Spok Holdings Inc (SPOK) 2025 Q3 法說會逐字稿

Greetings. Welcome to Spok Holdings third quarter 2025 earnings results call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Al Galgano, Investor Relations. Thank you.

大家好。歡迎參加Spok Holdings 2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給投資人關係部的Al Galgano先生。謝謝。

You may begin.

你可以開始了。

Hello, everyone, and welcome to Spok Holdings third 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 年第三季財報電話會議。與我一同出席的還有執行長文斯凱利、營運長麥克華萊士和財務長卡爾文賴斯。

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.

我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述受到與 Spok 未來財務和業務表現相關的風險和不確定性的影響。此類聲明可能包括對收入、支出和收益的估計，以及其他預測性聲明或計劃，這些都取決於未來的事件或情況。

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，並非旨在對未來的實際結果做出任何保證。Spok 的實際業績可能與這些前瞻性聲明中預期的業績有重大差異。儘管這些聲明是基於公司認為合理的假設，但它們仍存在風險和不確定性。

Please review the Risk Factors section relating to our operations and the business environment, which are contained in our third 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.

請查閱我們提交給美國證券交易委員會的 2025 年第三季 10-Q 表格及相關文件中有關我們營運和商業環境的風險因素部分。請注意，Spok 不承擔更新過去或現在提交的文件和電話會議中任何前瞻性聲明的義務。

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

接下來，我將把電話交給文斯。

Thank you, Al. Good afternoon, everyone, and thank you for joining us for our third quarter 2025 earnings call. I'm proud of the performance our team was able to deliver in the third quarter, especially after the exceptional performance in the second quarter, where we saw several new customer contracts get accelerated into that period and despite the seasonal headwinds we typically face in the slower summer months.

謝謝你，阿爾。各位下午好，感謝各位參加我們2025年第三季財報電話會議。我為我們團隊在第三季度取得的成績感到自豪，尤其是在第二季度表現出色之後，我們看到幾個新的客戶合約加速進入該季度，儘管我們通常會在夏季淡季面臨季節性不利因素。

On a year-to-date basis, we continue to make progress in key performance areas, including net income, adjusted EBITDA and cash generation, wireless ARPU trends, software revenue growth and gross backlog levels. Based on our solid performance through the first 9-months of the year and our visibility into our very robust product sales pipeline, we are reaffirming our guidance.

今年迄今為止，我們在關鍵績效領域繼續取得進展，包括淨收入、調整後 EBITDA 和現金流量、無線 ARPU 趨勢、軟體收入成長和總積壓訂單水準。基於我們今年前 9 個月的穩健業績以及我們對非常強勁的產品銷售管道的清晰了解，我們重申我們的業績指引。

We have advantages over the competition in our core healthcare software contact center space, including long-term and deep relationships with the top healthcare systems in the nation who continue to purchase from us on a regular basis, offering customers an integrated platform as opposed to multiple point solutions and continuing to invest in and enhance our platforms consistent with what our customers are requesting.

我們在核心醫療保健軟體聯絡中心領域擁有超越競爭對手的優勢，包括與全國頂尖醫療保健系統建立長期而深入的合作關係，這些系統持續定期從我們這裡採購產品；我們為客戶提供整合平台，而不是多個點解決方案；並且我們不斷投資和改進我們的平台，以滿足客戶的需求。

Spok is 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. Later in the call, Mike Wallace, our Chief Operating Officer, will lay out for you the product offerings that we have built that we believe will allow us to create significant shareholder value into the future.

許多客戶都將 Spok 視為不可或缺的合作夥伴。換句話說，他們需要 Spok 來有效率地進行日常營運。在稍後的電話會議中，我們的營運長麥克華萊士將向大家介紹我們開發的產品，我們相信這些產品將使我們能夠在未來創造巨大的股東價值。

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 stockholders over the long term while responsibly investing in and growing our business. As we've demonstrated through our performance since our strategic pivot more than 3-years ago, we believe we are on a sustainable path to achieving that goal. So today, we'll 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.

