Spok Holdings Inc (SPOK) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Spok Holdings Incorporated Q2 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Spok Holdings Incorporated 2025 年第二季收益結果電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Al Galgano. You may begin.

現在我很高興介紹您的主持人 Al Galgano。你可以開始了。

Hello, everyone, and welcome to Spok Holdings second 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 年第二季財報電話會議。與我一同出席的還有執行長文斯凱利 (Vince Kelly)、營運長麥克華萊士 (Mike Wallace) 和財務長卡爾文賴斯 (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 revenue, expenses, and income as well as other predictive statements or plans which are dependent upon future events or conditions. 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.

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。此類聲明可能包括收入、支出和收益的估計以及依賴未來事件或條件的其他預測性聲明或計劃。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'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.

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，但它們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 second 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 年第二季 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。

Good afternoon, everyone, and thank you for joining us for our second quarter 2025 earnings call. Once again, I'm proud of the performance our team was able to deliver in the second quarter. We made tremendous progress in several key areas and believe that our solid operating platform will generate a successful second half of the year, leading to double digit full year software bookings growth relative to 2024. As you know, software sales are always going to be lumpy, but our trajectory over 12 months continues its multi-year trend of up to the right.

大家下午好，感謝大家參加我們的 2025 年第二季財報電話會議。我再次為我們團隊在第二季所取得的表現感到自豪。我們在幾個關鍵領域取得了巨大進展，並相信我們堅實的營運平台將在今年下半年取得成功，從而使全年軟體預訂量相對於 2024 年實現兩位數增長。如你所知，軟體銷售總是不穩定，但我們 12 個月的軌跡延續了多年來向上向右的趨勢。

As we entered the quarter, we knew the year every year comparable was going to be tough as the second quarter of 2024 was a very healthy $8.7 million in software operations bookings. However, the investments that we are making in our technology base, as well as our sales and marketing programs are continuing to pay dividends as we significantly exceeded last year's bookings levels for the quarter and year-to-date periods.

當我們進入本季時，我們知道每年的可比性都會很艱難，因為 2024 年第二季的軟體營運訂單量非常健康，達到 870 萬美元。然而，我們在技術基礎以及銷售和行銷計劃方面的投資正在繼續帶來回報，因為我們本季和年初至今的預訂量大大超過了去年的預訂量。

Our total bookings for the first half of the year were approximately $20 million. We remain confident in our competitive positioning. We believe we have advantages over the competition in our core healthcare software contact center space. We have long term and deep relationships with top healthcare systems in the nation who continue to purchase from us on a regular basis. We offer an integrated platform as opposed to multiple point solutions.

我們上半年的總預訂額約為2000萬美元。我們對我們的競爭地位仍然充滿信心。我們相信，我們在核心醫療軟體聯絡中心領域比競爭對手更具優勢。我們與國內頂尖的醫療保健系統保持著長期而深厚的合作關係，他們繼續定期向我們購買產品。我們提供的是整合平台，而不是多點解決方案。

We continue to invest in and enhance our platforms consistent with what our customers are requesting. And we're viewed as an indispensable partner by many of our customers. In other words, they need Spok to efficiently carry out their day-to-day operations.

我們將繼續根據客戶的要求投資和增強我們的平台。許多客戶都將我們視為不可或缺的合作夥伴。換句話說，他們需要 Spok 來有效地進行日常營運。

Let me also take this opportunity right up front to remind everyone that our mission remains solidly unchanged, that is to generate cash and return capital to our stockholders over the long term while responsibly investing in and growing our business.

我也藉此機會首先提醒大家，我們的使命始終沒有改變，那就是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 through our performance since our strategic pivot more than three years ago, we believe we are on a sustainable path to doing so. That is our primary focus. We returning capital to stockholders is our legacy, and we feel good about executing a strategy we believe in and that we've had a lot of historical success with.

正如我們三年多前策略轉型以來的表現所證明的那樣，我們相信我們正走在一條可持續發展的道路上。這是我們的主要關注點。我們將資本回饋給股東是我們的遺產，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. The order will be as follows.

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。順序如下。

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 Chief Operating Officer, to review some of our quarterly sales and operational highlights. Then our Chief Financial Officer, Calvin Rice, will review our second quarter financial highlights and revise financial guidance for 2025. I'll then wrap up the call and we'll take your questions as time allows.

我們將首先回顧本季的公司業績。然後，我將把電話轉給我們的營運長 Mike Wallace，以回顧我們的一些季度銷售和營運亮點。然後，我們的財務長 Calvin Rice 將回顧我們第二季的財務亮點並修改 2025 年的財務指導。然後我將結束通話，並根據時間回答您的問題。

As I said up front, we're proud of what the Spok team has been able to accomplish in the second quarter, and we're positioned for a strong second half. Second quarter highlights include a more than 34% growth in software operations bookings from the impressive production levels in the prior year quarter, continued strong levels of adjusted EBITDA, which covered our quarterly dividend and capital expenditure requirements.

