Spok Holdings Inc (SPOK) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Spok Holdings, Inc., Q2 '26 earnings results call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Spok Holdings, Inc. 2026 年第二季（Q2 '26）財報結果電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Al Galgano of Investor Relations. Thank you, Al. You may begin.

現在我將把會議交給投資人關係部的 Al Galgano。謝謝你，Al。你可以開始了。

Hello, everyone, and welcome. I am joined today by Vince Kelly, Chief Executive Officer and Michael Wallace, Chief Operating Officer and Chief Financial Officer.

各位好，歡迎大家。今天與我一同出席的有執行長 Vince Kelly，以及營運長兼財務長 Michael Wallace。

After a brief presentation by management, we will open up the call to your questions. 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.

管理團隊簡短簡報後，我們將開放提問。提醒各位，今天的電話會議可能包含前瞻性陳述，這些陳述涉及與 Spok 未來財務與業務表現相關的風險與不確定性。

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. Spok's actual results could differ materially from those anticipated in these forward-looking statements.

此類陳述可能包括對營收、費用與收益的估計，以及其他取決於未來事件或條件的預測性陳述或計畫。這些陳述僅代表公司在本次電話會議當日的估計，並非旨在對實際未來結果提供任何保證。Spok 的實際結果可能與這些前瞻性陳述所預期者存在重大差異。

Although these statements are based upon assumptions that the company believes to be reasonable, they are subject to risks and uncertainties. Please review the risk factors section relating to our operations and the business environment, which are contained in our second quarter 2026 Form 10-Q and related documents, which will be filed with the Securities and Exchange Commission.

儘管這些陳述係基於公司認為合理的假設，但仍受風險與不確定性影響。請查閱我們將向美國證券交易委員會提交的 2026 年第二季 Form 10-Q 及相關文件中，與我們營運及商業環境相關的風險因素章節。

Please note that Spok assumes no obligation to update any forward-looking statements from past or present filings and conference calls.

請注意，Spok 不承擔更新任何過去或目前申報文件及電話會議中前瞻性陳述的義務。

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

接下來我把電話交給 Vince。

Good afternoon. Thank you for joining us for our second quarter 2026 earnings call. Let me preface my comments by saying how proud I am of our Spok team and that we remain true to our mission. Since the strategic pivot we announced a few years ago, our focus has not changed, that is to increase our software revenue, generate cash, and return capital to our stockholders.

各位下午好。感謝各位參加我們 2026 年第二季財報電話會議。在開始之前，我想先說我為 Spok 團隊感到非常自豪，我們也始終忠於我們的使命。自從幾年前我們宣布策略轉向以來，我們的重點始終不變，也就是提升軟體營收、創造現金，並將資本回饋給股東。

In the second quarter, we were able to deliver a nearly 92% sequential increase in software operations bookings as well as sustained year-over-year levels of wireless average revenue per unit. Additionally, we generated a record level of adjusted EBITDA. We believe that Spok struck an excellent balance between making the necessary investments to fuel future growth while continuing to generate cash flow and return capital to stockholders.

在第二季，我們的軟體營運訂單（bookings）較前一季成長近 92%，同時無線業務的每單位平均營收也維持與去年同期相當的水準。此外，我們創下調整後 EBITDA 的歷史新高。我們相信，Spok 在為未來成長進行必要投資與持續創造現金流、回饋股東之間，取得了極佳的平衡。

While driving our top line, we also continued to focus on expense management as adjusted operating expense levels in the second quarter were down nearly 8% from the prior year. Much of that improvement results from the initial impacts of the strategic realignment that we announced in April.

在推動營收成長的同時，我們也持續專注於費用管理；第二季調整後營運費用水準較去年同期下降近 8%。這項改善多數來自我們於 4 月宣布之策略重整的初步成效。

Additionally, Spok is implementing artificial intelligence to drive further operational efficiencies across the organization with a particular focus on accelerating product development timelines, reducing time to market for new Care Connect Suite capabilities and other internal uses.

此外，Spok 正在導入人工智慧，以在全組織推動進一步的營運效率，特別著重於加速產品開發時程、縮短新 Care Connect Suite 功能的上市時間，以及其他內部用途。

It is important to note that our focus on expense management is one of the key drivers to generate increased cash flow does not come at the expense of our product platform as we continue to make the necessary investments in product development, sales and marketing, customer support, and professional services to support the growth of our Spok Care Connect solution offerings.

需要強調的是，我們對費用管理的重視是推動提升現金流的關鍵因素之一，但這並非以犧牲產品平台為代價；我們仍持續在產品開發、銷售與行銷、客戶支援以及專業服務方面進行必要投資，以支持 Spok Care Connect 解決方案產品的成長。

In the first half of 2026, Spok invested over $6.7 million in product research and development, a nearly 10% increase from 2025. Investments such as these are critical to creating a best-in-class product platform and to maintaining our solid industry reputation.

