Spok Holdings Inc (SPOK) 2025 Q1 法說會逐字稿

Greetings, and welcome to Spok's first-quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Spok 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to introduce your host, Al Galgano. Thank you. You may begin.

現在我很高興介紹您的主持人 Al Galgano。謝謝。你可以開始了。

Hello, everyone, and welcome to Spok Holdings first-quarter 2025 earnings call. I am joined by Vince Kelly, Chief Executive Officer; Mike Wallace, Chief Operating Officer; and Calvin Rice, Chief Financial Officer.

大家好，歡迎參加 Spok Holdings 2025 年第一季財報電話會議。與我一起的還有執行長文斯凱利 (Vince Kelly)；麥克華萊士，營運長；以及財務長 Calvin Rice。

I want to remind everyone that today's conference call may include forward-looking statements that are subject to risks and uncertainties relating to Spok's future financial and business performance. Such statements may include estimates of revenues, expenses, and income as well as other predictive statements or plans, which are dependent upon future events or conditions.

我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述受與 Spok 未來財務和業務表現相關的風險和不確定性的影響。此類報表可能包括收入、支出和收益的估計以及其他取決於未來事件或條件的預測性報表或計劃。

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. Spok's 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 risks and uncertainties.

這些聲明僅代表公司在本次電話會議當天的估計，並不旨在對未來的實際結果提供任何保證。Spok 的實際結果可能與這些前瞻性陳述中預期的結果有重大差異。儘管這些聲明是基於公司認為合理的假設，但仍受風險和不確定性的影響。

Please review the Risk Factors section relating to our operations and the business environment, which are contained in our first-quarter 2025 Form 10-Q and related documents filed with the Securities and Exchange Commission. Please note that Spok assumes no obligation to update any forward-looking statements from past or present filings and conference calls.

請查看與我們的營運和商業環境相關的風險因素部分，這些部分包含在我們向美國證券交易委員會提交的 2025 年第一季 10-Q 表和相關文件中。請注意，Spok 不承擔更新過去或現在的文件和電話會議中的任何前瞻性聲明的義務。

With that, I'll turn the call over to Vince.

說完這些，我將把電話轉給文斯。

Thank you, Al, and good afternoon, everyone, and thank you for joining us for our first-quarter 2025 earnings call. I'm very proud of the strong performance our team was able to deliver in the first quarter, and I believe these results position us well for the remainder of the year.

謝謝你，艾爾，大家下午好，謝謝你們參加我們的 2025 年第一季財報電話會議。我對我們團隊在第一季的出色表現感到非常自豪，我相信這些結果將為我們在今年剩餘時間內取得的成績奠定良好的基礎。

We've gotten off to a great start, outperforming our internal forecast, and we're maintaining that momentum. Let me also take this opportunity right upfront to remind everyone that our mission remains solidly unchanged; that is, to generate cash and return capital to our shareholders over the long term while responsibly investing in and growing our business.

我們已經有了一個良好的開端，超越了我們的內部預測，而且我們正在保持這一勢頭。我也藉此機會提前提醒大家，我們的使命始終沒有改變；即在負責任地投資和發展我們的業務的同時，長期創造現金並向股東返還資本。

As we've demonstrated with our performance over these last three years, we believe we are on a sustainable path to doing so. That is our job and our primary focus. Returning capital to shareholders is our public company legacy, and we feel good about executing the strategy we believe in and that we have had a lot of historical success with.

正如我們過去三年的表現所表明的那樣，我們相信我們正走在一條可持續發展的道路上。這是我們的工作，也是我們的主要關注點。向股東返還資本是我們作為上市公司的傳統，我們很高興能夠執行我們所相信的策略，並且我們已經取得了許多歷史性的成功。

Today, we will 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.

今天，我們將與您分享我們的策略業務計劃為實現這一目標所取得的進展以及本季度的財務業績。我將首先回顧一下今天電話會議的議程。

The order will be as follows. We will begin by providing a review of our company performance for the quarter. I'll then turn the call over to Mike Wallace, our COO, to review some of our quarterly sales highlights. Then our CFO, Calvin Rice, will review our first-quarter financial highlights and financial guidance for 2025. I will then wrap the call up and open it up for your questions.

順序如下。我們將首先回顧本季的公司業績。然後，我會將電話轉給我們的營運長 Mike Wallace，以回顧我們的一些季度銷售亮點。然後，我們的財務長 Calvin Rice 將回顧我們第一季的財務亮點和 2025 年的財務指導。然後我將結束通話並開始回答你們的問題。

As I said upfront, we're proud of what Spok has been able to deliver and accomplish in the first quarter and believe our results provide a solid springboard for the year ahead. First-quarter highlights include a 4% year-over-year growth in total revenues, driven by a more than 9% increase in Software revenues. Strong year-over-year increases in net income and adjusted EBITDA levels of 22.7% and 8.9%, respectively. A near 6% year-over-year increase in software operations bookings from already strong prior-year levels.

正如我之前所說的，我們為 Spok 在第一季取得的成果感到自豪，並相信我們的業績為來年奠定了堅實的跳板。第一季的亮點包括總營收年增 4%，這得益於軟體收入成長 9% 以上。淨收入和調整後 EBITDA 水準較去年同期強勁成長，分別成長 22.7% 和 8.9%。軟體營運訂單量較上年同期成長近 6%，而去年同期的水準已經很高。

A 44% increase in year-over-year Professional Services revenue, driven by a threefold increase in the Managed Services category. A more than 15% increase in our software backlog and improved wireless trends as net unit churn was primarily offset by continued expansion of our wireless average revenue per unit and sales of our higher revenue encrypted HIPAA-compliant alphanumeric GenA pager.

專業服務收入年增 44%，這得益於託管服務類別收入增加了三倍。我們的軟體積壓訂單增加了 15% 以上，無線趨勢有所改善，但淨單位流失率主要被我們無線平均單位收入的持續增長和更高收入的加密 HIPAA 兼容字母數字 GenA 尋呼機的銷售所抵消。

And we were able to accomplish all this while continuing to invest in our products and infrastructure at levels consistent with 2024. In short, I believe Spok is doing an excellent job of balancing our goal of returning cash to our stockholders with those investments in order to fuel future growth. In the first quarter of 2025, we generated over $8.2 million of adjusted EBITDA, which more than covered the $7.9 million we returned to our stockholders.