正如我之前所說的，我們為 Spok 團隊在第二季度取得的成就感到自豪，並且我們已準備好迎接強勁的下半年。第二季的亮點包括軟體營運訂單量較去年同期的驚人生產水平增長了 34% 以上，調整後的 EBITDA 繼續保持強勁水平，涵蓋了我們的季度股息和資本支出需求。

Continued sales pipeline growth providing confidence in our outlook. A resulting increase in cash balances which we believe hit its low point in the first quarter and will continue to build through the remainder of the year consistent with past trends. A 10% increase in software revenue that included double digit growth in license revenue and triple digit growth in managed services revenue on a year to year basis.

銷售管道的持續成長讓我們對前景充滿信心。我們認為，現金餘額的增加在第一季達到了最低點，並將在今年剩餘時間內繼續增加，與過去的趨勢一致。軟體收入年增 10%，其中授權收入達到兩位數成長，託管服務收入達到三位數成長。

Improved wireless trends as net unit churn dropped by 50 basis points in the prior quarter. Continued expansion of our wireless average revenue per unit, further reflecting the impact of prior pricing actions and sales of our encrypted HIPAA compliant alphanumeric GenA pager, and continued discipline and expense management as we saw less than a 5% increase in overall year over year adjusted operating expenses while supporting the significant increase in software sales and making the necessary investments in product research and development to fuel future growth.

無線趨勢有所改善，上一季淨單位流失率下降了 50 個基點。我們的無線平均單位收入繼續擴大，進一步反映了先前定價行動和符合 HIPAA 標準的加密字母數字 GenA 尋呼機銷售的影響，並且我們繼續嚴格控制費用，因為我們看到整體同比調整後運營費用增幅不到 5%，同時支持軟體銷售的大幅增長，並在產品研發方面進行必要的投資，以推動未來的增長。

In short, we were very pleased with our performance in the second quarter and believe that our results in the first half of the year provide a solid springboard for the second half of 2025. We maintain our optimism for the year and are increasing our guidance estimates for revenue and adjusted EBITDA in 2025. Calvin will review the details of our revised guidance in a few minutes.

簡而言之，我們對第二季的表現非常滿意，並相信上半年的業績為2025年下半年提供了堅實的跳板。我們對今年保持樂觀態度，並提高了對 2025 年收入和調整後 EBITDA 的預期。卡爾文將在幾分鐘內審查我們修訂指南的細節。

In the second quarter of 2025, we generated $7.5 million of adjusted EBITDA, which more than covered the $6.5 million when we returned to our stockholders and formed dividend distributions. However, at the same time, we maintained our second quarter research and development investment and believe we are on track to invest approximately $12 million in product research and development expenses in 2025.

2025 年第二季度，我們產生了 750 萬美元的調整後 EBITDA，這超過了我們返還股東和形成股息分配時的 650 萬美元。然而，同時，我們維持了第二季的研發投資，並相信我們預計在 2025 年投資約 1,200 萬美元用於產品研發費用。

We believe this investment will fuel future software revenue growth and that our extensive experience selling and operating our established communication solutions will continue to create significant value for our stockholders by maximizing revenue and cash flow generation. As we look ahead, we continue to evaluate opportunities to thoughtfully integrate AI into our products and into our operating platform to drive even greater value.

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現有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繼續為我們的股東創造巨大價值。展望未來，我們將繼續評估將人工智慧巧妙地融入我們的產品和營運平台的機會，以創造更大的價值。

As I mentioned, Spok has a proud legacy of creating stockholder value through free cash flow generation, and we intend to continue this track records. 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 dividends, special dividends, or share repurchases. More recently, since we announced our strategic pivot back in early '22, Spok has returned $4.38 per share, or approximately $91 million to our stockholders.

正如我所提到的，Spok 擁有透過自由現金流創造股東價值的驕人傳統，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。最近，自從我們在 22 年初宣布策略轉型以來，Spok 已為股東帶來每股 4.38 美元的回報，約合 9,100 萬美元。

When we take into consideration our current cash balance, distributions of stockholders, share repurchases, debt repayments, and acquisitions since our inception, Spok has generated more than $1 billion of free cash flow. Our focus on maximizing cash over the long term supports the three major tenets of our strategy. Those are: number one, continued investment in our wireless and software solutions to grow our revenue base; number two, continued disciplined expense management; number three, a stockholder-friendly capital allocation plan.

當我們考慮到我們目前的現金餘額、股東分配、股票回購、債務償還以及自成立以來的收購時，Spok 已經產生了超過 10 億美元的自由現金流。我們專注於長期現金最大化，這支持了我們策略的三大原則。這些目標是：第一，繼續投資我們的無線和軟體解決方案，以擴大我們的收入基礎；第二，繼續嚴格管理費用；第三，制定有利於股東的資本配置計劃。

Before I turn the call over to Mike, let me take a moment to review Spok's significant positive attributes. Today at Spok, we're a leader in healthcare communications. We maintain the largest paging network in the United States. We control significant narrow band personal communication services spectrum. We have a blue chip customer base of more than 2,200 hospitals who continue to purchase from us on a regular basis.

