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Spok Reports 2016 First Quarter Operating Results; Wireless Trends Improve, Software Maintenance Renewal Rates More Than 99 Percent

April 27, 2016 4:15 PM

Board Declares Regular Quarterly Dividend

SPRINGFIELD, Va.--(BUSINESS WIRE)-- Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in critical communications, today announced operating results for the first quarter ended March 31, 2016. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.125 per share, payable on June 24, 2016 to stockholders of record on May 23, 2016.

2016 First-Quarter Results:

In the 2016 first quarter, consolidated revenue was $45.4 million, compared to $48.1 million in the first quarter of 2015 and $47.3 million in the fourth quarter of 2015. Software revenue was $17.2 million in the first quarter of 2016, compared to $17.4 million in the first quarter of 2015. Wireless revenue totaled $28.2 million in the first quarter, compared to $28.7 million in the prior quarter and $30.7 million in the prior-year quarter.

First quarter EBITDA (earnings before interest, taxes, depreciation, amortization and accretion) totaled $9.1 million, or 20.1 percent of revenue, down from $9.9 million, or 20.9 percent of revenue, in the prior quarter, and $10 million, or 20.8 percent of revenue, in the first quarter of 2015.

Net income for the first quarter of 2016 was $3.4 million, or $0.17 per diluted share, compared to $3.9 million, or $0.18 per diluted share, in the first quarter of 2015.

Other key results and highlights for the first quarter included:

Management Commentary:

“We are encouraged with our performance in the first quarter of 2016 and believe that it provides a solid base for the remainder of the year,” said Vincent D. Kelly, chief executive officer. “We saw strong performance in a number of key operating measures, including operating expense management, cash flow and subscriber retention. We achieved these results, as we increased our investment in our business by enhancing and upgrading our product development team and tools, as well as our sales infrastructure and management. We believe these investments will yield significant future benefits in the form of our improved, integrated communication platform, Spok Care Connect®, as well as higher future bookings levels supported by an enhanced and upgraded sales team. Overall, we continued to operate profitably, enhance our product offerings, and further strengthen our balance sheet with strong cash levels and no debt. Our ability to generate healthy cash flows allowed us to execute against our capital allocation strategy, make key strategic investments and return nearly 80 percent of our operating cash flow to our stockholders during the quarter in the form of dividends and share repurchases.”

Commenting on software results, Kelly said: “As anticipated, software sales were in-line with prior year levels and down sequentially from the typically more robust fourth quarter levels.” Kelly attributed the ability to maintain year-over-year software revenue levels primarily to a more than 99 percent renewal rate on software maintenance contracts. Similar to Spok’s wireless revenue stream, software maintenance revenue is a largely recurring revenue stream that provides the Company with a more stable revenue and margin base.

Kelly said first quarter bookings of $15.1 million included $9.5 million of maintenance renewals bookings, a record high for the first quarter, while the software backlog of $36.8 million at March 31st was down from the prior quarter. “Though we are not satisfied with bookings levels in the first quarter, and continue to focus on generating activity through the remainder of the year, we are encouraged as bookings included sales to both new and current customers, with existing customers adding products and applications to expand their portfolio of communications solutions. Customer demand remained strongest for upgrades to call center solutions, healthcare applications to increase patient safety, and improved nursing workflows.” Kelly added: “We continue to see growing demand for our software solutions for critical smartphone communications, secure texting, emergency management, and clinical alerting. Though domestic markets performed well, we continued to see sluggishness in the international markets of both EMEA and APAC. However, we continue to focus on the growth potential in those geographies.”

Kelly also noted that in addition to the Company’s quarterly financial performance, progress was made in several other areas, including product development, sales strategy and key strategic partnership agreements. “Spok continues to build an industry-leading reputation, and is generating sales momentum at the conferences we attend,” commented Kelly. “During the quarter, we generated tremendous activity from tradeshows, including the American Organization of Nurse Executives (AONE), the 2016 HIMSS Annual Conference Exhibition and the Arab Health 2016 Exhibition and Congress. Also, Spok’s Connect 16 regional user conferences kicked off in Dallas last month, to be followed by conferences in Boston and New York in May. We intend to carry the momentum generated at these conferences and tradeshows throughout 2016. We are already seeing results from our sales and marketing efforts. During the quarter we partnered with organizations across industries and geographies, such as Medical Solutions and Services (MSS) in Saudi Arabia, the Polk County Sheriff’s Office in Florida and VCU Health, to offer critical communications support. Combined with our strong team, solid financial platform and industry-leading products and services, Spok is positioned to build on this momentum and stimulate sustainable growth.”

