I've held them in the past, and I agree, they are an amazingly run business. Their fundamentals were great. Their profitability was great. The numbers were fantastic. I think their business model has been disrupted by the current scenario.
Bare with me, this is all from memory, so may be rife with inaccuracies. My memory of their core product set is that it consolidates communication in big companies. So the cisco phone systems speak to oracle, and it all speaks to the standard and IP telephony protocols etc etc. This is quite a specific niche, it's also why their clients are all major multinationals - big companies that have made acquisitions and need to integrate systems so everyone can talk to each other.
I think there's been a step change in the world. Covid came along, and rather than maintaining old systems everyone needed something rapid and flexible that worked with the new WFH/Cafes/Office/Wherever, hence the en-masse pivot to Zoom and Teams. They needed something that "just worked" whether you were at your desk, or on your phone in your garden.
But now that this is the new normal, I'm not sure the old ways come back... If we're all linked by a virtual account, is there any reason to maintain physical phone lines anymore?
I do feel like I may have oversimplified their business model, and would love to hear some counterpoints, I haven't looked at them for a while, I sold out of my position in May 20.