[July 28, 2015] |
|
Spok Reports Second Quarter Operating Results
Spok
Holdings, Inc. (NASDAQ: SPOK), a global
leader in critical communications, today announced operating results
for the second quarter ended June 30, 2015. In addition, the Company's
Board of Directors declared a regular quarterly dividend of $0.125 per
share, payable on September 10, 2015 to stockholders of record on August
19, 2015.
Software revenue increased 13.9 percent to $17.7 million in the second
quarter from $15.6 million in the year-earlier quarter, while wireless
revenue was $30.2 million versus $33.5 million in the second quarter of
2014. Consolidated revenue for the second quarter was $48.0 million,
compared to $49.1 million in the second quarter of 2014.
Second quarter EBITDA (earnings before interest, taxes, depreciation,
amortization and accretion) totaled $9.1 million, or 18.9 percent of
revenue, compared to $11.7 million, or 23.9 percent of revenue, in the
year-earlier quarter, and $10.0 million, or 20.8 percent of revenue, in
the first quarter of 2015.
Net income for the second quarter was $3.4 million, or $0.16 per fully
diluted share, compared to $4.3 million, or $0.19 per fully diluted
share, in the second quarter of 2014.
Other key results and highlights for the second quarter included:
-
Software bookings increased 10.9 percent to $21.0 million from $19.0
million in the year-earlier quarter. Second quarter bookings included
$10.5 million of operations bookings and $10.5 million of maintenance
renewals.
-
Software backlog increased to $43.5 million at June 30, 2015, compared
to $40.2 million a year earlier.
-
Of the $17.7 million in software revenue for the second quarter, $9.3
million was operations revenue and $8.4 million was maintenance
revenue, compared to $8.1 million and $7.5 million, respectively, of
the $15.6 million in software revenue for the second quarter of 2014.
-
The renewal rate for software maintenance in the second quarter was
99.8 percent.
-
The quarterly rate of paging unit erosion improved to 1.6 percent from
2.1 percent in the year-earlier quarter, while the annual rate of unit
erosion improved to 6.8 percent from 10.1 percent in the year-earlier
quarter. Both the quarterly and annual rates of unit erosion were the
Company's lowest in more than a decade. Net paging unit losses total
19,000 versus 28,000 in the second quarter of 2014. Paging units in
service at June 30, 2015 totaled 1,211,000, compared to 1,299,000 a
year earlier.
-
The quarterly rate of wireless revenue erosion improved to 1.5 percent
from 2.4 percent in the year-earlier quarter, reaching its lowest
level in four years, while the annual rate of wireless revenue erosion
improved to 9.8 percent versus 11.3 percent in the second quarter of
2014, falling below 10 percent for the first time in more than 10
years.
-
Total paging ARPU (average revenue per unit) was $7.86, compared to
$7.98 in the year-earlier quarter and $7.91 in the first quarter of
2015.
-
Consolidated operating expenses (excluding depreciation, amortization
and accretion) totaled $38.9 million in the second quarter, compared
to $37.4 million in the year-earlier quarter.
-
Capital expenses were $2.0 million, compared to $2.4 million in the
year-earlier quarter.
-
Capital returned to stockholders in the form of dividends and share
repurchases in the second quarter totaled $2.7 million and $3.0
million, respectively.
-
The Company's cash balance at June 30, 2015 was $117.1 million.
-
The number of full-time equivalent employees at June 30, 2015 totaled
608, compared to 604 at March 31, 2015.
"We continued to make excellent progress in the second quarter," said
Vincent D. Kelly, president and chief executive officer. "Software
revenue and bookings increased from the prior and year-earlier quarters
and our backlog and pipeline remained strong. Wireless results also
reflected solid improvement as the rates of paging unit and revenue
erosion reached their best levels in many years. In addition, we met or
exceeded our expectations on virtually all other key operating metrics
for the quarter, including revenue, cash flow, and average revenue per
unit (ARPU). Overall, we continued to operate profitably, enhance our
product offerings, expand our global market reach, and generate
sufficient cash flow to again return capital to stockholders in the form
of cash dividends and share repurchases."
Commenting on software results, Kelly said: "Software revenue totaled
$17.7 million, a record high for the second quarter and third highest
quarterly software revenue result in the Company's history. During the
quarter we continued to see growing demand from long-term customers for
upgrades to existing applications as well as for new communications
products and solutions, all of which contributed to an increase in
software licenses, hardware and professional services among Spok's
expanding worldwide customer base. "In addition," Kelly noted, "both
operations and maintenance revenue rose from the second quarter of 2014,
with the higher maintenance revenue reflecting our continued success in
achieving maintenance renewals rates in excess of 99 percent."
Kelly said second quarter bookings of $21.0 million included $10.5
million of operations bookings and $10.5 million in maintenance
bookings, up 10.9 percent from the year-earlier quarter, while the
software backlog of $43.5 million at June 30 neared its record high of
$43.8 million. "Customer demand, especially among our healthcare
customers, remained strongest for secure texting, upgrades to call
center solutions, applications to increase patient safety, and improved
clinical workflows." Kelly added: "We also experienced an uptick in
demand for such software solutions as critical smartphone
communications, emergency management, and delivery of critical test
results. Overall, we added more than 50 new customers during the
quarter."
Kelly said the Company continued to expand software sales outside the
United States during the quarter. "While demand remained strongest in
North America, we continued to grow our customer base in Europe, the
Middle East, and the Asia-Pacific region. In addition, we extended our
sales focus to Latin America for the first time, attending a major
healthcare tradeshow in Brazil that created an opportunity for our sale
team to build partnerships and learn more about the needs of Latin
American hospitals. As a result of these and other sales and marketing
initiatives, we continued to build a solid pipeline of new business
leads throughout targeted markets worldwide."
The Company also recorded solid results for its wireless products and
services in the quarter. "Gross pager placements totaled 40,000 versus
29,000 in the prior quarter, while gross disconnects of 59,000 improved
from 79,000 a year ago," Kelly said. "As a result, the rate of quarterly
and annual net pager losses for the second quarter improved to 1.6
percent and 6.8 percent, respectively, the best levels in many years. In
addition, the annual rate of wireless revenue erosion fell to 9.8
percent for the quarter, reaching its lowest level in more than a
decade. Wireless sales continued to focus primarily on Spok's core
market segments of Healthcare, Government and Large Enterprise.
Healthcare continued to be our best performing market segment with the
highest rate of gross placements and lowest rate of unit disconnects,
and comprised 78.9 percent of our direct units-in-service and 73.9
percent of direct paging revenue at June 30."
Kelly also noted: "Once again all 15 Adult and 12 Children's Hospitals
named to U.S. News & World Report's recently released
2015-2016 Honor Roll of Best Hospitals are among our current customers
and rely on Spok solutions to help them provide the highest quality care
for their patients."
Kelly added that Spok again returned capital to stockholders during the
second quarter, distributing cash dividends totaling $2.7 million and
repurchasing 177,330 shares of common stock for $3,009,471, or $16.97
per share, under its stock buy-back program.
Shawn E. Endsley, chief financial officer, said: "Strong revenue from
both software and wireless, along with focused expense management
companywide, resulted in solid operating cash flow for the quarter as we
continued to invest in opportunities for long-term growth. Operating
expenses were impacted by $2.5 million of one-time charges during the
quarter. Absent these charges, consolidated expenses would have declined
and EBITDA margin improved as compared to the first quarter. Our balance
sheet also remained strong at June 30 with no debt and a cash balance of
$117.1 million."
Endsley said the Company is maintaining previously provided financial
guidance for 2015, which projects total revenue to range from $183
million to $201 million, operating expenses (excluding depreciation,
amortization and accretion) to range from $145 million to $154 million,
and capital expenses to range from $5.5 million to $7.5 million.
* * * * * * * * *
Spok plans to host a conference call for investors on its second quarter
operating results at 10:00 a.m. Eastern Time on Thursday, July 30, 2015.
Dial-in numbers for the call are 785-424-1666 or 877-876-9177. The pass
code for the call is 9775155. A replay of the call will be available
from 1:00 p.m. ET on July 30 until 1:00 p.m. on Thursday, August 13.
Replay numbers are 719-457-0820 or 888-203-1112. The pass code for the
replay is 9775155.
Spok's Annual Meeting of Stockholders will be held on Wednesday, July
29, in Washington, D.C.
Also, Spok has scheduled its annual "Analyst Day" Investor
Meeting for financial analysts for November 3, 2015 in New York City.
For further details and to RSVP, please contact Stacy Sloan at [email protected]
or call 703-269-6950, or send email to [email protected].
* * * * * * * * *
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.
