Spok Holdings, Inc.

Hello, everyone, and welcome to Spokeholding's third quarter 2025 earnings call. I am joined by Vince Kelly, chief executive officer, Mike Wallace, chief operating officer, and Calvin Rice, chief financial officer. I want to remind everyone that today's conference call may include forward-looking statements that are subject to risks and uncertainties relating to Spoke's future financial and business performance. Such statements may include estimates of revenue, expenses, and income, as well as other predictive statements or plans, which are dependent upon future events or conditions. These statements represent the company's estimates only on the date of this conference call and are not intended to give any assurance as to actual future results. Spokes' actual results could differ materially from those anticipated in these forward-looking statements. Although these statements are based upon assumptions that the company believes to be reasonable, they are subject to risk and uncertainties. Please review the risk factors section relating to our operations and the business environment, which are contained in our third quarter 2025 form 10Q and related documents filed with the Securities and Exchange Commission. Please note that SPOKE assumes no obligation to update any forward-looking statements from past or present filings and conference calls. With that, I'll turn the call over to Vince.

Thank you, Al. Good afternoon, everyone, and thank you for joining us for our third quarter 2025 earnings call. I'm proud of the performance our team was able to deliver in the third quarter, especially after the exceptional performance in the second quarter, where we saw several new customer contracts get accelerated into that period, and despite the seasonal headwinds we typically face in the slower summer months. On a year-to-date basis, we continue to make progress in key performance areas, including net income, adjusted EBITDA and cash generation, wireless ARP returns, software revenue growth, and gross backlog levels. Based on our solid performance through the first nine months of the year and our visibility into our very robust product sales pipeline, we are reaffirming our guidance. We have advantages over the competition in our core healthcare software contact center space, including long-term and deep relationships with the top healthcare systems in the nation who continue to purchase from us on a regular basis, offering customers an integrated platform as opposed to multiple point solutions, and continuing to invest in and enhance our platforms consistent with what our customers are requesting. Spoke is viewed as an indispensable partner by many of our customers. In other words, they need Spoke to efficiently carry out their day-to-day operations. Later in the call, Mike Wallace, our Chief Operating Officer, will lay out for you the product offerings that we have built that we believe will allow us to create significant shareholder value into the future. Let me also take this opportunity right up front to remind everyone that our mission remains solidly unchanged. That is to generate cash and return capital to our stockholders over the long term. while responsibly investing in and growing our business. As we've demonstrated through our performance since our strategic pivot more than three years ago, we believe we are on a sustainable path to achieving that goal. So today, we'll share with you an update on how our strategic business plan is progressing in support of this goal, as well as our financial results for the quarter. I'll start by reviewing the agenda for today's call. The order will be as follows. We'll begin by providing a review of our company performance for the quarter. I'll then turn the call over to Mike Wallace to review some of our quarterly sales and operational highlights, as well as give you an overview of our product offering. Then our Chief Financial Officer, Calvin Rice, will review our third quarter financial highlights and financial guidance for 2025. I'll then wrap the call, and we'll take your questions as time allows. As I said up front, we're proud of what the SPOKE team has been able to accomplish through the first nine months of the year. Year-to-date highlights include... Strong levels of adjusted EBTA, which covered our quarterly dividend and capital expenditure requirements. Continued sales pipeline growth, providing confidence in our outlook. An increase in cash balances, which we believe hit a slow point in the first quarter and will continue to build through the remainder of the year, consistent with past year trends. A 5.2% increase in software revenue that includes triple-digit growth in managed services revenue on a year-over-year basis. Improved wireless trends as net unit churn dropped by 20 basis points from the prior quarter. Continued expansion of our wireless average revenue per unit, further reflecting the impact of prior pricing actions and sales of our encrypted HIPAA-compliant alphanumeric Gen A pager, and continued discipline in expense management as we saw flat year-over-year adjusted operating expense levels while supporting the increase in software sales and making the necessary investments in product research and development to fuel future growth. In short, we're very pleased with our performance in the first three quarters of the year and believe that these results provide a solid springboard for the remainder of the year and for 2026. In the third quarter of 2025, we generated more than 6.6 million of adjusted EBITDA, which more than covered the 6.4 million we returned to our stockholders in the form of dividend distributions. At the same time, we maintained our third quarter research and development investment and believe we're on track to invest approximately 12 million in product research and development in 2025. We believe this investment will fuel future software revenue growth that our extensive experience selling and operating our established communication solutions will continue to create significant value for stockholders by maximizing revenue and cashflow generation. As I mentioned, Spook has a proud legacy of creating stockholder value through free cash flow generation, and we intend to continue this track record. In fact, over the last 20 years, Spoke has returned a total of more than $720 million to our stockholders, either through our regular quarterly dividend, special dividends, or share repurchases. More recently, since we announced our strategic pivot back in early 2022, Spoke has returned nearly $100 million to our stockholders. When you take into consideration our current cash balance, distribution to stockholders, share repurchases, debt repayments, and acquisitions with our inception, Spoke has generated nearly $1.1 billion of free cash flow. Maximizing cash flow in the long term supports the three major tenets of our strategy, which include, number one, continued investment in our wireless and software solutions, number two, continued disciplined expense management, and number three, a stockholder-friendly capital allocation plan. Before I turn the call over to Mike, let me take a moment to review Spoke's significant positive attributes. As a leader in healthcare communications, we maintain the largest paging network in the United States. We control significant and valuable narrowband personal communications spectrum. We have a blue-chip customer base of more than 2,200 hospitals. We have created a large portfolio of intellectual property via strategic R&D investments, and we continue to generate significant cash flow and return to our investors on a quarterly basis. Spoke delivers the critical communication solutions hospitals rely on every day. Our Spoke CareConnect suite of solutions integrates with existing workflows in the hospital and enables them to deliver information quickly and securely to the hands of clinicians who need to act on it, wherever they are and on whatever device they're using. From the contact center to the patient's bedside, Spoke Care Connect provides directory details, on-call schedules, staff preferences, secure texting, and a lot more. We have over 2,200 healthcare facilities as customers, representing the who's who of hospitals in the United States. We have built our solutions over many years and have longstanding, valuable customer relationships. And as you probably saw earlier this month, we announced that nine of the 10 children's hospitals Named to the 2025 and 2026 U.S. News and World Report Best Children's Hospitals Honor Roll, rely on Spoke industry-leading secure healthcare communication solutions to support care collaboration and deliver outstanding patient experiences. For over a decade, nearly every hospital named to the Children's Best Hospitals Honor Roll has relied on Spoke solutions. And this news comes on the heels of our announcement that 18 of the top 20 adult hospitals on the U.S. News and World Report listed also rely on Spoke. This industry-leading reputation is coupled with financial strength that nearly 80% of our revenue is reoccurring in nature, and we are a company with no debt, which provides us with significant flexibility. We're a pioneer in healthcare communications with the best-in-class product offering and have built an industry-leading reputation over the years. So at this point, I'd like to hand the call over to Mike to outline our sales performance and give you a brief overview of our product offerings.

