Skillsoft Corp.

Thank you for standing by and welcome to Skillsoft's first quarter fiscal 2027 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 and a replay of the call and webcast will be available shortly after the call concludes for a period of 12 months. I would now like to hand the conference over to your first speaker today, Nick Thieves, Investor Relations. Thank you. Please go ahead.

Thank you, operator. Good day and thank you for joining us to discuss our results. The first quarter ended April 30th, 2026. 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 that constitute forward-looking statements of 1995, including statements concerning financial and business trends, our expected future business financial performance, financial condition, and market outlook. These forward-looking statements and all statements that are not historical facts reflect management's current beliefs, expectations, and assumptions, and therefore are subject to risks and uncertainties that could cause actual results to differ materially from the conclusions, forecasts, estimates, or projections in the forward-looking statements made today. For a 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, the Form 10-Q filed today, and other documents that we file 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, financial measures which are not prepared in accordance with generally accepted accounting principles for example listeners should be cautioned that references to phrases such as adjusted EBITDA and free cash flow denote non-GAAP financial measures non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures Presentation of the most directly comparable financial measures determined in accordance with GAAP, as well as the definitions, uses, and reconciliations of non-GAAP financial measures included in today's commentary to the most directly comparable GAAP financial measures are included in our earnings press release, which has been furnished to the SEC on Form 8K and is available at www.sec.gov. It is also available on our website at www.skillsoft.com. Note that we do not provide reconciliations for forward-looking, non-GAAP financial measures, as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. In addition, as of April 30, 2026, Skillsoft's GK segment was classified as discontinued operations, making the TDS segment the only remaining segment. Prior period results have been recast to conform to the current presentation. Adjusted EBITDA from continuing operations is our current segment measure of profit. Reconciliation of this measure to net income loss from continuing operations is included in our earnings press release for the fiscal quarter ended April 30th, 2026, as described above, as well as note 13 to the unaudited condensed consolidated financial statements included in Skillsoft's most recent form 10Q. Following today's prepared remarks, Ron Hovsepian, Skillsoft's Executive Chair and Chief Executive Officer, and Ron Kisling, Skillsoft's Chief Financial Officer, will be available for Q&A. With that, it's my pleasure to turn the call over to Ron Hovsepian.