Tables to Follow
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SPOK HOLDINGS, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a)
|
(Unaudited and in thousands except share, per share amounts and ARPU)
|
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For the three months ended
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For the six months ended
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6/30/2015
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6/30/2014
|
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6/30/2015
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6/30/2014
|
Revenue:
|
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|
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|
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|
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Wireless
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$
|
30,222
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|
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$
|
33,518
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$
|
60,912
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|
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$
|
67,869
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Software
|
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17,747
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|
|
|
|
15,576
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|
|
|
|
|
|
|
35,195
|
|
|
|
|
|
31,344
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|
Total revenue
|
|
|
|
|
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47,969
|
|
|
|
|
|
49,094
|
|
|
|
|
|
|
|
96,107
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|
|
|
|
99,213
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Operating expenses:
|
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Cost of revenue
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|
|
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9,131
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|
|
|
|
|
7,180
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|
|
|
|
|
|
|
17,944
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|
|
|
|
13,985
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Service, rental and maintenance
|
|
|
|
|
|
11,003
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|
|
|
|
|
11,420
|
|
|
|
|
|
|
|
22,260
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|
|
|
|
|
23,212
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Selling and marketing
|
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6,790
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|
|
|
7,780
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|
|
|
|
|
|
13,838
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|
|
|
|
|
15,026
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|
General and administrative
|
|
|
|
|
|
10,472
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|
|
|
|
|
10,990
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|
|
|
|
|
|
|
21,473
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|
|
|
|
|
23,125
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Severance and restructuring
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1,504
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4
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|
|
1,504
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|
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|
24
|
|
Depreciation, amortization and accretion
|
|
|
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3,448
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|
|
|
|
|
4,352
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|
|
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|
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7,195
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|
|
|
|
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8,381
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Total operating expenses
|
|
|
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|
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42,348
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|
|
|
|
|
41,726
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|
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84,214
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|
|
|
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83,753
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% of total revenue
|
|
|
|
|
|
88.3
|
%
|
|
|
|
|
85.0
|
%
|
|
|
|
|
|
|
87.6
|
%
|
|
|
|
|
84.4
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%
|
Operating income
|
|
|
|
|
|
5,621
|
|
|
|
|
|
7,368
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|
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|
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11,893
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|
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|
|
15,460
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% of total revenue
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|
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|
|
11.7
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%
|
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|
|
15.0
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%
|
|
|
|
|
|
|
12.4
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%
|
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|
|
15.6
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%
|
Interest income (expense), net
|
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3
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(64
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)
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2
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(131
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)
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Other income (expense), net
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264
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(194
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)
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325
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(178
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)
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Income before income tax expense
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5,888
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|
7,110
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|
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|
12,220
|
|
|
|
|
|
15,151
|
|
Income tax expense
|
|
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(2,512
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)
|
|
|
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(2,819
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)
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(4,927
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)
|
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|
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(5,970
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)
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Net income
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$
|
3,376
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|
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$
|
4,291
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|
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$
|
7,293
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|
|
|
|
$
|
9,181
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|
Basic net income per common share
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$
|
0.16
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$
|
0.20
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$
|
0.33
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|
|
|
$
|
0.42
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|
Diluted net income per common share
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|
|
|
|
$
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0.16
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|
|
|
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$
|
0.19
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|
|
|
|
|
$
|
0.33
|
|
|
|
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$
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0.42
