Spok Reports Third Quarter 2024 Results

Strong Q3 Software Operations Bookings Up Both Sequentially and Year-Over-Year

Software Backlog Up More Than 19% From Prior Year Quarter

PLANO, Texas--()--Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the third quarter ended September 30, 2024. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on December 9, 2024, to stockholders of record on November 18, 2024.

Recent Highlights:

  • Software operations bookings totaled $10.4 million in the third quarter, up 64.4% from the third quarter of 2023, and representing the highest third quarter total in the past six years
  • Third quarter software operations bookings included 24 six-figure customer contracts, double the amount generated in the prior year quarter
  • Software backlog totaled $63.6 million at September 30, 2024, up more than 19% from the prior year quarter
  • Third quarter 2024 Wireless average revenue per unit (ARPU) was $7.95, up nearly 5% on a year-over-year basis
  • Capital returned to stockholders in the third quarter of 2024 totaled $6.3 million
  • Cash and cash equivalents increased by nearly $4.0 million in the third quarter, totaling $27.8 million at September 30, 2024
  • Research and development costs totaled $9.0 million in the first nine months of 2024, supporting Spok's investment in the Company's industry-leading solutions to fuel future growth

"I am proud of the performance that our team was able to deliver in the third quarter as we continue to serve our customers at a high level and position Spok for strong growth in the fourth quarter and 2025," said Vincent D. Kelly, chief executive officer. "We continue to achieve our goal to consistently generate cash flow in order to return capital to our loyal stockholders over the long term. I am particularly pleased with our performance in generating both sequential and year-over-year growth in software operations bookings."

"I believe Spok is doing an excellent job of balancing the necessary investments in our products and infrastructure in order to fuel future growth, while continuing to return capital to our stockholders," continued Kelly. "Through the first nine months of this year, Spok has generated more than $11.3 million of net income and over $22.1 million of adjusted EBITDA. More importantly, adjusted EBITDA in the third quarter was more than enough to cover our quarterly dividend payment, as well as our capital expenditure requirements. This also resulted in a nearly $4.0 million increase in our cash and cash equivalents balance, which we believe will continue to build through the remainder of the year.

"We were very pleased with our performance in the third quarter and believe that our results in the first nine months of the year provide a solid foundation for the remainder of 2024. As a result, we are reiterating the guidance ranges for revenue and adjusted EBITDA that we had previously outlined," concluded Kelly.

Financial Highlights:

 

For the three months ended September 30,

 

For the nine months ended September 30,

(Dollars in thousands)

2024

 

2023

 

Change (%)

 

2024

 

2023

 

Change (%)

Revenue

 

 

 

 

 

 

 

 

 

 

 

Wireless revenue

 

 

 

 

 

 

 

 

 

 

 

Paging revenue

$

17,605

 

$

18,119

 

(2.8

)%

 

$

53,208

 

$

54,915

 

(3.1

)%

Product and other revenue

 

656

 

 

853

 

(23.1

)%

 

 

1,945

 

 

1,962

 

(0.9

)%

Total wireless revenue

$

18,261

 

$

18,972

 

(3.7

)%

 

$

55,153

 

$

56,877

 

(3.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

Software revenue

 

 

 

 

 

 

 

 

 

 

 

License

$

2,042

 

$

2,413

 

(15.4

)%

 

$

6,365

 

$

7,723

 

(17.6

)%

Professional services

 

4,835

 

 

3,833

 

26.1

%

 

 

13,146

 

 

10,909

 

20.5

%

Hardware

 

395

 

 

798

 

(50.5

)%

 

 

1,113

 

 

2,088

 

(46.7

)%

Maintenance

 

9,337

 

 

9,412

 

(0.8

)%

 

 

27,984

 

 

27,475

 

1.9

%

Total software revenue

$

16,609

 

$

16,456

 

0.9

%

 

$

48,608

 

$

48,195

 

0.9

%

Total revenue

$

34,870

 

$

35,428

 

(1.6

)%

 