Thanks, Nick, and good afternoon. Thank you to everyone for joining us today. I want to welcome Ron Kissling to Skillsoft as our new Chief Financial Officer. Ron brings more than 40 years of finance experience, including 15 years as CFO at high-growth technology companies. His work at Fastly and Fitbit gives him a strong foundation for what we are building here. I am confident his discipline and judgment will be valuable as we enter the next phase of the company's transformation. I also want to thank John Frederick for his contributions and partnership as we advanced our transformation over the past year. For our first quarter results, revenue declined approximately 5% on a year-over-year basis. Two expected factors drove this, booking softness in our government business in the first half of last year and anticipated declines in our consumer business. We expected a portion of these declines to be offset by labor-based offerings with more immediate revenue recognition, such as professional services and coaching. However, those opportunities shifted to periods later in this fiscal year. The underlying business is performing in line with our plan, and the strategic progress is visible in the numbers. New platform customer agreements grew 67% quarter over quarter from 15 to 25. And our dollar retention in the first quarter reached 105%. These results reflect early returns from our redesigned go-to-market model and platform innovation strategy. In Q1, we saw higher year-over-year bookings, strong top of funnel engagement, expanding pipeline, and increasing average deal size. Today, I want to focus my remarks on four themes. First, the expected closing of the announced agreement for the divestiture of global knowledge will sharpen our focus and further simplify the company. Second, our transformation efforts to accelerate our path to enterprise growth through product innovation and go-to-market improvements. Third, AI is increasing the urgency and strategic value of what we deliver. Fourth, once the GK transaction closes, refinancing our debt will be a top management priority. We believe that combined, these themes reflect a more focused company with clearer operating model and a more direct path to durable growth. Let me start with global knowledge. As we announced in May, we entered into a definitive agreement to sell the GK business to an affiliate of Enduring Ventures with an expected fiscal Q2 closing. With that expected close of the transaction, we are simplifying how we refer to our remaining business. What had been reported as the TDS segment will simply be referred to as Skillsoft. We believe this is the right direction for Skillsoft. GK served an important purpose, but post-close, we will concentrate fully on our AI native skills management platform, where we see the greatest opportunity to help organizations build workforce readiness and prove the impact of skills on business outcomes. This is where we have the biggest opportunity to accelerate growth with the strongest right to win. Upon successful completion of the transaction, we believe overall the financial impact will be near neutral, while maintaining a strategic partnership for our customers. We expect the transaction to be accretive to growth rates and earnings. It strengthens our recurring revenue profile, improves free cash flow visibility, and puts us in a better position to address our capital structure once the deal closes. That brings me to the second theme. Over the past several quarters, we have significantly redesigned our go-to-market model, aligned sales resources more tightly to enterprise opportunities, and continue to refine our product experience in ways that matter to our customers. Our Skillsoft platform is increasing differentiation by bringing together content, skills intelligence assessment, and AI-enabled experiences in one system. As organizations look for partners who can connect learning activity to workforce capability and business outcomes, we believe that approach is resonating more clearly. As we closely watch the markets evolve, we see customers who are transforming their organizations and preparing to lead in an AI world. A Fortune 500 global energy company left a competing vendor and returned to Skillsoft. They made our platform their enterprise-wide learning and development front door to their HRIS system. They are using Skillsoft to address their three CEO-level workforce priorities, closing critical engineering succession gaps, executing a company-wide AI upskilling program, and building the next generation of leadership pipelines. This is not a content vendor relationship. This is a strategic partnership at the highest level of business decision-making. a leading U.S. government contractor with over 8,000 professionals whose technical certifications directly determined billing rates replaced their existing vendor with Skillsoft. The result was a 7x return on investment, $2.7 million in business value, and 82% of learners improving skill proficiency across 426 benchmarks. They credit Skillsoft with transforming their learning function from a compliance cost to a driver of revenue and retention. By eliminating the drag from GK on continuing operations, the underlying progress we have made becomes easier to see. We have more work to do, but we are realistic about the pace. But improvements in retention, growth of platform adoption, and strong customer engagement support our view that the business is moving forward toward a more sustainable growth trajectory. Now let me turn to AI. Why we believe it is increasing the urgency and strategic value of what we do. AI is widening the skills gap faster than most organizations can close it. And that is driving demand for solutions that can translate AI into execution and measurable outcomes. Tomorrow, we are releasing our Skillsoft Workforce Readiness Report, which found that only one in four employees feel AI ready. Their report surveyed 2,000 employees, managers, and executives globally. It uncovered a 53-point gap between how leaders and employees rate AI readiness and found that only 11% of their employees are assessed using formal skills benchmarks. These findings represent more than learning gaps. They are business execution risks, and they underscore why platforms that can measure skills, validate readiness, connect learning to outcomes are becoming more important. This quarter, we released the AI-powered Skills Visibility Dashboard that gives managers real-time intelligence into team capabilities, skilling progress, and readiness gaps. That is a direct response to what the enterprise buyers are telling us they need, better visibility into whether their workforce is actually ready. We have spent the last 20 years delivering curated learning to enterprise workforces across many industries. That work has taught us which skills matter for which roles, how skills build on each other, and how skill development connects to business performance. We have codified all of that into our Skillsoft platform. We call this our skills ontology and is not something that can be built quickly. It is the foundation that makes our platform accurate, trusted, and governed in ways that matter to enterprise buyers. Offerings like KC and LX Design Studio build on that foundation. helping customers move beyond passive consumption of learning content toward practice, simulation, and custom content creation at scale. Customers are looking for trusted partners who can help them securely and responsibly apply AI in ways that drive measurable business outcomes. Our combination of curated and blended learning journeys, skills intelligence, assessments, AI-powered simulation, and the ability to prove impact is designed to do exactly that. Once the GK divestiture is complete, addressing our upcoming debt maturities will be management's top financial priority. We recognize this is important to all of our stakeholders. We will evaluate all alternatives with discipline and urgency. The actions we are taking to simplify the company, improve leverage, and strengthen free cash flow visibility are all designed to give us maximum flexibility as we approach that work. To summarize, we have made meaningful strategic and operational progress. We have a simpler portfolio, a more focused operating model, and a platform that enterprise customers are using to transform their businesses. The customers I described today are treating Skillsoft as a strategic partner, and that reflects the market is moving in our direction. Demand for platforms that can deliver these skills visibility, validate capability, and business aligned outcomes is growing. We believe Skillsoft is increasingly well positioned to translate that into durable value creation over time. There is still work ahead, and we remain realistic about the environment and the tasks in front of us. But the direction is clear. We are building a stronger company with a clearer strategy and a more compelling long-term profile. With that, let me turn the call over to Ron Kisling to cover our financial results in more detail. Ron?