在 2026 年上半年，Spok 在產品研發方面投資超過 670 萬美元，較 2025 年增加近 10%。此類投資對於打造同級最佳的產品平台並維持我們穩固的產業聲譽至關重要。

In addition to the metrics I've outlined for you, there were many other operational accomplishments in the second quarter. We saw a more than 3% year-over-year increase in software revenue driven by double-digit growth in managed services revenue as well as software license sales, a less than 2% reduction in wireless units in service, an 84 basis point improvement from the prior quarter and consistent with prior year levels, and record adjusted EBITDA levels that more than covered our dividend and other capital obligations in the second quarter.

除了我為各位概述的指標外，第二季還有許多其他營運成果。我們看到軟體營收年增超過 3%，主要由託管服務營收的雙位數成長以及軟體授權銷售所帶動；在役無線用戶數下降不到 2%，較前一季改善 84 個基點，且與去年同期水準一致；以及創紀錄的調整後 EBITDA，不僅足以支付我們第二季的股利與其他資本義務，且有餘裕。

Today, we will provide you a sense of our strategic business plan is progressing. First, I will provide a review of our second quarter sales performance. Second, I'll cover an overview of the asset sale we closed last week and how it supports our capital allocation strategy.

今天，我們將讓各位了解我們的策略性業務計畫推進情況。首先，我將回顧第二季的銷售表現。第二，我將概述我們上週完成的資產出售案，以及其如何支持我們的資本配置策略。

Next, Mike Wallace, our COO and CFO, will provide a review of our second quarter financial highlights, including Spok's updated financial expectations for 2026. And finally, I will conclude our prepared remarks with a brief wrap-up before opening the call to your questions.

接著，我們的營運長兼財務長 Mike Wallace 將回顧第二季的財務重點，包括 Spok 對 2026 年更新後的財務展望。最後，在開放各位提問之前，我將以簡短總結結束我們的準備發言。

Amidst all the progress in continuing to create the solid financial platform and stockholder-friendly capital allocation strategy, I want to reiterate that we remain true to our mission of being a global leader in healthcare communications.

在持續打造穩健的財務平台與對股東友善的資本配置策略之各項進展之中，我想再次強調，我們仍忠於成為醫療照護通訊領域全球領導者的使命。

As we remind the listeners each quarter, simply put, we deliver critical information to care teams when and where it matters most to improve patient outcomes as Spok enables smarter, faster communication throughput for our customers. And importantly, we continue to maintain our reputation as a thought leader in healthcare communications as we continue to see customer satisfaction ratings at very high levels.

如同我們每季提醒聽眾的，簡而言之，我們在最關鍵的時間與地點，將關鍵資訊傳遞給照護團隊，以改善病患結果；Spok 讓客戶能以更智慧、更快速的方式完成通訊傳遞。同樣重要的是，我們持續維持在醫療照護通訊領域的思想領導地位，客戶滿意度評分也持續維持在非常高的水準。

In the second quarter of 2026, we were able to execute 14 six-figure and 1 seven-figure new customer contracts. We are very pleased with our very strong performance in the second quarter, regaining our momentum.

在 2026 年第二季，我們簽署了 14 份六位數以及 1 份七位數的新客戶合約。我們對第二季非常強勁的表現感到十分滿意，並重新找回成長動能。

I'd like to highlight a couple of the notable customer agreements from the second quarter, including one of the largest contracts in our company's history and one with a well-known national health system. The first agreement is with a customer headquartered in the Midwest that delivers more than 20 million patient encounters annually across more than 2,200 care sites and employs more than 160,000 people, including 45,000 nurses and 25,000 physicians and advanced practice providers across 24 states.

我想重點分享第二季幾項值得注意的客戶協議，其中包括公司史上最大合約之一，以及與一家知名全國性醫療體系的合約。第一份協議的客戶總部位於美國中西部，每年在超過 2,200 個照護據點提供逾 2,000 萬次病患就診服務，並雇用超過 160,000 名員工，其中包括 45,000 名護理師，以及分布於 24 個州的 25,000 名醫師與高階執業提供者。

The agreement expands the customer's existing software, managed services, and premium maintenance and support contract, extending Spok Solutions to 85 additional locations.

該協議擴大了客戶既有的軟體、託管服務，以及高階維護與支援合約，並將 Spok Solutions 延伸至另外 85 個據點。

The customer continues to unify operations with our Spok Care Connect platform using our operator console, alerting, and alarm routing solutions. This means delivering a consistently positive experience across every channel the customer touches: sales, support, services, and finance, a full 360-degree relationship with Spok.

該客戶持續透過我們的操作員主控台、警示與警報路由解決方案，使用 Spok Care Connect 平台來整合其營運。這意味著在客戶接觸的每一個通路上提供一致且正向的體驗：銷售、支援、服務與財務，與 Spok 建立完整的 360 度關係。

Also in the second quarter, a prestigious academic health system and longstanding Spok Smart Suite customer made a significant strategic investment with Spok to modernize their clinical communication platform.

同樣在第二季，一家享有盛名的學術醫療體系、且為 Spok Smart Suite 的長期客戶，與 Spok 進行了一項重大的策略性投資，以現代化其臨床通訊平台。

The engagement expands their deployment to include Spok Messenger, Spok Mobile, SMS services, Epic chat integration, e-mail in and out, and the Ascom gateway. These additions complement their existing Spok Smart Suite solution and Spok GenA pagers, creating a comprehensive platform that delivers critical information through the most appropriate device and modality for every clinical need.