我們能夠實現所有這些目標，同時繼續對我們的產品和基礎設施進行與 2024 年一致的投資。簡而言之，我相信 Spok 在平衡向股東返還現金的目標和投資以推動未來成長方面做得非常出色。2025 年第一季度，我們實現了超過 820 萬美元的調整後 EBITDA，超過了我們返還給股東的 790 萬美元。

However, at the same time, we maintained research and development investment at prior-year levels. We're on track to invest between $11 million and $12 million in product research and development expense in 2025. We believe this investment will fuel future software revenue growth and that our extensive experience selling and operating our established communication solutions will create significant value for stockholders by maximizing revenue and cash flow generation.

但同時，我們的研發投入仍維持在去年同期的水準。我們計劃在 2025 年投資 1,100 萬至 1,200 萬美元用於產品研發費用。我們相信這項投資將推動未來軟體收入的成長，並且我們在銷售和營運成熟通訊解決方案方面的豐富經驗將透過最大化收入和現金流為股東創造巨大價值。

As l mentioned, Spok 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, Spok has returned a total of more than $700 million to our stockholders either through our regular quarterly dividend, special dividends, or share repurchases. Our focus on maximizing cash over the long term supports the four major tenets of our strategy.

正如我所提到的，Spok 擁有透過自由現金流創造股東價值的光榮傳統，我們打算繼續保持這項紀錄。事實上，在過去的 20 年裡，Spok 透過定期季度股息、特別股息或股票回購向我們的股東返還了總計超過 7 億美元。我們專注於長期現金最大化，以支持我們策略的四大原則。

Those are: number one, continued investment in our wireless and software solutions; number two, growing our revenue base; number three, continued disciplined expense management; and number four, a stockholder-friendly capital allocation plan. Going forward, we believe our extensive experience selling and operating our established communication solutions and world-class customer base will create significant value for our stockholders.

這些是：第一，繼續投資我們的無線和軟體解決方案；第二，擴大我們的收入基礎；第三，繼續嚴格費用管理；第四，對股東有利的資本配置計劃。展望未來，我們相信，我們在銷售和營運成熟的通訊解決方案以及世界一流的客戶群方面的豐富經驗將為我們的股東創造巨大的價值。

Before I turn the call over to Mike, for all of you that are new to the story, let me take a moment to review what Spok evolved into since its inception about 25 years ago. As you know, Spok started as a wireless technology communications company, and until 2011, prior to the acquisition of Amcom Software, operated solely as a telecom company with 100% of our revenues coming from that product offering.

在我將電話轉給麥克之前，為了讓所有不熟悉這個故事的人，請允許我花點時間回顧 Spok 自大約 25 年前誕生以來的發展歷程。如您所知，Spok 最初是一家無線技術通訊公司，在 2011 年收購 Amcom Software 之前，它一直是作為一家電信公司運營，我們 100% 的收入都來自電信產品。

So Spok has transformed into a global health care communications provider, offering both software and wireless products and solutions to customers. Given our recent focus on Spok Care Connect and our pivot about three years ago to a new strategic direction, we believe that we've transformed into one of the leading healthcare technology companies in the nation.

因此，Spok 已轉型為全球醫療保健通訊供應商，為客戶提供軟體和無線產品及解決方案。鑑於我們最近對 Spok Care Connect 的關注以及大約三年前我們轉向新的策略方向，我們相信我們已經轉型成為全國領先的醫療技術公司之一。

When you look at Spok today, we're a leader in healthcare communications with a solid reputation. We maintain the largest paging network in the United States. We have a blue-chip customer base of more than 2,200 hospitals who keep buying from us. We have created a large portfolio of intellectual property via strategic R&D investments. We have generated significant shareholder value through cash flow generation, returning capital to our investors, and we have a best-in-class product offering.

當您今天看到 Spok 時，您會發現我們是醫療保健通訊領域的領導者，擁有良好的聲譽。我們維護著美國最大的尋呼網路。我們擁有超過 2,200 家醫院組成的優質客戶群，他們一直向我們購買產品。我們透過策略研發投資創造了大量知識產權組合。我們透過產生現金流、向投資者返還資本，創造了巨大的股東價值，我們擁有一流的產品。

Spok has built an industry-leading reputation over the years. Under the Spok banner, we are recognized as the top clinical communications platform in our industry for 8 of the past 10 years by Black Book Research since we fully integrated our company.

多年來，Spok 已建立了業界領先的聲譽。在 Spok 的旗幟下，自從我們全面整合公司以來，在過去 10 年中，我們有 8 年被 Black Book Research 評為行業頂級臨床通訊平台。

We are honored by the unwavering trust our healthcare clients have placed in Spok as their go-to partner for clinical communications. The achievement of securing the top position for eight consecutive years underscores our commitment to delivering critical communication technology that enhances hospital and health system communication, which ultimately enhances patient care and safety.

我們的醫療保健客戶堅定地信任 Spok 作為其臨床溝通的首選合作夥伴，對此我們深感榮幸。連續八年蟬聯榜首的成績凸顯了我們致力於提供關鍵通信技術的承諾，該技術可增強醫院和衛生系統的通信，最終增強患者的護理和安全。

And lastly, I want to briefly address the current uncertainty in the macro environment around tariffs and its impact on the healthcare industry and Spok in particular. Based on the current landscape, we believe that neither our revenue nor our supply chain will be materially impacted.

最後，我想簡要談談當前關稅宏觀環境中的不確定性及其對醫療保健產業和 Spok 的影響。根據目前的情況，我們認為我們的收入和供應鏈都不會受到重大影響。

Additionally, Spok's products and solutions are viewed as an essential utility within the walls of our hospital customers. For these reasons and coupled with our first-quarter performance, we feel comfortable reiterating our guidance for the full year of 2025 that Calvin will review in detail later in the call.