我也想藉此機會先提醒大家，我們的使命依然堅定不移地保持不變。也就是說，在負責任地投資和發展業務的同時，長期為股東創造現金和回報資本。正如我們自三年多前進行策略轉型以來所取得的業績所證明的那樣，我們相信我們正走在實現這一目標的可持續道路上。今天，我們將與大家分享我們的策略業務計劃在支持這一目標方面取得的進展情況，以及我們本季的財務表現。

I'll start by reviewing the agenda for today's call. The order will be as follows, we'll begin by providing a review of our company performance for the quarter. I will then turn the call over to Mike Wallace to review some of our quarterly sales and operational highlights as well as give you an overview of our product offering. Then our Chief Financial Officer, Calvin Rice, will review our third quarter financial highlights and financial guidance for 2025. I'll then wrap the call, and we'll take your questions as time allows.

我先來回顧一下今天電話會議的議程。順序如下，我們將首先對公司本季的業績進行回顧。接下來，我將把電話交給麥克華萊士，讓他回顧我們季度銷售和營運方面的一些亮點，並概述一下我們的產品。然後，我們的財務長卡爾文·賴斯將回顧我們第三季的財務亮點和 2025 年的財務展望。通話到此結束，之後我們會根據時間安排回答您的問題。

As I said upfront, we're proud of what the Spok team has been able to accomplish through the first 9-months of the year. Year-to-date highlights include strong levels of adjusted EBITDA, which covered our quarterly dividend and capital expenditure requirements, continued sales pipeline growth, providing confidence in our outlook; an increase in cash balances, which we believe hit a low point in the first quarter and will continue to build through the remainder of the year, consistent with past year trends.

正如我之前所說，我們為 Spok 團隊在今年前 9 個月所取得的成就感到自豪。今年迄今為止的亮點包括：調整後 EBITDA 水平強勁，足以支付季度股息和資本支出；銷售管道持續增長，增強了我們對前景的信心；現金餘額增加，我們認為現金餘額在第一季度達到低點，並將在今年剩餘時間內繼續增長，與去年的趨勢一致。

A 5.2% increase in software revenue that includes triple-digit growth in managed services revenue on a year-over-year basis; improved wireless trends as net unit churn dropped by 20 basis points from 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 in expense management as we saw flat year-over-year adjusted operating expense levels while supporting the increase in software sales and making the necessary investments in product research and development to fuel future growth.

軟體收入成長 5.2%，其中包括管理服務收入同比增長三位數；無線業務趨勢改善，淨流失率較上一季度下降 20 個基點；無線業務平均單價持續增長，進一步反映了先前定價措施和符合 HIPAA 標準的加密字母數字 GenA 尋呼機銷售的影響；同時，我們繼續進行開發

In short, we're very pleased with our performance in the first three quarters of the year and believe that these results provide a solid springboard for the remainder of the year and for 2026. In the third quarter of 2025, we generated more than $6.6 million of adjusted EBITDA, which more than covered the $6.4 million we returned to our stockholders in the form of dividend distributions. At the same time, we maintained our third quarter research and development investment and believe we are on track to invest approximately $12 million in product research and development in 2025.

總之，我們對今年前三個季度的表現非常滿意，並相信這些結果為今年剩餘時間和 2026 年的發展奠定了堅實的基礎。2025 年第三季度，我們實現了超過 660 萬美元的調整後 EBITDA，這足以支付我們以股息形式返還給股東的 640 萬美元。同時，我們維持了第三季的研發投入，並相信我們能夠按計劃在 2025 年投入約 1,200 萬美元用於產品研發。

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 stockholders by maximizing revenue and cash flow generation.

我們相信這項投資將推動未來軟體收入成長，並且我們在銷售和營運成熟的通訊解決方案方面擁有豐富的經驗，將繼續透過最大限度地提高收入和現金流來為股東創造重大價值。

As I mentioned, Spok has a proud legacy of creating stockholder value through free cash flow generation, and we intend to continue this track record. In fact, over the last 20-years, Spok has returned a total of more than $720 million to our stockholders either through our regular quarterly dividend, special dividends or share repurchases.

正如我之前提到的，Spok 在透過自由現金流創造股東價值方面有著令人自豪的傳統，我們打算繼續保持這項良好記錄。事實上，在過去的 20 年裡，Spok 透過定期季度分紅、特別分紅或股票回購，已累積向股東返還了超過 7.2 億美元。

More recently, since we announced our strategic pivot back in early 2022, Spok has returned nearly $100 million to our stockholders. When you take into consideration our current cash balance, distribution to stockholders, share repurchases, debt repayments and acquisitions since our inception, Spok has generated nearly $1.1 billion of free cash flow.