該合作擴大其部署範圍，納入 Spok Messenger、Spok Mobile、SMS 服務、Epic 聊天整合、電子郵件收發，以及 Ascom 閘道。這些新增項目與其既有的 Spok Smart Suite 解決方案及 Spok GenA 呼叫器相輔相成，打造一個完整的平台，能針對每一項臨床需求，透過最合適的裝置與傳遞方式提供關鍵資訊。

The agreement also includes an upgrade and expansion to the customer's test system and redundancy environment, along with our workflow analysis value-added service to design communication strategies tailored to the organization's clinical and operational processes. Together, these Spok solutions help ensure the right information, reaches the right caregiver at the right time, reduces communication delays, and ultimately, improves caregiver efficiency and patient outcomes.

該協議亦包含對客戶測試系統與備援環境的升級與擴充，以及我們的工作流程分析加值服務，用以設計符合該組織臨床與營運流程的溝通策略。綜合而言，這些 Spok 解決方案有助於確保正確的資訊在正確的時間傳遞給正確的照護人員，減少溝通延遲，並最終提升照護人員效率與病患治療成效。

In summary, our team delivered an outstanding second quarter, reflecting focused execution and continued progress against our strategic priorities. These deals reinforce our expertise and ongoing commitment to delivering high-value communication solutions that drive meaningful outcomes for our customers.

總結來說，我們的團隊在第二季交出亮眼成績，反映出專注的執行力，以及在策略優先事項上持續取得進展。這些交易強化了我們的專業能力與持續承諾，致力於提供高價值的溝通解決方案，為客戶帶來具意義的成果。

As you may have seen, a little over a month ago, we announced our entry into an agreement to sell certain narrowband spectrum licenses and our two-way paging inventory to Sensus USA. The transaction has been approved by the FCC and closed on July 20.

如各位可能已看到的，大約一個多月前，我們宣布已簽訂協議，將部分窄頻頻譜執照以及我們的雙向呼叫器庫存出售給 Sensus USA。該交易已獲 FCC 核准，並於 7 月 20 日完成交割。

For those of you who may not be familiar with Sensus USA, they're a brand within the Xylem, Inc., family of products and are a designer and manufacturer of metering and automatic meter reading products catering to municipal and industrial markets worldwide. The total purchase price for the acquired licenses is a cash consideration totaling $8 million.

對於可能不熟悉 Sensus USA 的各位，該公司是 Xylem, Inc. 產品家族旗下的品牌，為計量與自動抄表產品的設計與製造商，服務全球市政與工業市場。所收購執照的總購買價為現金對價合計 800 萬美元。

Of that, the majority was paid at closing on July 20, with a small portion held back and paid on a prorated basis only after Spok confirms that each spectrum license sold has been cleared of existing Spok users as they are being transferred to other frequencies. Spok has 180 days after closing to clear the spectrum. We expect to complete the clearing this quarter.

其中大部分已於 7 月 20 日交割時支付，另有一小部分款項被保留，僅在 Spok 確認每一張出售的頻譜執照已清除既有 Spok 使用者（因其正被轉移至其他頻率）後，才會按比例支付。Spok 在交割後有 180 天時間完成頻譜清除。我們預期將於本季完成清除作業。

While the purchase price of $8 million is important as it contributes to our cash balances, this transaction is most important because of its strategic value as we continue to find efficiencies within our organization and create opportunities to monetize our highly valuable asset base. This is truly a win-win for all parties involved as we create stockholder value without impacting our two-way subscribers, transferring them to alternative frequencies in our spectrum portfolio.

雖然 800 萬美元的購買價很重要，因其有助於提升我們的現金餘額，但此交易最重要之處在於其策略價值：我們持續在組織內尋求效率，並創造將我們極具價值的資產基礎變現的機會。這對所有相關方而言確實是雙贏；我們在不影響雙向訂戶的情況下創造股東價值，並將其轉移至我們頻譜組合中的替代頻率。

Also, because the spectrum being sold has no cost basis on our balance sheet, the entire amount received, less customary transaction costs, will result in a gain. Given our available deferred tax assets, or DTAs, we would expect no federal tax to be due on the gain.

此外，由於此次出售的頻譜在我們資產負債表上沒有成本基礎，因此所收取的全部金額（扣除慣常交易成本後）將形成收益。鑑於我們可用的遞延所得稅資產（DTA），我們預期該項收益不需繳納聯邦稅。

After this transaction, our DTA balance is expected to be approximately $30 million. We believe that there may be additional opportunities to create stockholder value to monetizing our asset base. Combined with the benefits of the strategic realignment that we announced back in April, as well as the progress we are making on implementing AI initiatives to create operational efficiencies in our organization, we are confident in our future.