此外，Spok 的產品和解決方案被視為我們醫院客戶內部必不可少的實用工具。由於這些原因，再加上我們第一季的業績，我們很樂意重申我們對 2025 年全年的指導，Calvin 將在稍後的電話會議上詳細審查。

With that, I'll turn the call over to Mike Wallace. Mike?

說完這些，我將把電話轉給麥克華萊士。麥克風？

Thanks, Vince, and thank you, everyone, for joining us this afternoon. As Vince pointed out, it was a very strong quarter, and we made tremendous progress in a number of key performance areas. Yet amidst all of the progress in continuing to create a solid financial platform and shareholder-friendly capital allocation strategy, we remain true to our mission of being a global leader in healthcare communications.

謝謝文斯，也謝謝大家今天下午加入我們。正如文斯所指出的那樣，這是一個非常強勁的季度，我們在許多關鍵績效領域取得了巨大進步。然而，在繼續創建穩固的財務平台和股東友好的資本配置策略的過程中，我們仍然忠於我們的使命，即成為醫療保健通訊領域的全球領導者。

We deliver clinical information to care teams when and where it matters most to improve patient outcomes as Spok enables smarter, faster clinical communications for our customers. And Spok continues to build upon its strong industry reputation.

由於 Spok 可以為我們的客戶提供更聰明、更快捷的臨床通信，因此我們在最重要的時間和地點向護理團隊提供臨床訊息，以改善患者的治療效果。Spok 繼續鞏固其良好的行業聲譽。

In late March, we announced that for the eighth consecutive year, we earned top honors in Black Book's 2025 survey of healthcare industry clients. We are particularly proud this year as top honors came in two categories of the survey. This incredible milestone demonstrates our commitment to delivering robust and reliable technology that removes barriers to exceptional patient experiences and care.

三月下旬，我們宣布連續第八年在 Black Book 2025 年醫療保健產業客戶調查中獲得最高榮譽。我們今年尤其感到自豪，因為調查的兩個類別都獲得了最高榮譽。這一令人難以置信的里程碑表明了我們致力於提供強大而可靠的技術，以消除患者獲得卓越體驗和護理的障礙。

Spok received the highest honors for customer satisfaction in 12 of the 18 key performance indicators that Black Book Research measures for secure messaging and clinical communication solutions. For the new category of enterprise messaging and critical alert management solutions, Spok received the top-rated spots for individual key performance metrics such as alert accuracy and relevance, usability and adoption rate by clinicians and staff, customer support, and vendor responsiveness, and impact on patient safety and clinical outcomes.

在 Black Book Research 衡量的安全訊息傳遞和臨床溝通解決方案的 18 個關鍵績效指標中，Spok 在 12 個方面獲得了客戶滿意度最高榮譽。對於企業訊息傳遞和關鍵警報管理解決方案這個新類別，Spok 在各個關鍵績效指標（例如警報準確性和相關性、臨床醫生和工作人員的可用性和採用率、客戶支援和供應商回應能力以及對患者安全和臨床結果的影響）方面均獲得了最高評價。

Now turning to our software operations bookings performance in the first quarter. We generated $8.2 million of bookings that included 22 six-figure customer contracts, sustaining the momentum that we saw last year. This performance included two new logo agreements, and those six-figure contracts had an average contract size that continues to grow from prior-year levels. We are extremely pleased with the start to 2025.

現在來談談我們第一季的軟體營運預訂表現。我們獲得了 820 萬美元的訂單，其中包括 22 份六位數的客戶合同，延續了去年的成長勢頭。這項業績包括兩項新的標誌協議，這些六位數合約的平均合約規模較上年同期持續成長。我們對 2025 年的開始感到非常高興。

Now let me take a few minutes to highlight a few of the customer engagements that we signed in the last quarter. The first contract was with a large Midwest health system that provides care and life-saving services to more than 100,000 patients annually. Each year, the organization also manages over 450,000 operator calls and processes over four million messages through its Spok system.

現在，請允許我花幾分鐘時間重點介紹我們在上個季度簽署的一些客戶協議。第一份合約是與美國中西部一家大型醫療系統簽訂的，該系統每年為超過 10 萬名患者提供護理和救生服務。每年，該組織還透過其 Spok 系統管理超過 450,000 個接線員電話並處理超過 400 萬條訊息。

Last quarter, we secured a three-year managed services commitment that will extend our partnership with this health system and will continue to drive value in clinical communication services that are core to their mission and growth in the Midwest. This multi-year engagement includes Spok SmartSuite Console and web upgrades, our new Spok Care Connect reporting and dashboards, Spok Mobile, and Spok Messenger upgrades.

上個季度，我們獲得了為期三年的託管服務承諾，這將延長我們與該醫療系統的合作夥伴關係，並將繼續推動對其使命和在中西部地區發展至關重要的臨床溝通服務的價值。這項多年的合作包括 Spok SmartSuite 主機和網路升級、我們的新 Spok Care Connect 報告和儀表板、Spok Mobile 和 Spok Messenger 升級。

Coupled with our value-added services, including solution assessment and data integrity, our platform is being extended to deliver priority alerts to clinicians using Epic Chat. This organization will continue to build out its Spok and Epic coexistence strategy to manage system-wide communication workflows.

結合我們的增值服務（包括解決方案評估和數據完整性），我們的平台正在擴展，以使用 Epic Chat 向臨床醫生發送優先警報。該組織將繼續建立其 Spok 和 Epic 共存策略來管理整個系統範圍內的通訊工作流程。

The second outstanding contract in the last quarter was with a faith-based nonprofit healthcare network that has partnered with Spok for more than 23 years. This health system has 11 hospitals and over 28,000 employees, 4,500 physicians, and 100 physician practices and outpatient facilities. As part of the agreement, Spok will provide medical and web directory upgrades to the core system as well as Spok's value-added services, such as data integrity and solution assessment, which will help our partner derive maximum value from their Spok solutions.