最近，自從我們在 2022 年初宣布策略轉型以來，Spok 已向股東返還了近 1 億美元。自公司成立以來，考慮到我們目前的現金餘額、向股東分配的款項、股票回購、債務償還和收購，Spok 已產生了近 11 億美元的自由現金流。

Maximizing cash flow over the long term supports the three major tenets of our strategy, which include, number one, continued investment in our wireless and software solutions; number two, continued disciplined expense management; and number three, a stockholder-friendly capital allocation plan.

從長遠來看，最大化現金流支持我們策略的三大原則，其中包括：第一，持續投資於我們的無線和軟體解決方案；第二，持續嚴格控制支出；第三，制定有利於股東的資本配置計畫。

Before I turn the call over to Mike, let me take a moment to review Spok's significant positive attributes. As a leader in healthcare communications, we maintain the largest paging network in the United States, we control significant and valuable narrowband personal communication spectrum, we have a blue-chip customer base of more than 2,200 hospitals, we have created a large portfolio of intellectual property via strategic R&D investments, and we continue to generate significant cash flow and return to our investors on a quarterly basis.

在將電話交給麥克之前，請允許我花一點時間回顧 Spok 的主要優點。身為醫療保健通訊領域的領導者，我們擁有美國最大的尋呼網絡，控制著大量且極具價值的窄帶個人通訊頻譜，擁有超過 2200 家醫院的優質客戶群，透過策略研發投資創建了大量的智慧財產權組合，並且我們持續按季度為投資者創造可觀的現金流和回報。

Spok delivers the critical communication solutions hospitals rely on every day. Our Spok Care Connect suite of solutions integrates with existing workflows in the hospital and enables them to deliver information quickly and securely into the hands of clinicians who need to act on it wherever they are and on whatever device they're using. From the contact center to the patient's bedside, Spok Care Connect provides directory details, on-call schedules, staff preferences, secure texting and a lot more.

Spok 提供醫院每天依賴的關鍵通訊解決方案。我們的 Spok Care Connect 解決方案套件可與醫院現有的工作流程集成，使醫院能夠快速安全地將訊息傳遞給需要採取行動的臨床醫生，無論他們身在何處，無論他們使用什麼設備。從聯絡中心到病人床邊，Spok Care Connect 提供目錄詳情、值班安排、員工偏好、安全簡訊等諸多功能。

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.

我們擁有超過 2200 家醫療機構客戶，其中包括美國最知名的醫院。我們經過多年研發，打造了完善的解決方案，並與客戶建立了長期穩固的合作關係。

And as you probably saw earlier this month, we announced that 9 of the 10 children's hospitals named to the 2025 and 2026 US News & World Report Best Children's Hospitals on a roll, rely on Spok industry-leading secure healthcare communication solutions to support care collaboration and deliver outstanding patient experiences. For over a decade, nearly every hospital named to the Children's Best Hospitals on a roll has relied on Spok solutions.

正如您可能在本月初看到的那樣，我們宣布，在 2025 年和 2026 年《美國新聞與世界報道》評選的 10 家最佳兒童醫院中，有 9 家依靠 Spok 行業領先的安全醫療保健通信解決方案來支持護理協作並提供卓越的患者體驗。十多年來，幾乎每一家被評為「兒童最佳醫院」的醫院都依賴 Spok 的解決方案。

And this news comes on the heels of our announcement that 18 of the top 20 adult hospitals on the US News & World Report listed also rely on Spok. This industry-leading reputation is coupled with the financial strength that nearly 80% of our revenue is reoccurring in nature, and we are a company with no debt, which provides us with significant flexibility. We're a pioneer in healthcare communications with a best-in-class product offering and have built an industry-leading reputation over the years.