在此交易之後，我們的 DTA 餘額預期約為 3,000 萬美元。我們相信，透過將資產基礎變現，仍可能有其他創造股東價值的機會。結合我們在 4 月宣布的策略重整所帶來的效益，以及我們在導入 AI 計畫以提升組織營運效率方面所取得的進展，我們對未來充滿信心。

Before I turn the call over to Mike to review our financial performance, let me briefly summarize the goals that support our critical and important mission. Our strategic goal is simple, run the business for profitable growth, generate cash flow, and return that capital to stockholders.

在我把電話會議交給 Mike 回顧我們的財務表現之前，先讓我簡要總結支撐我們關鍵且重要使命的目標。我們的策略目標很簡單：以獲利成長來經營業務、創造現金流，並將資本回饋給股東。

Spok has a proud legacy of creating stockholder value and returning capital through free cash flow generation and we intend to continue this track record. Our dividend level represents a yield in excess of 10% for our stockholders and we're proud of our legacy there and our ability and commitment to continue funding.

Spok 以透過自由現金流的創造來提升股東價值並回饋資本為傲，我們也打算延續這項紀錄。我們的股利水準對股東而言代表超過 10% 的殖利率；我們以此傳承為榮，也以我們持續提供資金支持的能力與承諾為傲。

Since the beginning of our strategic pivot, which started in 2022, Spok has returned approximately $118.7 million or nearly $5.63 per share to our stockholders in the form of our regular quarterly dividend. In fact, since we created this company in 2004, Spok has returned more than $740 million to our stockholders either through our regular quarterly dividend, special dividends, or share repurchases.

自我們於 2022 年開始策略轉向以來，Spok 已透過例行季度股利向股東回饋約 1.187 億美元，或每股近 5.63 美元。事實上，自 2004 年成立以來，Spok 已透過例行季度股利、特別股利或庫藏股買回，向股東回饋超過 7.40 億美元。

In the second quarter of 2026, our history of returning cash to our stockholders continued as we return $6.5 million in dividends. We expect to pay dividends in excess of $27 million in 2026, and we remain committed to our dividend policy and returning capital to our stockholders.

在 2026 年第二季，我們延續向股東返還現金的歷史，發放 650 萬美元股利。我們預期 2026 年將支付超過 2,700 萬美元的股利，並將持續致力於我們的股利政策與資本回饋股東。

When you take into consideration our current cash balance, distribution to stockholders, share repurchases, debt repayments and acquisition, Spok has now generated nearly $1.1 billion of free cash flow since our creation in 2004 and we turned approximately two-thirds of it to our shareholders.

若將我們目前的現金餘額、對股東的分配、庫藏股買回、債務償還與收購等因素一併考量，自 2004 年成立以來，Spok 已累計創造近 11 億美元的自由現金流，並將其中約三分之二回饋給股東。

Our focus on maximizing cash over the long-term supports the four major tenants of our strategy. Those are, number one, continued investment in our product platform; number two, growing our revenue base; number three, disciplined expense management; and number four, a stockholder-friendly capital allocation plan.

我們長期最大化現金的重點，支撐了我們策略的四大支柱。分別是：第一，持續投資於我們的產品平台；第二，擴大我們的營收基礎；第三，嚴謹的費用管理；第四，對股東友善的資本配置計畫。

Going forward, we believe our extensive experience operating our established communication solutions and world-class customer base will continue to create significant value for stockholders.

展望未來，我們相信在既有溝通解決方案的營運方面所累積的豐富經驗，以及世界級的客戶基礎，將持續為股東創造顯著價值。

Now I will turn the call over to our Chief Operating Officer and Chief Financial Officer, Mike Wallace, who will talk about financial performance and earnings guidance. Mike.

現在我將把電話會議交給我們的營運長兼財務長 Mike Wallace，他將說明財務表現與盈餘指引。Mike。

Thanks, Vince, and good afternoon. I'd like to take a few minutes and provide a recap of our second quarter 2026 performance, which we reported earlier today. As always, 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，Vince，大家午安。我想花幾分鐘回顧我們 2026 年第二季的表現，我們今天稍早已對外發布。一如往常，我鼓勵各位在 10-Q 申報後加以閱讀，因其包含的營運與財務表現資訊，遠多於我們在本次電話會議中所能涵蓋的內容。

Turning to our income statement, in the second quarter of 2026, GAAP net income totaled $4.1 million or $0.20 per diluted share, compared to net income of $4.6 million or $0.22 per diluted share in the prior year. However, adjusting for one-time impacts in both quarters, which include an extraordinary gain of approximately $700,000 related to the sale of a domain name in the second quarter of 2025 and the $1.5 million of severance and restructuring expense related to the strategic realignment in the second quarter of 2026.

接著看損益表，2026 年第二季 GAAP 淨利合計 410 萬美元，或稀釋後每股 0.20 美元，較去年同期淨利 460 萬美元、稀釋後每股 0.22 美元為低。然而，若調整兩季的一次性影響，包括 2025 年第二季因出售網域名稱而產生約 70 萬美元的非常態收益，以及 2026 年第二季因策略重整而產生的 150 萬美元資遣與重整費用。

Then prior year net income would have been $4 million or $0.19 per diluted share, and, in the current quarter, net income would have been $5.3 million, or $0.25 per diluted share. Overall, an extremely strong quarter from a profitability perspective.