上個季度的第二份未完成合約是與一個基於信仰的非營利醫療保健網絡簽訂的，該網絡已與 Spok 合作了 23 年多。該醫療系統擁有 11 家醫院、超過 28,000 名員工、4,500 名醫生以及 100 個診所和門診設施。作為協議的一部分，Spok 將為核心系統提供醫療和網路目錄升級以及 Spok 的增值服務，例如資料完整性和解決方案評估，這將幫助我們的合作夥伴從他們的 Spok 解決方案中獲得最大價值。

Additionally, two new sites will join the enterprise and leverage the Spok platform. Lastly, Spok is excited to continue our partnership with a valued customer of almost 30 years located in the Southeast. This health system is dedicated to innovating medicine, teaching the caregivers of the future, and supporting the healthcare needs of their patients.

此外，兩個新站點將加入該企業並利用 Spok 平台。最後，Spok 很高興能與位於東南部的尊貴客戶繼續合作近 30 年。該醫療系統致力於創新醫學、培養未來的護理人員以及滿足患者的醫療保健需求。

This customer signed a three-year agreement to upgrade their existing Spok SmartSuite Console, Spok e.Notify, and Spok Mobile solutions and will add Spok Voice Connect, Spok Care Connect Enterprise reporting, and Spok Messenger with dashboards for SMS. Also included in this engagement are several of Spok's value-added services to assist with closer collaboration with the clinical teams.

該客戶簽署了一份為期三年的協議，以升級其現有的 Spok SmartSuite Console、Spok e.Notify 和 Spok Mobile 解決方案，並將添加 Spok Voice Connect、Spok Care Connect Enterprise 報告和帶有 SMS 儀表板的 Spok Messenger。此次合作還包括 Spok 的幾項增值服務，以協助與臨床團隊進行更緊密的合作。

So as you can see, Spok continues to consistently deliver effective communication solutions to hospitals and healthcare systems. Our first-quarter success underscores our steadfast dedication to offering unparalleled communication solutions to our clients. We are confident that our software solutions will continue bringing positive change to healthcare institutions nationwide.

如您所見，Spok 持續不斷地為醫院和醫療保健系統提供有效的通訊解決方案。我們第一季的成功凸顯了我們堅定不移地致力於為客戶提供無與倫比的通訊解決方案。我們相信，我們的軟體解決方案將繼續為全國的醫療機構帶來積極的變化。

I will now turn the call over to Calvin Rice, our Chief Financial Officer, to briefly review the first-quarter financial performance. Calvin?

現在，我將把電話轉給我們的財務長卡爾文·賴斯 (Calvin Rice)，簡要回顧一下第一季度的財務業績。卡爾文？

Thanks, Mike, and good afternoon, everyone. I would now like to take a few minutes and provide a recap of our first-quarter 2025 financial performance, which we reported today. I encourage you to review our 10-Q when filed, as it includes significantly more information about our business operation and financial performance than we will cover on this call.

謝謝，麥克，大家下午好。現在，我想花幾分鐘時間回顧我們今天報告的 2025 年第一季財務業績。我鼓勵您在提交 10-Q 表時對其進行審查，因為它包含的有關我們的業務運營和財務業績的信息比我們在本次電話會議上討論的要多得多。

Turning to our income statement. In the first quarter of 2025, GAAP net income totaled $5.2 million or $0.25 per diluted share, up from net income of $4.2 million or $0.21 per diluted share in 2024. For the first quarter of 2025, total GAAP revenue was $36.3 million, up more than 7% from prior-quarter revenue of $33.9 million and up nearly 4% from revenue of $34.9 million in the first quarter of 2024.

轉向我們的損益表。2025 年第一季，GAAP 淨收入總計 520 萬美元或每股攤薄收益 0.25 美元，高於 2024 年的淨收入 420 萬美元或每股攤薄收益 0.21 美元。2025 年第一季度，GAAP 總營收為 3,630 萬美元，較上一季的 3,390 萬美元成長 7% 以上，較 2024 年第一季的 3,490 萬美元成長近 4%。

Revenue for the quarter consisted of Wireless revenue of $18.5 million, nearly flat to the first quarter of 2024, and software revenue of $17.8 million, up 9.2% from the prior-year quarter. With respect to Wireless revenue, we saw an 80-basis-point decline in the trailing 12-month net unit churn to 6.4% in the first quarter of 2025 from 7.2% in the first quarter of 2024.

本季營收包括 1,850 萬美元的無線收入，與 2024 年第一季基本持平，以及 1,780 萬美元的軟體收入，比去年同期成長 9.2%。就無線收入而言，我們發現過去 12 個月的淨單位流失率從 2024 年第一季的 7.2% 下降至 2025 年第一季的 6.4%，下降了 80 個基點。

Adding to the positive trend in net unit churn was a 4.4% year-over-year increase in the average revenue per unit, or ARPU, to $8.24. The increase in ARPU was primarily driven by the success of our prior pricing actions and to a lesser extent, continued sales of our new GenA pager.

淨單位流失率呈現正面趨勢，其中每單位平均收入 (ARPU) 年增 4.4%，達到 8.24 美元。 ARPU 的成長主要得益於我們先前的定價策略的成功，以及（較小程度）我們新款 GenA 尋呼機的持續銷售。

While we believe the demand for our wireless services will continue to decline on a secular basis, as reflected in declining pager units in service, we are hopeful that our focus on pricing and other initiatives like the GenA pager will continue to further offset revenue lost through pager unit decline.

雖然我們相信，從服務中的尋呼機數量的下降可以看出，對我們的無線服務的需求將長期持續下降，但我們希望，我們對定價和 GenA 尋呼機等其他舉措的關注將繼續進一步抵消因尋呼機數量下降而造成的收入損失。

One of those more recent initiatives includes an increase in the price that we charge our customers for pagers that are not returned when service is discontinued. This increase went into effect in February, and we believe this should lead to an annualized benefit of at least $1 million going forward as a result of this initiative. These revenues are recorded as product sales under our wireless revenue.