The Company posted solid results for its wireless products and services in the first quarter. Gross pager placements of 28,000 were in-line with the year-earlier quarter, while gross disconnects of 48,000 improved from 55,000 in the first quarter of 2015 and 50,000 in the prior quarter. “As a result, annual net pager losses declined to an historical low of 6.2 percent from the prior year-end, on a twelve month trailing basis, and were 1.7 percent in the first quarter, down significantly from 2.1 percent in the prior-year quarter,” continued Kelly. “Overall, wireless sales efforts continued to focus primarily on our core market segments of Healthcare, Government and Large Enterprise, which represented approximately 91.3 percent of our subscriber base and 86.1 percent of our paging revenue at quarter end. Healthcare comprised 77.5 percent of our subscriber base, and continued to be our best performing market segment with the highest rate of gross placements and lowest rate of unit disconnects.”

Spok returned capital to stockholders, totaling $7.5 million, in the first quarter of 2016. During the period, the Company paid $2.6 million in dividends and repurchased 291,861 shares of common stock, totaling $4.9 million, under its stock buy-back program. Kelly added, “Throughout 2016, we will remain focused on returning value to our shareholders through our comprehensive capital allocation strategy, which includes dividends, share repurchases and key strategic investments in our products and business that will create sustainable growth.”

Shawn E. Endsley, chief financial officer, said: “Our ability to align our expense base with the market demand that we are seeing and drive high renewal rates in our recurring revenue categories, helped Spok maintain solid operating cash flow, EBITDA and operating margins for the quarter, as we continued to invest in our business for long-term growth. We also strengthened our balance sheet, recording a cash balance of $111.9 million at March 31, 2016, and continued to operate as a debt-free company at quarter-end.”

Business Outlook:

Commenting on the Company’s previously provided financial guidance for 2016, Endsley noted: “We are pleased that quarterly results were consistent with our expectations and we are maintaining the 2016 guidance range that we provided last quarter.” With regard to financial guidance for 2016, Endsley reiterated that the Company expects total revenue to range from $174 million to $192 million, operating expenses (excluding depreciation, amortization and accretion) to range from $153 million to $159 million, and capital expenditures to range from $6 million to $8 million.

2016 First-Quarter Call and Replay:

Spok plans to host a conference call for investors on its 2016 first quarter operating results at 10:00 a.m. Eastern Time on Thursday, April 28, 2016. Dial-in numbers for the call are 785-830-7992 or 800-768-6569. The pass code for the call is 8456655. A replay of the call will be available from 1:00 p.m. ET on April 28, 2016 until 1:00 p.m. on Thursday, May 12, 2016. Replay numbers are 719-457-0820 or 888-203-1112. The pass code for the replay is 8456655.

About Spok

Spok Holdings, Inc., headquartered in Springfield, Va., is proud to be a leader in critical communications for healthcare, government, public safety, and other industries. We deliver smart, reliable solutions to help protect the health, well-being, and safety of people around the globe. Organizations worldwide rely on Spok for workflow improvement, secure texting, paging services, contact center optimization, and public safety response. When communications matter, Spok delivers. Visit us at spok.com or find us on Twitter @Spoktweets.

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 Spok’s 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 Spok’s 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, declining demand for paging products and services, continued demand for our software products and services, our ability to develop additional software solutions for our customers and manage our development as a global organization, the ability to manage operating expenses, future capital needs, competitive pricing pressures, competition from both traditional paging services and other wireless communications services, competition from other software providers, government regulation, reliance upon third-party providers for certain equipment and services, 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.