則去年同期淨利將為 400 萬美元，或稀釋後每股 0.19 美元；而本季淨利將為 530 萬美元，或稀釋後每股 0.25 美元。整體而言，就獲利能力角度來看，這是一個極為強勁的季度。

With respect to wireless revenue, the year-over-year revenue decline from lower units and service was partially mitigated by previously taken pricing actions over the course of the last couple of years. Product sales also continue to augment any losses related to units and service.

就無線營收而言，由於單位數與服務下滑所造成的年對年營收下降，部分被過去幾年陸續採取的定價措施所抵銷。產品銷售也持續補強因單位數與服務所造成的任何損失。

Average revenue per unit, or ARPU, which totaled $8.20, was consistent with prior year levels, continues to be our primary tool in partially offsetting revenue decline from unit loss. Sustained ARPU levels have been driven by previously discussed pricing actions and to a lesser extent, incremental pass-through taxes and fees as well as an increased mix of our higher ARPU GenA pagers in use.

每單位平均營收（ARPU）為 8.20 美元，與去年同期水準一致，並持續作為我們用以部分抵銷因單位流失所造成營收下滑的主要工具。ARPU 水準的維持主要來自先前所討論的定價措施，此外在較小程度上也受到額外轉嫁稅費，以及使用中較高 ARPU 的 GenA 呼叫器占比提高所帶動。

Turning to software revenue for the quarter, license revenue totaled $3.6 million compared to $2.4 million in the same period of 2025, as a result of momentum in overall software operations bookings, specifically license bookings, which impact revenue immediately.

談到本季的軟體營收，授權營收合計為360萬美元，較2025年同期的240萬美元增加，主要是因整體軟體營運訂單（bookings）動能提升，尤其是授權訂單，會立即反映在營收上。

As we have pointed out in the past, software operation bookings are lumpy in nature, and as a result, looking at a particular quarter may not always provide the entire picture. However, we are encouraged by the momentum we saw in the second quarter.

如我們過去所指出，軟體營運訂單具有不均勻（lumpy）的特性，因此單看某一季未必能呈現全貌。不過，我們對第二季所看到的動能感到鼓舞。

Additionally, the continued solid performance of professional services revenue, albeit slightly lower than last year due to the timing of some higher dollar value projects, was a key driver in second quarter software revenue levels.

此外，專業服務營收持續穩健的表現（儘管因部分高金額專案時點因素而略低於去年）也是推動第二季軟體營收水準的關鍵因素。

Specifically, Managed Professional Services revenue of $2.3 million in the second quarter was up 53% from revenue in the prior year. And we continue to see solid performance in resource utilization, delivering on our internal initiatives to better align total resources with our backlog and drive a higher rate of margin and net cash flow.

具體而言，第二季受管理的專業服務（Managed Professional Services）營收為230萬美元，較去年同期成長53%。同時，我們持續看到資源使用率的穩健表現，並落實內部倡議，以更好地使總資源與待執行訂單（backlog）對齊，進而推動更高的毛利率與淨現金流。

As discussed previously, we believe we have greatly achieved our optimal operating efficiency in professional services relative to our current product state. We will continue to align total resources with our backlog and we should continue to see benefit from a continuing increase in our managed services mix, which traditionally has a higher margin profile.

如先前所述，我們認為就目前產品狀態而言，我們在專業服務方面已大幅達成最佳營運效率。我們將持續使總資源與待執行訂單對齊，並且應可持續受益於受管理服務占比的持續提升；該類服務傳統上具有較高的毛利結構。

Second quarter adjusted operating expenses, which excludes depreciation, amortization, and accretion, and severance and restructuring cost, totaled $27.1 million, down from $29.4 million in the prior year or nearly 8%.

第二季調整後營業費用（不含折舊、攤銷與折耗，以及資遣與重整成本）合計為2,710萬美元，較去年同期的2,940萬美元下降，降幅接近8%。

Drilling down into the specifics, cost of revenue was down from the prior year primarily due to the accelerated operations bookings level we saw in the second quarter of 2025. Increases in research and development reflect our continued investment in our product and services platform, with reductions in technology operations driven by our normal practice of cost reduction in relationship to declining wireless revenues.

進一步看細項，營收成本較去年下降，主要是因我們在2025年第二季看到的營運訂單水準加速所致。研發費用的增加反映我們持續投資於產品與服務平台；而技術營運費用的下降，則來自我們一貫做法：隨著無線營收下滑而進行相應的成本降低。

Selling and marketing costs decreased nearly 10% from the prior year, consistent with what we saw in the first quarter, reflecting lower commissions and lower trade show and event expenses. And year-over-year general and administrative costs also declined by nearly 14% as a result of the strategic realignment we announced in April.

銷售與行銷成本較去年下降近10%，與第一季的趨勢一致，反映較低的佣金支出以及較低的展會與活動費用。此外，一般與行政費用年對年也下降近14%，係因我們在4月宣布的策略性調整（strategic realignment）所致。

Finally, I'd like to address our cash balances, which were $16.6 million at the end of the second quarter. Consistent with prior years, our cash balances declined in the first half of the year as a result of typical working capital needs that include items such as the payment of our short-term incentive plans and prepaid annual renewals of technology contracts.