其中一項最新措施包括提高在服務終止時未歸還尋呼機的客戶所收取的費用。此次上調已於二月生效，我們相信，這項舉措將在未來帶來至少 100 萬美元的年度收益。這些收入被記錄為我們無線收入下的產品銷售。

Turning to first-quarter software revenue. Maintenance revenue totaled $9.1 million and was down slightly from the prior-year quarter by approximately 2.1%. New Maintenance revenue was down slightly in 2025 as a result of license sales. While first-quarter bookings were strong, as Vince highlighted, it will take several quarters for us to grow new Maintenance revenue back to a point where we can return to revenue growth. In the near term, we expect to be in line or slightly below prior-year results.

談到第一季的軟體收入。維護收入總計 910 萬美元，較去年同期略有下降約 2.1%。由於許可證銷售，2025 年新維護收入略有下降。正如文斯所強調的，雖然第一季的預訂量很強勁，但我們需要幾個季度才能將新的維護收入恢復到可以恢復收入成長的水平。短期內，我們預期業績將與去年同期持平或略低於去年同期。

As previously mentioned, growth in Professional Services revenue was a key driver in the growth of software revenue in the first quarter of 2025. Professional Services revenue of $5.8 million in the first quarter of 2025 was up nearly 44% from revenue of $4 million in the first quarter of 2024. We are seeing further sustained improvement in our resource utilization, delivering on our internal initiatives to better align total resources with our backlog, and driving a higher rate of margin and net cash flow.

如前所述，專業服務收入的成長是 2025 年第一季軟體收入成長的主要驅動力。2025 年第一季的專業服務收入為 580 萬美元，較 2024 年第一季的 400 萬美元成長近 44%。我們的資源利用率正在持續改善，我們實施了內部舉措，使總資源與積壓訂單更好地協調一致，並提高了利潤率和淨現金流。

Managed Services has evolved into a significant component of our Professional Services revenue. In the first quarter, Managed Services revenue totaled $1.3 million or 22.7% of total Professional Services revenue. This is up more than 7% from prior-quarter revenue of $1.2 million and up more than 180% from revenue of $0.5 million in the first quarter of 2024. License and Hardware revenue totaled nearly $3 million and was in line with the same period of 2024, consistent with the strong levels of software operations bookings we continue to see.

託管服務已成為我們專業服務收入的重要組成部分。第一季度，託管服務收入總計 130 萬美元，佔專業服務總收入的 22.7%。這比上一季的 120 萬美元收入增長了 7% 以上，比 2024 年第一季的 50 萬美元收入增長了 180% 以上。許可證和硬體收入總計近 300 萬美元，與 2024 年同期持平，與我們持續看到的強勁軟體營運預訂水準一致。

First-quarter adjusted operating expenses, which excludes depreciation, accretion and severance, and restructuring costs totaled $29.4 million in the first quarter compared to $28.5 million in the prior-year period. While year-over-year expenses were up $0.8 million, most of the increase was driven by selling and marketing expenses, primarily to a greater presence at this year's HIMSS conference, additional personnel, and costs directly related to the more than 9% increase in software revenue. Technology operations continue to benefit from network rationalization and cost reductions as we look to minimize the impact of unit churn.

第一季調整後的營運費用（不包括折舊、增值和遣散費以及重組成本）總計 2,940 萬美元，而去年同期為 2,850 萬美元。雖然年比支出增加了 80 萬美元，但大部分成長是由銷售和行銷費用推動的，主要是因為今年的 HIMSS 會議出席人數增加、人員增加以及與軟體收入 9% 以上成長直接相關的成本。當我們尋求將單位流失的影響降至最低時，技術運作繼續受益於網路合理化和成本降低。

General and administrative costs were generally in line, apart from timing variances and severance and restructuring no longer includes amortization of the New York lease, which ended in the fourth quarter last year. Adjusted EBITDA totaled $8.2 million, a nearly 9% increase from adjusted EBITDA in the same quarter of 2024. This is a reflection of our strong top-line results to begin the year.

除時間差異和遣散費以及重組不再包括去年第四季結束的紐約租約攤銷外，一般和行政費用基本持平。調整後的 EBITDA 總計 820 萬美元，較 2024 年同期的調整後 EBITDA 成長近 9%。這體現了我們今年年初強勁的營收業績。

I'd also like to address our cash balances, which were just under $20 million at the end of the first quarter. Consistent with prior years, our cash balances declined in the first quarter because of typical working capital needs, including things like the payment of our short-term incentive plans, prepaid annual renewals of technology contracts, et cetera.

我還想談談我們的現金餘額，第一季末的現金餘額略低於 2000 萬美元。與往年一樣，由於典型的營運資金需求，包括支付短期激勵計劃、預付年度技術合約續約費用等，我們的現金餘額在第一季有所下降。

Additionally, first-quarter cash flow financing activities are typically higher than in the three remaining quarters of the year, reflecting payments on the company's long-term incentive plans. However, we anticipate cash balances will generally grow through the remainder of the year, given those needs are behind us. Based on our current outlook, we anticipate annual free cash flow in the range of $24 million to $28 million and expect to exit 2025 with cash balances between $23 million and $27 million.

此外，第一季的現金流融資活動通常高於一年剩餘的三個季度，反映了公司長期激勵計畫的支付。然而，考慮到這些需求已經滿足，我們預計今年剩餘時間內現金餘額將整體成長。根據我們目前的展望，我們預計年度自由現金流將在 2,400 萬美元至 2,800 萬美元之間，並預計到 2025 年現金餘額將在 2,300 萬美元至 2,700 萬美元之間。

Moving on to guidance for 2025. We have provided estimates for revenue and adjusted EBITDA. As a reminder, the figures I'm going to discuss today are included in our guidance table in the earnings release.

繼續制定 2025 年指導方針。我們已經提供了收入和調整後 EBITDA 的估算。提醒一下，我今天要討論的數字包含在收益報告的指導表中。

We have begun 2025 on very positive footing, and no doubt our solid performance in the first quarter of 2025 might lead many to impute a higher level of performance than is reflected by the midpoint of our current financial guidance ranges. However, like many of our peers, as Vince noted earlier, we believe that given the current uncertainty in the macroeconomic environment and its potential impact on the healthcare industry, it is more prudent to maintain a position of guarded optimism until we have greater visibility on the year. As a result, we are reiterating our guidance estimates for revenue and adjusted EBITDA generation for this year.