Mike? Thanks, Vince, and thank you, everyone, for joining us this afternoon. As Vince pointed out, timing issues impacted bookings levels during the third quarter after an exceptionally strong second quarter. However, on a year-to-date basis, we continue to make great progress in a number of key areas. As we discuss each quarter, we continue to build a solid financial platform that and stockholder-friendly capital allocation strategy, and we remain true to our mission of being a global leader in healthcare communications. Today, I'd like to briefly provide you with a little more visibility into Spoke's industry-leading product platform and what gives us confidence as we move forward. The cornerstone of that platform is Spoke Console, which streamlines operator workflows and ensures rapid emergency response. Spoke Messenger, which integrates with clinical systems to deliver alerts and notifications to the right person on the right device, and Spoke Mobile, which empowers care teams with secure HIPAA-compliant messaging at their fingertips. Let's begin with Spoke Console being a secure healthcare contact center solution that serves as the central hub for hospital operator workflows. It gives operators the tools they need to respond promptly to every call and process priority communications. By uniting disparate data systems into a centralized digital directory, Spoke Console ensures operators have fast access to physicians, patients, and staff, and that the right message reaches the right person at the right time. With a modern user-friendly interface, it integrates with the organization's PBX and leading UCAS systems. Call center agents manage calls directly through the console software. guided by intuitive screens and color-coded directories that simplify lookups and streamline communication. Spoke Messenger is an FDA 510K cleared clinical alerting management solution that delivers critical information and updates from nurse call systems, patient monitors, clinical systems, and other sources directly to the right care team members on their preferred devices, including pagers, smartphones, and voice over IP devices. It intelligently routes, prioritizes, and escalates alerts based on roles, schedules, and rules, helping to reduce delays and improve response time. Integrating with existing hospital systems, Spoke Messenger enables seamless, secure communication across departments and devices. It also delivers near real-time visibility, empowering teams with the transparency they need to track alert delivery and respond with confidence. Designed for reliability and HIPAA compliance, Spoke Messenger supports better workflow efficiency, reduces alert fatigue, and enhances patient safety. And lastly, Spoke Mobile is a secure HIPAA-compliant messaging app that enables clinicians and staff to collaborate quickly and reliably. It integrates with hospital directory information, clinical monitoring systems, and on-call schedules to ensure messages and alerts reach the right person on the right device. Spoke Mobile supports message escalation based on established priorities and allows users to send notifications directly to providers' mobile devices as an alarm management option. It also maintains a detailed message history to ensure information is readily available for auditing purposes. With role-based messaging, group communication, and delivery confirmation, Spoke Mobile streamlines workflows and helps care teams stay focused on patient care. In short, we are proud of the product platform that the Spoke team has built and believe that these offerings will create significant sales opportunities and drive shareholder value into the future. With that, I'd like to turn the call over to Calvin to review the financials. Calvin?