $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. 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 Q3 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 Q3 was $4.9 million, or $0.17 per diluted share, compared to $4.9 million, or $0.16 per diluted share in Q3 2024. At the end of September 2025, cash, cash equivalents, bank deposits, marketable securities, and financial investment totaled $79.7 million. Net cash provided by operating activities was $4.1 million for the third quarter of 2025. Days outstanding as of September 30, 2025, were 122 days. 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. 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. 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-$246 million, and non-GAAP earnings per share of $0.60-$0.64. I will now turn the call over to Shabtai. 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 amidst our long-term transformation to an AI-driven hybrid cloud software and services company. In the quarter, we continued to build on the strengths of our UCaaS 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 GenAI 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 increased 50% in the quarter, putting us on track to reach the 40%-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-$82 million. We are growing ever more optimistic about the continued strong ARR momentum and growth prospects for the overall company, fueled by a strong pipeline of opportunities catalyzed by the recent launch of the NextGen Live Platform and the growing demand for productivity enhancing GenAI 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 ended the third quarter backlog at $76 million, growing 13.4% over the year-ago backlog of $67 million. Let me share some key developments in our strategic business lines that underscore our growing confidence in our growth prospects. 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 a Live Platform agreement with a global Tier 1 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. The initial scope of the agreement provides managed SBC and gateway as 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. Where applicable, the partner will also cross-sell our award-winning Teams-certified Voca contact center, delivering a unified UC/CX experience. Based on the currently committed services, we anticipated low single-digit millions in recurring revenue during the first year of operation in this agreement. This strategic agreement represents a clear win-win for both parties. For the Q1 system integrator, our all-in-one UC/CX conversational AI stack simplifies operations, reduces cost to service, and enhances end customer experience. For us, it significantly expands our market reach and scales our go-to-market execution in the enterprise space. 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 UC/CX services. We are seeing strong interest from other Q1 prospects, other Q1 system integrator prospects, who recognize the transformative potential and cost efficiencies of our integrated platform. We look forward to sharing additional updates on new partnerships with global system integrators in coming quarters. Now to conversational AI. In addition to of conversational AI from Live Platform partners, we are seeing broad-based interest in our Gen AI-powered voice application from end customers. Specifically, I would like to highlight the progress we are making in our newest 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, all through word of mouth. Recently, our leading position in the Israeli market was further cemented when we were officially awarded a contract under Project Nimbus, the Israeli government's multi-year cloud migration initiative. 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 Asia-Pacific and North America have been overwhelmingly positive. Now to a more successful Gen AI-powered business line in the quarter, Voice AI Connect and 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. This momentum was fueled by a high volume of new logo wins across the United States, Europe, and Asia-Pacific, along with significant expansion within our existing install base. Driving this rapid growth is the emergence of the voice bots market, which is experiencing robust growth, driven by advancement in Gen AI and NLP. Market analysis projects that the voice bot 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%. Now to the Voice AI Connect space. A key highlight was a high six-figure voice success project license agreement aligned with leading 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. On the expansion front, we renewed the strategic agreement with a longstanding Voice AI 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 agent-assist capabilities as part of the digital transformation. Additionally, we secured a significant follow-on order from one of the largest credit unions in the U.S., which is deploying our Voice AI Connect solution for conversational IVR use case. Following the successful implementation of the initial order in the first quarter of 2025, focused on internal HR and help desk, the customer expanded rollout to its IVR Discord, enabling sales service options for its end customers. Moving on to Live Hub, offered as a software as a service, Live Hub is a cloud-native self-serve platform that helps voice bot developers for enterprise and service provider connect. Orchestrate and enrich the voice communication collaboration stride. Across various channels and systems. During the third quarter, another exciting milestone was the introduction of agentic AI capabilities within our Live Hub platform. This pivotal enhancement delivers an end-to-end solution, pairing text-to-speech, speech-to-text, and LLM-powered bot development with related best-in-class connectivity services, 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. Now, before turning to the detailed business line discussion, let me quickly shift to the third quarter profitability metrics outlook. We performed 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 a more favorable product mix and lower tariff. Related cost headwinds of about $500,000 versus prior expense of above $1 million in the second quarter of 2025. We expect full quarter 2025 tariff costs to be in the similar range to this recent third quarter. Third quarter non-GAAP operating expenses of $34.7 million compared with $35 million in the second quarter and $32.5 in the year-ago quarter. On a year-basis, the IR expenses are attributed mostly to targeted investment in growing the conversational AI business and higher impact from the weakening U.S. dollars against the euro in the third quarter. Non-GAAP operating margin reached 9.5% compared to 7.2% in 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 earnings per share was $0.17 compared to $0.14 in the previous quarter and $0.16 in the year-ago quarter. In terms of headcount, we ended the quarter with 961 employees, essentially flat across the first three quarters of 2025 and compared to. 935 employees in the year-ago period. Net cash provided by operating activities was $4.1 million for the quarter and $25.2 million for the first three quarters of 2025. 