Financial Data and Key Metrics Changes - Q4 2025 revenue reached $112 million, representing a 1% year-over-year growth, marking the first quarter of year-over-year growth since Q3 2022 [12][19] - Adjusted EBITDA in Q4 2025 was $16.2 million, equating to a margin of 15%, an increase from 13% in Q4 2024 and 8% in Q3 2025 [20] - Cash, cash equivalents, and marketable securities totaled $409.1 million as of December 31, 2025 [21] Business Line Data and Key Metrics Changes - Performance marketing revenue increased by 9% year-over-year in Q4 2025, up from 5% growth in Q3 2025 [17] - The number of quarterly paid employers was over 59,000 in Q4 2025, a 2% increase year-over-year but a 12% decrease sequentially [19] - Revenue per paid employer was $1,889, down 2% year-over-year but up 10% sequentially [20] Market Data and Key Metrics Changes - Job openings declined by 10% year-over-year, indicating a soft hiring demand in Q4 2025 [5][34] - Despite the overall hiring slowdown, healthcare remained resilient while retail, food service, and education showed weakness [34] Company Strategy and Development Direction - The company launched "Be Seen First," a product aimed at enhancing job seekers' visibility to employers, which has shown promising results [5][13] - The focus remains on leveraging AI technology to improve matching processes and enhance user experience, with significant investments made in this area [10][61] - The company aims to achieve flat year-over-year revenue in 2026, with a targeted expansion of Adjusted EBITDA margins from 9% in 2025 to 14% in 2026 [8][24] Management's Comments on Operating Environment and Future Outlook - Management noted that hiring demand in Q4 2025 was below normal seasonal expectations, but trends in early Q1 2026 have shown improvement [6][28] - The company believes that economic factors, rather than AI displacement, are primarily driving current labor market trends [9] - Management expressed confidence in the company's ability to navigate the current labor market and capitalize on growth opportunities [24] Other Important Information - The CFO announced his departure after over a decade with the company, with the President stepping in as interim CFO [10][11] - The company has initiated a search for a permanent CFO to ensure a seamless transition [11] Q&A Session Summary Question: Characterization of employer demand environment - Management observed a slowdown in SMB demand during Q4 but noted a rebound in early Q1 2026, with SMB demand appearing slightly better than the previous year [26][28] Question: Traffic from LLMs and its impact - Management indicated that while LLM traffic is growing, traditional sources still dominate in terms of engagement and conversion [36][37] Question: Growth cadence throughout the year - Management expects Q1 to be a low point, with gradual improvement anticipated as the year progresses, driven by enterprise performance [41][43] Question: Capital allocation strategy - The company prioritizes organic growth, followed by M&A opportunities, and then return of capital, including stock repurchases [45][46] Question: Changes in employer candidate sourcing - Management confirmed that while resumes remain important, new features like "Be Seen First" are allowing candidates to express enthusiasm and stand out in the application process [49][55]

Financial Data and Key Metrics Changes - In 2025, GAAP net income totaled $15.9 million, or $0.75 per diluted share, up from $15 million, or $0.73 per diluted share in 2024 [21] - Total GAAP revenue was $139.7 million, an increase from $137.7 million in 2024 [21] - Adjusted EBITDA was $29 million in 2025, maintaining a nearly 21% margin [29] Business Line Data and Key Metrics Changes - Wireless revenue for the year was $72.5 million, down from $73.5 million in the prior year, while software revenue grew to $67.2 million, driven by a nearly 24% increase in professional services revenue [22] - Professional services revenue reached $22.1 million in 2025, up 23.7% from $17.9 million in 2024 [25] - Managed services revenue totaled $6.6 million, nearly 30% of professional services revenue, up from $3.3 million, or 18% in 2024 [26] Market Data and Key Metrics Changes - In the fourth quarter of 2025, software operations bookings increased by 14% year-over-year and 83% sequentially [7] - Average revenue per unit (ARPU) grew by $0.23 year-over-year, driven by pricing actions [23] - Net unit churn improved to 1.3% in the fourth quarter, a decrease of 12 basis points from the prior quarter [23] Company Strategy and Development Direction - The company aims to grow software revenue, generate cash, and return capital to stockholders, having returned $27.3 million to stockholders in 2025 [4][11] - The strategic focus includes continued investment in wireless and software solutions, growing the revenue base, disciplined expense management, and a stockholder-friendly capital allocation plan [13] - The company plans to pay dividends exceeding $27 million in 2026, continuing its commitment to returning capital to stockholders [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining momentum and achieving growth in total bookings in 2026, with a focus on accelerating license sales and maintaining growth in professional services [7][11] - The company anticipates that software revenue will surpass wireless revenue for the first time in its history, with guidance for software revenue ranging from $68 million to $72 million in 2026 [30][31] - Management highlighted the importance of maintaining a balance between generating cash flow and investing in future growth [54] Other Important Information - The company invested over $12 million in product research and development in 2025, a nearly 5% increase from 2024 [8] - The company has returned nearly $730 million to stockholders since its inception in 2004 [12] Q&A Session Summary Question: What is driving the shift in the cancelable portion of the software backlog? - Management indicated that the growth in deal size and the need to negotiate terms with customers are driving the increase in cancelable contracts, which have nearly tripled year-over-year [36][37] Question: How should the market view the recovery of software operations bookings? - Management believes that total bookings will grow in 2026 over 2025 levels, although quarterly results may vary due to the nature of large contracts [38][39] Question: How does the company view AI in relation to its business? - Management sees opportunities in using AI to improve internal efficiency and enhance customer functionalities, particularly in training new staff and supporting operator functions [44][46]

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