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|
Basic weighted average common shares outstanding
|
|
|
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21,677,299
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21,642,163
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21,787,434
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21,640,191
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Diluted weighted average common shares outstanding
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21,735,829
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22,099,791
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21,843,591
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22,073,254
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|
Reconciliation of operating income to EBITDA (b):
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Operating income
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$
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5,621
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$
|
7,368
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|
|
|
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$
|
11,893
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|
|
|
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$
|
15,460
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|
Add back: depreciation, amortization and accretion
|
|
|
|
|
|
3,448
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|
|
|
|
|
4,352
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|
|
|
|
|
|
|
7,195
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|
|
|
|
|
8,381
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EBITDA
|
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$
|
9,069
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|
|
|
|
$
|
11,720
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|
|
|
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$
|
19,088
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|
|
|
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$
|
23,841
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% of total revenue
|
|
|
|
|
|
18.9
|
%
|
|
|
|
|
23.9
|
%
|
|
|
|
|
|
|
19.9
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%
|
|
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24.0
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%
|
Key statistics:
|
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Units in service
|
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1,211
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|
|
|
|
|
1,299
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|
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|
1,211
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|
|
|
|
|
1,299
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|
Average revenue per unit (ARPU)
|
|
|
|
|
$
|
7.86
|
|
|
|
|
$
|
7.98
|
|
|
|
|
|
|
$
|
7.87
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|
|
|
|
$
|
8.02
|
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Bookings
|
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|
|
$
|
21,027
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|
|
|
|
$
|
18,959
|
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|
|
|
|
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$
|
38,767
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|
|
|
|
$
|
35,880
|
|
Backlog
|
|
|
|
|
$
|
43,524
|
|
|
|
|
$
|
40,182
|
|
|
|
|
|
|
$
|
43,524
|
|
|
|
|
$
|
40,182
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|
|
(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.
|
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|
|
|
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|
|
SPOK HOLDINGS, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a)
|
(Unaudited and in thousands except share, per share amounts and ARPU)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
|
6/30/2015
|
|
|
|
|
|
3/31/2015
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
9/30/2014
|
|
|
|
|
|
6/30/2014
|
|
|
|
|
|
3/31/2014
|
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
9/30/2013
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
|
$
|
30,222
|
|
|
|
|
$
|
30,690
|
|
|
|
|
$
|
31,678
|
|
|
|
|
$
|
32,855
|
|
|
|
|
$
|
33,518
|
|
|
|
|
$
|
34,351
|
|
|
|
|
$
|
35,831
|
|
|
|
|
$
|
37,067
|
|
Software
|
|
|
|
|
17,747
|
|
|
|
|
|
17,448
|
|
|
|
|
|
19,591
|
|
|
|
|
|
16,936
|
|
|
|
|
|
15,576
|
|
|
|
|
|
15,768
|
|
|
|
|
|
18,854
|
|
|
|
|
|
12,602
|
|
Total revenue
|
|
|
|
|
47,969
|
|
|
|
|
|
48,138
|
|
|
|
|
|
51,269
|
|
|
|
|
|
49,791
|
|
|
|
|
|
49,094
|
|
|
|
|
|
50,119
|
|
|
|
|
|
54,685
|
|
|
|
|
|
49,669
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
9,131
|
|
|
|
|
|
8,813
|
|
|
|
|
|
10,571
|
|
|
|
|
|
8,000
|
|
|
|
|
|
7,180
|
|
|
|
|
|
6,805
|
|
|
|
|
|
7,500
|
|
|
|
|
|
6,787
|
|
Service, rental and maintenance
|
|
|
|
|
11,003
|
|
|
|
|
|
11,256
|
|
|
|
|
|
11,285
|
|
|
|
|
|
10,988
|
|
|
|
|
|
11,420
|
|
|
|
|
|
11,792
|
|
|
|
|
|
11,442
|
|
|
|
|
|
11,820
|
|
Selling and marketing
|
|
|
|
|
6,790
|
|
|
|
|
|
7,048
|
|
|
|
|
|
7,915
|
|
|
|
|
|
7,072
|
|
|
|
|
|
7,780
|
|
|
|
|
|
7,246
|
|
|
|
|
|
7,297
|
|
|
|
|
|
6,388
|
|
General and administrative
|
|
|
|
|
10,472
|
|
|
|
|
|
11,001
|
|
|
|
|
|
11,905
|
|
|
|
|
|
10,866
|
|
|
|
|
|
10,990
|
|
|
|
|
|
12,135
|
|
|
|
|
|
11,470
|
|
|
|
|
|
11,282
|
|
Severance and restructuring
|
|
|
|
|
1,504
|
|
|
|
|
|
-
|
|
|
|
|
|
926
|
|
|
|
|
|
545
|
|
|
|
|
|
4
|
|
|
|
|
|
20
|
|
|
|
|
|
981
|
|
|
|
|
|
-
|
|
Depreciation, amortization and accretion
|
|
|
|
|
3,448
|
|
|
|
|
|
3,747
|
|
|
|
|
|
4,049
|
|
|
|
|
|
4,247
|
|
|
|
|
|
4,352
|
|
|
|
|
|
4,029
|
|
|
|
|
|
3,680
|
|
|
|
|
|
3,858
|
|
Total operating expenses
|
|
|
|
|
42,348
|
|
|
|
|
|
41,865
|
|
|
|
|
|
46,651
|
|
|
|
|
|
41,718
|
|
|
|
|
|
41,726
|
|
|
|
|
|
42,027
|
|
|
|
|
|
42,370
|
|
|
|
|
|
40,135
|
|
% of total revenue
|
|
|
|
|
88.3
|
%
|
|
|
|
|
87.0
|
%
|
|
|
|
|
91.0
|
%
|
|
|
|
|
83.8
|
%
|
|
|
|
|
85.0
|
%
|
|
|
|
|
83.9
|
%
|
|
|
|
|
77.5
|
%
|
|
|
|
|
80.8
|
%
|
Operating income
|
|
|
|
|
5,621
|
|
|
|
|
|
6,273
|
|
|
|
|
|
4,618
|
|
|
|
|
|
8,073
|
|
|
|
|
|
7,368
|
|
|
|
|
|
8,092
|
|
|
|
|
|
12,315
|
|
|
|
|
|
9,534
|
|
% of total revenue
|
|
|
|
|
11.7
|
%
|
|
|
|
|
13.0
|
%
|
|
|
|
|
9.0
|
%
|
|
|
|
|
16.2
|
%
|
|
|
|
|
15.0
|
%
|
|
|
|
|
16.1
|
%
|
|
|
|
|
22.5
|
%
|
|
|
|
|
19.2
|
%
|
Interest income (expense), net
|
|
|
|
|
3
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
(262
|
)
|
|
|
|
|
(63
|
)
|
|
|
|
|
(64
|
)
|
|
|
|
|
(67
|
)
|
|
|
|
|
(64
|
)
|
|
|
|
|
(68
|
)
|
Other income (expense), net
|
|
|
|
|
264
|
|
|
|
|
|
60
|
|
|
|
|
|
(188
|
)
|
|
|
|
|
(2
|
)
|
|
|
|
|
(194
|
)
|
|
|
|
|
16
|
|
|
|
|
|
15
|
|
|
|
|
|
84
|
|
Income before income tax expense
|
|
|
|
|
5,888
|
|
|
|
|
|
6,332
|
|
|
|
|
|
4,168
|
|
|
|
|
|
8,008
|
|
|
|
|
|
7,110
|
|
|
|
|
|
8,041
|
|
|
|
|
|
12,266
|
|
|
|
|
|
9,550
|
|
Income tax expense
|
|
|
|
|
(2,512
|
)
|
|
|
|
|
(2,415
|
)
|
|
|
|
|
2,744
|
|
|
|
|
|
(3,356
|
)
|
|
|
|
|
(2,819
|
)
|
|
|
|
|
(3,151
|
)
|
|
|
|
|
(4,251
|
)
|
|
|
|
|
(3,788
|
)
|
Net income
|
|
|
|
$
|
3,376
|
|
|
|
|
$
|
3,917
|
|
|
|
|
$
|
6,912
|
|
|
|
|
$
|
4,652
|
|
|
|
|
$
|
4,291
|
|
|
|
|
$
|
4,890
|
|
|
|
|
$
|
8,015
|
|
|
|
|
$
|
5,762
|
|
Basic net income per common share
|
|
|
|
$
|
0.16
|
|
|
|
|
$
|
0.18
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
0.27
|
|
Diluted net income per common share
|
|
|
|
$
|
0.16
|
|
|
|
|
$
|
0.18
|
|
|
|
|
$
|
0.31
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.19
|
|
|
|
|
$
|
0.22
|
|
|
|
|
$
|
0.36
|
|
|
|
|
$
|
0.26
|
|
Basic weighted average common shares outstanding
|
|
|
|
|
21,677,299
|
|
|
|
|
|
21,898,792
|
|
|
|
|
|
21,554,746
|
|
|
|
|
|
21,651,347
|
|
|
|
|
|
21,642,163
|
|
|
|
|
|
21,638,198
|
|
|
|
|
|
21,633,706
|
|
|
|
|
|
21,629,289
|
|
Diluted weighted average common shares outstanding
|
|
|
|
|
21,735,829
|
|
|
|
|
|
22,053,015
|
|
|
|
|
|
22,101,600
|
|
|
|
|
|
22,135,554
|
|
|
|
|
|
22,099,791
|
|
|
|
|
|
22,037,796
|
|
|
|
|
|
21,969,756
|
|
|
|
|
|
21,919,238
|
|
Reconciliation of operating income to EBITDA (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
5,621
|
|
|
|
|
$
|
6,273
|
|
|
|
|
$
|
4,618
|
|
|
|
|
$
|
8,073
|
|
|
|
|
$
|
7,368
|
|
|
|
|
$
|
8,092
|
|
|
|
|
$
|
12,315
|
|
|
|
|
$
|
9,534
|
|
Add back: depreciation, amortization and accretion
|
|
|
|
|
3,448
|
|
|
|
|
|
3,747
|
|
|
|
|
|
4,049
|
|
|
|
|
|
4,247
|
|
|
|
|
|