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, we project that 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 2024. We are moving to a positive trend, and we believe that 2026 will be even higher. Firstly, the UCaaS and CX connectivity business has 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 engagement with Cisco, which is the second-largest shareholder in the UCaaS market, involving all types of services, including Cloud Connect, offering devices, and more. The two developments give us confidence that this connectivity business will perform well in coming years. Secondly, as anticipated, we expect strong growth exceeding 40% annually in our Conversational AI business over the coming years. Now to some of the major business lines, starting with Microsoft. Our third quarter Microsoft business was almost flat year-over-year, impacted by seasonality and late purchase order push into the fourth quarter. For the first nine months of the year, Microsoft grew 4%, driven by our connectivity business, coupled with increasing attach rate of sales of devices, Voca CIC, or Teams-certified CCaaS, and other conversational business application services. Importantly, our pipeline of creative opportunities remains robust in the third quarter, up 20% year-over-year and up 8% for the first nine months of 2025, again compared to the year-ago quarter. Market service and partner inputs continue to support a growth story for Teams Phone business, driven by the Microsoft Operator Connect program, where adoption in the market continues to show healthy growth. Teams Phone usage is also strongly supported by Microsoft efforts to drive Copilot as a central capable chatbot for the Teams Phone meetings and calls. All this points to a strong market today and for coming years and further supports business expansion and dominance in the connectivity area. Before wrapping up on Microsoft business discussion, let me share details of some representative wins. One is a very large, greater than $1 million Defense Information Systems Agency. Here, we have signed $1.1 million total contract value over the next 36 months through AT&T, covering the expansion of additional managed SBC services and calling plans in a new region. Second win is with a financial services company operating internationally. It is a provider of investment management services outside the United States. This is a $1 million TCV contract over 36 months, deal renewal of all prior services and purchase at a modest increase in value. Third is a win with one of the largest hospitals, pediatric hospitals in the U.S., again close to a million TCV over 36 months, covering Live pro-managed services and gateways, enabling full migration from legacy PBX systems to Microsoft Teams. 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 Live CX, which is an integral component of the Live 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 Hub connectivity. As discussed in my earlier remarks, during the third quarter, we signed a landmark Live Platform agreement with a global T1 system integrator where Live CX was a critical element of the pro-based agreement. Expanding our network of global T1 integrator remains a key strategic initiative as it significantly broadens our addressable market. These partners focus on mid-size customer experience customers, a segment traditionally underserved by our direct sales team. Importantly, our pipeline of opportunity remains robust and gives us confidence about our growth prospect for the balance of 2025 and into 2026. Now to conversational AI, other lines, as discussed previously, conversational AI business grew 50% in the quarter. Key in the growth were the business line of Voice AI Connect and Live Hub, which we just discussed. Let's now discuss highlights of additional business lines that make up the conversational AI segment. First, Voca CIC. We recorded another record quarter of strong year-over-year invoicing and booking growth for Voca. Key highlights include major win in aviation. We signed a deal to deploy our Teams-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 enablement 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 Teams-certified contact center solution alongside our Live Teams-managed UC services. We now serve 12 university accounts in North America with Voca, including the second-largest university in the U.S. and the largest school network on the East Coast. Microsoft Unified 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-grade experience with this tech thanks to our long-standing partnership with Microsoft. Now to a new product update. Later in the fourth quarter, 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 aligns with our unified integration model with Teams Phone, adding a critical AI layer to the Microsoft Teams CX ecosystem and strengthening Voca CIC as the role. Role as the intelligent engagement layer, driving efficiency and quality business value. Now, needless to say that Agent Insights is based on our technology developing the Meeting Insights, and therefore we are in a good position to make great value and benefit from a technology in different areas. Overall, our achievements are gaining recognition from leading industry analysts, culminating in a recent award from the UC Today for Best Microsoft Teams Contact Center, representing back-to-back win for the second year in a row in this category. Moving to Meeting Insights. Meeting Insights Cloud Edition maintains strong momentum in this quarter with continued growth in new customer acquisitions. Other key metrics include the number of meetings and unique active users reached record levels, contributing to continued growth in the monthly recurring revenue. In addition to our broad market focus, we have developed a 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. Early traction has been promising. One example involves the University of Central Florida, one of the largest universities in the U.S., which, amongst a broad portfolio of solutions, customers take from us. They deployed also Meeting Insights to generate AI-powered summaries and transcripts of interactions 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 and supervisors to support student wellness and improve graduation rates. This is just one example of our vertical solution, transforming data into actionable insights and support workflows, optimizing outcomes. We look forward to sharing more in the coming future. 