就在我們宣布《美國新聞與世界報道》評選出的排名前 20 的成人醫院中有 18 家也依賴 Spok 之後，又傳來了這條消息。我們擁有業界領先的聲譽，同時財務實力雄厚，近 80% 的收入都是經常性收入，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。我們是醫療保健通訊領域的先驅，擁有業內一流的產品，多年來建立了行業領先的聲譽。

So at this point, I'd like to hand the call over to Mike to outline our sales performance and give you a brief overview of our product offerings. Mike?

所以現在，我想把電話交給麥克，讓他概述一下我們的銷售業績，並簡單介紹一下我們的產品。麥克風？

Thanks, Vince, and thank you, everyone, for joining us this afternoon. As Vince pointed out, timing issues impacted bookings levels during the third quarter after an exceptionally strong second quarter. However, on a year-to-date basis, we continue to make great progress in a number of key areas. As we discuss each quarter, we continue to build a solid financial platform and stockholder-friendly capital allocation strategy, and we remain true to our mission of being a global leader in healthcare communications.

謝謝文斯，也謝謝各位今天下午的到來。正如文斯所指出的那樣，在經歷了異常強勁的第二季度之後，時間安排問題影響了第三季度的預訂量。然而，從今年迄今為止的情況來看，我們在許多關鍵領域繼續取得了巨大進展。正如我們每季所討論的那樣，我們繼續建立穩固的財務平台和對股東友好的資本配置策略，並且我們始終忠於成為全球醫療保健通訊領導者的使命。

Today, I'd like to briefly provide you with a little more visibility into Spok's industry-leading product platform and what gives us confidence as we move forward. The cornerstone of that platform is Spok Console, which streamlines operator workflows and ensures rapid emergency response; Spok Messenger, which integrates with clinical systems to deliver alerts and notifications to the right person on the right device; and Spok Mobile, which empowers care teams with secure HIPAA-compliant messaging at their fingertips.

今天，我想簡要地向大家介紹 Spok 業界領先的產品平台，以及是什麼讓我們對未來的發展充滿信心。該平台的核心是 Spok Console，它簡化了操作員的工作流程，確保快速的緊急響應；Spok Messenger，它與臨床系統集成，將警報和通知傳遞給正確的設備上的正確人員；以及 Spok Mobile，它使護理團隊能夠隨時隨地使用符合 HIPAA 標準的安全訊息傳遞功能。

Let's begin with Spok Console, being a secure healthcare contact center solution that serves as the central hub for hospital operator workflows. It gives operators the tools they need to respond promptly to every call and process priority communications. By uniting disparate data systems into a centralized digital directory, Spok Console ensures operators have fast access to physicians, patients and staff and that the right message reaches the right person at the right time.

我們先從 Spok Console 開始，它是一個安全的醫療保健聯絡中心解決方案，作為醫院營運人員工作流程的中央樞紐。它為操作員提供了及時回應每個來電和處理優先通訊所需的工具。Spok Console 透過將分散的數據系統整合到一個集中式數位目錄中，確保操作員能夠快速存取醫生、患者和員工，並確保正確的資訊在正確的時間傳達給正確的人。

With a modern user-friendly interface, it integrates with the organization's PBX and leading UCaaS systems. Call center agents manage calls directly through the Console software, guided by intuitive screens and color-coded directories that simplify lookups and streamline communication.

它擁有現代化的用戶友好介面，可與組織的 PBX 和領先的 UCaaS 系統整合。呼叫中心客服人員透過控制台軟體直接管理呼叫，直覺的螢幕和顏色編碼的目錄簡化了查找和溝通。

Spok Messenger is an FDA 510(k) cleared clinical alerting management solution that delivers critical information and updates from nurse call systems, patient monitors, clinical systems and other sources directly to the right care team members on their preferred devices, including pagers, smartphones and voice over IP devices. It intelligently routes, prioritizes and escalates alerts based on roles, schedules and rules, helping to reduce delays and improve response time.

Spok Messenger 是一款獲得 FDA 510(k) 批准的臨床警報管理解決方案，可將來自護士呼叫系統、病人監護儀、臨床系統和其他來源的關鍵資訊和更新直接發送到合適的護理團隊成員的首選設備，包括尋呼機、智慧型手機和 VoIP 設備。它能夠根據角色、日程安排和規則智慧地路由、優先排序和升級警報，從而幫助減少延遲並提高回應時間。

Integrating with existing hospital systems, Spok Messenger enables seamless, secure communication across departments and devices. It also delivers near real-time visibility, empowering teams with the transparency they need to track alert delivery and respond with confidence. Designed for reliability and HIPAA compliance, Spok Messenger supports better workflow efficiency, reduces alert fatigue and enhances patient safety.