$

103,761

 

$

105,072

 

(1.2

)%

 
 

 

For the three months ended September 30,

 

For the nine months ended September 30,

(Dollars in thousands)

2024

 

2023

 

Change (%)

 

2024

 

2023

 

Change (%)

GAAP

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

$

29,909

 

$

29,215

 

2.4

%

 

$

89,434

 

$

87,926

 

1.7

%

Net income

$

3,660

 

$

4,451

 

(17.8

)%

 

$

11,321

 

$

12,301

 

(8.0

)%

Cash and cash equivalents (as of period end)

$

27,830

 

$

27,301

 

1.9

%

 

$

27,830

 

$

27,301

 

1.9

%

Capital returned to stockholders

$

6,330

 

$

6,241

 

1.4

%

 

$

20,045

 

$

19,404

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating expenses

$

28,509

 

$

27,871

 

2.3

%

 

$

85,123

 

$

83,963

 

1.4

%

Adjusted EBITDA

$

7,534

 

$

8,422

 

(10.5

)%

 

$

22,118

 

$

23,833

 

(7.2

)%

 
 

 

For the three months ended September 30,

 

For the nine months ended September 30,

(Dollars in thousands, excluding units in service and ARPU)

2024

 

2023

 

Change (%)

 

2024

 

2023

 

Change (%)

Key Statistics

 

 

 

 

 

 

 

 

 

 

 

Wireless units in service (000's)

 

730

 

 

785

 

(7.0

)%

 

 

730

 

 

785

 

(7.0

)%

Wireless average revenue per unit (ARPU)

$

7.95

 

$

7.59

 

4.7

%

 

$

7.91

 

$

7.62

 

3.8

%

Software operations bookings(1)

$

10,379

 

$

6,312

 

64.4

%

 

$

26,959

 

$

26,000

 

3.7

%

Software backlog (as of period end)(2)

$

63,579

 

$

53,309

 

19.3

%

 

$

63,579

 

$

53,309

 

19.3

%

 

(1) Software operations bookings includes net new (i.e., new customers or incremental add-on sales to existing customers) sales of license, professional services, equipment, and first-year maintenance. 

(2) Software backlog excludes $5.3 million and $5.4 million of contractual obligations that are deemed cancellable by the customer without significant penalty as of September 30, 2024 and 2023, respectively. 

 
 
 

Financial Outlook:

Regarding financial guidance, the Company reiterated the following expectations for the full year 2024:

(Unaudited and in millions)

 

Current Guidance

Full Year 2024

 

 

From

 

To

Revenue

 

 

 

 

Wireless

 

$

72.0

 

$

75.0

Software

 

$

64.0

 

$

69.0

Total Revenue

 

$

136.0

 

$

144.0

 

 

 

 

 

Adjusted EBITDA

 

$

27.5

 

$

32.5

 

2024 Third Quarter Call:

Management will host a conference call and webcast to discuss these financial results on Wednesday, October 30, 2024, at 5:00 p.m. Eastern Time. The presentation is open to all interested parties and may include forward-looking information.

Conference Call Details

Date/Time:

     

Wednesday, October 30, 2024, at 5:00 p.m. ET

Webcast:

     

https://www.webcast-eqs.com/register/spok_q324_en/en

U.S. Toll-Free Dial In:

     

877-407-0890

International Dial In:

     

1-201-389-0918

To access the call, please dial in approximately ten minutes before the start of the call. For those unable to join the live call, an OnDemand version of the webcast will be available following the call under the URL link and on the investor relations website.

About Spok

Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Plano, Texas, is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on the Spok Care Connect® platform to enhance workflows for clinicians and support administrative compliance. Our customers send over 70 million messages each month through their Spok® solutions. Spok enables smarter, faster clinical communication. For more information, visit spok.com.