4,352
|
|
|
|
|
|
4,029
|
|
|
|
|
|
3,680
|
|
|
|
|
|
3,858
|
|
EBITDA
|
|
|
|
$
|
9,069
|
|
|
|
|
$
|
10,020
|
|
|
|
|
$
|
8,667
|
|
|
|
|
$
|
12,320
|
|
|
|
|
$
|
11,720
|
|
|
|
|
$
|
12,121
|
|
|
|
|
$
|
15,995
|
|
|
|
|
$
|
13,392
|
|
% of total revenue
|
|
|
|
|
18.9
|
%
|
|
|
|
|
20.8
|
%
|
|
|
|
|
16.9
|
%
|
|
|
|
|
24.7
|
%
|
|
|
|
|
23.9
|
%
|
|
|
|
|
24.2
|
%
|
|
|
|
|
29.2
|
%
|
|
|
|
|
27.0
|
%
|
Key statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units in service
|
|
|
|
|
1,211
|
|
|
|
|
|
1,230
|
|
|
|
|
|
1,256
|
|
|
|
|
|
1,274
|
|
|
|
|
|
1,299
|
|
|
|
|
|
1,327
|
|
|
|
|
|
1,376
|
|
|
|
|
|
1,408
|
|
Average revenue per unit (ARPU)
|
|
|
|
$
|
7.86
|
|
|
|
|
$
|
7.91
|
|
|
|
|
$
|
7.92
|
|
|
|
|
$
|
7.97
|
|
|
|
|
$
|
7.98
|
|
|
|
|
$
|
8.11
|
|
|
|
|
$
|
8.15
|
|
|
|
|
$
|
8.22
|
|
Bookings
|
|
|
|
$
|
21,027
|
|
|
|
|
$
|
17,740
|
|
|
|
|
$
|
22,272
|
|
|
|
|
$
|
20,362
|
|
|
|
|
$
|
18,959
|
|
|
|
|
$
|
16,921
|
|
|
|
|
$
|
16,271
|
|
|
|
|
$
|
17,302
|
|
Backlog
|
|
|
|
$
|
43,524
|
|
|
|
|
$
|
40,551
|
|
|
|
|
$
|
42,391
|
|
|
|
|
$
|
42,117
|
|
|
|
|
$
|
40,182
|
|
|
|
|
$
|
41,396
|
|
|
|
|
$
|
40,211
|
|
|
|
|
$
|
43,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2015
|
|
|
|
12/31/2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
117,144
|
|
|
|
$
|
107,869
|
Accounts receivable, net
|
|
|
|
|
|
22,014
|
|
|
|
|
24,969
|
Prepaid expenses and other
|
|
|
|
|
|
6,627
|
|
|
|
|
7,250
|
Inventory
|
|
|
|
|
|
1,914
|
|
|
|
|
2,673
|
Deferred income tax assets, net
|
|
|
|
|
|
1,768
|
|
|
|
|
2,194
|
Total current assets
|
|
|
|
|
|
149,467
|
|
|
|
|
144,955
|
Property and equipment, net
|
|
|
|
|
|
16,104
|
|
|
|
|
17,395
|
Goodwill
|
|
|
|
|
|
133,031
|
|
|
|
|
133,031
|
Other intangible assets, net
|
|
|
|
|
|
17,203
|
|
|
|
|
19,698
|
Deferred income tax assets, net
|
|
|
|
|
|
18,187
|
|
|
|
|
21,949
|
Other assets
|
|
|
|
|
|
1,564
|
|
|
|
|
862
|
Total assets
|
|
|
|
|
$
|
335,556
|
|
|
|
$
|
337,890
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
$
|
11,370
|
|
|
|
$
|
11,688
|
Accrued compensation and benefits
|
|
|
|
|
|
13,299
|
|
|
|
|
14,041
|
Deferred revenue
|
|
|
|
|
|
27,222
|
|
|
|
|
24,034
|
Total current liabilities
|
|
|
|
|
|
51,891
|
|
|
|
|
49,763
|
Deferred revenue
|
|
|
|
|
|
819
|
|
|
|
|
937
|
Other long-term liabilities
|
|
|
|
|
|
8,455
|
|
|
|
|
8,131
|
Total liabilities
|
|
|
|
|
|
61,165
|
|
|
|
|
58,831
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
|
|
-
|
|
|
|
|
-
|
Common stock
|
|
|
|
|
|
2
|
|
|
|
|
2
|
Additional paid-in capital
|
|
|
|
|
|
120,214
|
|
|
|
|
126,678
|
Retained earnings
|
|
|
|
|
|
154,175
|
|
|
|
|
152,379
|
Total stockholders' equity
|
|
|
|
|
|
274,391
|
|
|
|
|
279,059
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
335,556
|
|
|
|
$
|
337,890
|
|
|
|
|
|
|
|
|
|
|
(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 six months ended
|
|
|
|
|
|
6/30/2015
|
|
|
|
|
6/30/2014
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
7,293
|
|
|
|
|
|
$
|
9,181
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization and accretion
|
|
|
|
|
|
7,195
|
|
|
|
|
|
|
8,381
|
|
Amortization of deferred financing costs
|
|
|
|
|
|
-
|
|
|
|
|
|
|
129
|
|
Deferred income tax expense
|
|
|
|
|
|
4,086
|
|
|
|
|
|
|
4,952
|
|
Amortization of stock based compensation
|
|
|
|
|
|
1,104
|
|
|
|
|
|
|
1,710
|
|
Provisions for doubtful accounts, service credits and other
|
|
|
|
|
|
716
|
|
|
|
|
|
|
597
|
|
Adjustments of non-cash transaction taxes
|
|
|
|
|
|
(97
|
)
|
|
|
|
|
|
(229
|
)
|
(Gain) Loss on disposals of property and equipment
|
|
|
|
|
|
(166
|
)
|
|
|
|
|
|
3
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
2,239
|
|
|
|
|
|
|
(5,478
|
)
|
Prepaid expenses and other assets
|
|
|
|
|
|
741
|
|
|
|
|
|
|
850
|
|
Accounts payable, accrued liabilities and accrued compensation and
benefits
|
|
|
|
|
|
(4,510
|
)
|
|
|
|
|
|
(3,076
|
)
|
Customer deposits and deferred revenue
|
|
|
|
|
|
3,070
|
|
|
|
|
|
|
1,331
|
|
Net cash provided by operating activities
|
|
|
|
|
|
21,671
|
|
|
|
|
|
|
18,351
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
|
(3,033
|
)
|
|
|
|
|
|
(5,036
|
)
|
Proceeds from disposals of property and equipment
|
|
|
|
|
|
180
|
|
|
|
|
|
|
59
|
|
Net cash used in investing activities
|
|
|
|
|
|
(2,853
|
)
|
|
|
|
|
|
(4,977
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Cash dividends to stockholders
|
|
|
|
|
|
(6,069
|
)
|
|
|
|
|
|
(5,414
|
)
|
Purchase of common stock
|
|
|
|
|
|
(3,475
|
)
|
|
|
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
|
|
(9,544
|
)
|
|
|
|
|
|
(5,414
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
|
|
9,274
|
|
|
|
|
|
|
7,960
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
107,869
|
|
|
|
|
|
|
89,075
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
$
|
117,144
|
|
|
|
|
|
$
|
97,035
|
|
Supplemental disclosure:
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
|
|
|
$
|
2
|
|
|
|
|
|
$
|
3
|
|
Income taxes paid
|
|
|
|
|
$
|
337
|
|
|
|
|
|
$
|
884
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
6/30/2014
|
|
|
|
3/31/2014
|
|
|
|
12/31/2013
|
|
|
|
9/30/2013
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paging
|
|
|
|
$
|
28,782
|
|
|
$
|
29,491
|
|
|
$
|
30,071
|
|
|
$
|
30,776
|
|
|
$
|
31,458
|
|
|
$
|
32,896
|
|
|
$
|
34,015
|
|
|
$
|
35,141
|
Non-paging
|
|
|
|
|
1,440
|
|
|
|
1,199
|
|
|
|
1,607
|
|
|
|
2,079
|
|
|
|
2,060
|
|
|
|
1,455
|
|
|
|
1,816
|
|
|
|
1,926
|
Total wireless revenue
|
|
|
|
|
30,222
|
|
|
|
30,690
|
|
|
|
31,678
|
|
|
|
32,855
|
|
|
|
33,518
|
|
|
|
34,351
|
|
|
|
35,831
|
|
|
|
37,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription
|
|
|
|
|
419
|
|
|
|
398
|
|
|
|
365
|
|
|
|
458
|
|
|
|
377
|
|
|
|
283
|
|
|
|
248
|
|
|
|
220
|
License
|
|
|
|
|
3,011
|
|
|
|
2,595
|
|
|
|
3,474
|
|
|
|
2,374
|
|
|
|
2,497
|
|
|
|
2,929
|
|
|
|
4,138
|
|
|
|
2,000
|
Services
|
|
|
|
|
4,609
|
|
|
|
5,018
|
|
|
|
5,579
|
|
|
|
4,305
|
|
|
|
3,558
|
|
|
|
3,930
|
|
|
|
5,493
|
|
|
|
2,080
|
Equipment
|
|
|
|
|
1,301
|
|
|
|
1,374
|
|
|
|
2,145
|
|
|
|
1,930
|
|
|
|
1,614
|
|
|
|
1,250
|
|
|
|
1,875
|
|
|
|
1,251
|
Operations revenue
|
|
|
|
|
9,340
|
|
|
|
9,385
|
|
|
|
11,563
|
|
|
|
9,067
|
|
|
|
8,046
|
|
|
|
8,392
|
|
|
|
11,754
|
|
|
|
5,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance revenue
|
|
|
|
|
8,407
|
|
|
|
8,063
|
|
|
|
8,028
|
|
|
|
7,869
|
|
|
|
7,530
|
|
|
|
7,376
|
|
|
|
7,100
|
|
|
|
7,051
|
Total software revenue
|
|
|
|
|
17,747
|
|
|
|
17,448
|
|
|
|
19,591
|
|
|
|
16,936
|
|
|
|
15,576
|
|
|
|
15,768
|
|
|
|
18,854
|
|
|
|
12,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
47,969
|
|
|
$
|
48,138
|
|
|
$
|
51,269
|
|
|
$
|
49,791
|
|
|
$
|
49,094
|
|
|
$
|
50,119
|
|
|
$
|
54,685
|
|
|
$
|
49,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
6/30/2014
|
|
|
|
|
|
3/31/2014
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
9/30/2013
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related
|
|
|
|
$
|
4,274
|
|
|
|
$
|
4,157
|
|
|
|
$
|
4,222
|
|
|
|
$
|
3,743
|
|
|
|
$
|
3,827
|
|
|
|
|
$
|
3,959
|
|
|
|
$
|
3,609
|
|
|
|
|
$
|
3,744
|
Cost of sales
|
|
|
|
|
3,801
|
|
|
|
|
3,620
|
|
|
|
|
5,225
|
|
|
|
|
3,098
|
|
|
|
|
2,232
|
|
|
|
|
|
1,917
|
|
|
|
|
2,726
|
|
|
|
|
|
1,992
|
Stock based compensation
|
|
|
|
|
34
|
|
|
|
|
34
|
|
|
|
|
81
|
|
|
|
|
108
|
|
|
|
|
81
|
|
|
|
|
|
81
|
|
|
|
|
74
|
|
|
|
|
|
64
|
Other
|
|
|
|
|
1,022
|
|
|
|
|
1,002
|
|
|
|
|
1,043
|
|
|
|
|
1,051
|
|
|
|
|
1,040
|
|
|
|
|
|
848
|
|
|
|
|
1,091
|
|
|
|
|
|
987
|
Total cost of revenue
|
|
|
|
|
9,131
|
|
|
|
|
8,813
|
|
|
|
|
10,571
|
|
|
|
|
8,000
|
|
|
|
|
7,180
|
|
|
|
|
|
6,805
|
|
|
|
|
7,500
|
|
|
|
|
|
6,787
|
Service, rental and maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site rent
|
|
|
|
|
3,783
|
|
|
|
|
3,766
|
|
|
|
|
3,834
|
|
|
|
|
3,914
|
|
|
|
|
3,981
|
|
|
|
|
|
4,015
|
|
|
|
|
3,972
|
|
|
|
|
|
4,142
|
Telecommunications
|
|
|
|
|
1,288
|
|
|
|
|
1,343
|
|
|
|
|
1,487
|
|
|
|
|
1,548
|
|
|
|
|
1,669
|
|
|
|
|
|
1,736
|
|
|
|
|
1,751
|
|
|
|
|
|
1,832
|
Payroll and related
|
|
|
|
|
4,555
|
|
|
|
|
4,652
|
|
|
|
|
4,533
|
|
|
|
|
4,106
|
|
|
|
|
4,434
|
|
|
|
|
|
4,594
|
|
|
|
|
4,296
|
|
|
|
|
|
4,577
|
Stock based compensation
|
|
|
|
|
29
|
|
|
|
|
29
|
|
|
|
|
30
|
|
|
|
|
56
|
|
|
|
|
(17
|
)
|
|
|
|
|
39
|
|
|
|
|
32
|
|
|
|
|
|
59
|
Repairs and maintenance
|
|
|
|
|
478
|
|
|
|
|
528
|
|
|
|
|
467
|
|
|
|
|
489
|
|
|
|
|
436
|
|
|
|
|
|
508
|
|
|
|
|
482
|
|
|
|
|
|
484
|
Other
|
|
|
|
|
870
|
|
|
|
