On the operations side, I'm glad to report solid progress in non-GAAP gross margin, which has recovered from early first quarter with 62.1% in 2023 to reach in fourth quarter 67.6%. Coupled with disciplined expense management, Non-GAAP operating margin has also improved dramatically from 4.9 earlier in the year to reach 16.9% in the core, which is in the range we define for our long-term financial model. With continued focus on shifting our business model into subscription and recurring sales and shift to higher margin cloud software solutions, we expect operation margin to keep inching forward in coming years.

Feb 6, 2024 / CEO / receipt, needs a key / Shabtai Adlersberg, CEO | earnings call 2024-02-06 | transcript 92277c30-b591-4e4a-abd2-dc51d1e6b815 | chars 16373-16991 | segment 16