Spok is a trademark of Spok Holdings, Inc. Spok Care Connect and Spok Mobile are trademarks of Spok, Inc.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: adjusted operating expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation and accretion expense, impairment of intangible assets and severance and restructuring costs. Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation and accretion expense, stock-based compensation expense, impairment of intangible assets and severance and restructuring. With respect to our expectations under "Financial Guidance" above, reconciliation of adjusted EBITDA to net income is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and uncertainty with respect to certain items included in net income that are excluded from adjusted EBITDA, in particular, income tax benefit/expense, stock-based compensation expenses, impairment of intangible assets, severance and restructuring and other non-recurring expenses. These items can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot be reasonably predicted.

We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Spok's financial condition and results of operations. We use these non-GAAP measures for financial, operational, and budgetary decision-making purposes, to understand and evaluate our core operating performance and trends, and to generate future operating plans. We believe that these non-GAAP financial measures permit us to more thoroughly analyze key financial metrics used to make operational decisions and allow us to assess our core operating results. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies who present similar non-GAAP financial measures. We adjust for certain items because we do not regard these costs as reflective of normal costs related to the ongoing operation of the business in the ordinary course. In general, these items possess one or more of the following characteristics: non-cash expenses, factors outside of our control, items that are non-operational in nature, and unusual items not expected to occur in the normal course of business. We believe it is important to exclude these costs, given that they do not represent future operational costs under this strategic business plan. This allows us to assess the underlying performance of our core business under this new strategic business plan.

We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principle of these non-GAAP financial measures is that they exclude significant amounts that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release, and not to rely on any single financial measure to evaluate our business.

Safe Harbor Statement under the Private Securities Litigation Reform Act

Statements contained herein or in prior press releases which are not historical fact, such as statements regarding our future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, our ability to manage wireless network rationalization to lower our costs without causing disruption of service to our customers; our ability to retain key management personnel and to attract and retain talent within the organization; the productivity of our sales organization and our ability to deliver effective customer support; economic conditions such as recessionary economic cycles, higher interest rates, inflation and higher levels of unemployment; risks related to our overall business strategy, including maximizing revenue and cash generation from our established businesses and returning capital to stockholders through dividends and repurchases of shares of our common stock; competition for our services and products from new technologies or those offered and/or developed from firms that are substantially larger and have much greater financial and human capital resources; continuing decline in the number of paging units we have in service with customers, commensurate with a continuing decline in our wireless revenue; our ability to address changing market conditions with new or revised software solutions; undetected defects, bugs, or security vulnerabilities in our products; our dependence on the U.S. healthcare industry; the sales cycle of our software solutions and services can run from six to eighteen months, making it difficult to plan for and meet our sales objectives and bookings on a steady basis quarter-to-quarter and year-to-year; our reliance on third-party vendors to supply us with wireless paging equipment; our ability to maintain successful relationships with our channel partners; our ability to protect our rights in intellectual property that we own and develop and the potential for litigation claiming intellectual property infringement by us; our use of open source software, third-party software and other intellectual property; the reliability of our networks and servers and our ability to prevent cyberattacks and other security issues and disruptions; our reliance on data centers and other systems and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties; cyberattacks, data breaches or other compromises to our or our critical third parties' systems, data, products or services; our ability to realize the benefits associated with our deferred income tax assets; future impairments of our long-lived assets or goodwill; risks related to data privacy and protection-related laws and regulation; and our ability to manage changes related to regulation, including laws and regulations affecting hospitals and the healthcare industry generally, as well as other risks described from time to time in our periodic reports and other filings with the Securities and Exchange Commission. Although Spok believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Spok disclaims any intent or obligation to update any forward-looking statements.