Spok Messenger 與現有醫院系統集成，可實現跨部門和設備之間的無縫、安全通訊。它還能提供近乎即時的可見性，使團隊能夠獲得所需的透明度，從而追蹤警報的送達情況並自信地做出回應。Spok Messenger 的設計著重可靠性和 HIPAA 合規性，可提高工作流程效率，減少警報疲勞，並增強病患安全。

And lastly, Spok Mobile is a secure HIPAA-compliant messaging app that enables clinicians and staff to collaborate quickly and reliably. It integrates with hospital directory information, clinical monitoring systems and on-call schedules to ensure messages and alerts reach the right person on the right device.

最後，Spok Mobile 是一款符合 HIPAA 標準的安全訊息應用程序，可讓臨床醫生和工作人員能夠快速可靠地協作。它與醫院目錄資訊、臨床監測系統和值班表集成，以確保訊息和警報能夠透過正確的設備送達正確的人員。

Spok Mobile supports message escalation based on established priorities and allows users to send notifications directly to providers mobile devices as an alarm management option. It also maintains a detailed message history to ensure information is readily available for auditing purposes. With role-based messaging, group communication and delivery confirmation, Spok Mobile streamlines workflows and helps care teams stay focused on patient care.

Spok Mobile 支援根據既定優先順序升級訊息，並允許使用者直接向提供者行動裝置發送通知，作為警報管理選項。它還會保留詳細的訊息歷史記錄，以確保資訊隨時可用於審計目的。Spok Mobile 提供角色為基礎的訊息、群組溝通和送達確認功能，簡化工作流程，幫助照護團隊專注於病患照護。

In short, we are proud of the product platform that the Spok team has built and believe that these offerings will create significant sales opportunities and drive shareholder value into the future.

簡而言之，我們為 Spok 團隊打造的產品平台感到自豪，並相信這些產品將創造巨大的銷售機會，並在未來為股東創造價值。

With that, I'd like to turn the call over to Calvin to review the financials. Calvin?

接下來，我想把電話交給卡爾文，讓他來審核財務資料。加爾文？

Thanks, Mike, and good afternoon, everyone. I would now like to take a few minutes and provide a recap of our third 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.

謝謝你，麥克，大家下午好。現在我想花幾分鐘時間，回顧一下我們今天公佈的 2025 年第三季財務業績。我建議您在收到我們提交的 10-Q 表格後仔細閱讀，因為其中包含比本次電話會議將要詳細介紹的關於我們業務運營和財務業績的大量信息。

Turning to our income statement. In the third quarter of 2025, GAAP net income totaled $3.2 million or $0.15 per diluted share, down from net income of $3.7 million or $0.18 per diluted share in 2024. In the third quarter of 2025, total GAAP revenue was $33.9 million, down from total revenue of $34.9 million in the prior year.

接下來來看看我們的損益表。2025 年第三季度，GAAP 淨利潤總計 320 萬美元，即每股攤薄收益 0.15 美元，低於 2024 年的淨利潤 370 萬美元，即每股攤薄收益 0.18 美元。2025 年第三季度，GAAP 總營收為 3,390 萬美元，低於去年同期的 3,490 萬美元。

Revenue in the current year quarter consisted of wireless revenue of $17.8 million and software revenue of $16.1 million compared to $18.3 million and $16.6 million in the prior year, respectively. With respect to wireless revenue, we saw a 20 basis points sequential improvement in quarterly net unit churn in the third quarter at 1.4%, down from 1.6% in the prior quarter. ARPU increased $0.24 or 3% from the prior year, primarily driven by the continued impact from pricing actions and to a lesser extent, continued sales of our GenA pager.