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 our conversational AI segment. In addition to the exciting contract award under Project Nimbus, we discussed earlier, our momentum in Israel is extending beyond the government vertical. We're now in final stages of several large tenders in other verticals, such as healthcare and utilities, reflecting growing demand across various industries. We also witnessed customer interest outside of Israel when customers understand the uniqueness of MIA OP 's solution that unlocks meeting intelligence at the edge computing level. Fresh from the debut of MIA OP in Asia-Pacific in the early third quarter, we are now engaging with several government opportunities in APAC countries in setting up 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 U.S. federal and civilian agencies through a mix of collaboration with partners and direct engagements. 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. Based on our exceptional pipeline of opportunities, we expect our momentum in MIA OP to further accelerate in the fourth quarter and into 2026. To wrap up our call, in third quarter 2025, we continue to make solid progress in our long-term transformation to hybrid cloud and voice services and Gen AI business application company. We delivered against our strategic objectives in that, A, we have a third consecutive quarter of revenue growth. B, we executed well to our playbook of leveraging our strong connectivity install base in driving successful cross-sales value-add services. Third, the R&D and sales marketing investment we've made over the past several quarters have led to record conversational AI bookings in the quarter, and importantly, pipeline remains very healthy. This is the basis for. Believe that we will grow in the next coming years more than 40%-50% on an annual basis in the conversational AI business. 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 enhances enterprise intelligence and productivity. We believe that these factors position us well for the rest of 2025 and increase growth in top line and earnings into 2026. With that, I've concluded my presentation, and I'll move over the call to the operator. Thank you. At this time, we'll be conducting our question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue, and you may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you. We have a question from Joshua Reilly with Needham. Your line is live. 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. Right. Well, I need to go back to the significance of our Live Platform, which is a services delivery platform for UCaaS 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, management of users, management of sites, and then on top of that, a list of business applications, and among them, an advanced and AI-first contact center, a recording solution, meeting intelligence platform, 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, it would be a great services delivery platform to serve its customers. I think from that stems the recognition in the importance of that platform. Got it. That's helpful. You're obviously building a lot of these kind of adjacent AI solutions for the communication landscape. If you look at the older products that you have in the market, whether it's SBCs or some of the gateways and all of 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 UCaaS market, which is historically a pretty price-sensitive market? 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. 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. Again, there, we enjoy the fact that competition is becoming less and less powerful. Then we enjoy relatively convenient price environment, I would say, for a Voice AI business application. Got it. That's helpful. 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? Right. So I think overall, the UCaaS market is kind of flattening out in recent 12 months. We've seen that trend. It's been fairly strong up until 2022, 2023. Then it became the expansion rate really decreased. It's a good market. It's a great market. Right? Just take into account that out of if you go back to 15 years ago and you talk about 400 million endpoints overall in the enterprise world served in the past by PBXs to these days, UCaaS, I believe, is serving less than 100 million. So a lot of room to grow. Again we all need to acknowledge that the majority of the growth occurred more in the U.S., U.K., Western Europe, Canada, Australia, maybe, etc. There's a huge, actually, above 50% of the 400 million market that's still served by the old PBX technology. So there's a lot of room to grow. So. Pricing is such that I would assume that UCaaS will grow, but our services should be applied to the non-UCaaS market at a lower range. And I think that would be basically the driver for increased growth going forward. 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? Yeah. 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. Got it. Thank you very much. Thank you. 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. Okay. Thank you, operator. I would like to thank anyone who attended our conference call today. With continued good business momentum in our UCaaS and CCaaS operations and continuing growth in our emerging Voice AI business, we believe we are on track to grow revenue and profitability in the next coming years. We look forward to your participation in our next quarterly conference calls. Thank you all. Have a nice day. 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.