在我將電話轉給 Mike 之前，請允許我花點時間來回顧 Spok 的重要正面屬性。如今，Spok 已成為醫療保健通訊領域的領導者。我們維護著美國最大的尋呼網路。我們控制著大量窄頻個人通訊服務頻譜。我們擁有超過 2,200 家醫院的藍籌客戶群，他們繼續定期向我們購買產品。

We've created a large portfolio of intellectual property by our strategic R&D investments. We continue to generate significant cash flow and return it to our investors on a quarterly basis, and we're a pioneer in healthcare communications with the best in class product offering.

我們透過策略性研發投資創造了大量智慧財產權組合。我們繼續產生大量現金流並按季度將其返還給我們的投資者，我們是醫療保健通訊領域的先驅，提供一流的產品。

We've built our industry leading reputation over the years. Under the Spok banner, we are recognized in Black Book Research's annual customer satisfaction survey for healthcare secure messaging and clinical communications as the top clinical communications platform in our industry for 8 of the past 10 years.

多年來，我們已建立了業界領先的聲譽。在 Spok 的旗幟下，我們在 Black Book Research 的年度醫療保健安全訊息傳遞和臨床通訊客戶滿意度調查中連續 10 年被評為業界頂級臨床通訊平台。

We are honored by the unwavering trust our healthcare clients have placed in Spok as their go to partner for critical internal 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，選擇其作為關鍵內部溝通的合作夥伴，我們對此深感榮幸。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。

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

說完這些，我將把電話轉給麥克。

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 areas. And amidst all the progress in continuing to build a solid financial platform and stockholder friendly capital allocation strategy, we remain true to our mission of being a global leader in healthcare communications. It's important to remember, we deliver clinical information to care teams when and where it matters most to improve patient outcomes and spoke enable smarter, faster clinical communications for our customers.

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，我們在許多關鍵領域取得了巨大進展。在持續建立穩固的財務平台和股東友善資本配置策略的過程中，我們始終忠於我們的使命，即成為醫療保健通訊領域的全球領導者。重要的是要記住，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，並為我們的客戶提供更聰明、更快捷的臨床溝通。

As previously noted, we have over 2,200 healthcare facilities as customers, representing the who's who of hospitals in the United States. We have built our solutions over many years and have long-standing valuable customer relationships. This is coupled with the financial strength that more than 80% of our revenue is reoccurring in nature, and we are a company with no debt, which provides a significant flexibility.

如前所述，我們的客戶包括超過 2,200 家醫療機構，代表了美國各大醫院的精英。我們經過多年的努力建立了我們的解決方案，並建立了長期寶貴的客戶關係。再加上我們雄厚的財務實力，我們的收入 80% 以上都是經常性收入，而且我們是一家沒有債務的公司，這為我們提供了巨大的靈活性。

In the second quarter, our $11.7 million of software operations bookings included 23 six-figure customer contracts and one seven-figure customer contract sustaining the momentum that we have seen for the past three years. Most impressively, second quarter software operations bookings included 12 multi-year engagements, and those six and seven-figure contracts had an average contract size that was up substantially from the prior quarter and year. We are extremely pleased with our sales performance in the first 6 months of 2025 and as Vince noted, we fully expect software operations bookings to continue its double-digit annual growth.

在第二季度，我們的 1,170 萬美元的軟體營運訂單包括 23 份六位數的客戶合約和一份七位數的客戶合同，延續了過去三年的發展勢頭。最令人印象深刻的是，第二季度的軟體營運訂單包括 12 份多年期合同，這些六位數和七位數的合約的平均合約規模比上一季度和去年大幅增加。我們對 2025 年前 6 個月的銷售業績感到非常滿意，正如 Vince 所說，我們完全預計軟體營運訂單將繼續保持兩位數的年增長。

Now let me take a few minutes to highlight three of the customer engagements that we signed in the second quarter. The first is with a nonprofit 14-hospital academic medical system with facilities serving multiple states across the mid-Atlantic and West Belt regions. With over 2,500 beds and 22,000 employees, this health system has over 120,000 annual inpatient discharges and 340,000 ED visits.

現在，請容許我花幾分鐘時間重點介紹我們在第二季簽署的三項客戶協議。第一個是非營利的 14 家醫院學術醫療系統，其設施服務於中大西洋地區和西帶地區的多個州。該醫療系統擁有超過 2,500 張床位和 22,000 名員工，每年住院患者出院人數超過 12 萬人次，急診就診人數超過 34 萬人次。

This deal evolved from an upgrade only opportunity into a five-year multi-year engagement, establishing a unified critical communication strategy and platform. We anticipate that this contract will expand to include seven additional sites. In addition to an extensive SmartSuite upgrade, this health system added Spok e.Notify, Spok Messenger, physician answering service, and several value-added services.

這筆交易從單純的升級機會發展成為一項為期五年的多年合作，建立了統一的關鍵溝通策略和平台。我們預計該合約將擴大到另外七個站點。除了對 SmartSuite 進行廣泛的升級之外，該健康系統還增加了 Spok e.Notify、Spok Messenger、醫生應答服務和多項增值服務。

Building on that success, we secured another major agreement with a Spok customer of over 40 years. This mid-Atlantic based healthcare provider with an international footprint employs over 100,000 people, including more than 5,000 physicians, and delivers care across more than 40 academic, community, and specialty hospitals.

