Skillsoft Corp.

Thank you for standing by, and welcome to Skillsoft's second quarter fiscal 2025 results conference call. At this time, all participants are in a listen-only mode. After the speakers present, there will be a question and answer session. Please note that today's call is being recorded. I will now hand the call over to your first speaker, Stephen Poe, Investor Relations. Thank you. Please go ahead.

Thank you, operator. Good day and thank you for joining us to discuss our results for the second quarter ended July 31, 2024. Before we jump in, I want to remind you that today's call will contain forward-looking statements about the company's business outlook and expectations, including statements concerning financial and business trends, our expected future business and financial performance, financial condition, and market outlook. These forward-looking statements and all statements that are not historical facts reflect management's current beliefs and expectations as of today, and therefore are subject to risks and uncertainties that could cause actual results to differ materially. For discussion of the material risks and other important factors that could affect our actual results, we refer you to our most recent Form 10-K filing with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements or information which speak as of their respective dates. During the call, unless otherwise noted, all financial metrics we discuss will be non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures included in today's commentary to the most directly comparable GAAP financial measures, as well as how we define these metrics, is included in our earnings press release, which has been furnished to the SEC and is also available on our website at www.skillscop.com. Following today's prepared remarks, Ron Hovsepian, Gilsoft's Executive Chair and Chief Executive Officer, and Rich Walker, Gilsoft's Chief Financial Officer, will be available for Q&A. With that, it's my pleasure to turn the call over to Ron.

Good afternoon, everyone. I appreciate you joining us today to discuss our fiscal second quarter. Our performance on the top line and on adjusted EBITDA were in line with our expectations for the quarter. Our leadership team remains fully engaged in the considerable work to operationalize our targets. However, we've made notable progress, and I'm encouraged by the early signs of operational execution. Most of our initiatives planning took place late in the second quarter, and we expect to see the benefit in future periods. As we outlined during our July 2024 Investor Day, our strategy is centered around two fundamental principles. Fix the Basics, and Invest to Grow. These strategies have been carefully crafted to strengthen our core operations while strategically channeling resources into areas with significant growth opportunities. More specifically, our Fix the Basics strategy is focused on how we can improve internal operations and our go-to-market strategies to better serve our customers, specifically by transitioning to a dual business unit structure. This structure aligns us more closely with our customer needs and allows us to reallocate a portion of the $45 million expense reduction to support our growth initiatives. By executing on these foundational improvements, we are positioning ourselves to achieve profitable growth in the next fiscal year. Let me share more details on where we stand in implementing these strategies. We have fully operationalized our new business unit structure and are making progress in breaking out business unit detailed financials. We've moved away from our functionally driven model and transitioned to a structure where two general managers now lead their respective units with clear accountability and P&L responsibility. This brings decision-making closer to our customers and markets and is already driving improved outcomes, aligning our corporate support functions more efficiently as well. Said differently, this structure is better for our customers and better for our company. Early indicators show that this transition is laying a strong foundation for the next phase of our journey. To accelerate our efforts, we've hired three key positions that are critical to Fix the Basics. First, we've hired a chief transformation officer who will oversee and guide the execution of our operational plan, working closely with functional leaders across the organization. Next, we've hired a chief analytics officer who will drive the implementation of our enhanced performance management systems, a key initiative in our Fix the Basics strategy. This role is crucial to measuring our performance against key operational metrics, surfacing actionable insights, and enhancing our data-driven decision-making. Last, we've added a Senior Vice President of Sales to help strengthen our discipline and execution of our sales strategy in North America. Alongside these operational adjustments, our reallocation efforts include a revised resource allocation framework to ensure the prioritization and the funding of our key value drivers that align with our long-term objectives. We are now nearing completion of our operational plan and look forward to sharing more about our progress. This level of focus and discipline will serve as the foundation for the next steps in our journey. As we work towards becoming the number one global talent skills champion for both organizations and learners, we're not just making temporary fixes. We're reshaping the company for sustainable long-term success. At our investor day, we laid out our goals of growing at or above market rates while building and maintaining an industry-leading financial profile. While it is still early days, we remain committed to the plans we laid out back in July. We are seeing early validations, particularly through customer wins and product innovation. Recently, we delivered a scalable multilingual solution for a global professional services firm that empowers over 700,000 employees. By integrating our offerings seamlessly with their existing HR systems, we will help them achieve their workforce transformation goals while also consolidating their learner partner costs. This is a splendid example of how we're delivering value at scale. We also reconnected with a key customer in the cybersecurity sector. After facing challenges with other providers, they came back to us, recognizing the unmatched learner and administrator experience we provide. This renewed relationship is already enhancing customer satisfaction and accelerating go-to-market efforts. In addition, we've regained the trust of a major financial services institution by delivering a modernized comprehensive learner experience tailored to their needs. This engagement not only facilitates the reskilling and upskilling of their workforce, but will empower their leadership team by introducing the talent skills champion. The renewed commitment is already fostering a culture of adaptive, customer-centric innovation. As part of our ongoing focus on partners and driving innovation, we're excited about our collaboration with Microsoft. Our partnership, along with the launch of AI Accelerator Program, positions Skillsoft to lead large-scale AI transformation amongst talent champions. This is just the first of many AI learning experiences we'll offer, helping everyone from end users to business leaders and AI developers gain the skills they need to thrive in the age of AI. We're also pushing the boundaries of AI-led learning experiences with exciting new releases, TDS learner offering Codecademy now features an AI assistant that offers AI driven hints during the coding practice. And we've also launched KC4U, which allows companies to customize AI simulations to align with their values and needs for more tailored training. Examples of our customers and partners like this give me confidence that the strategies we've implemented and the value drivers we're focusing on are resonating with our customers and starting to deliver tangible results. To help guide our journey, we welcome three new directors to our board. Each brings a wealth of experience and fresh perspective that will be invaluable as we continue delivering on our strategic priorities. These appointments reflect our commitment to continuing the company's advancement towards shareholder value creation. We'll continue to provide regular updates on our progress, and we're confident that our strategic initiatives will yield positive results in the coming quarters. With that, let me now hand the call over to Rich to cover our financial results in more detail. Rich?