Good day, everyone, and welcome to the Cengage first quarter fiscal year 2027 conference call. At this time, all participants are placed on a listen-only mode. If you have any questions or comments during the presentation, you may press star one on your phone to enter the question queue at any time, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Ed Ditmire. Sir, the floor is yours. Thank you, operator. Good morning to everyone connected today, and welcome to Cengage's fiscal 2027 first quarter earnings update. Joining me on the call today are Michael Hansen, Chief Executive Officer, and Dean Tilsley, Chief Financial Officer. A copy of the slide presentation for today's call has been posted to the company's website at cengagegroup.com/investors. The following discussion and the earnings materials contain forward-looking statements about the company. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. These statements are based on our current expectations and are subject to the cautionary statement in our accompanying investor presentation and our financial reports. The company disclaims any obligation to update any forward-looking statements except as required by law. On today's call and in our investor presentation, we will refer to certain non-GAAP financial measures. Definitions and the rationale for using these measures and reconciliations to their most directly comparable GAAP financial measures are provided in the legal disclaimer and in the appendix to the investor presentation. Lastly for me, a housekeeping note. Michael and Dean will begin this quarter and continue moving forward reviewing financial performance on a GAAP basis, in contrast to prior recent years when the management discussion centered around cash basis figures. The reasons for this transition include increasing comparability of financial results to industry peers and recognizing the more profitable, more reoccurring nature of the business as the company has evolved the operating model over recent years. All comparisons will be to the prior year period. All financial figures will be in U.S. dollars unless otherwise noted. Michael? Thank you, Ed. Good morning, and thank you to everyone joining us today. Let us start with the big picture figures of our fiscal 2027 Q1 quarter, which, as you know, is a seasonally small quarter for us. Revenues for the first quarter were $329 million, down 2% compared to the prior year period, as strong top-line growth in Work was offset by softer results in the other segments. However, adjusted EBITDA increased 4% to $96 million. First, let me talk about the portions of the business which saw lower revenues year-over-year. In our School segment, serving K-12, the primary driver for the 2% revenue decline is delayed customer decision-making processes, especially in the largest state adoption opportunities such as California Math. English Language Learning, or ELL, faced a difficult comparison period to the prior year, particularly on the international side. While on the U.S. side, Q1 2027 saw some customer processes where we are very well-positioned get pushed out until later in the year. In Higher Education, we had a decline due to somewhat lower sales in what is a less important quarter seasonally, as well as a short-term impact from the ongoing shift from print to digital and associated timing implications of print versus digital purchases. We expect this Q1 decline to be more than offset in the second and third quarter from digital product sales. Now turning to Work, where we continue to see strong double-digit top-line growth reflecting both the strong and sustained customer demand and continued strong execution of our teams. We continue to see the ed2go business taking huge strides with 31% revenue growth in Q1. It is also encouraging to see the breadth of the Work business contributing positive growth with CTE and Milady also delivering higher revenue year-over-year. Overall, a mixed top-line picture for Q1 2027 for the seasonally lower performance quarter. Now, let us turn to profitability, adjusted EBITDA in particular. I am very pleased to see the 4% year-over-year increase in the first quarter adjusted EBITDA given the underlying drivers. In particular, the company's steady shift to digital products continues to lower variable costs like printing and shipping, as well as reducing the cost of returns. The second driver of the EBITDA performance is the efficiency gains from successful implementation of the new operating model over recent periods. Through this, we have strengthened our foundation by simplifying how we operate, becoming leaner, faster, and thus creating the financial results that put us in the best position to invest in our future. Adjusted EBITDA margin expanded 160 basis points year-over-year, enabling adjusted EBITDA to exhibit 4 percentage points of higher growth versus the underlying top-line trend. Looking over a trailing 12-month timeframe to remove the impacts of incidental timing, seasonal, or other quarter-to-quarter variations, we are seeing the same kind of strong operating leverage at play. Over the 12 months ended June 30th, adjusted EBITDA grew 10%, seven points above the 3% revenue growth figure. Looking beyond the financial performance of this quarter, we continue to make important progress on the