|
938
|
|
|
|
|
934
|
|
|
|
|
875
|
|
|
|
|
917
|
|
|
|
|
|
900
|
|
|
|
|
909
|
|
|
|
|
|
726
|
Total service, rental and maintenance
|
|
|
|
|
11,003
|
|
|
|
|
11,256
|
|
|
|
|
11,285
|
|
|
|
|
10,988
|
|
|
|
|
11,420
|
|
|
|
|
|
11,792
|
|
|
|
|
11,442
|
|
|
|
|
|
11,820
|
Selling and marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related
|
|
|
|
|
3,732
|
|
|
|
|
3,916
|
|
|
|
|
3,945
|
|
|
|
|
3,859
|
|
|
|
|
4,099
|
|
|
|
|
|
4,098
|
|
|
|
|
3,717
|
|
|
|
|
|
3,917
|
Commissions
|
|
|
|
|
1,792
|
|
|
|
|
1,836
|
|
|
|
|
2,481
|
|
|
|
|
1,949
|
|
|
|
|
2,087
|
|
|
|
|
|
1,952
|
|
|
|
|
2,162
|
|
|
|
|
|
1,310
|
Stock based compensation
|
|
|
|
|
51
|
|
|
|
|
51
|
|
|
|
|
131
|
|
|
|
|
151
|
|
|
|
|
131
|
|
|
|
|
|
131
|
|
|
|
|
(24
|
)
|
|
|
|
|
122
|
Other
|
|
|
|
|
1,215
|
|
|
|
|
1,245
|
|
|
|
|
1,358
|
|
|
|
|
1,113
|
|
|
|
|
1,463
|
|
|
|
|
|
1,065
|
|
|
|
|
1,442
|
|
|
|
|
|
1,039
|
Total selling and marketing
|
|
|
|
|
6,790
|
|
|
|
|
7,048
|
|
|
|
|
7,915
|
|
|
|
|
7,072
|
|
|
|
|
7,780
|
|
|
|
|
|
7,246
|
|
|
|
|
7,297
|
|
|
|
|
|
6,388
|
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related
|
|
|
|
|
4,611
|
|
|
|
|
4,879
|
|
|
|
|
4,737
|
|
|
|
|
4,217
|
|
|
|
|
4,440
|
|
|
|
|
|
4,796
|
|
|
|
|
4,802
|
|
|
|
|
|
4,696
|
Stock based compensation
|
|
|
|
|
548
|
|
|
|
|
329
|
|
|
|
|
780
|
|
|
|
|
791
|
|
|
|
|
429
|
|
|
|
|
|
835
|
|
|
|
|
763
|
|
|
|
|
|
701
|
Bad debt
|
|
|
|
|
140
|
|
|
|
|
160
|
|
|
|
|
127
|
|
|
|
|
136
|
|
|
|
|
134
|
|
|
|
|
|
86
|
|
|
|
|
262
|
|
|
|
|
|
274
|
Facility rent
|
|
|
|
|
841
|
|
|
|
|
941
|
|
|
|
|
830
|
|
|
|
|
863
|
|
|
|
|
899
|
|
|
|
|
|
922
|
|
|
|
|
719
|
|
|
|
|
|
883
|
Telecommunications
|
|
|
|
|
374
|
|
|
|
|
333
|
|
|
|
|
381
|
|
|
|
|
427
|
|
|
|
|
399
|
|
|
|
|
|
395
|
|
|
|
|
420
|
|
|
|
|
|
388
|
Outside services
|
|
|
|
|
1,728
|
|
|
|
|
1,786
|
|
|
|
|
1,786
|
|
|
|
|
1,698
|
|
|
|
|
1,719
|
|
|
|
|
|
1,762
|
|
|
|
|
1,811
|
|
|
|
|
|
1,927
|
Taxes, licenses and permits
|
|
|
|
|
1,150
|
|
|
|
|
1,125
|
|
|
|
|
1,283
|
|
|
|
|
1,225
|
|
|
|
|
1,383
|
|
|
|
|
|
1,064
|
|
|
|
|
1,358
|
|
|
|
|
|
1,106
|
Repairs & maintenance
|
|
|
|
|
363
|
|
|
|
|
406
|
|
|
|
|
506
|
|
|
|
|
510
|
|
|
|
|
421
|
|
|
|
|
|
374
|
|
|
|
|
314
|
|
|
|
|
|
333
|
Financial Services
|
|
|
|
|
367
|
|
|
|
|
362
|
|
|
|
|
346
|
|
|
|
|
336
|
|
|
|
|
379
|
|
|
|
|
|
363
|
|
|
|
|
357
|
|
|
|
|
|
350
|
Other
|
|
|
|
|
350
|
|
|
|
|
680
|
|
|
|
|
1,129
|
|
|
|
|
663
|
|
|
|
|
787
|
|
|
|
|
|
1,538
|
|
|
|
|
664
|
|
|
|
|
|
624
|
Total general and administrative
|
|
|
|
|
10,472
|
|
|
|
|
11,001
|
|
|
|
|
11,905
|
|
|
|
|
10,866
|
|
|
|
|
10,990
|
|
|
|
|
|
12,135
|
|
|
|
|
11,470
|
|
|
|
|
|
11,282
|
Severance and restructuring
|
|
|
|
|
1,504
|
|
|
|
|
-
|
|
|
|
|
926
|
|
|
|
|
545
|
|
|
|
|
4
|
|
|
|
|
|
20
|
|
|
|
|
981
|
|
|
|
|
|
-
|
Depreciation, amortization and accretion
|
|
|
|
|
3,448
|
|
|
|
|
3,747
|
|
|
|
|
4,049
|
|
|
|
|
4,247
|
|
|
|
|
4,352
|
|
|
|
|
|
4,029
|
|
|
|
|
3,680
|
|
|
|
|
|
3,858
|
Operating expenses
|
|
|
|
$
|
42,348
|
|
|
|
$
|
41,865
|
|
|
|
$
|
46,651
|
|
|
|
$
|
41,718
|
|
|
|
$
|
41,726
|
|
|
|
|
$
|
42,027
|
|
|
|
$
|
42,370
|
|
|
|
|
$
|
40,135
|
Capital expenditures
|
|
|
|
$
|
1,992
|
|
|
|
$
|
1,040
|
|
|
|
$
|
1,352
|
|
|
|
$
|
1,291
|
|
|
|
$
|
2,393
|
|
|
|
|
$
|
2,643
|
|
|
|
$
|
2,636
|
|
|
|
|
$
|
2,504
|
(a) Slight variations in totals are due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPOK HOLDINGS, INC.
|
UNITS IN SERVICE ACTIVITY (a)
|
(Unaudited and in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
6/30/2014
|
|
|
|
|
3/31/2014
|
|
|
|
|
12/31/2013
|
|
|
|
|
9/30/2013
|
|
Paging units in service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning units in service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
1,116
|
|
|
|
|
1,140
|
|
|
|
|
1,157
|
|
|
|
|
1,179
|
|
|
|
|
1,200
|
|
|
|
|
1,246
|
|
|
|
|
1,275
|
|
|
|
|
1,307
|
|
Direct two-way
|
|
|
|
64
|
|
|
|
|
64
|
|
|
|
|
63
|
|
|
|
|
64
|
|
|
|
|
69
|
|
|
|
|
69
|
|
|
|
|
70
|
|
|
|
|
73
|
|
Total direct
|
|
|
|
1,180
|
|
|
|
|
1,204
|
|
|
|
|
1,220
|
|
|
|
|
1,243
|
|
|
|
|
1,269
|
|
|
|
|
1,315
|
|
|
|
|
1,345
|
|
|
|
|
1,380
|
|
Indirect one-way
|
|
|
|
25
|
|
|
|
|
26
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
|
30
|
|
|
|
|
34
|
|
|
|
|
35
|
|
|
|
|
36
|
|
Indirect two-way
|
|
|
|
25
|
|
|
|
|
26
|
|
|
|
|
26
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
29
|
|
Total indirect
|
|
|
|
50
|
|
|
|
|
52
|
|
|
|
|
54
|
|
|
|
|
56
|
|
|
|
|
58
|
|
|
|
|
61
|
|
|
|
|
63
|
|
|
|
|
65
|
|
Total beginning units in service
|
|
|
|
1,230
|
|
|
|
|
1,256
|
|
|
|
|
1,274
|
|
|
|
|
1,299
|
|
|
|
|
1,327
|
|
|
|
|
1,376
|
|
|
|
|
1,408
|
|
|
|
|
1,445
|
|
Gross placements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
36
|
|
|
|
|
25
|
|
|
|
|
31
|
|
|
|
|
40
|
|
|
|
|
48
|
|
|
|
|
34
|
|
|
|
|
32
|
|
|
|
|
40
|
|
Direct two-way
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
4
|
|
|
|
|
2
|
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
|
3
|
|
Total direct
|
|
|
|
40
|
|
|
|
|
28
|
|
|
|
|
34
|
|
|
|
|
44
|
|
|
|
|
50
|
|
|
|
|
38
|
|
|
|
|
35
|
|
|
|
|
43
|
|
Indirect one-way
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
1
|
|
Indirect two-way
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Total indirect
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
Total gross placements
|
|
|
|
40
|
|
|
|
|
29
|
|
|
|
|
35
|
|
|
|
|
45
|
|
|
|
|
51
|
|
|
|
|
39
|
|
|
|
|
36
|
|
|
|
|
44
|
|
Gross disconnects
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
(50
|
)
|
|
|
|
(49
|
)
|
|
|
|
(47
|
)
|
|
|
|
(62
|
)
|
|
|
|
(69
|
)
|
|
|
|
(80
|
)
|
|
|
|
(61
|
)
|
|
|
|
(72
|
)
|
Direct two-way
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(5
|
)
|
|
|
|
(7
|
)
|
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
|
|
|
(6
|
)
|
Total direct
|
|
|
|
(53
|
)
|
|
|
|
(52
|
)
|
|
|
|
(50
|
)
|
|
|
|
(67
|
)
|
|
|
|
(76
|
)
|
|
|
|
(84
|
)
|
|
|
|
(65
|
)
|
|
|
|
(78
|
)
|
Indirect one-way
|
|
|
|
(1
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
Indirect two-way
|
|
|
|
(5
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
Total indirect
|
|
|
|
(6
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(4
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
Total gross disconnects
|
|
|
|
(59
|
)
|
|
|
|
(55
|
)
|
|
|
|
(53
|
)
|
|
|
|
(70
|
)
|
|
|
|
(79
|
)
|
|
|
|
(88
|
)
|
|
|
|
(68
|
)
|
|
|
|
(81
|
)
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
(13
|
)
|
|
|
|
(24
|
)
|
|
|
|
(16
|
)
|
|
|
|
(22
|
)
|
|
|
|
(21
|
)
|
|
|
|
(46
|
)
|
|
|
|
(29
|
)
|
|
|
|
(32
|
)
|
Direct two-way
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(5
|
)
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(3
|
)
|
Total direct
|
|
|
|
(13
|
)
|
|
|
|
(24
|
)
|
|
|
|
(16
|
)
|
|
|
|
(23
|
)
|
|
|
|
(26
|
)
|
|
|
|
(46
|
)
|
|
|
|
(30
|
)
|
|
|
|
(35
|
)
|
Indirect one-way
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(4
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
Indirect two-way
|
|
|
|
(5
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
Total indirect
|
|
|
|
(6
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(3
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
Total net change
|
|
|
|
(19
|
)
|
|
|
|
(26
|
)
|
|
|
|
(18
|
)
|
|
|
|
(25
|
)
|
|
|
|
(28
|
)
|
|
|
|
(49
|
)
|
|
|
|
(32
|
)
|
|
|
|
(37
|
)
|
Ending units in service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
1,103
|
|
|
|
|
1,116
|
|
|
|
|
1,141
|
|
|
|
|
1,157
|
|
|
|
|
1,179
|
|
|
|
|
1,200
|
|
|
|
|
1,246
|
|
|
|
|
1,275
|
|
Direct two-way
|
|
|
|
64
|
|
|
|
|
64
|
|
|
|
|
63
|
|
|
|
|
63
|
|
|
|
|
64
|
|
|
|
|
69
|
|
|
|
|
69
|
|
|
|
|
70
|
|
Total direct
|
|
|
|
1,167
|
|
|
|
|
1,180
|
|
|
|
|
1,204
|
|
|
|
|
1,220
|
|
|
|
|
1,243
|
|
|
|
|
1,269
|
|
|
|
|
1,315
|
|
|
|
|
1,345
|
|
Indirect one-way
|
|
|
|
24
|
|
|
|
|
25
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
|
30
|
|
|
|
|
34
|
|
|
|
|
35
|
|
Indirect two-way
|
|
|
|
20
|
|
|
|
|
25
|
|
|
|
|
25
|
|
|
|
|
26
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
27
|
|
|
|
|
28
|
|
Total indirect
|
|
|
|
44
|
|
|
|
|
50
|
|
|
|
|
52
|
|
|
|
|
54
|
|
|
|
|
56
|
|
|
|
|
58
|
|
|
|
|
61
|
|
|
|
|
63
|
|
Total ending units in service
|
|
|
|
1,211
|
|
|
|
|
1,230
|
|
|
|
|
1,256
|
|
|
|
|
1,274
|
|
|
|
|
1,299
|
|
|
|
|
1,327
|
|
|
|
|
1,376
|
|
|
|
|
1,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Slight variations in totals are due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPOK HOLDINGS, INC.