在此成功的基礎上，我們與 Spok 的一位合作超過 40 年的客戶達成了另一項重要協議。這家總部位於大西洋中部、業務遍及國際的醫療保健提供者擁有超過 10 萬名員工，其中包括 5,000 多名醫生，並在 40 多家學術、社區和專科醫院提供醫療服務。

The organization's main requirement was sending messages to Epic and Mobile Heartbeat, resulting in a five-year multi-year agreement upgrade. The agreement includes six instances of our latest Spok Messenger middleware release, handling 11 facilities and several value added services. In the future, they are looking to consolidate at other facilities and will to partner with Spok to provide an enterprise-wide Spok Messenger solution.

該組織的主要需求是向 Epic 和 Mobile Heartbeat 發送訊息，因此需要升級五年期的多年協議。該協議包括我們最新發布的 Spok Messenger 中間件的六個實例，處理 11 個設施和幾項增值服務。未來，他們希望在其他設施進行整合，並將與 Spok 合作提供企業範圍的 Spok Messenger 解決方案。

Our third spotlighted agreement was with a leading integrated academic health system in the Midwest. This organization cares for more than 830,000 patients annually and employs more than 25,000 people across seven hospitals, including 1,800 physicians, and has partnered with Spok for over a decade. They had a two-year multi-year agreement renewal due at the end of the quarter, and Spok was able to not only offer an individual renewal but also add an additional software licensing.

我們的第三項重點協議是與中西部領先的綜合學術醫療系統達成的。該組織每年為超過 83 萬名患者提供護理，在七家醫院僱用超過 25,000 名員工，其中包括 1,800 名醫生，並且與 Spok 合作了十多年。他們有一個為期兩年的多年期協議續約將於本季末到期，而 Spok 不僅可以提供單獨的續簽，還可以添加額外的軟體授權。

The new licenses included unlimited upgrades for MediCall console and Web, Spok SmartSuite and Web, and both Spok Messenger and Spok Mobile platforms, and we also added Spok's new value-added services along with our console reporting software. So as you can see, our sales performance for the second quarter and the first half of the year continues to show strong progress from the ongoing investments we are making in our software business.

新的授權包括 MediCall 控制台和 Web、Spok SmartSuite 和 Web 以及 Spok Messenger 和 Spok Mobile 平台的無限升級，我們還添加了 Spok 的新增值服務以及我們的控制台報告軟體。因此，正如您所看到的，由於我們對軟體業務的持續投資，我們第二季和上半年的銷售業績繼續取得強勁成長。

I will now turn the call over to Calvin Rice, our Chief Financial Officer, to briefly review our second 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)，簡要回顧我們第二季度的財務業績。卡爾文？

Thanks, Mike, and good afternoon, everyone. I would now like to take a few minutes and provide a recap of our second 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 operations 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 年第二季財務業績。我鼓勵您在提交 10-Q 表時進行查看，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 second quarter of 2025, GAAP net income totaled $4.6 million or $0.22 per diluted share, up from net income of $3.4 million or $0.17 per diluted share in 2024. In the second quarter of 2025, total GAAP revenue was $35.7 million, up from total revenue of $34 million in the prior year. Revenue in the current year quarter consisted of wireless revenue of $18.4 million and software revenue of $17.2 million compared to $18.3 million and $15.7 million in the prior year respectively.

轉向我們的損益表。2025 年第二季度，GAAP 淨收入總計 460 萬美元或每股攤薄收益 0.22 美元，高於 2024 年的淨收入 340 萬美元或每股攤薄收益 0.17 美元。2025 年第二季度，GAAP 總營收為 3,570 萬美元，高於前一年的 3,400 萬美元。本季營收包括無線收入 1,840 萬美元和軟體收入 1,720 萬美元，而去年同期分別為 1,830 萬美元和 1,570 萬美元。

With respect to wireless revenue, we saw a 50 basis point sequential improvement in quarterly net unit churn in the second quarter at 1.6%, down from 2.1% in the prior quarter. ARPU increased $0.36, or nearly 5% from the prior year, primarily driven by the continued impact from the previously taken pricing actions and to a lesser extent, continued sales of our new GenA pager.

就無線收入而言，我們看到第二季淨單位流失率較上季改善 50 個基點至 1.6%，低於上一季的 2.1%。ARPU 比前一年增加了 0.36 美元，近 5%，這主要得益於先前採取的定價行動的持續影響，以及在較小程度上，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. Also, we closely manage the expense base for the wireless infrastructure to limit the impact of revenue loss.

雖然我們認為，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。此外，我們嚴格管理無線基礎設施的費用基礎，以限制收入損失的影響。

Turning to second quarter software revenue. License and hardware revenue totaled $2.8 million in the second quarter of 2025 compared to $2 million in the same period of 2024, consistent with the strong level of software operation bookings we continue to see. Total professional services revenue was a healthy $5.4 million versus $4.3 million in the second quarter of 2024, up nearly 25% from the prior year period and over 34% for the first half of 2025.