我們以非常積極的基礎開啟了 2025 年，毫無疑問，我們在 2025 年第一季的穩健表現可能會讓許多人認為我們的業績水平高於我們當前財務指導範圍中點所反映的水平。然而，正如文斯之前指出的那樣，與我們的許多同行一樣，我們認為，鑑於當前宏觀經濟環境的不確定性及其對醫療保健行業的潛在影響，在我們對今年的前景有更清晰的認識之前，保持謹慎樂觀的態度是更加明智的。因此，我們重申今年收入和調整後 EBITDA 產生的指導估計。

In 2025, we expect total revenue to range from $134 million to $142 million. The midpoint of our guidance reflects consolidated revenue generally in line with 2024 results, but with a higher mix of software revenue, while the high end of our guidance reflects nearly 3% annual growth.

到 2025 年，我們預計總收入將在 1.34 億美元至 1.42 億美元之間。我們指引的中點反映的綜合收入與 2024 年的結果大致一致，但軟體收入的組成更高，而我們指引的高端反映出近 3% 的年增長率。

Included in the 2025 guidance, we expect wireless revenue to range between $69 million to $72 million. Software revenue is expected to range from $65 million to $70 million in 2025, with the midpoint implying total software revenue growth of more than 5% and more than 9% annual growth at the high end of the guidance range.

在 2025 年的指引中，我們預期無線收入將在 6,900 萬美元至 7,200 萬美元之間。預計 2025 年軟體收入將在 6,500 萬美元至 7,000 萬美元之間，中間值意味著軟體總收入成長率將超過 5%，年增長率將超過 9%，處於指導範圍的高端。

Lastly, our adjusted EBITDA guidance for 2025 is $27.5 million to $32.5 million. The midpoint reflects minor improvement over 2024, while the high end represents over 10% growth, largely expected to be driven by a greater mix of higher-margin software license bookings.

最後，我們對 2025 年的調整後 EBITDA 預期為 2,750 萬美元至 3,250 萬美元。中點反映出比 2024 年略有改善，而高端則代表超過 10% 的成長，預計主要將受到利潤率更高的軟體授權預訂的更多組合的推動。

With that said, I will now turn the call back over to Vince.

話雖如此，我現在將電話轉回給文斯。

Thank you, Calvin. Before I open the call up for your questions, I'd like to again point out how proud I am of the strong performance our team was able to deliver in the first quarter and believe these results position us well for the remainder of the year. We believe we are strongly positioned to grow our franchise while returning capital to our shareholders.

謝謝你，卡爾文。在我開始回答大家的問題之前，我想再次指出，我對我們團隊在第一季度取得的出色表現感到非常自豪，並相信這些結果將為我們在今年剩餘時間內取得的成績奠定良好的基礎。我們相信，我們有能力擴大我們的特許經營權，同時向股東返還資本。

We have a long-term organic growth engine in our software solutions through Spok Care Connect, and we maintain a source of strong recurring revenue in our Wireless Service line. We won the largest paging company offering in the world, integrated with our software operations, and we have enhanced our paging platform and user devices to serve our core healthcare customer base.

透過 Spok Care Connect，我們的軟體解決方案擁有長期有機成長引擎，並且我們的無線服務產品線保持著強勁的經常性收入來源。我們贏得了世界上最大的尋呼公司報價，並與我們的軟體營運相結合，並且我們增強了尋呼平台和用戶設備，以服務我們的核心醫療保健客戶群。

We believe these two assets going for us, our best financial results are ahead of Spok and Spok's future is bright. We appreciate your support and interest in Spok, and we look forward to updating everyone again next quarter when we report second-quarter results in July.

我們相信這兩項資產對我們有利，我們的最佳財務表現領先 Spok，而 Spok 的未來是光明的。我們感謝您對 Spok 的支持和關注，我們期待在下個季度 7 月報告第二季業績時再次向大家更新最新情況。

Thank you for joining us this morning. Operator, you may now open the call up to questions.

感謝您今天上午加入我們。接線員，您現在可以開始提問了。

(Operator Instructions) Anderson Schock, B. Riley.

（操作員指示）Anderson Schock，B. Riley。

Congratulations on a really strong quarter. So first, you signed 22 six-figure customer contracts in the first quarter. I guess, is there any seasonality with the larger seven-figure contracts that we should be thinking about? I know you signed seven in the fourth quarter last year.

恭喜本季業績表現強勁。首先，您在第一季簽署了 22 份六位數的客戶合約。我想，我們應該考慮七位數的較大合約是否有季節性？我知道你們去年第四季簽了七份合約。

There's really not. We've noticed a good trend so far this year. We signed more in March than we signed in February than we signed in January. So it's certainly been trending in the right direction. And so far in the second quarter, it's looking pretty good, too.

確實沒有。今年到目前為止，我們注意到了一個好的趨勢。我們三月簽署的文件比二月簽署的文件多，也比一月簽署的文件多。所以它肯定是朝著正確的方向發展的。到目前為止，第二季的情況看起來也相當不錯。

So no seasonality. We've not seen any type of tariff-related or economic slowdown-related pressure on our customers. They're buying at a healthy rate.

所以沒有季節性。我們尚未看到客戶面臨任何與關稅或經濟放緩相關的壓力。他們的購買速度相當合理。

Okay, got it. And then it was a really strong quarter for wireless product revenue. I guess what drove this? And should we expect to see this continue? Or will this return to the historic around $600,000 to $700,000 range per quarter?

好的，明白了。這是無線產品營收非常強勁的一個季度。我猜是什麼導致了這種情況？我們是否應該期待這種情況會持續下去？或者這會回到每季約 60 萬至 70 萬美元的歷史水平？

Hey, Anderson, this is Calvin. Yeah, so I mentioned a little bit about that in the prepared remarks, specifically with the initiative around increasing the prices of our disconnect fees. So when a customer disconnects a pager and the units are not returned to us, they are charged for those units, and we increased that pricing in the first quarter.