|
AVERAGE REVENUE PER UNIT (ARPU) AND CHURN (a)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
|
|
6/30/2015
|
|
|
|
|
|
3/31/2015
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
9/30/2014
|
|
|
|
|
|
6/30/2014
|
|
|
|
|
|
3/31/2014
|
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
9/30/2013
|
|
|
Paging ARPU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
$
|
7.41
|
|
|
|
|
$
|
7.45
|
|
|
|
|
$
|
7.45
|
|
|
|
|
$
|
7.48
|
|
|
|
|
$
|
7.48
|
|
|
|
|
$
|
7.59
|
|
|
|
|
$
|
7.60
|
|
|
|
|
$
|
7.64
|
|
|
Direct two-way
|
|
|
|
|
17.16
|
|
|
|
|
|
17.69
|
|
|
|
|
|
17.95
|
|
|
|
|
|
18.17
|
|
|
|
|
|
18.21
|
|
|
|
|
|
18.91
|
|
|
|
|
|
19.43
|
|
|
|
|
|
19.93
|
|
|
Total direct
|
|
|
|
|
7.93
|
|
|
|
|
|
7.99
|
|
|
|
|
|
8.00
|
|
|
|
|
|
8.05
|
|
|
|
|
|
8.06
|
|
|
|
|
|
8.19
|
|
|
|
|
|
8.23
|
|
|
|
|
|
8.29
|
|
|
Indirect one-way
|
|
|
|
|
8.11
|
|
|
|
|
|
8.08
|
|
|
|
|
|
8.13
|
|
|
|
|
|
8.24
|
|
|
|
|
|
8.18
|
|
|
|
|
|
8.22
|
|
|
|
|
|
8.68
|
|
|
|
|
|
8.90
|
|
|
Indirect two-way
|
|
|
|
|
4.09
|
|
|
|
|
|
3.93
|
|
|
|
|
|
4.06
|
|
|
|
|
|
4.31
|
|
|
|
|
|
4.45
|
|
|
|
|
|
4.32
|
|
|
|
|
|
3.97
|
|
|
|
|
|
3.97
|
|
|
Total indirect
|
|
|
|
|
6.19
|
|
|
|
|
|
6.01
|
|
|
|
|
|
6.12
|
|
|
|
|
|
6.32
|
|
|
|
|
|
6.39
|
|
|
|
|
|
6.37
|
|
|
|
|
|
6.47
|
|
|
|
|
|
6.57
|
|
|
Total one-way
|
|
|
|
|
7.42
|
|
|
|
|
|
7.46
|
|
|
|
|
|
7.46
|
|
|
|
|
|
7.50
|
|
|
|
|
|
7.50
|
|
|
|
|
|
7.60
|
|
|
|
|
|
7.63
|
|
|
|
|
|
7.68
|
|
|
Total two-way
|
|
|
|
|
13.69
|
|
|
|
|
|
13.72
|
|
|
|
|
|
13.87
|
|
|
|
|
|
14.10
|
|
|
|
|
|
14.22
|
|
|
|
|
|
14.70
|
|
|
|
|
|
14.90
|
|
|
|
|
|
15.20
|
|
|
Total paging ARPU
|
|
|
|
$
|
7.86
|
|
|
|
|
$
|
7.91
|
|
|
|
|
$
|
7.92
|
|
|
|
|
$
|
7.97
|
|
|
|
|
$
|
7.98
|
|
|
|
|
$
|
8.11
|
|
|
|
|
$
|
8.15
|
|
|
|
|
$
|
8.22
|
|
|
Gross disconnect rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.3
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
|
|
|
(5.5
|
)%
|
|
|
|
|
(5.7
|
)%
|
|
|
|
|
(6.4
|
)%
|
|
|
|
|
(4.7
|
)%
|
|
|
|
|
(5.6
|
)%
|
|
Direct two-way
|
|
|
|
|
(5.9
|
)%
|
|
|
|
|
(5.4
|
)%
|
|
|
|
|
(4.5
|
)%
|
|
|
|
|
(7.3
|
)%
|
|
|
|
|
(10.5
|
)%
|
|
|
|
|
(5.6
|
)%
|
|
|
|
|
(6.4
|
)%
|
|
|
|
|
(7.9
|
)%
|
|
Total direct
|
|
|
|
|
(4.5
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
|
|
|
(5.4
|
)%
|
|
|
|
|
(6.0
|
)%
|
|
|
|
|
(6.4
|
)%
|
|
|
|
|
(4.8
|
)%
|
|
|
|
|
(5.7
|
)%
|
|
Indirect one-way
|
|
|
|
|
(6.4
|
)%
|
|
|
|
|
(6.7
|
)%
|
|
|
|
|
(6.5
|
)%
|
|
|
|
|
(6.4
|
)%
|
|
|
|
|
(6.8
|
)%
|
|
|
|
|
(8.2
|
)%
|
|
|
|
|
(6.1
|
)%
|
|
|
|
|
(6.3
|
)%
|
|
Indirect two-way
|
|
|
|
|
(20.0
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(2.3
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(2.7
|
)%
|
|
|
|
|
(2.3
|
)%
|
|
|
|
|
(5.7
|
)%
|
|
|
|
|
(4.8
|
)%
|
|
Total indirect
|
|
|
|
|
(13.2
|
)%
|
|
|
|
|
(5.5
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.2
|
)%
|
|
|
|
|
(4.8
|
)%
|
|
|
|
|
(5.5
|
)%
|
|
|
|
|
(5.9
|
)%
|
|
|
|
|
(5.6
|
)%
|
|
Total one-way
|
|
|
|
|
(4.5
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.2
|
)%
|
|
|
|
|
(5.3
|
)%
|
|
|
|
|
(5.8
|
)%
|
|
|
|
|
(6.5
|
)%
|
|
|
|
|
(4.8
|
)%
|
|
|
|
|
(5.6
|
)%
|
|
Total two-way
|
|
|
|
|
(9.9
|
)%
|
|
|
|
|
(5.1
|
)%
|
|
|
|
|
(3.9
|
)%
|
|
|
|
|
(5.7
|
)%
|
|
|
|
|
(8.3
|
)%
|
|
|
|
|
(4.7
|
)%
|
|
|
|
|
(6.2
|
)%
|
|
|
|
|
(7.0
|
)%
|
|
Total paging gross disconnect rate
|
|
|
|
|
(4.9
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
|
|
|
(5.3
|
)%
|
|
|
|
|
(5.9
|
)%
|
|
|
|
|
(6.3
|
)%
|
|
|
|
|
(4.9
|
)%
|
|
|
|
|
(5.7
|
)%
|
|
Net loss rate (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
(1.2
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(1.4
|
)%
|
|
|
|
|
(1.8
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(3.7
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(2.5
|
)%
|
|
Direct two-way
|
|
|
|
|
(0.2
|
)%
|
|
|
|
|
(0.9
|
)%
|
|
|
|
|
(0.1
|
)%
|
|
|
|
|
(3.0
|
)%
|
|
|
|
|
(4.5
|
)%
|
|
|
|
|
(0.6
|
)%
|
|
|
|
|
(2.2
|
)%
|
|
|
|
|
(3.6
|
)%
|
|
Total direct
|
|
|
|
|
(1.1
|
)%
|
|
|
|
|
(2.0
|
)%
|
|
|
|
|
(1.4
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(2.0
|
)%
|
|
|
|
|
(3.5
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(2.5
|
)%
|
|
Indirect one-way
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.0
|
)%
|
|
|
|
|
(4.3
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
|
|
|
(4.8
|
)%
|
|
|
|
|
(6.3
|
)%
|
|
|
|
|
(3.9
|
)%
|
|
|
|
|
(3.3
|
)%
|
|
Indirect two-way
|
|
|
|
|
(19.4
|
)%
|
|
|
|
|
(3.6
|
)%
|
|
|
|
|
(2.0
|
)%
|
|
|
|
|
(1.5
|
)%
|
|
|
|
|
(2.2
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(4.9
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
Total indirect
|
|
|
|
|
(11.9
|
)%
|
|
|
|
|
(3.8
|
)%
|
|
|
|
|
(3.1
|
)%
|
|
|
|
|
(2.8
|
)%
|
|
|
|
|
(3.5
|
)%
|
|
|
|
|
(4.2
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(3.6
|
)%
|
|
Total one-way
|
|
|
|
|
(1.3
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(1.5
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(2.0
|
)%
|
|
|
|
|
(3.7
|
)%
|
|
|
|
|
(2.2
|
)%
|
|
|
|
|
(2.5
|
)%
|
|
Total two-way
|
|
|
|
|
(5.7
|
)%
|
|
|
|
|
(1.7
|
)%
|
|
|
|
|
(0.6
|
)%
|
|
|
|
|
(2.5
|
)%
|
|
|
|
|
(3.8
|
)%
|
|
|
|
|
(1.0
|
)%
|
|
|
|
|
(3.0
|
)%
|
|
|
|
|
(3.8
|
)%
|
|
Total paging net loss rate
|
|
|
|
|
(1.6
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(1.4
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(3.5
|
)%
|
|
|
|
|
(2.2
|
)%
|
|
|
|
|
(2.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Slight variations in totals are due to rounding. (b) Gross
disconnect rate is current period disconnected units divided by prior
period ending units in service. (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.