最後，我想談談我們的現金餘額：截至第二季末為1,660萬美元。與往年一致，我們的現金餘額在上半年會因典型的營運資金需求而下降，包含例如支付短期激勵計畫，以及預付年度續約的技術合約等項目。

Additionally, first half cash flow financing activities are typically higher than in the second-half of the year, reflecting payments on the company's long-term incentive plans. So we anticipate cash balances will grow in the second-half of the year, given that those working capital needs are behind us, coupled with our continued expectation of driving significant free cash flow.

此外，上半年在融資活動方面的現金流通常高於下半年，反映公司長期激勵計畫的付款。因此，我們預期在下半年，隨著上述營運資金需求已告一段落，加上我們仍預期可創造可觀的自由現金流，現金餘額將會增加。

Additionally, we are encouraged by the cash contribution of over $7 million after related transaction expenses and associated income taxes in the third quarter from the spectrum license sale that Vince outlined earlier. Given that contribution and the anticipated reduction in working capital needs throughout the remainder of the year, we anticipate that we will exit 2026 with $26 million to $29 million in cash and cash equivalents.

另外，我們也對第三季因Vince先前提到的頻譜授權出售案所帶來的現金貢獻感到鼓舞：在扣除相關交易費用及相關所得稅後，現金貢獻超過700萬美元。考量該項貢獻以及今年剩餘期間營運資金需求預期下降，我們預期2026年年底的現金及約當現金將達2,600萬至2,900萬美元。

So moving on to financial guidance for 2026, based on the anticipated full year financial impact of the strategic realignment, first half software operation bookings levels, and our visibility into our product sales pipeline, we are adjusting our full year 2026 financial guidance estimates.

接著談2026年的財務指引：基於策略性調整對全年財務影響的預期、上半年軟體營運訂單水準，以及我們對產品銷售管線的能見度，我們正在調整2026年全年財務指引估計。

In general, we believe that bookings levels we saw in the first quarter and the lumpiness of software sales that we have experienced over the past year, it is prudent to build in a more cautious approach to our guidance.

整體而言，考量第一季所見的訂單水準，以及過去一年我們所經歷的軟體銷售不均勻性，我們認為在指引中採取更審慎的做法是合理的。

Given the pace of technological change and against the backdrop of consistently tight hospital budgets. We are seeing two effects show up in the pipeline: first, deals are taking longer to close as customers do more evaluation upfront before committing.

在技術變化速度加快、且醫院預算持續緊縮的背景下，我們在銷售管線中看到兩個影響：第一，交易完成所需時間變長，因為客戶在承諾前會先做更多前期評估。

Second, even when they do sign, they are increasingly favoring shorter terms over multi-year agreements. Budget pressure makes them reluctant to lock in long-term and technology uncertainty makes them want to wait for more clarity. Together, these dynamics are compressing near-term revenue.

第二，即使客戶簽約，他們也愈來愈偏好較短的合約期限，而非多年期協議。預算壓力使他們不願意鎖定長期承諾，而技術不確定性則使他們希望等待更明確的方向。綜合而言，這些動態正在壓縮短期營收。

So with these factors in mind, we are slightly lowering the midpoint of the revenue guidance range, while the high end of that range is consistent with prior year revenue totals.

因此，考量上述因素，我們將營收指引區間的中位數略為下調，而該區間的高端則與前一年度的營收總額一致。

Additionally, given the benefits we are seeing from the strategic realignment we announced in April, we believe those benefits will offset any revenue reduction. So importantly, we are not changing the midpoint of our adjusted EBITDA guidance for 2026. We now expect the midpoint for total revenue to be $136 million. The midpoint for adjusted EBITDA remains at $30 million.

此外，鑑於我們從4月宣布的策略性調整中所看到的效益，我們相信這些效益將可抵銷任何營收下修。因此，重要的是，我們不會改變2026年調整後EBITDA指引的中位數。我們目前預期總營收中位數為1.36億美元。調整後EBITDA中位數維持在3,000萬美元。

In 2026, we expect total revenue to range from $132.5 million to $139.5 million. We expect wireless revenue to now range from $67 million to $70 million and software revenue to range from $65.5 million to $69.5 million in 2026.

在2026年，我們預期總營收將介於1.325億至1.395億美元。我們預期無線營收區間更新為6,700萬至7,000萬美元，而2026年的軟體營收預期介於6,550萬至6,950萬美元。

Lastly, our adjusted EBITDA guidance for 2026 is expected to range from $28 million to $32 million. The midpoint reflects improvement over 2025, while the high end represents over 10% growth from 2025, largely expected to be driven by a greater mix of higher-margin software license bookings and the aforementioned benefits related to the strategic realignment cost reductions.

最後，我們對2026年的調整後EBITDA指引預期介於2,800萬至3,200萬美元。中位數反映較2025年改善，而高端則代表較2025年成長超過10%，主要預期由較高毛利的軟體授權訂單占比提升，以及前述與策略性調整成本降低相關的效益所帶動。

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

以上，我現在把電話交回給Vince。

Thanks, Mike. Before we open the call up for your questions, let me reiterate our focus on the opportunity in front of us in critical communications.