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a)
(Unaudited and in thousands except share, per share amounts and ARPU)
For the three months ended

3/31/2016

3/31/2015

Revenue:
Wireless $ 28,172 $ 30,690
Software $ 17,216 $ 17,448
Total revenue 45,388 48,138
Operating expenses:
Cost of revenue $ 8,017 $ 8,813
Service, rental and maintenance $ 11,213 $ 11,256
Selling and marketing $ 6,529 $ 7,048
General and administrative $ 10,510 $ 11,001
Severance $ (4 ) $ —
Depreciation, amortization and accretion $ 3,323 $ 3,747
Total operating expenses 39,588 41,865
% of total revenue 87.2 % 87.0 %
Operating income 5,800 6,273
% of total revenue 12.8 % 13.0 %
Interest income (expense), net $ 49 $ (1 )
Other income (expense), net $ 254 $ 60
Income before income tax expense 6,103 6,332
Income tax benefit (expense) $ (2,659 ) $ (2,415 )
Net income $ 3,444 $ 3,917
Basic net income per common share $ 0.17 $ 0.18
Diluted net income per common share $ 0.17 $ 0.18
Basic weighted average common shares outstanding 20,683,719 21,898,792
Diluted weighted average common shares outstanding 20,845,661 22,053,015
Reconciliation of operating income to EBITDA (b):
Operating income $ 5,800 $ 6,273
Add back: depreciation, amortization and accretion 3,323 3,747
EBITDA $ 9,123 $ 10,020
% of total revenue 20.1 % 20.8 %
Key statistics:
Units in service 1,153 1,230
Average revenue per unit (ARPU) $ 7.77 $ 7.91
Bookings $ 15,106 $ 17,740
Backlog $ 36,766 $ 40,551
(a) Slight variations in totals are due to rounding.
(b) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is presented for analytical purposes only.
SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a)
(Unaudited and in thousands except share, per share amounts and ARPU)
For the three months ended

3/31/2016

12/31/2015

9/30/2015

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Revenue:
Wireless $ 28,172 $ 28,727 $ 29,375 $ 30,222 $ 30,690 $ 31,678 $ 32,855 $ 33,518
Software 17,216 18,612 16,806 17,747 17,448 19,591 16,936 15,576
Total revenue 45,388 47,339 46,181 47,969 48,138 51,269 49,791 49,094
Operating expenses:
Cost of revenue 8,017 8,035 7,871 9,131 8,813 10,571 8,000 7,180
Service, rental and maintenance 11,213 11,024 11,117 11,003 11,256 11,285 10,988 11,420
Selling and marketing 6,529 7,036 6,572 6,790 7,048 7,915 7,072 7,780
General and administrative 10,510 10,276 10,410 10,472 11,001 11,905 10,866 10,990
Severance (4 ) 1,056 141 1,504 — 926 545 4
Depreciation, amortization and accretion 3,323 3,362 3,413 3,448 3,747 4,049 4,247 4,352
Total operating expenses 39,588 40,789 39,524 42,348 41,865 46,651 41,718 41,726
% of total revenue 87.2 % 86.2 % 85.6 % 88.3 % 87.0 % 91.0 % 83.8 % 85.0 %
Operating income 5,800 6,550 6,657 5,621 6,273 4,618 8,073 7,368
% of total revenue 12.8 % 13.8 % 14.4 % 11.7 % 13.0 % 9.0 % 16.2 % 15.0 %
Interest income (expense), net 49 13 1 3 (1 ) (262 ) (63 ) (64 )
Other income (expense), net 254 71 784 264 60 (188 ) (2 ) (194 )
Income before income tax expense 6,103 6,634 7,442 5,888 6,332 4,168 8,008 7,110
Income tax benefit (expense) (2,659 ) 66,087 (3,222 ) (2,512 ) (2,415 ) 2,744 (3,356 ) (2,819 )
Net income $ 3,444 $ 72,721 $ 4,220 $ 3,376 $ 3,917 $ 6,912 $ 4,652 $ 4,291
Basic net income per common share $ 0.17 $ 3.54 $ 0.20 $ 0.16 $ 0.18 $ 0.32 $ 0.21 $ 0.20
Diluted net income per common share $ 0.17 $ 3.53 $ 0.20 $ 0.16 $ 0.18 $ 0.31 $ 0.21 $ 0.19
Basic weighted average common shares outstanding 20,683,719 20,528,326 21,301,311 21,677,299 21,898,792 21,554,746 21,651,347 21,642,163
Diluted weighted average common shares outstanding 20,845,661 20,628,053 21,352,838 21,735,829 22,053,015 22,101,600 22,135,554 22,099,791
Reconciliation of operating income to EBITDA (b):
Operating income $ 5,800 $ 6,550 $ 6,657 $ 5,621 $ 6,273 $ 4,618 $ 8,073 $ 7,368
Add back: depreciation, amortization and accretion 3,323 3,362 3,413 3,448 3,747 4,049 4,247 4,352
EBITDA $ 9,123 $ 9,912 $ 10,070 $ 9,069 $ 10,020 $ 8,667 $ 12,320 $ 11,720
% of total revenue 20.1 % 20.9 % 21.8 % 18.9 % 20.8 % 16.9 % 24.7 % 23.9 %
Key statistics:
Units in service 1,153 1,173 1,192 1,211 1,230 1,256 1,274 1,299
Average revenue per unit (ARPU) $ 7.77 $ 7.79 $ 7.82 $ 7.86 $ 7.91 $ 7.92 $ 7.97 $ 7.98
Bookings $ 15,106 $ 18,511 $ 16,746 $ 21,027 $ 17,740 $ 22,272 $ 20,362 $ 18,959
Backlog $ 36,766 $ 38,650 $ 41,639 $ 43,524 $ 40,551 $ 42,391 $ 42,117 $ 40,182
(a) Slight variations in totals are due to rounding.
(b) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is presented for analytical purposes only
SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (a)
(In thousands)