Tables to Follow

 
 
 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands except share, per share amounts and ARPU)

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

 

9/30/2024

 

9/30/2023

 

9/30/2024

 

9/30/2023

Revenue:

 

 

 

 

 

 

 

 

Wireless

 

$

18,261

 

 

$

18,972

 

 

$

55,153

 

 

$

56,877

 

Software

 

 

16,609

 

 

 

16,456

 

 

 

48,608

 

 

 

48,195

 

Total revenue

 

 

34,870

 

 

 

35,428

 

 

 

103,761

 

 

 

105,072

 

Operating expenses:

 

 

 

 

 

 

 

 

Cost of revenue (exclusive of items shown separately below)

 

 

7,133

 

 

 

6,622

 

 

 

21,435

 

 

 

19,885

 

Research and development

 

 

2,831

 

 

 

2,561

 

 

 

8,958

 

 

 

7,907

 

Technology operations

 

 

6,083

 

 

 

6,405

 

 

 

18,563

 

 

 

19,444

 

Selling and marketing

 

 

3,928

 

 

 

4,067

 

 

 

11,582

 

 

 

12,322

 

General and administrative

 

 

8,534

 

 

 

8,216

 

 

 

24,585

 

 

 

24,405

 

Depreciation and accretion

 

 

1,075

 

 

 

1,267

 

 

 

3,210

 

 

 

3,768

 

Severance and restructuring

 

 

325

 

 

 

77

 

 

 

1,101

 

 

 

195

 

Total operating expenses

 

 

29,909

 

 

 

29,215

 

 

 

89,434

 

 

 

87,926

 

% of total revenue

 

 

85.8

%

 

 

82.5

%

 

 

86.2

%

 

 

83.7

%

Operating income

 

 

4,961

 

 

 

6,213

 

 

 

14,327

 

 

 

17,146

 

% of total revenue

 

 

14.2

%

 

 

17.5

%

 

 

13.8

%

 

 

16.3

%

Interest income

 

 

264

 

 

 

240

 

 

 

908

 

 

 

866

 

Other (expense) income

 

 

(75

)

 

 

41

 

 

 

(91

)

 

 

(45

)

Income before income taxes

 

 

5,150

 

 

 

6,494

 

 

 

15,144

 

 

 

17,967

 

Provision for income taxes

 

 

(1,490

)

 

 

(2,043

)

 

 

(3,823

)

 

 

(5,666

)

Net income

 

$

3,660

 

 

$

4,451

 

 

$

11,321

 

 

$

12,301

 

Basic net income per common share

 

$

0.18

 

 

$

0.22

 

 

$

0.56

 

 

$

0.62

 

Diluted net income per common share

 

$

0.18

 

 

$

0.22

 

 

$

0.55

 

 

$

0.61

 

Basic weighted average common shares outstanding

 

 

20,264,055

 

 

 

19,970,936

 

 

 

20,229,146

 

 

 

19,942,325

 

Diluted weighted average common shares outstanding

 

 

20,523,873

 

 

 

20,304,092

 

 

 

20,534,883

 

 

 

20,308,973

 

Cash dividends declared per common share

 

 

0.3125

 

 

 

0.3125

 

 

 

0.9375

 

 

 

0.9375

 

 
 
 
 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

9/30/2024

 

12/31/2023

 

 

 

 

 

ASSETS

 

(Unaudited)

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

27,830

 

 

$

31,989

 

Accounts receivable, net

 

 

21,377

 

 

 

23,314

 

Prepaid expenses

 

 

8,450

 

 

 

7,885

 

Other current assets

 

 

723

 

 

 

704

 

Total current assets

 

 

58,380

 

 

 

63,892

 

Non-current assets:

 

 

 

 

Property and equipment, net

 

 

6,988

 

 

 

7,321

 

Operating lease right-of-use assets

 

 

8,597

 

 

 

10,526

 

Goodwill

 

 

99,175

 

 

 

99,175

 

Deferred income tax assets, net

 

 

42,635

 

 

 

46,260

 

Other non-current assets

 

 

987

 

 

 

510

 

Total non-current assets

 

 

158,382

 

 

 

163,792

 

Total assets

 

$

216,762

 

 

$

227,684

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

3,944

 

 

$

5,969

 

Accrued compensation and benefits

 

 

5,188

 

 

 

7,284

 

Deferred revenue

 

 

28,743

 

 

 

26,298

 

Operating lease liabilities

 