謝謝，Mike。在我們開放提問之前，讓我再次強調我們對關鍵通訊（critical communications）領域眼前機會的聚焦。

From a business configuration and strategy perspective, we believe we are strongly positioned to grow our franchise value while returning capital to our shareholders. We have a long-term organic growth engine in Spok Care Connect.

從業務配置與策略角度來看，我們相信自己具備強勁的定位，能在回饋股東資本的同時，提升我們的特許經營價值（franchise value）。我們在Spok Care Connect上擁有長期的有機成長引擎。

We maintain a source of strong recurring revenue in our wireless service line. We run the largest paging offering in the world that has been integrated with our software operations. 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.

我們在無線服務線維持強勁的經常性收入來源。我們營運全球最大的呼叫器（paging）服務，並已與我們的軟體營運整合。我們已強化呼叫器平台與使用者裝置，以服務我們核心的醫療照護客戶群。我們相信，憑藉這兩項資產，我們最好的財務表現仍在前方，Spok的未來一片光明。

I'd like to take this opportunity to thank our stockholders for their continued support and want to assure you that our primary focus remains on generating cash and increasing stockholder value. We're committed to our current dividend policy and capital allocation policy.

我也想藉此機會感謝股東持續的支持，並向各位保證，我們的首要重點仍是創造現金並提升股東價值。我們致力於維持目前的股利政策與資本配置政策。

That concludes our prepared remarks. So at this point, I'll ask the operator to open the call up for your questions. We'd ask you to limit your initial questions to one in a follow-up, and after that, we'll take additional questions as time allows. Operator?

以上是我們預先準備的發言內容。接下來，我會請接線員開放電話讓各位提問。我們請各位先將初始問題限制為一題並可追問一題，之後我們會在時間允許的情況下接受更多問題。接線員？

(Operator Instructions) Joseph France, Litchfield Hills.

(接線員指示) Joseph France，Litchfield Hills。

Great. Thank you very much. Just a couple of questions. What drove the 92% sequential jump in bookings? I apologize for my laryngitis. In terms of number of deals and deal size and how much, if any, of that was pulled forward from 3Q?

很好。非常感謝。我有幾個問題。是什麼因素推動預訂（bookings）較前一季大增92%？抱歉我喉嚨發炎。就交易筆數、交易規模而言，以及其中有多少（若有的話）是從第三季提前拉到第二季的？

Well, I think we've said in the past on these calls, bookings is always going to be lumpy. We happen to pull in a couple of really big whales in the second quarter. We don't always get deals that size in terms of the absolute value of dollars on each of those deals every quarter.

我想我們過去在這些電話會議上也提過，預訂（bookings）一向會有波動。我們剛好在第二季拿下了幾筆非常大的「大鯨魚」案子。我們並不是每一季都能拿到這種規模、以每筆交易絕對金額計算都這麼大的案子。

You'll see them if you look in our past on a quarterly basis. You'll see a few quarters in the past where it's just way out of line with the other quarters in the year because we pulled in a big deal. We're always elephant hunting, something that we incent our sales force to do. And we pulled off two very nice ones in the second quarter that we talked about in our earlier comments.

如果你按季度回頭看我們過去的表現，你會看到。我們一直在「獵象」，這也是我們用來激勵銷售團隊去做的事情。而我們在第二季成功拿下了兩筆非常漂亮的案子，我們在先前的評論中也提到過。

Another question I had was, you mentioned, Mike did in the comments on the quarter, that people are looking for shorter terms and that's taking longer to close. Your cancelable backlog also increased in the quarter versus last year. Is this the same part of the negotiation that's going on because of all the uncertainty in the marketplace?

我還有一個問題：你提到——Mike 在本季評論中提到——客戶正在尋求較短的合約期限，而這也使得成交時間拉長。你們本季可取消的在手訂單（cancelable backlog）相較去年也增加了。這是否是同一段談判內容的一部分，因為市場上充滿不確定性？

Yeah, that's fortuitous that you said that because those are lined up. So my comments regarding why we took revenue down a little bit, especially on the software side, actually dovetails exactly with what you're seeing from the standpoint of more customers where we have signed deals where they have a termination for convenience, essentially.

是的，你這麼說很巧，因為兩者是對得上的。所以我先前關於為何我們把營收預期稍微下調、尤其是軟體部分的評論，實際上正好與你看到的情況相呼應：有更多客戶在我們已簽署的合約中保留「便利終止」（termination for convenience）的條款。

Net or grossed up for those amounts, our backlog stayed pretty much flat year over year. But clearly, there is a trend toward customers wanting more flexibility. Although we're not overly concerned about that. I mean, once our products get into customers, they tend to remain pretty sticky at the end of the day. And once we're deep into a project, it's very difficult for a customer to unwind what they've done.

