KORE Group Holdings, Inc.

Greetings and welcome to the Core Group Holdings, Inc. First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief 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. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Vic Vijay, Vice President, Investor Relations. Thank you, Vic. You may begin.

Thank you, John. On today's call, we will refer to the first quarter 2024 earnings presentation, which will be helpful to follow along with, as well as the press release filed this afternoon. The details of the company's first quarter 2024 results. Both of these can be found on our investor relations page at ir.corewireless.com. Finally, a recording of the call will be available in the investor section of the company's website later today. The company encourages you to review the safe harbor statements, risk factors, and other disclaimers contained on this slide and today's press release, as well as in the company's filings with the Securities and Exchange Commission, which identify specific risks, factors that may cause actual results or events to differ materially from those described in our forward-looking statements. The company does not undertake publicly to update or revise any forward-looking statements after this webcast. The company also notes that it will be discussing non-GAAP financial information on this call. The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP. You can find a reconciliation of these metrics to the company's reported GAAP results in the reconciliation tables provided in today's earnings release and presentation. I'll now turn the call over to Ron Totten, the company's interim president and chief executive officer.

Thank you, Vic. Good afternoon, everyone. Thank you for joining us for our first quarter 2024 earnings call. With me today is Paul Holtz, CORE's chief financial officer. On the call today, we'll review our financial and business performance for the first quarter, our outlook for 2024, and then we'll host a Q&A session. Before turning the call over to Paul to review our solid financial performance in the first quarter, and since this is my first interaction with many of you, I want to take a few moments to introduce myself, talk about why I'm excited to be joining the core team, share some of my initial observations, and outline my priorities for the next 90 days. As an experienced technology, media, and telecommunications sector executive, I have held leadership roles with organizations raising in size from small-cap private firms to large-cap public companies, including British Telecommunications and Descartes Systems Group. Over this time, I've lived and worked around the world and led teams responsible for markets spanning Europe, Asia, and the Americas, with significant time spent in the U.S. In my most recent role, I led FT Telemedia Cloud, a portfolio company of Tomasic Holdings, developing a cloud strategy that saw us acquire several cloud managed service providers, now referred to as cloud modernization companies, and invested in leading U.S.-based SaaS companies. Prior to that, I was the CEO of Switzerland, Nordics, Central Eastern Europe, and Russia for BT Global Services, with responsibility for a P&L double the size of Core's. I joined Core as a people-oriented leader with a positive mindset that understands how to drive both growth and efficiencies that support better margins, increase profitability, and generate positive free cash flow. My 25 plus years of working with customers in the field helps me understand their broader needs and pains, which is essential for creating high value solution. In my first two weeks, I've been doing a lot of listening and have been focused on these four areas. Spending time with key customers and working to understand their experience with us and their specific current and future needs. Working closely with the senior leadership team to learn from their experience built over their multi-year tenures at CORE. Sitting alongside employees across all functions of the company from sales and marketing and technology to finance and HR to better understand the path and the roadblocks to success. And lastly, interacting with the board at both the individual member and committee levels to understand the framework for the vision and our strategic priorities. So what have I observed to date? We operate in a large and growing IoT addressable market that sits at the intersection of real-time data, cloud, and AI, helping to support new revenue streams and enable real productivity gains for our customers. We are viewed best in class, being named a leader by Gartner, in the magic quadrant for managed IoT connectivity services worldwide for the fifth consecutive time, and our customers highly value what we do. We also know they want even more from us, and therefore there are significant opportunities to grow share of wallet with existing customers while targeting new ones. What attracted me to Core is not only the markets we serve, but also the impact we have based on the problems we solve. Our connected health solutions, for example, help our customers not only improve the quality of life for patients, but also literally saves lives. Likewise, our fleet and vehicle solution support monitoring and maintenance of large volumes of capital equipment, maximizing asset life and ensuring efficient customer operations, while also safeguarding employees. In short, we support mission-critical use cases that make a real difference to organizations, communities, and individuals. I've also been deeply impressed with the commitment and expertise of our teams. Many of our employees have worked in the IoT space since its inception, and that type and longevity of experience is difficult to replace. With their depth of knowledge, they continue to suggest ways that we can improve our performance by operating more efficiently and with higher velocity. I'm committed to working with the team to find more efficient ways of working and ensuring we have a culture that recognizes great ideas can come from anywhere in the organization. I believe in a disciplined approach, ensuring the organization is doing the right things, not everything. In other words, being optimistic and realistic. Combining our high-quality solutions with greater operational rigor will help us drive towards profitable growth that will ultimately yield improved financial performance, strengthen the balance sheet, and create greater value for our shareholders. On that basis, my priorities over the next 90 days are as follows. Continuing to speak to our largest customers, but also to prospective customers in key verticals and geographies. Evaluating immediate near-term opportunities to operate more effectively, including the implementation of stronger processes and controls that help drive efficiency. Working to begin unleashing the potential of people in the organization by focusing on a unified strategy that will allow us to scale cost effectively. And lastly, reviewing the KPIs we and various stakeholders groups use to measure our performance and progress and determining if new and different ones are required as we move ahead. From a strategy perspective, it's still early days, so I don't expect any major changes in the near term. We have two solid business units and will continue to execute on our plan, focused on profitable growth, while making minor modifications here and there to enhance our effectiveness and efficiency. In closing, I'm passionate about building strong, unified teams and growing and optimizing businesses. And that is what gets me up in the morning. And I look forward to reporting on our initial progress on our next quarterly call. With that, I'm now going to turn it over to Paul to review the results from the first quarter.