 

2,961

 

 

 

4,184

 

Other current liabilities

 

 

4,796

 

 

 

4,273

 

Total current liabilities

 

 

45,632

 

 

 

48,008

 

Non-current liabilities:

 

 

 

 

Asset retirement obligations

 

 

7,268

 

 

 

7,191

 

Operating lease liabilities

 

 

6,148

 

 

 

6,902

 

Other non-current liabilities

 

 

1,426

 

 

 

1,812

 

Total non-current liabilities

 

 

14,842

 

 

 

15,905

 

Total liabilities

 

 

60,474

 

 

 

63,913

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock

 

$

 

 

$

 

Common stock

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

104,119

 

 

 

102,936

 

Accumulated other comprehensive loss

 

 

(1,747

)

 

 

(1,764

)

Retained earnings

 

 

53,914

 

 

 

62,597

 

Total stockholders' equity

 

 

156,288

 

 

 

163,771

 

Total liabilities and stockholders' equity

 

$

216,762

 

 

$

227,684

 

 
 
 
 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)

 

 

 

 

 

For the nine months ended

 

9/30/2024

 

9/30/2023

Operating activities:

 

 

 

Net income

$

11,321

 

 

$

12,301

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and accretion

 

3,210

 

 

 

3,768

 

Deferred income tax expense

 

3,624

 

 

 

5,605

 

Stock-based compensation

 

3,480

 

 

 

2,743

 

Provisions for credit losses, service credits and other

 

450

 

 

 

415

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

1,481

 

 

 

1,305

 

Prepaid expenses and other assets

 

(1,061

)

 

 

(1,102

)

Net operating lease liabilities

 

(48

)

 

 

(1,243

)

Accounts payable, accrued liabilities and other

 

(4,284

)

 

 

(7,396

)

Deferred revenue

 

2,342

 

 

 

(2,000

)

Net cash provided by operating activities

 

20,515

 

 

 

14,396

 

Investing activities:

 

 

 

Purchases of property and equipment

 

(2,348

)

 

 

(2,419

)

Net cash used in investing activities

 

(2,348

)

 

 

(2,419

)

Financing activities:

 

 

 

Cash distributions to stockholders

 

(20,045

)

 

 

(19,404

)

Proceeds from issuance of common stock under the Employee Stock Purchase Plan

 

130

 

 

 

90

 

Purchase of common stock for tax withholding on vested equity awards

 

(2,428

)

 

 

(1,245

)

Net cash used in financing activities

 

(22,343

)

 

 

(20,559

)

Effect of exchange rate on cash and cash equivalents

 

17

 

 

 

129

 

Net decrease in cash and cash equivalents

 

(4,159

)

 

 

(8,453

)

Cash and cash equivalents, beginning of period

 

31,989

 

 

 

35,754

 

Cash and cash equivalents, end of period

$

27,830

 

 

$

27,301

 

Supplemental disclosure:

 

 

 

Income taxes paid

$

298

 

 

$

236

 

 
 
 
 

SPOK HOLDINGS, INC.

UNITS IN SERVICE, MARKET SEGMENTS,

AND AVERAGE REVENUE PER UNIT (ARPU)

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

9/30/2024

 

6/30/2024

 

3/31/2024

 

12/31/2023

 

9/30/2023

 

6/30/2023

 

3/31/2023

 

12/31/2022

Account size ending units in service (000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 to 100 units

 

 

41

 

 

 

42

 

 

 

43

 

 

 

44

 

 

 

46

 

 

 

48

 

 

 

48

 

 

 

50

 

101 to 1,000 units

 

 

125

 

 

 

128

 

 

 

135

 

 

 

142

 

 

 

143

 

 

 

144

 

 

 

149

 

 

 

147

 

>1,000 units

 

 

564

 

 

 

577

 

 

 

575

 

 

 

579

 

 

 

596

 

 

 

614

 

 

 

614

 

 

 

620

 

Total

 

 

730

 

 

 