|
SUPPLEMENTAL INFORMATION BY MARKET SEGMENT (a)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
6/30/2014
|
|
|
|
3/31/2014
|
|
|
|
12/31/2013
|
|
|
|
9/30/2013
|
Gross placement rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
3.8
|
%
|
|
|
|
2.6
|
%
|
|
|
|
3.0
|
%
|
|
|
|
3.8
|
%
|
|
|
|
4.5
|
%
|
|
|
|
3.1
|
%
|
|
|
|
2.9
|
%
|
|
|
|
3.3
|
%
|
Government
|
|
|
|
1.9
|
%
|
|
|
|
1.0
|
%
|
|
|
|
1.2
|
%
|
|
|
|
1.5
|
%
|
|
|
|
2.6
|
%
|
|
|
|
1.9
|
%
|
|
|
|
1.5
|
%
|
|
|
|
1.7
|
%
|
Large enterprise
|
|
|
|
1.7
|
%
|
|
|
|
2.1
|
%
|
|
|
|
2.3
|
%
|
|
|
|
2.7
|
%
|
|
|
|
2.0
|
%
|
|
|
|
2.9
|
%
|
|
|
|
3.0
|
%
|
|
|
|
4.3
|
%
|
Other
|
|
|
|
1.8
|
%
|
|
|
|
1.6
|
%
|
|
|
|
2.1
|
%
|
|
|
|
4.3
|
%
|
|
|
|
2.2
|
%
|
|
|
|
2.1
|
%
|
|
|
|
1.7
|
%
|
|
|
|
2.0
|
%
|
Total direct
|
|
|
|
3.4
|
%
|
|
|
|
2.3
|
%
|
|
|
|
2.8
|
%
|
|
|
|
3.5
|
%
|
|
|
|
4.0
|
%
|
|
|
|
2.9
|
%
|
|
|
|
2.7
|
%
|
|
|
|
3.1
|
%
|
Total indirect
|
|
|
|
1.3
|
%
|
|
|
|
1.7
|
%
|
|
|
|
1.3
|
%
|
|
|
|
1.4
|
%
|
|
|
|
1.3
|
%
|
|
|
|
1.2
|
%
|
|
|
|
1.5
|
%
|
|
|
|
1.9
|
%
|
Total
|
|
|
|
3.3
|
%
|
|
|
|
2.3
|
%
|
|
|
|
2.7
|
%
|
|
|
|
3.4
|
%
|
|
|
|
3.9
|
%
|
|
|
|
2.8
|
%
|
|
|
|
2.7
|
%
|
|
|
|
3.1
|
%
|
Gross disconnect rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
(3.8
|
)%
|
|
|
|
(3.9
|
)%
|
|
|
|
(3.8
|
)%
|
|
|
|
(5.1
|
)%
|
|
|
|
(5.3
|
)%
|
|
|
|
(6.5
|
)%
|
|
|
|
(4.5
|
)%
|
|
|
|
(5.2
|
)%
|
Government
|
|
|
|
(7.0
|
)%
|
|
|
|
(5.0
|
)%
|
|
|
|
(4.7
|
)%
|
|
|
|
(7.5
|
)%
|
|
|
|
(7.6
|
)%
|
|
|
|
(5.6
|
)%
|
|
|
|
(4.7
|
)%
|
|
|
|
(7.9
|
)%
|
Large enterprise
|
|
|
|
(7.3
|
)%
|
|
|
|
(5.7
|
)%
|
|
|
|
(4.7
|
)%
|
|
|
|
(4.8
|
)%
|
|
|
|
(8.9
|
)%
|
|
|
|
(5.4
|
)%
|
|
|
|
(6.4
|
)%
|
|
|
|
(6.0
|
)%
|
Other
|
|
|
|
(7.0
|
)%
|
|
|
|
(7.1
|
)%
|
|
|
|
(6.4
|
)%
|
|
|
|
(6.9
|
)%
|
|
|
|
(7.7
|
)%
|
|
|
|
(6.5
|
)%
|
|
|
|
(6.5
|
)%
|
|
|
|
(6.5
|
)%
|
Total direct
|
|
|
|
(4.5
|
)%
|
|
|
|
(4.3
|
)%
|
|
|
|
(4.1
|
)%
|
|
|
|
(5.4
|
)%
|
|
|
|
(6.0
|
)%
|
|
|
|
(6.4
|
)%
|
|
|
|
(4.8
|
)%
|
|
|
|
(5.7
|
)%
|
Total indirect
|
|
|
|
(13.1
|
)%
|
|
|
|
(5.5
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(4.2
|
)%
|
|
|
|
(4.8
|
)%
|
|
|
|
(5.5
|
)%
|
|
|
|
(5.9
|
)%
|
|
|
|
(5.6
|
)%
|
Total
|
|
|
|
(4.9
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(4.1
|
)%
|
|
|
|
(5.3
|
)%
|
|
|
|
(5.9
|
)%
|
|
|
|
(6.3
|
)%
|
|
|
|
(4.9
|
)%
|
|
|
|
(5.7
|
)%
|
Net loss rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
0.1
|
%
|
|
|
|
(1.3
|
)%
|
|
|
|
(0.7
|
)%
|
|
|
|
(1.3
|
)%
|
|
|
|
(0.8
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(1.5
|
)%
|
|
|
|
(2.0
|
)%
|
Government
|
|
|
|
(5.1
|
)%
|
|
|
|
(4.0
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(6.0
|
)%
|
|
|
|
(5.0
|
)%
|
|
|
|
(3.6
|
)%
|
|
|
|
(3.2
|
)%
|
|
|
|
(6.3
|
)%
|
Large enterprise
|
|
|
|
(5.6
|
)%
|
|
|
|
(3.6
|
)%
|
|
|
|
(2.4
|
)%
|
|
|
|
(2.1
|
)%
|
|
|
|
(6.9
|
)%
|
|
|
|
(2.5
|
)%
|
|
|
|
(3.3
|
)%
|
|
|
|
(1.6
|
)%
|
Other
|
|
|
|
(5.1
|
)%
|
|
|
|
(5.5
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(2.5
|
)%
|
|
|
|
(5.5
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(4.8
|
)%
|
|
|
|
(4.5
|
)%
|
Total direct
|
|
|
|
(1.1
|
)%
|
|
|
|
(2.0
|
)%
|
|
|
|
(1.4
|
)%
|
|
|
|
(1.9
|
)%
|
|
|
|
(2.0
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(2.1
|
)%
|
|
|
|
(2.5
|
)%
|
Total indirect
|
|
|
|
(11.9
|
)%
|
|
|
|
(3.8
|
)%
|
|
|
|
(3.1
|
)%
|
|
|
|
(2.8
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(4.2
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(3.6
|
)%
|
Total
|
|
|
|
(1.6
|
)%
|
|
|
|
(2.1
|
)%
|
|
|
|
(1.4
|
)%
|
|
|
|
(1.9
|
)%
|
|
|
|
(2.1
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(2.2
|
)%
|
|
|
|
(2.6
|
)%
|
End of period units in service % of total (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
75.9
|
%
|
|
|
|
74.7
|
%
|
|
|
|
74.1
|
%
|
|
|
|
73.6
|
%
|
|
|
|
73.0
|
%
|
|
|
|
72.0
|
%
|
|
|
|
71.9
|
%
|
|
|
|
71.4
|
%
|
Government
|
|
|
|
7.4
|
%
|
|
|
|
7.7
|
%
|
|
|
|
7.8
|
%
|
|
|
|
7.9
|
%
|
|
|
|
8.3
|
%
|
|
|
|
8.6
|
%
|
|
|
|
8.6
|
%
|
|
|
|
8.8
|
%
|
Large enterprise
|
|
|
|
7.2
|
%
|
|
|
|
7.6
|
%
|
|
|
|
7.7
|
%
|
|
|
|
7.8
|
%
|
|
|
|
7.8
|
%
|
|
|
|
8.2
|
%
|
|
|
|
8.1
|
%
|
|
|
|
8.2
|
%
|
Other
|
|
|
|
5.7
|
%
|
|
|
|
6.0
|
%
|
|
|
|
6.2
|
%
|
|
|
|
6.4
|
%
|
|
|
|
6.6
|
%
|
|
|
|
6.8
|
%
|
|
|
|
7.0
|
%
|
|
|
|
7.1
|
%
|
Total direct
|
|
|
|
96.2
|
%
|
|
|
|
95.9
|
%
|
|
|
|
95.8
|
%
|
|
|
|
95.7
|
%
|
|
|
|
95.7
|
%
|
|
|
|
95.6
|
%
|
|
|
|
95.6
|
%
|
|
|
|
95.5
|
%
|
Total indirect
|
|
|
|
3.8
|
%
|
|
|
|
4.1
|
%
|
|
|
|
4.2
|
%
|
|
|
|
4.3
|
%
|
|
|
|
4.3
|
%
|
|
|
|
4.4
|
%
|
|
|
|
4.4
|
%
|
|
|
|
4.5
|
%
|
Total
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Slight variations in totals are due to rounding. (b) Changes in
the classification of units in service are reflected in the quarter when
such changes are identified. Such changes are then appropriately
reflected in calculating the gross placement, gross disconnect and net
loss rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPOK HOLDINGS, INC.