談到第二季的軟體收入。2025 年第二季的授權和硬體收入總計 280 萬美元，而 2024 年同期為 200 萬美元，這與我們持續看到的強勁軟體營運預訂水準一致。專業服務總收入達到了健康的 540 萬美元，而 2024 年第二季為 430 萬美元，比去年同期增長近 25%，比 2025 年上半年增長超過 34%。

Our performance in professional services has been primarily driven by the triple-digit year-over-year growth of our managed services. However, we also continue to see sustained improvement and resource utilization, and we continue to drive growth through the addition of resources in alignment with our backlog growth.

我們的專業服務績效主要得益於託管服務的三位數年增。然而，我們也繼續看到持續的改進和資源利用率，並且我們繼續透過增加資源來推動成長，以配合我們的積壓成長。

You may recall from my past commentary that managed services is an offering within our broader umbrella of professional services that is typically bundled with maintenance and sold like a renewal or subscription. This service offering provides customers with all necessary implementation and upgrade services for any Spok software products they own over their multi-year term, which is typically three years. While managed services are likely to be cost prohibitive to our smaller customers, we continue to see great traction with enterprise focused customers.

您可能還記得我過去的評論，託管服務是我們更廣泛的專業服務範圍內提供的一項服務，通常與維護捆綁在一起，像續訂或訂閱一樣出售。該服務產品為客戶提供其擁有的任何 Spok 軟體產品在多年期限內（通常為三年）所需的所有實施和升級服務。雖然託管服務對我們的小客戶來說成本可能過高，但我們仍然看到以企業為中心的客戶的巨大吸引力。

Adjusted operating expenses, which excludes depreciation, accretion, and severance and restructuring costs totaled $29.4 million for the second quarter compared to $28.1 million in the prior year period. Included within the second quarter adjusted operating expense to a year-over-year increase in the cost of revenue, primarily due to the 10% increase in software revenue discussed earlier.

第二季調整後的營運費用（不包括折舊、增值、遣散費和重組費用）總計 2,940 萬美元，而去年同期為 2,810 萬美元。包括第二季調整後的營業費用在內的收入成本同比增長，主要由於前面討論的軟體收入增長了 10%。

An increase in selling and marketing expense compared to the second quarter of 2024. The second quarter of 2024 reflected a one-time benefit of approximately $0.9 million from the deferral of certain commissions. Excluding this benefit in 2024, our sales and marketing expenses were largely in line with the prior year quarter.

與 2024 年第二季相比，銷售和行銷費用有所增加。2024 年第二季反映了因延期支付某些佣金而產生的約 90 萬美元的一次性收益。除去 2024 年的這項福利，我們的銷售和行銷費用與去年同期基本持平。

And an increase in general and administrative expense related to higher IT costs as well as the timing of bad debt and payroll and related expenses which we believe will largely even out over the full year. These increases were partially offset by lower costs in technology operations as we continue to manage costs in relation to our declining wireless unit totals.

與 IT 成本上升以及壞帳和工資及相關費用的時間相關的一般和行政費用的增加，我們認為這些增加將在全年基本持平。由於我們繼續管理與無線部門總數下降相關的成本，這些成長被技術營運成本的降低部分抵消。

On a final note regarding adjusted operating expenses, while product research and development expenses were consistent with prior year levels on both a quarterly and year-to-date basis, we expect that level of spending to accelerate in the second half of the year. We believe that it is prudent to take some of the upsides that we have seen and adjust the EBITDA levels and reinvest that capital and improvements to our product platform as well as the AI initiatives that Vince mentioned earlier.

最後要說的是，關於調整後的營運費用，雖然產品研發費用在季度和年初至今都與去年同期水準一致，但我們預計下半年的支出水準將會加速。我們認為，明智的做法是利用我們看到的一些好處，調整 EBITDA 水平，並將這些資本和改進重新投資於我們的產品平台以及 Vince 之前提到的 AI 計劃。

As a result, we expect R&D expense levels will exceed prior year levels by approximately 5% to 7% and continue to modestly increase into 2026 by an additional 6% to 8%. Adjusted EBITDA in the second quarter totaled $7.5 million as compared to $7 million in the prior year period. This reflects the highly successful software operations booking levels that we have seen through the first six months of the year, which include higher margin license revenue. We believe our robust pipeline has its positioned for a strong second half. More on financial guidance in a minute.

因此，我們預計研發費用水準將比上一年高出約 5% 至 7%，到 2026 年將繼續小幅成長 6% 至 8%。第二季調整後的 EBITDA 總計 750 萬美元，而去年同期為 700 萬美元。這反映了我們在今年前六個月看到的非常成功的軟體營運預訂水平，其中包括更高的利潤授權收入。我們相信，我們強大的產品線將為下半年的強勁表現奠定基礎。稍後將詳細介紹財務指導。

Of additional note in the second quarter was a one-time benefit for the sale of a legacy domain name. The sale netted us a gain of approximately $0.7 million and is reflected in other income. We ended the second quarter with $20.2 million in cash and cash equivalents, which grew from the first quarter as anticipated. As you may remember, first quarter cash balances were impacted by increased seasonal working capital needs.

