Skillsoft Corp.

Greetings. Thank you for standing by. And welcome to Skillsoft's first quarter fiscal 2026 results and 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 would now like to hand the conference over to your first speaker, Stephen Poe, Investor Relations. Thank you, Stephen. You may begin.

Thank you, operator. Good day and thank you for joining us to discuss our results for the first quarter ended April 30, 2025. 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 our 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 the 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.skillsoft.com. Following today's prepared remarks, Ron Hosepian, Skillsoft's Executive Chair and Chief Executive Officer, and John Frederick, Skillsoft's Chief Financial Officer, will be available for Q&A. With that, it's my pleasure to turn the call over to Ron.

Thanks, Stephen. Good afternoon, and thank you for joining us. I'm very pleased to start today's call with the introduction of John Frederick as our new CFO. Since rejoining Skillsoft in August of last year, He has overseen the company's business planning, working closely with the leadership team to refine and help drive the implementation of our transformation plan. From 2018 through 2021, he served as Skillsoft's Chief Administrative Officer, which included leading the finance team, and previously he held executive positions at SumTotal Systems, a Skillsoft business acquired by Cornerstone in 2022, and others. John's deeply familiar with Skillsoft. His experience leading finance organizations and a growth-oriented mindset make him a natural choice to serve as our next CFO. I look forward to continuing to work closely with John as we build on our recent progress, drive success for our customers and learners, and unlock further shareholder value as we execute our strategic plan. I'd like to also extend a sincere thank you to Rich Walker, for his significant contributions and dedication to Skillsoft over the past four years. Rich has been a key member of the Skillsoft management team, and we wish him all the best in his future endeavors. In addition to welcoming John as our CFO, we expanded our leadership team with the addition of our new chief marketing officer, Rayanne Reese. Rayanne is responsible for overseeing our global marketing efforts, helping drive demand and enhance brand awareness among organizations and learners who are on their talent transformation journey. She has extensive experience in the technology sector, and her passion for powerful storytelling and driving transformation will help accelerate our go-to-market strategy, which is a key focus for Skillsoft going forward. Collectively, these leadership additions bring renewed focus and execution strength. With that, let me jump into our first quarter. which, as a reminder, is our seasonally smallest revenue quarter of the year. As expected, we experienced macro uncertainty, which translated into lower discretionary spending by our customers and slightly elongated decision making. This directly impacted our live learning revenue in the quarter, which includes our global knowledge instructor-led training and TDS coaching products. Yet, we saw a continuation of growth within our TDS segment, a trend we've seen since the third quarter of last fiscal year. Additionally, we delivered improvement in our adjusted EBITDA and free cash flow. While we continue to drive improved financial results, we're also delivering strong progress against our transformation commitments. Let me provide you an update on our progress in a few key areas. We are actively investing capital into our business. With reinvestment happening predominantly in the first half of this fiscal year, we expect to see positive free cash flow and top-line growth for the full fiscal year, both of which we committed to at our July 2024 Investor Day. We expect most of this growth to come in the back half of this year. We continue to execute our go-to-market strategy. In global knowledge for the first quarter, We saw a decline in U.S. public sector discretionary live learning spending. However, we saw an increase in large-scale non-U.S. public sector deals where we are investing in international growth. Common themes were upskilling in AI, cloud computing, software development, cybersecurity, and data analytics. We saw an example of a large European bank that is working with Skillsoft to introduce a blended program that leverages Skillsoft's full capabilities of digital learning, live learning, hands-on learning, and skill measurement. This demonstrates our differentiated value proposition to our customers through our multimodal interactive learning experience offerings. Within our TDS segment, we have had three consecutive quarters of revenue growth. We believe our value proposition is resonating especially with customers that are transitioning to being a skills-based organization. One example of this is a leading financial services company that is undergoing a significant strategic evolution aimed at enhancing agility and future readiness. As part of this initiative, they have partnered with Skillsoft to deliver a comprehensive skills development program, leveraging Skillsoft's content, platform, and services to identify and bridge skill gaps across the organization. This effort is key to their vision for a dynamic talent ecosystem, one that prioritizes continuous learning, empowers employees, and strengthens the company's competitive edge in a rapidly changing business landscape. As it relates to our product strategy, we continue to expand our product offerings in the first quarter. Let me highlight a few key examples of how we are delivering comprehensive interactive learning experiences on a global scale for both organizations and learners. First, Skillsoft's Precipio robust AI capabilities continue to build differentiation and strong learner engagement. Skillsoft's Casey our award-winning AI-powered coach, is now available for learners in over 40 languages. Our AI assistant is also now localized and available in all languages that our platform supports. Second, Skillsoft's Precipio certification dashboard was released. Clients can now see how many learners are pursuing certifications, how much time it is taking, and the progress each learner is making. Third, In addition to offering a world-class one-on-one coaching experience, our platform allows clients coaching programs to administer and operate with both internal and external coaches. This Skillsoft coaching platform offering an open approach to learning allows organizations to scale their internal coaching programs through coach selection, scheduling, and dashboards that measure success. Lastly, Skillsoft's Codecademy was a launch partner for Uconnect's class module product, which helps students fill skill gaps and gain industry-specific knowledge. Uconnect provides career center services for over 400 universities. Codecademy is also evolving to better meet the needs of upskillers with an end-to-end certification hub and granular skill tracking. Collectively, these transformation actions are driving improved financial results and delivering better outcomes for our clients and learners. During this past quarter, we hosted several customer events across the globe with multiple key accounts and prospects. These conversations provided me with further confidence in our business strategy and validates the key actions we are taking. Looking forward to the balance of our fiscal 2026, we are closely monitoring the macroeconomic environment, as certain verticals are experienced heightened to customer caution. While we are seeing some elongation in decision-making and softening in discretionary spend, we are continuing to strategically focus our resources in key growth areas. And as John will touch on shortly, we are reiterating our outlook for the full fiscal year. I am confident we will return the company to top-line growth and delivered continued margin expansion this year while generating positive free cash flow. With that, now let me hand the call over to John to cover our financial results in more detail. John?