|
SUPPLEMENTAL INFORMATION - DIRECT PAGING UNITS IN SERVICE AND
|
CELLULAR ACTIVATIONS (a)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
6/30/2014
|
|
|
|
3/31/2014
|
|
|
|
12/31/2013
|
|
|
|
9/30/2013
|
Account size ending units in service (000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
32
|
|
|
|
|
33
|
|
|
|
|
35
|
|
|
|
|
37
|
|
|
|
|
39
|
|
|
|
|
41
|
|
|
|
|
43
|
|
|
|
|
45
|
|
4 to 10 units
|
|
|
|
19
|
|
|
|
|
20
|
|
|
|
|
21
|
|
|
|
|
22
|
|
|
|
|
23
|
|
|
|
|
24
|
|
|
|
|
25
|
|
|
|
|
26
|
|
11 to 50 units
|
|
|
|
47
|
|
|
|
|
49
|
|
|
|
|
51
|
|
|
|
|
53
|
|
|
|
|
56
|
|
|
|
|
57
|
|
|
|
|
61
|
|
|
|
|
64
|
|
51 to 100 units
|
|
|
|
33
|
|
|
|
|
32
|
|
|
|
|
34
|
|
|
|
|
36
|
|
|
|
|
38
|
|
|
|
|
41
|
|
|
|
|
42
|
|
|
|
|
43
|
|
101 to 1,000 units
|
|
|
|
244
|
|
|
|
|
252
|
|
|
|
|
262
|
|
|
|
|
267
|
|
|
|
|
275
|
|
|
|
|
282
|
|
|
|
|
287
|
|
|
|
|
293
|
|
>1,000 units
|
|
|
|
792
|
|
|
|
|
794
|
|
|
|
|
801
|
|
|
|
|
805
|
|
|
|
|
812
|
|
|
|
|
824
|
|
|
|
|
857
|
|
|
|
|
874
|
|
Total
|
|
|
|
1,167
|
|
|
|
|
1,180
|
|
|
|
|
1,204
|
|
|
|
|
1,220
|
|
|
|
|
1,243
|
|
|
|
|
1,269
|
|
|
|
|
1,315
|
|
|
|
|
1,345
|
|
End of period units in service % of total direct
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
2.8
|
%
|
|
|
|
2.8
|
%
|
|
|
|
2.9
|
%
|
|
|
|
3.0
|
%
|
|
|
|
3.1
|
%
|
|
|
|
3.2
|
%
|
|
|
|
3.2
|
%
|
|
|
|
3.3
|
%
|
4 to 10 units
|
|
|
|
1.6
|
%
|
|
|
|
1.7
|
%
|
|
|
|
1.7
|
%
|
|
|
|
1.8
|
%
|
|
|
|
1.8
|
%
|
|
|
|
1.9
|
%
|
|
|
|
1.9
|
%
|
|
|
|
2.0
|
%
|
11 to 50 units
|
|
|
|
4.0
|
%
|
|
|
|
4.2
|
%
|
|
|
|
4.2
|
%
|
|
|
|
4.3
|
%
|
|
|
|
4.5
|
%
|
|
|
|
4.5
|
%
|
|
|
|
4.6
|
%
|
|
|
|
4.8
|
%
|
51 to 100 units
|
|
|
|
2.8
|
%
|
|
|
|
2.7
|
%
|
|
|
|
2.8
|
%
|
|
|
|
3.0
|
%
|
|
|
|
3.1
|
%
|
|
|
|
3.2
|
%
|
|
|
|
3.2
|
%
|
|
|
|
3.2
|
%
|
101 to 1,000 units
|
|
|
|
20.9
|
%
|
|
|
|
21.4
|
%
|
|
|
|
21.8
|
%
|
|
|
|
21.9
|
%
|
|
|
|
22.1
|
%
|
|
|
|
22.3
|
%
|
|
|
|
21.9
|
%
|
|
|
|
21.8
|
%
|
>1,000 units
|
|
|
|
67.9
|
%
|
|
|
|
67.2
|
%
|
|
|
|
66.6
|
%
|
|
|
|
66.0
|
%
|
|
|
|
65.4
|
%
|
|
|
|
64.9
|
%
|
|
|
|
65.2
|
%
|
|
|
|
64.9
|
%
|
Total
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
Account size net loss rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
(2.9
|
)%
|
|
|
|
(6.2
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(4.8
|
)%
|
|
|
|
(4.1
|
)%
|
|
|
|
(4.9
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(4.6
|
)%
|
4 to 10 units
|
|
|
|
(5.0
|
)%
|
|
|
|
(6.2
|
)%
|
|
|
|
(5.5
|
)%
|
|
|
|
(4.0
|
)%
|
|
|
|
(5.4
|
)%
|
|
|
|
(4.1
|
)%
|
|
|
|
(3.8
|
)%
|
|
|
|
(5.3
|
)%
|
11 to 50 units
|
|
|
|
(4.1
|
)%
|
|
|
|
(4.6
|
)%
|
|
|
|
(3.8
|
)%
|
|
|
|
(5.2
|
)%
|
|
|
|
(3.2
|
)%
|
|
|
|
(5.3
|
)%
|
|
|
|
(4.4
|
)%
|
|
|
|
(3.9
|
)%
|
51 to 100 units
|
|
|
|
0.2
|
%
|
|
|
|
(4.1
|
)%
|
|
|
|
(5.4
|
)%
|
|
|
|
(5.2
|
)%
|
|
|
|
(8.7
|
)%
|
|
|
|
(1.2
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(2.8
|
)%
|
101 to 1,000 units
|
|
|
|
(3.0
|
)%
|
|
|
|
(3.9
|
)%
|
|
|
|
(2.0
|
)%
|
|
|
|
(2.9
|
)%
|
|
|
|
(2.5
|
)%
|
|
|
|
(1.7
|
)%
|
|
|
|
(1.7
|
)%
|
|
|
|
(4.0
|
)%
|
>1,000 units
|
|
|
|
(0.2
|
)%
|
|
|
|
(0.8
|
)%
|
|
|
|
(0.5
|
)%
|
|
|
|
(1.0
|
)%
|
|
|
|
(1.2
|
)%
|
|
|
|
(4.0
|
)%
|
|
|
|
(1.8
|
)%
|
|
|
|
(1.7
|
)%
|
Total
|
|
|
|
(1.1
|
)%
|
|
|
|
(2.0
|
)%
|
|
|
|
(1.4
|
)%
|
|
|
|
(1.9
|
)%
|
|
|
|
(2.0
|
)%
|
|
|
|
(3.5
|
)%
|
|
|
|
(2.1
|
)%
|
|
|
|
(2.5
|
)%
|
Account size ARPU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
$ 14.52
|
|
|
|
|
$ 14.52
|
|
|
|
|
$ 14.53
|
|
|
|
|
$ 14.65
|
|
|
|
|
$ 14.86
|
|
|
|
|
$ 14.96
|
|
|
|
|
$ 14.98
|
|
|
|
|
$ 15.13
|
|
4 to 10 units
|
|
|
|
14.11
|
|
|
|
|
14.07
|
|
|
|
|
14.09
|
|
|
|
|
14.04
|
|
|
|
|
14.12
|
|
|
|
|
14.22
|
|
|
|
|
14.29
|
|
|
|
|
14.38
|
|
11 to 50 units
|
|
|
|
12.13
|
|
|
|
|
12.02
|
|
|
|
|
12.00
|
|
|
|
|
11.95
|
|
|
|
|
12.00
|
|
|
|
|
12.07
|
|
|
|
|
11.96
|
|
|
|
|
12.06
|
|
51 to 100 units
|
|
|
|
10.42
|
|
|
|
|
10.26
|
|
|
|
|
10.15
|
|
|
|
|
10.16
|
|
|
|
|
10.18
|
|
|
|
|
10.27
|
|
|
|
|
10.34
|
|
|
|
|
10.66
|
|
101 to 1,000 units
|
|
|
|
8.78
|
|
|
|
|
8.81
|
|
|
|
|
8.79
|
|
|
|
|
8.69
|
|
|
|
|
8.58
|
|
|
|
|
8.76
|
|
|
|
|
8.89
|
|
|
|
|
8.85
|
|
>1,000 units
|
|
|
|
6.90
|
|
|
|
|
6.95
|
|
|
|
|
6.93
|
|
|
|
|
6.99
|
|
|
|
|
7.00
|
|
|
|
|
7.11
|
|
|
|
|
7.11
|
|
|
|
|
7.17
|
|
Total
|
|
|
|
$ 7.93
|
|
|
|
|
$ 7.99
|
|
|
|
|
$ 8.00
|
|
|
|
|
$ 8.05
|
|
|
|
|
$ 8.06
|
|
|
|
|
$ 8.19
|
|
|
|
|
$ 8.23
|
|
|
|
|
$ 8.29
|
|
Cellular:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of activations
|
|
|
|
144
|
|
|
|
|
92
|
|
|
|
|
264
|
|
|
|
|
2,198
|
|
|
|
|
1,679
|
|
|
|
|
281
|
|
|
|
|
690
|
|
|
|
|
970
|
|
Revenue from cellular services (000's)
|
|
|
|
$ 39
|
|
|
|
|
$ 40
|
|
|
|
|
$ 77
|
|
|
|
|
$ 395
|
|
|
|
|
$ 278
|
|
|
|
|
$ 108
|
|
|
|
|
$ 129
|
|
|
|
|
$ 235
|
|
(a) Slight variations in totals are due to rounding.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150728006662/en/
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