本季營收包括無線業務收入 1,780 萬美元和軟體收入 1,610 萬美元，而去年同期分別為 1,830 萬美元和 1,660 萬美元。就無線業務收入而言，第三季淨用戶流失率較上季改善 20 個基點，為 1.4%，低於上一季的 1.6%。ARPU 較上年增長 0.24 美元或 3%，主要得益於價格策略的持續影響，其次是 GenA 尋呼機的持續銷售。

As a reminder, we implemented a 3.5% price increase in September that impacts roughly 50% to 60% of units in service, and that will be fully reflected in fourth quarter revenue. 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.

再次提醒大家，我們在 9 月實施了 3.5% 的價格上漲，這將影響約 50% 到 60% 的在用設備，並將在第四季度收入中完全反映出來。雖然我們認為，從長遠來看，對我們無線服務的需求將繼續下降，正如尋呼機使用量的下降所反映的那樣，但我們希望，我們對定價的關注以及 GenA 尋呼機等其他舉措將繼續進一步抵消因尋呼機使用量下降而造成的收入損失。此外，我們嚴格控制無線基礎設施的支出，以減少收入損失的影響。

Turning to third quarter software revenue. License and hardware revenue totaled $1.5 million compared to $2.4 million in the same period of 2024 as a result of lower software license bookings. Total professional services revenue in the third quarter was $5.5 million versus $4.8 million in the third quarter of 2024, up nearly 13% from the prior year period and more than 26% for the first 9-months of 2025.

接下來來看看第三季的軟體收入。由於軟體授權預訂量下降，授權和硬體收入總計 150 萬美元，而 2024 年同期為 240 萬美元。第三季專業服務總收入為 550 萬美元，而 2024 年第三季為 480 萬美元，比去年同期成長近 13%，比 2025 年前 9 個月成長超過 26%。

Our outperformance in professional services has been primarily driven by the triple-digit year-over-year growth of our managed services. This service offering provides customers with all necessary implementation and upgrade services for any Spok software products they own over their multiyear term, which is typically 3-years. While managed services are likely to be cost prohibitive to our smaller customers, we continue to see great traction with enterprise-focused customers.

我們在專業服務領域的優異表現主要得益於我們託管服務年增三位數的成長。本服務為客戶提供在其多年期限（通常為 3 年）內所擁有的任何 Spok 軟體產品的所有必要實施和升級服務。雖然託管服務對我們的小型客戶來說成本可能過高，但我們仍然看到它在以企業為中心的客戶群中獲得了巨大的成功。

Adjusted operating expenses, which excludes depreciation, accretion and severance and restructuring costs, totaled $28.5 million in the third quarter, largely unchanged from the prior year period. During the quarter, increases in research and development expenses, selling and marketing expenses and the cost of product were offset by declines in technology operations expense and G&A costs.

經調整後的營運費用（不包括折舊、增值、遣散費和重組費用）第三季總計 2,850 萬美元，與去年同期基本持平。本季度，研發費用、銷售和行銷費用以及產品成本的增加被技術營運費用和一般及行政費用的下降所抵銷。

Technology operations expense continues to decline as we manage costs in relation to our declining wireless unit totals. Adjusted EBITDA in the third quarter totaled $6.6 million as compared to $7.5 million in the prior year period. Despite the year-over-year decline, adjusted EBITDA levels were sufficient to cover our quarterly dividend. We ended the third quarter with $21.4 million in cash and cash equivalents, which grew from the prior quarter as anticipated. Based on our current outlook, we anticipate cash balances to continue to grow through the end of the year.

隨著無線設備總量的下降，我們透過控製成本來應對成本，技術營運費用也持續下降。第三季調整後 EBITDA 總計 660 萬美元，而去年同期為 750 萬美元。儘管同比有所下降，但調整後的 EBITDA 水準足以支付我們的季度股息。第三季末，我們持有現金及現金等價物2,140萬美元，較上一季有所成長，如預期。根據我們目前的預測，我們預計現金餘額將持續成長至年底。

Moving on to guidance for 2025. Based on performance in the three quarters of 2025, we are reaffirming our financial outlook in 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. For the year, we expect total revenue to range from $138 million to $143.5 million. Included in this financial guidance is wireless revenue ranging between $71.5 million and $73.5 million and software revenue range between $66.5 million and $70 million. Lastly, adjusted EBITDA is expected to range from $28.5 million to $32.5 million.