3/31/2016

12/31/2015

(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 111,921 $ 111,332
Accounts receivable, net 21,078 22,638
Prepaid expenses and other 4,858 5,352
Inventory 1,986 2,291
Total current assets 139,843 141,613
Property and equipment, net 14,806 15,386
Goodwill 133,031 133,031
Other intangible assets, net 13,853 14,964
Deferred income tax assets, net 81,659 83,983
Other assets 1,547 1,445
Total assets $ 384,739 $ 390,422
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities $ 7,804 $ 9,247
Accrued compensation and benefits 9,837 10,864
Deferred revenue 27,415 27,045
Total current liabilities 45,056 47,156
Deferred revenue 738 741
Other long-term liabilities 8,854 8,972
Total liabilities 54,648 56,869
Commitments and contingencies
Stockholders' equity:
Preferred stock — —
Common stock 2 2
Additional paid-in capital 106,234 110,435
Retained earnings 223,855 223,116
Total stockholders' equity 330,091 333,553
Total liabilities and stockholders' equity $ 384,739 $ 390,422
(a) Slight variations in totals are due to rounding.
SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (a)
(Unaudited and in thousands)
For the three months ended

3/31/2016

3/31/2015

Cash flows from operating activities:
Net income $ 3,444 $ 3,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 3,323 3,747
Amortization of deferred financing costs - -
Deferred income (benefit) tax expense 2,327 1,997
Stock based compensation 637 443
Provisions for doubtful accounts, service credits and other 238 327
Adjustments of non-cash transaction taxes (81 ) (49 )
Loss/(Gain) on disposals of property and equipment - (18 )
Changes in assets and liabilities:
Accounts receivable 1,322 1,268
Prepaid expenses, intangible assets and other assets 595 54
Accounts payable, accrued liabilities and other (2,667 ) (5,791 )
Customer deposits and deferred revenue 381 530
Net cash provided by operating activities 9,519 6,425
Cash flows from investing activities:
Purchases of property and equipment (1,445 ) (1,040 )
Proceeds from disposals of property and equipment - 30
Net cash used in investing activities (1,445 ) (1,010 )
Cash flows from financing activities:
Cash distributions to stockholders (2,580 ) (3,356 )
Purchase of common stock (including commissions) (4,905 ) (466 )
Employee stock based compensation tax withholding - (3,825 )
Net cash used in financing activities (7,485 ) (7,647 )
Net increase in cash and cash equivalents 589 (2,232 )
Cash and cash equivalents, beginning of period 111,332 107,869
Cash and cash equivalents, end of period $ 111,921 $ 105,637
Supplemental disclosure:
Income taxes paid $ 352 $ 337
(a) Slight variations in totals are due to rounding.
SPOK HOLDINGS, INC.
CONSOLIDATED REVENUE
SUPPLEMENTAL INFORMATION (a)
(Unaudited and in thousands)
For the three months ended