747

 

 

 

753

 

 

 

765

 

 

 

785

 

 

 

806

 

 

 

811

 

 

 

817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market segment as a percent of total ending units in service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

85.7

%

 

 

85.8

%

 

 

86.1

%

 

 

85.9

%

 

 

86.0

%

 

 

86.1

%

 

 

85.7

%

 

 

85.4

%

Government

 

 

4.1

%

 

 

4.4

%

 

 

4.1

%

 

 

4.2

%

 

 

4.2

%

 

 

4.2

%

 

 

4.3

%

 

 

4.4

%

Large enterprise

 

 

4.0

%

 

 

4.0

%

 

 

3.9

%

 

 

4.1

%

 

 

4.1

%

 

 

4.0

%

 

 

4.1

%

 

 

4.0

%

Other(1)

 

 

6.2

%

 

 

5.8

%

 

 

5.9

%

 

 

5.8

%

 

 

5.7

%

 

 

5.7

%

 

 

5.9

%

 

 

6.2

%

Total

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account size ARPU

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 to 100 units

 

$

12.70

 

 

$

12.51

 

 

$

12.66

 

 

$

12.57

 

 

$

12.02

 

 

$

11.91

 

 

$

12.03

 

 

$

11.95

 

101 to 1,000 units

 

 

9.19

 

 

 

9.06

 

 

 

9.14

 

 

 

9.16

 

 

 

8.75

 

 

 

8.56

 

 

 

8.75

 

 

 

8.66

 

>1,000 units

 

 

7.33

 

 

 

7.21

 

 

 

7.23

 

 

 

7.15

 

 

 

6.97

 

 

 

6.94

 

 

 

6.95

 

 

 

6.86

 

Total

 

$

7.95

 

 

$

7.84

 

 

$

7.89

 

 

$

7.84

 

 

$

7.59

 

 

$

7.53

 

 

$

7.59

 

 

$

7.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other includes hospitality, resort and indirect units

 
 
 
 

RECONCILIATION OF ADJUSTED OPERATING EXPENSES

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

 

9/30/2024

 

9/30/2023

 

9/30/2024

 

9/30/2023

Operating expenses

 

$

29,909

 

 

$

29,215

 

 

$

89,434

 

 

$

87,926

 

Add back:

 

 

 

 

 

 

 

 

Depreciation and accretion

 

 

(1,075

)

 

 

(1,267

)

 

 

(3,210

)

 

 

(3,768

)

Severance and restructuring

 

 

(325

)

 

 

(77

)

 

 

(1,101

)

 

 

(195

)

Adjusted operating expenses

 

$

28,509

 

 

$

27,871

 

 

$

85,123

 

 

$

83,963

 

 
 
 
 

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

 

9/30/2024

 

9/30/2023

 

9/30/2024

 

9/30/2023

Net income

 

$

3,660

 

 

$

4,451

 

 

$

11,321

 

 

$

12,301

 

Add back:

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

1,490

 

 

 

2,043

 

 

 

3,823

 

 

 

5,666

 

Other expense (income)

 

 

75

 

 

 

(41

)

 

 

91

 

 

 

45

 

Interest income

 

 

(264

)

 

 

(240

)

 

 

(908

)

 

 

(866

)

Depreciation and accretion

 

 

1,075

 

 

 

1,267

 

 

 

3,210

 

 

 

3,768

 

EBITDA

 

$

6,036

 

 

$

7,480

 

 

$

17,537

 

 

$

20,914

 

Adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

1,173

 

 

 

865

 

 

 

3,480

 

 

 

2,724

 

Severance and restructuring

 

 

325

 

 

 

77

 

 

 

1,101

 

 

 

195

 

Adjusted EBITDA

 

$

7,534

 

 

$

8,422

 

 

$

22,118

 

 

$

23,833

 

 
 

 

Contacts

Al Galgano
952-224-6096
al.galgano@spok.com

Contacts

Al Galgano
952-224-6096
al.galgano@spok.com