strategic initiatives that will support sustainable, profitable growth. First is the ongoing digitization of the business, moving from a legacy of print textbooks to increasingly interactive digital content and courseware delivered over scaled platforms. Second, with the digitization of our business progress past the tipping point, we have set the foundation to add AI-enabled tools for our customers, products that accelerate learner outcomes and enhance effectiveness for instructors. Third, we are investing in AI capabilities to improve enterprise efficiencies and effectiveness. As of fiscal 2026, our business is now over 80% digital. We have AI products launched in each of our business segments, and we are executing an enterprise AI strategy to ensure we are innovating with a clear eye of the return of our investment. In July, we realigned our organization to better leverage our technology capabilities across all businesses and at the same time, accelerate growth. Specifically, we are creating one central product organization, which will encompass all functions critical for successful digital product development. The central product organization will take products from customer insights through development and production, enabling us to respond more quickly to customer needs and deliver products with measurable outcomes. We are thrilled to have Darren Person, an innovator with a track record of delivering, expanding his responsibilities to assume the new Chief Product and Digital Officer role leading this new organization. A few final words from me on the overall state of our industry markets. We said when we finished fiscal 2026 that we were optimistic about fiscal 2027. This assessment remains unchanged. In our Work segment, we expect continued strong demand for credentialed training driven by the appeal of shorter career-focused education pathways. In Higher Ed, we expect to see continued strong demand for digital courseware and solutions, especially with expansion to our AI tools during the fall semester. In K-12, we anticipate gradually shifting to a multi-year phase of cyclical increases in those large state adoption decisions. Now that we have one quarter in the books and another month of the second quarter behind us, we remain confident in our prospects. I will now hand the call over to Dean, who will provide more detailed review of our results for the quarter. Dean? Thank you, Michael, and hello everyone on the call today. Let me start with a review of the high-level group financials. In Q1 fiscal 2027, the company saw 2% lower revenues as a result of lower combined revenues in Higher Ed, K-12, and ELL, offsetting very strong growth in our Work segment. Despite this mixed revenue picture, the business delivered 4% improvement in adjusted EBITDA, representing 160 basis points of margin expansion, benefiting from the significant cost reduction actions taken over the last year. Turning to trailing 12-month results, which take a lot of the quarter-to-quarter variance out of the picture, the business delivered 10% higher adjusted EBITDA on 3% higher revenue. Looking at some of the core components of that 3% total revenue growth, we delivered very strong growth in Work and Higher Ed segments, up 12% and 5% respectively. These are businesses that total 73% of group revenues. While K-12 and ELL saw declines, which for the most part reflect the reality of the slow state adoption cycle over the last year. Trailing 12-month adjusted EBITDA margin of 34% expanded 200 basis points versus the prior 12-month period. With contributions from significant cost actions, the benefits of our ongoing shift to digital products, as well as the impact of top-line growth. Lastly, the balance sheet and liquidity position of the company are strong and improving year-over-year, with net debt to adjusted EBITDA leverage down 500 basis points while liquidity increased materially. I'll turn now to Q1 highlights by segment, starting with Higher Ed. Higher Ed segment revenues declined 5% in Q1, with the key U.S. Higher Ed business down $8 million year on year, reflecting our shift to digital and institutional sales, which has pushed more sales closer to the Higher Ed academic year. The shift to digital also meant we have materially lower sales return reserve adjustments for the quarter relative to last year. This is in line with our expectations. The next quarter, which includes the start of the fall semester, is of much greater consequence to the full year performance. International revenues were down $2 million year-on-year, with Canada Higher Ed still impacted by government policy that set limits on the number of foreign students and lines of sales in International Higher Ed. Gale Higher Ed revenues were unchanged versus the prior year. Q1 Higher Ed adjusted EBITDA was $10 million or 10% lower, reflecting the impact of lower revenue. Next, Cengage Work segment. Q1 revenues rose 14%, with our biggest Work business area, ed2go, delivering 31% growth. ed2go continues to see growth across institutional, employer, and government distribution channels, benefiting from both an expanding partnership list as well as improved customer lead acquisition and conversion rates. Continuing technical education, or CTE, the second largest business within the Work segment, was up 