AudioCodes' second-quarter print was a paradox. The top line grew 3.1% year over year to $63.0M and services revenue - the segment most directly tied to the Voice AI / Live Platform thesis - grew 6.2% to $34.6M. Annual recurring revenue advanced to $84M, up 20% year over year, the seventh consecutive 20%-plus ARR print. Yet GAAP net income was $0.5M (just $0.02 per diluted share), operating margin held at 5.1%, and the gap between GAAP and non-GAAP net income ($0.5M vs $3.9M, or 8x) was the widest of any quarter in the past three years because of $1.95M of FX-related financial expense in non-dollar balance sheet revaluation. The capital return overlay did most of the load-bearing work for shareholders: AudioCodes bought back 950,133 ordinary shares for $8.9M during the quarter (under a $25M Israeli-court-approved authorization that runs through November 12, 2026), declared a $0.20 semi-annual dividend payable in September, and the share count has fallen 12.8% on a year-over-year weighted average basis. The unresolved question is whether the Voice AI / Live services growth can lift GAAP operating margin from the current 5.1% - where it has lived for nine straight quarters - toward the 7-8% non-GAAP margin the model already implies once FX stops whipsawing the bottom line.