值得注意的是，第二季出售舊網域獲得了一次性收益。此次出售為我們帶來了約 70 萬美元的收益，並反映在其他收入中。我們第二季末的現金和現金等價物為 2,020 萬美元，與第一季相比有所成長，符合預期。您可能還記得，第一季的現金餘額受到季節性營運資金需求增加的影響。

With those needs behind us, all else remaining equal, we believe that cash balances should continue to grow in the second half of 2025. Based on our current outlook, we anticipate annual free cash flow in the range of $25 million to $29 million and expect to exit 2025 with cash balances between $24 million and $28 million.

在滿足了這些需求之後，在其他條件不變的情況下，我們相信現金餘額將在 2025 年下半年繼續成長。根據我們目前的展望，我們預計年度自由現金流將在 2,500 萬美元至 2,900 萬美元之間，並預計到 2025 年現金餘額將在 2,400 萬美元至 2,800 萬美元之間。

Moving on to guidance for 2025. Based on our performance in the first half of 2025, we are increasing our financial outlook for the year 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.

繼續討論 2025 年的指導。根據我們在 2025 年上半年的業績，我們上調了今年的營收和調整後 EBITDA 的財務預期。提醒一下，我今天要討論的數字包含在我們收益報告的指導表中。

For the year, we expect total revenue to range from $138 million to $143.5 million with the midpoint representing a nearly $3 million increase or 2% from the previously guided midpoint of $138 million. Included in this financial guidance is wireless revenue ranging between $71.5 million and $73.5 million.

我們預計今年的總收入將在 1.38 億美元至 1.435 億美元之間，中間值比先前預測的 1.38 億美元增加近 300 萬美元，即 2%。該財務指引中包括 7,150 萬美元至 7,350 萬美元之間的無線收入。

And software revenue ranging between $66.5 million and $70 million, representing a more than 9% growth at the high end of that software range. Lastly, adjusted EBITDA is now expected to range from $28.5 million to $32.5 million, with the midpoint representing a 5% increase from 2024 levels.

軟體收入在 6,650 萬美元至 7,000 萬美元之間，代表著該軟體高端收入的 9% 以上的成長。最後，調整後的 EBITDA 預計在 2,850 萬美元至 3,250 萬美元之間，中點將比 2024 年的水準成長 5%。

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, Mike and Calvin. On a final note, I'd like to again point out how proud I am of the strong performance our team was able to deliver in the second quarter and believe these results bode well for the remainder of the year.

謝謝你，麥克和卡爾文。最後，我想再次指出，我對我們團隊在第二季度取得的出色表現感到非常自豪，並相信這些結果預示著今年剩餘時間的良好表現。

We believe we are solidly positioned to grow our franchise value while returning capital to stockholders. We have a long-term organic growth engine in our software solutions through Spok Care Connect. We maintain a source of strong recurring revenue in our wireless service line, which remains relevant and important to healthcare customers and supports critical communications even during network events when cell phones and other technology fail.

我們相信，我們有能力增加特許經營權的價值，同時向股東返還資本。透過 Spok Care Connect，我們的軟體解決方案擁有長期有機成長引擎。我們的無線服務線保持著強勁的經常性收入來源，這對醫療保健客戶來說仍然具有相關性和重要性，即使在手機和其他技術故障的網路事件期間也能支援關鍵通訊。

We run the largest paging 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. We believe with these two assets going for us, our best financial results are ahead of us, and Spok's future is bright.

我們經營著世界上最大的尋呼服務，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。我們相信，憑藉這兩項資產，我們的最佳財務表現就在眼前，Spok 的未來一片光明。

Before I open the call up to your questions, I'd like to thank our stockholders for their continued support. I'd also like to thank them for their participation in our annual meeting. As we reported, the items of business were: number one, the election of six nominees to our Board of Directors; number two, the appointment of Grant Thornton LLP as our independent registered public accounting firm for the year ending December 31, 2025; and number three, an advisory vote to approve 2024 named executive officer compensation or on pay.

在開始回答大家的問題之前，我想感謝股東們一直以來的支持。我還要感謝他們參加我們的年會。正如我們所報道的，會議議程包括：第一，選舉六名董事會成員；第二，任命 Grant Thornton LLP 為公司截至 2025 年 12 月 31 日年度的獨立註冊會計師事務所；第三，透過諮詢性投票批准 2024 年指定高階主管薪酬或薪資。

All passed with an overwhelming majority. For a full review of the final voting results, please see our disclosures in our Form 8-K filed with the SEC. We appreciate your interest in Spok and we look forward to updating everyone again when we report third quarter results in late October.

全部以壓倒性多數通過。如需全面了解最終投票結果，請參閱我們向美國證券交易委員會提交的 8-K 表格中的揭露內容。感謝您對 Spok 的關注，我們期待在 10 月下旬報告第三季業績時再次向大家更新最新情況。

Thank you for joining us today. Operator, you may now open the call to questions.

感謝您今天加入我們。接線員，您現在可以開始提問了。

(Operator Instructions)

（操作員指示）

Anderson Schock, B. Riley Securities.

安德森·肖克 (Anderson Schock)，B. Riley 證券。

Hey, good afternoon, and thank you for taking our questions and and congrats on the really impressive quarter here.

嘿，下午好，感謝您回答我們的問題，並祝賀您在本季度取得了令人印象深刻的成績。

Thank you.