嘿，安德森，我是卡爾文。是的，我在準備好的發言中稍微提到了這一點，特別是關於提高斷線費的舉措。因此，當客戶斷開尋呼機並且沒有將設備歸還給我們時，他們就需要為這些設備支付費用，而我們在第一季度提高了該價格。

And so most of that benefit you're seeing there is specifically from that. And we do expect on an annualized basis to get a benefit of about $1 million. So I would expect to see probably about $250,000 a quarter higher, relatively speaking, going forward.

所以，您所看到的大部分好處都來自於此。我們確實預計每年可獲得約 100 萬美元的收益。因此，我預計未來每季的收入相對而言可能會增加約 25 萬美元。

Okay, that's really helpful. And then on gross margin, so gross margin improved to 80%. I guess what drove this? And should we expect to see this continue at this level through the year?

好的，這確實很有幫助。然後是毛利率，毛利率提高到 80%。我猜是什麼導致了這種情況？我們是否應該預期這一水準將在今年持續下去？

Yeah. So the gross margin is going to fluctuate depending upon we had a really strong revenue quarter. So that's going to be the primary driver there. The cost side of the equation was relatively similar to what we've seen. And so you might get a blip up or down just based on a strong quarter like this, but I wouldn't expect the overall dynamics to really be changing much from what we've seen.

是的。因此，毛利率將會波動，這取決於我們本季的營收是否強勁。所以這將成為主要驅動力。等式的成本方面與我們所見的相對相似。因此，你可能會因為像這樣的強勁季度而出現短暫的上升或下降，但我預計整體動態不會發生太大變化。

Okay, got it. And then software backlog up about 15% year over year. I guess what's the conversion timeline for this? And I guess, how will this impact the revenue recognition through the year?

好的，明白了。軟體積壓量較去年同期成長約 15%。我猜這個轉換時間表是怎麼樣的？我想，這會對全年的收入確認產生什麼影響？

Yeah. I mean, most of the backlog, Anderson -- this is Mike -- about half of it is going to be services and the other half is going to be maintenance. So the maintenance component will generally kind of run through over a one-year period. And then I would say on the services part, you're looking at probably like 9 to 12 months, generally speaking, that you run through that maybe 9 to 15 months or so. It's kind of the usual transmission time as we go through that backlog.

是的。我的意思是，大部分積壓的工作，安德森——我是麥克——大約一半是服務，另一半是維護。因此，維護部分通常會持續一年的時間。然後我想說，就服務部分而言，你可能需要 9 到 12 個月的時間，一般來說，你可能需要 9 到 15 個月左右的時間。當我們處理積壓的工作時，這就像通常的傳輸時間。

Congratulations on a great quarter.

恭喜本季取得優異成績。

George Melas, MKH Management.

喬治‧梅拉斯 (George Melas)，MKH 管理公司。

Congratulations on a great start to the year. A few quick questions. Vince, you talked about the HIMSS conference in the last quarter, and I think it was in March. Just wanted to see what was your experience there? And what did you see that maybe you found surprising? Or how was the reception for the new products that you guys are putting out?

恭喜您新的一年有一個好的開始。幾個簡單的問題。文斯，您在上個季度談到了 HIMSS 會議，我認為那是在三月。只是想看看你在那裡的經歷如何？您看到了什麼讓您感到驚訝的事物？或者你們推出的新產品的反應如何？

Yeah, George, great question and much better than what it was last year. The conference is kind of waking back up. We took a different approach this year and that we sent a sales team that had to prequalify meetings ahead of time so that we didn't just send a bunch of people to stand at our booth and try to catch people walking down the aisle because HIMSS is still not back to that level that it used to be pre-pandemic where you could do that and have great success.

是的，喬治，這個問題問得很好，比去年好多了。會議似乎又恢復了活力。今年我們採取了不同的方法，我們派出了一支銷售團隊，該團隊必須提前對會議進行資格預審，這樣我們就不會只是派一群人站在我們的展位前，試圖攔住走過過道的人，因為 HIMSS 仍然沒有恢復到疫情前的水平，在疫情前，你可以這樣做並取得巨大的成功。

But what it is able to do is put customers together that are interested in Spok that want to do an upgrade and that we can set those meetings up ahead of time, and we had great success with that. They liked what we're doing with the new software. They liked the new UI, the look and feel. We think it helped drive a lot of good numbers here in the first quarter. It's going to drive a lot of big pipeline that we have for the second quarter.

但它能夠做到的是將對 Spok 感興趣並想要升級的客戶聚集在一起，我們可以提前安排這些會議，並且我們在這方面取得了巨大的成功。他們喜歡我們用新軟體所做的事情。他們喜歡新的使用者介面、外觀和感覺。我們認為這有助於推動第一季的許多良好業績。這將推動我們第二季的大量大型管道建設。

So very encouraged by it, and we're going to actually go again next year. We're going to get a booth again because, remember, last year, we didn't have a booth. So we spent a little bit of money this year. And I think we're going to cautiously incrementally increase that investment next year as well.

我們對此感到非常鼓舞，明年我們還會再去。我們將再次設立一個展位，因為，記住，去年，我們沒有展位。所以今年我們花了一點錢。我認為明年我們也會謹慎地逐步增加投資。

Great, okay. Good to know. On the Services side, just the Professional Services is growing. And then on top of that, you have the Managed Services. Maybe help us understand what you're doing on the Professional Service. Is it somewhat different than 12 months ago or 24 months ago? Or is it maybe just a little bit more of the same?

太好了，好的。很高興知道。在服務方面，專業服務正在成長。除此之外，您還擁有託管服務。也許可以幫助我們了解您在專業服務上所做的事情。它與 12 個月前或 24 個月前有什麼不同嗎？或者可能只是稍微相同一點？

Yeah, I'll go ahead. George, it's Mike. I'll go ahead and answer that, and Calvin can fill in anything I missed. But generally speaking, it's the same as far as the underlying work that we're doing, George. The biggest difference as it relates to Managed Services is Managed Services ends up being great for the customer because, over a usually a three-year time period, they get a fixed cost. They know what their cost is going to be for all of the upgrades and work that we're going to do for them.

