[April 27, 2016] |
|
Spok Reports 2016 First Quarter Operating Results; Wireless Trends Improve, Software Maintenance Renewal Rates More Than 99 Percent
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:
-
Software bookings for the 2016 first quarter were $15.1 million,
compared to $17.7 million in the prior year quarter. First quarter
bookings included $5.6 million of operations bookings and $9.5 million
of maintenance renewals.
-
Software backlog totaled $36.8 million at March 31, 2016, compared to
$38.7 million at December 31, 2015, and $40.6 million in the year
earlier period.
-
Of the $17.2 million in software revenue for the first quarter, $8.1
million was operations revenue and $9.1 million was maintenance
revenue, compared to $9.4 million and $8.0 million, respectively, of
the $17.4 million in software revenue in the first quarter of 2015.
-
The renewal rate for software maintenance in the first quarter of 2016
was greater than 99 percent.
-
The quarterly rate of paging unit erosion was 1.7 percent in the first
quarter of 2016, compared to 2.1 percent in the year-earlier quarter.
Net paging unit losses were 20,000 in the first quarter of 2016, down
from 26,000 in the first quarter of 2015. Paging units in service at
March 31, 2016 totaled 1,153,000, compared to 1,230,000 at the end of
the prior year period.
-
The quarterly rate of wireless revenue erosion continued to slow to
1.9 percent in the first quarter of 2016 versus 3.1 percent in the
year-earlier quarter.
-
Total paging ARPU (average revenue per unit) was $7.77 in the first
quarter of 2016, compared to $7.79 in the prior quarter and $7.91 in
the year-earlier quarter.
-
Consolidated operating expenses (excluding depreciation, amortization
and accretion) totaled $36.3 million in the first quarter of 2016,
compared to $38.1 million in the year-earlier quarter, and $37.4
million in the prior quarter.
-
Capital expenses were $1.4 million in the first quarter of 2016,
compared to $1 million in the year-earlier quarter.
-
The number of full-time equivalent employees at March 31, 2016 totaled
595, compared to 600 at year-end 2015 and 604 at March 31, 2015.
-
Capital returned to stockholders in the first quarter of 2016 totaled
$7.5 million, in the form of $2.6 million from dividends and $4.9
million from share repurchases.
-
The Company's cash balance at March 31, 2015 was $111.9 million,
compared to $105.6 million at March 31, 2015, and $111.3 million at
the prior year-end.
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.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427006429/en/
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