接下來展望2025年。根據 2025 年前三個季度的業績，我們重申對當年營收和調整後 EBITDA 的財務展望。再次提醒大家，我今天要討論的數據都包含在我們獲利報告中的績效指引表中。我們預計全年總收入將在 1.38 億美元至 1.435 億美元之間。該財務預期包括無線業務收入在 7,150 萬美元至 7,350 萬美元之間，軟體業務收入在 6,650 萬美元至 7,000 萬美元之間。最後，調整後的 EBITDA 預計在 2,850 萬美元至 3,250 萬美元之間。

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

說完這些，我現在就把電話交還給文斯。

Thank you, Calvin, and thank you, Mike. On a final note, I'd like to again point out that I'm proud of the performance our team was able to deliver in the third quarter, especially after the exceptional performance in the second quarter and despite the seasonal headwinds we typically face in the slower summer months.

謝謝你，卡爾文，也謝謝你，麥克。最後，我想再次強調，我對我們團隊在第三季度取得的成績感到自豪，尤其是在第二季度表現出色之後，儘管我們在夏季淡季通常會面臨季節性不利因素。

We believe we can continue 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 also maintain a source of strong recurring revenue in our wireless service line, which remains relevant and important to health care customers and supports critical communications even during network events when cell phones and other technology fail.

我們相信，我們可以在向股東返還資本的同時，繼續提升我們的特許經營價值。我們透過 Spok Care Connect 為軟體解決方案提供長期的有機成長引擎。我們的無線服務線也保持著強勁的經常性收入來源，該服務線對醫療保健客戶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 and have integrated it with our software operations. We believe that the strong combination of these 2 product lines will take us into the future and create significant shareholder value.

我們經營著全球規模最大的尋呼服務，並將其與我們的軟體營運系統整合在一起。我們相信，這兩條產品線的強強聯合將引領我們走向未來，並創造巨大的股東價值。

Before I open the call up to your questions, I'd like to thank our stockholders for their continued support. We appreciate your interest in Spok, and we look forward to updating everyone again when we report fourth quarter and full year results in February of 2026. Thank you for joining us this afternoon, and have a great day.

在正式開始回答各位的問題之前，我想感謝各位股東一直以來的支持。感謝您對 Spok 的關注，我們期待在 2026 年 2 月公佈第四季和全年業績時再次向大家匯報最新情況。感謝您今天下午的參與，祝您有美好的一天。

Operator, you may now open the line to questions.

操作員，現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Anderson Schock, B. Riley Securities.

安德森·肖克，B.萊利證券。

So could you talk about the 55% year-over-year decline in licensing revenue? I guess, what drove this and whether we should expect to see similar license revenue going forward?

那麼，您能否談談授權收入年減 55% 的問題？我想問的是，是什麼原因導致了這種情況？我們是否可以預期未來會看到類似的授權收入？

Anderson, it's Calvin. I mean, I think we've mentioned this before on calls, license revenue is going to be lumpy because the vast majority of it is directly related to sales. And from a quarter-to-quarter basis, given the enterprise nature of a lot of these sales, those can push and pull.

安德森，我是卡爾文。我的意思是，我想我們之前在電話會議上也提到過，許可收入會很不穩定，因為其中絕大部分與銷售直接相關。從季度來看，考慮到許多此類銷售的企業性質，這些因素可能會產生推動和拉動動作。

Obviously, we pulled a lot of that into the second quarter. We had some big deals from the third quarter push into the fourth quarter. And so from that regard, no, I don't think it's an expectation that should be set that we're going to see a decline. I do think the expectation should be that there is variability in the license revenue from one quarter to the next.

顯然，我們把很多精力都投入了第二節比賽。從第三節到第四節，我們達成了一些重大交易。因此，從這個角度來看，不，我不認為應該預期我們會看到下滑。我認為，許可證收入出現季度波動是正常的。

Okay. Got it. And then you had a really strong second quarter for new software contracts and software operations bookings. I guess what led to the weaker third quarter? And how should we think about the fourth quarter? Is there any seasonality we should be thinking about that impacts the timing of these contracts?