是的，我繼續。喬治，我是麥克。我會繼續回答這個問題，Calvin 可以補充我遺漏的任何內容。但總的來說，就我們所做的基礎工作而言，喬治是相同的。與託管服務相關的最大區別在於，託管服務最終對客戶來說非常有利，因為在通常三年的時間內，他們可以獲得固定成本。他們知道我們為他們進行的所有升級和工作的成本是多少。

And as opposed to kind of the traditional fixed fee time and expense that we had historically been doing, let's say, two, three, four years ago, so as we've gone forward, one of the things we're doing from a sales perspective is really trying to drive more Managed Services such that it helps the customer from the standpoint of knowing what their cost is going to be. It helps us from a revenue recognition standpoint because the revenue is ratable. And thirdly, it helps a great deal from a churn perspective because we know we've got those customers locked in for that three-year period of time.

與我們過去（比如說兩、三、四年前）一直採用的傳統固定費用、時間和開支不同，隨著我們的發展，從銷售角度來看，我們所做的事情之一就是真正嘗試推動更多的託管服務，以便從了解其成本的角度幫助客戶。從收入確認的角度來看，它對我們有幫助，因為收入是可評估的。第三，從客戶流失的角度來看，這有很大幫助，因為我們知道我們已經在三年內鎖定了這些客戶。

So at the end of the day, if we do everything right, that customer is happy because they know their spend for those three years. And at the end of that three-year period, we renew them and essentially do the same thing over again from a pure services perspective.

所以，如果我們把每件事都做對了，客戶就會很高興，因為他們知道這三年的支出狀況。三年期滿後，我們會進行續約，並從純粹服務的角度重新做同樣的事情。

Okay. And the hosted revenue, is that included in Managed Services? And do we have a few customers at this point on hosted?

好的。託管收入是否包含在託管服務中？目前我們託管的平台上有幾個客戶嗎？

Yeah. This is Calvin, George. We've got several customers. We've probably got about a dozen customers, I think, at this point on the hosted services. We're slowly making -- chipping away at that.

是的。這是卡爾文，喬治。我們有幾個客戶。我認為，目前我們大概有十幾個使用託管服務的客戶。我們正在慢慢地、一點點地實現這一點。

It's not included in the Managed Services component. We have that accounted for separately. But right now, we're just not breaking it out. It's just not material enough. So slowly chipping away at that. And obviously, that's something that compounds over time. And so the long-term benefit is there.

它不包含在託管服務元件中。我們已經對此進行了單獨核算。但目前，我們還沒有將其打破。這還不夠實質。所以慢慢地消除這一點。顯然，隨著時間的推移，這種情況會逐漸加劇。因此，長期利益是存在的。

Great, okay. And then one last question. Mike, can you tell us a little bit about those two new logos? Are they meaningful customers? Are the customers that you've been after for a long time?

太好了，好的。最後一個問題。麥克，您能向我們簡單介紹一下這兩個新標誌嗎？他們是重要的客戶嗎？這些都是您長期關注的客戶嗎？

Yeah. I mean, look, we know the total population of every customer in the United States that we're going after. So definitely been after them for a while. They were both two really good wins to get in the stable. It kind of falls -- you've asked this question before, George, kind of in the 15% to 20% from a revenue -- or not from a revenue, from a bookings amount standpoint.

是的。我的意思是，我們知道我們所針對的美國每個客戶的總人口數。所以肯定已經追蹤他們一段時間了。他們兩次都取得了非常好的勝利。喬治，你之前問過這個問題，從預訂金額的角度來看，收入佔比在 15% 到 20% 之間，或者不是收入佔比。

And as we continue the R&D investment that Vince talked about in his prepared remarks, that's something that we are really looking forward to getting more of as we go forward. So yeah, two great wins for us on the new logo front.

正如文斯在準備好的演講中所提到的，我們將繼續進行研發投資，我們非常期待在未來獲得更多投資。是的，在新標誌方面我們取得了兩大勝利。

Yeah. And we expect to see more -- we've created a new business development team that is doing nothing but going after new logo. They are qualifying these customers that we don't have. They know exactly what vendors those customers are using for what functionality, and we can often go in there and show them that you're spending a lot of money and you could turn around and get Spok and save a lot of money with our integrated solution.

是的。我們期望看到更多—我們已經成立了一個新的業務開發團隊，其主要工作就是追求新標誌。他們正在對這些我們沒有的客戶進行資格審查。他們確切地知道那些客戶使用哪些供應商來實現哪些功能，我們經常可以向他們展示你花了很多錢，你可以轉而使用 Spok 並透過我們的整合解決方案節省大量資金。

So it just becomes a question of whether or not they can prioritize a move like that right now because they have a lot of other competing technology and projects inside these hospitals. But we're very optimistic that we're going to gain momentum and see more and more results out of this new business development group going forward. It's going to be a good thing for Spok.

所以問題只是他們現在是否可以優先採取這樣的舉措，因為這些醫院內部有許多其他競爭技術和計畫。但我們非常樂觀地認為，我們將獲得更大的發展動力，並看到這個新的業務發展團隊在未來取得越來越多的成果。這對 Spok 來說是件好事。

Okay. Are there any big elephants in the sales pipeline? I mean, I know those are rare, but just wondering.

好的。銷售通路中是否有大象？我的意思是，我知道這些很少見，但只是好奇。

Yes.

是的。

This concludes the question-and-answer session. I'd like to turn the floor back to Vince Kelly for any closing comments.

問答環節到此結束。我想把發言權交還給文斯凱利 (Vince Kelly)，請他發表最後評論。

Thank you, everyone. We had a good quarter and a very strong quarter, and we expect to do it again in the second quarter here, and we look forward to talking to you when we report later in July. Everyone, have a great day.

謝謝大家。我們度過了一個良好且非常強勁的季度，我們預計第二季度將再次取得這樣的成績，我們期待在 7 月下旬報告時與您交談。祝大家有個愉快的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。