7%, while Milady rose 13%. We achieved growth in three of the four Work segment businesses. Infosec saw a $1 million decline, reflecting the final impact of the partial U.S. government shutdown, which ended during the period. Looking at Q1 Work adjusted EBITDA, the 21% increase year-over-year reflected the strength of the Work business, higher revenue, and a benefit of the continued digital transformation. Turning now to our School K-12 segment. Q1 revenues were down 2% year-over-year, due principally to a $4 million reduction in U.S. K-12 revenues relative to a strong prior year comparison. We expect to see a gradual rebound in opportunity across fiscal 2027 and 2028 as planned adoptions start to uptick. The lower results in U.S. K-12 were mitigated by some improvements in both International K-12 and the Gale business. At the adjusted EBITDA level, we saw a $2 million increase in Q1 on 460 basis points of margin expansion, driven by a combination of favorable growth margin as well as reduced operating expenses. Finally, our smallest segment, English Language Learning. Q1 revenues declined $6 million or 20%, due mainly to unfavorable deal timing factors, with several large deals moving from Q1 to Q2 and Q3 of 2027. Q1 adjusted EBITDA rose $2 million despite this due to improved growth margins, as well as reduced fixed operating expenses. Let's turn to the group cash flow dynamics. Unlevered free cash flow in Q1 2027 was - $62 million. A cash outflow is typical in our fiscal first quarter for each year due to the seasonality of sales, along with year-end bonus payments to employees. The year-on-year change is impacted by the return of the Q1 royalties payment to its normal payout date. I want to remind everyone that last year, we moved forward the Q1 2026 payment into Q4 2025 due to the new ERP system launch in April of that year. One other point of note, our restructuring costs this period were much lower relative to last year as we have completed that cost reduction program. Finally, turning to our balance sheet liquidity and leverage. Total liquidity increased $87 million over the last 12 months to $430 million at the end of June, driven by the improved cash flow over the last 12 months. Net debt declined by $96 million year-over-year, which combined with improved profitability, lowered net leverage to 2.6x on a trailing 12-month basis, a 500 basis points reduction year-over-year. Our strong balance sheet and ample liquidity position us well for continued strategic execution. That concludes our prepared remarks. I will ask our operator to open the line for questions. Certainly. Everyone at this time will be conducting a question-and-answer session. If you have any questions or comments, please press star one on your phone at this time. We do ask that while posing your question, please pick up your handset if you are listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press star one on your phone. Please hold while we poll for questions. Thank you. Once again, everyone, if you have any questions or comments, please press star and then one on your phone. Please hold while we poll for questions. Thank you. Your first question is coming from Alex Nolan from Invesco. Your line is live. Hi. Thanks for taking my question. I was hoping you could just give a little more color behind the growth trajectory that you expect in Higher Ed this year and if you expect the growth in revenue this year to come close to what was seen last year or any sort of magnitude commentary you can give. Yeah. Hi, Alex. It is Michael. Overall, I would say that the growth in Higher Ed is largely driven by the phenomenon that we have seen for many years now, that the growth in digital adoptions and digital usage outpaces the decline in print, and print is becoming an ever smaller part of the equation every year, basically. In terms of order of magnitude, as you know, we're not giving forward guidance, but I would say that because of individual specific events last year, I don't think we're going to see the same order of magnitude of growth, but we're going to see very healthy growth going forward. Okay. Thank you. Thank you. Once again, everyone, if you have any questions or comments, please press star then one on your phone at this time. Please hold while we poll for questions. Thank you. That concludes our Q&A session. I'll now hand the conference back to Michael Hansen for closing remarks. Please go ahead. Thank you, operator, and thanks for everyone joining the call today. I would like to just take a few minutes to give a brief summary of our messages today. We have started fiscal 2027 in a very solid way in what is seasonally a less important quarter for us. In particular, we had strong improvements in efficiency and continued strong growth in our Work segment that was more than offsetting lower year-over-year comparison in the other segments. Next, we are continuing to make changes to our organization to better align the way we work to the needs of learners and our largest growth opportunities. Finally, we remain constructive on the opportunity set in fiscal 2027 and our ability to execute on them. We look forward to updating you as we make our way through the year. Thank you again for joining, and have a great day. Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.