好的。知道了。第二季度，你們在新軟體合約和軟體營運訂單方面都表現非常強勁。我想問是什麼導致了第三季表現疲軟？那我們該如何看待第四季呢？是否存在任何季節性因素會影響這些合約的簽訂時間？我們應該考慮這些因素嗎？

Yeah. We've looked at this closely, and we're very bullish on our outlook. That's why we reiterated our guidance. We're expecting to have a strong fourth quarter. We went back and looked at since the pivot, which was starting in the second quarter of 2022, we haven't missed a quarterly forecast until this quarter.

是的。我們已經仔細研究過這個問題，我們對前景非常樂觀。這就是我們重申指導意見的原因。我們預計第四季業績將表現強勁。我們回顧了一下，自 2022 年第二季開始的策略轉型以來，直到本季度，我們都沒有錯過任何季度預測。

We did miss our internal operations bookings forecast. Embedded in that was license. We're still forecasting license revenue grows on a year-over-year basis. Our company total revenue will grow on a year-over-year basis. And so we're looking for a strong fourth quarter here.

我們未能達到內部營運預訂量的預期。其中包含許可證資訊。我們仍然預測授權收入將逐年成長。我公司總收入將逐年成長。因此，我們期待第四季能有強勁的表現。

We've got a very robust pipeline. We've got some very large deals in the hopper right now that we're working. We get a couple of those, and we're going to turn in another very strong quarter. We turned in $8.3 million in operations bookings in the first quarter, $11.6 million in the second quarter. We hit that air pocket, which was odd because July started off pretty well in the third quarter, but August and September were very slow.

我們擁有非常強大的生產流程。我們目前正在洽談一些非常大的交易。如果我們能拿到幾個這樣的訂單，我們就能再迎來一個非常強勁的季度業績。第一季我們的營運訂單金額為 830 萬美元，第二季為 1,160 萬美元。我們遇到了這段低迷期，這很奇怪，因為7月第三季開局不錯，但8月和9月卻非常緩慢。

Some deals slipped. Like I said, we've got some large deals in the pipeline. We're very bullish, and we expect to close them this quarter and report a good fourth quarter when we report at the end of February.

有些交易未能達成。正如我所說，我們有一些大項目正在籌備中。我們非常看好這些業績，預計本季就能完成交易，並在2月底發布第四季財報時公佈良好的業績。

Okay. Got it. And then do you still anticipate a 6% to 8% increase in R&D for 2026? And then could you just detail the focus of this investment? And when should we expect to see revenue contribution or margin improvement from these investments?

好的。知道了。那麼，您是否仍預期 2026 年研發投入將成長 6% 至 8%？那麼，您能否詳細說明一下這項投資的重點是什麼？我們何時才能看到這些投資帶來收入貢獻或利潤率提升？

So R&D this year is going to be a little bit over $12 million. We've given the team more money to invest this year than they had last year, about $1 million more. Next year, it will be a little over $13 million. So about $2 million more a year on a run rate over what our baseline was in 2024 and prior. And a lot of that's going to the consolidation of our Care Connect suite, upgrading it, adding enhancement, adding functionality.

所以今年的研發經費將略高於1,200萬美元。今年我們給球隊投入的投資資金比去年多了約 100 萬美元。明年，這個數字將略高於1300萬美元。因此，與 2024 年及以前相比，每年約增加 200 萬美元的營運成本。其中許多資金將用於整合我們的 Care Connect 套件，對其進行升級、增強和添加功能。

And you'll see going forward in each quarter of 2026, some benefits from that. It will result in more new logo. It will result in increased upgrades and multi-year engagements. We're not doing this without the anticipation that we're going to get good benefits from that

從 2026 年的每個季度開始，您將會看到由此帶來的一些好處。這將導致更多新標誌的出現。這將帶來更多升級和多年合作。我們這樣做是預期會從中獲得好的利益。

With no further questions, I would like to turn the floor back over to Vince Kelly for closing comments.

沒有其他問題了，現在請文斯凱利做總結發言。

Okay. Folks, thanks for joining us this afternoon in our third quarter earnings call. We look forward to talking to you in a quarter at the end of February with much better results. Everyone, have a great day.

好的。各位，感謝大家今天下午參加我們的第三季財報電話會議。我們期待在二月底的季度末與您再次會面，屆時我們將取得更好的結果。祝大家今天過得愉快。

Thank you. This does conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。