3/31/2016

12/31/2015

9/30/2015

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Revenue
Paging $ 27,101 $ 27,637 $ 28,196 $ 28,782 $ 29,491 $ 30,071 $ 30,776 $ 31,458
Non-paging 1,071 1,090 1,179 1,440 1,199 1,607 2,079 2,060
Total wireless revenue 28,172 28,727 29,375 30,222 30,690 31,678 32,855 33,518
Subscription 498 471 392 419 398 365 458 377
License 1,593 2,733 1,457 3,011 2,595 3,474 2,374 2,497
Services 4,315 4,610 4,600 4,609 5,018 5,579 4,305 3,558
Equipment 1,729 1,764 1,434 1,301 1,374 2,145 1,930 1,614
Operations revenue 8,135 9,578 7,883 9,340 9,385 11,563 9,067 8,046
Maintenance revenue 9,081 9,034 8,923 8,407 8,063 8,028 7,869 7,530
Total software revenue 17,216 18,612 16,806 17,747 17,448 19,591 16,936 15,576
Total revenue $ 45,388 $ 47,339 $ 46,181 $ 47,969 $ 48,138 $ 51,269 $ 49,791 $ 49,094
(a) Slight variations in totals are due to rounding.
SPOK HOLDINGS, INC.
CONSOLIDATED OPERATING EXPENSES
SUPPLEMENTAL INFORMATION (a)
(Unaudited and in thousands)
For the three months ended

3/31/2016

12/31/2015

9/30/2015

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Cost of revenue
Payroll and related $ 4,634 $ 4,414 $ 4,277 $ 4,274 $ 4,157 $ 4,222 $ 3,743 $ 3,827
Cost of sales 2,673 2,902 2,549 3,801 3,620 5,225 3,098 2,232
Stock based compensation 49 33 33 34 34 81 108 81
Other 661 686 1,012 1,022 1,002 1,043 1,051 1,040
Total cost of revenue 8,017 8,035 7,871 9,131 8,813 10,571 8,000 7,180
Service, rental and maintenance
Payroll and related 5,072 4,815 4,613 4,555 4,652 4,533 4,106 4,434
Site rent 3,660 3,663 3,763 3,783 3,766 3,834 3,914 3,981
Telecommunications 1,222 1,218 1,392 1,288 1,343 1,487 1,548 1,669
Stock based compensation 52 29 29 29 29 30 56 (17 )
Other 1,207 1,299 1,320 1,348 1,466 1,401 1,364 1,353
Total service, rental and maintenance 11,213 11,024 11,117 11,003 11,256 11,285 10,988 11,420
Selling and marketing
Payroll and related 3,666 3,780 3,664 3,732 3,916 3,945 3,859 4,099
Commissions 1,525 1,754 1,858 1,792 1,836 2,481 1,949 2,087
Stock based compensation 48 (7 ) 16 51 51 131 151 131
Other 1,290 1,509 1,034 1,215 1,245 1,358 1,113 1,463
Total selling and marketing 6,529 7,036 6,572 6,790 7,048 7,915 7,072 7,780
General and administrative
Payroll and related 4,392 4,029 4,320 4,611 4,879 4,737 4,217 4,440
Stock based compensation 488 316 316 548 329 780 791 429
Facility rent 839 856 868 841 941 830 863 899
Outside services 1,726 1,783 1,864 1,728 1,786 1,786 1,698 1,719
Taxes, licenses and permits 1,055 1,132 1,068 1,150 1,125 1,283 1,788 1,383
Other 2,010 2,160 1,974 1,594 1,941 2,489 1,509 2,120
Total general and administrative 10,510 10,276 10,410 10,472 11,001 11,905 10,866 10,990
Severance (4 ) 1,056 141 1,504 — 926 545 4
Depreciation, amortization and accretion 3,323 3,362 3,413 3,448 3,747 4,049 4,247 4,352
Operating expenses $ 39,588 $ 40,789 $ 39,524 $ 42,348 $ 41,865 $ 46,651 $ 41,718 $ 41,726
Capital expenditures $ 1,445 $ 2,024 $ 1,318 $ 1,992 $ 1,040 $ 1,352 $ 1,291 $ 2,393
(a) Slight variations in totals are due to rounding.
SPOK HOLDINGS, INC.
UNITS IN SERVICE ACTIVITY, MARKET SEGMENT, CHURN AND AVERAGE REVENUE PER UNIT (ARPU) (a)
(Unaudited and in thousands)
For the three months ended