謝謝。

So first, I guess, so how has your increased fee for unreturned pagers impacted net unit churn? And should we expect this to drive a reduction through the remainder of the year? And I guess what are the other ways you're working on reducing unit churn?

那麼首先，我想問一下，你們提高未歸還傳呼機的費用對淨單位流失率有何影響？我們是否應該預期這將在今年剩餘時間內推動減排？我想問一下，您還採取了哪些其他方法來減少單位流失？

Hey, Anderson, it's Calvin. How's it going? From the price increase related to the unreturned equipment, that's really going to have no impact from a unit term perspective. When we look at our broader price increases on the wireless services that we typically do in the back half of the year, that's something that we take a look at from an impact perspective.

嘿，安德森，我是卡爾文。怎麼樣了？從未退回與設備相關的價格上漲來看，從單位期限的角度來看，這實際上不會產生影響。當我們審視通常在下半年進行的無線服務價格上漲時，我們會從影響的角度來看這個問題。

But the unreturned equipment component effectively is playing through after someone's already disconnected those units and disconnected their service, right? So effectively a customer disconnects units and they don't return them within the allotted contract time and they're required to pay effectively a lump sum for that pager. So that's what those fees represent.

但是，在有人已經斷開這些設備並斷開其服務之後，未歸還的設備組件實際上仍在發揮作用，對嗎？因此，實際上，如果客戶斷開設備並且沒有在規定的合約時間內歸還設備，他們就需要為該尋呼機支付一筆總款。這就是這些費用所代表的意思。

Anderson, the other part of your question with respect to our focus on the wireless service line, we're really trying to mitigate the impact of churn of unit churn on our revenue, and we're doing that several ways. Obviously we've done past pricing actions and that helps a lot. We saw the actual churn go down a little bit this quarter, but relative to the first quarter, the unit churn. But it was still within normal ranges.

安德森，您問題的另一部分是關於我們對無線服務線的關注，我們確實在努力減輕客戶流失對我們收入的影響，我們正在採取多種方式來實現這一點。顯然，我們過去已經採取了定價行動，這很有幫助。我們看到本季的實際流失率略有下降，但相較於第一季度，單位流失率有所下降。但仍處於正常範圍內。

We also sell our new GenA pager. We get a significantly higher average revenue per unit on those GenA pagers because they're alphanumeric, encrypted, HIPAA-compliant two-way messaging devices. We also sell Spok Mobile with pagers, so it's a software application that works on your smartphone, whether it's iOS or Android.

我們也銷售新的 GenA 尋呼機。我們從這些 GenA 尋呼機上獲得了更高的單位平均收入，因為它們是字母數字、加密、符合 HIPAA 標準的雙向訊息傳遞裝置。我們還銷售帶有尋呼機的 Spok Mobile，因此它是一款可在您的智慧型手機上運行的軟體應用程序，無論是 iOS 還是 Android。

And we charge for that, so you can get messages to your pager but also get them to your phone. And if all of a sudden, the phone's not working because there's a network outage or whatever, you're still getting the message on your pager. And we sell Spok Mobile, that app to these paging customers who have actually left us so we can capture some of that revenue and retain that revenue.

我們會收取費用，這樣您就可以將訊息傳送到尋呼機，也可以將訊息傳送到您的手機。如果突然發生網路中斷或其他原因導致電話無法使用，您仍可在尋呼機上收到訊息。我們將 Spok Mobile 這款應用程式出售給那些已經離開我們的尋呼客戶，這樣我們就可以獲得部分收入並保留這些收入。

I don't have the exact split here right now, but it's still a significant number. It's almost -- it's over $9 million worth of revenue just between those two. So we're doing everything in our power. We've changed our incentive compensation for our wireless sales reps to be revenue focused, so they're out there. They're actually signing up when they renew accounts. They're signing multi-year agreements, so a customer will stay on for -- the average is three years, so we know we lock that revenue stream up for three years.

我現在還沒有確切的劃分，但這仍然是一個相當大的數字。這幾乎是——光是這兩家公司的收入就超過了 900 萬美元。因此，我們正在盡一切努力。我們已經改變了無線銷售代表的激勵薪酬，使其以收入為中心，因此他們就在那裡。他們實際上是在續訂帳戶時進行註冊。他們簽署的是多年協議，因此客戶會繼續合作——平均為三年，所以我們知道我們可以鎖定該收入來源三年。

It's got a lot of effort there on that side of the business, because as you know it's the gift that keeps on giving, and these pager numbers that these doctors have had, they've had them for years and those pager numbers are our numbers.

我們在業務的這個方面付出了很多努力，因為如你所知，這是一份持續給予的禮物，這些醫生擁有的傳呼機號碼，他們已經擁有多年了，這些傳呼機號碼就是我們的號碼。

I mean we own those numbers and there's great value there. So we can over time add more functionality through technology that's attached to that number and it's a good asset, it's maybe not -- you don't see it on the books, but it's a good asset for the company and for the future. So very focused on the revenue on the wireless service line and mitigating the impact of paid return on that revenue.