若以淨額或將這些金額加回後的總額來看，我們的在手訂單（backlog）年對年大致持平。但很明顯，客戶希望更有彈性的趨勢正在形成。不過我們對此並不過度擔心。我的意思是，一旦我們的產品導入客戶端，最終通常會相當黏著。而且一旦我們深入到某個專案中，客戶要把已做的事情回復或撤回是非常困難的。

But clearly, that is something that is happening throughout the industry. And I think it goes to just uncertainty that some of our hospital customers have with the One Big Beautiful bill and what some of the Medicare and Medicaid reimbursements are going to be as we move through the balance of '26 and into '27.

但很明顯，這是整個產業都在發生的事情。我認為這反映了部分醫院客戶對「One Big Beautiful」法案，以及在我們走完2026年剩餘時間並進入2027年時，Medicare 與 Medicaid 給付（reimbursements）可能會如何變動所抱持的不確定性。

And as you probably know, in the healthcare sector at the end of the day, I mean, these hospitals always have very, very tight budgets. So I think all of those things are moving in tandem.

而且如你所知，在醫療保健產業，說到底，這些醫院的預算一向非常、非常緊。所以我認為所有這些因素都在同步發生。

You actually -- if I could ask -- squeeze in one more. You actually highlighted a very large account in the Midwest. I'm not sure I know which one that is for sure, but congratulations. When you win these six- and seven-digit contracts, and this was a really nice one, what are the top two or three reasons they choose you over their alternatives? Because some of those companies are pretty big. I'm just curious.

其實——如果可以的話——我想再塞一個問題。你們特別提到中西部的一個非常大的客戶。我不確定我是否知道那是哪一家，但恭喜你們。當你們贏得這種六位數、七位數的合約——而這筆確實很漂亮——客戶選擇你們而不是其他替代方案的前兩到三個原因是什麼？因為其中有些公司規模也很大。我只是好奇。

Yeah. It's the sheer breadth and depth of our enterprise offering, all the different things we do from the contact center to our alerting project, which is Messenger, to our mobile product, which is Spok Mobile, to our many integrations, our Epic integration, our integration with their PBXs through our CTI expertise. We really fit within the healthcare ecosystem very, very closely with how they function and how they do business.

是的。主要是我們企業級產品的廣度與深度：從聯絡中心、到我們的警示（alerting）專案（也就是 Messenger）、到我們的行動產品（Spok Mobile）、到我們眾多的整合能力——包含與 Epic 的整合、以及透過我們的 CTI 專業與他們的 PBX 進行整合。我們非常貼近醫療保健生態系，符合他們的運作方式與業務流程。

And many of these large customers that we've had, the average tenure of our enormous customers is over 20 years. So we get in their hospitals, we get ingrained into their workflows and we're hard to rip out. We can do a lot of things that other companies can't do that would like to come into the space just because of the years and years of legacy expertise that we have in our solutions. So that bodes well for us.

而且我們許多大型客戶的平均合作年限超過20年。因此我們進入他們的醫院後，會深度嵌入其工作流程，幾乎很難被拔除。憑藉我們在解決方案上多年累積的傳承（legacy）專業，我們能做到許多其他公司做不到、但又想進入這個領域的事情。所以這對我們很有利。

And that's why we tend to when it comes to the very large IDNs, we tend to win those businesses. We know the best practices with how they need to do their critical communications. We know which solutions they use. No secret we focus around their EHR of choice. It's no focus, our top two PBXs that we interface are the top two PBXs that are used in the healthcare industry.

也因此，當面對非常大型的 IDN（整合式醫療體系）時，我們往往能贏得這些業務。我們了解他們在關鍵通訊（critical communications）方面需要如何落實最佳實務。我們知道他們使用哪些解決方案。也不諱言，我們會圍繞他們所選用的 EHR 來聚焦。同樣地，我們介接的前兩大 PBX，正是醫療產業中使用最廣的前兩大 PBX。

And then with the alerting and with the mobile product, we can tie it all together so the right person gets the right message on the right device at the right time. We can pull in the on-call schedule. We just -- we really empower the codes, the code calls. We really empower a lot of workflows that the big institutions need to function. That's why we get those.

此外，透過警示功能與行動產品，我們可以把一切串起來，讓對的人在對的時間、用對的裝置收到對的訊息。我們可以匯入值班（on-call）排班表。我們——我們確實能強化各種代碼（code）與代碼呼叫（code calls）。我們確實能強化大型機構運作所需的許多工作流程。這就是我們能拿下這些案子的原因。

Thank you very much for your time.

非常感謝你撥冗。

(Operator Instructions) We have reached the end of the question-and-answer session. I would like to turn the floor back over to Vince Kelly for closing comments.

(接線員指示) 問答環節到此結束。我想把時間交還給 Vince Kelly 作結語。

Thank you, operator. And ladies and gentlemen, thank you for your participation and your support. This does conclude today's teleconference. You may disconnect your lines and have a wonderful evening. Bye.

謝謝你，接線員。各位女士、先生，感謝各位的參與與支持。今天的電話會議到此結束。各位可以掛斷電話，祝各位晚安。再見。

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

今天的電話會議到此結束。各位現在可以掛斷電話。感謝各位的參與。