3/31/2016

12/31/2015

9/30/2015

6/30/2015

3/31/2015

12/31/2014

9/30/2014

6/30/2014

Paging units in service

Beginning units in service (000's) 1,173 1,192 1,211 1,230 1,256 1,274 1,299 1,327
Gross placements 28 31 36 40 29 35 45 51
Gross disconnects (48 ) (50 ) (55 ) (59 ) (55 ) (53 ) (70 ) (79 )
Net change (20 ) (19 ) (19 ) (19 ) (26 ) (18 ) (25 ) (28 )
Ending units in service 1,153 1,173 1,192 1,211 1,230 1,256 1,274 1,299
End of period units in service % of total (b)
Healthcare 77.5 % 77.0 % 76.3 % 75.9 % 74.6 % 74.1 % 73.6 % 73.0 %
Government 6.9 % 7.2 % 7.2 % 7.3 % 7.6 % 7.8 % 7.9 % 8.3 %
Large enterprise 6.9 % 6.9 % 7.1 % 7.3 % 7.6 % 7.6 % 7.8 % 7.8 %
Other(b) 8.7 % 9.0 % 9.3 % 9.5 % 10.2 % 10.4 % 10.7 % 10.9 %
Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Account size ending units in service (000's)
1 to 100 units 118 123 128 134 139 145 152 160
101 to 1,000 units 238 243 250 256 266 277 282 289
>1,000 units 797 807 814 821 825 834 840 850
Total 1,153 1,173 1,192 1,211 1,230 1,256 1,274 1,299
Account size net loss rate(c)
1 to 100 units (4.3 )% (3.9 )% (4.4 )% (3.4 )% (4.3 )% (4.7 )% (5.0 )% (5.3 )%
101 to 1,000 units (2.0 )% (2.9 )% (2.4 )% (3.8 )% (3.8 )% (1.9 )% (2.4 )% (2.5 )%
>1,000 units (1.2 )% (0.9 )% (0.8 )% (0.6 )% (1.1 )% (0.7 )% (1.2 )% (1.3 )%
Total (1.7 )% (1.6 )% (1.5 )% (1.6 )% (2.1 )% (1.4 )% (1.9 )% (2.1 )%
Account size ARPU
1 to 100 units 12.57 12.52 12.49 12.57 12.58 12.50 12.54 12.47
101 to 1,000 units 8.70 8.65 8.69 8.72 8.74 8.76 8.76 8.68
>1,000 units 6.77 6.79 6.80 6.81 6.84 6.83 6.86 6.88
Total $ 7.77 $ 7.79 $ 7.82 $ 7.86 $ 7.91 $ 7.92 $ 7.97 $ 7.98
(a) Slight variations in totals are due to rounding.
(b) Other includes hospitality, resort and indirect units
(c) Net loss rate is net current period placements and disconnected units in service divided by prior period ending units in service.

Spok Holdings, Inc.

Al Galgano, 952-567-0295

[email protected]

Source: Spok Holdings, Inc.

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