我的意思是我們擁有這些數字，並且它們具有巨大的價值。因此，隨著時間的推移，我們可以透過與該數字相關的技術添加更多功能，這是一項寶貴的資產，也許你在帳面上看不到它，但它對公司和未來來說是一項寶貴的資產。因此非常關注無線服務線上的收入並減輕付費回報對該收入的影響。

Okay, got it. Thank you. That's very helpful. And then on the last earnings call, you mentioned creating a business development team focused on new logos. Can you talk about their progress and pipeline development in the second quarter?

好的，明白了。謝謝。這非常有幫助。然後在上次財報電話會議上，您提到創建一個專注於新標誌的業務開發團隊。您能談談他們在第二季的進展和管道發展嗎？

Yeah, we've got about seven business development reps working on new logos, and they're having great success. They're reaching out to a lot of customers. They've added some smaller accounts, not like the huge enterprise accounts that you see us add in the past. But it's coming along, we're not breaking that out separately yet, but it's coming along and we're very happy with our progress there.

是的，我們有大約七名業務開發代表致力於新標誌的設計，並且取得了巨大的成功。他們正在接觸很多客戶。他們增加了一些較小的帳戶，不像我們過去新增的大型企業帳戶。但它正在進行中，我們還沒有單獨將其分解，但它正在進行中，我們對那裡的進展感到非常高興。

Okay. And then looking at the $11.7 million in software bookings, could you provide some more color on how much of this was new customer acquisitions versus expansions within existing accounts?

好的。然後看看 1170 萬美元的軟體訂單，您能否提供更多細節，說明其中有多少是來自新客戶的獲取，有多少是來自現有帳戶的擴展？

Yeah, I'll take that one, Vince. Hey Anderson, how are you? It's Mike. Yeah, as it has been the past several quarters, it was about 15% of our bookings were related to new logos. So to your previous question, we're spending a lot of time internally to build that sort of hunting ground for reps in order to drive more new logos.

是的，我會接受這個，文斯。嘿，安德森，你好嗎？我是麥克。是的，就像過去幾個季度一樣，我們大約 15% 的預訂與新標誌有關。所以對於你之前的問題，我們花了大量時間在內部為銷售代表建立這種狩獵場，以便吸引更多的新標誌。

So still about in the same range, but it's been said, we're building that group, building the pipeline, et cetera. So in future quarters we have an expectation that it's not going to be rapid, but we'll have steady growth as it relates to new logo versus currently install base.

因此仍然在同一範圍內，但據說，我們正在建立該團隊，建造管道等等。因此，在未來幾個季度，我們預計成長速度不會很快，但與新標誌和當前安裝基礎相比，我們將實現穩定成長。

Yeah, and I think there's a nuance there, Anderson, that we need to appreciate in that like, for instance, the largest deal that we did in the second quarter that Mike talked about, just a couple of minutes ago. That's a five-year deal with a customer that had been a customer of ours for a long time.

是的，安德森，我認為這裡有一個細微差別，我們需要注意，例如，幾分鐘前麥克談到的我們在第二季度達成的最大一筆交易。這是與我們的一位長期客戶簽訂的五年協議。

It's an enormous deal, but since we're selling an enterprise suite that does a lot of different things, we actually replaced two competitors' point solutions that were in that account. So even though it wasn't the account in and of itself wasn't a new logo, we knocked out two other competitors. They're not public companies, they're private, but if you're in this space, if I said their names, you'd recognize who the heck they were right away.

這是一筆巨大的交易，但由於我們銷售的是一套可以做很多不同事情的企業套件，我們實際上取代了該帳戶中兩個競爭對手的點解決方案。因此，儘管它本身並不是一個新帳戶，但我們還是擊敗了另外兩個競爭對手。它們不是上市公司，而是私人公司，但如果你在這個領域，如果我說出它們的名字，你會立刻認出它們到底是誰。

And the customer likes that because it's kind of like buying an enterprise package where everything integrates, everything's together, it's all bundled. And so there's expansion within existing accounts even though it's not new logo if that makes sense.

客戶喜歡這樣，因為這有點像購買企業包，其中所有內容都整合在一起，全部捆綁在一起。因此，即使不是新標誌，現有帳戶也會擴大，如果這有意義的話。

Okay, got it. Thank you. Yeah, well, thank you for taking the questions and congrats again on all the progress.

好的，明白了。謝謝。是的，謝謝您回答這些問題，並再次恭喜您取得的所有進展。

Yeah, thank you.

是的，謝謝。

Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Vincent Kelly for the closing comments.

謝謝。女士們、先生們，由於沒有其他問題，我現在想將會議交給文森特凱利 (Vincent Kelly) 作結束語。

Well, thanks everybody for participating. We knew we were going up against stiff competition with Microsoft and Meta and the Fed today. But a good quarter and we're very excited to report again at the end of the third quarter, and everyone have a great day. Thanks for joining us.

好的，謝謝大家的參與。我們知道今天我們將面臨與微軟、Meta 和聯準會的激烈競爭。但這是一個好的季度，我們很高興在第三季末再次報告，祝大家有美好的一天。感謝您的加入。

Thank you, ladies and gentlemen. The conference of Spok Holdings has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝各位，女士們、先生們。Spok Holdings 大會現已結束。感謝您的參與。現在您可以斷開線路了。